ServiceTitan, Inc. (TTAN) 2027 Q1 法說會逐字稿

Thank you for standing by, and welcome to ServiceTitan's fiscal first quarter 2027 earnings conference call. (Operator Instructions)

感謝您耐心等候，歡迎參加 ServiceTitan 2027 會計年度第一季財報電話會議。（接線員指示）

I would now like to hand the call over to Jason Rechel. Please go ahead.

現在我想把電話交給 Jason Rechel。請開始。

Thank you, operator, and welcome, everyone, to ServiceTitan's fiscal first quarter 2027 earnings conference call. With me are ServiceTitan's Co-Founder and CEO, Ara Mahdessian; Co-Founder and President, Vahe Kuzoyan; and CFO, Dave Sherry.

謝謝您，接線員，也歡迎各位參加 ServiceTitan 2027 會計年度第一季財報電話會議。與我一同出席的有 ServiceTitan 共同創辦人兼執行長 Ara Mahdessian；共同創辦人兼總裁 Vahe Kuzoyan；以及財務長 Dave Sherry。

During today's call, we will review our fiscal first quarter 2027 results. We will also discuss our guidance for the second fiscal quarter and full fiscal year 2027. 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.

在今天的電話會議中，我們將回顧 2027 會計年度第一季的業績。我們也將討論第二個會計季度以及 2027 全會計年度的財測指引。在開始之前，我們想請各位留意今日新聞稿中所載的安全港聲明，並強調本次電話會議中討論的資訊（包括我們的指引）係以截至今日所掌握的資訊為基礎，且包含涉及風險、不確定性與假設的前瞻性陳述。

All statements other than statements of historical fact could be deemed to be forward-looking. 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 results to differ.

除歷史事實陳述之外的所有陳述，均可能被視為前瞻性陳述。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訂這些前瞻性陳述的任何義務。請參閱我們向美國證券交易委員會（SEC）提交的文件，以了解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.

我們也要指出，除依一般公認會計原則編製的財務衡量指標外，我們亦提供非 GAAP 指標，且其用途為補充而非取代 GAAP 財務指標。這些非 GAAP 財務指標的定義，以及與 GAAP 財務指標的調節表，均載於我們已向 SEC 提交的財報新聞稿中，並可於我們網站 investors.servicetitan.com 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. 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.

除非另有說明，本次電話會議中提及的平台毛利率、總毛利率、營業利益、營業利益率、自由現金流及其相關成長率，均以非 GAAP 基礎呈列。最後，我們已發布更新版投資人簡報，可於投資人關係網站 investors.servicetitan.com 查閱，並同時提供本次電話會議的重播。

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

接下來，讓我把電話交給 Ara。Ara？

Thank you, Jason, and thank you for joining us. Our customers are off to a strong start in fiscal year 2027. We continue to execute on our core multiyear growth vectors. We're delivering the agentic operating system to the trades, and we're improving our organizational velocity. During Q1, our focus on delivering customer ROI resulted in 25% year-over-year revenue growth, healthy efficiency and record operating margins.

謝謝你，Jason，也感謝各位加入我們。我們的客戶在 2027 會計年度有一個強勁的開局。我們持續推進核心的多年期成長動能。我們正把代理式（agentic）作業系統帶給技術服務產業（trades），並提升我們的組織運行速度。在第一季，我們聚焦於為客戶交付投資報酬率（ROI），帶動營收年增 25%，效率維持健康水準，並創下創紀錄的營業利益率。

As I spoke about last quarter, our vision since founding ServiceTitan has been to transform the lives of hard-working contractors by helping them grow revenue and increase margins. From day 1, we imagined the world where technicians focused on serving customers in the field, owners focused on business outcomes and ServiceTitan increasingly handled the operational complexity in between. I outlined the evolution of our platform and opportunity to build Max and the agentic operating system for the trades. Today, I'd like to share the story of EDS Air Conditioning & Plumbing, one of South Florida's premier HVAC and plumbing contractors serving the residential and commercial service and construction markets for decades.

如同我在上季所提到的，自 ServiceTitan 創立以來，我們的願景一直是透過協助辛勤工作的承包商提升營收並提高利潤率，來改變他們的生活。從第一天起，我們就想像一個世界：技師專注於在現場服務客戶，業主專注於業務成果，而 ServiceTitan 則日益承擔其間的營運複雜度。我也概述了我們平台的演進，以及打造 Max 與面向技術服務產業的代理式作業系統的機會。今天，我想分享 EDS Air Conditioning & Plumbing 的故事；這家公司是南佛羅里達首屈一指的 HVAC 與管道承包商之一，數十年來服務住宅與商用的維修服務與工程建設市場。

They were among the first to adopt Max and EDS's business performance speaks for itself across virtually every aspect of the funnel. While the first quarter has previously been a slower quarter for EDS they delivered striking improvements during Q1 2026 compared with Q1 2025. Year-over-year, call booking rates increased roughly 16 points. Close rate in the field increased more than 9 points, average ticket size increased more than 30%.

他們是最早採用 Max 的客戶之一，而 EDS 的業務表現幾乎在漏斗的各個環節都證明了一切。雖然第一季過去對 EDS 而言通常較為淡季，但相較於 2025 年第一季，他們在 2026 年第一季交出了顯著的改善成果。以年對年來看，來電預約率提升約 16 個百分點。現場成交率提升超過 9 個百分點，平均客單價提升超過 30%。

And as the compounding result of these improvements, average revenue per technician increased more than 50%. These significant revenue outcomes with minimal incremental overhead are powered by agentic workflows across the platform that complement the work that is required to be touched by humans. ServiceTitan's agents are generating leads, booking them into appointments, and helping technicians convert them into revenue at higher average tickets. Of all EDS jobs during Q1 of this year, nearly half were touched by the optimization engine.

而作為這些改善所帶來的複利結果，每位技師的平均營收提升超過 50%。在幾乎不增加額外間接成本的情況下達成這些顯著的營收成果，主要來自平台上各項代理式工作流程的驅動；這些流程能補強仍需由人員介入處理的工作。ServiceTitan 的代理正在產生潛在客戶、將其預約成行程，並協助技師以更高的平均客單價將其轉化為營收。在今年第一季的所有 EDS 工單中，將近一半曾由最佳化引擎介入處理。

EDS Founder, Ed Sasso, shared with me, we can now manage our jobs, our accounting and our overall costs without adding layers of people. And our tradesmen and women are put in the best position to perform their best work every day without worrying about unnecessary clerical work. This improves job performance, job satisfaction, and career development in a way we never thought possible. They have automated workflows that can create dramatic efficiency improvements, and we're now able to significantly scale our business without adding additional overhead. All told, both productivity improved and technician count grew.

EDS 創辦人 Ed Sasso 與我分享：我們現在可以在不增加人力層級的情況下，管理工單、會計以及整體成本。而我們的男性與女性技術人員每天都能在最佳狀態下完成工作，不必再為不必要的文書作業分心。這以我們從未想像過的方式，提升了工作表現、工作滿意度與職涯發展。他們擁有可帶來顯著效率提升的自動化工作流程，而我們現在也能在不增加額外間接成本的情況下大幅擴張業務規模。總體而言，生產力提升，同時技師人數也成長。

EDS is using ServiceTitan Max to accelerate the capabilities of their best people and create even greater future growth opportunities with enhanced efficiencies across the business. Proof that Max doesn't just allow for improved operations, it compounds them. The best part Ed Sasso told me is that the technology gets better every single day. The power of Max is amplified beyond merely a collection of underlying pro products because there are 25 agentic capabilities optimizing the platform to generate more leads and a higher conversion rate at higher average tickets, all while orchestrating the back office.

EDS 正在使用 ServiceTitan Max 來加速其頂尖人才的能力，並透過全公司範圍內更高的效率，創造更大的未來成長機會。這證明 Max 不僅能改善營運，還能讓改善效果持續疊加。Ed Sasso 告訴我，最棒的是這項技術每天都在變得更好。Max 的威力不僅僅是底層專業產品的集合，因為平台上有 25 項代理式能力在進行最佳化，以產生更多潛在客戶、提高轉換率並提升平均客單價，同時協調後台作業。

During Q1, we introduced speed to lead, inbound call booking automation, auto inventory replenishment and invoice protection, among others, that compound capabilities across the management, the back office and the field. The power that is unlocked with this platform means that what used to require a group of people manually coordinating an operation is now being orchestrated by the system itself with humans and AI agents working together seamlessly where each player does what they do best. This end-to-end orchestration gets worked on in the trades faster, more reliably and more efficiently. We're leveraging this end-to-end platform and massive proprietary data set alongside our expanding ecosystem, brand leadership and distribution across more than 10,000 high-performing contractors to bring the magic of end-to-end automation to life for operators. And our internal leverage of AI tooling is allowing us to accelerate development velocity to create more value for customers faster than ever.

在第一季，我們推出了「Speed to Lead（快速回應潛在客戶）」、來電預約自動化、自動庫存補貨與發票保障等功能，進一步在管理端、後台與現場端形成能力疊加。這個平台所釋放的力量意味著：過去需要一群人手動協調的營運，如今由系統本身進行編排，讓人員與 AI 代理無縫協作，各自發揮所長。這種端到端的編排，讓技術服務產業的工作能更快、更可靠且更有效率地完成。我們正運用這個端到端平台與龐大的專有資料集，結合持續擴張的生態系、品牌領導地位，以及在超過 10,000 家高績效承包商中的通路覆蓋，為營運者實現端到端自動化的魔力。同時，我們在內部導入 AI 工具的槓桿效益，也讓我們能加速開發速度，以前所未有的速度為客戶創造更多價值。

We are well on our way to delivering the agentic operating system to the trades. I continue to be inspired watching Titans execute for our customers every day. And now let's hear more about our execution from my co-founder, Vahe.

我們正穩步邁向為技術服務產業交付代理式作業系統的目標。看到 Titans 團隊每天為客戶落實執行，我持續深受鼓舞。接下來，讓我們聽聽我的共同創辦人 Vahe，分享更多我們的執行情況。

Thanks, Ara. I'm excited about our progress so far this year as we build the agentic operating system for the trades. Last quarter, we talked about our three major priorities this year: one, to execute against our multiyear growth vectors in enterprise, commercial and roofing; two, to build out Max and the agentic operating system on top of which it sits. Three, to accelerate our organizational velocity. I'd like to highlight important progress that we made during Q1.

謝謝你，Ara。在我們打造面向技術服務產業的代理式作業系統之際，我對今年迄今的進展感到振奮。上季我們談到今年的三大優先事項：第一，落實我們在企業級（enterprise）、商用（commercial）與屋頂（roofing）領域的多年期成長動能；第二，建構 Max 以及其所承載的代理式作業系統；第三，加速我們的組織運行速度。我想重點說明我們在第一季取得的重要進展。

I'll begin with a brief update of our primary existing growth vectors. Within commercial, we made significant product enhancements this quarter with the launch of our invoicing agents, equipment systems and enhanced CRM capabilities. In roofing, we continue working to harden roofing-specific and insurance workflows to unlock the next leg of our growth in this trade. Finally, in enterprise, during Q1, we surpassed 2,000 total customers with annualized billings greater than $100,000. Customers in this greater than $100,000 cohort now represent greater than 60% of our annualized billings and remain our fastest-growing segment.

我先簡要更新我們現有的主要成長動能。在商用領域，本季我們推出開立發票代理（invoicing agents）、設備系統以及強化的 CRM 功能，帶來顯著的產品升級。在屋頂工程方面，我們持續強化屋頂專用與保險相關的工作流程，以解鎖此工種下一階段的成長。最後，在企業客戶方面，於第一季我們的年化帳單金額超過 10 萬美元的客戶總數突破 2,000 家。這個年化帳單金額超過 10 萬美元的客群目前占我們年化帳單金額的 60% 以上，並且仍是成長最快的區隔。

The health of this enterprise ecosystem was made clear during our annual private equity symposium. We brought together dozens of the largest operators in the trades and leading sponsors representing more than $3 trillion in AUM to speak about our collective vision for the future evolution of our industry. Shifting to Max and the agentic operating system for the trades, which we continue to intentionally roll out across our customer base to lead this industry evolution. Last quarter, we talked about doubling our Max capacity. During Q1, we more than doubled the number of locations on Max.

在我們年度私募股權研討會上，企業生態系的健康狀況展露無遺。我們匯聚了數十家業界最大的營運商，以及代表超過 3 兆美元資產管理規模（AUM）的頂尖贊助方，共同討論我們對產業未來演進的共同願景。接著談到 Max 以及面向技術服務業的代理式作業系統（agentic operating system），我們持續有意識地在客戶群中推進部署，以引領這場產業演進。上季我們提到要將 Max 的承載能力加倍。在第一季，我們在 Max 上的據點數量增加到兩倍以上。

Behind ongoing strong demand for Max, we're optimizing our internal processes, accelerating our capabilities, automating customer onboarding and expect to again double the number of locations on Max during Q2. Most importantly, every fully ramped Max customer is running at least one fully automated job where the only human intervention is the technician in the field. Across fully ramped Max customers, on average, more than 10% of jobs are now fully automated. And as a result of this end-to-end orchestration, Max customers are overperforming their peers across relevant funnel metrics. An additional pillar of our AI monetization strategy, our virtual agents, are experiencing strong early customer adoption to clear customer ROI and the advantages of a singularly integrated platform.

在 Max 持續強勁需求的帶動下，我們正優化內部流程、加速能力建置、將客戶導入（onboarding）自動化，並預期在第二季再次把 Max 上的據點數量加倍。最重要的是，每一位已完全爬坡（fully ramped）的 Max 客戶，至少都有一種完全自動化的工單，其唯一的人為介入僅剩現場技師。在已完全爬坡的 Max 客戶中，平均而言，目前已有超過 10% 的工單達到完全自動化。也因為這種端到端的協同編排（orchestration），Max 客戶在相關漏斗指標上表現優於同業。作為我們 AI 變現策略的另一支柱，我們的虛擬代理（virtual agents）因能清楚帶來客戶 ROI 以及單一整合平台的優勢，正出現強勁的早期採用。

We recently introduced outbound calling and receptionist capabilities which we believe will further expand the addressable opportunity for virtual agents while making it even easier for customers to fully automate a greater proportion of jobs. Closing with our organizational velocity. Our goal at ServiceTitan is to build a software factory where AI agents play a central role in all code developments to accelerate velocity. Over the past quarter, I've worked closely with our new CTPO to hire an industry-leading R&D leadership team that we expect will raise the industry standard of innovation and efficiency. One example of software factory in action, we are using AI through the full life cycle of product development.

我們近期推出外撥通話與總機接待（receptionist）功能，我們相信這將進一步擴大虛擬代理的可服務市場機會，同時讓客戶更容易把更高比例的工單完全自動化。最後談談我們的組織速度。ServiceTitan 的目標是打造一座軟體工廠，讓 AI 代理在所有程式碼開發中扮演核心角色，以提升開發速度。過去一季，我與我們新任 CTPO 密切合作，招募了一支業界領先的研發（R&D）領導團隊，我們預期這將提升產業在創新與效率上的標準。以軟體工廠的實際運作為例，我們正把 AI 應用於產品開發的完整生命週期。

From collecting user feedback across forums, to design ideation to code-creation and bug detection and prevention across both sandbox environment and live in production. We are accelerating our pace of product development. Stepping back, the continued success that we are seeing on our primary growth vectors, the clear opportunity to deliver the agentic operating system for the trades and the notable improvements I have already seen in our internal velocity are each clear signals. It is inspiring to see our vision come to life, and I want to thank Titans everywhere for delivering value to our customers every day and our customers for your partnership and trust.

從在各類論壇蒐集使用者回饋，到設計發想、程式碼生成，以及在沙盒環境與正式上線（production）環境中的錯誤偵測與預防。我們正在加快產品開發節奏。回過頭看，我們在主要成長動能上持續看到的成功、為技術服務業交付代理式作業系統的明確機會，以及我已經在內部速度上看到的顯著改善，都是清楚的訊號。看到我們的願景逐步落地令人振奮；我也要感謝各地的 Titans 每天為客戶創造價值，並感謝客戶的合作與信任。

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

接下來，我把時間交給 Dave 來說明財務表現。Dave？

Thanks, Vahe. Our start to the year underscores the durability of our opportunity. Today, I'll run you through Q1 financial results and provide an update to our guidance for fiscal year 2027. For more detailed financial results, please refer to our press release issued earlier today. Q1 gross transaction volume or GTV was $21.7 billion, representing 23% year-over-year growth.

謝謝你，Vahe。我們今年的開局凸顯了這個機會的韌性。今天我將帶各位回顧第一季財務結果，並更新我們對 2027 會計年度的財測指引。如需更詳細的財務結果，請參閱我們今天稍早發布的新聞稿。第一季總交易額（GTV）為 217 億美元，年增 23%。

Q1 benefited from one additional business day as compared to the year ago period, resulting in a roughly 150 basis points tailwind to GTV. Weather contributed roughly another 150 basis points tailwind due to both January ice storms pushing GTV into our fiscal Q1, an unusually early start to the cooling season. Underlying growth across residential and commercial trades remains healthy. Q1 total revenue of $268.8 million grew 25% year-over-year. Subscription revenue of $202 million grew 24% year-over-year, led by strong growth in Pro commercial and initial upside for Max.

相較去年同期，第一季多了一個營業日，使 GTV 約獲得 150 個基點的順風。天氣因素也帶來約 150 個基點的順風，原因包括 1 月冰風暴將部分 GTV 推遲至我們的會計第一季，以及冷房季節異常提早開始。住宅與商用技術服務業的基本面成長仍然健康。第一季總營收為 2.688 億美元，年增 25%。訂閱營收為 2.02 億美元，年增 24%，主要由 Pro 商用的強勁成長以及 Max 的初期上行帶動。

Usage revenue grew 29% year-over-year to $58.5 million. Fintech revenue was driven by a combination of higher on-platform monetization and strength in commercial GTV, which, as a reminder, has lower monetization given the mix of payment volume. Beyond Fintech, both ecosystem and virtual agent revenue are growing well, and we continue to believe that growth from these factors will likely lead usage revenue to grow more quickly than GTV in FY27. Total platform revenue for Q1, the sum of subscription and usage revenue grew 25% year-over-year to $260.6 million. Q1 professional services revenue was $8.3 million.

使用量營收（usage revenue）年增 29% 至 5,850 萬美元。金融科技（Fintech）營收來自平台內變現提升與商用 GTV 的強勁表現共同推動；提醒一下，由於支付量組合的關係，商用業務的變現率較低。除 Fintech 之外，生態系與虛擬代理營收也成長良好；我們仍相信，這些因素帶來的成長很可能使 2027 會計年度的使用量營收增速快於 GTV。第一季平台營收（訂閱營收加上使用量營收）年增 25% 至 2.606 億美元。第一季專業服務營收為 830 萬美元。

Net dollar retention was greater than 110% for the quarter. Q1 platform gross margin was 81.3%, an improvement of 160 basis points year-over-year. Total gross margin for Q1 was 75.3%, up 170 basis points year-over-year. Q1 operating income of $40.8 million resulted in operating margin of 15.2%, an improvement of 770 basis points year-over-year. We overperformed our expectations during the quarter, primarily due to stronger-than-expected GTV combined with lower costs, which is partially driven by the timing of certain expenses.

本季淨美元留存率（Net Dollar Retention）高於 110%。第一季平台毛利率為 81.3%，年增 160 個基點。第一季總毛利率為 75.3%，年增 170 個基點。第一季營業利益為 4,080 萬美元，營業利益率為 15.2%，年增 770 個基點。本季我們表現優於預期，主要因 GTV 高於預期且成本較低，其中部分原因來自某些費用認列時點的影響。

As always, we're managing against a full year incremental margin plan by reinvesting behind strength we saw in the quarter. Looking ahead, we expect the timing of expense growth to normalize as well as incremental investments in Max and inference. We expect investments in these areas to precede the benefits and reduce our future hiring needs over time. In total, we now expect our incremental operating margins for the full fiscal year 2027 to be higher than our initial target of 25%. Q1 free cash flow was negative $9.6 million, an improvement compared to negative $22.3 million for the prior year first quarter.

一如既往，我們以全年增量利潤率（incremental margin）計畫為管理基準，並把本季看到的強勁表現再投入以支持成長。展望未來，我們預期費用成長的時點將回歸常態，同時也會增加對 Max 與推論（inference）的增量投資。我們預期在這些領域的投資將先於效益顯現，並隨時間推進降低未來的招募需求。整體而言，我們現在預期 2027 會計年度全年的增量營業利益率將高於我們最初 25% 的目標。第一季自由現金流為負 960 萬美元，較去年第一季的負 2,230 萬美元有所改善。

We pay our annual cash bonuses during Q1 and continue to expect the annual free cash flow will roughly approximate annual non-GAAP operating income over the course of the full fiscal year. Two quick model notes before shifting to formal guidance. First, we have conducted an analysis of our appropriate non-GAAP tax rate moving forward. Beginning this fiscal year, we will adopt a long-term non-GAAP tax rate of 18% to be applied for fiscal 2027 through fiscal 2030. Second, I'd like to remind you of business day seasonality this year.

我們在第一季支付年度現金獎金，並仍預期在整個會計年度內，年度自由現金流將大致接近年度非 GAAP 營業利益。在進入正式財測指引前，先補充兩點模型說明。第一，我們已完成對未來適用之非 GAAP 稅率的分析。自本會計年度起，我們將採用 18% 的長期非 GAAP 稅率，適用於 2027 至 2030 會計年度。第二，我想提醒各位今年營業日的季節性影響。

Compared to the prior year, GTV and usage revenue will benefit from one additional business day in Q2. Q3 will have one fewer business day and Q4 will have a comparable number of business days. Now shifting to formal guidance. For the second quarter, we expect total revenue in the range of $284 million to $286 million. We expect to generate operating income in the range of $38 million to $39 million.

與前一年相比，第二季的GTV與使用收入將受惠於多出一個營業日。第三季將少一個營業日，而第四季的營業日數將大致相當。現在轉到正式的財測指引。就第二季而言，我們預期總營收介於2.84億美元至2.86億美元之間。我們預期營業利益介於3,800萬美元至3,900萬美元之間。

For the full fiscal 2027, we expect total revenue in the range of $1.13 billion to $1.14 billion, and we expect to generate operating income in the range of $142 million to $147 million. Underpinning our outlook is a sustainably high ROI that we deliver our customers who operate in the resilient trades that keep our economy running. We're excited by the progress we're seeing as we build the agentic operating system for the trades with greater operational velocity than ever before.

就2027財年全年而言，我們預期總營收介於11.3億美元至11.4億美元之間，並預期營業利益介於1.42億美元至1.47億美元之間。支撐我們展望的是：我們為客戶帶來可持續的高投資報酬率（ROI）；這些客戶經營的是具韌性的各類技術工種，讓我們的經濟得以運轉。我們對目前看到的進展感到振奮：我們正以前所未有的營運速度，為技術工種打造具代理能力（agentic）的作業系統。

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

接下來，我把電話交回給接線員進行問答。接線員？

(Operator Instructions) Josh Baer, Morgan Stanley.

(接線員指示) Josh Baer，摩根士丹利。

I was hoping that you could provide some insights and key takeaways from your private equity symposium to start.

我想先請你分享一些你們私募股權研討會的洞見與重點結論。

Great question. As you know, our job as the operating system for the trades is to help our operators thrive and, of course, to help sponsors earn even higher returns. And that is our mandate, and our mandate is to deliver AI for the trades, particularly for the largest operators. And those operators and sponsors are standardizing their operations on ServiceTitan. We believe the reason for this is where the vast majority of the work happens in the trades, and it's done by technicians and others that are already working inside of our -- inside ServiceTitan across all the end-to-end workflows.

好問題。如你所知，作為技術工種的作業系統，我們的工作是協助營運商蓬勃發展，當然也要幫助贊助方取得更高的報酬。這就是我們的使命，而我們的使命是為技術工種提供AI，特別是為最大的營運商提供。這些營運商與贊助方正在把他們的營運標準化到ServiceTitan上。我們相信原因在於：技術工種中絕大多數的工作發生在第一線技師與其他人員身上，而他們已經在我們的——在ServiceTitan內，跨越端到端的所有工作流程中作業。

And that is where we get to leverage data and ecosystem advantages. I think, in particular, being the end-to-end platform makes us the natural destination for, like, the execution layer, the orchestration layer and the interaction layer. Because ultimately, ServiceTitan is not some small piece of our customers tech-stack. It's the primary platform. It's where the work has been done historically for a decade.

而這正是我們能夠運用資料與生態系優勢之處。我認為，尤其是作為端到端平台，使我們自然成為例如執行層、編排層與互動層的最佳歸宿。因為歸根結底，ServiceTitan並不是客戶技術堆疊中的一小部分。它是主要平台。過去十年來，工作一直是在這裡完成的。

And so it's natural for us to automate this work now as the execution layer. It's where all the workflows have been coordinated for a decade. And so it's natural for us to coordinate now as the orchestration layer. And of course, for the parts that continue to be manual is very natural for us to remain as the interaction layer. And our PE companies continue to do well.

因此，當我們現在把這些工作自動化、作為執行層時，這對我們而言是很自然的延伸。過去十年，所有工作流程一直在這裡被協調。因此，當我們現在作為編排層來進行協調，也同樣是很自然的。當然，對於仍需人工處理的部分，我們繼續作為互動層也非常自然。而我們的私募股權（PE）公司客戶持續表現良好。

They continue to be a very fast-growing part of our business, and the PE symposium just reiterated the excitement for how far we've all come together. But more importantly, how much further we have yet to go with AI on the frontier.

他們仍然是我們業務中成長非常快的一部分，而這次PE研討會再次強化了大家對我們共同走到今天這一步的振奮。但更重要的是，在AI前沿領域，我們還有多大的成長空間與多少路要走。

That's great. And just to follow up on that point, is there any way to provide context for the contribution to growth from private equity or how to think about the durability of that tailwind and this great trend for you?

很好。接著追問一下，是否能提供一些背景，說明私募股權對成長的貢獻，或我們該如何看待這股順風的持久性，以及這個對你們而言很好的趨勢？

Josh, I'll take this one. I think in the quarter, we announced a big milestone of crossing 2,000 customers, north of $100,000 ARR each. I think that you can assume is pretty heavily concentrated with private equity partners, and that represents north of 60% of our ARR today, and it's probably the fastest-growing component of the business.

Josh，這題我來回答。我想在本季，我們宣布了一個重要里程碑：年經常性收入（ARR）各自超過10萬美元的客戶數突破2,000家。我想你可以假設這部分相當集中在私募股權合作夥伴上；這些客戶目前貢獻了我們ARR的60%以上，而且很可能是業務中成長最快的組成部分。

DJ Hynes, Canaccord.

DJ Hynes，Canaccord。

And I'll echo Josh's congrats. Great quarter. Ara, for customers that have moved to Max, what kind of usage are you seeing of Pro products that they didn't previously have access to? I guess I'm curious how much of that is natural experimentation versus led by a ServiceTitan customer success team? I'm sort of getting at, like, scalability of the rollout and utilization as a leading indicator of retention.

我也呼應Josh的祝賀。本季表現很棒。Ara，對於已經轉到Max的客戶，你們看到他們使用哪些以前無法取得的Pro產品功能？我想了解其中有多少是自然的嘗試探索，多少是由ServiceTitan的客戶成功團隊帶動？我想問的是，例如：推出的可擴展性，以及使用率作為留存的領先指標。

Great. Maybe I'll provide some context if I can comment on the scalability pieces. We have customers that start from different places, some with little to no Pro products, others with more meaningful access to Pro products before switching to Max. I want to remind ourselves that Max is far more than simply the aggregation of Pro products. Max represents 25 different agentic capabilities.

很好。如果可以的話，我先提供一些背景，並談談可擴展性的部分。我們有些客戶起點不同：有些幾乎沒有或完全沒有Pro產品，有些在切換到Max之前就已經有較多的Pro產品使用權。我想提醒大家，Max遠不只是把Pro產品加總在一起。Max代表25種不同的具代理能力（agentic）功能。

Of those 25 before Max, about seven of them were available in the form of Pro products. The rest have been net new since Max. And they span the, call it, the three most important areas of our customers' businesses that are correlated to revenue. These are the direct drivers of revenue, how they generate demand or leads, how they convert that demand into booked appointments and then ultimately, what is the close rate and average ticket on those booked appointments. And so for example, on the demand side, whether it's optimizing ads on Google and Meta, it's e-mail marketing to the customer base, it's things like speed to lead.

在這25項中，在Max推出之前，大約有7項是以Pro產品的形式提供。其餘則是在Max之後新增的全新功能。這些功能涵蓋了我們客戶業務中與營收高度相關的三個最重要領域。也就是營收的直接驅動因素：他們如何產生需求或線索（leads）、如何把需求轉換為已預約的行程，最後是這些已預約行程的成交率與平均客單價。例如在需求端，無論是優化Google與Meta上的廣告、對客戶群進行電子郵件行銷，或是像「快速回覆線索（speed to lead）」這類能力。

On the conversion into booked appointments, it's the voice agents that field voice calls, it's the SMS agents that field text messages and automatically book them. Or it's for the calls that are handled by CSRs, it's the AI that scores how well they perform and coaches them to improve performance. And then, of course, on the average ticket size, things like assigning the right technician to the right job to maximize close rates in average tickets or follow up on unsold estimate.

在轉換為已預約行程方面，包括接聽語音來電的語音代理、處理簡訊並自動完成預約的SMS代理。或者，對於由客服代表（CSR）處理的來電，則是由AI評分其表現並提供教練式指導以提升績效。接著在平均客單價方面，像是把合適的技師指派到合適的工作，以最大化成交率與平均客單，或是對未成交的報價進行追蹤。

For folks who've spent time building agents in real life like production businesses, there's a lot of work that's necessary to be done to truly automate everything and drive the types of results that we're seeing with Max. And it's been incredibly exciting to see the outcomes. I shared EDS's in the prepared remarks. But to see the level of performance from the Max customers makes us very excited for the future.

對於曾在真實世界、例如生產型企業中投入時間打造代理的人來說，要真正把一切自動化並推動我們在Max上看到的那種成果，需要完成大量工作。看到這些成果令人非常興奮。我在事先準備的發言中分享了EDS的案例。但看到Max客戶的表現水準，讓我們對未來非常期待。

And I'll just add on in terms of the scalability portion of that answer. For us, the focus has been maniacally emphasizing the ROI that our customers get. And we're doing that primarily through making sure that we've got all hands on deck. And to the extent that we've got an executive sponsor, including myself and Ara, on every single Max customer right now. And so this first cohort, we're not focusing on the automation and the scalability of the setup.

我再補充一下關於可擴展性的部分。對我們而言，重點一直是近乎偏執地強調客戶所獲得的ROI。我們主要透過確保全員投入來做到這一點。目前為止，在每一位Max客戶身上，我們都安排了高階主管贊助人（executive sponsor），包括我自己與Ara。因此，對於第一批客戶，我們並未把重點放在自動化與設定流程的可擴展性上。

Secondly, we started with a lot of customers that had some of the Pro products already. And so there was less set up to do than a greenfield customer. All that being said, the focus right now is exactly on the scalability aspect and being able to deliver the type of ROI we're seeing, but without having to have all the various manual work that's involved today. And so as we think about how we scale Max, the ability to automatically get everything dialed in without needing work either from the customer or from us or I should say, minimize that work as much as possible is where the focus is now. And we expect to see the benefits of that scalability to show up throughout the rest of the year.

第二，我們一開始選擇了許多原本就已經使用部分Pro產品的客戶。因此，相較於從零開始（greenfield）的客戶，需要做的設定較少。儘管如此，目前的重點正是可擴展性：在不需要今天所涉及的各種人工工作的情況下，也能交付我們所看到的那種ROI。因此，當我們思考如何擴大Max規模時，重點在於能夠自動把所有設定調校到位，而不需要客戶或我們投入太多工作——或者說，盡可能把這些工作降到最低。我們預期這種可擴展性的效益將在今年剩餘時間逐步顯現。

Yes. Yes. Okay. Very helpful. And Dave, maybe a follow-up for you on a separate topic. Q1 GTV as a percent of the full year, would you expect that ratio to be similar to what we've seen over the past couple of years? Or could Q1 skew a little heavier given some of the dynamics you talked about, demand push out from Q4, the extra day? Like, how should we think about that as we set our models?

是的。是的。好的。非常有幫助。Dave，另外也許想就另一個主題追問你。第一季的 GTV 佔全年百分比，你預期這個比率會和過去幾年看到的相近嗎？或者考量你提到的一些動態因素——需求從第四季遞延、以及多一天——第一季可能會稍微偏重一些？我們在建立模型時應該如何看待這件事？

Thanks for getting me involved, DJ. I'll say -- it's going to really depend on what happens during the peak season this summer. If the summer is hot, I'd expect it to be sort of a normal pattern. If the summer is more mild, then I expect it to be maybe a little bit higher in Q1. It's hard for us to know to develop a real conviction on what it's going to be because it's impacted by factors outside of our control, principally weather. But I don't think we see very much that's driving an unusual trend in terms of seasonality this year.

謝謝你讓我加入，DJ。我會說——這真的取決於今年夏天旺季期間會發生什麼。如果夏天很熱，我預期會是比較正常的型態。如果夏天比較溫和，那我預期第一季可能會稍微高一些。我們很難對會是什麼情況形成很強的判斷，因為它受到我們無法控制的因素影響，主要是天氣。但我不認為我們看到今年在季節性方面有什麼因素會推動不尋常的趨勢。

Scott Berg, Needham & Company.

Scott Berg，Needham & Company。

Really nice quarter here. I guess two questions. Let's start off with on the Max deployments that you've done so far. I guess, have most of the deployments gone pretty much as expected and very consistently? Are you seeing any sort of variations from deployment to deployment that would be maybe interesting to call out?

這一季表現非常好。我想問兩個問題。先從你們目前已完成的 Max 部署談起。大多數部署是否基本上都如預期、而且相當一致地進行？你們是否看到不同部署之間有任何差異，可能值得特別提出？

So overall, we're incredibly proud of like the results that we've been able to drive for customers. And I would say are generally on the optimistic end of the spectrum. We are, of course, learning some of the subtleties around how previous configurations affect future configurations, how the different products work together and generally, the ability of customers to change and go through that process, which is exactly what this first cohort was intended to produce.

整體而言，我們對能為客戶帶來的成果感到非常自豪。我會說結果通常落在偏樂觀的一端。當然，我們也在學習一些細微之處，例如先前的配置如何影響後續配置、不同產品如何協同運作，以及客戶整體上改變並走完這個流程的能力——這正是第一批（cohort）客戶原本要幫我們產出的學習。

That being said, we are focusing on those customers that have the best fit for Max today. And as we start to scale it out across our entire customer base, I'm sure there's a lot more learnings to be had. If we go to your question, we've been very happy with the ability for our customers to both use Max and get the value out of it.

話雖如此，我們目前聚焦在那些今天最適合使用 Max 的客戶。當我們開始把它擴展到整個客戶群時，我相信還會有更多學習。回到你的問題，我們對客戶既能使用 Max、也能從中獲得價值的能力感到非常滿意。

I think their needs are largely homogenous. At the same time, building agents for production use cases, there are a lot of such use cases to manage. I think, for example, thinking about something like voice agent might seem as simple as handling the call and booking the appointment. But there are dozens of additional related use cases. You need to handle from things like prioritizing capacity for high-value jobs or having receptionist capabilities to connect the caller to, for example, billing, if it's a billing question, to being able to support rescheduling deployments to, I don't know, notifying on-call text when calls are booked after hours. So there are these dozens of additional use cases that you must support in order to turn it into a real production grade system that a customer running mission-critical operations can rely on for effectively 100% of their calls, but those needs are homogenous across our customer base.

我認為他們的需求在很大程度上是同質的。同時，要為生產環境（production）用例打造代理（agents），需要管理的用例非常多。例如，像語音代理（voice agent）看起來可能很簡單：接聽電話並預約。但其實還有數十個額外的相關用例。你需要處理的事情包括：為高價值工作優先分配產能，或具備總機/接待能力把來電轉接到例如帳務（billing）部門（若是帳務問題），也要能支援改期的部署，甚至在下班後有電話被預約時通知值班人員的簡訊等。因此，為了把它變成真正可在生產環境使用、讓執行關鍵任務營運的客戶能夠依賴、有效處理幾乎 100% 來電的系統，你必須支援這數十種額外用例；但這些需求在我們的客戶群之間是同質的。

Understood. And then for me, follow-up perspective, Dave, there's a lot of concern around some of the initial AI usage amongst the application software vendors and how it has a chance maybe in early stages to gross margins as customers maybe use more functionality that has token use than maybe what some of us are expected or what vendors are expected. As these customers have ramped their usage of tokens, et cetera, has it been within your realm of expectation? Has it been maybe more or less? And should we expect any real impact to gross margins as we think about more and more customers ramping over the next year?

了解。接著我想追問一下，Dave，市場上對一些應用軟體供應商初期導入 AI 的使用情況有不少擔憂：在早期階段，客戶可能使用更多涉及 token 的功能，超出我們或供應商原先預期，進而影響毛利率。隨著這些客戶逐步拉升 token 等用量，是否仍在你們的預期範圍內？是更多還是更少？當我們思考未來一年越來越多客戶拉升使用時，毛利率會受到任何實質影響嗎？

I think a couple of things to say. First, our usage of AI for the customer end is not code creation, video creation. And so it's not as token-intensive. With regards to the margins from Max, I think both Max and virtual agents are additive to gross profit dollars. And while this may change over time so far, what we've seen is the combination of the two to be roughly consistent with our total gross margins at scale.

我想有幾點要說。第一，我們在客戶端使用 AI 的情境不是寫程式碼、也不是生成影片。因此不會那麼 token 密集。就 Max 的毛利而言，我認為 Max 和虛擬代理（virtual agents）都能增加毛利美元（gross profit dollars）。雖然未來可能會改變，但截至目前我們看到兩者的組合，在規模化後大致與我們整體毛利率一致。

Jason Celino, KeyBanc Capital Markets.

Jason Celino，KeyBanc Capital Markets。

Just a couple for Dave. The incremental margin improvement is very, very good in Q1. I heard you on the incremental margins for the full year up ticking to 29%. And I understand like the timing differences, but where are you -- do you think you're getting like more efficiency? Because the alternative would be it'll be reinvesting that back. So help me kind of understand where you saw some upside and kind of your process there?

我有幾個問題想問 Dave。第一季的增量利潤率改善非常、非常好。我聽到你提到全年增量利潤率目標上調到 29%。我理解像是時點差異等因素，但你們——你覺得你們是獲得了更多效率嗎？因為另一種可能是把這些回饋再投資回去。所以請幫我理解一下你們看到的上行空間在哪裡，以及你們的思考流程？

Absolutely. With regard to incremental this year, three key things. First and foremost, as I mentioned in the script, in the prepared remarks, it's important to remember, we manage the business on a full year basis not quarterly, and I encourage investors to not look at incremental margins on any given quarter. Second, in Q1 we saw strong performance. That was driven both by the outperformance from high GTV, which drove usage revenue, which is high margin and lower expenses. Part of that was in regards to timing.

當然。關於今年的增量利潤率，有三個關鍵點。第一也是最重要的，如我在講稿、也就是事先準備的發言中提到的，請記得我們是以全年而非單季來管理業務，我也鼓勵投資人不要只看任何單一季度的增量利潤率。第二，第一季我們表現強勁。這同時來自高 GTV 的超預期表現（帶動使用量收入，而使用量收入毛利率高）以及費用較低。其中一部分與時點因素有關。

Looking forward, I expect that timing to normalize. Third, behind the strength of Q1, we are increasing our investments in both Max and AI inference inside the business. This will roll out throughout the year. Now that said, despite these increased investments, factoring both the Q1 strength and those investments, we do expect to overperform our full year incremental targets this year.

展望未來，我預期這些時點因素會回歸正常。第三，在第一季強勁表現的基礎上，我們正在增加對 Max 以及公司內部 AI 推論（AI inference）的投資。這些將在全年逐步推出。即便如此，綜合考量第一季的強勁表現與這些投資，我們仍預期今年會超越全年增量目標。

Wonderful. And then if we look at the usage take rates, they improved quite a bit on a year-over-year basis for Q1. I think in the past, you've talked about driving better payments utilization. Was that the same driver here? Or was there something more at play?

太好了。另外，如果我們看使用量抽成率（usage take rates），第一季在年對年基礎上改善不少。我記得過去你們談過要提升支付（payments）的使用率。這次也是同樣的驅動因素嗎？還是有其他因素在起作用？

Yes, absolutely, Jason. Usage take rate performed really well this quarter. We were able to maintain our take rate relative to Q4, even with the GTV overperformance. A couple of things, first, as I mentioned in my prepared remarks, Fintech is driven by two really opposing forces. The first is on-platform payment monetization.

是的，完全正確，Jason。本季使用量抽成率表現非常好。即使 GTV 超預期，我們仍能把抽成率維持在與第四季相近的水準。有幾點：第一，如我在事先準備的發言中提到，金融科技（Fintech）受到兩股彼此相反的力量所驅動。第一股力量是平台內支付變現（on-platform payment monetization）。

It inched up this quarter. And on the other hand, is a mix shift towards commercial, which has lower monetization due to different mix of pay methods. So that's the first and the second, beyond Fintech, our AI monetization, both ecosystem and virtual agents are growing quite well. Ecosystem is larger, VA is growing faster. As I look forward, I'd expect usage take rates to remain roughly at these levels.

本季小幅上升。另一方面，則是組合轉向商用，而由於付款方式組合不同，商用的變現能力較低。以上是第一點與第二點；此外，在金融科技之外，我們的 AI 變現，不論是生態系或虛擬代理人，都成長得相當不錯。生態系規模更大，VA 成長更快。展望未來，我預期使用抽成率大致會維持在目前這些水準。

We don't foresee further improvements in the on-platform monetization and we do expect GTV mix to continue to shift towards commercial. I'd expect this shift to commercial to be offset by the growth in our AI usage products from an earn rate perspective. Now given the way that usage earn rate has ramped over the last year, this means that we expect usage revenue to continue to outpace GTV throughout the balance of the year.

我們不預期平台內變現會再進一步改善，同時也預期 GTV 組合會持續轉向商用。我預期，從賺取率的角度來看，這個轉向商用的影響，將會被我們 AI 使用型產品的成長所抵銷。此外，鑑於過去一年使用賺取率的爬升方式，這代表我們預期在今年剩餘期間，使用收入將持續超越 GTV 的成長。

Dylan Becker, William Blair.

Dylan Becker，William Blair。

This is Jackson Bogli on for Dylan Becker. Vahe, you noted that more than -- you guys more than doubled Max locations in the first quarter and you expect to double them again in the second quarter. I'm just curious if your thoughts on how sustainable that doubling cadence is beyond the first half? And maybe -- is that a function of being capacity constrained by demand or by onboarding throughput? Just curious to get your thoughts on that cadence going forward?

我是代替 Dylan Becker 的 Jackson Bogli。Vahe，你提到你們在第一季將 Max 據點數量增加到超過兩倍，並且預期在第二季再翻倍。我想請教你對於在上半年之後，這種翻倍節奏的可持續性有何看法？另外——這是因為需求造成的產能限制，還是因為導入／上線吞吐量的限制？想聽聽你對未來這個節奏的看法？

Jack, this is Dave. Before Vahe jumps in, I just wanted to send a big congratulations to Dylan and the Becker family for the addition to their family. With that, Vahe can go ahead and answer Jackson's question.

Jackson，我是 Dave。在 Vahe 回答之前，我想先向 Dylan 以及 Becker 家族致上熱烈恭喜，恭喜家中迎來新成員。那麼接下來，Vahe 可以回答 Jackson 的問題。

Yes. Ultimately, what we really care about is having every customer on Max. And so the sustainability of the growth rate is really around the fastest path for that full coverage. And as we think about how we maintain that growth as much as possible. One of the other exciting things that we've started this quarter is being able to get brand new customers directly on to Max versus just going after the existing customer base. And we're seeing some promising early signals there.

是的。歸根結底，我們真正關心的是讓每一位客戶都使用 Max。因此，成長率是否可持續，主要取決於達成全面覆蓋的最快路徑。以及我們如何思考盡可能維持這樣的成長。本季我們開始做的另一件令人振奮的事，是能夠讓全新客戶直接上 Max，而不只是針對既有客戶群。我們也看到一些令人鼓舞的早期訊號。

And so -- in terms of how long we could keep the doubling over quarter, as you mentioned, that's a pretty aggressive growth rate. But that's what we're trying to orient is, ultimately, we want to be intentional about what expectations we're setting, how we're laying the foundations for a durable growth story and ultimately optimizing for getting all of ServiceTitan onto Max, not necessarily any particular growth rate in the journey.

因此——就你提到的「每季翻倍」能維持多久而言，那確實是相當積極的成長速度。但我們努力對齊的方向是：最終，我們希望有意識地管理我們所設定的預期、如何打下可持續成長故事的基礎，並且最終以讓所有 ServiceTitan 客戶都上 Max 為最佳化目標，而不一定是在旅程中追求某個特定的成長率。

Got it. That's super helpful. And then maybe, Ara, we're talking about the agentic operating system for the trades. And you guys have been improving organizational velocity as well. I know we've talked about what agentic capabilities are live and resonating most with customers today. But really, I'm curious how you're thinking about the improved internal velocity translating into the faster product delivery and ROI? And kind of how this just reinforces your core multiyear growth vectors?

了解。這非常有幫助。接著可能想請教 Ara，我們在談為技工產業打造的代理式作業系統（agentic operating system）。你們也一直在提升組織運作速度。我知道我們談過目前哪些代理式能力已上線，且最能引起客戶共鳴。但我更想了解的是，你如何看待內部速度提升，如何轉化為更快的產品交付與投資報酬（ROI）？以及這如何進一步強化你們核心的多年成長向量？

Yes. Ultimately, we are a tech company, and our business is predicated on delivering solutions for our customers. And there is no greater driver of that, both in terms of value to customers and revenue to us than the quality of the product and the velocity with which it progresses. And so any time we get even a little bit of an acceleration on the R&D side, there are massive long-term consequences here. And what we're seeing now with the more and more effective utilization of AI is that the signals across the board, whether it's the overarching amount of code and the quality with which it's produced, or the entire life cycle of understanding what to build, how to build it and so on.

是的。歸根結底，我們是一家科技公司，我們的業務建立在為客戶交付解決方案之上。而無論是對客戶的價值，還是對我們的收入，最大的驅動因素莫過於產品品質，以及產品推進的速度。因此，只要研發端哪怕只是稍微加速一點，長期影響都會非常巨大。而我們現在看到的是，隨著 AI 被越來越有效地運用，各方面的訊號都在改善——不論是整體程式碼產出量與其品質，或是從理解要做什麼、如何去做，到後續各環節的完整生命週期。

What we're trying to focus on most is making sure that we're holding a high-quality bar as we see this acceleration materialize. And that we're able to do it in a way that allows sustainable velocity improvements over time. And if we're able to maintain this pace, I think, our ability to deliver outcomes for our existing markets becomes accelerated, our ability to grow into adjacent markets will become accelerated. And ultimately, the value we drive and the revenue we generate is going to be accelerated. So as far as I'm concerned, there is nothing more important than the long-term success of our company than our ability to get the benefits of AI, particularly within our R&D org.

我們最想聚焦的是：在看到這種加速逐步落地時，確保我們仍然維持高品質標準。並且能以一種可讓速度提升隨時間可持續的方式來做到。如果我們能維持這樣的步調，我認為我們為既有市場交付成果的能力會加速，我們拓展到相鄰市場的能力也會加速。最終，我們所創造的價值與所產生的收入都會加速。所以就我而言，對公司長期成功而言，沒有什麼比我們能夠獲得 AI 的效益——尤其是在研發組織內——更重要。

We are excited about what the software factory will do for our future. From scouring all the tens of thousands of live conversations we have with customers to the support tickets to the underlying product utilization data to help figure out and prioritize what to build. And then, of course, for agentic coding to build what we need to build, test it, deploy it, monitor it in production and self-evolve over time. This is the frontier that we are very excited about and what it'll mean for our future.

我們對「軟體工廠」將為我們的未來帶來的影響感到興奮。從掃描我們與客戶之間數以萬計的即時對話、支援工單，到底層的產品使用數據，以協助判斷並優先排序該打造什麼。當然也包括代理式寫程式（agentic coding）來建置我們需要建置的功能、測試、部署、在正式環境監控，並隨時間自我演進。這就是我們非常期待的前沿方向，以及它對我們未來的意義。

Billy Fitzsimmons, Piper Sandler.

Billy Fitzsimmons，Piper Sandler。

Great. You touched on this in your prepared remarks, but it's been a couple of months now since you've had your new Chief Technology and Product Officer. He has a track record at some of the largest software companies. Anything you can provide on either how we should think about some of the processes and procedures he has brought or is able to bring to the engineering organization?

很好。你在事先準備的發言中有提到這點，但自從你們的新任技術與產品長上任以來，已經過了幾個月。他在一些最大的軟體公司有很好的資歷。你能否分享一下，我們應該如何看待他為工程組織帶來、或能帶來的一些流程與作業程序？

Or maybe more broadly, you touched on the use of AI tools internally? And went through some of the use cases. And I got to imagine it's evolving day-to-day. But to kind of double-click on that, are there any additional anecdotes you can talk about it to kind of help us think through things you could not do or can now do faster than you could previously with some of these tools.

或者更廣泛地說，你提到內部使用 AI 工具？也談到一些使用情境。我想這些應用一定每天都在演進。但若更深入一點，是否有任何額外的案例可以分享，幫助我們理解：有了這些工具後，有哪些事情是以前做不到、或現在能比以前更快做到的？

Yes, absolutely. So I would say, by far, the most important aspect of being able to do what we're talking about is to build a strong team. But there will be no bigger driver of any of those things. And this is the first area that Abhi has been focusing on in terms of increasing the talent density within the team and making sure that we've got the right leaders in the right seats in order to take us to where we need to go. Secondly, in order to get the benefits of AI, particularly around the acceleration, what you need is a foundation that allows you to have resiliency and quality as you gain those benefits.

是的，當然。我會說，到目前為止，能做到我們所談這些事情最重要的面向，就是建立一支強大的團隊。而且沒有任何因素能比這更能驅動上述所有事情。這也是 Abhi 首先聚焦的領域：提升團隊的人才密度，並確保我們把對的領導者放在對的位置上，帶領我們走到需要去的地方。第二，為了獲得 AI 的效益，特別是加速方面，你需要的是一個基礎，使你在獲得這些效益的同時，仍能維持韌性與品質。

And so his experience at companies at scale that have proven to scale their R&D work and be able to grow their footprint. In terms of the products they create, the value that they deliver, it's what is allowing us to see the benefits in terms of having those foundational quality harnesses, processes and ultimately, the teams that are building the foundation on top of which what the software factory is ultimately going to be able to do. All that being said, we are early days. And so we are very excited to see these early signals start to accelerate ultimately the velocity and quality with which we can serve our customers.

因此，他在大型公司擴規經驗——那些已證明能擴大研發工作規模並拓展版圖的公司——無論是在他們所打造的產品、所交付的價值方面，都讓我們得以受益：建立那些基礎性的品質護欄、流程，以及最終打造基礎的團隊；而在這個基礎之上，「軟體工廠」最終才能實現它要做的事情。話雖如此，我們仍處於早期階段。因此，我們非常期待看到這些早期訊號，最終能加速我們服務客戶的速度與品質。

Awesome. And then if I could sneak a second one for Dave. When we think about the revenue upside in 1Q and the increase for the year, there's a few different growth drivers here. Max is ramping, voice agents, roofing and commercial are all ramping. And more broadly, it seems like end customer demand is strong. The GTV line accelerated. Can you just help us rank order or think through the different drivers driving the upside versus kind of initial expectations?

太棒了。接著如果我可以再偷偷加問 Dave 第二個問題。當我們思考第一季營收上修以及全年增幅時，這裡有幾個不同的成長驅動因素。Max 正在爬坡，語音代理（voice agents）、屋頂（roofing）與商用（commercial）也都在爬坡。更廣泛來看，終端客戶需求似乎很強勁。GTV 這條線也加速了。你能否幫我們把相較於初始預期、推動上修的不同驅動因素做個排序或梳理一下？

Yes. I mean I think a couple of things here. First, Max and VA are both really exciting for us long term. And although our expectations are higher today as compared to 90 days ago, these deals generally have meaningful ramps built in to enable customers to align their usage with their bill. So though the contribution is higher today in Max than it was a quarter ago, it does remain small.

是的。我的意思是，我認為這裡有幾點。首先，Max 和 VA 對我們的長期而言都非常令人振奮。雖然相較於 90 天前，我們今天的預期更高，但這些交易通常都內建了顯著的爬坡期，讓客戶能把使用量與帳單對齊。因此，儘管目前 Max 的貢獻比一季前更高，但整體仍然不大。

With regard to GTV, our approach, as always, is to not roll forward GTV overperformance in the future periods. And so despite the strength in Q1, we're expecting a normal summer consistent with the last few years. So the raise for the rest of the year is simply just execution of the business. And it's these factors that's the foundation for the improved FY27 outlook. And I think we're fortunate to be able today to raise our total guidance by $20 million.

關於 GTV，我們一如既往的做法是不把 GTV 的超預期表現直接順延到未來期間。因此，儘管第一季表現強勁，我們仍預期夏季會回到正常水準，與過去幾年一致。所以，對於今年剩餘期間的上修，純粹就是業務執行的結果。而這些因素也構成了 FY27 展望改善的基礎。我想我們很幸運，今天能把總體指引上調 2,000 萬美元。

Nick Altmann, BTIG.

Nick Altmann，BTIG。

Awesome. I wanted to circle back on a prior comment around how some of the net new customers are actually starting on Max and can you just expand on that a bit because it's kind of interesting in the sense of whether Max is actually acting as sort of a front door to ServiceTitan or whether you're seeing more net new logo opportunities because of Max. So just any additional color on that comment would be interesting.

太棒了。我想回到你先前提到的一點：有些淨新增客戶其實是從 Max 開始的。你能否再多展開說明一下？這很有意思，因為這關係到 Max 是否正在扮演 ServiceTitan 的某種「入口」，或者你們是否因為 Max 而看到更多淨新增 logo 的機會。所以，任何對那段評論的補充說明都會很有幫助。

Great question. First and foremost, this is very new and very small. But the thesis is when switching software is a moment of great change management it may make sense that this be the time to switch software and deploy agents at the same time.

問得很好。首先，這件事非常新，而且規模很小。但我們的論點是：當更換軟體是一個需要大量變革管理的時刻時，也許正是同時更換軟體並部署代理（agents）的最佳時機。

The other part of the thesis is that in the traditional world where you had software that you manually use, it required a lot of training and coaching and monitoring in order to get utilization. Whereas in the agentic world, when you deploy agents upfront, you naturally get effectively 100% utilization with less -- much less effort on training, monitoring, support and coaching. And so we are excited to do this on a small scale and see the results for these contractors that adopt Max from the beginning. And then depending on the results that we see, to determine how to scale moving forward.

另一部分的論點是：在傳統世界裡，你使用的是需要手動操作的軟體，為了提高使用率，必須投入大量訓練、輔導與監控。但在代理式（agentic）的世界裡，當你一開始就部署代理，你自然就能獲得接近 100% 的使用率，而且在訓練、監控、支援與輔導上的投入要少得多——少非常多。因此，我們很期待先以小規模方式推進，看看那些從一開始就採用 Max 的承包商會得到什麼結果。接著再依據我們看到的結果，決定未來要如何擴大規模。

Parker Lane, Stifel.

Parker Lane，Stifel。

This is Jack McShane on for Parker. I'd be curious with customers in the Max program seeing such strong productivity gains, you mentioned EDS, I believe it was 50% average revenue per technician improvement. Are you seeing customers in the Max program start to talk about making plans of hiring more? And do you think that this can be a growth driver towards the back half of the year and into fiscal year '28?

我是代替 Parker 的 Jack McShane。我很好奇，Max 計畫的客戶看到如此強勁的生產力提升，你提到 EDS，我記得是每位技師的平均營收提升 50%。你是否看到 Max 計畫的客戶開始談論要制定增聘人手的計畫？你認為這會不會成為今年下半年以及 2028 財年的一個成長驅動因素？

In the EDS's case, they not only saw an increase in revenue per technician, but they also added technicians. Generally, when customers increase the number of leads that they generate or their booking rates increase or both. They end up with more appointments that they need to run and one way of meeting the increased demand for appointments is greater technician efficiency that allows an individual tech to get to more appointments, although there's a pretty strict limit on how much efficiency you can gain there. And so therefore, in almost every case, it ends up in the hiring of additional techs.

以 EDS 的案例來說，他們不僅看到每位技師的營收提升，也增加了技師人數。一般而言，當客戶增加他們產生的線索（leads）數量、或他們的預約率（booking rates）提高、或兩者同時發生時，他們最後會有更多需要出勤的預約。因應預約需求增加的一種方式，是提升技師效率，讓單一技師能跑更多趟；不過在效率提升方面有相當嚴格的上限。因此，幾乎在每一種情況下，最後都會導致增聘更多技師。

Yes, it's great to hear. And then second question, obviously, headless is a focal point with investors in the space now. I'd be curious to just get your guys' thoughts on its applications to ServiceTitan. Are you seeing technicians on-site or maybe it's back-office employees using general purpose models outside of the ServiceTitan platform. And is there an opportunity to build out headless functionalities so you start to capture some of that usage?

是的，聽到這點很棒。第二個問題，顯然「headless」現在是這個領域投資人關注的焦點。我想請教你們對它在 ServiceTitan 上的應用有何看法。你們是否看到現場技師，或是後台員工，在 ServiceTitan 平台之外使用通用型模型？是否有機會打造 headless 的功能，讓你們開始捕捉其中一部分使用量？

Yes. So what we're seeing is a pretty broad, let's say, desire to start using all of the AI tools available on the market. And especially with our larger customers, huge amounts of experimentation, whether it's Claude Cowork or tools like that, that are similar. What we're noticing is that part of the main challenge they experience is, in order to do anything useful, they ultimately need to be able to access data in order to get information. And then once something useful is discovered through an insight, they need to take some sort of action into the real world.

是的。我們看到的是相當廣泛的——可以說——想要開始使用市面上所有可用 AI 工具的需求。特別是在我們較大型的客戶那邊，有大量的實驗，不論是 Claude Cowork 或類似的工具。我們注意到，他們面臨的主要挑戰之一是：要做出任何有用的事情，最終都需要能存取資料，才能取得資訊。接著，一旦透過洞察（insight）發現了有用的東西，他們還需要在真實世界中採取某種行動。

And this is the role that we think that we can play and we want. This is why it's so important to become that orchestration layer, that end-to-end intelligence both in terms of reads and writes. And so we're still early on in thinking about how we plug into the broader ecosystem of AI tools. Right now, there's so much low-hanging fruit in terms of delivering direct functionality to our customers that, that's what's taking up the majority of our time. But I can very easily see a future where both individually and as businesses, there's all sorts of AI tooling and we want to be able to provide a platform through which customers can get the most out of AI.

而這正是我們認為、也希望我們能扮演的角色。這也是為什麼成為那個編排層（orchestration layer）如此重要——端到端的智慧能力，涵蓋讀取與寫入兩個面向。因此，我們仍在早期階段思考要如何接入更廣泛的 AI 工具生態系。目前，在為客戶提供直接功能方面，有太多唾手可得的成果（low-hanging fruit），因此這占用了我們大部分的時間。但我非常容易想像未來，不論是個人或企業，都會有各式各樣的 AI 工具，而我們希望能提供一個平台，讓客戶能最大化 AI 的價值。

Ideally, it's solutions that we offer directly, but we also want to become a platform and an orchestration layer that can be leveraged through external tools as well. And this is why we think the ecosystem and having a strong and thriving ecosystem is such a strategic area for us to invest in.

理想情況下，是我們直接提供的解決方案，但我們也希望成為一個平台與編排層，讓外部工具也能加以利用。這也是為什麼我們認為生態系，以及擁有一個強健且蓬勃的生態系，對我們而言是非常具策略性的投資領域。

Andrew Sherman, TD Cowen.

Andrew Sherman，TD Cowen。

Ara, on VA wanted to drill in a little bit more on what you're seeing from early customers and trials. What percentage of your customer base has reached out and expressed a lot of interest. What's the sales motion to target these? And how quickly are the rollouts going wall-to-wall or kind of slower and then ramping and the competitive landscape, any differentiating factors you want to call out?

Ara，關於 VA 我想再深入一點了解你們從早期客戶與試點（trials）看到的情況。你們的客戶群中，有多少比例主動聯繫並表達高度興趣？你們鎖定這些客戶的銷售推進方式（sales motion）是什麼？導入（rollouts）推進到全面鋪開（wall-to-wall）的速度如何——是比較慢、然後再逐步爬坡？另外競爭格局方面，有沒有你想特別指出的差異化因素？

Very good question. So we gave select customers access to the early version of our voice agents in Q4. And then as I described earlier, for one of the questions. We then built out support for like dozens of additional of these real-life production use cases through Q1. And then we began more expanded go-to-market late Q1.

非常好的問題。我們在第四季讓部分精選客戶取得我們語音代理早期版本的使用權。接著如我先前在其中一個問題中所描述的，我們在第一季期間，針對數十個額外的真實生產環境用例（real-life production use cases）建立了支援能力。然後我們在第一季末開始更大範圍的市場推進（go-to-market）。

Of course, like given the recency of the more expanded go-to-market, you can imagine the penetration is naturally low today, but ramping quite well. And then to the latter half of your question, I think nearly all of our customers face situations where there's a sudden surge of calls and that surge overwhelms their staff or calls come in after hours and somebody needs to pick those up and especially when each one of these calls might represent thousands of dollars of revenue.

當然，考量到我們較為擴大的 go-to-market（市場推進）策略推出時間還很近，你可以想像目前滲透率自然偏低，但爬坡表現相當不錯。至於你問題的後半段，我認為幾乎我們所有客戶都會遇到這種情況：來電量突然暴增，暴增的來電會讓他們的員工不堪負荷；或是下班後有電話打進來，需要有人接起來；尤其是每一通電話都可能代表數千美元的營收。

Our thesis is that a lot of customers will move in this direction over time. Now naturally, some will start with overflow on after hours, but then others may choose to let voice agents handle incremental volume as they see CSR attrition in their business especially because CSR attrition tends to be fairly high in contracting businesses. But we see this as a very meaningful opportunity for growth.

我們的論點是，隨著時間推移，很多客戶都會朝這個方向前進。當然，有些客戶一開始會先從下班後的溢出來電（overflow）著手，但也有其他客戶可能會選擇讓語音代理處理額外的來電量，因為他們在業務中看到客服代表（CSR）流失，特別是承包型（contracting）企業的 CSR 流失率往往相當高。但我們認為這是一個非常有意義的成長機會。

Richard Poland, Wells Fargo.

Richard Poland，富國銀行（Wells Fargo）。

On for Michael Turrin here. I guess when we just think about like the broader let's call it, Pro products suite. How is adoption going there? I know a lot of the focus right now is on Max, and it sounds like that's kind of ramping nicely. But just in this interim period, while that's not fully available to everyone else, how do we think about just kind of where you're seeing strength in certain Pro products and how that's kind of developed over the last 90 days?

我代替 Michael Turrin 提問。我想，當我們從更宏觀的角度來看，姑且稱之為 Pro 產品套件。那邊的採用情況如何？我知道目前很多焦點都在 Max 上，聽起來 Max 的爬坡也相當順利。但在這個過渡期間、也就是 Max 尚未全面向所有人開放之前，我們該如何看待你們在某些 Pro 產品上看到的強勁表現，以及過去 90 天這些表現是如何發展的？

What I'll say here is Pro continues to sell well. We have not seen a headwind from Pro adoption while we're selling Max. I think that over time, our packaging will encourage customers to adopt Max more. And remember, it's really, really important that everyone understands it. Max is more than just a collection of Pro products. It's not just a bundle. It's incremental capabilities. And so while Pro continues to sell, we think customers are going to increasingly have interest in Max or versions of Max.

我在這裡想說的是，Pro 仍然賣得很好。在我們銷售 Max 的同時，並沒有看到 Pro 採用帶來的逆風。我認為隨著時間推移，我們的產品打包方式會鼓勵客戶更多採用 Max。而且請記住，讓每個人都理解這點非常、非常重要。Max 不只是 Pro 產品的集合。它不只是套裝（bundle）。它是增量能力（incremental capabilities）。因此，雖然 Pro 持續銷售良好，我們認為客戶會愈來愈對 Max 或 Max 的不同版本感興趣。

Great. And then I guess, Dave, just on GTV. When we think about just kind of average ticket size and any differences in just number of jobs in the quarter, some of the core on GTV. Any color there?

很好。接著我想問，Dave，關於 GTV。當我們思考平均客單價（average ticket size）以及本季工作單量（number of jobs）是否有任何差異、以及對 GTV 的一些核心影響。你能否補充一些看法？

Yes. I mean nothing really stood out this quarter. It was -- we see pretty balanced growth from average ticket and number of jobs. The bigger variants, obviously, the big driver was weather and of course, business days in the period.

是的。我的意思是，本季其實沒有什麼特別突出的地方。我們看到平均客單價與工作單量帶來的成長相當均衡。較大的變動因素，顯然主要驅動來自天氣，當然也包括期間內的營業日天數。

Brian Peterson, Raymond James.

Brian Peterson，Raymond James。

Just on Max, like obviously doubling this quarter and expecting doubling or more than doubling and expected to double next quarter, I'm actually just curious, what is the gating factor on growth at this point? And is there anything that customers are pushing back on? And why should we not see that adoption accelerate from what you're seeing so far?

就 Max 而言，本季顯然翻倍成長，且預期下季也會翻倍或超過翻倍；我其實好奇的是，目前成長的關卡因素（gating factor）是什麼？客戶是否有任何反彈或疑慮？以及為什麼我們不應該預期採用速度會比你們目前看到的更快加速？

So the primary gating factor is us wanting to go through a very intentional sequential process of first and foremost, nailing the ROI story. We feel very confident that we've done this already. So that has been the first constraint. Now we're in the phase of making sure that we can continue to deliver those same types of results, but with a more scalable and efficient implementation effectively. And so that's where the focus is right now, and that's the gating factor. And then the last phase is really making sure that Max is a fantastic fit across all of our customers, not just the ones that are best fit today.

所以主要的關卡因素，是我們希望以非常有意識、循序漸進的流程，首先也是最重要的，把 ROI 的故事講到位。我們非常有信心，我們已經做到這點。所以這一直是第一個限制。現在我們進入下一個階段：確保我們能持續交付同樣類型的成果，但在導入上能更具規模化與效率。因此目前的重點就在這裡，這也是關卡因素。最後一個階段，則是確保 Max 能非常適配我們所有客戶，而不只是目前最適配的那一群。

And so going back to your question, it's really around optimizing for the long-term durable success of Max versus selling the most we possibly can today. We have way more demand than what we've been onboarding, and we expect to continue to be in that same state. But we want to be very, very intentional with the success that we deliver, the brand and reputation of Max and the durability of the customers on the program.

回到你的問題，核心在於：我們是在為 Max 的長期、可持續的成功做最佳化，而不是今天盡可能賣出最多。我們的需求遠高於目前能夠上線導入（onboarding）的量，而且我們預期會持續處於同樣的狀態。但我們希望非常、非常有意識地確保我們交付的成功、Max 的品牌與口碑，以及客戶在該方案上的持久性（durability）。

Tyler Radke, Citi.

Tyler Radke，花旗（Citi）。

There's been a lot of headlines out in terms of the big data center build-out projects, of shortage of workers, electricians, plumbers, HVAC, et cetera. How are you thinking about the medium and long-term impact to ServiceTitan? And obviously, these are workers that are critical to the platform today?

近期有很多新聞標題在談大型資料中心擴建專案、工人短缺，像是電工、水管工、HVAC（暖通空調）等等。你們如何看待對 ServiceTitan 的中長期影響？而且顯然，這些工種也是目前平台上非常關鍵的工作者？

Yes. This is where we see mostly affecting the commercial part of our business. As you'd imagine, the residential businesses are not really involved on the data center build-outs. And on the commercial side, we are certainly hearing and seeing from our customers the huge kind of tidal wave of work coming in from data centers. I think it's really hard to predict exactly what the impact is going to be because as you know, these data centers are built typically way off site.

是的。我們看到這主要會影響我們業務中的商用（commercial）部分。如你所想，住宅（residential）業務其實不太會參與資料中心的擴建工程。而在商用端，我們確實從客戶那裡聽到、也看到，資料中心帶來大量、像潮水般湧入的工作需求。我認為要精準預測影響會是什麼其實很難，因為如你所知，這些資料中心通常建在相當偏遠的地點。

And so what I'm hearing from our customers is it's not so straightforward to get -- first of all, just the number of plumbers and electricians needed, much less to get them to move to those areas for the construction period and so on. And so for the foreseeable future, we are not anticipating any meaningful impact to our business or to our customers' businesses in terms of the labor disruptions from the build-out, but it's a fast-moving situation, and we continue to monitor it closely.

因此我從客戶那裡聽到的是，這並不是那麼容易解決——首先，要找到所需數量的水管工與電工就不容易，更不用說要讓他們在施工期間搬到那些地區等等。所以在可預見的未來，我們不預期擴建所造成的勞動力擾動會對我們的業務或客戶的業務帶來任何顯著影響；但這是個變化很快的情況，我們也會持續密切監控。

And just a quick follow-up on the weather dynamics that you called out. Given what sounded like kind of a benefit both from the early start to the cooling season, is there any sort of timing issues we should be aware of in terms of that follow-on impact in Q2? Any pull forward from that should take some momentum out of Q2 or would you not associate that directly with Q2?

另外針對你提到的天氣動態，我再快速追問一下。考量到聽起來降溫季節提早開始帶來了一些利多，我們是否需要留意任何時點上的問題，像是對 Q2 的後續影響？是否會有一些提前拉貨（pull forward），導致 Q2 動能被抽走？還是你不會把它直接與 Q2 連結？

Great question, Tyler. The warmer spring means our customers' busy season started earlier, how the peak performance will really be driven by the peak summer months. If it's a hot summer, I could see GTV being higher. If it's a milder summer, it's possible that it will appear to be a pull forward from Q2 to Q1. It's hard to know until we really see the quarter evolve. As always, we're not taking a differentiated view on the weather and just as I said before, assuming a consistent summer with the prior years.

好問題，Tyler。較溫暖的春季意味著我們客戶的旺季更早開始，而尖峰表現實際上仍會由盛夏的尖峰月份所驅動。如果夏天很熱，我可以想像 GTV 會更高。如果夏天較溫和，可能看起來就像是從 Q2 拉到 Q1 的提前效應（pull forward）。在我們真正看到季度如何發展之前，很難判斷。一如既往，我們不會對天氣做出差異化的判斷；就像我之前說的，我們假設夏季與過去幾年一致。

Adam Hotchkiss, Goldman Sachs.

Adam Hotchkiss，高盛（Goldman Sachs）。

Dave, I know historically, you've talked a little bit about this dynamic of repair versus replace impacting ticket sizes for your customers. Would just be curious what you're observing on that front and what it tells you about consumers in the space?

Dave，我知道過去你曾談到一點：維修（repair）與更換（replace）的動態會影響你們客戶的客單價。我想了解你目前在這方面觀察到什麼，以及這對該領域的消費者行為透露了什麼訊息？

Thanks for the question, Adam. I don't think we saw anything stand out in the quarter. Ticket sizes were up a little bit, but not -- there was no fundamental shift from repair to replace.

謝謝你的問題，Adam。我不認為本季有看到任何特別突出的現象。客單價有小幅上升，但——並沒有出現從維修轉向更換的根本性變化。

Okay. Super clear. And then on the competitive environment, I appreciate the commentary around the architectural vision when it comes to third-party AI tools. But any changes you're just -- you're seeing more broadly given what AI is doing to product development velocity in the broader competitive environment in your space?

好的。非常清楚。接著談到競爭環境，我很感謝你們就第三方 AI 工具的架構願景所做的評論。但就更廣泛而言，鑑於 AI 正在提升產品開發速度，在你們所處領域的整體競爭環境中，你們是否看到任何變化？

Not necessarily in our space. I think as just a technologist, it's a crazy time to be in the game. We're just seeing incredible things being possible, both internally as well as what other companies are doing. But there's nothing particularly special in our corner of the universe. We're kind of seeing the magic of AI continue to play out, and we continue to be super excited about what it means for us.

不一定是在我們這個領域。我想以一個技術人的角度來看，現在真的是個瘋狂的時代。我們看到很多不可思議的事情正在成為可能，不論是內部，還是其他公司在做的事。但在我們這個小宇宙的一角，並沒有什麼特別不同。我們算是持續看到 AI 的魔法在發酵，而我們也持續對它對我們的意義感到非常興奮。

Daniel Jester, BMO Capital Markets.

Daniel Jester，BMO 資本市場。

This is Will Hancock on for Dan Jester. And congrats on the quarter. So you're putting a lot of resources into expanding the Max program. Can you talk about how you weigh that opportunity versus investing in entering and scaling new trades? And has that prioritization shifted given the success that you've seen so far in Max?

我是 Will Hancock，代 Dan Jester 提問。恭喜本季表現。你們投入了大量資源來擴展 Max 計畫。能否談談你們如何權衡這個機會，與投資於進入並擴張新的 trades（工種/垂直領域）之間的取捨？而且，鑑於目前 Max 的成功，你們的優先順序是否有所改變？

So I would say there's definitely been an increase in the weight in terms of Max and resources we've been putting into it over the last few quarters. The early signals have been promising enough for us to be increasing that level of investment. We're trying very hard not to have a huge pullback in other areas. And so we're being thoughtful about how we're shifting resources in that direction.

我會說，過去幾個季度，我們在 Max 上的權重以及投入的資源確實有所增加。早期訊號相當有希望，因此我們提高了投資水準。我們也非常努力不讓其他領域出現大幅縮減。因此，我們在把資源往這個方向調整時會很審慎。

But generally speaking, I would describe it as increased priority and importance for Max. And that we're trying to be balanced in terms of where we take those resources from in order to increase that investment.

但整體而言，我會把它描述為：Max 的優先順序與重要性提高了。同時，我們也在思考要從哪些地方挪出資源，才能在增加這項投資的同時保持平衡。

Fundamentally, we run the business like a marathon, not a sprint. We do continue to believe that we will be the operating system for all the trades. Right now, there is a near-term very exciting opportunity around building out and delivering Max. But over the long term, we continue to believe we will extend beyond the trades. I think today, the focus has, as you said, shifted more towards Max.

從根本上說，我們經營這門生意是跑馬拉松，不是短跑。我們仍然相信，我們會成為所有 trades（工種/垂直領域）的作業系統。眼下，圍繞著打造並交付 Max，有一個短期內非常令人振奮的機會。但從長期來看，我們仍然相信我們會延伸到 trades 之外。我想如你所說，今天的重點確實更偏向 Max。

Terry Tillman, Truist Securities.

Terry Tillman，Truist Securities。

This is Connor Passarella on for Terry. Just first on the broader landscape or the broader AI adoption. How does the level of customer interest and urgency around AI digital transformation and commercial compare to residential today? Maybe what's driving that difference as well?

我是 Connor Passarella，代 Terry 提問。先談更廣泛的環境或更廣泛的 AI 採用。目前客戶對 AI 數位轉型與商用（commercial）的興趣與急迫性，相較於住宅（residential）如何？也許也請談談造成差異的原因？

Yes, I would say that there's a general similar level of excitement. And I would say both for us and the market in general, there is more maturity on the residential side. And I think a lot of it comes from the fact that residential transactions tend to be simpler. If you have even a booking situation, the systems involved and the dynamics involved are generally less complex to deal with than in a commercial use case. As we think about the longer arc, we see a very similar opportunity in both, but we anticipate that both the market in general and our level of product maturity for residential to lead commercial.

是的，我會說整體的興奮程度大致相近。而且我會說，不論對我們或整個市場而言，住宅端更成熟。我想很大一部分原因在於住宅交易通常更簡單。即便是有預訂（booking）的情境，所涉及的系統與互動動態，通常也比商用案例要不那麼複雜。從更長期的角度來看，我們在兩者都看到非常相似的機會，但我們預期無論是整體市場，或我們自身產品成熟度，住宅都會領先商用。

Yun Kim, Loop Capital Markets.

Yun Kim，Loop 資本市場。

Following up on a couple of questions on competitive landscape and also the last question. If you can give us just an update on the overall competitive landscape, especially at the low end of the market, just picking up a lot more players in that end of the market, maybe if they're using Vibe coding and such, I don't know. But given that you are seeing faster growth from the enterprise to the larger end of the market, the higher end of the market and more of your go-to-market focus?

延續幾個關於競爭格局以及上一題的問題。你能否就整體競爭格局給我們一個更新，特別是在市場低端？那一端似乎出現更多玩家，也許他們在用 Vibe coding 之類的，我不確定。但考量到你們在企業端、也就是市場較大規模/高端的部分看到更快成長，且你們的 go-to-market 更聚焦在那裡，這方面你們怎麼看？

Great question. We don't really sell to the lower end of the market. So we haven't seen any dynamics that necessarily materialize in the way that you're describing.

問得很好。我們其實不太向市場低端銷售。所以我們沒有看到你所描述的那種動態有具體地浮現。

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

謝謝。接下來我想把電話會議交回 Ara Mahdessian 做結語。先生？

I just want to thank everyone for the call today. In particular, a special thank you to our customers who work tirelessly to serve their communities, particularly with the upcoming busy season coming up. A special thank you to our Titans all around the world, who work tirelessly for our customers and especially to our investors who support our mission. We hope to be good stewards of your capital and aspire to build a generational company. Thank you all and look forward to seeing you all soon.

我只想感謝大家今天參與電話會議。特別要向我們的客戶致上誠摯的感謝，你們不懈努力服務你們的社區，尤其是接下來即將進入繁忙季。也特別感謝我們遍布全球的 Titans，你們為了客戶不懈努力；同時也特別感謝支持我們使命的投資人。我們希望能善盡受託責任，妥善管理各位的資本，並立志打造一家世代傳承的公司。謝謝大家，期待很快再與各位見面。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。