Workiva Inc. (WK) 2026 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. Welcome to Workiva's Q2 2026 earnings call. My name is Harmony, and I will be your host operator on this call. (Operator Instructions) Please note, this call is being recorded on August 4, 2026, at 5:00 PM Eastern Time.

各位女士、先生，下午好。歡迎參加 Workiva 2026 年第二季（Q2）財報電話會議。我叫 Harmony，將擔任本次電話會議的主持接線員。(接線員指示) 請注意，本次電話會議將於 2026 年 8 月 4 日美東時間下午 5:00 錄音。

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

現在我想把會議交給今天電話會議的主持人——投資人關係資深總監 Katie White。

Good afternoon, and thank you for joining Workiva's Q2 2026 conference call. During today's call, we will review our second quarter results and discuss our guidance for the third quarter and full year 2026. Today's call will include comments from our Chief Executive Officer, Julie Iskow, followed by our Chief Financial Officer, Barbara Larson. We will then open up the call for a Q&A session.

各位下午好，感謝各位參加 Workiva 2026 年第二季（Q2）電話會議。在今天的會議中，我們將回顧第二季業績，並討論第三季及 2026 全年的財測指引。今天的會議將先由執行長 Julie Iskow 發表評論，接著由財務長 Barbara Larson 發言。之後我們將開放問答（Q&A）環節。

After market close today, we issued a press release, which is available on our Investor Relations website, along with our quarterly investor presentation. This conference call is being webcast live, and following the call, an audio replay will be available on our website.

今日收盤後，我們已發布新聞稿，可於我們的投資人關係網站取得，並同時提供季度投資人簡報。本次電話會議將進行線上即時網路直播；會後，我們網站將提供音訊重播。

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 2026. These forward-looking statements are based on our assumptions as to the macroeconomic, political and regulatory environment as of today, reflect management's current expectations and beliefs based on factors currently known to us and are subject to significant risks and uncertainties. Workiva cautions that these forward-looking statements are not guarantees of future performance. We undertake no obligation to update or revise these statements.

在今天的會議中，我們將就未來事件與財務表現發表前瞻性陳述，其中包括第三季及 2026 全會計年度的指引。這些前瞻性陳述係基於我們截至今日對總體經濟、政治與監管環境的假設，反映管理層依據目前已知因素所持的現行預期與信念，並可能受到重大風險與不確定性影響。Workiva 提醒各位，這些前瞻性陳述不保證未來績效。我們不承擔更新或修訂這些陳述的任何義務。

If the call is reviewed after today, the information presented during this call may not contain current or accurate information. Please refer to the company's annual report on Form 10-K and subsequent filings with the SEC for factors that may cause our actual results to differ materially from those contained in our forward-looking statements. 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.

若在今日之後回聽本次電話會議，本次會議所提供的資訊可能不再為最新或準確。請參閱公司 Form 10-K 年度報告及其後向美國證券交易委員會（SEC）提交的文件，以了解可能導致實際結果與前瞻性陳述所述內容出現重大差異的因素。此外，在今天的會議過程中，我們將提及若干非 GAAP 財務衡量指標。GAAP 與非 GAAP 指標的調節表已包含於今日新聞稿中。

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

接下來，我們將把電話會議交給 Workiva 執行長 Julie Iskow。

Thank you, Katie, and thank you all for joining us today. Q2 2026 delivered another quarter of strong financial performance and continued demand for our trusted platform. We beat the high end of our revenue guidance with 19% growth in both subscription revenue and total revenue.

謝謝你，Katie，也謝謝各位今天加入我們。2026 年第二季（Q2）再次交出強勁的財務表現，且市場對我們可信賴平台的需求持續。我們的訂閱營收與總營收皆成長 19%，並超越我們營收指引區間的上緣。

We also continue to execute on our commitment to profitable growth, achieving a Q2 non-GAAP operating margin of 16.8%. This was a 180 basis point beat on the high end of our guide and a 1,300 basis point improvement compared to Q2 of last year.

我們也持續落實對獲利性成長的承諾，第二季非 GAAP 營業利益率達 16.8%。這比我們指引上緣高出 180 個基點，並較去年第二季提升 1,300 個基點。

Our Q2 results once again reflect broad-based durable demand across our entire portfolio of solutions. It also reflects our unwavering commitment to operational efficiency as we scale our business. Because of our strong operating margin performance in the first half of the year, we're raising our full year 2026 non-GAAP operating margin guidance to 18%. This 18% operating margin target is an important milestone for Workiva. This was the target communicated in our 2027 operating model.

我們第二季的成果再次反映出，整個解決方案產品組合皆呈現廣泛且具韌性的需求。同時也反映出我們在擴大業務規模的同時，對營運效率的堅定承諾。由於上半年營業利益率表現強勁，我們將 2026 全年非 GAAP 營業利益率指引上調至 18%。18% 的營業利益率目標對 Workiva 而言是一個重要里程碑。這也是我們在 2027 年營運模型中所傳達的目標。

And with this updated 2026 guide, we will be delivering on that operating margin target a full year early. This margin milestone reflects disciplined execution across every part of our business, and it reflects deliberate changes to how we're organized to how we deploy resources and to where we direct those resources.

隨著更新後的 2026 年指引，我們將比原計畫提前整整一年達成該營業利益率目標。這項利益率里程碑反映出我們在業務各個環節的紀律化執行，也反映出我們在組織方式、資源配置方式，以及資源投向上的刻意調整。

This isn't a one quarter result. It's a reflection of the operating model that we continue to improve as we grow. And our growth continues to be supported by the opportunities that we're seeing in the market. The office of the CFO is undergoing one of its most significant transformations in decades. Finance leaders are being asked to do far more than close books and report results.

這不是單一季度的成果。而是我們在成長過程中持續精進的營運模型之體現。我們的成長也持續受到市場機會的支持。財務長辦公室正經歷數十年來最重大的轉型之一。財務領導者被要求做的，遠不僅是結帳與報告結果。

Today, they're also responsible for the data that their businesses rely on and how AI is governed and they're helping their organization navigate a more complex regulatory and risk environment, but that's only part of the story.

如今，他們也要負責企業所依賴的資料、AI 的治理方式，並協助組織在更複雜的監管與風險環境中前行，但這只是故事的一部分。

AI is also changing what's expected of the people that are doing the work. CFOs and their teams are expected to deliver insights in hours instead of days. They're expected to automate more of the work that's still manual, answer more questions with greater confidence and respond faster as regulations and business conditions continue to change. They're also no longer expected to simply use enterprise software.

AI 也正在改變對實際執行工作者的期待。外界期待 CFO 及其團隊能在數小時內而非數天內提供洞見。他們被期待將更多仍屬手動的工作自動化，以更高的信心回答更多問題，並在法規與商業條件持續變動時更快速回應。同時，人們也不再只期待他們單純使用企業軟體。

There's now an expectation that they'll extend it and build upon it. Users are becoming builders. They're creating AI agents. They're automating complex processes. They're connecting trusted business data with the rest of their technology ecosystem.

現在的期待是，他們要能延伸並在其上進一步建構。使用者正在成為建構者。他們在建立 AI 代理（agents）。他們在自動化複雜流程。他們在把可信賴的企業資料與其餘技術生態系連結起來。

They're extending the platforms they already rely on every day. And they're expected to do all of this while maintaining the governance, the security, the accuracy and the auditability that the office of the CFO demands. And as AI becomes more embedded in more business processes, trusted, connected and traceable data matters more than ever.

他們正在延伸那些每天已仰賴的平台。而且他們被期待在做到這一切的同時，仍能維持財務長辦公室所要求的治理、安全性、準確性與可稽核性。隨著 AI 更深度嵌入更多業務流程，可信、可連結且可追溯的資料比以往任何時候都更重要。

This is exactly where Workiva can make the biggest difference. Our customers shouldn't have to assemble AI models and agents and enterprise systems and governance tools just to meet these new expectations. And they shouldn't have to choose between adopting the latest AI capabilities and maintaining the trust that their organization depend on. They should be able to do both. That's why we're building intelligent capabilities that customers can put to work immediately.

這正是 Workiva 能帶來最大差異的地方。我們的客戶不應該為了符合這些新期待，就必須自行拼裝 AI 模型與代理、企業系統以及治理工具。他們也不應該在採用最新 AI 能力與維持組織所依賴的信任之間二選一。他們應該能兩者兼得。因此，我們正在打造客戶可立即投入使用的智慧化能力。

Some customers will use these capabilities as they are. Others will want to go further. They'll connect Workiva with more of their systems, build their own agents, extend workflows or use Workiva as part of a broader AI ecosystem.

部分客戶會直接以現成方式使用這些能力。另一些客戶則希望更進一步。他們會將 Workiva 與更多系統連結、建立自有代理、延伸工作流程，或將 Workiva 作為更廣泛 AI 生態系的一部分。

Our approach supports both. We deliver the AI capabilities that our customers need today while giving them the flexibility to build, to connect and to extend those capabilities. Inside Workiva and beyond it, all grounded in the trusted data, governance and controls that they already manage within the Workiva platform. We believe this combination will help finance organizations meet the rapidly rising expectations of the office of the CFO. It's what our customers are asking for, and it's what we're building.

我們的方法同時支援這兩種需求。我們提供客戶當下所需的 AI 能力，同時也賦予他們建構、連結與延伸這些能力的彈性。無論在 Workiva 平台內或平台之外，一切都以他們已在 Workiva 平台中管理的可信資料、治理與控制為基礎。我們相信，這樣的組合將協助財務組織滿足財務長辦公室快速攀升的期待。這正是客戶所要求的，也是我們正在打造的。

And we believe no one is better positioned to deliver it than Workiva. This value proposition is resonating at the highest levels of the enterprise. Our largest customers are standardizing on Workiva, and it shows in our large contract cohorts.

我們也相信，沒有任何公司比 Workiva 更具備交付這一切的優勢。這項價值主張正在企業最高層級引起共鳴。我們最大的客戶正將 Workiva 標準化採用，而這也反映在我們的大型合約客群（cohorts）上。

In Q2, contracts valued over $300,000 annually grew 34% and contracts above $500,000 annually grew 33%, both compared to Q2 of 2025. This growth reflects both continued expansion within our existing customer base and the landing of larger multi-solution new logos. I'd like to highlight a few of our Q2 deals that demonstrate how our platform is winning in the market to solve our customers' most complex reporting challenges.

在第二季（Q2），年約價值超過 30 萬美元的合約成長 34%，年約價值超過 50 萬美元的合約成長 33%，兩者皆相較於 2025 年第二季。這項成長反映出我們既有客戶群的持續擴張，以及更大型、多解決方案新客戶（new logos）的導入。我想重點分享幾筆第二季的成交案例，展現我們的平台如何在市場上勝出，協助客戶解決其最複雜的報告挑戰。

First, we signed a mid-six-figure account expansion deal with a global digital banking and fintech leader for private company reporting, multi-entity reporting, connected bank reporting and sustainability. The bank is on a multiyear private to public journey while expanding globally and transitioning to a full-service regulated bank.

首先，我們與一家全球數位銀行與金融科技領導者簽署了一筆中六位數的既有客戶擴約，涵蓋私營公司申報、多實體申報、連結式銀行申報與永續。該銀行正處於一段多年期由私營走向上市的旅程，同時在全球擴張並轉型為全方位服務的受監管銀行。

The investment in Workiva as a core financial and regulatory reporting platform is central to supporting this transformation across tax reporting, sustainability disclosures and Basel Pillar 3 regulatory compliance. Second, we signed a multi six-figure new logo deal with a US-based global material science company. The customer purchased four solutions, SEC reporting, management reporting, controls management and sustainability.

將 Workiva 作為核心財務與監管申報平台的投資，是支援此轉型的關鍵，涵蓋稅務申報、永續揭露與巴塞爾第三支柱（Pillar 3）監管合規。第二，我們與一家美國總部的全球材料科學公司簽署了一筆多六位數的新客戶（new logo）交易。該客戶購買了四項解決方案：SEC 申報、管理申報、控制管理與永續。

Following a highly competitive process, they chose Workiva over a multiple point solution vendor approach because of our ability to serve as their definitive system of truth. They recognized that no combination of disparate vendors could replicate our platform without sacrificing data connectivity, collaboration and trust. Workiva will support this company's rapid expansion through acquisition and their increased focus on global distribution. The deal was a co-sell and will be delivered by a regional advisory firm.

在高度競爭的評選流程後，他們選擇 Workiva，而非採用多家點狀解決方案供應商的方式，原因在於我們能作為其權威的單一真實來源系統（system of truth）。他們認知到，任何由分散供應商拼湊的組合，都無法在不犧牲資料連結性、協作與信任的情況下複製我們的平台。Workiva 將支援該公司透過併購的快速擴張，以及其對全球通路分銷日益提升的重點。此交易為共同銷售（co-sell），並將由一家區域性顧問公司交付。

I'll turn now to financial reporting. Demand continues to build as companies modernize complex global operating models, and the bar for what that requires keeps rising. Organizations need continuous access to accurate and traceable data to stay report ready and audit-ready not just at quarter end, but continuously throughout the quarter. Here are a few of the many Q2 wins worth highlighting. First, we signed a mid-six-figure new logo deal with a US-based global government and defense technology services company.

接下來我將談財務申報。隨著企業現代化其複雜的全球營運模式，需求持續升溫，而對此所需能力的門檻也不斷提高。組織需要持續取得準確且可追溯的資料，才能不僅在季末，而是在整個季度期間持續保持可申報、可稽核（audit-ready）的狀態。以下是第二季眾多值得強調的幾項勝利。首先，我們與一家美國總部的全球政府與國防科技服務公司簽署了一筆中六位數的新客戶交易。

This customer purchased SEC reporting, multi-entity reporting, management reporting and sustainability. The primary driver for this opportunity was a global enterprise reporting transformation initiative that spans the company's operations in more than 90 countries.

該客戶購買了 SEC 申報、多實體申報、管理申報與永續。此機會的主要驅動因素是一項全球企業申報轉型計畫，涵蓋該公司在超過 90 個國家的營運。

With complex and evolving reporting requirements across numerous jurisdictions, the customer sought a single platform capable of supporting global governance and local compliance. They selected Workiva because our unified platform enables them to meet the unique reporting mandates in the markets in which they operate, while empowering distributed teams worldwide to modernize and streamline their critical reporting processes.

面對多個司法管轄區內複雜且持續演變的申報要求，該客戶尋求一個能同時支援全球治理與在地合規的單一平台。他們選擇 Workiva，因為我們的統一平台使其能滿足其營運市場中的獨特申報規範，同時賦能全球分散團隊現代化並精簡其關鍵申報流程。

Second, we signed a mid-six-figure expansion deal with the US regional bank. This loyal customer upgraded to our advanced tiers for both SEC reporting and sustainability, and they expanded across three additional solutions, tax reporting, living will and stress testing. The primary catalyst for this expansion was the bank's reclassification as a Category 3 institution. This significantly expanded its regulatory reporting obligations. The deal was a co-sell with a regional advisory firm.

第二，我們與一家美國區域性銀行簽署了一筆中六位數的擴約交易。這位忠誠客戶將 SEC 申報與永續兩項解決方案升級至我們的進階層級，並另外擴增三項解決方案：稅務申報、生前遺囑（living will）與壓力測試。此次擴約的主要催化因素是該銀行被重新分類為第 3 類（Category 3）機構。這大幅擴增了其監管申報義務。此交易為與一家區域性顧問公司共同銷售（co-sell）。

I'll move on now to one of our key vertical-specific solution categories, financial services. We continue to see strong demand as institutions navigate increasingly complex regulatory requirements. Here are a few highlights from the quarter in this vertical. First, we signed a high six-figure account expansion deal with a large global private equity firm for fund reporting. This company signed on as a Workiva customer in Q3 of 2024.

接著我將談到我們關鍵的垂直產業解決方案類別之一：金融服務。隨著機構因應日益複雜的監管要求，我們持續看到強勁需求。以下是本季度在此垂直領域的幾項重點。首先，我們與一家大型全球私募股權公司簽署了一筆高六位數的既有客戶擴約交易，用於基金申報。該公司於 2024 年第三季成為 Workiva 客戶。

It first invested in our fund reporting solution in Q4 of 2025. Within six months, they have more than tripled the number of funds supported by the platform, and they now spend more than $1 million with Workiva. This deal is a great example of how our metric-based licensing model drives the opportunity for ARR expansion in a single solution. The deal was sourced and will be delivered by a regional advisory firm.

其於 2025 年第四季首次投資我們的基金申報解決方案。在六個月內，他們透過平台支援的基金數量已增加至三倍以上，且目前在 Workiva 的支出已超過 100 萬美元。此交易是我們以指標為基礎的授權模式如何在單一解決方案中推動 ARR 擴張機會的絕佳例證。此交易由一家區域性顧問公司引介並將由其交付。

Second, a Big Four professional services firm operating in Europe's largest investment fund market, signed a mid-six-figure expansion deal for fund reporting. The firm is expanding its use of Workiva across its fund administration business to support financial statement preparation and other fund reporting for a growing population of fund entities. This expansion enables the firm to consolidate reporting processes on to Workiva, driving greater standardization and scalability as its business grows.

第二，一家在歐洲最大投資基金市場營運的四大（Big Four）專業服務事務所，簽署了一筆中六位數的基金申報擴約交易。該事務所正於其基金行政管理業務中擴大使用 Workiva，以支援財務報表編製及其他基金申報，服務日益增加的基金實體族群。此擴張使該事務所能將申報流程整合至 Workiva 上，隨著業務成長推動更高的標準化與可擴展性。

Next, I'd like to cover governance, risk and compliance. Risk and audit teams are navigating accelerating AI governance, geopolitical uncertainty and changing regulations, often with leaner teams than ever before. Many are finding that siloed approaches are no longer sustainable. Organizations are choosing Workiva to centralize enterprise risk, transform audit and controls and streamline compliance.

接下來，我想談公司治理、風險與合規（GRC）。風險與稽核團隊正面對加速的 AI 治理、地緣政治不確定性與法規變動，且往往比以往任何時候都更精簡的人力配置。許多人發現，孤島式的方法已不再可持續。組織正選擇 Workiva 來集中化企業風險、轉型稽核與控制，並精簡合規作業。

With AI embedded across our GRC platform, including our Flowchart Visualizer and GRC Intelligence agents, we help teams identify emerging risks faster, uncover patterns earlier and respond with greater confidence.

透過在我們的 GRC 平台中嵌入 AI（包括我們的流程圖視覺化工具 Flowchart Visualizer 與 GRC Intelligence 智能代理），我們協助團隊更快識別新興風險、更早發掘模式，並以更高信心做出回應。

Let me share a few Q2 GRC deal highlights. First, we signed a mid-six-figure account expansion with a Fortune 500 specialty insurance holding company. This company added multiple solutions, including enterprise risk, compliance management and management reporting. Three years ago, this customer had just two Workiva solutions totaling just over $100,000. Today, they have expanded to nine platform solutions, spending high six figures annually with Workiva.

我分享幾項第二季 GRC 交易重點。首先，我們與一家《財富》500 大的專業保險控股公司簽署了一筆中六位數的既有客戶擴約。該公司新增多項解決方案，包括企業風險、合規管理與管理申報。三年前，這位客戶僅使用兩項 Workiva 解決方案，總額略高於 10 萬美元。如今，他們已擴展至九項平台解決方案，每年在 Workiva 的支出達高六位數。

The additional GRC expansion was driven by the need to eliminate significant manual effort, consolidate technology across teams and establish a unified enterprise data strategy. The opportunity also displaced a stand-alone GRC point solution, further reinforcing the value of a connected platform.

此次額外的 GRC 擴張，係由消除大量人工作業、整合跨團隊技術，以及建立統一的企業資料策略之需求所驅動。此機會也取代了一套獨立的 GRC 點狀解決方案，進一步強化連結式平台的價值。

Second, we signed a multi six-figure expansion deal with the US. Farm Credit Bank to build and scale its GRC program across audit management, controls management, compliance management, enterprise risk and operational risk management. This opportunity centered on displacing an incumbent GRC point solution in favor of the more comprehensive Workiva platform. The deal was a co-sell with a regional advisory firm.

第二，我們與美國農業信貸銀行（Farm Credit Bank）簽署了一筆多六位數的擴約交易，以在稽核管理、控制管理、合規管理、企業風險與作業風險管理等面向建置並擴大其 GRC 計畫。

Another area worth highlighting is sustainability. As sustainability requirements move into implementation, we're seeing an important shift in the market. Organizations are moving beyond preparing for compliance to operationalizing trusted audit-ready reporting. As a result, responsibility is increasingly shifting to the office of the CFO. CFOs expect sustainability disclosures to be held to the same standards as financial reporting with the same traceability, governance, internal controls, assurance and auditability.

另一個值得強調的領域是永續。隨著永續要求進入落地實施階段，我們看到市場出現一個重要轉變。組織正從「為合規做準備」轉向「將可信、可稽核就緒的申報作業化」。因此，責任正日益轉移至 CFO 辦公室。CFO 期望永續揭露能與財務申報採用相同標準，具備同等的可追溯性、治理、內部控制、確信（assurance）與可稽核性。

That's changing buying behavior. Stand-alone sustainability solutions are no longer enough. Increasingly, customers are choosing Workiva as the unified platform to manage financial and nonfinancial reporting together using the same trusted data, governance and reporting processes.

這正在改變採購行為。獨立的永續解決方案已不再足夠。客戶日益選擇 Workiva 作為統一平台，使用相同可信資料、治理與申報流程，同步管理財務與非財務申報。

Our deal activity reflects this trend. Our largest sustainability wins almost always include one or more financial reporting solutions, whether that's ESEF for integrated reporting, SEC reporting for US filers or increasingly multi-entity reporting. And the business driver is straightforward, companies reporting under CSRD, ISSB, California's SB 253 and other sustainability reporting requirements are often large multinational organizations with complex legal entity structures.

我們的交易活動反映了此趨勢。我們最大的永續成交案幾乎總是包含一項或多項財務申報解決方案，無論是用於整合申報的 ESEF、供美國申報者使用的 SEC 申報，或是日益常見的多實體申報。而其業務驅動因素很直接：依 CSRD、ISSB、加州 SB 253 及其他永續申報要求進行申報的公司，往往是具有複雜法律實體架構的大型跨國組織。

They need trusted data, consistent governance and reporting processes that span both financial and nonfinancial information. This is where Workiva is differentiated. We are uniquely positioned to bring these reporting processes together in a single, trusted platform.

他們需要可信資料、一致的治理，以及橫跨財務與非財務資訊的申報流程。這正是 Workiva 的差異化所在。我們具備獨特優勢，能在單一、可信的平台上將這些申報流程整合在一起。

Let me highlight a few sustainability deals from Q2. First, we signed a mid-six-figure new logo deal with one of Europe's largest state-owned energy companies serving roughly 20 million customers. This company purchased sustainability reporting, ESEF and controls management. The deal was driven by CSRD compliance requirements and was a competitive win over multiple point solutions. Workiva was the only solution to address the financial reporting, GRC and sustainability requirements on a single platform. The deal was a co-sell and will be delivered by a Big Four firm.

讓我重點說明幾筆第二季的永續交易。首先，我們與歐洲最大型的國有能源公司之一簽下了一筆約中六位數的新客戶（new logo）交易，該公司服務約 2,000 萬名客戶。該公司採購了永續報告、ESEF 以及控制管理。這筆交易由 CSRD 合規要求所驅動，並在與多個單點解決方案的競爭中勝出。Workiva 是唯一能在單一平台上同時滿足財務報告、GRC 與永續需求的解決方案。這是一筆共同銷售（co-sell）交易，並將由四大會計師事務所交付。

Second, a global health care technology company signed a mid-six-figure expansion deal, upgrading to sustainability advanced. This customer also extended sustainability across multiple entities and added multi-entity financial reporting.

第二，一家全球醫療保健科技公司簽下了一筆約中六位數的擴充交易，升級至永續進階版（sustainability advanced）。該客戶也將永續擴展至多個實體，並新增多實體財務報告。

The driver for this opportunity was ISSB compliance and the need to connect financial and nonfinancial data across their global legal entity structure. This was a competitive displacement of a stand-alone sustainability point solution. This is exactly the consolidation dynamic that we're seeing across our customer base.

這個機會的驅動因素是 ISSB 合規，以及需要在其全球法律實體架構中串聯財務與非財務資料。這是一場對獨立永續單點解決方案的競爭性替換（displacement）。這正是我們在客戶群中看到的整合動態。

To conclude our customer highlights, let's turn to capital markets. Following the momentum we saw earlier in the year, the IPO market demonstrated continued strength in Q2. We supported a robust slate of public listings this quarter. Three in particular, reflect the breadth and the caliber of organizations that are choosing Workiva as they enter the public markets. SpaceX, one of the most complex and closely watched listings in market history.

在結束客戶亮點之前，讓我們把焦點轉向資本市場。延續我們在年初看到的動能，IPO 市場在第二季展現持續的強勁表現。本季我們支援了相當強勁的一系列公開上市案。其中有三個案例特別能反映選擇 Workiva 進入公開市場的組織之廣度與水準。SpaceX，是市場史上最複雜且最受關注的上市案之一。

Cerebras, a leader in AI infrastructure and Quantinuum at the forefront of quantum computing. These aren't just marquee names. They represent exactly the kind of organizations that require a trusted audit-ready platform, before they file and throughout their life as a public company.

Cerebras，AI 基礎設施領導者，以及站在量子運算前沿的 Quantinuum。這些不只是響亮的名字。它們正代表了那種在提交申報前、以及成為上市公司後的整個生命週期中，都需要一個可信、可供稽核（audit-ready）的平台的組織類型。

The capital markets opportunity for us extends well beyond the S-1. We often engage with complex private companies years before they go public. We help them build the reporting infrastructure, controls framework and trusted data foundation that a public company requires. That early engagement matters. When these companies file their S-1, Workiva is already embedded.

對我們而言，資本市場的機會遠不止於 S-1。我們經常在複雜的私人公司上市前數年就開始合作。我們協助他們建立上市公司所需的報告基礎設施、控制框架與可信資料基礎。這種早期介入很重要。當這些公司提交 S-1 時，Workiva 早已深度嵌入其流程。

And when they become SEC registrants, they expand our addressable market for additional solutions, including SEC reporting, controls management and multi-entity reporting, regardless of whether we supported their initial listing. The private to public journey is an entry point. The platform relationship that follows is a long-term durable value driver.

而當他們成為 SEC 註冊申報公司（registrants）時，無論我們是否支援其首次上市，都會擴大我們在其他解決方案上的可服務市場，包括 SEC 申報、控制管理與多實體報告。從私募到公開的旅程是一個切入點。其後延伸的平台關係，則是長期且具韌性的價值驅動因素。

I'll turn now to product innovation. Workiva is in the midst of a fundamental transformation with AI. Trusted data has always been at the core of what we sell. And in an AI-driven world, that foundation becomes a structural advantage. Organizations can deploy AI broadly.

接下來我將談產品創新。Workiva 正處於以 AI 為核心的根本性轉型之中。可信資料一直是我們所銷售內容的核心。而在 AI 驅動的世界裡，這個基礎將成為結構性的優勢。組織可以廣泛部署 AI。

What they cannot easily replicate is a platform where every data point is traceable, every output is auditable and every disclosure can be defended. That is what we are building on. And we are transforming our platform to be Agentic first, where AI doesn't assist at the margins, but executes directly within the high stakes workflows that define the office of the CFO.

但他們不容易複製的是：一個每個資料點都可追溯、每個輸出都可稽核、每項揭露都能被辯護的平台。這正是我們正在打造的基礎。我們也正在將平台轉型為以 Agentic 優先（Agentic first）為設計理念：AI 不只是邊際協助，而是直接在定義 CFO 辦公室的高風險工作流程中執行任務。

Workiva recently announced the release of new AI capabilities to our advanced solution tiers for SEC, for sustainability and for other solution offerings. These new AI capabilities bring regulatory-grade agents for sustainability disclosure, for financial tie-out and for disclosure peer benchmarking. These are not general purpose AI tools.

Workiva 近期宣布，將新的 AI 能力釋出至我們針對 SEC、永續以及其他解決方案的進階方案層級。這些新的 AI 能力帶來符合監管等級（regulatory-grade）的代理（agents），用於永續揭露、財務勾稽（tie-out）以及揭露同業基準比較（peer benchmarking）。這些不是通用型 AI 工具。

They are purpose-built agents designed for environments where accuracy, auditability and explainability are nonnegotiable and every output produced is built to withstand scrutiny. The new sustainability disclosure agent drafts, checks and improves disclosures directly against sustainability frameworks, moving teams from requirements interpretation to review-ready drafts without leaving Workiva's governed environment. The result is faster cycle times, fewer interpretation gaps and disclosures that arrive at the review stage already grounded in the applicable standard.

它們是為了在「準確性、可稽核性與可解釋性」不可妥協的環境中所打造的專用代理，且每一項產出都以能承受檢視為設計目標。新的永續揭露代理會直接對照永續框架來起草、檢查並改進揭露內容，讓團隊在不離開 Workiva 受治理環境的情況下，從解讀要求推進到可供審閱的草稿。結果是更快的週期時間、更少的解讀落差，以及在進入審閱階段前就已以適用標準為依據的揭露內容。

Workiva's newly enhanced tie-out agent performs comprehensive consistency checks across financial reports. It automatically flags discrepancies and surfaces AI-generated explanations for each variance. With this agent, teams can catch errors earlier, close faster and finish with a fully documented auditable trail that supports both internal review and external examination.

Workiva 新近強化的勾稽（tie-out）代理，會在財務報告之間執行全面的一致性檢查。它會自動標示差異，並針對每一項差異提供 AI 生成的解釋。透過這個代理，團隊能更早發現錯誤、更快結帳，並以完整文件化、可稽核的軌跡收尾，以支援內部審閱與外部查核。

And the new benchmarking agent brings peer analysis directly into the platform, enabling financial reporting teams to build custom peer groups, identify disclosure gaps and draft market-aligned disclosures with every insight traceable back to the source filing. Peer Intelligence is no longer a separate work stream. It's embedded in the location where the disclosures are built.

而新的基準比較代理，將同業分析直接帶入平台，使財務報告團隊能建立自訂同業群組、找出揭露缺口，並在每一項洞見都可追溯回來源申報文件的前提下，起草與市場一致的揭露內容。同業智慧（Peer Intelligence）不再是一條獨立的工作流程。它已嵌入在揭露內容被建立的地方。

Alongside these purpose-built agents, we recently introduced the Workiva MCP Gateway, a governed connectivity layer that extends the Workiva platform to the enterprise AI tools that organizations already use. Whether customers work with the leading frontier models or work with other custom-built agents, every AI connection through the Workiva MCP gateway inherits Workiva's identity, permissions, governance and data lineage. AI-generated work remains fully traceable back to its underlying source data, regardless of which model produced it.

除了這些專用代理之外，我們近期也推出 Workiva MCP Gateway，這是一個受治理的連線層，可將 Workiva 平台延伸至組織既有使用的企業 AI 工具。無論客戶使用領先的前沿模型，或使用其他自建代理，所有透過 Workiva MCP gateway 的 AI 連線都會繼承 Workiva 的身分識別、權限、治理與資料血緣（data lineage）。AI 生成的工作成果將可完整追溯回其底層來源資料，不論是由哪個模型產生。

The MCP gateway creates a universal integration layer between enterprise AI and Workiva. Customers' preferred AI tools can securely interact with the live data and workflows in the platform rather than relying on manual exports or static document uploads. Instead of working from stale snapshots, AI can retrieve real-time governed context directly from the Workiva platform.

MCP gateway 在企業 AI 與 Workiva 之間建立了一個通用的整合層。客戶偏好的 AI 工具可以安全地與平台中的即時資料與工作流程互動，而不必依賴手動匯出或上傳靜態文件。AI 不再以過時的快照作業，而是能直接從 Workiva 平台擷取即時且受治理的情境資訊。

The result is that organizations no longer need to choose between adopting best-of-breed AI and maintaining enterprise-grade governance. With the Workiva MCP gateway, they can use the AI of their choice while preserving the security, traceability and control that's required for business-critical reporting.

其結果是，組織不再需要在採用最佳同級（best-of-breed）AI 與維持企業級治理之間二選一。透過 Workiva MCP gateway，他們可以使用自己選擇的 AI，同時保留業務關鍵報告所需的安全性、可追溯性與控制力。

We've also expanded AI capabilities at the platform level. Last week, we introduced persistent custom knowledge bases, allowing organizations to build a centralized repository from their own content and reference it across every AI interaction on the platform. Here are a few representative examples of how customers are using this capability.

我們也在平台層級擴充了 AI 能力。上週，我們推出了持久化的自訂知識庫，讓組織能以自身內容建立集中式儲存庫，並在平台上的每一次 AI 互動中加以引用。以下是幾個客戶如何使用此能力的代表性例子。

First, a financial reporting team can draft new disclosures grounded in prior filings and earnings documents already living in Workiva, maintaining consistency in language, structure and disclosure across quarters. Second, a regulatory reporting team at a bank can produce examiner-ready stress testing narratives by drawing on past DFAST and CCAR filings and a continuously updated library of regulatory guidance.

第一，財務報告團隊可以以 Workiva 中既有的過往申報與財報/法說文件為基礎起草新的揭露內容，維持各季在用語、結構與揭露上的一致性。第二，銀行的監管申報團隊可以藉由過往的 DFAST 與 CCAR 申報，以及持續更新的監管指引資料庫，產出可直接提供檢查人員審閱的壓力測試敘述。

And third, an internal controls team can execute audit workflows and reference their own policy and procedure library, so every AI output reflects the organization's standards, not generic assumptions. In each case, the output is grounded in content the organization has already vetted and stands behind. That distinction matters when the work product will be reviewed by auditors, regulators and investors.

第三，內部控制團隊可以執行稽核工作流程並引用自家的政策與程序資料庫，使每一項 AI 產出都反映組織的標準，而非通用假設。在每一種情境下，產出都以組織已審核並願意背書的內容為依據。當工作成果將被稽核人員、監管機關與投資人審閱時，這項差異至關重要。

This is AI that makes outcomes traceable and defensible, built for the scrutiny that defines this space. We look forward to showcasing more product innovations at our upcoming Amplify Conference and our 2026 Investor Day in September.

這是能讓結果可追溯、可辯護的 AI，為這個領域所面對的嚴格檢視而打造。我們期待在即將到來的 Amplify 大會，以及 9 月的 2026 投資人日上，展示更多產品創新。

I'll close with one final thought. The demands on the office of the CFO will continue to grow in both scope and complexity. And we believe Workiva is differentiated by our ability to meet these demands. Our commitment is to keep earning that differentiation through disciplined execution and rapid innovation.

最後我用一個想法作結。CFO 辦公室所承擔的要求，將在範疇與複雜度上持續增加。我們相信 Workiva 的差異化在於我們有能力滿足這些要求。我們的承諾是透過嚴謹的執行與快速創新，持續贏得這份差異化。

I'd like to thank our customers for their trust and our partners for continuing to expand our reach. I'd also like to thank our employees for their dedication, their relentless focus and everything they do to serve our customers and move Workiva forward.

我想感謝我們的客戶對我們的信任，也感謝我們的合作夥伴持續擴大我們的觸及範圍。我也要感謝我們的員工所展現的投入、他們不懈的專注，以及他們為服務客戶並推動 Workiva 向前發展所做的一切。

With that, I'll turn the call over to Barbara to take you through our financial results and our outlook for the rest of the year.

接下來，我把電話交給 Barbara，請她帶各位回顧我們的財務結果以及今年剩餘期間的展望。

Thanks, Julie. I'll start with an overview of our Q2 financial and key metric highlights, followed by our guidance for the third quarter and the full year 2026. Q2 once again delivered broad-based demand across our portfolio of solutions.

謝謝，Julie。我將先概述我們第二季的財務表現與關鍵指標重點，接著提供 2026 年第三季與 2026 全年的指引。第二季再次在我們的解決方案組合中呈現廣泛的需求。

Second quarter total revenue was $255 million, up 19% year-over-year and beating the high end of our guidance range by $3 million. In line with expectations, foreign currency fluctuations had a minimal impact on our reported top line growth rate. This was a departure from the prior four quarters where reported results included a 1- to 2-point tailwind from foreign currency fluctuations.

第二季總營收為 2.55 億美元，年增 19%，並較我們指引區間上緣高出 300 萬美元。如預期，外匯波動對我們所報告的營收成長率影響甚微。這與前四個季度不同，當時報告結果包含外匯波動帶來的 1 到 2 個百分點順風。

Subscription revenue was $236 million, up 19% year-over-year. Both new customers and account expansions continue to contribute to our revenue growth with new customers added in the last 12 months accounting for approximately 45% of the increase in Q2 subscription revenue, consistent with our expectations.

訂閱營收為 2.36 億美元，年增 19%。新客戶與既有客戶擴張持續共同推動營收成長；過去 12 個月新增的客戶約占第二季訂閱營收增量的 45%，符合我們的預期。

As of quarter end, our current remaining performance obligations were $789 million, up 18% over the prior year. This growth, which reflects the revenue we expect to recognize in the next 12 months includes an approximately 1 percentage point negative impact due to foreign currency.

截至季末，我們的當期剩餘履約義務（current remaining performance obligations）為 7.89 億美元，較去年同期成長 18%。此成長反映我們預期在未來 12 個月內認列的營收，其中包含外匯造成約 1 個百分點的負面影響。

Professional services revenue was $19 million, up 12% over the prior year due to an outperformance in XBRL services. On to productivity. As Julie mentioned, our non-GAAP operating margin for the quarter was 16.8%. This beat the high end of our guidance by 180 basis points and was a 1,300 basis point improvement over Q2 of last year. This was driven by the revenue outperformance and our continued focus on operational rigor and productivity as we scale the business. I'll talk more about the significance of this in just a moment.

專業服務營收為 1,900 萬美元，較去年同期成長 12%，主要因 XBRL 服務表現優於預期。接著談生產力。如 Julie 所提，我們本季非 GAAP 營業利益率為 16.8%。這比指引上緣高出 180 個基點，並較去年第二季改善 1,300 個基點。主要驅動因素為營收超預期，以及我們在擴大業務規模的同時，持續聚焦營運紀律與生產力。我稍後會再談這點的重要性。

Moving on to our performance metrics for the quarter. We had 6,750 customers at the end of Q2 2026, an increase of 283 customers year-over-year. Our gross retention rate was 97%, exceeding our 96% target. And our net retention rate was 111% for the quarter. Consistent with our reported revenue growth, the impact from foreign currency was minimal. In line with our expectations, both our reported and constant currency NRR exceeded our target of 110%.

接著看本季的營運指標。截至 2026 年第二季末，我們共有 6,750 位客戶，較去年同期增加 283 位。我們的總留存率（gross retention rate）為 97%，高於 96% 的目標。本季淨留存率（net retention rate）為 111%。與我們所報告的營收成長一致，外匯影響很小。如預期，我們的報告口徑與固定匯率口徑 NRR 均高於 110% 的目標。

In Q2 2026, 76% of our subscription revenue was generated from customers with multiple solutions, up from 71% in Q2 2025. Growth in our large contract customer cohorts also reflected strong momentum. As of the end of the first quarter, we had 2,690 contracts valued at over $100,000 per year, up 20% from the prior year. The number of contracts valued at over $300,000 totaled 656, up 34% year-over-year. And the number of contracts valued at over $500,000 totaled 276, up 33% from Q2 2025.

在 2026 年第二季，我們 76% 的訂閱營收來自採用多項解決方案的客戶，高於 2025 年第二季的 71%。大型合約客戶族群的成長也反映出強勁動能。截至第一季末，我們有 2,690 份年價值超過 10 萬美元的合約，較去年同期成長 20%。年價值超過 30 萬美元的合約數為 656 份，年增 34%。年價值超過 50 萬美元的合約數為 276 份，較 2025 年第二季成長 33%。

Turning now to the balance sheet and cash flows. As of June 30, 2026, cash, cash equivalents and marketable securities were $815 million, a decrease of $48 million from the prior quarter. This was primarily driven by our opportunistic repurchase of 2,492,000 shares of our Class A common stock for $123 million. As of quarter end, we have repurchased a total of $244 million under our $350 million share repurchase program with $106 million remaining as of quarter end.

接著談資產負債表與現金流。截至 2026 年 6 月 30 日，現金、約當現金與有價證券為 8.15 億美元，較前一季減少 4,800 萬美元。主要原因是我們把握時機，以 1.23 億美元回購 2,492,000 股 A 類普通股。截至季末，在 3.5 億美元的股票回購計畫下，我們累計已回購 2.44 億美元，季末尚餘 1.06 億美元額度。

Moving on to guidance. For the third quarter of 2026, we expect total revenue to range from $260 million to $262 million. We expect services revenue to be up slightly compared to Q3 2025, and we expect non-GAAP operating margin to be in the range of 17% to 17.5%.

接著是指引。對於 2026 年第三季，我們預期總營收介於 2.60 億至 2.62 億美元。我們預期服務營收將較 2025 年第三季小幅成長，且預期非 GAAP 營業利益率介於 17% 至 17.5%。

For the full year 2026, we expect total revenue to range from $1.040 billion to $1.044 billion. For the back half of the year, our guidance assumes foreign currency rates remain roughly in line with June 2026 levels, which would result in a minimal year-over-year FX impact to projected revenue growth for both Q3 and Q4.

對於 2026 全年，我們預期總營收介於 10.40 億至 10.44 億美元。針對下半年，我們的指引假設外匯匯率大致維持在 2026 年 6 月的水準，這將使第三季與第四季的預估營收成長在年對年比較下，外匯影響極小。

We continue to expect subscription revenue to grow approximately 19% year-over-year, and we expect total services revenue to be up slightly year-over-year. We are raising our non-GAAP operating margin outlook by 150 basis points versus the high end of our prior guidance and now expect it to be approximately 18%. This over 800 basis point year-over-year improvement reflects our ongoing commitment to drive operating leverage as we scale the business. This is a significant milestone that reflects operational rigor across the company to become more productive faster.

我們仍預期訂閱營收年增約 19%，並預期整體服務營收年對年小幅成長。相較於先前指引上緣，我們將非 GAAP 營業利益率展望上調 150 個基點，現在預期約為 18%。這超過 800 個基點的年對年改善，反映我們在擴大業務規模的同時，持續致力於提升營運槓桿。這是一項重要里程碑，展現公司在各面向的營運紀律，使我們能更快提升生產力。

There are many examples, including in sales, where we are refining our go-to-market around higher-value platform opportunities. In R&D, where we have embedded AI across our teams and accelerated our speed of innovation and company-wide, where we have improved productivity and embedded AI into workflows that previously required significant manual effort. The resulting outperformance means we now expect to achieve our 2027 medium-term operating margin target a full year early.

例子很多，包括在銷售方面，我們正圍繞更高價值的平台機會，精進我們的市場進入策略（go-to-market）。在研發方面，我們已在各團隊中導入 AI，加速創新速度；在全公司層面，我們提升了生產力，並將 AI 嵌入過去需要大量人工投入的工作流程。這些帶來的超預期表現，意味著我們現在預期將提前一年達成 2027 年中期營業利益率目標。

And our improved productivity extends to cash flow as well. We are raising our 2026 free cash flow margin outlook by 100 basis points to approximately 21% for the year. To wrap up, Q2 was a strong proof point that growth and profitability are not a trade-off at Workiva.

而我們提升的生產力也延伸到現金流。我們將 2026 年自由現金流利潤率展望上調 100 個基點，至全年約 21%。總結來說，第二季有力證明在 Workiva，成長與獲利並非取捨關係。

Our results reflect an operating model that is working and a platform that continues to earn the trust of the most sophisticated finance organizations in the world. We're entering the second half of 2026 from a position of strength with the financial flexibility to keep investing in growth and innovation. We look forward to sharing more at our Investor Day in September.

我們的成果反映出一套有效運作的營運模式，以及一個持續贏得全球最成熟財務組織信任的平台。我們以強勁態勢進入 2026 年下半年，並具備財務彈性，得以持續投資於成長與創新。我們期待在 9 月的投資人日分享更多內容。

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

接下來，我把電話交給接線員進行問答。

(Operator Instructions)

（接線員指示）

Alex Sklar, Raymond James.

Alex Sklar，Raymond James。

Julie, maybe first one for you. Just on the overall demand environment and budgets broadly. Can you talk about what you saw in the second quarter from a sales cycle and customer budget or deal size perspective relative to some of the prior quarters? And then also, as you spoke about the growing complexities your customer base and prospects are facing, any change to how you're setting up the go-to-market organization to kind of meet that value prop? Thanks.

Julie，第一個問題可能想先請教你。關於整體需求環境與預算面。你能談談第二季在銷售週期、客戶預算或交易規模方面，相較於前幾個季度你們觀察到的情況嗎？另外，當你提到客戶與潛在客戶面臨的複雜度持續提高時，你們在市場進入組織（go-to-market organization）的設置上，是否有任何調整，以更好地承接這項價值主張？謝謝。

Sure. Thank you for the question. Appreciate it. I think it's top of mind, of course, what's going on in the demand environment. I will say, overall, the demand environment really has remained relatively consistent throughout the year.

當然。謝謝你的提問。很感謝。我想大家當然都很關注需求環境的變化。我會說，整體而言，需求環境在今年以來其實一直維持相對一致。

Still a dynamic environment, we're still seeing changing complex regulatory requirements. We're seeing the evolving expectations around AI and AI governance. But for us, these trends really reinforce the need for what we do. In fact, we've continued to perform well across the portfolio in Q2 and second half. And it's actually for us a really good proof point for our relevance in the market.

仍然是一個充滿動態的環境，我們仍然看到複雜且不斷變化的監管要求。我們也看到市場對 AI 以及 AI 治理的期望正在演進。但對我們而言，這些趨勢其實更強化了我們所做事情的必要性。事實上，我們在第二季以及下半年在整體產品組合上持續表現良好。而這對我們來說，確實是我們在市場上相關性的一個很好的佐證。

I will say, though, maybe worth mentioning that our field team has highlighted a trend that deals do have more scrutiny and there are maybe more approvers and more rigor at the legal level. But we're very much aware of this, prepared and being aware and being prepared makes a real difference in our execution. So it's not just in the field, but in operations, including our legal team who is very sales focused and commercially and customer focused.

不過我想說，也許值得一提的是，我們的前線團隊指出一個趨勢：交易確實受到更多審視，可能有更多核准者，且在法律層面有更嚴謹的把關。但我們非常清楚這點，也已做好準備；而「知道」並「準備好」會在我們的執行上帶來實質差異。所以不只是前線，在營運端也是如此，包括我們的法務團隊，他們非常以銷售為導向，並以商業與客戶為中心。

So we are prepared for that next level of rigor. But I do want to mention that our team is seeing that out in the field. But overall demand environment is very consistent over the prior quarters. So you also asked about our go-to-market motion.

因此我們已準備好迎接下一個層級的嚴謹度。但我確實想提到，我們的團隊在前線看到了這樣的情況。不過整體需求環境相較前幾季仍然非常一致。所以你也問到了我們的 go-to-market 推進方式。

Look, that's very consistent with prior quarters. For us, it's all about the platform. It is multi-solution. It's multi-category, leveraging our partners for influenced and sourced deals, pushing on those larger account expansions and so forth.

你看，這與前幾季非常一致。對我們而言，一切都圍繞著平台。它是多解決方案的。它是多品類的，並透過合作夥伴來推動受影響與來源型（influenced 與 sourced）的交易，推進更大型客戶的擴張等等。

So not -- those motions for us are how we've been we're executing on our strategy. So not a whole lot different there, we have a broad portfolio of solutions that we continue to work with our customers to bring value. And on the deal cycles, and you asked about that, too. And it ebbs and flows up and down. But actually, last quarter, this quarter, we saw shortened deal cycles. So that's very encouraging for us. So thanks for highlighting that.

所以——這些推進方式就是我們一直以來執行策略的方法。因此沒有太多不同；我們擁有廣泛的解決方案組合，持續與客戶合作以創造價值。至於交易週期，你也問到了。它會時高時低、起起伏伏。但其實上季與本季，我們看到交易週期縮短。這對我們來說非常令人鼓舞。所以謝謝你特別點出這點。

Okay. Great color there, Julie. And maybe just a follow-up for you or for Barbara. Just in terms of the packaging and the advanced bundle opportunity you've spoken to in the past, any change in adoption of those advanced packages on renewal through the second quarter or where you stand on penetration of those advanced packages across the base? Thanks.

好的。Julie，這些補充很有幫助。也許再追問你或 Barbara 一個問題。就你過去提到的包裝（packaging）以及進階組合（advanced bundle）機會而言，在第二季續約時對這些進階方案的採用是否有任何變化？或是目前在既有客戶基礎中，這些進階方案的滲透率進展到哪裡？謝謝。

Yes. We are very encouraged with the traction of the premium tiers and our good, better, best pricing. Still early days. We just began rolling those out over the past year or so. So still watching the uptick. But as I'd mentioned, we're getting a decent price premium on those, and we've talked about that being north of 20%. We're encouraged and watching more and more of our base move into those and selling them as we land as well. So very encouraged by that monetization framework. Thanks for highlighting that, too.

是的。我們對高階層級（premium tiers）以及我們的「好、更好、最好」（good, better, best）定價所帶來的動能感到非常鼓舞。目前仍在早期階段。我們大約在過去一年左右才開始推行。所以仍在觀察採用率的上升。但如我先前提到的，我們在這些方案上取得了不錯的價格溢價，我們也談過大約在 20% 以上。我們感到鼓舞，也看到越來越多既有客戶轉向這些方案，同時在我們落地（land）時也會銷售這些方案。因此我們對這個變現框架非常有信心。也謝謝你把這點提出來。

Great, thank you.

很好，謝謝。

Allan Verkhovski, BTIG.

Allan Verkhovski，BTIG。

Hey, thanks for taking my question. This is Nicholas Dannewitz on for Allan Verkhovski. Just one on our end here. So we thought the subscription revenue of 19% is pretty strong for a company of your size. What's giving you guys the confidence in your growth durability given you need about a 17% subscription revenue CAGR to reach the midpoint of your 2030 total revenue target? Thank you.

嗨，謝謝讓我提問。我是 Nicholas Dannewitz，代 Allan Verkhovski 提問。我們這邊只有一個問題。我們認為以你們這樣規模的公司來說，訂閱營收 19% 的成長相當強勁。在你們需要約 17% 的訂閱營收年複合成長率（CAGR）才能達到 2030 年總營收目標中位數的情況下，是什麼讓你們對成長的持久性有信心？謝謝。

I can start the ball here and just say, as I mentioned, we have a very broad portfolio of solutions, Nick. And I like that you asked the question because it's a chance to talk about that. I mean, again, every quarter, it may be a few of them are stronger then, others dominate. But for the most part, it is very broad-based across the portfolio of solutions that we offer. And we're seeing a lot of traction.

我先開個頭。我想說，如我提到的，我們有非常廣泛的解決方案組合，Nick。我很喜歡你問這個問題，因為這讓我們有機會談談這點。我的意思是，每一季可能會有其中幾項表現更強、其他項目更突出。但大致上，我們所提供的解決方案組合呈現非常廣泛的帶動。而我們也看到很多進展與動能。

Our partner ecosystem is continuing to get stronger. Our expansion motion is very healthy and continues to get stronger, multi-solution, multi-category, I mean we're just -- we're executing, and it's moving in the right direction for us, and we feel very strong in terms of our execution.

我們的合作夥伴生態系持續變得更強。我們的擴張動能非常健康，且持續增強；多解決方案、多品類——我們就是在執行，而且方向對我們很有利，我們對自身的執行力感到非常有信心。

Our go-to-market machine is getting stronger. So it really the broad-based platform, the need -- the customer need in the market, as I highlighted in my prepared remarks and of course, just our own execution getting stronger.

我們的 go-to-market 機器也在變得更強。所以關鍵在於廣泛的平台、以及市場上的客戶需求——正如我在事先準備的發言中所強調的——當然也包括我們自身的執行力持續提升。

And Barbara, do you want to comment?

Barbara，你要補充嗎？

Yes. I'll just add one more thing in there. So international is an additional growth lever for us. So like Julie said, very broad-based. We're not dependent on any single lever, deep portfolio, new logos expansion and then international as well. Thanks for the question.

好的。我再補充一點。國際市場對我們而言是另一個成長槓桿。所以如 Julie 所說，非常廣泛。我們不依賴任何單一槓桿；我們有深厚的產品組合、新客戶（new logos）擴張，還有國際市場。謝謝你的問題。

Got it. Thank you.

了解。謝謝。

Andrew DeGasperi, BNP Paribas.

Andrew DeGasperi，BNP Paribas。

Thanks. I wanted to ask a question, Julie, on the financial services opportunity in particular the fund reporting product. You highlighted for twolarge deals. And I'm just wondering, can you elaborate a little more in terms of how that's progressing? Are you seeing ramped up adoption? Is there anything that's accelerating that? And I also noticed that you mentioned North America and Europe as driving that demand. So I would love to have additional color on that.

謝謝。Julie，我想問一個關於金融服務機會的問題，特別是基金報告（fund reporting）產品。你提到有兩筆大型交易。我想請你再多談一些目前進展如何？你們是否看到採用率加速提升？是否有任何因素在推動加速？我也注意到你提到北美與歐洲在帶動需求。所以我很希望能聽到更多細節。

Sure. Another area we're very encouraged is our financial services vertical. We have a strong sales organization there. We've been increasing in our footprint there, both in US but also in Europe as you mentioned.

當然。另一個讓我們非常受到鼓舞的領域是金融服務垂直產業。我們在那裡有強大的銷售組織。我們也在擴大那裡的版圖，除了美國之外，也包括你提到的歐洲。

The fund reporting, we had private funds and we rolled out a public fund reporting capability over the past year. And we've been out in the market selling and we're encouraged by the traction. A lot of large deal sizes around it. But I will say that particular one public fund still early, but again, very encouraged. And it does play into the area that we play best in, which is, of course, large enterprise.

基金報告方面，我們原本有私募基金（private funds），並在過去一年推出了公募基金（public fund）報告能力。我們已在市場上推廣銷售，且對目前的進展感到鼓舞。圍繞這項產品有不少大型交易金額。但我會說，公募基金這一塊仍在早期，不過同樣地，我們非常受到鼓舞。而且這也契合我們最擅長的領域，也就是大型企業客戶。

That's helpful. And then I just wanted to ask a question on net retention rate. So if my math is right, it did improve versus last quarter modestly. So just wondering, was there anything in particular that helped drive that? And obviously, if we exclude foreign FX in that number. Is it -- was it something specific? Any products? Or was it broad-based? Thanks.

這很有幫助。接著我想問一個關於淨留存率（net retention rate）的问题。如果我算得沒錯，它相較上季小幅改善。想請問是否有任何特定因素推動了這點？而且如果我們把外匯（FX）因素排除在外。那是——是否有什麼特定原因？任何產品？還是說是廣泛性的？謝謝。

So NRR was 111% for the quarter. And just one thing to keep in mind is we did have a 2-point tailwind to NRR in Q1 from FX. And in Q2, so this quarter, that tailwind went away. So if you look at NRR on a constant currency basis, it was relatively steady on a quarter-over-quarter basis and was again above our 110% target.

本季的 NRR 為 111%。有一點要記得的是，第一季 NRR 受到外匯帶來的 2 個百分點順風。而在第二季，也就是本季，這個順風消失了。所以如果以固定匯率（constant currency）來看，NRR 在季對季基礎上相對持平，並且再次高於我們 110% 的目標。

Brett Huff, Stephens Inc.

Brett Huff，Stephens Inc.

Good evening. Hope you are all well. Thanks for the time tonight. Two questions. One, just kind of a derivative of the NRR. Can you talk a little bit about, I think you said there were some XBRL benefits. And I wanted to also understand what kind of the SEC reporting IPO benefits you might have seen in the quarter? And if the expectations for the annual growth guide now include some more that weren't in there before?

晚安。希望大家都一切安好。感謝今晚撥冗參與。我有兩個問題。第一個算是 NRR 的延伸。能否多談一點，我想你提到有一些 XBRL 的效益。我也想了解本季你們在 SEC 申報、IPO 相關方面看到了哪些效益？以及目前對全年成長指引的預期，是否已納入一些先前未包含的因素？

And then my second question is more of a leading question, which is congrats on the 18%. I think your long term is 24%. Any thoughts on maybe raising the ceiling on that 24% or even just some qualitative thoughts? Thanks.

第二個問題比較像是引導式提問：恭喜達到 18%。我記得你們的長期目標是 24%。是否有考慮把 24% 的上限再往上調，或至少分享一些定性的想法？謝謝。

So I'll take the question on services or XBRL. So in Q2, we did see services revenue come in a bit higher than expected. And some of that was onetime. It was specifically around 11-K filings that happen annually. So we're not expecting it or planning on it repeating in the back half.

我來回答服務或 XBRL 的問題。在第二季，我們確實看到服務營收比預期略高。其中一部分是一次性的。具體來說是與每年都會發生的 11-K 申報相關。因此我們不預期、也未規劃在下半年會重複出現。

Thanks, Barbara. And I will just talk about cap markets for a moment. It was actually a very fun quarter for us market-wise. We were encouraged to see continued strength of the IPO market. And as I mentioned in my prepared remarks, we supported a very robust slate of public listings this quarter.

謝謝，Barbara。我來簡單談一下資本市場。就市場面而言，這一季對我們其實非常有趣。我們很受鼓舞地看到 IPO 市場持續強勁。而且如我在事先準備的發言中提到的，本季我們支援了一系列非常強勁的公開上市案。

I mentioned SpaceX and Cerebras and Quantinuum. And these companies really represent exactly the kind of organizations that require a trusted audit-ready platform. So you asked about the revenue and the guidance revenue perspective, it was very much in line with our expectations.

我提到了 SpaceX、Cerebras 和 Quantinuum。這些公司正好代表了那種需要可信、可供稽核（audit-ready）平台的組織類型。所以你問到營收與指引的角度，整體非常符合我們的預期。

Back in February, we said we were optimistic about the IPO momentum going into '26, and we did incorporate that into our guide. So I would say that H1 of this year was better than H1 of last year, but very much in line with our expectations. So we are taking it into account part of the guide and very consistent with what we said in both February and May, in fact.

回到二月時，我們曾表示對 2026 年的 IPO 動能抱持樂觀，並已將其納入我們的指引。因此我會說，今年上半年確實比去年上半年更好，但仍非常符合我們的預期。所以我們已把它作為指引的一部分加以考量，而且也與我們在二月與五月所說的內容非常一致。

And thanks for highlighting that we now expect to achieve our medium-term operating margin target of 18% in 2026. So that's a full year ahead of schedule. Naturally, that shifts our focus to our 2030 framework, which we've outlined in our investor deck. We're not planning to update that at this time. Our 2030 targets remain unchanged, but we continue to remain focused on staying disciplined, scaling efficiently and executing against this plan, that we've laid out. We feel really good about the progress we've made.

也謝謝你特別指出，我們現在預期將在 2026 年達成中期 18% 的營業利益率目標。這比原計畫提前整整一年。自然地，這也讓我們把重心轉向 2030 年的框架，我們已在投資人簡報中說明。目前我們不打算更新該框架。我們的 2030 年目標維持不變，但我們仍專注於保持紀律、有效率地擴張，並依照我們所提出的計畫執行。我們對目前取得的進展感到非常滿意。

Well, congrats to being able to grow and expand margins. Appreciate it.

能夠成長並擴大利潤率，恭喜。謝謝。

Steve Enders, Citi.

Steve Enders，花旗（Citi）。

Great. Thanks for taking the question. Maybe just to start, just would like to ask a little bit about some of the newer agent products that you've been rolling out and wondering kind of what the early feedback has been from customers and how you're viewing the monetization potential for those solutions now that they're just starting to get out into the marketplace.

好的。謝謝讓我提問。先從一個問題開始：想請教你們近期推出的一些較新的代理（agent）產品，想了解客戶的早期回饋如何，以及在這些解決方案剛開始進入市場之際，你們如何看待其變現潛力。

Sure. And thanks for highlighting our release -- newly released product capabilities around AI. We did one very recently, as recent as last week, focused on both solutions and our platform. And I'll just -- I'll highlight for everyone, there's really a common thread around all of these announcements and prior releases as well that we're helping our customers just complete work faster with greater confidence by enabling the platform to do more of the work on their behalf. And of course, which is our great differentiator, maintaining the governance and control and traceabilities that our customers really need and expect.

當然。也謝謝你提到我們新發布、與 AI 相關的產品能力。我們最近才剛做了一次發布，甚至就在上週，涵蓋解決方案與我們的平台。我也想提醒大家，這些公告以及先前的發布其實都有一個共同主軸：我們透過讓平台替客戶承擔更多工作，協助客戶以更快速度、在更高信心下完成工作。當然，這也是我們的重要差異化優勢：在維持客戶真正需要且期待的治理、控管與可追溯性（traceability）的同時做到這點。

So we did introduce a number of agents, purpose-built agents, the tie-out agent, benchmarking agent, sustainability disclosure agent and so forth. And along with Workiva Knowledge, which is core now into the platform. And we put those into our premium tiers and our good, better, best model. And we have seen excellent traction in those premium tiers since we began doing that over the year, 1.5 years that they've been out, and we continue to see that traction, whether we're going back to customers at renewal or even mid-cycle because they would like to adopt some of that AI capability and other premium features that we have available.

因此我們推出了多種代理、也就是為特定用途打造的代理，例如對帳（tie-out）代理、同業比較（benchmarking）代理、永續揭露代理等等。並且搭配 Workiva Knowledge，現在已成為平台的核心功能。我們把這些納入我們的高階方案層級，以及「好、更好、最好」的分級模式中。自從我們在過去一年到一年半把它們推向市場以來，我們在這些高階層級看到非常好的動能，而且這股動能仍在延續；不論是在客戶續約時，或甚至在合約週期中途，客戶因為想採用部分 AI 能力與其他高階功能而升級。

So again, we're very pleased with the initial traction in the market, and our expectation is that we continue to bring our base up to the higher tiers within that monetization framework, and we will continue to roll out the capabilities to, again, help our customers do more the work using our platform.

所以再次強調，我們對市場上的初期動能非常滿意；我們的預期是，在這個變現框架下，持續推動既有客戶基礎往更高層級升級，同時也會持續推出新能力，進一步協助客戶透過我們的平台完成更多工作。

Okay. That's helpful context there. And then maybe just on some of the moving pieces with FX rates, and I appreciate you calling those things out. But I guess anything that we should be kind of keeping in mind for what that means for either the rest of the year or anything to keep in mind for like billings or free cash flow dynamics as well?

了解。這些背景很有幫助。接著想問外匯匯率的一些變動因素，也謝謝你把這些影響點出來。但我想問的是，對於今年剩餘期間，或是對帳單金額（billings）或自由現金流的動態，有沒有什麼我們需要特別留意的？

Yes. We have assumed for the back half of the year on our top line metrics and our numbers that our currency remains relatively flat with the rates that we saw at the end of June, so the end of the quarter.

有的。在我們對下半年營收等主要指標與數字的假設中，我們假定匯率將大致持平於六月底、也就是季末所看到的水準。

Okay. And sorry, just on, I guess, seasonality, anything we should keep in mind for billing or free cash flow timing for the rest of the year?

好的。抱歉，再追問一下季節性：今年剩餘期間在帳單金額或自由現金流的時間點上，有沒有什麼需要留意的？

Pretty in line with historical trends.

大致與歷史趨勢一致。

Thanks for taking questions.

謝謝讓我提問。

Patrick McIlwee, William Blair.

Patrick McIlwee，William Blair。

Thank you for taking my question. A nice quarter. So my first question, I understand that your new CRO has been driving a variety of sales and restructuring efforts since he joined kind of moving towards some best practices that he sees within the sales force and notably some deeper account engagement with your sales reps.

謝謝讓我提問。這一季表現不錯。我的第一個問題是：我了解你們的新任 CRO 自加入以來，推動了多項銷售與重整措施，朝他在銷售團隊中看到的一些最佳實務前進，尤其是讓業務代表更深入地經營客戶帳戶。

So my question is now that he's had a few quarters to establish some of those efforts, are you seeing any notable pickup or changes in your sales force execution? And is there anything worth calling out in terms of execution between new logos and then existing customer expansion?

所以我的問題是，現在他已經有幾季時間來建立並推動這些措施，你們是否看到銷售團隊在執行面有任何明顯的提升或變化？另外，在新客戶（new logos）與既有客戶擴張之間的執行表現，有沒有什麼值得特別提出的？

Yes. I think Michael Pinto, we welcomed him very early in the year, and he is doing exactly what we have asked them to do and what we expect him to do. I mean, clearly, we are holding accountable for delivering bookings, but we're also very focused on the metrics that will lead to long-term durable growth, and he is very well aware of that.

是的。我想 Michael Pinto 在年初很早的時候加入我們，我們也很歡迎他；而他正在做的，正是我們要求他做、也期望他做的事。我的意思是，很明顯地，我們會要求他對達成預訂（bookings）負責，但我們也非常關注那些能帶來長期、可持續成長的指標，而他非常清楚這一點。

So about improving sales efficiency, increasing pipeline quality, growing our large enterprise accounts, accelerating rep productivity, expanding the contribution from our partner ecosystem. So I would say, ultimately, he's very busy building a high-performing go-to-market organization that's for us repeatable and scalable and just executing at a high level. And he has made progress on that, absolutely. That's how we think about his success.

也就是提升銷售效率、提高管線品質、擴大我們的大型企業客戶、加速業務生產力、並提升合作夥伴生態系的貢獻。所以我會說，總體而言，他正非常忙碌地打造一個高績效的 go-to-market 組織，對我們而言要可複製、可擴展，並且以高水準執行。他在這方面確實取得了進展。這就是我們衡量他成功的方式。

In terms of new logos, I will tell you that it was our strongest quarter for net new customer additions in the past seven quarters. It's a metric that we look at and we disclose consistently, so you can see that. I will also say that our focus is more on just adding those new customers, though you asked about that.

就新增標誌客戶而言，我可以告訴你，這是我們過去七個季度中淨新增客戶數最強的一季。這是我們會關注且持續對外揭露的指標，所以你可以看到。我也想說，我們的重點不僅僅是增加這些新客戶，儘管你問的是這一點。

We're increasingly winning larger, higher-value customers when we land that are ultimately adopting more of the Workiva platform, but they do so too from the outset, which is important for us. So those lands are often multi-solution six-figure relationships with significant long-term expansion opportunities.

我們在落地時愈來愈常贏得規模更大、價值更高的客戶，而這些客戶最終會採用更多 Workiva 平台的功能；而且他們從一開始就這麼做，這對我們很重要。因此，這些落地案通常是多解決方案、六位數金額的合作關係，並具備顯著的長期擴張機會。

So I will say those new customers are in absolute number are larger, but also the customers themselves are buying more at the outset. We're also seeing average deal size for those customers increase year-over-year as well, which we think is another good indicator of the quality of the business that we're bringing in.

所以我會說，這些新客戶在絕對數量上更多，但同時客戶本身在一開始就購買得更多。我們也看到這些客戶的平均交易規模年增，這也是我們認為另一個能反映我們引入業務品質的良好指標。

That's all really encouraging, thanks. And then just to follow up while we're on the topic, I wanted to ask if there's anything you can share in terms of your overall go-to-market staffing, if that's growing or relatively steady. And then I understand in the past, you've moved some reps around to kind of the best available opportunity set. So I'm just wondering if at this point, you feel you're structured appropriately across your main product suites?

這些都非常令人鼓舞，謝謝。接著在同一個主題上追問一下，我想請問你是否能分享一些關於你們整體 go-to-market（市場推進）人力配置的情況，是在成長還是相對持平。另外我也理解過去你們曾把一些業務代表調整到可用的最佳機會組合上。所以我想知道，在目前這個時間點，你們是否覺得在主要產品套件之間的結構配置已經適當？

We are moving towards that structure. We've been very clear about not wanting to disrupt our go-to-market execution and results. We want to keep the growth going. So that isn't a onetime Michael coming in for a couple of quarters and being done. That continues to evolve and as the market changes and grows, and we get better as a company, too, in our execution.

我們正朝那樣的結構前進。我們一直很清楚地表明，不希望干擾我們的 go-to-market 執行與成果。我們希望持續成長。所以這不是 Michael 進來做一兩個季度就結束的一次性調整。這會持續演進，隨著市場變化與成長，以及我們公司在執行上也變得更好。

But you mentioned the hiring, we have been hiring and we're going to continue to see that hiring in strategic areas that support our growth and innovation priorities as well. So we will be adding more of the customer-facing roles where we see opportunities to expand.

至於你提到的招募，我們一直在招募，並且會持續在支持我們成長與創新優先事項的策略領域看到這些招募。因此，我們會在看到擴張機會的地方，增加更多面向客戶的職務。

I would expect our hiring to remain very disciplined with the mix of talent continuing to evolve as the strategy evolves. But I do want to make clear, we are bringing in new talent. We are putting them in strategic areas in go-to-market.

我預期我們的招募會維持非常嚴謹的紀律，人才組合也會隨著策略演進而持續調整。但我想明確說明，我們確實正在引進新人才。我們把他們配置在 go-to-market 的策略領域。

So even though you see our new hire numbers are relatively flat, we are managing talent and ensuring we have the right people in the right roles. And I think that's very important to be blending that with our new hires. So it should give you a feel for how we're moving forward with people and talent.

所以即使你看到我們的新聘人數相對持平，我們仍在管理人才並確保合適的人在合適的職位上。我認為把這點與新聘人員結合起來非常重要。因此，這應該能讓你感受到我們在人員與人才方面是如何向前推進的。

Okay, thank you, Julie.

好的，謝謝你，Julie。

Rob Oliver, Baird.

Rob Oliver，Baird。

Good afternoon. Thank you. Julie, for you. So I guess not having a seat-based model kind of frees you guys up from the kind of pain here of having to convert customers to a new model, which we're seeing across many players in the financial suite. And it really allows you to focus on this kind of good, better, best opportunity with value you're already delivering.

下午好。謝謝。Julie，我想問你。我想，沒有採用以席位（seat）為基礎的模式，某種程度上讓你們免於承受必須把客戶轉換到新模式的痛點；我們在金融套件的許多業者身上都看到這種情況。而這也確實讓你們能專注在你們已經在交付價值的「好、更好、最好」這類機會上。

So I'd love to get a better sense from you. I know that some of the Agentic offerings, which you've announced are going to be in the upper tiers rightfully so. But how do you think about stratifying those in a way where customers get a taste for the value and where you can drive greater usage and ultimately higher contract value when you come to these renewal periods? Thanks.

所以我很想更清楚了解你們的想法。我知道你們已宣布的一些 Agentic 產品，理所當然會放在較高的層級。但你們如何思考以分層方式讓客戶先體驗到價值，並在續約期間推動更高的使用量，最終帶來更高的合約價值？謝謝。

You nailed it. Thank you for highlighting that we are not seat-based. And we've been using a value-based pricing model for years. And I say that again because it does play into the tiering, so if we have a customer in an advanced tier, they have been paying that even before AI, they have been paying based on value, whether it's number of controls, number of entities, size of company and so forth. So they would have a different price in that higher more premium tier.

你說得很到位。謝謝你強調我們不是以席位計價。而且我們多年來一直採用以價值為基礎的定價模式。我再說一次，因為這確實會影響分層：如果客戶在進階層級，他們在 AI 出現之前就已經在付費了，他們是依價值付費，例如控制項數量、實體數量、公司規模等等。因此，在更高、更高端的層級，他們會有不同的價格。

So that is how we are capturing that value. And our approach, you got it there, too. I mean really, our monetization isn't changing as we roll out these capabilities right now, and it's quite straightforward using that good, better, best methodology or framework. So that is how we are capturing the benefit. It's not everyone pays the same price in the premium tier. We are still -- it is all about value and usage on the platform, and that is how we're charging those even within the same tier.

所以這就是我們捕捉價值的方式。而我們的方法，你也說對了。我的意思是，當我們目前推出這些能力時，我們的變現方式其實沒有改變，而且用「好、更好、最好」的方法論或框架相當直接。所以這就是我們捕捉效益的方式。並不是所有人在高端層級都付同樣的價格。我們仍然——一切都取決於平台上的價值與使用情況，而這也是我們即使在同一層級內仍據以收費的方式。

Great. And then, Barbara, just quickly for you. Just on the sales efficiency side where you guys have been making a lot of progress. Just wondering if there's any additional things you could point to in terms of whether it be AI tools or sales efficiency initiatives that you've done in conjunction with your new CRO, where sort of gives you confidence on the continued trajectory to contribute to that margin improvement? Thank you.

很好。接著，Barbara，快速請教你一下。關於銷售效率這一塊，你們已經取得很多進展。想請問你是否能再指出一些額外的因素，例如 AI 工具或銷售效率計畫，或是你們與新任 CRO 搭配所做的事情，讓你對持續的走勢有信心，並能促進對毛利率改善的貢獻？謝謝。

Yes, Rob, thanks for the question. It continues to be like a work in progress as we move to platform sellers. So that's one of the things that we are working through. Absolutely, AI is part of the efficiency story there. But the one thing I don't want to get lost is we do continue to invest in sales and marketing and a lot of those efficiencies that we also will continue to drive, we will invest back into the business with more feet on the street to really go after that opportunity that we see in front of us.

是的，Rob，謝謝你的問題。隨著我們轉向平台型銷售，這仍然是一個持續進行中的工作。所以這是我們正在推進的一件事。當然，AI 是效率故事的一部分。但我不希望忽略的一點是，我們確實會持續投資於銷售與行銷；而我們也會持續推動許多效率提升，並把其中不少效率成果再投回業務中，增加更多前線人力，去真正把握我們眼前看到的機會。

Awesome. Great, thank you both.

太棒了。很好，謝謝你們兩位。

That does conclude our question-and-answer session, and that does conclude our conference for today. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節到此結束，今天的會議也到此結束。感謝各位參加今天的簡報。您現在可以斷線。