ServiceTitan, Inc. (TTAN) 2027 Q2 法說會逐字稿

Thank you for standing by, and welcome to ServiceTitan's Second Quarter Fiscal Year 2027 Earnings Conference Call. (Operator Instructions) I would now like to hand the call over to Jason Rechel, Vice President, Investor Relations. Please go ahead.

感謝各位耐心等候，歡迎參加 ServiceTitan 2027 會計年度第二季財報電話會議。(接線員指示) 現在我將把電話交給投資人關係副總裁 Jason Rechel。請開始。

Thank you, operator, and welcome, everyone, to ServiceTitan's Fiscal Second 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，接線員，也歡迎各位參加 ServiceTitan 2027 會計年度第二季財報電話會議。與我一同出席的有 ServiceTitan 共同創辦人暨執行長 Ara Mahdessian；共同創辦人暨總裁 Vahe Kuzoyan；以及財務長 Dave Sherry。

During today's call, we'll review our fiscal second quarter 2027 results. We will also discuss our guidance for the third 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 only 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 會計年度第二季的業績。我們也將討論 2027 會計年度第三季及 2027 會計年度全年的財測指引。在開始之前，我們想提醒各位注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）僅以今日掌握的資訊為基礎，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.

除歷史事實陳述外，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任何前瞻性陳述的義務。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 have 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（GAAP）編製的財務衡量指標外，我們亦提供非 GAAP 衡量指標，且其目的並非取代 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標的定義，以及與 GAAP 財務衡量指標的調節表，均載於我們的財報新聞稿中；該新聞稿已提交予 SEC，並可於我們網站 investors.servicetitan.com 取得。

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 基礎呈現。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，並可在同一網站收聽本次電話會議的重播。

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

接下來，我把電話交給 Ara。Ara？

Thank you, Jason, and thank you for joining us. I'm excited to share that our strong momentum delivering the Agentic operating system for the trades resulted in 21% year-over-year revenue growth and record free cash flow this quarter. Over the course of the year, it has become increasingly obvious that delivering this Agentic operating system to our customers and leveraging AI to further enhance our own organizational velocity are once-in-a-lifetime opportunities to execute against.

謝謝你，Jason，也謝謝各位加入我們。我很高興分享，我們在為技術工種（trades）交付 Agentic 作業系統方面的強勁動能，使本季營收年增 21%，並創下自由現金流新高。在過去一年中，愈來愈明顯的是：將這套 Agentic 作業系統交付給客戶，並運用 AI 進一步提升我們自身組織的運作速度，是一生難得的機會，值得我們全力以赴。

As a result, we broadened the scope of our investments in both Max and the software factory in absolute dollars and also relative to our expectations at the beginning of the year. We now believe that focusing on our existing trades and accelerating our shift towards Max will allow us to unlock the full potential of our business in the years ahead. Vahe will share more about our MAX execution.

因此，我們擴大了對 Max 與軟體工廠（software factory）的投資範圍，不僅在絕對金額上增加，也相較於年初的預期更為積極。我們現在相信，聚焦於既有的技術工種客群並加速向 Max 的轉型，將使我們在未來數年釋放業務的全部潛力。Vahe 將分享更多我們在 MAX 的執行情況。

Dave will discuss the financial implications of this mix shift, and I'm excited to lead with the outcomes that our customers are realizing with Max today. Our vision since founding ServiceTitan has been to transform the lives of hard-working contractors by helping them grow revenue and increase margins.

Dave 將說明這項組合轉移（mix shift）的財務影響；而我想先談談客戶目前透過 Max 所實現的成果。自創立 ServiceTitan 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。

From day one, we imagine the world where technicians focused on serving customers in the field, leaders focused on business outcomes and ServiceTitan increasingly handle the operational complexity in between. The outcomes our customers are now seeing with Max and our organizational readiness can lean into this success gives me even more clarity into our forward trajectory.

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，管理者專注於業務成果，而 ServiceTitan 則日益承擔其間的營運複雜度。客戶如今透過 Max 所看到的成果，以及我們組織已準備好乘勢而上，讓我對未來的發展方向更加清晰。

As many of you know, we introduced Max as a pilot program at Pantheon last September, where Stacy Anatol was sitting in the audience. Stacy, the co-owner and President of Delponte saw immediate potential in Max.

如各位所知，我們在去年 9 月的 Pantheon 上將 Max 以試點計畫推出，當時 Stacy Anatol 就坐在台下。Stacy 是 Delponte 的共同所有人兼總裁，她立刻看到了 Max 的潛力。

She saw an operating system with a singular company brain connected to every piece of context in our business and armed with the ability to take action on key workflows in our operation, one that could automate and optimize our business generated demand, book appointments, sold work, manage payroll inventory and more, allowing (inaudible) to handle far more volume with the same headcount.

她看到的是一套作業系統：擁有單一的「公司大腦」，連結到我們業務中每一個情境脈絡，並具備在營運關鍵工作流程上採取行動的能力；它能自動化並最佳化我們業務所產生的需求、預約排程、成交的工作、薪資與庫存管理等，讓（聽不清）在相同人力編制下處理更多的業務量。

Del Ponte has been in business for nearly 50 years and first implemented ServiceTitan in 2023 when Stacy took over as President. Our initial goal is straightforward to build a better company for their customers, their employees and the future of the business. I'm glad to share that Del Ponte's results have been extraordinary so far.

Del Ponte 經營近 50 年，並於 2023 年在 Stacy 接任總裁時首次導入 ServiceTitan。我們最初的目標很明確：為他們的客戶、員工以及企業的未來打造一家更好的公司。我很高興分享，Del Ponte 迄今的成果非常卓越。

Stacy's revenue grew more than 35% year-over-year during Q1 2026 and more than 45% year-over-year in the second quarter of 2026, accelerating as the quarter went on. With Max, Delponte generated more calls, spoke more appointments and close more sales with higher average tickets. But what impressed me most wasn't the revenue growth. It was what the operating model allowed them to do next.

Stacy 的營收在 2026 年第一季年增超過 35%，而在 2026 年第二季年增超過 45%，且隨著季度進行成長加速。透過 Max，Delponte 帶來更多來電、安排更多預約、以更高的平均客單價成交更多銷售。但最讓我印象深刻的並不是營收成長。而是這種營運模式讓他們接下來能做到的事。

Delponte launched a new vertical entirely around recurring service. In just three months, they've already served 400 customers, all without adding a single back-office employee. Delponte's technician to admin ratio improved from 2:1 in 2025 to 3:1 in 2026, materially improving profitability, whereas technicians often work long hours during peak season to serve every customer and the office is typically overextended.

Delponte 推出了一個全新的垂直業務，完全圍繞定期（recurring）服務。僅僅三個月，他們就已服務 400 位客戶，而且完全沒有新增任何一位後勤辦公室員工。Delponte 的技師對行政人員比例，從 2025 年的 2:1 改善到 2026 年的 3:1，顯著提升獲利能力；而在旺季時，技師往往需要長時間工作以服務每位客戶，辦公室通常也會超負荷運轉。

Technicians averaged only 45 hours per week, and office morale has never been stronger. As I said last quarter, the power that Max unlocks means the work that used to require a group of people manually coordinating an operation is now orchestrated by the system itself with humans and AI agents working together each doing what they do best.

技師平均每週僅 45 小時，辦公室士氣也從未如此高昂。正如我上季所說，Max 所釋放的力量意味著：過去需要一群人手動協調的營運工作，如今由系統本身來編排（orchestrate），由人類與 AI 代理（agents）協同合作，各自做最擅長的事。

Delponte is proving something we believe from the beginning. When routine coordination is handled automatically, leaders spend less time coordinating work and more time coaching people, serving customers and growing the business. We see this as just the beginning and are excited to announce the next big wave of innovation at Ampion in October.

Delponte 正在證明一件我們從一開始就相信的事。當例行性的協調工作能自動處理時，領導者花在協調工作的時間更少，花在教練式帶領、服務客戶與拓展業務的時間更多。我們認為這只是開始，並很高興宣布將在 10 月的 Ampion 帶來下一波重大創新。

We are focused on leveraging the Max platform and our massive proprietary data set, expanding ecosystem, brand leadership and distribution across more than 10,000 high-performing contractors to bring the magic of end-to-end automation for life.

我們專注於運用 Max 平台與我們龐大的專有資料集、不斷擴張的生態系、品牌領導地位，以及在超過 10,000 家高績效承包商中的通路與分銷能力，將端到端自動化的魔法帶入現實生活。

Before I conclude, I want to take a moment to thank Ross Biestman for building ServiceTitan into the business we are today. We announced earlier that after leading us from less than $30 million in ARR to over $1 billion of annual normalized run rate revenue. Ross has decided to step away from an operating role, but not before closing Grupantheon in Q3 as our CRO and then serving as an adviser through the end of the fiscal year to ensure a smooth transition.

在我結束之前，我想花點時間感謝 Ross Biestman，感謝他將 ServiceTitan 打造成我們今天的事業規模。我們先前已宣布，在帶領我們從不到 3,000 萬美元的 ARR 成長到超過 10 億美元的年度常態化年化執行率（annual normalized run rate）營收之後，Ross 已決定卸下營運職務。不過在此之前，他將以我們的首席營收長（CRO）身分於第三季完成 Grupantheon 的收尾，並在本會計年度結束前擔任顧問，以確保順利交接。

Ross, I am grateful for your leadership and your friendship over the past nine years. Being the leader that you are, you've also built a bench of exceptional leaders and a world-class go-to-market machine. Rikus Pretorius has served as our SVP of Worldwide Sales and Ross' right hand for over seven years.

Ross，感謝你在過去九年中的領導與友誼。以你一貫的領導風範，你也建立了一支卓越的領導梯隊，以及世界級的市場推進（go-to-market）機器。Rikus Pretorius 擔任我們全球銷售資深副總裁（SVP of Worldwide Sales），並作為 Ross 的得力助手已超過七年。

We have great confidence that we have the right sales leadership team to lead us forward as Rikus steps into the CRO role beginning in Q4. Al, let's hear more for my Co-Founder, Vahe.

我們非常有信心，隨著 Rikus 自第四季（Q4）起接任營收長（CRO）一職，我們已擁有合適的銷售領導團隊帶領公司向前。Al，讓我們再為我的共同創辦人 Vahe 多給一些掌聲。

Thanks, Ara. Max has become the foundation for our future. And while I don't want to speak too much of our thunder for Penteon next month, I'd like to dive right into the progress we made during the second quarter. Our North Star has always been to deliver transformational customer outcomes. Max customers continue to overperform their peers across key funnel metrics and are creating tangible business value.

謝謝你，Ara。Max 已成為我們未來的基石。雖然我不想在下個月的 Pantheon 之前把風頭都講完，但我想直接深入談談我們在第二季取得的進展。我們的北極星目標一直是為客戶帶來具變革性的成果。Max 客戶在關鍵漏斗指標上持續優於同業，並創造出可衡量的商業價值。

Max customers are generating more leads, inverting those leads at a higher booking rate and completing work at a higher average ticket. They are doing this with improved operational ratios and what you heard from Delponte to deliver a faster and more efficient rate of growth relative to peers.

Max 客戶正在產生更多潛在客戶，並以更高的成交（booking）率轉化這些線索，同時以更高的平均客單價完成工作。他們以更佳的營運比率做到這一點，並如你從 Delponte 所聽到的，相較同業實現更快、更有效率的成長速度。

We now have over 30 agentic capabilities native within Max to power enhanced automation, including Q2 reductions like demand orchestration, advanced session SMS recovery, AI coaching and scorecards and live escalations. Due to the strength of these customer outcomes, we are growing Max more quickly than we had previously expected. We doubled the number of locations enrolled in Max during our fiscal Q1 to just over 100 and we expect it to again double that number during Q2.

目前 Max 內建超過 30 項代理式（agentic）能力，用於強化自動化，其中包含第二季推出的需求編排（demand orchestration）、進階工作階段 SMS 挽回、AI 教練與評分卡，以及即時升級處理。由於這些客戶成果表現強勁，我們的 Max 成長速度超出先前預期。我們在本財年第一季（Q1）將加入 Max 的據點數量翻倍至略高於 100 個，並預期在第二季（Q2）再度翻倍。

As a result of strong execution with existing customers and progress selling to select new customers for the first time, we exceeded our goal during Q2, and we now expect to end this fiscal year with over 700 enrolled Max locations. In addition to Max, we began to put our full butter market efforts behind another pillar of our AI monetization strategy, virtual agents in May.

由於對既有客戶的強力執行，以及首次向部分新客戶銷售所取得的進展，我們在第二季超越了目標，並且現在預期在本財年結束時，加入 Max 的據點將超過 700 個。除了 Max 之外，我們也在 5 月開始把完整的市場推進資源投入到 AI 變現策略的另一個支柱：虛擬代理（virtual agents）。

The differentiation of our natively integrated platform is proving up, particularly with our SMS agented capabilities now native alongside voice. During Q2, we launched voice and SMS features like speed to lead technician notifications and both inbound and outbound capabilities, each converged within our AI power demand generation and capability optimization platform. While virtual agents remain early overall, during Q2, our revenue and call volume each more than doubled sequentially.

我們原生整合的平台差異化正逐步被驗證，尤其是我們的 SMS 代理能力如今與語音一同原生內建。在第二季，我們推出了語音與 SMS 功能，例如「加速線索回覆」的技師通知，以及同時具備來電與去電能力，並全部整合在我們以 AI 驅動的需求生成與能力最佳化平台中。雖然虛擬代理整體仍處於早期階段，但在第二季，我們的營收與通話量皆較前一季成長逾一倍。

And when it comes to our organizational velocity, our vision to build a software factory is increasingly taking shape. At its core, we envision that the software factory will be the growth engine behind our platform. It will touch everything we build and everything our customers experience, improving the platform, the pace of feature introductions and how we sell and market ServiceTitan.

至於組織的推進速度，我們打造「軟體工廠」的願景正日益成形。其核心在於，我們相信軟體工廠將成為平台背後的成長引擎。它將影響我們打造的一切，以及客戶所體驗的一切，進而改善平台、加快功能推出節奏，並提升我們銷售與行銷 ServiceTitan 的方式。

We're creating a self-reinforcing loop where software perpetually learns and improves based on actual customer behavior to build faster and more efficiently than we ever could have previously. As Ara mentioned, is in constant with the results we see today that we are increasing the share of our investments on AI in the software factory.

我們正在建立一個自我強化的循環：軟體會根據真實的客戶行為持續學習與改進，使我們能以前所未有的速度與效率進行建置。如 Ara 所提到，與我們今天所看到的成果一致，我們正在提高在軟體工廠中對 AI 的投資占比。

We believe that increasing our focus on Max and AI will maximize the long-term value of ServiceTitan because we now have even greater resources that we invested in and running together towards the most important opportunity have ahead of us.

我們相信，提升對 Max 與 AI 的聚焦將最大化 ServiceTitan 的長期價值，因為我們現在擁有更多資源，並將其整合投入、協同運作，朝向我們面前最重要的機會前進。

(inaudible) advanced our investment to include more agent capabilities for field and office editions are the backbone of the trade businesses, and we are continuing to make even larger investments in the capabilities we give to them from AI proposals to voice-based solutions.

（聽不清）我們也推進投資，納入更多代理能力；現場版與辦公室版是各類技術服務（trade）企業的骨幹，我們將持續在提供給他們的能力上加大投資，從 AI 報價提案到以語音為基礎的解決方案。

Our multiyear growth markets like commercial and roofing remain important initiatives for us as we work towards becoming the market standard over time to enable increased investments in an intention on Max, during Q2, we elected to tighten our focus on existing commercial trades like mechanical, electrical, plumbing and landscaping and residential roofing rather than the planned expansion of our offering to new trades within commercial or broader residential exterior categories, we expect this focus on existing trades to allow us to execute on existing investments while also accelerating our shift towards Max and internal AI, addressing what we believe to be our most important opportunity today.

我們的多年期成長市場（例如商用與屋頂工程）仍是重要計畫；隨著我們逐步成為市場標準，以支撐對 Max 的更高投資與更強聚焦，在第二季，我們選擇收斂焦點，優先深耕既有的商用工種（如機械、電氣、管路與景觀）以及住宅屋頂工程，而非按原計畫將產品擴展到商用領域的新工種或更廣泛的住宅外裝類別。我們預期，聚焦既有工種將使我們能在既有投資上更有效執行，同時加速轉向 Max 與內部 AI，聚焦我們認為當下最重要的機會。

Dave will discuss the mix shift implications of this trade-off shortly. I am excited to speak at Pantheon about the competitive new outcomes that our customers will be able to achieve with AI. On to you, Dave.

Dave 很快會說明這項取捨對組合轉移（mix shift）的影響。我很期待在 Pantheon 上分享，客戶將能透過 AI 達成哪些具競爭力的新成果。交給你了，Dave。

Thanks, Vahe. Today, I will run through our Q2 financial results and provide an update to our guidance for full fiscal year 2027. For more detailed financial results, please refer to our press release issued earlier today. Q2 gross transaction volume, or GTV, was $26.8 billion, up 17% year-over-year.

謝謝你，Vahe。今天我將說明我們第二季的財務結果，並更新我們對 2027 財年全年指引。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。第二季總交易額（GTV）為 268 億美元，年增 17%。

Normalized for business days and weather, which were roughly offsetting, growth of 17% was about 200 basis points below recent quarters, primarily due to lower job growth by existing customers. Our customers' lead volume grew at a more moderate seasonal pace during May and June compared to prior years before stabilizing July, which was consistent with Hardy data.

若以營業日與天氣因素進行標準化（兩者影響大致互相抵銷），17% 的成長較近期季度低約 200 個基點，主要原因是既有客戶的工作量（job）成長較低。我們客戶的線索量在 5 月與 6 月以較溫和的季節性速度成長，之後在 7 月趨於穩定，與 HARDI 數據一致。

This was evident across the broad set of trades in markets that we serve and it's particularly true for our HVAC focused customers. Looking forward, we have adjusted our second half forecast to reflect the more moderate GTV growth we saw during Q2, of course, accounting for one fewer business day in Q3.

這一點在我們服務的廣泛工種市場中都很明顯，對以 HVAC（暖通空調）為主的客戶尤其如此。展望未來，我們已調整下半年預測，以反映第二季較溫和的 GTV 成長，當然也會納入第三季少一個營業日的影響。

Given the momentum and growing importance of Max, before getting into Q2 financials, I'd like to outline how we expect Max to impact our P&L over time. Specifically, I want to provide some color in four key areas: first, in terms of addressable customers, today, Max is primarily available for residential customers and the traits we call in-home, principally plumbing, HVAC, electrical and garage.

鑑於 Max 的動能與日益重要性，在進入第二季財務細節之前，我想先說明我們預期 Max 將如何隨時間影響我們的損益表（P&L）。具體而言，我想就四個關鍵面向補充一些背景：第一，就可觸及客群而言，目前 Max 主要提供給住宅客戶，以及我們稱為「到府服務（in-home）」的工種，主要包括管路（plumbing）、HVAC、電氣與車庫相關。

As we said at this time last year, this rebate of customers represents our largest group of customers based on GTV, though not a majority. Second, in terms of subscription uplift, we see from our customers that enroll Max. As we've noted before, at full contract ramp, subscription revenue roughly doubles relative to prior spend, driving an average platform earn rate just north of 2%.

如同我們在去年此時所說，這一類客群以 GTV 計算是我們最大的客戶群，但並非多數。第二，就訂閱升級（subscription uplift）而言，我們從加入 Max 的客戶身上看到了提升。如我們先前提到，在合約完全爬坡（full contract ramp）後，訂閱收入相較先前支出約翻倍，帶動平均平台抽成率略高於 2%。

Now we realize that not all of our residential in-home customers are ready to fully transform their businesses yet. We expect to launch packages that will be on reps to Max over time, which we expect to have meaningful uplift in subscription revenue run rate though not quite the same level as full Max deployment.

我們也理解，並非所有住宅到府服務客戶都已準備好立刻全面轉型其業務。我們預期將隨時間推出可逐步導入 Max 的套裝方案，預期能在訂閱收入執行率（run rate）上帶來顯著提升，但不會達到完整部署 Max 的同等水準。

We will provide more specifics as these packages launch. Third, we recognize revenue slightly differently for our core platform compared to our upsell products like Max and Pro. For the core subscription, we recognize revenue ratably over the term of the contract. For upsell, we recognize revenue as build.

當這些套裝方案推出時，我們會提供更多細節。第三，我們對核心平台與 Max、Pro 等加購產品（upsell）的收入認列方式略有不同。對於核心訂閱，我們在合約期間按期平均（ratably）認列收入。對於加購，我們在建置（build）時認列收入。

Because Max requires such substantial change management, we typically do not build for the first quarter of a contract and then ramp to full contract value to the first year or so. The momentum in Max as well as our decision to focus our investments here and in existing trades has led to a higher proportion of new deals coming for Max.

由於 Max 需要相當大幅度的變革管理，我們通常不會在合約的第一季就開始建置，然後在第一年左右再拉升到完整合約價值。Max 的動能，以及我們決定將投資重點放在此處與既有工種（trades），使得新成交案中屬於 Max 的占比提高。

We expect this change in composition and the timing difference of revenue recognition between core and upsell to be between $2 million and $3 million subscription revenue headwind over the remainder of the fiscal year. Finally, given both the required process change and expected customer lifetime value increased remarks, we have elected not to charge existing customers an onboarding fee for the transition to Max.

我們預期，這項組合結構的變化，以及核心產品與加購（upsell）之間在收入認列時點上的差異，將在本會計年度剩餘期間造成約 200 萬至 300 萬美元的訂閱收入逆風。最後，考量所需的流程變更以及預期客戶終身價值（LTV）提升等因素，我們決定不向既有客戶收取轉換至 Max 的導入費（onboarding fee）。

We expect the mix shift to Max to lower professional services revenue by roughly an additional $2 million over the remainder of this fiscal year, which, of course, also flows through the professional services gross margin.

我們預期，產品組合轉向 Max 將在本會計年度剩餘期間使專業服務收入再額外下降約 200 萬美元，當然也會反映在專業服務毛利率上。

Now shifting to Q2 financials. Q2 total revenue of $292.8 million grew 21% year-over-year. Subscription revenue of $212.4 million grew 22% year-over-year. Usage revenue grew 24% year-over-year to $72.1 million. FinTech revenue grew well, though slightly below recent periods due to more moderate GTV growth.

接著談第二季（Q2）財務表現。Q2 總營收為 2.928 億美元，年增 21%。訂閱收入為 2.124 億美元，年增 22%。使用量收入（usage revenue）年增 24% 至 7,210 萬美元。FinTech 收入表現良好，但因 GTV 成長較為溫和，略低於近期期間。

Beyond FinTech, ecosystem and virtual agent revenue continue to perform well with virtual agent revenue more than doubling quarter-over-quarter. We continue to believe AI monetization will lead usage revenue to grow more quickly than GTV and FY '27.

除 FinTech 之外，生態系（ecosystem）與虛擬代理（virtual agent）收入持續表現強勁，其中虛擬代理收入較前一季成長逾一倍。我們仍然相信，AI 變現將使使用量收入的成長速度快於 GTV，並延續至 FY '27。

Total platform revenue for Q2, the sum of subscription and usage revenue grew 22% year-over-year to $284.5 million. Q2 professional services and other revenue was $8.3 million. Net dollar retention was greater than 110% for the quarter. Q2 platform gross margin was 81.1%, up 40 basis points year-over-year. Total gross margin for Q2 was 74.6%, up 20 basis points year-over-year.

Q2 平台總收入（platform revenue；訂閱收入加上使用量收入）年增 22% 至 2.845 億美元。Q2 專業服務及其他收入為 830 萬美元。本季淨美元留存率（net dollar retention）高於 110%。Q2 平台毛利率為 81.1%，年增 40 個基點。Q2 總毛利率為 74.6%，年增 20 個基點。

We continue to optimize for unit economics within our business. Q2 operating income of $44.4 million resulted in operating margin of 15.2%, an improvement of 310 basis points year-over-year. The fact that we delivered such strong margins in a quarter with modest GTV growth, gives us increased conviction in the higher operating leverage of the business moving forward.

我們持續在業務中優化單位經濟效益（unit economics）。Q2 營業利益為 4,440 萬美元，營業利益率為 15.2%，年增 310 個基點。在 GTV 成長溫和的一季仍能交出如此強勁的利潤率，讓我們對未來業務更高的營運槓桿更具信心。

As such, we now expect that 25% incremental margins will represent a floor each year rather than a target moving forward. And in this fiscal year, FY '27, we now expect incremental margins of 33%. Q2 free cash flow was $50.5 million, up 47% year-over-year. Year-to-date free cash flow of $40.9 million is up from $12 million over the same period a year ago.

因此，我們現在預期，未來每年 25% 的增量利潤率（incremental margins）將是底線，而非目標。而在本會計年度 FY '27，我們目前預期增量利潤率為 33%。Q2 自由現金流為 5,050 萬美元，年增 47%。年初至今自由現金流為 4,090 萬美元，高於去年同期的 1,200 萬美元。

We remain focused on free cash flow conversion and expect that free cash flow conversion will remain consistently high again during this fiscal year as we saw last year. Now shifting to formal guidance. For the third quarter, we expect total revenue in the range of $285 million to $287 million. We expect to generate operating income in the range of $29 million to $30 million.

我們仍聚焦於自由現金流轉換率（free cash flow conversion），並預期本會計年度的自由現金流轉換率將如同去年一樣，持續維持在高檔。接著進入正式財測指引。第三季（Q3）我們預期總營收介於 2.85 億至 2.87 億美元。我們預期營業利益介於 2,900 萬至 3,000 萬美元。

For the full fiscal year 2027, we expect total revenue in the range of $1.139 billion to $1.144 billion. We expect to generate operating income in the range of $152 million to $154 million. We believe that our focused investments in existing growth markets and Max positions service site even higher quality, more efficient long-term growth.

就 2027 會計年度全年而言，我們預期總營收介於 11.39 億至 11.44 億美元。我們預期營業利益介於 1.52 億至 1.54 億美元。我們相信，聚焦投資於既有成長市場與 Max，將使 ServiceTitan 具備更高品質、更有效率的長期成長定位。

We're very excited to talk about the future of the trades during Pantheon this quarter. We're hosting thousands of customers and partners. And while we're not hosting a formal investor event this year, we do focus see many of you there.

我們非常期待在本季的 Pantheon 大會上談論工種（trades）的未來。我們將接待數千名客戶與合作夥伴。雖然今年我們不會舉辦正式的投資人活動，但我們確實期待在現場見到各位。

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，進入問答環節。接線員？

(Operator Instructions)

（接線員指示）

DJ Hynes, Canaccord.

DJ Hynes，Canaccord。

Dave, so you said lead volumes stabilized in July after softer growth in May and June. What have you seen since quarter end? And I guess, what gives you confidence that Q2 represented maybe a temporary moderation versus kind of a new GTV run rate?

Dave，你提到在 5 月與 6 月成長較疲弱之後，7 月的線索量（lead volumes）已趨於穩定。季末之後你們看到什麼情況？另外，你們為何有信心 Q2 可能只是暫時性的放緩，而不是新的 GTV 運行水準（run rate）？

DJ, why don't I do a quick deep dive on the GTV overall and give you some clarity there. I think first, let me go into business days because July 4 fell on a Saturday this year, there was an observed holiday on Friday July 3. In the past, observed holidays have performed like normal business days, which is what we expect to come in the quarter. Instead, July 3 was closer to a week and day, creating less benefit than 150 bps we planned.

DJ，我先快速深入說明一下整體 GTV，讓你更清楚。我想先從營業日談起：因為今年 7 月 4 日落在星期六，所以 7 月 3 日（星期五）成為補假。過去補假日的表現通常與一般營業日相近，這也是我們在本季的預期。但實際上，7 月 3 日的表現更接近週末日，導致帶來的助益低於我們原先規劃的 150 個基點。

Second, in terms of weather, it was a summer -- it was a warm summer, they roughly consistent with last year. And upon reviewing the results of the quarter, we do believe that the early start of the cooling season in April did pull a portion of Q2 GTV into Q1, creating a small headwind.

第二，就天氣而言，這個夏天——是個偏暖的夏天——大致與去年一致。在檢視本季結果後，我們確實認為 4 月冷房季節提早開始，將部分 Q2 的 GTV 拉到 Q1，形成小幅逆風。

Now these two factors more or less offset one other, which is why normalized and reported were the same 17%. Now coming to your question, beyond weather business, as I noted, consists of the (inaudible) data, we did see variance within the quarter as managing a weaker July was stronger. From what we could see the core challenge our customers face was the lead volume, and we did see that stabilize in the month of July.

這兩個因素大致互相抵銷，因此標準化後與報告口徑的成長率同為 17%。回到你的問題，除了天氣與營業日之外，如我提到的，還包含（聽不清）資料；我們確實看到季度內部存在差異，例如 7 月較弱、8 月較強。就我們所見，客戶面臨的核心挑戰是線索量，而我們確實看到 7 月線索量趨於穩定。

And unlike in similar periods in the past, our customers did not pass up. We're not able to offset this lower lead volume with higher average ticket. Now I don't have clarity on what's driving consumer behavior, particularly on lead volume. So what we did is we rolled forward the aggregate of Q2 in our forecast for the rest of the year rather than assume what we saw in July was the bounce back going forward.

而且不同於過去類似期間，我們的客戶並沒有調漲價格。他們無法用更高的平均客單價（average ticket）來抵消較低的線索量。目前我不清楚是什麼因素在驅動消費者行為，特別是在線索量方面。因此，我們在對今年剩餘期間的預測中，採用將 Q2 的整體水準往後延伸的方式，而不是假設 7 月所見會在未來出現反彈。

And in terms of the first month of the year, DJ, we don't -- I don't love getting the practice of talking about in-quarter forecast because there's so much variance within the quarter. I think that helped answer your question.

至於本季第一個月的情況，DJ，我們——我不太喜歡在季度進行中談論預測，因為季度內的波動很大。我想這應該有回答到你的問題。

Yeah. No, that's helpful color, and I appreciate your comments on Q3. Ara, maybe a more strategic question. So you noted delaying expansion into new commercial trades and broader exteriors to kind of fund Max. How much future growth do you feel like they're deferring? And what are the milestones or signals that would cause you to begin broadening those investments again?

是的。這些補充很有幫助，也謝謝你對 Q3 的評論。Ara，我想問一個更偏策略面的問題。你提到延後擴張到新的商用工種（commercial trades）以及更廣泛的外裝（broader exteriors），以便為 Max 提供資金。你覺得這樣等於延後了多少未來成長？而哪些里程碑或訊號會促使你們再次開始擴大這些投資？

Yeah. Great question, DJ. I'll first say this. We are relentlessly focused on the two profound opportunities unlocked by AI that we believe will win the next era of software and meaningfully expand ServiceTitan's long-term opportunity. And so we are concentrating our incremental resources on them.

是的。很好的問題，DJ。我先說這點。我們持續且堅定地聚焦於我們相信由 AI 解鎖的兩個重大機會；這兩個機會將贏得下一個軟體時代，並顯著擴大 ServiceTitan 的長期機會。因此，我們正把新增的資源集中投入在這兩件事上。

First, of course, that's Max, our agentic operating system. The customer outcomes are compelling. Max customers grow revenue faster and more profitably. The demand is strong, CLTV is expected to be higher. And it's not just existing customers upgrading. We recently started leading with Max for new logos in residential in on trade.

第一，當然是 Max，我們的代理式作業系統。客戶成果非常有說服力。Max 客戶的營收成長更快、獲利能力也更強。需求強勁，CLTV 預期會更高。而且不只是既有客戶升級。我們最近也開始在住宅端的新客戶（新 logo）上，以 Max 作為主打來推進進入市場。

And these results give us confidence that our agenda capabilities are the best path to continued success across all of our segments over time. And then second is the software factory. We believe one of the most important competitive advantages in software will be how quickly and efficiently we can turn an idea into high-quality product in customers' hands.

而這些結果讓我們更有信心：我們的議程能力是長期在所有細分市場持續成功的最佳路徑。第二是軟體工廠。我們相信，軟體領域最重要的競爭優勢之一，將在於我們能多快、多有效率地把一個想法轉化為高品質產品並交付到客戶手中。

And in some areas, with large features previously estimated to take quarters being delivered in months with escape defects meaningfully down and bugs identified and resolved automatically. But there is more work to be done to cover the entire ServiceTitan footprint. So we are putting capital and talent where the return is highest and the magnitude of these two shifts is such that we believe nearly every incremental hour is best spent on them.

在某些領域，過去估計需要好幾季才能交付的大型功能，現在幾個月就能交付，且逃逸缺陷（escape defects）顯著下降，錯誤也能自動被識別並解決。但要涵蓋整個 ServiceTitan 的產品版圖，仍有更多工作要做。因此我們把資本與人才投入在回報最高的地方；而這兩個轉變的規模之大，使我們相信幾乎每一個新增工時都最應該花在這兩件事上。

And naturally, there are trade-offs like the revenue recognition timing and professional services revenue that they've outlined as well as this sequencing of trade expansion you noted, but we firmly believe this focus will compound value over quarters and years.

當然，這也會有取捨，例如他們也提到的收入認列時點與專業服務收入，以及你所指出的交易（trade）擴張的排序；但我們堅信，這樣的聚焦會在未來幾季與幾年持續複利式地累積價值。

Michael Turrin, Wells Fargo Securities.

Wells Fargo Securities 的 Michael Turrin。

Appreciate that. I think I have it by now. I just wanted to follow on to the prior point because I think this is an important point, just in general on the call. So just across the team would love to get more details on the decision to prioritize Max over some of the subsequent trade expansion that we've seen on the road map previously.

謝謝說明。我想我現在大致理解了。我只是想延伸前一點，因為我認為這是本次電話會議中一個重要議題。所以想請團隊多分享一些細節：為什麼決定把 Max 的優先順序放在我們先前在路線圖上看到的後續交易（trade）擴張之前？

Just walk us through the thought process, what you're seeing with Max, why now? And what gives you the confidence that's the right decision, both today and over the longer term.

請帶我們走一遍你們的思考過程：你們在 Max 上看到了什麼、為什麼是現在？以及是什麼讓你們有信心，這在今天與長期來看都是正確的決策？

Great question, Michael. There is a lot of excitement. What started maybe a year ago as the idea was an aggregation of the agentic capabilities inside Pro products and there were roughly eight of them at the time has grown into something far bigger than that.

很好的問題，Michael。大家非常興奮。大約一年前，這個想法一開始可能只是把 Pro 產品內部的代理式能力做整合，當時大概有八項能力；如今已成長為遠遠更大的東西。

There are now 30-plus agentic capabilities, all orchestrated together on the Max Agentic operating system, generating demand automatically for customers through things like e-mail marketing, Google and Facebook ad, automation, speed to lead, automation of converting phone calls into both deployments, whether through virtual agents or now SMS agents as well as improvements in close rates and average tickets in the field through things like automating the selection of the best technicians for any job based on lead scoring as well as the automatic creation of good, better, best options in the field, automatic follow-up of (inaudible).

現在已有 30 多項代理式能力，全部在 Max 代理式作業系統上協同編排，透過像是電子郵件行銷、Google 與 Facebook 廣告、自動化、快速回覆線索（speed to lead）、把來電自動轉換為派工（deployments）的自動化（不論是透過虛擬代理，或現在的 SMS 代理），以及透過例如依據線索評分自動為每個工作挑選最佳技師、在現場自動建立「好／更好／最好」方案、以及自動跟進(聽不清楚)。

All these things are very meaningfully increasing revenue for our customers and meaningfully increasing profitability. The results have been very compelling, and it is the evidence of these results that increase our confidence and conviction that Max represents far greater value to customers.

所有這些都在非常顯著地提升客戶營收，也顯著提高獲利能力。成果非常有說服力；正是這些成果的證據，提升了我們的信心與確信：Max 對客戶而言代表更大的價值。

And then we see that in the increase in CLPV from customers. And we see it as an imperative to ultimately over time, get Max into the hands of every hard-working customer so they can continue to thrive.

接著我們也從客戶 CLPV 的提升看到了這點。而我們也認為，長期而言，讓每一位辛勤工作的客戶都能使用 Max 是一項勢在必行的任務，讓他們能持續茁壯。

And the only other thing I'd add, Michael, is that this is not a forever decision. We do expect to come back to trade expansion over time. We think the importance of Max now and the software factory which increased velocity later allows us to attack more trades and more features with more gusto over time. It is a prioritization decision at this moment.

另外我想補充的是，Michael，這不是一個永久性的決定。我們確實預期會在未來回到交易（trade）擴張。我們認為，Max 當下的重要性，以及軟體工廠在之後提升的開發速度，會讓我們隨時間以更大的力道去攻更多交易與更多功能。這是此刻的優先順序取捨。

And if I may, just as a follow-up, Dave. The growth profile is held fairly durable. We're looking at the mid-teens guide for the back half. And I just was hoping you could help frame what's contemplated there. What's the right way to think about the normalized medium-term growth rates for ServiceTitan would be?

如果可以的話，再追問一下，Dave。成長輪廓看起來仍相當穩健。我們看到下半年指引是中段十幾%的成長。我希望你能幫忙框架一下其中的假設。該如何看待 ServiceTitan 正常化後的中期成長率？

And if there are any indicators if you plan to give Max on a quarterly basis or other indicators for us to look at to gauge progress? That's all helpful.

另外，有沒有任何指標，例如你們是否會按季提供 Max 的數據，或其他我們可以用來衡量進展的指標？這些都會很有幫助。

Absolutely. As always, our guidance driven by the best information we have right now. And what I'll say on our forward growth, there's a couple of things that are driving the difference from what we've seen before. First, we are rolling forward a more modest GTV forecast after results we saw in Q2.

當然。一如既往，我們的指引是基於目前掌握的最佳資訊。至於未來成長，我想說有幾個因素造成與過去所見的差異。第一，在 Q2 的結果之後，我們把 GTV 預測往前滾動並採取較為保守的假設。

Second, the new deal volume, as I highlighted in my prepared remarks, are shifting to Max. And that shift has approximately a $4 million to $5 million near-term headwind across both subscription revenue and professional services. It's these two factors that are creating a bit of a headwind in the back half of this year.

第二，如我在事先準備的發言中提到，新案成交量正轉向 Max。而這個轉向在短期內，對訂閱收入與專業服務兩者合計帶來約 400 萬到 500 萬美元的逆風。正是這兩個因素，讓今年下半年出現一些逆風。

We continue to believe that growth earnings -- the growth and earnings potential of the business remains strong, and we're excited to put ourselves position to have strong FY28.

我們仍然相信，公司的成長與獲利潛力依舊強勁；我們也很期待把自己放在一個能在 FY28 表現強勁的位置上。

Dylan Becker, William Blair.

William Blair 的 Dylan Becker。

Maybe one more crack at the apple here on the kind of the strategic prioritization. Ara, maybe for you, is there a way we should think about obviously the value and ROI you're delivering through Max, enabling you to kind of capture more of that lion's share earlier to date?

我想再就策略優先順序多問一次。Ara，可能想請教你：我們是否可以這樣理解——你們透過 Max 所交付的價值與 ROI，使你們能在更早期就捕捉到更大份額的價值？

And if that is the case, maybe how that kind of gives you guys incremental conviction in extending that value prop to adjacent trades over time, effectively making the value proposition more compelling similar to what you saw as the platform evolves on a pre-AI basis, if that makes sense?

如果是這樣，這是否也讓你們對於未來把這個價值主張延伸到相鄰交易（adjacent trades）更有信心——也就是隨著平台演進，讓價值主張變得更具吸引力，類似你們在 AI 之前看到的平台演進路徑？希望我這樣問有表達清楚。

Yeah. So what we're seeing is that for customers that are in the sales cycle now where we introduced Max early on, that the appetite to not just wait until after they're live with the core and then incrementally grow is actually pretty promising. And so our ability to then go through that process with customers is what we're in the process of validating and we're excited about in terms of launching full GA for Max in home trades.

是的。我們看到的是：對於目前仍在銷售流程中的客戶，如果我們在早期就導入 Max，他們不只是願意等到核心系統上線後再逐步擴張，反而展現出相當不錯的意願。因此，我們目前正在驗證我們與客戶走完這個流程的能力；同時也對於在居家服務交易（home trades）推出 Max 的全面 GA 感到興奮。

The exact implications in terms of the speed with which we're able to capture the full opportunity really depends on how much of the Max Apple they bite on that first one versus the subsequent packages around demand, field back office and the sequence with which they go as well as the rev rec implications relative to what we had previously, is unclear right now in terms of exactly what that acceleration looks like, what proportion and complexion is going to take on which flavor, but the early signals are promising, and we're really excited about it.

至於具體影響——我們能以多快速度捕捉完整機會——其實取決於他們第一次就「咬下」多少 Max（Max Apple），相較於後續圍繞需求、現場、後台等套件的採用，以及他們採用的順序；再加上相對於我們先前的收入認列（rev rec）影響，目前仍不清楚加速的樣貌會是什麼、比例與組合會呈現哪種「口味」。但早期訊號相當正面，我們也非常期待。

Perfect. And then maybe second with you or for Dave as well, too encouraging commentary, the virtual agents piece doubling, I believe, quarter-over-quarter. So just kind of any sense of how those customers continue to kind of deploy where they deploy virtual agents off the bat and how they're kind of scaling those use cases from those initial trials maybe into more broad deployments across the portfolio.

完美。接著也許第二個問題想請教你，或也給 Dave 一併回答：關於虛擬代理（virtual agents）這塊的鼓勵性評論，我相信你們的虛擬代理採用量季對季翻倍。所以想請你們分享一下，你們如何看這些客戶持續部署——他們一開始通常會把虛擬代理部署在哪些場景？以及他們如何把這些用例從初期試點，擴大到整個產品組合更廣泛的部署？

Yes. Great question. So maybe a quick recap first. We built support for dozens of additional real-life production use cases through Q1. We began our more expanded go-to-market efforts late Q1, and then we saw strong success in Q2 behind the early efforts of our fuller go-to-market machine.

是的。好問題。我先快速回顧一下。我們在第一季期間，為數十個額外的真實生產環境用例建立了支援。我們在第一季末開始更擴大的 go-to-market（上市推廣）工作，然後在第二季，憑藉更完整的 go-to-market 機器早期發力，看到很強的成果。

Nearly all of our customers as situations where they have a sudden influx of calls that overwhelm their office staff as well as calls that come in after hours. And of course, when each call might represent thousands of dollars, it's very critical to book each and every one of them.

我們幾乎所有客戶都會遇到這樣的情況：來電量突然暴增，讓辦公室人員不堪負荷，另外也有下班後打進來的電話。當然，因為每一通電話可能代表數千美元的價值，所以把每一通都成功預約進來非常關鍵。

So many customers start with overflow and after hours. But now we also have customers given the performance of these agents and how well they book, how human may sound and how well they handle escalations that opt to let VA handle incrementally more and more volumes, especially as CSR a trip from the business, which is one of the highest attrition roles in the contracting business.

因此，很多客戶會先從「溢出來電」與「下班後來電」開始。但現在我們也看到一些客戶，基於這些代理的表現——他們預約能力很強、聲音很像真人、也很會處理升級（escalations）——選擇讓 VA 逐步處理越來越多的通話量，特別是在客服代表（CSR）離開公司出差/外出時；而 CSR 在承包服務業中也是流動率最高的職位之一。

Billy Fitzsimmons, Piper Sandler.

Billy Fitzsimmons，Piper Sandler。

So you reported in the press release that service exceeded doubling Max locations in fiscal 2Q and now there's 700 Max location target by fiscal year-end. Max is obviously early and seeing good momentum. It seems like it will become a more material revenue contributor in future years. I think the two biggest questions we get at Max is, one, it takes a few quarters for customers to get live, which you guys talked about in the prepared remarks. But could that come down over time?

你們在新聞稿中提到，Service 已經在 2 財季讓 Max 的據點數量超過翻倍，而且到財年末的 Max 據點目標是 700 個。Max 顯然還在早期，但動能很好。看起來它在未來幾年會成為更重要的營收貢獻來源。我認為大家對 Max 最大的兩個問題是：第一，客戶要上線通常需要幾個季度，你們在事先準備的講稿也提到過。但這個上線時間未來有可能縮短嗎？

And two implementations seem like kind of a white glove service right now to get customers live, and that's for a good reason. Is there a kind of upper limit or ceiling on the amount of Max customers you could add per quarter? Or could that come down over time as well? Like how do we think about scaling Max ads?

第二，目前的導入看起來像是「白手套」式的服務，這樣做有其原因，能讓客戶順利上線。那麼，每季你們能新增的 Max 客戶數量是否存在某種上限或天花板？或者這個限制也會隨時間下降？我們應該如何看待 Max 新增客戶的擴張（scaling Max adds）？

Great question. So the way I think about it is it's fundamentally a two-step process. Step one is about achieving product market fit, which for me means if you took it away from a customer, would they fight you for it? Independent of the cost to implement or the length of time it takes, can you just reach that point? Once you reach that point and only when you reach that point, do you go to step to scaling, of which the biggest unlock is the ability to implement efficiently, both in terms of time and effort while holding on to the quality.

好問題。我看這件事，本質上是兩個步驟。第一步是達到產品市場契合（product-market fit）。對我來說，意思是：如果你把它從客戶那裡拿走，客戶會不會跟你「搶回來」？不論導入成本或導入時間長短，能不能先達到那個程度？只有在達到那個程度之後，才會進入第二步：擴張（scaling）。而最大的解鎖點，是能否在維持品質的前提下，把導入做得更有效率——不管是時間還是人力投入。

And so if you look at what it took to implement ServiceTitan as a whole, the core product, it went from taking several months for even the simplest use case to a fraction of that today, for that same cohort. And we expect that over time, the amount of work it takes and the level of effort it takes to implement Max will follow a similar trajectory.

如果你回頭看 ServiceTitan 整體、也就是核心產品的導入歷程，最初即便是最簡單的用例也要花好幾個月；而對同一批客群來說，今天已經縮短到那個時間的一小部分。我們預期，隨著時間推進，導入 Max 所需的工作量與投入程度也會走出類似的軌跡。

Our confidence in more broadly releasing Max to our in-home trades fundamentally rests on this premise. And so while we still have wood to chop in terms of going through the same process, I don't see anything fundamentally different that will not follow a similar path, especially with the power that we get with AI.

我們對於把 Max 更廣泛釋出給居家到府服務（in-home trades）產業的信心，根本上就建立在這個前提之上。因此，雖然我們在走同樣流程上還有很多工作要做，

In terms of the Second question, I believe the answer is largely the same. We believe that our ability to expand will be fundamentally gated by both achieving product market fit in the expanding segments and the ones that aren't served today and doing so with an efficient onboarding process that ultimately holds the quality and delivers the outcomes.

至於第二個問題，我認為答案大致相同。我們相信，我們的擴張能力，根本上會受到兩件事的限制：一是在擴張中的細分市場、以及目前尚未服務的市場中達到產品市場契合；二是以高效率的導入流程來做到這件事，並最終維持品質、交付成果。

And so it's just a matter of going through that process and now we're focused for (inaudible) trades on that scaling bit, and the product market fit will come with the other segments after that.

所以這就是一個把流程走完的問題；而現在我們針對（聽不清）這些 trades，重點放在擴張那一段，其他細分市場的產品市場契合會在那之後逐步到位。

Chris Quintero, Morgan Stanley.

Chris Quintero，Morgan Stanley。

You all mentioned that some of your customers are not ready to fully transform the businesses yet. So curious kind of why you think that is? And then secondly, as you think about these new on-ramp packages, are there any details you can provide as it relates to the capabilities or some of the additional details around some of those packages?

你們提到有些客戶還沒準備好把企業徹底轉型。想了解你們認為原因是什麼？第二，談到這些新的入門（on-ramp）套裝方案，你們能否提供一些細節，例如功能面或套裝內容的更多說明？

Got it. So on the first one, we think that what we're witnessing is a natural progress of diffusion of technology that has played out how it always has, where there are certain groups that are early adopters and visionaries that look to take advantage of technology to give them a business advantage. And then there's everybody else looking from the sidelines.

了解。第一點，我們認為我們正在看到的是科技擴散（diffusion of technology）的自然進程，這一直以來都是如此：有些族群是早期採用者與願景型客戶，他們會利用科技來取得商業優勢。然後其他人則在旁觀望。

There is nobody who is not paying attention. And from where we're sitting, the process we're going through is either somebody is ready to jump on board and see the results and success or they're being closely watched by everybody else. That's why we're so maniacally focused on driving success to this initial cohort because we think that anybody else who's not ready to jump on today is a temporary phenomenon.

沒有人是不關注的。以我們的角度來看，我們正在經歷的過程是：要嘛有人準備好加入、看到成果與成功；要嘛他們會被其他所有人密切觀察。這也是為什麼我們近乎偏執地專注於推動這第一批客戶成功，因為我們認為，那些今天還沒準備好加入的人，只是暫時現象。

The results are too big and too important to ignore, and so we think that the diffusion of AI, while it will happen faster than previous technology, it's still going to take some time. And the readiness to jump on board is largely a function of seeing is believing. And we both see it and believe it and believe our customers will do as well soon.

成果太大、也太重要，無法忽視；因此我們認為 AI 的擴散雖然會比以往的科技更快，但仍然需要一些時間。而是否準備好加入，很大程度取決於「眼見為憑」。我們既看到了也相信了，也相信我們的客戶很快也會如此。

Scott Berg, Needham.

Scott Berg，Needham。

I have a follow-up kind of to Billy's question a moment ago around implementations. With the -- I know kind of accelerated the number of customers that -- and focus that you're looking to deploy here throughout the balance of the year, do you have the any capacity around the implementation teams to actually deliver on the strategic change in a short order?

我想延伸追問一下，呼應剛才 Billy 關於導入的問題。考量到——我知道你們正在加速客戶數量，並且把重心放在今年剩餘期間的部署上——你們的導入團隊在產能上是否足以在短時間內交付這個策略性變革？

Or do you have to go through a pretty intense exercise in the near term to get to the right staffing levels and deliver on the increased demand?

還是你們短期內必須進行一個相當密集的動作，把人力補到合適的編制，才能滿足增加的需求？

We're not planning on any meaningful increases in our staffing. We are banking and assuming that our ability to do the implementation at or above the quality that we've seen with significantly less effort and time on both our behalf and our customers' behalf is going to be the enabler of us being able to hit the numbers that we just talked about without having to scale our customer-facing teams in order to do so.

我們不打算在人力編制上做任何有意義的增加。我們的假設與押注是：我們能以顯著更少的投入與更短的時間——不論是我們這邊或客戶那邊——在維持甚至超越目前看到的品質水準下完成導入；而這將成為我們能達成剛才談到的數字的關鍵推動力，且不需要為此擴編面向客戶的團隊。

And with that said, Scott, it's worth noting the teams will be where they are. The revenue on professional services will come in lower as we noted in my prepared remarks, which will flow through the professional services and other gross margin.

另外，Scott，也值得一提的是，團隊規模會維持在目前的水位。如同我在事先準備的講稿中提到的，專業服務（professional services）的營收會較低，這會反映在專業服務及其他的毛利率上。

Tyler Radke, Citi.

Tyler Radke，花旗。

I wonder if we could just spend a little bit of time again on the dynamics that you saw in the quarter. And just curious if you saw divergence between different trades in terms of the order volumes and GTV performance? And is that perhaps informing any of your views on allocating resources away from expanding into additional trades?

我想我們能否再花一點時間談談你們在本季看到的動態。另外也好奇，你們是否看到不同工種之間在訂單量與GTV表現上出現分歧？而這是否在某種程度上影響你們對於把資源從擴張到更多新工種上移開的看法？

I'll take in terms of the decomposition of the GTV and how performed relative to another, this lead volume piece was particularly notable in HVAC. But broadly, commercial continues to be a meaningful driver of GTV growth. in this quarter and all courses we've been public at a slightly lower rate in Q2 than in Q1, but it continues to be a meaningful driver of our growth.

我先從GTV的拆解，以及相較於其他項目的表現來回答；這個潛在客戶量（lead volume）的部分在HVAC上特別明顯。但整體而言，商用端仍然是GTV成長的重要驅動力。本季也是如此；當然我們公開提到過，Q2的成長率比Q1略低，但它仍然是我們成長的重要推動因素。

Residential, our customers continue to grow nicely. But as I know in my prepared remarks, we did see an impact on lead volumes and job growth, particularly around HVAC in the quarter.

住宅端方面，我們的客戶仍持續良好成長。但如同我在事先準備的發言中提到的，我們確實在本季看到潛在客戶量與工作量成長受到影響，尤其是在HVAC周邊。

Nick Altmann, BTIG.

Nick Altmann，BTIG。

I wanted to circle back to some of the new on-ramps for Max. It basically sounds like there's maybe more of an a la carte kind of way to purchase Max versus buying the entire suite. And my question is, how does that ultimately change the growth curve for Max?

我想回到Max的一些新導入途徑（on-ramps）。聽起來基本上，可能有更偏「單點選購」（a la carte）的方式來購買Max，而不是買整套套件。我的問題是，這最終會如何改變Max的成長曲線？

Because on the positive side, it does sound like it could lead to a greater volume of customers, as I imagine they can implement and ramp faster and see that ASP uplift with the obvious trade-off being the ASP side of the equation. So just any commentary on how those new on-ramps ultimately kind of change the growth trajectory of Max in your perspective, if at all?

因為正面來看，聽起來這可能帶來更多客戶量，因為我想他們可以更快導入與加速上線，並看到ASP提升；但顯而易見的取捨是在ASP這一端。所以想請你們評論一下，從你們的角度，這些新的導入途徑最終會如何改變Max的成長軌跡（如果有的話）？

Great question. So for the cohort of customers that are very excited and ready for the full transformation through all of Max, we have greater demand than we have the ability to implement right now and hence the focus on making the implementation much more efficient, so we can scale more quickly. but we also recognized because of the traditional diffusion of technology, that there will also be cohorts that would like a more bite-sized approach, where they have urgency around transforming demand generation.

好問題。對於那一群非常興奮、也已準備好透過Max全套來完成全面轉型的客戶，我們目前的需求其實大於我們能夠實施（implement）的能力；因此我們才會聚焦在讓導入更有效率，這樣我們就能更快擴大規模。但我們也意識到，依照科技擴散的傳統路徑，也會有一些客群希望採取更「小口咬」（bite-sized）的方式，他們對於需求生成（demand generation）的轉型更為迫切。

And hence, we want to have a demand orchestration version of Max that allows them to see incredible results quickly before later transforming field operations. And then there will be a cohort that has more urgency around transforming field operations and seeing the results before then also doing the same on demand orchestration. Ultimately, these pipes are still quite very big bites.

因此，我們希望提供一個偏向需求編排（demand orchestration）的Max版本，讓他們能先快速看到非常好的成果，之後再去轉型現場營運（field operations）。另外也會有一群客戶更迫切想先轉型現場營運並先看到成果，之後再在需求編排上做同樣的事。最終來說，這些路徑其實仍然是相當大的「一口」。

We were talking about a very material transformation of all of demand generation and orchestration as well as a very meaningful and significant transformation of field operations and how they (inaudible).

我們談的是對需求生成與編排的非常重大的轉型，同時也是對現場營運的非常有意義且重大的轉型，以及它們如何(聽不清楚)。

Parker Lane, Stifel.

Parker Lane，Stifel。

Nice to see the virtual agent growth remains very solid here. When you get under the hood and look at that growth, how much of that has come as a result of customers moving into virtual agents for the first time embracing that process through servicing versus actually going and displacing some of the competing features out there in the market?

很高興看到虛擬代理（virtual agent）的成長在這裡仍然非常強勁。如果深入拆解這個成長，有多少是來自客戶第一次採用虛擬代理、透過服務流程來擁抱這個做法；又有多少是實際去取代市場上某些競品功能？

Great question. It's pretty balanced between customers that are adopting VA for the first time as well as customers that are replacing an existing solution.

好問題。大致上相當均衡：一部分是首次採用VA的客戶，另一部分是用我們來替換既有解決方案的客戶。

Jason Celino, KeyBanc Capital Markets.

Jason Celino，KeyBanc Capital Markets。

I don't think it's been asked yet, but the Q4 revenue guide, it kind of implies that we see a little bit of acceleration versus Q3, maybe, Dave, can you maybe speak to this a little bit? Is it just a comps issue? Or is it something more dynamic?

我想這題還沒被問到，但Q4的營收指引似乎暗示相較Q3會有一點加速；Dave，你能否談一下？這只是比較基期（comps）問題嗎？還是有更動態的因素？

Two things there. First, there's (inaudible) in Q3 than it was in the prior year. So there was a comp driver. And the second is we do expect to see some beginning of Max flowing through in our numbers in Q4, but the primary driver is the comp issue on the this space.

有兩點。第一，Q3相較前一年是（聽不清楚）。所以有一個比較基期的驅動因素。第二，我們確實預期Q4會開始看到一些Max在數字上反映出來，但主要驅動因素仍是這一塊的比較基期問題。

Terry Tillman, Truist Securities.

Terry Tillman，Truist Securities。

Most of my questions have been answered, but I still got one it's a three parter. I guess in terms of VA, how important or an increased unlock for new business or adoption is agentic, when customers buy voice and SMS is that a higher price point? And then, Dave, do you think that the growth in VA could continue doubling for some period of time off the smaller base?

我大部分問題都被回答了，但我還有一題，是三個部分。我想就VA而言，當客戶購買語音與SMS時，agentic（代理式）能力對於解鎖新業務或提升採用的重要性/增量有多大？那會是更高的價格點嗎？然後，Dave，你認為VA的成長是否能在一段時間內、在較小基期上持續倍增？

Do you want to hit the APs, Vahe?

Vahe，你要先回答ASP（平均售價）那部分嗎？

Yeah. Voice and SMS are priced separately. So they result in higher revenue to us.

好。語音與SMS是分開定價的。所以會為我們帶來更高的營收。

Yeah. And they both flow through as consumption because they're charged either on a per call per outcome or per text message basis, they flow into our usage revenue. I think that we feel pretty excited about the progress in both in terms of the results we've seen, attached to new customers or existing customers.

對。而且兩者都會以用量（consumption）方式反映，因為它們是按每通電話、每個結果（per call per outcome）或每則簡訊計費，所以會進入我們的使用量營收（usage revenue）。我認為我們對兩者的進展都感到相當振奮，無論是我們看到的成果，或是它們在新客戶或既有客戶上的附加（attach）情況。

And importantly, the feedback we're getting on the product side. And so while I don't have a specific forecast this year today, I will say the momentum feels solid from what we're seeing today.

更重要的是，我們在產品端收到的回饋。因此，雖然我今天沒有今年的具體預測，但我會說，從我們目前看到的情況來看，動能感覺很扎實。

Joe Vruwink, Baird.

Joe Vruwink，Baird。

Just going back to the focus on existing trades. When I think about some of the rooftops in a commercial practice, they tend to span into like an adjacency, maybe construction. We're adding the new capabilities would help create kind of a comprehensive offering that helps you land at the beginning.

回到聚焦既有工種這件事。當我想到商用業務中的一些「屋頂」（rooftops），它們往往會延伸到相鄰領域，例如建築。我們新增的新能力將有助於打造一個更全面的產品組合，幫助你們在一開始就能切入（land）。

Has the thinking about this changed at all? Or is the go-to-market just going to be much more targeted in commercial where maybe this dynamic doesn't matter as much?

對這件事的想法有任何改變嗎？還是你們的go-to-market在商用端會變得更聚焦、更有針對性，以致於這種動態其實沒那麼重要？

Yeah. I think it's important that we clarify exactly what we mean by this narrowing of the aperture and what it is and what it isn't. It is not taking resources away from roofing or commercial and construction. And for us, as we've been discussing, Construction is an absolutely integral part of winning in commercial. So that dynamic is not changing.

是的。我認為重要的是，我們要釐清我們所說「縮小範圍」（narrowing of the aperture）到底是什麼、以及不是什麼。它不是把資源從屋頂（roofing）或商用與建築（construction）移走。對我們而言，如同我們一直在討論的，建築是贏得商用市場絕對不可或缺的一部分。所以這個動態不會改變。

We don't expect that investment in either of those to be reduced by any measure. The discussion here is entirely about the incremental investments that would have otherwise gone to new trades that we are not in. So everything about what we've said about commercial and construction in the past still holds.

我們不預期對上述任何一項的投資會以任何方式被削減。這裡的討論完全是關於原本可能會投入到我們尚未進入的新工種上的增量投資。因此，我們過去對商用與建築所說的一切仍然成立。

Andrew Sherman, TD Cowen.

Andrew Sherman，TD Cowen。

Great. Okay. Dave, I wanted to come back to the lead volumes impacts in Q2. Do you think there's some AI impact there as customers have moved searches to other platforms? Why was it more acute to HVAC? And can Max actually help to offset those impacts if that's if this is what's going on with the lead agents that are in Max?

很好。好的。Dave，我想回到Q2潛在客戶量受到影響這件事。你認為是否有一些AI的影響，因為客戶把搜尋移到其他平台？為什麼在HVAC上更為明顯？如果Max中的lead agents確實發生了這種情況，Max是否能幫助抵消這些影響？

So we don't have super clarity on what's driving the (inaudible). But we will say is that it's pretty broad-based when you look at the trades and our peers reporting the period. And so I don't think it's specific to us. and our customers. So I will say it may be something there, but I don't think right now it's something specific to our customer base.

所以我們對於是什麼在驅動(聽不清)並沒有非常明確的掌握。但我們可以說的是，當你觀察交易情況以及同業在該期間的揭露時，這是相當廣泛的現象。因此我不認為這是我們或我們客戶特有的情況。所以我會說可能有一些因素在那裡，但我不認為目前是我們客戶基礎特定的問題。

In terms of Max, I'll let the founder to speak to that in a second, but we do think there's an opportunity for our customers to be the forefront of how consumers interact with AI. Indeed, I'll say one of the most important premises of Max is that it helps improve demand generation. And so our ambition, of course, is to get Max in the hands of very customer and so every customer can drive on demand generation, demand conversion into book deployments and then ultimately also in close rates and average figures.

至於 Max，我會讓創辦人稍後再談，但我們確實認為，我們的客戶有機會站在消費者與 AI 互動方式的最前沿。此外，我要說 Max 最重要的前提之一，是它有助於提升需求生成。因此我們的企圖心，當然，是讓每一位客戶都能使用 Max，讓每位客戶都能推動需求生成、將需求轉化為預訂部署，並最終提升成交率與平均指標。

And then second, Max being the Agentic operating system, of course, has these 30 agentic capabilities built in that are completely turnkey. And of course, customers will be able to tailor them but also is the ability not only for customers to build additional workflows and the agentic capabilities natively in Max.

第二，Max 作為代理式（Agentic）作業系統，當然內建了 30 項完全開箱即用的代理式能力。當然，客戶可以加以客製化；同時，客戶也能在 Max 中原生地建立額外的工作流程與代理式能力。

But lastly, for it to interact with ultimately consumer agents. And fundamentally, our job is to outperform the market with our customers. That is the core value proposition we deliver to them.

但最後，還包括讓它能與最終的消費者代理互動。而從根本上說，我們的工作是與客戶一起跑贏市場。這就是我們交付給他們的核心價值主張。

Daniel Jester, BMO.

Daniel Jester，BMO。

I wanted to go back to the comment about leading with Max. And so as you think about the go-to-market organization, besides some of the packaging items, which you talked about, are you changing anything else with regards to that leadership with Max going forward?

我想回到你們提到「以 Max 作為主打」的評論。因此，當你們思考 go-to-market（市場進入）組織時，除了你們談到的一些打包（packaging）項目之外，未來在以 Max 作為主打的策略上，還會在其他方面做任何調整嗎？

And as these packages get ramped and put out to the broader community, would you expect that you would only lead with Max with targeted customers? Or is that still maybe something further out into the future?

另外，當這些套裝方案逐步爬坡並推向更廣泛的社群時，你們預期只會對特定目標客戶以 Max 作為主打嗎？還是這仍可能是更長遠未來才會發生的事？

I think we are seeing quite strong demand in these target segments from new logos for Max from the very beginning. Of course, for some population of that segment who might not be ready for it, and we want more traditional software. Of course, we will make the existing traditional platform available to them to get them started. But we're seeing pretty strong demand for Nuvolo's format.

我認為我們在這些目標區隔中，從一開始就看到新客戶（new logos）對 Max 有相當強勁的需求。當然，對於該區隔中某些可能尚未準備好、而希望採用更傳統軟體的人群，我們當然會提供既有的傳統平台讓他們先開始使用。但我們看到對 Nuvolo 格式的需求相當強勁。

And we're talking about this earlier. And if Ara were just graduating from school and starting service titan today, we will be building Max and the agentic operating system. This is not just some other ancillary products. We see this as the future of ServiceTitan.

我們先前也談到過這點。如果 Ara 今天才剛畢業、並在今天開始創辦 ServiceTitan，我們會打造的就是 Max 與代理式作業系統。這不只是某個附屬的產品。我們把它視為 ServiceTitan 的未來。

And so this is what we would be building today, we're starting from scratch. And that's why we think that leading within the sales process is the right way to go.

因此，如果我們是從零開始，今天就會打造這個。這也是為什麼我們認為在銷售流程中以它作為主打，是正確的做法。

And finally, to close that, I think for the customer and for us, there's massive efficiencies in leading with Max because the implementation and the business transformation that goes through onboarding store segment already exists. And to go straight to Max is more efficient for them and for us, which is why we're leading with it, why customers are excited about it.

最後補充一下，我認為對客戶與我們而言，以 Max 作為主打能帶來巨大的效率，因為導入與在上線（onboarding）過程中所進行的業務轉型，針對該區隔已經存在。直接導入 Max 對他們與我們都更有效率，這也是我們以它作為主打、以及客戶對此感到興奮的原因。

Yun Kim, Loop Capital Markets.

Yun Kim，Loop Capital Markets。

Okay. Great. So there's a lot of information to digest here, obviously. But in light of a lot of the data that's presented and some of the shift in the focus here, but you guys did put out some upside. And if you can just talk about were highlight some of the drivers of the upside here beyond obviously, the Max adoption, which season translating into revenue today, any outperformance that you can highlight?

好的。很好。顯然這裡有很多資訊需要消化。但鑑於你們呈現的大量數據以及焦點的一些轉移，你們確實也給出了一些上修空間（upside）。你們能否談談或重點說明一下，除了顯而易見的 Max 採用（目前看起來已開始轉化為營收）之外，還有哪些推動上修的因素？有沒有任何你們可以強調的超預期表現？

Absolutely. Thank you. This is a pretty important question. I want to take the opportunity to be a bit specific about it. So let me say a couple of things. First, as we think about our guidance, the first and foremost principal in this quarter and always is conviction in our ability to deliver on the numbers we put in front of you.

當然。謝謝。這是一個相當重要的問題。我想藉此機會講得更具體一些。所以我先說幾點。第一，當我們思考指引（guidance）時，本季以及一向最首要的原則，是我們對於能交付你們面前這些數字的信心。

Second, beyond ensuring what we deliver what we say, if you step back and look at our track record, an average quarterly beat versus the midpoint of our guidance has been sort of the $9 million to $10 million range, with the primary source of variance coming from GTV and a bit from professional services.

第二，除了確保我們說到做到之外，如果你退一步看我們的歷史紀錄，相較於指引中位數（midpoint）的平均單季超越幅度大約在 900 萬到 1,000 萬美元之間，而差異的主要來源來自 GTV，另有一小部分來自專業服務。

In this quarter, where in quarters where our beats have been larger, we've been pretty transparent that the usage revenue has been the primary driver generally driven by GTV outperformance and that we expect there to be quarters where the inverse happened, which is exactly what happened in Q2.

在本季，以及在我們超越幅度較大的季度中，我們一直相當透明地表示，使用型收入（usage revenue）通常是主要驅動因素，而這一般由 GTV 的超預期表現所帶動；同時我們也預期會有相反情況發生的季度，而這正是 Q2 發生的情況。

We finally had Q2 GTV been in our normal expected range and had the this benefit materialize as we expected, you'd have seen roughly another $1.5 million to $2 million or so in FinTech revenue, which would have put the performance exactly in line with our normal performance versus our guidance.

如果我們在 Q2 的 GTV 最終落在我們正常的預期區間，並且這項效益如我們預期般實現，你們大概會看到約額外 150 萬到 200 萬美元左右的金融科技（FinTech）收入，這將使表現與我們相較於指引的正常表現完全一致。

We continue to prioritize the consistency of this track record, and we've rolled forward the GTV trends we saw in Q2 into the back half of the year. to ensure that we're able to deliver on a consistent cadence with you all.

我們會持續優先維持這項歷史紀錄的一致性，並已將我們在 Q2 看到的 GTV 趨勢延伸納入下半年，以確保我們能以穩定的節奏向各位交付。

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

我現在想把電話會議交回給 Ara Mahdessian 作結語。先生？

Thank you, Luke, and thank you, everyone, for joining us today. I just want to close by thanking all the titans around the world who show up every day to make our customers successful. Pantheon is our most exciting time of the year. We're excited to those thousands of customers, partners and hopefully, many of you for the future of the agentic operating system for the traits.

謝謝你，Luke，也謝謝各位今天加入我們。我最後想感謝世界各地每天都出現、讓我們客戶成功的所有 titans。Pantheon 是我們一年中最令人振奮的時刻。我們很期待與數千位客戶、合作夥伴，以及希望也包括在座許多各位，一起迎向面向各行各業的代理式作業系統的未來。

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。