Workiva Inc (WK) 2025 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. My name is [Gary]. I will be your host operator on this call.

女士們、先生們，午安。我的名字是[加里]。我將擔任本次通話的主持人。

After the prepared comments, we will conduct the question-and-answer session. Instructions will be provided at that time.

在準備好的評論之後，我們將進行問答環節。屆時將提供說明。

Please note that this call is being recorded on July 31, 2025, at 5 PM Eastern Time.

請注意，本次通話於 2025 年 7 月 31 日東部時間下午 5 點錄製。

I would now like to turn the meeting over to your host for today's call, Katie White, Senior Director of Investor Relations at Workiva. Please go ahead.

現在，我想將會議交給今天的電話會議主持人，Workiva 投資者關係高級總監凱蒂懷特 (Katie White)。請繼續。

Good afternoon. Thank you for joining Workiva's Q2 2025 conference call.

午安.感謝您參加 Workiva 2025 年第二季電話會議。

During today's call, we will review our second-quarter results and discuss our guidance for the third-quarter and full-year 2025.

在今天的電話會議中，我們將回顧第二季的業績，並討論 2025 年第三季和全年的指導。

Today's call will include comments from our Chief Executive Officer, Julie Iskow; followed by our Chief Financial Officer, Jill Klindt. We will then open the call up for a Q&A session, where we will be joined by Mike Rost, our Chief Strategy Officer.

今天的電話會議將包括我們執行長 Julie Iskow 的評論；隨後是我們的財務長 Jill Klindt 的評論。然後，我們將開始問答環節，我們的首席策略長 Mike Rost 將加入其中。

After market closed today, we issued a press release which is available on our Investor Relations website, along with supplemental materials. This conference call is being webcast live. Following the call, an audio replay will be available on our website.

今天收盤後，我們發布了一份新聞稿，該新聞稿和補充資料可在我們的投資者關係網站上查閱。本次電話會議正透過網路直播。通話結束後，我們的網站上將提供音訊回放。

During today's call, we will be making forward-looking statements regarding future events and financial performance, including guidance for the third-quarter and full fiscal year 2025. These forward-looking statements are based on our assumptions as to the macroeconomic, political, and regulatory environment; and as of today, reflect our best judgment based on factors currently known to us and are subject to significant risks and uncertainties.

在今天的電話會議中，我們將對未來事件和財務表現做出前瞻性陳述，包括 2025 年第三季和全年財年的指導。這些前瞻性陳述是基於我們對宏觀經濟、政治和監管環境的假設；截至今天，反映了我們根據目前已知的因素做出的最佳判斷，並受重大風險和不確定性的影響。

Workiva cautions that these forward-looking statements are not guarantees of future performance. We undertake no obligation to update or revise these statements. If the call is reviewed after today, the information presented during this call may not contain current or accurate information.

Workiva 警告說，這些前瞻性陳述並不能保證未來的表現。我們不承擔更新或修改這些聲明的義務。如果在今天之後審查該通話，則通話期間提供的資訊可能不包含當前或準確的資訊。

Please refer to the company's annual report on Form 10-K and subsequent filings of the SEC for factors that may cause our actual results to differ materially from those contained in our forward-looking statements.

請參閱本公司的 10-K 表格年度報告以及隨後向美國證券交易委員會提交的文件，以了解可能導致我們的實際結果與前瞻性陳述中的結果有重大差異的因素。

Also, during the course of today's call, we will refer to certain non-GAAP financial measures. Reconciliations of GAAP and non-GAAP measures are included in today's press release.

此外，在今天的電話會議中，我們將參考某些非公認會計準則財務指標。今天的新聞稿中包含了 GAAP 和非 GAAP 指標的對帳。

With that, we'll begin by turning the call over to Workiva's CEO, Julie Iskow.

接下來，我們首先將電話轉給 Workiva 的執行長 Julie Iskow。

Thank you, Katie. Thank you, all, for joining us today.

謝謝你，凱蒂。謝謝大家今天加入我們。

In Q2 of 2025, we delivered another quarter of solid financial performance, powered by the continued demand for our broad portfolio of solutions and our unified platform. We beat the high end of our revenue guidance with 23% growth in subscription revenue and 21% growth in total revenue. We also exceeded non-GAAP operating margin guidance by 380 basis points.

2025 年第二季度，我們再次取得了穩健的財務業績，這得益於對我們廣泛的解決方案組合和統一平台的持續需求。我們的訂閱收入成長了 23%，總收入成長了 21%，超出了收入預期的上限。我們的非公認會計準則營業利潤率也超出預期 380 個基點。

Our business results reflect continued execution on the four pillars of our growth strategy: our connected platform, our high value best-of-breed solutions, our high-performing partner ecosystem, and continued global expansion.

我們的業務成果反映了我們持續執行成長策略的四大支柱：我們的互聯平台、我們高價值的最佳解決方案、我們高效的合作夥伴生態系統以及持續的全球擴張。

We continue to see companies standardize on the Workiva platform and expand their solution use across financial reporting, GRC, sustainability, and industry-specific solutions. Workiva it continues to be a clear choice for those businesses that are looking to drive innovation across the office of the CFO, while reducing total cost of ownership with a unified platform.

我們繼續看到公司在 Workiva 平台上實現標準化，並將其解決方案的使用範圍擴展到財務報告、GRC、永續性和產業特定解決方案。對於那些希望推動整個財務長辦公室創新，同時透過統一平台降低整體擁有成本的企業來說，Workiva 仍然是一個明確的選擇。

The success of our strategy is showcased by the continued strength in our large contract cohorts. In Q2, the number of contracts valued over $100,000 increased 27%; those over $300,000 increased 37%; and contracts valued over $500,000 increased 35% -- all compared to Q2 of 2024. This growth was driven by both additional solution sales within our existing customer base and the acquisition of larger new logos.

我們的策略的成功體現在我們大型合約群體的持續強勁表現上。與 2024 年第二季度相比，第二季度價值超過 10 萬美元的合約數量增加了 27%；價值超過 30 萬美元的合約數量增加了 37%；價值超過 50 萬美元的合約數量增加了 35%。這一增長是由我們現有客戶群中的額外解決方案銷售以及更大的新標誌的獲得所推動的。

We are not just focused on growth. We are also committed to profitable growth. Entering the second half of 2025, we are raising our operating margin outlook to account for anticipated margin expansion in both Q3 and Q4. We also remain committed to the 2027 and 2030 operating margin targets that we announced a year ago. We believe that our disciplined approach to margin expansion will deliver on these results.

我們不僅僅關注成長。我們也致力於獲利成長。進入 2025 年下半年，我們將上調營業利潤率預期，以考慮第三季和第四季預期的利潤率擴張。我們也將繼續致力於實現一年前宣布的 2027 年和 2030 年營業利潤率目標。我們相信，我們嚴謹的利潤率擴張方法將帶來這些成果。

While, in the macro environment, economic conditions are still somewhat uncertain, we remain confident in our long-term prospects. The breadth of our solution portfolio and the resilience of our customer demand provide us with multiple levers for sustained growth.

儘管宏觀環境下經濟情勢仍存在一些不確定性，但我們對長期前景仍充滿信心。我們解決方案組合的廣度和客戶需求的彈性為我們提供了持續成長的多種槓桿。

From my conversations with our customers and our prospects, the top priorities of CFOs and finance leaders remain constant. They want to protect margins while funding growth. They want to better manage risks and controls. And they want to embrace data and AI to transform their legacy processes.

從我與客戶和潛在客戶的對話來看，財務長和財務主管的首要任務始終如一。他們希望在資助成長的同時保護利潤率。他們希望更好地管理風險和控制。他們希望利用數據和人工智慧來改變其傳統流程。

The Workiva platform provides the innovation, the productivity gains, and the compelling value that our customers need to enhance their operational productivity and to drive their transformations. That compelling customer value is showcased by some of the large platform deals that we have in Q2.

Workiva 平台提供創新、生產力提升和引人注目的價值，以滿足客戶提高營運生產力和推動轉型的需求。我們在第二季達成的一些大型平台交易展示了這種引人注目的客戶價值。

We continue to win with our broad portfolio of solutions. The first example is a US-based Fortune 500 bank that signed a seven-figure expansion deal across financial reporting, GRC, and sustainability. This 12-year loyal SEC and GRC customer significantly increased their use of the platform, with the purchase of bank regulatory reporting, sustainability reporting, and Workiva Carbon.

我們憑藉廣泛的解決方案組合不斷取得成功。第一個例子是一家美國財富 500 強銀行，該銀行簽署了一項涉及財務報告、GRC 和永續性的七位數擴張協議。這位 12 年的忠實 SEC 和 GRC 客戶透過購買銀行監管報告、永續發展報告和 Workiva Carbon，顯著增加了對該平台的使用。

The primary purchasing driver for this opportunity was large financial institution readiness, as outlined by the Federal Reserve. This ratings framework requires integrated governance and rigorous risk analytics across all material risk areas, including climate risks. The deal was sourced and will be delivered by a big 4 firm.

正如聯準會所概述的，這一機會的主要購買驅動力是大型金融機構的準備。此評級架構要求對所有重大風險領域（包括氣候風險）進行全面治理和嚴格的風險分析。該交易由四大公司之一負責並交付。

Second, we signed a mid-six-figure new logo deal with a large UK-based asset management company. This firm sought to consolidate its tech stack by eliminating redundant point solutions. This led to the purchase of four Workiva solutions, ESF, multi-ESG reporting, sustainability reporting, and controls management.

其次，我們與一家英國大型資產管理公司簽署了一份價值六位數的全新標誌協議。該公司試圖透過消除冗餘的點解決方案來鞏固其技術堆疊。這導致購買了四種 Workiva 解決方案、ESF、多 ESG 報告、永續性報告和控制管理。

The differentiators that led to this five-year deal were Workiva's strategic partnerships with big 4 advisory firms, our ability to scale with the customer's requirements, and the option for fee-based premium customer support.

促成這項五年協議的差異化因素是 Workiva 與四大顧問公司的策略合作夥伴關係、我們根據客戶需求擴展的能力以及收費優質客戶支援選項。

And third, we signed a mid-six-figure five-solution new logo deal with a South American utility company. They purchased SEC reporting, controls management, audit management, risk management, and sustainability -- all to support a finance transformation project.

第三，我們與一家南美公用事業公司簽署了一份價值六位數的五種解決方案新標誌協議。他們購買了 SEC 報告、控制管理、審計管理、風險管理和可持續性——所有這些都是為了支持財務轉型專案。

The Workiva platform will be a replacement for manual processes used to assemble and file disclosures to the SEC. And it will also replace a legacy ERP-based GRC solution. This deal was sourced and will be delivered by a big 4 firm.

Workiva 平台將取代用於彙編和向美國證券交易委員會提交揭露資訊的手動流程。它還將取代基於傳統 ERP 的 GRC 解決方案。這筆交易由四大公司促成並將由其交付。

It's not just about platform wins. Financial reporting, along with our financial services-specific solutions, remains the primary driver of Workiva's revenue. In Q2, we saw broad-based demand for our financial reporting solutions, including SEC reporting, multi-entity reporting, insurance reporting, and fund reporting.

這不僅僅是平台勝利的問題。財務報告以及我們針對金融服務的特定解決方案仍然是 Workiva 收入的主要驅動力。在第二季度，我們看到了對我們的財務報告解決方案的廣泛需求，包括 SEC 報告、多實體報告、保險報告和基金報告。

A key theme throughout the quarter was the sustained strong performance we achieved in financial services. This was powered by our tailored solutions for banks, investment firms, and insurers. These solutions support customers in their required financial disclosures. In the case of banks, insurance companies, and investment firms, our solutions also support operational disclosures that are mission-critical to the operations of their businesses.

整個季度的一個關鍵主題是我們在金融服務領域的持續強勁表現。這是由我們為銀行、投資公司和保險公司量身定制的解決方案提供支援的。這些解決方案支援客戶進行所需的財務揭露。對於銀行、保險公司和投資公司，我們的解決方案還支援對其業務運營至關重要的營運揭露。

We continue to see strong demand across this broad TAM, as our platform has proven to streamline data management and reporting processes, reduce risk, and increase ROI across a wide range of customer requirements.

我們繼續看到這一廣泛 TAM 的強勁需求，因為我們的平台已被證明可以簡化資料管理和報告流程、降低風險並提高廣泛客戶需求的投資報酬率。

Since debuting our public fund reporting solution earlier this year, we've seen strong uptake across private, regulated, and public funds, which is highlighting the promise of this rapidly expanding market. Asset managers are accelerating fund launches to drive growth. That surge is heightening their need for automation to keep up.

自今年稍早推出我們的公共基金報告解決方案以來，我們看到私人基金、受監管基金和公共基金的強勁成長，這凸顯了這個快速擴張的市場的前景。資產管理公司正在加速推出基金以推動成長。這種激增加劇了他們對自動化的需求。

A great example of this is an account expansion deal with a Canadian financing company. This company signed a high-six-figure account expansion deal to add bank reporting and multi-entity reporting. They also expanded their use across fund reporting.

一個很好的例子就是與一家加拿大融資公司達成的帳戶擴展協議。該公司簽署了一份價值六位數的高額帳戶擴展協議，以增加銀行報告和多實體報告。他們還擴大了其在基金報告中的使用範圍。

Over the past six years, this loyal customer has grown with us since first adopting Workiva's regulated fund reporting solution in 2019. Last quarter, they expanded that footprint by onboarding more than 100 public funds through our new public fund solution. They also added bank reporting capabilities specifically for Basel Pillar 3, which mandates that financial institutions disclose a harmonized set of qualitative and quantitative metrics so investors and counterparties can assess their capital strength and risk profile.

在過去的六年裡，這位忠實的客戶自 2019 年首次採用 Workiva 的受監管基金報告解決方案以來，一直與我們共同成長。上個季度，他們透過我們的新公共基金解決方案引入了 100 多個公共基金，擴大了這一範圍。他們還專門針對巴塞爾協議第三支柱增加了銀行報告功能，該支柱要求金融機構披露一套統一的定性和定量指標，以便投資者和交易對手能夠評估其資本實力和風險狀況。

Another great Q2 fund reporting win was a mid-six-figure new logo deal with a New York-based investment company. This company purchased fund reporting in a competitive win over a legacy financial printer. This customer was using a manual, labor-intensive process to report on nearly 150 funds. They chose Workiva for our efficiency and platform differentiation over legacy technology and our ability to scale into additional use cases later down the line. This deal was sourced and will be implemented by a regional consulting partner.

第二季基金報告的另一個重大勝利是與一家紐約投資公司達成了六位數左右的新標誌交易。該公司在與傳統財務印表機的競爭中獲勝，並購買了基金報告服務。該客戶使用手動、勞力密集流程來報告近 150 檔基金。他們選擇 Workiva 是因為我們比傳統技術更有效率、平台更具差異化，並且能夠在未來擴展到更多用例。該交易由區域諮詢合作夥伴發起並將由其實施。

Another strong example is a mid-six-figure account expansion deal that was signed with a US-based private equity firm. This company was previously using a manual process for over 130 funds, globally. They already had experience with the Workiva platform, having used our S-1 solution when they went public.

另一個有力的例子是與美國私募股權公司簽署的六位數中間金額的帳戶擴展協議。該公司之前在全球範圍內對超過 130 個基金採用手動流程。他們已經有使用 Workiva 平台的經驗，並在上市時使用我們的 S-1 解決方案。

Their experience with us gave them the confidence that they could both automate and streamline the reporting process for fund reporting. This deal was a co-sell and will be implemented by a regional consulting partner.

他們與我們合作的經驗讓他們有信心實現基金報告流程的自動化和簡化。該交易為共同銷售，將由區域諮詢合作夥伴實施。

I'll now turn to governance, risk, and compliance. Companies operate amid constantly shifting risk and compliance demands and heightened stakeholder scrutiny. As they navigate new regulatory frameworks, geopolitical uncertainties, and emerging challenges like fast evolving AI governance, they increasingly turn to our GRC solutions, fueling ongoing demand.

現在我將談談治理、風險和合規性。公司在不斷變化的風險和合規要求以及加強的利益相關者審查中運作。當他們應對新的監管框架、地緣政治不確定性以及快速發展的人工智慧治理等新興挑戰時，他們越來越多地轉向我們的 GRC 解決方案，從而推動了持續的需求。

Here are a couple of compelling GRC wins in Q2. First, a top 20 US bank signed a mid-six-figure account expansion deal for controls management, compliance management, and policies and procedures. This bank started on the Workiva platform 18 months ago, with the purchase of sustainability and financial reporting. The value of our platform was clear. And it was a key differentiator in this competitive win. This deal was a co-sell and will be implemented by a regional consulting partner.

以下是 GRC 在第二季取得的幾項引人注目的勝利。首先，一家美國排名前 20 的銀行簽署了一份價值六位數的帳戶擴展協議，用於控制管理、合規管理以及政策和程序。該銀行 18 個月前開始使用 Workiva 平台，購買永續性和財務報告。我們的平台的價值是顯而易見的。這是此次競爭勝利的關鍵因素。該交易為共同銷售，將由區域諮詢合作夥伴實施。

Second, we signed a multi-six-figure account expansion deal for audit and controls management with the UK member firm of a big 4 partner. This partnership leverages the Workiva platform as a managed service to power the firm's Controls as a Service offering that provides integrated GRC solutions to its clients. This deal underscores Workiva's strength in providing the platform that drives the service lines of our partners.

其次，我們與四大會計師事務所之一的英國成員公司簽署了一份價值六位數的審計和控制管理帳戶擴展協議。此次合作利用 Workiva 平台作為託管服務來支援該公司的控制即服務產品，為其客戶提供整合的 GRC 解決方案。這筆交易凸顯了 Workiva 在提供推動合作夥伴服務線的平台方面的實力。

Delivery through a managed service channel provides Workiva expanded market reach and lower distribution costs. It's also a great experience for the end client, as big 4 firms convert our platform into a full-service outcome-based solution.

透過託管服務管道交付可協助 Workiva 擴大市場範圍並降低分銷成本。對於最終客戶來說，這也是一次很棒的體驗，因為四大公司將我們的平台轉變為基於結果的全方位服務解決方案。

I'll turn now to sustainability, where we saw a dynamic market throughout the quarter, influenced by shifting political policies, proposed regulatory changes, and softer demand in certain segments.

現在我將轉向永續性，我們看到整個季度市場都充滿活力，受到政治政策變化、擬議的監管變化以及某些領域需求疲軟的影響。

At Workiva, we did observe a moderation in demand within our Corporate Account segment across both the US and Europe. While the strong momentum we saw in the latter half of 2024 has tapered some, sustainability continues to drive both new logo wins and account expansion.

在 Workiva，我們確實觀察到美國和歐洲的企業帳戶部門的需求放緩。儘管我們在 2024 年下半年看到的強勁勢頭有所減弱，但可持續性繼續推動新標誌的勝利和帳戶擴張。

In these deals, there continue to be many buying drivers, including business performance; managing stakeholder expectations; and yes, regulations such as the CSRD, ISSB, and the State of California Climate Disclosure Rule.

在這些交易中，仍有許多購買驅動因素，包括業務績效；管理利害關係人的期望；當然還有諸如 CSRD、ISSB 和加州氣候揭露規則等法規。

I do want to make it clear that while sustainability remains a strategic part of our business, it is less than 15% of our total revenue.

我想明確指出的是，雖然永續性仍然是我們業務的策略組成部分，但它只占我們總收入的不到 15%。

Also of note: the demand risks in this changing market and the weighted contribution of the solution on our bookings have already been factored into the updated revenue guidance we are providing today.

另外值得注意的是：這個不斷變化的市場中的需求風險以及該解決方案對我們預訂的加權貢獻已經被納入我們今天提供的最新收入指導中。

We remain confident in the long durable demand of this market, which is supported by the deals that we continue to win. Here are three notable sustainability wins for the quarter.

我們對這個市場的長期持久需求充滿信心，這得益於我們不斷贏得的交易。以下是本季在永續發展方面取得的三項顯著成就。

First, a top 5 US bank signed a six-figure account expansion deal for sustainability reporting and CSRD. This Fortune 100 customer had been doing voluntary sustainability reporting, using Workiva for the past three years. This program, which is transformed into a centralized enterprise-wide reporting framework, now reports into the office of the CFO.

首先，一家美國排名前五的銀行簽署了一份六位數的帳戶擴展協議，用於永續發展報告和 CSRD。這位財富 100 強客戶過去三年來一直在使用 Workiva 進行自願性永續發展報告。該計劃現已轉變為集中的企業範圍報告框架，並向財務長辦公室報告。

Our value-based discussions and strong partner alliances led to their expansion on Workiva's platform for a more mature, connected sustainability reporting program that is prepared for CSRD compliance. This deal was a co-sell and will be delivered by a big 4 firm.

我們基於價值的討論和強大的合作夥伴聯盟促使他們在 Workiva 平台上進行擴展，以打造更成熟、更互聯的可持續發展報告計劃，為符合 CSRD 合規性做好準備。這筆交易是聯合銷售，將由四大公司之一負責交付。

Second, a top 5 global investment firm signed a mid-six-figure expansion deal, with the addition of sustainability reporting and fund reporting, to solve an array of requirements including fund-level ESG requirements and multiple country-ESG disclosures. This deal underscores the importance of combining sustainability and financial information in one reporting platform.

其次，一家全球排名前五的投資公司簽署了一項六位數中段的擴張協議，增加了永續發展報告和基金報告，以解決一系列要求，包括基金級 ESG 要求和多個國家 ESG 揭露。這筆交易強調了在一個報告平台上結合永續性和財務資訊的重要性。

This customer was previously outsourcing all of their financial and regulatory reporting requirements for their 300 funds. And they trusted Workiva to bring the reporting process in-house, drive efficiency, and save them money. This deal was a co-sell and will be delivered by a big 4 firm.

該客戶之前將其 300 檔基金的所有財務和監管報告要求外包。他們相信 Workiva 可以將報告流程引入內部，提高效率並節省金錢。這筆交易是聯合銷售，將由四大公司之一負責交付。

And third, a European multi-national manufacturing company signed a six-figure sustainability reporting and sustainability assurance deal as part of their CSRD-readiness journey. Having previously used Workiva for annual reporting, this customer was looking to replace their manual inefficient sustainability reporting process with a more automated and integrated platform that allows them to adapt to changing regulations and respond to increased reporting demands from stakeholders. This deal was a co-sell and will be delivered by a big 4 firm.

第三，一家歐洲跨國製造公司簽署了一份六位數的永續發展報告和永續發展保證協議，作為其 CSRD 準備工作的一部分。該客戶之前曾使用 Workiva 進行年度報告，他們希望用更自動化和整合的平台取代其手動低效的可持續發展報告流程，以便他們能夠適應不斷變化的法規並響應利益相關者日益增長的報告需求。這筆交易是聯合銷售，將由四大公司之一負責交付。

Finally, I'd like to share an important leadership update. After 17 years with Workiva, Jill Klindt will be stepping down from her role as Executive Vice President and Chief Financial Officer. Throughout her tenure, Jill has played a foundational role in shaping Workiva into the company we are today.

最後，我想分享一個重要的領導力更新。在 Workiva 工作 17 年後，Jill Klindt 將辭去執行副總裁兼財務長的職務。在任職期間，吉爾在將 Workiva 塑造成今天的公司方面發揮了奠基性作用。

From our early days as a start-up to our milestone of reaching $800 million in revenue, she has been a steady, trusted leader and partner through every phase of growth. Her impact will be felt well beyond her time here.

從我們新創時期到達到 8 億美元收入的里程碑，在公司發展的每個階段，她一直是一位穩健、值得信賴的領導者和合作夥伴。她的影響將遠遠超出她的任期。

I'm deeply grateful to Jill for the contribution she has made to Workiva and to our leadership team. She has our full support in this transition and our warmest wishes as she looks ahead to what's next. Jill will continue to serve as CFO through December 2025, as we conduct a comprehensive search for our next CFO.

我非常感謝吉爾為 Workiva 和我們的領導團隊所做的貢獻。在這次過渡期間，她得到了我們的全力支持，當她展望未來時，我們也向她致以最熱烈的祝福。吉爾將繼續擔任財務長至 2025 年 12 月，在此期間我們將全面尋找下一任財務長。

In closing, I'd like to thank all of our dedicated employees for their focused execution this quarter, driving better business outcomes for our customers through transparency and accountability.

最後，我要感謝我們所有敬業的員工本季的專注執行，透過透明度和責任感為我們的客戶帶來更好的業務成果。

With that, I'll now turn the call over to Jill to walk you through our financial results and 2025 guidance in more detail. Over to you, Jill.

現在，我將把電話轉給吉爾，讓她更詳細地向您介紹我們的財務表現和 2025 年指引。交給你了，吉爾。

Thank you, Julie. I appreciate the kind words.

謝謝你，朱莉。我很感激這些善意的話語。

My journey at Workiva has simply been extraordinary. From joining this company as one of the first 10 employees of a start-up to crossing any number of growth milestones over the past 17 years, I am thankful for the experience and I am incredibly proud of what we have built. It has been such a privilege to work with the entire team of passionate, hardworking, and dedicated employees at Workiva.

我在 Workiva 的旅程非常特別。從作為一家新創公司的首批 10 名員工之一加入這家公司，到過去 17 年中跨越多個成長里程碑，我感謝這段經歷，並為我們所取得的成就感到無比自豪。能夠與 Workiva 整個充滿熱情、勤奮和敬業的員工團隊一起工作是我的榮幸。

I also want to thank all of you, our investment community -- and in particular, our shareholders -- for your continued support of Workiva.

我還要感謝大家，我們的投資界——特別是我們的股東——對 Workiva 的持續支持。

Moving on to our results, I'll begin by providing an overview of the financials and key metric highlights for the second quarter of 2025. I will then provide guidance for Q3 and the full-year 2025.

談到我們的業績，我將首先概述 2025 年第二季的財務狀況和關鍵指標亮點。然後我將為第三季和 2025 年全年提供指導。

As Julie discussed, we had a strong Q2, generating $215 million of total revenue in the second quarter, up 21% over Q2 2024 and beating the high end of our revenue guidance by $5 million. There was an approximately 1 point positive impact due to foreign currency fluctuations on revenue growth.

正如朱莉所討論的，我們第二季度表現強勁，第二季度總收入達到 2.15 億美元，比 2024 年第二季度增長 21%，比我們預期的高端收入高出 500 萬美元。外匯波動對收入成長產生了約 1 個百分點的正面影響。

Q2 subscription revenue was $198 million, up 23% from Q2 2024. Both new customers and account expansions continue to contribute to our solid revenue growth, with new customers added in the last 12 months, accounting for 41% of the increase in Q2 subscription revenue.

第二季訂閱營收為 1.98 億美元，較 2024 年第二季成長 23%。新客戶和帳戶擴展繼續為我們穩健的收入成長做出貢獻，過去 12 個月新增客戶佔第二季訂閱收入成長的 41%。

Q2 professional services revenue was $17 million, flat versus Q2 2024, with the decline in set-up and consulting services offset by higher XBRL services.

第二季專業服務收入為 1,700 萬美元，與 2024 年第二季持平，設定和諮詢服務的下降被 XBRL 服務的增加所抵消。

Our non-GAAP operating margin for the quarter was 3.8%. This outperformance, relative to our guidance, was driven by stronger-than-expected top-line results and our ongoing efforts to enhance operational leverage across the business.

本季我們的非公認會計準則營業利益率為 3.8%。相對於我們的預期，這一優異表現得益於強於預期的營收業績以及我們持續努力提高整個業務的營運槓桿。

I'll now move on to our performance metrics for the quarter. We had 6,467 customers at the end of Q2 2025, a growth of 320 customers from Q2 2024.

現在我將介紹本季的績效指標。截至 2025 年第二季末，我們擁有 6,467 名客戶，比 2024 年第二季增加了 320 名客戶。

Our gross retention rate was 97%, exceeding our 96% internal target. And our net retention rate was 114% for the quarter versus 109% in Q2 2024.

我們的總保留率為 97%，超過了 96% 的內部目標。本季我們的淨留存率為 114%，而 2024 年第二季為 109%。

Similar to revenue growth, there was an approximately 1 point positive impact on NRR due to foreign currency fluctuations.

與收入成長類似，外匯波動對 NRR 產生了約 1 個百分點的正面影響。

During the quarter, 71% of our subscription revenue was generated from customers with multiple solutions. This is up from the 67% we achieved in Q2 2024.

本季度，我們 71% 的訂閱收入來自擁有多種解決方案的客戶。這比我們在 2024 年第二季實現的 67% 有所上升。

Growth in our large contract customer metrics also reflected strong momentum. As of the end of the quarter, we had 2,241 contracts valued at over $100,000 per year, up 27% from Q2 the prior year. The number of contracts valued at over $300,000 totaled 488, up 37% from Q2 2024. And the number of contracts valued over $500,000 totaled 208, up 35% from Q2 2024.

我們的大合約客戶指標的成長也反映出強勁的勢頭。截至本季末，我們擁有 2,241 份價值超過 100,000 美元的合同，比去年第二季度增長 27%。價值超過 30 萬美元的合約總數總計 488 份，比 2024 年第二季增加 37%。價值超過 50 萬美元的合約總數總計 208 份，比 2024 年第二季增加 35%。

Moving on to the balance sheet, as of June 30, 2025, cash, cash equivalents, and marketable securities were $814 million, an increase of $47 million over the prior quarter end.

再來看資產負債表，截至 2025 年 6 月 30 日，現金、現金等價物和有價證券為 8.14 億美元，比上一季末增加了 4,700 萬美元。

In Q2, we used a portion of our generated cash to repurchase 132,000 shares of our Class A common stock for $10 million. This was done under the share repurchase program approved by the Board in July 2024. As of the end of the quarter, we had $50 million remaining of the original $100 million dollar authorization, which we will continue to deploy periodically in order to help manage dilution.

在第二季度，我們使用部分現金以 1000 萬美元的價格回購了 132,000 股 A 類普通股。這是根據董事會於 2024 年 7 月批准的股票回購計畫進行的。截至本季末，我們原先 1 億美元授權中還剩下 5,000 萬美元，我們將繼續定期部署這筆資金，以協助管理稀釋。

As of June 30, 2025, we expect $668 million in remaining performance obligations to be recognized over the next 12 months. This is an increase of 23% versus the prior year. This growth includes approximately 2 points positive improvement due to foreign currency fluctuations.

截至 2025 年 6 月 30 日，我們預計未來 12 個月內將確認 6.68 億美元的剩餘履約義務。與前一年相比，成長了 23%。這一增長包括因外匯波動而產生的約 2 個百分點的正增長。

Turning to our outlook for Q3 and full-year 2025, As Julie noted, we remain firmly committed to driving profitable growth. The increase in our full-year revenue guidance reflects our Q2 revenue beat and carefully factors in our assessment of market and demand risks, including that of our sustainability solution.

談到我們對 2025 年第三季和全年的展望，正如朱莉所說，我們仍然堅定地致力於推動獲利成長。我們全年收入預期的增加反映了我們第二季度收入的成長，並仔細考慮了我們對市場和需求風險的評估，包括我們的永續發展解決方案。

The upward revision to our Q3 and full-year 2025 operating margin guide reflects a continued focus on driving leverage at scale across the business and our planned progress towards achieving our 2027 margin targets.

我們對第三季和 2025 年全年營業利潤率指南的上調反映了我們繼續致力於推動整個業務的規模化槓桿作用，以及我們計劃在實現 2027 年利潤率目標方面取得的進展。

For the third quarter of 2025, we expect total revenue to range from $218 million to $220 million. We expect services revenue will be down compared to Q3 2024. We expect non-GAAP operating margin to be in the range of 7% to 8%.

對於 2025 年第三季度，我們預計總營收將在 2.18 億美元至 2.2 億美元之間。我們預計服務收入將與 2024 年第三季相比下降。我們預計非公認會計準則營業利潤率將介於 7% 至 8% 之間。

For the full-year 2025, we are increasing total revenue guidance to range from $870 million to $873 million. This increase takes into account the Q2 revenue beat. Similar to 2024, we expect total services revenue will be down year over year, as we move low-margin services to our partners. We continue to expect subscription revenue growth will be approximately 20%. We now expect our non-GAAP operating margin will range from 7% to 7.5%. This 200 basis points improvement reflects our ongoing commitment to drive operating leverage in the business. We now expect 2025 free cash flow margin to be approximately 10.5%.

對於 2025 年全年，我們將總收入預期提高至 8.7 億美元至 8.73 億美元。這一增長考慮到了第二季度收入的超預期。與 2024 年類似，由於我們將低利潤服務轉移給合作夥伴，我們預計總服務收入將年減。我們繼續預計訂閱收入成長率將達到約 20%。我們現在預計我們的非公認會計準則營業利潤率將在 7% 至 7.5% 之間。這 200 個基點的改善反映了我們持續致力於推動業務營運槓桿的承諾。我們現在預計 2025 年自由現金流利潤率約為 10.5%。

We continue to operate our business with our 2027 and 2030 targets in mind, improving productivity and operating leverage as we execute on our long-term profitable growth strategy.

我們將繼續以 2027 年和 2030 年的目標為指導開展業務，在執行長期獲利成長策略的同時提高生產力和經營槓桿。

Thank you, all, for joining the call today. We are now ready to take your questions. Operator, please open the line for Q&A.

感謝大家今天參加電話會議。我們現在準備好回答你們的問題。接線員，請打開問答線。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員指示）

Alex Sklar, Raymond James.

亞歷克斯·斯克拉、雷蒙德·詹姆斯。

Great. Thank you.

偉大的。謝謝。

First question -- maybe for you, Jill -- I just have a two-part question on the revenue outlook. First, are you seeing any contribution from capital markets picking back up and anything that you incrementally embedded into the 2025 outlook from that?

第一個問題——也許對你來說，吉爾——我只想問一個關於收入前景的兩部分問題。首先，您是否看到資本市場回升帶來的貢獻，以及由此逐漸嵌入 2025 年展望的任何因素？

And then, second, I appreciate all the call outs on FX. Did FX impact the guide at all as well?

其次，我感謝 FX 上的所有呼籲。FX 對指南有影響嗎？

Hey, Alex. Thanks for the question.

嘿，亞歷克斯。謝謝你的提問。

For capital markets, we continue to see a steady revenue from capital markets in Q2, similar to in the past. It's one that we're watching really closely, given the activity that we've seen -- and Julie, if you want to dive in after I answer the second part of Alex's question; would love to hear from you too -- but we have continued to include capital markets at a steady rate in the future. And so it could be potential upside if there's a heavier return to activity in the second half.

對於資本市場，我們繼續看到第二季資本市場收入保持穩定，與過去類似。鑑於我們所看到的活動，我們正在密切關注這一領域——朱莉，如果你想在我回答亞歷克斯問題的第二部分後深入了解的話；我也很樂意聽聽你的意見——但我們未來將繼續以穩定的速度納入資本市場。因此，如果下半年經濟活動恢復得更強勁，則可能具有潛在的上行潛力。

Related to FX, we took a look at FX -- and it is a part of our risk-adjusted model -- and we took into consideration potential changes through the rest of the year. But I would say that we aren't expecting large changes. We don't expect it to impact our ability to reach those goals, considering that we have risk adjusted the guide.

關於外匯，我們研究了外匯——它是我們風險調整模型的一部分——並且我們考慮了今年剩餘時間內可能發生的變化。但我想說的是，我們並不期待有太大的改變。考慮到我們已經對指南進行了風險調整，我們預計它不會影響我們實現這些目標的能力。

Julie, was there anything else you wanted to see, reply related to capital markets?

朱莉，您還有什麼想看的嗎？與資本市場相關的回覆？

Sure. You covered the important element which is that we've not baked anything (inaudible) into the guide for capital markets. But we have seen some increased activity in the past few months, supported by some of the recent and upcoming well-publicized IPOs, in fact. A great story for Workiva.

當然。您提到了一個重要因素，那就是我們沒有將任何內容（聽不清楚）納入資本市場指南。但事實上，我們看到過去幾個月的活動增加，這要歸功於最近和即將進行的一些備受矚目的 IPO。對 Workiva 來說這是一個偉大的故事。

We had the IPO for Figma and also Shoulder Innovations, both of which went public today.

我們為 Figma 和 Shoulder Innovations 進行了 IPO，這兩家公司今天都上市了。

But that detectable increase in the market activity admittedly comes off a very low comparable. So we are seeing some growth here. But nothing like we saw in the other more active periods.

但不可否認的是，市場活動的明顯成長幅度非常低。所以我們在這裡看到了一些增長。但與我們在其他更活躍的時期所看到的情況不同。

But we continue, as Jill says, to think about cap markets as upside and not consider any cap market return yet in the guide.

但正如吉爾所說，我們繼續認為資本市場是上行的，並且在指南中尚未考慮任何資本市場回報。

Okay. Great. Congrats on those cap markets wins.

好的。偉大的。祝賀這些資本市場取得勝利。

Maybe, Julie, one for you -- and maybe it's a two-parter with Jill too -- but some of the financial reporting success you called out this quarter, can you talk about some of the SEC reporting bundles that you've been working on in market in terms of driving upsell within that base? And did that have any impact on the strong NRR in the quarter?

朱莉，也許有一篇是給你的——也許和吉爾也分兩部分——但你在本季度提到的一些財務報告成功案例，你能談談你在市場上一直在努力的一些 SEC 報告包，以推動該基礎上的追加銷售嗎？這對本季強勁的 NRR 有何影響？

Thanks.

謝謝。

Sure. I'll let you know about the way we've been approaching the market. We're moving towards that good, better, best model. So we bring in some additional capabilities onto our cornerstone SEC reporting or financial reporting and we add additional capabilities and features and enhancements. That's how we're approaching the market: to get additional revenue from the customer; to get additional value to the customer as well.

當然。我會讓你了解我們進入市場的方式。我們正在朝著好、更好、最好的模式邁進。因此，我們在我們的基石 SEC 報告或財務報告中引入了一些額外的功能，並添加了額外的功能、功能和增強功能。這就是我們進入市場的方式：從客戶那裡獲得額外的收入；同時也為客戶獲取額外的價值。

Jill, if you want to comment on the NRR, please do.

吉爾，如果你想對 NRR 發表評論，請發表。

Sure. We did see a nice uptick in NRR during the quarter. We had -- a few of our metrics reflected the nice upside that we had related to upsells into our existing base, with nearing 60% of our revenue growth.

當然。我們確實看到本季 NRR 出現了良好的上升趨勢。我們的一些指標反映出我們在現有基礎上追加銷售方面取得了良好的成長，營收成長接近 60%。

SMS revenue growth from the quarter came from existing customers. And we continue to expand on the number of customers with multiple solutions. And so that participation and that movement will continue to be an important one for us.

本季的簡訊收入成長來自現有客戶。我們將繼續透過多種解決方案來擴大客戶數量。因此，參與和運動對我們來說仍然很重要。

SEC is a great way for us to -- a great place for us to start with those upsells because those are some of our oldest customers and we have a great opportunity to go in and talk to them about what else the platform can do for them.

SEC 對我們來說是一個很好的方式——一個讓我們開始追加銷售的好地方，因為他們是我們最老的客戶，我們有很好的機會與他們交談，了解該平台還能為他們做些什麼。

All right. Great. Thank you, both.

好的。偉大的。謝謝你們兩位。

Rob Oliver, Baird.

羅伯奧利弗，貝爾德。

Great. Good afternoon. Thanks for taking my questions.

偉大的。午安.感謝您回答我的問題。

First, Jill, I just wanted to say it's been a pleasure working with you. I wish you all the best.

首先，吉爾，我只想說很高興與您合作。祝你一切順利。

You're not done with me yet because one of my questions is for you. But I'll start with Julie.

你還沒問完我的問題，因為我的一個問題是問你的。但我先從茱莉開始。

Julie, there's a lot of concern in the market among companies in our coverage list in the broader software universe about the potential erosion from Generative AI on [seat]-based models. you guys do not have a seat-based model. You have a solutions-based model.

朱莉，在我們涵蓋的更廣泛的軟體領域的公司中，市場上有很多人擔心生成式人工智慧可能會對基於[座位]的模型造成侵蝕。你們沒有基於座位的模型。您有一個基於解決方案的模型。

I'm wondering -- particularly as you're showing really nice go-to-market motion and success in, say for example, the financial services vertical - if that solutions based model is being viewed as attractive by your customers and a potential asset for you guys in your go-to-market motion at this time?

我想知道——特別是當您在金融服務垂直領域展示了非常好的市場進入舉措和成功時——這種基於解決方案的模型是否被您的客戶視為具有吸引力，並且是您目前市場進入舉措中的潛在資產？

And then, I had a quick follow-up.

然後，我進行了快速的跟進。

Sure. Thank you, Rob, for highlighting our pricing mechanisms and models. It certainly is -- we put it in place because we wanted to let customers use the platform and not feel constrained by number of seats. So we did go to that solution-based licensing model several years ago; and it has served us well for that reason: unconstrained use of the platform.

當然。謝謝 Rob 強調我們的定價機制和模式。當然是－我們實施這項措施是因為我們希望讓客戶使用該平台，而不會受到座位數量的限制。因此，幾年前我們確實採用了基於解決方案的授權模式；並且由於這個原因，它為我們提供了良好的服務：不受限制地使用平台。

However, we do have value metrics for each of the solutions. Again, broad-based demand across the portfolio and each area has different value metrics that customers leverage and pay accordingly. So it has served us well. And it certainly will serve us well in the AI category as well. Certainly, not seat-based.

然而，我們確實對每個解決方案都有價值指標。同樣，整個投資組合和每個領域的廣泛需求都有不同的價值指標，客戶可以利用這些指標並相應地支付。所以它對我們很有幫助。而且它肯定也會在人工智慧領域為我們提供良好的服務。當然，不是基於座位。

And we continue to leverage that. And with AI, we'll be adding that in, at some point. It's only in premium-pricing today but yes, serving us well with customers. Thank you for highlighting it.

我們將繼續利用這一點。有了人工智慧，我們會在某個時候將其添加到其中。雖然目前它只是高價出售，但它確實為我們的客戶提供了良好的服務。感謝您強調這一點。

Great. Okay. Thanks. Good to hear.

偉大的。好的。謝謝。很高興聽到這個消息。

And then, Jill, just one for you on the improved operating margin outlook for the remainder of the year and the improved free cash flow margin. I know you touched on it in your prepared remarks. But would love to hear from you, where you have been able to find additional margin and opportunities for additional margin as investors look towards your reiteration of the long-term targets and the margin ramp that's implicit within that?

然後，吉爾，我只想向您介紹今年剩餘時間營業利潤率改善的前景以及自由現金流利潤率改善的情況。我知道您在準備好的發言中提到了這一點。但是，我很想聽聽您的意見，當投資者期待您重申長期目標以及其中隱含的利潤率提升時，您在哪裡能夠找到額外的利潤和額外利潤的機會？

Thank you very much.

非常感謝。

Yeah. Thanks, Rob. Thanks for the kind words. I appreciate it. Have enjoyed working with you as well.

是的。謝謝，羅布。謝謝你的好意。我很感激。我也很高興與您合作。

As far as our improved margin, we're very pleased with the results that we have for Q2 and for the guidance that we're providing. It is a result of continued focus on execution across the business and focusing on productivity and ways that we can work smarter.

就我們利潤率的提高而言，我們對第二季的業績以及我們提供的指導感到非常滿意。這是持續專注於整個業務的執行、專注於生產力以及更聰明的工作方式的結果。

And it really is not one thing and not one part of the business but an overall focus by the team to be better and execute it at a higher level. We're starting to see the results of some of the things that we've been doing. You'll see us continue to focus on that as a movement, as we as we continue to show the results and execute on our strategy.

這實際上並不是一件事，也不是業務的一部分，而是團隊的整體關注點，旨在做得更好並在更高層次上執行。我們開始看到我們所做一些事情的成果。您將看到我們繼續關注這項運動，並繼續展示成果並執行我們的策略。

Great. Thank you, both, very much.

偉大的。非常感謝你們兩位。

Steve Enders, Citi.

花旗銀行的史蒂夫恩德斯。

Okay. Great. Thanks for taking the questions this afternoon. Congrats, again, on working with you and looking forward to seeing where things go from here.

好的。偉大的。感謝您今天下午回答問題。再次恭喜您與我們合作，並期待看到事情的進展。

I want to start on the sustainability portfolio and I get a little more detail on what it is that you are seeing in the marketplace. For one, it sounds like it's being accounted for in the guide or some of the weaknesses but, maybe, just how does that manifest or what is that -- or how does that plan out in the numbers?

我想從永續發展投資組合開始，並更詳細地了解您在市場上看到的情況。首先，這聽起來像是指南中已經考慮到的一些弱點，但也許，這究竟是如何體現出來的，或者這是什麼——或者這在數字上是如何規劃出來的？

And then, secondarily, just how are you viewing the pipeline or the opportunity from here and maybe what that looks like over the next few years?

其次，您如何看待目前的通路或機遇，以及未來幾年的前景如何？

Sure. Thank you. Thank you for your question.

當然。謝謝。感謝您的提問。

Not unexpected, given the political and regulatory landscape. And nor was it unexpected for us in terms of what we saw.

考慮到政治和監管環境，這並不令人意外。就我們所看到的情況而言，這並不令我們感到意外。

As I highlighted in the prepared remarks, we did observe a moderation demand in Q2 within our Corporate Account segment across both the US and Europe. But while the strong momentum we saw, really, in the latter half of the year -- that's what we tapered off from. And I think that's really important to recognize.

正如我在準備好的演講中所強調的那樣，我們確實觀察到第二季度美國和歐洲的企業帳戶部門的需求有所緩和。但是，儘管我們看到了強勁的勢頭，但實際上，在下半年，我們的成長勢頭已經逐漸減弱。我認為認識到這一點非常重要。

And while it has tapered off from those prior strong quarters, it still continues to drive growth for us, both the new logo wins and the count expansions.

儘管與之前的強勁季度相比，其成長勢頭有所減弱，但它仍然繼續推動我們的成長，包括新標誌的勝利和數量的擴張。

And I do think -- you asked about some numbers and impacts, probably worth reminding again, sustainability is only 20% of our TAM and it's less than 15% of our revenue.

我確實認為——您詢問了一些數字和影響，可能值得再次提醒，永續性僅占我們 TAM 的 20%，占我們收入的不到 15%。

So current demands, yes, we're seeing that slowing, primarily in the Corporate segment, but it's been factored, as you said, into updated revenue guidance that we're providing today.

所以目前的需求，是的，我們看到它正在放緩，主要是在企業領域，但正如你所說，它已被納入我們今天提供的最新收入指導中。

So that's really the gist of it. But we remain optimistic on the long, durable demand of the market. We're seeing deals coming in with well -- I should say, associated with, yes, regulation, but beyond that too, science-based targets have been set. There are now up to 85 companies, 8,500 companies setting science-based target initiatives.

這就是它的要點。但我們仍然對市場長期、持久的需求持樂觀態度。我們看到交易正在達成——我應該說，與監管相關，但除此之外，還設定了基於科學的目標。目前，已有多達 85 家公司、8,500 家企業制定了基於科學的目標倡議。

Organizations are just looking to better manage risk and address their stakeholder expectations. So we are seeing market demand beyond the regulation. We just wanted to highlight that given the strong quarters that -- we had multiple strong quarters last year -- yes, the growth, it's moderated. So that's essentially what it is.

組織只是希望更好地管理風險並滿足利害關係人的期望。因此，我們看到市場需求超出了監管範圍。我們只是想強調，鑑於強勁的季度表現——去年我們有多個強勁的季度——是的，成長有所放緩。本質上就是這樣。

We still, of course, believe this is a long, durable demand market.

當然，我們仍然相信這是一個長期、持久的需求市場。

Oka, that makes sense. That's good to hear.

好的，這很有道理。聽到這個消息真好。

And then, just on the free cash flow guide. It's good to see it or the (inaudible) margin raised. But I would have expected maybe free cash flow to show maybe a similar pace of expansion -- and you have to guide for this year.

然後，僅討論自由現金流指南。很高興看到它或（聽不清楚）利潤率上升。但我原本預期自由現金流可能會顯示出類似的擴張速度——你必須為今年做出指引。

So is there any factors that we should be taking into account there or maybe what's different in the assumptions on the free cash flow side versus the (inaudible) margin side?

那麼，我們應該考慮哪些因素，或是自由現金流方面與（聽不清楚）利潤方面的假設有什麼不同？

Free cash flow is a really complex metric for us because it does have a lot of factors related to the timing of cash inflows and cash outflows, in addition to just the impacts from the margin guide that we provided. And so it can have some amount of fluctuations, aside from that.

自由現金流對我們來說是一個非常複雜的指標，因為除了我們提供的利潤率指南的影響之外，它確實有很多與現金流入和現金流出時間相關的因素。除此之外，它還可能存在一定程度的波動。

But I think that similar to what we talked about in our last earnings call, when we talk about our risk-adjusted guide, this is one of the areas where it shows up -- there is more risk and more uncertainty the further out from today that we get and the free cash flow margin that we provided is really that risk-adjusted metric that, we believe, properly reflects our business through the end of the year.

但我認為，與我們在上次財報電話會議上討論的類似，當我們談論風險調整指南時，這是它出現的領域之一——距離今天越遠，風險和不確定性就越大，我們提供的自由現金流利潤率實際上就是風險調整後的指標，我們相信，它能正確反映我們到年底的業務。

And with the timing differences and some of that complexity rolled into it, we feel very good about that number.

考慮到時間差異和一些複雜性，我們對這個數字感到非常滿意。

Okay. Perfect. Thanks for taking the questions.

好的。完美的。感謝您回答這些問題。

Terry Tillman, Truist Securities.

特里·蒂爾曼（Terry Tillman），Truist Securities。

Hi. this is Dominique Manansala, on for Terry. Thanks for taking my questions.

大家好，我是 Dominique Manansala，代替 Terry。感謝您回答我的問題。

Just looking at the mandate for CFO (inaudible) agencies to modernize the financial system using approved marketplace vendors, have you seen any early [RFP] activity from these agencies? How significant could that opportunity become over the back half of the year or in the long term?

僅看一下 CFO（聽不清楚）機構使用經批准的市場供應商來實現金融系統現代化的授權，您是否看到這些機構有任何早期的 [RFP] 活動？這個機會在下半年或長期內會有多重要？

Hey, Dominique, can you actually repeat the question? Sorry. It cut out a little bit for us.

嘿，多明尼克，你能重複這個問題嗎？對不起。對我們來說這有點困難。

Yeah. Sure. No problem. Just referring back to that CFO [Act], where agency have to agencies have to modernize the financial systems, using the approved marketplace vendors. I'm just wondering if you're seeing any early RFP activity from these agencies and how that opportunity can look in the back half or in the long term?

是的。當然。沒問題。回顧《財務長法案》，各機構必須使用經批准的市場供應商來實現財務系統的現代化。我只是想知道您是否看到這些機構的任何早期 RFP 活動，以及這種機會在下半年或長期會如何發展？

Sure. We have been able to get into conversations and we are the only SaaS platform in the marketplace that has a platform to cover the integrated reporting assurance and DRC, as we do. So we're seeing early signs of -- I'll say we're having good discussions so no comments on the actual uptick at this point.

當然。我們已經能夠進行對話，並且我們是市場上唯一一個擁有涵蓋綜合報告保證和 DRC 的平台的 SaaS 平台。因此，我們看到了早期跡象——我想說的是，我們正在進行良好的討論，因此目前對實際上漲沒有評論。

But our platform does provide an opportunity to go in and provide services to the government who's looking, primarily, to transform and automate -- become efficient, accountable, and so forth. So it's a good opportunity for Workiva.

但我們的平台確實提供了一個機會，讓我們能夠為那些主要尋求轉型和自動化——變得有效率、負責等等——的政府提供服務。所以這對 Workiva 來說是一個很好的機會。

Got it. Thanks. And then, just as you evaluate growth opportunities in the current environment, how are you thinking about M&A? Just wanted to know if there are any specific product areas like GenAI or (inaudible) vertical solutions where you may be more inclined to buy versus build?

知道了。謝謝。那麼，正如您評估當前環境下的成長機會一樣，您如何看待併購？只是想知道是否有任何特定的產品領域，例如 GenAI 或（聽不清楚）垂直解決方案，您可能更傾向於購買而不是構建？

Sure. We, as I always say, scour the earth, essentially, to look for all opportunities, whether it's a gap to close on the platform, whether it's technology to level-up all solutions, adjacencies, et cetera. So no preconceived notions but we're continually looking to find potential partners and M&A that can really strengthen the platform and either go after our (inaudible) TAM in a faster way or potentially expand that TAM.

當然。正如我常說的，我們本質上是在搜尋地球上的所有機會，無論是平台上需要彌補的差距，還是需要提升所有解決方案、鄰接關係的技術等等。因此，沒有先入為主的觀念，但我們一直在尋找潛在的合作夥伴和併購，以真正加強平台，並以更快的方式追求我們的（聽不清楚）TAM，或者潛在地擴大該TAM。

Great. Thank you.

偉大的。謝謝。

Andrew DeGasperi, BNP Paribas.

安德魯·德加斯佩里，法國巴黎銀行。

Thanks for taking my question.

感謝您回答我的問題。

Julie, maybe, earlier in the prepared remarks, you mentioned some big wins and I think financial services or a large bank was one you mentioned tied to the Federal Reserve. Can you maybe provide a little more context on that? Like, is this something that potentially could be a driver in the near term for that cohort of customers?

朱莉，也許，在早些時候準備好的發言中，你提到了一些重大勝利，我認為金融服務或大型銀行就是你提到的與美聯儲相關的勝利之一。您能否提供更多相關背景資訊？例如，這是否會在短期內成為推動該群體客戶發展的因素？

Financial services regulations have been drivers for years. And we are going deeper into the market.

多年來，金融服務法規一直是推動因素。我們正在深入市場。

While our focus has been there, we're going to continue to go in even more extensively. So yes, absolutely, we're continuing to increase the use cases that we have under the financial services area. Regulatory., certainly. And we're going to continue to focus on banks and the risk regulations and investments and fund reporting so you will see more of that.

雖然我們的重點一直在那裡，但我們將繼續更廣泛地開展工作。是的，我們絕對會繼續增加金融服務領域的用例。監管。當然。我們將繼續關注銀行、風險監管、投資和基金報告，因此您將看到更多這方面的資訊。

Also have an insurance market with 20 or so regulations that we sell to, as well.

我們還有一個保險市場，其中有大約 20 個法規，我們也向其銷售產品。

That's helpful. And then, Jill -- by the way, also a pleasure to work with you and wish you all the best, going forward -- I just had a question in terms of what you said earlier, in terms of the margin. And then, what I'm trying to understand is, are you making any changes to the sales and marketing investments assumptions that you had for the back half? Is that some of the driver behind the performance?

這很有幫助。然後，吉爾——順便說一句，我也很高興與您合作，並祝您一切順利，繼續前進——我只是對您之前所說的利潤率有一個疑問。然後，我想了解的是，您是否對下半年的銷售和行銷投資假設做了任何改變？這是業績背後的一些驅動因素嗎？

I would say that we're constantly looking at our sales and marketing resources and reallocating based on current business. But there wasn't any large scale change to that investment. And what you'll see from us is a lot of what you've seen in the past, which is being thoughtful around how we built the business, thoughtful around how we approach our markets. Sometimes, that does include adjustments in in territories and adjustments in teams.

我想說的是，我們一直在關注我們的銷售和行銷資源，並根據當前業務重新分配。但該項投資並未發生任何大規模變化。您將從我們身上看到很多過去已經看到過的東西，那就是我們對如何建立業務、如何進入市場的深思熟慮。有時，這確實包括區域調整和團隊調整。

You've seen us do that across the sales team, as it is. And one of those examples would be moving towards a hunter-farmer model in certain areas this year.

您已經看到我們在整個銷售團隊中都這樣做了。其中一個例子就是今年某些地區將轉向獵人-農民模式。

And so we will continue to make those kind of changes in order to focus on profitability and efficiency throughout the business. And so within sales and marketing, those aren't held aside. We'll also be trying to make those improvements and find efficiencies and better leverage for the resources within our sales and marketing teams. And that's definitely a part of the improvement.

因此，我們將繼續進行此類變革，以專注於整個業務的獲利能力和效率。因此，在銷售和行銷領域，這些並沒有被擱置一邊。我們還將努力做出這些改進，並提高銷售和行銷團隊的效率和更好地利用資源。這絕對是改進的一部分。

But something you can always look towards is our 2027 targets, which we reiterated on the call -- prepared remarks. We are still focused on executing and progressing on our goals with those 2027 margin targets in mind, inclusive of the split between the different areas of the business.

但您可以始終期待的是我們的 2027 年目標，我們在電話會議上重申了這一點——準備好的演講稿。我們仍然專注於執行和推進我們的目標，同時牢記 2027 年的利潤目標，包括不同業務領域的分工。

Understood. Thank you.

明白了。謝謝。

Jake Roberge, William Blair.

傑克羅伯格、威廉布萊爾。

Yeah. Thanks for taking the questions. Jill, wish you all the best, moving forward. It's been great working with you.

是的。感謝您回答這些問題。吉爾，祝你一切順利，繼續前進。和你一起工作很愉快。

Julie, just on the macro, I know you referenced some pressure on demand for your sustainability suite, but just given the solid results here, did you see any other changes or improvements across the broader base over the last few months or was it fairly consistent with the trends that you called out last quarter?

朱莉，就宏觀而言，我知道您提到了可持續發展套件的需求面臨一些壓力，但鑑於這裡的穩健結果，您是否看到過去幾個月中更廣泛的基礎上還有其他變化或改進，或者它是否與您上個季度所說的趨勢相當一致？

I appreciate the question. The macros on the top of the minds of most of us running [South] companies these days. And the reality is we didn't really see much change from Q1 to Q2. Overall market conditions remained fairly constant. And we saw some uncertainty maybe across all sectors -- and very similar to what we saw in Q1.

我很感謝你提出這個問題。如今，經營南方公司的大多數人最關心的都是宏觀問題。事實上，我們並沒有看到第一季和第二季之間有太大的變化。整體市場狀況保持相當穩定。我們發現所有行業都存在一些不確定性——與我們在第一季看到的情況非常相似。

Now, the deal cycle elongation, which is expected in the uncertain market, some cases, we saw -- even when we were selected as a vendor, I would say we thought it's taking more time to get some deals over the line. And you see some companies just being more thoughtful in the timing of their spend for some of these transformational purchases.

現在，交易週期延長，這在不確定的市場中是可以預料的，在某些情況下，我們看到——即使我們被選為供應商，我想說我們認為需要更多時間才能完成一些交易。你會發現，有些公司在進行這些轉型採購時，在選擇支出時機時更加謹慎。

But we still continue to see some signature deals come in and have some great wins. Some of which I did share on the prepared remarks. But I think overall demand is moderated for us compared to the momentum that we saw in those stellar bookings quarters we had in 2024.

但我們仍然看到一些標誌性交易的達成並取得了一些重大勝利。其中一些我確實在準備好的發言中分享過。但我認為，與 2024 年那些出色的預訂季度的勢頭相比，我們的整體需求有所緩和。

But all of that's been factored into our latest guide, as Jill has mentioned. And we've raised the guide in our subscription revenue for 2025 to reflect the beat. But really, in direct answer to the question, very consistent from this quarter from last.

但正如吉爾所提到的，所有這些都已納入我們的最新指南中。我們提高了 2025 年的訂閱收入預期，以反映這種情況。但實際上，直接回答這個問題，本季與上一季非常一致。

Okay. That's helpful. And then, just to double click on the sustainability front, you referenced the tampered demand in the Corporate segment but can you talk about what you're hearing from some of the larger enterprise and (inaudible) CSRD reporters and if that is different versus the Corporate segment; and if there's been any change on that front over the last few months?

好的。這很有幫助。然後，再次強調可持續性方面，您提到了企業部門的篡改需求，但您能否談談您從一些較大的企業和（聽不清）CSRD 記者那裡聽到的情況，以及這與企業部門是否有所不同；以及過去幾個月這方面是否有任何變化？

Sure. We talk about our Corporate [seggo] in the, midmarket, primarily. We have our sales categorized into corporate, strategic and major accounts. And we did see the softening there around regulation, some delays and so forth. But that's really where it is. Our market is primarily upmarket. That's where our strong market is.

當然。我們主要談論中端市場中的企業 [seggo]。我們的銷售分為企業、策略和主要客戶。我們確實看到了監管方面的放鬆、一些延遲等等。但事實確實如此。我們的市場主要是高端市場。那裡就是我們的強大市場。

And the regulation with CSRD, for the most part, remains in place there for the large companies in the (inaudible) in Europe. And those that want to play in a global ecosystem and supply chain continue on with their demand and so forth.

並且，對於歐洲（聽不清楚）的大型公司來說，CSRD 監管大部分仍然有效。那些想要參與全球生態系統和供應鏈的人會繼續滿足他們的需求等等。

As I said, it's beyond regulation, it's stakeholders and risk management and so forth. So yes, we did call out, primarily, where we saw the tapering off a bit and a softening, I'd say, for that Corporate market or midmarket.

正如我所說，它超越了監管範疇，涉及利害關係人和風險管理等等。是的，我們確實指出，主要是我們看到企業市場或中端市場逐漸減弱和疲軟的現象。

That's helpful. Thanks for taking the questions.

這很有幫助。感謝您回答這些問題。

Adam Hotchkiss, Goldman Sachs.

高盛的亞當·霍奇基斯。

Great. Thanks so much for taking the questions. I would like to ask an earlier question a different way.

偉大的。非常感謝您回答這些問題。我想以不同的方式提出先前的問題。

Julie. I think you mentioned how sustainability was a bit stronger in 2024 and that things have moderated. But subscription revenue here has accelerated. I think it's your highest growth quarter in the last number of quarters; forward-looking metrics like billings have accelerated; and CRPO continues to be strong.

朱莉。我想您提到 2024 年永續性會更強一些，而且情況已經有所緩和。但這裡的訂閱收入卻在加速成長。我認為這是過去幾個季度中成長最快的一個季度；帳單等前瞻性指標已經加速；並且 CRPO 繼續保持強勁。

And so could you maybe marry some of those moderation comments, in particular around sustainability and the broader market, with the acceleration or broad-based acceleration we're seeing in the business, ex-sustainability, and what do you think is driving that and how sustainable you think that is?

那麼，您能否將一些溫和的評論，特別是關於可持續性和更廣泛市場的評論，與我們在業務中看到的加速或廣泛的加速（不包括可持續性）結合起來，您認為是什麼推動了這一進程，您認為這一進程的可持續性如何？

Our guide, of course, just took into account the comments I already made just a moment ago, which is just, overall, the risks. And that's from the uncertain macro and what we're seeing overall and broad-based across the portfolio.

當然，我們的導遊只是考慮到了我剛才提出的評論，總的來說，這就是風險。這是由於不確定的宏觀因素以及我們在整個投資組合中看到的整體和廣泛情況。

But we also adjusted for risk there on the sustainability because, again, of the regulatory and political environment. But we had strong revenue this quarter. And that comes from a lot of our subscription revenues generated from customers with multiple solutions.

但我們也對永續性風險進行了調整，同樣是因為監管和政治環境。但本季我們的營收強勁。這主要來自於我們為擁有多種解決方案的客戶所創造的大量訂閱收入。

The platform is resonating -- our partner ecosystem and so forth, just performing there. So we do have a very resilient platform. And we're selling -- it's, again, broad-based. We have a large portfolio of solutions that we offer in the market. So that's really where the revenue comes from.

該平台正在產生共鳴——我們的合作夥伴生態系統等等，都在那裡發揮作用。因此，我們確實擁有一個非常有彈性的平台。而且我們正在銷售——再次強調，這是廣泛的。我們為市場提供大量的解決方案。這就是收入的真正來源。

And then, of course, we're a subscriptions SaaS company. And inherent in that business model is that in any given quarter, we've got deals booked from prior quarters as well. So that's where subscription revenue comes from, as well.

當然，我們是一家訂閱 SaaS 公司。這種商業模式的本質是，在任何一個季度，我們都會獲得前幾季的預訂交易。所以這也是訂閱收入的來源。

But it really -- again, I'll highlight again, less than 15% of our revenue is from sustainability. We have a broad-based platform and it's resonating in the market and, again, strong growth. But we, of course, are going to take a risk-adjusted approach as we look at the guide.

但實際上——我再次強調，我們的收入中只有不到 15% 來自永續發展。我們擁有廣泛的平台，它在市場上引起共鳴，並且再次實現強勁成長。但是，我們當然會在查看指南時採取風險調整的方法。

Okay. That's really helpful. Thank you.

好的。這真的很有幫助。謝謝。

And then, just on the -- asking the AI question another way, how do you think about -- and especially given how things have evolved recently, how Workiva's vote against Generative AI technologies writ large in some of these agents that allow companies to utilize their operational data in different ways? Could you just maybe speak to the moat that Workiva has built around AI and how you think about the installation of your reporting product set and workflow product versus some of these newer upstart technologies?

然後，從另一個角度問人工智慧問題，您如何看待——特別是考慮到最近事態的發展，Workiva 投票反對生成式人工智慧技術，這在某些允許公司以不同方式利用其營運數據的代理中產生了怎樣的影響？您能否談談 Workiva 圍繞人工智慧建造的護城河，以及您如何看待報告產品集和工作流程產品的安裝與一些新興技術的比較？

Sure. We've spent a decade and a half building trusted relationships with our customers. And we have the most innovative technology. And we really focus on the customer data. That's very important to customers that we care for and it's important to us.

當然。我們花了十五年的時間與客戶建立信任關係。我們擁有最具創新性的技術。我們確實專注於客戶數據。這對我們關心的客戶來說非常重要，對我們也很重要。

But of course, we are bringing in the latest technology and data. When it comes to AI, data is a differentiator. And we happen to have data that we can leverage in these AI capabilities. But we're bringing them -- bringing the capabilities and the technologies onto the platform to ensure that we bring additional value to the customers and differentiate.

但當然，我們正在引入最新的技術和數據。當談到人工智慧時，數據是一個差異化因素。而我們恰好擁有可以在這些人工智慧功能中利用的數據。但我們將把這些功能和技術引入平台，以確保我們為客戶帶來額外的價值並實現差異化。

So we're going to continue to invest in AI across the platform. We bring it into our platform and our controlled secure, auditable environment, give customers the comfort and the knowledge that their data remains within the platform, not used to train models and so forth. But we're helping them with, of course, speed and efficiency, helping them to respond quickly to risk and volatility with greater focus.

因此，我們將繼續在整個平台上投資人工智慧。我們將其納入我們的平台和受控的安全、可審計環境，讓客戶感到安心，並知道他們的資料保留在平台內，而不是用於訓練模型等。但我們當然是在幫助他們提高速度和效率，幫助他們更專注地快速應對風險和波動。

We're seeing some ROIs from our customer that show measurable impact. And they're leveraging those capabilities on the platform.

我們看到客戶的一些投資報酬率顯示出可衡量的影響。他們正在平台上利用這些功能。

So I do want to emphasize that we take it very seriously; that we have trusted relationships with our customers. But we will be committed to bringing value to the customers using AI.

所以我確實想強調，我們對此非常重視；我們與客戶建立了信任關係。但我們會致力於利用人工智慧為客戶帶來價值。

Okay. Thank you very much, Julie and Jill. All the best wishes for you. Great working with you.

好的。非常感謝朱莉和吉爾。祝您一切順利。很高興和你合作。

Thank you. Thanks so much.

謝謝。非常感謝。

Daniel Jester, BMO Capital Markets.

丹尼爾‧傑斯特 (Daniel Jester)，BMO 資本市場。

Hi. Good afternoon. This is (inaudible), on for Dan Jester. Thanks for taking the questions.

你好。午安.這是（聽不清楚），由 Dan Jester 主持。感謝您回答這些問題。

It looks like a strong quarter for customer growth, especially the larger businesses. Could you help us unpack where in the product portfolio the strength is coming from? And then, more generally, what you're seeing in the competitive landscape?

本季客戶成長似乎強勁，尤其是大型企業。您能否幫我們分析產品組合的優勢來自哪裡？那麼，更普遍地說，您在競爭格局中看到了什麼？

I caught the part of the -- you want to talk about the product portfolio. Can you repeat the initial part of the question, prior to the competitive landscape?

我抓住了你想談論產品組合的部分。您能否重複問題的開頭部分，也就是競爭格局之前的部分？

Yeah. Sure. So it looks like a strong quarter for customer growth, especially for larger businesses. Could you help us unpack where in the product portfolio the strength is coming from? And then, more generally, what you're seeing in the competitive landscape?

是的。當然。因此，本季客戶成長似乎強勁，尤其是對於大型企業而言。您能否幫我們分析產品組合的優勢來自哪裡？那麼，更普遍地說，您在競爭格局中看到了什麼？

Sure. We continue to see broad-based demand across the portfolio. That's something that's been consistent, quarter after quarter.

當然。我們繼續看到整個投資組合的廣泛需求。這是一個季度又一個季度始終如一的情況。

Our platform -- one of the strengths of the platform, very resilient. And for the most part, the demand continues across all solutions. So it really depends on where the customer is, if they're doing transformation, if they're in financial services, where they are, whether they're focused on sustainability.

我們的平台－平台的優勢之一，非常有彈性。並且在大多數情況下，所有解決方案的需求都是持續的。所以這實際上取決於客戶在哪裡，他們是否正在轉型，他們是否從事金融服務，他們在哪裡，他們是否專注於永續性。

It's not one area or another that is we're seeing trends, deep trends on. It really is broad-based across the portfolio.

我們看到的趨勢並不是某個領域的趨勢，而是深層的趨勢。它確實在整個投資組合中具有廣泛的基礎。

In terms of the competition, we continue to have competition. But it is point solution, primarily -- not a platform as we have for all the capabilities that we have on one platform; but also, there's a lot of legacy technology there that we are competing against.

在競爭方面，我們持續競爭。但它主要是點解決方案——而不是像我們那樣在一個平台上提供所有功能；而且，我們還在與許多傳統技術競爭。

So status quo, legacy, and point solutions are primarily the competitors that we face. But our differentiation comes in very strong, with a broad-based platform; also, connection to all the partners in our ecosystem. So that's really how we win high-value, fit-for-purpose solutions. But it's on the platform -- connected, ever becoming more open, and intelligent platform.

因此，現狀、遺留問題和點解決方案是我們面臨的主要競爭對手。但我們的差異化非常強，擁有廣泛的平台；同時，與我們生態系統中的所有合作夥伴都有聯繫。這就是我們贏得高價值、適合用途的解決方案的真正方式。但它是在平台上——一個互聯的、日益開放的、智慧的平台。

Got it. And then, can you just discuss how you're thinking about investment plans in the businesses headcount expectations for the remainder of 2025 and into 2026?

知道了。然後，您能否討論一下您對 2025 年剩餘時間和 2026 年企業員工人數預期的投資計畫有何看法？

Thank you.

謝謝。

Thanks, (inaudible). So we will continue to focus on productivity and leverage with our existing resources. We, of course, will continue to make investment decisions based on the potential outcomes from those investments. And that will, in some cases, lead to hiring in certain areas. But, really, the focus that we have as we execute on our midterm, long -term margin goals is just ensuring that we have profitable growth and that we're executing on our strategy in a way that makes sense with our margin goals in mind.

謝謝，（聽不清楚）。因此，我們將繼續專注於提高生產力並利用現有資源。當然，我們將繼續根據這些投資的潛在結果做出投資決策。在某些情況下，這將導致某些領域的招募。但實際上，我們在執行中期和長期利潤目標時，重點只是確保我們實現獲利成長，並以符合利潤目標的方式執行我們的策略。

Ryan Krieger, Wolfe Research.

克里格 (Ryan Krieger)，沃爾夫研究公司 (Wolfe Research)。

Hey, guys. Thanks for squeezing me in here. Congrats on a solid quarter.

嘿，大家好。謝謝你把我擠到這裡。恭喜本季業績穩健。

I just want to touch on the retention, quickly. It was incredibly strong this quarter, even excluding FX. So can you provide some additional color on maybe what drove that strength and help us think about the mix of pricing versus pure expansion contribution there?

我只是想快速談談保留問題。即使不包括外匯，本季的表現也十分強勁。那麼，您能否提供一些額外的信息，說明是什麼推動了這種優勢，並幫助我們思考定價與純擴張貢獻的組合？

And then, how should we think about retention for the rest of this year? I know you've historically talked about over 110% being positive. But is this potentially an affliction point, just given the momentum that you're seeing?

那麼，我們該如何考慮今年剩餘時間的保留呢？我知道您過去曾談到超過 110% 的積極性。但是，從您所看到的勢頭來看，這是否可能是一個痛苦點？

Yeah. Exactly right, Ryan. Thanks for the kind words on the quarter.

是的。完全正確，瑞安。感謝您對本季的讚美。

So when we think about NRR, this was a high point for us, certainly. And there was the impact from currency. But overall, what we were seeing here was really about the upside of selling into our existing base.

因此，當我們考慮 NRR 時，這對我們來說無疑是一個高點。還有貨幣的影響。但總體而言，我們在這裡看到的實際上是向現有客戶銷售產品的好處。

At any point in time, we have been focusing more on price increase. But that's not a large part of our NRR in in any quarter, generally. The majority of our uplift on NRR tends to be from the additional solutions sold into our base. And that's really where we focus, when we when we think about NRR.

無論何時，我們都更加關注價格上漲。但一般來說，這在任何季度都不是我們的 NRR 的很大一部分。我們的 NRR 成長主要來自於向我們的基地銷售的額外解決方案。當我們考慮 NRR 時，這才是我們真正關注的重點。

Of course, we get the benefit of amazing gross retention as well and retaining our existing customers and contracts.

當然，我們也獲得了驚人的總保留率以及保留現有客戶和合約的好處。

And then, any away to maybe think about it for the rest of the year?

那麼，在今年剩下的時間裡，還有辦法考慮這個問題嗎？

For the rest of the year, I would still say that that 110%-plus is what we think of as a good result there. It can fluctuate because of currency. It can fluctuate, of course, because of the mix between sales and new customers versus the existing customer base. But 110%-plus is a good result for us.

對於今年剩餘的時間，我仍然認為 110% 以上就是我們認為的好成績。它會因貨幣而波動。當然，它可能會波動，因為銷售額和新客戶與現有客戶群的混合。但 110% 以上對我們來說已經是一個不錯的結果了。

Perfect. Thank you, guys. Appreciate it.

完美的。謝謝你們。非常感謝。

Thanks.

謝謝。

This concludes our question-and-answer session. The conference has also now concluded.

我們的問答環節到此結束。會議目前也已結束。

Thank you for attending today's presentation. You may now disconnect.

感謝您參加今天的演講。您現在可以斷開連線。