ServiceTitan Inc (TTAN) 2026 Q3 法說會逐字稿

Good day, everyone, and welcome to ServiceTitan first -- third-quarter 2026 earnings conference call. (Operator Instructions) Please note that this conference is being recorded.

大家好，歡迎參加 ServiceTitan 2026 年第三季財報電話會議。（操作員說明）請注意，本次會議正在錄音。

Now, it's my pleasure to turn the call over to the Vice President of Investor Relations, Jason Rechel. Please go ahead.

現在，我很高興將電話轉交給投資者關係副總裁傑森·雷切爾。請繼續。

Thank you, operator, and welcome, everyone, to ServiceTitan's fiscal third-quarter 2026 earnings conference call. With me are ServiceTitan Co-Founder and CEO, Ara Mahdessian; Co-Founder and President, Vahe Kuzoyan; and CFO, Dave Sherry. During today's call, we will review our fiscal third quarter 2026 results. We'll also discuss our guidance for the fourth fiscal quarter and full fiscal year 2026.

謝謝接線員，歡迎各位參加 ServiceTitan 2026 財年第三季財報電話會議。與我同行的還有 ServiceTitan 聯合創辦人兼執行長 Ara Mahdessian；共同創辦人兼總裁 Vahe Kuzoyan；以及財務長 Dave Sherry。在今天的電話會議上，我們將回顧我們 2026 財年第三季的業績。我們也將討論我們對 2026 財年第四季和整個財年的業績預期。

Before we get started, we want to draw your attention to the safe harbor statement included in today's press release and emphasize the 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. Forward-looking statements reflect our views only as of today, 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 results to differ.

在正式開始之前，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信息，包括我們的指導意見，均基於截至目前的信息，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，所有其他陳述均可被視為前瞻性陳述。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改這些前瞻性陳述的義務。請查閱我們向美國證券交易委員會提交的文件，其中討論了可能導致我們業績出現差異的因素。

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've furnished with the SEC and is available on our website at investors.servicetitan.com. 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.

我們也要指出，我們提供的非GAAP指標是對依照公認會計原則編製的財務指標的補充，而不是替代。這些非GAAP財務指標的定義，以及與GAAP財務指標的調節表，均包含在我們已提交給美國證券交易委員會（SEC）的盈利報告中，該報告也可在我們的網站 investors.servicetitan.com 上查閱。除非另有說明，本次電話會議中所有提及的平台毛利率、總毛利率、營業收入、營業利益率、自由現金流量及相關成長率均基於非GAAP準則。

Finally, we've posted an updated investor presentation that can be found on the 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，可以在投資者關係網站 investors.servicetitan.com 上找到，同時還可以收聽本次電話會議的錄音。

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

那麼，現在讓我把電話交給阿拉。啊？

Thank you, Jason, and thank you for joining us. Next week, we'll mark the one-year anniversary of our IPO and the second annual day of the trades. As I reflect on this milestone and our progress over the past year, I am deeply humbled by how well Titans have shown up to deliver exceptional value to our customers. While we've come a long way together, I have also never been more confident that our opportunity to build the operating system for the trades is only just beginning.

謝謝你，傑森，也謝謝你加入我們。下週，我們將迎來公司上市一週年紀念日和第二個年度交易日。回顧這一里程碑以及過去一年我們取得的進展，我由衷地為 Titans 團隊的出色表現感到自豪，他們為我們的客戶創造了卓越的價值。雖然我們已經共同走過了很長一段路，但我從未像現在這樣確信，我們為交易行業建立作業系統的機會才剛開始。

Our growth formula today remains the same as ever. We deliver real ROI to our customers, helping them reach even greater financial outcomes, and 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. As they realize the value of our software, they buy more Pro products, which further drives our growth. This growth formula is now compounded by our opportunity to democratize AI for the trades.

我們今天的成長模式與以往一樣。我們為客戶帶來真正的投資報酬率，幫助他們取得更大的財務成果，這使他們能夠發展業務，從而吸引更多技術人員和 GTV 加入我們的平台，並為我們帶來更高的訂閱和使用收入。隨著他們逐漸認識到我們軟體的價值，他們會購買更多專業版產品，這進一步推動了我們的成長。如今，我們有機會將人工智慧應用於貿易領域，這進一步增強了這種成長勢頭。

During the third quarter, year-over-year, we delivered 26% subscription revenue growth and 25% total revenue growth with record free cash flow. Our overall financial performance was greater than we expected due to steady execution with both new and existing customers and strength in usage revenue.

第三季度，我們實現了訂閱收入年增 26%，總營收年增 25%，並創下了自由現金流紀錄。由於與新舊客戶的合作穩步推進以及使用收入的強勁成長，我們的整體財務表現超出了預期。

The breadth of performance against each of our main priorities this year, exciting momentum coming out of our annual user conference and an expanding scope for ServiceTitan to bring to automation tool trades, all continue to underscore our opportunity to transform the lives of every hardworking contractor.

今年，我們在各項主要優先事項上都取得了廣泛的成就，年度用戶大會也帶來了令人振奮的勢頭，ServiceTitan 為自動化工具行業帶來的範圍不斷擴大，所有這些都繼續凸顯了我們有機會改變每一位辛勤工作的承包商的生活。

I want to talk this quarter about the [Wrench Group], one of the largest operators in the trades with more than 7,000 employees, serving over 2.5 million end customers annually across multiple trades in 14 states. The Wrench Group is backed by high-profile leaders in private equity is 1 of our longest tenured customers and has embedded our software as a standard operating system at the core of its operations. But the world is evolving and Wrench Group's new Chief Information Officer, [David Fritzinger], responsible for technology across the org now says they are thinking about the ServiceTitan platform differently than in the past. As Wrench looks at acquisitions, for example, companies already on the ServiceTitan platform ease the inherent complexity of integrating markets. And that's in concert with changing principles as the business seeks to unlock silos and incorporate enterprise thinking.

本季我想談談[Wrench Group]，它是業內最大的營運商之一，擁有7000多名員工，每年為14個州的多個行業的250多萬終端客戶提供服務。Wrench Group 擁有私募股權領域知名領導者的支持，是我們合作時間最長的客戶之一，並將我們的軟體作為標準作業系統嵌入其營運的核心。但世界不斷發展，Wrench Group 的新任資訊長 [David Fritzinger] 負責整個組織的技術，他表示，他們對 ServiceTitan 平台的看法與過去有所不同。例如，當 Wrench 考慮收購時，已經加入 ServiceTitan 平台的公司可以簡化市場整合固有的複雜性。這與企業尋求打破部門障礙、融入企業思維的原則轉變是一致的。

Fritzinger told me, we want to unlock best practices at an enterprise level, allowing us to tap into the strength of reporting and consistency across the org without infringing on the economy and entrepreneurial spirit of our locations, and ServiceTitan is at the core of what we want to do and provides us with the platform to execute.

Fritzinger 告訴我，我們希望在企業層面釋放最佳實踐，使我們能夠利用整個組織的報告和一致性優勢，而不會損害我們各地的經濟和創業精神，而 ServiceTitan 正是我們想要做的事情的核心，並為我們提供了執行的平台。

This size and enterprise scale are believed to be accelerating differentiators in the world of AI. Fritzinger told me that he believes leveraging an integrated ecosystem of technology allows organizations to thrive by creating comparative advantages and differentiated customer outcomes, and he believes that ServiceTitan has formed the industry's best ecosystem critical to lasting organizational growth.

這種規模和企業規模被認為是人工智慧領域加速差異化的關鍵因素。Fritzinger 告訴我，他相信利用一體化的技術生態系統能夠讓組織透過創造比較優勢和差異化的客戶成果而蓬勃發展，他認為 ServiceTitan 已經形成了業內最佳的生態系統，這對組織的持續發展至關重要。

As part of its enterprise level strategy, Wrench Group recently rolled off of a horizontal marketing platform to leverage the purpose-built capabilities of Marketing Pro, quote, the usability, scalability, simplicity and consistency across locations are exactly what a trades business like ours requires, end quote. And we also now have 99% of our locations using Scheduling Pro, which feels like table stakes as we make it easy for customers to do business with us.

作為其企業級策略的一部分，Wrench Group 最近放棄了橫向行銷平台，轉而利用 Marketing Pro 的專用功能。報價、可用性、可擴展性、簡潔性和跨地域的一致性正是像我們這樣的貿易企業所需要的。現在我們99%的門市都在使用Scheduling Pro，這感覺就像是基本要求，因為我們讓客戶更容易與我們開展業務。

And as you expect to hear from a world-class executive, Wrench is playing offense with AI, putting the customer experience at the forefront by leveraging AI voice agents in the contact center a normal language interface to enhance the [in-home] experience and most importantly, by leveraging predictive analytics. [Trinsinger] wrapped up by telling me that solutions like Dispatch Pro are able to run thousands of scenarios with complex variables and considerations to ensure the right person or the right action is taken at the right time, which humans simply counted. And this only enhances the customer experience because if you have great data, great processes, great tools and the right culture AI will be an accelerant for your business.

正如一位世界級主管所言，Wrench 正積極利用人工智慧，將客戶體驗放在首位，透過在呼叫中心使用人工智慧語音代理和自然語言介面來提升（上門）服務體驗，更重要的是，透過運用預測分析技術。 [Trinsinger]最後告訴我，像 Dispatch Pro 這樣的解決方案能夠運行數千個包含複雜變量和考慮的場景，以確保在正確的時間由正確的人採取正確的行動，而這些僅僅是人工統計的結果。這只會提升客戶體驗，因為如果你擁有出色的數據、完善的流程、強大的工具和正確的企業文化，人工智慧將成為你業務的加速器。

As I shared at Pantheon last month, we are operating at a turning point for the trades, leveraging the foundation of workflow that happens in ServiceTitan, with the compelling benefits of AI, we are now giving our customers the opportunity to rethink how they operate. ServiceTitan has an entrenched and expanding ecosystem, compounding proprietary data set and industry-specific benchmarking that allow us to deliver differentiated automated outcomes.

正如我上個月在 Pantheon 大會上分享的那樣，我們正處於行業轉型的一個轉折點，利用 ServiceTitan 的工作流程基礎以及人工智慧帶來的顯著優勢，我們現在為客戶提供了重新思考其運作方式的機會。ServiceTitan 擁有根深蒂固且不斷擴展的生態系統，結合專有資料集和行業特定的基準測試，使我們能夠提供差異化的自動化結果。

Our customers are phenomenal operators, with an opportunity to thrive in their industry compared to those that aren't leveraging automation to the fullest extent possible. We hold ourselves accountable to delivering focused execution measured over a series of quarters, years and decades. I am proud of where we are today, and as always, I believe we're only just beginning.

我們的客戶都是非常優秀的營運商，與那些沒有充分利用自動化技術的企業相比，他們有機會在各自的行業中蓬勃發展。我們對自己負責，致力於在數個季度、數年甚至數十年內實現專注的執行目標。我為我們今天的成就感到自豪，而且一如既往，我相信我們才剛剛開始。

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

現在我將把話題交給瓦赫，他會分享更多關於我們進展的細節。

Thanks, Ara. Titans delivered for our customers this quarter, and the excitement coming out of Pantheon has been notable. It has never been a more exciting time for contractors in the trades. Let's start again with enterprise.

謝謝你，阿拉。本季度，Titans 為我們的客戶提供了優質服務，而 Pantheon 的出色表現也令人矚目。對於建築業的承包商來說，現在無疑是一個令人興奮的時代。讓我們重新從企業開始。

We had a strong quarter of new large customer wins, and we continue to see successful go-live activity across large commercial and residential customers. A busy quarter of product execution was headlined by a range of new functionality from centralized feature configurations to benchmark plus to adaptive capacity tailored to the needs of sophisticated operators.

本季我們成功贏得了大量新客戶，我們繼續看到大型商業和住宅客戶成功上線。本季產品執行工作十分繁忙，推出了一系列新功能，從集中式功能配置到基準測試增強版，再到根據複雜運營商的需求量身定制的自適應容量。

We were excited to go live with Galaxy Service Partners, a newly formed alliance of commercial, door, gate and access control companies. Galaxy is led by the team behind [Guild] Garage, underscoring the standardization of ServiceTitan across the expanding private equity ecosystem and the trades.

我們很高興能與 Galaxy Service Partners 正式上線，這是一個由商業、門、閘和門禁控制公司組成的新聯盟。Galaxy 由 [Guild] Garage 背後的團隊領導，強調了 ServiceTitan 在不斷擴展的私募股權生態系統和交易中的標準化。

Our Pro products continue to be our largest driver of subscription revenue growth. This quarter, we introduced Field Pro, the next evolution of Sales Pro that extends AI to technicians in the field, and we released virtual agents across the entirety of our Pro portfolio. Our Pro product strategy has evolved from delivering powerful functional business automations to delivering a comprehensive platform for agents to automate work across the trades.

我們的專業版產品仍然是訂閱收入成長的最大驅動力。本季度，我們推出了 Field Pro，這是 Sales Pro 的下一代產品，它將 AI 擴展到了現場技術人員，並且我們在整個 Pro 產品組合中發布了虛擬代理。我們的 Pro 產品策略已經從提供強大的業務自動化功能演變為提供全面的平台，供代理商實現跨行業的自動化工作。

At the center of these agentic workflows is Atlas, which forges the raw power of modern large language models directly into the foundational intelligence of ServiceTitan. Atlas is agentive command center capable of delivering something to trace businesses that only ServiceTitan can deliver, deep comprehension of data and workflow coupled with the system to automatically action outcomes. This agentic workflow and interface is at the center of our new MAX program. We believe MAX is indicative of the potential evolution of ServiceTitan that will make it increasingly accessible, powerful and valuable for our customers to automate their businesses at scale.

這些智能體工作流程的核心是 Atlas，它將現代大型語言模型的原始力量直接融入 ServiceTitan 的基礎智慧中。Atlas 是一個智慧指揮中心，能夠為追蹤企業提供只有 ServiceTitan 才能提供的功能，它能夠深入理解資料和工作流程，並結合系統自動執行操作結果。這種智慧化的工作流程和介面是我們全新 MAX 程式的核心。我們相信 MAX 代表了 ServiceTitan 的潛在發展方向，它將使我們的客戶更方便地使用 ServiceTitan，並使其更強大、更有價值，從而大規模地實現業務自動化。

In commercial, our multiyear investments are delivering increasingly strong results with our focus now on becoming market standard. This quarter, we introduced our commercial CRM and construction management capabilities. which are the final components to fully formed ServiceTitan's end-to-end commercial platform. We're focused on empowering commercial contractors to drive revenue growth, increase productivity, optimize cash flow and deliver improved margins across the entire scope of subcontractor workflow.

在商業領域，我們多年的投資正在取得越來越強勁的成果，我們現在的重點是成為市場標準。本季度，我們推出了商業客戶關係管理 (CRM) 和施工管理功能，這些功能是 ServiceTitan 端到端商業平台的最後組成部分。我們致力於幫助商業承包商在整個分包商工作流程中實現收入成長、提高生產力、優化現金流並提高利潤率。

We had the opportunity to partner this quarter with James River Air Conditioning. One of Virginia's most trusted HVAC, plumbing and electrical contractors for over 50 years. James River is a hybrid residential and commercial business. I've been personally working to meet their business needs for nearly a decade, but our commercial service agreements, equipment management and project management capabilities could not meet the James River standards until now. I am personally committed to delivering clear ROI to James River over the next decade, including with Roofing, where we continue to make good progress defining our go-to-market motion, maturing our implementation playbook and building on our key insurance and estimating features.

本季我們有機會與詹姆斯河空調公司合作。維吉尼亞州最值得信賴的暖通空調、管道和電氣承包商之一，擁有超過 50 年的經驗。James River 是一個集住宅和商業於一體的綜合性商業項目。近十年來，我一直致力於滿足他們的業務需求，但直到現在，我們的商業服務協議、設備管理和專案管理能力都無法達到 James River 的標準。我個人致力於在未來十年為 James River 帶來清晰的投資回報率，包括屋頂業務，我們將繼續在定義市場進入策略、完善實施方案以及增強關鍵保險和估價功能方面取得良好進展。

We announced a partnership with [Verisk] to allow contractors to load their service site data into [Verisk's Xactimate] claims management system to review, validate and complete the claims estimating process. We were excited to go live this quarter with [Timeproof] and Master Roofing, a residential and commercial roofing consolidator to execute on plans to scale to 50 branches across 30 states within the next year, Time Proof and Master Roofing, selected ServiceTitan because they see us as the operating platform that allows for a centralized operating model to grow so quickly, and the only software platform capable of delivering the workflows, integrations, data visibility and reporting that are required for the roofing industry.

我們宣布與 [Verisk] 建立合作夥伴關係，讓承包商將其服務現場資料載入到 [Verisk 的 Xactimate] 索賠管理系統中，以審查、驗證和完成索賠估算流程。我們很高興本季與 [Timeproof] 和 Master Roofing（一家住宅和商業屋頂整合商）合作上線，以執行在未來一年內擴展到 30 個州 50 個分支機構的計劃。 Timeproof 和 Master Roofing 選擇 ServiceTitan 是因為他們認為我們是能夠實現集中式營運模式快速成長的營運平台，也是唯一能夠提供屋頂產業所需的工作流程、整合、資料可見度和報告功能的軟體平台。

The resilient execution by our existing customers and the conversion of new customers in existing and new trades are a testament to both our current strengths and future opportunity. As Ara said up front, we intend to deliver on our mission with focused execution.

現有客戶的穩健執行力以及新客戶在現有和新交易中的轉化，都證明了我們目前的優勢和未來的機會。正如 Ara 事先所說，我們將透過專注的執行來實現我們的使命。

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

話雖如此，接下來財務部分就交給戴夫來處理了。戴夫？

Thanks, Vahe. I'm proud of our execution on each of our main priorities this quarter. Today, I'll run you through Q3 financial results in detail and provide guidance for Q4 and for the full fiscal year 2026. For more detailed financial results, please refer to our press release issued earlier today.

謝謝，Vahe。我為我們本季在各項主要優先事項上的執行情況感到自豪。今天，我將詳細介紹第三季的財務業績，並對第四季和整個 2026 財年提供指導。有關更詳細的財務業績，請參閱我們今天早些時候發布的新聞稿。

Q3 gross transaction volume, or GTV, was $21.7 billion, representing 22% year-over-year growth. Our customers are performing well again, demonstrating the durability and diversity of the markets we serve, coupled with the ROI that ServiceTitan delivers.

第三季總交易額（GTV）為 217 億美元，年增 22%。我們的客戶再次表現出色，證明了我們所服務市場的持久性和多樣性，以及 ServiceTitan 帶來的投資報酬率。

Our GTV continues to be distributed across a diverse set of traits and end markets. Within residential, it is primarily driven by break, fix, and essential services for existing homes rather than new home construction. Since our GTV is tied directly to end consumer sales, it is generally insulated from supplier inventory cycles. In the quarter, GTV growth was led by commercial and within residential, we saw relatively consistent growth in both HVAC and other trades as compared to Q3 of the prior year.

我們的 GTV 繼續在各種特性和終端市場中進行分銷。在住宅領域，其主要驅動力是現有房屋的故障維修和基本服務，而不是新房屋。由於我們的 GTV 與最終消費者的銷售額直接相關，因此通常不受供應商庫存週期的影響。本季度，GTV 的成長主要由商業領域所帶動；在住宅領域，與去年同期相比，暖通空調和其他產業的成長都相對穩定。

Now on to our financials. Q3 total revenue of $249.2 million grew 25% year-over-year. Subscription revenue of $182.8 million grew 26% year-over-year, led by strong growth in Pro, commercial and new trades. Usage revenue grew 24% year-over-year to $56.8 million, outpacing our expectations due to higher-than-expected fintech utilization. Total platform revenue for Q3, the sum of subscription and usage revenue, grew 25% year-over-year to $239.6 million.

接下來我們來看財務數據。第三季總營收為 2.492 億美元，年增 25%。訂閱收入達 1.828 億美元，年增 26%，主要得益於專業版、商業版和新交易版的強勁成長。使用營收年增 24% 至 5,680 萬美元，超出預期，這主要得益於金融科技的利用率高於預期。第三季平台總收入（訂閱收入和使用收入總和）年增 25%，達到 2.396 億美元。

Q3 professional services revenue was $9.6 million. Net dollar retention was greater than 110% for the quarter.

第三季專業服務收入為960萬美元。本季淨美元留存率超過 110%。

Q3 platform gross margin was 80.2%, an improvement of 310 basis points year-over-year. As a reminder, roughly 200 bps of this improvement resulted from the allocation of certain customer success expenses to sales and marketing. Total gross margin for Q3 was 74.3%, up 390 basis points year-over-year. Q3 operating income of $21.5 million resulted in operating margin of 8.6%, an improvement of 780 basis points year-over-year.

第三季平台毛利率為 80.2%，較去年同期成長 310 個基點。需要提醒的是，此次改進中約有 200 個基點是由於將某些客戶成功費用分配給了銷售和行銷部門。第三季總毛利率為 74.3%，較去年同期成長 390 個基點。第三季營業收入為 2,150 萬美元，營業利潤率為 8.6%，年增了 780 個基點。

While we continue to pace ahead of our incremental margin goals, we're making steady progress on our R&D priorities and hiring plans. Q3 free cash flow was a record $38 million, up from $11 million for the prior year third quarter. Year-to-date free cash flow was $50 million, up from $5 million in the prior-year period. As seen in our cash flow statement, we paid approximately $20 million in cash for the acquisition of Conduit, which closed in October. Conduit has a cross-sell opportunity within our residential HVAC customer base, and we see opportunity in other trades over time.

雖然我們繼續超前於增量利潤目標，但我們在研發重點和招聘計劃方面也取得了穩步進展。第三季自由現金流達到創紀錄的 3,800 萬美元，高於去年同期的 1,100 萬美元。今年迄今的自由現金流為 5,000 萬美元，高於去年同期的 500 萬美元。從我們的現金流量表中可以看出，我們支付了約 2,000 萬美元現金收購 Conduit，該收購於 10 月完成。導管在我們住宅暖通空調客戶群中具有交叉銷售機會，隨著時間的推移，我們看到了在其他行業的機會。

A few quick model notes before formal guidance. As we shared with you last year, Q4 of FY25 was an unusually strong quarter driven by faster than normal customer expansion and some onetime subscription items. Additionally, Q4 of this year will have 1 fewer business day as compared to the year ago period, which is expected to compress Q4 FY26 GTV and usage revenue growth by approximately 150 basis points. We will then see the benefit of 1 additional business day in Q1 of FY27.

在正式指導前，先簡單介紹幾個範例。正如我們去年與您分享的那樣，2025 財年第四季度是一個異常強勁的季度，這主要得益於客戶成長速度快於正常水平以及一些一次性訂閱項目。此外，今年第四季比去年同期少了一個工作日，預計這將使 2026 財年第四季 GTV 和使用收入成長壓縮約 150 個基點。屆時，我們將在 2027 財年第一季看到多出 1 個工作天帶來的好處。

Now shifting to formal guidance. For the fourth quarter, we expect total revenue in the range of $244 million to $246 million. We expect to generate operating income in the range of $16 million to $17 million. For the full year of fiscal 2026, we expect total revenue in the range of $951 million to $953 million. We expect to generate operating income in the range of $83 million to $84 million.

現在轉為正式指導。我們預計第四季總營收將在 2.44 億美元至 2.46 億美元之間。我們預計營業收入將在 1,600 萬美元至 1,700 萬美元之間。我們預計 2026 財年全年總營收將在 9.51 億至 9.53 億美元之間。我們預計營業收入將在 8,300 萬美元至 8,400 萬美元之間。

We deliver sustainably high ROI to our customers who operate in resilient trades that keep our economy running. Our goal remains to durably compound growth over many years while increasing margins at the same time. We see healthy performance this quarter as further evidence that our strategy to become the operating system for the trade is working.

我們為那些從事維持經濟運轉的穩健行業的客戶提供可持續的高投資回報率。我們的目標仍然是在未來多年內實現持續複合成長，同時提高利潤率。本季良好的業績進一步證明了我們成為產業作業系統的策略正在奏效。

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

這樣，我就把電話轉回接線生進行問答環節。操作員？

Actually, I'd love to invite Kash Rangan from Goldman Sachs to ask our first question. Today is Kash's final ServiceTitan conference call prior to this January retirement after a very esteemed career. Kash, you've been an incredible partner over the years. We admire your brilliant mind, we admire the content of your character and we are deeply grateful for everything you've done in partnership with us. And all of us at ServiceTitan wishing you all the best, Kash.

實際上，我很想邀請高盛的卡什·蘭根來提出我們的第一個問題。今天是 Kash 在 1 月退休前最後一次參加 ServiceTitan 的電話會議，他即將結束其備受尊敬的職業生涯。卡什，這些年來你一直是我非常棒的合作夥伴。我們欽佩您的卓越才智，我們欽佩您的人格魅力，我們衷心感謝您與我們合作所做的一切。ServiceTitan 的所有員工祝福你一切順利，Kash。

Your line is open right now. Go ahead.

您的線路現在暢通。前進。

Excellent. Can you hear me okay? So it's was very lovely of you, Dave, Jason team, you guys will always be special.

出色的。你聽得清楚我說話嗎？戴夫、傑森團隊，你們真是太好了，你們永遠都是特別的。

I really don't have a question, but I have an observation. Maybe I can [parley] that into a question. You've come along or you've been the tightness of the trade or, let's call it, the mavericks that defied conventional wisdom that you could actually create a $1 billion run rate business, although not hinder Q3, but I'm sure if you look at the month of November, you probably hit $1 billion revenue run rate.

我其實沒有什麼問題，但我有一個看法。或許我可以把它轉化成一個​​問題。你一路走來，要么是行業精英，要么就是特立獨行者，你挑戰了傳統觀念，認為你實際上可以創造一個年收入 10 億美元的業務，雖然這不會影響第三季度的業績，但我相信，如果你看看 11 月份的情況，你的年收入可能已經達到了 10 億美元。

So coming as far as you have -- and when you look at the road ahead, as you start to imprint the go-to-market motion in years '26 and beyond, Ara and team, what are you going to be doing differently as you iterate and try to get to that scale of being truly a multibillion-dollar revenue company in the years ahead. What are the latest observations going into calendar '26 is there? How you gear maybe the go-to-market maybe a little bit differently to achieve the ambitious goals that are ahead of you? And my very, very best to you guys.

既然你們已經走到今天這一步——展望未來，當你們開始在 2026 年及以後確立市場進入策略時，Ara 和團隊，在不斷迭代並努力在未來幾年成為一家真正的數十億美元收入公司的過程中，你們會做出哪些不同的改變？截至2026年，有哪些最新的觀察結果？為了實現擺在你面前的宏偉目標，或許可以稍微調整一下市場推廣策略？祝你們一切順利。

Thank you, Kash. Our goal has always been to build the operating system for the trades and 1 that impacts as many contractors as possible. and for each 1 to the greatest extent as possible. And we believe that the combination of those 2 things translates into the direct revenue opportunity for us.

謝謝你，卡什。我們的目標始終是為各行各業打造一個作業系統，使其能夠影響盡可能多的承包商，並盡可能地惠及每位承包商。我們相信，這兩件事結合起來將為我們帶來直接的收入機會。

And the biggest opportunity that we see relates to AI and the trades, it's a very exciting and credible opportunity for us. It is why it is our #1 priority and why Vahe and I are directly leading the effort to make sure that we and our customers win. Ultimately, customers want 1 platform that fully automates all of their key workflows and ultimately optimizes for revenue and profit for them. And this is the essence of the MAX program that we announced at Pantheon with a pilot with 50 customers with hundreds more in the backlog because for us, customers have told us that they don't want to set up and manage lots of different AI point solutions. They don't want to deal with different point solutions, interfering with 1 another.

我們看到的最大機會與人工智慧和交易有關，這對我們來說是一個非常令人興奮且可靠的機會。這就是為什麼這是我們的首要任務，也是為什麼我和Vahe親自領導這項工作，以確保我們和我們的客戶都能取得成功。最終，客戶想要的是一個能夠完全自動化所有關鍵工作流程並最終為他們優化收入和利潤的平台。這就是我們在 Pantheon 大會上宣布的 MAX 計劃的精髓所在，該計劃已與 50 位客戶進行了試點，還有數百位客戶正在等待審批，因為客戶告訴我們，他們不想設置和管理許多不同的 AI 點解決方案。他們不想處理相互幹擾的不同解決方案。

They don't want to optimize locally for things like leads or call booking rates.

他們不想針對潛在客戶或電話預約率等指標進行在地化最佳化。

These are all imperfect proxies for what they really care about, which is revenue and profit. And in a world where trade businesses have finite capacity, they want to optimize for generating the leads that are most likely to result in the highest revenue or optimize for booking the calls that represent the highest revenue potential.

這些都不能完全代表他們真正關心的，他們真正關心的是收入和利潤。在一個貿易企業產能有限的世界裡，他們希望優化潛在客戶的生成，以期獲得最高的收入，或優化預約那些代表最高收入潛力的電話。

And so the future of work in the trades, it's -- for us, it's not a setup AI point solutions. It's about connecting calls to appointments to sales, to inventory, to payroll and in a way that maximize revenue and profit, and this is the foundation of the MAX program and the next evolution of ServiceTitan. And we have distinct both product and go-to-market advantages to be the winning solution. We have the largest proprietary data set. We're the system of action.

因此，對我們來說，技工產業的未來工作並不是建立人工智慧點解決方案。它旨在將電話、預約、銷售、庫存、工資等環節連接起來，從而最大限度地提高收入和利潤，這是 MAX 計劃的基礎，也是 ServiceTitan 的下一個發展階段。我們在產品和市場推廣方面都擁有明顯的優勢，能夠成為最終的贏家。我們擁有最大的專有資料集。我們是行動的體系。

We're the primary UI where customers manage their entire business. We have the distribution and so on, but it will require intense execution. And so that is why Vahe and I and our teams are working like dogs and we're going to focus on this to guarantee success for our customers and ultimately for us.

我們是客戶管理其所有業務的主要使用者介面。我們已經有了分發管道等等，但這需要高強度的執行。所以，這就是為什麼我和Vahe以及我們的團隊都在拼命工作，我們將專注於此，以確保我們的客戶以及最終我們自身的成功。

Absolutely fantastic, and I'm going to be watching from the sidelines this evolution of this vision ahead. Congratulations.

太棒了，我會在一旁密切關注這願景未來的發展演變。恭喜。

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

Actually, I just wanted to follow up on the MAX program. Wondering how the pilot is progressing early on. And wondering what's the current time to deploy and implement MAX? And anything that you can do to either speed that up? And just wondering when we could expect the program to open up more broadly to that backlog of customers and your overall customer base?

實際上，我只是想了解一下 MAX 專案的進展。想知道這架試飛機早期的進展如何。想知道目前部署和實施 MAX 的最佳時機是什麼？有什麼辦法可以加快這個過程嗎？我想知道該計劃何時才能更廣泛地向之前積壓的客戶以及貴公司的整體客戶群開放？

Sure. So we're still early days on the MAX program, and we are intentionally slow rolling it to make sure we get it right. Our focus is primarily on making sure that every participant in the MAX program is wildly successful. And so the progress is strong. We're pretty happy with the results so far.

當然。所以 MAX 專案還處於早期階段，我們有意放慢速度推進，以確保一切順利進行。我們的主要目標是確保 MAX 計劃的每位參與者都能取得巨大的成功。因此，進展勢頭強勁。我們對目前的結果相當滿意。

But we are still in the phase of validating everything within the initial cohort, and we'll be opening it up, hopefully soon.

但我們目前仍處於驗證首批用戶所有內容的階段，希望很快就能開放。

Okay. Got it. And if I could just follow up. Wondering if you could shed some light on what you're seeing from private equity, where we are as far as contribution to current customer wins, growth contribution from private equity kind of as a channel and if you'd expect that to change looking ahead?

好的。知道了。如果可以的話，我想跟進一下。想請您談談您目前對私募股權的看法，包括它對現有客戶成長的貢獻，以及私募股權作為管道對業務成長的貢獻，並探討一下您認為未來這些方面是否會發生變化？

Sure. Josh, I'll take this one. As we shared at Pantheon, our private equity customers are our best utilizers of the product. They adopt Pro products to a greater degree, and they grow on average 500 bps faster than non-sponsored backed customers. So they remain an important growth vector for us, and we don't have any reason to believe that, that's slowing down.

當然。喬什，這個任務我來做。正如我們在 Pantheon 大會上分享的那樣，我們的私募股權客戶是我們產品的最佳用戶。他們更傾向於使用專業版產品，平均成長速度比非贊助客戶快 500 個基點。因此，它們仍然是我們重要的成長動力，我們沒有任何理由相信這種成長正在放緩。

DJ Hynes, Canaccord.

DJ Hynes，Canaccord。

I need a few more decades to make as much money as Kash or to have the impact that he did. So I'm going to keep working.

我還需要幾十年才能賺到像卡什那樣多的錢，或者產生像他那樣的影響。所以我會繼續工作。

Ara, when you look across the customer base, where would you say the average ratio of technicians to back office staff is today? And where do you think it could go over time? And maybe as part of that, it would be great to get your thoughts on what that efficiency unlock might mean for ServiceTitan.

Ara，縱觀整個客戶群，你認為目前技術人員與後台人員的平均比例是多少？你認為隨著時間的推移，它會朝哪個方向發展？或許，作為其中的一部分，我們很想聽聽您對這種效率提升對 ServiceTitan 意味著什麼的看法。

Great question. It will vary across trades, it will also vary cross size. So you will have contractors that will have 2 technicians to 1 back office. You'll have really efficient ones that get above 2 technicians for back office, but then you also have trade businesses that have something closer to 1:1.

問得好。不同交易品種的價格會有所不同，十字架的大小也會有所不同。所以你會看到這樣的承包商：兩名技術人員配備一名後台人員。有些企業效率很高，後台技術人員配備超過 2 名，但也有一些貿易企業的技術人員與後台人員比例接近 1:1。

But I think they -- it's incredible to see the alignment in vision with our customer base where they believe in this vision that you have the ownership and then you have the technicians in the field doing the work, and you try and bring as much efficiency and automation to everything in between because they see that as you automate you not only increase profitability, but you actually increase revenue because a lot of these AI automations helped increase close rates, average figures, lead generation and the like. And having higher profit margins helps you be able to spend more on customer acquisition and grow the business.

但我認為，看到我們與客戶群在願景上的契合令人難以置信，他們相信這種願景：你擁有所有權，然後由現場技術人員完成工作，你努力在兩者之間盡可能地提高效率和實現自動化，因為他們看到，自動化不僅可以提高盈利能力，而且實際上還可以增加收入，因為許多人工智慧自動化有助於提高成交率、平均數據、潛在客戶開發等等。更高的利潤率有助於你投入更多資金用於客戶獲取和業務成長。

Yes. Yes, makes sense. And then, Dave, 1 for you on the guidance. So at this time last year, you guided Q4 to be sequentially flat to modestly up. This year, you're actually guiding Q4 to be down a bit sequentially.

是的。是的，有道理。然後，戴夫，你的指導方針得1分。所以去年這個時候，你預測第四季業績將與去年持平或略有成長。今年，你們預計第四季業績將較上季略有下降。

You talked about some of the dynamics with the one fewer day. And obviously, the Q4 guidance was above consensus. I know you're trying to keep targets conservative. But is there anything you're seeing in the business that would lead you to be a bit more cautious this year versus last year?

你談到了少一天比賽帶來的一些變化。顯然，第四季業績預期高於市場預期。我知道你們想把目標定得保守一些。但是，您在商業領域觀察到的哪些因素會讓您今年比去年更加謹慎呢？

DJ, first, our strong Q3 put us in the fortunate position here to raise our forecast for the rest of the year. As you noted, typically, GTV and usage will sequentially moderate from Q3 heading into Q4. And I don't think we expect this year to be any different. And as always, our assumptions continue to be driven by a prudent GTV forecast. So nothing out of the ordinary here, DJ.

DJ，首先，我們強勁的第三季業績使我們有幸上調了今年剩餘時間的業績預測。正如您所指出的，通常情況下，GTV 和使用量會從第三季到第四季逐漸趨於平穩。我認為今年也不會有什麼不同。和以往一樣，我們的假設仍然以謹慎的 GTV 預測為依據。所以，一切正常，DJ。

Dylan Becker, William Blair.

迪倫貝克爾，威廉布萊爾。

I really appreciate it. Maybe for Vahe, I know Ara talked about kind of the value of the ecosystem. But you also called out with the initiative around roofing the partnership with Verisk. Wondering how you're kind of thinking about diversifying and broadening out the broader partner ecosystem, but maybe what that in particular unlocks around the insurance side, working with kind of the exterior trades as you're thinking about continued expansion into that domain or that realm.

我非常感謝。也許對Vahe來說，我知道Ara談到了生態系統的價值。但你也提出了與 Verisk 合作，推動屋頂工程的倡議。我想知道您是如何考慮多元化和拓展更廣泛的合作夥伴生態系統的，特別是考慮到您在保險領域與外部貿易夥伴合作，並考慮繼續向該領域或範圍擴張時，這種做法會帶來哪些具體的可能性。

Yes. So as part of our efforts around roofing, the current areas where we're focusing our efforts are primarily around insurance-based roofing workflows and the partnership with Verisk is obviously an important part of that. As we look ahead, we think that the insurance integrations will likely have applicability to other trades like water damage restoration and so on. But that's more of an upside for the future. It's not currently something that we're working on today.

是的。因此，作為我們屋頂工程工作的一部分，我們目前的工作重點主要集中在基於保險的屋頂工作流程上，而與 Verisk 的合作顯然是其中的重要組成部分。展望未來，我們認為保險整合很可能適用於其他產業，例如水災修復等等。但這更多的是未來的一個利好因素。目前我們還沒有著手研究這個問題。

And the progress that we're seeing across roofing in general has been really strong. We're seeing a ton of traction, both in terms of the sales side of things, but also our ability to get customers live. And so we remain as bullish as ever on the roofing side.

我們看到整個屋頂產業都取得了非常強勁的進展。我們看到了巨大的進展，無論是在銷售方面，還是在讓客戶上線方面。因此，我們對屋頂產業依然保持著一貫的樂觀態度。

Great. And then maybe 1 for Dave, if I can as well, too. Really appreciate kind of the color or commentary around the diversification of GTV, but maybe if you could kind of double-click on that as we think about kind of the health of the consumer, where you're seeing momentum kind of on that side and maybe a way to think about the dynamics you called out around kind of the break versus fix -- or fix versus replace exposure or anything for us to be aware of on that front?

偉大的。如果可以的話，也許還可以給戴夫也投一票。非常感謝您就 GTV 多元化發表的見解或評論，但如果您能就此再深入探討一下，比如我們思考消費者健康狀況時，您認為這方面正在取得一些進展，以及您提到的關於“打破常規”與“修復”或“修復替代”的動態，或者這方面有什麼需要我們注意的，那就太好了！

Sure, Dylan. We look at a lot of internal data points, there are 2 main ones that we look at. The first is job growth and the second is average ticket. And what we've seen in the last quarter has been pretty consistent on both. So that, for us, gives us an indication that the economic market is fine, and that's what we're assuming in our guide going in the next quarter.

當然，迪倫。我們會查看很多內部數據點，其中主要有兩點是我們關注的。第一個指標是就業成長，第二個指標是平均客單價。而我們在過去一個季度中看到的情況在這兩方面都相當一致。因此，這對我們來說顯示經濟市場狀況良好，這也是我們在下一季業績指引中所做的假設。

Scott Berg, Needham & Company.

Scott Berg，Needham & Company。

I have 1 -- really nice quarter here. I guess I want to stick on the commercial side for both of them. First question probably for Ara is on how you plan to maybe invest in the commercial opportunity as you start thinking about fiscal '27? You seem pretty confident that you have all the functionality you need to really progress into that area today. But -- do you do anything differently as you start thinking about how you tackle that opportunity next year?

我這裡有一枚──非常漂亮的25美分硬幣。我想在這兩方面都堅持走商業路線。Ara可能首先要問的問題是，當你開始考慮2027財年時，你打算如何投資商業機會？你似乎很有信心，認為自己現在具備在該領域取得真正進展所需的所有能力。但是——當你開始思考明年如何抓住這個機會時，你會採取什麼不同的做法嗎？

It's not so much different. I think the thesis still remains the same that we need to nail construction, which is our current focus on the commercial side for the subcontractors, and that will not change as we go into next year.

其實差別不大。我認為我們的論點仍然不變，那就是我們需要把建築業做好，這是我們目前在分包商商業方面的重點，而且這一點在明年也不會改變。

Where I suspect a lot of the value creation will shift to is less of these table stakes features and more AI-driven value creation, particularly on the CRM side, and so that's where I suspect a lot of the R&D efforts will be going into as we think about going into becoming the market standard within the commercial space. But the traction that we're seeing overall within the commercial market has been very strong. And the thesis around having a holistic solution that can cater to both the service side and the construction side of the subcontractors is proving out like how we hoped it would.

我懷疑未來許多價值創造將不再專注於這些基本功能，而是更依賴人工智慧驅動的價值創造，尤其是在客戶關係管理（CRM）方面。因此，我認為隨著我們努力成為商業領域的市場標準，許多研發工作將會投入這方面。但我們在商業市場整體上看到的成長勢頭非常強勁。而我們提出的能夠同時滿足分包商的服務方和施工方需求的整體解決方案，正像我們希望的那樣得到驗證。

Excellent. Helpful. And then as a follow-up, Dave, -- your comments on GTV started by seeing outperformance in the commercial side, which I find maybe not unusual, but a little bit surprising because the usage of those solutions on the commercial side is certainly less than on the residential side. But was there anything you need to call out for the strength there in the commercial side in the quarter? Or is it just kind of just general usage, I guess?

出色的。很有幫助。然後，Dave，作為後續問題——你對 GTV 的評論始於看到其在商業領域的出色表現，我發現這或許並不罕見，但還是有點令人驚訝，因為這些解決方案在商業領域的使用率肯定低於住宅領域。但就本季商業方面的優勢而言，您認為有什麼需要特別指出的嗎？或者，它只是一種一般的用法？

So I'd say that what we saw in GTV was continued progression in commercial as a growth driver for us. But you hit on, I think, an important point there on what's driving our usage take rate. And that, again, happens to be the higher adoption of our fintech products. We've seen more volume come on platform, which, of course, we monetize more. That's more than offsetting the growth in commercial, which does, to your point, have a lower GTV usage take rate.

所以我認為，我們在 GTV 中看到的是商業領域的持續進步，這成為了我們成長的驅動力。但我認為你指出了一個重要的觀點，那就是什麼因素推動了我們的使用率。而這，恰恰反映了我們金融科技產品更高的普及率。我們看到平台上的交易量增加了，當然，我們也從中獲得了更多收益。這足以抵消商業領域的成長，正如您所說，商業領域的 GTV 使用率確實較低。

Excellent, nice quarter.

非常好，不錯的季度。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

As you guys make a bigger push into the commercial space, construction workflows in CRM. Just wondering if you could comment on some of the learnings you're finding in that area. What level of satisfaction are people having with the workflows or solutions they have in place there today? Is there more of a desire to consolidate on one platform that's driving that opportunity for you? And lastly, when you look at the opportunity, is it fair to say that your existing residential customers are the ripest opportunity?

隨著你們加強進軍商業領域，CRM中的施工工作流程。想問問您能否分享一下您在這個領域學到的一些經驗。人們對目前所採用的工作流程或解決方案的滿意度如何？您是否更傾向於整合到一個平台上，而這正是您獲得該機會的原因？最後，從機會的角度來看，是否可以說您現有的住宅客戶是最適合的潛在客戶？

Or do you think there's a handful of organizations you don't have relationships with today already on residential that could be attractive to targets for commercial.

或者您認為目前在住宅領域還有一些您尚未建立聯繫的機構，這些機構可能對商業領域的目標客戶有吸引力。

Sure. So on the commercial side, some of the early observations that we're seeing is that there is a similar force around consolidation within the space and the degree to which private equity is increasing its presence there. is planning to have in a very similar way.

當然。因此，在商業方面，我們觀察到的一些早期跡象表明，該領域內部存在類似的整合趨勢，私募股權正在以非常相似的方式增加其在該領域的影響力。

What we're seeing as being a primary difference is that the consolidators on the commercial and construction side are generally less we will call it mature in terms of the centralization of certain functions and standardization across their acquisitions. And so they tend to be operated more as independent shops versus operating as a single company, which has been kind of more of the style of consolidation that we've seen on the residential side.

我們看到的主要差異在於，商業和建築領域的整合者在某些職能的集中化和收購的標準化方面，通常還不夠成熟。因此，它們往往更像是獨立商店而不是單一公司來運營，而單一公司更像是我們在住宅方面看到的整合方式。

Our assumption is that that's not because there's a lack of desire to do those things. It's just that the lack of capabilities from a systems perspective has been the primary driver there, not necessarily desire. And so we're really leaning in on capabilities that allow commercial and construction contractors to have the benefit of synergies in a way that's more similar to the residential side. And we think that's going to be a tailwind for us as we progress into this market.

我們的假設是，這並不是因為人們缺乏做這些事情的意願。只是從系統角度來看，能力不足才是主要驅動因素，而不是意願。因此，我們正在大力發展能夠讓商業和建築承包商以類似於住宅領域的方式獲得協同效應優勢的能力。我們認為這將對我們進軍這個市場大有裨益。

When we look at -- on the residential side, if you look at our recent partnership with [Rural Rear], which was something we announced recently. A big part of what allowed us to win in that scenario was the fact that we had both the residential and commercial sides of the story that we can solve for them. And so we expect that there's going to be other large players similar to this. We're having both sides of the house be something that we can handle, is something that's going to be compelling. The James River example that we mentioned earlier today is another great example of that.

當我們從住宅方面來看，如果你看看我們最近與 [Rural Rear] 的合作關係，這是我們最近宣布的。我們之所以能夠在那種情況下獲勝，很大程度上是因為我們既了解住宅方面的問題，也了解商業方面的問題，我們可以為他們解決問題。因此，我們預計還會出現其他類似的大型企業。我們希望房子的兩邊都能是我們能夠掌控的，這將是一件很吸引人的事。我們今天早些時候提到的詹姆斯河的例子就是另一個很好的例子。

Appreciate the feedback. And Dave, one quick one for you. You talked about the diversification of different trades as you get into some of these newer traits that are maybe less weather dependent, is there any potential to see more of a smoothing of usage-based revenue quarter-over-quarter in the future?

感謝您的回饋。戴夫，給你一個簡短的問題。您談到了不同交易的多元化，隨著一些較新的特性（可能不太依賴天氣）的出現，未來是否有可能看到基於使用量的收入在季度之間更加平穩？

Yes. Great question. I think for now, we haven't seen a real shift in seasonality. But to your point, not all trades have the same profile seasonality. And as those expand, we may see a shift.

是的。問得好。我認為就目前而言，我們還沒有看到季節性的真正轉變。但正如你所說，並非所有交易都具有相同的季節性特徵。隨著這些因素的擴大，我們可能會看到轉變。

I wouldn't say we've seen it yet, but it is a good observation and not all trade to the same seasonal trends than the ones we are large in today.

我不會說我們已經看到了這種情況，但這是一個很好的觀察，並非所有交易都遵循與我們今天所大量交易相同的季節性趨勢。

Terry Tillman, Truist Securities.

Terry Tillman，Truist Securities。

Congrats on the quarter. And I don't know if it's fortunate or unfortunately, but I'll be doing lots of these earnings calls over the years still.

恭喜你本季取得佳績。我不知道這算是幸運還是不幸，但未來幾年我還會參加很多這樣的財報電話會議。

The first question is, I always like the testimonials from new customers or expanding customers. And I heard ecosystem multiple times in like unrivaled ecosystem. So whether it's the PE consolidators or your fintech partners or the OEMs, are you seeing some sort of kind of multiplier effect or benefits from just the ecosystem helping influence new business for you all or just expand faster in trades? And then I had a follow-up for Dave.

第一個問題是，我總是很喜歡新客戶或現有客戶的評價。我多次聽到「無與倫比的生態系統」這樣的說法。所以，無論是私募股權整合商、金融科技合作夥伴或原始設備製造商，您是否看到某種乘數效應或生態系統帶來的益處，幫助您們拓展新業務或加速交易擴張？然後我還要給戴夫一個後續問題。

Yes, indeed, and welcome aboard, looking forward to the partnership in the road ahead. We certainly do see the evangelism not just from the customer base, but also through the ecosystem and the partners. As you know, we are now very meaningful partners to manufacturers, distributors, other key vendors that serve contracting businesses. And in many cases, their solution also works better if a contractor has our solution. And so the value props benefit us, the contractor and the third party.

是的，歡迎加入，期待未來與您攜手合作。我們確實看到了這種宣傳，不僅來自客戶群，也來自生態系統和合作夥伴。如您所知，我們現在是製造商、經銷商和其他服務於承包企業的關鍵供應商的重要合作夥伴。而且在許多情況下，如果承包商擁有我們的解決方案，他們的解決方案效果也會更好。因此，這些價值主張對我們（承包商）和第三方都有好處。

And so we do get a lot of referrals and references as a result of that, which helps with our go-to-market motion.

因此，我們獲得了大量的推薦和介紹，這有助於我們的市場推廣活動。

That's great to hear. And I guess just a follow-up for Dave. It sounds like 1 less day in the quarter for 4Q. It's not typically your strongest free cash flow quarter by any means, but it's also not your lowest. Anything to think about seasonality-wise for free cash flow in 4Q?

聽到這個消息真是太好了。我想就戴夫的問題補充一下。聽起來第四季少了一天。這通常不是你自由現金流最強勁的一個季度，但也不是最弱的一個季度。第四季自由現金流方面，有哪些季節性因素需要考慮？

Terry, nothing big here. I'd say that typically, over the year, our free cash flow and operating income about the same. The big seasonal quarter on free cash flow ends up being Q1 where we pay out bonuses. There's nothing in particular around Q4 that's unique. I would just assume as you think about your models, full year free cash flow and full year operating income tend to converge pretty closely.

特里，沒什麼大事。我認為，通常情況下，一年下來，我們的自由現金流和營業收入大致相同。自由現金流的最大季節性季度是第一季度，因為我們將在這一季度發放獎金。第四季並沒有什麼特別之處。我認為，在您考慮模型時，全年自由現金流和全年營業收入往往會非常接近。

Andrew Sherman, TD Cowen.

Andrew Sherman，TD Cowen。

Congrats guys. Dave, on the resi HVAC great to hear, it was consistent year-over-year. Can you talk about why your GTV there is generally insulated from the volume declines that the OEMs have seen worsened the past couple of quarters. And as their cycles start to improve, maybe next year, could that turn into a tailwind for you?

恭喜各位！Dave，住宅空調系統的情況很好，多年來一直保持穩定。您能否談談為什麼您的GTV車型通常不會受到OEM廠商近幾季銷售下滑的影響？隨著他們的周期開始好轉，也許明年，這會不會對你有利呢？

Sure. I think it's important to remember, as I mentioned in my prepared remarks that our GTV in residential is driven by break fix in existing homes, and our GTV includes components beyond system sales like labor, parts and membership. There are other data points out there, like you said, the OEMs and other indices that may be impacted by certain variables that don't generally drive our GTV like new home construction and supplier inventory cycles. So as those go up and down, you may not see us fluctuate exactly with them.

當然。我認為重要的是要記住，正如我在準備好的發言稿中提到的，我們在住宅領域的總銷售額 (GTV) 是由現有房屋的故障維修驅動的，而且我們的總銷售額還包括系統銷售以外的組件，例如人工、零件和會員資格。就像你所說，還有其他數據點，例如原始設備製造商和其他指標，這些指標可能會受到某些變數的影響，而這些變數通常不會影響我們的總銷售價值，例如新房屋建設和供應商庫存週期。所以，當這些價格上下波動時，你可能不會看到我們的價格也跟著波動。

And lastly, I think it's really important to remember that we have a diverse customer base across many trades and end markets. It's this diversity combined with the world-class operators that are our customers. Combined with our software, which adds a lot of value to them, plus new customer additions, it's the foundation of the steady GTV growth you've seen over time. This quarter really wasn't any different there. And that's sort of the foundation from which we grow over time.

最後，我認為非常重要的是要記住，我們的客戶群非常多元化，涵蓋眾多行業和終端市場。正是這種多樣性，再加上我們擁有眾多世界級的營運商客戶。再加上我們的軟體為他們增添了許多價值，以及新客戶的加入，這就是您一直以來所看到的 GTV 穩定成長的基礎。本季的情況也並無太大不同。而這便是我們隨著時間推移而不斷發展的基礎。

That's great. And then on the Pro products across your whole customer base, maybe if you could just rank order the ones seeing the highest demand.

那太棒了。然後，對於您所有客戶群中的專業產品，也許您可以對需求量最高的產品進行排名。

So I would say our most mature products are generally the ones that are the most penetrated. So Marketing Pro, for example, has been the 1 that has been in the market the longest and is the most mature. In terms of demand, what we're seeing is, as Ara mentioned, AI is a huge focus area for our customers. It's pretty strange actually to see how aggressive our customers are demanding solutions within the AI world. And so everything that touches, whether it's virtual agents that are answering the calls or its AI on the demand generation side or on the automations around dispatch and back office that's probably the area that's got the hottest demand right now.

所以我認為，我們最成熟的產品通常也是市場滲透率最高的產品。例如，Marketing Pro 是市場上營運時間最長、最成熟的產品。就需求而言，正如 Ara 所提到的，人工智慧是我們客戶非常關注的領域。事實上，看到我們的客戶對人工智慧領域的解決方案提出如此強烈的要求，真是令人感到十分奇怪。因此，所有與之相關的技術，無論是接聽電話的虛擬代理，或是需求產生方面的人工智慧，亦或是調度和後台辦公室的自動化，都可能是目前需求最旺盛的領域。

Joseph Vruwink, Baird.

約瑟夫·弗魯溫克，貝爾德。

If I look at the subscription growth rate and how that's been running faster than GTV growth, I know it's not going to be perfect, but I do think about it as maybe highlighting the contribution of the Pro products to subscription. Do you think that spread could maybe start to pick up in FY27 just given some of the things that came up at Pantheon, there's a lot of new sales approaches that Pro, not just the MAX program, but also the new product bundles or as you just mentioned, the willingness of customers to bring multiple products together if that can actually be automated and enhanced with an agent framework.

如果我觀察訂閱成長率，發現它比 GTV 的成長速度更快，我知道這並不完美，但我認為這或許突顯了 Pro 產品對訂閱的貢獻。您認為，鑑於 Pantheon 會議上出現的一些情況，這種價差在 2027 財年可能會開始擴大嗎？有許多新的銷售方法，Pro 不僅有 MAX 計劃，還有新的產品組合，或者如您剛才提到的，如果能夠透過代理框架實現自動化和增強，客戶也更願意將多種產品組合在一起。

Yes, I think Look, our platform earn rate is driven by a couple of factors. And what you're thinking on is usage and subscription, I think Pro continues to be a major growth driver for us. We've also seen substantial growth in our customers' businesses, which is driving usage and the usage recently has been augmented by the adoption of our FinTech products. So I'm not sure I'm ready to call for a change in the gap between the 2 growth rates. When we talk about next year, we'll be really providing our perspective on FY27 in March.

是的，我認為，我們平台的收益率會受到多種因素影響。而你所考慮的是使用量和訂閱情況，我認為 Pro 仍然是我們主要的成長動力。我們也看到客戶業務的大幅成長，這推動了使用量的成長，而最近，隨著我們金融科技產品的採用，使用量也得到了提升。所以我還不確定我是否準備好呼籲改變這兩個成長率之間的差距。當我們談到明年時，我們將在三月正式闡述我們對 2027 財年的看法。

So I guess it's probably too early for me to call a view on the change in the growth rates relative to 1 another.

所以我覺得現在就對彼此之間的成長率變化發表看法可能還為時過早。

Okay. That's great. And then I know this resi HVAC topic has been asked quite a bit, but just a different, I guess, question for me. Dave, you mentioned that you look internally at a lot of indicators and you highlighted the ones that matter most. I mean in your collective experience, which dates back a while now that covers several of these kind of HVAC destocking cycles.

好的。那太棒了。我知道關於住宅暖通空調的話題已經被問過很多次了，但對我來說，這只是一個不同的問題。戴夫，你提到你會從內部檢視很多指標，並且專注在其中最重要的幾個指標。我的意思是，根據你們集體的經驗，這段經驗可以追溯到很久以前，涵蓋了好幾次這樣的暖通空調設備清倉週期。

Has there been times when you could have proactively flagged that maybe there was an issue with the consumer and you were braced for maybe compression in average ticket sizes. It sounds like those aren't even popping up, but I'm wondering if maybe you've had a track record historically to call that out proactively.

是否有過這樣的情況：您可以主動指出消費者可能有問題，並做好平均客單價可能下降的準備？聽起來這些問題似乎根本沒有出現，但我很好奇你是否曾經有過主動指出這些問題的先例。

I think during the COVID times, we saw average ticket grow quite quickly, and we realize that was an influence of the consumer. And so I think that's the time we saw those 2 data points really diverge. The average ticket grew a lot shortly after COVID as the replacement cycle went kind of on steroids for a period of time.

我認為在新冠疫情期間，我們看到平均客單價成長迅速，我們意識到這是消費者的影響。所以我認為，正是在那時，我們看到了這兩個數據點真正出現分歧。新冠疫情爆發後不久，平均票價大幅上漲，因為車輛更換週期在一段時間內加速。

Daniel Jester, BMO Capital Markets.

Daniel Jester，BMO資本市場。

Maybe just one for me. I wanted to go back to the prepared remarks and the comments about the marketing takeaway from a horizontal application. And maybe just kind of expand about sort of how and why you are such a better solution than a horizontal application in that use case? And do you think more generally, as your customers automate the back office. There's lots of other sort of potential horizontal applications to go after.

或許我只需要一份。我想回到之前準備好的發言稿，以及關於從橫向應用中獲得的營銷啟示的評論。或許可以詳細解釋一下，在這種使用場景下，你們的解決方案為什麼比橫向應用程式更好？更廣泛地說，隨著客戶實現後台辦公室自動化，您是否也在考慮這個問題？還有許多其他類型的潛在橫向應用值得探索。

So as you think about prioritization of your R&D workflow like how interesting of an opportunity is that versus some of the other things that you're working on?

所以，當你考慮到研發工作流程的優先順序時，你會想，與你正在做的其他事情相比，這個機會有多吸引人？

Great question. A lot of great solutions out there, but where I think Marketing Pro delivers very unique value props above anything else is it is very hard to manage all of your leads and CRM data in 1 platform and then export it into another platform and set up automated marketing campaigns and audiences and segments and then try and synchronize when leads fall in and out of those audience and constantly have to do that almost daily to make sure the right audience is targeted. That's why Marketing Pro is designed to be specifically like for the trades. And we have built automated campaigns into Marketing Pro so that it can detect when is the best time to launch certain types of campaigns and automatically do that on behalf of the contractor so that it doesn't necessarily have to be done manually.

問得好。市面上有許多很棒的解決方案，但我認為 Marketing Pro 最獨特的價值主張在於，它能在一個平台上管理所有潛在客戶和 CRM 數據，然後將其匯出到另一個平台，設定自動化行銷活動、受眾和細分，並在潛在客戶加入或退出這些受眾時嘗試同步，而且幾乎每天都要這樣做，以確保定位到正確的受眾，這非常困難。這就是為什麼 Marketing Pro 的設計初衷是專門針對貿易業。我們在 Marketing Pro 中內建了自動化行銷活動功能，使其能夠偵測何時是啟動特定類型行銷活動的最佳時機，並代表承包商自動執行這些操作，這樣就不一定需要手動操作了。

Yun Kim, Loop Capital.

Yun Kim，Loop Capital。

Vahe, it's more of a strategic question, but obviously, we're hearing a lot more about agentic commerce and general adoption of AI chatbots like ChatGPT in the consumer market. How does that change your current product strategy, especially around marketing and sales products? And does this potential rise of agentic e-commerce, does that represent an opportunity to increase your GTV take rate?

Vahe，這更多的是一個策略問題，但顯然，我們聽到了更多關於代理商務和人工智慧聊天機器人（如 ChatGPT）在消費市場中的普遍應用的消息。這會如何改變您目前的產品策略，尤其是在產品行銷和銷售方面？那麼，這種代理型電子商務的潛在興起，是否代表著提高 GTV 轉換率的機會？

So it's still early days on that transition, and we're obviously keeping a very close eye on how the consumer behavior is changing and how that would flow into us. We obviously have several products that would be affected by that in terms of things like reputation and our online booking integration with Google and so on.

所以，轉型還處於早期階段，我們顯然會密切注意消費者行為的變化以及這種變化將如何影響我們。顯然，我們的一些產品會受到這方面的影響，例如聲譽以及我們與Google的線上預訂整合等等。

But we also think that it would present a meaningful opportunity for new products and new services to emerge. We've all kind of seen the open AI marketplace and how exciting that is for players to engage. And so we expect that consumer behavior will change that the way in which they find contractors will evolve from what it is today. And we're certainly very keen to capitalize on opportunities that will emerge as a function of that, but it's still hard to say exactly how it's going to shake out. We're just going to make sure that wherever it shakes out, we have the best product in the market for our customers.

但我們也認為，這將為新產品和新服務的出現提供有意義的機會。我們都看到了開放的人工智慧市場，也知道這對玩家來說是多麼令人興奮的參與方式。因此，我們預期消費者的行為將會改變，他們尋找承包商的方式也將與今天有所不同。我們當然非常渴望抓住由此產生的機會，但目前還很難說最終結果會是如何。我們只想確保無論結果如何，我們都能為客戶提供市場上最好的產品。

Okay. Great. And then Dave, real quick. Anything to note around contract length and billing cycle as you continue to increase your commercial mix and also larger customer mix increases?

好的。偉大的。然後是戴夫，很快就結束了。隨著您不斷增加商業組合和客戶群規模擴大，在合約期限和結算週期方面有哪些需要注意的事項？

We bill generally monthly in nearly all cases, even for large customers in commercial and residential. I don't see that changing. So no, I don't think that, that changes as we shift our focus towards more commercial or even larger customers.

我們幾乎在所有情況下都按月結算，即使是商業和住宅領域的大客戶也是如此。我認為這種情況不會改變。所以，不，我不認為隨著我們將重心轉移到更具商業性甚至規模更大的客戶身上，這種情況會改變。

Tyler Radke, Citi.

泰勒‧拉德克，花旗集團。

I wanted to follow up on the construction opportunity. Obviously, big market, you have a pretty good vision on full platform, doing everything from the workflows, payroll, et cetera. Like where do you start? Where are you finding kind of the biggest low-hanging fruit. And just give us just a sense on how often you're sort of replacing third-party solutions versus greenfield?

我想跟進這個建築專案機會。顯然，這是一個巨大的市場，你們對完整的平台有著相當好的願景，涵蓋了從工作流程、薪資等等所有方面。那該從哪裡開始呢？你覺得哪裡能找到最容易達成的目標？請問你們替換第三方解決方案和新建方案的頻率分別是多少？

So we rarely see greenfield. A vast majority of customers that we take on across the board, but especially in construction, are generally coming from something. The areas where we found the most success is contractors that are primarily focused on the service side of their business and looking to expand that part, that's generally where we're able to provide the most value to the subcontractors that approach their business from that perspective.

所以我們很少看到綠地。我們所接觸的絕大多數客戶，尤其是在建築業，通常都有某種背景。我們發現，最成功的領域是那些主要專注於服務業務並希望拓展這部分業務的承包商，通常情況下，我們能夠為那些從服務角度開展業務的分包商提供最大的價值。

As the construction module becomes more mature, we are starting to take on more and more subcontractors that focus more and more on the construction side. And today, I would say, we're at a point where we could take on pretty much any subcontractor in the mechanicals that's got up to a per project size of about $10 million to $15 million on a per project basis. The work we're doing over the course of the next 2 quarters should push that up meaningfully into the $20 million, $30 million per project range.

隨著施工模組的日趨成熟，我們開始聘用越來越多專注於施工方面的分包商。而如今，我認為我們已經到了可以承接任何機械工程分包商的地步，這些分包商的單一工程規模可達 1,000 萬至 1,500 萬美元。接下來兩個季度我們所做的工作應該可以顯著提高每個項目的金額，達到 2000 萬美元到 3000 萬美元的水平。

But as you imagine, for most subcontractors in the trades, that's well north of the largest projects that they take on. And we've seen that the vast majority of prospects that we talk to a bit within kind of that size range. And so for us, the work on the construction side now is going more towards the true value creation aspect of helping them grow, helping them increase their margins, helping them improve their on-time performance versus handling kind of the table stakes features, which is what most of the market does today.

但正如你所想，對於大多數分包商來說，這遠高於他們承接的最大專案。我們發現，我們接觸的大多數潛在客戶的身材都在這個範圍內。因此，對我們來說，現在在建築方面的工作更多是朝著真正的價值創造方向發展，幫助他們發展，幫助他們提高利潤率，幫助他們提高按時交付率，而不是處理一些基本功能，而這正是目前市場上的大多數公司所做的。

That's helpful. And Dave, on the profitability side, certainly, you've been tracking well ahead of plan this year. You've seen nice expansion on both operating and cash flow margins. I think you had some comments just around some of the hiring trends and everything, but any early look on how to think about margin expansion next year, anything else on FY27 would be great.

那很有幫助。戴夫，就獲利能力而言，你今年的表現當然遠遠超出了計劃。你們的營業利潤率和現金流利潤率都出現了不錯的成長。我認為您之前對一些招聘趨勢之類的事情發表了一些評論，但如果您能提前談談明年如何考慮利潤率擴張，或者關於 2027 財年的其他任何內容，那就太好了。

Sure. I think we continue to be really intentional with you guys about guidance. We know we want to establish a tracker with you all. And our plan is to provide a view of annual numbers in March of next year. What I'll say is that you should expect from us to have the same framework we have this year, which is constraining our growth -- excuse me, maximizing our growth constrained by two variables, 24-month [CAC] payback, 25% of growth margins.

當然。我認為我們一直都非常注重為大家提供指導。我們知道我們想和大家建立一個追蹤系統。我們的計劃是在明年三月提供年度數據概覽。我想說的是，你們應該期望我們沿用今年的框架，這個框架限制了我們的成長——抱歉，應該說是在兩個變數的限制下最大化我們的成長：24 個月的 [CAC] 回收期和 25% 的成長利潤率。

Now this year, we are a bit behind on hiring, and that has led us to being a little over our increment margin targets when you combine that with the strength we've seen in usage. I would expect next year for us to again target the 25% incrementals, but expect less upside than we've seen this year as we catch up on hiring towards the end of this fiscal.

今年，我們在招募方面有點落後，再加上我們看到的使用率強勁，這使得我們的增量利潤率略微超過了目標。我預計明年我們將再次以 25% 的成長為目標，但預計成長幅度將不如今年，因為我們需要在本財年末趕上招募進度。

Jason Celino, KeyBanc Capital Markets.

Jason Celino，KeyBanc Capital Markets。

Great. I wanted to ask about usage. We've seen two quarters in a row of acceleration. And I think, Dave, you mentioned it's been partly driven by better fintech utilization. Can you just explain that a little bit?

偉大的。我想諮詢一下使用方法。我們已經連續兩個季度看到成長加速。戴夫，我認為你剛才也提到過，這部分是由於金融科技的更好利用所推動的。你能稍微解釋一下嗎？

Sure. We have financing and payment products for our customers. They're not adopted by 100% of our customers. And what we've seen in the last couple of quarters is that we have an increasing adoption of those solutions as our customers realize the benefits of the fully integrated solution.

當然。我們為客戶提供融資和支付產品。並非所有客戶都採用這些方法。在過去的幾個季度裡，我們看到，隨著客戶逐漸意識到完全整合解決方案的好處，這些解決方案的採用率越來越高。

Our team internally has gone and spoken to customers that are not integrated and gotten them to see -- use the solution, and that's driven up the usage take rate overall.

我們內部團隊已經與尚未整合該解決方案的客戶進行了溝通，讓他們了解並使用該解決方案，這提高了整體使用率。

Okay. Excellent. And then on the subscription side, any updates on kind of the momentum you're seeing with Pro product attach, especially after launching Field Pro at Pantheon?

好的。出色的。在訂閱方面，您能否更新Pro產品附加服務的發展勢頭，尤其是在Pantheon大會上推出Field Pro之後？

We continue to see strength in our Pro product attach. I think that is one of the main and most important growth drivers for us. I think that what you're seeing, if you look at our overall platform earn rate is a tale of sort of three things. The first is when GTV grows the way we did in the quarter, platform -- excuse me, subscription revenue doesn't grow directly with it, which is a headwind to earn rate. The second is we're seeing a lot of growth in markets where we're not the market standard.

我們的Pro產品配件持續保持強勁勢頭。我認為這是我們主要且最重要的成長驅動力之一。我認為，如果你看一下我們整個平台的收益率，你會發現它大致反映了以下三個方面。首先，當 GTV 像我們本季那樣成長時，平台——抱歉，是訂閱收入——並不會隨之直接成長，這對獲利能力構成了不利因素。第二點是，我們看到在一些我們並非市場標準的市場中，業務成長非常強勁。

As you can imagine, our earn rate is lower in markets where we're now at the market standard.

正如您所想，在那些我們目前處於市場標準的市場中，我們的收益率會更低。

Those two headwinds are being more than compensated by the growth we're seeing in Pro products. And that's sort of because Pro products remain a growth driver for us, which is why you see our overall earn rate expand year-over-year on the same comparable period.

專業產品的成長足以彌補這兩大不利因素的影響。這主要是因為專業產品仍然是我們的成長動力，所以你會看到我們的整體報酬率在同期內逐年成長。

Hannah Rudoff, Piper Sandler.

漢娜·魯道夫，派珀·桑德勒。

Great to hear about the early progress on the MAX program you've seen and the strong Pro product adoption this quarter. Given where you sit now, do you feel like pricing and packaging of Pro products is in a good place? Or do you feel like you still have a lot of room to optimize the pricing and packaging a Pro?

很高興聽到您看到的 MAX 專案早期進展以及本季 Pro 產品的強勁成長勢頭。就您目前的情況而言，您覺得Pro產品的定價和包裝是否合理？或是您覺得Pro版的價格和包裝還有很大的優化空間嗎？

We've talked pretty openly that we've not optimized our pricing. I think MAX is the beginning of the future. We think we have a better solution there. It's still in the pilot phase, and we're still trying to figure it out. We're focused primarily today on making sure that our customers as Vahe said are wildly successful.

我們已經坦誠地討論過，我們的定價策略還沒有達到最佳狀態。我認為MAX代表著未來的開端。我們認為我們有更好的解決方案。目前仍處於試點階段，我們還在摸索中。正如Vahe所說，我們今天的首要任務是確保我們的客戶取得巨大的成功。

And as part of that, we will evolve and ensure the packaging pricing works perfectly for now. It's in a pilot and we're excited about what it means for us going forward.

作為其中的一部分，我們將不斷改進，確保目前的包裝定價方案能夠完美運作。目前還在試運行階段，我們對它未來發展的意義感到興奮。

Makes sense. And then with the end-to-end platform for commercial now fully available with commercial CRM and construction management -- how are you thinking about time line to get to market standard and what it's going to take to do that?

有道理。現在，商業導向的端到端平台已經完全可用，具備商業 CRM 和施工管理功能——您認為達到市場標準的時間表是什麼？需要做些什麼才能實現這個目標？

Yes, great question. It's hard to say exactly. I would say that from -- for becoming market standard, there's both a product component and having the ability to perform certain capabilities. And then there is a market aspect in terms of branding recognition and just the overall, let's say, credibility that we have. And I would say we're pretty close from a product perspective.

是的，問得好。很難確切地說。我認為，要成為市場標準，既包括產品本身，也包括具備執行某些特定功能的能力。此外，還有市場因素，例如品牌認知度和我們所擁有的整體信譽。從產品角度來看，我認為我們已經非常接近目標了。

There's a few more things that may be over the next couple of quarters will need to come online to really firmly make that case. But I would say we have work to do on the branding side and making sure that from a reputational standpoint, it's as strong in commercial as it is on residential.

未來幾季可能還有一些項目需要上線，才能真正有力地證明這一點。但我認為我們在品牌建立方面還有很多工作要做，要確保從聲譽角度來看，它在商業領域和住宅領域一樣強大。

And so I would expect that it will be at least another year before we've got the market side of the thing -- market side of the equation, ticking in the same way that we do on the residential side.

因此，我預計至少還需要一年時間，市場方面——也就是等式中的市場方面——才能像住宅方面那樣運作。

Michael Turrin, Wells Fargo Securities.

Michael Turrin，富國證券。

Appreciate you fitting me on, and I'll ask a question that maybe helps summarize just some of the questions throughout. So you can probably tell we've all been fielding macro questions around just some of the end market commentary. It doesn't seem like there's a great signal there given the results you just put up. So maybe just across the team from your perspective, what are the signals investors should be watching, whether it's customer segments, you're expanding into some of the product add-ons or some of the financial metrics that could maybe provide better signals. Just give you a chance to focus some of the conversation around where investors should be looking as they learn more of the ServiceTitan story from here.

感謝您抽出時間讓我參加，我還有一個問題，或許可以幫忙總結一下之前的一些問題。所以你可能已經看出來了，我們一直在回答一些圍繞終端市場評論的宏觀問題。根據你剛才給的結果來看，似乎並沒有明顯的訊號。所以，從你們團隊的角度來看，投資人應該關注哪些訊號？無論是客戶群、產品附加功能拓展，或是某些財務指標，這些都可能提供更好的訊號。給您一個機會，將一些討論的重點放在投資者在進一步了解 ServiceTitan 的故事後應該關注哪些方面。

Michael, I'll take this one and excited to see you next week. I think for us, A couple of things we're noting here. First, as you know, we're trying to run this as a marathon, not a sprint. We're really excited with the opportunity to durably compound here. And the way we do that is a pretty simple growth formula.

邁克爾，我接受這份工作，期待下週見到你。我認為對我們來說，這裡有幾點需要注意。首先，如你所知，我們試著把這件事當作馬拉松來跑，而不是短跑。我們非常高興有機會在這裡進行長期發展。我們實現這目標的方式非常簡單，就是一個成長公式。

We ensure we deliver enormous value to our customers and as they grow, we grow.

我們致力於為客戶創造巨大價值，隨著客戶的成長，我們也隨之成長。

The way we look at that is two things. One is the expansion in GTV, which I've talked a fair bit about today is a result of a diverse set of trades, particularly led right now by commercial. And the second is our ability to earn a portion of that GTV as revenue for us. And that is principally right now driven by the Pro products, which you've heard us talk a lot about. And so I think watching our evolution in GTV and earn rate against it is probably the best way to watch our performance here.

我們看待這個問題有兩種方式。一是 GTV 的擴張，我今天已經談了很多，這是多種產業共同作用的結果，尤其是目前由商業產業主導的擴張。第二點是我們能夠從總觀看次數中獲得一部分作為收入。而這主要歸功於我們目前大力推廣的專業產品，你們也常聽到我們談論這些產品。因此，我認為觀察我們在 GTV 及其收益率方面的變化可能是觀察我們在這裡表現的最佳方式。

And this will conclude the Q&A session for today. I will pass the call back to Ara Mahdessian for his final remarks.

今天的問答環節到此結束。我將把電話轉回給阿拉·馬赫德西安，請他作最後總結發言。

I just want to thank everyone for joining us today. We know you have the opportunity to spend time with great companies. And so we greatly appreciate you choosing to spend your time with us. And we cannot wait to celebrate the second annual day of the trades on December 12, with many of you in New York. Thank you, and wishing you all the best.

我只想感謝今天到場的各位。我們知道您有機會與優秀的公司共事。因此，我們非常感謝您選擇與我們共度時光。我們迫不及待地想與身在紐約的各位朋友一起慶祝 12 月 12 日的第二屆年度交易日。謝謝，祝你一切順利。

And with that, we conclude our conference. Thank you for participating. You may now disconnect.

至此，我們的會議結束。感謝您的參與。您現在可以斷開連線了。