Zuora,Inc。(ZUO) 首席执行官 Tien Tzuo 在 2020年 第一季度业绩 - 收益电话会议记录

[机器翻译] 电话会议 · 2019年06月03日 · 246 次阅读

Zuora, Inc. (NYSE:ZUO) Q1 2020 Earnings Conference Call May 30, 2019 5:00 PM ET

Zuora,Inc。(纽约证券交易所代码:[ZUO])2020年第一季度收益电话会议2019年5月30日美国东部时间下午5:00

公司参与者

Joon Huh - Vice President, Investor Relations
Tien Tzuo - Chief Executive Officer
Tyler Sloat - Chief Financial Officer

Joon Huh - 投资者关系副总裁

Tien Tzuo - 首席执行官

Tyler Sloat - 首席财务官

电话会议参与者

Stan Zlotsky - Morgan Stanley
John DiFucci - Jefferies
Chris Merwin - Goldman Sachs
Scott Berg - Needham

Stan Zlotsky - 摩根士丹利

John DiFucci - Jefferies

克里斯梅尔文 - 高盛

斯科特伯格 - 李约瑟

会议主持员

Good afternoon. My name is Chris, and I will be your conference operator today. At this time, I would like to welcome everyone to the Zuora First Quarter and Fiscal 2020 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator instructions] Thank you.
I will now turn your call over to Joon Huh, VP of Investor Relations. You may begin your conference.

下午好。 我叫克里斯,今天我将成为你的会议运营商。 在这个时候,我想欢迎大家参加Zuora第一季度和2020财年收益电话会议。 所有线路都已静音以防止任何背景噪音。 发言者发言后,将会有一个问答环节。 [操作说明]谢谢。

我现在将您的电话转交给投资者关系副总裁Joon Huh。 你可以开始你的会议。

Joon Huh

Thanks, Chris. Good afternoon and welcome to Zuora's first quarter fiscal 2020 earnings conference call. Joining me today are Tien Tzuo, Zuora's Chief Executive Officer; and Tyler Sloat, Zuora's Chief Financial Officer. The purpose of today's call is for us to provide some color on our first quarter results, as well as provide our financial outlook for the upcoming quarter and fiscal year 2020. Some of our discussion and responses today will include forward-looking statements. So as a reminder, our actual results could differ materially as a result of a variety of factors. You can find information regarding those factors in the earnings release we issued today, and the most recent 10-K filed with the SEC.
As we noted on our last earnings call, we adopted the new revenue recognition standard, ASC 606, as of February 1, 2019 on the full retrospective method. This means all of our net results from this quarter and going forward will be into the new accounting standard. I should also note that we provided supplemental ASC 606 slides on our Investor Relations Web site that contains updated historical financial information under ASC 606.
Finally, we'll be referring to several non-GAAP financial measures today, and reconciliations to the related GAAP measures are included in our earnings release. For a copy of our earnings release, links to our SEC filings, a replay of today's call, or to learn more about Zuora, please visit our Investor Relations Web site at investor.zuora.com.
And with that, let me turn it over to Tien.

谢谢,克里斯。下午好,欢迎来到Zuora的2020财年第一季度财报电话会议。今天加入我的是Zuora首席执行官Tien Tzuo

Tien Tzuo

Thanks, Joon. And welcome to our first quarter earnings call for fiscal 2020.
Our first quarter results were largely in line with our expectations, subscription revenues grew 32% and professional services increased 1% resulting in total revenue of $64.1 million for the quarter. Now as you all know, we're playing in a large secular shift towards a subscription economy, a shift that's still in the early innings and a shift that underpins our ability to achieve long-term sustainable growth. And so, we're incredibly bullish about the future. However, while we had solid Q1 financial results, we did have some challenges which are impacting our Q2 and our full year outlook. So, let me address this upfront.
I will structure my comments today with the following. I'll start by talking through the two execution headwinds that we saw in the quarter. I'll cover the specific actions we are taking. Later I'll share some of the signs we're seeing that continue to support the thesis of the long-term growth of the subscription economy. And I'll close with my thoughts on our products and where we are headed.
First, based on what I saw in Q1, we need to improve our sales execution. As you know from our recent calls, Global 2000 companies have been an important source of our recent growth. Companies like Caterpillar, Ford and Schneider Electric. And so, we've been expanding our strategic sales teams and have hired a number of talented sales people over the past year. Or seen in Q1 is that the newer reps were less than half as productive than our more experienced reps. We're finding that we need to improve the support of our new reps with training and experienced oversight to help them ramp and close new businesses.
Second, part of our ability to grow within our installed base has been predicated on our ability to cross-sell our two flagship products, Billing and RevPro. However, the product integration for these two products is taking longer than expected. What we're seeing strong demand from our billing customers to implement RevPro, the technical work to complete the integration is taking time as these are complex mission critical systems. And so, for our existing billing customers, we've recently purchased RevPro. We've slowed down the RevPro implementations this past quarter given the product integration delay.
We're continuing to acquire and deploy new customers for each product on a standalone basis, but naturally this delay has slowed down our cross-sell motion. This resulted in lower professional services and subscription revenue in the quarter as well as tempered expectations going forward. So, what are we doing to address this?
On the sales execution side, we are making three key changes that helped create the right infrastructure, process, an organization to position us for the next stage of growth. First, we've realigned our strategic accounts organization and placed many of the newer reps under our more experienced managers, so they can get mentoring and provide oversight to more effectively close business. And second, we're revamping our pipeline process. We're shifting from an evangelical sales motion that worked in our earlier years to a more focused approach over a more developed market.

谢谢,Joon。欢迎来到2020财年的第一季度财报电话会议。

我们的第一季度业绩基本符合我们的预期,订阅收入增长32%,专业服务增长1%,本季度总收入为6410万美元。现在众所周知,我们正处于向订阅经济转型的大规模转变中,这种转变仍处于早期局面,而这一转变支撑着我们实现长期可持续增长的能力。因此,我们对未来充满乐观。然而,虽然我们的第一季度财务业绩稳健,但我们确实面临一些挑战,这些挑战正在影响我们的第二季度和全年展望。所以,让我先解决这个问题。

今天我将用以下内容构建我的评论。我将首先谈谈我们在本季度看到的两个执行逆风。我将介绍我们正在采取的具体行动。稍后我会分享一些我们看到的迹象,继续支持订阅经济长期增长的论点。我会对我对产品和我们前进的方向的看法结束。

首先,根据我在第一季度看到的情况,我们需要改进销售执行。正如您最近的呼吁所知,全球2000强公司一直是我们近期增长的重要来源。像卡特彼勒,福特和施耐德电气这样的公司。因此,我们一直在扩展我们的战略销售团队,并在过去一年中聘请了一些才华横溢的销售人员。或者在Q1中看到,较新的销售代表的生产率不如我们经验丰富的销售代表的一半。我们发现,我们需要通过培训和经验丰富的监督来改善新代表的支持,以帮助他们提升和关闭新业务。

其次,我们在已安装的基础内发展的部分能力取决于我们交叉销售我们的两个旗舰产品Billing和RevPro的能力。但是,这两种产品的产品集成时间比预期的要长。我们看到我们的计费客户对实施RevPro的强烈需求,完成集成的技术工作需要时间,因为这些是复杂的关键任务系统。因此,对于我们现有的结算客户,我们最近购买了RevPro。鉴于产品集成延迟,我们在上个季度放慢了RevPro的实施速度。

我们将继续为每个产品单独购买和部署新客户,但这种延迟自然会减缓我们的交叉销售动作。这导致本季度专业服务和订阅收入减少,以及未来的预期减少。那么,我们在做什么来解决这个问题呢?

在销售执行方面,我们正在进行三项关键变革,这些变革有助于创建正确的基础架构,流程,组织,使我们为下一阶段的增长做好准备。首先,我们重新调整了我们的战略客户组织,并将许多较新的销售代表置于我们经验丰富的经理之下,这样他们就可以获得指导并提供监督,从而更有效地关闭业务。第二,我们正在改进我们的管道流程。我们正在从早期工作的福音派销售活动转向更加专注于更发达市场的方式。

We've also added folks in sales operations, field enablement and demand generation have already seen the next level of skill. Lastly, we announced a change in our sales leadership. Over the last few years, Mark Diouane has done an incredible job growing our business worldwide.
Let me shift to a more analytical go-to-market approach. Mark and I both agree that it's a good time to find a new leader who can scale the business to next level and capture the market growth, we continue to see. Mark will stay on for the near term as an advisor as we search for a replacement.
Like many enterprise software companies focused on the upper end of the market. We've been able to make our bookings numbers with an all hands-on deck approach towards the end of our quarters. This did not happen in Q1 and we recognized that this is not the way to build a sustainable growing enterprise software company. We're committed to building a go-to-market process that is more predictable and able to deliver that consistent performance that we expect.
Now these changes in the sales organization are meaningful. So, we'll take time to become effective, but the right changes for the business and we believe this will get us back onto our expected long-term growth trajectory. Second, on a product integration side, we need a course correction in our approach and I'm confident that we're on the right track. The integration of our two flagship products is critically important to us and our customer success. So, I'm personally spending a lot of my time here to drive this to completion. We expect this to be a short-term delay and to have this resolved by the end of Q3. At the same time, we're continuing to innovate on our products and I will talk more about that later.
Now despite this, we did see a lot of positive momentum in these last three months especially in the industries outside of technology. For example, in the automobile industry, we recently signed one of the largest auto distributors in Chile. We recently signed a second of the big four GSIs making them both a customer and a partner. We signed one of the world's largest producers of wind and solar energy and now count more than 10 utility companies around the world. We signed the largest financial publisher in Belgium as media continues to be a big growth driver for us globally.
When you look at these trends, it's hard for me not to be as optimistic as ever about our future. As I said many times before, we're in the early stages of the shift to subscription so we consider ourselves to be a portfolio play for the entire subscription economy. And like a lot of other transformational shifts we've seen before, for mainframes to client servers as an example or on premise to the cloud, this is a shift that will ripple through every industry.
Sooner or later, we believe that every company will have to contend with a shift to subscriptions. Why? Because this is a shift that's very much driven by consumers. In a recent survey conducted by the Harris Poll, they found the consumers around the world prefer access to services over owning products. Consumers have more subscriptions today than ever and think they'll add even more in the future. The survey shows that over 70% of adults across 12 countries have subscription services and 74% can see subscribing to even more in the future. And so, industry after industry what we are starting to see is a pattern where unit sales are declining. The consumption is bulk. Strong sales are declining, but hours listened to music is up. Game sales are down but hours played is up and even cars, even autos. Car sales are down worldwide including in China but miles driven continues to go up. This is what we see as ownership is on his way out and more and more companies are looking for ways to tie their businesses to this growth in subscriptions. So we believe the market opportunity remains strong with broad based demand. Companies are looking to establish direct relationships with their customers and then turn them into subscribers. And this is why the market continues to come to us for a new set of tools built around enabling these services versus selling products.

我们还在销售运营,现场支持和需求生成方面增加了人员,已经看到了下一级技能。最后,我们宣布改变我们的销售领导力。在过去的几年里,Mark Diouane在全球范围内发展业务做了不可思议的工作。

让我转向更具分析性的上市方法。马克和我都同意,现在是寻找能够将业务扩展到下一级并抓住市场增长的新领导者的好时机,我们继续看到。当我们寻找替代品时,Mark将作为顾问留在近期。

像许多企业软件公司一样专注于市场的高端。我们已经能够在我们的宿舍结束时以全面实际的方式制作我们的预订号码。这在第一季度没有发生,我们认识到这不是建立可持续发展的企业软件公司的方式。我们致力于构建一个更具可预测性并且能够提供我们期望的一致性能的上市流程。

现在,销售组织中的这些变化是有意义的。因此,我们需要时间才能有效,但对业务的正确变化,我们相信这将使我们回到我们预期的长期增长轨迹。其次,在产品集成方面,我们需要在我们的方法中进行课程修正,并且我相信我们正在走上正轨。我们的两个旗舰产品的整合对我们和客户的成功至关重要。所以,我个人花了很多时间在这里完成这项工作。我们预计这将是一个短期延迟,并在第三季度末解决。与此同时,我们将继续对我们的产品进行创新,稍后我会详细讨论。

尽管如此,我们确实在过去三个月看到了很多积极的动力,特别是在技术之外的行业。例如,在汽车行业,我们最近签署了智利最大的汽车经销商之一。我们最近签下了四大GSI中的第二个,使他们既是客户又是合作伙伴。我们签下了世界上最大的风能和太阳能生产商之一,现在全球有超过10家公用事业公司。我们签署了比利时最大的金融出版商,因为媒体继续成为我们全球增长的重要推动力。

当你看到这些趋势时,我很难不像往常那样乐观地对待我们的未来。正如我之前多次说过的那样,我们处于向订阅转变的早期阶段,因此我们认为自己是整个订阅经济的投资组合。就像我们之前看到的许多其他转型转变一样,对于大型机到客户端服务器的示例或者在云端的前提下,这种转变将会影响到每个行业。

迟早,我们相信每家公司都必须应对订阅的转变。为什么?因为这是一个非常受消费者驱动的转变。在哈里斯民意调查最近进行的一项调查中,他们发现世界各地的消费者更愿意获得服务而不是拥有产品。今天消费者的订阅量比以往任何时候都多,并认为未来会增加更多。调查显示,12个国家超过70%的成年人拥有订阅服务,74%的人可以在未来看到订阅服务。因此,我们开始看到的行业一流行业是单位销售下降的模式。消费是大量的。强劲的销量正在下​​降,但听音乐的时间却在增加。游戏销量下降但玩了几个小时甚至是汽车,甚至是汽车。包括中国在内的全球汽车销量下降,但行驶里程继续上升。这就是我们所看到的所有权正在逐渐消失,越来越多的公司正在寻找将其业务与订阅增长联系起来的方法。因此,我们认为市场机会仍然强劲,需求基础广泛。公司希望与客户建立直接关系,然后将其转变为订户。这就是为什么市场继续向我们寻求一套新的工具,这些工具是围绕这些服务而不是销售产品而建立的。

And quite frankly, we are just getting started because what we do today is billings, collections revenue recognitions. We're often compared to an ERP system but to better understand where we are going, let's look at how a telecom company works. Now a telco company doesn't make you buy switches or towers or satellites that wouldn't make any sense. Instead they use these physical assets and transform them into offering a service that anyone can tap into. They give you access to their infrastructure and then you use that to make calls or access data and you're charged according to how much you've used.
Now telcos have a system for handling all this. They call it a BSS/OSS system. The BSS part handles all the service monetization activities like billing and revenue recognition. And the OSS part, you know, all the service orchestrations in the background. Now these guys have spent 50, 60, 70 years hard coding this platform. The problem is it only works for them. So, what about everybody else? What about these car companies? What about retailers? What about manufacturers? They all want to turn into services companies they don't have the right platforms in place. ERP is about tracking assets. The subscription economy is about turning assets into services. So, this is the direction we're headed with our products. We're building a horizontal SaaS platform that can first adapt to any monetization model. Second also orchestrate any subscription service for any company in any industry around the world. And we'll be talking more about this at our subscribers’ conference or annual user conference next week. I hope to see you there.
So, to sum up, we are building products and addressing growing market demand for an end-to-end subscription management solution. We're playing in a big transformational shift that's moving in our direction. We're working on resolving the execution challenges we faced in Q1 and we feel really good about our future.
With that, let me turn it over to Tyler.

坦率地说,我们刚刚开始,因为我们今天所做的是收费,收款收入确认。我们经常将其与ERP系统进行比较,但为了更好地了解我们的目标,让我们来看看电信公司的运作方式。现在,一家电信公司不会让您购买那些没有任何意义的交换机,塔楼或卫星。相反,他们使用这些物理资产并将其转化为提供任何人都可以利用的服务。它们允许您访问其基础架构,然后使用它来拨打电话或访问数据,并根据您使用的数量向您收取费用。

现在电信公司有一个处理这一切的系统。他们称之为BSS / OSS系统。 BSS部分处理所有服务货币化活动,如计费和收入确认。您知道,OSS部分是后台的所有服务编排。现在这些家伙花了50,60,70年的时间对这个平台进行硬编码。问题是它只适用于他们。那么,其他人呢?这些汽车公司怎么样?零售商怎么样?制造商怎么样?他们都希望变成他们没有合适平台的服务公司。 ERP就是跟踪资产。订阅经济是将资产转化为服务。因此,这是我们的产品方向。我们正在构建一个可以首先适应任何货币化模型的横向SaaS平台。其次,还为世界各地的任何行业的任何公司编排任何订阅服务。我们将在下周的订阅者会议或年度用户大会上详细讨论这个问题。我希望能在那里看到你。

总而言之,我们正在构建产品并满足不断增长的市场对端到端订阅管理解决方案的需求。我们正朝着一个朝着我们方向前进的大变革转变。我们正在努力解决我们在第一季度面临的执行挑战,我们对未来感到非常满意。

有了这个,让我把它交给泰勒。

泰勒斯洛特

Thanks Tien.
Let me start today by reviewing our key operating metrics before moving to our financial results. I will then close with our outlook for the second quarter and the remainder of the year.
Starting with our key operating metrics. We ended the quarter with 546 customers over 100k thousand pay-TV representing 24% growth versus the prior year. We saw solid growth in this number, but the field execution hurdles that Tien mentioned earlier clearly impacted our rate in signing up new customers. This group of customers continues to represent the vast majority of our business, represent over 85% of our ARR.
Another key metric dollar based retention ended at 110% which is at the midpoint of our long-term range that we talk about. While this is a healthy level for us dollar-based retention was impacted by the property integration delay that slowed down across our motion in the quarter. Given some of the seasonality in this metric that we've talked about previously, we can expect to see quarterly movements throughout the year.
Turning to transaction volume, this continues to be the biggest driver of our upsell motion with our customers. We processed over 9.7 billion in transaction volume through our Billing platform in Q1 resulting in 34% year-over-year growth. Now, keep in mind this metric can fluctuate throughout the year as customers may have seasonality in their business or new customers may move over meaningful volume in a given quarter. As you know this represents the aggregate usage of our Billing system and this is how we grow alongside our customers.
Now, we've heard a number of questions about how transaction volume growth translates to our revenue growth. So, let me walk you through that.
Our customers buy annual blocks of transaction volume based on their expected $1 billion volume over the next twelve months. We recognize those volume block purchases a subscription revenue ratably over the 12-month period following the purchase. But the actual transaction volume flowing through our system may lag or may not be evenly distributed over the 12-month period. So, while the transaction volume, quarterly revenue may be consistent for specific customer, the reported transaction volume for that customer can be uneven each quarter. As such it's also helpful to look at this metric on a trailing 12-month basis which results in 42% growth.
I'll talk about how all of these operating metrics translate to our financial results. As a reminder, we adopted a new revenue standard ASC 606 as of February 1. So, all of our financial numbers are under the new standard including prior year numbers for comparative purposes and forward-looking guidance. From a high-level perspective, there was minimal impact to total revenue with a small negative impact of subscription revenue offset mostly by higher services revenue in the prior year numbers as a result of adopting ASC 606.
There was an improvement in operating loss resulting from lower sales commission expenses and there is no difference in our cash or cash flow between the two accounting standards. As Joon mentioned at the beginning of the call, additional details related to the financial impact of ASC 606 can be found in the supplemental presentation on our IR Web site.

谢谢田恩。

让我从今天开始审核我们的关键运营指标,然后再转向我们的财务业绩。然后,我将结束对第二季度和今年剩余时间的展望。

从我们的关键运营指标开始。我们在本季度结束时,546名客户超过10万付费电视,与去年相比增长了24%。我们看到这个数字稳步增长,但Tien之前提到的现场执行障碍明显影响了我们注册新客户的速度。这组客户继续代表我们绝大多数业务,占我们ARR的85%以上。

另一个关键的美元基础保留收益率为110%,处于我们谈论的长期范围的中点。虽然这对于以美元为基础的保留是一个健康的水平,但受到房地产整合延迟的影响,该延迟在本季度的议案中放缓。考虑到我们之前谈到的这个指标的一些季节性,我们可以预期全年的季度变动。

谈到交易量,这仍然是我们与客户的追加销售动议的最大驱动力。我们在第一季度通过我们的计费平台处理了超过97亿的交易量,同比增长34%。现在,请记住,这一指标可能会在一年中波动,因为客户可能在其业务中具有季节性,或者新客户可能会在特定季度内超过有意义的数量。如您所知,这代表了我们的计费系统的总体使用情况,这就是我们与客户一起成长的方式。

现在,我们已经听到了许多关于交易量增长如何转化为收入增长的问题。所以,让我带你走过那条路。

我们的客户在未来12个月内根据预期的10亿美元交易量购买年度交易量。我们认为,在购买后的12个月内,这些批量购买可以按比例收取订阅收入。但是,流经我们系统的实际交易量可能在12个月内滞后或可能不均匀分布。因此,虽然交易量,季度收入可能与特定客户保持一致,但该客户的报告交易量每季度可能不均衡。因此,在过去12个月的基础上查看此指标也会有所帮助,从而实现42%的增长。

我将讨论所有这些运营指标如何转化为我们的财务业绩。提醒一下,截至2月1日,我们采用了新的收入标准ASC 606。因此,我们所有的财务数据均采用新标准,包括用于比较目的的前一年数字和前瞻性指导。从高层面来看,对总收入的影响微乎其微,订阅收入的小负面影响主要是由于采用ASC 606而导致上一年度服务收入增加所抵消。

销售佣金支出减少导致经营亏损有所改善,两个会计准则之间的现金或现金流量没有差异。正如Joon在电话会议开始时提到的,有关ASC 606财务影响的其他详细信息可以在我们的IR网站的补充演示文稿中找到。

We saw a healthy subscription revenue growth of 32% to 47.3 million in the quarter. Professional services grew 1%, as this was impacted by the new business and product integration challenges mentioned early in the call. Additionally, we add $1.4 million of professional services in Q1 over last year related to customers upgrading from ASC 605 to ASC 606, compared to only 300,000 in Q1 of this year. This further impacted the year-over-year professional services growth rate. All this led to total revenue $64.1 million in Q1 in line with the midpoint of our guidance.
Turning to margins, we continue to have steady performance in our non-GAAP subscription gross margin of 78%. Non-GAAP professional services gross margin was lower in the quarter due to lower services revenue, seasonality in the business and fewer revenue days in Q1 compared to other quarters. As we've said previously, our target models to run the services organization on a roughly non-GAAP breakeven basis. We expect to see improvement in these margins over the course of the year and reach quarterly breakeven over the next few quarters.
In Q1, our non-GAAP operating margin was negative 19% coming in slightly ahead of our expectations. This performance was partly driven by timing of expenses, spending was delayed into future quarters this year. As many of you know, we measure ourselves efficiency with our GEI or Growth Efficiency Index. It is calculated by dividing our trailing 12 months non-GAAP sales and marketing expense of 91.2 million by the year-over-year increase in trailing 12 months subscription revenue of 44 million, the lower the number the better. This means we're spending less to acquire each incremental dollar of subscription revenue.
I should also point out that this number skews higher under ASC 606 as both subscription revenue and sales and marketing costs through sales commissions amortization are impacted by the new reporting standard. With that in mind, our GEI for Q1 was 2.1, similar to our Q4 efficiency level. We've made improvements to our GEI over the years and our goal is to maintain or improve the GEI while supporting our long-term growth. But this metric may seem near term fluctuations going forward given the changes to our go-to-market approach and the seasonality of our business.
Now moving to Billings growth. We generally focus on the Billings growth over a longer period of time because there's a better reflection of the overall business. Quarterly billings can fluctuate and we saw some of this in Q1.
Calculated total billings was 65.6 million and calculated subscription billings was 48.8 million for the quarter. We mentioned on the last call that we expect subscription billings growth to approach 30% in Q1, but in fact calculate subscription billings growth came in higher 32% despite our challenges in the quarter. This is primarily driven by higher early renewal activity. We saw this in Q3 of last year which resulted in lower billings in Q4. Similarly, we expect that the early renewal activity in Q1 will reduce billings growth in Q2. And we expect that subscription billings growth rate to be lower than the subscription revenue growth rate.

本季度我们的订阅收入增长了32%,达到4730万。专业服务增长1%,因为这受到电话会议早期提到的新业务和产品集成挑战的影响。此外,与去年从ASC 605升级到ASC 606的客户相比,我们在第一季度增加了140万美元的专业服务,而今年第一季度只有300,000。这进一步影响了同比专业服务的增长率。所有这一切导致第一季度总收入达到6410万美元,与我们的指导中点一致。

谈到利润率,我们的非GAAP认购毛利率仍然稳定表现为78%。由于服务收入下降,业务季节性以及第一季度与其他季度相比收入日减少,非GAAP专业服务毛利率较低。正如我们之前所说,我们的目标模型是在大致非GAAP盈亏平衡的基础上运营服务组织。我们预计这些利润率将在一年内有所改善,并在未来几个季度达到季度盈亏平衡。

在第一季度,我们的非GAAP运营利润率为负19%,略高于我们的预期。这种表现部分是由于费用的时间推动,支出被推迟到今年的未来几个季度。众所周知,我们通过GEI或增长效率指数衡量自己的效率。计算方法是将过去12个月的非美国通用会计准则销售和营销费用除以9120万美元,同比增长12个月的订阅收入4400万美元,数字越低越好。这意味着我们花费更少的钱来获得每个增量美元的订阅收入。

我还应该指出,这个数字在ASC 606下更高,因为通过销售佣金摊销的订阅收入和销售及营销成本都受到新报告标准的影响。考虑到这一点,我们的Q1的GEI为2.1,类似于我们的Q4效率水平。多年来,我们对GEI进行了改进,我们的目标是在支持长期增长的同时保持或改善GEI。但考虑到我们的市场化方法和业务的季节性变化,这一指标可能看起来近期波动。

现在转向比林斯的成长。我们通常关注比林斯在较长一段时间内的增长,因为它可以更好地反映整体业务。季度账单可能会波动,我们在第一季度看到了一些。

计算的总账单为6560万,本季度计算的订阅账单为4880万。我们在上一次电话会议中提到,我们预计第一季度订阅账单增长将接近30%,但事实上,尽管我们在本季度遇到了挑战,但订阅账单增长仍高达32%。这主要是由更高的早期更新活动所驱动。我们在去年第三季度看到这一点,导致第四季度的账单减少。同样,我们预计第一季度的早期更新活动将减少第二季度的账单增长。我们预计订阅账单增长率将低于订阅收入增长率。

We also saw higher annual mix in billing terms along with ASC 606 adjustments that contributed to a higher quarterly balanced growth rate.
Going forward, we expect to see continued quarterly fluctuations in billings growth. For the full year fiscal ’20, we expect to track similarly to our subscription revenue growth for the year. Over time, we expect 12-month trailing subscription billings to grow similarly with our long-term revenue growth rates.
Turning to cash flow, Q1 free cash flow was negative 3.8 million as we benefited from strong collection activity and some spending delays into future quarters. As a reminder, we signed a new lease agreement to move our headquarters this year and most of those costs are still to come in the second half of the year. As a result, we expect free cash flow for the year to be approximately negative $40 million in fiscal ’20, a $2 million improvement from our prior estimate.
We ended the quarter with 179 million in cash and cash equivalents remain fully funded against our current operating plan. One other IM to note for your models, our fully diluted share count as of April 30 was 125 million using the treasury stock method.
Before moving to our guidance numbers a few quick comments. First, as we talked about earlier in the call, our Q1 results were largely in line with guidance. However, our self-execution and product integration hurdles in the quarter our impacting our outlook going forward. Part of the impact is less predictable. So, we're providing a wider range for the rest of the year.
We expect it to take a few quarters to realize the benefits of the changes to our sales organization and processes, while the product efforts should be completed by the end of Q3. We're confident these are the right changes to help our company scale and get us back on track by the end of the year.
And lastly, we're optimistic about the sustained long-term growth opportunity of the subscription economy. We believe we're the best positioned company to capture that growth over time.
Now, let me close out with our guidance numbers as a reminder that these numbers are under ASC 606. For Q2, we are currently expecting total revenue of $66 million to $68 million. Subscription revenue $48.5 million to $50 million; non-GAAP operating loss of $15.5 million to $14 million; and non-GAAP net loss per share of $0.15 to $0.13 assuming weighted shares outstanding of approximately 109.9 million.
For the full year fiscal ’20, we are currently expecting total revenue of 268 million to 278 million; subscription revenue of 200 million to 206 million, which represents a 3% decrease at the midpoint from our prior estimates. Non-GAAP operating loss of forty $9 million to 45 million; and non-GAAP net loss per share of $0.44 to $0.40 assuming weighted shares outstanding approximately 110.5.
With that, we're happy to take your questions. Operator?

我们还看到了更快的计费年度组合以及ASC 606调整,这有助于提高季度平衡增长率。

展望未来,我们预计销售增长将持续出现季度波动。在20财年全年,我们预计将跟踪今年的订阅收入增长。随着时间的推移,我们预计12个月的追踪订阅账单将与我们的长期收入增长率类似地增长。

谈到现金流,第一季度的自由现金流为负380万美元,因为我们受益于强劲的收款活动以及未来几个季度的一些支出延迟。作为提醒,我们签署了一份新的租赁协议,以便在今年搬迁我们的总部,其中大部分成本仍将在今年下半年推出。因此,我们预计,在2010财年,该年度的自由现金流约为负4000万美元,比我们之前的估计提高了200万美元。

我们在本季度结束时有1.79亿现金和现金等价物仍然完全由我们当前的运营计划提供资金。对于您的模型,另一个IM值得注意的是,截至4月30日我们的全面摊薄股票数量是使用库存股票方法的1.25亿。

在转到我们的指导数字之前,请先简单介绍一下。首先,正如我们在电话会议前面谈到的那样,我们的第一季度业绩基本符合指引。然而,我们在本季度的自我执行和产品整合障碍影响了我们的前景。部分影响不太可预测。因此,我们将在今年余下的时间里提供更广泛的服务。

我们预计需要几个季度才能实现销售组织和流程变更带来的好处,而产品工作应该在第三季度末完成。我们相信这些是正确的变化,可以帮助我们公司扩大规模并使我们在年底前重回正轨。

最后,我们对订阅经济的持续长期增长机会持乐观态度。我们相信,随着时间的推移,我们是抓住这种增长的最佳公司。

现在,让我以我们的指导数字结束,提醒我们这些数字属于ASC 606。对于第二季度,我们目前预计总收入为6600万美元至6800万美元。认购收入为4850万美元至5000万美元

问答环节

[Operator Instructions] Your first question comes from Stan Zlotsky with Morgan Stanley. Your line is open.

[操作员说明]您的第一个问题来自Stan Zlotsky与摩根士丹利。 你的线是开放的。

Stan Zlotsky

All right. Thank you so much for taking my question. So, maybe just digging into the sales changes that you guys are making now. Is it something specific that happened in Q1 that that made you kind of sit up and realize, “Hey, you know, we need to make changes now,” or is this something that's been brewing and you decide to, if you find okay. And you let's rip off the band, let's make these changes now before things potentially getting worse?

行。 非常感谢你提出我的问题。 所以,也许只是挖掘你们现在正在制造的销售变化。 这是第一季发生的事情,让你有点坐起来意识到,“嘿,你知道,我们现在需要做出改变,”或者这是正在酝酿的事情,你决定,如果你觉得好的话。 你让我们扯掉乐队,让我们在事情变得更糟之前做出这些改变?

Tien Tzuo

Yes. If I were to simplify down, right, we're an enterprise software company. Our deal sizes, we sell to the upper end of the market. And I would say there is a certain amount of thinking that we could power our way through our quarters through sheer brute force. And so, I think Stan, what we just saw is, is that eventually catches up to you. And for us we have a incredible opportunity here with a subscription economy to build a billion dollar or a multi-billion dollar company and you don't just do that through brute force. And so, we've got to move towards a more predictable sales model and we have started hiring a lot of folks that have seen the next level of scale. We talked about the new folks that we've hired into the operations team, the enablement team, the management team. But what we saw in Q1 was a strong desire in me and the executive team here to accelerate that change.

是。 如果我要简化,那么,我们是一家企业软件公司。 我们的交易规模,我们卖给市场的高端。 而且我会说有一定的想法,我们可以通过纯粹的蛮力在我们的宿舍中提供动力。 所以,我认为斯坦,我们刚刚看到的是,最终会赶上你。 对我们来说,我们有一个令人难以置信的机会,订阅经济体可以建立一个十亿美元或一个数十亿美元的公司,而你不仅仅是通过蛮力来做到这一点。 因此,我们必须转向更可预测的销售模式,我们已经开始招聘许多已经达到下一级规模的人。 我们谈到了我们聘请的新员工,运营团队,支持团队和管理团队。 但是我们在第一季度所看到的是我和这里的执行团队强烈希望加速这一变化。

Stan Zlotsky

Got it. That makes sense. And I think that the one metric that really stands out to a lot, people is really the transaction volume, right? The 34% growth that you saw in the quarter and 42% in the trailing 12-month basis. Is that what investors as you're going through a transition, this is what investors should really kind of hang their head on, it's like, “Hey, this is the opportunity, right.” This is the big, the growth in the underlying subscriptions that's continuing to increase and thereby, this is the opportunity that these guys are executing to.

得到它了。 那讲得通。 而且我认为真正突出的一个指标,人们真的是交易量,对吧? 您在本季度看到的增长率为34%,在过去12个月的基础上为42%。 这就是投资者在经历转型期间的情况,这就是投资者真正想要的问题,就像“嘿,这是机会,对吧。”这是大的,底层的增长 订阅继续增加,从而,这是这些人正在执行的机会。

泰勒斯洛特

Yes. I'll take that. This is Tyler. That's absolutely right. We talk about that number and that's why we spend a little bit time on the call to actually explain how that correlates to revenue. But the reason we picked that as a key metric coming in is that, it's indicative that as companies continue to use our system, as that number keeps going, we're going to be able to grow with them. But we also -- we have incredibly sticky solution and we are a mission-critical system of record for them. And so, we watch that carefully for each customer and we do view that as a very positive thing.

是。 我会接受的。 这是泰勒。 那是绝对正确的。 我们谈论这个数字,这就是为什么我们花一点时间来实际解释这与收入的关系。 但我们选择将其作为一个关键指标的原因在于,它表明随着公司继续使用我们的系统,随着这个数字不断发展,我们将能够与他们一起成长。 但我们也 - 我们拥有令人难以置信的粘性解决方案,而且我们是一个关键任务系统。 因此,我们仔细观察每个客户,我们认为这是一个非常积极的事情。

Stan Zlotsky

Got it. Okay. Thank you so much.

得到它了。 好的。 非常感谢。

会议主持员

Your next question is from John DiFucci with Jefferies. Your line is open.

你的下一个问题来自John DiFucci和Jefferies。 你的线是开放的。

John DiFucci

Thank you. I have a question for Tien and one for Tyler. So, Tien, I sort of get the integration of Billings and RevPro and how that could sort of slow some things down. But, I know I'm going to eat this question tomorrow. I mean you bought Leeyo two years ago. So, like how could it not be integrated? How could that be slowing things down right now?
And then, kind of related to that, like you're talking about cross-sell, what about the other products? Like what about CPQ and Connect and Analytics? Are you seeing any traction there or is that something else that also needs to be integrated better?

谢谢。 我对Tien有一个问题,对Tyler有一个问题。 所以,田恩,我有点得到比林斯和RevPro的整合,以及如何减缓一些事情。 但是,我知道我明天会吃这个问题。 我的意思是你两年前买了Leeyo。 那么,怎么可能没有整合? 那怎么可能减慢现在的速度呢?

然后,有点与此相关,就像你在谈论交叉销售,其他产品呢? 就像CPQ和Connect and Analytics一样? 您是否看到任何牵引力或是否需要更好地整合其他东西?

Tien Tzuo

No, no. I'll give you some color there. We did acquire Leeyo a little less than two years ago, but I guess where you all coming on two years. The first year was really focused on ASC 606 and there was such a tight deadline to get the core set up, dozens close to 100 customers live on ASC 606. And so, John, that took us all the way through -- when these adoption standards were right, so I'll call it Q1, Q2 of last year. So honestly, we didn't really have time and the resources to focus on the integration between the two, until after the 606 waive was complete. So, we didn't really start heavy work on the integration until early last summer, late spring, early last summer.
And long story short, we went down one direction that proved to be a dead end a false direction. We course corrected. And now I'm absolutely confident in the path that we have right now. So, look these are complex products. Everybody else has an orders based system, right, SAP, NetSuite, Oracle, we have a subscription-based system, which is a little different. And so, there were just a little bit of work that had to be done, a little bit of learning that had to be done due to integration rights. All our internal metrics of tracking these projects are really, really good. Once this is done, no one else has done what we've done and we do believe that the cross-sell machine will kick in at that point.

不,不。我会给你一些颜色。我们确实在不到两年前收购了Leeyo,但我猜你们两年都会来。第一年真的专注于ASC 606,并且有一个如此紧迫的最后期限来建立核心,在ASC 606上有数十个接近100个客户。所以,约翰,这让我们一路走来 - 当这些采用时标准是正确的,所以我称之为去年的Q1,Q2。老实说,我们没有时间和资源专注于两者之间的整合,直到606放弃完成之后。所以,直到去年夏天,即春末,去年夏天早些时候,我们才真正开始积极整合。

长话短说,我们沿着一个被证明是死路的方向走向了一个错误的方向。我们当然纠正了而现在我对我们现在拥有的道路充满信心。所以,看看这些是复杂的产品。其他人都有基于订单的系统,对,SAP,NetSuite,Oracle,我们有一个基于订阅的系统,这有点不同。因此,只需要完成一些工作,由于集成权限,必须进行一些学习。我们跟踪这些项目的所有内部指标都非常非常好。一旦完成,没有其他人做过我们已经做过的事情,我们确实相信交叉销售机器会在那时开始。

John DiFucci

Okay. And the other products too, are they -- are you seeing any -- yes?

好的。 还有其他产品,他们 - 你看到了吗 - 是吗?

Tien Tzuo

The inner products are home-grown products. There's no integration issues there, right? They were not acquired in.

内部产品是自产产品。 那里没有集成问题,对吗? 他们没有被收购。

John DiFucci

Okay.

好的。

Tien Tzuo

And they feel good.

他们感觉很好。

John DiFucci

Okay. And Tyler, you mentioned that, that you saw benefits up to billings this quarter due to early renewals that came in at 32% versus the guidance of 30% or what you thought would be 30%. You acknowledged some issues with the quarter. What was that, can you tell us what the benefit was, was it 2% or was it 4%, or if you'd give us a little bit of information around that, so we can sort of gauge what could happen next quarter?

好的。 泰勒,你提到过,你看到本季度因为早期续约产生的收益高达32%而不是30%的指导或你认为的30%。 您承认本季度存在一些问题。 那是什么,你能告诉我们什么是好处,是2%还是4%,或者如果你给我们提供一些信息,那么我们可以判断下一季度会发生什么?

泰勒斯洛特

Yes. So, I'll first describe again -- hey, John, thanks for that question. First, I'll describe what the early renewals are, right where that these -- our companies were doing upsells, right? And they have an annual term that would naturally fall into a future period and when they do the upsell, they choose to reset their annual periods.
So, pulls in a billing from a future term into the current term. We saw this in Q3, it happens every single quarter, but some quarters the skew is higher than others. It's a positive thing to some extent because I mean, the customers need to buy more volume traditionally, but again we give them a choice of whether they want to reset their terminals. So, it's not really predictable. So, when we break down, how it skews for the core GEI percentages, we have the percentage, but the early renewals are the biggest factor.
We also have been pretty good about continually to shift to more of an annual billings mix. So that was kind of the second biggest factor. Then the ASC 606 actually impacted self with the year-over-year compares that change your calculated billings kind of calculation a little bit. And then, this was offset by lower bookings, which we talked about, which was the challenges in the quarter itself. What we said is that, we actually expect the billings growth to be a little bit less than subscription revenue growth for Q2 and I think we guided to the subscription revenue growth.

是。所以,我首先要再次描述 - 嘿,John,谢谢你提出这个问题。首先,我将描述早期更新的内容,正是这些 - 我们的公司正在进行加售,对吗?他们的年度期限自然会落入未来期间,当他们进行追加销售时,他们会选择重置年度期限。

因此,从未来的期限到当前期限的计费。我们在第三季度看到了这一点,它发生在每个季度,但有些季度的偏差高于其他季度。这在某种程度上是积极的,因为我的意思是,客户需要传统购买更多的产品,但我们再次让他们选择是否要重置他们的终端。所以,它并不是真正可以预测的。因此,当我们分解时,它如何扭曲核心GEI百分比,我们有百分比,但早期更新是最大的因素。

我们也一直很好地不断转向更多的年度账单组合。所以这是第二大因素。然后ASC 606实际上影响了自我与年同比比较,这改变了您计算的账单计算类型。然后,这被我们谈到的较低预订所抵消,这是该季度本身的挑战。我们所说的是,我们实际上预计第二季度的账单增长将略低于订阅收入增长,我认为我们会引导订阅收入增长。

John DiFucci

Okay. But it sounds like it was more than just that 30%, the difference between 30% and 32%. I mean it's safe to assume that I think?

好的。 但听起来它不仅仅是30%,而是30%和32%之间的差异。 我的意思是我认为这是安全的吗?

泰勒斯洛特

Yes. That's important. Yes.

是。 这很重要。 是。

John DiFucci

Okay, great. Okay, thanks a lot guys.

好,太棒了。 好的,非常感谢你们。

Tien Tzuo

Thanks, John.

谢谢,约翰。

会议主持员

Your next question is from Chris Merwin with Goldman Sachs. Your line is open.

您的下一个问题来自Chris Merwin和Goldman Sachs。 你的线是开放的。

Chris Merwin

Okay. Thanks very much for taking my questions. Yes, I just wanted to touch on the cross-sell notion a bit more. Obviously, heard what you said about the implementations of RevPro taking a bit longer than you anticipated. But, maybe can you talk a bit more about the demand you're seeing for that products. More generally, I know that most companies at this point reporting under 606 and so are you still seeing the same type of interest from potential customers? And I just had a quick follow-up. Thanks.

好的。 非常感谢您提出我的问题。 是的,我只想更多地谈谈交叉销售概念。 显然,听说你对RevPro的实现所说的比你预期的要长一些。 但是,也许您可以更多地谈谈您对该产品的需求。 更一般地说,我知道大多数公司目前在606以下报告,您是否仍然看到潜在客户的相同类型的兴趣? 我刚刚进行了快速跟进。 谢谢。

Tien Tzuo

We remain incredibly bullish about the RevPro product. I think we've said this on previous calls, Chris that the standards really changed the rules certainly, but two things. One is the macro level trend that's pushing the shift, its dynamic business models right. Business models are not as simple as selling a product and collecting revenue on shipment or payment, there are these time based, customer-centric, usage-based models that are simply getting more and more complex. And as a result, revenue recognition is being done more and more manually outside of the ERP system. And so, a lot of companies, when we do our surveys, we'll say we got through 606, but we're doing all through manual processes, Excel spreadsheets. That creates compliance risk, that creates a longer time to close, lack of visibility in the metrics.
And so, we feel really, really good about the demand. And so, the good news in all this is, there is demand for the product. And I certainly wish that we had not chased on a wrong direction with the product and to course correct, but I feel really good about what we're doing right now, and I feel really good about when it's done. This is going to be a really, really unique piece of technology in the marketplace.

我们对RevPro产品保持着非常看好的态度。我想我们已经在之前的电话中说过,克里斯认为标准确实改变了规则,但有两件事。一个是推动转变的宏观趋势,其动态商业模式正确。商业模式并不像销售产品和收取发货或付款收入那么简单,这些基于时间的,以客户为中心的基于使用情况的模型变得越来越复杂。因此,在ERP系统之外越来越多地手动完成收入确认。因此,很多公司,当我们进行调查时,我们会说我们已经完成了606,但我们正在通过手动流程,Excel电子表格完成所有工作。这会产生合规风险,从而导致关闭时间更长,指标缺乏可见性。

因此,我们对需求感到非常非常满意。所以,这一切的好消息是,对产品有需求。我当然希望我们没有追逐产品的错误方向并且当然是正确的,但我对我们现在正在做的事情感到非常满意,并且我觉得它什么时候做得很好。这将成为市场上真正独一无二的技术。

Chris Merwin

Okay, great. And then just as it relates to the long-term guidance, I think you reiterated the 25% to 30% revenue and billings guidance over the long-term, I think obviously this year a little bit below that, which implies an acceleration for the following year. So just when we think about the main drivers of that, like maybe can you talk a bit about what those would be and then also when you think again about the subscription economy at a high level, is it something that is so predictable in that 25% to 30% range with whole industries shifting over and is that something that can be lumpy, or do you sort of see that as a very steady growth type transition? Thanks.

好,太棒了。 然后,正如它与长期指导相关,我认为你重申长期的25%至30%的收入和账单指导,我认为今年显然略低于这一点,这意味着加速 下一年。 所以,当我们考虑其中的主要驱动因素时,也许您可以稍微谈谈那些会是什么,然后当您再次考虑高级订阅经济时,它是否可以预测 整个行业转移的范围从%到30%,这是一个可能是块状的东西,还是你认为这是一个非常稳定的增长型转型? 谢谢。

Tien Tzuo

Yes. So, we acknowledge the issues that we saw in Q1, but the big picture for us and the reason hopefully you hear, no change in our confidence in the long-term outlook is, is the macro level thesis remains intact, if anything is just getting better and better, right? And all we see is greater adoption of services.
And so, the example we gave or the reason we're working with seven of the top 10 car companies are now the largest auto distributor and Chile is a recognition -- if my revenues are tied to car sales, my revenues will go down. But if my revenues are tied to miles driven, my revenues will go up. And this is not a situation it's isolated to that industry.
And so, when I look at our pipeline, when I look at our addressable market, when I look at how differentiated our product is, when I look at the trends that are happening in terms of consumer preferences and where companies are choosing to innovate and execute on their digital transformation strategies, I feel really good. I feel really good about our long-term growth thesis. And so, I think the lumpiness is going to be more attributed to our own execution, but when you look at this is a broad-based shift that's happening across multiple industries across the world, it does continue to make us bullish about our prospects and our position going forward.

是。因此,我们承认我们在第一季度看到的问题,但我们的大局和希望您听到的原因,我们对长期前景的信心没有改变,宏观层面的论点是否完整,如果有的话只是变得越来越好,对吗?我们所看到的是更多的服务采用。

因此,我们提供的示例或我们与前十大汽车公司中的七家合作的原因现在是最大的汽车经销商,而智利则是一种认可 - 如果我的收入与汽车销售挂钩,我的收入就会下降。但如果我的收入与里程相关,我的收入就会增加。这不是一个与该行业隔离的情况。

因此,当我查看我们的管道时,当我看到我们的可寻址市场时,当我看到我们的产品有多么与众不同时,当我看到消费者偏好方面正在发生的趋势以及公司选择创新和执行他们的数字化转型战略,我感觉非常好。我对我们的长期发展理论感到非常满意。所以,我认为这种愚蠢将更多地归因于我们自己的执行,但是当你看到这是一个广泛的转变,正在发生在世界各地的多个行业,它确实继续让我们看好我们的前景和我们的立场向前发展。

Chris Merwin

Okay. Thanks very much.

好的。 非常感谢。

会议主持员

Your next question is from Scott Berg with Needham. Your line is open.

你的下一个问题来自Scott Berg和Needham。 你的线是开放的。

Scott Berg

Hi, everyone. Thanks for taking my questions. I guess I got a couple here. First of all, team, can you speak to -- when was the decision made to change the strategy on the sales side? Was it something then post quarter, during quarter, just trying to get an understanding of what the timing look like?

嗨,大家好。 谢谢你回答我的问题。 我想我在这里有一对。 首先,团队,您能否发言 - 何时决定改变销售方面的战略? 那是季度之后,季度期间的事情,只是试图了解时间的样子?

Tien Tzuo

It was post quarter.

这是季后赛。

Scott Berg

Got you. And then, what's the profile of the new sales leader you're hoping to bring in, my assumption is someone externally versus an internal promotion or is that assumption incorrect?

有你。 然后,您希望引入的新销售主管的概况是什么,我的假设是外部人员与内部促销人员或假设不正确?

Tien Tzuo

So, two things; the thing that's been great for us is, is we have a very strong leadership team underneath, Mark, that is in place today, but I feel confident that can carry the organization forward during this interim time. For the replacement, we are going outside for our search.

那么,有两件事

Scott Berg

Got it. Helpful. And then, last question from me, Tyler, you essentially maintained your EPS guidance for the year and cash flows are going to be about $2 million better than your prior guidance. Outside of the services reduction, which is, we'll call it breakeven, which obviously has no impact to either of those metrics really, if that's accurate. What is the extra cost savings come into play relative to the lower subscription revenue guidance?

得到它了。很有帮助。 然后,最后一个问题,Tyler,你基本上维持了今年的EPS指导,现金流将比你之前的指导好大约200万美元。 在服务减少之外,我们称之为盈亏平衡,如果这是准确的话,这显然对这些指标没有任何影响。 相对于较低的订阅收入指导,额外的成本节省是多少?

泰勒斯洛特

Yes. We did lose a little bit of money in services where we do wanted to breakeven, and so, we're going to get it back there as we said in our call, but I think that brings the challenge for the year, but we actually did a really good job of cost management in general, Scott. I think we run a business model that tries to put us behind everything, so that when we are projecting out the stuff we haven't spent yet, if we think that the topline is going to be little bit different then we can adjust for that. And so that's what we're looking at right now for the year.
So effectively, we've guided to some lower revenue, but the operating margins are going to stay the same or the operating loss is going to stay the same. And from a cash flow perspective, we're going to do a bit better than what we initially said. We still have the HQ spend that we're making as not as much on the OpEx side because it will be capitalized, but from a cash perspective that again that's driving why we have such a burn that we have this year as opposed to be even lower than that.

是。我们确实在我们想要盈亏平衡的服务中损失了一点钱,因此,正如我们在电话中所说的那样,我们会把它拿回来,但我认为这带来了今年的挑战,但实际上我们斯科特,总的来说,他在成本管理方面做得非常好。我认为我们运行的商业模式试图将我们置于一切之后,所以当我们预测到我们尚未花费的东西时,如果我们认为背线会有所不同,那么我们可以调整。这就是我们现在正在关注的一年。

如此有效,我们已经引导了一些较低的收入,但运营利润率将保持不变或运营亏损将保持不变。从现金流的角度来看,我们会比我们最初说的做得好一些。我们仍然拥有我们在OpEx方面所做的总部支出,因为它将被资本化,但从现金的角度来看,这再次推动了我们为什么今年有这样的燃烧,而不是甚至是低于那个。

Scott Berg

Great. Very helpful. Thanks for taking my questions.

非常好。 很有帮助。 谢谢你回答我的问题。

Tien Tzuo

Thanks, Scott.

谢谢,斯科特。

会议主持员

And this concludes the Q&A portion of the call. I'll now turn things back over to the presenters for any closing remarks.

这就结束了电话的问答部分。 我现在要回复主持人的任何结束语。

Tien Tzuo

Great. Thank you so much for joining us today and we look forward to seeing you next week at Subscribed. Thank you.

非常好。 非常感谢你今天加入我们,我们期待着在下周见到你。 谢谢。

会议主持员

This concludes today's conference call. You may now disconnect.

今天的电话会议结束了。 您现在可以断开连接。

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