Zuora Inc (ZUO) 2025 Q2 法說會逐字稿

Good afternoon and welcome to Zuora's second-quarter of fiscal 2025 earnings conference call. (Operator Instructions)

下午好，歡迎參加 Zuora 2025 財年第二季財報電話會議。（操作員說明）

Thank you. And with that, I would now like to turn the call over to Luana Wolk, Head of Investor Relations for introductory remarks. Please go ahead.

謝謝。現在，我想將電話轉交給投資人關係主管 Luana Wolk 進行介紹性發言。請繼續。

Thank you. Good afternoon, and welcome to Zuora's second quarter fiscal 2025 earnings conference call. On the call we have Tien Tzuo, Zuora's Founder and Chief Executive Officer; and Todd McElhatton, Zuora's Chief Financial Officer; Robbie Traube, our President and Chief Revenue Officer, will be joining us for the Q&A session.

謝謝。下午好，歡迎參加 Zuora 2025 財年第二季財報電話會議。Zuora 創辦人兼執行長 Tien Tzuo 出席了電話會議。麥克埃爾哈頓 (Todd McElhatton)，Zuora 財務長；我們的總裁兼首席營收長 Robbie Traube 將參加我們的問答環節。

During today's call, we'll make statements that represent our expectations and beliefs concerning future events that may be considered forward-looking under Federal Securities Laws. These statements reflect our views only as of today and should not be relied upon as representative of our views as of any subsequent date. We disclaim any obligation to update any forward-looking statements or outlook.

在今天的電話會議中，我們將發表代表我們對未來事件的期望和信念的聲明，根據聯邦證券法，這些事件可能被視為前瞻性的。這些聲明僅反映我們今天的觀點，不應被視為代表我們在任何後續日期的觀點。我們不承擔更新任何前瞻性陳述或展望的義務。

These statements are subject to several risks and uncertainties that could cause actual results to differ materially from expectations. For further discussion of the material risks and other important factors that could affect our financial results please refer to our filings with the SEC.

這些陳述受到多種風險和不確定性的影響，可能導致實際結果與預期有重大差異。有關可能影響我們財務表現的重大風險和其他重要因素的進一步討論，請參閱我們向 SEC 提交的文件。

And finally, unless otherwise noted, all numbers except revenue mentioned today are non-GAAP. You can find a reconciliation from GAAP to non-GAAP results for both the current and the prior year periods in today's press release. A press release and a replay of today's call can be found on Zuora's Investor Relations website at investor.zuora.com.

最後，除非另有說明，除今天提到的收入外，所有數字均為非公認會計原則。您可以在今天的新聞稿中找到當前和上一年期間 GAAP 與非 GAAP 業績的調整表。您可以在 Zuora 的投資者關係網站 Investor.zuora.com 上找到新聞稿和今天電話會議的重播。

Now I'll turn the call over to you, Tien.

現在我把電話轉給你，田。

Thank you, Luana, and thank you everyone for joining Zuora's second quarter fiscal 2025 earnings call. Looking back in the quarter, I would say that this quarter was a solid follow-up to our Q1. We continue to execute our land and expand strategy while navigating the current macro environment.

謝謝 Luana，也謝謝大家參加 Zuora 的 2025 財年第二季財報電話會議。回顧本季度，我想說本季是第一季的堅實後續。我們在應對當前宏觀環境的同時，繼續執行土地擴張策略。

Let's start with the numbers. In Q2, subscription revenue was $104 million, up 9% year-over-year. We again exceeded our guidance for non-GAAP operating income coming in at $25.6 million which equates to a 22% operating margin, another quarterly record. We generated adjusted free cash flow of $12.2 million during the quarter.

讓我們從數字開始。第二季訂閱營收為 1.04 億美元，年增 9%。我們再次超越了非 GAAP 營業收入的指引，達到 2,560 萬美元，相當於 22% 的營業利潤率，再創季度紀錄。本季我們產生了 1220 萬美元的調整後自由現金流。

And finally, against the Rule of 40 framework which combines growth and profitability, we closed the quarter at [31]. This is ahead of our goal for the full fiscal year. Looking beyond the numbers, I would say that we continue to benefit from our customer base as some of the biggest and best companies in the world and this shows in two areas.

最後，根據結合了成長和獲利能力的 40 條規則框架，我們以[31]。這超出了我們整個財年的目標。除了數字之外，我想說的是，作為世界上一些最大和最好的公司，我們繼續受益於我們的客戶群，這體現在兩個領域。

First, this is the segment where the depth and breadth of our portfolio truly matters. And second, this install base continues to represent strong expansion opportunities for us that we can fuel through both ongoing organic innovations as well as targeted acquisitions.

首先，這是我們投資組合的深度和廣度真正重要的領域。其次，這個安裝基礎繼續為我們帶來強大的擴張機會，我們可以透過持續的有機創新和有針對性的收購來推動這一機會。

On the first point, let me give you an example from the quarter. I am proud to welcome Canva as a new customer. Canva is the leading online design and visual communications platform. They have over 190 million monthly users that have created over 25 billion designs. Now, Canva came to Zuora as part of preparing for their next phase of growth across both their B2C and enterprise offerings.

關於第一點，我舉一個本季的例子。我很自豪地歡迎 Canva 成為新客戶。Canva 是領先的線上設計和視覺傳播平台。他們每月擁有超過 1.9 億用戶，創造了超過 250 億個設計。現在，Canva 來到 Zuora，為他們的 B2C 和企業產品下一階段的成長做準備。

What made the difference to Canva was our ability to combine billing and revenue to address their needs across the entire quote-to-revenue process and give them new speed and flexibility to drive their current and future pricing strategies. And Canva is not the exception. In fact, in Q2, half of our logos bought both Zuora Billing and Zuora Revenue to power quote-to-revenue.

Canva 的與眾不同之處在於我們能夠將計費和收入結合起來，以滿足他們在整個報價到收入流程中的需求，並為他們提供新的速度和靈活性來推動他們當前和未來的定價策略。Canva 也不例外。事實上，在第二季度，我們一半的標誌同時購買了 Zuora Billing 和 Zuora Revenue，以推動報價與收入的掛鉤。

On the second point, once companies like Canva become customers their growth and ever-evolving needs represent strong expansion opportunities. Here are some examples of customers who expanded with us in Q2. For instance, Zillow Group, which includes the Zillow, Trulia, and other brands that provide solutions to consumers and real estate professionals for buying, selling, financing, and renting homes. They began to use Zuora Billing a few years back and in Q2 they added Zuora Revenue to automate their revenue recognition and additional Zuora Payment modules to provide customers with more flexible payment options.

關於第二點，一旦像 Canva 這樣的公司成為客戶，他們的成長和不斷變化的需求就代表著強大的擴張機會。以下是第二季與我們一起擴展業務的一些客戶範例。例如，Zillow Group 包括 Zillow、Trulia 和其他品牌，為消費者和房地產專業人士提供房屋買賣、融資和租賃解決方案。他們幾年前開始使用 Zuora Billing，並在第二季度添加了 Zuora Revenue 來自動化收入確認，並添加了額外的 Zuora Payment 模組來為客戶提供更靈活的付款選項。

Another great example is a longtime customer Oura, a great example of a fast growing customer who has sold over 2.5 million smart rings that track fitness level, sleep, and more. They renewed and grew with us as their subscriber base continues to grow.

另一個很好的例子是長期客戶 Oura，這是一個快速增長的客戶的很好例子，他已經售出了超過 250 萬個用於追蹤健身水平、睡眠等的智慧戒指。隨著用戶群的不斷增長，他們與我們一起更新和成長。

We've also been working with a world leader in transportation, e-commerce, and business services that generates over $80 billion in annual revenue. This customer is adopting usage-based billing models, showing that this is not just a trend for technology companies. And so in Q2, they added advanced consumption modules to turn their raw data into revenue with metering, rating, and billing.

我們也一直與年收入超過 800 億美元的交通、電子商務和商業服務領域的全球領導者合作。該客戶正在採用基於使用情況的計費模式，這表明這不僅僅是科技公司的趨勢。因此，在第二季度，他們添加了先進的消費模組，透過計量、評級和計費將原始數據轉化為收入。

How big are these expansion opportunities? Well, if you look at the two deals, over $1 million or more in ACV that we had in Q2, both came from within our install base, proof that our land and expand strategy is working. And finally, of course, our enterprise customers also enhanced our partnerships with leading system integrators. In fact in Q2, more than half of our deals that were $500,000 or more in ACV were with an SI partner.

這些擴張機會有多大？好吧，如果你看一下我們在第二季度的兩筆交易，超過 100 萬美元或更多的 ACV，兩者都來自我們的安裝基礎，這證明我們的土地和擴張戰略正在發揮作用。最後，當然，我們的企業客戶也加強了我們與領先的系統整合商的合作關係。事實上，在第二季度，我們超過一半的 ACV 價值 50 萬美元或以上的交易都是與 SI 合作夥伴進行的。

Now what's fueling our land and expand strategy is, of course, our technology and our product portfolio. Last quarter I talked about how our vision is to build a complete monetization stack that helps our customers win with a strategy that we call total monetization.

現在推動我們的土地和擴張策略的當然是我們的技術和產品組合。上個季度，我談到了我們的願景是如何建立一個完整的貨幣化堆疊，透過我們稱之為全面貨幣化的策略來幫助我們的客戶獲勝。

Now, what does total monetization mean? Well, there was a time, a simpler time, when a more traditional static subscription model was enough.

現在，總貨幣化意味著什麼？嗯，曾經有一段時間，一個更簡單的時代，更傳統的靜態訂閱模式就足夠了。

At times, they are changing. And so now we're seeing the best companies in the world introduce a wide range of monetization strategies such as maybe they allow customers to consume by the drip so-called usage of consumption models that we talked about with this transportation company. Or maybe they're unbundling and re-bundling off their offerings to craft the perfect offering for each of their customers.

有時，他們正在改變。因此，現在我們看到世界上最好的公司推出了廣泛的貨幣化策略，例如他們可能允許客戶透過我們與這家運輸公司討論過的所謂消費模式的使用進行消費。或者，他們可能正在分拆和重新捆綁他們的產品，為每個客戶打造完美的產品。

Maybe they offer one-time transactions, such as pay-per-view or single purchases before a customer is ready to commit to something long-term. Maybe they offer prepaid models like the Starbucks Card that many of us are familiar with that I use to buy my minty coffees or maybe they deploy hybrid models that mix and match all of the above.

也許他們會在客戶準備好長期購買某些東西之前提供一次性交易，例如按次付費或單次購買。也許他們提供預付模式，例如我們許多人都熟悉的星巴克卡，我用它來購買薄荷咖啡，或者他們可能部署混合和匹配上述所有模式的混合模式。

Over time we believe that companies will need to be able to monetize with any business model and this is what we mean by total monetization and we're seeing this concept really resonate. Those of you who joined us at Subscribed Live in the Bay Area in June, saw these conversations are happening with our customers and prospects. Companies are coming to us and saying, you captured the essence of what we're trying to do. And so this vision is fueling our innovation.

隨著時間的推移，我們相信公司將需要能夠透過任何商業模式實現貨幣化，這就是我們所說的完全貨幣化，我們看到這個概念確實引起了共鳴。六月在灣區參加 Subscribed Live 活動的各位，看到了我們與客戶和潛在客戶之間正在進行的對話。公司來找我們說，你們抓住了我們正在努力做的事情的本質。因此，這個願景正在推動我們的創新。

Three quick examples from the quarter. First, our Advanced Consumption Billing vision. In Q2, Advanced Consumption Billing was one of our fastest growing products, in part driven by the rollout and monetization of AI features that you are seeing from almost all the technology vendors. And in Q2, Advanced Consumption Billing is now totally enhanced with Togai, the acquisition we announced in Q1 and closing Q2, giving us some of the most advanced metering and rating technology in the marketplace today.

本季的三個簡單例子。首先，我們的高階消費計費願景。在第二季度，高級消費計費是我們成長最快的產品之一，部分原因是您從幾乎所有技術供應商看到的人工智慧功能的推出和貨幣化。在第二季度，高級消費計費現在透過 Togai 得到了全面增強，Togai 是我們在第一季度和第二季度末宣布的收購，為我們提供了當今市場上一些最先進的計量和評級技術。

Second, in Q2, we also announced the acquisition of Sub(x) to add new AI capabilities that will strengthen our Zephr products, offering media companies an advanced AI-powered paywall solution. Through reinforcement learning, Sub(x) helps media companies put the right offer in front of the right customer, maximizing subscriber acquisition and conversion all without manual testing and experimentation.

其次，在第二季度，我們也宣布收購 Sub(x)，以增加新的人工智慧功能，從而增強我們的 Zephr 產品，為媒體公司提供先進的人工智慧驅動的付費專區解決方案。透過強化學習，Sub(x) 幫助媒體公司向合適的客戶提供合適的產品，最大限度地提高訂戶獲取和轉換率，而無需手動測試和實驗。

And since Sub(x) is already a Zuora partner with an integrated solution, customers can immediately take advantage of these new capabilities. And in fact, we already have joint customers like the Financial Times doing this today.

由於 Sub(x) 已經是 Zuora 的合作夥伴，擁有整合解決方案，因此客戶可以立即利用這些新功能。事實上，我們已經有像《金融時報》這樣的聯合客戶今天正在這樣做。

And third, on the organic innovation side in Q2, we went deeper into Zuora Payments, enhancing our Smart Retry capabilities. If a company is trying to collect a payment and that payment fails, our Smart Retry in Zuora payments analyzes over 15 transaction characteristics such as the account monthly recurring revenue, the currency, the payment gateway to automatically retry the failed payment at the most optimal time.

第三，在第二季的有機創新方面，我們深入研究了 Zuora Payments，增強了我們的智慧重試能力。如果公司嘗試收款但付款失敗，Zuora Payments 中的智慧重試會分析超過 15 種交易特徵，例如帳戶每月經常性收入、貨幣、支付網關，以便在最佳時間自動重試失敗的付款。

We're continuing to make the AI technology that powers Smart Retry more and more advanced and in Q2 alone, we helped our customers recover over $120 million in lost revenue with this Smart Retry capability. That's an increase of over 40% year-over-year.

我們正在繼續使支援智慧重試的人工智慧技術變得越來越先進，僅在第二季度，我們就透過這種智慧重試功能幫助客戶挽回了超過 1.2 億美元的收入損失。年成長超過 40%。

And finally, this total monetization strategy, this message is resonating with the analyst community too. Earlier this month, Gartner, one of the world's most respected and trusted industry analyst firms recognized Zuora as a leader in the Magic Quadrant for recurring billing applications for the Zuora monetization suite, placing us the furthest in completeness of vision.

最後，這個整體貨幣化策略，這個訊息也引起了分析師社群的共鳴。本月早些時候，全球最受尊敬和最值得信賴的行業分析公司之一Gartner 將Zuora 評為Zuora 貨幣化套件循環計費應用程式魔力像限中的領導者，使我們在願景的完整性方面處於領先地位。

And that's not all. Back in June, we were named a leader by ISG Research, whom some of you might know formerly as Ventana Research in all four of their Subscription Management Buyers Guides, B2B subscription management, B2C subscription management, subscription management platform, and an all-around subscription management offering.

這還不是全部。早在6 月份，我們就被ISG Research 評為領導者，你們中的一些人可能在其所有四個訂閱管理買家指南、B2B 訂閱管理、B2C 訂閱管理、訂閱管理平台和全方位訂閱管理平台中都知道該公司以前稱為Ventana Research。

ISG classified Zuora as exemplary out of 24 software vendors, we received the highest rating in each of the four buying guides. And that's not all. Just last week, Zuora Revenue also ranked number one in product and strategy in MGI's 360 Ratings and Buyer's Guide in Automated Revenue Management or ARM.

ISG 將 Zuora 列為 24 家軟體供應商中的典範，我們在四份購買指南中都獲得了最高評級。這還不是全部。就在上週，Zuora Revenue還在MGI的360評級和自動收益管理（ARM）買家指南中排名產品和策略第一。

And now the last news from the quarter. We released this quarter our latest Global Impact Report, showcasing the progress that we have made in our ESG goals and initiatives. We continue to be a carbon neutral company and in this year's report, we took the next step. We committed to the Science Based Targets Initiative and are working on setting both near-term and long-term greenhouse gas production goals, including reaching net-zero.

現在是本季的最新消息。我們本季發布了最新的全球影響報告，展示了我們在 ESG 目標和舉措方面取得的進展。我們仍然是一家碳中和公司，在今年的報告中，我們採取了下一步。我們致力於“基於科學的目標倡議”，並致力於制定近期和長期溫室氣體生產目標，包括實現淨零排放。

So to recap the quarter, we continued to create new opportunities for our install base to land and expand with Zuora as we build out our monetization stack. This stack is helping the biggest and best companies in the world win with a total monetization strategy. Our modular solutions, both organic innovations and strategic acquisitions over the last few years give us what's needed to capture this opportunity. And of course we continue to focus on delivering balanced growth and improved profitability.

因此，回顧本季度，我們在建立盈利堆疊的同時，繼續為我們的安裝基礎創造新的機會，以透過 Zuora 落地和擴展。該堆疊正在幫助世界上最大和最好的公司透過全面的貨幣化策略獲勝。我們的模組化解決方案，包括過去幾年的有機創新和策略性收購，為我們提供了抓住這一機會所需的條件。當然，我們繼續專注於實現平衡成長和提高獲利能力。

With that I'll turn the call over to Todd to review the financials for the quarter. Todd?

之後，我會將電話轉給托德，以審查本季的財務狀況。托德？

Thank you, Tien. And thank you, everyone, for joining our call. In Q2, we exceeded guidance, delivering solid results. We achieved the Rule of 30 two quarters ahead of plan, including absorbing the expenses associated with our recent acquisition of Togai.

謝謝你，田。感謝大家加入我們的電話會議。第二季度，我們超越了預期，取得了紮實的成果。我們比計劃提前兩個季度實現了 30 規則，包括吸收與我們最近收購 Togai 相關的費用。

As a reminder, we define the Rule of 30 as a sum of year-over-year subscription revenue growth plus non-GAAP operating margin. Subscription revenue was $104.1 million, growing 9% year-over-year. Subscription revenue exceeded expectations, primarily due to higher revenue share from payment processor.

提醒一下，我們將 30 法則定義為年比訂閱收入成長加上非 GAAP 營業利潤率總和。訂閱收入為 1.041 億美元，較去年同期成長 9%。訂閱收入超出預期，主要是由於支付處理器的收入份額增加。

Professional services revenue came in at $11.3 million, representing a 10% decrease year-over-year. Professional services revenue is 10% of total revenue and we continue to expect our professional services revenue mix to slightly decrease over time as we further expand our partnerships with SI, a little over a third of all booked ACV was partner-influenced.

專業服務收入為 1,130 萬美元，年減 10%。專業服務收入佔總收入的10%，隨著我們進一步擴大與SI 的合作夥伴關係，我們繼續預計我們的專業服務收入組合將隨著時間的推移略有下降，所有預訂的ACV 中超過三分之一受到合作夥伴的影響。

Non-GAAP subscription gross margin was 82%, up over 125 basis points year-over-year. The improvement is driven by continued efficiency optimization with our hyperscaler. As a reminder, Q3 and Q4 of fiscal '24, we benefited from one-time vendor credits. Non-GAAP professional services gross margin was negative 5%, consistent with Q2 of last year.

非 GAAP 訂閱毛利率為 82%，較去年同期成長超過 125 個基點。這項改進是由我們的超大規模擴展器的持續效率優化所推動的。提醒一下，24 財年第三季和第四季度，我們受惠於一次性供應商信貸。非 GAAP 專業服務毛利率為負 5%，與去年第二季一致。

For the remainder of the year, you can expect professional services gross margin to continue to be in the same range. Our non-GAAP blended gross margin was 73%, an increase of over 260 basis points year-over-year. Our non-GAAP operating income was $25.6 million, exceeding the high end of the guidance by $6.1 million, representing a record non-GAAP operating margin of 22.2%.

在今年剩餘時間內，您可以預期專業服務毛利率將繼續保持在同一範圍內。我們的非 GAAP 混合毛利率為 73%，較去年同期成長超過 260 個基點。我們的非 GAAP 營業收入為 2,560 萬美元，比指導上限高出 610 萬美元，非 GAAP 營業利潤率達到創紀錄的 22.2%。

We reached our goal to operate at a Rule of 30 two quarters earlier than planned. While we expect to exit the year at a Rule of 30 run rate, this metric can fluctuate from quarter-to-quarter. Our fully diluted share count at the end of the quarter was approximately 185.9 million shares using both the treasury stock and if converted methods.

我們比計劃提前兩個季度實現了按照 30 規則運營的目標。雖然我們預計今年將以 30 的運行率規則結束，但該指標可能會因季度而異。使用庫存股和轉換後的方法，我們在本季末的完全稀釋後股票數量約為 1.859 億股。

Now let's dive into some of the key metrics for the quarter. Our dollar-based retention rate ended at 104%, flat quarter-over-quarter and down three points year-over-year. This decrease in DBRR year-over-year was primarily driven by the impact of churn which we called out on prior calls. As a reminder, DBRR is a trailing 12-month metric.

現在讓我們深入了解本季的一些關鍵指標。我們以美元計算的保留率為 104%，環比持平，年減 3 個百分點。DBRR 年減主要是由於我們在先前的電話會議中指出的客戶流失的影響所致。提醒一下，DBRR 是一個過去 12 個月的指標。

Total RPO ended at $577 million, growing 14% year-over-year. Non-current RPO was up 21% year-over-year to $258 million. Once again, we had a large number of multi-year renewals in the quarter as customers continue to grow on our multi-product platform.

RPO 總額最終達到 5.77 億美元，年增 14%。非流動 RPO 年增 21% 至 2.58 億美元。隨著客戶在我們的多產品平台上不斷成長，我們在本季再次進行了大量的多年期續訂。

At the end of Q2, we had 445 customers with an annual contract value at or above $250,000. These customers represent approximately 85% of our ARR. This is up one year-over-year but down six sequentially. We saw several Zuora customers consolidate into one contract due to M&A.

截至第二季末，我們擁有 445 家客戶，年度合約價值等於或超過 25 萬美元。這些客戶約占我們 ARR 的 85%。這一數字同比增長了一年，但環比下降了六倍。我們看到幾個 Zuora 客戶因為併購而合併為一份合約。

It is worth noting that the total ARR associated with the $250,000 or greater cohort grew by more than 10% year-over-year. In addition, customers in the $500,000 or great cohort, ARR grew by approximately 17%.

值得注意的是，與 250,000 美元或以上群體相關的總 ARR 年成長超過 10%。此外，對於 50 萬美元或較大群體的客戶，ARR 成長了約 17%。

We closed five deals with ACV of $500,000 or more, down from seven in Q2 of last year. This includes two deals over $1 million up from one last year. While we are still facing high levels of deal scrutiny, especially in new business, we are starting to see some positive trends on multiproduct deals. As Tien noted, half of our new logo deals we closed included both revenue and billing.

我們與 ACV 達成了 5 筆 50 萬美元或以上的交易，低於去年第二季的 7 筆。其中包括兩筆超過 100 萬美元的交易，比去年增加了一筆。雖然我們仍然面臨嚴格的交易審查，尤其是在新業務方面，但我們開始看到多產品交易的一些正面趨勢。正如 Tien 所指出的，我們完成的新徽標交易中有一半包括收入和帳單。

ARR grew 7% in Q2, reaching $412.3 million. Adjusted free cash flow was $12.2 million in the quarter, up from $4 million we generated last year. As a reminder, adjusted free cash flow does not include acquisition-related costs and shareholder matters.

第二季 ARR 成長 7%，達到 4.123 億美元。本季調整後的自由現金流為 1,220 萬美元，高於去年的 400 萬美元。需要提醒的是，調整後的自由現金流不包括收購相關成本和股東事務。

Our adjusted free cash flow fluctuates on a quarterly basis through the timing of cash collections, vendor payments, and seasonality. As a result, we believe it's best to assess our cash flow performance on an annual basis.

我們調整後的自由現金流量會根據現金回收時間、供應商付款和季節性而按季度波動。因此，我們認為最好每年評估我們的現金流表現。

Turning to the balance sheet. We ended the quarter with $543 million in cash and cash equivalent, a sequential decrease of $3.7 million. As a reminder, we closed the Togai acquisition in Q2. Total CapEx for the quarter was $3.3 million.

轉向資產負債表。本季末，我們的現金及現金等價物為 5.43 億美元，季減 370 萬美元。提醒一下，我們在第二季完成了對 Togai 的收購。本季總資本支出為 330 萬美元。

Turning to guidance. We assume the current challenging macro trend will continue into the second half with similar levels of deal scrutiny and elongated sales cycles. For Q3, we currently expect subscription revenue of $104.5 million to $105.5 million. Professional services revenue of $10.5 million to $11.5 million.

轉向指導。我們認為，當前充滿挑戰的宏觀趨勢將持續到下半年，交易審查水準將相似，銷售週期也會延長。對於第三季度，我們目前預計訂閱收入為 1.045 億美元至 1.055 億美元。專業服務收入為 1,050 萬美元至 1,150 萬美元。

Total revenue of $115 million to $117 million. Non-GAAP operating income of $20.5 million to $21.5 million. Non-GAAP net income per share of $0.11 to $0.12, assuming a weighted average shares outstanding of approximately 152.5 million.

總收入為 1.15 億至 1.17 億美元。非 GAAP 營業收入為 2,050 萬美元至 2,150 萬美元。假設加權平均流通股約 1.525 億股，非 GAAP 每股淨利為 0.11 至 0.12 美元。

For the full fiscal year '25, we are raising both our revenue outlook and our non-GAAP operating income ranges as well as increasing our target for adjusted free cash flow. It is worth noting that the subscription revenue includes the revenue share from payment processors that are not included in the ARR.

對於 25 年整個財年，我們上調了收入前景和非 GAAP 營業收入範圍，並提高了調整後自由現金流的目標。值得注意的是，訂閱收入包括未包含在 ARR 中的支付處理商的收入分成。

For the operating income, I want to point out that we're also absorbing the expenses from both of our recent acquisitions within the updated guidance. We currently expect subscription revenue of $414.5 million to $416.5 million.

對於營業收入，我想指出的是，我們還在更新的指導中吸收了最近兩次收購的費用。我們目前預計訂閱收入為 4.145 億美元至 4.165 億美元。

Professional services revenue of $41 million to $45 million. Total revenue of $455.5 million to $461.5 million. Non-GAAP operating income of $90 million to $93 million. Non-GAAP net income per share of $0.56 to $0.58 assuming a weighted average shares outstanding of approximately 150.9 million.

專業服務收入為 4,100 萬至 4,500 萬美元。總收入為 4.555 億美元至 4.615 億美元。非公認會計準則營業收入為 9,000 萬美元至 9,300 萬美元。假設加權平均已發行股數約為 1.509 億股，則非 GAAP 每股淨利為 0.56 至 0.58 美元。

Based on current buying behavior, we believe it is prudent to adjust our outlook for the fiscal year with DBRR to be between 103% and 104% and ARR growth of approximately 6%. Double-clicking on ARR, we have a robust pipeline with some hefty opportunities within our install base customers but given the current environment, I remain prudent about how we set expectations for the second half as a precise timing can be difficult to predict.

根據目前的購買行為，我們認為調整本財年的前景是謹慎的做法，DBRR 介於 103% 至 104% 之間，ARR 成長率約為 6%。雙擊ARR，我們擁有一個強大的管道，在我們的安裝基礎客戶中提供了一些巨大的機會，但考慮到當前的環境，我對如何設定下半年的預期仍然持謹慎態度，因為精確的時間可能很難預測。

You will continue to see us drive our bottom-line leverage and maintain our goal of exiting fiscal 2025 at a Rule of 30 run rate. Based on our solid performance in Q2, we are increasing our guidance for adjusted free cash flow to be $82 million or greater for the full year.

您將繼續看到我們提高利潤槓桿率，並維持我們以 30 運行率規則退出 2025 財年的目標。基於我們第二季的穩健表現，我們將全年調整後自由現金流的指引提高到 8,200 萬美元或更多。

To close out. I speak with a lot of CFOs and I'm convinced we have the right product to give companies the tools and agility needed to monetize the business models of today and tomorrow. Gartner, ISG Software Research, and MGI have declared our market leadership in this mission-critical category.

關閉。我與許多財務長交談過，我相信我們擁有合適的產品，可以為公司提供將當今和未來的商業模式貨幣化所需的工具和敏捷性。Gartner、ISG Software Research 和 MGI 都宣布我們在這個關鍵任務類別中處於市場領先地位。

In the current environment, we have taken the opportunity to dial in our cost structure and drive durable improvement in operating margin and free cash flow. This will give us the ability to drive more efficient growth in the future while maintaining or expanding margins.

在當前環境下，我們抓住機會調整成本結構，推動營業利潤率和自由現金流的持久改善。這將使我們能夠在未來推動更有效的成長，同時保持或擴大利潤率。

With that Tien, Robbie and I will take your questions, and I'll turn it over to the operator.

接下來，Tien、Robbie 和我將回答您的問題，然後將其轉交給接線員。

(Operator Instructions) Adam Hotchkiss, Goldman Sachs.

（操作指示）Adam Hotchkiss，高盛。

Great. Thanks so much for taking the question. Tien, I guess on the total monetization point, you noted that business model changes, particularly around consumption, billing or something that you're seeing and other folks in the industry are seeing.

偉大的。非常感謝您提出問題。Tien，我想在總貨幣化點上，您注意到商業模式發生了變化，特別是在消費、計費或您和業內其他人所看到的方面。

What's the plan to take advantage of that from a monetization perspective? And when you look two or three years out, what are the impacts to financials and sort of variables that you look at that get you excited about that business?

從貨幣化角度來看，有什麼計畫利用這一優勢？當你展望兩三年後，你會發現對財務的影響以及你所看到的讓你對該業務感到興奮的變數是什麼？

Well, the way I look at total monetization and appreciate the question, Adam, is it really allows us to continue the journey we've been on. In many ways you can think of it almost as an act two, where the first phase of the company was really offering billing. The companies that were pure subscription businesses, right, companies like Zoom, companies like the New York Times.

嗯，亞當，我對總貨幣化的看法以及對這個問題的理解是，它真的能讓我們繼續我們已經踏上的旅程。從很多方面來說，你幾乎可以將其視為第二幕，而公司的第一階段實際上是提供計費服務。那些純粹從事訂閱業務的公司，對吧，像 Zoom 這樣的公司，像《紐約時報》這樣的公司。

And total modernization is to say, look, now the subscription businesses and recurring revenue models are becoming more prevalent, companies are really looking to be much more sophisticated and blend these different business models together. So it's not just about subscriptions. It's about consumption. It's about one-time fees. It's about outcome-based fees. It's about really mixing all these things and customizing the right business model and the right pricing model for the customer.

全面現代化是說，看，現在訂閱業務和經常性收入模式變得越來越普遍，公司確實希望變得更加複雜，並將這些不同的商業模式融合在一起。所以這不僅僅是訂閱的問題。這是關於消費的。這是一次性費用。這是關於基於結果的費用。它是關於真正混合所有這些東西，並為客戶量身定制正確的業務模型和正確的定價模型。

And so I see this as an opportunity for us to really go beyond billing and go beyond subscription revenue. And we're seeing just that message really resonate with our customer base. And we're seeing the analyst community really say, hey, total monetization makes sense. We can see how you really need an end-to-end solution that has billing, revenue, payments, and more. And so when I look at total monetization, it's really a message that's resonating with our customer base and really allows us to continue our leadership position, ideally for many years to come.

因此，我認為這是我們真正超越計費和訂閱收入的機會。我們發現這項訊息確實引起了我們客戶群的共鳴。我們看到分析師群體確實在說，嘿，全面貨幣化是有道理的。我們可以看到您確實需要一個包含計費、收入、付款等功能的端到端解決方案。因此，當我考慮總貨幣化時，這確實是一個與我們的客戶群產生共鳴的訊息，並且確實使我們能夠繼續保持我們的領導地位，最好是在未來的許多年裡。

Okay, great. That's really helpful. And then, Todd, just on the revisions lower on ARR and NRR for the year, could you parse that out for us a little bit? How much of that is just added conservatism around the environment versus anything in particular you saw in the quarter?

好的，太好了。這真的很有幫助。然後，托德，關於今年 ARR 和 NRR 的下調，您能為我們解析一下嗎？與您在本季看到的任何具體情況相比，其中有多少只是圍繞環境而增加的保守主義？

I guess we're just trying to understand to what extent you think sales cycles are maybe a little bit more elongated and that's lasted a little bit longer than you previously thought versus just taking an added level of conservatism?

我想我們只是想了解您認為銷售週期可能會延長到什麼程度，並且持續時間比您之前想像的要長一些，而不是只是採取額外的保守主義？

Sure. Adam, I really want to be prudent as we put together our forecast. We take the guidance very seriously and we want to meet it on a quarter-by-quarter basis. If you take a look at what we're seeing here in half two, as I mentioned, we have some meaty deals. They're in our install base, and timing can be challenging to predict.

當然。亞當，在我們做出預測時我真的想保持謹慎。我們非常重視該指導意見，並希望每季都能滿足該指導意見。正如我所提到的，如果你看看我們在下半場看到的情況，我們有一些實質的交易。它們在我們的安裝基礎上，而且時間安排可能很難預測。

And so I really want to make sure that I give you something that we're very confident that we can absolutely achieve. And based on the current environment, I think, 6% is the reasonable place for us to be. It certainly continues to be challenging. I'd also note at the same time we brought up our revenue, we brought up and that's we're seeing other ways we're able to monetize our business such as monetizing payments from payment processors and other partners.

所以我真的想確保我給你的東西是我們非常有信心我們絕對可以實現的。根據目前的環境，我認為6%是我們合理的位置。這無疑仍然具有挑戰性。我還想指出，在我們提出收入的同時，我們提出了我們能夠透過其他方式將我們的業務貨幣化的方式，例如將來自支付處理商和其他合作夥伴的付款貨幣化。

You saw that we brought up the non-GAAP operating cash, non-GAAP operating margin or profit by $10.5 million. And you also saw that we had RPO that grew 14%. So when the environment improves, I certainly feel that we're well-positioned to accelerate growth. But for the environment that we're seeing right now, we really felt it was kind of appropriate to reset what we're seeing.

您看到我們將非 GAAP 營運現金、非 GAAP 營運利潤率或利潤提高了 1,050 萬美元。您還看到我們的 RPO 成長了 14%。因此，當環境改善時，我當然認為我們處於加速成長的有利位置。但對於我們現在所看到的環境，我們確實覺得重置我們所看到的環境是適當的。

Okay. Thanks so much.

好的。非常感謝。

Jeff Van Rhee, Craig-Hallum.

傑夫·範·李，克雷格·哈勒姆。

Great. Thanks. Thanks for taking the questions. So a couple for me. First, maybe just spend a second on Canva. I thought that was interesting. And what was the competitive landscape there, external vendors that might have been after that as well as what was the internal environment?

偉大的。謝謝。感謝您提出問題。所以對我來說是一對。首先，也許只花一點時間在 Canva 上。我覺得這很有趣。那裡的競爭格局如何，之後可能出現的外部供應商以及內部環境如何？

They had a homegrown system that really made a lot of sense when they were small, and they were just really selling in the self-service environment. But look, the journey that any company goes on is the bigger you are, the more successful you are, the more complex you have. If you look at what they are today, they sell direct, they sell enterprise, they sell consumers, they sell the schools.

他們有一個自己開發的系統，在他們還小的時候確實很有意義，而且他們只是在自助服務環境中真正進行銷售。但你看，任何公司所經歷的旅程都是越大、越成功、越複雜。如果你看看他們今天的情況，他們直接銷售，他們銷售企業，他們銷售消費者，他們銷售學校。

And so their homegrown system really wasn't working. And you can imagine a company like that, right, they've got big plans, they looked at the market, they looked at every possible solution out there. And I'm pleased to say that we really had a set of differentiating technologies that they thought was really, really important.

所以他們自己開發的系統確實不起作用。你可以想像這樣的公司，對吧，他們有宏偉的計劃，他們著眼於市場，他們著眼於每一個可能的解決方案。我很高興地說，我們確實擁有一套他們認為非常非常重要的差異化技術。

The last thing they want to do is two, three years from now, have to do yet another implementation of a system. So we're pretty happy with our ability to meet their needs.

他們最不想做的就是兩三年後必須再實施一個系統。因此，我們對滿足他們需求的能力感到非常滿意。

Got it. And then on the payment processors, it sounds like the payment processors was a source of the upside. Can you just contrast that a little more color on what happened there and contrast it to what you had expected to happen there?

知道了。然後在支付處理器上，聽起來支付處理器是上漲的一個來源。您能否對那裡發生的事情進行更多的對比，並將其與您預期在那裡發生的事情進行對比？

Sure, Jeff. We've had agreements with many partners over time and frankly, it's an area that we're revisiting. We've not monetized it as effectively as we could. We went back and did an audit with one particular one and there was a catch-up that we had.

當然，傑夫。隨著時間的推移，我們已經與許多合作夥伴達成協議，坦白說，這是我們正在重新審視的領域。我們還沒有盡可能有效地將其貨幣化。我們回去對一個特定的項目進行了審核，我們做了一些改進。

In addition to that, we adjusted it going forward. And I would expect, we move through future quarters, you're going to see this be a source of increased revenue for us. As you know, we have over $50 billion with the payments that go through our system, and we certainly feel this is an opportunity for us to further monetize our business.

除此之外，我們也對其進行了調整。我預計，在未來的幾個季度中，您將看到這是我們收入增加的一個來源。如您所知，我們的系統支付金額超過 500 億美元，我們當然認為這是我們進一步實現業務貨幣化的機會。

Yeah, I mean, just, this is Tien I'll add. I mean, that wasn't the sole contributor to any upside, right. I just want to make sure, it was the one contributor. But what we really were trying to flag is, look, the value of our customer base and the value that we've built so far, right, really gives us the ability to monetize in many, many different ways.

是的，我的意思是，我要補充的是，這是 Tien。我的意思是，這並不是帶來任何好處的唯一因素，對吧。我只是想確定一下，這是唯一的貢獻者。但我們真正想要強調的是，看，我們的客戶群的價值以及我們迄今為止所建立的價值，對吧，確實使我們能夠以許多不同的方式獲利。

We talked about our land and expand strategy. That's working really well. And you're going to see us continue to find other ways to monetize this valuable customer base we have. And this is probably the first quarter we talked about this, but it's something that certainly has been in the mix for some time.

我們討論了我們的土地和擴張策略。這確實運作得很好。您將看到我們繼續尋找其他方法來利用我們擁有的寶貴客戶群獲利。這可能是我們談論這個問題的第一季度，但這肯定已經存在了一段時間了。

And, Jeff, I would expect that to be an ongoing revenue and that is not part of our ARR.

而且，傑夫，我希望這將是一項持續的收入，而不是我們的 ARR 的一部分。

Interesting. Okay, great. Thank you.

有趣的。好的，太好了。謝謝。

Joshua Reilly, Needham & Company.

約書亞賴利，李約瑟公司。

Yeah. Thanks for taking my questions. One of the things that we've heard from some of your partners is you have a pretty strong pipeline of pre-IPO customers out there and maybe they're a little bit hesitant to spend because they don't know the timing around when they're going to go public.

是的。感謝您回答我的問題。我們從你們的一些合作夥伴那裡聽到的一件事是，你們擁有相當強大的 IPO 前客戶管道，也許他們在花錢時有點猶豫，因為他們不知道他們的時間安排。

Just curious is that what you're hearing from some of these prospective customers and consistent, just more generally in the marketplace, that an interest rate cut, and a return of the IPO cycle will help some of that new customer activity? Maybe just starting off there?

只是好奇的是，您從其中一些潛在客戶那裡聽到的消息以及市場上更普遍的一致說法是，降息和 IPO 週期的回歸將有助於一些新客戶活動？也許只是從那裡開始？

Yeah, I don't know that I want to say predict when the IPO market is going to fall, when interest rates are going to get cut. But I would say if you look at these companies, right, and Canva is a good example. There's certainly many more.

是的，我不知道我想說預測IPO市場什麼時候會下跌，什麼時候利率會下修。但我想說的是，如果你看看這些公司，對吧，Canva 就是一個很好的例子。當然還有更多。

I wouldn't say they're obsessed with exactly when they go public. I would say they're at a size and scale right now or going public at some point in the future is definitely in the cards for them and now is a great time to prepare, right. We had this whole set of customers going back to say 2018, 2019, 2020 that maybe went public, rushed in the marketplace and then went backwards and started putting in revenue recognitions and billing systems.

我不會說他們對上市時間很著迷。我想說，他們現在的規模和規模，或者在未來的某個時候上市，對他們來說肯定是可能的，現在是準備的好時機，對吧。我們有一整套客戶可以追溯到 2018 年、2019 年、2020 年，這些客戶可能會上市，衝進市場，然後倒退並開始引入收入確認和計費系統。

We talked about some of these companies in the past. But I say a better approach, right, is to do it right now where things are calm so that when the IPO markets open, you're ready. I would say that is the primary mindset that these companies have.

我們過去討論過其中一些公司。但我想說，更好的方法是在局勢平靜的情況下立即採取行動，這樣當 IPO 市場開放時，你就已經準備好了。我想說這是這些公司的主要心態。

May I add one more thing as well, Josh, which is, if we look at it, a lot of people we closed were billing and revenue like Canva, right. They're future proofing. I think that's one of the big things. We mentioned Canva in the last piece. They've been both solutions to future-proof. The same way, half of the new business deals that we did were buying both billing and revenue for that. It ties in very well for people as they think about also future IPO.

喬什，我還可以補充一件事，那就是，如果我們仔細觀察的話，我們關閉的很多人都像 Canva 一樣在計費和收入方面，對吧。它們是面向未來的。我認為這是一件大事。我們在上一篇文章中提到了 Canva。它們都是面向未來的解決方案。同樣，我們所做的一半新業務交易都是為此購買帳單和收入。當人們考慮未來的首次公開募股時，它與他們聯繫非常緊密。

But it certainly has been a headwind for us that as IPO market has been slowed down, it's something that has been a drag. And as things loosen up, that would certainly be something that would help us accelerate. But we're not forecasting that at this particular point.

但隨著 IPO 市場放緩，這對我們來說無疑是一個阻力，這是一個拖累。隨著事情的放鬆，這肯定會幫助我們加速。但我們目前並沒有預測這一點。

Got it. That's helpful. And then just following up on the commentary around the ARR guidance update for the year, as you look at this kind of 6% level, can you just help us understand, are you pulling back more on the expectations around new customer activity versus the cross-sell or is it a little bit lower assumptions around both cross-sell and new customer activity? Thanks, guys.

知道了。這很有幫助。然後，跟進有關今年 ARR 指導更新的評論，當您看到這種 6% 的水平時，您能否幫助我們理解，您是否會進一步降低對新客戶活動與交叉客戶活動的預期-銷售還是對交叉銷售和新客戶活動的假設稍低一些？謝謝，夥計們。

I would say it's balanced with both and that's certainly reflected with the DBRR guidance that we gave of 103% to 104%. So we certainly see headwinds in both of those areas, Josh.

我想說，兩者是平衡的，這肯定反映在我們給出的 103% 至 104% 的 DBRR 指導中。因此，喬希，我們當然在這兩個領域都看到了阻力。

Got it. Thank you.

知道了。謝謝。

Rob Oliver, Baird.

羅布·奧利弗，貝爾德。

Great. Thanks, guys for taking my questions. My first one is just on what you guys are seeing in terms of pricing in the market. Sounds like there's some really nice lands, including obviously Canva, some other high-profile stuff in the pipe, but just would be curious to hear kind of what you're hearing on pricing. Are people a little bit more price-sensitive? Are you seeing that in your lands? And then I had a quick follow-up as well.

偉大的。謝謝你們回答我的問題。我的第一個問題是關於你們所看到的市場定價。聽起來好像有一些非常好的土地，顯然包括 Canva，還有其他一些正在醞釀中的備受矚目的東西，但我很想知道你所聽到的定價情況。人們對價格更敏感嗎？你在你的土地上看過這種情況嗎？然後我也進行了快速跟進。

Yeah, I wouldn't say that. I would say the dominant trend there, right, obviously it's competitive, but we have a sticky product. A lot of times these customers that we're expanding with or already customers, there's certainly a bigger trend given the last two years of an inflationary environment where companies have tended to increase their prices at a point of renewal. Our preference has been to say, hey, we have a lot of innovations, right.

是的，我不會這麼說。我想說的是那裡的主導趨勢，對，顯然它是有競爭力的，但我們有一個黏性的產品。很多時候，我們正在擴大的客戶或已經是客戶，考慮到過去兩年的通貨膨脹環境，公司往往會在更新時提高價格，這肯定會出現更大的趨勢。我們的偏好是，嘿，我們有很多創新，對吧。

If a better way to increase the value of our contract is to introduce new innovations and add more value to customers, that's certainly our preferred way of doing them than just a flat-out price increase where they don't get additional capabilities. But I wouldn't say that we're facing increased pricing pressure and we're managing the ability to grow our customers in a positive way.

如果增加我們合約價值的更好方法是引入新的創新並為客戶增加更多價值，那麼這當然是我們首選的方法，而不是直接提高價格，讓他們無法獲得額外的功能。但我不會說我們面臨越來越大的定價壓力，而且我們正在以積極的方式管理擴大客戶的能力。

Got it. Okay, thanks, Tien. And then, Todd, just one for you. And there's been a bunch of questions on the ARR, and so you've answered a lot, but just, I guess to follow-up on there. When you look at that pipeline for the back half of the year, when you look at the renewal profile, are there, are you handicapping some renewals that perhaps could be more challenging and perhaps a bit of a spike in churn or last question was a good one on cross-sell versus new logo. Sounds like it's a mix of both. But if you can help us understand kind of what your thought is relative to churn there, that would also be helpful. Thanks a lot.

知道了。好的，謝謝田。然後，托德，只為你準備一份。關於 ARR 有很多問題，所以你已經回答了很多，但我想只是跟進一下。當你查看今年下半年的管道時，當你查看續訂資料時，你是否會阻礙一些續訂，這些續訂可能更具挑戰性，並且可能會出現客戶流失的高峰，或者最後一個問題是關於交叉銷售與新徽標的良好比較。聽起來像是兩者的混合體。但如果您能幫助我們了解您的想法與客戶流失的關係，那也會有所幫助。多謝。

We have a robust pipeline, Rob, for the second half and I feel very good about that. However, we've got some pretty large deals during the install base. I think we have a very high confidence that we will absolutely win those deals.

羅布，下半年我們有一個強大的管道，我對此感覺非常好。然而，我們在安裝期間有一些相當大的交易。我認為我們非常有信心我們絕對會贏得這些交易。

Timing is always the question and with what we're seeing in the current environment, it just felt appropriate that we should adjust, because if one of those or two of those drop out, it's not possible really to backfill it at the size of some of the transactions. So from our standpoint, it feels like this is a really reasonable place for us to land in the second half.

時機始終是個問題，根據我們在當前環境中所看到的情況，我們覺得我們應該進行調整，因為如果其中一兩個退出，就不可能真正以某些規模的規模回填它。所以從我們的角度來看，這對我們下半場來說是一個非常合理的位置。

Maybe I'll add some color on top of what Todd says. Look, I'd start with the bigger picture. The bigger picture is on a multiyear basis, right, the shift to recurring revenues is still very much a trend that's in place. It's not going to disappear. What you saw this quarter was continued recognition from third parties, the analyst community specifically, that we've got clearly the best product in the marketplace.

也許我會在托德所說的基礎上添加一些色彩。聽著，我會從更大的圖景開始。更大的前景是在多年的基礎上，對吧，向經常性收入的轉變在很大程度上仍然是一種趨勢。它不會消失。本季您看到的是第三方（特別是分析師社群）的持續認可，我們顯然擁有市場上最好的產品。

And overall, we feel really good about some of the trends that we're seeing in our ability to creep pipe, our ability to remain competitive, and our ability to close customers like Canva or customers or expand with customers like Zillow. I think, look, I'll say this for Todd. He heard from you all over the years that, hey, a little stronger ARR guide compared to maybe what happened last year would be helpful. And so we're halfway through the year. You might remember at the start of the year, there was some sense that, hey, after Q4, is technology spend going to thaw? Is it going to improve?

總的來說，我們對我們在蠕變管道的能力、保持競爭力的能力以及與 Canva 等客戶或與 Zillow 等客戶合作的能力方面看到的一些趨勢感到非常滿意。我想，聽著，我會為托德說這句話。多年來他從你們那裡聽說，嘿，與去年發生的情況相比，稍微更強一點的 ARR 指南可能會有所幫助。今年已經過半了。您可能還記得，在今年年初，有一種感覺，嘿，第四季度之後，技術支出會解凍嗎？會有所改善嗎？

We're now halfway through the year right now. You're seeing the results with other big, big SaaS companies. We're saying, look, the picture out there is mixed and given out that the picture out there is mixed, let's apply good judgment and ultimately give you guys what you're looking for, which is just a better sense of what's going to happen in the back half of the year.

我們現在已經過一半了。您正在看到其他大型 SaaS 公司的成果。我們說，看，外面的情況是混雜的，考慮到外面的情況是混雜的，讓我們運用良好的判斷力，最終給你們提供你們正在尋找的東西，這只是更好地了解將會發生什麼發生在下半年。

Fair enough. Okay. Thank you, guys, very much. I appreciate it.

很公平。好的。非常感謝你們，夥伴們。我很感激。

Thanks, Rob.

謝謝，羅布。

Jacob Stephan, Lake Street.

雅各史蒂芬，湖街。

Yeah, thanks for taking my questions. Maybe just touching on kind of the media vertical. Obviously, you guys have made some investments there, acquired Sub(x). I just like to get kind of your comments on what you're seeing in that vertical with new customers and just pipeline overall.

是的，謝謝你回答我的問題。也許只是觸及某種媒體垂直領域。顯然，你們在那裡做了一些投資，收購了 Sub(x)。我只是想聽聽您對新客戶和整個管道在該垂直領域所看到的情況的評論。

I'm really excited about the media vertical. In many ways, if you look at B2B business models, it's the technology vendors, right, the SaaS companies that have led the way to teach the rest of the world how these recurring revenue models work.

我對媒體垂直領域感到非常興奮。在很多方面，如果你看看 B2B 商業模式，你會發現是技術供應商，對吧，SaaS 公司帶頭向世界其他地方傳授這些經常性收入模式如何運作。

In the B2C space, the media companies, especially the newspaper publishers, the transformations they've gone through, where they go, I really do think the rest of the industry will follow. I mean, what we're seeing in that sector is they've been successful setting up paywalls. They've been successful setting up these dynamic paywalls with these, what they call these propensity scores, right.

在 B2C 領域，媒體公司，尤其是報紙出版商，他們所經歷的轉型，他們走向何方，我確實認為產業的其他公司也會跟進。我的意思是，我們在該領域看到的是他們已經成功地建立了付費專區。他們已經成功地建立了這些動態付費牆，他們稱之為傾向得分，對吧。

How do we have a sense of, based on data, whether a subscriber is going to subscribe or not? We're seeing maybe call these paywall 3.0 strategies that are not a surprise AI-driven, right. That said, we don't want static scores, right. We want something that's dynamic. We want something that's changing. We want something that can look at the data. Given where AI is and technology is, there's no reason they can't do that.

我們如何根據數據了解訂閱者是否會訂閱？我們看到的這些可能被稱為付費專區 3.0 的策略並不是令人驚訝的人工智慧驅動，對吧。也就是說，我們不要靜態分數，對吧。我們想要一些動態的東西。我們想要一些正在改變的東西。我們想要一些可以查看數據的東西。考慮到人工智慧和技術的現狀，他們沒有理由不能做到這一點。

And so we doubled down on our Zephr investment with Sub(x) which really gives it an AI-driven decision tree, right, using an AI technique called reinforcement learning to figure out in real-time. Hey, this subscriber coming to your newspaper site, your app, what do you want to do? Do you want to let them look at the article? Do you want to put an offer in front of them? Do you want to cross-sell them puzzles or recipes or whatnot?

因此，我們加倍了對 Sub(x) 的 Zephr 投資，這確實為其提供了人工智慧驅動的決策樹，對吧，使用稱為強化學習的人工智慧技術來即時計算。嘿，這位訂閱者來到您的報紙網站、您的應用程序，您想做什麼？你想讓他們看這篇文章嗎？您想向他們提出報價嗎？你想向他們交叉銷售拼圖或食譜之類的嗎？

And so it's, and we believe, look, we're really focused on the media sector right now, but we believe that these techniques are certainly not specific to that sector. And every B2C company that has a recurring revenue model ultimately will have to adopt these type of capabilities.

所以，我們相信，看，我們現在真正關注的是媒體領域，但我們相信這些技術肯定不是特定於該領域的。每一個擁有經常性收入模式的 B2C 公司最終都必須採用這些類型的功能。

Just adding further to that. You look at some of the customers, we mentioned, The Economists, New York Times, right, we have one of the largest, most probably media streaming companies that is absolutely growing significantly with that space and it spreads that out even more significantly. So yeah, very excited about that particular vertical.

只是進一步補充一下。你來看看我們提到的一些客戶，《經濟學人》、《紐約時報》，對吧，我們擁有最大、最有可能的媒體串流媒體公司之一，該公司絕對在該領域顯著增長，並且它的傳播更加顯著。是的，我對這個特定的垂直領域感到非常興奮。

And they're taking advantage of Zuora capabilities for doing like pay-per-view events in addition to your ongoing monthly streaming costs.

除了每月持續的串流媒體費用之外，他們還利用 Zuora 的功能來進行按次付費活動等活動。

No. It's a great, great example of the total monetization.

不。這是整體貨幣化的一個非常非常好的例子。

Got it. That's helpful. Appreciate that. And then maybe just kind of wanted to touch on the new deal, new product deals being half billing plus revenue, I guess, what are you seeing as we come through Q3 here? Is that something similar that you're seeing?

知道了。這很有幫助。很欣賞這一點。然後也許只是想談談新交易，新產品交易是半價加收入，我想，當我們進入第三季時，你看到了什麼？你看到的是類似的東西嗎？

Well, yeah, look, on a personal basis, like you've heard us talk about fast land, fast expand, and you look at this quarter and a lot of customers came to us and said, no, no, no, we want both products, and we want them to start.

嗯，是的，看，就個人而言，就像你聽過我們談論快速土地、快速擴張一樣，你看看這個季度，很多客戶來找我們說，不，不，不，我們想要這兩種產品，我們希望它們能夠啟動。

So look, ultimately, we're going to do where the customers take us. I like the fact that we can land with billing. We can land with just Revenue. We can wait and cross-sell other products later. But you're seeing ultimately that the combination of these two really is where a lot of the magic is, right.

所以看，最終，我們將按照客戶的要求去做。我喜歡這樣一個事實：我們可以透過計費落地。我們只需收入即可落地。我們可以等待並稍後交叉銷售其他產品。但最終你會發現，這兩者的結合確實具有很多魔力，對吧。

That's what Canva found. That's what a bunch of other companies found. I can't just live with just billing. I need revenue recognition as well. And when it's appropriate, right, they're saying, look, we'd rather do it both at once. We're certainly going to support that decision.

這就是 Canva 的發現。這就是許多其他公司的發現。我不能只接受帳單。我也需要收入確認。當合適的時候，他們會說，看，我們寧願同時做這兩件事。我們當然會支持這個決定。

Got it. Understood. Appreciate it.

知道了。明白了。欣賞它。

Brent Thill, Jefferies.

布倫特·希爾，杰弗里斯。

Thank you. Hi. This is Luv Sodha on for Brent Hill. Thank you, Tien, Robbie, and Todd, for taking my questions. Maybe the first one for Tien and Robbie. I just wanted to unpack maybe the ARR weakness, I guess this quarter, obviously, it's a multi-year low for you guys at 7%. It sounds like the install base was pretty strong. So could you just unpack, I guess, what drove the weakness in ARR growth this quarter?

謝謝。你好。我是布倫特山 (Brent Hill) 的 Luv Sodha。謝謝田、羅比和陶德回答我的問題。也許是田和羅比的第一個。我只是想揭示 ARR 的弱點，我想這個季度，顯然，對你們來說，7% 是多年來的低點。聽起來安裝基礎相當強大。那麼，我想您能否解釋一下是什麼導致了本季度 ARR 成長疲軟？

Well, I'd say if you compare the ARR growth this quarter with last quarter, I think the picture looks strong. And I would say, look, in this environment you're seeing all sorts of companies saying it is harder to close a new customer. And so we're certainly seeing that as well. And you're seeing good, solid growth in our install base. But Canva was a new logo, and we certainly continue to close new logos. And that feels good given the current environment.

好吧，我想說，如果您將本季度的 ARR 成長與上個季度進行比較，我認為情況看起來很強勁。我想說，在這種環境下，你會看到各種各樣的公司都表示，關閉新客戶變得更加困難。所以我們當然也看到了這一點。您將看到我們的安裝基礎呈現良好、穩健的成長。但 Canva 是一個新徽標，我們當然會繼續關閉新徽標。考慮到當前的環境，這種感覺很好。

Got it. And one for Todd, if I may. Todd, it seems like you've delivered a lot of profitability upside, the possibility of this sustaining into the back half of the year and into next year, just any additional investments that you have planned any color would be helpful.

知道了。如果可以的話，還有一張是給托德的。托德，看來您已經實現了很大的盈利增長，這種情況有可能持續到今年下半年和明年，您計劃的任何顏色的任何額外投資都會有所幫助。

I think a couple of things, Luv. Thanks for the question. We've been really consistent on the fact that if we didn't think we could get a good return on investing in top-line, we would put dollars to the bottom line. The cost structure that we have right now is absolutely sustainable and we believe there's further leverage that we'll be able to gain. We are committed we will exit the year at Rule of 30 like we said. So I have we're very confident about that. So I'm not concerned about that.

我想有幾件事，Luv。謝謝你的提問。我們一直堅持這樣一個事實：如果我們認為在營收方面的投資無法獲得良好的回報，我們就會將資金投入營收。我們現在的成本結構絕對是可持續的，我們相信我們將能夠獲得進一步的槓桿作用。我們承諾，正如我們所說，我們將按照 30 條規則結束這一年。所以我對此非常有信心。所以我對此並不擔心。

And I do believe there are opportunities for additional leverage as we go out into next year. So we certainly don't feel like this is a one-time deal. I think this is a baseline where we have. The question becomes is when do we see an acceleration in top-line. And do we hold or do we expand margins further. But I would not see us backtracking on margins as we saw top-line accelerate.

我確實相信，隨著我們進入明年，還有機會發揮更多槓桿作用。因此，我們當然不認為這是一次性交易。我認為這是我們的底線。問題是我們什麼時候會看到營收加速成長。我們是保持利潤還是進一步擴大利潤。但我不會看到我們的利潤率出現回落，因為我們看到了營收的加速成長。

Got it. Thank you.

知道了。謝謝。

Joseph Vafi, Canaccord Genuity.

約瑟夫‧瓦菲 (Joseph Vafi)，Canaccord Genuity。

Hey, guys, good afternoon. Thanks for the opportunity to ask a question here. Just maybe a lot of questions have been asked. Just get an update on Togai and I guess, more broadly, given kind of the surge in focus on AI. Do you think kind of the product set at this point can you know is holistic enough to capture the opportunity broadly around consumption-based pricing that's emerging with AI? And then I'll have a quick follow-up.

嘿，夥計們，下午好。感謝您有機會在這裡提問。也許有人問了很多問題。只要了解 Togai 的最新情況，我想，更廣泛地說，考慮到對人工智慧的關注激增。您認為目前的產品組合是否足夠全面，足以抓住人工智慧新興的基於消費的定價的機會？然後我會進行快速跟進。

I feel really good about what's going on with Togai. We closed it this quarter and so I think we're only two months in to be fair. So it is early days, but look, we had a product in the marketplace we call it Advanced Consumption Billing. That product is, we talked about it being the fastest selling, one of the fastest selling products in the last, in Q2.

我對 Togai 所發生的事情感覺非常好。我們本季就關閉了它，所以公平地說，我認為我們只有兩個月的時間了。所以現在還處於早期階段，但是看，我們在市場上有一個產品，我們稱之為高級消費計費。我們談到該產品是去年第二季銷售最快的產品之一。

And Togai is really part of that. And so you can imagine engineers are really saying, hey, the two products can be integrated, but there's something we can do now that it's one company to make the integration even stronger, even more seamless, and even more out of the box. And then what we get is, we have an industry-leading billing solution that you've seen, top right corner and all that from all the analysts.

東外確實是其中的一部分。所以你可以想像工程師們實際上是在說，嘿，這兩種產品可以集成，但是我們現在可以做一些事情，因為這是一家公司，可以使集成變得更加強大，更加無縫，甚至更加開箱即用。然後我們得到的是，我們擁有領先業界的計費解決方案，您已經在右上角看到了所有分析師提供的所有資訊。

We're adding to that metering and rating. So what does that mean? That means, look, if you're in an engineering organization, you want to do consumption-based billing, how do I take all this raw data, all these events that are going on in my application, capturing it, ingesting it, translating that, transforming it, and ultimately applying a price to it, right.

我們正在增加計量和評級。那麼這意味著什麼呢？這意味著，看看，如果您在工程組織中，您想要進行基於消耗的計費，我如何獲取所有這些原始數據，我的應用程式中發生的所有這些事件，捕獲它，攝取它，翻譯那，改造它，並最終對其應用價格，對吧。

That's what we mean by metering rating, and that's the capability that Togai really gave us a two-year head start in terms of what we can do just basically by ourselves. So we're still selling Advanced Consumption Billing like we did before. But I think the vision of where that product is going is now significantly stronger, multiple times better and it's getting really positive traction when we talk to our customers and prospects about it.

這就是我們所說的計量評級的意思，這就是 Togai 的能力，在我們基本上可以自己做的事情方面真正給了我們兩年的領先優勢。因此，我們仍然像以前一樣銷售高級消費計費。但我認為，該產品的發展前景現在明顯更強，好幾倍，當我們與客戶和潛在客戶談論它時，它得到了真正積極的牽引力。

Joe, this is a point to that. We had our Subscribed Live. We had great, great interest there from all around the consumption area. So now we're seeing real great interest in that from both customers and from our prospects and also from our partners.

喬，這就是重點。我們有我們的訂閱直播。我們對消費領域的各個方面都表現出了極大的興趣。因此，現在我們看到客戶、我們的潛在客戶以及我們的合作夥伴對此都表現出了極大的興趣。

And I know like AI is a big driver and we see that as well. But we tried to highlight in the earnings call was that $80 billion logistics company, logistics transportation, you might not expect it, but we're seeing a lot of traction with usage-based, consumption-based models outside of the technology industry as well.

我知道人工智慧是一個巨大的驅動力，我們也看到了這一點。但我們試圖在財報電話會議中強調的是，價值 800 億美元的物流公司、物流運輸，你可能沒有想到，但我們在科技業之外也看到了基於使用、基於消費的模式的巨大吸引力。

Sure. That's all great color. Thanks, Tien, and Robbie. And then maybe just finally on kind of rev share coming from transaction processors. It's kind of something that we haven't heard you guys talk about that much at this point, so appreciate that color.

當然。這都是很棒的顏色。謝謝田和羅比。然後也許最終是來自交易處理器的收益份額。這是我們目前還沒有聽到你們談論太多的事情，所以欣賞這種顏色。

Just kind of getting a feel for, is there, I guess we could call it your take rate or something off payment volume here. Is there opportunity broadly to continue to increase, I guess, what you might call a take rate here, off the gross dollar volumes that are running through your billing systems? Just any how you're looking at this over time. Thanks.

只是有點感覺，是嗎，我想我們可以稱之為你的接受率或付款量的東西。我想，是否有機會繼續增加透過您的計費系統運行的總美元量，您在這裡可以稱之為「收取率」？隨著時間的推移，無論你如何看待這個問題。謝謝。

Yeah. Joseph, I know you've got deep experience in the payment space and it's certainly something that you talked to us about. But if I were to lift it up level, right, we're at size and scale now where we represent a significant business. Over $100 billion flows through our system every single year. Close to $300 billion if you include revenue recognition. We've got some of the best brands and best companies in the world that many other companies would die to have a chance to work with.

是的。約瑟夫，我知道您在支付領域擁有豐富的經驗，這肯定是您與我們談論過的事情。但如果我要把它提升到一個水平，對吧，我們現在的規模和規模已經代表了一項重要的業務。每年超過 1000 億美元流經我們的系統。如果算上收入確認的話，接近 3000 億美元。我們擁有世界上一些最好的品牌和最好的公司，許多其他公司都渴望有機會與之合作。

And the question right now is how can we translate that into a durable growth engine? Not that different than, say, Apple has done, obviously, the much, much larger scale, right, with the app store or with Salesforce. I was very involved in the early days of the app exchange. I'd say it's early days for us, but certainly, we're at a size and scale now where we can find other ways to monetize our customers through the building of an ecosystem.

現在的問題是我們如何將其轉化為持久的成長引擎？顯然，這與蘋果透過應用程式商店或 Salesforce 所做的規模要大得多，對吧。我非常參與應用程式交換的早期階段。我想說，這對我們來說還處於早期階段，但當然，我們現在的規模和規模可以透過建立生態系統找到其他方式來為客戶貨幣化。

And this is an area, Joe, we're putting a lot more attention on. And to your point, it's early days, but we do believe there's opportunity for us to get incremental revenue here. And this was something that is not part of our ARR, but it does hit the subscription line.

喬，這是我們更關注的一個領域。就您而言，現在還處於早期階段，但我們確實相信我們有機會在這裡獲得增量收入。這不屬於我們的 ARR，但它確實達到了訂閱線。

Right. And it does feel like this would be kind of super high profit revenue, right? I know.

正確的。感覺這確實是一種超高的利潤收入，對吧？我知道。

That is the way to look at it.

這就是看待它的方式。

Yeah. Okay. All right. Thanks a lot, guys.

是的。好的。好的。非常感謝，夥計們。

That concludes our question-and-answer session, and I will now turn the conference over to Tien Tzuo, Chief Executive Officer, for closing remarks.

我們的問答環節到此結束，我現在將會議交給執行長 Tien Tzuo 致閉幕詞。

I appreciate everyone for joining us in Q2 and look forward to seeing you, hopefully, at Subscribed Live in Europe in the coming months and or to talk to you next quarter. Thank you very much.

我感謝大家在第二季度加入我們，並希望在未來幾個月的歐洲 Subscribed Live 上見到您，或在下個季度與您交談。非常感謝。

This concludes today's conference call. Thank you for your participation and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。