{"id":1677,"date":"2022-06-07T21:49:48","date_gmt":"2022-06-07T12:49:48","guid":{"rendered":"https:\/\/1up-life.blog\/?p=1677"},"modified":"2022-06-07T21:49:48","modified_gmt":"2022-06-07T12:49:48","slug":"%e3%82%af%e3%83%bc%e3%83%91%e3%82%bd%e3%83%95%e3%83%88%e3%82%a6%e3%82%a7%e3%82%a2-coup2023%e5%b9%b4%e7%ac%ac1%e5%9b%9b%e5%8d%8a%e6%9c%9f%e6%b1%ba%e7%ae%97%e8%aa%ac%e6%98%8e%e4%bc%9a","status":"publish","type":"post","link":"https:\/\/1up-life.blog\/?p=1677","title":{"rendered":"\u30af\u30fc\u30d1\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2 (COUP)2023\u5e74\u7b2c1\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a"},"content":{"rendered":"

\u30af\u30fc\u30d1\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2 (COUP)2023\u5e74\u7b2c1\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002<\/p>\n

\u6c7a\u7b97\u306f\u4e00\u5fdc\u30af\u30ea\u30a2\u3057\u3066\u3044\u307e\u3059\u304cQ2\u30ac\u30a4\u30c0\u30f3\u30b9\u3092\u30df\u30b9\u3057\u3066\u304a\u308a\u5fae\u5999\u306a\u5185\u5bb9\u3067\u3057\u305f\u306d\u3002\u30d3\u30b8\u30cd\u30b9\u7cfbSaaS\u306f\u53b3\u3057\u3044\u72b6\u6cc1\u306e\u3088\u3046\u3067\u3059\u3002<\/p>\n

\u682a\u4fa1\u3082\u305d\u308c\u3092\u53cd\u6620\u3057\u3066\u3044\u308b\u306e\u304b\u4e0b\u843d\u304c\u9177\u3044\u3067\u3059\u3002\u4eca\u306e\u3068\u3053\u308d\u4e0a\u304c\u3063\u3066\u3044\u304f\u72b6\u6cc1\u3068\u306f\u601d\u3048\u306a\u3044\u3067\u3059\u306d\u3002<\/p>\n

\uff0a\u524d\u56de\u306e2022\u5e74\u7b2c4\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306f\u3053\u3061\u3089<\/a>\u3067\u3059\u3002<\/p>\n

\"\u30af\u30fc\u30d1\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2

\u30af\u30fc\u30d1\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2 (COUP)\u682a\u4fa1<\/p><\/div>\n

\u30af\u30fc\u30d1\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2 (COUP)2023\u5e74\u7b2c1\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a<\/strong><\/span><\/p>\n

Call participants:
\nSteven Horwitz — Vice President, Investor Relations
\nRob Bernshteyn — Chief Executive Officer
\nTony Tiscornia — Chief Financial Officer
\nMatt VanVliet — BTIG — Analyst
\nKeith Weiss — Morgan Stanley — Analyst
\nRaimo Lenschow — Barclays — Analyst
\nAlex Zukin — Wolfe Research — Analyst
\nSiti Panigrahi — Mizuho Securities — Analyst
\nBrad Sills — Bank of America Merrill Lynch — Analyst
\nBrian Peterson — Raymond James — Analyst
\nPeter Levine — Evercore ISI — Analyst
\nGabriela Borges — Goldman Sachs — Analyst
\nTerry Tillman — Truist Securities — Analyst
\nMichael Turrin — Wells Fargo Securities — Analyst
\nJoe Vafi — Canaccord Genuity
\nRyan MacDonald — Needham and Company — Analyst
\nTaylor McGinnis — UBS — Analyst
\nRobert Simmons — D.A. Davidson — Analyst
\nMore COUP analysis<\/p>\n

2022\u5e7406\u670806\u65e5\u5348\u5f8c4\u664230\u5206\uff08\u7c73\u56fd\u6771\u90e8\u6642\u9593\uff09<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u3053\u3093\u306b\u3061\u306f\u3001\u7686\u69d8\u3001\u30af\u30fc\u30d1\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2\u306e2023\u5e74\u5ea6\u7b2c1\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306b\u3088\u3046\u3053\u305d\u3002\u672c\u65e5\u306e\u96fb\u8a71\u4f1a\u8b70\u306e\u53f8\u4f1a\u306f\u3001Steven Horwitz\u3067\u3059\u3002\u73fe\u5728\u3001\u53c2\u52a0\u8005\u306e\u7686\u69d8\u306f\u3001\u30ea\u30b9\u30cb\u30f3\u30b0\u30fb\u30aa\u30f3\u30ea\u30fc\u30fb\u30e2\u30fc\u30c9\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u5f8c\u307b\u3069\u3001\u8cea\u7591\u5fdc\u7b54\u30bb\u30c3\u30b7\u30e7\u30f3\u3092\u5b9f\u65bd\u3057\u307e\u3059\u3002<\/p>\n

\u305d\u308c\u3067\u306f\u3001\u53f8\u4f1a\u306e\u30db\u30fc\u30a6\u30a3\u30c3\u30c4\u6c0f\u306b\u901a\u8a71\u3092\u5f15\u304d\u7d99\u304e\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u59cb\u3081\u3066\u304f\u3060\u3055\u3044<\/p>\n

\u30b9\u30c6\u30a3\u30fc\u30d6\u30f3\u30fb\u30db\u30fc\u30a6\u30a3\u30c3\u30c4 — \u30a4\u30f3\u30d9\u30b9\u30bf\u30fc\u30fb\u30ea\u30ec\u30fc\u30b7\u30e7\u30f3\u30ba\u62c5\u5f53\u526f\u793e\u9577
\n\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002Coupa Software\u306e\u7b2c1\u56db\u534a\u671f\u30b3\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30fb\u30b3\u30fc\u30eb\u3092\u304a\u697d\u3057\u307f\u304f\u3060\u3055\u3044\u3002\u672c\u65e5\u306f\u3001Coupa\u306eCEO\u3067\u3042\u308bRob Bernshteyn\u3068\u3001CFO\u3067\u3042\u308bTony Tiscornia\u304c\u53c2\u52a0\u3057\u307e\u3059\u3002\u672c\u65e5\u306e\u767a\u8a00\u306b\u306f\u3001\u30ac\u30a4\u30c0\u30f3\u30b9\u3068\u5c06\u6765\u306e\u696d\u7e3e\u3001\u6226\u7565\u3001\u5e02\u5834\u898f\u6a21\u3001\u88fd\u54c1\u3001\u7af6\u4e89\u529b\u3001\u6f5c\u5728\u7684\u306a\u6210\u9577\u6a5f\u4f1a\u306b\u95a2\u3059\u308b\u5c06\u6765\u4e88\u6e2c\u306b\u95a2\u3059\u308b\u8a18\u8ff0\u304c\u542b\u307e\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u5b9f\u969b\u306e\u696d\u7e3e\u306f\u3001\u3055\u307e\u3056\u307e\u306a\u8981\u7d20\u306b\u3088\u308a\u3001\u3053\u308c\u3089\u696d\u7e3e\u898b\u901a\u3057\u3068\u306f\u5927\u304d\u304f\u7570\u306a\u308b\u7d50\u679c\u3068\u306a\u308a\u3046\u308b\u3053\u3068\u3092\u3054\u627f\u77e5\u304a\u304d\u304f\u3060\u3055\u3044\u3002\u5c06\u6765\u4e88\u60f3\u306b\u95a2\u3059\u308b\u8a18\u8ff0\u306f\u3001\u5f53\u793e\u304c\u6700\u8fd1\u63d0\u51fa\u3057\u305f10-K\u306b\u8a18\u8f09\u3055\u308c\u3066\u3044\u308b\u30ea\u30b9\u30af\u3084\u4e0d\u78ba\u5b9f\u6027\u3001\u4eee\u5b9a\u3092\u542b\u3093\u3067\u3044\u307e\u3059\u3002\u3053\u308c\u3089\u306e\u5c06\u6765\u898b\u901a\u3057\u306b\u95a2\u3059\u308b\u8a18\u8ff0\u306f\u3001\u73fe\u6642\u70b9\u306b\u304a\u3051\u308b\u5f53\u793e\u306e\u898b\u89e3\u3068\u4eee\u5b9a\u306b\u57fa\u3065\u304f\u3082\u306e\u3067\u3042\u308a\u3001\u5f53\u793e\u306f\u5c06\u6765\u898b\u901a\u3057\u306b\u95a2\u3059\u308b\u8a18\u8ff0\u3092\u66f4\u65b0\u3059\u308b\u3044\u304b\u306a\u308b\u7fa9\u52d9\u3082\u8ca0\u308f\u306a\u3044\u3082\u306e\u3068\u3057\u307e\u3059\u3002\u3053\u306e\u96fb\u8a71\u4f1a\u8b70\u304c\u672c\u65e5\u4ee5\u964d\u306b\u518d \u958b\u3055\u308c\u305f\u5834\u5408\u3001\u63d0\u793a\u3055\u308c\u305f\u60c5\u5831\u306f\u6700\u65b0\u304b\u3064\u6b63\u78ba\u306a\u60c5\u5831\u3092\u542b\u3093\u3067\u3044\u306a\u3044\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002
\n\u307e\u305f\u3001\u5f53\u793e\u306f\u3001GAAP\u65b9\u5f0f\u3068\u975eGAAP\u65b9\u5f0f\u306e\u4e21\u65b9\u306e\u8ca1\u52d9\u6307\u6a19\u3092\u8868\u793a\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u3089\u306e\u8ca1\u52d9\u6307\u6a19\u306e\u8abf\u6574\u8868\u306f\u672c\u65e5\u306e\u6c7a\u7b97\u767a\u8868\u306b\u542b\u307e\u308c\u3066\u304a\u308a\u3001\u5f53\u793e\u306eIR\u30a6\u30a7\u30d6\u30b5\u30a4\u30c8\u306b\u3066\u3054\u89a7\u3044\u305f\u3060\u3051\u307e\u3059\u3002\u307e\u305f\u3001\u672c\u901a\u8a71\u306f\u518d\u653e\u9001\u3055\u308c\u308b\u4e88\u5b9a\u3067\u3059\u3002\u7279\u306b\u65ad\u308a\u306e\u306a\u3044\u9650\u308a\u3001\u524d\u5e74\u540c\u671f\u3068\u306e\u6bd4\u8f03\u306f\u884c\u3063\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n

\u305d\u308c\u3067\u306f\u3001\u30ed\u30d6\u306b\u96fb\u8a71\u3092\u3064\u306a\u304e\u307e\u3059\u3002<\/p>\n

Rob Bernshteyn — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3001\u30b9\u30c6\u30a3\u30fc\u30d6\u30f3\u3002\u7686\u3055\u3093\u3001\u3088\u3046\u3053\u305d\u3002\u305d\u3057\u3066\u3001\u7686\u3055\u3093\u3001\u3054\u53c2\u52a0\u3044\u305f\u3060\u304d\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u4eca\u65e5\u306f\u30cb\u30e5\u30fc\u30e8\u30fc\u30af\u306e\u30aa\u30d5\u30a3\u30b9\u304b\u3089\u3001\u7b2c1\u56db\u534a\u671f\u306e\u696d\u7e3e\u306b\u3064\u3044\u3066\u304a\u8a71\u3057\u3067\u304d\u308b\u3053\u3068\u3092\u3046\u308c\u3057\u304f\u601d\u3044\u307e\u3059\u3002\u304a\u5ba2\u69d8\u306e\u524d\u306b\u623b\u308a\u3001\u5bfe\u9762\u5f0f\u306e\u30ea\u30a2\u30eb\u30bf\u30a4\u30e0\u306e\u30bb\u30c3\u30b7\u30e7\u30f3\u3067\u30b3\u30e9\u30dc\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u884c\u3044\u3001Coupa\u3067\u884c\u3063\u3066\u3044\u308b\u3053\u3068\u3092\u5b8c\u5168\u306b\u7406\u89e3\u3057\u3066\u3044\u305f\u3060\u304f\u3053\u3068\u304c\u3067\u304d\u305f\u306e\u306f\u3001\u7d20\u6674\u3089\u3057\u3044\u3053\u3068\u3067\u3057\u305f\u3002<\/p>\n

\u79c1\u305f\u3061\u306f\u3001\u304a\u5ba2\u69d8\u306b\u30d3\u30b8\u30cd\u30b9\u652f\u51fa\u306e\u53ef\u8996\u5316\u3001\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u3001\u654f\u6377\u6027\u3092\u63d0\u4f9b\u3057\u3001\u30d0\u30c3\u30af\u30aa\u30d5\u30a3\u30b9\u696d\u52d9\u306b\u304a\u3051\u308b\u9577\u671f\u7684\u306a\u57fa\u790e\u7684\u306a\u5f3e\u529b\u6027\u306e\u69cb\u7bc9\u3092\u652f\u63f4\u3057\u3001\u30d3\u30b8\u30cd\u30b9\u306b\u30d7\u30e9\u30b9\u306e\u7d50\u679c\u3092\u3082\u305f\u3089\u3059\u6226\u7565\u7684\u3067\u30c7\u30fc\u30bf\u99c6\u52d5\u578b\u306e\u610f\u601d\u6c7a\u5b9a\u3092\u884c\u3046\u305f\u3081\u306e\u529b\u3092\u4e0e\u3048\u3066\u3044\u307e\u3059\u3002\u5f53\u793e\u306e\u696d\u7e3e\u306b\u3064\u3044\u3066\u3001\u307e\u305a\u300153\u671f\u76ee\u3068\u306a\u308b\u5f53\u56db\u534a\u671f\u306e\u8ca1\u52d9\u30cf\u30a4\u30e9\u30a4\u30c8\u3092\u3054\u8aac\u660e\u3057\u307e\u3059\u3002\u7b2c1\u56db\u534a\u671f\u306f\u30011\u51047,800\u4e07\u30c9\u30eb\u306e\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u53ce\u5165\u3092\u542b\u3080\u30011\u51049,600\u4e07\u30c9\u30eb\u306e\u7dcf\u53ce\u5165\u3092\u9054\u6210\u3057\u307e\u3057\u305f\u3002\u5f53\u56db\u534a\u671f\u306e\u8a08\u7b97\u4e0a\u306e\u8acb\u6c42\u984d\u306f1\u51048,800\u4e07\u30c9\u30eb\u3067\u3057\u305f\u3002<\/p>\n

\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u30fb\u30de\u30fc\u30b8\u30f3\u306f\u3001\u5f53\u56db\u534a\u671f\u304a\u3088\u307312\u30f6\u6708\u7d2f\u8a08\u306723\uff05\u3068\u306a\u308a\u3001\u518d\u3073\u597d\u8abf\u306a\u7d50\u679c\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u5f53\u793e\u306f\u3001\u5f37\u529b\u306a\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u3092\u5275\u51fa\u3059\u308b\u3068\u540c\u6642\u306b\u3001\u6210\u9577\u6a5f\u4f1a\u3092\u6d3b\u304b\u3059\u305f\u3081\u306e\u601d\u616e\u6df1\u3044\u6295\u8cc7\u3092\u7d99\u7d9a\u7684\u306b\u884c\u3063\u3066\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u904e\u53bb13\u5e74\u9593\u306b\u308f\u305f\u308a\u4e8b\u696d\u904b\u55b6\u3092\u884c\u3044\u3001\u5e38\u306b\u5909\u5316\u3059\u308b\u6642\u4ee3\u306e\u4e2d\u3067\u30c0\u30a4\u30ca\u30df\u30c3\u30af\u304b\u3064\u6a5f\u654f\u306b\u884c\u52d5\u3057\u3066\u304d\u307e\u3057\u305f\u3002\u79c1\u305f\u3061\u306f\u3001\u30af\u30e9\u30b9\u6700\u9ad8\u306e\u30e6\u30cb\u30c3\u30c8\u30a8\u30b3\u30ce\u30df\u30fc\u3068\u8ca9\u58f2\u52b9\u7387\u3001\u305d\u3057\u3066\u5f37\u529b\u306a\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u6307\u6a19\u3092\u7dad\u6301\u3057\u306a\u304c\u3089\u3001\u6709\u610f\u7fa9\u306a\u30c8\u30c3\u30d7\u30e9\u30a4\u30f3\u306e\u6210\u9577\u3092\u63a8\u9032\u3057\u7d9a\u3051\u3066\u3044\u307e\u3059\u3002
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\u7b2c2\u56db\u534a\u671f\u306b\u5411\u3051\u3066\u3001\u79c1\u305f\u3061\u306f\u6210\u9577\u3092\u4fc3\u9032\u3059\u308b\u305f\u3081\u306b\u3001\u4e8b\u696d\u3078\u306e\u601d\u616e\u6df1\u3044\u6295\u8cc7\u3092\u7d9a\u3051\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u6210\u9577\u3068\u3068\u3082\u306b\u3001\u30af\u30e9\u30b9\u6700\u9ad8\u306e\u30e6\u30cb\u30c3\u30c8\u30a8\u30b3\u30ce\u30df\u30af\u30b9\u3092\u80cc\u666f\u306b\u3001\u30bb\u30fc\u30eb\u30b9\u30fb\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u306e\u52b9\u7387\u6027\u3068\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u30fb\u30de\u30fc\u30b8\u30f3\u3082\u5f53\u793e\u306e\u8ca1\u52d9\u5b9f\u7e3e\u306e\u4e3b\u8981\u306a\u67f1\u3068\u3057\u3066\u512a\u5148\u3057\u3066\u3044\u307e\u3059\u3002\u904e\u53bb5\u5e74\u9593\u3001\u79c1\u305f\u3061\u306f8\uff05\u304b\u308923\uff05\u306e\u8abf\u6574\u5f8c\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u30fb\u30de\u30fc\u30b8\u30f3\u3092\u5b9f\u73fe\u3057\u307e\u3057\u305f\u3002\u5f53\u793e\u306f\u6210\u9577\u3092\u91cd\u8996\u3057\u306a\u304c\u3089\u3082\u3001\u9577\u671f\u76ee\u6a19\u3067\u3042\u308b\u8abf\u6574\u5f8c\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u30fb\u30de\u30fc\u30b8\u30f330\uff05\u304b\u308935\uff05\u306b\u5411\u3051\u3001\u4eca\u5f8c\u3082\u614e\u91cd\u306b\u6295\u8cc7\u3092\u7d9a\u3051\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n

\u5f53\u56db\u534a\u671f\u672b\u306e\u73fe\u91d1\u306f\u3001\u524d\u671f\u6bd45,700\u4e07\u30c9\u30eb\u5897\u306e7\u51048,600\u4e07\u30c9\u30eb\u3067\u3057\u305f\u3002\u7b2c1\u56db\u534a\u671f\u306e\u300c\u30eb\u30fc\u30eb\u30fb\u30aa\u30d6\u30fb40\u300d\u306f41\uff05\u3067\u3001\u5f53\u793e\u306f\u5f15\u304d\u7d9a\u304d\u3001\u529b\u5f37\u3044\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u30de\u30fc\u30b8\u30f3\u3092\u4f34\u3046\u6709\u610f\u7fa9\u306a\u6210\u9577\u3092\u5b9f\u73fe\u3059\u308b\u80fd\u529b\u3092\u5b9f\u8a3c\u3057\u3066\u3044\u307e\u3059\u3002\u306a\u304a\u3001\u300c\u30eb\u30fc\u30eb40\u300d\u3068\u306f\u3001\u58f2\u4e0a\u9ad8\u6210\u9577\u7387\u306b\u5f53\u8a72\u671f\u9593\u306e\u8abf\u6574\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u30fb\u30de\u30fc\u30b8\u30f3\u3092\u52a0\u3048\u305f\u3082\u306e\u3068\u5b9a\u7fa9\u3057\u3066\u3044\u307e\u3059\u3002\u4ee5\u4e0b\u306f\u3001\u7b2c1\u56db\u534a\u671f\u306e\u305d\u306e\u4ed6\u306e\u91cd\u8981\u306a\u30c7\u30fc\u30bf\u30dd\u30a4\u30f3\u30c8\u3067\u3059\u3002<\/p>\n

\u5f53\u56db\u534a\u671f\u306f\u3001\u30d7\u30ed\u30d5\u30a7\u30c3\u30b7\u30e7\u30ca\u30eb\u30fb\u30b5\u30fc\u30d3\u30b9\u304a\u3088\u3073\u305d\u306e\u4ed6\u306e\u53ce\u5165\u3068\u3057\u30661,800\u4e07\u7c73\u30c9\u30eb\u3092\u8a08\u4e0a\u3057\u307e\u3057\u305f\u3002\u6628\u5e74\u306e\u7b2c1\u56db\u534a\u671f\u306f\u30012,700\u4e07\u30c9\u30eb\u3092\u8a08\u4e0a\u3057\u307e\u3057\u305f\u3002\u3053\u306e\u6e1b\u5c11\u306f\u3001\u3053\u308c\u307e\u3067\u306b\u3082\u5f37\u8abf\u3057\u3066\u304d\u305f\u3088\u3046\u306b\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u5c0e\u5165\u4f5c\u696d\u3092Coupa\u306e\u30d1\u30fc\u30c8\u30ca\u30fc\u306b\u79fb\u884c\u3057\u3001\u5f93\u6765\u306e\u671f\u9593\u30e9\u30a4\u30bb\u30f3\u30b9\u5951\u7d04\u3092\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u306b\u5909\u66f4\u3059\u308b\u3053\u3068\u3092\u8a08\u753b\u3057\u3066\u3044\u308b\u305f\u3081\u3067\u3059\u3002\u4eca\u5e74\u306e\u7b2c1\u56db\u534a\u671f\u306f\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u3001\u30d7\u30ed\u30b5\u30fc\u30d3\u30b9\u3001\u30e9\u30a4\u30bb\u30f3\u30b9\u306e\u53ce\u76ca\u304c360\u4e07\u30c9\u30eb\u3067\u3057\u305f\u3002<\/p>\n

\u3053\u308c\u306f\u3001\u6628\u5e74\u306e\u7b2c1\u56db\u534a\u671f\u304c860\u4e07\u30c9\u30eb\u3067\u3042\u3063\u305f\u3053\u3068\u3068\u6bd4\u8f03\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u304b\u3089\u306e\u30d7\u30ed\u30d5\u30a7\u30c3\u30b7\u30e7\u30ca\u30eb\u30fb\u30b5\u30fc\u30d3\u30b9\u53ce\u5165\u306e\u524d\u5e74\u540c\u671f\u6bd4\u6e1b\u5c11\u306e\u5f71\u97ff\u306f\u3001\u5f53\u793e\u306e\u7dcf\u53ce\u5165\u6210\u9577\u7387\u306b\u7d04400\u30d9\u30fc\u30b7\u30b9\u30dd\u30a4\u30f3\u30c8\u306e\u5f71\u97ff\u3092\u4e0e\u3048\u307e\u3057\u305f\u3002\u5f8c\u307b\u3069\u8aac\u660e\u3057\u307e\u3059\u304c\u3001\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u306e\u8acb\u6c42\u306b\u95a2\u3059\u308b\u8a73\u7d30\u306b\u3064\u3044\u3066\u306f\u3001\u5f53\u793e\u306e\u4e8b\u696d\u306e\u6839\u672c\u7684\u306a\u5065\u5168\u6027\u3092\u3088\u308a\u53cd\u6620\u3059\u308b\u3082\u306e\u3067\u3042\u308b\u305f\u3081\u3001\u4eca\u5f8c\u8ffd\u52a0\u3067\u304a\u77e5\u3089\u305b\u3059\u308b\u4e88\u5b9a\u3067\u3059\u3002\u307e\u305f\u3001\u5f53\u56db\u534a\u671f\u306e\u7dcf\u5951\u7d04\u66f4\u65b0\u7387\u306f\u300194\uff05\u304b\u308996\uff05\u306e\u4e00\u8cab\u3057\u305f\u904e\u53bb\u6700\u9ad8\u6c34\u6e96\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n

\u30c9\u30eb\u30d9\u30fc\u30b9\u306e\u62e1\u5927\u7387\u306f 110 \u304b\u3089 112 \u306e\u7bc4\u56f2\u306b\u3042\u308a\u307e\u3059\u3002\u5f53\u56db\u534a\u671f\u672b\u306e\u5e74\u9593\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u53ce\u5165\u304c 10 \u4e07\u30c9\u30eb\u4ee5\u4e0a\u306e\u9867\u5ba2\u6570\u306f 1,441 \u540d\u3067\u3001\u524d\u5e74\u540c\u671f\u6bd4 27\uff05\u5897\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u305d\u3057\u3066\u3001\u5f53\u56db\u534a\u671f\u672b\u306eRPO\u306f\u524d\u5e74\u540c\u671f\u6bd435\uff05\u5897\u306e13\u5104\u30c9\u30eb\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u305d\u308c\u3067\u306f\u3001\u30ac\u30a4\u30c0\u30f3\u30b9\u306b\u79fb\u308a\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

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\u307e\u305f\u3001\u70ba\u66ff\u30ec\u30fc\u30c8\u304c\u73fe\u5728\u306e\u30ec\u30fc\u30c8\u3068\u540c\u7a0b\u5ea6\u306b\u63a8\u79fb\u3059\u308b\u3068\u306e\u524d\u63d0\u3092\u30ac\u30a4\u30c0\u30f3\u30b9\u306b\u7e54\u308a\u8fbc\u3080\u3053\u3068\u306b\u3088\u308a\u3001\u7b2c 2 \u56db\u534a\u671f\u53ca\u3073\u901a\u671f\u306e\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u53ce\u5165\u53ca\u3073\u8ab2\u91d1\u984d\u306e\u696d\u7e3e\u306b 100bp \u304b\u3089 300bp \u306e\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u898b\u8fbc\u307f\u3067\u3042\u308b\u3053\u3068\u3082\u4f75\u305b\u3066\u304a\u77e5\u3089\u305b\u3057\u307e\u3059\u3002\u7b2c1\u56db\u534a\u671f\u306b\u4e88\u5b9a\u3088\u308a\u65e9\u304f\u767a\u751f\u3057\u305f1,000\u4e07\u30c9\u30eb\u306e\u66f4\u65b0\u304c\u7b2c2\u56db\u534a\u671f\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u306a\u3044\u3053\u3068\u3092\u8003\u616e\u3057\u3001\u5b9a\u984d\u4f7f\u7528\u58f2\u4e0a\u9ad8\u306e\u898b\u901a\u3057\u3092\u3001\u307e\u305a23\u5e74\u5ea6\u4e0a\u534a\u671f\u306e\u898b\u901a\u3057\u3092\u8aac\u660e\u3059\u308b\u3053\u3068\u306b\u3088\u308a\u3001\u6b63\u5e38\u5316\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u300223\u5e74\u5ea6\u4e0a\u534a\u671f\u306e\u5b9a\u984d\u4f7f\u7528\u58f2\u4e0a\u9ad8\u306f\u3001\u5831\u544a\u30d9\u30fc\u30b9\u3067\u306f\u7d0425\uff05\u3001\u6052\u5e38\u70ba\u66ff\u30ec\u30fc\u30c8\u30d9\u30fc\u30b9\u3067\u306f26\uff05\u304b\u308928\uff05\u306e\u4f38\u3073\u3092\u898b\u8fbc\u3093\u3067\u3044\u307e\u3059\u3002\u3053\u306e\u30c7\u30fc\u30bf\u306b\u3064\u3044\u3066\u306f\u3001\u3053\u308c\u307e\u3067\u516c\u8868\u3057\u3066\u3044\u307e\u305b\u3093\u3067\u3057\u305f\u304c\u3001\u6628\u5e74\u5ea6\u521d\u3081\u306e\u5b9a\u671f\u8cfc\u5165\u306e\u58f2\u4e0a\u9ad8\u306e\u63a8\u79fb\u3092 \u3054\u5831\u544a\u3057\u307e\u3059\u3002<\/p>\n

22 \u5e74\u5ea6\u306e\u5b9a\u984d\u4f7f\u7528\u6599\u306f\u3001\u7b2c 1 \u56db\u534a\u671f\u304c 1 \u5104 2400 \u4e07\u30c9\u30eb\u3001\u7b2c 2 \u56db\u534a\u671f\u304c 1 \u5104 7300 \u4e07\u30c9\u30eb\u3001\u7b2c 3 \u56db\u534a\u671f\u304c 1 \u5104 7200 \u4e07\u30c9\u30eb\u3001\u7b2c 4 \u56db\u534a\u671f\u304c 2 \u5104 9800 \u4e07\u30c9\u30eb\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u4eca\u5e74\u306e\u7b2c1\u56db\u534a\u671f\u306f1\u51047,000\u4e07\u30c9\u30eb\u3067\u3001\u7b2c2\u56db\u534a\u671f\u306f\u7d042\u5104200\u4e07\u30c9\u30eb\u3092\u898b\u8fbc\u3093\u3067\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u5f53\u5e74\u5ea6\u4e0a\u534a\u671f\u306e\u7d2f\u8a08\u58f2\u4e0a\u9ad8\u306f\u3001\u5831\u544a\u30d9\u30fc\u30b9\u3067\u306f\u7d0419\uff05\u3001\u6052\u5e38\u70ba\u66ff\u30ec\u30fc\u30c8\u30d9\u30fc\u30b9\u3067\u306f20\uff05\u304b\u308922\uff05 \u306e\u6210\u9577\u3092\u898b\u8fbc\u3093\u3067\u3044\u307e\u3059\u3002\u3053\u306e\u6570\u5024\u306f\u3001\u7b2c2\u56db\u534a\u671f\u306b\u7d042\u51042,000\u4e07\u30c9\u30eb\u306e\u8a08\u7b97\u58f2\u4e0a\u9ad8\u3092\u898b\u8fbc\u3093\u3067\u3044\u308b\u3053\u3068\u306b\u3088\u308a\u307e\u3059\u3002<\/p>\n

\u640d\u76ca\u8a08\u7b97\u66f8\u306b\u76ee\u3092\u79fb\u3059\u3068\u3001\u4ee5\u4e0b\u306e\u3068\u304a\u308a\u3067\u3059\u3002\u7b2c2\u56db\u534a\u671f\u306enon-GAAP\u30d9\u30fc\u30b9\u306e\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\u306f\u7d0472.5%\u3068\u4e88\u60f3\u3057\u3066\u3044\u307e\u3059\u3002\u7b2c2\u56db\u534a\u671f\u306e\u975eGAAP\u30d9\u30fc\u30b9\u306e\u55b6\u696d\u5229\u76ca\u306f900\u4e07\u30c9\u30eb\u304b\u30891,200\u4e07\u30c9\u30eb\u3001\u975eGAAP\u30d9\u30fc\u30b9\u306e\u7d14\u5229\u76ca\u306f600\u4e07\u30c9\u30eb\u304b\u3089900\u4e07\u30c9\u30eb\u3001\u305d\u306e\u7d50\u679c\u3001\u7d048,750\u4e07\u682a\u306e\u5e0c\u8584\u5316\u5f8c\u306e\u682a\u5f0f\u306b\u5bfe\u3059\u308b\u975eGAAP\u30d9\u30fc\u30b9\u306e1\u682a\u5f53\u305f\u308a\u7d14\u5229\u76ca\u306f0.07\u30c9\u30eb\u304b\u30890.10\u30c9\u30eb\u306b\u306a\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u307e\u3059\u3002\u7b2c1\u56db\u534a\u671f\u306e\u597d\u8abf\u306a\u56de\u53ce\u3092\u53d7\u3051\u3001\u7b2c2\u56db\u534a\u671f\u306e\u8abf\u6574\u5f8c\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u306f\u7d042,000\u4e07\u30c9\u30eb\u306b\u306a\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u6b21\u306b\u300123\u5e74\u5ea6\u901a\u671f\u306e\u898b\u901a\u3057\u306b\u3064\u3044\u3066\u8aac\u660e\u3057\u307e\u3059\u3002\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u53ce\u5165\u306f7\u51046,200\u4e07\u30c9\u30eb\u304b\u30897\u51046,700\u4e07\u30c9\u30eb\u306b\u306a\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u307e\u3059\u3002\u30d7\u30ed\u30d5\u30a7\u30c3\u30b7\u30e7\u30ca\u30eb\u30fb\u30b5\u30fc\u30d3\u30b9\u304a\u3088\u3073\u305d\u306e\u4ed6\u306e\u53ce\u5165\u306f\u3001\u7dcf\u53ce\u5165\u306e9%\u306b\u3042\u305f\u308b\u7d047600\u4e07\u30c9\u30eb\u3092\u898b\u8fbc\u3093\u3067\u3044\u307e\u3059\u3002\u3053\u306e\u7d50\u679c\u300123\u5e74\u5ea6\u306e\u7dcf\u58f2\u4e0a\u306f8\u51043,800\u4e07\u30c9\u30eb\u304b\u30898\u51044,300\u4e07\u30c9\u30eb\u306b\u306a\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u901a\u671f\u306e\u975eGAAP\u30d9\u30fc\u30b9\u306e\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\u306f72\uff05\u304b\u308973\uff05\u3001\u975eGAAP\u30d9\u30fc\u30b9\u306e\u55b6\u696d\u5229\u76ca\u306f3,600\u4e07\u30c9\u30eb\u304b\u3089 4,100\u4e07\u30c9\u30eb\u3092\u898b\u8fbc\u3093\u3067\u304a\u308a\u3001\u901a\u671f\u306e\u52a0\u91cd\u5e73\u5747\u5e0c\u8584\u5316\u5f8c\u682a\u5f0f\u6570\u7d048,850\u4e07\u682a\u306b\u304a\u3051\u308b\u975eGAAP\u30d9\u30fc\u30b9\u306e1\u682a\u5f53\u305f\u308a\u5f53\u671f\u7d14\u5229\u76ca\u306f 0.21\u30c9\u30eb\u304b\u30890.27\u30c9\u30eb\u306b\u306a\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u307e\u3059\u3002\u4ee5\u4e0a\u3067\u6e96\u5099\u66f8\u9762\u3092\u7d42\u308f\u308a\u307e\u3059\u3002\u3053\u308c\u3088\u308a\u8cea\u554f\u3092\u304a\u53d7\u3051\u3057\u307e\u3059\u3002\u30aa\u30da\u30ec\u30fc\u30bf\u30fc\u306f\uff1f<\/p>\n

\u8cea\u7591\u5fdc\u7b54<\/strong><\/span><\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n[\u6700\u521d\u306e\u8cea\u554f\u306f\u30de\u30c3\u30c8\u30fb\u30f4\u30a1\u30f3\u30d6\u30ea\u30a8\u30c3\u30c8\u3067\u3059\u3002\u304a\u5f85\u305f\u305b\u3057\u307e\u3057\u305f\u3002<\/p>\n

\u30de\u30c3\u30c8\u30fb\u30f4\u30a1\u30f3\u30d6\u30ea\u30a8\u30c3\u30c8 — BTIG — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u306f\u3044\u3002\u3053\u3093\u306b\u3061\u306f\u3002\u8cea\u554f\u306b\u7b54\u3048\u3066\u304f\u308c\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u4eca\u671f\u306f\u3088\u304f\u9811\u5f35\u308a\u307e\u3057\u305f\u306d\u3002<\/p>\n

\u305f\u3060\u3001\u30e8\u30fc\u30ed\u30c3\u30d1\u3067\u304a\u8a71\u306b\u306a\u3063\u305f\u3088\u3046\u306a\u4f4e\u8ff7\u3092\u3082\u305f\u3089\u3059\u8981\u56e0\u306b\u3064\u3044\u3066\u89e6\u308c\u3066\u304a\u304d\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u4ed6\u306e\u5730\u57df\u3067\u3082\u540c\u69d8\u306e\u50be\u5411\u306e\u521d\u671f\u5146\u5019\u304c\u898b\u3089\u308c\u307e\u3059\u304b\uff1f\u307e\u305f\u9006\u306b\u3001\u5927\u304d\u306a\u5e02\u5834\u306e1\u3064\u3067\u3042\u308b\u6b27\u5dde\u3067\u82e5\u5e72\u306e\u5f31\u3055\u304c\u898b\u3048\u59cb\u3081\u3066\u3044\u308b\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u30fb\u30ac\u30a4\u30c0\u30f3\u30b9\u306e\u58f2\u4e0a\u3092\u5897\u52a0\u3055\u305b\u308b\u81ea\u4fe1\u3092 \u6301\u3063\u3066\u3044\u308b\u7406\u7531\u306f\u4f55\u3067\u3057\u3087\u3046\u304b\uff1f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

Rob Bernshteyn — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3082\u3061\u308d\u3093\u3067\u3059\u3002\u3054\u8cea\u554f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u6b27\u5dde\u306e\u4f4e\u8ff7\u306f\u3001\u5f53\u56db\u534a\u671f\u306e\u5f8c\u534a\u306b\u898b\u3089\u308c\u305f\u3082\u306e\u3067\u3059\u3002\u30a6\u30af\u30e9\u30a4\u30ca\u7d1b\u4e89\u3068\u3044\u3046\u660e\u3089\u304b\u306a\u30de\u30af\u30ed\u306e\u72b6\u6cc1\u306b\u3088\u308b\u3001\u521d\u671f\u306e\u5f31\u3055\u306e\u5146\u5019\u306e\u3088\u3046\u306a\u3082\u306e\u3067\u3059\u3002<\/p>\n

\u4ed6\u306e\u5730\u57df\u3067\u306f\u305d\u306e\u3088\u3046\u306a\u3053\u3068\u306f\u898b\u3089\u308c\u307e\u305b\u3093\u3002\u307e\u305f\u3001\u30e8\u30fc\u30ed\u30c3\u30d1\u3067\u306f\u3001\u5148\u884c\u6307\u6a19\u3068\u3044\u3046\u3088\u308a\u306f\u9045\u884c\u6307\u6a19\u306b\u8fd1\u3044\u3068\u8a00\u3048\u307e\u3059\u30022\u9031\u9593\u307b\u3069\u524d\u306b\u306a\u308a\u307e\u3059\u304c\u3001\u30d9\u30eb\u30ea\u30f3\u3067\u958b\u50ac\u3055\u308c\u305fInspire\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u306b2,000\u4eba\u8fd1\u304f\u304c\u53c2\u52a0\u3057\u3001\u591a\u304f\u306e\u304a\u5ba2\u69d8\u3001\u6570\u767e\u4eba\u306e\u898b\u8fbc\u307f\u5ba2\u304c\u96c6\u307e\u308a\u3001\u9a5a\u304f\u307b\u3069\u306e\u30a8\u30cd\u30eb\u30ae\u30fc\u306b\u3042\u3075\u308c\u3001\u4f55\u5e74\u3082\u5ef6\u671f\u3055\u308c\u3066\u3044\u305f\u5909\u9769\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u304c\u8ecc\u9053\u306b\u4e57\u308b\u3068\u3044\u3046\u8a71\u304c\u305f\u304f\u3055\u3093\u51fa\u307e\u3057\u305f\u3002\u3067\u3059\u304b\u3089\u3001\u79c1\u305f\u3061\u306f\u5168\u4f53\u7684\u306b\u304b\u306a\u308a\u5f37\u6c17\u3067\u81e8\u3093\u3067\u3044\u307e\u3059\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u30e8\u30fc\u30ed\u30c3\u30d1\u3067\u306f\u524d\u56db\u534a\u671f\u306e\u7d42\u308f\u308a\u3054\u308d\u306b\u3053\u306e\u3088\u3046\u306a\u73fe\u8c61\u304c\u898b\u3089\u308c\u305f\u306e\u3067\u3001\u305d\u308c\u3092\u6307\u6458\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

Matt VanVliet — BTIG — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u305d\u3046\u3067\u3059\u304b\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u6b21\u306e\u8cea\u554f\u306fKeith Weiss\u304b\u3089\u3067\u3059\u3002\u56de\u7dda\u306f\u958b\u3044\u3066\u3044\u307e\u3059\u3002<\/p>\n

Keith Weiss — Morgan Stanley — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u8cea\u554f\u3092\u53d7\u3051\u3066\u304f\u3060\u3055\u3063\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3044\u3044\u56db\u534a\u671f\u3067\u3057\u305f\u306d\u3002\u6700\u5f8c\u306e\u8cea\u554f\u306b\u7d9a\u3044\u3066\u3001Tony\u3068Rob\u306b1\u3064\u305a\u3064\u8cea\u554f\u3057\u307e\u3059\u3002Tony\u306f\u3001\u30e8\u30fc\u30ed\u30c3\u30d1\u3067\u306e\u8edf\u8abf\u306a\u72b6\u6cc1\u3092\u30ac\u30a4\u30c9\u306b\u3069\u306e\u3088\u3046\u306b\u53cd\u6620\u3055\u305b\u305f\u306e\u3067\u3057\u3087\u3046\u304b\uff08\u3082\u3057\u53cd\u6620\u3055\u305b\u305f\u306e\u3067\u3042\u308c\u3070\uff09\u3002\u6b27\u5dde\u306e\u30d3\u30b8\u30cd\u30b9\u306b\u95a2\u3057\u3066\u3001\u4fdd\u5b88\u7684\u306a\u8003\u3048\u65b9\u3092\u8ffd\u52a0\u3057\u305f\u308a\u3001\u6210\u7d04\u7387\u306e\u4eee\u5b9a\u3092\u5909\u66f4\u3057\u305f\u308a\u3057\u307e\u3057\u305f\u304b\uff1f\u305d\u308c\u3068\u3082\u3001\u305d\u306e\u7a0b\u5ea6\u304c\u5c0f\u3055\u3044\u305f\u3081\u306b\u3001\u5c06\u6765\u4e88\u6e2c\u306b\u6a5f\u68b0\u7684\u306b\u53cd\u6620\u3055\u305b\u306a\u304b\u3063\u305f\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u308c\u304b\u3089\u3001Rob\u3078\u306e\u8cea\u554f\u3067\u3059\u304c\u3001\u3042\u306a\u305f\u65b9\u306f\u4ee5\u524d\u306b\u3082\u3053\u306e\u30b5\u30a4\u30af\u30eb\u3092\u7d4c\u9a13\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u30a4\u30f3\u30d5\u30ec\u5727\u529b\u3084\u55b6\u696d\u5229\u76ca\u7387\u306e\u7dad\u6301\u306a\u3069\u3001\u4eba\u3005\u304c\u4eca\u76f4\u9762\u3057\u3066\u3044\u308b\u3053\u3068\u306b\u5bfe\u51e6\u3059\u308b\u969b\u3001\u76f4\u611f\u7684\u306b\u3001\u3042\u306a\u305f\u65b9\u306e\u3084\u3063\u3066\u3044\u308b\u3053\u3068\u306f\u3088\u308a\u4ed8\u52a0\u4fa1\u5024\u306e\u9ad8\u3044\u3082\u306e\u306b\u306a\u308b\u306f\u305a\u3060\u3068\u601d\u3046\u306e\u3067\u3059\u304c\u3001\u6559\u3048\u3066\u3044\u305f\u3060\u3051\u307e\u3059\u304b\uff1f\u9700\u8981\u306e\u8edf\u5316\u306f\u3001\u3069\u306e\u6642\u70b9\u3067\u76f8\u6bba\u3055\u308c\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u3042\u308b\u3044\u306f\u3001\u55b6\u696d\u5229\u76ca\u7387\u3092\u7dad\u6301\u3059\u308b\u305f\u3081\u306b\u3001\u3053\u306e\u3088\u3046\u306a\u6642\u4ee3\u306b\u5fc5\u8981\u306a\u3053\u3068\u306a\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u307e\u305f\u3001\u305d\u306e\u3088\u3046\u306a\u610f\u5473\u3067\u74b0\u5883\u304c\u8ffd\u3044\u98a8\u306b\u306a\u308b\u3053\u3068\u306f\u3042\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

Rob Bernshteyn — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u306f\u3044\u3001\u3082\u3061\u308d\u3093\u3067\u3059\u3001Keith\u3002\u6b27\u5dde\u306b\u3064\u3044\u3066\u306f\u3001\u30c8\u30cb\u30fc\u306b\u5f15\u304d\u7d99\u3050\u524d\u306b\u3001\u3053\u306e2\u3064\u306e\u70b9\u306b\u3064\u3044\u3066\u5c11\u3057\u89e6\u308c\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u4e00\u822c\u7684\u306b\u8a00\u3048\u3070\u3001\u6b27\u5dde\u3067\u306f\u56db\u534a\u671f\u5f8c\u534a\u306b\u8edf\u8abf\u304c\u898b\u3089\u308c\u305f\u305f\u3081\u3001\u6f5c\u5728\u7684\u306a\u7d50\u679c\u306e\u5e45\u304c\u5e83\u304c\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3053\u306e\u3053\u3068\u306f\u3001\u5f53\u793e\u306e\u3044\u304f\u3064\u304b\u306e\u4e88\u6e2c\u306b\u3082\u8868\u308c\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u70b9\u306b\u3064\u3044\u3066\u306f\u3001Tony\u304b\u3089\u3055\u3089\u306b\u8aac\u660e\u304c\u3042\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u6c17\u5019\u306b\u95a2\u3057\u3066\u306f\u3001\u4ee5\u524d\u306b\u3082\u540c\u3058\u3088\u3046\u306a\u3053\u3068\u304c\u3042\u3063\u305f\u3053\u3068\u3092\u6307\u6458\u3057\u3066\u3044\u305f\u3060\u304d\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u30022009\u5e74\u30012010\u5e74\u30012011\u5e74\u306b\u3064\u3044\u3066\u8003\u3048\u3066\u307f\u308b\u3068\u3001\u79c1\u305f\u3061\u304c\u63d0\u4f9b\u3059\u308b\u30d0\u30ea\u30e5\u30fc\u30fb\u30d7\u30ed\u30dd\u30b8\u30b7\u30e7\u30f3\u306e\u5e06\u306b\u98a8\u304c\u5439\u3044\u3066\u3044\u307e\u3057\u305f\u3057\u3001\u4eca\u65e5\u3082\u5439\u3044\u3066\u3044\u308b\u3088\u3046\u306b\u3001\u652f\u51fa\u306e\u6291\u5236\u3001\u5951\u7d04\u671f\u9593\u306e\u5ef6\u9577\u3001\u30d3\u30b8\u30cd\u30b9\u652f\u51fa\u306e\u53ef\u8996\u5316\u306a\u3069\u306b\u7126\u70b9\u304c\u5f53\u3066\u3089\u308c\u3066\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u3057\u304b\u3057\u30012009\u5e74\u300110\u5e74\u300111\u5e74\u306e\u6642\u70b9\u3067\u3001\u79c1\u305f\u3061\u306f\u975e\u5e38\u306b\u5c0f\u3055\u306a\u4f1a\u793e\u3067\u3057\u305f\u3002\u305d\u306e\u305f\u3081\u3001\u5b58\u7d9a\u304c\u5371\u3076\u307e\u308c\u3066\u3044\u307e\u3057\u305f\u3002\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u306f\u307e\u3060\u30b9\u30b1\u30fc\u30e9\u30d6\u30eb\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3067\u3057\u305f\u3002\u307e\u305f\u3001\u591a\u8a00\u8a9e\u30fb\u591a\u901a\u8ca8\u306e\u5c55\u958b\u306b\u3082\u5bfe\u5fdc\u3057\u3066\u3044\u307e\u305b\u3093\u3067\u3057\u305f\u3002<\/p>\n

\u3057\u304b\u3057\u73fe\u5728\u3001\u79c1\u305f\u3061\u306f\u9a5a\u304f\u307b\u3069\u6210\u9577\u3057\u3066\u3044\u307e\u3059\u3002\u4e8b\u5b9f\u4e0a\u3042\u3089\u3086\u308b\u696d\u754c\u3067\u3001\u4f55\u5343\u4f55\u4e07\u3068\u3044\u3046\u304a\u5ba2\u69d8\u306b\u3054\u5229\u7528\u3044\u305f\u3060\u3044\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u3053\u3068\u306f\u3001\u4e0d\u78ba\u5b9f\u306a\u6642\u4ee3\u306b\u7a81\u5165\u3057\u305f\u79c1\u305f\u3061\u306b\u3068\u3063\u3066\u3001\u4fa1\u5024\u3042\u308b\u63d0\u6848\u3092\u63d0\u4f9b\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u3063\u305f\u3068\u3044\u3046\u610f\u5473\u3067\u3001\u975e\u5e38\u306b\u826f\u3044\u5146\u5019\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u6700\u5f8c\u306e\u8981\u7d20\u306f\u3001\u540c\u69d8\u306b\u547c\u3073\u51fa\u3059\u4fa1\u5024\u304c\u3042\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

COVID\u3067\u306f\u3001\u30d0\u30c3\u30af\u30aa\u30d5\u30a3\u30b9\u306e\u60c5\u5831\u6280\u8853\u529b\u304c\u30d5\u30ed\u30f3\u30c8\u30aa\u30d5\u30a3\u30b9\u306e\u60c5\u5831\u6280\u8853\u529b\u3088\u308a\u3044\u304b\u306b\u9045\u308c\u3066\u3044\u308b\u304b\u3001\u7279\u306b\u30af\u30e9\u30a6\u30c9\u306b\u304a\u3044\u3066\u305d\u306e\u8a8d\u8b58\u304c\u9ad8\u307e\u3063\u3066\u3044\u308b\u3053\u3068\u3092\u76ee\u306e\u5f53\u305f\u308a\u306b\u3057\u307e\u3057\u305f\u3002\u305d\u306e\u305f\u3081\u3001\u3088\u308a\u30e2\u30c0\u30f3\u3067\u30a2\u30b8\u30e3\u30a4\u30eb\u3001\u305d\u3057\u3066\u30ec\u30b8\u30ea\u30a8\u30f3\u30c8\u306a\u4e16\u754c\u306b\u3001\u4f55\u5343\u3082\u306e\u5b9f\u8a3c\u5b9f\u9a13\u3092\u901a\u3058\u3066\u4eba\u3005\u3092\u5c0e\u3044\u3066\u3044\u304f\u3053\u3068\u304c\u3067\u304d\u308b\u306e\u3067\u3059\u3002\u3067\u306f\u3001\u30e8\u30fc\u30ed\u30c3\u30d1\u306e\u30c8\u30cb\u30fc\u306b\u8a71\u3092\u8b72\u308a\u307e\u3057\u3087\u3046\u3002<\/p>\n

\u30c8\u30cb\u30fc\u30fb\u30c6\u30a3\u30b9\u30b3\u30cb\u30a2 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3001\u30ed\u30d6\u3002\u30ed\u30d6\u3001\u3042\u306a\u305f\u304c\u307b\u3068\u3093\u3069\u3092\u30ab\u30d0\u30fc\u3057\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u304c\u3001 — \u305d\u3057\u3066\u30ad\u30fc\u30b9\u3001\u3054\u8cea\u554f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u5168\u4f53\u3068\u3057\u3066\u3001\u79c1\u305f\u3061\u306e\u30ac\u30a4\u30c0\u30f3\u30b9\u306e\u65b9\u6cd5\u306f\u524d\u56db\u534a\u671f\u304b\u3089\u5909\u308f\u3063\u3066\u3044\u306a\u3044\u3068\u8a00\u3048\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n

\u6b27\u5dde\u306e\u9700\u8981\u304c\u4e0d\u900f\u660e\u3067\u3042\u308b\u305f\u3081\u3001\u5e38\u306b\u3055\u307e\u3056\u307e\u306a\u7d50\u679c\u304c\u4e88\u60f3\u3055\u308c\u307e\u3059\u304c\u3001\u4eca\u56de\u306f\u3088\u308a\u5e45\u5e83\u3044\u7d50\u679c\u304c\u4e88\u60f3\u3055\u308c\u307e\u3059\u3002\u307e\u305f\u3001\u7b2c2\u56db\u534a\u671f\u304a\u3088\u3073\u901a\u671f\u306e\u58f2\u4e0a\u9ad8\u306b\u3064\u3044\u3066\u3001100\uff5e300\u30d9\u30fc\u30b7\u30b9\u30fb\u30dd\u30a4\u30f3\u30c8\u306e\u6052\u5e38\u70ba\u66ff\u30ec\u30fc\u30c8\u306b\u3088\u308b\u5f71\u97ff\u3082\u8003\u616e\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u3001\u3053\u308c\u306f\u30ac\u30a4\u30c0\u30f3\u30b9\u306b\u7e54\u308a\u8fbc\u307f\u6e08\u307f\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u30d1\u30a4\u30d7\u30e9\u30a4\u30f3\u306b\u306f\u9593\u9055\u3044\u306a\u304f\u671f\u5f85\u3057\u3066\u3044\u307e\u3059\u3057\u3001\u7b2c2\u56db\u534a\u671f\u306b\u306f\u671f\u5f85\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

Keith Weiss — Morgan Stanley — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u4e86\u89e3\u3057\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002Raimo Lenschow\u3055\u3093\u304b\u3089\u8cea\u554f\u304c\u3042\u308a\u307e\u3059\u3002\u56de\u7dda\u306f\u958b\u3044\u3066\u3044\u307e\u3059\u3002<\/p>\n

Raimo Lenschow — \u30d0\u30fc\u30af\u30ec\u30a4\u30ba — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u5c11\u3057\u88dc\u8db3\u3057\u3066\u3044\u3044\u3067\u3059\u304b\uff1fRob\u3001\u9867\u5ba2\u3092\u518d\u8a2a\u554f\u3057\u3066\u30a2\u30c3\u30d7\u30bb\u30eb\u3084\u30af\u30ed\u30b9\u30bb\u30eb\u3092\u884c\u3046\u6a5f\u4f1a\u306b\u3064\u3044\u3066\u8003\u3048\u308b\u306a\u3089\u3001Exari\u306e\u3088\u3046\u306a\u6700\u8fd1\u8cb7\u53ce\u3057\u305f\u8cc7\u7523\u306b\u3064\u3044\u3066\u5c11\u3057\u8a71\u3057\u3066\u3082\u3089\u3048\u307e\u3059\u304b\uff1f\u307e\u305f\u3001\u652f\u6255\u3044\u65b9\u6cd5\u306b\u3064\u3044\u3066\u3082\u304a\u8a71\u304c\u3042\u308a\u307e\u3057\u305f\u3002\u3069\u306e\u3088\u3046\u306a\u652f\u6255\u3044\u65b9\u6cd5\u306a\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u30d0\u30fc\u30c1\u30e3\u30eb\u30ab\u30fc\u30c9\u3067\u3059\u304b\uff1f\u30d7\u30ea\u30da\u30a4\u30c9\u306a\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u308c\u304b\u3089\u3001\u30c8\u30cb\u30fc\u3055\u3093\u3078\u306e\u8cea\u554f\u3067\u3059\u3002\u524d\u56db\u534a\u671f\u3001\u3042\u306a\u305f\u306f\u8ca9\u58f2\u30ad\u30e3\u30d1\u30b7\u30c6\u30a3\u306e\u62e1\u5927\u306b\u3064\u3044\u3066\u8a71\u3057\u3066\u3044\u307e\u3057\u305f\u306d\u3002<\/p>\n

\u305d\u308c\u3068\u3082\u30c8\u30fc\u30f3\u3092\u5909\u3048\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

Rob Bernshteyn — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3082\u3061\u308d\u3093\u3067\u3059\u3001\u30e9\u30a4\u30e2\u3002\u3055\u3066\u3001\u79c1\u305f\u3061\u306f\u5168\u4f53\u7684\u306b\u975e\u5e38\u306b\u7d20\u6674\u3089\u3057\u3044\u30a2\u30bf\u30c3\u30c1\u30e1\u30f3\u30c8\u30ec\u30fc\u30c8\u3092\u76ee\u306e\u5f53\u305f\u308a\u306b\u3057\u3066\u3044\u307e\u3059\u3002\u3054\u5b58\u77e5\u306e\u3088\u3046\u306b\u30011\u6848\u4ef6\u3042\u305f\u308a\u306e\u5e73\u5747\u5951\u7d04\u91d1\u984d\u306f\u300153\u56db\u534a\u671f\u306b\u308f\u305f\u3063\u3066\u307b\u307c\u6bce\u671f\u5897\u52a0\u3057\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u7279\u306b\u6709\u6599\u8ab2\u91d1\u306b\u3064\u3044\u3066\u306f\u3001\u4eca\u671f\u306f\u904e\u53bb\u6700\u5927\u306e\u63a5\u7d9a\u7387\u3067\u300130\uff05\u3092\u5927\u304d\u304f\u4e0a\u56de\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u30df\u30c3\u30c9\u30de\u30fc\u30b1\u30c3\u30c8\u3067\u306f\u300150\uff05\u3092\u306f\u308b\u304b\u306b\u8d85\u3048\u3066\u3044\u307e\u3059\u3002\u7d2f\u8a08\u306e\u6c7a\u6e08\u984d\u306f100\u5104\u30c9\u30eb\u3092\u8d85\u3048\u3001\u73fe\u5728\u3067\u306f\u6bce\u670810\u5104\u30c9\u30eb\u306e\u6c7a\u6e08\u304c\u884c\u308f\u308c\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u3042\u3089\u3086\u308b\u5206\u91ce\u3067\u591a\u304f\u306e\u5c0e\u5165\u304c\u9032\u3093\u3067\u3044\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u4e2d\u5805\u5e02\u5834\u306f\u975e\u5e38\u306b\u597d\u8abf\u3067\u3059\u3002<\/p>\n

\u4f01\u696d\u3067\u306f\u30d0\u30fc\u30c1\u30e3\u30eb\u30ab\u30fc\u30c9\u306e\u5c0e\u5165\u304c\u9032\u3093\u3067\u304a\u308a\u3001\u30c7\u30b8\u30bf\u30eb\u6c7a\u6e08\u6a5f\u80fd\u3067\u5e02\u5834\u3092\u62e1\u5927\u3057\u7d9a\u3051\u3066\u3044\u307e\u3059\u3002Pay\u306e\u7d20\u6674\u3089\u3057\u3044\u3068\u3053\u308d\u306f\u3001\u3053\u308c\u304c\u79c1\u305f\u3061\u306e\u30d5\u30a1\u30fc\u30b9\u30c8\u30a6\u30a7\u30fc\u30d6\u6226\u7565\u306e\u4e00\u90e8\u3067\u3042\u308b\u3053\u3068\u3067\u3059\u3002\u3053\u308c\u3089\u306f\u3059\u3079\u3066\u6709\u6a5f\u7684\u306b\u69cb\u7bc9\u3055\u308c\u305f\u3082\u306e\u3067\u3001\u5e74\u306b3\u56de\u306e\u30ea\u30ea\u30fc\u30b9\u306b\u3088\u308a\u3001\u3055\u3089\u306b\u6539\u826f\u3092\u7d9a\u3051\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u30c8\u30cb\u30fc\u30fb\u30c6\u30a3\u30b9\u30b3\u30cb\u30a2 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u30e9\u30a4\u30e2\u3001\u3054\u8cea\u554f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u6e96\u5099\u6bb5\u968e\u3067\u7533\u3057\u4e0a\u3052\u305f\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306f\u6210\u9577\u306e\u305f\u3081\u306e\u6295\u8cc7\u3092\u7d9a\u3051\u3066\u3044\u307e\u3059\u304c\u3001\u305d\u308c\u306f\u614e\u91cd\u306b\u884c\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u4eca\u671f\u306f\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u58f2\u4e0a\u304c27\uff05\u5897\u52a0\u3057\u3001\u30bb\u30fc\u30eb\u30b9\uff06\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u7d4c\u8cbb\u3084\u305d\u306e\u4ed6\u306e\u7d4c\u8cbb\u3082\u5927\u5e45\u306b\u5897\u52a0\u3057\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u3001\u79c1\u305f\u3061\u306f\u614e\u91cd\u306b\u884c\u52d5\u3057\u3001\u5f53\u56db\u534a\u671f\u304a\u3088\u307312\u30f5\u6708\u5f8c\u306e\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u30fb\u30de\u30fc\u30b8\u30f3\u306f23%\u306b\u9054\u3057\u307e\u3057\u305f\u3002<\/p>\n

\u3082\u3061\u308d\u3093\u3001\u79c1\u305f\u3061\u306f\u56db\u534a\u671f\u3054\u3068\u306b\u4f1a\u8b70\u3092\u958b\u304d\u3001\u6295\u8cc7\u306b\u3064\u3044\u3066\u614e\u91cd\u306b\u691c\u8a0e\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u305d\u306e\u5224\u65ad\u306e\u6750\u6599\u3068\u306a\u308b\u306e\u304c\u3001\u4e8b\u696d\u306e\u52e2\u3044\u3067\u3059\u3002\u7b2c1\u56db\u534a\u671f\u306f\u3001\u65b0\u3057\u3044\u30ed\u30b4\u3068\u30a2\u30c9\u30aa\u30f3\u30d3\u30b8\u30cd\u30b9\u304b\u3089\u306a\u308b\u65b0\u898f\u30d3\u30b8\u30cd\u30b9\u304c\u524d\u5e74\u540c\u671f\u6bd4\u306740\uff05\u8fd1\u304f\u5897\u52a0\u3057\u307e\u3057\u305f\u3002\u3067\u3059\u304b\u3089\u3001\u305d\u3046\u3057\u305f\u3053\u3068\u306f\u3059\u3079\u3066\u6295\u8cc7\u306b\u7e54\u308a\u8fbc\u307f\u6e08\u307f\u306a\u306e\u3067\u3059\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u3053\u3053\u3067\u91cd\u8981\u306a\u306e\u306f\u3001\u6210\u9577\u306e\u305f\u3081\u306e\u6295\u8cc7\u306f\u7d9a\u3051\u3066\u3044\u308b\u304c\u3001\u55b6\u696d\u3084\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u306e\u52b9\u7387\u3001\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u30de\u30fc\u30b8\u30f3\u3092\u8003\u616e\u3057\u306a\u304c\u3089\u3001\u614e\u91cd\u306b\u3084\u3063\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3060\u3002<\/p>\n

Raimo Lenschow — \u30d0\u30fc\u30af\u30ec\u30a4\u30ba — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u5b8c\u74a7\u3067\u3059\u3002\u975e\u5e38\u306b\u660e\u5feb\u3067\u3059\u3002\u304a\u3081\u3067\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u904b\u55b6\u8005<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30a2\u30ec\u30af\u30b5\u30f3\u30c9\u30eb\u30fb\u30ba\u30fc\u30ad\u30f3\u304b\u3089\u8cea\u554f\u304c\u3042\u308a\u307e\u3059\u3002\u56de\u7dda\u306f\u958b\u3044\u3066\u3044\u307e\u3059\u3002<\/p>\n

Alex Zukin — Wolfe Research — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3084\u3042\u3001\u307f\u3093\u306a\u3002\u8cea\u554f\u3092\u53d7\u3051\u3066\u304f\u3060\u3055\u3063\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u6700\u521d\u306e1\u3064\u306f\u3001\u30de\u30af\u30ed\u30675\u56de\u304f\u3089\u3044\u3053\u306e\u8cea\u554f\u3092\u53d7\u3051\u308b\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u8ca9\u58f2\u30b5\u30a4\u30af\u30eb\u304c\u9577\u304f\u306a\u3063\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u53d6\u5f15\u306b\u5fc5\u8981\u306a\u30b5\u30a4\u30f3\u306f\u5897\u3048\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001Rob\u306f\u3001\u6226\u4e89\u3068\u305d\u306e\u8981\u56e0\u304b\u3089\u3001\u3053\u308c\u306f\u6b27\u5dde\u3060\u3051\u306e\u554f\u984c\u3067\u3042\u308a\u3001\u7c73\u56fd\u3067\u8d77\u304d\u3066\u3044\u308b\u3053\u3068\u3067\u306f\u306a\u3044\u3068\u78ba\u4fe1\u3057\u3066\u3044\u308b\u3088\u3046\u3067\u3059\u304c\u3001\u56fd\u5185\u3067\u3082\u540c\u3058\u8981\u56e0\u306e\u60aa\u5316\u304c\u7d50\u679c\u306b\u53cd\u6620\u3055\u308c\u308b\u3068\u3044\u3046\u610f\u5473\u3067\u3001\u614e\u91cd\u306b\u306a\u3063\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u308c\u304b\u3089Tony\u3067\u3059\u304c\u3001\u30b9\u30af\u30ea\u30d7\u30c8\u306e\u4e2d\u3067\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u52b9\u7387\u5316\u306b\u3064\u3044\u3066\u3088\u308a\u591a\u304f\u8a9e\u3063\u3066\u304f\u308c\u3066\u3044\u308b\u3053\u3068\u306b\u611f\u8b1d\u3057\u3066\u3044\u307e\u3059\u3057\u3001\u9700\u8981\u74b0\u5883\u3068\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u4e21\u65b9\u3092\u8003\u3048\u308b\u3068\u3001\u305d\u308c\u306f\u307e\u3063\u305f\u304f\u7406\u306b\u304b\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u300c\u30eb\u30fc\u30eb\u30fb\u30aa\u30d6\u30fb40\u300d\u306b\u3064\u3044\u3066\u306f\u3069\u306e\u3088\u3046\u306b\u304a\u8003\u3048\u3067\u3059\u304b\u3002<\/p>\n

\u4eca\u671f\u306f12\u30f5\u6708\u5f8c\u3092\u57fa\u6e96\u306b\u3057\u3066\u8a71\u3057\u3066\u3044\u307e\u3057\u305f\u306d\u3002\u6765\u671f\u307e\u305f\u306f\u4eca\u671f\u4e2d\u306b40\u306e\u6cd5\u5247\u3092\u9054\u6210\u3057\u3088\u3046\u3068\u3044\u3046\u610f\u6c17\u8fbc\u307f\u306f\u3042\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u4e00\u822c\u7684\u306b\u3001\u305d\u308c\u306b\u5bfe\u3057\u3066\u3069\u306e\u3088\u3046\u306a\u4f4d\u7f6e\u3065\u3051\u306b\u3042\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

Rob Bernshteyn — CEO\uff08\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3082\u3061\u308d\u3093\u3067\u3059\u3001\u30a2\u30ec\u30c3\u30af\u30b9\u3002\u79c1\u305f\u3061\u306f\u3001\u5730\u57df\u5225\u3001\u4e2d\u5805\u4f01\u696d\u5411\u3051\u3001\u4e0a\u7d1a\u4f01\u696d\u5411\u3051\u3001\u4f01\u696d\u5411\u3051\u3001\u6226\u7565\u7684\u3068\u3001\u3042\u3089\u3086\u308b\u30bb\u30b0\u30e1\u30f3\u30c8\u3092\u8996\u91ce\u306b\u5165\u308c\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u5f37\u529b\u306a\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u52b9\u679c\u3060\u3051\u3067\u306a\u304f\u3001\u76ee\u306e\u524d\u306b\u3042\u308b\u6a5f\u4f1a\u306b\u5bfe\u3057\u3066\u56db\u534a\u671f\u3054\u3068\u306b\u9069\u5207\u306b\u6295\u8cc7\u3057\u3066\u3044\u308b\u304b\u3069\u3046\u304b\u3092\u78ba\u8a8d\u3059\u308b\u305f\u3081\u306b\u3001\u591a\u304f\u306e\u7d4c\u55b6\u6307\u6a19\u3092\u8abf\u3079\u3066\u3044\u307e\u3059\u3002\u30e8\u30fc\u30ed\u30c3\u30d1\u3067\u898b\u3089\u308c\u305f\u56db\u534a\u671f\u5f8c\u534a\u306e\u8edf\u8abf\u306a\u72b6\u6cc1\u3092\u9664\u3051\u3070\u3001\u4ed6\u306e\u3059\u3079\u3066\u306e\u30bb\u30b0\u30e1\u30f3\u30c8\u306f\u672c\u5f53\u306b\u7d20\u6674\u3089\u3057\u3044\u696d\u7e3e\u3092\u4e0a\u3052\u3066\u304a\u308a\u3001\u3053\u308c\u307e\u3067\u4f55\u5341\u56db\u534a\u671f\u3082\u884c\u3063\u3066\u304d\u305f\u3088\u3046\u306b\u3001\u305d\u308c\u305e\u308c\u306e\u9032\u6357\u72b6\u6cc1\u306b\u5fdc\u3058\u3066\u30b9\u30b1\u30fc\u30eb\u3092\u8abf\u6574\u3057\u3001\u601d\u616e\u6df1\u3044\u6295\u8cc7\u3092\u884c\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u30c8\u30cb\u30fc\u30fb\u30c6\u30a3\u30b9\u30b3\u30cb\u30a2 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u306f\u3044\u3002\u30a2\u30ec\u30c3\u30af\u30b9 2\u3064\u76ee\u306e\u8cea\u554f\u3067\u3059\u304c\u3001\u79c1\u305f\u3061\u306f\u5927\u304d\u306a\u5e02\u5834\u6a5f\u4f1a\u3068\u65b0\u898f\u4e8b\u696d\u306e\u52e2\u3044\u3092\u751f\u304b\u3059\u305f\u3081\u306b\u3001\u9593\u9055\u3044\u306a\u304f\u6210\u9577\u6295\u8cc7\u3092\u884c\u3063\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u55b6\u696d\u3084\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u306e\u52b9\u7387\u6027\u3001\u30e6\u30cb\u30c3\u30c8\u30a8\u30b3\u30ce\u30df\u30af\u30b9\u3001\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u30de\u30fc\u30b8\u30f3\u306a\u3069\u306b\u3064\u3044\u3066\u306f\u3001\u614e\u91cd\u306b\u5224\u65ad\u3057\u3066\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u3053\u308c\u3089\u3092\u5358\u72ec\u3067\u898b\u3066\u3044\u308b\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n

\u307e\u305f\u3001\u6295\u8cc7\u3068\u305d\u308c\u3092\u88cf\u4ed8\u3051\u308b\u30c7\u30fc\u30bf\u3092\u3057\u3063\u304b\u308a\u3068\u7ba1\u7406\u3057\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u79c1\u305f\u3061\u306f\u30c8\u30c3\u30d7\u30e9\u30a4\u30f3\u306e\u6210\u9577\u3068\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u30fb\u30de\u30fc\u30b8\u30f3\u306e\u4e21\u65b9\u3092\u91cd\u8996\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

Alex Zukin — Wolfe Research — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u7406\u89e3\u3057\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

Siti Panigrahi\u3055\u3093\u304b\u3089\u8cea\u554f\u304c\u3042\u308a\u307e\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3044\u305f\u3057\u307e\u3059\u3002<\/p>\n

Siti Panigrahi — \u307f\u305a\u307b\u8a3c\u5238 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u79c1\u306e\u8cea\u554f\u3092\u805e\u3044\u3066\u304f\u3060\u3055\u3063\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306a\u30de\u30af\u30ed\u74b0\u5883\u306e\u4e2d\u3067\u3001\u6b8b\u308a\u306e\u56db\u534a\u671f\u3092\u3069\u306e\u3088\u3046\u306b\u304a\u8003\u3048\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u30fb\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u306b\u4f55\u3089\u304b\u306e\u5909\u66f4\u3092\u52a0\u3048\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u4f55\u304b\u3042\u308c\u3070\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

Rob Bernshteyn — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u306f\u3044\u3001\u3082\u3061\u308d\u3093\u3067\u3059\u3002\u3068\u3066\u3082\u3044\u3044\u8cea\u554f\u3067\u3059\u306d\u3002\u79c1\u305f\u3061\u306e\u6210\u9577\u306e\u305f\u3081\u306e\u4e3b\u8981\u306a\u624b\u6bb5\u306f\u3001\u3053\u308c\u307e\u3067\u3082\u3001\u305d\u3057\u3066\u3053\u308c\u304b\u3089\u3082\u3001\u30cf\u30f3\u30c6\u30a3\u30f3\u30b0\u3068\u547c\u3070\u308c\u308b\u3082\u306e\u306b\u3088\u308b\u3082\u306e\u3067\u3059\u306d\u3002\u79c1\u305f\u3061\u306f\u3001\u5de8\u5927\u306a\u30a2\u30c9\u30ec\u30b9\u53ef\u80fd\u5e02\u5834\u306e\u4e2d\u3067\u3053\u306e\u5e02\u5834\u3092\u7372\u5f97\u3057\u305f\u3044\u3068\u3044\u3046\u5f37\u3044\u9858\u671b\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3067\u3059\u304b\u3089\u3001\u79c1\u305f\u3061\u306e\u4e3b\u8981\u306a\u624b\u6bb5\u306f\u3053\u308c\u307e\u3067\u3082\u3001\u305d\u3057\u3066\u3053\u308c\u304b\u3089\u3082\u30cf\u30f3\u30c6\u30a3\u30f3\u30b0\u306a\u306e\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u79c1\u305f\u3061\u304c\u30d3\u30b8\u30cd\u30b9\u306e\u7bc4\u56f2\u3068\u898f\u6a21\u3092\u62e1\u5927\u3057\u7d9a\u3051\u308b\u306b\u3064\u308c\u3066\u3001\u660e\u3089\u304b\u306b\u53ce\u7a6b\u306e\u6a5f\u4f1a\u3082\u898b\u3048\u3066\u304d\u307e\u3057\u305f\u3002\u3053\u308c\u307e\u3067\u79c1\u305f\u3061\u304c\u884c\u3063\u3066\u304d\u305f\u72e9\u731f\u63a1\u96c6\u3078\u306e\u6295\u8cc7\u306f\u3001\u975e\u5e38\u306b\u614e\u91cd\u306a\u3082\u306e\u3067\u3057\u305f\u3002\u3057\u304b\u3057\u3001\u305d\u3053\u304b\u3089\u4fa1\u5024\u3092\u5f15\u304d\u51fa\u3059\u30c1\u30e3\u30f3\u30b9\u306f\u5b9f\u969b\u306b\u3042\u308b\u306e\u3067\u3059\u3002<\/p>\n

\u79c1\u305f\u3061\u306e\u30d3\u30b8\u30cd\u30b9\u306e\u3059\u3079\u3066\u306e\u8981\u7d20\u3068\u540c\u69d8\u306b\u3001Tony\u304c\u8a00\u3063\u305f\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306f\u3053\u306e\u6a5f\u4f1a\u3092\u4eca\u5f8c\u4f55\u5e74\u306b\u3082\u308f\u305f\u3063\u3066\u6700\u5927\u5316\u3059\u308b\u305f\u3081\u306b\u3001\u56db\u534a\u671f\u3054\u3068\u306b\u601d\u616e\u6df1\u3044\u6295\u8cc7\u3092\u7d9a\u3051\u3066\u3044\u307e\u3059\u3002<\/p>\n

Siti Panigrahi — \u307f\u305a\u307b\u8a3c\u5238 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30d6\u30e9\u30c3\u30c9\u30fb\u30b7\u30eb\u30ba\u3055\u3093\u304b\u3089\u3054\u8cea\u554f\u3092\u3044\u305f\u3060\u304d\u307e\u3057\u305f\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3044\u305f\u3057\u307e\u3059\u3002<\/p>\n

Brad Sills — Bank of America Merrill Lynch — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u7d20\u6674\u3089\u3057\u3044\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u4e2d\u5805\u4f01\u696d\u306b\u3064\u3044\u3066\u304a\u805e\u304d\u3057\u305f\u3044\u306e\u3067\u3059\u304c\u3002Rob\u306f\u4e2d\u5805\u4f01\u696d\u306e\u5f37\u3055\u3092\u6307\u6458\u3057\u307e\u3057\u305f\u306d\u3002<\/p>\n

\u30c1\u30e3\u30cd\u30eb\u3067\u3082\u305d\u306e\u3088\u3046\u306a\u58f0\u304c\u805e\u304b\u308c\u307e\u3059\u3002\u3053\u306e\u70b9\u306b\u3064\u3044\u3066\u306f\u3069\u3046\u304a\u8003\u3048\u3067\u3057\u3087\u3046\u304b\u3002\u3053\u308c\u306f\u3001\u304a\u305d\u3089\u304f\u30a8\u30f3\u30bf\u30fc\u30d7\u30e9\u30a4\u30ba\u30fb\u30bb\u30b0\u30e1\u30f3\u30c8\u304c\u56de\u5fa9\u3057\u3066\u304f\u308b\u3053\u3068\u306e\u5148\u884c\u6307\u6a19\u3068\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u304b\u3002\u305d\u308c\u304b\u3089\u3001\u7d14\u53ce\u76ca\u306e\u7dad\u6301\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u30d1\u30ef\u30fc\u30e6\u30fc\u30b6\u30fc\u30fb\u30b9\u30bf\u30c3\u30af\u306e\u4e2d\u3067\u30a2\u30c9\u30aa\u30f3\u62e1\u5f35\u306e\u3088\u3046\u306a\u6848\u4ef6\u304c\u767a\u751f\u3057\u3066\u3044\u308b\u5834\u6240\u3092\u3082\u3046\u5c11\u3057\u8a73\u3057\u304f\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002\u30de\u30af\u30ed\u3084\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306a\u3069\u3001\u3055\u307e\u3056\u307e\u306a\u8981\u7d20\u304c\u7d61\u307f\u5408\u3063\u3066\u3044\u307e\u3059\u3002\u30d3\u30b8\u30cd\u30b9\u306e\u30df\u30c3\u30af\u30b9\u3068\u3044\u3046\u70b9\u3067\u306f\u3001\u305f\u3068\u3048\u30701\u5e74\u524d\u3068\u73fe\u5728\u3067\u306f\u304b\u306a\u308a\u9055\u3044\u304c\u3042\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

Rob Bernshteyn — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u307e\u305a\u7b2c\u4e00\u306b\u3001\u4e2d\u5805\u5e02\u5834\u306b\u304a\u3044\u3066\u3001\u7d20\u6674\u3089\u3057\u3044\u30ea\u30fc\u30c0\u30fc\u30b7\u30c3\u30d7\u3068\u4e2d\u5805\u5e02\u5834\u306e\u7d20\u6674\u3089\u3057\u3044\u6210\u9577\u30c1\u30fc\u30e0\u306b\u611f\u8b1d\u3057\u3066\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306e\u30d3\u30b8\u30cd\u30b9\u306f\u3001\u7387\u76f4\u306b\u8a00\u3063\u3066\u7d76\u597d\u8abf\u3067\u3059\u3002\u975e\u5e38\u306b\u30b9\u30b1\u30fc\u30e9\u30d6\u30eb\u3067\u3059\u3002\u9867\u5ba2\u7372\u5f97\u3078\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u614e\u91cd\u3092\u671f\u3057\u3066\u304a\u308a\u3001\u53d6\u5f15\u898f\u6a21\u3082\u9069\u5207\u3067\u3059\u3002<\/p>\n

\u305d\u306e\u305f\u3081\u3001\u56db\u534a\u671f\u3054\u3068\u306b\u3053\u306e\u5e02\u5834\u306b\u53c2\u5165\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u52b9\u679c\u306e\u89b3\u70b9\u304b\u3089\u3082\u3001\u307e\u305f\u4e8b\u696d\u306e\u7d99\u7d9a\u7684\u306a\u6210\u9577\u306e\u89b3\u70b9\u304b\u3089\u3082\u3001\u975e\u5e38\u306b\u7d20\u6674\u3089\u3057\u3044\u3053\u3068\u3067\u3059\u3002\u7d14\u5897\u6570\u3001\u7d14\u6e1b\u6570\u3001\u7d14\u6e1b\u6570\u3001\u7d14\u6e1b\u6570\u3001\u7d14\u6e1b\u6570\u3001\u7d14\u6e1b\u6570\u3001\u7d14\u6e1b\u6570\u3001\u7d14\u6e1b\u6570\u3001\u7d14\u6e1b\u6570\u3001\u7d14\u6e1b\u6570\u3001\u7d14\u6e1b\u6570\u3002\u307e\u308b\u3067\u30d4\u30b6\u30d1\u30a4\u306e\u3088\u3046\u3067\u3059\u3002<\/p>\n

\u3064\u307e\u308a\u3001\u30e6\u30fc\u30b6\u30fc\u6570\u3068\u3044\u3046\u70b9\u3067\u306f\u30a2\u30c9\u30aa\u30f3\u30d3\u30b8\u30cd\u30b9\u304c\u3042\u308a\u3001\u305d\u308c\u306f\u5168\u4f53\u7684\u306a\u3082\u306e\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u30e2\u30b8\u30e5\u30fc\u30eb\u3068\u3044\u3046\u610f\u5473\u3067\u306f\u3001\u30b5\u30d7\u30e9\u30a4\u30e4\u30fc\u30fb\u30ea\u30b9\u30af\u304b\u3089\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u8a2d\u8a08\u30fb\u8a08\u753b\u3001\u81e8\u6642\u96c7\u7528\u8005\u307e\u3067\u3001\u3042\u3089\u3086\u308b\u3082\u306e\u304c\u542b\u307e\u308c\u307e\u3059\u3002\u307e\u305f\u3001\u5728\u5eab\u7ba1\u7406\u3001\u8ca1\u52d9\u3001\u6226\u7565\u7684\u30bd\u30fc\u30b7\u30f3\u30b0\u306a\u3069\u3001\u307e\u3059\u307e\u3059\u591a\u304f\u306e\u6d3b\u7528\u304c\u9032\u3093\u3067\u3044\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u672c\u5f53\u306b\u591a\u5c90\u306b\u308f\u305f\u3063\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n

\u3053\u308c\u306f\u3001\u5305\u62ec\u7684\u306a\u30d3\u30b8\u30cd\u30b9\u652f\u51fa\u7ba1\u7406\u3092\u5b9f\u65bd\u3059\u308b\u305f\u3081\u306b\u4f55\u304c\u5fc5\u8981\u304b\u3068\u3044\u3046\u70b9\u3067\u3001\u5f53\u793e\u306e\u9867\u5ba2\u30d9\u30fc\u30b9\u304c\u30d3\u30b8\u30e7\u30f3\u3092\u30ed\u30c3\u30af\u3057\u3066\u3044\u308b\u72b6\u614b\u3060\u304b\u3089\u3060\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u5305\u62ec\u7684\u306a\u30d3\u30b8\u30cd\u30b9\u652f\u51fa\u7ba1\u7406\u3092\u5b9f\u73fe\u3059\u308b\u305f\u3081\u306b\u4f55\u304c\u5fc5\u8981\u304b\u3068\u3044\u3046\u70b9\u3067\u3001\u304a\u5ba2\u69d8\u304c\u30d3\u30b8\u30e7\u30f3\u3092\u5171\u6709\u3057\u3066\u3044\u308b\u304b\u3089\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u3053\u308c\u304c\u3001\u79c1\u305f\u3061\u304c\u76ee\u306e\u5f53\u305f\u308a\u306b\u3057\u3066\u3044\u308b\u3053\u3068\u3067\u3059\u3002\u305d\u308c\u304b\u3089\u3001\u3054\u8cea\u554f\u306e\u6700\u5f8c\u306e\u90e8\u5206\u306f\u3001\u4e2d\u5805\u4f01\u696d\u3067\u898b\u3089\u308c\u308b\u3082\u306e\u304c\u4f01\u696d\u3067\u3082\u898b\u3089\u308c\u308b\u306e\u304b\u3001\u3068\u3044\u3046\u70b9\u3067\u3059\u3002<\/p>\n

\u5177\u4f53\u7684\u306b\u7533\u3057\u4e0a\u3052\u3089\u308c\u308b\u304b\u3069\u3046\u304b\u306f\u308f\u304b\u308a\u307e\u305b\u3093\u304c\u3001\u4f01\u696d\u5411\u3051\u30d3\u30b8\u30cd\u30b9\u3001\u7279\u306b\u7c73\u56fd\u3084\u4e16\u754c\u306e\u4ed6\u306e\u5730\u57df\u3067\u898b\u3089\u308c\u308b\u3088\u3046\u306b\u3001\u3088\u308a\u5927\u898f\u6a21\u3067\u5909\u9769\u7684\u306a\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u304c\u518d\u958b\u3055\u308c\u3001\u79c1\u305f\u3061\u306f\u898b\u8fbc\u307f\u5ba2\u3068\u5b9f\u969b\u306b\u4f1a\u3063\u3066\u8a71\u3092\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3057\u305f\u3002\u305d\u3057\u3066\u3001\u3053\u308c\u307e\u3067\u3068\u540c\u3058\u3088\u3046\u306b\u3001\u521d\u671f\u306e\u8a8d\u8b58\u304b\u3089\u30af\u30ed\u30fc\u30b8\u30f3\u30b0\u307e\u3067\u3001\u8ca9\u58f2\u30b5\u30a4\u30af\u30eb\u3092\u56de\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u3053\u3068\u306f\u3001\u79c1\u305f\u3061\u304c\u30d3\u30b8\u30cd\u30b9\u306b\u3064\u3044\u3066\u3069\u306e\u3088\u3046\u306b\u8003\u3048\u3001\u3069\u306e\u3088\u3046\u306b\u30d3\u30b8\u30cd\u30b9\u306b\u6295\u8cc7\u3057\u3066\u3044\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u306b\u3082\u8868\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n

Brad Sills — Bank of America Merrill Lynch — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u805e\u3051\u3066\u3088\u304b\u3063\u305f\u3067\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3001\u30ed\u30d6\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n[\u30d6\u30e9\u30a4\u30a2\u30f3\u30fb\u30d4\u30fc\u30bf\u30fc\u30bd\u30f3\u3055\u3093\u304b\u3089\u3054\u8cea\u554f\u3092\u3044\u305f\u3060\u304d\u307e\u3057\u305f\u3002\u304a\u5f85\u305f\u305b\u3057\u307e\u3057\u305f\u3002<\/p>\n

\u30d6\u30e9\u30a4\u30a2\u30f3\u30fb\u30d4\u30fc\u30bf\u30fc\u30bd\u30f3 — \u30ec\u30a4\u30e2\u30f3\u30c9\u30fb\u30b8\u30a7\u30fc\u30e0\u30ba — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3053\u3093\u306b\u3061\u306f\u3001\u7686\u3055\u3093\u3001\u8cea\u554f\u3092\u53d7\u3051\u3066\u304f\u3060\u3055\u3063\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30ed\u30d6\u3001\u5b9f\u306f\u30de\u30a4\u30af\u30ed\u30bd\u30d5\u30c8\u306eInspire\u306e\u30bb\u30c3\u30b7\u30e7\u30f3\u306b\u53c2\u52a0\u3057\u305f\u306e\u3067\u3059\u304c\u3001\u5f7c\u3089\u306e\u4fa1\u5024\u63d0\u6848\u306e\u3088\u3046\u306a\u3082\u306e\u3092\u805e\u304f\u3053\u3068\u304c\u3067\u304d\u3001\u8208\u5473\u6df1\u304b\u3063\u305f\u3067\u3059\u3002\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u30fb\u30d3\u30b8\u30cd\u30b9\u304c\u3001\u30d1\u30a4\u30d7\u30e9\u30a4\u30f3\u3068\u53d6\u5f15\u30b5\u30a4\u30af\u30eb\u306e\u4e21\u65b9\u306e\u89b3\u70b9\u304b\u3089\u3069\u306e\u3088\u3046\u306b\u306a\u3063\u3066\u3044\u308b\u304b\u3001\u6700\u65b0\u60c5\u5831\u3092\u77e5\u308a\u305f\u3044\u306e\u3067\u3059\u304c\u3002\u4e16\u754c\u7684\u306a\u8ab2\u984c\u3068\u3044\u3046\u70b9\u3067\u306f\u3001\u660e\u3089\u304b\u306b\u591a\u304f\u306e\u30cb\u30e5\u30fc\u30b9\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u307e\u305f\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u4e8b\u696d\u306e\u6210\u9577\u306b\u3064\u3044\u3066\u3001\u4eca\u5f8c\u3069\u306e\u3088\u3046\u306b\u8003\u3048\u3066\u3044\u3051\u3070\u3088\u3044\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

Rob Bernshteyn — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3054\u8cea\u554f\u3092\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u6838\u5fc3\u7684\u306a\u3053\u3068\u306f\u3001\u30cd\u30ac\u30c6\u30a3\u30d6\u306a\u8981\u7d20\u3067\u3059\u304c\u3001\u307b\u3068\u3093\u3069\u306e\u4f01\u696d\u306f\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u6df7\u4e71\u306b\u5bfe\u51e6\u3059\u308b\u305f\u3081\u306b\u3001\u307e\u3060\u975e\u5e38\u306b\u6df1\u523b\u306a\u5c40\u9762\u306b\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u3088\u308a\u5e83\u7bc4\u306a\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u8a2d\u8a08\u3084\u30d7\u30e9\u30f3\u30cb\u30f3\u30b0\u306e\u5909\u9769\u306b\u53d6\u308a\u7d44\u3080\u3053\u3068\u306f\u3001\u79c1\u305f\u3061\u304c\u671b\u3080\u307b\u3069\u901f\u304f\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n

\u3068\u306f\u3044\u3048\u3001\u3053\u306e\u5206\u91ce\u3067\u306e\u30d1\u30a4\u30d7\u30e9\u30a4\u30f3\u306f\u9a5a\u304f\u307b\u3069\u5145\u5b9f\u3057\u3066\u3044\u307e\u3059\u3002\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u8a2d\u8a08\u3068\u30d7\u30e9\u30f3\u30cb\u30f3\u30b0\u306e\u5206\u91ce\u3067\u306f\u3001\u9045\u884c\u6307\u6a19\u306e\u89b3\u70b9\u304b\u3089\u898b\u3066\u3082\u3001\u6848\u4ef6\u306e\u898f\u6a21\u304c\u62e1\u5927\u3057\u3066\u3044\u308b\u3053\u3068\u304c\u78ba\u8a8d\u3067\u304d\u307e\u3059\u3002\u6570\u5e74\u304b\u3051\u3066\u4e00\u3064\u306e\u5305\u62ec\u7684\u306a\u88fd\u54c1\u7fa4\u3092\u4f5c\u308a\u4e0a\u3052\u3001\u304a\u5ba2\u69d8\u3068\u30d3\u30b8\u30e7\u30f3\u3092\u5171\u6709\u3059\u308b\u3053\u3068\u3067\u3001\u3053\u306e\u5206\u91ce\u3067\u306e\u53ef\u80fd\u6027\u3092\u5f37\u304f\u611f\u3058\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u77ed\u671f\u7684\u306a\u30a2\u30c9\u30aa\u30f3\u306b\u3088\u308b\u6025\u6210\u9577\u3067\u306f\u306a\u304f\u3001\u4e2d\u9577\u671f\u7684\u306a\u8996\u70b9\u3067\u898b\u305f\u5834\u5408\u3001\u975e\u5e38\u306b\u826f\u3044\u5146\u5019\u3060\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

Peter Levine\u3055\u3093\u304b\u3089\u3054\u8cea\u554f\u3092\u3044\u305f\u3060\u304d\u307e\u3057\u305f\u3002<\/p>\n

Peter Levine — Evercore ISI — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u7d20\u6674\u3089\u3057\u3044\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3044\u3044\u56db\u534a\u671f\u306b\u306a\u3063\u305f\u3088\u3046\u3067\u3001\u304a\u3081\u3067\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

Rob\u3001\u3064\u307e\u308a\u3001\u660e\u3089\u304b\u306b\u74b0\u5883\u306f — \u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u306b\u3064\u3044\u3066\u306f\u3001\u660e\u3089\u304b\u306b\u8cb4\u793e\u304c\u63d0\u4f9b\u3059\u308b\u6280\u8853\u306b\u3088\u3063\u3066\u6709\u5229\u306b\u50cd\u3044\u3066\u3044\u308b\u3068\u8a71\u3057\u3066\u3044\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u3001\u30aa\u30fc\u30ac\u30cb\u30c3\u30af25%\u6210\u9577\u3092\u7dad\u6301\u3059\u308b\u3068\u3044\u3046\u9577\u671f\u7684\u306a\u898b\u901a\u3057\u306b\u3064\u3044\u3066\u3001\u30c8\u30fc\u30f3\u306b\u5909\u5316\u304c\u3042\u308a\u307e\u3059\u304b\uff1f\u4f8b\u3048\u3070\u3001\u9577\u671f\u7684\u306a\u6210\u9577\u76ee\u6a19\u304c\u77ed\u671f\u7684\u306b\u4f4e\u4e0b\u3057\u3001\u3088\u308a\u9ad8\u3044\u30de\u30fc\u30b8\u30f3\u3084\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3067\u76f8\u6bba\u3055\u308c\u308b\u3068\u3044\u3046\u3053\u3068\u306f\u3042\u308a\u5f97\u308b\u306e\u3067\u3057\u3087\u3046\u304b? \u5c11\u3057\u304a\u6642\u9593\u3092\u304f\u3060\u3055\u3044\u3002\u4eca\u5e74\u5ea6\u306e\u96c7\u7528\u8a08\u753b\u306b\u3064\u3044\u3066\u3001\u7279\u306b\u55b6\u696d\u90e8\u9580\u306b\u3064\u3044\u3066\u304a\u805e\u304b\u305b\u304f\u3060\u3055\u3044\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

Rob Bernshteyn — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u30c8\u30cb\u30fc\u3082\u8a00\u3063\u3066\u3044\u307e\u3057\u305f\u304c\u3001\u63a1\u7528\u306b\u3064\u3044\u3066\u8003\u3048\u308b\u3068\u304d\u306f\u3001\u55b6\u696d\u90e8\u9580\u3060\u3051\u3067\u306a\u304f\u3001\u55b6\u696d\u30c8\u30ec\u30fc\u30cb\u30f3\u30b0\u3084\u80fd\u529b\u958b\u767a\u3078\u306e\u6295\u8cc7\u3001\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u3078\u306e\u6295\u8cc7\u3001\u305d\u3057\u3066\u305d\u308c\u3089\u3092\u3069\u306e\u3088\u3046\u306b\u914d\u7f6e\u3059\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u3092\u3001\u56db\u534a\u671f\u3054\u3068\u306b\u8a08\u753b\u3057\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u5e38\u306b\u5148\u3092\u884c\u304d\u904e\u304e\u305a\u3001\u9045\u308c\u3092\u53d6\u308a\u904e\u304e\u306a\u3044\u3088\u3046\u306b\u3057\u305f\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u81ea\u5206\u305f\u3061\u306e\u30d3\u30b8\u30cd\u30b9\u652f\u51fa\u3092\u7ba1\u7406\u3059\u308b\u65b9\u6cd5\u306b\u3064\u3044\u3066\u3001\u975e\u5e38\u306b\u601d\u616e\u6df1\u304f\u3042\u308a\u305f\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3001\u30d4\u30fc\u30bf\u30fc\u3002\u3057\u304b\u3057\u3001\u79c1\u305f\u30612\u4eba\u306e\u30b3\u30e1\u30f3\u30c8\u306e\u30c8\u30fc\u30f3\u304b\u3089\u304a\u308f\u304b\u308a\u306e\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u304c\u898b\u3066\u3044\u308b\u5e02\u5834\u306f\u3001\u79c1\u305f\u3061\u306b\u7d50\u679c\u3092\u3082\u305f\u3089\u3057\u3066\u304f\u308c\u308b\u3082\u306e\u306a\u306e\u3067\u3001\u5c11\u3057\u5148\u53d6\u308a\u3057\u3066\u3044\u305f\u3044\u3068\u3044\u3046\u610f\u5473\u3067\u306f\u3001\u826f\u3044\u5146\u5019\u3060\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u3068\u306f\u3044\u3048\u3001\u5e02\u5834\u306f\u30c0\u30a4\u30ca\u30df\u30c3\u30af\u306a\u3082\u306e\u3067\u3059\u3002\u79c1\u305f\u3061\u306f\u614e\u91cd\u306a\u7d4c\u55b6\u8005\u3067\u3042\u308a\u3001\u30c1\u30e3\u30f3\u30b9\u306b\u5bfe\u3057\u3066\u4f7f\u3046\u3079\u304d\u8cc7\u91d1\u306b\u3064\u3044\u3066\u306f\u3001\u975e\u5e38\u306b\u614e\u91cd\u306b\u5224\u65ad\u3059\u308b\u3064\u3082\u308a\u3067\u3059\u3002\u305d\u3057\u3066\u3001\u6bce\u56db\u534a\u671f\u3001\u305d\u306e\u3088\u3046\u306a\u5224\u65ad\u3092\u4e0b\u3059\u3064\u3082\u308a\u3067\u3059\u3002<\/p>\n

Peter Levine — Evercore ISI — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

Gabriela Borges\u3055\u3093\u304b\u3089\u8cea\u554f\u304c\u3042\u308a\u307e\u3059\u3002\u306f\u3044\u3001\u627f\u308a\u307e\u3057\u305f\u3002<\/p>\n

Gabriela Borges — Goldman Sachs — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3053\u3093\u306b\u3061\u306f\u3002\u8cea\u554f\u306b\u7b54\u3048\u3066\u304f\u308c\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30c8\u30cb\u30fc\u3055\u3093\u3001\u30aa\u30d5\u30a3\u30b9\u3078\u306e\u5fa9\u5e30\u3001\u7279\u306b\u65c5\u8cbb\u3084\u7d4c\u8cbb\u306e\u30dc\u30ea\u30e5\u30fc\u30e0\u304c\u623b\u3063\u3066\u304d\u305f\u3053\u3068\u3067\u3001\u30d3\u30b8\u30cd\u30b9\u3067\u4f55\u304c\u8d77\u304d\u3066\u3044\u308b\u306e\u304b\u3001\u3082\u3046\u5c11\u3057\u8a73\u3057\u304f\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002\u4ee5\u524d\u3001T&E\u7d4c\u8cbb\u7ba1\u7406\u306b\u76f4\u63a5\u95a2\u9023\u3059\u308b\u90e8\u5206\u306b\u3064\u3044\u3066\u3001\u5c11\u3057\u30b3\u30e1\u30f3\u30c8\u3092\u3044\u305f\u3060\u3044\u305f\u3053\u3068\u304c\u3042\u308b\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u3082\u3046\u5c11\u3057\u8a73\u3057\u304f\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u3082\u3046\u5c11\u3057\u8a73\u3057\u304f\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002\u3053\u306e\u30d3\u30b8\u30cd\u30b9\u306b\u306f\u56de\u5fa9\u304c\u898b\u3089\u308c\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u3053\u306e\u4e8b\u696d\u306f\u4eca\u671f\u306e\u6210\u9577\u306b\u3069\u306e\u7a0b\u5ea6\u5bc4\u4e0e\u3059\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

Rob Bernshteyn — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u30ac\u30d6\u30ea\u30a8\u30e9\u3001\u305f\u3076\u3093 — \u30ed\u30d6\u3067\u3059\u3002\u79c1\u304b\u3089\u304a\u8a71\u3057\u3057\u307e\u3057\u3087\u3046\u3002\u8208\u5473\u6df1\u3044\u3053\u3068\u306b\u3001\u79c1\u305f\u3061\u306e\u30d3\u30b8\u30cd\u30b9\u652f\u51fa\u6307\u6570\u3092\u898b\u3066\u307f\u308b\u3068\u3001\u51fa\u5f35\u304c\u304b\u306a\u308a\u7740\u5b9f\u306b\u5897\u3048\u3066\u3044\u308b\u3053\u3068\u304c\u308f\u304b\u308a\u307e\u3059\u3002\u3082\u3061\u308d\u3093\u3001\u79c1\u305f\u3061\u81ea\u8eab\u3082\u305d\u308c\u3092\u5b9f\u611f\u3057\u3066\u3044\u307e\u3059\u3057\u3001\u81ea\u5206\u306e\u4f1a\u793e\u3067\u305d\u308c\u3092\u78ba\u8a8d\u3067\u304d\u308b\u306e\u306f\u7d20\u6674\u3089\u3057\u3044\u3053\u3068\u3067\u3059\u3002<\/p>\n

\u30d1\u30fc\u30c8\u30ca\u30fc\u3067\u3042\u308b\u4ee3\u7406\u5e97\u3068\u3082\u8a71\u3057\u3066\u3044\u307e\u3059\u3002\u5f7c\u3089\u306f\u30012024\u5e74\u307e\u3067\u306b\u5927\u6d41\u884c\u524d\u306e\u30ec\u30d9\u30eb\u306b\u623b\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u307e\u3059\u3002\u3082\u3061\u308d\u3093\u3001\u5f7c\u3089\u306f\u5360\u3044\u5e2b\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u3053\u308c\u304c\u79c1\u305f\u3061\u304c\u8033\u306b\u3057\u305f\u3053\u3068\u306e\u7dcf\u610f\u3067\u3059\u3002\u3053\u308c\u306f\u3001\u79c1\u305f\u3061\u304c\u7d041\u5e74\u524d\u304b\u3089\u53d6\u308a\u7d44\u3093\u3067\u304d\u305f\u65c5\u884c\u4e88\u7d04\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u306e\u521d\u671f\u6bb5\u968e\u306e\u88fd\u54c1\u3067\u3001\u975e\u5e38\u306b\u4f7f\u3044\u52dd\u624b\u304c\u826f\u3044\u3082\u306e\u3067\u3059\u3002<\/p>\n

\u3053\u306e\u88fd\u54c1\u306f\u3001\u4e3b\u306b\u7c73\u56fd\u306e\u4e2d\u5805\u5e02\u5834\u3067\u8ca9\u58f2\u3092\u958b\u59cb\u3059\u308b\u4e88\u5b9a\u3067\u3059\u304c\u3001\u65c5\u884c\u304c\u307e\u3059\u307e\u3059\u76db\u3093\u306b\u306a\u3063\u3066\u3044\u304f\u4e2d\u3067\u3001\u5f53\u793e\u306b\u3068\u3063\u3066\u975e\u5e38\u306b\u6709\u671b\u306a\u6210\u9577\u306e\u30d9\u30af\u30c8\u30eb\u306b\u306a\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u30c8\u30cb\u30fc\u30fb\u30c6\u30a3\u30b9\u30b3\u30cb\u30a2 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u306f\u3044\u3002\u30ac\u30d6\u30ea\u30a8\u30e9\u3001\u3054\u8cea\u554f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002Rob\u304c\u8ff0\u3079\u305f\u3088\u3046\u306b\u3001COVID\u304b\u3089\u65c5\u884c\u304c\u518d\u3073\u767b\u5834\u3057\u59cb\u3081\u305f\u3068\u304d\u3001\u79c1\u305f\u3061\u306f\u305d\u306e\u30dd\u30b8\u30b7\u30e7\u30cb\u30f3\u30b0\u306b\u975e\u5e38\u306b\u8208\u596e\u3057\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u7ba1\u7406\u4e0b\u306b\u3042\u308b\u652f\u51fa\u306b\u3064\u3044\u3066\u306f\u300112\u30ab\u6708\u5f8c\u30d9\u30fc\u30b9\u3067\u7d041\u5146\u30c9\u30eb\u304c\u5f53\u793e\u306e\u30b3\u30a2\u30d3\u30b8\u30cd\u30b9\u306b\u6295\u5165\u3055\u308c\u3066\u3044\u307e\u3059\u304c\u3001\u305d\u306e\u5927\u90e8\u5206\u306fPO\u3068\u30a4\u30f3\u30dc\u30a4\u30b9\u306b\u3088\u308b\u3082\u306e\u3067\u3059\u3002<\/p>\n

\u3053\u306e\u3046\u3061\u3001T&E\u306b\u76f4\u63a5\u95a2\u9023\u3059\u308b\u3082\u306e\u306f\u3054\u304f\u308f\u305a\u304b\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u79c1\u305f\u3061\u306eT&E\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u306f\u4f55\u767e\u3082\u306e\u304a\u5ba2\u69d8\u306b\u3054\u5229\u7528\u3044\u305f\u3060\u3044\u3066\u304a\u308a\u3001\u4eca\u5f8c\u306e\u5c55\u958b\u306b\u671f\u5f85\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

Gabriela Borges — Goldman Sachs — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

Terry Tillman\u3055\u3093\u304b\u3089\u306e\u8cea\u554f\u3067\u3059\u3002\u304a\u96fb\u8a71\u3092\u304a\u5f85\u3061\u3057\u3066\u304a\u308a\u307e\u3059\u3002<\/p>\n

Terry Tillman — Truist Securities — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u306f\u3044\u3001\u8cea\u554f\u3092\u805e\u3044\u3066\u304f\u3060\u3055\u3063\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u8cea\u554f\u306f2\u3064\u306b\u5206\u304b\u308c\u3066\u3044\u307e\u3059\u3002\u307e\u305aRob\u304b\u3089\u3001\u30d9\u30f3\u30c0\u30fc\u306e\u7d71\u5408\u306b\u3064\u3044\u3066\u3067\u3059\u3002<\/p>\n

\u4f01\u696d\u5411\u3051\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2\u4f1a\u793e\u304b\u3089\u306f\u3001\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u6a5f\u80fd\u304c\u30dd\u30a4\u30f3\u30c8\u30fb\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u306b\u53d6\u3063\u3066\u4ee3\u308f\u308b\u305f\u3081\u3001\u3088\u308a\u5927\u304d\u306a\u53d6\u5f15\u304c\u884c\u308f\u308c\u3066\u3044\u308b\u3068\u3044\u3046\u8a71\u3092\u3088\u304f\u805e\u304d\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306a\u5927\u898f\u6a21\u306a\u4f01\u696d\u5411\u3051\u6848\u4ef6\u306b\u3064\u3044\u3066\u3001\u6848\u4ef6\u306e\u898f\u6a21\u306f\u307e\u3060\u62e1\u5927\u3057\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u30c8\u30cb\u30fc: \u524d\u56db\u534a\u671f\u306b\u3001\u73fe\u5728\u306eRPO\u304c\u7d0433%\u5897\u3067\u3042\u308b\u3053\u3068\u3092\u8aac\u660e\u3055\u308c\u305f\u3068\u601d\u3044\u307e\u3059\u3002RPO\u306e\u5408\u8a08\u306f\u524d\u56db\u534a\u671f\u3068\u540c\u305835\uff05\u3067\u3057\u305f\u304c\u3001\u73fe\u5728\u306eRPO\u306b\u3064\u3044\u3066\u306f\u3044\u304b\u304c\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n

Rob Bernshteyn — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u30c6\u30ea\u30fc\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3055\u3066\u3001\u79c1\u305f\u3061\u306e\u30c7\u30a3\u30fc\u30eb\u30b5\u30a4\u30ba\u306e\u7d20\u6674\u3089\u3057\u3055\u306f\u3001\u904e\u53bb\u306b\u3082\u304a\u8a71\u3057\u3057\u305f\u3088\u3046\u306b\u3001\u307b\u307c\u6bce\u671f\u3001\u30c7\u30a3\u30fc\u30eb\u30b5\u30a4\u30ba\u304c\u6210\u9577\u3092\u7d9a\u3051\u3066\u3044\u308b\u3053\u3068\u3067\u3059\u3002\u4e00\u65b9\u3001\u30de\u30a4\u30ca\u30b9\u9762\u306f\u3001\u79c1\u305f\u3061\u304c\u304a\u5ba2\u3055\u307e\u306b\u63d0\u4f9b\u3057\u3066\u3044\u308b\u4fa1\u5024\u306e\u3046\u3061\u3001\u6e2c\u5b9a\u53ef\u80fd\u3067\u76ee\u306b\u898b\u3048\u308b\u3082\u306e\u306f\u3001\u3082\u3063\u3068\u901f\u304f\u6210\u9577\u3057\u3066\u307b\u3057\u3044\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u3053\u306e\u3088\u3046\u306b2\u3064\u306e\u5074\u9762\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u6982\u3057\u3066\u975e\u5e38\u306b\u5065\u5168\u3067\u3059\u3002\u305d\u3057\u3066\u591a\u304f\u306e\u5834\u5408\u3001\u3088\u308a\u5c0f\u3055\u306a\u30dd\u30a4\u30f3\u30c8\u30fb\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u306b\u53d6\u3063\u3066\u4ee3\u308f\u3089\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u5305\u62ec\u7684\u306a\u30d3\u30b8\u30cd\u30b9\u652f\u51fa\u7ba1\u7406\u306b\u95a2\u3059\u308b\u30d3\u30b8\u30e7\u30f3\u3092\u898b\u8fbc\u307f\u5ba2\u3068\u5171\u6709\u3057\u3001\u5f7c\u3089\u306e\u696d\u754c\u306b\u304a\u3051\u308b\u30ea\u30d5\u30a1\u30ec\u30f3\u30b9\u3092\u7d39\u4ecb\u3057\u3001\u5f7c\u3089\u306e\u6210\u529f\u306e\u305f\u3081\u306b\u6700\u3082\u53ef\u80fd\u6027\u304c\u9ad8\u304f\u3001\u5931\u6557\u306e\u53ef\u80fd\u6027\u304c\u6700\u3082\u4f4e\u3044\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3068\u30d1\u30fc\u30c8\u30ca\u30fc\u3067\u3042\u308b\u3053\u3068\u3092\u793a\u3059\u3053\u3068\u304c\u91cd\u8981\u306a\u306e\u3067\u3059\u3002\u305d\u3057\u3066\u3001\u3053\u308c\u3089\u306e\u3059\u3079\u3066\u306e\u9818\u57df\u3067\u3001\u79c1\u305f\u3061\u306f\u3068\u3066\u3082\u826f\u3044\u611f\u89e6\u3092\u5f97\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306e\u30d3\u30b8\u30cd\u30b9\u306f\u9806\u8abf\u3067\u3059\u3002<\/p>\n

\u30c8\u30cb\u30fc\u30fb\u30c6\u30a3\u30b9\u30b3\u30cb\u30a2 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u30c6\u30ea\u30fc\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3054\u6307\u6458\u306e\u901a\u308a\u3001RPO\u306f\u524d\u5e74\u6bd435\uff05\u5897\u3068\u306a\u308a\u307e\u3057\u305f\u3002CRPO\u306e\u524d\u5e74\u6bd4\u3082\u307b\u307c\u540c\u3058\u3067\u3057\u305f\u300235\uff05\u7a0b\u5ea6\u3067\u3057\u305f\u3002<\/p>\n

\u5b9f\u306f\u5f53\u793e\u3067\u306f\u3001CRPO\u3067\u30d3\u30b8\u30cd\u30b9\u3092\u7ba1\u7406\u3057\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002CRPO\u306f\u3069\u3061\u3089\u304b\u3068\u3044\u3046\u3068\u6210\u679c\u306b\u3088\u3063\u3066\u5de6\u53f3\u3055\u308c\u308b\u6307\u6a19\u3067\u3059\u3002\u5b9f\u969b\u306b\u306f\u3001\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u306e\u8ab2\u91d1\u984d\u3067\u30d3\u30b8\u30cd\u30b9\u3092\u7ba1\u7406\u3057\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u4eca\u5f8c\u306f\u305d\u3061\u3089\u306b\u91cd\u70b9\u3092\u7f6e\u3044\u3066\u3044\u304f\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u7b2c1\u56db\u534a\u671f\u306eCRPO\u306f35\uff05\u7a0b\u5ea6\u3067\u3057\u305f\u3002<\/p>\n

Terry Tillman — Truist Securities — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

Michael Turrin\u3055\u3093\u304b\u3089\u306e\u8cea\u554f\u3067\u3059\u3002\u304a\u96fb\u8a71\u3092\u304a\u5f85\u3061\u3057\u3066\u304a\u308a\u307e\u3059\u3002<\/p>\n

\u30de\u30a4\u30b1\u30eb\u30fb\u30bf\u30fc\u30ea\u30f3 — \u30a6\u30a7\u30eb\u30ba\u30fb\u30d5\u30a1\u30fc\u30b4\u8a3c\u5238 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3053\u3093\u306b\u3061\u306f\u3002\u3069\u3046\u3082\u3002\u3053\u3093\u306b\u3061\u306f\u3002\u8cea\u554f\u3092\u304a\u53d7\u3051\u3057\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u30c8\u30cb\u30fc\u3001\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u8ab2\u91d1\u3092\u91cd\u8996\u3059\u308b\u52d5\u304d\u306b\u3064\u3044\u3066\u8a00\u53ca\u3057\u307e\u3057\u305f\u306d\u3002\u3053\u306e\u30e2\u30c7\u30eb\u306b\u306f\u52d5\u304f\u90e8\u5206\u304c\u3042\u308b\u305f\u3081\u3001\u7406\u306b\u304b\u306a\u3063\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u307e\u305f\u3001FX\u306e\u304a\u8a71\u304c\u3042\u308a\u307e\u3057\u305f\u304c\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u304c\u5909\u5316\u3059\u308b\u3053\u3068\u306b\u3088\u308b\u5f71\u97ff\u306b\u3064\u3044\u3066\u3069\u306e\u3088\u3046\u306b\u304a\u8003\u3048\u3067\u3059\u304b\uff1f\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u58f2\u4e0a\u3092\u30e9\u30a4\u30bb\u30f3\u30b9\u5951\u7d04\u304b\u3089\u8ee2\u63db\u3057\u305f\u3053\u3068\u306b\u3088\u308b\u5f71\u97ff\u3092\u3069\u306e\u3088\u3046\u306b\u8003\u3048\u308c\u3070\u3088\u3044\u3067\u3057\u3087\u3046\u304b\uff1f\u30d7\u30ed\u30d5\u30a7\u30c3\u30b7\u30e7\u30ca\u30eb\u30fb\u30b5\u30fc\u30d3\u30b9\u306e\u58f2\u4e0a\u304c500\u4e07\u30c9\u30eb\u6e1b\u5c11\u3057\u305f\u3068\u306e\u3053\u3068\u3067\u3059\u304c\u3001\u4f55\u304b\u88dc\u8db3\u3067\u304d\u308b\u3053\u3068\u306f\u3042\u308a\u307e\u3059\u304b?<\/p>\n

\u3057\u304b\u3057\u3001\u30e9\u30a4\u30bb\u30f3\u30b9\u3068\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u683c\u3092\u6bd4\u8f03\u3059\u308b\u305f\u3081\u306b\u3001\u4f55\u304b\u8ffd\u52a0\u3067\u304d\u308b\u3053\u3068\u306f\u3042\u308a\u307e\u3059\u304b? \u307e\u305f\u3001\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u306e\u58f2\u4e0a\u306f\u3001\u7b2c4\u56db\u534a\u671f\u306e\u6bd4\u91cd\u304c\u9ad8\u3044\u3060\u3051\u3067\u3001\u4f8b\u5e74\u3068\u540c\u69d8\u306e\u5b63\u7bc0\u7684\u30d7\u30ed\u30d5\u30a1\u30a4\u30eb\u306b\u306a\u308b\u3068\u4e88\u60f3\u3055\u308c\u307e\u3059\u304b? \u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30c8\u30cb\u30fc\u30fb\u30c6\u30a3\u30b9\u30b3\u30cb\u30a2 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u30ec\u30ac\u30b7\u30fc\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u30e9\u30a4\u30bb\u30f3\u30b9\u306e\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u3078\u306e\u8ee2\u63db\u304c\u3046\u307e\u304f\u3044\u3063\u305f\u3053\u3068\u3068\u300150%\u6e1b\u984d\u3057\u305f\u7e70\u5ef6\u53ce\u76ca\u306e\u30b3\u30f3\u30dd\u30fc\u30cd\u30f3\u30c8\u3092100%\u3067\u9867\u5ba2\u306b\u518d\u8acb\u6c42\u3057\u305f\u3053\u3068\u304c\u300122\u5e74\u5ea6\u306b\u5927\u304d\u306a\u5229\u76ca\u3092\u3082\u305f\u3089\u3057\u305f\u3068\u601d\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u4eca\u5f8c\u306e\u898b\u901a\u3057\u3068\u3057\u3066\u306f\u3001\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u306e\u8a08\u7b97\u4e0a\u306e\u8acb\u6c42\u984d\u306f20\uff05\u53f0\u534a\u3070\u3001\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u306e\u58f2\u4e0a\u9ad8\u308220\uff05\u53f0\u534a\u3070\u306e\u6210\u9577\u304c\u671f\u5f85\u3067\u304d\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u904b\u55b6\u62c5\u5f53\u8005<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u30b8\u30e7\u30bb\u30d5\u30fb\u30f4\u30a1\u30d5\u30a3\u3055\u3093\u304b\u3089\u3054\u8cea\u554f\u3092\u3044\u305f\u3060\u304d\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u30b8\u30e7\u30fc\u30fb\u30f4\u30a1\u30d5\u30a3 — \u30ab\u30ca\u30b3\u30fc\u30c9\u30fb\u30b8\u30a7\u30cb\u30e5\u30a4\u30c6\u30a3<\/p>\n

\u3084\u3042\u3001\u307f\u3093\u306a\u3002\u3053\u3093\u306b\u3061\u306f\u3002\u79c1\u306e\u8cea\u554f\u306b\u7b54\u3048\u3066\u304f\u308c\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u4f01\u696d\u5411\u3051\u3068\u4e2d\u9593\u5e02\u5834\u5411\u3051\u306b\u95a2\u3059\u308b\u524d\u56de\u306e\u8cea\u554f\u306b\u5c11\u3057\u304a\u7b54\u3048\u3057\u3001\u3055\u3089\u306bPay\u30e2\u30b8\u30e5\u30fc\u30eb\u306b\u95a2\u3059\u308b\u30b3\u30e1\u30f3\u30c8\u306b\u3064\u3044\u3066\u3082\u6398\u308a\u4e0b\u3052\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u30df\u30c3\u30c9\u30de\u30fc\u30b1\u30c3\u30c8\u306e\u30a2\u30bf\u30c3\u30c1\u30e1\u30f3\u30c8\u30fb\u30ec\u30fc\u30c8\u306f\u3001\u30a8\u30f3\u30bf\u30fc\u30d7\u30e9\u30a4\u30ba\u3088\u308a\u3082\u304b\u306a\u308a\u9ad8\u304b\u3063\u305f\u3068\u805e\u3044\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u305d\u306e\u65b9\u304c\u3088\u308a\u5927\u304d\u306a\u5909\u9769\u3092\u3082\u305f\u3089\u3059\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u3053\u306e2\u3064\u306e\u5e02\u5834\u306b\u304a\u3044\u3066\u3001\u5b9a\u7740\u3057\u305fAP\u30d7\u30ec\u30fc\u30e4\u30fc\u3084\u3001AP\u30d7\u30ec\u30fc\u30e4\u30fc\u304c\u3001\u4f01\u696d\u3067\u306f\u3059\u3067\u306b\u63a1\u7528\u3055\u308c\u3001\u4e2d\u5805\u5e02\u5834\u3067\u306f\u307e\u3060\u5c11\u3057\u672a\u958b\u62d3\u3067\u3042\u308b\u3088\u3046\u306a\u3001\u7d66\u4e0e\u30e2\u30b8\u30e5\u30fc\u30eb\u306b\u95a2\u3059\u308b\u6b63\u78ba\u306a\u72b6\u6cc1\u3092\u3054\u89a7\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u304b\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

Rob Bernshteyn — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u79c1\u305f\u3061\u306f\u30d0\u30fc\u30c1\u30e3\u30eb\u30ab\u30fc\u30c9\u3060\u3051\u3067\u306a\u304f\u3001\u30c7\u30b8\u30bf\u30eb\u30da\u30a4\u30e1\u30f3\u30c8\u306b\u3082\u5bfe\u5fdc\u3057\u305f\u30da\u30a4\uff08\u6c7a\u6e08\uff09\u6a5f\u80fd\u3092\u63d0\u4f9b\u3057\u3001\u5e02\u5834\u306e\u62e1\u5927\u3092\u7d9a\u3051\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u5927\u4f01\u696d\u304c\u6d3b\u7528\u3067\u304d\u308b\u3088\u3046\u306a\u6a5f\u80fd\u3092\u3069\u3093\u3069\u3093\u8ffd\u52a0\u3057\u3066\u3044\u307e\u3059\u3002\u30b8\u30e7\u30fc\u3001\u4eca\u5f8c2\uff5e3\u56db\u534a\u671f\u3067\u3001\u3053\u306e\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3092\u3044\u3061\u65e9\u304f\u63a1\u7528\u3057\u305f\u4f01\u696d\u304c\u5229\u7528\u3059\u308b\u3088\u3046\u306b\u306a\u308b\u306f\u305a\u3067\u3001\u53d6\u5f15\u91cf\u304c\u5927\u5e45\u306b\u5897\u52a0\u3057\u3001\u53ce\u76ca\u3084\u30ea\u30d5\u30a1\u30ec\u30f3\u30b9\u30d9\u30fc\u30b9\u3092\u69cb\u7bc9\u3057\u3001\u3053\u306e\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u3092\u3088\u308a\u5e83\u304f\u666e\u53ca\u3055\u305b\u308b\u4e0a\u3067\u3001\u672c\u5f53\u306b\u826f\u3044\u5146\u5019\u3060\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u3067\u3059\u304b\u3089\u3001\u79c1\u305f\u3061\u306f\u3053\u306e\u9032\u6357\u306b\u624b\u3054\u305f\u3048\u3092\u611f\u3058\u3066\u3044\u307e\u3059\u3002\u3082\u3061\u308d\u3093\u30011\u5e74\u30012\u5e74\u30013\u5e74\u3068\u3044\u3046\u3088\u3046\u306a\u8a71\u3067\u306f\u306a\u304f\u3001\u6570\u5e74\u306b\u308f\u305f\u308b\u9053\u306e\u308a\u3067\u3059\u3002\u6570\u5e74\u306b\u308f\u305f\u308b\u65c5\u3067\u3059\u304c\u3001\u79c1\u305f\u3061\u306f\u4eca\u3001\u305d\u306e\u65c5\u306e\u771f\u3063\u6700\u4e2d\u306a\u306e\u3067\u3059\u30021\u5e74\u534a\u307b\u3069\u524d\u306e\u30a2\u30ca\u30ea\u30b9\u30c8\u30fb\u30c7\u30fc\u3067\u3082\u304a\u8a71\u3057\u3057\u305f\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306f\u4eca\u3001\u305d\u308c\u3092\u5b9f\u73fe\u3059\u308b\u305f\u3081\u306e\u52a0\u901f\u6bb5\u968e\u306b\u5165\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u30e9\u30a4\u30a2\u30f3\u30fb\u30de\u30af\u30c9\u30ca\u30eb\u30c9\u3055\u3093\u304b\u3089\u3054\u8cea\u554f\u3092\u3044\u305f\u3060\u304d\u307e\u3057\u305f\u3002\u30e9\u30a4\u30a2\u30f3\u30fb\u30de\u30af\u30c9\u30ca\u30eb\u30c9\u304b\u3089\u8cea\u554f\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

Ryan MacDonald — Needham and Company — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u304a\u3081\u3067\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3044\u3044\u56db\u534a\u671f\u3067\u3057\u305f\u306d\u3002\u7c73\u56fd\u304a\u3088\u3073\u6d77\u5916\u3067\u306eInspire\u306b\u3064\u3044\u3066\u304a\u805e\u304b\u305b\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u30a4\u30d9\u30f3\u30c8\u304b\u30892\u30f6\u6708\u304c\u7d4c\u3061\u307e\u3057\u305f\u304c\u3001\u30d1\u30a4\u30d7\u30e9\u30a4\u30f3\u306e\u8ee2\u63db\u306f\u3001\u4ee5\u524d\u306e\u30d0\u30fc\u30c1\u30e3\u30eb\u306a\u30a4\u30d9\u30f3\u30c8\u3068\u306f\u7570\u306a\u308a\u3001\u5bfe\u9762\u5f0f\u306e\u30a4\u30d9\u30f3\u30c8\u304b\u3089\u884c\u308f\u308c\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

Rob Bernshteyn — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3082\u3061\u308d\u3093\u3067\u3059\u3001\u30e9\u30a4\u30a2\u30f3\u3002\u3054\u8cea\u554f\u306e\u6838\u5fc3\u306f\u3001\u7279\u306b\u5bfe\u9762\u5f0f\u30a4\u30d9\u30f3\u30c8\u304b\u3089\u751f\u307e\u308c\u308b\u30d1\u30a4\u30d7\u30e9\u30a4\u30f3\u306b\u3064\u3044\u3066\u3001\u79c1\u305f\u3061\u304c\u3069\u306e\u3088\u3046\u306b\u611f\u3058\u3066\u3044\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u3053\u308c\u307e\u3067\u3067\u6700\u5927\u306e\u30d1\u30a4\u30d7\u30e9\u30a4\u30f3\u3092\u6709\u3057\u3066\u3044\u308b\u3068\u81ea\u8ca0\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u30d1\u30a4\u30d7\u30e9\u30a4\u30f3\u3092\u521d\u671f\u6bb5\u968e\u304b\u3089\u6210\u7d04\u307e\u3067\u6301\u3063\u3066\u3044\u304f\u3053\u3068\u306f\u3001\u79c1\u305f\u3061\u304c\u5f37\u304f\u610f\u8b58\u3057\u3066\u3044\u308b\u3053\u3068\u3067\u3059\u3002<\/p>\n

\u3053\u306e\u30d1\u30a4\u30d7\u30e9\u30a4\u30f3\u3092\u521d\u671f\u6bb5\u968e\u304b\u3089\u6210\u7d04\u307e\u3067\u6301\u3063\u3066\u3044\u304f\u305f\u3081\u306b\u3001\u55b6\u696d\u80fd\u529b\u3092\u62e1\u5927\u3057\u7d9a\u3051\u3066\u3044\u307e\u3059\u3002\u79c1\u306e\u76f4\u611f\u3067\u306f\u3001\u7279\u306b\u4f01\u696d\u3067\u306f\u3001\u7269\u7406\u7684\u306b\u63a5\u89e6\u3057\u305f\u30d1\u30a4\u30d7\u30e9\u30a4\u30f3\u306f\u3001Zoom\u3084\u30d0\u30fc\u30c1\u30e3\u30eb\u306b\u6bd4\u3079\u3001\u5c11\u3057\u65e9\u304f\u52d5\u304f\u50be\u5411\u304c\u3042\u308b\u3088\u3046\u306b\u601d\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u3082\u3061\u308d\u3093\u3001\u305d\u308c\u306f\u307e\u3060\u308f\u304b\u3089\u306a\u3044\u3053\u3068\u3067\u3059\u3002\u7279\u306b\u3001\u56db\u534a\u671f\u3054\u3068\u306b\u3069\u306e\u3088\u3046\u306b\u6295\u8cc7\u3092\u884c\u3046\u304b\u306b\u3064\u3044\u3066\u306f\u3001\u614e\u91cd\u3092\u671f\u3057\u305f\u3044\u3068\u601d\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

Taylor McGinnis\u304b\u3089\u8cea\u554f\u304c\u3042\u308a\u307e\u3059\u3002\u96fb\u8a71\u3092\u304a\u639b\u3051\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u30c6\u30a4\u30e9\u30fc\u30fb\u30de\u30af\u30ae\u30cb\u30b9 — UBS — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u306f\u3044\u3001\u8cea\u554f\u3092\u805e\u3044\u3066\u304f\u3060\u3055\u3063\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u30021Q\u306b\u3064\u3044\u3066\u3067\u3059\u30021Q\u306e\u58f2\u4e0a\u9ad8\u306e\u4f38\u3073\u3092\u65e9\u671f\u66f4\u65b0\u3067\u8abf\u6574\u3059\u308b\u3068\u3001\u904e\u53bb\u306b\u898b\u305f\u3053\u3068\u304c\u3042\u308b\u3088\u3046\u306a\u4e0a\u6607\u7387\u3088\u308a\u3082\u5c11\u3057\u5f31\u304f\u306a\u3063\u305f\u3088\u3046\u306b\u898b\u3048\u307e\u3059\u3002<\/p>\n

\u305d\u308c\u3067\u3001\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u30fb\u30d3\u30ea\u30f3\u30b0\u306b\u30b7\u30d5\u30c8\u3057\u305f\u3053\u3068\u306f\u8a55\u4fa1\u3067\u304d\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u3053\u306e\u56db\u534a\u671f\u306b\u304a\u3044\u3066\u3001\u30d7\u30ed\u30d5\u30a7\u30c3\u30b7\u30e7\u30ca\u30eb\u30fb\u30b5\u30fc\u30d3\u30b9\u306e\u9006\u98a8\u3092\u9664\u3051\u3070\u3001\u4ed6\u306b\u4f55\u304b\u6307\u6458\u3059\u3079\u304d\u3053\u3068\u306f\u3042\u308a\u307e\u3059\u304b\uff1f\u307e\u305f\u3001\u3053\u306e\u8cea\u554f\u306e\u7b2c\u4e8c\u5f3e\u3068\u3057\u3066\u3001\u7b2c2\u56db\u534a\u671f\u3092\u898b\u636e\u3048\u305f\u5834\u5408\u3001\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u53ce\u5165\u3068\u8ab2\u91d1\u984d\u306e\u76ee\u5b89\u306f\u304b\u306a\u308a\u5f37\u305d\u3046\u306b\u898b\u3048\u307e\u3059\u304c\u3001\u7b2c2\u56db\u534a\u671f\u304c\u6700\u3082\u53b3\u3057\u3044\u7af6\u4e89\u74b0\u5883\u3067\u3042\u308b\u3053\u3068\u3068\u3001\u3054\u6307\u6458\u306e\u3088\u3046\u306a\u3044\u304f\u3064\u304b\u306e\u30de\u30af\u30ed\u8981\u56e0\u3092\u8003\u616e\u3057\u305f\u5834\u5408\u3001\u3044\u304b\u304c\u3067\u3057\u3087\u3046\u304b\u3002\u5927\u578b\u6848\u4ef6\u306e\u5fa9\u6d3b\u3084\u30a2\u30c3\u30d7\u30bb\u30eb\u306e\u5fa9\u6d3b\u306a\u3069\u30011\u3064\u304b2\u3064\u306e\u30c9\u30e9\u30a4\u30d0\u30fc\u304c\u3042\u308c\u3070\u3001\u305d\u306e\u3088\u3046\u306a\u30b3\u30e1\u30f3\u30c8\u3078\u306e\u6a4b\u6e21\u3057\u306b\u306a\u308b\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u3044\u304b\u304c\u3067\u3057\u3087\u3046\u304b\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30c8\u30cb\u30fc\u30fb\u30c6\u30a3\u30b9\u30b3\u30cb\u30a2 — \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u307e\u305a\u3001\u58f2\u4e0a\u9ad8\u306b\u95a2\u3057\u3066\u306f\u3001\u8ab0\u3082\u304c\u77e5\u3063\u3066\u3044\u308b\u3088\u3046\u306b\u3001\u7c73\u30c9\u30eb\u304c\u30e6\u30fc\u30ed\u3092\u542b\u3080\u3044\u304f\u3064\u304b\u306e\u5916\u56fd\u901a\u8ca8\u306b\u5bfe\u3057\u3066\u5927\u5e45\u306b\u4e0a\u6607\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u305d\u306e\u591a\u304f\u306f\u3001\u5f53\u56db\u534a\u671f\u306e\u6700\u5f8c\u3067\u3042\u3063\u305f4\u6708\u306b\u975e\u5e38\u306b\u9855\u8457\u306b\u767a\u751f\u3057\u307e\u3057\u305f\u3002<\/p>\n

\u3057\u305f\u304c\u3063\u3066\u3001\u307e\u305a\u7b2c\u4e00\u306b\u3001\u6052\u5e38\u70ba\u66ff\u30ec\u30fc\u30c8\u306b\u3064\u3044\u3066\u3001\u79c1\u305f\u3061\u304c\u5fc5\u305a\u3057\u3082\u4e88\u60f3\u3057\u3066\u3044\u306a\u304b\u3063\u305f2\u30013\u30dd\u30a4\u30f3\u30c8\u4e0a\u4e57\u305b\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u3082\u3046\u3072\u3068\u3064\u306f\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u30b5\u30fc\u30d3\u30b9\u304a\u3088\u3073\u30e9\u30a4\u30bb\u30f3\u30b9\u306e\u79fb\u884c\u306b\u3064\u3044\u3066\u3067\u3059\u3002\u6b63\u76f4\u306a\u3068\u3053\u308d\u3001\u5f53\u521d\u306e\u4e88\u60f3\u3088\u308a\u3082\u65e9\u304f\u9032\u3093\u3067\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u304a\u5ba2\u69d8\u3084\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u30d3\u30b8\u30cd\u30b9\u306b\u3068\u3063\u3066\u6709\u76ca\u306a\u3053\u3068\u3067\u3059\u3002<\/p>\n

\u79c1\u305f\u3061\u306f\u3001\u3088\u308a\u591a\u304f\u306e\u30c8\u30ec\u30fc\u30cb\u30f3\u30b0\u3092\u53d7\u3051\u305f\u30d1\u30fc\u30c8\u30ca\u30fc\u3092\u78ba\u4fdd\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3057\u305f\u3002\u3053\u306e2\u3064\u3092\u5408\u8a08\u3059\u308b\u3068\u3001\u8a08\u7b97\u4e0a\u306e\u58f2\u4e0a\u9ad8\u306f20\uff05\u53f0\u534a\u3070\u306b\u8fd1\u3065\u304f\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u904b\u55b6\u62c5\u5f53\u8005<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u3067\u306f\u3001\u6700\u5f8c\u306b\u30ed\u30d0\u30fc\u30c8\u30fb\u30b7\u30e2\u30f3\u30ba\u304b\u3089\u8cea\u554f\u304c\u3042\u308a\u307e\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n

\u30ed\u30d0\u30fc\u30c8\u30fb\u30b7\u30e2\u30f3\u30ba — D.A.\u30c7\u30d3\u30c3\u30c9\u30bd\u30f3 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3069\u3046\u3082\u3001\u3054\u8cea\u554f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002[\u805e\u304d\u53d6\u308c\u305a]\n

\u30ed\u30d6\u30fb\u30d0\u30fc\u30f3\u30b7\u30e5\u30c6\u30a4\u30f3 — \u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u30ed\u30d0\u30fc\u30c8\u3001\u3042\u306a\u305f\u304c\u8a71\u3057\u3066\u3044\u308b\u5834\u5408\u3001\u79c1\u305f\u3061\u306f\u3042\u306a\u305f\u3092\u805e\u304f\u3053\u3068\u304c\u3067\u304d\u307e\u305b\u3093\u3002\u30aa\u30da\u30ec\u30fc\u30bf\u30fc\uff1f<\/p>\n

\u30ed\u30d0\u30fc\u30c8\u30fb\u30b7\u30e2\u30f3\u30ba — D.A.\u30c7\u30d3\u30c3\u30c9\u30bd\u30f3 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3059\u307f\u307e\u305b\u3093\u3002\u4eca\u3001\u79c1\u306e\u58f0\u304c\u805e\u3053\u3048\u307e\u3059\u304b\uff1f<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u7d9a\u3051\u3066\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n

Robert Simmons — D.A. Davidson — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u7533\u3057\u8a33\u3042\u308a\u307e\u305b\u3093\u3002\u8cea\u554f\u3092\u53d7\u3051\u3066\u304f\u308c\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u76f4\u63a5\u7684\u306b\u95a2\u4e0e\u3059\u308b\u3053\u3068\u306b\u3064\u3044\u3066\u306e\u9032\u6357\u72b6\u6cc1\u306b\u3064\u3044\u3066\u304a\u77e5\u3089\u305b\u3044\u305f\u3060\u3051\u308c\u3070\u3068\u601d\u3044\u307e\u3059\u3002\u305d\u308c\u306f\u6642\u306b\u30b0\u30ec\u30fc\u30be\u30fc\u30f3\u306b\u306a\u308a\u3046\u308b\u3053\u3068\u306f\u627f\u77e5\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u5c11\u3057\u3067\u3082\u304a\u5f79\u306b\u7acb\u3066\u308c\u3070\u5e78\u3044\u3067\u3059\u3002<\/p>\n

Rob Bernshteyn — CEO\uff08\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3082\u3061\u308d\u3093\u3001\u5f53\u793e\u306e\u9867\u5ba2\u304c\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u306b\u51e6\u7406\u3059\u308b\u76f4\u63a5\u7684\u306a\u652f\u51fa\u306e\u3053\u3068\u3067\u3059\u306d\uff1f<\/p>\n

Robert Simmons — D.A. Davidson — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u306f\u3044\u3001\u305d\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n

Rob Bernshteyn — CEO\uff08\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u306f\u3044\u3001\u3082\u3061\u308d\u3093\u3067\u3059\u3002\u307e\u305a\u3001\u5f53\u793e\u306e\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3067\u51e6\u7406\u3055\u308c\u308b3.6\u5146\u30c9\u30eb\u306e\u3046\u3061\u3001\u304b\u306a\u308a\u306e\u90e8\u5206\u304c\u76f4\u63a5\u6d88\u8cbb\u3067\u3042\u308a\u3001\u4f55\u5e74\u3082\u6bd4\u4f8b\u3057\u3066\u5897\u52a0\u3057\u3066\u3044\u308b\u3053\u3068\u3092\u6307\u6458\u3057\u3066\u304a\u304d\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u304a\u5ba2\u69d8\u304c\u76f4\u63a5\u6d88\u8cbb\u3059\u308b\u5546\u54c1\u306e\u5728\u5eab\u7ba1\u7406\u3084\u8907\u96d1\u306a\u6226\u7565\u7684\u8abf\u9054\u306e\u7ba1\u7406\u3092\u652f\u63f4\u3057\u3001\u3053\u3053\u6570\u56db\u534a\u671f\u3067\u306f\u76f4\u63a5\u6d88\u8cbb\u306b\u95a2\u3059\u308b\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u8a2d\u8a08\u3068\u30d7\u30e9\u30f3\u30cb\u30f3\u30b0\u3092\u652f\u63f4\u3059\u308b\u306a\u3069\u3001\u5927\u304d\u306a\u9032\u6b69\u3092\u9042\u3052\u307e\u3057\u305f\u3002<\/p>\n

\u3067\u3059\u304b\u3089\u3001\u79c1\u305f\u3061\u306f\u3001\u3069\u306e\u3088\u3046\u306b\u304a\u5ba2\u69d8\u3068\u95a2\u308f\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u306b\u3064\u3044\u3066\u306f\u3001\u5168\u304f\u7121\u9813\u7740\u3067\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u9593\u63a5\u7684\u306a\u3001\u30ed\u30f3\u30b0\u30c6\u30fc\u30eb\u306e\u3001\u6700\u3082\u8907\u96d1\u306a\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u3068\u76f4\u63a5\u652f\u51fa\u306e\u8981\u4ef6\u304b\u3089\u51fa\u767a\u3057\u3001\u305d\u308c\u3089\u3092\u6700\u65b0\u306e\u30af\u30e9\u30a6\u30c9\u30fb\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3067\u5b9f\u73fe\u3059\u308b\u65b9\u6cd5\u3092\u898b\u3064\u3051\u3001\u304a\u5ba2\u69d8\u306e\u4fa1\u5024\u3092\u9ad8\u3081\u308b\u306e\u3067\u3059\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306b\u3068\u3063\u3066\u975e\u5e38\u306b\u826f\u3044\u65b9\u5411\u306b\u5411\u304b\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u305d\u308c\u3067\u306f\u3001\u3053\u308c\u4ee5\u4e0a\u306e\u3054\u8cea\u554f\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n

Steven Horwitz — \u30a4\u30f3\u30d9\u30b9\u30bf\u30fc\u30ea\u30ec\u30fc\u30b7\u30e7\u30f3\u30ba\u62c5\u5f53\u30d0\u30a4\u30b9\u30d7\u30ec\u30b8\u30c7\u30f3\u30c8<\/p>\n

\u7686\u3055\u3093\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u6b21\u306e\u56db\u534a\u671f\u306b\u304a\u8a71\u3067\u304d\u308b\u306e\u3092\u697d\u3057\u307f\u306b\u3057\u3066\u3044\u307e\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

 <\/p>\n

 <\/p>\n

\u4ee5\u4e0a\u3067\u3059\u3002\u4ed6\u306e\u7ffb\u8a33\u5e0c\u671b\u304c\u3042\u308c\u3070\u3054\u9023\u7d61\u3044\u305f\u3060\u3051\u308c\u3070\u691c\u8a0e\u3044\u305f\u3057\u307e\u3059\u3002<\/p>\n

\uff0a\u8aa4\u8a33\u306a\u3069\u304c\u3042\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3067\u306e\u53c2\u8003\u7a0b\u5ea6\u306b\u3057\u3066\u3044\u305f\u3060\u304d\u6295\u8cc7\u306f\u81ea\u5df1\u5224\u65ad\u3067\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n

\u30d6\u30ed\u30b0\u904b\u55b6\u306e\u52b1\u307f\u306b\u306a\u308a\u307e\u3059\u306e\u3067\u3001\u304a\u624b\u6570\u3067\u3059\u304c\u3001\u5fdc\u63f4\u306e\uff11\u65e5\uff11\u30af\u30ea\u30c3\u30af\u3092\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u81f4\u3057\u307e\u3059\u3002<\/p>\n

\u2193\u2193\uff1c\u5fdc\u63f4\u30af\u30ea\u30c3\u30af\u304a\u9858\u3044\u3057\u307e\u3059\uff1e<\/p>\n

\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a>
\n\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n

\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a>
\n\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n

\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a>
\n\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n

\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a>
\n\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u30af\u30fc\u30d1\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2 (COUP)2023\u5e74\u7b2c1\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002 \u6c7a\u7b97\u306f\u4e00\u5fdc\u30af\u30ea\u30a2\u3057\u3066\u3044\u307e\u3059\u304cQ2\u30ac\u30a4\u30c0\u30f3\u30b9\u3092\u30df\u30b9\u3057\u3066\u304a\u308a\u5fae\u5999\u306a\u5185\u5bb9\u3067\u3057\u305f\u306d\u3002\u30d3\u30b8\u30cd\u30b9\u7cfbSaaS\u306f\u53b3\u3057\u3044\u72b6\u6cc1\u306e\u3088\u3046\u3067\u3059\u3002 \u682a\u4fa1\u3082\u305d\u308c\u3092\u53cd\u6620\u3057\u3066 … <\/p>\n","protected":false},"author":1,"featured_media":984,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[482,76,696,105,83],"class_list":{"0":"post-1677","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-72","8":"tag-coup","9":"tag-76","10":"tag-696","11":"tag-105","12":"tag-83"},"yoast_head":"\n\u30af\u30fc\u30d1\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2 (COUP)2023\u5e74\u7b2c1\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a – \u682a\u5f0f\u6295\u8cc7\u30921up\u3059\u308b\u30d6\u30ed\u30b0<\/title>\n<meta name=\"description\" content=\"\u30af\u30fc\u30d1\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2 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property=\"og:description\" content=\"\u30af\u30fc\u30d1\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2 (COUP)2023\u5e74\u7b2c1\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002\u6c7a\u7b97\u306f\u4e00\u5fdc\u30af\u30ea\u30a2\u3057\u3066\u3044\u307e\u3059\u304cQ2\u30ac\u30a4\u30c0\u30f3\u30b9\u3092\u30df\u30b9\u3057\u3066\u304a\u308a\u5fae\u5999\u306a\u5185\u5bb9\u3067\u3057\u305f\u306d\u3002\u30d3\u30b8\u30cd\u30b9\u7cfbSaaS\u306f\u53b3\u3057\u3044\u72b6\u6cc1\u306e\u3088\u3046\u3067\u3059\u3002\" \/>\n<meta property=\"og:url\" content=\"https:\/\/1up-life.blog\/?p=1677\" \/>\n<meta property=\"og:site_name\" content=\"\u682a\u5f0f\u6295\u8cc7\u30921up\u3059\u308b\u30d6\u30ed\u30b0\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-07T12:49:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/1up-life.blog\/wp-content\/uploads\/2021\/12\/COUP.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1283\" \/>\n\t<meta property=\"og:image:height\" content=\"672\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"\u3059\u3051\u307d\u3093\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u57f7\u7b46\u8005\" \/>\n\t<meta name=\"twitter:data1\" content=\"\u3059\u3051\u307d\u3093\" \/>\n\t<meta name=\"twitter:label2\" content=\"\u63a8\u5b9a\u8aad\u307f\u53d6\u308a\u6642\u9593\" \/>\n\t<meta name=\"twitter:data2\" content=\"68\u5206\" \/>\n<script type=\"application\/ld+json\" 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