ServiceTitan Inc (TTAN) 2026 Q1 法說會逐字稿

Thank you for standing by. Welcome to ServiceTitan's first-quarter fiscal year 2026 earnings conference call.

感謝您的支持。歡迎參加 ServiceTitan 2026 財年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

I would now like to hand the call over to Jason Rechel, VP of Investor Relations. Please go ahead.

現在我想把電話交給投資者關係副總裁Jason Rechel。請講。

Thank you, operator. Welcome, everyone, to ServiceTitan's fiscal first-quarter 2026 earnings conference call.

謝謝接線生。歡迎大家參加ServiceTitan 2026財年第一季財報電話會議。

With me are ServiceTitan's Co-Founder and CEO, Ara Mahdessian; Co-Founder and President, Vahe Kuzoyan; and CFO, Dave Cherry.

與我一起的還有 ServiceTitan 的聯合創始人兼首席執行官 Ara Mahdessian、聯合創始人兼總裁 Vahe Kuzoyan 和首席財務官 Dave Cherry。

During today's call, we will review our fiscal first-quarter 2026 results. We will also discuss our guidance for the fiscal quarter and full fiscal year 2026.

在今天的電話會議上，我們將回顧2026財年第一季的業績。我們也將討論2026財年第一季及全年的業績指引。

Before we get started, we want to draw your attention to the Safe Harbor statement included in today's press release and emphasize that information discussed on this call, including our guidance, is based on information, as of today; and contains forward-looking statements that involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, could be deemed to be forward-looking.

在開始之前，我們想提請您注意今天新聞稿中包含的安全港聲明，並強調本次電話會議中討論的資訊（包括我們的指引）均基於截至今天的資訊；並包含涉及風險、不確定性和假設的前瞻性陳述。除歷史事實陳述外，所有陳述均可視為前瞻性陳述。

Forward-looking statements reflect our views as of today only. And, except as required by law, we undertake no obligation to update or revise these forward-looking statements. Please take a look at our filings with the SEC for a discussion of the factors that could cause our actual results to differ.

前瞻性陳述僅反映我們截至今日的觀點。除法律要求外，我們不承擔更新或修訂這些前瞻性聲明的義務。請參閱我們提交給美國證券交易委員會 (SEC) 的文件，以了解可能導致實際結果出現差異的因素。

We also want to point out that we present non-GAAP measures in addition to and not as a substitute for financial measures prepared in accordance with Generally Accepted Accounting Principles. Definitions of these non-GAAP financial measures, along with reconciliations to our GAAP financial measures, are included in our earnings release, which we have furnished with the SEC; and is available on our website, at investors.servicetitan.com.

我們還想指出，我們採用的非公認會計準則 (Non-GAAP) 指標是根據公認會計準則 (GAAP) 編制的財務指標的補充，而非替代。這些非公認會計準則 (Non-GAAP) 財務指標的定義以及與公認會計準則 (GAAP) 財務指標的對帳表已包含在我們提交給美國證券交易委員會 (SEC) 的收益報告中；您也可以在我們的網站 investors.servicetitan.com 上查閱。

Unless otherwise stated, all references on this call to platform gross margin, total gross margin, operating income, operating margin, free cash flow, and related growth rates are on a non-GAAP basis.

除非另有說明，本次電話會議中提到的平台毛利率、總毛利率、營業收入、營業利潤率、自由現金流量和相關成長率均基於非公認會計準則。

Finally, we've posted an updated investor presentation that can be found on our Investor Relations website, at investors.servicetitan.com, along with a replay of this call.

最後，我們發布了更新的投資者簡報，可以在我們的投資者關係網站 investors.servicetitan.com 上找到，同時還有本次電話會議的重播。

With that, let me turn the call over to Ara. Ara?

說完這些，讓我把電話轉給 Ara。 Ara？

Thank you, Jason. Thank you for joining us, as we update you on our progress against our mission.

謝謝你，傑森。感謝你加入我們，我們將向你報告我們任務的進展。

Our growth formula is simple. We deliver real ROI to our customers, helping them further their success and reach even greater financial outcomes. This allows them to grow their businesses, which drives more technicians and GTV on our platform and leads to higher subscription and usage revenue for us.

我們的成長公式很簡單。我們為客戶提供真正的投資回報，幫助他們進一步取得成功，並實現更豐厚的財務成果。這不僅能幫助他們發展業務，還能為我們平台帶來更多技術人員和總收入 (GTV)，最終為我們帶來更高的訂閱和使用收入。

As they realize the value of our software, they buy more Pro products, which continues to drive our growth and allows us to reinvest in more high ROI solutions.

當他們意識到我們軟體的價值時，他們會購買更多的 Pro 產品，這將繼續推動我們的成長，並使我們能夠重新投資於更多高投資報酬率的解決方案。

I am humbled, by the way, that our team, in partnership with our customers, performed this quarter to get us off to a good start in FY26.

順便說一句，我很榮幸我們的團隊與客戶合作，在本季度表現出色，使我們在 2026 財年有了一個良好的開端。

Year over year, we delivered 29% subscription revenue growth, 27% total revenue growth, and record operating margins, which improved 560 basis points.

與去年同期相比，我們的訂閱收入成長了 29%，總收入成長了 27%，營業利潤率創歷史新高，提高了 560 個基點。

Our sales team delivered consistent performance. Our product and engineering teams are executing well on our roadmap. And I am pleased that several of the largest and most strategic accounts, both residential and commercial, went live this quarter.

我們的銷售團隊表現穩定。我們的產品和工程團隊正在出色地執行我們的發展路線圖。我很高興看到本季一些規模最大、最具戰略意義的住宅和商業客戶順利上線。

Against the backdrop of economic uncertainty, this quality and breadth of execution underscores our opportunity to transform the lives of every, hard-working contractor in the trades.

在經濟不確定的背景下，這種執行的品質和廣度凸顯了我們改變每個辛勤工作的行業承包商生活的機會。

Our focus on delivering ROI and obsession with the financial outcomes of our customers extends from the sales process to implementation and go-live and to ongoing customer success.

我們專注於提供投資回報率並專注於客戶的財務結果，從銷售過程延伸到實施和上線以及持續的客戶成功。

Our customers are our most important partners. And I'd like to, today, share two customer stories to demonstrate how our customer success translates into our own success.

客戶是我們最重要的合作夥伴。今天，我想分享兩個客戶故事，來闡述客戶的成功如何轉化為我們自身的成功。

In 2016, our software had not yet been built for the garage door industry. And then, I received the call from Tommy Mello, who is ready to take A1 Garage Door to the next level. We worked together to augment ServiceTitan for the needs of garage door customers, optimizing workflows that are unique to the trade.

2016年，我們的軟體尚未針對車庫門產業開發。後來，我接到了Tommy Mello的電話，他準備將A1車庫門提升到一個新的水平。我們攜手合作，增強了ServiceTitan的功能，以滿足車庫門客戶的需求，並優化了業界獨有的工作流程。

Tommy took an early risk on ServiceTitan but the bet paid off. A1 doubled revenue to almost $20 million in its first year on the platform and hasn't looked back.

Tommy 在 ServiceTitan 上早期冒險了一番，但最終獲得了回報。 A1 在該平台上線的第一年就實現了收入翻番，達到近 2000 萬美元，並且一路走好。

With the full capabilities of the ServiceTitan, A1 Garage has expanded into 22 states, with hundreds of technicians and 9-digit revenues.

借助 ServiceTitan 的全部功能，A1 Garage 已擴展到 22 個州，擁有數百名技術人員和 9 位數的收入。

After recently deploying Dispatch Pro to simplify and automate dispatching, A1 took its most recent step forward in efficiency. And, with Dispatch Pro, A1 told us they added another 150 technicians to the platform, without adding a single additional dispatcher.

A1 最近部署了 Dispatch Pro，簡化並自動化了調度流程，在效率方面邁出了新的一步。 A1 告訴我們，借助 Dispatch Pro，他們平台新增了 150 位技術人員，而沒有額外增加一名調度員。

This allowed A1 to nearly double its tech-to-dispatch ratio from around 10:1 to 20:1, while also improving lead conversion, at the same time. As a result of this most recent success, A1 shared, with us, in February that they had just surpassed $21 million in monthly revenue, for the first time.

這使得 A1 的技術與調度比率幾乎翻了一番，從大約 10:1 提升到 20:1，同時也提高了潛在客戶轉換率。由於這一最新成果，A1 在 2 月與我們分享了他們的月收入首次突破 2,100 萬美元的消息。

"ServiceTitan has been a game-changing partner in our success", Tommy shared.

Tommy 分享道：“ServiceTitan 是我們成功過程中具有重大意義的合作夥伴。”

This is our model, as we extend into new trades. We're pulled by customers. We create outsized value, as we build trade-specific workflows on our platform. And, that, attracts a new industry on to ServiceTitan.

這就是我們拓展新產業的模式。我們以客戶為導向。我們在平台上建立特定產業的工作流程，從而創造超額價值。這吸引了新的行業加入 ServiceTitan。

The current break-out success of Guild Garage demonstrates this maturity. Guild Garage is a national, residential garage door services platform founded in 2024 by three young entrepreneurs, who saw an opportunity to consolidate what they perceive to be a large, fragmented, and recession-resilient market.

Guild Garage 目前的突破性成功體現了這種成熟度。 Guild Garage 是一個全國性的住宅車庫門服務平台，由三位年輕的企業家於 2024 年創立，他們看到了一個機會，可以整合他們認為龐大、分散且具有經濟衰退抵禦能力的市場。

The team shared: "The decision to use ServiceTitan products across the entire platform was a no-brainer. ServiceTitan has been our secret weapon since Day 1", [to inflect] faster growth with higher margins.

團隊分享道：“在整個平台上使用 ServiceTitan 產品的決定是輕而易舉的。從第一天起，ServiceTitan 就是我們的秘密武器”，以實現更快的成長和更高的利潤率。

Guild shared that in 2024, alone, the team completed 14 acquisitions and have since grown to over 20 operating companies, 700 employees, 400 managed technicians, and is on track to surpass $250 million of revenue in 2025.

Guild 表示，光是在 2024 年，該團隊就完成了 14 次收購，目前已發展到擁有 20 多家營運公司、700 名員工、400 名管理技術人員，並預計在 2025 年實現超過 2.5 億美元的收入。

ServiceTitan enables Guild to not only fully integrate their partner companies in less than 60 days but, also, continue to achieve high-teens organic growth, as the platform has scaled. The team shared that they standardized all operations and all workflows on ServiceTitan, across all portfolio companies, which allows them to streamline operations to drive growth, improve decision-making, strengthen the technician experience, and enhance the customer experience.

ServiceTitan 不僅幫助 Guild 在不到 60 天的時間內全面整合其合作夥伴公司，而且隨著平台規模的擴大，Guild 還持續實現了高成長率的有機成長。團隊表示，他們已在 ServiceTitan 上為所有投資組合公司實現了所有營運和工作流程的標準化，從而簡化了營運流程，從而推動成長、改進決策、提昇技術人員體驗並增強客戶體驗。

Guild has deployed Pro products, wall-to-wall. Capabilities like Ads Optimizer deliver ROI that dynamically optimizes marketing spend across multiple campaigns for all portfolio companies.

Guild 已全面部署 Pro 產品。諸如廣告優化器之類的功能可動態優化所有投資組合公司在多個行銷活動中的行銷支出，從而帶來投資回報。

With a centralized marketing platform and a model that combines the benefits of local economy with centralized leadership, it's no surprise that Guild is one of our fastest-growing customers. From zero to $200 million in less than 18 months is truly inspirational.

憑藉集中式行銷平台以及將本地經濟優勢與集中式領導力相結合的模式，Guild 成為我們成長最快的客戶之一也就不足為奇了。在不到 18 個月的時間裡，Guild 的估值從零增加到 2 億美元，這確實令人鼓舞。

But we know that the team is only just warming up. And we can't wait to watch what they'll do next.

但我們知道這支球隊才剛熱身。我們迫不及待地想看看他們接下來的表現。

These types of business transformations are all that we care about. I receive text and calls daily, from our customers, with similar stories. To build on the foundation of the success, we're building a series of stacking S-curves that will put us in a position to continue to deliver transformative customer outcomes.

我們唯一關心的是這類業務轉型。我每天都會收到客戶的簡訊和電話，講述類似的故事。為了在成功的基礎上更進一步，我們正在建立一系列層層遞進的S型曲線，這將使我們能夠持續交付變革性的客戶成果。

Last quarter, we outlined our four primary areas of focus for this fiscal year: to further expand our enterprise capabilities; to further expand Pro product adoption; to go deeper in commercial; and to grow in roofing.

上個季度，我們概述了本財年的四個主要關注領域：進一步擴展我們的企業能力；進一步擴大 Pro 產品的採用；深入商業領域；以及在屋頂領域發展。

We are executing well against each priority, which has established a strong foundation for ServiceTitan to begin FY26.

我們正在順利執行每個優先事項，這為 ServiceTitan 開始 26 財年奠定了堅實的基礎。

I'll now pass it to Vahe, who will share more details on our progress.

我現在將它傳遞給 Vahe，他將分享有關我們進展的更多細節。

Thanks, Ara. Very proud of the way Titans are helping our customers navigate these unpredictable economic times.

謝謝，Ara。 Titans 幫助我們的客戶度過這段難以預測的經濟時期，我感到非常自豪。

The ROI we deliver to our customers continues to be our greatest advantage and the foundation for why each of our four primary areas of focus are off to a strong start this year.

我們為客戶提供的投資報酬率仍然是我們最大的優勢，也是我們今年四個主要關注領域中取得良好開端的基礎。

Let's dig into how we are progressing against these goals.

讓我們深入研究一下我們在實現這些目標方面取得了哪些進展。

Beginning with enterprise, which is increasingly the tip of the spear for our growth. As the industry consolidates and further professionalizes, our largest customers continue to be our fastest-growing cohort, as well as leading the way in our top-down strategy for entering into new markets. They also have a huge appetite for standardizing their businesses around the AI and automation we enable.

首先從企業客戶開始，他們正日益成為我們成長的先驅。隨著產業整合和專業化程度的提升，我們最大的客戶仍然是我們成長最快的群體，並在我們自上而下開拓新市場的策略中引領我們。他們也對圍繞我們所賦能的人工智慧和自動化技術實現業務標準化有著強烈的需求。

For all these reasons and more, our enterprise customers attract a major portion of our focus, from a product roadmap perspective.

由於所有這些原因以及更多原因，從產品路線圖的角度來看，我們的企業客戶吸引了我們很大一部分關注。

This quarter, one of the largest and most well-respected residential windows and doors players selected ServiceTitan as the best platform to power their future growth. The customer's private equity sponsor pulled them on to ServiceTitan, after realizing demonstrable value with ServiceTitan across multiple residential home services portfolio companies.

本季度，一家規模最大、最受尊敬的住宅門窗公司選擇 ServiceTitan 作為未來成長的最佳平台。這位客戶的私募股權發起人意識到 ServiceTitan 在多家住宅服務投資組合公司中展現出顯著的價值，因此將他們引入了 ServiceTitan。

Shifting to Pro products, which continue to perform well. Our largest customers continue to ask me and Ara how to fully automate their operations to both drive faster revenue growth and greater efficiency.

轉向Pro產品，這些產品繼續表現良好。我們最大的客戶不斷向我和Ara諮詢如何實現營運的全面自動化，從而更快實現收入成長並提高效率。

Marketing, dispatch, fleet, and Schedule Pro are each notable examples. Our newest AI-native products are ramping well and round out our ability to automate our customers' processes.

行銷、調度、車隊和 Schedule Pro 都是值得關注的例子。我們最新的 AI 原生產品發展勢頭良好，進一步完善了我們幫助客戶實現流程自動化的能力。

Beyond this passively processing reporting, we have successfully deployed conversational agents that interact with technicians and customers and office staff with strong early signals, in terms of validating a broader thesis around the readiness of the core technology.

除了被動處理報告之外，我們還成功部署了對話代理，透過強烈的早期訊號與技術人員、客戶和辦公室工作人員互動，以驗證有關核心技術準備的更廣泛論點。

Our new FieldAssist technology, empowering technicians to ask Titan Intelligence questions from the field, went live during Q1. And, in April, we launched our new Contact Center Pro virtual agents, native to our platform, unlocking opportunities to automate our customers' CS operations.

我們全新的 FieldAssist 技術已於第一季上線，該技術使技術人員能夠從現場向 Titan Intelligence 提出問題。此外，我們於 4 月推出了全新的 Contact Center Pro 虛擬客服人員，該虛擬客服人員是我們平台的原生產品，為客戶客戶服務營運自動化創造了新的機會。

We were excited to see the first jobs booked on our platform, using exclusively AI agents. Our broader AI opportunity is increasingly palpable.

我們很高興看到第一批工作透過我們的平台預訂，而且完全由人工智慧代理完成。我們更廣泛的人工智慧機會正日益顯現。

In commercial, our focus and roadmap investments are paying off. We, today, leverage the breadth of our enterprise capabilities and success getting customers live on ServiceTitan. Our progress of building the key project management capabilities required to unlock construction use cases, we believe, will position us to unlock a new set of commercial customers.

在商業領域，我們的重點和路線圖投資正在獲得回報。如今，我們充分利用了豐富的企業級能力以及成功幫助客戶上線 ServiceTitan 的成功經驗。我們相信，我們在建立解鎖建築用例所需的關鍵專案管理能力方面取得的進展，將使我們能夠解鎖一群新的商業客戶。

During Q1, we delivered enhancements to invoicing and dispatch crew scheduling. As we work towards the larger unlocking construction workflow, our commercial new deals and customer go-lives are trending in the right direction.

第一季度，我們改進了發票開立和調度人員排程。隨著我們致力於更廣泛地解鎖施工工作流程，我們的商業新交易和客戶上線正在朝著正確的方向發展。

We successfully took four major strategic commercial accounts lives, including a top 5 mechanical firm. We remain focused on ensuring that specialty trade subcontractors can run all of their work on our platform, promote maintenance, on-demand service, replacements, and winning and managing construction projects.

我們成功拿下四個重要的策略商業客戶，其中包括一家排名前五名的機械公司。我們將繼續致力於確保專業分包商能夠在我們的平台上進行所有工作，推廣維護、隨選服務和更換服務，並贏得和管理建築專案。

Our product capabilities are moving quickly. And we expect to have more updates for you, as FY26 unfolds.

我們的產品功能正在快速更新。隨著2026財年的到來，我們期待為您帶來更多更新。

In roofing, the combination of our brand leadership and partnership with the largest enterprise players have increasingly made us the first call for customers, as roofing undergoes a wave of professionalization. We delivered on our key technology (inaudible) during Q1; most notably, enhanced estimating functionality.

在屋頂領域，隨著屋頂產業專業化浪潮的興起，憑藉我們強大的品牌領導力以及與大型企業客戶的良好合作，我們日益成為客戶的首選。我們在第一季推出了關鍵技術（聽不清楚）；其中最引人注目的是增強的估算功能。

We were selected by one of the nation's largest residential roofing and exteriors businesses to run their more than 80 locations on ServiceTitan.

我們被美國最大的住宅屋頂和外牆企業之一選中，負責管理其在 ServiceTitan 上的 80 多個門市。

Looking ahead, we're focused on delivering distributor integrations and adding support for insurance that will allow our customers to automate workflow, manage claims, collaborate with insurance providers, and get paid.

展望未來，我們專注於提供經銷商整合並增加對保險的支持，這將使我們的客戶能夠自動化工作流程、管理索賠、與保險提供者合作並獲得付款。

We are pleased with the early reads from our GAF partnership. And we are excited to announce the availability of our new partnership with EagleView that will deliver faster, more accurate measurement and streamline big workflow to contractors.

我們對與 GAF 合作的早期讀數感到非常滿意。我們非常高興地宣布與 EagleView 建立新的合作夥伴關係，這將為承包商提供更快、更準確的測量，並簡化大型工作流程。

Because of our end-to-end platform and large existing footprint, we are able to help customers turn insights into action to deliver growth and efficiency. Our success, this quarter, in winning new customers; getting the most strategic accounts, in our industry, live on ServiceTitan; and innovating at an accelerating pace helps position us well for the future.

憑藉我們端到端的平台和龐大的現有業務，我們能夠幫助客戶將洞察轉化為行動，從而實現成長和效率。本季度，我們成功贏得了新客戶；在 ServiceTitan 平台上線了業界最具戰略意義的客戶；並且加速創新，這些都有助於我們為未來做好準備。

With that, I'll turn it over to Dave to run through the financials. Dave?

說完這些，我會把時間交給戴夫來處理財務狀況。戴夫？

Thanks, Vahe. I'm proud of the way our customers and business are performing to begin FY26.

謝謝，Vahe。我為我們的客戶和業務在2026財年伊始的表現感到自豪。

Today, I'll run you through Q1 financial results, in detail; and provide guidance for Q2; and update our full fiscal year 2026 guidance.

今天，我將向您詳細介紹第一季的財務表現；並提供第二季的指導；並更新我們 2026 財年全年的指導。

For more detailed financial results, please refer to our press release, issued earlier today.

欲了解更詳細的財務結果，請參閱我們今天早些時候發布的新聞稿。

Q1 gross transaction volume, or GTV, was $17.7 billion, up 22% year over year, with healthy growth from both residential and commercial customers.

第一季總交易量（GTV）為 177 億美元，年增 22%，住宅和商業客戶均實現健康成長。

Q1 total revenue was $215.7 million, up 27% year over year. This healthy growth to begin the year was led by subscription revenue, which was $162.7 million, up 29% year over year; as well as consistent usage revenue, which was $45.3 million, up 22% year over year.

第一季總營收為 2.157 億美元，年增 27%。年初以來的健康成長主要得益於訂閱收入（1.627 億美元，年增 29%）以及持續使用收入（4,530 萬美元，年增 22%）。

When normalizing for the $1.5 million in one-time subscription items, which positively impacted Q4 FY25 results, our subscription revenue growth and net new subscription dollars, added during Q1, each continue to perform well, on a year-over-year basis.

當對 150 萬美元的一次性訂閱項目進行正常化時，這對 2025 財年第四季度的業績產生了積極影響，我們的訂閱收入增長和第一季增加的淨新訂閱金額均繼續表現良好，與去年同期相比。

Total platform revenue for Q1, the sum of subscription, and usage revenue grew 27% year over year to $208 million. Q1 professional service revenue was $7.7 million. Net dollar retention was greater than 110% for the quarter.

第一季平台總收入（包括訂閱收入和使用收入）年增27%，達到2.08億美元。第一季專業服務收入為770萬美元。本季淨美元留存率超過110%。

Q1 platform gross margin was 79.7%, an improvement of over 300 basis points year over year; of which, approximately 200 basis points was due to the allocation of certain customer success expenses to sales and marketing, which we mentioned last quarter.

Q1平台毛利率為79.7%，年增300多個基點；其中約200個基點是由於我們上個季度提到的將部分客戶成功費用分配給銷售和行銷。

Total gross margin for Q1 was 73.6%, up 390 basis points year over year. Q1 operating income was $16.2 million, leading to a record operating margin of 7.5%, an improvement of 560 basis points year over year.

第一季總毛利率為73.6%，較去年同期成長390個基點。第一季營業收入為1,620萬美元，營業利益率創歷史新高，達7.5%，較去年同期成長560個基點。

We're pleased with how we are pacing against our incremental margin goals, especially as we layer in the expected headwind of public company costs. However, we measure incrementals on a full-year basis.

我們對增量利潤率目標的進展感到滿意，尤其是在考慮到上市公司成本預期阻力的情況下。不過，我們衡量增量利潤率是基於全年的。

We encourage you not to look at each quarter, as the timing of spend may vary from year to year. In fact, the timing of expenses in Q1, this year, was more favorable than in prior years.

我們建議您不要只專注於每個季度，因為支出的時間點每年都可能有所不同。事實上，今年第一季的支出時間點比往年更為有利。

Q1 free cash flow was negative $22.3 million, better than negative $24.6 million for the prior-year first quarter, in spite of greater cash bonus attainment this year compared to the prior year.

儘管今年的現金獎金較上年有所增加，但第一季自由現金流為負 2,230 萬美元，優於去年同期的負 2,460 萬美元。

As mentioned previously, our annual bonuses are paid in Q1 of each fiscal year.

如前所述，我們的年度獎金在每個財政年度的第一季支付。

Shifting to guidance. For the second quarter, we expect total revenue in the range of $228 million to $230 million. We expect to generate operating income in the range of $17 million to $18 million.

轉向業績指引。我們預計第二季總營收將在2.28億美元至2.3億美元之間。預計營業利潤將在1700萬美元至1800萬美元之間。

For the full year of fiscal 2026, we expect total revenue in the range of $910 million to $920 million. We expect to generate operating income in the range of $54 million to $59 million.

我們預計2026財年全年總收入將在9.1億美元至9.2億美元之間。預計營業利潤將在5,400萬美元至5,900萬美元之間。

As we highlighted to many of you in the past, our business is not a cyclical business but is a seasonal business. This has historically been most positively pronounced during Q2, due to weather-driven seasonality in many trades. This leads to typically stronger usage revenue mix in Q2, which carries more variability than subscription.

正如我們過去向各位強調的那樣，我們的業務並非週期性業務，而是季節性業務。由於許多行業受天氣因素影響，這一趨勢在第二季度尤為明顯。這導致第二季的使用收入結構通常會更加強勁，其波動性也高於訂閱收入。

We are cognizant that weather patterns vary from year to year and the fact that last year was quite high.

我們意識到，天氣模式每年都在變化，而且去年的氣溫相當高。

We have prudently incorporated each of these factors into our Q2 revenue and margin guidance. We're managing the business for a marathon, not a sprint.

我們已謹慎地將這些因素納入第二季的營收和利潤率預期。我們管理業務是為了一場馬拉松，而不是短跑。

Our goal remains to durably compound growth, over many years; and expand margins, at the same time. Our continued focus on incremental operating margins is the path to delivering on our long-term non-GAAP operating margin target of 25%.

我們的目標仍然是在未來多年內持續實現複合成長，並同時提升利潤率。我們持續關注營運利潤率的提升，是實現25%的長期非公認會計準則營運利潤率目標的途徑。

We see healthy performance this quarter as evidence that our strategy to become the operating system for the trades is working.

我們看到本季的健康表現證明我們成為交易作業系統的策略正在發揮作用。

With that, I'll turn the call back to the operator for Q&A. Operator?

這樣，我將把電話轉回給接線生進行問答。接線生？

(Operator Instructions)

（操作員指示）

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根（Kash Rangan）。

Congratulations on a fantastic start to the fiscal year. One more of a longer term -- maybe, in the context of tariffs, whatnot.

恭喜本財年開局良好。或許，考慮到關稅等因素，這將是一個更長遠的時期。

If the tariffs do go through, I'm curious to see how that would, perhaps, positively and also negatively affect the business. I wonder if you could make a case for extended lifetimes of the equipment that we've all installed that cannot be procured and replaced as cheaply.

如果關稅真的通過，我很好奇這會對業務產生哪些正面和負面的影響。您能否解釋一下，我們安裝的那些設備，如果採購和更換成本過低，其使用壽命會延長嗎？

If tariffs go into effect, that means the servicing opportunity for this equipment and, therefore, the opportunity for ServiceTitan could be a more - longer -- durable path; and, also, at the same time, the transaction volumes, also.

如果關稅生效，這意味著該設備的維修機會，以及 ServiceTitan 的機會可能會更長、更持久；同時，交易量也會增加。

Maybe, I'm overanalyzing the effects of tariff, if they do go into effect. But, strategically, since you, guys, have built the business from ground zero, how do you think about this potential structural change as a positive or not-so-positive?

或許，我過度分析了關稅生效後的影響。但從策略角度來看，既然你們是從零開始建立起這項業務的，您認為這種潛在的結構性變化是積極的還是不那麼積極的？

Kash, it's always a pleasure to hear from you. Thank you, all, for all your continued coverage and support.

Kash，很高興收到你的來信。感謝大家一直以來的報道與支持。

I think, most importantly, our customers have proven the ability to execute through various business environments. And this resilience is further enabled by ServiceTitan.

我認為最重要的是，我們的客戶已經證明了我們在各種業務環境中的執行能力。而 ServiceTitan 進一步增強了這種韌性。

There are compound factors from tariffs, which could affect our customers' growth. It's possible that we see a return of supply chain inflation. Although, I would say, in the past, our customers have proven their ability to pass through rising costs.

關稅帶來的複合因素可能會影響我們客戶的成長。我們可能會看到供應鏈通膨捲土重來。不過，我想說，過去我們的客戶已經證明了他們有能力轉嫁成本上漲。

But I think because the macro is outside of our control, we elect to forecast pretty prudently, especially on GTV.

但我認為，由於宏觀因素不在我們的控制範圍內，我們選擇非常謹慎地進行預測，尤其是對 GTV 而言。

Josh Baer, Morgan Stanley.

摩根士丹利的喬希貝爾。

Congrats on a strong quarter.

恭喜本季業績強勁。

I was hoping you could shed some light on the stacking S-curve strategy. Should we be thinking about entering new trades, new market segments rolling out new Pro products like on a planned or consistent basis to drive durable growth? What would you change from that line of thinking?

我希望您能解釋一下堆疊S曲線策略。我們是否應該考慮進入新的產業、新的細分市場，並有計劃地或持續地推出新的專業產品，以推動持久成長？從這個思路出發，您會做出哪些改變？

Anything else that you'd add there?

您還有什麼要補充的嗎？

Yeah. For us, we're big proponents of focus. And we live in a very target-rich environment. So we try our best to stay on the ball on what the priorities are.

是的。對我們來說，我們非常提倡專注。我們生活在一個目標非常豐富的環境中。所以我們會盡力把握優先事項。

And so, today, we're focused on enterprise, commercial, Pro, and roofing. And those are the S-curves that are attracting the primary source of attention for us.

所以，今天我們專注於企業級、商用、專業級和屋頂。這些S型曲線是我們關注的主要焦點。

As we mature in these focus areas, there's a pretty long tail of S-curves that are beyond that. But, right now, we should be focused on those priorities.

隨著我們在這些重點領域的成熟，我們將看到一條相當長的S形曲線，超越這些。但現在，我們應該專注於這些優先事項。

Michael Turrin, Wells Fargo Securities.

圖林 (Michael Turrin)，富國證券。

Dave, you touched on it a bit but, maybe, just remind us, in more detail, what you typically see from a seasonal perspective in the first half and the visibility you have into various scenarios that could play out.

戴夫，你稍微提到了這一點，但也許，你只需要更詳細地提醒我們，你通常從上半年的季節性角度看到什麼，以及你對可能發生的各種情況的預見性。

And, maybe, as a second part, just touch on, from the broader team, what you're seeing in terms of Pro product attach, if there are certain product areas you'd point us towards and how we should think about the contribution from those products, over time.

也許，作為第二部分，您可以從更廣泛的團隊角度談談您對 Pro 產品附加功能的看法，您是否可以向我們指出某些特定的產品領域，以及我們應該如何看待這些產品在長期內的貢獻。

Yeah. I'll hit the first point, pretty quickly, here. GTV is a bigger factor in Q2 than any other quarter in the year. It's a seasonally strong period for our customers, especially in trades like landscape, pest, HVAC, and others.

是的。我先快速說一下第一點。 GTV（總銷售額）在第二季的影響比一年中任何其他季度都更大。對於我們的客戶來說，這是一個季節性的強勁時期，尤其是在景觀、蟲害防治、暖通空調等行業。

This makes Q2 particularly sensitive to weather, both in terms of absolute temperature but, also, degree of temperature change. Because usage is a larger portion of our mix in Q2, there's a slightly wider range of possible outcomes.

這使得第二季對天氣特別敏感，不僅包括絕對溫度，還包括溫度變化程度。由於第二季的使用量佔比較大，因此可能出現的結果範圍會略為擴大。

This year-ago period I talked about in the prepared remarks was pretty hot. And, consistent with our approach to be prudent forecasting GTV, internally, this is already captured in the guidance.

我在準備好的發言稿中提到，去年同期的表現相當熱門。而且，與我們審慎預測GTV（總銷售額）的做法一致，在內部，績效指引中已經體現了這一點。

And so, I think that's the answer on GTV and the seasonality.

所以，我認為這就是 GTV 和季節性的答案。

The only other part I'd say in the first half is bonuses are paid in Q1. And so, as you saw on the free cash flow change in Q1, that's mostly driven by bonus payment.

上半年我想說的唯一其他因素是獎金是在第一季發放的。所以，正如你在第一季自由現金流變化中看到的那樣，這主要是由獎金支付推動的。

Michael, could you repeat the Pro part of the question?

邁克爾，你能重複一下問題中的贊成部分嗎？

Actually, Michael is no longer in queue.

實際上，麥可已經不再排隊了。

Okay. I think the core question was on how Pro products are driving the growth. The Pro products are the fastest-growing portion of our business, which is what you're seeing in the subscription growth performance versus prior year.

好的。我認為核心問題是 Pro 產品如何推動成長。 Pro 產品是我們業務中成長最快的部分，這一點從訂閱量與去年同期相比的成長表現中可以看出。

I think what we talked about is some new Pro products at Pantheon that did have some -- they're continuing to be strong performers, for us, in new sales. But they're still not huge drivers of the revenue.

我想我們討論的是Pantheon的一些新的Pro產品，它們確實在新銷售方面繼續表現強勁。但它們仍然不是收入的主要驅動力。

But I think the Pro product contribution continues to be a significant part of our subscription revenue.

但我認為 Pro 產品貢獻仍然是我們訂閱收入的重要組成部分。

David Hynes, Canaccord Genuity.

Canaccord Genuity 的 David Hynes。

Ara, I'd love to get an update on commercial from you. Just what -- you talked about four go-lives in the quarter. That's great to see.

啊，我想了解您關於商業的最新進展。剛才您提到了本季有四項產品上線。很高興看到這一點。

I'm curious what you're seeing, from a bookings perspective, with pure commercial customers, the pipeline on that front.

我很好奇，從預訂的角度來看，對於純商業客戶來說，您看到了什麼，以及這方面的管道。

And then, maybe, you can talk a little bit about where you think you are, from a product perspective, as you look to build out a full complement of capabilities for those buyers.

然後，也許，您可以從產品角度談談您認為自己處於什麼位置，因為您希望為這些買家建立一套完整的功能。

Great question. Commercial bookings and customer go-lives are performing well, even -- as you mentioned about product roadmap -- while we continue to build out the dedicated commercial CRM, as well as the key project management capabilities we've discussed, before, that are required to fully unlock construction use cases that our customers have.

問得好。商業預訂和客戶上線表現良好，正如您提到的產品路線圖，儘管我們仍在繼續建立專用的商業 CRM，以及我們之前討論過的關鍵專案管理功能，這些功能對於充分解鎖客戶的建築用例至關重要。

Those four major commercial go-lives in April was a very important moment for us. We activated more ARR in 28 hours than our enterprise commercial team typically does in a month.

四月的四次重大商業上線對我們來說非常重要。我們在28小時內啟動的ARR比我們企業商業團隊通常一個月的啟動量還要多。

So successfully standing up all those highly-strategic accounts is really a testament to how far we've come on commercial. And we remain very much focused on ensuring that the specialty trade subcontractors can run all of their work on our platform.

因此，成功維護所有這些高度策略性的客戶，真正證明了我們在商業領域的進展。我們始終致力於確保專業貿易分包商能夠在我們的平台上進行所有工作。

And that includes commercial maintenance. It includes on-demand service. It includes replacements. And it also includes winning and managing construction projects.

這包括商業維護、隨選服務、更換服務，還包括贏得和管理建設專案。

Yeah. And while we're continuing to evolve the full footprint of our commercial offering, the thrust of development, right now, is focused on construction; specifically around crews, daily logs, RFIs, the middles, change orders, financials, document management, and a better mobile experience.

是的。雖然我們正在持續改進我們商業產品的全面覆蓋，但目前的開發重點仍然集中在建設方面；具體來說，包括施工團隊、日誌、RFI、中間環節、變更單、財務、文件管理以及更好的移動體驗。

We're pacing well and expect big advancements, later this year.

我們進展順利，預計今年稍後將取得重大進展。

[Up-leveling commercial] service with enhanced service agreement, equipment pull-through agreements, mobile app improvements, and a new customer portal -- we need to be in every deal and we need to nail every customer implementation and onboarding.

透過增強服務協議、設備直通協議、行動應用程式改進和新的客戶入口網站來[提升商業]服務——我們需要參與每一筆交易，我們需要確保每一位客戶的實施和入職。

We're making great progress here.

我們在這裡取得了巨大進展。

And, finally, we need to fully evolve our brand from residential to commercial, as the operating system filtrates.

最後，隨著作業系統的滲透，我們需要將我們的品牌從住宅品牌全面轉向商業品牌。

Scott Berg, Needham & Company.

伯格（Scott Berg），Needham & Company。

Nice quarter here. My question involves moving into new trades.

這季度表現不錯。我的問題是關於進軍新行業。

We hosted a customer call with someone from the glass industry, which is not a stated trade that you all are in. But this customer is going to roll your platform out to, I believe, 800 different locations, over a period of time, which is fascinating.

我們與一位來自玻璃行業的客戶進行了電話會議，這並不是你們所從事的行業。但這位客戶將在一段時間內將您的平台推廣到 800 個不同的地點，這非常令人著迷。

It's not a stated trade that you're in. But they're able to leverage the platform, as is.

這不是您所從事的明確交易。但他們能夠利用該平台。

But how do you think about other opportunities or other trades that you don't have this stated target set of use cases for? Are there more that you can move into there or apply to? Maybe, that you are today?

但是，您如何看待其他機會或行業，這些機會或行業並沒有您設定的目標用例？有沒有更多您可以涉足或應用的機會？或許，您現在就擁有這樣的機會或產業？

Just trying to understand if there's more opportunities like that.

只是想了解是否還有更多這樣的機會。

Sure. Absolutely. My assumption is that there's a broader set of verticals that could be using ServiceTitan than there is, today. The challenge is because of the end-to-end scope, it's not always obvious who's going to be a fantastic fit and who's going to find certain gaps in their workflow where it's a problem.

當然，絕對是如此。我的假設是，未來可能有比現在更廣泛的垂直產業使用 ServiceTitan。挑戰在於端到端的範圍，我們並不總是能清楚知道誰最適合，誰又會在工作流程中發現問題。

So our current approach is to spend most of our energy proactively, on areas that we're focusing on, along the lines that I mentioned earlier. And so, that's where most of our energy goes into.

所以，我們目前的策略是，積極主動地把大部分精力投入到我們重點關注的領域，就像我之前提到的那樣。我們大部分的精力都投入了這些領域。

Now, when we have an existing relationship and there's a new trade or there's something that comes up that's opportunistic and we have a high degree of conviction that we can make those successful, then we may take those on.

現在，當我們有了現有的關係，並且有了新的交易或出現了機會，而我們又非常有信心能夠讓這些交易成功時，我們就會接受這些交易。

But, generally, we try to stay focused on where we're prioritizing debt resources on and making a concentrated effort versus chasing opportunistic deals in areas that may not be in the focus area.

但總體而言，我們會努力將重點放在優先考慮債務資源的地方，並集中精力，而不是在可能不在重點關注範圍內的領域中追逐機會交易。

Tyler Radke, Citi.

花旗銀行的泰勒拉德克（Tyler Radke）。

Can you talk a little bit more -- I know you're getting a lot of questions on the macro. But I believe, in the past, you've just talked about average ticket sizes being impacted by macro cycles. So did you see any impact on average ticket sizes, across your trades?

您能再多說一點嗎？我知道您收到了很多關於宏觀經濟的問題。但我記得您之前說過，平均單價會受到宏觀週期的影響。那麼您在所有交易中，是否都看過平均單價受到影響？

And then, just to clarify on Q2 guidance: I know there's a lot of seasonal impacts in there, be it weather and a lot of sensitivity to GTV. Did you include a wider range because of macro or weather factors than you normally would?

然後，我想澄清一下關於第二季業績指引的問題：我知道這其中有很多季節性因素，例如天氣因素，以及對總銷售額（GTV）的敏感度。你們是否因為宏觀或天氣因素而將範圍擴大了？

Just a quick clarification on those two would be helpful.

只要對這兩個問題進行簡單的澄清就會很有幫助。

I'll take this one. You nailed that the two largest inputs of GTV are the number of jobs that are completed in the average ticket per job. Both these factors were pretty stable, in terms of their growth rates through Q1.

我選這個。您說得對，GTV 的兩個最大輸入是平均每單完成的工作數量。從第一季的成長率來看，這兩個因素都相當穩定。

And, though some of the large OEMs have talked about price increases, we're not embedding any change or acceleration in average tick, at this point.

儘管一些大型原始設備製造商已經談到了價格上漲，但目前我們還沒有對平均價格做出任何改變或加速。

Q2 is dependent on macro. You talked about (inaudible) a bit but it's heavily dependent on the weather.

第二季取決於宏觀經濟。您剛才提到了（聽不清楚），但這很大程度取決於天氣。

And, as there are a bunch of very hot days last year, that's factored into the guide. I think that there is a bit more variance in the guide in Q2, which we have factored, prudently, in our GTV forecast.

而且，由於去年有很多天非常炎熱，所以指南中已經考慮到了這些因素。我認為第二季的指南會有更大的差異，我們已謹慎地將這一點納入了GTV預測中。

So yes.

是的。

Brent Bracelin, Piper Sandler.

布倫特布雷斯林、派珀桑德勒。

Great to see another quarter of strong execution here. I wanted to go back to the commercial discussion. It sounds like there's some momentum there. I think you referenced, maybe, a top 5 win at a mechanical firm.

很高興看到我們又一個季度表現強勁。我想回到商業討論。聽起來這方面有一些發展動能。我想你有提到過，也許是一家機械公司贏得了前五名。

Could we just step back and, maybe, frame how much of the commercial market's penetrated today? It sounds like you're investing in the construction part of that market. It sounds like there's some momentum on the mechanical part of it.

我們能否回顧一下，看看目前商業市場的滲透率是多少？聽起來你正在投資該市場的建築部分。聽起來機械部分也有一些發展動能。

Walk us through what's your penetration rate, today. And, as you make these investments, how much more of that opportunity does unlock?

請介紹一下你們目前的滲透率是多少。隨著這些投資的進行，你們能釋放多少新的機會？

Thanks. I'll let Dave speak to any specific figures.

謝謝。具體的數字我會讓戴夫來告訴你。

But when we take a step back and we look at the overall opportunity, we still believe that we're very early in the commercial story. And so, that's what driving so much investment and focus -- is because we see that this is a deep well that we're just getting started in.

但當我們退一步審視整個機會時，我們仍然認為，我們正處於商業化的早期階段。這也是我們投入如此多資金、關注如此多的原因——因為我們看到，這是一個我們才剛起步的深井。

In terms of what we're disclosing, Dave, do you want to jump in and share on that part?

就我們所揭露的內容而言，戴夫，你想加入並分享這部分內容嗎？

I think you nailed it, Vahe. We're still very early days here, in terms of our penetration in commercial.

我覺得你說得很對，Vahe。就我們在商業領域的滲透率而言，我們還處於非常早期的階段。

We have a lot of success, so far. But we're still quite early in the penetration. I think we're making a lot of progress, so far.

到目前為止，我們取得了許多成功。但我們的滲透仍處於初期階段。我認為，到目前為止，我們已經取得了巨大進展。

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

Maybe, Ara or Vahe, for you. I wonder if you could dive into a lot of the conversation around the commercial segment. But, maybe, in particular, the partnership angle and what we've seen come out with cobalt and others.

或許是Ara或Vahe。我想知道您是否可以深入探討商業領域。但或許可以特別談談合作角度，以及我們在鈷和其他領域的進展。

Maybe, how you think about the opportunity for the roll-up opportunity within the commercial side of the equation, which has been so successful and transformative for you, as we think about the residential opportunity.

也許，當我們考慮住宅機會時，您如何看待商業方面的總結機會，這對您來說是如此成功和變革性。

Sure. Cobalt is a new customer and a very fast-growing commercial consolidator that is backed by Alpine. And we have a great relationship with Alpine, as a well-known thought leader in the commercial space.

當然。 Cobalt 是我們的新客戶，也是一家發展非常迅速的商業整合商，得到了 Alpine 的支持。我們與 Alpine 保持著良好的合作關係，Alpine 是商業領域知名的思想領袖。

Cobalt validating our technology and approach in commercial is a key point of validation for us. They will leverage the full power of ServiceTitan. And, as the consolidated operating system across 12 brands, we are the software bets to make them successful, over time.

Cobalt 在商業上驗證我們的技術和方法，對我們來說是一個關鍵的驗證點。他們將充分利用 ServiceTitan 的全部功能。而且，作為覆蓋 12 個品牌的整合作業系統，我們軟體的可靠性將確保他們長期獲得成功。

Our ecosystem playbook in commercial continues to mature. Private equity awareness and validation is growing. Alpine and Cobalt, being a great example.

我們在商業領域的生態系統策略不斷成熟。私募股權的認知和認可度正在不斷提升。 Alpine 和 Cobalt 就是很好的例子。

And this is where we've seen -- as we mentioned before, this customer cohort is the one that's growing the fastest and is the tip of the spear, as we enter, basically, all new markets.

正如我們之前提到的，我們看到這個客戶群是成長最快的，也是我們進入所有新市場時最先進入的客戶群。

Similar plays happening on the roofing side, as well. And so, we're fully banking on the consolidation trend continuing, particularly in commercial. And that's why we have both enterprise and commercial as such big focus areas for us, from a debt perspective, overall.

屋頂業務也出現了類似的情況。因此，我們完全相信整合趨勢會持續下去，尤其是在商業領域。這就是為什麼從整體債務角度來看，企業和商業都是我們的重點領域。

Jason Celino, KeyBanc Capital Markets.

KeyBanc 資本市場 Jason Celino。

Maybe just one clarification for Dave. I think, last quarter, you talked about seeing earlier-than-normal linearity. I just wanted to ask if linearity was more normal this quarter?

也許我只是想向戴夫澄清一下。我記得上個季度您提到了比正常情況更早出現的線性成長。我只是想問一下，這個季度的線性成長是否更正常？

And then, if we think about your subscription sales cycles or pipeline generation, if you've seen any changes to those, either positive or negative.

然後，如果我們考慮您的訂閱銷售週期或管道生成，您是否看到其中發生了任何變化，無論是積極的還是消極的。

Jason, linearity was more normal this quarter. I think last quarter was a one-time exception.

傑森，本季的線性表現比較正常。我覺得上季只是個例外。

In terms of pipeline and new deal volume, it was a strong quarter. Nothing out of the ordinary there to know.

就通路和新交易量而言，這是一個強勁的季度。沒有什麼特別之處。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

Vahe, when you look at the opportunity to drive efficiencies for your customers through Agentic AI and digital agents, is the context that are the primary area that you would see that benefit first? Or do you think there's a broad-based appeal across areas like dispatch, marketing, et cetera.

Vahe，當您考慮透過 Agentic AI 和數位代理來提高客戶效率時，您認為最先受益的領域是哪些？還是說，您認為它在調度、行銷等領域也具有廣泛的吸引力？

Great question. No. This is actually part of the core aspect of our approach to AI that we think is a durable sustainable competitive advantage.

問得好。不。這實際上是我們人工智慧方法的核心部分，我們認為這是一種持久的可持續競爭優勢。

We have a product that operates our customers' businesses, end-to-end. From the clicks on the website all the way to when the cash hits the bank.

我們有一款產品可以端到端地經營客戶的業務，從網站點擊一直到現金到達銀行。

And everything within that range is within striking distance of creating some -- either AI or, specifically, agentic experience. That adds value, either by replacing work that's being done by humans today, by machines, or by just doing things that aren't even possible.

在這個範圍內的一切，都離創造某種東西——人工智慧，或者更確切地說，是代理體驗——只有一步之遙。這會增加價值，要麼透過機器取代目前人類所做的工作，要麼透過做一些甚至不可能的事情。

And so, specifically within commercial and construction, we believe that there's a lot of work that's being done, today, in the back office that can be automated and enhanced. And so, we expect that a big driver of the value that we've been to our customers will be in increasing the productivity in the back office.

因此，特別是在商業和建築領域，我們相信，目前後台辦公室的許多工作都可以自動化和增強。因此，我們預計，提高後台辦公室的生產力將成為我們為客戶創造價值的一大驅動力。

There's also opportunities in the field, as well. And so, for us, we look at the entire range that our product touches as being the surface area on which we can innovate, from a, specifically, AI and Agentic AI perspective.

這個領域也存在機會。因此，對我們來說，我們將產品涉及的整個範圍視為我們可以創新的領域，特別是從人工智慧和代理人工智慧的角度來看。

Thank you.

謝謝。

Terry Tillman, Truist.

特里·蒂爾曼（Terry Tillman），Truist。

Congrats on the quarter. Dave and Jason, a lot of my questions have been answered.

恭喜本季！ Dave 和 Jason，我的許多問題都得到了解答。

But I just wanted to go back to -- I like to hear about customers going live. I think you all talked about a couple of residential key customers or large ones; and then, for signature commercial customers going live.

但我只是想回到正題——我喜歡聽到客戶上線的消息。我想你們都談到了幾個關鍵的住宅客戶或大型客戶；然後是一些標誌性的商業客戶上線的消息。

I'm curious, though, what visibility does that create, going forward, on -- when they go live, I'm assuming they're not live across the board in all the businesses.

不過，我很好奇，當它們上線時，這將在未來帶來什麼樣的可見性——我假設它們不會在所有業務領域全面上線。

What kind of visibility that creates on your subscription revenue? And then, usage?

這會為你們的訂閱收入帶來什麼樣的可見性？然後，使用情況呢？

And then, what's the propensity or how quickly they're moved to Pro products.

那麼，他們轉向專業產品的傾向是什麼或說他們轉向專業產品的速度有多快？

I know there was a lot in there. But just would love to know what that means when they go live and how that affects the model over the next 12 to 18 months.

我知道裡面有很多內容。但我就是想知道這些內容上線後意味著什麼，以及這會對未來12到18個月的模式產生什麼影響。

Terry, thanks for the question.

特里，謝謝你的提問。

I think, on the visibility of subscription revenue, it's pretty clear, given the ramp in ASC 606 nature of the contracts. That's pretty high visibility, when a customer goes live.

我認為，考慮到ASC 606合約的增多，訂閱收入的可見度非常明顯。當客戶上線時，可見度相當高。

GTV, we have a view of it. But, of course, it will depend on how we (inaudible) locations go live and how much they actually ramp, which directly flows into usage revenue.

GTV，我們對此有看法。但當然，這取決於我們（聽不清楚）各門市的上線情況以及它們的實際成長量，這些成長量會直接轉化為使用收入。

Pro product propensity, we focus, principally, on delivering the ROI of our core product. And, as they start to deliver that ROI, we then go and upsell them -- the Pro products.

出於專業產品傾向，我們主要關注核心產品的投資報酬率。當他們開始獲得投資報酬率時，我們就會開始向他們追加銷售專業產品。

And so, that's generally the model. I think we have a view of when and where we should be pushing for certain pro products. But, I would say, initial go live, our core focus is on making sure that the customer realizes the ROI.

這就是大致的模式。我認為我們對何時何地推廣某些專業產品有自己的看法。但我想說，在產品上線初期，我們的核心重點是確保客戶實現投資報酬率 (ROI)。

That's true for any product -- is when they go live on a new Pro product, we're hyper-focused on delivering ROI to them. By delivering ROI, we earn the right to sell them more products.

任何產品都是如此——當客戶上線新的 Pro 產品時，我們高度重視為他們帶來投資回報。透過提供投資回報，我們贏得了向他們銷售更多產品的權利。

It's the core of our formula.

這是我們公式的核心。

Andrew Sherman, TD Cowen.

安德魯·謝爾曼（Andrew Sherman），TD Cowen。

Great. Maybe one for Ara or Vahe.

太好了。也許可以買一個給Ara或者Vahe。

Home equity loan applications, HELOC, had a 17-year high this week. Wondering if you think that could drive bigger projects this year? Any sign or indication of that when you talk to customers, yet?

本週，房屋淨值貸款（HELOC）的申請量創下17年來的新高。您是否認為這會推動今年更大的項目？您與客戶溝通時，有任何跡像或跡象表明這一點嗎？

We do hear from customers that turnover in the housing market is a driver of doing work in the home. And so, I would anticipate that any meaningful change in that direction is going to be positive. But it's hard to say the magnitude of the severity, at this point.

我們確實聽到客戶說，房地產市場的周轉率是推動居家辦公室的因素之一。因此，我預計任何朝著這個方向的有意義的變化都將是積極的。但目前還很難判斷其嚴重程度。

Egor Tolmachev, Freedom Broker.

葉戈爾·托爾馬切夫，自由經紀人。

A question about gross margins. Gross margin performance was quite impressive this quarter, even if we take into account that transition of customer (inaudible).

關於毛利率的問題。即使考慮到客戶（聽不清楚）的轉變，本季的毛利率表現仍然相當令人印象深刻。

But what was really driving this performance? Was it, like, just a matter of scale or some efficiencies?

但真正推動這種業績成長的是什麼呢？僅僅是規模經濟還是效率因素？

Thanks for the question. As you said, we had a pretty strong gross margin quarter.

謝謝你的提問。正如你所說，我們本季的毛利率相當強勁。

Total platform gross margins expanded over -- roughly 300 basis points in the quarter. Of that, about 200 basis points came from the CSM reclassification and just under 100 basis points came from the organic platform margin expansion.

本季平台總毛利率成長了約300個基點。其中約200個基點來自客戶服務經理（CSM）的重新分類，近100個基點來自平台有機利潤率的成長。

That has to do with scale, product selection.

這與規模、產品選擇有關。

We look a lot on the incremental gross margins. And those continue to be strong and similar, as what they were last year.

我們非常關注增量毛利率。增量毛利率持續保持強勁，與去年持平。

From here, looking forward, you should probably expect platform gross margin to remain relatively comparable to Q1 through the balance of this year.

從現在開始展望未來，您可能應該預期平台毛利率在今年餘下時間將與第一季保持相對可比。

Yun Kim, Loop Capital.

Yun Kim，Loop Capital。

I have, really, a product question. Vahe, Agentic AI, obviously, has been the buzzword for a while, recently. What's interesting is that that technology is introducing new products for the software vendors but, also, give the software vendors an opportunity to introduce a new type of pricing model, like whether it does usage or consumption-based.

我其實有一個產品方面的問題。 Vahe，Agentic AI，顯然最近很流行。有趣的是，這項技術不僅為軟體供應商帶來了新產品，也為軟體供應商提供了一個引入新型定價模式的機會，例如它是基於使用量還是基於消費量。

Obviously, you, guys, have a payment and fintech products. But is there -- maybe, you can give us a quick thought around -- are these -- around potentially introducing a new pricing model, based on consumption or usage, beyond fintech?

顯然，你們有支付和金融科技產品。但是，能否請您簡單介紹一下，除了金融科技之外，是否有可能引入一種基於消費或使用情況的新定價模式？

And when you're thinking about that -- if you are, when you're designing a new product, do you have to have a -- do you have a particular pricing model in mind?

當您考慮這一點時——如果您在設計新產品時，您是否必須有一個——您是否在心中有一個特定的定價模型？

Yeah. Great question.

是的。好問題。

If you look at our current suite of Pro products, we have some that are buy seats in the field, seats in the office; some of them are based on consumption: for example, direct mail.

如果你看我們目前的 Pro 產品套件，你會發現有些產品是在現場購買的，有些是在辦公室購買的；有些是基於消費的：例如直郵。

And so, we've got a pretty broad range of how we price and package the Pro product. And we believe that, that mechanism allows us to have a monetization path that is familiar with our customers and that fits into how we do business with them.

所以，我們對 Pro 產品的定價和包裝方式有相當廣泛的選擇。我們相信，這種機制使我們能夠找到一條既熟悉客戶又符合我們業務模式的獲利路徑。

That's the structure that we're going to be using to, then, capture all the opportunities within the Agentic AI space.

這就是我們將要使用的結構，用於抓住 Agentic AI 領域內的所有機會。

Thank you.

謝謝。

I would now like to turn the conference back to Ara Mahdessian for closing remarks. Sir?

現在我想請阿拉·馬赫德西安致閉幕詞。先生？

Just want to thank everyone for joining us today.

我只想感謝大家今天的參與。

Vahe and I are actually signing off from our office in Armenia. We've been spending time with our teams.

我和瓦赫其實正在亞美尼亞的辦公室下班。我們一直在和我們的團隊一起度過。

We're doing great work to transform the lives of our customers. We are inspired by the quality of our collective execution during Q1.

我們正在努力改變客戶的生活。第一季我們團隊的出色執行力令我們備受鼓舞。

But, as always, we know we're just getting started.

但一如既往，我們知道我們才剛開始。

We hope to see many of you soon. We just want to thank you for your continued support for our mission and our journey.

我們希望很快能見到你們。我們只想感謝你們一直以來對我們使命和旅程的支持。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。