Sprinklr Inc (CXM) 2023 Q3 法說會逐字稿

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

女士們，先生們，感謝你們的支持，歡迎來到 Sprinklr 的 2023 財年第三季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand over the conference to our first speaker today, Mr. Eric Scro, Vice President of Finance, for introductory remarks. Please go ahead, sir.

我現在想把會議交給我們今天的第一位發言人，財務副總裁 Eric Scro 先生，讓他做介紹性發言。請繼續，先生。

Thank you, Diego, and welcome, everyone, to Sprinklr's Third Quarter Fiscal 2023 Results Financial Call. Joining us today are Ragy Thomas, Sprinklr's Founder and CEO; and Manish Sarin, Chief Financial Officer.

謝謝 Diego，歡迎大家參加 Sprinklr 的 2023 財年第三季度業績財務電話會議。今天加入我們的是 Sprinklr 的創始人兼首席執行官 Ragy Thomas；首席財務官 Manish Sarin。

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 supplementary investor presentation.

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它們，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 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. You are directed to our press release and supplementary investor presentation for a reconciliation of such measures to GAAP.

請注意，在今天的電話會議上，管理層將參考某些非 GAAP 財務指標。雖然公司認為這些財務措施為投資者提供了有用的信息，但不應孤立地考慮或替代根據 GAAP 提供的財務信息。您將被定向到我們的新聞稿和補充投資者介紹，以了解此類措施與 GAAP 的對賬情況。

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. Thanks for joining us today as we share the financial results of our third quarter in FY '23. 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.

謝謝你，埃里克，大家好。感謝您今天加入我們，分享我們 23 財年第三季度的財務業績。我將從一些亮點開始，包括我從客戶那裡聽到的和我們的一些關鍵勝利。然後 Manish 將分享我們的財務結果的詳細信息。

Turning now to the quarter. I'm very pleased to report that Q3 was another strong quarter that exceeded guidance. Q3 total revenue grew 24% year-over-year to $157.3 million, and subscription revenue grew 27% year-over-year to $139.9 million.

現在轉到本季度。我很高興地報告，第三季度是另一個超出預期的強勁季度。第三季度總收入同比增長 24% 至 1.573 億美元，訂閱收入同比增長 27% 至 1.399 億美元。

And with our commitment to operational efficiency, we generated $6.9 million in non-GAAP operating income for the quarter due to prudent financial management and greater operational discipline company-wide.

憑藉我們對運營效率的承諾，由於審慎的財務管理和全公司範圍內更嚴格的運營紀律，我們本季度的非 GAAP 營業收入為 690 萬美元。

Before providing key takeaways from this quarter, I'm excited to share that we have appointed the former Chief Revenue Officer of ServiceNow, Kevin Haverty, to our Board of Directors. Kevin joins us at an exciting time in Sprinklr's journey, and his experience will greatly benefit our go-to-market execution, something that we are very focused on now. Kevin currently serves as a senior adviser to the CEO at ServiceNow and has been a CRO there under 3 different CEOs. I also want to thank Matt Jacobson, partner at ICONIQ Capital, who has retired from our Board after serving us for 8 years. ICONIQ joined as an investor in Sprinklr in the very early days and helped chart our course back then. We are very appreciative Matt's contribution, and I wish him all the best.

在提供本季度的關鍵要點之前，我很高興與大家分享我們已任命 ServiceNow 前首席營收官 Kevin Haverty 加入我們的董事會。 Kevin 在 Sprinklr 旅程的激動人心的時刻加入我們，他的經驗將極大地有利於我們的上市執行，這是我們現在非常關注的事情。凱文目前擔任 ServiceNow 首席執行官的高級顧問，並曾擔任 3 位不同首席執行官手下的首席風險官。我還要感謝 ICONIQ Capital 的合夥人 Matt Jacobson，他在為我們服務 8 年後從我們的董事會退休。 ICONIQ 很早就以投資者的身份加入了 Sprinklr，並幫助我們制定了當時的路線。我們非常感謝 Matt 的貢獻，祝他一切順利。

Now moving on to Q3. I was fortunate to meet with well over 100 customers around the world from across the U.S. to India, Singapore, South Korea, Dubai, Mexico. The excitement of brands transitioning from point solution chaos and customer-facing functions to Sprinklr's unified CXM platform is truly palpable if you talk to these customers. And the results they are seeing in terms of reducing customer service costs, increasing revenue by making that ad dollars and marketing dollars work harder and innovating faster while mitigating risk by listening to customers in real time, it's truly inspiring.

現在轉到第三季度。我有幸會見了來自美國、印度、新加坡、韓國、迪拜、墨西哥等世界各地的 100 多位客戶。如果您與這些客戶交談，品牌從點解決方案混亂和麵向客戶的功能過渡到 Sprinklr 的統一 CXM 平台的興奮是真正顯而易見的。他們在降低客戶服務成本、通過加大廣告投入和營銷投入力度、加快創新速度以及通過實時傾聽客戶意見降低風險等方面所看到的成果，確實令人鼓舞。

A new story line, that is clearly emerging in these conversations, especially from our newer clients, is how Sprinklr's AI is helping model and automate omnichannel journeys that can potentially eliminate the need for human service agents by up to 95% for some use cases, while improving customer satisfaction scores at the same time. This use case is real at Aramex, the largest multinational logistics provider in the Middle East that someone referred to me as the FedEx or the UPS of the Middle East, who recently consolidated their digital contacts and the stack on to Sprinklr. I met their Group Vice President of Technology in Dubai. It was great to hear how they have been able to automate 95% of the resolution for several common customer inquiries using Sprinklr's AI and chatbot and automation while continuing again to improve CSAT scores.

在這些對話中，尤其是來自我們的新客戶的對話中，明顯出現了一個新的故事情節，即 Sprinklr 的 AI 如何幫助建模和自動化全渠道旅程，這可能會在某些用例中將對人工服務代理的需求減少高達 95%，同時提高客戶滿意度得分。這個用例在中東最大的跨國物流供應商 Aramex 是真實的，有人稱我為中東的 FedEx 或 UPS，他們最近將他們的數字聯繫人和堆棧整合到 Sprinklr 上。我在迪拜會見了他們的集團技術副總裁。很高興聽到他們如何能夠使用 Sprinklr 的 AI 和聊天機器人及自動化自動解決幾個常見客戶查詢的 95%，同時繼續提高 CSAT 分數。

While we continue to win deals across all our 4 product suites across a variety of industries, more than 1/3 of our bookings in Q3 came from our customer service suite or our Modern Care suite, where voice-led CCaaS was a key driver for us. We're pleased with our momentum in this space and are confident that technology and our pace of innovation will further differentiate us in this very interesting marketplace. We believe that you can have great customer experience management with our great customer service.

雖然我們繼續在各個行業的所有 4 個產品套件中贏得交易，但我們在第三季度超過 1/3 的預訂來自我們的客戶服務套件或我們的現代護理套件，其中語音主導的 CCaaS 是關鍵驅動因素我們。我們對我們在這個領域的發展勢頭感到滿意，並相信技術和我們的創新步伐將使我們在這個非常有趣的市場中進一步脫穎而出。我們相信，通過我們出色的客戶服務，您可以擁有出色的客戶體驗管理。

However, the current macro environment is leading to delays in purchase decisions and longer sales cycles. And like many other enterprise software companies, we did experience additional pressure on deals in Q3 versus Q2, particularly in Europe. We expect these longer sales cycles and tightening of budgets to continue in light of global uncertainties. While we can't control the macro climate, we can control how we manage the fundamentals of our business. You will see us continue to focus on delivering value to our customers and generating a clear path to profitability for our shareholders as we go forward. Since founding Sprinklr, we've been clear that the market will move from point solutions that don't work well together to a handful of best-of-suite platforms that become more and more tightly integrated.

然而，當前的宏觀環境正在導致購買決策的延遲和銷售週期的延長。與許多其他企業軟件公司一樣，與第二季度相比，我們在第三季度確實經歷了額外的交易壓力，尤其是在歐洲。鑑於全球不確定性，我們預計這些更長的銷售週期和緊縮預算將繼續下去。雖然我們無法控制宏觀氣候，但我們可以控制我們管理業務基本面的方式。你會看到我們繼續專注於為我們的客戶創造價值，並在我們前進的過程中為我們的股東創造一條清晰的盈利途徑。自成立 Sprinklr 以來，我們就很清楚，市場將從不能很好地協同工作的單點解決方案轉向少數幾個集成得越來越緊密的最佳套件平台。

Furthering our intention of becoming the third or fourth major front office platform for the enterprise, in Q3, we announced an expanded partnership with Salesforce and Accenture. Enterprise customers will now be able to incorporate their massive CX data set within Sprinklr with their CDP and CRM data sets inside Salesforce. And Accenture is a key partner in our go-to-market strategy. They are the experts in helping brands bring technology and data together to deliver best customer experiences as possible.

為了進一步實現我們成為企業第三或第四大前台平台的目標，在第三季度，我們宣布擴大與 Salesforce 和埃森哲的合作夥伴關係。企業客戶現在可以將他們在 Sprinklr 中的大量 CX 數據集與他們在 Salesforce 中的 CDP 和 CRM 數據集合併。埃森哲是我們進入市場戰略的重要合作夥伴。他們是幫助品牌將技術和數據結合在一起以盡可能提供最佳客戶體驗的專家。

We're also actively working with Salesforce to support customers through their transition from social studio to Sprinklr. This work has been well underway this year, and we're seeing positive momentum from those customers. During the third quarter, we continued to add new customers as well as expand with existing customers. Some examples of these world-class brands include GEICO, HEMS, Honda, IPG Health and Overstock.

我們還積極與 Salesforce 合作，支持客戶從社交工作室過渡到 Sprinklr。今年這項工作進展順利，我們從這些客戶那裡看到了積極的勢頭。在第三季度，我們繼續增加新客戶並擴展現有客戶。這些世界級品牌的一些例子包括 GEICO、HEMS、本田、IPG Health 和 Overstock。

I'd like to provide a few examples of how customers are currently using Sprinklr across our product suite. As a reminder, these suites include our Modern Care suite, Modern Research suite, our social and sales suite and our marketing and advertising suite.

我想提供一些客戶目前如何在我們的產品套件中使用 Sprinklr 的示例。提醒一下，這些套件包括我們的現代護理套件、現代研究套件、我們的社交和銷售套件以及我們的營銷和廣告套件。

Let's start with our customer service offering, the Modern Care suite. In Q3, one of the largest global consumer software and hardware players further expanded their partnership with Sprinklr by adding over 500 more care agents, doubling their current agent count to over 1,000. They are now supporting 60 of their product lines across 16 languages on modern channels using Sprinklr. And their agent support has gone from 90% coverage in 1 hour to 95% coverage in under 30 minutes. With Sprinklr's AI studio, they're also achieving over 95% accuracy, which has reduced manual processes significantly. Since first becoming a customer in 2014, they are now using 24 Sprinklr products across all 4 product suites.

讓我們從我們的客戶服務產品 Modern Care 套件開始。在第三季度，全球最大的消費軟件和硬件廠商之一進一步擴大了與 Sprinklr 的合作夥伴關係，增加了 500 多名護理代理，使他們目前的代理人數翻了一番，達到 1,000 多個。他們現在使用 Sprinklr 在現代頻道上以 16 種語言支持 60 條產品線。他們的代理支持已從 1 小時內的 90% 覆蓋率增加到 30 分鐘內的 95% 覆蓋率。借助 Sprinklr 的 AI 工作室，他們還實現了超過 95% 的準確率，這大大減少了手動流程。自 2014 年首次成為客戶以來，他們現在在所有 4 個產品套件中使用 24 個 Sprinklr 產品。

Another great example of impressive customer service results for us is with one of the world's leading global streaming services. They conducted an extensive RFP process with 20 of today's leading CCaaS providers to select a technology partner that they could use to help transform their legacy CCaaS infrastructure that currently has around 5,000 agents. They chose Sprinklr and in large part because of our full set of CCaaS capabilities on a single, unified AI-based platform and also our architectural flexibility to integrate with their large number of homegrown tools that exist currently.

另一個讓我們印象深刻的客戶服務成果的好例子是世界領先的全球流媒體服務之一。他們與 20 家當今領先的 CCaaS 提供商進行了廣泛的 RFP 流程，以選擇一個技術合作夥伴，他們可以使用該合作夥伴來幫助改造他們目前擁有大約 5,000 個代理的傳統 CCaaS 基礎設施。他們選擇 Sprinklr，很大程度上是因為我們在一個統一的基於 AI 的平台上擁有全套 CCaaS 功能，以及我們的架構靈活性可以與他們目前存在的大量本土工具集成。

Turning to Modern Research. This quarter, one of the largest food and beverage companies in the U.S. expanded its partnership by adding product insights to their already expansive portfolio of Sprinklr products. They chose our product insight solution to access competitive insights and better predict the success of the current and future product lines in the marketplace. By using our AI, they are creating a real-time closed-loop data that connects voice of the customer feedback to their product and their customer service teams.

轉向現代研究。本季度，美國最大的食品和飲料公司之一通過將產品洞察力添加到他們已經廣泛的 Sprinklr 產品組合中，擴大了合作夥伴關係。他們選擇了我們的產品洞察解決方案來獲取競爭洞察並更好地預測當前和未來產品線在市場上的成功。通過使用我們的人工智能，他們正在創建一個實時閉環數據，將客戶反饋的聲音連接到他們的產品和他們的客戶服務團隊。

Moving to our social engagement and sales suite. In Q3, BMO, one of the largest banks in North America, expanded its partnership with us, adding over 2,200 users on a distributed product. If you recall, distributed product for us is a key product that's used in the financial services sector for advisers to engage with and sell to their customers across modern digital channels in a compliant way, very essential if you are in one of the regulated industries like financial services.

轉到我們的社交參與和銷售套件。在第三季度，北美最大的銀行之一 BMO 擴大了與我們的合作夥伴關係，在分佈式產品上增加了 2,200 多個用戶。如果您還記得，我們的分佈式產品是金融服務領域使用的一種關鍵產品，顧問可以通過現代數字渠道以合規的方式與客戶互動並向其客戶銷售產品，如果您處於受監管的行業之一，例如金融服務。

In 2019, they unified 7-point solutions onto Sprinklr. And today, they have scaled to nearly 8,000 distributed users and 25,000 seats for employee advocacy. BMO is a showcase of what can be done by a financial institution across social selling, employee and executive advocacy and branch social enablement.

2019 年，他們將 7 點解決方案統一到 Sprinklr 上。如今，他們已經擴展到近 8,000 個分佈式用戶和 25,000 個員工宣傳席位。 BMO 展示了金融機構在社交銷售、員工和高管倡導以及分支機構社交支持方面可以做些什麼。

Lastly, global technology leader, Siemens, expanded their partnership with Sprinklr this quarter by adding 150 modern marketing and advertising seats. Within 4 years, Siemens has consolidated 8 siloed solutions into our unified CXM platform. Today, nearly 2,000 communicators in more than 60 countries work from the Sprinklr platform every day to plan, manage, distribute and optimize content across social, web, blogs and e-mail. Rounding out on the product front, I'd also like to share that we continue to make progress with our light products in research and care.

最後，全球技術領導者西門子本季度擴大了與 Sprinklr 的合作夥伴關係，增加了 150 個現代營銷和廣告席位。在 4 年內，西門子將 8 個孤立的解決方案整合到我們統一的 CXM 平台中。如今，60 多個國家/地區的近 2,000 名傳播者每天都在 Sprinklr 平台上工作，以規劃、管理、分發和優化社交、網絡、博客和電子郵件中的內容。在產品方面，我還想分享一下，我們在研究和護理方面繼續在我們的輕型產品方面取得進展。

As we've stated previously, the goal for our light products is to accelerate and drive greater efficiency in our inbound demand generation efforts. This is a self-serve way for enterprises to try an easy-to-use lightweight version of our platform free of charge, which we see as a gateway for companies that are at the earlier stage of their digital journeys.

正如我們之前所說，我們輕型產品的目標是加速和提高我們的入境需求生成工作的效率。這是企業免費試用我們平台的易於使用的輕量級版本的自助服務方式，我們將其視為處於數字化旅程早期階段的公司的門戶。

Before wrapping up, I'd like to applaud our customers for the work they are doing to improve their customers' experiences and for co-creating unified customer experience management as a category. I also want to celebrate Sprinklr's incredible engineering team who make all of this possible. They continue to innovate at a breakneck pace and speed that differentiates Sprinklr's platform in the marketplace. Whether it's improving our proprietary AI every day or taking on a channel-like voice that has over 40 years of maturity in the CCaaS space or making user experience simpler, this team shows no fear regardless of how daunting the challenge is.

在結束之前，我要讚揚我們的客戶為改善客戶體驗所做的工作以及共同創建統一的客戶體驗管理作為一個類別。我還想慶祝 Sprinklr 令人難以置信的工程團隊，他們使這一切成為可能。他們繼續以驚人的速度和速度進行創新，使 Sprinklr 的平台在市場上脫穎而出。無論是每天改進我們專有的人工智能，還是採用在 CCaaS 領域擁有超過 40 年成熟度的類似渠道的聲音，還是讓用戶體驗更簡單，無論挑戰多麼艱鉅，這個團隊都毫不畏懼。

In closing, I'd like to reiterate that we remain focused on the fundamentals in our business. We will continue to execute on our efficient growth strategy, balancing revenue growth and profitability, while being disciplined about our strategic hiring and expense management. But we will also stop at nothing to provide the innovation our customers deserve. Our collective belief has never been stronger. Brands want a no-compromise, unified approach to create better customer experiences at the edge of their brand. And that the emergence of unified CXM asset category is inevitable. Thank you to all of you, our customers, partners, employees and most importantly, investors for believing in that vision.

最後，我想重申，我們仍然專注於我們業務的基本面。我們將繼續執行我們高效的增長戰略，平衡收入增長和盈利能力，同時嚴格執行我們的戰略招聘和費用管理。但我們也將不遺餘力地提供客戶應得的創新。我們的集體信念從未如此強大。品牌需要一種不妥協的統一方法，以在其品牌邊緣創造更好的客戶體驗。而統一的CXM資產類別的出現是必然的。感謝你們所有人，感謝我們的客戶、合作夥伴、員工，最重要的是，感謝相信這一願景的投資者。

With that, let me hand over the call to Manish.

有了這個，讓我把電話交給 Manish。

Thank you, Ragy, and good afternoon, everyone. As you heard from Ragy, we delivered another strong quarter across the board, exceeding expectations across all key financial metrics. Our third quarter results demonstrate our ability to generate strong growth with a clear path to profitability. We are benefiting from multiple long-term tailwinds that we believe will support our business for the foreseeable future, namely 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.

謝謝你，Ragy，大家下午好。正如您從 Ragy 那裡聽到的那樣，我們在所有關鍵財務指標上都實現了另一個強勁的季度表現，超出了預期。我們第三季度的業績表明我們有能力實現強勁增長，並有一條清晰的盈利之路。我們正受益於我們相信在可預見的未來將支持我們業務的多個長期順風，即我們的客戶轉變他們的數字優勢、我們產品供應的廣度以及我們統一的 CXM 平台的價值如何與客戶產生共鳴。

However, we are not immune to the current macroeconomic environment in the short term. Many of the macro trends that we saw in the second quarter worsened through the third quarter with a general tightening of budget for both new and existing customers. In addition, during the third quarter, we saw the operating environment become increasingly challenging, most notably with a more pronounced slowdown in our EMEA business.

但是，我們在短期內無法免受當前宏觀經濟環境的影響。我們在第二季度看到的許多宏觀趨勢在第三季度惡化，新客戶和現有客戶的預算普遍收緊。此外，在第三季度，我們看到經營環境變得越來越具有挑戰性，最明顯的是我們的 EMEA 業務放緩更為明顯。

Turning to our financial results. For the third quarter, total revenue was $157.3 million, up 24% year-over-year and slightly above the high end of our guidance range. This was driven by subscription revenue of $139.9 million, which grew 27% year-over-year, also above the high end of our guidance range. Subscription revenue outperformance was driven by more new business closed earlier in the quarter than expected. Services revenue for the quarter came in at $17.3 million, down marginally from the recent quarterly trend. This is driven by a focus on margins for our services business as we have been thoughtful about not taking on lower margin services business. We will continue to actively manage our professional services margin, which may impact the absolute level of our professional services revenue moving forward.

轉向我們的財務業績。第三季度總收入為 1.573 億美元，同比增長 24%，略高於我們指導範圍的上限。這是由 1.399 億美元的訂閱收入推動的，同比增長 27%，也高於我們指導範圍的高端。訂閱收入的出色表現是由於本季度早些時候關閉的新業務多於預期。本季度的服務收入為 1730 萬美元，略低於最近的季度趨勢。這是由於關注我們服務業務的利潤率，因為我們一直在考慮不開展利潤率較低的服務業務。我們將繼續積極管理我們的專業服務利潤率，這可能會影響我們未來專業服務收入的絕對水平。

Our subscription revenue-based net dollar expansion rate in the third quarter was 125%, consistent with our Q2 results. I had alluded to this earlier as we have continued to be successful in upselling existing customers at renewal time as we drive significant new business from existing accounts. This metric continues to demonstrate how strategic the Sprinklr platform is for our mid- to large enterprise customers and how we expand with them as they mature.

我們第三季度基於訂閱收入的淨美元增長率為 125%，與我們第二季度的結果一致。我之前提到過這一點，因為我們在從現有客戶中推動重要的新業務時，在續約時繼續成功地追加銷售現有客戶。這一指標繼續證明了 Sprinklr 平台對我們的大中型企業客戶的戰略意義，以及我們如何隨著他們的成熟而擴展。

Our gross renewal rate in Q3 was again on par with leading enterprise software companies. We believe this high renewal rate, coupled with the expansion in our installed customer base, is a testament to how important Sprinklr is to our customers' daily workflows. This should also provide further evidence that Sprinklr's position in the front office software suite remains resilient even in a potentially recessionary environment.

我們在第三季度的總更新率再次與領先的企業軟件公司持平。我們相信，這種高續訂率，加上我們已安裝客戶群的擴大，證明了 Sprinklr 對我們客戶的日常工作流程有多麼重要。這還應該提供進一步的證據，證明即使在潛在的衰退環境中，Sprinklr 在前台軟件套件中的地位仍然保持彈性。

As of the end of the third quarter, we had 107 customers contributing $1 million or more in subscription revenue over the preceding 12 months, which is a 34% increase year-over-year. Our platform and the traction we have with the world's largest and most valuable brands continues to grow. 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.

截至第三季度末，我們有 107 家客戶在過去 12 個月中貢獻了 100 萬美元或更多的訂閱收入，同比增長 34%。我們的平台以及我們與世界上最大、最有價值的品牌的吸引力繼續增長。提醒一下，我們在過去 12 個月的基礎上使用來自這些客戶的 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 third quarter. On a non-GAAP basis, our subscription gross margin increased to a record 81.4% as we continue to drive efficiencies in our cloud operations, leading to a total non-GAAP gross margin of 74.7%, another record for us here at Sprinklr. Our professional services non-GAAP gross margin came in at approximately 20%, much higher than in recent quarters as we have become more selective in taking on new services business. We estimate the non-GAAP services gross margin to be in the mid-teens for Q4, which we believe to be a sustainable level moving forward.

轉向第三季度的毛利率。在非 GAAP 基礎上，我們的訂閱毛利率增加到創紀錄的 81.4%，因為我們繼續提高雲運營的效率，導致非 GAAP 總毛利率達到 74.7%，這是我們在 Sprinklr 的另一個記錄。我們的專業服務非 GAAP 毛利率約為 20%，遠高於最近幾個季度，因為我們在開展新服務業務方面變得更有選擇性。我們估計第四季度的非 GAAP 服務毛利率在十幾歲左右，我們認為這是一個可持續的水平。

During the third quarter, total non-GAAP operating expenses increased 8.5% year-over-year to $110.5 million, representing 70% of revenues. This is, in fact, down from 80% of revenues during the same period last year. And total non-GAAP operating expenses are down $4.1 million sequentially. We continue to generate efficiencies in sales and marketing, which is reflected in our results this quarter with a 750 basis points decrease year-over-year.

第三季度，非美國通用會計準則運營費用總額同比增長 8.5% 至 1.105 億美元，佔收入的 70%。事實上，這低於去年同期收入的 80%。非 GAAP 總運營費用環比下降 410 萬美元。我們繼續提高銷售和營銷效率，這反映在我們本季度的業績中，同比下降 750 個基點。

We also continue to generate operating leverage from G&A, which decreased by 200 basis points year-over-year. 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 in FY '23 were partly the result of catch-up investments from prior years due to the unknown impact of the pandemic at that time. 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.

我們還繼續從 G&A 中產生經營槓桿，同比下降 200 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 財年初期進行的投資部分是由於未知影響而進行的前幾年追趕投資的結果當時的疫情。這一水平的追趕投資已經結束，我們估計非 GAAP 運營費用的同比增長幅度將在未來幾個季度進一步放緩。

Turning to profitability for the quarter. Non-GAAP operating income was $6.9 million or $0.02 per share on a non-GAAP EPS basis. This 4% operating margin for the quarter was the result of revenue over performance, improved gross margins, coupled with operating expense discipline across every department. This was also the first quarter of positive non-GAAP operating income since Q4 of FY '21, and we achieved positive bottom line performance one quarter ahead of our Street guidance.

轉向本季度的盈利能力。非 GAAP 營業收入為 690 萬美元或每股 0.02 美元（按非 GAAP 每股收益計算）。本季度 4% 的營業利潤率是收入超過業績、毛利率提高以及每個部門的營業費用紀律的結果。這也是自 21 財年第四季度以來非 GAAP 營業收入為正的第一季度，我們實現了比華爾街指引提前四分之一的正底線業績。

To that end, in terms of free cash flow, we had a marginal burn of $1.7 million during the third quarter compared to a burn of $4.1 million in the same period last year. The free cash flow improvement in the third quarter was driven by ongoing operational improvements, slightly muted by the timing of our billings and subsequent collections. And as mentioned on prior calls, given the seasonality and low duration of our billings, we estimate that adjusted free cash flow will be negative here in Q4 and on a full year basis for FY '23. However, we remain committed to generating positive free cash flow in FY '24 on a full year basis, an improvement on what we have communicated on our previous earnings calls.

為此，就自由現金流而言，我們在第三季度的邊際消耗為 170 萬美元，而去年同期為 410 萬美元。第三季度自由現金流的改善是由持續的運營改善推動的，但由於我們的賬單和後續收款的時間安排而略有減弱。正如之前的電話所述，鑑於我們的賬單的季節性和持續時間短，我們估計調整後的自由現金流在第四季度和 23 財年的全年基礎上將為負數。然而，我們仍然致力於在 24 財年全年產生正的自由現金流，這比我們在之前的財報電話會議上所傳達的內容有所改進。

We ended the quarter with a very healthy balance sheet, including $544 million in cash and investments and no debt. This puts us in excellent shape to continue investing in strategic initiatives that will drive growth in a profitable manner.

本季度結束時，我們的資產負債表非常健康，包括 5.44 億美元的現金和投資，沒有債務。這使我們處於良好狀態，可以繼續投資於將以盈利方式推動增長的戰略計劃。

Calculated billings for the third quarter were $138.4 million, an increase of 19% year-over-year. And just as a quick reminder, our third quarter billings have historically been the lowest quarter for us given the quieter summer months in Europe and the general timing of our renewals. The dynamics of our billing trends, as outlined on the last few 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 remains in place.

第三季度的計算賬單為 1.384 億美元，同比增長 19%。快速提醒一下，鑑於歐洲夏季比較安靜以及我們續約的一般時間，我們第三季度的賬單一直是我們歷史上最低的一個季度。正如最近幾次財報電話會議所概述的，我們的計費趨勢動態，尤其是我們經歷的季節性變化，第四季度是最高的計費季度，我們的總體計費節奏持續時間少於 12 個月。

For the first 9 months of FY '23, calculated billings are up 22% compared to the first 9 months of FY '22. And as noted previously and reported here in the third quarter, 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 remains the same. As of the end of Q3, total remaining performance obligations, or RPO, which represents revenue from committed customer contracts that has not yet been recognized, was $586.1 million, up 28% compared to the same period last year; while current RPO was $420.2 million, up 27% year-over-year. As expected, the third quarter was a seasonally slower quarter for both RPO and CRPO given the timing of our renewals.

在 23 財年的前 9 個月，計算的賬單比 22 財年的前 9 個月增長了 22%。正如之前提到的和第三季度在這里報告的那樣，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，賬單增長將落後於收入增長約 5 個百分點。截至第三季度末，剩餘履約義務總額或 RPO（代表尚未確認的承諾客戶合同收入）為 5.861 億美元，同比增長 28%；而當前的 RPO 為 4.202 億美元，同比增長 27%。正如預期的那樣，鑑於我們的續約時間，第三季度的 RPO 和 CRPO 都是季節性放緩的季度。

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。根據續訂發票節奏的時間和客戶合同的期限，我們的賬單相對於收入可能會大幅波動。

Moving now to our Q4 and full year FY '23 guide and business outlook. As noted on our last earnings call, we faced tougher comparisons in the second half of the year given the strong growth we demonstrated over the last 3 quarters of FY '22. We also recognize that the macroeconomic environment has worsened in the third quarter with additional scrutiny along with tighter budgets on new spending. Given this environment, we're taking a prudent view of the near-term growth expectations for Q4.

現在轉到我們的第四季度和全年 FY '23 指南和業務展望。正如我們在上一次財報電話會議上指出的那樣，鑑於我們在 22 財年的最後三個季度表現出的強勁增長，我們在下半年面臨更嚴格的比較。我們還認識到，第三季度宏觀經濟環境已經惡化，審查力度加大，新支出預算收緊。鑑於這種環境，我們對第四季度的近期增長預期持謹慎態度。

Starting with Q4 FY '23, we expect total revenue to be in the range of $162.3 million to $163.3 million, representing 20% growth year-over-year at the midpoint. Within this, we expect subscription revenue to be in the range of $145.5 million to $146.5 million, representing 24% growth year-over-year at the midpoint.

從 23 財年第四季度開始，我們預計總收入將在 1.623 億美元至 1.633 億美元之間，中點同比增長 20%。其中，我們預計訂閱收入將在 1.455 億美元至 1.465 億美元之間，中點同比增長 24%。

We expect non-GAAP operating income to be in the range of $6 million to $7 million and non-GAAP net income per share of $0.01 to $0.02, assuming 264 million weighted average shares outstanding.

我們預計非 GAAP 營業收入在 600 萬美元至 700 萬美元之間，非 GAAP 每股淨收入在 0.01 美元至 0.02 美元之間，假設有 2.64 億加權平均流通股。

For the full year FY '23, we are tightening both our subscription and total revenue outlook for the year. We now expect subscription revenue to be in the range of $545.8 million to $546.8 million, representing 28% growth year-over-year at the midpoint. We expect total revenue to be in the range of $615.2 million to $616.2 million, representing 25% growth year-over-year at the midpoint.

對於 23 財年全年，我們收緊了今年的訂閱和總收入前景。我們現在預計訂閱收入將在 5.458 億美元至 5.468 億美元之間，中點同比增長 28%。我們預計總收入將在 6.152 億美元至 6.162 億美元之間，中點同比增長 25%。

Note that the full year FY '23 guide is impacted by our decision to actively manage services margin going forward, impacting the absolute level of professional services revenue, as previously mentioned. For the full year FY '23, we now expect a non-GAAP operating loss to be in the range of $1.3 million to $2.3 million, equating to a non-GAAP net loss per share of $0.04 to $0.05, assuming 260 million weighted average shares outstanding.

請注意，如前所述，我們積極管理未來服務利潤率的決定會影響 23 財年全年指南，從而影響專業服務收入的絕對水平。對於 23 財年全年，我們現在預計非 GAAP 營業虧損將在 130 萬美元至 230 萬美元之間，相當於每股 0.04 美元至 0.05 美元的非 GAAP 淨虧損，假設加權平均股數為 2.6 億股傑出的。

The non-GAAP operating loss for the year at the midpoint is an operating margin improvement of $34 million versus FY '22 and a $44 million improvement versus our original guide for FY '23. This is the result of our continued focus on operating discipline, specifically go-to-market efficiencies and better allocation of resources. As a quick reminder, in deriving the net loss per share for modeling purposes, a $9.5 million total tax provision for the full year FY '23 needs to be added to the non-GAAP operating loss range just provided. We booked a $7 million tax provision in total for the first 9 months of the fiscal year. Therefore, we estimate the tax provision to be approximately $2.5 million for Q4.

今年的非美國通用會計準則營業虧損中點是營業利潤率比 22 財年提高了 3400 萬美元，與我們 23 財年的原始指南相比提高了 4400 萬美元。這是我們持續關注運營紀律的結果，特別是上市效率和更好的資源分配。快速提醒一下，在得出用於建模目的的每股淨虧損時，需要將 23 財年全年的 950 萬美元總稅收撥備添加到剛剛提供的非 GAAP 營業虧損範圍內。我們在本財年的前 9 個月總共計入了 700 萬美元的稅收撥備。因此，我們估計第四季度的稅收撥備約為 250 萬美元。

FX continues to be a very topical discussion given the macro environment so I want to reiterate our position here. FX does not have a material impact on our financials because even though we have approximately 35% of our business outside the U.S., most of our billings are in U.S. dollars.

考慮到宏觀環境，外匯仍然是一個非常熱門的討論，所以我想在這裡重申我們的立場。外匯對我們的財務狀況沒有重大影響，因為儘管我們有大約 35% 的業務在美國以外，但我們的大部分賬單都是以美元計價的。

Before moving into Q&A, I would like to provide some high-level commentary on fiscal year '24. We will provide formal guidance on our Q4 earnings call sometime in March, which is our normal practice. But given the uncertainty in the market, we believe it is helpful to give investors a view of our thinking for next year. As you heard today, long-term demand trends and engagement for Sprinklr remains strong. However, in the near term, we believe we will continue to be impacted by the current macroeconomic environment. We expect the macro trends from the last 3 months to continue through FY '24, resulting in further tightening of budgets and lengthening of sales cycles.

在進入問答環節之前，我想對 24 財年發表一些高級評論。我們將在 3 月的某個時候為我們的第四季度財報電話會議提供正式指導，這是我們的慣例。但鑑於市場的不確定性，我們認為讓投資者了解我們對明年的想法是有幫助的。正如您今天所聽到的，Sprinklr 的長期需求趨勢和參與度依然強勁。然而，在短期內，我們認為我們將繼續受到當前宏觀經濟環境的影響。我們預計過去 3 個月的宏觀趨勢將持續到 24 財年，導致預算進一步收緊和銷售週期延長。

With all that said, we expect revenue growth to moderate in FY '24 from the Q4 growth rate I just outlined. Based on what we are seeing today, we estimate total revenue growth to be approximately 15% for the next fiscal year. In terms of our path to profitability, we are proud of the improvements we have made over the course of FY '23. We will build upon that success next year and expect to generate meaningful non-GAAP operating income that is at least equal to the non-GAAP operating margin we just reported for Q3 FY '23. And as mentioned earlier, we continue to expect to be free cash flow positive on a full year basis for FY '24.

儘管如此，我們預計 24 財年的收入增長將從我剛剛概述的第四季度增長率放緩。根據我們今天所看到的情況，我們估計下一財年的總收入增長約為 15%。就我們的盈利之路而言，我們為我們在 23 財年取得的進步感到自豪。我們明年將在這一成功的基礎上再接再厲，並期望產生有意義的非 GAAP 營業收入，該收入至少等於我們剛剛報告的 23 財年第三季度的非 GAAP 營業利潤率。如前所述，我們繼續預計 24 財年全年的自由現金流為正。

Lastly, I would like to thank all our employees for delivering a strong third quarter during an uncertain macro environment and continued volatility in the financial markets. 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持續波動的情況下實現了強勁的第三季度。我感謝客戶對我們的信任以及我們員工的奉獻精神。我們仍然專注於在整個企業中建立成功執行和運營紀律的記錄。

With that said, let's open it up for questions. Operator?

話雖如此，讓我們打開它來提問。操作員？

(Operator Instructions) Our first question comes from Raimo lenschow with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 Raimo lenschow。

This is [Frank] on for Raimo. I want to ask if you could walk us if there are any specific changes made to the go-to-market playbook just given the recent sales leadership transition and the changed macro environment?

這是 Raimo 的 [Frank]。我想問一下，鑑於最近的銷售領導層轉變和宏觀環境的變化，您是否可以告訴我們是否對進入市場的劇本進行了任何具體更改？

Absolutely, Raimo. This is being -- as I outlined last year, has been a significant focus for the company. And you probably saw from our recent both director announcement to the changes that we're squarely focused on it. We have an initiative in the company across the board, which is our #1 priority across the 4 priorities we have set for ourselves in this year that is to make it easier to sell Sprinklr.

當然，雷莫。正如我去年概述的那樣，這一直是公司的一個重要重點。你可能從我們最近的兩位董事聲明中看到了我們完全關注它的變化。我們在公司全面發起了一項倡議，這是我們今年為自己設定的 4 個優先事項中的第一要務，目的是讓 Sprinklr 更容易銷售。

And the way we look at it, we have a business that has pretty world-class retention rates and expansion rates, which just means that if we make it easier for customers to come in the door and for our field folks to sell and the business should grow better.

從我們的角度來看，我們的業務擁有世界一流的保留率和擴張率，這意味著如果我們讓客戶更容易上門，讓我們的現場人員更容易銷售和業務應該長得更好。

We have a fairly comprehensive plan. I'll give you a few high-level details. One is to move from selling products to verticalize and sell solutions for each vertical. That's a multiyear project that's already underway. Two is to go from the focus on capacity to start focusing on productivity, which gives us a much more nuanced way to decide where to invest our dollars. And traditionally, we've been more focused on geographic expansion, and we're going to switch that now to investing where we're seeing growth and being a lot more prudent in where we put our chips on the table. There's a lot more behind it, but there's going to be increased focus on new logos forever with companies just considered a dollar as a dollar, whether it comes from an existing account or a new account. And we're making changes to have dedicated teams focused on new logos.

我們有一個相當全面的計劃。我會給你一些高級細節。一是從銷售產品轉變為垂直化並銷售每個垂直領域的解決方案。這是一個已經在進行中的多年期項目。二是從關注能力開始關註生產力，這為我們提供了一種更加微妙的方式來決定將我們的錢投資到哪裡。傳統上，我們一直更專注於地域擴張，現在我們將把它轉向投資我們看到增長的地方，並在我們把籌碼放在桌面上的地方更加謹慎。它背後還有很多東西，但無論是來自現有賬戶還是新賬戶，公司都只會將一美元視為一美元，因此將永遠更加關注新標識。我們正在做出改變，讓專門的團隊專注於新徽標。

So I'm not going to go through everything, but there is a clear 7-point plan that translates to about 12 different goals and KPIs, and it's translated to several hundred OKRs for the entire company. So that's a big priority for us.

所以我不會詳述所有內容，但有一個明確的 7 點計劃可以轉化為大約 12 個不同的目標和 KPI，並且轉化為整個公司的數百個 OKR。所以這是我們的首要任務。

And our next question comes from Pinjalim Bora with JPMorgan.

我們的下一個問題來自摩根大通的 Pinjalim Bora。

One question on the guidance for next year. It seems like you're calling for about a 10-point decel. Maybe Ragy, help us understand what you're hearing from CIOs in terms of how they're thinking about budgets for next year? Are you hearing them resetting budgets lower dramatically? Help us understand what's kind of guiding that guidance. And maybe, Manish, you can chime in with maybe some of the assumptions around expansion rates, new business bookings. How are you kind of building that guide?

一個關於明年指導的問題。看來您要求大約 10 點減速。也許 Ragy，可以幫助我們了解您從 CIO 那裡聽到的關於他們如何考慮明年預算的信息？您是否聽到他們大幅降低預算？幫助我們了解指導該指導的是什麼。也許，Manish，你可以加入一些關於擴張率、新業務預訂的假設。您如何構建該指南？

Yes. Yes. I want to make sure that we're communicating what we're trying to communicate. What you're seeing us do here is in my mind, us taking a slightly more defensive posture for next year. If you read everything Manish said or listen to him, basically, what we're seeing, we've taken the top line down a little bit and adding it to the bottom line. And that, I think, is the prudent thing to do given what we're seeing in the marketplace today.

是的。是的。我想確保我們傳達的是我們想要傳達的內容。你在這裡看到的我們所做的是在我的腦海裡，我們對明年採取了稍微更具防禦性的姿態。如果您閱讀了 Manish 所說的所有內容或聽取了他的意見，基本上，我們所看到的是，我們已經將最上面的一行內容略微下調，並將其添加到最後一行。鑑於我們今天在市場上看到的情況，我認為這是謹慎的做法。

Manish, can you comment on that before I really answer the question?

Manish，在我真正回答問題之前，你能評論一下嗎？

Yes. So Pinjalim, let's just quickly go through the math behind it. So it isn't a 10-point decrease. So consensus is 21%. And I think we're saying as a starting point, use 15%. And the math there is very simple because based on what I see today, if you take the midpoint of the Q4 guide, that is a sequential increase of 3.5% over Q3. And if you now apply that same 3.5% across the arc of FY '24 4 quarters, we'll get to a starting point of just around 15% for next year.

是的。那麼 Pinjalim，讓我們快速了解一下它背後的數學原理。所以這不是 10 點的減少。所以共識是21%。我想我們說的是作為起點，使用 15%。那裡的數學非常簡單，因為根據我今天看到的情況，如果你採用第 4 季度指南的中點，那就是比第 3 季度連續增長 3.5%。如果你現在在 24 財年第 4 個季度的弧線上應用相同的 3.5%，我們明年的起點將達到 15% 左右。

And I think what we are saying, before Ragy adds more color, is given the visibility that we have right now, this would seem to be the prudent place to start. And to the point that Ragy mentioned earlier and the thing that I want to make sure people do take into account is we demonstrated a 4% non-GAAP operating margin for Q3. And we are comfortable at this point saying you could apply the same 4% for the entire FY '24, which will give you a significantly higher operating income number for next year.

而且我認為我們所說的，在 Ragy 添加更多顏色之前，考慮到我們現在擁有的可見性，這似乎是一個謹慎的起點。就拉吉之前提到的這一點而言，我想確保人們確實考慮到的一點是，我們展示了第三季度 4% 的非 GAAP 營業利潤率。在這一點上，我們很高興地說您可以在整個 24 財年應用相同的 4%，這將使您明年的營業收入數字顯著提高。

So said differently, we're turning the dials based on what we can see today. And we're obviously looking at seeing productivity and uptick in customer demand before we turn the dials back again. So if that makes sense, I'll turn it back to Ragy.

換句話說，我們正在根據今天所看到的情況來調整刻度盤。在我們再次撥回撥盤之前，我們顯然希望看到生產力和客戶需求的上升。所以如果這有意義，我會把它轉回給 Ragy。

Yes. So Pinjalim, your question on what I'm seeing in the marketplace, when -- gosh, you know I've been on the road nonstop and listened to what the C-suite's saying in every continent. What we're hearing them say is very, very clear. We don't know just like [VTK always] said, we don't know how things are going to turn out. So everyone is just much, much more careful and deliberate and intentional.

是的。所以 Pinjalim，你的問題是我在市場上看到了什麼，什麼時候——天哪，你知道我一直在路上不停地聽著每個大陸的 C-suite 所說的話。我們聽到他們說的非常非常清楚。我們不知道就像 [VTK 總是] 說的，我們不知道事情會如何發展。所以每個人都更加小心、深思熟慮和有意為之。

Our -- I mean, you all are following a ton of companies in the marketplace. I think what you're hearing us -- and you're seeing our growth rate moderate from a defensive place. But the reason we're not swinging from like a 40% growth down to 18% growth is because we have a very balanced portfolio of product suites, 4 product suites that play in everything from customer service to marketing through voice of customer and research to sales and engagement.

我們——我的意思是，你們都在關注市場上的大量公司。我想你聽到的是我們——你看到我們的增長率從防禦性的角度來看是溫和的。但我們之所以沒有從 40% 的增長率下降到 18% 的增長率，是因為我們擁有非常均衡的產品套件組合，4 個產品套件在從客戶服務到營銷、客戶聲音和研究到銷售和參與。

That's what's really helping us cushioning this up. What we're seeing is companies universally wanting to save money and for the -- our ability in customer service to automate and self-serve and bring down the costs while improving customer satisfaction and time to respond and resolve is working really well.

這才是真正幫助我們緩解這種情況的原因。我們所看到的是，公司普遍希望省錢——我們在客戶服務方面的自動化和自助服務能力以及降低成本，同時提高客戶滿意度和響應和解決時間的能力非常好。

Marketing and advertising, as you would expect, that's not the hot area right now, understandably. Our Research product, our voice-to-customer product feeds into our care. So that gets a natural pull as care becomes more successful. And our sales and engagement product, again, I'd say, is very, very modest in terms of our outlook for its growth for now. There's a lot of things going on in the traditional social space, which we -- where we come from, the advent of Reddit as a major data source, money moving to TikTok, things that are going on Twitter, but the balance portfolio is what's helping us. And I alluded to Europe and what we're seeing in Europe in my prepared remarks, that's an example of a region for us that was slower to focus more on customer service. And we have regions where like the U.S. and the Middle East, where we have swung a little more towards selling customer service and getting into CCaaS, we're seeing much better success.

正如您所期望的那樣，市場營銷和廣告目前不是熱門領域，這是可以理解的。我們的研究產品，我們的客戶語音產品融入了我們的關懷。因此，隨著護理變得更加成功，這會自然而然地受到拉動。我要說的是，就我們目前的增長前景而言，我們的銷售和參與產品非常非常適度。傳統社交空間中發生了很多事情，我們來自哪裡，Reddit 作為主要數據源的出現，資金轉移到 TikTok，Twitter 上發生的事情，但平衡投資組合是什麼幫助我們。我在準備好的發言中提到了歐洲以及我們在歐洲看到的情況，這是我們在專注於客戶服務方面速度較慢的地區的一個例子。我們在美國和中東等地區更傾向於銷售客戶服務和進入 CCaaS，我們看到了更大的成功。

So do we have a strategy to deal with it as we go through it and a lot of that is going to come down through execution.

那麼，我們是否有一個策略來處理它，因為我們會通過它來處理它，其中很多將通過執行來解決。

Our next question comes from Michael Turits with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Michael Turits。

This is Michael Vidovic on for Michael Turits. I was wondering if you could comment on what you're seeing in terms of customer size? Is high-end enterprise doing better than, let's say, mid-market? Or is it relatively the same for you?

這是 Michael Turits 的 Michael Vidovic。我想知道您是否可以就您所看到的客戶規模發表評論？高端企業是否比中端市場做得更好？還是對你來說相對相同？

We wouldn't know, Michael. We've been playing in the enterprise space fairly squarely. There's been a lot of temptation to go down market, something that we thought as a company and a strategy which is something we're focused on. So what I can tell you is large companies are spending money to save money. Large companies are spending money to mitigate risk. And they're cautiously spending money to grow revenue.

我們不知道，邁克爾。我們一直在公平地參與企業領域。市場上有很多誘惑，我們認為這是一家公司，也是我們關注的戰略。所以我可以告訴你的是，大公司花錢是為了省錢。大公司正在花錢降低風險。他們謹慎地花錢來增加收入。

Are they a little more tightfisted than they were a year ago? Absolutely. Are we seeing that more in Q4 than we saw in Q3? Absolutely. Are we seeing in some parts of the world more than in other parts of the world? Absolutely. But I think it is much more muted compared to -- and I'm speaking that from Sprinklr experience broadly from friends who are playing in the SMB space, it's a lot more muted than the bigger swings we are seeing down market.

與一年前相比，他們的手腳是不是更緊了一點？絕對地。我們在第四季度看到的比第三季度更多嗎？絕對地。我們是否在世界某些地方比在世界其他地方看到更多？絕對地。但我認為它比 - 我說的是從 Sprinklr 從在 SMB 領域玩的朋友那裡得到的廣泛經驗來看，它比我們在低端市場看到的更大波動要柔和得多。

Okay. Great. And then just one quick follow-up from me. Would you guys expect any pressure on average revenue per customer on our initial deal sizes in light of macro headwinds? Or are you really not seeing that at this point?

好的。偉大的。然後是我的快速跟進。鑑於宏觀逆風，你們是否認為我們初始交易規模的每位客戶平均收入有任何壓力？或者你現在真的沒有看到嗎？

Well, you heard, Manish, say that our -- we have over 107 customers who pay us over $1 million, right? So we have customers, now multiple customers pay us north of $10 million. So our strategy is not focused on that initial land deal. Our strategy is landing that customer that has the potential to keep growing, keep paying us hundreds of thousands and potentially millions of dollars. So we are less focused on the initial land deal and more focused on the type of customers. So we're pretty clear. We have a list of 100,000 companies and a list of 10,000 companies and 5,000 companies within that, that's in our sweet spot, and we keep expanding down from there.

嗯，Manish，你聽說過我們的 - 我們有超過 107 位客戶支付給我們超過 100 萬美元，對嗎？所以我們有客戶，現在有多個客戶向我們支付了超過 1000 萬美元的費用。所以我們的戰略並不關注最初的土地交易。我們的策略是吸引有潛力保持增長的客戶，繼續向我們支付數十萬甚至數百萬美元。所以我們不太關注最初的土地交易，而更關注客戶的類型。所以我們很清楚。我們有一份包含 100,000 家公司的清單，以及一份包含 10,000 家公司和 5,000 家公司的清單，這是我們的最佳選擇，我們會從那裡不斷擴大。

To answer your question directly, we're not seeing much pressure there. We're not in the volume game. So that might really explain why we have this answer.

直接回答你的問題，我們在那裡沒有看到太大的壓力。我們不在數量遊戲中。所以這可能真的可以解釋為什麼我們有這個答案。

And our next question comes from Parker Lane with Stifel.

我們的下一個問題來自 Stifel 的 Parker Lane。

It's Max Osnowitz on for Parker Lane. For starters, is there any single solution that you guys are seeing drive a majority of the customer interest right now? Or is it still a good mix of all the core features even in this uncertain environment?

帕克巷的馬克斯·奧斯諾維茨。對於初學者，你們現在是否看到有任何單一的解決方案能引起大多數客戶的興趣？或者即使在這種不確定的環境中，它仍然是所有核心功能的良好組合？

Yes. Like we said, we saw over 1/3 of our bookings was in our customer service product suite. That's kind of what reflects our focus, but it also reflects where the market is focused. We're seeing excitement in not rip and replace CCaaS, but really kind of modernize CCaaS and then put automation on it. And traditionally, if you're doing it without Sprinklr, you're working with a legacy CCaaS player. And then you're trying to bring a shiny automation or AI company into it, which is fraught with a lot more integration and breakage points inside the infrastructure.

是的。正如我們所說，我們看到超過 1/3 的預訂來自我們的客戶服務產品套件。這在某種程度上反映了我們的關注點，但也反映了市場的關注點。我們看到令人興奮的不是撕掉和替換 CCaaS，而是真正使 CCaaS 現代化，然後在其上實現自動化。傳統上，如果您在沒有 Sprinklr 的情況下這樣做，那麼您就是在使用傳統的 CCaaS 播放器。然後你試圖將一家閃亮的自動化或人工智能公司引入其中，這在基礎設施內部充滿了更多的集成和破損點。

And so we're seeing a lot of excitement in automating customer journeys. If you recall, we talked about a large bank or a first to go a big implementation in CCaaS. That's going really well. They've automated 80 customer journeys. And we talk about our other customers. Most of them are on this journey of identifying modeling and automating at least the low-hanging fruit when it comes to service inquiries.

因此，我們在客戶旅程自動化方面看到了很多令人興奮的事情。如果您還記得，我們談到了一家大型銀行或第一個在 CCaaS 中進行大規模實施的銀行。這真的很順利。他們已經自動化了 80 個客戶旅程。我們談論我們的其他客戶。當涉及到服務查詢時，他們中的大多數人都在識別建模和自動化至少是唾手可得的成果。

So that's something that we're seeing a lot of excitement. Omnichannel is something that we're seeing a lot of excitement around. Customers looking to -- I talked about Aramex in my prepared remarks. What he said to me it was fascinating. He said, look, WhatsApp was a very important channel for their customers. And before Sprinklr, they just really didn't have an SLA. So you could try to reach them on WhatsApp and your inquiry may be unanswered for days.

所以這是我們看到很多令人興奮的事情。全渠道是我們看到很多令人興奮的東西。客戶希望 - 我在準備好的評論中談到了 Aramex。他對我說的話令人著迷。他說，看，WhatsApp 對他們的客戶來說是一個非常重要的渠道。在 Sprinklr 之前，他們真的沒有 SLA。因此，您可以嘗試在 WhatsApp 上聯繫他們，您的詢問可能幾天都沒有得到答复。

And from there, because of the bot that now services WhatsApp as a gatekeeper, their first response is in 8 seconds, and many of their use cases are completely handled by the bot or seamlessly hand it over to the human and back to the bot when there's human and bots involved. So those are the areas we are seeing excitement.

從那時起，由於機器人現在將 WhatsApp 作為看門人提供服務，他們的第一個響應是在 8 秒內，並且他們的許多用例完全由機器人處理，或者無縫地將其移交給人類，然後再返回給機器人有人類和機器人參與。所以這些是我們看到興奮的領域。

Got it. And then thinking about a comment that Manish made earlier on the outlook for '24. I understand waiting for demand to improve before kind of dialing up the spending. Is that communicating that we'll see a decrease in margins once that time comes? Or are you guys committed to margin expansion kind of for the long run?

知道了。然後想一想 Manish 早些時候對 24 世紀前景發表的評論。我理解在增加支出之前等待需求改善。這是在傳達我們將在那個時候看到利潤率下降的信息嗎？或者你們是否致力於長期擴大利潤率？

Yes. We're committing to margin expansion, if you're referring to gross margins and operating margins. We're committing to that for the long term. What we are saying though is given the limited visibility that we have and given the preponderance of factors that are beyond our control, our ability to [start] with a different number, if that makes sense.

是的。如果您指的是毛利率和營業利潤率，我們將致力於擴大利潤率。我們將長期致力於此。儘管我們所說的是鑑於我們的可見度有限，並且考慮到我們無法控制的因素佔優勢，我們有能力 [start] 一個不同的數字，如果這是有道理的。

Our next question comes from 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。

Great. In your comments, you highlighted just customers focused a lot on saving money, especially with single modules like efficiency with the customer care. But we're also hearing just broadly in the market, a willingness to consolidate spend with IT vendors to save more money. So I just wanted to get a sense for what are you seeing in terms of the willingness to consolidate vendors kind of displace other solutions? And is that happening at a more accelerated rate? Or is that something that takes a little bit longer to play out?

偉大的。在您的評論中，您強調了客戶非常關注省錢，尤其是對於單個模塊，例如客戶服務的效率。但我們也在市場上廣泛聽到，願意整合與 IT 供應商的支出以節省更多資金。所以我只是想了解一下您對整合供應商取代其他解決方案的意願有何看法？而且這種情況正在以更快的速度發生嗎？還是需要更長的時間才能發揮作用？

Elizabeth, great question, and thank you for asking that and giving us an opportunity to highlight something that we've always believed in. You remember, we were the first ones to kind of keep using the phrase point solution chaos. And traditionally, this is a major strategy for the company. So we're actually on the receiving end of that trend, and that's reflected in our net expansion rate of 25%, that's reflected in our retention rates. So once a customer is in, we now -- in many verticals, we have a clear path of how they should expand and how they should consolidate.

伊麗莎白，好問題，感謝你提出這個問題，讓我們有機會強調我們一直相信的事情。你還記得，我們是第一個繼續使用短語點解決混亂的人。傳統上，這是公司的主要戰略。所以我們實際上處於這一趨勢的接受端，這反映在我們 25% 的淨擴張率上，這反映在我們的保留率上。因此，一旦客戶進入，我們現在 - 在許多垂直領域，我們都有一條清晰的路徑，說明他們應該如何擴展以及他們應該如何整合。

What I'll point out in our case is a transition that we seem to have made. If you talked to us 3 years ago, typically, the companies we were replacing were social publishing tools or social listening tools, advocacy tools and advertising tools and all that. But what we are now replacing in the contact center is a different slew of systems like Zendesk with ticketing being replaced with Sprinklr like a module from something like a NICE is being replaced with our AI and our sentiment analysis.

我要在我們的案例中指出的是我們似乎已經做出的轉變。如果您在 3 年前與我們交談，通常情況下，我們要更換的公司是社交發布工具或社交聆聽工具、宣傳工具和廣告工具等等。但我們現在在聯絡中心更換的是一系列不同的系統，例如 Zendesk，票務被 Sprinklr 取代，就像 NICE 之類的模塊被我們的人工智能和情緒分析所取代。

Our knowledge base is replacing another little suite or a homegrown system. Our self-service community is replacing another community solution. And all of this because it's a platform works very well together. So we are now replacing -- and our AI is replacing a pure-play AI that's promising to automate the contact center. So we're taking out 3 to 7 contact center point solutions. And that's for me, as I talk to customers, it's an interesting new phenomena we're seeing, a different set of competitors in that market.

我們的知識庫正在取代另一個小套件或一個本土系統。我們的自助服務社區正在取代另一種社區解決方案。所有這一切都是因為它是一個可以很好地協同工作的平台。所以我們現在正在更換——我們的 AI 正在更換一個有望實現聯絡中心自動化的純 AI。所以我們要拿出 3 到 7 個聯絡中心點解決方案。這對我來說，當我與客戶交談時，這是我們看到的一個有趣的新現象，即該市場中的一組不同的競爭對手。

Great. And just as a follow-up, I wanted to ask on the customers that are spending over $1 million. You actually saw an increase quarter-over-quarter, that was higher than what we've seen previously, not by a ton, but I just think that's surprising just given the environment you spoke to about a quarter of the into design new logos that expand. So what's driving kind of that momentum still in the large customer size? How much of it is landing of new logo on a big size versus existing customers kind of spending more consolidating on the platform?

偉大的。作為後續行動，我想詢問花費超過 100 萬美元的客戶。你實際上看到了季度環比的增長，這比我們之前看到的要高，不是一噸，但我只是認為這是令人驚訝的，因為你談到了大約四分之一的設計新標誌的環境擴張。那麼，是什麼推動了大客戶規模的這種勢頭呢？與現有客戶在平台上花費更多的錢相比，新徽標在大尺寸上的落地有多少？

Elizabeth, almost all of that is existing customers consolidating and spending more. What is driving that? Hard ROI, like non-negotiably hard ROI. Every one of our expansion deals and the big ones are preceded by making a business case. And that has a hard -- here's how much you're going to save, here's how much you're going to automate, here's how much more you're going to expect in advertising dollar optimization, here is what those insights pan out to do.

伊麗莎白，幾乎所有這些都是現有客戶的整合和更多支出。是什麼推動了它？硬投資回報率，就像不可協商的硬投資回報率。我們的每一項擴張交易和大交易都先有一個商業案例。這很難——這是你要節省多少，這是你要自動化多少，這是你對廣告費用優化的期望，這是這些見解的結果做。

So our go-to-market in expanding is just very business case-driven. And as you can imagine, if someone's paying $5 million or $7 million or $10 million, there's no way we are retaining the way we are if that's not all backed up by not just shiny objects, but hard dollars. And so we're able to now take a use case show how an AI automation can automate some of that free of the agent's time to do other things. We're able to show how you can convert unhappy customers to happy advocates and quantify the marketing impact.

因此，我們在擴張中的上市只是非常受商業案例驅動。你可以想像，如果有人支付 500 萬美元或 700 萬美元或 1000 萬美元，如果不是所有的支持不僅有閃亮的物體，還有硬美元，我們就不可能保持現狀。因此，我們現在可以通過一個用例來展示 AI 自動化如何在代理人沒有時間做其他事情的情況下自動執行其中的一些操作。我們能夠展示如何將不滿意的客戶轉化為滿意的擁護者並量化營銷影響。

So there's a whole slew of models that we've developed that we show and validate with customers that they sign off before they buy. And we're increasingly doing a lot more proof of concept. Traditionally, it's not something that we did, increasingly because we're so confident. And I encourage everybody on the call to call our customers and talk to them. We're still confident that our technology is superior, and the results are very real. We do a proof of concept and then they buy taking the risk out.

因此，我們開發了一大堆模型，我們向客戶展示並驗證他們在購買前簽字。而且我們越來越多地做更多的概念證明。傳統上，這不是我們所做的，越來越多是因為我們非常自信。我鼓勵電話中的每個人都給我們的客戶打電話並與他們交談。我們仍然相信我們的技術是卓越的，而且結果是非常真實的。我們進行了概念驗證，然後他們購買以規避風險。

And our next question comes from Arjun Bhatia with William Blair.

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

Ragy, I know you mentioned new customers are becoming a priority and you're dedicating a team to that. Can you just talk about the timing before you start to see tangible results? And new customers land with that team and maybe put that into the context of this macro environment where I think newer customers are maybe a little bit more hesitant to spend on new software solutions? How do you see that playing out over the next year or so?

Ragy，我知道你提到過新客戶正在成為一個優先事項，你正在為此專門設立一個團隊。在開始看到切實成果之前，您能談談時機嗎？新客戶加入該團隊，並可能將其置於這個宏觀環境的背景下，我認為新客戶可能更不願意花錢購買新的軟件解決方案？您如何看待未來一年左右的情況？

So yes, great question. We -- look, we have not been disclosing new logos, right, on a quarterly basis, the change Manish made. I can't disclose that, that number is on the rise. And our early efforts to focus on that is panning out really well. There's a lot more to optimize, but we're still kind of heavily weighted on upsells compared to new logos. And we've made a lot of progress this year. And we are modeling and continuing to focus on making more progress next year because we think the TAM is so big. We are very encouraged by how customers behave once they're on, and they understand what it is to work with us that I think a dollar is a lot more valuable for us if it's a new logo, and we're just going to invest a little bit more.

所以是的，很好的問題。我們 - 看，我們沒有披露新徽標，正確的，每季度一次，Manish 所做的更改。我不能透露，這個數字正在上升。我們早期專注於此的努力取得了很好的效果。還有很多需要優化的地方，但與新徽標相比，我們仍然偏重於追加銷售。今年我們取得了很大進展。我們正在建模並繼續專注於明年取得更多進展，因為我們認為 TAM 是如此之大。我們對客戶的行為方式感到非常鼓舞，他們了解與我們合作的意義，我認為如果它是一個新徽標，一美元對我們來說更有價值，我們將要投資多一點。

Okay. Got it. That makes sense. And then just in terms of care. It was impressive to hear that 1/3 of the bookings are coming from that care module. As you think about just the near-term pipeline of that solution, do you see that being more resilient than some of your other suite that you have, especially as you look into Q4? Meaning is that seeing less scrutiny from executives and buyers than some of your other solutions?

好的。知道了。這就說得通了。然後就護理而言。令人印象深刻的是，1/3 的預訂來自該護理模塊。當您考慮該解決方案的近期管道時，您是否認為它比您擁有的其他一些套件更具彈性，尤其是當您查看第四季度時？意思是，與您的其他一些解決方案相比，高管和買家的審查更少？

Yes, we are. And I'll confirm that. It's a lot more of this lend and business case with very much less risk factors. And the reason, if you recall, Arjun, many quarters or 2, 3 years ago, we basically started talking about care and kind of focusing more on that. Again, the strategy is always built in this unified platform. Within that, we think in the next few years, there's a big opportunity coming up with everybody trying to move contact centers to the cloud, consolidate data centers.

是的我們是。我會確認這一點。這種貸款和業務案例更多，風險因素要少得多。原因是，如果你還記得，Arjun，很多季度或 2、3 年前，我們基本上開始談論護理，並且更多地關注它。同樣，策略始終構建在這個統一平台中。其中，我們認為在接下來的幾年裡，每個人都試圖將聯絡中心轉移到雲端，整合數據中心，這將帶來巨大的機會。

And what's happening is the traditional CCaaS vendors put a lot of their energy into building the telephony infrastructure, which 10 years ago, that was a differentiator. Can you keep -- decrease the calls, manage the calls? Can you keep the cost down? Can you route a call? And can you give the call, and can you make the IVR work? And today, we're in a place where that just got, in my mind, fairly completely commoditized, right?

正在發生的事情是，傳統的 CCaaS 供應商將大量精力投入到構建電話基礎設施中，這在 10 年前是一個差異化因素。你能保持 - 減少電話，管理電話嗎？你能降低成本嗎？你可以轉接電話嗎？你能打電話嗎？你能讓 IVR 正常工作嗎？而今天，在我看來，我們處在一個剛剛完全商品化的地方，對吧？

And good players like Amazon will continue to kind of make that as a part of the infrastructure. And we got lucky in that [avenues] we've just been building the app layer, making the agent more productive, putting more AI to working in understanding conversations and responding back, researching back and picking up all public data and connecting to all channels. So that's the advantage we have.

像亞馬遜這樣的優秀玩家將繼續將其作為基礎設施的一部分。我們很幸運，我們剛剛構建了應用程序層，提高了代理的工作效率，讓更多的人工智能來理解對話和回應，研究和獲取所有公共數據並連接到所有渠道.這就是我們的優勢。

And so we're able to kind of, like I said, go into a company and say, let me show you the 15% of your service complaints that are not being responded. Give me your average SLA, and let me beat it. I've said this to you before, the company -- one of the largest tech company that uses our care, one is our first definition partners, right? An average case, that's resolved in Sprinklr cost them 30% voices responded to 50% faster and have 80% less dissatisfaction. We can quantify it. We won the award this year as one of the top vendors for CX. So this becomes -- to your point, it's a little bit more of a clearer articulation to value with fewer variables to play.

因此，就像我說的那樣，我們可以進入一家公司並說，讓我向您展示 15% 的未得到回應的服務投訴。給我你的平均 SLA，讓我擊敗它。我以前跟你說過，這家公司——使用我們護理的最大科技公司之一，是我們的第一個定義合作夥伴，對吧？在 Sprinklr 中解決的平均案例使他們 30% 的聲音響應速度提高了 50%，並且不滿程度降低了 80%。我們可以量化它。我們作為 CX 的頂級供應商之一贏得了今年的獎項。所以這變成了——就你的觀點而言，它更清晰地表達了價值，而且變量更少。

Our next question comes from Patrick Walravens with JMP Securities.

我們的下一個問題來自 JMP Securities 的 Patrick Walravens。

Great. So Manish, first of all, I'm really grateful to you, and I'm sure Ragy had a part in this too, for guiding to 2020 -- to next year, it's fiscal 2024. So many companies aren't doing it. And I think it's a real service to us and to investors when you do. Now that being said, no good deed goes unpunished. So I just don't understand why -- if you're going to go from 24% growth down to 15%, why wouldn't you be able to drive the operating margins higher than where you are right now?

偉大的。所以 Manish，首先，我真的很感謝你，我相信 Ragy 也參與其中，指導 2020 年——到明年，即 2024 財年。很多公司都沒有這樣做.我認為當你這樣做時，這對我們和投資者來說是一項真正的服務。話雖這麼說，沒有好事不受懲罰。所以我只是不明白為什麼——如果你要從 24% 的增長率下降到 15%，為什麼你不能將營業利潤率提高到比現在更高的水平？

So great question, Patrick. So let's step back a little bit. So if you look at what we did last year, we grew, in FY '22 subscription revenue, 26%. Even with the slightly reduced Q4 guide for this year, subscription revenue growth is going to be 28%, which is very respectable given what's happening in the macro environment. Having said all of that, and I'm still at the top line, I'll address your bottom line here in a minute. It would not be prudent for us to start conjecturing, call it, 16 months before FY '24 ends, what that full year ought to look like, which is part of the reason you're seeing us taking a prudent view just using the same sequential growth rate for Q4 and applying that for the rest of the year.

這麼好的問題，帕特里克。所以讓我們退後一步。因此，如果你看看我們去年所做的，我們在 22 財年的訂閱收入增長了 26%。即使今年第四季度指南略有減少，訂閱收入增長仍將達到 28%，考慮到宏觀環境正在發生的事情，這是非常可觀的。說了這麼多，我仍然處於最重要的位置，我會在一分鐘內解決你的底線。在 24 財年結束前 16 個月，我們開始猜測，稱其為全年應該是什麼樣子，這對我們來說是不明智的，這也是您看到我們僅使用相同的觀點持謹慎態度的部分原因第四季度的環比增長率並將其應用於今年剩餘時間。

Now you would be correct in assuming that our operating margin ought to move up, and it most likely would. But again, given where we sit it doesn't make sense for us to conjecture what it would be for the full year. We're obviously comfortable saying use 4% for the full year. If you apply that to the $708 million, give or take, you'll get for the top line for next year, you will get a number like $28 million, which is much higher than I think where consensus is.

現在你假設我們的營業利潤率應該上升是正確的，而且很可能會。但同樣，鑑於我們所處的位置，我們無法推測全年的情況。我們顯然很樂意說全年使用 4%。如果你將它應用到 7.08 億美元，給予或接受，你將獲得明年的收入，你將得到大約 2800 萬美元的數字，這比我認為的共識要高得多。

And you've got to give us a little bit of room to maneuver as we see how the book of business builds here in Q4 and what the outlook looks like when we guide in March, if that makes sense.

你必須給我們一點迴旋餘地，因為我們看到了第四季度的商業書籍是如何在這裡建立的，以及我們在 3 月份指導時的前景如何，如果這是有道理的話。

That's actually really helpful. And then Ragy, how -- I think you've kind of addressed this, but just to be direct about it, how is November?

這實際上真的很有幫助。然後 Ragy，我想你已經解決了這個問題，但直接說一下，11 月怎麼樣？

Good. Beautiful. No. Listen, I think we -- with the portfolio like we have, Patrick, it's kind of -- you should not get excited with (inaudible) and you should not get pessimistic when the region doesn't do well in a product with so many variables. We feel good about where we are. And I actually feel really good about how -- yes, we are moderating up and down a little bit, but our fluctuation is in a limited bandwidth and that's a better place to be. So we feel good.

好的。美麗的。不。聽著，我認為我們——帕特里克，我們擁有的投資組合，有點——你不應該對（聽不清）感到興奮，當該地區的產品做得不好時，你不應該感到悲觀這麼多變數。我們對自己所處的位置感覺良好。我真的很高興 - 是的，我們正在上下調節一點點，但我們的波動是在有限的帶寬內進行的，這是一個更好的地方。所以我們感覺很好。

[So spend] was good, and I think it's all in line with what we are telling. We -- you know that we want to build a fundamentals-driven company. We want to be as transparent as we humanly can and just do what you all expect us to do and what you would expect from a good company that's focused on 10 years, not the next 2 quarters.

[So spend] 很好，我認為這完全符合我們所說的。我們 - 你知道我們想要建立一個基本面驅動的公司。我們希望盡可能保持透明，只做你們所有人期望我們做的事情，以及你們對一家專注於 10 年而不是未來 2 個季度的優秀公司的期望。

Our next question comes from Tyler Radke with Citi.

我們的下一個問題來自花旗銀行的 Tyler Radke。

So just going back to some of the prior questions around the assumptions that you're assuming in your outlook. Maybe you could just kind of clarify how much of this is what you're seeing today in terms of deal delays? Are you anticipating that maybe there'll be some downsell pressure on renewals? Or is this simply kind of deal delays based on what you're seeing in the macro or what you're seeing in your customer base? Just really want to get at exactly what you're assuming in terms of how Q4 plays out and the assumptions for next year.

因此，回到之前的一些問題，這些問題圍繞著您在前景中所做的假設。也許您可以澄清一下您今天看到的交易延遲有多少？您是否預計續訂可能會有一些降價壓力？或者這只是一種基於您在宏觀中看到的或您在客戶群中看到的情況的交易延遲？只是真的想準確地了解您對第四季度的表現和明年的假設的假設。

I'll confirm that it's mostly based on macros. I think we're focused on our optimizing our go-to market, which, Tyler, you know, that's relatively new for us, for a company of our scale. It's -- most other companies would have been a little bit ahead. So we feel pretty optimistic. So it's mostly based on the macros. We think it will be a clear strategy. Leading with care in this recessionary environment is something that we think we can apply across markets.

我將確認它主要基於宏。我認為我們專注於優化我們的進入市場，泰勒，你知道，對於我們這樣規模的公司來說，這對我們來說是相對較新的。這是 - 大多數其他公司都會領先一點。所以我們感到非常樂觀。所以它主要基於宏。我們認為這將是一個明確的戰略。在這種經濟衰退的環境中謹慎領導是我們認為可以跨市場應用的方法。

And where -- we've further ahead, we're seeing better results. So we think we have an antidote to deal with it. We just don't know. And every quarter, we've been watching this. Q3 is the first time where -- which is clear to us that Europe is slowing down, and the decisions are not being made, but it's like another layer and deals just like not getting approved after very clear business cases.

在哪裡——我們走得更遠，我們看到了更好的結果。所以我們認為我們有解毒劑來對付它。我們只是不知道。每個季度，我們都在關注這一點。第三季度是第一次——我們很清楚歐洲正在放緩，而且還沒有做出決定，但這就像另一層，交易就像在非常明確的商業案例之後沒有得到批准一樣。

And the answer is, let's just wait a little bit, right? Now is that really weighting, is that -- people are going to pull the budget? We don't know. So we have a lot of uncertainties, mostly based on macros. Internally, we feel pretty good about how we're optimizing our go-to-market and becoming more and more efficient.

答案是，讓我們稍等一下，對嗎？現在這真的很重要嗎？人們會縮減預算嗎？我們不知道。所以我們有很多不確定性，主要是基於宏。在內部，我們對如何優化進入市場並變得越來越高效感到非常滿意。

So I'll comment to you that Rule of 40 is kind of -- or the metrics that drive towards the Rule of 40 is something that the executive team here is very, very squarely focused on.

所以我要對你說，40 條規則有點——或者說推動 40 條規則的指標是這裡的執行團隊非常非常關注的事情。

And our next question comes from Michael Turrin with Wells Fargo Securities.

我們的下一個問題來自 Wells Fargo Securities 的 Michael Turrin。

I want to go back to the expansion rates because this was held in at 125%. It's better than what we're seeing across a lot of companies in the sales and marketing software stack where that metric is starting to revert back a little bit. Can we first just kind of focus on what's driving the stabilization at least so far? And then given the guide for next year, it does sound like you'd expect that metric to revert going forward.

我想回到擴張率，因為它保持在 125%。這比我們在銷售和營銷軟件堆棧中看到的許多公司要好，在這些公司中，該指標開始有所回落。我們能否首先關注至少到目前為止推動穩定的因素？然後給出明年的指南，聽起來您確實希望該指標能夠恢復。

So can we just talk a little bit about the push-pull between getting customers to consolidate onto the platform and expand? And then what you're seeing in the macro and how that informs maybe the delta between the 15% assumed and the 125% and expansion you're seeing?

那麼我們能否談談讓客戶整合到平台和擴展之間的推拉關係？然後你在宏觀中看到了什麼，以及它如何告知假設的 15% 和你看到的 125% 和擴張之間的增量？

So let me start and Manish can add more details. Look, I think the push/pull you've said is very clear. Now I submit to you that we have -- we're probably one of the few companies, right, that literally has a play in sales, marketing, research and care, voice of customer and care. So it's a little more broader portfolio. That's what's driving the ups and the downs. I can tell you that we're seeing traction with care, like I said, and that's driving the upsell.

那麼讓我開始吧，Manish 可以添加更多詳細信息。看，我認為你說的推/拉很清楚。現在我向你提交我們擁有的 - 我們可能是為數不多的公司之一，對，在銷售，營銷，研究和護理，客戶和護理方面發揮作用。所以它的投資組合更廣泛一些。這就是推動漲跌的原因。我可以告訴你，就像我說的那樣，我們正在謹慎地看到牽引力，這推動了追加銷售。

I can tell you that our customer satisfaction rates, both the way we measure it and anecdotally speaking to a lot of customers is kind of almost at an all-time high, customers are consistently happy. And so I would tell you that it's just directly attributable to the macro environment that we see. That's where our conservatism is coming from. And we're doing things internally, but the variables are too many for us to kind of predict beyond what we are predicting.

我可以告訴你，我們的客戶滿意度，無論是我們衡量它的方式，還是與許多客戶的軼事，幾乎都處於歷史最高水平，客戶一直都很滿意。所以我會告訴你，這直接歸因於我們看到的宏觀環境。這就是我們保守主義的來源。我們在內部做事，但變量太多，我們無法預測超出我們預測的範圍。

Yes. And just to add to that. So I think we have said publicly that just around 2/3 of our new business comes from existing accounts. So you would imagine as we sell into the installed base and sell them more modules, the net dollar retention rate, the way we calculate is on a dollar recognized basis over the last 12 months. So that, by definition, ought to grow. You're seeing that show up even in the $1 million customers and above, which is growing at a much nice [trend].

是的。只是為了補充這一點。所以我認為我們已經公開表示，我們新業務的大約 2/3 來自現有客戶。所以你可以想像，當我們向已安裝的基礎銷售並向他們銷售更多模塊時，淨美元保留率，我們計算的方式是在過去 12 個月內以美元為基礎的。因此，根據定義，它應該增長。你會看到即使在 100 萬美元及以上的客戶中也會出現這種情況，而且這種增長趨勢非常好。

So you're correct in that, that metric has maintained a very healthy growth trajectory. We also mentioned earlier in the call that we are now beginning to focus more on new logos. We don't want to just be farming the existing installed base. So that metric will ebb and flow, partly driven by macro, as Ragy was saying, partly driven by our push towards getting additional sort of large enterprise logos.

所以你是對的，這個指標一直保持著非常健康的增長軌跡。我們在電話會議的早些時候還提到，我們現在開始更多地關注新徽標。我們不想只是耕種現有的安裝基礎。因此，正如 Ragy 所說，該指標將起伏不定，部分是由宏觀驅動的，部分是由我們推動獲得更多類型的大型企業徽標驅動的。

So there's a number of things baked into that metric. It's hard for us to project what that number would look like next year. But certainly, given the existing go-to-market motion, the plethora of products that we bring to our existing installed base that metric has remained rather healthy over the last several quarters, if that makes sense.

因此，該指標包含很多因素。我們很難預測明年這個數字會是什麼樣子。但可以肯定的是，考慮到現有的上市動議，我們為現有安裝基礎帶來的過多產品在過去幾個季度中保持相當健康，如果這是有道理的話。

And our next question comes from Matt VanVliet with BTIG.

我們的下一個問題來自 BTIG 的 Matt VanVliet。

I appreciate that you're starting to see some weakness Europe. But maybe looking at it from a little different lens, are there any particular verticals that continue to be very strong? Or any that stand out as already showing material weakness that maybe give you some additional reason to have the prudence in your guidance?

我很欣賞你開始看到歐洲的一些弱點。但也許從一個稍微不同的角度來看，是否有任何特定的垂直領域繼續非常強勁？或者任何已經顯示出實質性弱點的突出問題，這些弱點可能會給您一些額外的理由讓您在指導中保持謹慎？

We are not seeing any pronounced vertical trends. Our top verticals, as we've mentioned before, our technology and financial services, travel, hospitality. The ones that we'd expect -- we have 12 verticals that make up about 90% -- around 90% of our business. And I can tell you that post-COVID travel and hospitality has rebounded quite strongly. I can tell you, well, we don't have that much exposure. But the crypto meltdown will -- I'm sure will impact companies that are focused on start-ups. But we're not seeing any sector-specific trends that's materially affecting us.

我們沒有看到任何明顯的垂直趨勢。正如我們之前提到的，我們的頂級垂直行業是我們的技術和金融服務、旅遊、酒店。我們所期望的——我們有 12 個垂直領域，約佔 90%——約占我們業務的 90%。我可以告訴你，後 COVID 旅行和酒店業已經強勁反彈。我可以告訴你，好吧，我們沒有那麼多曝光率。但是加密貨幣崩潰將會——我敢肯定會影響那些專注於初創企業的公司。但我們沒有看到任何對我們產生重大影響的特定行業趨勢。

Headcount plans over the next 12 or 15 months or so. How have those moderated? And are there any areas that you're still going to continue to push forward on hiring? Or do you feel like you're at sort of a capacity level that will allow you to grow into those '24 expectations?

未來 12 或 15 個月左右的人員編制計劃。這些是如何主持的？在招聘方面，您是否仍將繼續推進哪些領域？還是您覺得自己的能力水平可以讓您成長為那些 24 年的期望？

Yes, great question. So we explained in our current quarters and previous quarter commentary that we overinvested coming out of COVID given that we had starved the field when we pulled back during COVID. That -- those investments are largely kind of behind us. So we don't expect to grow headcount the way we have grown 2 years ago. I think we have capacity in the business to support the growth we have. And we stand by prepared to add more capacity if we need to. So headcount projections for the next year is fairly moderate compared to the previous years. Manish, you want to add something?

是的，很好的問題。因此，我們在當前季度和上一季度的評論中解釋說，鑑於我們在 COVID 期間撤退時已經餓死了該領域，我們從 COVID 中過度投資了。那 - 這些投資在很大程度上落後於我們。因此，我們不希望以 2 年前的方式增加員工人數。我認為我們的業務有能力支持我們的增長。如果需要，我們隨時準備增加更多容量。因此，與前幾年相比，明年的員工人數預測相當溫和。 Manish，你想補充點什麼嗎？

No, I think the only nuance from my perspective is, given the investments already made, both in terms of product development as well as go to market, we're just stepping back a little bit, waiting to see the fruits of those investments before we make any more incremental investment. We've been very clear that we are focused on productivity, and that is across the board. And I think, as you can imagine, in any enterprise software company, there needs to be some gestation period before we get productive.

不，我認為從我的角度來看，唯一的細微差別是，鑑於已經進行的投資，無論是在產品開發還是進入市場方面，我們只是稍微後退一步，等待看到這些投資的成果之前我們進行更多的增量投資。我們一直非常清楚，我們專注於生產力，這是全面的。而且我認為，正如您可以想像的那樣，在任何企業軟件公司中，在我們獲得生產力之前都需要一些醞釀期。

And we're sort of in that phase where we had invested a fair bit in FY '22 and the first half of this year. Now we just need to take a little bit of a digestive approach going forward.

我們正處於那個階段，我們在 22 財年和今年上半年進行了相當多的投資。現在我們只需要採取一點消化的方法。

Thank you. There are no further questions at this time. I'll hand the floor back to management for closing remarks.

謝謝。目前沒有其他問題。我將把發言權交還給管理層，讓他們發表閉幕詞。

Thank you. I'll summarize by saying that this quarter was a strong one. We're going into uncertainties. We think we have a strategy to play it out, and we are taking a slightly more defensive posture to next year. We think it's still very, very early in the category. We're very excited by more and more analysts now referring to front office and CXM the way that we are referring to it. So we're excited about what the future has. It's great to see all of you. And I'll just remind you that we are here trying to build a long-term business based on fundamentals. Thank you.

謝謝。我總結說這個季度是一個強勁的季度。我們正在進入不確定性。我們認為我們有一個戰略來解決這個問題，我們對明年採取稍微更具防禦性的姿態。我們認為它在該類別中仍然非常非常早。我們對越來越多的分析師現在以我們提到它的方式提到前台和 CXM 感到非常興奮。所以我們對未來感到興奮。很高興見到你們所有人。我只是提醒你，我們在這裡試圖建立一個基於基本面的長期業務。謝謝。

Thank you. This concludes today's conference. All parties may disconnect. Have a good evening.

謝謝。今天的會議到此結束。各方可能會斷開連接。晚上好。