Medallia,Inc。(MDLA) 首席执行官 Leslie Stretch 在 2020年 第二季度业绩 - 收益电话会议记录

[机器翻译] 电话会议 · 2019年09月08日 · 304 次阅读 · MDLA

Medallia, Inc. (NYSE:MDLA) Q2 2020 Results Earnings Conference Call September 5, 2019 4:30 PM ET

Medallia,Inc。(纽约证券交易所代码:[MDLA])2020年第二季度业绩收益电话会议2019年9月5日美国东部时间下午4:30

公司参与者

Roxanne Oulman - Executive Vice President, Chief Financial Officer
Leslie Stretch - President, Chief Executive Officer

  • Roxanne Oulman - 执行副总裁兼首席财务官
  • Leslie Stretch - 总裁兼首席执行官

电话会议参与者

Kash Rangan - Bank of America
Walter Pritchard - Citi
Phil Winslow - Wells Fargo
Brad Zelnick - Credit Suisse
Brian Schwartz - Oppenheimer & Co.
Terry Tillman - SunTrust
Bhavan Suri - William Blair
Scott Berg - Needham & Company
Chad Bennett - Craig-Hallum
Richard Baldry - ROTH Capital
Tom Roderick - Stifel
James Rutherford - Stephens, Inc.

  • Kash Rangan - 美国银行
  • 沃尔特普里查德 - 花旗
  • Phil Winslow - 富国银行
  • Brad Zelnick - 瑞士信贷
  • Brian Schwartz - Oppenheimer&Co。
  • 特里蒂尔曼 - SunTrust
  • Bhavan Suri - 威廉布莱尔
  • 斯科特伯格 - 李约瑟公司
  • Chad Bennett - Craig-Hallum
  • Richard Baldry - 罗仕证券
  • Tom Roderick - Stifel
  • James Rutherford - Stephens,Inc。

会议主持员

Good afternoon and welcome to Medallia's second quarter of fiscal 2020 earnings conference call. Joining us today for today's call are Medallia's CEO, Leslie Stretch and CFO, Roxanne Oulman. 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.
With that, I would like to turn the call over to Roxanne Oulman for introductory remarks. Roxanne?

下午好,欢迎来到Medallia 2020财年第二季度财报电话会议。 今天加入我们今天的电话会议是Medallia的首席执行官Leslie Stretch和首席财务官Roxanne Oulman。 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。 [操作员说明]。 谢谢。

有了这个,我想把这个电话转交给Roxanne Oulman作介绍性的评论。罗克珊?

Roxanne Oulman

Roxanne Oulman

Thank you Chris. Welcome to Medallia's second quarter of fiscal 2020 earnings conference call. We issued an earnings release a short time ago and furnished the related Form 8-K to the SEC. To access the press release, please see the Investor Relations section of our website. With me on the call today is Leslie Stretch, President and CEO of Medallia. The primary purpose of today's call is to discuss our second quarter fiscal 2020 financial results.
Before we begin, please remember, during the course of this call, we will make forward looking statements about the operations and future results of Medallia that may vary and involve many assumptions, risks and uncertainties. In any of these risks or uncertainties develop or any of these assumptions prove incorrect, actual results could differ materially from those expressed or implied by our forward looking statements.
For a discussion of our risk factors associated with the forward looking statements, please refer to the text in the company's press release issued today and through our periodic reports filed with the Securities and Exchange Commission including our prospectus dated July 18, 2019. We disclaim any obligation to update any forward looking statements.
On today's call, we will refer to both GAAP and non-GAAP financial measures. The non-revenue financial figures discussed are non-GAAP, unless stated that the measure is a GAAP number. Please refer to today's press release for the reconciliation of GAAP to non-GAAP financial performance and additional disclosures regarding these measures.
Additionally, in conjunction with the release of our earnings report, we have posted on our website at medallia.com under the Investor Relations section additional charts that will identify trended metrics, performance that we believe will aid in understanding and evaluating our performance over time.
Now, I will turn the call over to Leslie.

谢谢克里斯。欢迎来到Medallia 2020财年第二季度财报电话会议。我们在不久前发布了盈利报告,并向证券交易委员会提供了相关的8-K表格。要访问新闻稿,请参阅我们网站的“投资者关系”部分。今天与我同在的是Medallia总裁兼首席执行官Leslie Stretch。今天电话会议的主要目的是讨论我们的2020财年第二季度财务业绩。

在开始之前,请记住,在本次电话会议期间,我们将就Medallia的运营和未来结果做出前瞻性陈述,这些陈述可能会有所不同,涉及许多假设,风险和不确定因素。在任何这些风险或不确定性中,或者任何这些假设都被证明是错误的,实际结果可能与我们的前瞻性陈述中明示或暗示的结果大不相同。

有关我们与前瞻性陈述相关的风险因素的讨论,请参阅公司今天发布的新闻稿中的文字以及我们向美国证券交易委员会提交的定期报告,包括我们的日期为2019年7月18日的招股说明书。我们不承认任何更新任何前瞻性陈述的义务。

在今天的电话会议上,我们将参考GAAP和非GAAP财务指标。所讨论的非收入财务数据均为非GAAP,除非声明该指标是GAAP编号。有关GAAP与非GAAP财务业绩的对账以及有关这些措施的其他披露,请参阅今天的新闻稿。

此外,在发布我们的收益报告的同时,我们已在我们的网站medallia.com上的“投资者关系”部分发布了其他图表,这些图表将识别趋势指标,我们认为这些表现将有助于理解和评估我们的绩效。

现在,我将把电话转给莱斯利。

Leslie Stretch

Leslie Stretch

Thanks Roxanne. Good afternoon and welcome to the first Medallia earnings call. Before I begin my prepared remarks, I would like to thank all of our employees, our customers, our partners and our investors for the hard work and dedication in helping us reach the important milestone of becoming a public company. I believe that as a New York Stock Exchange listed company, we have already seen increased awareness and interest in customer experience generally and specifically in what Medallia can do to help improve businesses of all sizes.
I was very pleased with our performance in Q2, accelerating year-over-year revenue growth, off of a higher base and signing new banner customers. Roxanne will discuss the details of the quarter's financial performance in a few moments. But first, for those of you are new to the Medallia story, I would like to give a quick recap of our business, our platform and our market opportunity.
Let me first talk about the need for Medallia. Customer experience is at the center of digital transformation. I believe this to be the number one priority of organizations across the globe. The need for Medallia comes from a wholesale transfer of power to customers. Today, consumers, patients, citizens all have the power at their palm with the organization that sell of provide services to render the best experiences. Organizations that recognize this and generate increased loyalty and can achieve better results.
To enable this collaboration in the moment, Medallia has created a new category of enterprise software, customer experience management and we are the market leader. Medallia helps companies manage experiences on a massive scale with robust platform security and reliability and deep customer experience domain knowledge. Our platform captures experience data from a massive and expanding signal field beyond the traditional post experience survey.
And then we use our proprietary machine learning technology to analyze structured and unstructured data to explore vital experience themes and to deliver powerful and specific predictive insights that drive impactful actions to the right people at the right time. Using our technology, enterprises can reduce customer churn and turn detractors into promoters. With Medallia, companies can create immediate cross-sell and upsell opportunities and generate significant returns on investment.
What sets us apart? Capturing feedback through a post experience survey is always important but it is only one dimension of what we do. Today, enterprises seek to understand the behavior intent of all customers, not just those that answer survey questions. The best brands expect technology to play a major role in capturing all of the signals emitted by consumers and customers, patients and citizens, as I said. So text messages, social media interactions, WhatsApp, WeChat, transactional information, phone calls with voice messages, all combine to not only capture a customer's sentiment but map the many and varied customer journeys across all moments that matter.

谢谢Roxanne。下午好,欢迎来到第一个Medallia收益电话会议。在我开始准备之前,我要感谢所有员工,客户,合作伙伴和投资者的辛勤工作和奉献精神,帮助我们实现成为上市公司的重要里程碑。我相信,作为一家纽约证券交易所上市公司,我们已经看到了对客户体验的普遍认知和兴趣,特别是Medallia可以帮助改善各种规模的企业。

我对第二季度的表现感到非常满意,加快了同比增长,增加了基数并签下了新的横幅客户。 Roxanne将在短时间内讨论该季度财务业绩的细节。但首先,对于那些刚接触Medallia故事的人,我想快速回顾一下我们的业务,平台和市场机会。

我先谈谈Medallia的必要性。客户体验是数字化转型的核心。我相信这是全球组织的首要任务。对Medallia的需求来自向客户批量转移电力。今天,消费者,患者,公民都拥有掌控的权力与出售提供服务的组织,以提供最佳体验。认识到这一点并提高忠诚度并获得更好结果的组织。

为了实现此次合作,Medallia创建了一个新的企业软件类别,客户体验管理,我们是市场领导者。 Medallia通过强大的平台安全性和可靠性以及深入的客户体验领域知识,帮助公司大规模管理体验。我们的平台可以捕获来自传统邮政体验调查之外的庞大且不断扩展的信号领域的体验数据。

然后,我们使用我们专有的机器学习技术来分析结构化和非结构化数据,以探索重要的体验主题,并提供强大而具体的预测性见解,从而在适当的时间为合适的人员提供有影响力的行动。使用我们的技术,企业可以减少客户流失并将批评者变成推动者。通过Medallia,公司可以立即创造交叉销售和追加销售机会,并获得可观的投资回报。

是什么让我们分开?通过后期体验调查获取反馈总是很重要,但它只是我们所做工作的一个方面。今天,企业试图了解所有客户的行为意图,而不仅仅是那些回答调查问题的客户。正如我所说,最好的品牌希望技术在捕捉消费者和客户,患者和公民发出的所有信号方面发挥重要作用。因此,短信,社交媒体互动,WhatsApp,微信,交易信息,带语音信息的电话,所有这些结合在一起,不仅可以捕获客户的情绪,还可以记录所有重要时刻的各种客户旅程。...

Performing predictive analysis and generating invaluable insight is central to this technology approach. Creating powerful action agendas is possible and such agendas can be distributed to the right people at the right time with speed and accuracy to mitigate customer loss or add-on cross-sell and upsell opportunities, for example.
To do this at scale whilst maintaining a high level of privacy and security requires a robust platform approach. We have invested over 10 years in building our platform, a platform with a proprietary, patented in-memory analytics engine that makes real-time analysis of massive amounts of data possible. We believe this level of investment, domain knowledge and processing of massive amounts data is unrivaled and that our platform is the most scalable, most secure and most performed at machine learning customer experience platform in the industry. It's this technology that enables Medallia to operationalize all aspects of the customer experience processes. As such, Medallia's platform has helped transform many of the world's iconic brands and we believe our platform is mission-critical.
Let me talk about the adoption of our platform. The Medallia Experience Cloud today has over four million users worldwide. This platform catches and analyses over 4.9 billion experiences annually and has performed eight trillion calculations in a single day to drive business decisions. Our platforms have high adoption and are used extensively from the frontline to the C-Suite enabling users to improve experiences in live time. Over half of our customers have more than 1,000 employees using our platform which we believe is a significantly higher adoption level than any other experience management solution available on the market.
Significantly, approximately 80% of our customers use our platform across multiple lines of businesses and channels. Perhaps even more importantly, organizations use our platform daily to drive their businesses with 50% of our mobile monthly active users using our mobile applications on a daily basis. We have said many times that the world is moving beyond survey. Further evidence is rapid increase in mobile messaging enabled by our conversations products. For example, during the quarter, organizations used our conversations product to contact nearly 20 million end-user customers, engaging in over 60 million mobile messages, three times the volume of messages in the prior quarter.
Let me talk a little bit about our total absolute addressable market and some of our new customers. In terms of our total addressable market, based on industry data and an analysis of sales to our existing customers, we estimate the TAM to be over $60 billion. As of July 31, 2019, we had 613 customers, up from 565 as of the prior quarter. Our customers are the leading global brands including 33 of the Fortune Global 100. We believe this represents only a fraction of our total potential addressable customer base however. In fiscal Q2, new and expansion wins spanned verticals and geographies. Q2 contracts included Anaplan, Atrium Health, Boston Pizza, Janus Henderson, Kelly Services, Samsung, Sonos, State Farm and Telefonica. I call these out as these were just some of our six to seven figures deals in the quarter.

执行预测分析并产生宝贵的洞察力是这种技术方法的核心。可以制定强有力的行动议程,并且可以在适当的时间以合适的速度和准确性将这些议程分发给合适的人员,以减轻客户流失或增加交叉销售和追加销售机会。

要在保持高水平的隐私和安全性的同时大规模地实现这一点,需要一种强大的平台方法。我们已经投入了超过10年的时间来构建我们的平台,这是一个拥有专利的内存分析引擎的平台,可以对大量数据进行实时分析。我们相信这种投资水平,领域知识和大量数据处理是无与伦比的,我们的平台是业内机器学习客户体验平台中最具可扩展性,最安全性和最高性能的平台。正是这项技术使Medallia能够实现客户体验流程的各个方面。因此,Medallia的平台已经帮助改造了许多世界标志性品牌,我们相信我们的平台对任务至关重要。

让我谈谈我们平台的采用。如今,Medallia Experience Cloud在全球拥有超过400万用户。该平台每年捕获和分析超过49亿次经验,并在一天内完成了8万亿次计算,以推动业务决策。我们的平台采用率很高,从前线到C-Suite广泛使用,使用户能够改善实时体验。超过一半的客户使用我们的平台拥有1,000多名员工,我们相信这是一个比市场上任何其他体验管理解决方案更高的采用率。

值得注意的是,大约80%的客户使用我们的平台跨越多个业务和渠道。也许更重要的是,组织每天使用我们的平台,每天使用我们的移动应用程序,每月有50%的移动月活跃用户来推动他们的业务。我们已多次说过,世界正在超越调查范围。进一步的证据是我们的会话产品使移动消息传递迅速增加。例如,在本季度,组织使用我们的会话产品联系了近2000万终端用户客户,从事超过6000万部移动消息,是上一季度消息量的三倍。

让我谈谈我们的绝对可寻址市场和一些新客户。就我们的总可寻址市场而言,根据行业数据和对现有客户的销售分析,我们估计TAM超过600亿美元。截至2019年7月31日,我们有613位客户,比上一季度的565位客户多。我们的客户是全球领先的品牌,包括财富全球100强中的33家。我们认为这只占我们潜在可寻址客户总数的一小部分。在第二季度,新的和扩张的胜利跨越了垂直和地理位置。 Q2合约包括Anaplan,Atrium Health,Boston Pizza,Janus Henderson,Kelly Services,Samsung,Sonos,State Farm和Telefonica。我称之为这些,因为这些只是本季度六到七个数字交易中的一部分。

Let me talk a little bit about our pipeline. This past June, we held our annual customer experience conference, our largest ever event with customer and partner attendance up 50% over last year. We had great customer speakers. Business leaders from all over the world attended and we identified over 300 upsell opportunities and had 26 total sponsors versus nine in the previous year. Our pipeline is benefiting accordingly and will support our growth goals. Looking forward to Q3, we will be present at Workday Rising and will host our own city tours in 11 locations around the world, including San Francisco, New York, Mexico City, Paris, Munich and Milan. In addition, we will have a large presence at Dreamforce during our fiscal Q4 in November.
I wan to now spend a bit of time talking about how we grow for this first earnings call to help you with a color on the business. We intend to capitalize on our large and growing market opportunity by executing on several growth strategies. Firstly, we recently expanded our sales force to continue pursuing large enterprises. We intend to continue to deepen our opportunity within existing verticals and to expand to new verticals. Hospitality, travel, retail, financial services, telco and media, all contributed in Q2 and we saw our first significant healthcare insurance deals in the quarter. I believe we will become the de facto standard for customer experience in the senior enterprise market and this category leadership will benefit our broader mid-market initiatives.
Secondly, we created a mid-market product and sales capability under Rory Cameron's leadership to exploit the opportunities presented there. We have done this because we see significant demand for our capabilities in organizations of all sizes. Thirdly, we are developing deeper relationships in our partner ecosystem. These partners helped Medallia extend our geographic and vertical coverage, accelerate the usage and adoption of our platform, augment our platform with complementary technology, promote thought leadership and provide additional implementation resources.
We intend to deepen our relationships with global and regional services partners as well as a range of complementary technology and go-to-market partners. Examples of this are our recently announced partnerships with Accenture, Deloitte, salesforce.com, ServiceNow and Workday. We also recently became and Adobe Premier Partner in the Adobe Exchange Program. These players recognize that customer is at the center of digital transformation and they are ideally suited to partner with Medallia. We recently sponsored seven salesforce.com world tour events and were sponsored at the Adobe Summit in North America and in Europe.
We also have an emerging partner ecosystem that today sees a small number of providers using our platform to serve small businesses such as individual gyms, small hotel chains, sports venues and so on. This business is enjoying good growth and proving our product's applicability across all levels of the market. These customers are not included in our enterprise customer count.

我来谈谈我们的管道。今年6月,我们举办了年度客户体验大会,这是我们有史以来规模最大的活动,客户和合作伙伴的出席人数比去年增加了50%。我们有很棒的客户发言人。来自世界各地的商界领袖参加了此次会议,我们确定了300多个追加销售机会,共有26个赞助商,而去年则有9个。我们的管道相应受益,并将支持我们的增长目标。展望第三季度,我们将出现在Workday Rising,并将在世界各地的11个地点举办我们自己的城市之旅,包括旧金山,纽约,墨西哥城,巴黎,慕尼黑和米兰。此外,我们将在11月的第四季度期间在Dreamforce拥有大量业务。

我现在要花一点时间谈论我们如何在第一次收益电话会议上成长,以帮助您了解业务的颜色。我们打算通过执行几项增长战略来利用我们庞大且不断增长的市场机会。首先,我们最近扩大了销售队伍,继续追求大型企业。我们打算继续深化现有垂直市场的机会,并扩展到新的垂直市场。酒店,旅游,零售,金融服务,电信和媒体都在第二季度做出贡献,我们在本季度看到了我们的第一笔重要医疗保险交易。我相信我们将成为高级企业市场客户体验的事实标准,这一领域的领导将有利于我们更广泛的中端市场计划。

其次,我们在Rory Cameron的领导下创造了一个中端市场产品和销售能力,以利用那里的机会。我们这样做是因为我们发现各种规模的组织对我们的能力有很大的需求。第三,我们正在合作伙伴生态系统中建立更深层次的关系。这些合作伙伴帮助Medallia扩展了我们的地理和垂直覆盖范围,加速了我们平台的使用和采用,通过补充技术扩展我们的平台,促进思想领导并提供额外的实施资源。

我们打算加深与全球和区域服务合作伙伴以及一系列互补技术和上市合作伙伴的关系。这方面的例子是我们最近宣布与埃森哲,德勤,salesforce.com,ServiceNow和Workday的合作伙伴关系。我们最近还成为了Adobe Exchange计划中的Adobe Premier合作伙伴。这些参与者认识到客户是数字化转型的中心,他们非常适合与Medallia合作。我们最近赞助了七次salesforce.com世界巡回赛,并在北美和欧洲的Adobe峰会上赞助。

我们还拥有一个新兴的合作伙伴生态系统,如今只有少数供应商使用我们的平台为小型企业提供服务,如个人健身房,小型连锁酒店,体育场馆等。该业务正在享受良好的增长,并证明我们的产品适用于所有市场。这些客户不包括在我们的企业客户数中。

Hopefully, we will broaden our international expansion. We intend to continue making investments in building global sales and marketing, service delivery and customer support capabilities to grow our business outside of the U.S. We have added new senior leadership in APAC and EMEA in the last few months and I have just returned from a very successful trip in Latin America meeting with our super customers, prospects and partners in that region.
Fifth, we have an emerging network effect business where the powered by Medallia brand is getting visibility in key verticals. To give an example of what I mean by network effect, we have an ability for our customers' customers to promote their reviews to independent websites, giving visibility to our brand on a massive scale. We have made the most progress in hospitality. But every vertical has a network effect opportunity from healthcare to automotive. Just as an example, approximately 50% of reviews that are promoted to TripAdvisor by paying customers come from Medallia.
Six, we have a strong history of innovation and offer a comprehensive platform that addresses experiences for enterprises of all sizes across multiple industries. We intend to continue to invest in building new products and features while bringing the power of experience management to a broader range of enterprises, industries, geographies and use cases. Our machine learning models, our ability to handle massive scale securely and our perspective of platform and signal sets us apart from the traditional survey-based feedback offerings.
Finally, our M&A strategy is focused on capturing all the signals of customer experience in developing and deepening our machine learning and customer journey mapping capabilities. Our customer success, promoter technology and customer journey solutions are just some of the recently acquired thought leading elements that our customers love to see combined with our platform capability.
And finally, we recently added two new independent members to our Board. Mitch Dauerman, former Chief Financial Officer of Ultimate Software and Rob Bernshteyn, the Chief Executive Officer and Chairman of the Board of Coupa Software just joined. And for both Mitch and Rob, this is their first public company Board seat and we are delighted that they have joined forces with the Medallia team.
Now let me turn the call over to Roxanne to give some more color on the second quarter financials.

希望我们能够扩大我们的国际扩张。我们打算继续投资建立全球销售和营销,服务交付和客户支持能力,以便在美国以外的地区发展我们的业务。过去几个月,我们在亚太地区和欧洲,中东和非洲地区增加了新的高层领导,而我刚刚从拉丁美洲成功的旅行会议与我们在该地区的超级客户,潜在客户和合作伙伴会面。

第五,我们有一个新兴的网络效应业务,由Medallia品牌提供动力,在关键垂直行业中获得知名度。举一个网络效应的例子,我们有能力让客户的客户向独立网站推广他们的评论,从而大规模地展示我们的品牌。我们在酒店业方面取得了最大的进步。但每个垂直行业都有从医疗保健到汽车的网络效应机会。仅举例来说,付费客户向TripAdvisor推广的评论中约有50%来自Medallia。

六,我们拥有强大的创新历史,并提供一个综合平台,为多个行业的各种规模的企业提供经验。我们打算继续投资建设新产品和功能,同时将经验管理的力量带给更广泛的企业,行业,地理位置和用例。我们的机器学习模型,我们安全处理大规模的能力以及我们对平台和信号的看法使我们与传统的基于调查的反馈产品区别开来。

最后,我们的并购战略专注于捕捉客户体验的所有信号,以开发和深化我们的机器学习和客户旅程映射功能。我们的客户成功,推广技术和客户旅程解决方案只是我们的客户喜欢看到的最近获得的思想领先元素中的一些与我们的平台功能相结合。

最后,我们最近为董事会增加了两名新的独立成员。终极软件前首席财务官Mitch Dauerman和Coupa Software首席执行官兼董事会主席Rob Bernshteyn刚刚加入。对于Mitch和Rob来说,这是他们的第一家公共公司董事会席位,我们很高兴他们与Medallia团队合作。

现在让我把这个电话转到Roxanne,为第二季度财务报告提供更多颜色。

Roxanne Oulman

Roxanne Oulman

Thank you Leslie and good afternoon everyone. I would like to express how pleased we are with the level of interest we have received from our analysts and investors. We look forward to getting to know you and keeping you updated on our performance. Today, I will provide a brief overview of our second quarter 2020 financial results and discuss guidance for our third quarter and full year of fiscal 2020.
As a quick reminder, unless otherwise noted, all numbers except revenue mentioned during my remarks today are non-GAAP. You can find a reconciliation from GAAP to non-GAAP results in today's press release.
It is important for investors to understand our business model in order to put our results in proper perspective along with evaluating our future performance. The largest component of our revenue stream is recurring subscription or SaaS revenue. We also generate revenue from professional services. Our professional services revenue consists of two elements, managed services and implementation services. Our managed services offering is recurring and provides enterprises with a value creation expert who helps them develop deeper analysis and obtain additional benefits from our platform.
Revenue from managed services is generally recognized ratably over the contract term and as such over 90% of our total revenue is recurring in nature offering us strong visibility. We also have long term revenue visibility from our existing customers as a result of our multiyear contracts and string renewal rates. We have a history of driving expanded use through upselling our platform across the enterprise and cross-selling through the subsequent deployment of additional products. We believe there is a significant opportunity available to cross-sell our various product offerings to existing customers. Our platform provides at least a three times cross-sell opportunity with multiple incremental offerings.
Now, let me get to our quarterly results. Across the board, we delivered an outstanding first quarter as a public company with year-over-year strength in financial performance including total revenue growth, SaaS revenue growth, operating income and operating cash flow. We ended the quarter with 613 customers, an increase of 26% year-over-year. Total revenue was $95.7 million, an increase of $20.2 million or 27% over Q2 of fiscal 2019. In Q2, SaaS revenue was $74.5 million, an increase of $14.4 million or 24% year-over-year. Our SaaS revenue growth rate improvement reflects our new go-to-market initiative we instituted over the last year. Our acquisitions during the quarter were technology focused, therefore our SaaS revenue and SaaS deferred revenue included negligible amount, if any.
Professional services revenue was $21.1 million for the quarter which grew 38% year-over-year. During the quarter, our services revenue benefited from the recent change in leadership in our services organization in fiscal Q1 where we have seen solid improvement in utilization. As a reminder, services revenue ebbs and flows based on a variety of factors. We view services as an enabling function that is ancillary to our SaaS offering.

谢谢Leslie,大家下午好。我想表达我们对分析师和投资者的兴趣程度感到高兴。我们期待了解您并让您了解我们的最新动态。今天,我将简要概述2020年第二季度的财务业绩,并讨论2020财年第三季度和全年的指导。

作为一个快速提醒,除非另有说明,否则我今天发言中提及的除收入外的所有数字均为非GAAP。您可以在今天的新闻稿中找到从GAAP到非GAAP结果的对帐。

对投资者而言,了解我们的业务模式非常重要,以便将我们的结果放在适当的视角,同时评估我们未来的业绩。我们收入流中最大的组成部分是定期订阅或SaaS收入。我们还从专业服务中获得收入。我们的专业服务收入包括两个要素:托管服务和实施服务。我们的托管服务产品经常出现,为企业提供价值创造专家,帮助他们开发更深入的分析并从我们的平台获得额外的好处。

管理服务的收入通常在合约期内按比例确认,因此我们总收入的90%以上是经常性的,为我们提供了强大的知名度。由于我们的多年合同和字符串更新率,我们还可以从现有客户获得长期收入可见性。我们有通过在整个企业中推广我们的平台以及通过随后部署其他产品进行交叉销售来推动扩展使用的历史。我们相信有很多机会可以将我们的各种产品交叉销售给现有客户。我们的平台提供至少三次交叉销售机会和多种增量产品。

现在,让我来看看我们的季度业绩。作为一家上市公司,我们在第一季度表现优异,其财务业绩同比强劲,包括总收入增长,SaaS收入增长,营业收入和经营现金流。本季度我们有613名客户,同比增长26%。总收入为9570万美元,比2019财年第二季度增加了2020万美元,增幅为27%。第二季度,SaaS收入为7450万美元,同比增长1440万美元,增幅为24%。我们的SaaS收入增长率改善反映了我们去年制定的新的市场推广计划。我们在本季度的收购以技术为重点,因此我们的SaaS收入和SaaS递延收入包括可忽略不计的金额(如果有的话)。

本季度专业服务收入为2110万美元,同比增长38%。本季度,我们的服务收入受益于最近第一季度服务组织领导层的变化,我们看到利用率有了显着改善。提醒一下,服务收入基于各种因素而起伏不定。我们将服务视为辅助功能,这是我们的SaaS产品的辅助功能。

In addition, as Leslie outlined earlier, we are focused on enhancing our partner channel as part of our growth initiatives. This includes transitioning more services and assisting our partners in expanding their consulting practices. This may impact our professional services revenue and margins in the future.
International expansion is another key initiative for growth. Revenue in Q2 generated outside of North America contributed approximately 25% of total revenue. We believe that Medallia is in the early innings of bringing the Medallia Experience Cloud to customers around the world.
Medallia provides high ROI to our customers by changing their customers' experience in live time and allowing insights into why customers buy more and identify potential churn. During the 12 months ended July 31, 2019, our dollar based net retention rate was 119%.
I will now turn to our non-GAAP gross margin and operating expenses. SaaS revenue gross margin was 82%. We believe our SaaS margins are among the best-in-class for SaaS companies. We will continue to invest prudently in additional data center capacity in order to serve our growing customer base across the globe. Therefore SaaS gross margins may tick down slightly in the second half of the year.
In Q2, professional services gross margins was 17%. Looking towards the second half, we will be subcontracting additional resources with our partners and we will be adding new professional services personnel who will take time to ramp. Therefore, we expect services margins to moderate to around 10%.
Sales and marketing expenses were $38 million or 40% of revenue in Q2. As a reminder, Q2 expense includes our largest pipeline generation initiative, the Medallia Experience Customer conference. As Leslie mentioned, on the sales and marketing side over the past year, we have instituted best practice enterprise go-to-market initiatives and we have unleashed the sales force to meet the customers where they are. With this in mind, you can expect us to continue to invest in productive sales capacity to support fiscal 2020 and beyond as we see continued market momentum.
R&D expense was $19 million for the quarter or 20% of revenue. R&D remains an important investment area as we expand our platform with new features and capabilities each quarter.
G&A expenses were $10 million or 10% of revenue in the quarter. While we made investments to be IPO ready, we believe there will be incremental expenses associated with being a public company. However, we expect additional leverage on the G&A line over the longer term.
Non-GAAP operating margin in the quarter was negative 2%, a dramatic improvement from the negative 28% in the year ago. We are pleased that our more disciplined approach has driven a meaningful uptick in operating margins. Similarly, non-GAAP operating loss in the second quarter was $2.4 million compared to a loss of $21 million in Q2 of fiscal 2019, an improvement of over $18 million. Non-GAAP net loss was $2.6 million. During the quarter, we generated $431,000 in other income and incurred $678,000 in non-GAAP income tax expenses.

此外,正如Leslie先前所述,我们专注于加强我们的合作伙伴渠道,作为我们增长计划的一部分。这包括转换更多服务并协助我们的合作伙伴扩展其咨询实践。这可能会影响我们未来的专业服务收入和利润。

国际扩张是增长的另一个关键举措。第二季度在北美以外地区产生的收入占总收入的约25%。我们相信,Medallia正处于将Medallia Experience Cloud带给全球客户的早期阶段。

Medallia通过改变客户的实时体验为客户提供高投资回报率,并深入了解客户购买更多产品并识别潜在客户流失的原因。在截至2019年7月31日的12个月中,以美元为基础的净保留率为119%。

我现在转向非GAAP毛利率和运营费用。 SaaS收入毛利率为82%。我们相信我们的SaaS利润率是SaaS公司中最佳的。我们将继续谨慎投资额外的数据中心容量,以便为全球不断增长的客户群提供服务。因此,SaaS毛利率可能在下半年略有下降。

第二季度,专业服务毛利率为17%。展望下半年,我们将与合作伙伴分包额外的资源,我们将增加新的专业服务人员,他们将需要时间来提升。因此,我们预计服务利润率将降至10%左右。

销售和营销费用为3800万美元,占第二季度收入的40%。作为提醒,Q2费用包括我们最大的管道生成计划,即Medallia体验客户会议。正如Leslie所说,在过去一年的销售和营销方面,我们已经制定了最佳实践企业上市计划,并且我们已经释放销售人员以满足客户的需求。考虑到这一点,您可以期待我们继续投资于生产性销售能力,以支持2020财年及以后的市场,因为我们看到持续的市场动力。

本季度的研发费用为1900万美元,占收入的20%。研发仍然是一个重要的投资领域,因为我们每个季度都在扩展我们的平台,具有新功能。

G&A费用为1000万美元,占本季度收入的10%。虽然我们已做好投资准备上市,但我们认为与上市公司相关的增量支出将会增加。但是,我们预计G&A产品线在较长期内会有额外的杠杆作用。

本季度非美国通用会计准则营业利润率为负2%,与去年同期的负28%相比有显着改善。我们很高兴我们更有纪律的方法推动了营业利润率的显着提升。同样,第二季度非GAAP运营亏损为240万美元,而2019财年第二季度亏损2100万美元,增幅超过1800万美元。非GAAP净亏损为260万美元。在本季度,我们产生了431,000美元的其他收入,并产生了678,000美元的非GAAP所得税费用。

GAAP income tax expense of $263,000 included a one-time benefit of $416,000 related to an acquisition. During the quarter, our weighted average basic share count was 44 million shares. Because we had a net loss on a GAAP basis, our diluted share count was the same as the basic share count for both GAAP and non-GAAP EPS calculations.
Now turning to the balance sheet. We ended the second quarter with $417.4 million in cash and cash equivalents, up $285 million from the end of our first quarter, driven primarily by the net proceeds from the IPO and private placement.
Now let's move to SaaS calculated billings, which we define as SaaS revenue plus change in sequential SaaS deferred revenue and contract assets. As you know, there are a wide variety of factors that influence this metric therefore quarter-to-quarter fluctuations in calculated billings should not be taken as an indication of changes in future revenue. For example, billings will fluctuate quarter-to-quarter due to the timing of renewals and annual contracted billings. As a result, we believe that the 12-month trailing SaaS billings growth rate is a more meaningful measure of our performance.
For Q2 fiscal 2020, trailing 12-month SaaS billings growth rate was 33%. Our remaining performance obligations or RPO totaled approximately $548 million. We expect to recognize approximately 52% of the RPO over the next 12 months. RPO in Q2 benefited from a handful of large multi-year renewals that we closed in the quarter. Please note that the RPO metric may be impacted by contract duration and extensions as well as timing of renewals of large multi-year contracts. So while RPO provides strong visibility, it may fluctuate from quarter-to-quarter.
We generated a loss of $20.9 million in cash flow from operations for the quarter. From a cash flow perspective, our operating cash flow fluctuates based on seasonal patterns that we have experienced historically due to bookings and cash collections timing. On an annual basis however, we do expect to trend positively and be operating cash flow positive for the full year of fiscal 2021.
Now let me turn to our financial outlook for Q3 and fiscal year 2020. We are penetrating a large addressable market and while we are very excited about our opportunity, we want to be prudent with our guidance. For Q3, we are projecting total revenue to be between $95 million and $97 million, representing a 17% to 20% growth over last year. For Q3, we are projecting SaaS revenue to be between $76 million and $77 million, representing a 20% to 22% growth over last year. For Q3, we expect non-GAAP operating loss to be in the range of $3.5 million to $4.5 million. For Q3, we expect basic weighted average shares outstanding to be approximately 128 million. As a reminder in periods where we have a net loss, the basic and diluted share count are the same.
For the fiscal year 2020, we expect total revenue to be between $385 million and $388 million, representing a 23% to 24% growth over last year. We expect SaaS revenue to be between $303 million to $305 million, representing growth of 23% to 24% year-over-year, an acceleration from the 22% growth rate in fiscal 2019.

GAAP所得税费用为263,000美元,包括与收购相关的416,000美元的一次性收益。本季度,我们的加权平均基本份额为4400万股。由于我们在GAAP基础上有净亏损,因此我们的稀释份额与GAAP和非GAAP EPS计算的基本份额相同。

现在转向资产负债表。我们在第二季度结束时的现金和现金等价物为4.174亿美元,比第一季度末增加2.85亿美元,这主要是由于IPO和私募的净收益所致。

现在让我们转向SaaS计算的账单,我们将其定义为SaaS收入加上顺序SaaS递延收入和合同资产的变化。如您所知,影响该指标的因素有很多种,因此计算出的账单中的季度波动不应被视为未来收入变化的指标。例如,由于续订时间和年度合同账单,账单将按季度波动。因此,我们认为12个月的SaaS预算增长率是衡量我们业绩的一个更有意义的指标。

对于2020财年第二季度,过去12个月的SaaS账单增长率为33%。我们的剩余履约义务或RPO总计约为5.48亿美元。我们预计在未来12个月内将承认大约52%的RPO。第二季度的RPO受益于我们在本季度关闭的一些大型多年续约。请注意,RPO指标可能会受到合同期限和延期以及大型多年合同续订时间的影响。因此,尽管RPO提供了强大的可见性,但它可能会逐季波动。

我们在本季度的运营中产生了2090万美元的现金流亏损。从现金流的角度来看,我们的经营现金流量是根据我们历来因预订和现金收款时间而经历的季节性模式而波动的。然而,在年度基础上,我们确实预计会出现积极的趋势,并且在2021财年全年的经营现金流为正。

现在让我谈谈我们对第三季度和2020财年的财务前景。我们正在渗透一个大的可寻址市场,虽然我们对我们的机会感到非常兴奋,但我们希望在我们的指导下谨慎行事。对于第三季度,我们预计总收入将在9500万美元至9700万美元之间,比去年增长17%至20%。对于第三季度,我们预计SaaS收入将在7600万美元至7700万美元之间,比去年增长20%至22%。对于第三季度,我们预计非GAAP运营亏损将在350万美元至450万美元之间。对于第三季度,我们预计基本加权平均流通股数约为1.28亿。作为我们有净亏损期间的提醒,基本和稀释的份额是相同的。

对于2020财年,我们预计总收入将在3.85亿美元至3.88亿美元之间,比去年增长23%至24%。我们预计SaaS收入将在3.03亿美元至3.05亿美元之间,同比增长23%至24%,比2019财年的22%增长加速。...

As we shared with you during our road-show IPO, we are keenly focused on driving SaaS accelerated growth on an annual basis. However, there will be quarterly fluctuations in our year-over-year growth rates. For 2020, we expect non-GAAP operating loss to be between $9 million and $10.5 million. We expect other income and expense to be over $500,000 for each quarter and income taxes will be a little over $1 million per quarter. For the year, we expect basic weighted average shares outstanding to be between 83.5 million to 84 million shares. Finally, for the second of this year, we expect capital expenditures to be approximately $20 million related to data center expansion and the buildout of our customer briefing center in downtown San Francisco. In conclusion, we are very pleased with our second quarter performance.
Leslie and I will now take your questions. Operator?

正如我们在路演首次公开募股期间与您分享的那样,我们非常注重每年推动SaaS加速增长。 然而,我们的年同比增长率将出现季度波动。 对于2020年,我们预计非GAAP运营亏损将在900万美元至1050万美元之间。 我们预计每季度其他收入和支出将超过500,000美元,每季度所得税将略高于100万美元。 对于这一年,我们预计基本加权平均流通股将在8350万至8400万股之间。 最后,在今年的第二年,我们预计资本支出约为2000万美元,涉及数据中心扩展以及旧金山市中心客户简报中心的扩建。 总之,我们对第二季度的表现非常满意。

莱斯利和我现在将回答你的问题。操作?

问答环节

[Operator Instructions]. And your first question comes from Kash Rangan with Bank of America. Your line is open.

[操作员说明]。 你的第一个问题来自Kash Rangan和美国银行。 你的线是开放的。

Kash Rangan

Hi guys. Congratulations on your first quarter as a public company. Superb results. Leslie, a question for you. With respect to the new customer count, that comes in very, very strongly. And Roxanne, you talked about RPO growing also very, very strongly. So relative to when the company went public and certainly the message was it, look, this is an accelerating growth story, how much more confidence do you have in that overall hypothesis based on the customer add trends and what seems to be really very, very solid RPO add in the quarter? Does that leave you feeling just about on par with the confidence that you had at the time of the road-show? Are there certain things in the quarter as they unfolded with respect to these two counts that make you even more confident than you were at that point? And thank you so much. Congrats.

嗨,大家好。 祝贺你作为上市公司第一季度。 精湛的成绩。 莱斯利,给你一个问题。 关于新客户数量,非常非常强烈。 而Roxanne,你谈到RPO的发展也非常非常强烈。 因此,相对于公司何时上市,当然,信息就是这样,看,这是一个加速增长的故事,你对基于客户增加趋势的整体假设有多大信心,而且看起来真的非常非常 固态RPO在本季度增加? 这会让你感觉与你在路演时的信心相提并论吗? 本季度是否有某些事情,因为他们展开了这两个让你比那时更自信的罪名? 非常感谢你。 恭喜。

Leslie Stretch

Leslie Stretch

Great. Thanks Kash. Great questions. So I think there are several aspects to that. The partner business is really new. The mid-market business is really new and we see traction. I have just come back from a tour of Latin America where out of 20 odd meetings, I had CEO meetings with some of the biggest companies in Latin America. And we are clearly seen as the platform story as the modern machine learning customer experience transformational story and it's exciting. I am more confident, I feel great about our prospects. We have been adding sales people at a decent clip rate. It's getting the add and having more sales people and not leverage the channel. And I am quite pleased with the mid-market progress. It's pretty clear that our product has applicability across the range of spectrum, strata, size, customers. So I am very pleased in the new leadership in APAC and EMEA. It is new. We need to see that unfold. Those are strong businesses for us, but we are expecting some improvements on turbocharging from that leadership side. We feel even more confident. I am very pleased to be back at work and I am taking the opportunities. I think competitively, the distinction between us and the survey players is becoming very marked. That's very clear to me. So I think I will stop there.

大。谢谢卡什。好问题。所以我认为有几个方面。合作伙伴的业务真的很新。中端市场业务非常新,我们看到牵引力。我刚刚从拉丁美洲的一次旅行中回来,在20多次会议中,我与拉丁美洲的一些大公司举行过CEO会议。我们被视为平台故事,作为现代机器学习客户体验转型故事而且令人兴奋。我更有信心,我对我们的前景感到满意。我们一直在以合适的剪辑率增加销售人员。它正在增加并拥有更多的销售人员,而不是利用渠道。我对中端市场的进展感到非常满意。很明显,我们的产品适用于各种频谱,分层,规模和客户。所以我对APAC和EMEA的新领导感到非常高兴。它是新的。我们需要看到这一点。对我们来说这些都是强大的业务,但我们期待从这个领导方面对涡轮增压做出一些改进。我们感到更加自信。我很高兴回到工作岗位,我正抓住机会。我认为竞争激烈,我们与调查参与者之间的区别变得非常显着。这对我来说非常清楚。所以我想我会止步于此。

Roxanne Oulman

Roxanne Oulman

So Kash, I wanted to comment on RPO. So RPO was very strong in the quarter and we are at 52% as current. But one of the things I do want to highlight for you from an RPO perspective is we have some very large long term contracts and when we renew multi-year contracts that are several million dollars, you will see fluctuations in our RPO on a quarterly basis. But with that said, I am extremely pleased with our performance and we are very focused on a 25% to 30% SaaS revenue growth rate on a long term basis. And we think that is something that is achievable and we are executing towards.

所以Kash,我想评论一下RPO。 所以RPO在本季度表现非常强劲,目前为52%。 但我想从RPO的角度为你强调的一件事是,我们有一些非常大的长期合同,当我们续签数百万美元的多年合同时,你会看到我们的RPO每季度出现波动。 但话虽如此,我对我们的表现非常满意,并且我们非常关注长期基础上25%至30%的SaaS收入增长率。 我们认为这是可以实现的,我们正在朝着这个方向努力。

Kash Rangan

Wonderful. And one follow-up for you, Roxanne. The professional services revenues came in better than expected. Just curious what drove that? And when do you get through the investment and recoup the margins in a couple of quarters out? That's it from me. Thank you.

精彩。 还有一个跟进,Roxanne。 专业服务收入好于预期。 只是好奇是什么驱使了这个? 什么时候通过投资并在几个季度内收回利润? 这就是我的意思。 谢谢。

Leslie Stretch

Leslie Stretch

Now that just reflects the increased number of implementations. We still expect our partners to take a heavy load there. But that reflects the increased activity in the prior quarter as well.

现在,这只反映了增加的实现数量。 我们仍然期望我们的合作伙伴在那里承担沉重的负担。 但这也反映了上一季度活动的增加。

Roxanne Oulman

Roxanne Oulman

And from a margin perspective, as I shared in our prepared remarks, we are very focused on building out our partner ecosystem. And so that includes multiple things which includes our partners doing more on their paper and also as we introduce new partners working with them in a subcontracting capacity. And so you will see a downtick in our gross margin in the back half of the year.

从边缘角度来看,正如我在准备好的评论中所分享的那样,我们非常注重构建我们的合作伙伴生态系统。 因此,这包括多项内容,包括我们的合作伙伴在他们的论文上做得更多,以及我们介绍以分包合同身份与他们合作的新合作伙伴。 因此,您将看到今年下半年我们的毛利率下降。

会议主持员

And your next question is from Walter Pritchard with Citi. Your line is open.

你的下一个问题来自Walter Pritchard和花旗。 你的线是开放的。

Walter Pritchard

Thanks. First question. Just wonder if you could update us on the mid-market investments that you have been making around trying to get customers to be able to enter your product portfolio at a lower entry level?

谢谢。 第一个问题。 只是想知道您是否可以向我们介绍一下您试图让客户能够在较低入门级别进入您的产品组合的中端市场投资?

Leslie Stretch

Leslie Stretch

Yes. So I think I mentioned in the prepared remarks, we have a business that is addressing very small businesses. There is a number of intermediaries that are signing up individual businesses onto the platform and that has great growth. But also there is a product dimension to the mid-market. Our digital product can be sold standalone. Some of our other products can be sold standalone. And we added some, I mention a few logos, but we added Anaplan, Boston Pizza and Sonos. They don't think of themselves as mid-market. But those size of deals, those type of deals are becoming more common for us, because the survey players just fall short. People want the forward-looking platform. They want the messaging capabilities, the live time capabilities that we have talked about. Still early days with the mid-market business. And Rory has only been with us for two quarters, but I am very excited about our potential there.

是。 所以我想我在准备好的评论中提到,我们的业务是针对非常小的企业。 有许多中介机构正在将个人业务注册到平台上并且有很大的增长。 但是,中端市场还有一个产品维度。 我们的数码产品可以单独销售。 我们的其他一些产品可以单独出售。 我们添加了一些,我提到了一些标识,但我们添加了Anaplan,Boston Pizza和Sonos。 他们不认为自己是中端市场。 但是那些交易规模,这类交易对我们来说变得越来越普遍,因为调查参与者只是做空了。 人们想要前瞻性的平台。 他们想要消息传递功能,我们谈到的实时功能。 中产市场业务仍处于早期阶段。 而Rory只与我们在一起两个季度,但我对我们在那里的潜力感到非常兴奋。

Walter Pritchard

And then, Roxanne, just I understood what you said on the billings and the fluctuations there. I guess that was just probably a bigger fluctuation in deferred revenue than we were expecting, especially given the performance in RPO. Is it just as simple as you expected some of the billings and collections to come in on those large signings in the subsequent quarter? Or is some of the trend there in terms of volatility that's new?

然后,Roxanne,我理解你在账单上的说法和那里的波动。 我猜这可能是延期收入的波动比我们预期的要大,特别是考虑到RPO的表现。 是否就像您预期的一些账单和收款会在下一季度的大型签约中出现一样简单? 或者是波动性方面的一些趋势是新的?

Roxanne Oulman

Roxanne Oulman

No. The RPO portrays the level of confidence. Our customers have an extremely high level of confidence in us. And as a result, they are signing large multi-year renewals or expansion deals with us. So you will see that as our customers continue to sign multi-year renewals, that we will see fluctuations in our RPOs. So we are very pleased with the RPO for the quarter.

不。RPO描绘了自信心。 我们的客户对我们充满信心。 因此,他们正与我们签署大型多年续约或扩展协议。 因此,您将看到,随着我们的客户继续签署多年续订,我们将看到我们的RPO波动。 因此,我们对本季度的RPO非常满意。

Walter Pritchard

Okay. Thanks.

好的。 谢谢。

会议主持员

Your next question is from Phil Winslow with Wells Fargo. Your line is open.

你的下一个问题来自Phil Winslow和Wells Fargo。 你的线是开放的。

Phil Winslow

Yes. Thanks guys for taking my question and congrats on the first quarter out of the box. I just wanted to focus in on cross-sell, upsell. Why don't you give us some color and just what momentum you are seeing in any of the specific add-on modules, just maybe your expectations? And also just at the experience conference, you launched a lot more. Obviously it's still early days on those. But what's been sort of the early feedback on some of those newly launched add-ons? Thanks.

是。 谢谢你们提出我的问题并祝贺第一季开箱即用。 我只想专注于交叉销售,追加销售。 你为什么不给我们一些颜色,以及你在任何特定的附加模块中看到的动力,也许你的期望? 而且只是在体验大会上,你发起了更多。 显然它还处于早期阶段。 但是对于一些新推出的附加组件的早期反馈是什么? 谢谢。

Leslie Stretch

Leslie Stretch

Yes. Great. So I mentioned the conversations products in the prepared remarks, which is really taking-off. It's early days with the promoter technology. That's brand new. Customer success actually we did a number of new deals in the course of the customer success margin. Strikedeck that we announced at the conference, I am really pleased with the progress there. And those deal sizes are getting quite interesting for us as well. So a good first quarter out of the gate with the new products. And our roadmap is dynamic and we expect to be bringing some more to market in the upcoming quarters, before the end of this year.

是。 大。 所以我在准备好的评论中提到了对话产品,这些产品真的起飞了。 这是推广技术的早期阶段。 这是全新的。 客户成功实际上我们在客户成功利润的过程中做了一些新的交易。 我们在会议上宣布了Strikedeck,我对那里的进展感到非常满意。 这些交易规模对我们来说也变得非常有趣。 因此,新产品的第一季度就好了。 我们的路线图是动态的,我们希望在今年年底之前的未来几个季度将更多的产品推向市场。

Phil Winslow

Yes. Got it. And then one of the conferences you mentioned was Workday Rising coming up. Wondering if you also just give us an update on employee experience?

是。 得到它了。 然后你提到的其中一个会议就是Workday Rising。 想知道您是否也只是向我们提供员工体验的最新消息?

Leslie Stretch

Leslie Stretch

Yes. Employee experience, I am very happy with, I could classify that as a new solution. It's been run a little bit longer than some of the others we just talked about. But I am very pleased with the reception of our proposition there which is that employees and teams should be on the same platform as customers. They should have the same level of sophistication, the same communication capabilities and that's really resonating with our customers of all sizes. And some of our customers, actually new customers have actually started with team first and employee first, so getting great traction there.

是。 员工的经验,我很满意,我可以将其归类为一种新的解决方案。 它的运行时间比我们刚才谈到的其他一些运行时间要长一些。 但我很高兴接受我们的建议,那就是员工和团队应该和客户在同一个平台上。 它们应该具有相同的复杂程度,相同的通信能力,并且与我们各种规模的客户产生共鸣。 而我们的一些客户,实际上是新客户实际上已经开始以团队优先和员工为先,因此在那里获得了很大的吸引力。

Phil Winslow

Great. Thanks guys.

大。 多谢你们。

Roxanne Oulman

Roxanne Oulman

Thank you.

谢谢。

会议主持员

Your next question is from Brad Zelnick with Credit Suisse. Your line is open.

你的下一个问题来自瑞士信贷的Brad Zelnick。 你的线是开放的。

Brad Zelnick

Great. Thanks so much. Leslie and Roxanne, congrats to you and the team and all the success. Great quarter. First question I just have for Leslie. The volume of mobile messaging you talked about in your prepared remarks is simply staggering. Can you maybe expand on the value prop for messaging and the type of engagement and outcomes your customers are seeing when they engage via this channel?

大。 非常感谢。 Leslie和Roxanne,恭喜你和团队以及所有的成功。 伟大的季度。 我刚才为莱斯利提出的第一个问题。 您在准备好的评论中谈到的移动消息的数量简直是惊人的。 您是否可以扩展消息的价值支柱以及客户通过此渠道参与时所看到的参与类型和结果?

Leslie Stretch

Leslie Stretch

Yes. I mean it's a new channel for us. And so we have no predictions about those volumes and we were prepared for scale. So technically we are prepared, which is important. I think this is an unfolding story for us and it backs up our whole thesis that the world is moving way beyond the survey. And as I said, the post-experience survey is very important, it's critical. But the world is moving to live time messaging in every dimension. I went through some of the channels, WhatsApp, WeChat, Facebook conversations and so on and we expect to continually expand those channels.
And the appetite in our customers for those signals is incredible. You think about that number of message that I quoted, they are data elements, that's information about our customers that they never had. It's very powerful. And all of the benefits that flow from our traditional capabilities flow from the messaging signal. So we can understand sentiment. We can use that data to analyze themes just as we could traditional survey data. And so that's very powerful. Still very early days in the journey. And actually, we expect to talk about some more product enhancements around messaging in the coming quarters.
They are going to be just as exciting. Early days, let's see how it unfolds and understand fully the implications. But I don't see why any of our customers, I don't see how actually they can really live without the conversations technology. It's pretty clear. There is nobody, there is no domain, no business, no division within a company that we won't see benefit from a live time communication capability.

是。我的意思是这对我们来说是一个新的渠道。因此,我们没有关于这些数量的预测,我们已经为规模做好了准备。从技术上讲,我们已做好准备,这很重要。我认为这对我们来说是一个不断发展的故事,它支持我们的整个论点,即世界正在超越调查范围。正如我所说,经验后调查非常重要,这是至关重要的。但是世界正在转向各方面的实时信息。我浏览了一些频道,WhatsApp,WeChat,Facebook对话等等,我们期望不断扩展这些频道。

我们的客户对这些信号的兴趣令人难以置信。您可以考虑我引用的那些消息,它们是数据元素,这是我们从未拥有过的客户信息。它非常强大。我们传统功能带来的所有好处都来自消息传递信号。所以我们可以理解情绪。我们可以像传统的调查数据一样使用该数据来分析主题。所以这非常强大。旅程还很早。实际上,我们希望在接下来的几个季度中讨论围绕消息传递的更多产品增强功能。

他们将同样令人兴奋。早期,让我们看看它是如何展开并充分理解其含义的。但我不明白为什么我们的客户,我不知道如果没有对话技术,他们实际上是如何生活的。很清楚。没有人,没有域名,没有业务,没有公司内部的分工,我们不会从实时通信能力中受益。

Phil Winslow

It sounds very exciting. And maybe just for Roxanne to perhaps put a finer point on Kash's question and Walter's questions. How much of the customer growth that you saw this quarter is coming from mid-market versus enterprise customers?

听起来很刺激。 也许只是让罗克珊能够对卡什的问题和沃尔特的问题提出更好的观点。 您在本季度看到的客户增长有多少来自中端市场与企业客户?

Roxanne Oulman

Roxanne Oulman

So it's early days from a mid-market perspective. So we have seen a handful of customers come from the mid-market in the quarter. They are still primarily enterprise. As Leslie commented, Rory has been on-board and we have been focused on this mid-market initiative for a couple of quarters. We are really optimistic. In Leslie's prepared remarks, one of the things he talked about is the broader ecosystem that uses our product for smaller hotels, venues, sports venues and other things like that and those customers are not in our customer count at this point in time. But that represents another opportunity we have to continue to expand our customer base.

因此,从中端市场的角度来看,这是早期的。 因此,我们看到少数客户来自本季度的中端市场。 他们仍然主要是企业。 正如莱斯利评论的那样,罗里一直在船上,我们已经专注于这个中端市场计划,持续了几个季度。 我们非常乐观。 在Leslie准备的评论中,他谈到的一个问题是更广泛的生态系统,它将我们的产品用于小型酒店,场馆,体育场馆和其他类似的东西,而这些客户此时并不在我们的客户数量中。 但这代表了我们继续扩大客户群的另一个机会。

Phil Winslow

Great. It still sounds like a great opportunity. Thank you so much.

大。 它听起来仍然是一个很好的机会。 非常感谢。

Roxanne Oulman

Roxanne Oulman

Thank you.

谢谢。

会议主持员

Your next question is from Brian Schwartz with Oppenheimer & Co. Your line is open.

您的下一个问题来自Brian Schwartz和Oppenheimer&Co。您的行是开放的。

Brian Schwartz

Great. Thank you and congratulations on a great first quarter of results here. I had a couple of questions for you. Leslie, first I want to talk about the acceleration in the business here, maybe look at it from a different angle. I was wondering if you could share with us a little bit about the ramp of the quota-carrying sales reps? I know you have obviously made big investments there over the last year and this year. But can you talk about how the growth in the ramp sales headcount, how that's trending? And if you have any thoughts on how we should think about the growth for the entire year versus say last year? Even if you can't give us a specific number, maybe if you could just talk about the magnitude? And then I have a follow-up question. Thanks.

大。 谢谢你,祝贺你在第一季度取得了很好的成绩。 我有几个问题要问你。 莱斯利,首先我想谈谈这里业务的加速,也许从不同的角度来看待它。 我想知道你是否可以与我们分享一下配额销售代表的数量? 我知道你在去年和今年显然已在那里进行了大量投资。 但是,你能谈谈斜坡销售人员的增长情况,这是怎样的趋势? 如果你对我们应该如何考虑全年的增长情况有任何想法,而不是去年呢? 即使你不能给我们一个具体的数字,也许你可以谈谈这个数字? 然后我有一个后续问题。 谢谢。

Leslie Stretch

Leslie Stretch

Yes. That's a great question. I think that my big issue is getting the add backs. When we get the add backs, particularly in the large enterprises, we win. There is just nobody that offers our proposition and our value at this level or the technology, just no one. So it's getting to add back. So we have added, we are about 33% up in terms of quota-bearing sales capacity at the moment. And we said during the road-show that we would add 40% productive sales capacity this year. We are at least going to meet that.
The opportunities there is within our financial envelope that Roxanne is managing pretty tightly. So we are going to continue the investment through the rest of the year and we are on pace and quality. We are getting quality sales talent from other cloud companies. We had somebody recently come on-board and in the first six weeks of coming on-board did their number for the year with a brand new business cloud transactions. So we are very happy with that. It's a real number. So that type of thing is there for us. So we are going to continue to invest and do that 40% growth that we committed to.

是。这是一个很好的问题。我认为我的重大问题是获得补充。当我们得到补充,特别是在大型企业中,我们赢了。没有人提供我们的命题和我们在这个级别或技术上的价值,只有没有人。所以它会重新加入。所以我们补充一点,目前我们的配额销售能力约为33%。我们在路演期间表示,今年我们将增加40%的生产性销售能力。我们至少要去见那个。

在我们的财务范围内,Roxanne管理的机会非常紧密。所以我们将在今年余下的时间里继续投资,我们的步伐和质量都在提高。我们正在从其他云公司获得优质的销售人才。我们最近有人加入,并且在船上的前六周内,通过全新的业务云交易完成了他们今年的号码。所以我们对此非常满意。这是一个真实的数字。所以那种类型的东西适合我们。因此,我们将继续投资并实现我们承诺的40%的增长。

Brian Schwartz

Thank you. And then the follow-up question I had, Leslie, I just wanted to ask about the overall market adoption trend. So when we look back at the business, clearly the business is focused on the end-user experience. You have done it with consumerization. You have the real-time behavioral analytics and prediction engine and mobility is very front and center in the platform. And I noticed and you did mention in your commentary that Medallia is unrivaled by the competitors for really proficiency and scale. And so the question I wanted to just ask you from your vantage point, are the survey vendors, the legacy software vendors or any of the incumbents in this space, are they still stuck on focusing on a single data source or focusing on power users which really hasn't worked for them in other categories? And just wanted to kind of get a broader update on the adoption trends as you are adding these new logos and what you are hearing within your install base? Thanks.

谢谢。 然后是我的后续问题,Leslie,我只是想问一下整体市场采用趋势。 因此,当我们回顾业务时,业务显然是关注最终用户体验。 你已经用消费化完成了它。 您拥有实时行为分析和预测引擎,移动性是平台的前沿和中心。 我注意到你在评论中确实提到Medallia是竞争对手无与伦比的真正熟练和规模。 所以我想从你的角度来问你的问题是调查供应商,传统软件供应商或这个领域的任何现有企业,他们仍然专注于单一数据源或专注于高级用户 在其他类别真的没有为他们工作? 当您添加这些新徽标以及您在安装基础中听到的内容时,只是希望获得有关采用趋势的更广泛更新? 谢谢。

Leslie Stretch

Leslie Stretch

Yes. I think the survey vendors, whenever we see survey vendors present in an account it's always a good sign because at least the customer has made a first step. And they can kind of pave the way for us to come in and then offer the fully-fledged platform and capture all the modern live time signals and that takes big investment and Medallia had already made that, huge investment in the platform and that's beginning to pay-off.
And the other thing that I see is, I see them following us, I see them following our language and talking about some of our innovations. But actually these innovations are deep technical innovations that take time to season and work effectively at scale preserving privacy and security and I don't think they really understand the cost or dimension of that. But some of them do a good job in market research and that brings those customers to us.
So I am always happy to see a successful survey implementation in a customer whether it's our survey technology or somebody else, because then that leads people to the platform. But look at the messaging growth that we talked about, that's where the whole story is going. It's live time communication, taking all of that data, putting into the platform and then running our theme exploration technology across it to surface themes and intents of customers. That's where the heat of this business is today.

是。我认为调查供应商,每当我们看到调查供应商出现在账户中时,这总是一个好兆头,因为至少客户迈出了第一步。它们可以为我们铺平道路,然后提供成熟的平台并捕获所有现代实时信号,并且需要大量投资,而Medallia已经做到了这一点,对平台的巨额投资已经开始清偿。

我看到的另一件事是,我看到他们跟随我们,我看到他们遵循我们的语言并谈论我们的一些创新。但实际上,这些创新是深度技术创新,需要时间来调整和有效地大规模保护隐私和安全性,我认为他们并不真正了解其成本或维度。但他们中的一些人在市场研究方面做得很好,并将这些客户带到我们这里。

所以我总是很高兴看到客户成功的调查实施,无论是我们的调查技术还是其他人,因为这样可以引导人们进入平台。但是看看我们谈到的消息增长,这就是整个故事的发展方向。它是实时通信,将所有数据放入平台,然后在其中运行我们的主题探索技术,以表达客户的主题和意图。这就是今天这项业务的热度所在。

Brian Schwartz

Thank you very much.

非常感谢你。

Roxanne Oulman

Roxanne Oulman

Thank you.

谢谢。

会议主持员

Your next question is from Terry Tillman with SunTrust. Your line is open.

您的下一个问题来自Terry Tillman和SunTrust。 你的线是开放的。

特里蒂尔曼

Yes. Thanks and congrats from me as well. Hi Leslie and Roxanne and thanks for taking my questions. The first question, just maybe for you, Leslie. You talked about and we know historically hotels and hospitality is where the company got started and had it's early momentum. But I think you mentioned healthcare and insurance. So I would like to maybe hone-in on that. You called those two segments out. What was kind of the tipping point there or kind of why emphasizing that in terms of maybe those are some newer emerging verticals where the businesses are ramping? And then I had a follow-up.

是。 谢谢,也祝贺我。 嗨Leslie和Roxanne,感谢您提出我的问题。 第一个问题,也许对你而言,莱斯利。 您谈到了,我们知道历史上酒店和酒店是公司开始的地方,并且具有早期的发展势头。 但我认为你提到了医疗和保险。 所以我想也许可以磨练。 你把这两个部分叫做了。 有什么样的转折点或者为什么要强调那些可能是那些新兴的垂直行业,其中业务正在崛起? 然后我进行了跟进。

Leslie Stretch

Leslie Stretch

Yes. Okay. So I think having a solid geographic coverage is important for us, but the vertical model which is relatively new is really beginning to yield great dividends. Healthcare, I called out for several reasons. One that it's new and we had several really good size transactions, head-to-head transactions in the quarter, new business deals that we were very happy with, proving our proposition there.
But the second reason is that some verticals, I would say hospitality and healthcare, have a disproportionate network effect. And that is to say that when people use healthcare services, when they see the powered by Medallia feedback technologies, that branding in the hands of those consumers has a particularly potent effect is what we are seeing. So the network effect in hospitality, the promotions, the review sites and so on is very pronounced.
The network effect in healthcare also, because you think of some of the healthcare consumers, executives, corporate leaders, you see your branding and understand the impact that your technology would have in their business. That network effect for this category is something that, I think, is unique. I think we will see the same eventually in financial services and retail and transportation and travel. In travel, the network effect, we see is where certain partnerships take place.
Loyalty partnerships take place between airlines, car rental companies, hotels and so on. And surely they want to enjoy the same levels of feedback and so having the confidence to move around those areas and to offer our proposition to those linked companies, you can name some of them, the obvious ones that have clear partnerships with different businesses, all lining up the customer journey. That's where the network effect can be really potent for us. So that's why I called out healthcare.

是。好的。因此,我认为拥有稳固的地理覆盖范围对我们来说非常重要,但相对较新的垂直模型确实开始产生巨大的收益。医疗保健,我呼吁有几个原因。一个是新的,我们有几个非常好的规模交易,本季度的头对头交易,我们非常满意的新业务交易,证明了我们的主张。

但第二个原因是,一些垂直行业,我会说好客和医疗保健,具有不成比例的网络效应。也就是说,当人们使用医疗保健服务时,当他们看到Medallia反馈技术为动力时,那些消费者手中的品牌塑造就会产生特别有效的效果。因此,酒店,促销,评论网站等网络效应非常明显。

医疗保健领域的网络效应也是因为您想到了一些医疗保健消费者,管理人员,企业领导者,您会看到自己的品牌,并了解您的技术对其业务的影响。我认为,这类网络效应是独一无二的。我想我们最终会在金融服务,零售,运输和旅行方面看到同样的情况。在旅行中,网络效应,我们看到的是某些伙伴关系发生的地方。

忠诚度合作伙伴关系发生在航空公司,汽车租赁公司,酒店等之间。当然,他们希望享受相同级别的反馈,因此有信心在这些区域内移动并向这些联系公司提供我们的建议,您可以列举其中一些,明显与不同业务有明确合作关系的公司,所有排队客户之旅。这就是网络效应对我们来说真正有效的地方。所以这就是为什么我打电话给医疗保健。

特里蒂尔曼

Got it. Thanks for that. And I guess, Roxanne, the follow-up question relates to subscription billings. You pointed out while earlier in terms of just one quarter at a time gets you a lot of volatility. So TTM is equally important, if not more important. I am curious, so it does look like we have a tough comp for 3Q? I guess that's more of just an observation. But then as you see the business, does it still feel like there is the seasonality is most pronounced in the fourth quarter on billings? Thank you and nice job.

得到它了。 感谢那。 我猜,罗克珊,后续问题涉及订阅账单。 你指出,虽然早期只有一个季度,但你会有很多波动。 因此,TTM同样重要,如果不是更重要的话。 我很好奇,所以看起来我们对3Q有一个强硬的补偿? 我想这更像是一个观察。 但是当你看到这个业务时,它仍然觉得季节性在第四季度最为明显吗? 谢谢你,干得好。

Roxanne Oulman

Roxanne Oulman

Yes. Thank you Terry. So as I highlighted from a SaaS billings perspective, one of the reasons that we do look at the trailing 12-months, as I just think that's a better indicator of SaaS revenue growth rate. And yes, we do have tougher comps in the back half of the year. So thank you for highlighting that.
And what was the last part of your question, Terry? I apologize.

是。 谢谢你特里。 因此,我从SaaS账单的角度强调了我们看待过去12个月的原因之一,因为我认为这是SaaS收入增长率的更好指标。 是的,我们确实在今年下半年有更强硬的比赛。 谢谢你强调这一点。

你的问题的最后一部分是什么,特里? 我道歉。

特里蒂尔曼

Yes. No worries. You will get used to me. I usually have a three or four part question. But it is just related to that. You all are putting in and instituting a lot of like go-to-market best practices plus expanding sales capacity. But until some of those kind of irons in the fire really play out, should we think about the billings progression typically still being more back-end loaded where it's a big fourth quarter seasonal surge? Thank you.

是。 别担心。 你会习惯我的。 我通常会有三到四个问题。 但它与此有关。 你们都投入并制定了许多类似于市场最佳实践和扩大销售能力的方法。 但是,直到火灾中的某些铁杆确实发挥作用,我们是否应该考虑到第四季度季节性大幅增长的情况下,通常情况下仍然会有更多的后端装载? 谢谢。

Roxanne Oulman

Roxanne Oulman

Yes. So that's a great point, Terry. Because 40% of our billings occur in the last quarter and that's based on our historical performance. As we become more effective in the mid-market and as we ramp up the productivity of our sales force, you will see over time and it will take a while to do this, that we will hope we see less seasonability around our billings.

是。 这是一个很好的观点,特里。 因为我们40%的账单发生在上一季度,这是基于我们的历史表现。 随着我们在中端市场变得更加有效,并且随着我们提高销售人员的生产力,你会看到随着时间的推移,我们将需要一段时间才能做到这一点,我们希望我们看到我们的账单周期性较差。

特里蒂尔曼

Great. Thanks.

大。 谢谢。

会议主持员

Your next question is from Bhavan Suri with William Blair. Your line is open.

你的下一个问题来自Bhavan Suri和William Blair。 你的线是开放的。

Bhavan Suri

Hi guys. Thanks for taking my question and I will add my congratulations here. I guess I wanted to touch a little bit on the managed services business in conjunction with the partner strategy. I understand it's early but Leslie, as you think about how that plays out, do you think that the partners, there is set of partners that end up doing sort of managed services? You alluded there is a little bit in terms of the mid-market, but I wonder if it plays on the enterprise too for some guys that want to sort of manage and deal with the whole process as this transition from just basic sort of initial customer experience to post-activity, post-actionable intelligence happens. I would love to get your thoughts on sort of like, is there a managed service play for these guys, because obviously that then enhances their ability and their willingness to go sort of sell and propagate and drive reach for the solution?

嗨,大家好。 感谢您提出我的问题,我将在此表示祝贺。 我想我想与合作伙伴战略一起探讨托管服务业务。 我明白这是早期的,但Leslie,当你考虑如何发挥作用时,你认为合作伙伴,有一组合作伙伴最终会做一些托管服务吗? 你提到中端市场有一点点,但我想知道它是否也适用于那些想要管理和处理整个流程的人,因为这只是从基本的初始客户转变而来 经验丰富,后可动作的情报发生。 我很想得到你的想法,这些人是否有管理服务游戏,因为很明显,这会增强他们的能力和他们愿意出售和传播并推动解决方案的范围?

Leslie Stretch

Leslie Stretch

Yes. Bhavan, I think that's a key to our growth. I think already we have several key partners directly on our sub-contract basis doing some of those managed services. I think we have to shine a light on the potential there. And our customer momentum is such that we can't possibly cover all the opportunities. So we are tooling up with Accenture, with Deloitte and with a number of boutique partners that can help us that are really superb and regional partners, I was just with our partner CX team down in Latin America, fantastic partner down there. We couldn't cover anything like the territory that we do without our partnership. So I expect that to continue to grow over time, yes.

是。 Bhavan,我认为这是我们成长的关键。 我认为我们已经有几个主要合作伙伴直接在我们的分包合同基础上做了一些托管服务。 我认为我们必须对那里的潜力有所了解。 我们的客户动力是这样的,我们不可能涵盖所有的机会。 因此,我们正在与埃森哲合作,与Deloitte以及许多精品合作伙伴合作,这些合作伙伴可以帮助我们成为真正卓越的区域合作伙伴,我只是与我们在拉丁美洲的合作伙伴CX团队合作,在那里成为了极好的合作伙伴。 没有我们的伙伴关系,我们无法涵盖我们所做的领域。 所以我希望随着时间的推移继续增长,是的。

Bhavan Suri

Great. And I just wanted to, I know, there's a couple of questions asked on the sales force. You obviously made some changes there, brought all the talent, realigned territories, et cetera. You are adding quota-carrying capacity. I guess as you look at and you mentioned you had one salesperson sort of ramp really quickly, are you seeing a speed in general of time which they are ramping? Or if you were to look at deal velocity, do you think sort of given you re-jiggered sort of the size of the deals and sort of the bite-size pieces that potentially deal velocity has changed at all? Love to get some color on how you think about that?

大。 我只是想知道,对销售人员提出了几个问题。 你显然在那里做了一些改变,带来了所有的才能,重新调整的领域,等等。 您正在添加配额承载能力。 我想当你看到并且你提到你有一个销售人员的舷梯真的很快,你是否看到他们正在加速的一般时间的速度? 或者,如果你要看一下交易速度,你是否认为有点像你重新交易的交易大小和一点一点的可能交易速度变化的一块? 喜欢对你的想法有所了解吗?

Leslie Stretch

Leslie Stretch

I think it's early days. I think definitely in the last couple of quarters, we have seen that. I mentioned that example we brought up. It's early days. But just intuitively, the fact that we are prepared to meet the customers where they are and I think I have done a fairly detailed analysis, I should tell you in the last year of win/loss data for the company which we always do very rigorously. And there are very, very few situations where it's been a feature function of technology loss.
It's typically been a purely handled commercial negotiation or kind of just in the sales risk faction and we are just helping our sales people, coaching them get better, stay at the table and negotiate effectively and don't lose for silly commercial reasons, be sensible with customers, meet them where they are. That's definitely changed the velocity. There was no doubt about that. And the fact that we have modulized the products, I can sell individual products is really changing the trajectory, the timing of deals. Again, let's keep our feet on the ground. Early days. I am very pleased with the progress, yes.

我认为这是早期的事情。我想在过去的几个季度里,我们已经看到了这一点。我提到了我们提出的那个例子。这是早期的事情。但直观地说,事实上我们已经准备好迎接他们所在的客户并且我认为我做了相当详细的分析,我应该在去年告诉你公司的赢/输数据我们总是非常严格地做。并且极少数情况下它是技术损失的特征功能。

它通常是一个纯粹处理的商业谈判或仅仅在销售风险派中,我们只是帮助我们的销售人员,指导他们变得更好,留在桌面并有效谈判,不要因为愚蠢的商业原因而失败,是明智的与客户在一起,满足他们。这肯定改变了速度。毫无疑问。事实上,我们已经模块化产品,我可以出售个别产品,这实际上正在改变轨迹,交易的时机。再一次,让我们保持脚踏实地。早些年。我对进展感到非常满意,是的。

Bhavan Suri

Yes. Absolutely. Great progress and thanks for taking my questions, guys.

是。 绝对。 伙计们,我的问题取得了很大的进步和感谢。

Roxanne Oulman

Roxanne Oulman

Thank you.

谢谢。

会议主持员

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

您的下一个问题来自Scott Berg和Needham&Company。 你的线是开放的。

Scott Berg

Hi Leslie and Roxanne. Congrats on a good quarter. I have two questions. I guess, Leslie, to start off on the international side. Roxanne mentioned 25% of your revenues are coming internationally, outside of the U.S. year-to-date. But are you seeing the use cases in those international customers be the same here as you do your domestic customers? Or do they use the technologies differently today?

嗨Leslie和Roxanne。 祝贺季度好。 我有两个问题。 我猜,莱斯利,从国际方面开始。 Roxanne提到,25%的收入来自美国以外的国际收入。 但是,您是否看到这些国际客户的使用案例与您的国内客户相同? 或者他们今天使用不同的技术?

Leslie Stretch

Leslie Stretch

I think we are seeing very similar use cases now across industries. We did some great telco transactions in the first half of the year in Europe and in Germany, in particular and we are seeing the same use cases that we see here. It's really important that we have and if you look at the deck that was issued today, slides, you will see the category leaders that we have as customers. It's much, I mean it's never easy, but it's much easier to have the category leaders as real customers. I don't mean just tiny little deals, but real customers, who are really using the platform and signals. It's much easier than to go into the other, if you have the top three or four banks and top three or four insurance companies, that story is much stronger for sales people than having the bottom three or four, right? And then so I think that just helps us in Europe in particular. But also I mentioned in Latin America, we have got great traction with some of the best brands in Latin America. That's great opportunities there, very underserved by this category. And then with our new leadership in APAC, we have been doing some great business. We are doing some of our first decent deals in Japan. Very excited about the progress that we are making there.

我认为我们现在看到各个行业的用例非常相似。我们在今年上半年在欧洲和德国做了一些很棒的电信交易,特别是我们看到了我们在这里看到的相同用例。这对我们来说非常重要,如果你看一下今天发布的套牌幻灯片,你会看到我们作为客户所拥有的类别领导者。这很多,我的意思是它从来都不容易,但让类别领导者成为真正的客户要容易得多。我并不仅仅意味着小小的交易,而是真正的客户,他们真正使用平台和信号。这比进入另一个银行要容易得多,如果你有三四家银行和前三四家保险公司,这个故事对于销售人员来说要比排在倒数第三或第四位更强,对吗?然后我认为这对欧洲尤其有帮助。但我在拉丁美洲也提到过,我们对拉丁美洲的一些最好的品牌有很大的吸引力。这是一个很好的机会,这个类别的服务非常不足。然后,凭借我们在亚太地区的新领导,我们一直在做一些伟大的业务。我们正在日本做一些首批体面的交易。对我们在那里取得的进展感到非常兴奋。

Scott Berg

Okay. Got it. And then just a follow-up on the net dollar retention rate in the quarter. I know, Roxanne, you had mentioned it was 119% which is above last year's number, at least for the annual number. But is there any difference in composition of the upsells maybe today versus a year ago? Does it purely just speaks on the same customer experience module? Or are you seeing customers may be more frequently being able expand their offerings in the other suites that you have? Thanks.

好的。 得到它了。 然后只是对本季度净美元保留率的跟进。 我知道,Roxanne,你曾提到它是119%,高于去年的数字,至少是年度数字。 但今天加价的构成与一年前相比有什么不同吗? 它纯粹只是说同一个客户体验模块吗? 或者您是否看到客户可能更频繁地在您拥有的其他套房中扩展其产品? 谢谢。

Roxanne Oulman

Roxanne Oulman

So historically, we were more focused on expanding across the channels or the business within our current customer base. And as we put some of our new go-to-market initiatives in place and we have expanded additional product offerings, as Leslie talked about, our conversations product or CX360 product, so on and so forth, this has really opened the opportunities for us to go beyond the current, go beyond just cross-selling to the divisions, but also selling some additional products. So we have seen a nice blend of both during the quarter.

因此,从历史上看,我们更专注于在当前客户群中扩展渠道或业务。 当我们实施一些新的市场推广计划时,我们已经扩展了其他产品,正如Leslie谈到的那样,我们的会话产品或CX360产品,等等,这真的为我们提供了机会 超越当前,不仅仅是交叉销售到各个部门,还销售一些额外的产品。 所以我们在本季度看到了两者的完美结合。

Scott Berg

Great. Very helpful. I will jump back in the queue. Thank you.

大。 很有帮助。 我会跳回队列。 谢谢。

Roxanne Oulman

Roxanne Oulman

Thank you.

谢谢。

会议主持员

Your next question is from Chad Bennett with Craig-Hallum. Your line is open.

你的下一个问题来自Chad Bennett和Craig-Hallum。 你的线是开放的。

Chad Bennett

Great. Thanks for taking my questions. So it looks like Jimmy is working his magic in the service business, which is good to see. I guess maybe I think a few analysts have took a stab at this. Just I know you don't want to get into, Roxanne, you don't want to get into kind of quarterly billings and stuff like that. But just from a seasonal standpoint, if we look at the deferred revenue line, both overall and then the SaaS portion, I think typically in the third quarter, it's kind of flattish to down. I guess, would you expect the same this year directionally?

大。 谢谢你回答我的问题。 所以看起来吉米正在服务业中发挥他的魔力,这很好看。 我想也许我认为一些分析师已经采取了这种做法。 只是我知道你不想进入,Roxanne,你不想进入那种季度账单和类似的东西。 但从季节性的角度来看,如果我们看一下递延收入线,无论是整体还是SaaS部分,我认为通常在第三季度,它会有点平淡下来。 我想,你会期望今年定向相同吗?

Roxanne Oulman

Roxanne Oulman

So, yes, as I highlighted, I would expect that our third quarter SaaS deferred will be down slightly and then in Q4, we will see an uptick because I shared previously about 40% of our billings occurs in Q4.

所以,是的,正如我强调的那样,我预计我们的第三季度SaaS延期将略有下降,然后在第四季度,我们将看到上涨,因为我之前共享的约40%的账单发生在第四季度。

Chad Bennett

Okay. And then if we look at, maybe a question for Leslie, if you look at over 50% of your customer base north of a 1,000 employees or users, can you give us an idea where today they are in terms of either kind of average number of signals that customer base uses or products? And then maybe give us a glimpse of where that could be in the next couple of years or where you at least kind of target that to be in the next couple of years? Thanks.

好的。 然后,如果我们看一下,对Leslie来说可能是一个问题,如果你看一下1000多名员工或用户以外的50%以上的客户群,你能不能告诉我们今天它们的平均数是多少? 客户群使用的信号或产品? 然后可能会让我们一瞥未来几年的情况,或者至少在接下来的几年中你的目标是什么? 谢谢。

Leslie Stretch

Leslie Stretch

Yes. So it's a great question. So I think we mentioned on the road-show, two to three products on average across the customer base. Intuitively, that's expanding. I think we have nine, 10 useful products that everyone should have, in our view. So our marketing campaigns through to our sales motion are about and cross-sell are about adding those products. I mentioned some really, everybody should have digital combined with the basic survey capability. Everybody should have the conversations technology, in my view.
But the whole thesis that we talk about with customers of platform and signal and why would you have somebody providing you with a survey technology, somebody else with a digital technology, it doesn't make any sense, because you still are going to capture those signals and run the theme exploration technology and analysis technology over them. And so it's very compelling for our customers.
We just had one very large customer actually send a notice to a number of other providers including a survey provider and a text messaging provider and asked them to ensure that those signals, those data elements are incorporated into the value platform that they use as their core customer experience platform. And I think that that's going to happen again and again and again. It's an important part of our proposition with our customers.
So our ambition is to get everybody at full boat, everything, 10 modules. But right now, we are making steady progress adding tons of cross-sell opportunity.

是。所以这是一个很好的问题。因此,我认为我们在路演中提到,客户群中平均有两到三种产品。直观地说,这正在扩大。在我们看来,我认为每个人都应该拥有9种有用的产品。因此,我们的营销活动直至我们的销售动议,并且交叉销售是关于添加这些产品。我真的提到过,每个人都应该将数字与基本的调查能力相结合。在我看来,每个人都应该有对话技术。

但是我们与平台和信号客户谈论的整篇论文以及为什么你会有人为你提供调查技术,其他人使用数字技术,这没有任何意义,因为你仍然要捕获那些信号并运行主题探索技术和分析技术。因此,它对我们的客户非常有吸引力。

我们只有一个非常大的客户实际上向包括调查提供商和短信提供商在内的许多其他提供商发送通知,并要求他们确保这些信号,这些数据元素被合并到他们用作核心的价值平台中客户体验平台。而且我认为这将会一次又一次地发生。这是我们与客户共同提出的重要部分。

因此,我们的目标是让每个人都满载,一切,10个模块。但是现在,我们正在稳步前进,增加了大量的交叉销售机会。

Chad Bennett

Very interesting on that customer. Great job on the quarter. Thanks.

对那个客户非常有趣。 这个季度工作很棒。 谢谢。

Leslie Stretch

Leslie Stretch

Thank you.

谢谢。

会议主持员

Your next question is from Richard Baldry with ROTH Capital. Your line is open.

你的下一个问题来自Richard Baldry和ROTH Capital。 你的线是开放的。

Richard Baldry

Thanks. I got a little challenge joining. So I hope this wasn't covered before. But sort of curious your thoughts on going beyond 10 products. You have brought in someone to work in biz development that you had a lot of experience buying companies with. You have got a lot more resources, both in terms of an equity market cap that's pretty strong and post-IPO cash. So any thoughts on the pace to expect on acquisition, size, scale, strategic, other customer bases? Just some things that we should kind of be looking for milestones ahead? Thanks.

谢谢。 我加入了一点挑战。 所以我希望以前没有涉及到这一点。 但有点好奇你对超越10种产品的想法。 你带来了一个从事商业开发的人,你有很多购买公司的经验。 您拥有更多的资源,无论是在股票市场上限还是在IPO后的现金上。 那么对收购,规模,规模,战略和其他客户群的期望速度有何看法? 我们应该在寻找未来里程碑的一些事情吗? 谢谢。

Leslie Stretch

Leslie Stretch

Yes. Great. So we have added I think three tuck-ins already this year. You should expect, I think, two or three more before the end of the year. They have to be right. They has to be relevant. Our criteria is they have to be solid financially. They have to have decent growth. They have to have customer traction. And hopefully customers that we know. But we have a nice pipeline.
And then one of the things strategically to point out is that we see other companies that are really aggregations of survey vendors. In many cases, many, many survey companies, all lumped together into one thing. That's not, we don't believe in that. Our GP is to innovate. We have already got that technology down pat. We are the best of it. Our duty is to innovate beyond that and give our customers more value through live time messaging, better machine learning. These are the types of technologies without giving too much away that we are really interested in.
So you should expect a couple more before the end of the year, maybe more. And we are not transformational acquirers. Never say never to anything. But you are right, we have a very strong balance sheet. We have got plenty of firepower to get the things that we really want.

是。大。所以我们已经补充说,我认为今年已经有三个进口了。我认为,在今年年底之前,你应该期待两到三次。他们必须是正确的。它们必须具有相关性。我们的标准是他们必须在财务上坚实。他们必须有适当的增长。他们必须有客户牵引力。希望我们知道的客户。但我们有一个很好的管道。

然后战略性地指出的一点是,我们看到其他公司真正聚集了调查供应商。在许多情况下,许多调查公司都集中在一起。那不是,我们不相信。我们的GP是创新的。我们已经掌握了这项技术。我们是最好的。我们的职责是超越创新,通过实时信息,更好的机器学习为客户提供更多价值。这些是技术类型,没有给我们真正感兴趣的太多。

所以你应该在今年年底前期待更多,或许更多。我们不是转型收购者。永远不要说任何事情。但你是对的,我们有一个非常强大的资产负债表。我们有足够的火力来获得我们真正想要的东西。

Richard Baldry

Okay. And just sort of curious for Roxanne side maybe. If customers come back and are adding modules and things and re-contracting sort of mid-contract, does that become a renewal on a different time frame then? Or does it stay with the original? The reason I am asking is sort of curious at this fourth quarter surge in renewals that really hits the receivables in deferred and then it amortizes off the first half of the next year. If that pattern would change at all under a scenario in which there is a lot of people doing add-on modules? Thanks.

好的。 而且对Roxanne方面也许有点好奇。 如果客户回来并且正在添加模块和东西并重新签订合同中的合同,那么这会在不同的时间框架内成为更新吗? 还是留在原版? 我之所以要问的原因是对第四季度的续约激增有点好奇,这些续约确实会推迟到期的应收账款,然后在明年上半年摊销。 如果在很多人在做附加模块的情况下,这种模式会发生什么变化? 谢谢。

Roxanne Oulman

Roxanne Oulman

Yes. That's a great question, Rich, because we see customers who will come in and because they already have a large presence with us and now they are adding on to it, they may want to take what they are buying and they may want to co-term that to their contract or they may want to go the other way and co-term their entire contract rather than just a new purchase. So that does create some variability and when you are working with enterprise companies of this size, it's important that we are flexible around that. So that's one of the things.
And then specifically back to the RPO piece is that when we have large multi-year renewals, we will see fluctuations because we could have had three months left on that RPO and then the customer comes and does a five-year renewal so that we will see some ups and downs.
The other thing that ties to the RPO and the billings that I would like to highlight is, as I shared we do have a 12-month trailing billings growth rate of 33%. But our go-to-market initiatives that we put in place, we really started putting those in place in the back half of last year. So as a result, our comps do get tougher. So I do expect that this overall 12-months trailing SaaS billings growth rate will decline somewhat as we go into the back half of the year, just because of these tougher comps.
But with that said, as I have shared previously, we are very focused on this being an accelerated SaaS revenue growth rate. You can see that in the guidance that we have given you of 23% to 24% for the year. And we think that the natural growth rate on a longer term basis is 25% and above.

是。这是一个很好的问题,Rich,因为我们看到客户会进来,因为他们已经与我们有很大的关系,现在他们正在加入它,他们可能想要采取他们正在购买的东西,他们可能想要合作对于他们的合同或者他们可能想要采取另一种方式来共同使用他们的整个合同而不仅仅是新的购买。这确实会产生一些变化,当你与这种规模的企业公司合作时,重要的是我们要灵活应对。这就是其中之一。

然后特别回到RPO的一篇文章是,当我们进行大量的多年续订时,我们会看到波动,因为我们可能已经有三个月的时间在该RPO上,然后客户来了并做了五年续订,这样我们就会看到一些起伏。

与RPO和我想强调的账单有关的另一件事是,正如我所说,我们确实有12个月的跟踪账单增长率为33%。但是我们实施的上市计划,我们真的开始在去年下半年推出这些计划。因此,我们的比赛确实变得更加艰难。因此,我确实预计,随着我们进入今年下半年,这个整整12个月的SaaS账单增长率将会有所下降,仅仅是因为这些更加严格的补偿。

但正如我之前所说的那样,我们非常关注这是加速SaaS收入增长率。你可以在我们给你的指导中看到全年23%到24%。我们认为长期自然增长率为25%及以上。

Richard Baldry

Great. Thanks.

大。 谢谢。

Roxanne Oulman

Roxanne Oulman

Thank you.

谢谢。

会议主持员

Your next question is from Tom Roderick with Stifel. Your line is open.

你的下一个问题来自Tom Roderick和Stifel。 你的线是开放的。

汤姆罗德里克

Yes. Hi guys. Thank you for taking my questions and I will echo the sentiments here by offering up congratulations on a very nice first quarter out of the gate. I wanted for my first question here to you Leslie and you have got a number of questions regarding the cross-sell and up-sell path. But I am very curious as to how customers are adopting and reacting to the artificial intelligence you put into the platform over the years and noticed you have now included a churn prediction and improvement suggestions that has rolled into the platform just more recently. Can you talk about how customers are asking you to include that? How they are embracing AI? And to the extent that it's having an impact on pricing and ARPU in the products that they are buying, would love to hear about that as well.

是。 嗨,大家好。 感谢您提出我的问题,我将在这里表达对第一季度非常好的第四季度的祝贺。 我想问你Leslie的第一个问题,你有很多关于交叉销售和向上销售路径的问题。 但我非常好奇客户如何采用并对多年来投入平台的人工智能作出反应,并注意到您现在已经包含了最近刚刚进入平台的流失预测和改进建议。 你能谈谈顾客如何要求你加入吗? 他们如何拥抱AI? 并且,如果它对他们购买的产品中的定价和ARPU产生影响,那么也很乐意听到这一点。

Leslie Stretch

Leslie Stretch

So the overall machine learning capability, we should talk about is Athena. And Athena gives us the ability to analyze all of signals as we have said beyond the survey. And I think we are getting real traction in our customer base. There is also a major part of differentiation in new business head-to-head. And I would argue that a couple of the deals we talked about, we are actually brought to fruition at our experience event and that was a big reason for them understanding of how machine learning can process all of that data quickly in live time and create predictive offers, predictive outcomes, predict churn and so on. It is a very powerful proposition and it's not easy to do.
We can do it now. I would say, we put a lot of time and money into the technology and we are continually refining it. I think the other dimension that they realize is, the sooner they acquire it, the sooner the learning models become mature and more effective. So the longer that you deploy that technology across the data sets that we now consume, the more powerful it becomes. That's really an important point here and it's important for our sales people in their selling motions communicate that effectively to our customers.
I can't see a single series customer that can really do without the technology. And the rate of new innovation is to take it from beyond just looking at unstructured survey responses to look at text messages, WeChat, WhatsApp, whatever the signal maybe that we are bringing into the platform.

所以整体机器学习能力,我们应该谈论的是雅典娜。正如我们在调查之外所说的那样,雅典娜让我们能够分析所有信号。我认为我们在客户群中获得了真正的吸引力。新业务的差异化也是主要的差异化因素。而且我认为我们谈到的一些交易,实际上是在我们的体验活动中实现的,这是他们了解机器学习如何在实时快速处理所有数据并创建预测的一个重要原因提供,预测结果,预测流失等。这是一个非常强大的命题,并不容易做到。

我们现在可以做到。我想说,我们在技术上投入了大量的时间和金钱,我们正在不断完善它。我认为他们意识到的另一个方面是,越早获得它,学习模型越早成熟,越有效。因此,在我们现在使用的数据集中部署该技术的时间越长,它就越强大。这真的是重要的一点,对我们的销售人员来说,他们的销售动作对我们的客户有效沟通非常重要。

如果没有这项技术,我无法看到一个真正能够做到的系列客户。而新的创新速度就是从非结构化的调查回应中看到它,看看短信,微信,WhatsApp,无论我们带入平台的信号是什么。

汤姆罗德里克

Really helpful. Thank you for that. Roxanne, my second question is for you. And I don't mean to beat this RPO deferred revenue topic to death, but it certainly seems that you are getting a lot of questions here around seasonality of deferred and that will build nicely into the fourth quarter. As you take a step back and I think all software investors are sort of learning the importance of RPO, but it differs by company. Do you have a preference for which metric you think is more indicative of the business trends? Would you rather us emphasize RPO? Would you rather us emphasize the longer term deferred trends? And to the extent that RPO is important, how should we think about how that builds throughout the rest of the year as well? Thank you guys.

真有帮助。 谢谢你。 Roxanne,我的第二个问题是给你的。 而且我并不是要将这个RPO延期收入主题推向死亡,但看起来你肯定会在延迟的季节性问题上得到很多问题,这将很好地构建到第四季度。 当你退后一步时,我认为所有软件投资者都在了解RPO的重要性,但它因公司而异。 您是否偏好您认为哪个指标更能反映商业趋势? 您是否愿意我们强调RPO? 您是否愿意我们强调长期延期趋势? 在RPO很重要的程度上,我们应该如何考虑在今年剩余时间内如何构建RPO? 感谢你们。

Roxanne Oulman

Roxanne Oulman

So Tom, that's a great question. Our particular case, we only have three data points from an RPO perspective. And I think you have to look at both items together. Because when I look at RPO, you see two things. One, you see the current portion, but more importantly, you see the longer term piece and you see essentially what our committed book-of-business is.
Now when you look at our trailing 12-months SaaS billings growth rate, that is more indicative of the shorter term and the current portion. So I think you have to look at both of those. And as time goes on and more companies and us specifically have more RPO data and we are able to look at things over a year-over-year basis, we will be able to evaluate which metric we think you should look at. But at this point in time, my recommendation from Medallia is that you consider both metrics.

汤姆,这是一个很好的问题。 我们的具体情况是,从RPO的角度来看,我们只有三个数据点。 而且我认为你必须同时看两个项目。 因为当我看RPO时,你会看到两件事。 一,你看到了当前的部分,但更重要的是,你看到了长期的部分,你基本上看到了我们承诺的商业书籍。

现在,当您查看我们过去12个月的SaaS账单增长率时,这更能说明短期和当前部分。 所以我认为你必须看看这两个。 随着时间的推移,越来越多的公司和我们专门拥有更多的RPO数据,并且我们能够逐年查看事物,我们将能够评估我们认为您应该关注的指标。 但是到目前为止,我对Medallia的推荐是你同时考虑这两个指标。

汤姆罗德里克

Excellent. Thank you guys. I appreciate it. Nice job.

优秀。 感谢你们。 我很感激。 不错的工作。

Roxanne Oulman

Roxanne Oulman

Thank you.

谢谢。

会议主持员

We have time for one more question. Our last question is from James Rutherford with Stephens, Inc. Your line is open.

我们还有时间再问一个问题。 我们的最后一个问题来自James Rutherford和Stephens,Inc ..您的专线是开放的。

James Rutherford

Hi. Thanks. Good afternoon, Leslie and Roxanne and appreciate you squeezing me in here. A couple from me. First, Leslie for you. You talked about your investments in growth prospects on the international front. You sounded really positive there. I was just curious what you are seeing in terms of your oUS pipeline. Is there anything in those forward-looking metrics in terms of the macro that would give you any pause? Or if the secular trends and kind of your go-to-market efforts are strong enough to propel the business despite some of the things that we all hear in the headlines every day?

你好。 谢谢。 下午好,Leslie和Roxanne,感谢你在这里挤我。 一对夫妇来自我。 首先,莱斯利为你。 您谈到了您在国际方面对增长前景的投资。 你在那里听起来非常积极。 我只是很好奇你所看到的oUS管道。 这些具有前瞻性的指标在宏观方面是否有任何可以让你暂停的东西? 或者,尽管我们每天都在头条新闻中听到一些事情,但是你的市场化趋势和市场努力的强度足以推动业务发展?

Leslie Stretch

Leslie Stretch

Well, I know, I think the size that we are, there is no excuse in the macro. We are relatively small today with a massive addressable market. And actually, people are more acute about their existing customers, how to understand them, retain them and cross-sell to them than ever before. And also customer loyalty is at an all-time low out there in the B2C world, because people have more choices and they can act quickly, digitally in the palm of their hand on their mobile. So it's more acute to have a technology that really understands and informs you about your customers.
In fact, some companies are, well, I didn't name any of them, but some companies that we do business with are companies that are recovering positions. They are beginning to turn to growth. They are beginning to look acutely at their existing customer base. So I don't worry about that. So I don't worry about the European situation. We are just too small of the addressable opportunity impact at this stage. There is a ton.
My biggest concern is being of having more of that and having the right quality coverage through our partner model and through our direct sales people, that's the key. That's what we are focusing our building investments on at the moment. We need more high-quality sales people around the world. We need more vertical knowledge. We need more solutions engineers. We need more of everything. The opportunity is huge. And so I think, we are in good shape there.
I am going to spend some time in Q4 in Europe. We just put new leadership there. EMEA is a very strong business for us. The potential gets just better. I mentioned my Latin American tour. I just returned from there. And then in APAC, we did our first kind of really significant transactions in Japan. We have great growth opportunity in APAC. So we are of a size of company where we are growing, we are investing and we are not kind of ignoring all of the things that happen, but it's going to happen all the time. At the size we are, ton of opportunity.

好吧,我知道,我认为我们的规模,宏观上没有任何借口。我们今天相对较小,拥有庞大的可寻址市场。事实上,人们对现有客户更加敏锐,如何理解他们,保留他们并以前所未有的方式交叉销售。在B2C世界中,客户忠诚度也处于历史最低水平,因为人们有更多的选择,他们可以在手机上以数字方式迅速采取行动。因此,拥有一种真正理解并向您通报客户的技术会更加尖锐。

事实上,有些公司,我没有说出任何一个公司,但我们做生意的一些公司是正在恢复头寸的公司。他们开始转向增长。他们开始敏锐地关注他们现有的客户群。所以我不担心。所以我不担心欧洲的情况。在这个阶段,我们对可寻址的机会影响太小了。有一吨。

我最关心的是通过我们的合作伙伴模式和直销人员获得更多,并获得正确的质量保证,这是关键。这就是我们目前关注的建筑投资。我们需要更多高质量的销售人员遍布全球。我们需要更多的垂直知识。我们需要更多的解决方案工我们需要更多的东西。机会很大。所以我认为,我们在那里状态良好。

我将在第四季度在欧洲度过一段时间。我们只是在那里建立新的领导。 EMEA对我们来说是一项非常强大的业务。潜力变得更好。我提到了我的拉美之旅。我刚从那里回来。然后在亚太地区,我们在日本进行了第一次非常重要的交易。我们在亚太地区拥有巨大的增长机会。因此,我们的公司规模在增长,我们正在投资,我们不会忽视所有发生的事情,但它会一直发生。我们的规模很大,机会很多。

James Rutherford

Okay. That's helpful. And then Roxanne, a follow-up for you. I know this is clearly a growth story. I do want to touch on margins, just kind of to help get the long term model right. You are guiding, I see, for around negative 2%, negative 3% op margins in fiscal 2020. That's really nice improvement year-over-year. Can you just talk a little bit about the few of the drivers for that expansion? And just how you think about the tenor of that sort of long term march up to your margin framework of 20%-plus over the long term? Thank you very much.

好的。 这很有帮助。 然后Roxanne,你的后续行动。 我知道这显然是一个成长故事。 我想触及边距,只是为了帮助长期模型正确。 我认为,你指导的是,在2020财年,负利率为2%左右,3%的运营利润率为负。这是非常好的同比改善。 你能谈一谈这个扩展的几个驱动因素吗? 那么你如何看待长期这种长期走向20%-plus的保证金框架? 非常感谢你。...

Roxanne Oulman

Roxanne Oulman

Absolutely. So when you look at the improvements from a year-over-year perspective, we have been very focused on how to redirect the funds that we are spending while becoming much more efficient from a cost perspective. And some of the things that we have done is we did in the first quarter, we did some facility termination of our headquarters and you will see that and we saw that in our prospectus and you will see some of that still in our 10-Q when it's filed. And that has had significant savings and it also has allowed us to redirect and go-to-market.
And I have a very prudent financial approach. And when I look at things and when I assess things, what I am looking at it is, does it enhance our product or does it improve our ability to sell? And those are the things that we are focused on. And we are very focused and we believe that it is important that we become self-sufficient and that means that we are profitable and we generate cash. And as I shared in our remarks that for fiscal 2021, we intend to be cash flow positive. And so those are the things that we are focused on in aligning.
Now as you look at longer term basis, at our long term model. In our long term model, we have projected it over five years from now. This will be a gradual uptick to the 20% or above from an operating margin perspective. But when I look at the growth opportunities that we have in this large TAM and our ability to invest in go-to-market while continuing to show operational efficiencies and leverage, I feel that we will be able to make this gradual uptick. And to that point, I am highly confident in that.

绝对。因此,当您从逐年的角度看待改进时,我们一直非常关注如何重新定向我们所花费的资金,同时从成本角度提高效率。我们所做的一些事情是我们在第一季度完成的,我们在总部设立了一些设施,你会看到这一点,我们在招股说明书中看到了这一点,你会看到我们的10-Q中还有一些什么时候提交。这已经有了很大的节省,它也使我们能够重定向并进入市场。

我有一个非常审慎的财务方法。当我看到事物,当我评估事物时,我正在研究的是,它是否会增强我们的产品或提高我们的销售能力?这些都是我们关注的事情。我们非常专注,我们相信,我们变得自给自足,这意味着我们有利可图,并且我们会产生现金。正如我在2021财政年度的评论中所说,我们打算以现金流为主。所以这些是我们在调整时所关注的事情。

现在,从长远来看,我们的长期模型。在我们的长期模型中,我们预计它将在五年后推出。从营业利润率的角度来看,这将逐步上升至20%或以上。但是,当我看到我们在这个大型TAM中的增长机会以及我们在继续展示运营效率和杠杆作用的同时投资上市的能力时,我觉得我们将能够逐步提升这一点。到那时,我对此非常有信心。

James Rutherford

Excellent. Thanks and congrats again.

优秀。 再次感谢并祝贺。

Roxanne Oulman

Roxanne Oulman

Thank you very much.

非常感谢你。

会议主持员

Ladies and gentlemen, this does conclude the Q&A period. I will now turn it back over to Leslie for any closing remarks.'

女士们,先生们,这确实是问答时间的结束。 我现在将把它转回莱斯利的任何结束语。

Leslie Stretch

Leslie Stretch

Sure. Thanks everyone for joining us today on our first public earnings call and we have just begun. We got a great runway ahead of us. It's very exciting to talk with you all. We look forward to seeing you in the coming quarters at conferences in face-to-face and carrying the Medallia message. Great stuff. Thank you.

当然。 感谢大家今天加入我们的第一次公开财报,我们刚刚开始。 我们前面有一条很棒的跑道。 与大家交谈非常激动人心。 我们期待在接下来的几个季度与您见面,并面对面传播Medallia的信息。 好东西。 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。

相关问题

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  • MDLA 财务报告

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