Vertex Inc (VERX) 2025 Q2 法說會逐字稿

Good day, and welcome to the Vertex Inc. second quarter 2025 earnings call (Operator Instructions) Please note that today's event is being recorded.

大家好，歡迎參加 Vertex Inc. 2025 年第二季收益電話會議（操作員指示）請注意，今天的活動正在被記錄。

I would now like to turn the conference over to Joe Crivelli, Vice President, Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁喬·克里維利 (Joe Crivelli)。請繼續。

Hello, and thanks for joining us to discuss Vertex's second quarter results. David De Stefano, our President and CEO; and John Schwab, our CFO, are also with us today. During this call, we may make forward-looking statements about expected future results. Actual results may differ due to risks and uncertainties.

您好，感謝您加入我們討論 Vertex 的第二季業績。我們的總裁兼執行長 David De Stefano 和財務長 John Schwab 今天也和我們在一起。在本次電話會議中，我們可能會對預期的未來結果做出前瞻性陳述。由於風險和不確定性，實際結果可能有所不同。

These risks and uncertainties are described in our filings with the Securities and Exchange Commission. Our remarks today will also include references to non-GAAP metrics. A reconciliation of these metrics to GAAP is also provided in today's press release.

這些風險和不確定性在我們向美國證券交易委員會提交的文件中有所描述。我們今天的演講也將提及非公認會計準則指標。今天的新聞稿也提供了這些指標與 GAAP 的對照表。

This call is being recorded and will be available for replay on our Investor Relations website.

本次電話會議正在錄音，可在我們的投資人關係網站上重播。

Welcome, everyone, and thank you for joining us. In the second quarter, we delivered results that were in line with our guidance and investor expectations. However, as the quarter progressed for the first time, we saw macroeconomic factors that have been noted in the software industry in 2025 and impact our customers and begin to affect their activity with us. We took action to mitigate this, but it necessitated a reduction in our full year guidance. We will discuss all of this in today's call.

歡迎大家，感謝你們的加入。在第二季度，我們取得了符合我們的指導和投資者預期的業績。然而，隨著本季的進展，我們首次看到了2025年軟體產業中已經注意到的宏觀經濟因素，這些因素影響著我們的客戶並開始影響他們與我們的活動。我們採取了措施來緩解這種情況，但這也導致我們不得不降低全年業績預期。我們將在今天的電話會議中討論所有這些問題。

For the second quarter, revenue was $184.6 million, up 14.6% year-over-year. Subscription revenue grew 15.7% and cloud revenue growth increased to 29.9%. Adjusted EBITDA rose to $38.4 million, representing an EBITDA margin of 20.8%. In addition, annual recurring revenue, or ARR, grew 16.1% to $636.6 million.

第二季營收為1.846億美元，年增14.6%。訂閱收入成長15.7%，雲端收入成長率上升至29.9%。調整後的 EBITDA 增至 3,840 萬美元，EBITDA 利潤率為 20.8%。此外，年度經常性收入（ARR）成長 16.1%，達到 6.366 億美元。

Average annual revenue per customer for Vertex stand-alone increased 12.7% year-over-year to $142,600. Growth in scaled customer count was 16%. As a reminder, this number represents our customers with annual revenues greater than $100,000 and demonstrates our ongoing success in the underpenetrated enterprise market.

Vertex 獨立的每位客戶平均年收入年增 12.7%，達到 142,600 美元。規模客戶數量增加了16%。提醒一下，這個數字代表我們年收入超過 10 萬美元的客戶，並證明了我們在滲透率較低的企業市場中取得的持續成功。

Gross revenue retention or GRR, remained at 95% in the second quarter within our targeted best-in-class range of 94% to 96%. Finally, net revenue retention, or NRR, decreased to 108%, down 1 point from the first quarter. We attribute the decrease to two main factors: lower growth of additional entitlements as our customers annual growth has slowed, keeping them within current bands of usage and recent regulatory changes in Brazil created a compliance confusion for customers, which resulted in delayed deal activity for some of our large multinational customers.

總收入保留率或 GRR 在第二季度保持在 95% 的水平，處於我們設定的最佳目標範圍 94% 至 96% 之內。最後，淨收入留任率（NRR）下降至 108%，較第一季下降 1 個百分點。我們將這一下降歸因於兩個主要因素：由於我們客戶的年度成長放緩，附加權益的成長也隨之降低，將其保持在當前的使用範圍內，並且巴西最近的監管變化給客戶帶來了合規方面的混亂，導致我們的一些大型跨國客戶的交易活動延遲。

More broadly, in addition to the macro impacting our customers' growth rate, we have seen a slowdown in ERP migrations, thus elongating our deal cycles. This is consistent with what publicly traded ERP providers noted in their quarterly earnings reports. This has the downstream impact of also pushing out pipeline build. We attribute this to the overall macro environment as our enterprise customers are being more cautious about software spend.

更廣泛地說，除了宏觀因素影響我們客戶的成長率之外，我們還看到 ERP 遷移速度放緩，從而延長了我們的交易週期。這與上市 ERP 提供者在其季度收益報告中指出的情況一致。這也會對下游產生影響，推動管道建設。我們將此歸因於整體宏觀環境，因為我們的企業客戶對軟體支出更加謹慎。

As a result of this, we recognize the need to take immediate actions to control expenses and deliver on adjusted EBITDA margins. These included leveraging efficiency from internal technology investments and reducing planned head count growth, which will give us better expense trajectory as we look into 2026 and beyond.

因此，我們認識到需要立即採取行動來控制費用並實現調整後的 EBITDA 利潤率。這些措施包括提高內部技術投資的效率和減少計畫內的員工人數成長，這將使我們在展望 2026 年及以後時獲得更好的費用軌跡。

John will discuss how all of this impacts our guidance in his remarks. The short-term environment does not impact our confidence in the long-term growth expectations we shared at Investor Day earlier this year. This is because our business has multiple significant tailwinds, many of which are still ahead of us. First, the ongoing cloud ERP upgrade cycle. This has been stubbornly slow in 2025, as I mentioned earlier. However, deadlines for conversion are looming over the next 2.5 years, and we fully expect this motion to accelerate over this time frame.

約翰將在他的演講中討論所有這些如何影響我們的指導。短期環境不會影響我們對今年稍早在投資者日分享的長期成長預期的信心。這是因為我們的業務面臨多個重大的順風，其中許多仍處於我們前面。首先，正在進行的雲端ERP升級週期。正如我之前提到的，到 2025 年，這一進程依然十分緩慢。然而，轉換的最後期限將在未來兩年半內到來，我們完全預期這項動議將在這段時間內加速推進。

Second, governments all over the world are looking for new ways to generate revenue to meet their obligations and reduced federal funding in the recently passed US tax bill will further pressure state and local budgets. In our 2025 midyear US rates and rules report, we noted that the US saw a 24% increase in sales tax rate changes and new rates compared to the same period last year.

其次，世界各國政府都在尋找新的方式來創造收入以履行其義務，而最近通過的美國稅收法案中減少的聯邦資金將進一步給州和地方預算帶來壓力。在我們 2025 年中期美國稅率和規則報告中，我們指出，與去年同期相比，美國的銷售稅率變化和新稅率增加了 24%。

This, in turn, creates complexity and increases demand for our solutions. In Europe, the regulatory mandates for VAT and e-invoicing are accelerating, and this is expanding now to parts of Asia Pacific and Latin America. In Brazil, tax reforms underway are making companies completely revisit their existing compliance and technology road maps.

這反過來又增加了複雜性並增加了對我們的解決方案的需求。在歐洲，增值稅和電子發票的監管要求正在加速，目前這一趨勢正在擴展到亞太地區和拉丁美洲的部分地區。在巴西，正在進行的稅收改革正在使企業徹底重新審視其現有的合規和技術路線圖。

We believe even more changes are likely as inflation, global trade disruptions and federal tax policy around tariffs compound to create both opportunity and uncertainty. This is the hallmark of what we do best, make sense of that complexity for global companies at scale.

我們相信，隨著通貨膨脹、全球貿易中斷以及圍繞關稅的聯邦稅收政策的加劇，既帶來了機遇，也帶來了不確定性，因此可能會出現更多變化。這是我們最擅長的標誌，幫助全球公司大規模地理解這種複雜性。

Additionally, our win rates in the enterprise market remained consistently strong, and several of these delayed deals have now already closed in the third quarter. This confirms our experience that the strong underlying demand and customer commitment that we've worked hard to earn remains solidly in place despite deal timing being impacted by larger forces. The durability of our customer base remains outstanding.

此外，我們在企業市場的成功率始終保持強勁，其中一些被推遲的交易現已在第三季完成。這證實了我們的經驗，即儘管交易時機受到更大力量的影響，但我們努力贏得的強勁潛在需求和客戶承諾仍然穩固。我們的客戶群的持久性依然出色。

Churn was lower on a dollar basis in the second quarter compared to both the first quarter and the same period last year. This demonstrates strong product stickiness and high customer satisfaction, providing a robust foundation for future growth. In addition, our team secured some key new logo wins in the Oracle and SAP ecosystems as well as several e-invoicing successes that mitigated some of the second quarter headwinds.

與第一季和去年同期相比，第二季的客戶流失率以美元計算有所下降。這顯示產品黏性強、顧客滿意度高，為未來成長奠定了堅實的基礎。此外，我們的團隊在 Oracle 和 SAP 生態系統中獲得了一些關鍵的新標誌，並在幾項電子發票方面取得了成功，從而緩解了第二季度的一些不利因素。

In context with these long-term growth drivers, let me share some highlights from the second quarter, particularly around Europe, e-invoicing and the investments we've made in our global platform. We had good momentum in Europe, which was in part driven by accelerating growth at Ecosio, where annual recurring revenue reached $10.8 million, a 33% increase from the prior quarter. We are seeing strong deal flow driven by the upcoming launch of e-invoicing in Belgium, which is mandating the use of e-invoicing beginning on January 1, 2026.

結合這些長期成長動力，讓我分享第二季的一些亮點，特別是在歐洲、電子發票以及我們在全球平台上的投資。我們在歐洲的發展勢頭良好，這在一定程度上得益於 Ecosio 的加速成長，其年度經常性收入達到 1,080 萬美元，較上一季成長 33%。我們看到，比利時即將推出電子發票，這將推動強勁的交易流，比利時要求從 2026 年 1 月 1 日起開始使用電子發票。

The acceleration in demand due to the Belgian e-invoicing launch bodes well as the two largest economies in the EU are still on the horizon, with brands set to begin mandating e-invoicing beginning in September 2026, in Germany beginning January 1, 2027.

由於比利時推出電子發票，需求加速成長，這是一個好兆頭，因為歐盟最大的兩個經濟體仍在發展中，品牌將於 2026 年 9 月開始強制使用電子發票，德國將於 2027 年 1 月 1 日起強制使用電子發票。

Our growth thesis in e-invoicing is unfolding as anticipated. Customers who adopted our solution earlier this year are already returning to license additional country coverage. Early indications suggest that e-invoicing is shaping up to be a classic land and expand motion, mirroring the trajectory of our core indirect tax business and supporting sustained NRR growth.

我們在電子發票方面的成長論點正在如預期般展開。今年稍早採用我們解決方案的客戶已開始返回以授權其他國家/地區的覆蓋範圍。早期跡象表明，電子發票正在成為典型的土地擴張動向，反映了我們核心間接稅業務的發展軌跡，並支持持續的 NRR 成長。

Our e-invoicing solution has also been recognized by industry experts. In July, Gartner included Vertex in its research study, developed a global invoice and compliance strategy supporting global e-invoice and compliance efforts. From a product standpoint, we continue to build the global compliance platform of the future, combining thoughtful AI and automated workflows, tightly embedded in our ecosystems and powered by our content and data. It's a strategy that's resonating with our customers and partners around the world.

我們的電子發票解決方案也得到了業界專家的認可。7月，Gartner將Vertex納入其研究範圍，制定了支援全球電子發票和合規工作的全球發票和合規策略。從產品的角度來看，我們將繼續建立未來的全球合規平台，結合周到的人工智慧和自動化工作流程，緊密嵌入我們的生態系統並由我們的內容和數據提供支援。這項策略引起了我們全球客戶和合作夥伴的共鳴。

Our Kintsugi investment is accelerating our second half AI road map supporting new product functionality, increased efficiency and a greater customer experience. This relationship has also generated opportunities to support their focus on the good enough requirements of the SMB market. Also on the AI front, we are working with several AI and cloud hyperscaler providers and ecosystem partners on using Vertex's agentic AI agents natively within their application workflows.

我們對 Kintsugi 的投資正在加速我們下半年的 AI 路線圖，支援新的產品功能、提高效率和改善客戶體驗。這種關係也為他們關注中小企業市場足夠好的要求創造了機會。此外，在人工智慧方面，我們正在與多家人工智慧和雲端超大規模供應商以及生態系統合作夥伴合作，在他們的應用程式工作流程中原生使用 Vertex 的代理人工智慧代理。

These agents work within the ecosystem and leverage the services of our Vertex Cloud platform to orchestrate more advanced capabilities. These Vertex value- added AI agents can be seamlessly enabled within the marketplaces of the enterprise application providers and embed it within the financial and compliance workflows, enabling a new level of customer value and stickiness.

這些代理商在生態系統內工作，並利用我們的 Vertex Cloud 平台的服務來協調更高級的功能。這些 Vertex 增值 AI 代理可以在企業應用程式提供者的市場中無縫啟用，並將其嵌入到財務和合規工作流程中，從而實現新的客戶價值和黏性水平。

As an example, in the Microsoft Azure ecosystem, we built strong relationships at the executive, technical and go-to-market levels, coupled with new AI innovations, this will continue to enable us to expand our mid-market opportunity even further. In addition, we launched CoPilot within our platform, giving customers in platform knowledge and product documentation with a single click. Feedback has been great and adoption continues to grow.

例如，在 Microsoft Azure 生態系統中，我們在執行、技術和市場進入層面建立了牢固的關係，再加上新的人工智慧創新，這將繼續使我們能夠進一步擴大中端市場機會。此外，我們在平台內推出了 CoPilot，客戶只需點擊一下即可獲得平台知識和產品文件。回饋非常好，採用率持續成長。

I'll now highlight a few new business wins. Among our installed base customers, we are seeing a growing trend towards globalizing their tax operations, driving both more usage of our solutions and expanding our footprint. Example, in the second quarter, a leading European truck manufacturer, which has been a Vertex customer since 2009, expanded its relationship with Vertex during an SAP ECC to S/4 migration. The customer, which had previously licensed Vertex only for its US operations, expanded its entitlement and license additional Vertex tools.

現在我將重點介紹一些新的業務成果。在我們已安裝的客戶群中，我們看到了稅務業務全球化趨勢的成長，這推動了我們解決方案的更多使用並擴大了我們的業務範圍。例如，第二季度，一家領先的歐洲卡車製造商（自 2009 年以來一直是 Vertex 的客戶）在 SAP ECC 到 S/4 遷移期間擴大了與 Vertex 的關係。該客戶之前僅授權 Vertex 為其美國業務運營，後來擴大了其授權範圍並授權了其他 Vertex 工具。

This led to mid-6 figures of additional annual revenue and nearly doubled our annual volume from this long-standing customer. In addition, a major automobile manufacturer migrated to the cloud with Vertex as part of its SAP ECC the S4 HANA cloud transformation journey.

這為我們帶來了六位數的額外年收入，而這位長期客戶的年銷量幾乎翻了一番。此外，一家大型汽車製造商透過 Vertex 遷移到雲端，作為其 SAP ECC S4 HANA 雲端轉型之旅的一部分。

The customer also expanded its entitlement so we could consolidate additional operations into its Vertex contract as part of the project. The result was seven figures of additional annual revenue with this long-standing customer. Also during the corner, one of our first e-invoicing customers committed to expand country coverage with Vertex.

客戶還擴大了其權利，因此我們可以將其他操作合併到其 Vertex 合約中作為專案的一部分。結果是這位長期客戶每年的收入增加了七位數。同時，我們的首批電子發票客戶之一承諾與 Vertex 合作擴大國家覆蓋範圍。

This customer started with Vertex in four countries and after a successful launch has now expanded to several additional countries, driving nearly $100,000 of new annual revenue. As I noted earlier, we're especially excited that this is an early proof point that e- invoicing will be an ongoing land-and-expand motion for Vertex. The new customers we acquired in the early stages will provide a strong foundation for significant future revenue opportunities.

該客戶最初在四個國家使用 Vertex，在成功推出後，現已擴展到其他幾個國家，帶來了近 10 萬美元的年新收入。正如我之前提到的，我們特別高興，這是一個早期證據點，表明電子發票將成為 Vertex 持續落地和擴展的動議。我們在早期階段獲得的新客戶將為未來巨大的收入機會奠定堅實的基礎。

A leading global aerospace and defense manufacturers selected Vertex for e-invoicing, as I noted earlier, this was driven by the upcoming Belgian mandate, which will kick off in January. However, we expect additional e-invoicing opportunities with this long- standing customer. Turning to new logos. We won a customer in the food delivery industry after an intensely competitive bake-off with an incumbent competitor.

一家全球領先的航空航太和國防製造商選擇了 Vertex 進行電子發票處理，正如我之前提到的，這是由即將於 1 月開始實施的比利時強制規定所推動的。然而，我們期望與這位長期客戶有更多的電子發票機會。轉向新標誌。在與現有競爭對手進行激烈的競爭後，我們贏得了食品配送業的一位客戶。

The customer was unhappy with the competitors per transaction-based pricing, which led to extremely high costs for this high- volume business. Vertex's revenue-based pricing model provided them with the predictability, consistency and stability of costs. This competitive takeaway included sales and value-added tax calculation as well as several Vertex tools. The customer also signed on to be one of our early adopters for smart categorization. This six-figure deal, which was in the Shopify ecosystem was facilitated by our partner, KPMG.

客戶對競爭對手以交易計算的定價感到不滿，這導致這項大宗業務的成本極高。Vertex 基於收入的定價模型為他們提供了成本的可預測性、一致性和穩定性。這項競爭優勢包括銷售額和增值稅計算以及幾種 Vertex 工具。該客戶還簽約成為我們智慧分類的早期採用者之一。這筆六位數的交易發生在 Shopify 生態系統中，由我們的合作夥伴 KPMG 促成。

In Europe, we won a new mid 6-figure customer in the gaming industry when an Oracle Cloud transformation led them to explore third-party indirect tax solutions. This new customer relationship included VAT, consumer use tax and sales tax calculation as well as address cleansing.

在歐洲，當 Oracle Cloud 轉型促使他們探索第三方間接稅解決方案時，我們贏得了遊戲產業新的六位數中段客戶。這種新的客戶關係包括增值稅、消費者使用稅和銷售稅計算以及地址清理。

A manufacturer of popular collectible toys switched to Vertex as part of a global Microsoft D365 cloud transformation. The result was mid-six figures of new annual revenue. A customer was previously using a competitor in the US and native ERP tax solutions in Europe but was getting incorrect tax answers due to a flawed integration.

作為全球 Microsoft D365 雲端轉型的一部分，一家流行收藏玩具製造商轉向了 Vertex。結果是新的年收入達到了六位數的中間值。一位客戶之前在美國使用競爭對手的產品，在歐洲使用本土的 ERP 稅務解決方案，但由於整合存在缺陷，得到了錯誤的稅務答案。

In addition, the competitors' support to resolve these issues was unsatisfactory. The implementation, which was led by our partner, DMA, included an e-commerce component with connectivity to the company's instance of BigCommerce for online sales. Our global tax content coverage was also a significant differentiator as the customer had aggressive international expansion plans.

此外，競爭對手對解決這些問題的支援也不令人滿意。此次實施由我們的合作夥伴 DMA 主導，包括一個電子商務組件，可連接到公司的 BigCommerce 實例以進行線上銷售。由於客戶有積極的國際擴張計劃，我們的全球稅收內容覆蓋範圍也是一個顯著的區別因素。

Finally, a major public utility selected Vertex to displace an incumbent competitor as part of an Oracle cloud transformation. This three year mid six figure deal included sales and consumer use tax calculation on Oracle Cloud along with the exemption certificate manager and other tools. Vertex Consulting was also engaged by our partner, PwC, to assist with the implementation.

最後，一個大型公共事業單位選擇 Vertex 取代現有競爭對手，作為 Oracle 雲端轉型的一部分。這項為期三年、價值六位數的中期交易包括 Oracle Cloud 上的銷售和消費者使用稅計算以及免稅證書管理器和其他工具。我們的合作夥伴普華永道 (PwC) 也聘請了 Vertex Consulting 來協助實施。

Throughout our five years as a public company, we've built a reputation for under promising and over delivering. The second quarter fell below that standard, and we take that seriously. We're taking clear focused steps in the short term to ensure we're executing at the level we expect of ourselves and that of our investors, while also remaining steadfastly focused on the long term and the great market opportunity we have in front of us.

作為一家上市公司，我們在過去的五年建立了低調承諾、超額完成的聲譽。第二季的表現低於標準，我們對此非常重視。我們在短期內採取了明確的重點措施，以確保我們能夠達到我們自己和投資者的期望水平，同時堅定不移地關注長期發展和我們面前的巨大市場機會。

John will now take us through the financials.

約翰現在將帶我們了解財務狀況。

Thanks, David, and good morning, everyone. I'll now review our second quarter financial results and provide guidance for the third quarter and full year 2025. In the second quarter, revenue was $184.6 million, up 14.6% year-over-year. Ecosio contributed $3.4 million of revenue during the quarter. Accordingly, on an organic basis, revenue was $181.2 million, and revenue growth was 12.4%, in line with expectations for the quarter. Subscription revenue increased 15.7% period-over-period to $157.8 million. Our services revenue grew 8.3% to $26.7 million.

謝謝，大衛，大家早安。我現在將回顧我們第二季度的財務業績，並為 2025 年第三季和全年提供指導。第二季營收為1.846億美元，年增14.6%。Ecosio 本季貢獻了 340 萬美元的營收。因此，以有機基礎計算，營收為 1.812 億美元，營收成長率為 12.4%，符合本季的預期。訂閱收入年增 15.7%，達到 1.578 億美元。我們的服務收入成長 8.3%，達到 2,670 萬美元。

And cloud revenue was $86.2 million in the second quarter, up 29.9% from last year's second quarter and ahead of our guidance for the year. Ecosio added about 4 points to cloud revenue growth. Annual recurring revenue, or ARR, was $636.6 million at quarter end. Ecosio added $10.8 million to ARR, up from $8.1 million in the first quarter. Approximately $600,000 of this increase was due to favorable foreign currency translation adjustments.

第二季雲端運算營收為 8,620 萬美元，較去年第二季成長 29.9%，高於我們對今年的預期。Ecosio 為雲端運算收入成長貢獻了約 4 個百分點。季度末，年度經常性收入（ARR）為 6.366 億美元。Ecosio 為 ARR 增加了 1,080 萬美元，高於第一季的 810 萬美元。其中約 60 萬美元的成長是由於有利的外幣折算調整。

Excluding Ecosio, organic ARR was 14.1%. Net revenue retention, or NRR, was 108% compared to 110% at last year's second quarter and 109% from the first quarter of 2025. As David noted, the decrease in NRR was attributable to lower deal activity from some of our large multinationals and a decline in additional entitlements in the enterprise market due to regulatory and tariff-driven economic uncertainty.

不包括 Ecosio，有機 ARR 為 14.1%。淨收入保留率（NRR）為 108%，而去年第二季為 110%，2025 年第一季為 109%。正如戴維所指出的，NRR 的下降是由於我們的一些大型跨國公司的交易活動減少，以及監管和關稅驅動的經濟不確定性導致企業市場額外權益的減少。

Gross revenue retention or GRR, remained at 95% at quarter end, within our targeted range of 94% to 96%. Average annual revenue per customer or AARPC for Vertex stand-alone was $142,584, up 12.7% from last year's second quarter. Including the impact of Ecosio, AARPC was $130,934 Note that in the third quarter, we will lap the acquisition of Ecosio. So metrics such as ARR and average annual revenue per customer will be consistent on a year-over-year basis.

總營收保留率或 GRR 在季度末仍保持在 95%，處於我們 94% 至 96% 的目標範圍內。Vertex 獨立的每位客戶平均年收入或 AARPC 為 142,584 美元，比去年第二季成長 12.7%。包括 Ecosio 的影響在內，AARPC 為 130,934 美元。請注意，在第三季度，我們將完成對 Ecosio 的收購。因此，ARR 和每位客戶平均年收入等指標將與去年同期保持一致。

Now for the remainder of the income statement discussion, I will be referring to non-GAAP metrics. These non-GAAP metrics are reconciled to GAAP results in this morning's earnings press release. Gross profit for the second quarter was $140.1 million, and gross margin was 75.9%. This compares with gross profit of $118.8 million and 73.7% gross margin in the same period last year. Gross margin on subscription software was 83.2% compared to 80.4% in last year's second quarter and 82.6% in the first quarter of 2025.

現在，對於剩餘的損益表討論，我將參考非 GAAP 指標。這些非公認會計準則 (non-GAAP) 指標與今天上午的收益新聞稿中的公認會計準則 (GAAP) 結果相符。第二季毛利為1.401億美元，毛利率為75.9%。相較之下，去年同期的毛利為 1.188 億美元，毛利率為 73.7%。訂閱軟體的毛利率為 83.2%，而去年第二季為 80.4%，2025 年第一季為 82.6%。

The gross margin on services revenue was 33.1% compared to 36.8% in last year's second quarter and 31.1% in the first quarter of 2025. Now turning to expenses. In the second quarter, research and development expense was $18.1 million compared to $12.7 million last year. With capitalized software spend included, R&D spend was $38.9 million for the second quarter, which represents 21.1% of revenue. Selling and marketing expense was $44.6 million or 24.2% of total revenues, an increase of $7.6 million and approximately 20.6% from the prior year period.

服務收入的毛利率為 33.1%，而去年第二季為 36.8%，2025 年第一季為 31.1%。現在談談費用。第二季研發費用為 1,810 萬美元，去年同期為 1,270 萬美元。如果計入資本化軟體支出，第二季的研發支出為 3,890 萬美元，佔營收的 21.1%。銷售和行銷費用為 4,460 萬美元，佔總收入的 24.2%，比去年同期增加 760 萬美元，增幅約為 20.6%。

And general and administrative expenses was $38.1 million, up $7.4 million from last year. Adjusted EBITDA was $38.4 million, roughly flat with the year ago quarter and in line with the midpoint of our quarterly guidance. In the second quarter, our operating cash flow was $46 million, and as anticipated, free cash flow was positive at $19.6 million. We ended the second quarter with over $284.4 million of unrestricted cash and cash equivalents. And for additional liquidity, we also have a $300 million of unused availability under our line of credit.

一般及行政開支為 3,810 萬美元，較去年同期增加 740 萬美元。調整後的 EBITDA 為 3,840 萬美元，與去年同期基本持平，與我們季度指引的中位數一致。第二季度，我們的營運現金流為 4,600 萬美元，如預期，自由現金流為正，為 1,960 萬美元。截至第二季末，我們擁有超過 2.844 億美元的非限制現金和現金等價物。為了增加流動性，我們的信用額度下還有 3 億美元未使用的可用資金。

Now turning to guidance. For the third quarter of 2025, we expect revenues of $190 million to $193 million and adjusted EBITDA of $38 million to $40 million. For the full year, we now expect revenues of $750 million to $754 million.

現在轉向指導。對於 2025 年第三季度，我們預計營收為 1.9 億美元至 1.93 億美元，調整後 EBITDA 為 3,800 萬美元至 4,000 萬美元。我們目前預計全年營收為 7.5 億美元至 7.54 億美元。

Cloud revenue growth of 28% and adjusted EBITDA of $156 million to $160 million. This guidance reflects the following first, the previously mentioned slowdown on ERP conversions, which has an impact on deal conversion and pipeline build and lower entitlements as well as true-up revenue as our customers are largely remaining within their usage bands.

雲端營收成長 28%，調整後 EBITDA 為 1.56 億美元至 1.6 億美元。該指引首先反映了以下情況，即前面提到的 ERP 轉換放緩，這對交易轉換和管道建設產生了影響，並降低了權益以及實際收入，因為我們的客戶基本上仍處於他們的使用範圍內。

David will now make some closing comments before we open up for Q&A. David?

在我們開始問答環節之前，大衛將做一些總結性的評論。戴維？

Thanks, John. To wrap things up, while we had a solid performance in the second quarter across several metrics, there were some areas that did not meet our expectations. The tailwinds that fuel our demand opportunity, including the proliferation of e-invoicing mandates globally, and cloud migrations being driven by the ERP providers remain in place.

謝謝，約翰。總而言之，雖然我們在第二季的多個指標上表現穩健，但仍有一些領域未達到我們的預期。推動我們的需求機會的順風因素仍然存在，包括全球範圍內電子發票授權的激增，以及 ERP 供應商推動的雲端遷移。

But with the continued uncertainty in the macro environment, I believe we have taken prudent steps while not underserving our long-term value proposition and market opportunity. With that, we will take your questions.

但隨著宏觀環境的持續不確定性，我相信我們已經採取了審慎的措施，同時也沒有低估我們的長期價值主張和市場機會。我們將回答您的問題。

(Operator Instructions)

（操作員指示）

Chris Quintero from Morgan Stanley.

摩根士丹利的 Chris Quintero。

Hey David, hey John, good morning. I wanted to ask on the guide. First, the cloud guide that stayed in place. So I'm curious, is the macro impact that you're calling out here more on the on-prem and services side? Just help us marry kind of the lower total revenue guide versus the maintained cloud revenue guide.

嘿，大衛，嘿，約翰，早安。我想在指南上詢問。首先，雲導仍然在原地。所以我很好奇，您在這裡提到的宏觀影響是否更多地集中在內部部署和服務方面？只需幫助我們將較低的總收入指南與維護的雲端收入指南結合。

Yeah, Chris, thank you for the call. I appreciate it. I think as I think about the guide and I think about the adjustment down, I kind of break it into a couple of different pieces. I think the largest driver what I think about it is really coming from entitlements, it's entitlements, which is our customers' usage of activity.

是的，克里斯，謝謝你的來電。我很感激。我認為，當我思考指南並思考調整時，我會將其分成幾個不同的部分。我認為最大的驅動力其實來自於權利，也就是我們客戶對活動的使用。

We typically don't have a tremendous line of sight into that 60-ish days or so. So as those renewals are happening, we're starting we're then getting window what the uptick is going to be and then to the extent that there's a true up what that's going to look like.

我們通常無法預見這 60 天左右的時間。因此，隨著這些更新的進行，我們開始了解上升趨勢將會如何，然後在真正的上升趨勢中了解上升趨勢將會是什麼樣子。

And so as Q2 developed, we started to see a little bit of we started to see that, that activity was lower than it's been in the past and especially in the real larger the real larger additional entitlements, those big 6-figure type of deals, the volume was much lower than we had seen. And so the good news is we haven't seen pullbacks or any changes going the other way, but just the magnitude of those additional entitlements are certainly lower than we've seen in prior quarters.

因此，隨著第二季的發展，我們開始看到，交易活動比過去有所減少，特別是在真正較大的額外權益、那些 6 位數的大額交易中，交易量比我們所見過的要低得多。因此，好消息是，我們沒有看到回調或任何其他變化，但這些額外權利的幅度肯定低於前幾個季度的水平。

And again, that's part of the driver for our NRR dropping from that 109 back to 108. So I think based on that trajectory, we really looked at that we looked at that and that really weigh heavily as we think about what the guide looks like. So when you take that into consideration, then you also take into consideration true-ups, which aren't very typically a giant piece of our revenue.

再次強調，這也是導致我們的 NRR 從 109 降至 108 的部分原因。因此，我認為基於該軌跡，我們確實研究了這一點，並且在我們思考指南是什麼樣子時，這一點確實很重要。因此，當你考慮到這一點時，你也會考慮到真實收入，這通常不是我們收入的很大一部分。

But can be significant, and they have 100% revenue impact in the quarter in which they occur. We certainly pulled that back a little bit as we thought through that. And then finally, the last piece really has to do around the elongation of some of those sales cycles. So that's sort of how I kind of box out each of those different pieces. But we feel good and confident with the guidance that we've set and our ability to achieve it.

但影響可能很大，並且會對發生影響的季度的收入產生 100% 的影響。當我們仔細考慮這個問題時，我們確實稍微推遲了這一點。最後，最後一部分實際上與延長一些銷售週期有關。這就是我如何將各個不同的部分分開的方法。但我們對於我們設定的指導方針以及實現它的能力感到滿意和自信。

Got it. And then I want to follow up on the e-invoicing momentum that you're seeing, really, really encouraging to see. But just as you've seen those early customers come back to you and add additional country coverage. Like what are some of those early learnings that you're seeing in terms of the adoption rate for that product so far?

知道了。然後我想跟進您所看到的電子發票發展勢頭，這確實非常令人鼓舞。但正如您所看到的，那些早期的客戶會回來找您並增加額外的國家覆蓋範圍。例如，就目前為止該產品的採用率而言，您看到了哪些早期的經驗？

Yeah, I'll take this one. So Chris, I think it's a couple of factors. One, the value of our end-to-end offering is really differentiating us and playing well in the market, meaning that we've got the front end of that termination engine, the middle point, the invoicing transmission and then the VAT compliance all on the platform.

是的，我要這個。克里斯，我認為有幾個因素。首先，我們端到端產品的價值確實使我們與眾不同，並在市場上表現良好，這意味著我們在平台上擁有終止引擎的前端、中間點、發票傳輸以及增值稅合規性。

And I think that's really being validated as point number one. I think point number 2 is that this is a classic land and expand model. As we prove out to the customer that we can deliver on this they come back and say, right now we want to expand it because they're all focused on getting a single global provider as the proliferation of these invoicing requirements are expanding and getting more complex they're really looking for a single provider on a single platform.

我認為這確實被證實為第一點。我認為第二點是，這是一個經典的登陸和擴張模式。當我們向客戶證明我們能夠實現這一目標時，他們回來說，現在我們想要擴大它，因為他們都專注於獲得一個單一的全球供應商，因為這些發票要求的激增正在擴大並且變得越來越複雜，他們真正尋找的是單一平台上的單一供應商。

And that's playing right into our strategy. So I'm really pleased with the early pipeline deal cycles are typically running three to six months, depending upon what the customer how big the customer wants to start. So if you recall, we went live with the product in general availability at the very end of the first quarter. So we're just through our first three month cycle and already seeing really nice build and I think that should no reason that will continue as we continue to expand our country coverage.

這正符合我們的策略。因此，我對早期的管道交易週期感到非常滿意，通常需要三到六個月，這取決於客戶想要開始的規模。如果您還記得的話，我們在第一季末就推出了該產品。因此，我們剛剛經歷了第一個三個月的周期，並且已經看到了非常好的建設，我認為隨著我們繼續擴大我們的國家覆蓋範圍，這種情況將會持續下去。

Excellent. Thanks, David.

出色的。謝謝，大衛。

You're welcome.

不客氣。

Steve Enders from Citi.

花旗銀行的史蒂夫恩德斯。

Hi, thanks. This is George Kurosawa on for Steve. I wanted to circle back to the targets you laid out at your recent Investor Day, I mean just given based off of what you've seen and what's implied in the guidance here, it looks like you're looking at a bit of a deceleration through the end of the year. It all the things that you've discussed on the call here. Does that change at all how you guys are thinking about that kind of longer-term accelerating growth outlook? Just any color there?

你好，謝謝。這是喬治·黑澤明為史蒂夫表演的節目。我想回到您在最近的投資者日上列出的目標，我的意思是，根據您所看到的情況以及這裡的指導中所暗示的內容，看起來您預計到今年年底經濟增長將會有所放緩。這就是你們在電話中討論的所有事情。這是否會改變你們對長期加速成長前景的看法？那裡有任意顏色嗎？

Yeah, George, it's a super fair question, and we spent a lot of time, as you can imagine, thinking about that. I think when we looked at it, we actually looked at the transactional volume that's happening in e-invoicing and the type of regulatory tailwinds that we're seeing actually accelerate in that area as a key driver and that's number one.

是的，喬治，這是一個非常公平的問題，你可以想像，我們花了很多時間思考這個問題。我認為，當我們研究它時，我們實際上研究了電子發票的交易量，以及我們看到的該領域實際上正在加速的監管順風類型，這是關鍵驅動因素，這是第一點。

And then number two, as we continue to expand with SAP and Microsoft and some of the ecosystems with some of the work we're doing, we continue to see that cloud migration being a persistent driver for them, which means the tailwind has to continue for us because it's so disruptive to a tax department.

第二，隨著我們繼續與 SAP、微軟以及一些生態系統合作，進行一些工作，我們繼續看到雲端遷移成為他們的持續驅動力，這意味著我們必須繼續順風，因為它對稅務部門的破壞性很大。

And so we really paused on like, do we change anything? And those tailwinds are so solidly in place right now. There was no compelling reason to think that the company isn't going to resume its I mean this franchise has been around for 45 years.

所以我們真的停下來思考，我們要改變什麼嗎？目前這些順風勢頭十分強勁。沒有令人信服的理由認為該公司不會恢復其特許經營權，我的意思是這個特許經營權已經存在了 45 年。

We've been through these journeys where we see economic blip but the steady durability of our customer base and then the continued growth both in new logos and recurring and cross-functional sales as our customers continue to grow has not changed. The fundamental model is just rock solid. And so that's why we felt really confident in sustaining our current position on it should play out as we expect.

我們經歷過這樣的歷程：經濟出現波動，但我們的客戶群的穩定持久性，以及隨著客戶數量的不斷增長，新標誌、經常性和跨職能銷售的持續增長，都沒有改變。基本模型非常堅固。因此，我們對維持目前的立場充滿信心，事情會按照我們的預期發展。

Okay. Great. That's really helpful. And then in the prepared remarks, you alluded to maybe some changes in your hiring plans for the year. I just love a little more detail there. What are you expecting to change? And how should we think about the model impacts there?

好的。偉大的。這真的很有幫助。然後在準備好的發言中，您提到今年的招募計畫可能會發生一些變化。我只是喜歡那裡的更多細節。您期望發生什麼改變？我們應該如何看待那裡的模型影響？

Yeah, I think what we've looked at that and said, we've been gaining leverage from internal investments we've made, we've disclosed to investors over the past several years. On internal leverage about where we can drive more efficiency in the business and gain scale to ultimately drive margins. We prioritize some of those as we saw some of the short-term transactional challenges that John described in our performance and leaning into that, look, then you start to assess itself in terms of what you need in future head count.

是的，我認為我們已經考慮過這個問題，並且表示，我們一直在從內部投資中獲取槓桿，這些投資在過去幾年中我們已經向投資者披露過。關於內部槓桿，我們可以在哪裡提高業務效率並擴大規模，最終提高利潤率。我們優先考慮其中的一些，因為我們看到了約翰在我們的表現中描述的一些短期交易挑戰，並且傾向於此，然後你開始根據未來員工人數的需求進行評估。

And so most of the pullback is in the areas that are not strategic to the core strategy that I just focused on in terms of how we advance our number 1 priority around the invoicing and how we continue to optimize against Microsoft, Oracle and SAP. It's more in other areas of the business that are going to be less impacted by those strategies.

因此，大多數的回檔都發生在對核心策略不具策略意義的領域，我剛才關注的核心策略是我們如何推進圍繞發票的首要任務，以及如何繼續針對微軟、甲骨文和 SAP 進行最佳化。更多的是業務的其他領域受這些策略的影響較小。

Got it thanks for taking the questions here.

明白了，感謝您在這裡回答問題。

Joshua Reilly from Needham.

來自尼德姆的 Joshua Reilly。

All right. Great. Maybe just starting out, can we get some more color on how the quarter progressed and what happened post Q1 as that print was pretty strong, and it seemed like the pipeline was pretty strong for the balance of the year. Was it really just the end of June where the weakness started to come into play? Or help us understand how the linearity of the quarter progressed?

好的。偉大的。也許剛開始的時候，我們能否更多地了解本季度的進展情況以及第一季度之後發生的事情，因為這個季度的印刷量相當強勁，而且似乎今年餘下的管道都相當強勁。真的是從六月底，疲軟趨勢才開始顯現嗎？或幫助我們了解本季的線性進展？

Yeah, In terms of how the quarter progressed, what I would say is when I think about kind of Q1 and the activity in Q1, we had a nice we had a good Q1. As Q2 started to develop, again, we started to see a little bit of softness as we got through May. And as we got

是的，就本季的進展而言，我想說的是，當我想到第一季的情況和第一季的活動時，我們有一個好的第一季。隨著第二季的開始發展，我們再次看到，進入五月後，經濟略有疲軟。當我們得到

April seems strong. As we got through May, we started to see a little bit of softness start to show up, but we didn't think it was we wanted to monitor and manage it to see what that happened. And then as we got through May and then into June, that's when we started to see a bit of that elongation a little bit of that push out.

四月似乎很強勁。進入五月份，我們開始看到一些疲軟跡像出現，但我們不認為這是我們想要監控和管理的，看看會發生什麼。然後，當我們度過五月，進入六月時，我們開始看到一點點的伸長和一點點的向外推。

Again, very similar with how the additional entitlements and that activity that I described earlier sort of played out during the period. So it really, really manifested itself towards the back end of the quarter. And again, that's why we stopped and took a pause and made sure that we understood some of the big drivers that we're gathering that we're building in the business.

再次，這與我之前描述的額外權利和活動在該期間的進展非常相似。所以它確實在本季末顯現出來了。再次強調，這就是為什麼我們停下來並暫停一下，確保我們了解我們正在收集和建立的業務中的一些主要驅動因素。

Got it. That's helpful. And then you kind of alluded to a little bit slower activity in the SAP ECC base. If I interpreted the signal there correctly, what do you think is going on there? And why haven't the trajectory of those deals accelerated this year like maybe we would have expected?

知道了。這很有幫助。然後您暗示 SAP ECC 基礎中的活動有點慢。如果我正確地解釋了那裡的信號，你認為那裡發生了什麼？那麼，為什麼今年這些交易的進展並沒有像我們預期的那樣加速呢？

Yeah, I mean as best we can tell, I think it's just the given the uncertainty in the macro environment in general, companies are judging when do we want to embark on this march to make the cloud transformation and they're looking at where do we prioritize our investment.

是的，我的意思是，據我們所知，我認為只是考慮到宏觀環境的不確定性，公司正在判斷我們何時要開始進行雲端轉型，他們正在考慮我們應該優先在哪裡進行投資。

Obviously, AI elsewhere inside of those organizations is a priority investment for many companies. And I think in general, they're saying if we can defer this a little longer, hopefully, get through some of the tariff uncertainty and the macro challenges, they'll be able to absorb that expense model.

顯然，這些組織內部其他地方的人工智慧是許多公司的優先投資。我認為總的來說，他們說如果我們可以將此推遲一段時間，希望能夠克服一些關稅不確定性和宏觀挑戰，他們將能夠吸收這種費用模式。

And I think that's kind of the basic feedback we're hearing. We don't have obviously direct visibility into those. But I think that seems to be the themes that were most hearing. It's just pushing out the timing of those creating a little bit of that bubble that it's going to come in the back end of the process, which is really going to be '26 and '27.

我認為這就是我們聽到的基本回饋。我們顯然無法直接看到這些。但我認為這似乎是最常聽到的主題。這只是推遲了那些製造泡沫的時間，泡沫將在這個過程的後期出現，實際上將在 2026 年和 2027 年出現。

Understood thank you.

明白了謝謝。

Adam Hotchkiss from Goldman Sachs.

高盛的亞當‧霍奇基斯 (Adam Hotchkiss)。

Great, thanks so much for taking the question. David, I'd be curious how you think about the deals that did get pushed from Q2 into Q3. I think you had mentioned you closed some quarter-to-date. Is there any way you can sort of quantify for us what percent of those deals that were pushed have been closed or you have a sort of near-term lens on when those might be closed versus folks that have sort of delayed indefinitely due to those conditions?

太好了，非常感謝您回答這個問題。大衛，我很好奇你如何看待從第二季推遲到第三季的交易。我想您曾提到您已經完成了本季度迄今為止的一些工作。您能否為我們量化一下，在那些被推動的交易中，有多少百分比已經完成，或者您是否能預測一下這些交易可能在何時完成，以及由於這些情況而無限期推​​遲的交易？

Yeah, Adam, I don't I think delayed indefinitely would be a wrong characterization because they're still going through their migrations. They're still going to address the issues, have to address the issue of tax. It's just a question of the pacing of the ERP adoption and whether they're you and I have had the conversation I think I've spoken to investors about, it's the process of an integration, we get brought in about the midpoint of an onboarding of a new cloud offering.

是的，亞當，我不認為無限期推遲是一種錯誤的說法，因為他們仍在進行遷徙。他們仍將解決這些問題，必須解決稅務問題。這只是一個 ERP 採用速度的問題，以及他們是否是你和我曾經與投資者討論過的問題，這是一個整合的過程，我們會在新雲產品的引入中期介入。

And so in terms of the customer doing a new ERP system. And so if those are pushing in the early periods where they're slowing down their process, then it's pushing our process out. And I think that's really a contributing factor here. I don't have visibility to actually how many number of deals closed.

就客戶實施新的 ERP 系統而言。因此，如果這些人在早期階段減緩了他們的進程，那麼他們就會推遲我們的進程。我認為這確實是一個促成因素。我不知道實際上完成了多少筆交易。

I know from the sales teams, and we talk to them weekly and monthly. We have different processes to do that. I'm comfortable that they are closing. I think it's just the timing issue again. in terms of taking it to where the customers' migration process is.

我從銷售團隊那裡了解到這一點，我們每周和每月都會與他們交談。我們有不同的流程來實現這一點。我很高興他們要關門了。我認為這只是時間問題，就將其帶到客戶的遷移過程而言。

Okay. Great. That's really helpful. And then, John, just on guidance philosophy and maybe how that's evolved on this print relative to how you've looked at things previously, in particular related to things like entitlements and true-ups. Would you say you're taking a particularly conservative view on the second half of the year around entitlements and true-ups relative to what you've done historically? Or is this something that's just purely reflecting what happened in the second quarter?

好的。偉大的。這真的很有幫助。然後，約翰，僅就指導哲學而言，也許相對於您之前對事物的看法，它在這一印刷品上是如何演變的，特別是與權利和真實性相關的事物。您是否認為，相對於過去的做法，您對下半年的權利和補償問題持特別保守的看法？或者這僅僅反映了第二季度發生的情況？

Yeah, I think, Adam, what I would say is this. I think we took into consideration what we saw develop in the second quarter and how it developed and the types of customers that, that came from and built and certainly built that in. I wouldn't say that we have changed our philosophy at all. Certainly, they were the levers that we kind of pulled on to make the changes that we pulled. But I wouldn't say that we have changed on our philosophy of how we think about it.

是的，亞當，我想說的是這個。我認為我們考慮到了第二季的發展、發展方式以及來自和建立的客戶類型，當然也考慮到了這一點。我不會說我們根本改變了我們的理念。當然，它們是我們用來做出改變的槓桿。但我不會說我們對此的看法已經改變。

But I think what we did see is that magnitude start to come down in terms of kind of those true-ups. And again, they are the ones that have a big impact on dollar for dollar in the revenue line items. But again, similarly, with the additional entitlements, Same thing.

但我認為，我們確實看到，從真實值來看，幅度開始下降。再次強調，它們對收入項目的逐美元計算有重大影響。但同樣，對於額外的權利，也是一樣的。

I think we're just reevaluating based on what we're seeing and trying to be very thoughtful about how we think about that going forward. I think we've always had a pretty conservative philosophy around guidance and setting it and making sure that we have good visibility in there. And I think as we saw a little bit of that visibility get hazy in the second quarter, we want to make sure we adjust it accordingly.

我認為我們只是根據所看到的情況重新評估，並試圖認真思考如何繼續前進。我認為我們在指導和製定指導方面一直秉持著相當保守的理念，並確保我們在其中具有良好的可見性。我認為，當我們在第二季度看到這種可見性變得有點模糊時，我們希望確保對其進行相應的調整。

Okay great thank you very much.

好的，非常感謝。

Rob Oliver from Baird.

來自貝爾德的羅布·奧利弗。

Great, thank you. Good morning. Thanks for taking my questions. The first one is on just the SAP comments that SAP called out on their call, some weakness in public sector, which I know is not an end market for you guys as well as in North American industrial and manufacturing.

太好了，謝謝。早安.感謝您回答我的問題。第一個問題是關於 SAP 在電話會議上提出的評論，即公共部門存在一些弱點，我知道這不是你們的終端市場，北美工業和製造業也是如此。

So I know, David, you mentioned somewhat limited visibility into exactly where those deals are for you guys and when you're brought in. But to the extent that perhaps you've gotten color from your CRM, your sales folks as to where that weakness was so we can match that up with some of the other companies that we follow, which are actually calling out strength within the SAP channel? And then I had a quick follow-up.

所以我知道，大衛，你提到了對於你們這些交易的具體情況以及你們何時加入的了解程度有限。但是，也許您已經從 CRM 和銷售人員那裡了解到了弱點所在，以便我們可以將其與我們關注的其他一些公司進行比較，這些公司實際上在 SAP 管道中發揮優勢？然後我進行了快速的跟進。

Yeah, Rob, as we've talked, the driver for us in tax is around a disruption to the tax department, which is what a migration is. So it's not like a nice-to-have solution. It's a must-have when you're going through a migration. We've seen that process elongate. I don't have any great visibility that I can add color in terms of how far out.

是的，羅布，正如我們所說的，我們在稅收方面的驅動力是稅務部門的混亂，這就是遷移。所以這並不是一個好的解決方案。當你進行遷移時，它是必要的。我們已經看到這個過程延長了。我沒有任何很好的可見性，無法在距離多遠方面添加顏色。

But the softness is largely focused, I think, in the US where I think there's been reports of some of that slowdown that you noted. And I think that given that's our larger market, that has been our larger market opportunity and remains so that's why it's showing up more impacting us more we've actually had a strong European quarters as we noted, but that's a smaller part of our business still. And so I think that's kind of where we're seeing it the most.

但我認為，疲軟主要集中在美國，有報告指出美國經濟出現了您所指出的一些放緩現象。我認為，鑑於這是我們更大的市場，這一直是我們更大的市場機會，並且仍然是，這就是為什麼它對我們的影響更大，正如我們所指出的，我們實際上在歐洲有一個強勁的季度，但這仍然是我們業務的一小部分。所以我認為，這就是我們最常看到的情況。

Okay. Helpful. Appreciate it. And then, John, just a quick follow-up for you, maybe a two parter here. One, is just maybe a corollary to Adam's question earlier about guidance philosophy, going back to the Analyst Day, obviously, SAP is an important part of the story as our ERP migrations broadly for you guys.

好的。很有幫助。非常感謝。然後，約翰，我們再快速跟進一下，也許這裡有兩個部分。首先，這可能只是 Adam 之前關於指導理念的問題的必然結果，回到分析師日，顯然，SAP 是故事的重要組成部分，因為我們的 ERP 遷移對你們來說很廣泛。

And given the absence of visibility and getting tripped up here very early after the Analyst Day, how that might impact how you think about or the contribution from SAP in any given year and how you guide to that? And then is there any potential impact? Or how do we think about the margin trajectory into next year? Is the accelerated investment cycle kind of need to be pushed out a little bit?

鑑於缺乏可見性，並且在分析師日之後很早就陷入困境，這會如何影響您對 SAP 在任何一年的貢獻的看法以及您如何指導這一點？那麼會有什麼潛在影響嗎？或者我們如何看待明年的利潤率走勢？加速投資週期是否需要稍微延後一點？

Okay. I appreciate it, Rob. A couple of good questions there. The first, in terms of kind of our view trajectory of SAP and as we think about sort of longer term. I don't think, as David described earlier in one of the earlier questions, I don't think there's a change in our view on sort of end markets and our ability to drive growth into the future, and we feel good about that. And so I think we obviously are taking all the factors into consideration as we think about guidance and we think about our plan and how the business is developing over time.

好的。我很感激，羅布。這裡有幾個很好的問題。首先，就我們對 SAP 的看法軌跡以及我們對長期發展的思考而言。我認為，正如大衛之前在其中一個問題中所描述的那樣，我們對終端市場的看法以及推動未來成長的能力沒有改變，我們對此感到滿意。因此，我認為我們在考慮指導、計劃以及業務如何隨時間發展時顯然會考慮所有因素。

But I don't think there's anything that I'm seeing that occurred this quarter that occurred this quarter that would change how we're looking at either the longer-term plan or the way that we're evaluating different contributors into our longer-term growth algorithm.

但我認為本季發生的任何事情都不會改變我們對長期計劃的看法，也不會改變我們評估長期成長演算法中不同貢獻者的方式。

In terms of margins, again, I think, as David had also mentioned, we did take some actions in terms of ensuring that we've got a good cost structure in place. but also prioritizing some of those investment areas, ensuring that we're getting after e-invoicing, getting the country coverage that we need and continuing to build out for those goals because, again, that's going to be a driver of our success as we move forward.

至於利潤率，我認為，正如大衛提到的那樣，我們確實採取了一些行動，以確保我們擁有良好的成本結構，同時也優先考慮了一些投資領域，確保我們能夠實現電子發票，覆蓋我們需要的國家，並繼續朝著這些目標邁進，因為這將成為我們未來成功的驅動力。

So we continue to focus on those important things. Again, we still feel good about that investment. The investment program that we're on. We talked about, again, that country coverage, extending through the middle getting that up and going, some AI investments and really that plays itself out through the middle of next year.

因此我們繼續關注那些重要的事情。再次，我們仍然對這項投資感到滿意。我們正在進行的投資計劃。我們再次討論了國家覆蓋範圍，延伸到中間地區，啟動和進行一些人工智慧投資，這些投資實際上將在明年年中發揮作用。

And I think then we'll start to see more leverage come. But we certainly, just given some of the headwinds that we saw, we're very mindful around our cost structure and the contribution that we're seeing there. So we'll see how that develops over time. And I think we're still focused on those investments. We're still and we are still focused on driving that leverage in our business and trying to find ways to accelerate it where possible.

我認為我們將開始看到更多的槓桿作用。但當然，考慮到我們看到的一些不利因素，我們非常關注我們的成本結構和我們在那裡看到的貢獻。因此我們將觀察其隨著時間的推移如何發展。我認為我們仍然專注於這些投資。我們仍然致力於推動我們業務中的這種槓桿作用，並試圖找到盡可能加速它的方法。

Great, thanks, John. I appreciate it.

太好了，謝謝，約翰。我很感激。

Andrew DeGasperi from BNP Paribas.

法國巴黎銀行的 Andrew DeGasperi。

Thanks for taking my question. I guess in terms of just a follow-up with Rob's question that just to be clear, that sort of leverage you expect in the back half of next year, that is not changing, right, as these investments are getting pushed out? And then I have a follow-up.

感謝您回答我的問題。我想就 Rob 的問題進行後續回答，只是為了明確一點，您預計明年下半年的槓桿率不會改變，對嗎，因為這些投資正在被推遲？然後我有一個後續問題。

Yes, I don't think we're going to alter we haven't offered any guidance for '26 yet, obviously. The fundamentals of our strategy are as I said, we're not while quarterly performance is critical, we understand that the long-term strategic opportunities we're pursuing are significant enough. We want to be thoughtful about what we back off on.

是的，我認為我們不會改變，顯然我們還沒有為 26 年提供任何指導。正如我所說，我們的策略基礎是，雖然季度業績至關重要，但我們明白，我們所追求的長期策略機會已經足夠重要。我們要認真思考要放棄什麼。

I'm going to look to see where we can deliver leverage from our internal investments already and use that to drive continued margin opportunity to fund the long-term strategic things that we're pursuing. But pursuing the invoicing expansion right now is mission we think it's strategically high ground that we have to complete. It will put us in the best position for the long-term durability that we've enjoyed for 45 years. So that's why we're not going to back off that. .

我將研究我們可以在哪些方面從內部投資中獲益，並利用它來推動持續的利潤機會，為我們正在追求的長期策略目標提供資金。但現在追求發票擴展是一項任務，我們認為這是我們必須完成的策略性高點。它將使我們處於最佳位置，以保持我們 45 年來一直享有的長期耐用性。這就是為什麼我們不會退縮。。

Great. And that's helpful. And then I guess I wanted to follow up on the I think you mentioned on the call earlier, some compliance confusion for customers. Was it Brazil, I think you mentioned maybe you could just expand on that, what did that mean? I mean, how impactful was that like relative to all the other factors you've looked as to the lower guidance?

偉大的。這很有幫助。然後我想跟進一下您之前在電話中提到的一些客戶合規性困惑。是巴西嗎？我想您提到也許您可以詳細說明一下，那是什麼意思？我的意思是，相對於您所考慮的所有其他較低指導因素而言，這有多大影響？

Yeah, Sorry for interrupting you there. Yes. So the impact, I think, was 0.5 point in MRR, John, roughly? Yes. So that's about the impact to NRR that it was. But the bigger issue there is Brazil has introduced a new VAT set of requirements that will actually they have two different sets of requirements in place right now.

是的，很抱歉打擾您。是的。所以我認為影響大概是 MRR 的 0.5 個百分點，約翰，是嗎？是的。這就是它對 NRR 的影響。但更大的問題是巴西推出了一套新的增值稅要求，實際上他們目前有兩套不同的要求。

They have their legacy system and they are transitioning into this new one over a period of 10 years, which is actually creating confusion for customers in terms of how much has to be applied again how much has to be complied against the old rules versus the new regulations as they're being phased in. And it has clearly caused some frustration for customers down in that area.

他們有自己的舊系統，需要用 10 年的時間過渡到新系統，這實際上讓客戶感到困惑，他們不清楚有多少內容需要重新應用，有多少內容需要遵守舊規則，有多少內容需要遵守正在分階段實施的新規定。這顯然給該地區的顧客帶來了一些不滿。

We view that actually that confusion and frustration to be another complexity that will serve us well, and we've got a number of initiatives that are moving forward in Brazil right now to actually address. So I'm actually strategically super pleased with how we're positioned and we're delivering value.

我們認為，這種困惑和挫折感實際上是另一個複雜因素，對我們大有裨益，目前我們在巴西正在推動一系列舉措來解決這些問題。因此，從戰略上來說，我對我們的定位和提供的價值感到非常滿意。

But in the short term, again, customer deal flow has slowed a little bit as customers are sorting through what their compliance needs are going to be. And that's all that was but in the long run, again, it's just enhanced complexity from the regulators that only creates opportunity for us.

但在短期內，由於客戶正在確定他們的合規需求，客戶交易流量再次略有放緩。這就是全部了，但從長遠來看，監管機構的複雜性增強只會為我們創造機會。

Understood thank you that's very helpful.

明白了，謝謝，這非常有幫助。

Brent Bracelin from Piper Sandler.

派珀‧桑德勒 (Piper Sandler) 的布倫特‧布雷斯林 (Brent Bracelin)。

Thank you. Good morning. Thanks for taking the question here. I wanted to go back to the on-prem license versus cloud discussion. Very clear entitlements and true-ups are more variable here. That's the drag in the second half. My question here is around the longer-term trend.

謝謝。早安.感謝您在這裡提出這個問題。我想回到本地許可證與雲端許可證的討論。非常明確的權利和真實性在這裡更加多樣化。這就是下半場的拖累。我的問題是關於長期趨勢的。

Why would you see on-prem license maybe start to be a bit of a drag, especially if we start to see a more acceleration to cloud ERP. I know you're agnostic. It's the smart thing to do, but curious if you see any sort of early signs that some of these migrations might become a longer-term drag in license, but potentially accelerate to cloud.

為什麼您會看到內部部署授權可能會開始成為一種阻礙，特別是當我們開始看到雲端 ERP 加速發展的時候。我知道你是不可知論者。這是明智之舉，但令人好奇的是，您是否看到任何早期跡象表明，其中一些遷移可能會成為許可證的長期拖累，但可能會加速雲端運算的發展。

Yeah, I want to make sure I'm understanding your question. I think that fundamentally, when customers migrate from on-prem to the cloud, we get typically a 30% to 40% increase dollar for dollar for the same license. So it's not a drag when those existing customers who are on-prem move to the cloud, it's actually an upsell opportunity for us just to make sure I'm paying off that part of the story.

是的，我想確保我理解了你的問題。我認為，從根本上來說，當客戶從本地遷移到雲端時，我們通常會獲得相同授權 30% 到 40% 的增值。因此，當那些現有的本地客戶遷移到雲端時，這並不是什麼阻礙，這實際上對我們來說是一個追加銷售的機會，只是為了確保我能償還這部分費用。

I think because everything we're doing is cloud first, probably 90% to 95% of all of our new logos and with our platform expansion, we're continuing to drive all of our activity to the cloud and onto our platform. I see that being the accelerant for our future growth, not the drag.

我認為，因為我們所做的一切都是雲端優先的，大概我們所有新標誌的 90% 到 95% 都是雲端優先的，而且隨著我們平台的擴展，我們將繼續把我們所有的活動推向雲端和我們的平台。我認為這是我們未來成長的動力，而不是阻力。

The migrations will happen. It actually will start to eliminate over time will be the true-ups because we'll have a cloud, it's over 55-or-so percent of our revenue now. And as it continues to accelerate and become probably 60%, 70%, 80% of our revenue, it will be more just the entitlement. So we won't have those one-off true-ups anymore in the on-prem business because it will become a smaller percentage of our total revenue.

遷移將會發生。隨著時間的推移，它實際上將開始消除這些影響，因為我們將擁有雲，它現在占我們收入的 55% 左右。隨著它繼續加速並可能占到我們收入的 60%、70%、80%，它將更多地成為一種權利。因此，我們在本地業務中將不再進行那些一次性的調整，因為它在我們的總收入中所佔的比例將變得更小。

Got it. Very clear. So it's the true ups that might be impacted, entitlements, will continue in that in that cloud mix shift helpful. And then, and just last one here on e-invo we're seeing in Europe specifically, if I think about the momentum there over 30% sequential growth, it is very small.

知道了。非常清楚。因此，真正的優勢可能會受到影響，權利將繼續在雲端混合轉變中發揮作用。然後，最後我們來看看歐洲的電子發票，如果考慮到那裡超過 30% 的連續成長勢頭，這是非常小的。

Belgium is very small, but France and Germany are 10 times. GDP areas. I'm curious to hear, are there different competitors in each country in the EU that you have to fight against and then from a timing standpoint, when would you start to see, France if that doesn't happen until September 20,226 and Germany in 2027? When would you start to see some of those deals light up?

比利時很小，但法國和德國卻是比利時的10倍。GDP 領域。我很好奇，歐盟中每個國家是否都有不同的競爭對手需要您對抗？從時間角度來看，您什麼時候開始看到？如果要到 2022 年 9 月才出現法國的競爭，那麼德國則要到 2027 年？您什麼時候會開始看到這些交易變得活躍起來？

Yeah, two good questions. So I think, again, as the global providers, and you think about it from a global there's hundreds of local providers in every country. We've known that from the moment we entered the space. The mid and enterprise market is looking for the single provider that can do business in all the jurisdictions that they do that they operate in.

是的，兩個好問題。因此，我認為，作為全球供應商，從全球角度考慮，每個國家都有數百家本地供應商。從我們進入太空的那一刻起我們就知道了這一點。中型企業市場正在尋找能夠在其經營的所有司法管轄區內開展業務的單一供應商。

So if I'm doing business in 30 countries, I want a provider that can handle my e-invoicing in 30 countries. And so that's critical to our strategy that we are one of the very few that can do that. So it kind of changes the plan. The customer is only looking for a point solution. That's going to be a much harder sale. And candidly, it may not be one than want to pursue.

因此，如果我在 30 個國家開展業務，我需要一個能夠處理 30 個國家的電子發票的供應商。因此，這對我們的策略至關重要，我們是極少數能夠做到這一點的公司之一。所以這在某種程度上改變了計劃。客戶只是在尋找一個點解決方案。這將是一次更加困難的銷售。坦白說，這可能不是我們想要追求的。

It's like selling into the SMB market in the US sales tax. It's not going to be a high-value opportunity. But the customer who's like, Hey, I got to solve for Belgium now, but I'm going to solve for 12 other countries in the next two years is exactly our target market.

這就像在美國銷售稅中向中小企業市場銷售一樣。這不會是一個高價值的機會。但是，客戶會說，『嘿，我現在必須解決比利時的問題，但在未來兩年內我將解決其他 12 個國家的問題，這正是我們的目標市場。

And so that's where we're focused. And the number of competitors there really shrinks down to Sovos and Thomson are probably the two primary ones that have the same capabilities, the similar capabilities that we would have that we would be most of our RFPs we're seeing.

這就是我們關注的重點。那裡的競爭對手數量實際上已經減少到 Sovos 和 Thomson，它們可能是擁有與我們相同能力、類似能力的兩個主要公司，我們看到的大多數 RFP 都擁有這些能力。

And France and Germany should start to light up here as we get through the back half of this year and probably more so France, just because of the looming deadline and then really much more into 2026, which is pretty consistent with what we've said all along.

隨著我們進入今年下半年，法國和德國應該會開始發光發熱，法國可能更是如此，因為最後期限迫在眉睫，而到 2026 年則會更加明顯，這與我們一直以來所說的非常一致。

The rates for us was, which is why we're not slowing down our investment in the invoicing is we want to be where we need to be. We already have France in our we've already covered France. We can handle it right now. But we want to be in all the right jurisdictions with our investments over the next 12 months.

對我們來說，費率就是為什麼我們不會放慢對發票的投資，因為我們希望達到我們需要的水平。我們已經將法國納入我們的範圍，我們已經涵蓋了法國。我們現在就可以處理。但我們希望在未來 12 個月內將我們的投資擴展到所有合適的司法管轄區。

Hence, the investment cycle we're in so that we're incredibly well positioned as customers are making global decisions on who are going to be our providers. We've got the country coverage and the protocols they need in place to provide.

因此，在我們所處的投資週期中，當客戶就誰將成為我們的供應商做出全球決策時，我們處於非常有利的位置。我們已經涵蓋了整個國家，並製定了他們需要提供的協議。

Alex Sklar from Raymond James.

雷蒙德詹姆斯 (Raymond James) 的亞歷克斯斯克拉 (Alex Sklar)。

Great, thank you, David, in your prepared remarks, you talked about some of the expected state and local budget pressures from reduced federal funding. You've been operating for 40-plus years. What have you seen in prior cycles when state budgets are tightened in terms of accelerating rate and complexity changes and then more importantly, how that correlates to buying Vertex?

太好了，謝謝你，大衛，在你準備好的發言中，你談到了聯邦資金減少預計會給州和地方帶來一些預算壓力。你們已經經營了 40 多年。在先前的周期中，當國家預算收緊時，您在加速速度和複雜性變化方面看到了什麼？更重要的是，這與購買 Vertex 有何關聯？

Yeah, so the new tax bill that was passed by the federal government here is change in Medicaid and food stamp funding to states. So mission-critical for their citizenship that they're going to have to address. Indirect tax is the most predictable form of revenue for a government. So I think we have seen consistently in the past when governments are in search of revenue, they turn a transaction tax. They do it somewhat in rates, they do it more in rules. Rates are helpful.

是的，聯邦政府通過的新稅收法案改變了各州的醫療補助和食品券資助。這對他們的公民身份來說至關重要，他們必須解決這個問題。間接稅是政府最可預測的收入形式。所以我認為，我們過去一直看到，當政府尋求收入時，他們會徵收交易稅。他們在利率上做了一些調整，但在規則上做得更多。費率很有幫助。

But obviously, it's hard to get reelected if you're a local politician and you just keep raising the sales tax rates. So they come up with more complexity in the rules, they'll add a sugar tax and new beverage or something like that, again, which increases compliance pain for the prospects, which creates demand opportunities for us. And that's what we have seen in the past.

但顯然，如果你是地方政客並且不斷提高銷售稅率，那麼你很難再當選。因此，他們提出了更複雜的規則，他們會增加糖稅和新飲料或類似的東西，這又增加了潛在客戶的合規痛苦，從而為我們創造了需求機會。這正是我們過去所看到的。

And I don't see any reason why that's not going to continue again because of the predictability of the revenue and because of the need to fund these gaps that are now increasing as a result of the new tax bill.

我認為這種情況沒有理由不會繼續下去，因為收入是可預測的，而且需要為由於新稅法而不斷擴大的缺口提供資金。

Okay. Great color there. And I have another one on the e-invoicing to add to the bunch. But in terms of the partner channel, you've got a mature partner channel for your core solutions. How does that look on the e-invoicing opportunity? How has enablement been there? How much of e-invoicing deals are partner influence versus the rest of your business?

好的。那裡的色彩很棒。我還有另一份有關電子發票的文件要加入其中。但就合作夥伴管道而言，您已經擁有一個成熟的合作夥伴管道來提供您的核心解決方案。這對於電子發票機會來說意味著什麼？那裡的支援情況如何？相對於您的其他業務，電子發票交易中有多少是受到合作夥伴影響的？

Yeah, we've made a very important decision to work very much through the same partner channel that we built our brand with for years. So we are working very closely with all of the alliance partners. And we are leveraging them. We've enabled them. We're training them in terms of how they can implement our software, our invoicing solution and then bring more value around it for their own for their own practices.

是的，我們做出了一個非常重要的決定，即透過多年來建立我們品牌的相同合作夥伴管道開展工作。因此，我們正在與所有聯盟夥伴密切合作。我們正在利用它們。我們已經啟用它們了。我們正在對他們進行培訓，教導他們如何實施我們的軟體、我們的發票解決方案，然後為自己的實踐帶來更多價值。

And so it's a key part of our go-to-market strategy. And they are active in most of the transactions that we're securing right now, that's we expect that to continue because tax is such a critical part of the decision process.

因此，這是我們行銷策略的關鍵部分。他們積極參與我們目前正在進行的大多數交易，我們預計這種情況將持續下去，因為稅收是決策過程中非常關鍵的一部分。

And so the big four are going to be players in that space, and we see it as a natural to continue to leverage the relationship. It actually opens up the entire end-to-end platform even more for them in terms of how they can work across our platform with their customer base. But this is a good point of entry that then allows them to bring more demonstrate where elsewhere takes to bring value in the process.

因此，四大巨頭將成為該領域的參與者，我們認為繼續利用這種關係是自然而然的。實際上，它為他們開放了整個端到端平台，讓他們能夠透過我們的平台與他們的客戶群合作。但這是一個很好的切入點，可以讓他們帶來更多展示，證明其他地方可以在這個過程中帶來價值。

All right, great color thank you.

好的，顏色很棒，謝謝。

Patrick Walravens from Citizens JMP Securities.

來自 Citizens JMP Securities 的 Patrick Walravens。

Great. So at the Analyst Day in March, you guys guided to 2028 revenue growth in the high teens subscription, 20% plus and cloud 30%-plus. Are you standing by those targets?

偉大的。因此，在三月的分析師日上，你們預測 2028 年訂閱營收將成長 15% 以上，雲端運算營收將成長 30% 以上。您是否堅持​​這些目標？

Yeah, We as I said earlier, Pat, I appreciate cloud is going to remain the primary focus of everything we sell. So it's going to continue to be a material growth driver and everything around e-invoicing and the classic land and expand model that is becoming. I see that driving both NRR and continued cloud revenue. So fundamentally, that hasn't changed.

是的，正如我之前所說，帕特，我很欣賞雲端將繼續成為我們銷售的所有產品的主要焦點。因此，它將繼續成為物質成長動力，以及圍繞電子發票和正在形成的經典土地和擴張模式的一切。我認為這既推動了 NRR 的發展，也推動了雲端收入的持續成長。所以從根本上來說，這一點並沒有改變。

All the activity that has slowed in the ERP cloud migration or it hasn't materialized like we thought it would, and it's still going to play out, and we are still incredibly well positioned around how we can leverage that and we continue to expand our relationship inside of areas like Microsoft, where we're now on the Microsoft commercial marketplace, giving us a broader footprint inside of the Microsoft ecosystem. I definitely feel those targets are not something we should back off of at this point.

ERP 雲端遷移的所有活動都已放緩，或者尚未像我們想像的那樣實現，但它仍將發揮作用，我們仍然非常擅長利用這一點，我們將繼續擴大與微軟等領域的關係，我們現在在微軟商業市場上，這讓我們在微軟生態系統中擁有更廣泛的影響力。我絕對認為我們現在不應該放棄這些目標。

Okay. And then great. The follow-up would be I mean, the stock was already down 38% year-to-date now more today. Is the board considering a buyback?

好的。然後就好了。我的意思是，今年迄今為止，該股已經下跌了 38%，今天則下跌了更多。董事會是否考慮回購？

Yes. No, I appreciate the question, Pat. I mean it's something that we certainly will consider and give some thought to and something that we will update people on as needed. But it's we'll continue to pay attention to it and monitor the stock and consider that in the other uses of our capital as we evaluate our model.

是的。不，我很感謝你的提問，帕特。我的意思是，我們肯定會考慮並仔細考慮這件事，並且我們會根據需要向人們通報最新情況。但我們會繼續關注並監控庫存，並在評估我們的模型時考慮資本的其他用途。

Jake Roberge, William Blair.

傑克羅伯格、威廉布萊爾。

Yeah, thanks for taking the questions. I understand things have been a little bit slower on the migration front, but curious what you're actually hearing from SAP and your other partners on when those headwinds start to abate? Is it all just a macro timing dynamic? Or are you seeing SAP kind of extended deadlines have any impact on when customers might look to go online with your platform?

是的，感謝您回答這些問題。我知道遷移方面的進展有點慢，但好奇您從 SAP 和您的其他合作夥伴那裡聽到了什麼消息，知道這些阻力何時會開始減弱？這一切只是宏觀時間動態嗎？或者您認為 SAP 延長的期限會對客戶何時希望使用您的平台上網產生影響？

I haven't seen any initial indications of that. I think you need special approvals and you have to make certain investments to even secure that extension. So certainly, we've seen no shift in their public announcements about their intend to move that forward at the current deadline.

我還沒有看到任何有關這方面的初步跡象。我認為你需要特別批准，並且必須進行一定的投資才能確保延期。因此，我們當然沒有看到他們在公開聲明中改變是否打算在當前期限內推進這一進程。

And I think, again, it's not the only driver of cloud migration. It's occurring across the ecosystem, occurring in our Oracle opportunities. It's a big driver of some of the Oracle wins we had in the quarter. It's occurring now more so in the Microsoft Dynamics area, where we're seeing, again, new we're expanding our relationship there and seeing new opportunities. So I don't see that fundamentally changing. And at this point, I haven't seen any change in the deadline.

我認為，這並不是雲端遷移的唯一驅動因素。它發生在整個生態系統中，發生在我們的 Oracle 機會中。這是我們在本季取得的一些 Oracle 勝利的重要推動力。現在，這種情況在 Microsoft Dynamics 領域更加常見，我們再次看到，我們正在擴大我們在那裡的關係，並看到新的機會。所以我認為這種情況不會發生根本性的改變。到目前為止，我還沒有看到截止日期有任何變化。

Okay. That's helpful. And then I know most of the impact to the guide was related to migration activity in true-ups, but just wanted to double click on how that initial ramp for invoicing has been and just how win rates for that solution might compare to kind of the core platform. I know it's a much earlier solution, but just curious what you're seeing early days on that front.

好的。這很有幫助。然後我知道對指南的大部分影響與實際遷移活動有關，但我只是想雙擊一下發票的初始增長情況，以及該解決方案的獲勝率與核心平台的比較情況。我知道這是一個更早的解決方案，但我只是好奇你在這方面早期看到了什麼。

Yeah, I think I think I'm seeing the things I thought I would see in terms of the strategic value of our differentiation, playing really well and competitively with the node to comment around the need to continue to build out the countries.

是的，我認為我看到了我認為會看到的東西，就我們的差異化的戰略價值而言，我們發揮得非常好，並且與節點競爭，評論繼續建立國家的需求。

So there are net companies that are just focused on an individual region, our cloud-based approach is playing really well with the end-to-end value prop. When a customer says, yes, but as part of this, I need to handle country X and it's not one we are currently covering, then we don't show up as well. That's why we're putting such urgency on continuing to expand our footprint across the globe in terms of country coverage to make sure that's not a competitive differentiator that we can't compete on.

因此，有些網路公司只關注單一區域，而我們基於雲端的方法在端到端價值主張方面發揮非常好的作用。當客戶說，是的，但作為其中的一部分，我需要處理 X 國，而這不是我們目前覆蓋的範圍，那麼我們也不會出現。這就是為什麼我們如此迫切地要繼續擴大我們在全球範圍內的國家覆蓋範圍，以確保這不是我們無法競爭的競爭優勢。

Very helpful, thanks for taking the questions.

非常有幫助，感謝您回答這些問題。

And this concludes our question-and-answer session. I would now like to turn the conference back over to Joe Crivelli for any closing remarks.

我們的問答環節到此結束。現在我想將會議交還給喬·克里維利 (Joe Crivelli) 做結束語。

Thanks, everybody, for joining us today. If you have any follow-up questions or would like to schedule additional timing with the team, please send me an e-mail at investors@vertexinc.com. Have a great rest of your day, and we look forward to speaking to you in the coming weeks.

感謝大家今天加入我們。如果您有任何後續問題，或希望與我們的團隊安排更多時間，請發送電子郵件至 investors@vertexinc.com。祝您今天剩餘時間愉快，我們期待在未來幾週與您聯繫。

The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect.

會議現已結束。感謝您參加今天的演示，現在您可以斷開連接了。