Sprinklr Inc (CXM) 2023 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Sprinklr Second Quarter Fiscal 2023 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們，先生們，感謝您的支持，歡迎參加 Sprinklr 2023 財年第二季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today, Mr. Eric Scro, VP Finance for introductory remarks. Please go ahead, Eric.

我現在想將會議交給您今天的第一位發言人，財務副總裁 Eric Scro 先生作介紹性發言。請繼續，埃里克。

Thank you, Alex, and welcome, everyone, to Sprinklr's Second Quarter Fiscal Year 2023 Results Financial Call.

謝謝 Alex，歡迎大家參加 Sprinklr 的 2023 財年第二季度業績電話會議。

Joining us today are Ragy Thomas, Sprinklr's Founder and CEO and Manish Sarin, Chief Financial Officer. We issued our earnings release a short time ago, filed the related Form 8-K with the SEC, and we've made them available on the Investor Relations section of our website, along with the supplementary investor presentation.

今天加入我們的是 Sprinklr 的創始人兼首席執行官 Ragy Thomas 和首席財務官 Manish Sarin。我們不久前發布了收益報告，向美國證券交易委員會提交了相關的 8-K 表格，我們已經在我們網站的投資者關係部分提供了這些表格，以及補充投資者介紹。

Please note that on today's call, management will refer to certain non-GAAP financial measures. While the company believes these non-GAAP financial measures provide useful information for investors, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP.

請注意，在今天的電話會議上，管理層將參考某些非公認會計準則財務指標。雖然公司認為這些非公認會計原則財務措施為投資者提供了有用的信息，但這些信息的呈現並不旨在孤立地考慮或替代根據公認會計原則呈現的財務信息。

You are directed to our press release and supplementary investor presentation for a reconciliation of such measures to GAAP. In addition, during today's call, we'll be making forward-looking statements about the business and about the financial results of Sprinklr that involve many assumptions, risks and uncertainties, including our guidance for the third fiscal quarter of 2023 and full fiscal year 2023, and our actual results might differ materially.

您將被引導至我們的新聞稿和補充投資者演示文稿，以便將此類措施與 GAAP 進行對賬。此外，在今天的電話會議中，我們將對 Sprinklr 的業務和財務業績做出前瞻性陳述，其中涉及許多假設、風險和不確定性，包括我們對 2023 財年第三季度和 2023 財年的指導，我們的實際結果可能會大不相同。

Any forward-looking statements that we make on this call are based on our beliefs and assumptions as of today, and we disclaim any obligation to update them. For more details on the risks associated with these forward-looking statements, please refer to our filings with the SEC also posted on our website.

我們在本次電話會議上所做的任何前瞻性陳述均基於我們截至今天的信念和假設，我們不承擔任何更新它們的義務。有關與這些前瞻性陳述相關的風險的更多詳細信息，請參閱我們向美國證券交易委員會提交的文件，該文件也發佈在我們的網站上。

With that, let me turn it over to Ragy.

有了這個，讓我把它交給拉吉。

Thank you, Eric, and hello, everyone. Thank you for joining us today as we share the financial results of our second quarter and FY '23.

謝謝你，埃里克，大家好。感謝您今天加入我們，因為我們分享了第二季度和 23 財年的財務業績。

I'll get us started with a few highlights, including what I'm hearing from customers and some of our key wins. Manish will then share details of our financial results. But before I jump into the results of the quarter, I'd like to take a moment to share that Luca Lazzaron, our Chief Revenue Officer, has made the decision to step down from his position at Sprinklr after a tremendous 5 years of building and growth.

我將從幾個亮點開始，包括我從客戶那裡聽到的信息以及我們的一些關鍵勝利。然後，Manish 將分享我們財務業績的詳細信息。但在我進入本季度業績之前，我想花點時間分享一下，我們的首席營收官 Luca Lazzaron 在經過 5 年的建設和生長。

When Luca joined Sprinklr back in 2017, I had asked him for a full year commitment to bring structure, process and discipline to scaling our sales operations. He achieved that and so much more, hiring great talent and preparing us for the IPO last year. I want to thank Luca personally for giving us that extra year. And for all his contributions, we wish him the very best.

當 Luca 於 2017 年加入 Sprinklr 時，我曾要求他做出一整年的承諾，以帶來結構、流程和紀律來擴大我們的銷售業務。他實現了這一目標以及更多，聘請了優秀的人才並為我們去年的 IPO 做準備。我要親自感謝盧卡給我們額外的一年。對於他的所有貢獻，我們祝他一切順利。

Luca will be succeeded by Paul Ohls who has actively been serving as our EVP of Worldwide Sales and success. Luca recruited Paul to join 4 years ago and has been preparing him for this role. Paul is an important member of our global leadership team with experience in enterprise software sales, including a lot in customer experience space.

Luca 將由 Paul Ohls 接任，他一直積極擔任我們的全球銷售和成功執行副總裁。盧卡在 4 年前招募保羅加入，並一直在為他擔任這個角色做準備。 Paul 是我們全球領導團隊的重要成員，在企業軟件銷售方面擁有豐富的經驗，包括在客戶體驗領域的豐富經驗。

I speak on behalf of my entire leadership team when I say that we are very confident in Paul's ability to step into the CRO role and help take Sprinklr's growth to the next level. Paul will officially transition to his new role on October 1, and Luca will stay on as an adviser until the end of the calendar year.

當我說我們對 Paul 擔任 CRO 角色並幫助 Sprinklr 的發展更上一層樓的能力充滿信心時，我代表我的整個領導團隊發言。保羅將於 10 月 1 日正式過渡到他的新角色，盧卡將繼續擔任顧問，直到日曆年結束。

Turning now to the quarter. I'm very pleased to report that Q2 was another strong quarter that exceeded guidance. Q2 total revenue grew 27% year-over-year to $150.6 million, and subscription revenue grew 29% year-over-year to $133.1 million.

現在轉到本季度。我很高興地報告第二季度是另一個超出預期的強勁季度。第二季度總收入同比增長 27% 至 1.506 億美元，訂閱收入同比增長 29% 至 1.331 億美元。

And with our commitment to operational efficiency, we generated $1.4 million in free cash flow for the quarter. And as Manish will walk you through shortly, we have significantly reduced our non-GAAP operating loss for the year due to prudent financial management and greater operational discipline company-wide.

憑藉我們對運營效率的承諾，我們在本季度創造了 140 萬美元的自由現金流。正如 Manish 將很快向您介紹的那樣，由於審慎的財務管理和全公司範圍內更嚴格的運營紀律，我們已大大減少了本年度的非 GAAP 運營虧損。

We continue to believe that Sprinklr is still at the early stages of a very long-term durable growth opportunity as we capitalize on our leadership position in the unified customer experience management category.

我們仍然相信，Sprinklr 仍處於非常長期持久增長機會的早期階段，因為我們利用了我們在統一客戶體驗管理類別中的領導地位。

Over the course of the second quarter, I had the pleasure to visit with over 90 of our customers in North America, Europe and Australia. These face-to-face interactions provide so much clarity on what our customers are trying to achieve and how important our platform has become to their business.

在第二季度，我有幸拜訪了我們在北美、歐洲和澳大利亞的 90 多家客戶。這些面對面的互動為我們的客戶想要實現的目標以及我們的平台對他們的業務的重要性提供了非常清晰的信息。

And personally, these are very energizing for me as I get to see the results of the work that some of these biggest brands in the world are doing -- getting by deploying Sprinklr's unified platform in their customer-facing functions.

就個人而言，這些對我來說非常有活力，因為我看到了世界上一些最大的品牌正在做的工作——通過在他們面向客戶的功能中部署 Sprinklr 的統一平台來獲得。

One of the consistent themes I'm hearing is how companies are seeking to better understand the needs of their customers in real time, especially in this radically changing environment and Sprinklr is helping them not only to do this, but also to translate that understanding into better experiences across all customer-facing functions. With Sprinklr companies have a single platform to unify their teams to reach, engage and listen to customers in over 30 digital channels in a collaborative, secure and compliant way. This has never been more relevant.

我聽到的一致主題之一是公司如何尋求更好地實時了解客戶的需求，特別是在這個急劇變化的環境中，Sprinklr 不僅幫助他們做到這一點，而且還將這種理解轉化為在所有面向客戶的功能中獲得更好的體驗。借助 Sprinklr，公司擁有一個單一平台，可以統一他們的團隊，以協作、安全和合規的方式在 30 多個數字渠道中接觸、參與和傾聽客戶。這從未如此重要。

In terms of our second quarter operating rhythm, the sales cycle was marginally elongated versus previous quarters. While the current demand continues to be robust, as we outlooked last quarter, we remain watchful of the macro environment changes and its potential impacts on our business.

就我們第二季度的運營節奏而言，銷售週期與前幾個季度相比略有延長。儘管當前需求繼續強勁，正如我們上個季度所展望的那樣，我們仍密切關注宏觀環境變化及其對我們業務的潛在影響。

In a more uncertain macro environment, companies strive to do more with less. The proliferation of social messaging and digital channels through the years has created point solution chaos for the world's largest enterprises. This is not sustainable.

在更加不確定的宏觀環境中，企業力求事半功倍。多年來，社交消息和數字渠道的激增為世界上最大的企業造成了單點解決方案的混亂。這是不可持續的。

Our customers are looking for ways to consolidate the fragmented digital tech stack full of point solutions, generate efficiencies and gain better visibility into their customers' journey. We're seeing a majority of our customers consolidate point solutions across customer-facing functions and eliminate some vendors altogether.

我們的客戶正在尋找方法來整合充滿單點解決方案的零散數字技術堆棧，提高效率並更好地了解客戶的旅程。我們看到我們的大多數客戶在面向客戶的功能中整合單點解決方案，並完全消除了一些供應商。

In fact, we benefited from exactly that in the quarter. We had a global pharmaceutical company, a global technology conglomerate and a leading security company, all either consolidate or significantly reduce the point solution spend and still increase revenue, decrease costs and mitigate risk by using Sprinklr and our unified platform.

事實上，我們在本季度正是受益於這一點。我們擁有一家全球製藥公司、一家全球技術集團和一家領先的安全公司，它們都通過使用 Sprinklr 和我們的統一平台來整合或顯著減少單點解決方案支出，同時仍然增加收入、降低成本並降低風險。

We believe that Sprinklr is a strategic platform investment that's helping our customers, and we're pleased with our position and our ability to deliver this meaningful and tangible ROI.

我們相信 Sprinklr 是一項有助於我們客戶的戰略平台投資，我們對我們的地位和我們提供這種有意義和切實的投資回報率的能力感到滿意。

During the second quarter, we continued to add new customers as well as expand with existing customers, world-class brands like Amgen, Banco Santander, Heineken and Zscaler are some of the many companies that selected or are expanding with Sprinklr.

在第二季度，我們繼續增加新客戶並擴大現有客戶，Amgen、Banco Santander、Heineken 和 Zscaler 等世界級品牌是選擇或正在與 Sprinklr 一起擴展的眾多公司中的一些。

As you know, customers don't start with unified CXM, but we believe that they will essentially end up there. I'd now like to provide you with some brief examples of use cases and customer wins from the quarter across our 4 product suites. But before I do, I'd like to point out that all 4 of our suites: our care, our marketing, our research and our social and engagement suite are at scale and are growing.

如您所知，客戶不是從統一的 CXM 開始的，但我們相信他們最終會在那裡結束。現在，我想為您提供一些簡短示例，說明本季度我們 4 個產品套件中的用例和客戶贏得情況。但在此之前，我想指出，我們的所有 4 個套件：我們的護理、我們的營銷、我們的研究以及我們的社交和參與套件都在規模化並且正在增長。

Let me start with Sprinklr Modern Care. This past quarter, the world's largest cosmetics company, L'Oréal, expanded its partnership with Sprinklr, we're now helping to power a digital transformation that will enable their 35-plus brands globally to support beauty advisers in their one-on-one engagement with consumers to deliver more relevant, personalized and transformational experiences at scale whatever -- wherever their customers are on digital.

讓我從 Sprinklr 現代護理開始。上個季度，全球最大的化妝品公司歐萊雅擴大了與 Sprinklr 的合作夥伴關係，我們現在正在幫助推動數字化轉型，使其全球 35 多個品牌能夠為美容顧問提供一對一的支持與消費者互動，以大規模提供更具相關性、個性化和變革性的體驗——無論他們的客戶在數字上是什麼地方。

Let me share another story. This one about our Modern Research suite. One of Sprinklr's first customers, as many of you know, is Microsoft, and they continue to expand with Sprinklr steadily. In Q2 alone, Sprinklr pulled in nearly 2.2 billion public mentions of the brand and its products through our digital listening product and delivered intelligent insights that now informs marketing and development decisions across their entire company.

讓我分享另一個故事。這是關於我們現代研究套件的。眾所周知，Sprinklr 的首批客戶之一是 Microsoft，他們繼續與 Sprinklr 一起穩步擴張。僅在第二季度，Sprinklr 就通過我們的數字聆聽產品吸引了近 22 億次公開提及該品牌及其產品，並提供了智能見解，現在這些見解為整個公司的營銷和發展決策提供了信息。

Microsoft's voice of customer innovation actually is helping Sprinklr as well to continuously evolve and enhance our platform.

Microsoft 的客戶創新之聲實際上也在幫助 Sprinklr 不斷發展和增強我們的平台。

Moving to our social engagement and sales suite. In Q2, the multinational banking and financial services company, Standard Chartered, renewed its partnership with Sprinklr as the company continues its mission to make online banking simpler and faster for customers across 59 markets, it's leveraging Sprinklr to listen to and engage with customers on digital and social channels with the goal of digitizing 70% of the conversations and converting that engagement into sales.

轉到我們的社交參與和銷售套件。在第二季度，跨國銀行和金融服務公司渣打銀行與 Sprinklr 續簽了合作夥伴關係，因為該公司繼續致力於為 59 個市場的客戶提供更簡單、更快捷的在線銀行服務，它利用 Sprinklr 傾聽客戶的意見並與他們互動和社交渠道，目標是將 70% 的對話數字化並將這種參與轉化為銷售。

Through the help of Sprinklr's AI, Standard Chartered has been able to achieve a 90% first response within 10 minutes and resolved 93% of their cases on their various social channels.

在 Sprinklr 人工智能的幫助下，渣打銀行能夠在 10 分鐘內實現 90% 的第一響應，並在各種社交渠道上解決了 93% 的案件。

And lastly, and excitingly, one of the world's largest pharmaceutical and biotech companies, Roche recently expanded its partnership with Sprinklr to include our modern marketing and advertising suite as the company moves closer to his vision of One Roche. It will soon have consolidated more than 30 different point solutions in social, customer service, research and now marketing onto one enterprise front office platform, which is Sprinklr.

最後，令人興奮的是，作為世界上最大的製藥和生物技術公司之一，羅氏最近擴大了與 Sprinklr 的合作夥伴關係，包括我們的現代營銷和廣告套件，因為該公司更接近他對 One Roche 的願景。它將很快將社交、客戶服務、研究和現在營銷方面的 30 多種不同的點解決方案整合到一個企業前台平台，即 Sprinklr。

This enables more transparent and effortless collaboration from global to local teams and affiliates and increases efficiency by reducing the number of tools used and ensuring that everyone operates from a single source of truth for content and customer context. As Roche began to establish a global digital center of excellence, our partnership will ensure that the company can reduce cost, protect its brand's reputation and drive other business outcomes.

這使得從全球到本地團隊和附屬公司的協作更加透明和輕鬆，並通過減少使用的工具數量並確保每個人都從內容和客戶上下文的單一真實來源進行操作來提高效率。隨著羅氏開始建立全球卓越數字中心，我們的合作夥伴關係將確保公司能夠降低成本、保護其品牌聲譽並推動其他業務成果。

All of these stories are made possible by our incredible engineering team, who continue to make great strides to differentiate the platform each and every day. Product innovation and core technology development, as you know, is at the heart of who we are.

我們令人難以置信的工程團隊使所有這些故事成為可能，他們每天都在不斷取得長足的進步，以使平台與眾不同。如您所知，產品創新和核心技術開發是我們的核心。

And this quarter alone, we launched over 500 new platform features and enhancements across our 4 suites focused on innovation and enhanced usability. Whether it's to better track agent performance in real time in customer service, enhanced voice capabilities or shortened time to insights, just to name a few, we continue to build an AI-powered unified platform that serves teams in care, research, marketing and social.

僅在本季度，我們就在 4 個專注於創新和增強可用性的套件中推出了 500 多項新平台功能和增強功能。無論是在客戶服務中更好地實時跟踪座席績效、增強語音能力還是縮短洞察時間，僅舉幾例，我們將繼續構建一個人工智能驅動的統一平台，為護理、研究、營銷和社交團隊提供服務.

Customers need a unifying operating system across their digital edge, which is where all the interactions are happening today. It's where the customer experiences a brand. It's where a customer gives feedback and ask questions. It's where sales opportunities to grow your company exists. It's where your biggest risk as well.

客戶需要一個跨越其數字邊緣的統一操作系統，這是當今所有交互發生的地方。這是客戶體驗品牌的地方。這是客戶提供反饋和提問的地方。它是您公司發展的銷售機會所在。這也是您最大的風險所在。

The Sprinklr unified platform is being architected from the ground up for large global brands to manage and optimize their digital edge. We innovate and grow with our customers and partners, and we will continue to provide them a path to manage the next generation of customer-facing functions.

Sprinklr 統一平台正在從頭開始構建，供大型全球品牌管理和優化其數字優勢。我們與客戶和合作夥伴一起創新和成長，我們將繼續為他們提供管理下一代面向客戶的功能的途徑。

With that, let me turn the call over to Manish. Manish?

有了這個，讓我把電話轉給 Manish。曼尼什？

Thank you, Ragy, and good afternoon, everyone. As you heard from Ragy, we delivered another strong quarter across the board and are pleased with our ability to once again exceed expectations across all key financial metrics.

謝謝你，Ragy，大家下午好。正如您從 Ragy 那裡聽到的那樣，我們又實現了一個全面強勁的季度，並對我們在所有關鍵財務指標上再次超出預期的能力感到高興。

In spite of a challenging macro environment, our ability to deliver strong results demonstrates the long-term tailwinds for our business, from our customers transforming their digital edge, the breadth of our product offering and how the value of our unified CXM platform is resonating with customers.

儘管宏觀環境充滿挑戰，但我們提供強勁業績的能力證明了我們業務的長期順風，從我們的客戶轉變他們的數字優勢、我們提供的產品的廣度以及我們統一的 CXM 平台的價值如何與顧客。

For the second quarter, total revenue was $150.6 million, up 27% year-over-year or $3.1 million above the midpoint of our guidance range. This was driven by subscription revenue of $133.1 million, which grew 29% year-over-year and was $2.6 million above the midpoint of our guidance range.

第二季度，總收入為 1.506 億美元，同比增長 27%，即比我們的指導範圍中點高出 310 萬美元。這是由訂閱收入 1.331 億美元推動的，同比增長 29%，比我們指導範圍的中點高出 260 萬美元。

Much of this overperformance was driven by an exceptional renewal rate and renewals occurring much earlier in the quarter allowing for additional revenue during the quarter.

這種超額表現在很大程度上是由異常的續訂率驅動的，並且在本季度早些時候發生的續訂允許在本季度獲得額外收入。

To follow up on Ragy's remarks, we have seen sales cycles lengthened marginally during the quarter with additional scrutiny on new customer spend. However, to be clear, the quantum of new business that we booked during the quarter was in line with our forecast, except it was more back-end loaded than what we had modeled.

為了跟進 Ragy 的言論，我們發現本季度銷售週期略有延長，並對新客戶支出進行了額外審查。然而，需要明確的是，我們在本季度預訂的新業務量與我們的預測一致，只是後端負載比我們建模的要多。

I'm also happy to report that our subscription revenue-based net dollar expansion rate in the second quarter was 125%. This metric continues to expand for the fifth straight quarter and demonstrates our ability to upsell and cross-sell our extensive product set to our installed base of mid and large enterprise customers.

我也很高興地報告，我們第二季度基於訂閱收入的淨美元擴張率為 125%。該指標連續第五個季度繼續擴大，表明我們有能力向我們的大中型企業客戶的安裝群追加銷售和交叉銷售我們廣泛的產品集。

As mentioned earlier, our renewal rate in Q2 was the highest we have seen over the last 2 years, putting us in great company with other elite enterprise software companies. We believe this high renewal rate, coupled with the expansions in our installed customer base is a testament to how important Sprinklr is to our customers' daily workflows.

如前所述，我們在第二季度的續訂率是我們在過去 2 年中看到的最高水平，這使我們與其他精英企業軟件公司結為一體。我們相信，這種高更新率，加上我們安裝的客戶群的擴大，證明了 Sprinklr 對我們客戶的日常工作流程的重要性。

This should also provide sufficient and ongoing evidence that Sprinklr's position in the front office software suite remains resilient even in a recessionary environment. And we now have 98 customers contributing $1 million or more in subscription revenue over the preceding 12 months, which is a 32% increase year-over-year. This momentum speaks to the strategic value that our platform creates for the world's largest and most valuable brands.

這也應該提供充分和持續的證據，證明 Sprinklr 在前台軟件套件中的地位即使在經濟衰退的環境中也能保持彈性。現在，我們有 98 位客戶在過去 12 個月中貢獻了 100 萬美元或更多的訂閱收入，同比增長 32%。這種勢頭說明了我們的平台為世界上最大和最有價值的品牌創造的戰略價值。

As a reminder, we calculate this customer count using $1 million in recognized revenue from these customers on a trailing 12-month basis as opposed to ARR.

提醒一下，我們使用這些客戶過去 12 個月的 100 萬美元確認收入來計算此客戶數量，而不是 ARR。

Turning to gross margins for the second quarter. On a non-GAAP basis, our subscription gross margin increased to 81.2% as we continue to drive efficiencies in our cloud operations leading to a total non-GAAP gross margin of 73%, a record for us here at Sprinklr.

轉向第二季度的毛利率。在非公認會計原則的基礎上，我們的訂閱毛利率增加到 81.2%，因為我們繼續提高雲運營的效率，導致非公認會計原則的總毛利率達到 73%，這是 Sprinklr 的記錄。

Our professional services non-GAAP gross margin came in at approximately 9%, consistent with the prior quarter and our expectations. In terms of our operating expenses, we continue to invest in growing our business, but we are committed to doing it more efficiently.

我們的專業服務非 GAAP 毛利率約為 9%，與上一季度和我們的預期一致。在我們的運營費用方面，我們繼續投資於發展我們的業務，但我們致力於提高效率。

During the second quarter, total non-GAAP operating expenses increased 23% year-over-year to $115 million, representing 76% of revenues which was down from 78% of revenues during the same period last year.

第二季度，非美國通用會計準則運營費用總額同比增長 23% 至 1.15 億美元，佔收入的 76%，低於去年同期的 78%。

As we indicated on the last few earnings calls, the rate of expense growth would begin to decline, and that is exactly what happened here in Q2. In fact, the absolute level of total non-GAAP operating expenses in Q2 was similar to total non-GAAP operating expenses in Q1.

正如我們在最近幾次財報電話會議上所指出的那樣，費用增長率將開始下降，而這正是第二季度發生的情況。事實上，第二季度非 GAAP 總運營費用的絕對水平與第一季度非 GAAP 總運營費用相似。

We continue to derive operating leverage from sales and marketing and G&A, both decreasing by 130 basis points and 90 basis points year-over-year, respectively. As you may recall, on the last few earnings calls, we had said that the investments we made in the second half of FY '22, and early here in FY '23 were partly the result of catch-up investments from prior years due to the unknown impact of COVID at that time.

我們繼續從銷售和營銷以及 G&A 中獲得經營槓桿，同比分別下降 130 個基點和 90 個基點。您可能還記得，在最近幾次財報電話會議上，我們曾說過，我們在 22 財年下半年和 23 財年早些時候進行的投資部分是前幾年追趕投資的結果，原因是當時COVID的未知影響。

That level of catch-up investment has concluded, and we estimate the magnitude of year-over-year increases in non-GAAP operating expenses to further moderate in the coming quarters.

這種追趕投資水平已經結束，我們估計非公認會計原則運營費用的同比增長幅度將在未來幾個季度進一步放緩。

Non-GAAP operating loss was $4.9 million or $0.03 per share on a non-GAAP net loss basis. Recall, our previously announced guidance range was an operating loss of $11 million to $13 million or $0.05 to $0.06 non-GAAP net loss per share. This is important to highlight for 2 main reasons.

非 GAAP 經營虧損為 490 萬美元或每股 0.03 美元（按非 GAAP 淨虧損計算）。回想一下，我們之前宣布的指導範圍是運營虧損 1100 萬美元至 1300 萬美元或 0.05 美元至 0.06 美元非公認會計原則每股淨虧損。由於兩個主要原因，這一點很重要。

Firstly, the top line beat of $3.1 million at the midpoint dropped entirely to the bottom line, and we generated additional expense savings demonstrating our ability to run an efficient operation as we further scale the business.

首先，中點 310 萬美元的頂線完全下降到底線，我們節省了額外的費用，證明了我們在進一步擴大業務時能夠高效運營。

Secondly, non-GAAP operating losses continued their downward trajectory over the last few quarters, highlighting our focus on operating discipline across the business. As we have indicated since the IPO, we believe the market for unified CXM is expansive and investing in the platform is the best way to maximize the opportunity and drive long-term value for our stockholders.

其次，非公認會計原則的經營虧損在過去幾個季度繼續呈下降趨勢，突顯了我們對整個業務運營紀律的關注。正如我們自首次公開募股以來所表明的那樣，我們相信統一 CXM 的市場是廣闊的，投資該平台是最大化機會並為我們的股東創造長期價值的最佳方式。

We continue to hire at a measured pace in key areas that we believe will drive future growth. We closely monitor the returns we get on these investments. And if those returns don't meet our expectations, we will pare back our level of incremental investment accordingly.

我們將繼續在我們認為將推動未來增長的關鍵領域以有節制的速度招聘。我們密切關注我們從這些投資中獲得的回報。如果這些回報不符合我們的預期，我們將相應地削減我們的增量投資水平。

To that end, I'm pleased to report that in terms of free cash flow, we generated positive $1.4 million in free cash flow during the second quarter compared to a burn of $10.6 million in the same period last year. Free cash flow generation in Q2 was driven by strong billings growth posted in the first half of the year coupled with ongoing operational improvements we are making throughout our business.

為此，我很高興地報告，就自由現金流而言，我們在第二季度產生了正 140 萬美元的自由現金流，而去年同期為 1060 萬美元。第二季度產生的自由現金流是由上半年公佈的強勁賬單增長以及我們在整個業務中不斷改進的運營推動的。

Given the seasonality and low duration of our billings, we estimate that free cash flow will be negative on a full year basis for FY '23. However, we remain committed to getting to a free cash flow breakeven level during FY '24 as indicated on our previous earnings calls.

鑑於我們賬單的季節性和較短的持續時間，我們估計 23 財年全年自由現金流將為負數。但是，正如我們之前的財報電話會議所示，我們仍然致力於在 24 財年達到自由現金流盈虧平衡水平。

We ended the quarter with a healthy balance sheet, including $541 million in cash and investments, putting us in excellent shape to continue investing in strategic initiatives that will drive growth with an eye towards profitability.

我們以健康的資產負債表結束了本季度，其中包括 5.41 億美元的現金和投資，使我們處於良好的狀態，可以繼續投資於將推動增長並著眼於盈利的戰略計劃。

Calculated billings for the second quarter were $150.1 million, which was an increase of 22% year-over-year. The dynamics of our billing trends, as outlined on the last 2 earnings calls, notably, the seasonality we experienced with Q4 being the highest billing quarter and our overall billing cadence having a duration less than 12 months remain in place.

第二季度的計算賬單為 1.501 億美元，同比增長 22%。正如最近 2 次財報電話會議所述，我們計費趨勢的動態變化，特別是我們經歷的季節性變化，第四季度是計費最高的季度，我們的整體計費節奏持續時間不到 12 個月。

And just as a quick reminder, our Q3 billings has historically been the lowest quarter for us given the quieter summer months in Europe and the general timing of our renewals.

並且作為一個快速提醒，鑑於歐洲夏季較安靜的月份以及我們續約的一般時間，我們的第三季度賬單歷來是我們最低的季度。

And as noted previously and reported here in Q2, we expect the delta between revenue growth and billings growth to continue to hold with billings growth lagging revenue growth by approximately 5 percentage points assuming all else stays the same.

如前所述並在第二季度報告，我們預計收入增長和賬單增長之間的差異將繼續保持，假設所有其他因素保持不變，賬單增長落後收入增長約 5 個百分點。

As of the end of Q2, total remaining performance obligations, or RPO, which represents revenue from committed customer contracts that has not yet been recognized was $607.3 million, up 33% compared to the same period last year, while current RPO was $429.2 million, up 29% year-over-year. Both metrics attest to the durability of our business.

截至第二季度末，剩餘履約義務總額（RPO）（代表尚未確認的已承諾客戶合同的收入）為 6.073 億美元，與去年同期相比增長 33%，而當前的 RPO 為 4.292 億美元，同比增長 29%。這兩個指標都證明了我們業務的持久性。

We continue to believe that subscription revenue and RPO growth are the best metrics to evaluate the underlying health of our business. Our billings can fluctuate significantly relative to revenue based on the timing of invoicing, cadence of renewals and the duration of customer contracts.

我們仍然相信訂閱收入和 RPO 增長是評估我們業務基本健康狀況的最佳指標。根據開票時間、續訂節奏和客戶合同期限，我們的賬單相對於收入可能會有很大波動。

Moving now to our Q3 and full year FY '23 guidance and business outlook. I had alluded to this during the last earnings call, and it is probably worth repeating here that we face tougher comparisons for the remainder of this year given the strong growth we demonstrated over the last 3 quarters of FY '22.

現在轉到我們的第三季度和 23 財年全年指導和業務展望。我在上次財報電話會議中提到了這一點，鑑於我們在 22 財年最後三個季度表現出的強勁增長，我們可能在此再次強調，今年剩餘時間我們將面臨更嚴格的比較。

We also recognize that macroeconomic and geopolitical issues are currently impacting businesses, and there is additional scrutiny on new spend. Starting with Q3 FY '23, we expect total revenue to be in the range of $155 million to $157 million, representing 23% growth year-over-year at the midpoint.

我們還認識到，宏觀經濟和地緣政治問題目前正在影響企業，並且對新支出進行了額外的審查。從 23 財年第三季度開始，我們預計總收入將在 1.55 億美元至 1.57 億美元之間，中點同比增長 23%。

Within this, we expect subscription revenue to be in the range of $137 million to $139 million, representing 26% growth year-over-year at the midpoint. We expect non-GAAP operating income to range from an operating loss of $1 million to an operating profit of $1 million and a non-GAAP net loss per share of $0.01 to $0.02, assuming 263 million weighted-average shares outstanding.

在此範圍內，我們預計訂閱收入將在 1.37 億美元至 1.39 億美元之間，中點同比增長 26%。假設有 2.63 億股加權平均流通股，我們預計非 GAAP 營業收入將從 100 萬美元的營業虧損到 100 萬美元的營業利潤，以及 0.01 美元至 0.02 美元的非公認會計準則每股淨虧損。

For the full year FY '23, we are raising and tightening both our subscription and total revenue outlook for the year. We now expect subscription revenue to be in the range of $543 million to $547 million, representing 27% growth year-over-year at the midpoint.

對於 23 財年全年，我們正在提高和收緊我們的訂閱和全年總收入展望。我們現在預計訂閱收入將在 5.43 億美元至 5.47 億美元之間，中點同比增長 27%。

With this updated FY '23 guide, the entire $2.6 million in Q2 beat for subscription revenue has flowed through for the full fiscal year. We expect total revenue to be in the range of $616 million to $620 million, representing 26% growth year-over-year at the midpoint. This implies the midpoint of Q4 revenue is $166.4 million or 23% growth year-over-year.

有了這個更新的 23 財年指南，第二季度訂閱收入的全部 260 萬美元已經流向了整個財年。我們預計總收入將在 6.16 億美元至 6.2 億美元之間，中點同比增長 26%。這意味著第四季度收入的中點為 1.664 億美元，同比增長 23%。

Note that the midpoint of FY '23 total revenue has moved up by the full amount of the Q2 beat of $3.1 million. In addition, the low end has also moved up by more than the Q2 beat and the range now has been tightened as we move through the balance of FY '23.

請注意，23 財年總收入的中點已經上升了第二季度 310 萬美元的全部金額。此外，低端的上升幅度也超過了第二季度的幅度，隨著我們通過 23 財年的餘額，現在範圍已經收緊。

For the full year FY '23, we are now expecting non-GAAP operating loss to be in the range of $8 million to $12 million, equating to a non-GAAP net loss per share of $0.06 to $0.08, assuming 261 million weighted-average shares outstanding. This equates to $5 million in operating profit for Q4 at the midpoint.

對於 23 財年全年，我們現在預計非 GAAP 經營虧損將在 800 萬美元至 1200 萬美元之間，相當於非 GAAP 每股淨虧損 0.06 美元至 0.08 美元，假設加權平均為 2.61 億美元流通股。這相當於中點第四季度的營業利潤為 500 萬美元。

Note that the beat at the midpoint for Q2 non-GAAP operating loss was $7 million but we are now comfortable improving the full year operating loss by an additional $22 million for a total full year improvement of $29 million at the midpoint. This is the result of our continued focus on operating discipline, specifically go-to-market efficiencies and better allocation of resources.

請注意，第二季度非 GAAP 運營虧損的中點節拍為 700 萬美元，但我們現在可以放心地將全年運營虧損額外增加 2200 萬美元，從而使中點全年總虧損減少 2900 萬美元。這是我們持續關注運營紀律的結果，特別是進入市場的效率和更好的資源分配。

You will recall that we have been focusing on productivity across the company and are now beginning to see the fruits of our efforts. As a quick reminder in deriving the net loss per share for modeling purposes, a $9.5 million total tax provision for full year FY '23 needs to be added to the non-GAAP operating loss range just provided.

您會記得，我們一直專注於整個公司的生產力，現在開始看到我們努力的成果。作為為建模目的推導每股淨虧損的快速提醒，需要將 23 財年全年的 950 萬美元總稅收準備金添加到剛剛提供的非公認會計原則營業虧損範圍中。

We booked a $4.6 million tax provision in total for Q1 and Q2. We estimate the tax provision to be approximately $2.6 million here in Q3 with the remaining tax provision to come in Q4. FX is very topical given the macro environment, so I want to address it here.

我們為第一季度和第二季度總共預訂了 460 萬美元的稅收準備金。我們估計第三季度的稅收準備金約為 260 萬美元，剩餘的稅收準備金將在第四季度到來。考慮到宏觀環境，FX 是非常熱門的，所以我想在這裡解決它。

FX does not have a material impact on our financials because even though we have approximately 40% of our business outside the U.S., the vast majority of our billings are in U.S. dollars.

外匯對我們的財務沒有實質性影響，因為儘管我們大約 40% 的業務在美國以外，但我們的絕大多數賬單都是美元。

Lastly, I would like to thank all our employees for delivering a strong Q2 in the midst of an uncertain macro environment and volatility in the financial market, I'm grateful for the confidence that our customers have placed in us and the dedication of our employees. We remain focused on building a track record of successful execution and operating discipline across the business.

最後，我要感謝我們所有的員工在不確定的宏觀環境和金融市場動蕩的情況下提供了強勁的第二季度業績，我感謝客戶對我們的信任和員工的奉獻精神.我們仍然專注於在整個業務中建立成功執行和運營紀律的跟踪記錄。

And with that, let's open it up for questions. Operator?

有了這個，讓我們打開它來提問。操作員？

(Operator Instructions) Our first question comes from the line of Tyler Radke with Citi.

（操作員說明）我們的第一個問題來自於花旗的 Tyler Radke。

I wanted to ask you just around the overall deal environment you're seeing. Obviously, a nice set of results in outlook as well. But I guess, specifically, are you factoring in the environment getting worse for the second half?

我想就您所看到的整體交易環境詢問您。顯然，前景中也有一組不錯的結果。但我想，具體來說，你是否考慮到下半年環境會變得更糟？

And then just help us understand what you're seeing on pipeline, too. We've seen some of your peers like salesforce.com, talk about maybe some pipeline generation issues in the back half of the year. Just curious what you're seeing on the pipeline side as well.

然後幫助我們了解您在管道上看到的內容。我們已經看到你們的一些同行，比如 salesforce.com，在今年下半年談論了一些管道生成問題。只是好奇你在管道方面看到了什麼。

All right. Thank you, Tyler. We -- like I said in my prepared remarks, we are seeing incremental scrutiny in deals. Our deals are in the enterprise world are larger. And we're seeing another set of eyes as CFO is spending an extra day looking through it. And we did see that our deals were a little more back-end loaded in the quarter than they traditionally are.

好的。謝謝你，泰勒。我們——就像我在準備好的評論中所說的那樣，我們看到交易中的審查越來越嚴格。我們在企業界的交易規模更大。我們看到了另一雙眼睛，因為首席財務官花了額外的一天時間來查看它。我們確實看到，我們的交易在本季度的後端負載比傳統上要多一些。

However, we're seeing demand continuing to be consistent and robust. What do I mean by that? Businesses want to save money when things are uncertain and things get tougher. So we help them increase revenue, reduce costs and help manage risk better by processing external data, give them visibility into what customers like in they don't like. So we're seeing demand strong, but deals are going through more reviews.

然而，我們看到需求繼續保持一致和強勁。我的意思是什麼？當事情不確定並且事情變得更加艱難時，企業希望省錢。因此，我們通過處理外部數據幫助他們增加收入、降低成本並幫助更好地管理風險，讓他們了解客戶喜歡什麼，不喜歡什麼。因此，我們看到需求強勁，但交易正在經歷更多審查。

And while we did not see that in last quarter affecting our numbers, and we have to be cautious and watchful of the macroeconomic changes in the next 2 quarters.

雖然我們在上個季度沒有看到這會影響我們的數據，但我們必須對未來兩個季度的宏觀經濟變化保持謹慎和警惕。

That's helpful. And maybe if I could just ask about the competitive landscape. Obviously, you have an environment where the funding for private companies is not nearly as robust as in prior years. And then you also have what seems like an appetite from larger customers to consolidate solutions. So I'm just curious if you've noticed any uptick in win rates? Or do you think some of those competitive factors are helping drive your results here?

這很有幫助。也許我可以問一下競爭格局。顯然，在您的環境中，私營公司的資金並不像前幾年那麼強勁。然後，您似乎也有大客戶對整合解決方案的興趣。所以我很好奇你是否注意到獲勝率有任何上升？或者您認為其中一些競爭因素是否有助於推動您在這裡取得成果？

Tyler, we didn't see anything pronounced and different in the last quarter, but our entire value prop is that we go into an enterprise with 1 unified platform with 4 product suites for customer-facing function and 33 products.

泰勒，我們在上個季度沒有看到任何明顯和不同的東西，但我們的整個價值主張是，我們進入一個擁有 1 個統一平台的企業，該平台擁有 4 個面向客戶功能的產品套件和 33 種產品。

In one of our typical larger deployments, we usually take out somewhere between 5 and 25-point solutions around the world when we are done with our deployment in the first 12 to 18 months. So we're continuing to benefit from that because that's our value proposition.

在我們典型的大型部署之一中，當我們在前 12 到 18 個月內完成部署時，我們通常會在全球範圍內採取 5 到 25 點解決方案。因此，我們將繼續從中受益，因為這是我們的價值主張。

Unification is a value proposition. But to answer your question directly, we didn't see the funding dry up play into our deal dynamics, at least not in the last quarter.

統一是一種價值主張。但要直接回答您的問題，我們沒有看到資金枯竭對我們的交易動態產生影響，至少在上個季度沒有。

Our next question comes from the line of Michael Turrin with Wells Fargo.

我們的下一個問題來自富國銀行的 Michael Turrin。

You got Michael Berg on for Michael Turrin. Congrats on a great quarter. Apologies if this was answered on your script, but can you talk us through where you're getting your margin improvement and how we can think about the margin improvement as you look into not only the second half of this year, but moving into fiscal '24 and beyond?

你讓邁克爾·伯格替邁克爾·特林上場。祝賀一個偉大的季度。抱歉，如果您的腳本回答了這個問題，但您能否告訴我們您在哪裡獲得了利潤率提高，以及我們如何考慮利潤率的提高，因為您不僅要考慮今年下半年，還要考慮進入財政年度' 24歲及以上？

Michael, this is Manish. So we're getting operational improvements across the board. So you would have seen our gross margins tick up. So as I said in my prepared remarks, 73% gross margin was the highest we've seen here.

邁克爾，這是馬尼什。因此，我們正在全面改進運營。所以你會看到我們的毛利率上升。因此，正如我在準備好的評論中所說，73% 的毛利率是我們在這裡看到的最高水平。

On the subscription side, we were at 81.2%. And again, a lot of this is just methodical looking at where we can nip and tuck. We've always said, once we hit scale, we'd be able to improve our subscription gross margins which what we did. And then on the operating expense side, I've said this in the last 2 earnings calls, that we will look to get more efficient as we scale the business.

在訂閱方面，我們為 81.2%。再說一次，其中很多只是有條不紊地研究我們可以在哪裡咬和掖。我們一直說，一旦我們達到規模，我們就能夠像我們所做的那樣提高我們的訂閱毛利率。然後在運營費用方面，我在最近兩次財報電話會議中說過，隨著業務的擴展，我們將尋求提高效率。

And our view always was ever since we went public, that once we hit a 25% plus or minus growth rate, we would start focusing more and more on marginal productivity of every individual that we have in the business. And we've been doing that all the way from looking at non-people costs. These could be real estate, these could be other investments, including how we are onboarding employees and how we have now focused more on making them more productive versus just keeping up a very high rate of employee addition into the business.

自從我們上市以來，我們的觀點一直是，一旦我們達到 25% 的正負增長率，我們就會開始越來越關注我們在業務中擁有的每個人的邊際生產力。從非人力成本來看，我們一直在這樣做。這些可能是房地產，也可能是其他投資，包括我們如何讓員工入職，以及我們現在如何更加專注於提高他們的生產力，而不是僅僅保持很高的員工加入率。

So I think all of these things in the aggregate is what you're seeing now drop to the bottom line, and we've been speaking to that over the last couple of quarters, and now we're seeing the benefits of that.

所以我認為所有這些事情總的來說就是你現在看到的已經降到了底線，我們在過去幾個季度一直在談論這個問題，現在我們看到了它的好處。

And a quick follow-up. Anything to point to -- this is probably just due to a lot of low numbers, but you saw a nice -- little uptick in the adds of $1 million customers. Anything to point to in particular, whether it's just the deals getting pulled forward or the strength to your product breadth and depth, just curious on that front as well.

并快速跟進。有什麼要指出的——這可能只是因為數量很少，但你看到了一個不錯的——增加了 100 萬美元的客戶。任何要特別指出的事情，無論是交易的推進還是產品廣度和深度的力量，也只是在這方面感到好奇。

Michael, that's fairly consistent, I think, with the evolution and the maturity of the market. And we're seeing a gradual but very noticeable uptick in companies wanting to buy into the vision and the strategy at the outset because if you know when we IPO-ed our story.

邁克爾，我認為這與市場的演變和成熟度相當一致。我們看到希望在一開始就購買願景和戰略的公司逐漸但非常明顯的增加，因為如果你知道我們何時首次公開募股我們的故事。

And if you look at our past, the story has been, we come from the social media management world, and most company sources of social media management product, and they got started that way and they expanded out. We're beginning to see an awareness in the marketplace of the need for the third platform, the one that complements the other 2 biggies in the front office space is very pronounced. And we're seeing customers entertaining the notion of buying into the platform approach from the get-go or much faster than they did traditionally.

如果你看看我們的過去，故事是，我們來自社交媒體管理世界，以及大多數公司的社交媒體管理產品來源，他們以這種方式開始並擴展。我們開始在市場上看到需要第三個平台的意識，該平台與前台辦公空間中的其他兩大巨頭相輔相成，這一點非常明顯。而且我們看到客戶從一開始就接受了購買平台方法的想法，或者比傳統方法更快。

Our next question comes from the line of Raimo Lenschow with Barclays.

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

I've got 2, if possible. Ragy, can you talk -- if you think about the changes in sales leadership, that's kind of where I got most of the questions from.

如果可能的話，我有 2 個。拉吉，你能談談嗎——如果你考慮一下銷售領導層的變化，那是我得到大部分問題的地方。

Obviously, 5 years is a good time, but it does look like momentum is increasing, et cetera, like why that's down now, what changed now. And are we expecting any changes as a result of that? That would be my first one, and then I have 1 follow-up.

顯然，5 年是一個好時機，但看起來勢頭正在增加，等等，比如為什麼現在下降了，現在發生了什麼變化。我們是否期待因此而發生任何變化？那將是我的第一個，然後我有 1 個跟進。

Raimo, you answered the question yourself. 5 years is a long time for someone because I convinced Luca who has partly retired and was consulting and doing stuff. I told him we needed 4 years to get this team set up. Look at the fact that he -- we're promoting somebody he hired and he groomed. I don't know what else I can point to.

Raimo，你自己回答了這個問題。 5 年對某人來說是一段很長的時間，因為我說服了已部分退休並從事諮詢和做事的盧卡。我告訴他，我們需要 4 年的時間來組建這個團隊。看看他 - 我們正在提拔他僱用和培養的人的事實。我不知道我還能指出什麼。

And look, we made the decision to go public with the team that built the company because they knew everything about everything. And could provide continuity in this transition. What you're seeing us is a normal growing up of a company that's scaling up and grow and grow in the way it should. So Luca is a friend of family, a personal friend of mine is going to be an adviser and continuing to work with us.

看，我們決定與建立公司的團隊一起上市，因為他們對所有事情都瞭如指掌。並且可以在這種過渡中提供連續性。您所看到的我們是一家正常成長的公司，它正在以應有的方式擴大規模和發展壯大。所以盧卡是家人的朋友，我的一個私人朋友將成為顧問並繼續與我們合作。

Yes. Okay. Perfect. That's really helpful. And then the follow-on question was a...

是的。好的。完美的。這真的很有幫助。然後接下來的問題是...

Sorry -- well, sorry, I just want to also add that. And Paul Ohls, who is being groomed and hired by Luca is -- has been running worldwide sales for us already. So if you just look back and look at how we've been transitioning it, this is, I think, the smoothest anybody could have done.

對不起——好吧，對不起，我也想補充一下。由 Luca 培養和聘用的 Paul Ohls 已經在為我們負責全球銷售。因此，如果您回頭看看我們是如何過渡的，我認為這是任何人都可以做到的最順利的。

Yes. Yes. Yes. Okay. Perfect. That's super helpful. And then the follow-up was, as we go into more volatile times, it's good to see that you guys haven't seen that much. Have you kind of changed anything in terms of sales approach that you kind of are looking for higher pipeline coverage.

是的。是的。是的。好的。完美的。這非常有幫助。然後後續行動是，隨著我們進入更加動蕩的時期，很高興看到你們沒有看到那麼多。您是否在銷售方法方面進行了任何改變，您正在尋找更高的管道覆蓋率。

Obviously, in tougher times, people look more at consolidating vendors, which should play into your favor. Like what changes have you taken to kind of prepare yourself for what's going on here?

顯然，在更艱難的時期，人們更多地關注整合供應商，這應該對你有利。比如你做了哪些改變來為這裡發生的事情做好準備？

Again, you know that we think we're on the right side of history through these transitions as painful as they are. And I hate even saying that the way I did.

再一次，你知道我們認為通過這些痛苦的轉變，我們站在了歷史的正確一邊。我什至討厭這樣說。

But I think the trend towards consolidating, getting the big platforms to work with each other, is the one way, right. So we're definitely benefiting from that. And we're continuing to see companies wanting to do strategic deals. And so we're not -- all of that is pointing in the right direction for us.

但我認為整合、讓大平台相互合作的趨勢是一種方式，對。所以我們肯定會從中受益。我們繼續看到希望進行戰略交易的公司。所以我們不是——所有這些都為我們指明了正確的方向。

What did we change in our sales approach? Not really anything except the fact that as we go through and scale, we're maturing the process. I've always said to you that our go-to-market approach will have to continue to evolve because our pedigree is in selling to large global companies with the direct sales.

我們的銷售方式發生了哪些變化？除了隨著我們經歷和擴展，我們正在成熟這個過程。我一直對您說，我們的市場營銷方法必須繼續發展，因為我們的血統是通過直接銷售向大型全球公司銷售。

So Arun, our CMO, started a few months ago. And so you're going to see -- you continue to -- you will see our marketing and our sales evolve and evolve together from a demand gen top down. You will see our partnership and the things that we're going to do in building out. We've got a great alliances program, how do we build that out.

因此，我們的首席營銷官 Arun 是幾個月前開始的。所以你會看到——你會繼續——你會看到我們的營銷和我們的銷售從一個需求源自上而下一起演變和演變。您將看到我們的合作夥伴關係以及我們將在建設中所做的事情。我們有一個很棒的聯盟計劃，我們如何建立它。

These are things that as companies mature into the $1 billion range of ARR, they have to do. And we're a little bit late than I'd like, but we're going to catch up.

這些都是隨著公司成熟到 10 億美元的 ARR 範圍，他們必須做的事情。我們比我想的要晚了一點，但我們會趕上的。

Our next question comes from the line of Arjun Bhatia with William Blair.

我們的下一個問題來自 Arjun Bhatia 和 William Blair。

Ragy, 1 for you maybe. Obviously, there's a lot of focus on how the macro might unfold and what that means for your business. But I'm curious, as you look at your product portfolio, right, you have these 4 big suites.

拉吉，1 給你也許。顯然，很多人都關注宏觀可能如何展開以及這對您的業務意味著什麼。但是我很好奇，當您查看您的產品組合時，對，您擁有這 4 個大套件。

Do you anticipate the increased uncertainty that's out there changing demand for specific products, right, as customers focus on different areas of investment. Does care become a more important area of investment and then marketing advertising, maybe less so. Just curious how you see that playing out.

您是否預計隨著客戶關注不同的投資領域而增加的不確定性會改變對特定產品的需求？護理是否成為更重要的投資領域，然後是營銷廣告，也許不那麼重要。只是好奇你是如何看待這種情況的。

It's a very good question, Arjun, and thank you for that. Look, I think -- we -- our entire value prop is that the platform is unified, built from the ground up on 1 code base with workspaces and workflow and teams a whole bunch of things, which we think are very unique in the entire enterprise front office software space.

這是一個非常好的問題，Arjun，謝謝你。看，我認為 - 我們 - 我們的整個價值支柱是平台是統一的，從頭開始構建在一個帶有工作區和工作流的代碼庫和團隊一大堆東西，我們認為在整個過程中非常獨特企業前台軟件空間。

So for us, the -- the question is not which product is slowing and which product is growing. To understand that I want you to understand the 2 things we're doing. We are creating next-generation AI-based truly omnichannel customer-facing capabilities, whether that's in care or whether that's in marketing, okay.

所以對我們來說，問題不在於哪個產品在放緩，哪個產品在增長。要了解我希望您了解我們正在做的兩件事。我們正在創建下一代基於人工智能的真正全渠道面向客戶的功能，無論是在護理方面還是在營銷方面，好吧。

So when you use our care suite, we're displacing probably 5 to 15 solutions point solutions in that. And we're doing the same thing in marketing. So we continue to benefit in -- across our product suites.

因此，當您使用我們的護理套件時，我們可能會在其中取代 5 到 15 個解決方案點解決方案。我們在營銷方面也做同樣的事情。因此，我們繼續受益於我們的產品套件。

Now we've been public in the fact that we see care as a great opportunity, and that's a strategic priority for 2 reasons. First reason, we see this contact center refreshes begin to spike. The contact center space is really very -- it's been around for 40-plus years. So people are trying to figure out how to consolidate data centers and how to move to the cloud.

現在我們已經公開表示，我們將護理視為一個很好的機會，這是一個戰略重點，原因有兩個。第一個原因，我們看到這個聯絡中心的刷新率開始飆升。聯絡中心空間真的非常 - 它已經存在了 40 多年。因此，人們正試圖弄清楚如何整合數據中心以及如何遷移到雲端。

And when you're disrupting and you've taken apart what's been working for you, you're always looking at not just how do I catch up but what's coming next and people are buying into this vision. Remember, a couple of quarters, we talked about this large Asian bank that went live with our voice capability. And I'm pleased to report today that they've actually gone live in multiple sites.

當你正在破壞並且你已經分解了對你有用的東西時，你總是不僅關注我如何趕上，而且關注接下來會發生什麼，人們正在接受這個願景。請記住，幾個季度，我們談到了這家具有我們語音功能的大型亞洲銀行。今天我很高興地報告他們實際上已經在多個站點上運行。

And boy, they're seeing some really good results. And you have to really take this apart to understand the power of this transformation. With our solution, you can start on the phone, press 1, press 2, go through your IVR, get you a human being. And when you get another call, you have to hang up and you pick that conversation back up in e-mail, we can preserve state and context within the channel across channels.

男孩，他們看到了一些非常好的結果。你必須真正把它拆開才能理解這種轉變的力量。使用我們的解決方案，您可以從電話開始，按 1，按 2，通過您的 IVR，讓您成為一個人。當您接到另一個電話時，您必須掛斷電話，然後在電子郵件中選擇該對話備份，我們可以跨頻道保留頻道內的狀態和上下文。

If you chat with us, like you see in many other solutions, the chat doesn't end and restart when you come back. We have persistent context as preserved. It comes from the omnichannel architecture. So our first suite of customers is a customer in the Middle East that has 2,000 stores -- that has franchise American brands and have 2,000 stores in different countries.

如果您與我們聊天，就像您在許多其他解決方案中看到的那樣，聊天不會結束並在您回來時重新開始。我們保留了持久的上下文。它來自全渠道架構。因此，我們的第一批客戶是在中東擁有 2,000 家商店的客戶——擁有美國特許經營品牌，並在不同國家/地區擁有 2,000 家商店。

For the first time after going live, they hardwired their contact center to the restaurant. So you sit there in a Pizza Hut at the table and you have a problem in your tweeting you're not expecting anybody to kind of -- you're thinking you're talking to a 1-800 operator. They now have the ability across channels, across languages using AI to route that, understand the intent to route that to the store and have the manager come out and help.

上線後，他們第一次將聯絡中心硬連線到餐廳。因此，您坐在必勝客的餐桌旁，您的推文出現問題，您不希望任何人這樣做——您認為您正在與 1-800 接線員交談。他們現在有能力跨渠道、跨語言使用 AI 進行路由，了解將其路由到商店的意圖，並讓經理出來提供幫助。

So these are -- like I always think our educated investors are our best investors, I would encourage everyone on the call to talk to customers. We're not talking about let's remove 2 or 3-point solutions. We're getting pumped up thinking about what we're doing here.

所以這些是 - 就像我一直認為我們受過教育的投資者是我們最好的投資者一樣，我會鼓勵每個人在電話中與客戶交談。我們不是在談論讓我們刪除 2 點或 3 點解決方案。想到我們在這裡做什麼，我們變得興奮起來。

That's really interesting and very helpful. Thanks, Ragy. And then just a follow-up for Manish, if I can. If I look at just your margin guidance and given the current quarter results, it seems like you actually had a quarter-over-quarter sequential decline in total sales and marketing spend.

這真的很有趣，也很有幫助。謝謝，拉吉。如果可以的話，然後只是對 Manish 的跟進。如果我只看您的利潤率指導並考慮到當前季度的結果，您的總銷售和營銷支出似乎實際上環比下降。

As we look out for the remainder of the year and possibly into 2024, fiscal '24 as well, where do you anticipate the biggest portion of leverage to come from over the next 4 to 6 quarters?

當我們展望今年剩餘時間，可能到 2024 年以及 24 財年時，您預計未來 4 到 6 個季度的最大槓桿部分來自哪裡？

Yes. So that's a great question. I think for FY '24 official guidance, you'll have to wait for the December earnings call. You might get some prelim guidance at that time. But I think your observation is astute.

是的。所以這是一個很好的問題。我認為對於 24 財年的官方指導，你必須等待 12 月的財報電話會議。那時你可能會得到一些初步的指導。但我認為你的觀察很敏銳。

I did call out even in the prepared remarks that the biggest area of leverage we would see is in sales and marketing. And again, this just goes back to marginal productivity. So some of that will taper down. We're obviously looking to generate a very healthy level of growth, but do it in a manner which balances both growth as well as what drowns to the bottom line.

即使在準備好的評論中，我也確實指出，我們將看到的最大影響力領域是銷售和營銷。再一次，這又回到了邊際生產力。所以其中一些會逐漸減少。我們顯然希望產生一個非常健康的增長水平，但要以一種平衡增長以及壓低底線的方式來實現。

So you're going to see that ARC continue for the remainder of this year. On the bottom line, we are obviously alluding to a $5 million operating profit here in Q4. And I don't think it would be a stretch to assume that as you look at FY '24, you would see that continue as to exact numbers, we will talk through that in December.

所以你會看到 ARC 在今年剩下的時間裡繼續。歸根結底，我們顯然是在暗示第四季度的營業利潤為 500 萬美元。而且我不認為假設當您查看 24 財年時，您會看到確切數字仍在繼續，我們將在 12 月進行討論。

Our next question comes from the line of Michael Turits with KeyBanc.

我們的下一個問題來自於 KeyBanc 的 Michael Turits。

So first of all, congrats on the quarter, probably obvious reasons, tough environment, great performance, really nice to see. But I'd love to keep going. So I love to keep going in the sales and marketing and tied margin direction.

所以首先，恭喜這個季度，可能是顯而易見的原因，艱難的環境，出色的表現，真的很高興看到。但我很想繼續前進。所以我喜歡繼續在銷售和營銷以及捆綁利潤的方向上前進。

I'm just trying to understand not just quantitatively that you're going to see more efficiency productivity. But what's happening in terms of go-to-market, in terms of focus on direct sales. Where you're coming back from relative to the catch up? Any changes that might be taking place, maybe some efficiencies that come out of the light offerings what is really enabling that change in productivity at a very concrete level right now?

我只是想不只是從數量上理解你會看到更高的效率生產力。但是在進入市場方面，在專注於直銷方面正在發生什麼。相對於追趕者，你從哪裡回來？可能正在發生的任何變化，也許是照明產品帶來的一些效率，是什麼在非常具體的水平上真正實現了生產力的變化？

Let me kick it off and maybe Manish can add details. Michael, we -- in our earlier years as we're building the platform, our primary focus in growth was added capacity. And I think what we've done, and we have to add capacity because ramping takes a while, right, as you know, in our space, in enterprise software sales across the board. So having done that, what we've done is we've built enough capacity and then now we're focused on productivity. And so that's what you will start seeing.

讓我開始吧，也許 Manish 可以添加細節。邁克爾，我們——在我們建立平台的早年，我們的主要增長重點是增加容量。我認為我們已經做了什麼，我們必須增加容量，因為正如你所知，在我們的領域，全面的企業軟件銷售需要一段時間。因此，在這樣做之後，我們所做的是我們已經建立了足夠的能力，然後現在我們專注於生產力。這就是你將開始看到的。

And I think it will take us a few more quarters to get that capacity and productivity focus weighted right, and then we'll be able to kind of give you a long term where it should be. But there's no reason for you to think that we would be anywhere less than best-in-class in the long run.

而且我認為我們還需要幾個季度才能正確衡量產能和生產力的重點，然後我們才能給你一個長期的時間。但是，您沒有理由認為從長遠來看，我們在任何地方都不會是一流的。

Yes. And to sort of add to what Ragy was saying, Michael, it's nothing more complicated than it takes a certain amount of time for reps to ramp up. And I think historically, in a low interest rate environment, there certainly wasn't any real need for companies to start focusing on what's the marginal productivity of a rep? How do we make sure it gets to a certain threshold.

是的。再加上 Ragy 的說法，Michael，沒有什麼比需要一定的時間來增加代表的時間更複雜的了。而且我認為從歷史上看，在低利率環境下，公司當然沒有真正需要開始關注代表的邊際生產力是多少？我們如何確保它達到某個閾值。

And there was sort of all the reason to go keep adding the capacity because the whole aim was to generate a much higher growth rate. And our view is, look, we want to get to a very healthy growth number that we believe we can sustain over a long period of time. And in terms of adding additional capacity, we want to be extra thoughtful. We'd rather focus our energies on enabling the existing teams in place, getting them to be more productive, adding more resources around enablement, adding more resources around getting them more leads, more pipeline, more productive back again to that phrase than sort of adding additional capacity at the margin. And we're sort of getting a lot more methodical about it than we were before.

並且有某種原因繼續增加容量，因為整個目標是產生更高的增長率。我們的觀點是，看，我們希望獲得一個非常健康的增長數字，我們相信我們可以在很長一段時間內維持這一數字。在增加額外容量方面，我們希望更加周到。我們寧願把精力集中在使現有團隊到位，讓他們更有效率，圍繞支持增加更多資源，增加更多資源，讓他們獲得更多潛在客戶，更多管道，更高效地回到那個短語而不是那種在邊際上增加額外的容量。而且我們比以前更有條理。

Great. That's helpful.

偉大的。這很有幫助。

Does that give you more color?

這會給你更多顏色嗎？

Yes, that's helpful. And then just sort of a clarification. Manish, it was interesting. You said that the renewal -- you have strong renewal rates and the renewal came earlier in the quarter driving revenues, but new business in the quarter was more back-end loaded. So why is that, that new business was more back end, but renewals earlier.

是的，這很有幫助。然後只是一種澄清。曼尼什，這很有趣。你說更新——你有很強的更新率，更新在本季度早些時候推動了收入，但本季度的新業務更多的是後端負載。那麼為什麼會這樣，新業務更多是後端，但更新更早。

Yes. So that's a good question. And I wanted to call it out because I wanted sort of investors to dissect the revenue composition and understand why there was overperformance in the quarter.

是的。所以這是一個很好的問題。我想把它說出來，因為我希望投資者能夠剖析收入構成並理解本季度業績超常的原因。

So as Ragy and I both said in the prepared remarks, there is extra level of scrutiny on the new spend. I mean, damn these CFOs, but that's what they do. And so we saw our last week of the quarter was tremendous. We did book the amount of business that we were looking to book, but it all sort of came together in the last week or so.

因此，正如拉吉和我在準備好的評論中所說，對新支出進行了額外的審查。我的意思是，該死的這些 CFO，但他們就是這樣做的。因此，我們看到本季度的最後一周非常出色。我們確實預訂了我們想要預訂的業務量，但在過去一周左右的時間裡，這一切都聚集在一起了。

Now every quarter is different in terms of the cadence of renewals. And Q2 was one of those quarters where a lot of our big customers were slated for renewal much earlier in the quarter. So when we build our financial models, we're not down to the individual customer, and there's a certain puristics we used to figure out where things would land. And given that we generate a lot of our new business in terms of upselling to existing accounts, given those renewals were much earlier in the quarter, a lot of the upsells into the accounts -- into those accounts happened in the first or second month.

現在每個季度的續訂節奏都不同。第二季度是我們的許多大客戶計劃在本季度早些時候更新的季度之一。因此，當我們建立我們的財務模型時，我們並沒有考慮到個別客戶，而且我們曾經有一些純粹的方法來確定事情會發生在哪裡。鑑於我們在向現有賬戶追加銷售方面產生了很多新業務，鑑於這些續訂是在本季度早些時候，許多賬戶追加銷售——這些賬戶發生在第一個月或第二個月。

So we picked up additional month or 2 of revenue, but a lot of the nonrenewal business from new accounts happened in the last week of the quarter. So if you net the whole thing out, that's the $3 million in overperformance compared to the midpoint you see for the quarter. So I wanted to lay all of this bear so people understood how the sausage is made. Does that make sense?

因此，我們增加了一個月或 2 個月的收入，但很多來自新賬戶的非續訂業務都發生在本季度的最後一周。因此，如果你把整個事情都算出來，與你看到的本季度中點相比，這就是 300 萬美元的超額表現。所以我想把所有的熊都放好，讓人們了解香腸是如何製作的。那有意義嗎？

Let me add 1 other perspective. We used to be -- our fiscal year used to be calendar year. So there's an accumulated book of business that as we switch to January 31 year-end, that book of business kind of renews early, right, early in the quarter. So there's some historical context to how sometimes renewals are in line with where we see the new business expansions.

讓我添加另一個觀點。我們曾經是 - 我們的財政年度曾經是日曆年。因此，當我們切換到 1 月 31 日年底時，有一本累積的商業賬簿，該商業賬簿會在本季度早些時候更新。因此，有時續約與我們看到新業務擴展的地方是一致的，這是有一些歷史背景的。

Our next question comes from the line of Elizabeth Porter with Morgan Stanley.

我們的下一個問題來自摩根士丹利的伊麗莎白波特。

I wanted to ask on the NRR. It was really impressive to continue to see that performance, especially in light of hearing other companies talk about a more challenging environment. So could you unpack some of the improvement in the NRR between gross sell, cross-sell and upsell?

我想問NRR。繼續看到這種表現真是令人印象深刻，尤其是在聽到其他公司談論更具挑戰性的環境的情況下。那麼，您能否解釋一下總銷售、交叉銷售和追加銷售之間 NRR 的一些改進？

And how should we think about the continuation of trend through the rest of the year? And did that renewal business that you just highlighted? Is that any sort of onetime impact NRR we should think of?

我們應該如何看待今年剩餘時間趨勢的延續？你剛才強調的更新業務是什麼？這是我們應該考慮的任何一種一次性影響 NRR 嗎？

Yes. So -- our primary focus has been Elizabeth, upsells and growth within existing accounts. Let me explain the strategy behind it. And then Manish can add more color. We know we are attempting to do too much, 33 products for a company that's 13 years old and most of it was built organically pretty much pull of it.

是的。所以——我們的主要關注點是伊麗莎白、現有客戶的追加銷售和增長。讓我解釋一下它背後的策略。然後 Manish 可以添加更多顏色。我們知道我們正在嘗試做太多事情，為一家成立 13 年的公司提供 33 種產品，其中大部分產品都是有機地建立起來的。

And so we know we're attempting to do too much. We know we're changing a very, very big and powerful vision. So it was, and it has always been very important for us to focus on a segment and make sure that they are getting very measurable, tangible value from this bigger investments they're making in us as a platform. So that was the strategy behind going to the very top, biggest companies. If we can solve the biggest and the most complicated use cases and situations and show ROI, we think it's much easier to simplify, make itself service and all that. It's admittedly a different strategy than many other companies, but that's what we chose to do. So our customers -- our larger customers have always been buying more and more of Sprinklr and that's been a path to grow.

所以我們知道我們正在嘗試做太多事情。我們知道我們正在改變一個非常、非常大和強大的願景。確實如此，對於我們來說，專注於一個細分市場並確保他們從他們對我們作為一個平台進行的更大投資中獲得非常可衡量的有形價值一直是非常重要的。這就是去往最頂尖、最大的公司背後的戰略。如果我們能夠解決最大和最複雜的用例和情況並顯示投資回報率，我們認為簡化、讓自己服務和所有這些會容易得多。誠然，這是與許多其他公司不同的戰略，但這就是我們選擇做的事情。所以我們的客戶——我們的大客戶一直在購買越來越多的 Sprinklr，這是一條增長之路。

Having said that, we are now at a point after 13 years, where the core capabilities of the platform has been built out and is super visible and is super clean and customers are happy and they're buying more. And so it is time for us now to start putting a lot more emphasis on new logos. And you will see us in the next, I'd say, 2 to 4 quarters, slowly but surely increase our investment in new logos.

話雖如此，我們現在處於 13 年後的一個階段，平台的核心功能已經構建出來，並且超級可見、超級乾淨，客戶很滿意，他們購買的更多。所以現在是我們開始更加重視新標誌的時候了。您將在接下來的 2 到 4 個季度看到我們，緩慢但肯定地增加我們對新徽標的投資。

Yes. And just to add to that. So I think as we've alluded to earlier, we don't have an internal NRR or net dollar retention target. Given that we tend to start with 1 product suite, and then over time, as Ragy was saying, customers do eventually end up at the unified CXM platform.

是的。只是為了補充一點。所以我認為正如我們之前提到的，我們沒有內部 NRR 或淨美元保留目標。鑑於我們傾向於從 1 個產品套件開始，然後隨著時間的推移，正如 Ragy 所說，客戶最終最終會使用統一的 CXM 平台。

So we've historically become fairly adapt at trying to sell multiple product suites to those accounts. You obviously see that in the 98 customers with more than $1 million in subscription revenue over the last 12 months. The other thing I just wanted to make sure was clear the NRR metric for us, it is a trailing 12 month on a recognized revenue basis, not ARR.

因此，從歷史上看，我們已經相當適應嘗試向這些客戶銷售多個產品套件。您顯然可以在過去 12 個月訂閱收入超過 100 萬美元的 98 位客戶中看到這一點。我只想確保的另一件事是明確我們的 NRR 指標，它是基於公認收入的過去 12 個月，而不是 ARR。

So sometimes that does confuse people. And back to the earlier comments I made around growth retention we're obviously best-in-class. So there is a number of these things that are coming together. And as Ragy was saying, that was one of our underlying premise that we can bring bigger accounts to our full product suite and platform over time and we're obviously transitioning more and more to adding new logos into the mix now.

所以有時這確實讓人們感到困惑。回到我之前關於增長保留率的評論，我們顯然是一流的。因此，有許多這樣的事情正在融合在一起。正如 Ragy 所說，這是我們的基本前提之一，即隨著時間的推移，我們可以為我們的完整產品套件和平台帶來更大的客戶，而且我們現在顯然正在越來越多地向組合中添加新徽標。

And again, this is -- we're not going to give out too much more, but we now have multiple customers that pay us over $10 million in ARR. So that's where we're going with this. And we will emphasize our new logo motion going forward, but we're very comfortable with where we are.

再說一次，這是 - 我們不會提供太多，但我們現在有多個客戶向我們支付超過 1000 萬美元的 ARR。這就是我們要解決的問題。我們將強調我們未來的新標誌運動，但我們對我們所處的位置非常滿意。

Got it. And then just as a quick follow-up. Last quarter, you introduced Arun as the new CMO, any early learnings or initiatives as it relates to the go-to-market motion following his addition.

知道了。然後作為快速跟進。上個季度，您介紹了 Arun 作為新的 CMO，任何與他加入後的上市動議相關的早期學習或舉措。

We're excited about Arun being here. He has already made such a big difference. Now obviously, he had to start by putting together his team. And so it's very, very early for me to declare anything. But directionally, I think we're doing some of the fundamental things. And I know companies 1/5 our size have done better. So we're behind the 8 ball on it, and we will catch up, Elizabeth. But you should expect more and better in the next, I'd say, 2 to 3 quarters.

我們很高興 Arun 來到這裡。他已經做出瞭如此大的改變。現在顯然，他必須從組建團隊開始。所以我現在宣布任何事情都非常非常早。但在方向上，我認為我們正在做一些基本的事情。而且我知道規模只有我們 1/5 的公司做得更好。所以我們落後於 8 號球，我們會追上來的，伊麗莎白。但是你應該期待在接下來的 2 到 3 個季度內會有更多更好的表現。

Our next question comes from the line of Pinjalim Bora with JPMorgan.

我們的下一個問題來自摩根大通的 Pinjalim Bora。

And congrats on the quarter guys. Ragy, you talked about in one of the answers, I think the contact center refreshes are spiking. You added voice capabilities recently, I believe. Is that helping you on the CCaaS side, is that acting as a tailwind to that modern care business, how are you approaching that market? And is the competitive dynamics changing for real because of that?

並祝賀這個季度的傢伙。 Ragy，您在其中一個答案中談到了，我認為聯絡中心的刷新率正在飆升。我相信你最近添加了語音功能。這是否在 CCaaS 方面對您有幫助，是否可以作為現代護理業務的順風車，您如何進入該市場？競爭動態是否因此而真正發生變化？

Sure. We expect that to be, and we're not yet benefiting from it. So just know that the CCaaS space is a very ambitious venture of ours. We've invested a lot of time and energy into it. We think at this point, we have a very competitive product. We've had multiple companies score us high, very high, even compared to very seasoned vendors on technical capabilities.

當然。我們預計會這樣，但我們還沒有從中受益。所以只要知道 CCaaS 領域是我們的一項雄心勃勃的事業。我們為此投入了大量的時間和精力。我們認為在這一點上，我們有一個非常有競爭力的產品。我們有多家公司給我們打了很高的分數，非常高，甚至與經驗豐富的供應商在技術能力方面相比也是如此。

But as you know, that's not how the market works. We have to kind of get a few implementations under our belt, and we have to then get into the analyst waves and be known as a CCaaS vendor. So we're kind of in the early stages of that as well. We are expecting that to be a significant opportunity for us, and we are continuing to prioritize it.

但如你所知，市場不是這樣運作的。我們必須有一些實現，然後我們必須進入分析師浪潮並被稱為 CCaaS 供應商。所以我們也處於早期階段。我們期待這對我們來說是一個重要的機會，我們將繼續優先考慮它。

Got it. And 1 for Manish. When I look at the deferred revenue and RPO, it seems like deferred revenue in the balance sheet had a sequential drawdown, but RPO grew nicely sequentially on a dollar basis. Is there anything to call out between those 2 dynamics? Is it just because of the back-end loaded nature of the quarter that some deals might have got booked but not billed, anything more color you can provide?

知道了。 1 代表 Manish。當我查看遞延收入和 RPO 時，資產負債表中的遞延收入似乎連續下降，但 RPO 以美元為基礎連續增長良好。這兩種動態之間有什麼要注意的嗎？僅僅是因為本季度的後端負載性質，一些交易可能已被預訂但未計費，您可以提供更多顏色嗎？

Yes. So that's a great observation, Pinjalim. If you look back over the last 6 to 8 quarters, you see that our deferred revenue actually doesn't have much of a trend line, unfortunately. And a lot of this is, like you alluded to, we book all the business that we get, and this quarter was particularly back-end loaded.

是的。所以這是一個很好的觀察，Pinjalim。如果您回顧過去 6 到 8 個季度，您會發現我們的遞延收入實際上並沒有太多的趨勢線，不幸的是。就像你提到的那樣，其中很多是我們預訂了我們獲得的所有業務，而且本季度特別是後端負載。

So billings, some of it takes time, and that obviously doesn't get into the deferred number. So you're correct there. And obviously, as I was saying earlier, our billings, given the mishmash of monthly quarterly, semiannually, annually, the billings trend line isn't as clear cut as one would like. And that's part of the reason we've always focused investors on look at subscription revenue and its growth as well as RPO and its growth as the key driving factors in the business. Does that make sense?

因此，比林斯，其中一些需要時間，而這顯然不屬於延期數字。所以你是對的。顯然，正如我之前所說，我們的賬單，考慮到每月季度、每半年、每年的混雜，比林斯趨勢線並不像人們想要的那樣清晰。這就是我們一直關注投資者關注訂閱收入及其增長以及 RPO 及其增長作為業務關鍵驅動因素的部分原因。那有意義嗎？

Our final question comes from the line of Parker Lane with Stifel.

我們的最後一個問題來自於 Stifel 的 Parker Lane。

Congrats on the quarter. I'll just keep it one of the interested time. Looking at EMEA and other, it looks like it grew a touch lower than the Americas business during the quarter. I know you said FX isn't really a big consideration in your business. Anything to call out in international markets from a demand environment or sales cycle perspective relative to the Americas?

祝賀本季度。我將把它保留在感興趣的時間之一。從 EMEA 和其他地區來看，該季度的增長似乎低於美洲業務。我知道您說過外彙在您的業務中並不是一個重要的考慮因素。從相對於美洲的需求環境或銷售週期的角度來看，國際市場有什麼值得關注的嗎？

Parker, the short answer is no. We're not seeing any macroeconomic changes affect our geographic distribution tends to be -- it's pretty consistent with what it was. And any change that we're seeing is just attributed to -- can be attributed to operations and leadership and the changes we are making internally.

帕克，簡短的回答是否定的。我們沒有看到任何宏觀經濟變化會影響我們的地理分佈——這與過去的情況非常一致。我們看到的任何變化都歸因於 - 可以歸因於運營和領導以及我們在內部進行的變化。

Ladies and gentlemen, we have reached the end of the question-and-answer session. I will now turn the call back over to Ragy Thomas for closing remarks.

女士們，先生們，問答環節到此結束。我現在將把電話轉回給 Ragy Thomas 以作結束語。

Thank you, Alex, and thank you all for joining us today. I'd like to thank our employees, partners and most of all, our customers for their business and their continued trust in us as we develop this category.

謝謝你，亞歷克斯，謝謝大家今天加入我們。我要感謝我們的員工、合作夥伴，尤其是我們的客戶，感謝他們的業務以及在我們開發此類別時對我們的持續信任。

We look forward to updating you all again soon as in -- as we continue our exciting journey and building this category, whose rights we know is inevitable. Thank you all, and talk to you again soon.

我們期待著盡快再次更新大家——我們將繼續我們激動人心的旅程並建立這一類別，我們知道其權利是不可避免的。謝謝大家，很快就會再次與您交談。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

今天的會議到此結束，此時您可以斷開線路。感謝您的參與，祝您有美好的一天。