Sprinklr Inc (CXM) 2024 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Sprinklr's First Quarter Fiscal 2024 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 2024 財年第一季度收益電話會議。 （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, Vice President of Finance, for introductory remarks. Please go ahead, Eric.

我現在想把會議交給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，埃里克。

Thank you, Doug, and welcome, everyone, to Sprinklr's First Quarter Fiscal Year 2024 Financial Results Call. Joining us today are Ragy Thomas, Sprinklr's Founder and CEO; and Manish Sarin, Chief Financial Officer.

謝謝 Doug，歡迎大家參加 Sprinklr 2024 財年第一季度財務業績電話會議。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 the 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 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. 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。雖然公司認為這些非 GAAP 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 please turn it over to Ragy Thomas.

有了這個，讓我把它交給 Ragy Thomas。

Thank you, Eric, and hello, everyone. Thank you for joining us today. Before we jump to our quarterly results, there are a few things I'd like to share. First is that on July 12, we will be hosting our first ever Investor Day at the New York Stock Exchange. We look forward to seeing many of you in person and sharing more details about Sprinklr's vision and business strategy. The second, you saw the 8-K we filed on May 15 about John Chambers resigning from the Board as of June 14, but remaining as an adviser. We want to take a moment to publicly thank John for his contributions as a Board member since joining our Board in 2017. John is 1 of the most caring and hardest working executives I know. And if anyone deserves a little time back in his life, it would be him. While John will no longer have Board commitments, we are grateful that he will stay on as an adviser and continue to be a coach, a mentor and a friend to all of us.

謝謝你，埃里克，大家好。感謝您今天加入我們。在我們跳轉到我們的季度業績之前，我想分享一些事情。首先是 7 月 12 日，我們將在紐約證券交易所舉辦我們的第一個投資者日。我們期待與你們中的許多人見面，並分享有關 Sprinklr 願景和業務戰略的更多細節。第二，你看到了我們在 5 月 15 日提交的 8-K 文件，內容是約翰·錢伯斯 (John Chambers) 於 6 月 14 日辭去董事會職務，但仍擔任顧問。我們想花點時間公開感謝約翰自 2017 年加入董事會以來作為董事會成員所做的貢獻。約翰是我認識的最有愛心、工作最努力的高管之一。如果有人值得回到他的生活中，那就是他。雖然 John 將不再擔任董事會職務，但我們很高興他將繼續擔任顧問，並繼續擔任我們所有人的教練、導師和朋友。

Next, we are excited to welcome Trac Pham to our Board of Directors. His appointment will become effective on June 15, and Trac will also be a member of our Audit Committee. Trac most recently served as the CFO at Synopsys with a broad remit across finance, business development strategy and IT. Trac is a great cultural fit for Sprinklr, and given his vast experience scaling a multibillion-dollar business, a great addition to our Board. The management team and I are looking forward to working with him and tapping into his products for this.

接下來，我們很高興地歡迎 Trac Pham 加入我們的董事會。他的任命將於 6 月 15 日生效，Trac 也將成為我們審計委員會的成員。 Trac 最近擔任 Synopsys 的首席財務官，其職責範圍廣泛，涉及財務、業務發展戰略和 IT。 Trac 非常適合 Sprinklr，鑑於他在擴展數十億美元業務方面的豐富經驗，對我們的董事會來說是一個很好的補充。我和管理團隊期待與他合作並為此開發他的產品。

So let's jump into the results -- to the results of our first quarter. We are very, very pleased that Q1 was another strong quarter that exceeded guidance across all key metrics. Q1 total revenue grew 20% year-over-year to $173.4 million, and subscription revenue grew 24% year-over-year to $157.7 million. With our continued focus on operational efficiency, I'm also delighted to report that we generated $11 million in non-GAAP operating income for the quarter.

那麼讓我們來看看結果——我們第一季度的結果。我們非常非常高興，第一季度又是一個強勁的季度，所有關鍵指標都超出了預期。第一季度總收入同比增長 20% 至 1.734 億美元，訂閱收入同比增長 24% 至 1.577 億美元。由於我們持續關注運營效率，我也很高興地報告我們本季度的非 GAAP 營業收入為 1100 萬美元。

These results are driven by a few key things that are top of mind for all of us. First, we believe we are creating a new category of enterprise software for the front office. We call it Unified Customer Experience Management. As we hear constantly from some of the best brands in the world, there's a clear need for a front office platform to eliminate siloed technology teams data and to create seamless customer experiences. As simple as it might appear, these seamless experiences are impossible to create across the multitude of channels, functions, business units and markets that most large companies have and operate in today.

這些結果是由我們所有人最關心的一些關鍵因素驅動的。首先，我們相信我們正在為前台創建一個新的企業軟件類別。我們稱之為統一客戶體驗管理。正如我們不斷聽到世界上一些最好的品牌所說的那樣，顯然需要一個前台平台來消除孤立的技術團隊數據並創造無縫的客戶體驗。儘管看起來很簡單，但這些無縫體驗不可能跨越當今大多數大公司擁有和運營的眾多渠道、職能、業務部門和市場。

Unified-CXM is differentiated at its core by a unified AI-powered architecture that spans all of these different silos, and it's fueled by publicly available and mostly unstructured data and conversations. And that just cannot be supported by the current CRM and CDP relational database packets. This approach of unifying the front office benefits both customers and brands. Customer experiences improve and brands can reduce costs, mitigate risk and increase productivity for growth.

Unified-CXM 的核心是一個統一的 AI 支持的架構，它跨越所有這些不同的孤島，並且由公開可用且大部分是非結構化的數據和對話推動。當前的 CRM 和 CDP 關係數據庫數據包無法支持這一點。這種統一前台的方法對客戶和品牌都有好處。客戶體驗得到改善，品牌可以降低成本、降低風險並提高生產力以實現增長。

We recently hosted our first analyst summit in Dubai where approximately 20 well-respected industry analysts joined us and our customers. It was very encouraging to see them speak to our customers and validate our vision. We have made some of their quotes and references available for you in the presentation on our IR website. But 1 quote worth mentioning came from an IDC analyst who said, build on an already robust architecture framework. Sprinklr appears to be set up well to address its ambitious growth plan.

我們最近在迪拜舉辦了我們的第一次分析師峰會，大約 20 位備受尊敬的行業分析師與我們和我們的客戶一起參加了會議。看到他們與我們的客戶交談並驗證我們的願景，我感到非常鼓舞。我們在我們的 IR 網站上的演示文稿中為您提供了他們的一些報價和參考資料。但有一句值得一提的引述來自一位 IDC 分析師，他說，建立在一個已經很強大的架構框架之上。 Sprinklr 似乎已經準備就緒，可以實現其雄心勃勃的增長計劃。

The second point for us is that we are very, very excited to see AI finally become mainstream. As all of you who have been tracking us from beginning and at our IPO, you know that AI has been foundational to our platform from the very, very beginning. It's woven into every fabric of our unified platform. And if you read our IPO prospectus, it should be very clear that it was and always has been a key differentiator for us.

對我們來說，第二點是我們非常非常高興看到 AI 最終成為主流。正如從一開始和 IPO 時一直關注我們的所有人一樣，您知道人工智能從一開始就是我們平台的基礎。它融入了我們統一平台的每一個結構。如果您閱讀我們的 IPO 招股說明書，您應該會很清楚，它曾經並且一直是我們的關鍵差異化因素。

Sprinklr is the system of record for unstructured external and conversational data for some of the best brands in the world. And we've been training over 2,000 AI models with over 100 million training data points in over 100 languages across over 70 industries and sub industries for 5 years. And that accuracy that we're able to achieve with the training, I don't believe can be matched by any other company in our space in the short term.

Sprinklr 是世界上一些最佳品牌的非結構化外部和對話數據的記錄系統。 5 年來，我們已經在 70 多個行業和子行業中以 100 多種語言訓練了 2,000 多個 AI 模型，訓練數據點超過 1 億個。我認為我們通過培訓能夠達到的準確性在短期內無法與我們所在領域的任何其他公司相提並論。

Our recent announcement regarding Sprinklr AI+ is the next evolution of our AI. Sprinklr AI+ includes generative AI capabilities through an OpenAI integration across all our product suite. With generative AI, our AI becomes even more powerful. We delivered over 30 features, AI features, in our last release. We have another 25 planned for our next. Some of these features include smarter responses, generate recommendations, content summarizations, which help customers with more relevant and specific auto responses and increase agent productivity.

我們最近發布的關於 Sprinklr AI+ 的公告是我們 AI 的下一次進化。 Sprinklr AI+ 通過跨我們所有產品套件的 OpenAI 集成包括生成 AI 功能。有了生成式人工智能，我們的人工智能變得更加強大。我們在上一個版本中提供了 30 多項功能，AI 功能。我們還有另外 25 個計劃用於我們的下一個。其中一些功能包括更智能的響應、生成建議、內容摘要，這些功能可幫助客戶提供更相關和更具體的自動響應並提高座席生產力。

For example, one of our streaming customers improved the agent's acceptance of Sprinklr Smart Responses, which are the suggested responses that we provide for agents, by 300% after we enabled AI+. Every company will embrace AI sooner or later. What I believe will separate winners from losers is whether AI is a feature for you or is it at the core of everything you do. So despite the macro environment, we are very pleased with how we're managing what's in our control with our go-to-market strategy, productivity and execution.

例如，在我們啟用 AI+ 後，我們的一位流媒體客戶將代理對 Sprinklr Smart Response 的接受度提高了 300%，Sprinklr Smart Response 是我們為代理提供的建議響應。每家公司遲早都會擁抱人工智能。我認為將贏家與輸家區分開來的是 AI 是否適合您，或者它是否是您所做的一切的核心。因此，儘管存在宏觀環境，但我們對如何通過進入市場戰略、生產力和執行來管理我們控制的內容感到非常滿意。

Specifically, we are excited about the progress we are making to make it easier to sell, which has been a top priority for the company. This past quarter, we made several key hires in the service overlay team to add expertise in depth to our CCaaS offering go-to-market, and we continue to verticalize to enable quicker time to value and faster deployments. We are now up and running with CCaaS with a couple of more key industries, including financial services and airlines.

具體來說，我們對在簡化銷售方面取得的進展感到興奮，這一直是公司的首要任務。上個季度，我們在服務覆蓋團隊中招聘了幾名重要人員，為我們的 CCaaS 產品上市提供深入的專業知識，並且我們繼續垂直化以實現更快的價值實現和更快的部署。我們現在已經在幾個關鍵行業啟動並運行 CCaaS，包括金融服務和航空公司。

We're also doubling down on our partner ecosystem, and we've recently partnered with some amazing companies like Intelisys and Foundever, which are beginning to result in deals that we've won together in the field. As you all know, partners are critical, especially in the contact center space, and we remain committed to training and onboarding them as rapidly as we can.

我們還在我們的合作夥伴生態系統上加倍努力，我們最近與一些了不起的公司合作，如 Intelisys 和 Foundever，這些公司開始促成我們在該領域共同贏得的交易。眾所周知，合作夥伴至關重要，尤其是在聯絡中心領域，我們仍然致力於盡快對他們進行培訓和入職培訓。

And finally, last quarter, we discussed our self-serve offering, Sprinklr Social, Advanced. Feedback has been incredibly positive in terms of how easy it is to use, and the product is opening the door as we anticipate for larger deals. This past quarter, a very large media company actually started with Social Advanced and now in conversation with our sales team to expand to multiple geographies and product suites.

最後，在上個季度，我們討論了我們的自助服務產品 Sprinklr Social，Advanced。就其易用性而言，反饋非常積極，而且正如我們預期的那樣，該產品正在打開大門進行更大的交易。上個季度，一家非常大的媒體公司實際上開始使用 Social Advanced，現在正在與我們的銷售團隊對話，以擴展到多個地區和產品套件。

I'd love to provide a brief update on Sprinklr Service and our continued momentum as a disruptor in the CCaaS space. Our vision is to help customers transform the contact center from a voice-focused cost center to a more efficient and effective AI-powered omnichannel revenue center by unifying it with marketing and sales. IT buyers find Sprinklr to be a great fit for their needs as they consolidate point solutions in the contact center stack to a platform that's built on a single code base with a very extendable architecture.

我很樂意提供有關 Sprinklr 服務的簡要更新，以及我們作為 CCaaS 領域的顛覆者的持續發展勢頭。我們的願景是通過將聯絡中心與營銷和銷售相結合，幫助客戶將聯絡中心從以語音為中心的成本中心轉變為更高效、更有效的 AI 驅動的全渠道收入中心。 IT 購買者發現 Sprinklr 非常適合他們的需求，因為他們將聯絡中心堆棧中的點解決方案整合到一個構建在具有高度可擴展架構的單一代碼庫上的平台上。

During the first quarter, we saw meaningful CCaaS deals close across all 3 of our primary theaters. During the first quarter, we continued to add new customers and expand with existing customers, including world-class brands like Avis, Garmin, Lululemon, Puma, Spirit Airlines and Wilson. Let me give you a few examples of how customers are currently using Sprinklr, starting with service and showcasing the power of the Unified-CXM platform is an expansion win in Q1 with a top 5 global technology company, which renewed and expanded their business to over $15 million in ARR with Sprinklr.

在第一季度，我們看到有意義的 CCaaS 交易在我們所有 3 個主要劇院都完成了。第一季度，我們繼續增加新客戶並擴大現有客戶，包括 Avis、Garmin、Lululemon、Puma、Spirit Airlines 和 Wilson 等世界級品牌。讓我舉幾個例子說明客戶目前如何使用 Sprinklr，從服務開始並展示 Unified-CXM 平台的強大功能是第一季度與一家全球排名前 5 的技術公司的擴展勝利，該公司更新並擴展了他們的業務超過Sprinklr 的 ARR 為 1500 萬美元。

They are now using 40 Sprinklr products across all of our product suite in over 13 languages. Sprinklr Service is now a critical part of the deployment at this client, enabling guided workflows, knowledge bases for agents, customers, video chat, co-browsing and AI-powered agent assist capability like smart comprehension pairing and responses. Through Sprinklr, this client can now detect issues within 5 minutes as opposed to the 30 to 45 minutes it used to take previously, enabling them to expand their support coverage and improve their SLAs through increased actionability, AI and automation.

他們現在以超過 13 種語言使用我們所有產品套件中的 40 種 Sprinklr 產品。 Sprinklr 服務現在是該客戶部署的關鍵部分，支持引導式工作流、座席、客戶知識庫、視頻聊天、共同瀏覽和 AI 支持的座席輔助功能，如智能理解配對和響應。通過 Sprinklr，該客戶現在可以在 5 分鐘內檢測到問題，而以前需要 30 到 45 分鐘，這使他們能夠通過提高可操作性、人工智能和自動化來擴大支持範圍並改進 SLA。

Another service story is with Americana, 1 of the largest restaurant companies in the Middle East and Africa. Americana originally began partnering with Sprinklr to build out an actionable voice of the customer and customer service program. This program gathers life actionable voice of customer insights across all digital and voice sources to provide enhanced resolution. This -- our platform and the implementation of it has helped Americana reduce response time now to minutes. With the expansion last quarter, Americana now has implemented Sprinklr across 10 brands in multiple countries across several thousand restaurants.

另一個服務案例是 Americana，它是中東和非洲最大的餐飲公司之一。 Americana 最初開始與 Sprinklr 合作，以構建可操作的客戶聲音和客戶服務計劃。該計劃收集所有數字和語音來源的客戶洞察力的生活可操作的聲音，以提供增強的解決方案。這 - 我們的平台及其實施幫助 Americana 將響應時間現在縮短到幾分鐘。隨著上個季度的擴張，Americana 現在已經在多個國家的數千家餐廳的 10 個品牌中實施了 Sprinklr。

Another example is a new logo, Hilti, a leading multinational manufacturer company with over 30,000 employees, who signed interestingly a 7-year deal with Sprinklr as a new customer using -- to use our Insights, Social and Marketing solutions. This is an amazing example and a testament to how strategic Unified-CXM is for large enterprises.

另一個例子是一個新標誌，Hilti，一家領先的跨國製造公司，擁有超過 30,000 名員工，有趣的是，作為新客戶與 Sprinklr 簽署了一份為期 7 年的協議，使用我們的洞察力、社交和營銷解決方案。這是一個了不起的例子，證明了 Unified-CXM 對大型企業的戰略意義。

Another example is the expansion of a strategic partnership with Roche, 1 of the largest pharma companies in the world. Using Sprinklr, they have now laid the foundation for global intelligence teams to provide holistic insights across social, digital and traditional media, including print and broadcasting stations. The consolidation and analytics based on real-time data display is -- it plays a key role in Roche's vision to become 1 Roche as it enables diverse siloed stakeholders across the pharma and diagnostic divisions in over 100 countries to make informed decisions and proactively respond in crisis situations. And obviously, it's driving growth and optimizing strategies.

另一個例子是擴大與世界上最大的製藥公司之一羅氏的戰略合作夥伴關係。使用 Sprinklr，他們現在已經為全球情報團隊奠定了基礎，以提供跨社交、數字和傳統媒體（包括印刷和廣播電台）的整體見解。基於實時數據顯示的整合和分析——它在羅氏成為 1 Roche 的願景中發揮著關鍵作用，因為它使 100 多個國家/地區的製藥和診斷部門的不同孤立的利益相關者能夠做出明智的決策並積極響應危機情況。顯然，它正在推動增長和優化戰略。

Before wrapping up, I'd like to take a moment to celebrate our incredible engineering team, who as always make all of this possible. Their speed of innovation and dedication continue to differentiate Sprinklr in the marketplace.

在結束之前，我想花點時間慶祝一下我們出色的工程團隊，正是他們讓這一切成為可能。他們的創新速度和奉獻精神繼續使 Sprinklr 在市場上脫穎而出。

In closing, we are very pleased with our start to FY '24. We are encouraged by the engagement and momentum we're seeing from customers, industry analysts, influencers around 3 things. First, a new category of front office software. We call it Unified-CXM. But the simple idea of the teams in data and technology and customer journeys has to be unified at the architecture level and that disconnected set of point solutions won't work. Two, AI is well on its way to be mainstream, and customers are super excited with our AI-first approach and generative AI plus integrations that give them what I think is customer-facing superpowers. And our focus, lastly, third, our focus on efficient execution, which is helping us drive strong momentum across our product suite.

最後，我們對 24 財年的開始感到非常滿意。我們對客戶、行業分析師和影響者圍繞 3 件事的參與和勢頭感到鼓舞。首先，一種新的前台軟件類別。我們稱之為 Unified-CXM。但是，數據和技術以及客戶旅程團隊的簡單想法必須在架構級別統一，並且斷開連接的單點解決方案集是行不通的。第二，AI 正在成為主流，客戶對我們以 AI 為先的方法和生成 AI 以及集成給予他們我認為是面向客戶的超能力感到非常興奮。最後，我們的重點是高效執行，這有助於我們在整個產品套件中推動強勁勢頭。

We remain committed to our vision of becoming the world's most loved enterprise software company, innovating for our customers, succeeding with our partners and delivering shareholder value, and in the long term, executing for growth and continued profitability. Thanks to our customers, partners, and our employees for the hard work and results, and thanks to our investors for believing in our vision.

我們仍然致力於成為世界上最受歡迎的企業軟件公司的願景，為我們的客戶創新，與我們的合作夥伴一起取得成功並為股東創造價值，並從長遠來看，執行增長和持續盈利。感謝我們的客戶、合作夥伴和我們的員工的辛勤工作和成果，並感謝我們的投資者相信我們的願景。

Let me hand the call over to Manish.

讓我把電話交給 Manish。

Thank you, Ragy, and good afternoon, everyone. As you heard from Ragy, we're pleased with our start to FY '24. For the first quarter, total revenue was $173.4 million, up 20% year-over-year and above the high end of our guidance range. This was driven by subscription revenue of $157.7 million, which grew 24% year-over-year, also above the high end of our guidance range. One of the key drivers of subscription revenue outperformance was the timing of new bookings, which was front-loaded in Q1, and the commensurate benefit to Q1 subscription revenue was approximately $2 million.

謝謝你，Ragy，大家下午好。正如您從 Ragy 那裡聽到的那樣，我們對 24 財年的開始感到滿意。第一季度，總收入為 1.734 億美元，同比增長 20%，高於我們指導範圍的上限。這是由 1.577 億美元的訂閱收入推動的，同比增長 24%，也高於我們指導範圍的高端。訂閱收入表現出色的一個關鍵驅動因素是新預訂的時間，這是在第一季度提前完成的，第一季度訂閱收入的相應收益約為 200 萬美元。

Services revenue for the quarter came in at $15.7 million. Our subscription revenue-based net dollar expansion rate in the first quarter was 122%. As we have discussed in the past, the NDE statistic is not something we monitor as part of growing our business, but is a byproduct. As macroeconomic conditions moderate renewal rates and customer upsells and new logo acquisition continues to increase, we expect NDE to moderate in the coming quarters. Our current expectation is for NDE to settle in the mid- to high teens percentage range over the next few quarters. As of the end of the first quarter, we had 115 customers contributing $1 million or more in subscription revenue over the preceding 12 months, an increase of 7% sequentially, which is a 28% increase year-over-year.

本季度的服務收入為 1570 萬美元。我們第一季度基於訂閱收入的淨美元增長率為 122%。正如我們過去所討論的那樣，NDE 統計數據不是我們作為業務增長的一部分進行監控的東西，而是副產品。隨著宏觀經濟狀況緩和續訂率和客戶追加銷售以及新徽標收購繼續增加，我們預計 NDE 在未來幾個季度會緩和。我們目前的預期是 NDE 在接下來的幾個季度內穩定在中高十幾歲的百分比範圍內。截至第一季度末，我們有 115 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，環比增長 7%，同比增長 28%。

Turning to gross margins for the first quarter. On a non-GAAP basis, our subscription gross margin was 82.8% as we continue to drive efficiencies in our cloud operations, leading to a total non-GAAP gross margin of 76.2%. We continue to generate efficiencies in sales and marketing and have shown consistent improvement in S&M spend over the last several quarters. Sales and marketing expense in the first quarter is now 48% of revenues compared to 56% in Q1 of last year. This is an 800 basis point decrease year-over-year. The sequential increase in S&M spend in Q1 compared to Q4 of FY '23 is largely attributed to sales activities slated for the start of the year, such as sales kickoff, as well as costs related to the Q1 restructuring we had discussed on the Q4 earnings call. We also realized operating leverage from G&A, which decreased by 100 basis points year-over-year.

轉向第一季度的毛利率。在非 GAAP 基礎上，我們的訂閱毛利率為 82.8%，因為我們繼續提高雲運營的效率，導致非 GAAP 總毛利率為 76.2%。我們繼續提高銷售和營銷效率，並在過去幾個季度中顯示出 S&M 支出的持續改善。第一季度的銷售和營銷費用現在佔收入的 48%，而去年第一季度為 56%。同比下降 800 個基點。與 23 財年第四季度相比，第一季度 S&M 支出的環比增長主要歸因於年初的銷售活動，例如銷售啟動，以及我們在第四季度收益中討論過的與第一季度重組相關的成本稱呼。我們還實現了 G&A 的經營槓桿，同比下降 100 個基點。

Turning to profitability for the quarter. Non-GAAP operating income was $11 million, equating to a non-GAAP net income of $0.06 per share. This 6% operating margin for the quarter was a result of revenue over performance, improved gross margins, coupled with operating expense discipline across every department, and is the third consecutive quarter of non-GAAP profitability. It is also worth noting that in Q1, we had approximately $3 million in tax credits related to the release of valuation allowances in our Brazil and Japan entities. Had we not realized these credits, the tax provision in Q1 would have been approximately $2.2 million, in line with our prior guidance.

轉向本季度的盈利能力。非 GAAP 營業收入為 1100 萬美元，相當於每股 0.06 美元的非 GAAP 淨收入。本季度 6% 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，並且是連續第三個季度實現非 GAAP 盈利。還值得注意的是，在第一季度，我們獲得了大約 300 萬美元的稅收抵免，這些稅收抵免與巴西和日本實體的估值津貼釋放有關。如果我們沒有意識到這些抵免，第一季度的稅收準備金將約為 220 萬美元，這與我們之前的指導一致。

Lastly, on the topic of profitability, for the first time ever as a publicly traded company, we posted positive GAAP net income for the quarter totaling $2.8 million or $0.01 per share. While we were the beneficiary of onetime tax credits allowing us to achieve GAAP net income profitability faster than expected, we remain committed to achieving GAAP net income profitability on a full year basis for FY '24.

最後，關於盈利能力，作為一家上市公司，我們首次公佈本季度 GAAP 淨收入為正，總計 280 萬美元或每股 0.01 美元。雖然我們是一次性稅收抵免的受益者，使我們能夠比預期更快地實現 GAAP 淨收入盈利能力，但我們仍然致力於在 24 財年全年實現 GAAP 淨收入盈利能力。

In terms of free cash flow, we generated $14.3 million during the first quarter and 8% margin compared to an adjusted free cash flow of $6.2 million in the same period last year. This cash flow generation contributed to our very healthy balance sheet, which now stands at $604.4 million in cash and equivalents with no debt outstanding. Calculated billings for the first quarter were $170.5 million, an increase of 23% year-over-year.

在自由現金流方面，我們在第一季度產生了 1430 萬美元，利潤率為 8%，而去年同期調整後的自由現金流為 620 萬美元。產生的現金流為我們非常健康的資產負債表做出了貢獻，目前資產負債表的現金和等價物為 6.044 億美元，沒有未償債務。第一季度的計算賬單為 1.705 億美元，同比增長 23%。

As of the end total remaining performance obligations, or RPO, which represents revenue from committed customer contracts that has not yet been recognized, was $708.1 million, up 23% compared to the same period last year, and cRPO was $478.8 million, up 19% year-over-year. The sequential decrease in RPO and cRPO can be attributed to a handful of large multiyear deals that are up for renewal in Q2 and, therefore, not included in both RPO and cRPO.

截至年底，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 7.081 億美元，比去年同期增長 23%，cRPO 為 4.788 億美元，增長 19%一年又一年。 RPO 和 cRPO 的環比下降可歸因於少數大型多年期交易，這些交易將在第二季度續簽，因此不包括在 RPO 和 cRPO 中。

Moving now to Q2 and full year FY '24 non-GAAP guidance and business outlook. As you heard today, long-term demand trends and engagement for Sprinklr remain strong. However, we recognize that the macroeconomic environment continues to be uncertain. And our current assumption is that the broader macro trends from the last few quarters are likely to continue throughout FY '24.

現在轉到第二季度和全年 FY '24 非 GAAP 指導和業務展望。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，我們認識到宏觀經濟環境仍然不明朗。我們目前的假設是，過去幾個季度的更廣泛的宏觀趨勢可能會持續到整個 24 財年。

For Q2 FY '24, we expect total revenue to be in the range of $172 million to $174 million, representing 15% growth year-over-year at the midpoint. Within this, we expect subscription revenue to be in the range of $158 million to $160 million, representing 20% growth year-over-year at the midpoint.

對於 24 財年第二季度，我們預計總收入將在 1.72 億美元至 1.74 億美元之間，中點同比增長 15%。其中，我們預計訂閱收入將在 1.58 億美元至 1.6 億美元之間，中點同比增長 20%。

As we had mentioned on the Q4 earnings call, we expect approximately $30 million in Services revenue in the first half, equating to approximately $14 million of Services revenue here in Q2. Concurrently, we expect Services margins to dip here in Q2, driven by our ongoing investments in CCaaS service delivery and managed services, such that our overall services margins for the first half of FY '24 are effectively breakeven, consistent with our commentary on the Q4 earnings call.

正如我們在第四季度財報電話會議上提到的那樣，我們預計上半年的服務收入約為 3000 萬美元，相當於第二季度的服務收入約為 1400 萬美元。同時，由於我們對 CCaaS 服務交付和託管服務的持續投資，我們預計服務利潤率將在第二季度下降，因此我們在 24 財年上半年的整體服務利潤率實際上達到盈虧平衡，這與我們對第四季度的評論一致財報電話會議。

We expect non-GAAP operating income to be in the range of $11 million to $13 million, and non-GAAP net income per share of $0.04 to $0.05 per share, assuming 270 million weighted average shares outstanding.

我們預計非 GAAP 營業收入在 1100 萬美元至 1300 萬美元之間，非 GAAP 每股淨收入為 0.04 美元至 0.05 美元，假設有 2.7 億加權平均流通股。

For the full year FY '24, we are raising both our subscription and total revenue outlook for the year. We now expect subscription revenue to be in the range of $649 million to $653 million, representing 19% growth year-over-year at the midpoint. This is an increase of $5 million, which represents the full magnitude of the Q1 beat and the subscription revenue guidance raise for Q2.

對於 24 財年全年，我們提高了今年的訂閱和總收入預期。我們現在預計訂閱收入將在 6.49 億美元至 6.53 億美元之間，中點同比增長 19%。這增加了 500 萬美元，代表了第一季度節拍和第二季度訂閱收入指引的全部增長。

As we alluded to on prior earnings calls, we have been investing in making our products easier to implement, and therefore, accelerating the time to value for customers. In addition, we have also been cultivating a partner ecosystem around delivering our product suites such that we expect our service delivery partners to take on a larger proportion of the Services revenue attached in delivering our product.

正如我們在之前的財報電話會議上提到的那樣，我們一直在投資使我們的產品更易於實施，從而加快為客戶創造價值的時間。此外，我們還一直在圍繞交付我們的產品套件培養合作夥伴生態系統，以便我們期望我們的服務交付合作夥伴在交付我們的產品時承擔更大比例的服務收入。

In light of these dynamics, we are reducing the FY '24 Services revenue guide from $66 million to $62 million. With this change, Services revenue for FY '24 will be approximately 9% of total revenues. We expect total revenue to be in the range of $711 million to $715 million, representing 15% growth year-over-year at the midpoint.

鑑於這些動態，我們將 FY '24 服務收入指南從 6600 萬美元減少到 6200 萬美元。通過這一變化，24 財年的服務收入將佔總收入的 9% 左右。我們預計總收入將在 7.11 億美元至 7.15 億美元之間，中點同比增長 15%。

For the full year FY '24, we are raising our non-GAAP operating income estimate to now be in the range of $51 million to $55 million, equating to a non-GAAP net income per share of $0.19 to $0.21, assuming 273 million weighted average shares outstanding. This implies an approximately 7% non-GAAP operating margin at the midpoint. Note the increase of $10 million at the midpoint represents the full beat for Q1 and the accompanying raise for Q2.

對於 24 財年全年，我們將我們的非 GAAP 營業收入估計提高到現在的 5100 萬美元至 5500 萬美元之間，相當於非 GAAP 每股淨收入為 0.19 美元至 0.21 美元，假設加權 2.73 億美元平均流通股。這意味著中點的非 GAAP 營業利潤率約為 7%。請注意，中點增加 1000 萬美元代表第一季度的全部增長以及隨之而來的第二季度加薪。

In deriving the net income per share for modeling purposes, we estimate $13 million in interest income for the full year with $4 million of that to be earned here in Q2. Furthermore, a $6 million total cash provision for the full year FY '24 needs to be added to the non-GAAP operating income range just provided. We estimate a tax provision of $2.5 million here in Q2. We are tracking to be GAAP net income positive for the full year FY '24, consistent with our comments on the Q4 earnings call.

在得出用於建模目的的每股淨收入時，我們估計全年的利息收入為 1300 萬美元，其中 400 萬美元將在第二季度獲得。此外，需要在剛剛提供的非 GAAP 營業收入範圍內增加 24 財年全年 600 萬美元的總現金準備金。我們估計第二季度這裡的稅收撥備為 250 萬美元。我們正在跟踪 24 財年全年的 GAAP 淨收入為正，這與我們對第四季度財報電話會議的評論一致。

Billings in Q2 are expected to grow in the high teens, growing slightly slower than subscription revenue, but faster than total revenue. We expect the Q1 beat and any Q2 upside in billings to flow through for the full year FY '24. For modeling purposes, I would assume the same billing seasonality in FY '24 as in FY '23.

預計第二季度的賬單將增長十幾歲，增長速度略低於訂閱收入，但快於總收入。我們預計 24 財年全年，第一季度的業績和第二季度的任何增長都將持續。出於建模目的，我假設 24 財年的計費季節性與 23 財年相同。

With respect to free cash flow, in Q2, we have a large annual payment due to 1 of our public cloud partners. As such, Q2 free cash flow is expected to be negative and coming around negative $15 million. Consistent with our prior commentary, we expect to be solidly free cash flow positive on a full year basis.

關於自由現金流，在第二季度，我們有一大筆年度付款要歸功於我們的一個公共雲合作夥伴。因此，第二季度自由現金流預計為負，約為負 1500 萬美元。與我們之前的評論一致，我們預計全年自由現金流量將穩固為正。

As a quick reminder, Ragy, the broader Sprinklr management team, and I are eager to share more details about our business and financial profile with you at our upcoming Investor Day on Wednesday, July 12, and look forward to seeing many of you there.

快速提醒一下，Ragy、更廣泛的 Sprinklr 管理團隊和我渴望在即將於 7 月 12 日星期三舉行的投資者日上與您分享有關我們的業務和財務狀況的更多詳細信息，並期待在那裡見到你們中的許多人。

Lastly, I would like to thank all our employees for their dedication and passion for what we are building at Sprinklr. During an uncertain macro environment, I'm also grateful for the confidence that our customers have placed in us. 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，感謝他們對我們在 Sprinklr 的建設所付出的奉獻和熱情。在不確定的宏觀環境中，我也感謝客戶對我們的信任。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。

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 Raimo Lenschow with Barclays.

（操作員說明）我們的第一個問題來自 Raimo Lenschow 與巴克萊銀行的合作。

Perfect. I had 2, if I may. First 1 -- and congrats on a great quarter. First 1 is on the Services push that you're kind of doing now, and thanks for the updated guidance there. That kind of explains a lot. If you think about what's the nature of the relationship with the Service partners, like are they kind of building it as a bigger digital transformation in the front office, a bigger practice there? Or is it kind of more Sprinklr specific there, what you're seeing there in terms of how they are thinking about building and working with you? And then I had 1 follow-up.

完美的。如果可以的話，我有 2 個。第一個 - 祝賀一個偉大的季度。 First 1 是關於你現在正在做的服務推送，感謝那裡更新的指南。這種解釋很多。如果您考慮與服務合作夥伴的關係的性質是什麼，比如他們是否將其構建為前台更大的數字化轉型，那裡更大的實踐？或者它是否更具體一些，你在那裡看到的是他們如何考慮構建和與你合作？然後我進行了 1 次跟進。

Yes. So Raimo, this is Ragy. Good to connect always. So there are 2 things I would point out. First is our broader partnership ecosystem that we've been developing with the systems integrators like Deloitte and Accenture are more on the digital transformation and the broader ecosystem, as you've outlined. What is interesting now is we're developing a second category of partnership and more specifically in the customer service space, and there's a pretty interesting ecosystem there of peripheral partners, implementation partners, consulting partners. They're very focused on the contact center industry. So we're rapidly expanding that aspect of our partnership ecosystem, which was something that in the past, we hadn't done.

是的。所以 Raimo，這是 Ragy。總是連接很好。所以我要指出兩件事。首先是我們與德勤和埃森哲等系統集成商一起開發的更廣泛的合作夥伴生態系統，正如您所概述的那樣，更多地關注數字化轉型和更廣泛的生態系統。現在有趣的是，我們正在開發第二類合作夥伴關係，更具體地說是在客戶服務領域，那裡有一個非常有趣的外圍合作夥伴、實施合作夥伴、諮詢合作夥伴生態系統。他們非常專注於聯絡中心行業。因此，我們正在迅速擴展合作夥伴生態系統的這一方面，這是過去我們沒有做過的事情。

Yes. Okay. Perfect. And then the other big debate that happens in the market at the moment is like was that front office first maybe kind of overinvested a little bit in 2021, and now we had like a digestion period, and now we can slowly start looking forward again? In your customer conversations, what do you see in terms of like thinking about ongoing investments? Do you see a change in the nature of the conversation that you have here? And I'll leave it with that and congrats again from me again.

是的。好的。完美的。然後，目前市場上發生的另一大爭論是，管理層首先可能在 2021 年有點過度投資，現在我們有一個消化期，現在我們可以慢慢開始再次展望未來了嗎？在與客戶的對話中，您如何看待持續投資？您是否看到您在這裡進行的對話的性質發生了變化？我會把它留在那裡，再次向我表示祝賀。

We're seeing a palpable change from our biggest and best customers for the, let's say, 20 or 30 customers I spoke to that are large. I'd say a large customer for us is over $1 million. And as you probably know, we actually have several that are over $10 million now and increasingly more over $15 million. What we're finding is the platform is sticking. What we're finding is companies are expanding across business units. What we're finding is that companies are expanding across channels, and they are expanding across markets. So you know we have 2 vectors of growth. One is more products and more cross-sell capabilities across products and product suite. The other 1 is expanding across business units and market. That's a less understood part of our expansion strategy because you have a single instance architecture where the new business unit that comes along or the new market that gets added, it suddenly has global collaboration and visibility.

我們看到我們最大和最好的客戶發生了明顯的變化，比方說，我採訪過的 20 或 30 個大客戶。我會說我們的大客戶超過 100 萬美元。正如您可能知道的那樣，我們實際上有幾個現在超過 1000 萬美元，並且越來越多地超過 1500 萬美元。我們發現的是該平台正在堅持。我們發現，公司正在跨業務部門擴張。我們發現，公司正在跨渠道擴張，他們正在跨市場擴張。所以你知道我們有 2 個增長向量。一是更多的產品和更多跨產品和產品套件的交叉銷售能力。另一個正在擴展業務部門和市場。這是我們擴展戰略中鮮為人知的部分，因為您有一個單一的實例架構，其中出現的新業務部門或添加的新市場突然具有全球協作和可見性。

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 系列。

This is Noah on for Pinjalim. Just for the first one, you launched the self-service product at the end of March, which should really help with the top of the funnel dynamics. Can you just maybe provide some more additional color around the new self-service products and just the uptake there?

這是 Pinjalim 的 Noah。就第一個而言，你們在 3 月底推出了自助服務產品，這應該對漏斗動態頂部有很大幫助。您能否圍繞新的自助服務產品提供更多額外的顏色以及那裡的使用情況？

So we are -- it's been -- like we said last time, it's been a fairly controlled rollout because what we wanted to do is get the product and the dynamics of someone using the product right, which I'm very happy to report that the feedback is very, very strong. We are now in the process of increasing the reach using traditional and digital marketing capabilities to get more people to that top of the funnel to try. It's working really well as companies in our target market, who are smaller teams going on there, trying and testing out and giving us great feedback. And I'd say, over the next 2 to 3 quarters, we'll be putting more resources and more focus on that to build that out as a very, hopefully, potentially big lead generation and try before you buy channel.

所以我們 - 它一直 - 就像我們上次說的那樣，這是一個相當可控的推出，因為我們想要做的是讓產品和使用該產品的人的動態正確，我很高興地報告反饋非常非常強烈。我們現在正在使用傳統和數字營銷功能擴大影響範圍，讓更多的人到達漏斗的頂端進行嘗試。它在我們目標市場的公司中運作得非常好，這些公司是在那裡進行的較小的團隊，嘗試和測試並給我們很好的反饋。而且我會說，在接下來的 2 到 3 個季度中，我們將投入更多資源並更加專注於此，以將其構建為一個非常有希望的潛在大潛在客戶，並在購買渠道之前嘗試。

Great. And then just a quick follow-up. Relates to the macro, it sounds like that the environment has been relatively consistent. You did call out some moderation in the retention going forward. Could you maybe just unpack that a little bit for us?

偉大的。然後只是快速跟進。涉及到宏觀，聽起來環境已經比較一致了。你確實要求在未來的保留中有所節制。你能不能為我們稍微解壓一下？

So we've always said that -- I think for the last now 3 quarters, we've consistently said that the environment is steady. So what we're seeing is more scrutiny, careful spend, measured spend, more people approving deals, and that continues. We're not seeing it change. What I'd point out is as we get into CCaaS, get into the partner, unlocking the partners, as you probably know already, CCaaS deals take longer. There are very formal RFP processes and multiple stakeholders outside consultants and lots of people involved. And change management is a huge deal in that space.

所以我們一直這麼說——我認為在過去的三個季度裡，我們一直說環境是穩定的。因此，我們看到的是更多的審查、謹慎的支出、有節制的支出、更多的人批准交易，而且這種情況還在繼續。我們沒有看到它改變。我要指出的是，當我們進入 CCaaS、進入合作夥伴、解鎖合作夥伴時，正如您可能已經知道的那樣，CCaaS 交易需要更長的時間。有非常正式的 RFP 流程和顧問以外的多個利益相關者和很多人參與。變革管理在那個領域是一件大事。

So as we lean more, you're going to see sales cycles increase a little bit, but we don't think it's a macro thing. But we're seeing strong -- very strong reception. We're running several proof of concepts, and we're able to show agent productivity and average case handling time reduced by 20%. Agent productivity go up by 30% in many cases. So it's very promising. Now we got to get scale and get a few deals through the sales cycle.

因此，隨著我們更加精益，您會看到銷售週期有所增加，但我們認為這不是宏觀問題。但我們看到了強烈的——非常強烈的反響。我們正在運行幾個概念證明，我們能夠證明代理生產力和平均案例處理時間減少了 20%。在許多情況下，座席生產力提高了 30%。所以這是非常有前途的。現在我們必須擴大規模並在銷售週期中獲得一些交易。

Congrats on the quarter.

祝賀這個季度。

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

我們的下一個問題來自伊麗莎白·波特與摩根士丹利的對話。

I wanted to ask on generative AI, just given how topical it is. We've seen a lot of interesting press releases across the broader landscape, specifically for generative AI, including Sprinklr's own AI+. So how do you view what generative AI capabilities really become table stakes versus real incremental monetizable solutions? And how should we think about the road map for new gen AI features? And what forms of monetization make the most sense for Sprinklr?

我想問一下生成式人工智能，只是考慮到它的話題性。我們在更廣泛的領域看到了很多有趣的新聞稿，特別是針對生成人工智能，包括 Sprinklr 自己的 AI+。那麼，您如何看待哪些生成性 AI 功能真正成為賭注，哪些是真正的增量可貨幣化解決方案？我們應該如何考慮新一代 AI 功能的路線圖？什麼形式的貨幣化對 Sprinklr 最有意義？

Well, I'm glad you asked the question. Look, you know that if you read a prospectus, we've been seeing this for 5 years, and we are thrilled that generative AI is adding wings to our own AI and raising broader awareness. I think as we said in the prepared remarks, there'll be 2 kinds of companies, 1 that is adding a feature on the AI and got 5 things going and others that deeply go back to their core architecture and embed AI. And I think over time, the latter will clearly be the winner. They will be the AI companies, not people who use AI.

嗯，很高興你問了這個問題。看，你知道，如果你閱讀招股說明書，我們已經看到了 5 年，我們很高興生成 AI 正在為我們自己的 AI 添加翅膀並提高更廣泛的認識。我認為正如我們在準備好的評論中所說的那樣，將會有兩種公司，一種是在 AI 上添加一個功能並進行了 5 件事，另一些則深入回到他們的核心架構並嵌入 AI。而且我認為隨著時間的推移，後者顯然會成為贏家。他們將是人工智能公司，而不是使用人工智能的人。

Having said that, for us, AI is a fundamental differentiator across the front office. As you know, we have several hundred features in every product suite. And most, I can just rattle off. Maybe in the call back, I'll show you a slide. You take any product that we have, any feature, the chances are more than 60%, 70% of that is enhanced using AI.

話雖如此，對我們來說，人工智能是整個前台的根本差異化因素。如您所知，我們在每個產品套件中都有數百個功能。大多數，我可以喋喋不休。也許在回電時，我會給你看一張幻燈片。你使用我們擁有的任何產品，任何功能，機會超過 60%，其中 70% 是使用 AI 增強的。

Now how do we monetize AI is very, very interesting. Awareness helps us, and I think there are additional monetization opportunities that are not obvious right now. For companies that are completely and just seat-based, this is going to be a deflationary situation for them. For us, and companies like us, who've fluidly transitioned between agent-based cases, community-based cases, knowledge-based, self resolution and who can charge for licensing and enterprise licensing that includes AI regardless of the agent hours, I think it's a good thing.

現在我們如何通過 AI 獲利非常非常有趣。意識對我們有幫助，我認為還有一些目前還不明顯的額外盈利機會。對於完全以席位為基礎的公司來說，這對他們來說將是通貨緊縮的情況。對於我們，以及像我們這樣的公司，他們在基於代理的案例、基於社區的案例、基於知識的、自我解決之間流暢地轉換，並且無論代理時間如何，都可以對包括 AI 在內的許可和企業許可收費，我認為這是一件好事。

And we are exploring different pricing models like case-based pricing, insight-based pricing. And you know our Insights product is completely based on AI and priced on a licensing basis based on the value we create. So we see this as a net positive for us. In the short term, we're going to use this to differentiate massively, and the awareness is doing wonders for us. We are having C-level conversations as the AI platform, as the traditional older companies have struggled. And everyone's talking a big game, but we can prove it.

我們正在探索不同的定價模型，如基於案例的定價、基於洞察力的定價。你知道我們的 Insights 產品完全基於人工智能，並根據我們創造的價值在許可基礎上定價。所以我們認為這對我們來說是一個淨積極因素。在短期內，我們將使用它來實現大規模差異化，而這種意識正在為我們創造奇蹟。我們正在將 C 級對話作為 AI 平台，因為傳統的老公司一直在苦苦掙扎。每個人都在談論一場重要的比賽，但我們可以證明這一點。

We're showing 90% accuracy in actionability. When you look at the random message and ask yourself, should I act on it? Is it engaged? We're showing 30% better sentiment accuracy. We're showing 25% to 30% better routing with our smart routing. Agent productivity is gone. So we're doing proof of concepts where we're showing, in some cases, twice as better accuracy and AI capabilities. I'll give you a specific example because everyone's talking generically.

我們在可操作性方面展示了 90% 的準確性。當您查看隨機消息並問自己時，我應該採取行動嗎？訂婚了嗎？我們的情緒準確度提高了 30%。通過我們的智能路由，我們的路由性能提高了 25% 到 30%。座席生產力消失了。因此，我們正在進行概念驗證，在某些情況下，我們展示了兩倍的準確性和 AI 功能。我給大家舉個具體的例子，因為大家說的都是籠統的。

We've always had the concept of smart responses. So if you're using Sprinklr in a contact center, the agent is guided to, hey, why don't you use, say, this offer? That's a smart response that the system is nudging the agent to do. I mean that had a good usage. But when we added the generative AI integration and expanded it, now the agent is getting a full script, and so he can just read off where they're having to process and rephrase. And the adoption, as we called out, has gone up 300%. So that's the kind of quantum leap that suddenly makes AI a lot more accessible and visible from an external user synthesizable way as opposed to in the back end. So I think it's going to just really help us differentiate in a big way.

我們一直有智能響應的概念。因此，如果您在聯絡中心使用 Sprinklr，代理會被引導到，嘿，你為什麼不使用，比方說，這個優惠？這是系統推動代理執行的明智響應。我的意思是那有很好的用法。但是，當我們添加生成式 AI 集成並擴展它時，現在代理人獲得了一個完整的腳本，因此他可以只讀出他們必須處理和改寫的地方。正如我們所說，採用率上升了 300%。所以這是一種巨大的飛躍，它突然使 AI 更容易從外部用戶可合成的方式訪問和可見，而不是在後端。所以我認為這將真正幫助我們在很大程度上脫穎而出。

Great. And as a follow-up, I was wondering if you could talk about the success you've seen on new customers and launching new initiatives like that new logo team or focusing partners to source deals. I understand you don't report the customer count number, but any color on how those initiatives are taking hold would be helpful. And historically, about 2/3 of the business has been driven by existing accounts. Can we expect that to change over time?

偉大的。作為後續行動，我想知道你是否可以談談你在新客戶身上看到的成功，並推出了新的舉措，比如新的標誌團隊或專注於合作夥伴來尋找交易。我知道您沒有報告客戶數量，但是有關這些計劃如何實施的任何顏色都會有所幫助。從歷史上看，大約 2/3 的業務是由現有客戶推動的。我們可以期望它會隨著時間的推移而改變嗎？

No, look, I think there is precedence for very sustained long-term growth without having to just keep adding logos. And as a very high-end enterprise company, I think we are very well placed with the likes of companies like ServiceNow, where we're seeing our top customers buy more and more and more growth. And I think that's a very sustainable long-term growth driver for us. Now we want to continue adding more customers, and we have identified -- as we said last time with this focus on go-to-market, we've identified a target customer base of 43,000 companies.

不，看，我認為有非常持續的長期增長的優先權，而不必只是繼續添加徽標。作為一家非常高端的企業公司，我認為我們在像 ServiceNow 這樣的公司中處於非常有利的位置，我們看到我們的頂級客戶購買越來越多的增長。我認為這對我們來說是一個非常可持續的長期增長動力。現在我們想繼續增加更多的客戶，並且我們已經確定——正如我們上次所說的那樣，重點是進入市場，我們已經確定了 43,000 家公司的目標客戶群。

So through everything we do, we're only trying to reach those companies, and we're not chasing anybody else. So the focus continues to be on growth and not logo count. We've put dedicated teams. And I think that's 1 of 10 things we're doing. And I think almost all those things are first principle space, and we -- it's a multi-quarter thing. So we don't have any early results to report, but it looks very promising.

因此，通過我們所做的一切，我們只是想接觸那些公司，而不是追逐其他任何人。因此，重點仍然放在增長上，而不是徽標數量上。我們有專門的團隊。我認為這是我們正在做的 10 件事中的一件。而且我認為幾乎所有這些東西都是第一原則空間，而且我們 - 這是一個多季度的事情。所以我們沒有任何早期結果要報告，但看起來很有希望。

Our next question comes from the line of Matt VanVliet with BTIG.

我們的下一個問題來自 BTIG 的 Matt VanVliet。

I was maybe curious on all the success around the contact center and Sprinklr Service space overall. What are you finding that you're replacing most often? Or are any of these sort of net new contact center type of engagements that you're seeing?

我可能對聯絡中心和 Sprinklr 服務空間的整體成功感到好奇。你發現你最常更換的是什麼？或者您是否看到了這些全新的聯絡中心類型的參與？

Matt, we're seeing 2 distinct patterns. Well, 1 is we're finding that companies with 50 agents to, let's say, 500, maybe even 1,000 agents, have all the problems that large 5,000 agent contact centers have in terms of workforce optimization, routing needs and ticket volume and a whole bunch of things. And we're finding that, that market specifically is craving for a unified solution because they can't afford to buy 6 or 7 and then integrate it together. So that's what we think of as a right-to-win segment for us, and we're seeing success in that market.

馬特，我們看到了兩種截然不同的模式。好吧，1 是我們發現擁有 50 個座席的公司，比方說，500 個，甚至 1,000 個座席，在勞動力優化、路由需求和票務量以及整個一堆東西。我們發現，這個市場特別渴望一個統一的解決方案，因為他們買不起 6 或 7 個，然後將它們集成在一起。所以這就是我們認為對我們來說是一個成功的部分，我們在那個市場上看到了成功。

Second is the large enterprise deployments. Now we're seeing success there, but these are larger, drawn out, protracted proof of concept to RFPs, to replacements where we are encountering traditional vendors like Avaya and Genesys a lot. And essentially, what's going on there is we have opportunities where it's long term, and we're going after the whole thing. And we have a lot of like lower-hanging fruit in terms of just augmenting the core voice infrastructure that is working with about 7 of our AI-based products. So that suite is our contact center CCAI product suite for the service industry. So you can just deploy that as a pack on top of your current traditional voice infrastructure. And in many cases, because they've already been using those capabilities for digital or social with Sprinklr, it's a much easier lift. Does it make sense?

其次是大型企業部署。現在我們在那裡看到了成功，但這些是更大的、拖延的、長期的 RFP 概念證明，以及我們經常遇到 Avaya 和 Genesys 等傳統供應商的替代品。從本質上講，那裡發生的事情是我們有長期的機會，我們正在追求整件事。就增強核心語音基礎設施而言，我們有很多類似的唾手可得的成果，該基礎設施與我們大約 7 種基於 AI 的產品一起使用。因此，該套件是我們面向服務行業的聯絡中心 CCAI 產品套件。因此，您可以將其作為一個包部署在您當前的傳統語音基礎設施之上。在許多情況下，因為他們已經通過 Sprinklr 將這些功能用於數字或社交，所以提升起來要容易得多。是否有意義？

Yes. No, that's very helpful. And then maybe just a quick follow-up on the Services gross margins and just kind of thinking about that more long term. If you can push more of that work to some of the partners, maybe ignoring the potential business development side or kind of top of the funnel, but as you just look at kind of how that could impact gross margins over the longer term, maybe just help us think about how framing that out is also a cost benefit analysis here for the model.

是的。不，這非常有幫助。然後可能只是對服務毛利率的快速跟進，只是考慮更長期的問題。如果你能把更多的工作推給一些合作夥伴，也許忽略潛在的業務發展方面或漏斗的頂部，但當你只是看看這會如何影響長期毛利率時，也許只是幫助我們思考如何構建它也是模型的成本效益分析。

It's Manish. I think that's a great question because we've been spending a lot of time evaluating the kind of services opportunities we take on board. And I think this is consistent with the comments we've given on the last earnings call, whereby we were looking to partner with firms that could develop an ecosystem of delivery capabilities around us, whereby we could transition some of the, let's just say, less attractive margin business to them. So our view, once we are through with this transition and the investments that we are making in CCaaS delivery, managed services, which is a lot more higher margin, that we should be in the circa 20%, give or take, over the long term. Now these can obviously go up depending on any quarter that we might be in. But given where we are right now, that's what we feel comfortable looking out over the next year or so. So that sort of margin profile probably is achievable. Does that make sense?

是馬尼什。我認為這是一個很好的問題，因為我們已經花了很多時間來評估我們接受的服務機會類型。我認為這與我們在上次財報電話會議上發表的評論是一致的，我們希望與可以在我們周圍開發交付能力生態系統的公司合作，從而我們可以轉變一些，讓我們說，利潤業務對他們的吸引力降低。因此，我們認為，一旦我們完成了這一轉變以及我們在 CCaaS 交付、託管服務方面的投資（利潤率要高得多），從長遠來看，我們應該在 20% 左右，給予或接受學期。現在這些顯然可以根據我們可能所在的任何季度而上升。但考慮到我們現在所處的位置，這就是我們在未來一年左右的時間裡感到舒服的樣子。因此，這種利潤率可能是可以實現的。那有意義嗎？

Yes, that's great.

是的，那太好了。

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

我們的下一個問題來自 Michael Berg 與 Wells Fargo 的對話。

Congrats on the quarter. I wanted to touch on the shape of the quarter. You noted that it was front-end-loaded. I was curious if there was -- just looking at some of the Q4 statistics, if there were some larger deals that fell out of Q4 into Q1, and that's what drove part of the upside and shape with the quarter. And then secondarily to that, is there anything meaningfully different that you're seeing in the demand environment more broadly?

祝賀這個季度。我想談談季度的形狀。您注意到它是前端加載的。我很好奇是否有 - 只是看看第四季度的一些統計數據，如果有一些更大的交易從第四季度進入第一季度，這就是推動本季度上漲和形成的部分原因。其次，您在更廣泛的需求環境中看到的有什麼有意義的不同嗎？

Yes, that's a great question. So there weren't any deals that flopped over from Q4 into Q1. Now we, like any other enterprise software company, do believe that a lot of our new business is back-end-loaded. And we've been fairly consistent in how we then model it out and guide the Street to, but of course, we can't predict customer buying behavior. And ever once in a while, we do run into a situation where, for a variety of reasons, the customers have a desire to purchase 1 of our product suites, and that was the case here in Q1. And consistent with our prior commentary, we were fairly transparent in pointing out when that happens and the additional benefit that accrued to us here in Q1, which, as I pointed out in the prepared remarks, was approximately $2 million. So if you sort of factor that into both the guide as well as what Q1 results look like, you would see a more normalized sort of revenue pattern.

是的，這是一個很好的問題。因此，從第四季度到第一季度沒有任何交易失敗。現在，我們和任何其他企業軟件公司一樣，確實相信我們的很多新業務都是後端加載的。我們在如何建模和引導街道方面一直相當一致，但當然，我們無法預測客戶的購買行為。有時，我們確實會遇到這樣一種情況，由於各種原因，客戶希望購買我們的產品套件之一，而第一季度就是這種情況。與我們之前的評論一致，我們相當透明地指出了這種情況何時發生以及我們在第一季度在這裡獲得的額外收益，正如我在準備好的評論中指出的那樣，大約是 200 萬美元。因此，如果您將這一點納入指南以及第一季度的結果，您會看到一種更加規範化的收入模式。

Helpful. And then going back to the Services piece, do you have a long-term target goal in terms of the mix there? Like how can we see that shaping up over time?

有幫助。然後回到服務部分，您在組合方面是否有長期目標？就像我們如何看待隨著時間的推移而形成的那樣？

And with that, in particular, you're referring to as a percentage of overall revenue?

尤其是，您指的是佔總收入的百分比嗎？

Correct.

正確的。

Or the mix within Services?

還是服務中的組合？

Services as a mix of overall.

服務作為一個整體的組合。

Yes. So if you go back a couple of years, Services for us was almost 12% of overall revenues. And we did feel, as a management team, we wanted to sort of bring that down partly because we were all driven by trying to make the suites much more easier to implement, providing value to the customers in a much more expedited fashion. And so I think where we are right now is just under, call it, 9-odd percent, is probably a respectable level. So as I look out over the longer term, somewhere between 8% and 10% seems to be the right spot for us.

是的。因此，如果你回顧幾年，我們的服務幾乎佔總收入的 12%。我們確實覺得，作為一個管理團隊，我們希望在某種程度上降低這一點，部分原因是我們都在努力使套件更容易實施，以更快的方式為客戶提供價值。所以我認為我們現在所處的位置剛好低於 9%，這可能是一個可觀的水平。因此，從長遠來看，8% 到 10% 之間的某個地方似乎對我們來說是合適的。

The mix within Services obviously will migrate more towards managed services or CCaaS service delivery, sort of more higher up the value chain, if you will, versus just your plain vanilla implementation. And that might obviously lead to a better margin profile in the longer term, as I said earlier. So I think where we are probably is what you should expect more at a steady state level. I will, however, admit that we're in a fast-evolving industry, and we're trying our level best to adjust our economic model toward the customers demand. And should things change, we will be transparent with the Street on future earnings calls.

服務中的組合顯然將更多地遷移到託管服務或 CCaaS 服務交付，如果你願意的話，在價值鏈的更高層次上，而不是你的普通實施。正如我之前所說，從長遠來看，這顯然會帶來更好的利潤率。所以我認為我們所處的位置可能是你應該在穩態水平上期待更多。然而，我承認我們處於一個快速發展的行業，我們正在盡最大努力調整我們的經濟模式以適應客戶的需求。如果情況發生變化，我們將在未來的財報電話會議上對華爾街保持透明。

Our next question comes from the line of Patrick Walravens with JMP.

我們的下一個問題來自 JMP 的 Patrick Walravens。

Great. Ragy, how do you expect your competitive environment to evolve over the next 3 years? And maybe in particular, it seems like Amazon is making a lot of progress in the contact center space, and I know you have a partnership with them. So if you could touch on that element of the 2, that would be great.

偉大的。 Ragy，您預計您的競爭環境在未來 3 年內會如何演變？也許尤其是，亞馬遜似乎在聯絡中心領域取得了很大進展，而且我知道您與他們建立了合作夥伴關係。所以如果你能觸及 2 的那個元素，那就太好了。

Absolutely. So Patrick, as you know, we started out in the social space, right? Our legacy with a lot of little companies that we're competing with, we evolved from that to the digital space where we were competing with bigger companies, but still endpoint solution world or companies who have bought some of these and been selling this together using invoice engineering, if you will. Where we have evolved to is we have mainstreamed and we are mainstreaming every 1 of our product suite. So that's very important for the market to understand.

絕對地。所以帕特里克，如你所知，我們是從社交領域開始的，對吧？我們與許多與我們競爭的小公司的遺產，我們從那個領域發展到我們與大公司競爭的數字空間，但仍然是端點解決方案世界或購買其中一些並使用它們一起銷售的公司發票工程，如果你願意的話。我們已經發展到的地方是我們已經成為主流，並且我們正在將我們產品套件中的每一個都納入主流。所以這對市場來說非常重要。

So we've got 4 product suites, the Service product suite, the Insights product suite, the Marketing product suite and our Social product suite. And each 1 of those are evolving to a mainstream category. And the easiest way to understand is what we're doing and have done with, frankly, the service space, right? We started with social service. Now we have digital. Now we're in the CCaaS space. So now we're obviously competing with the likes of the Avayas and the Genesyses and a lot of Zendesk and other companies who are in that enterprise space. That's a very large TAM.

所以我們有 4 個產品套件，服務產品套件，洞察產品套件，營銷產品套件和我們的社交產品套件。其中每一個都在發展成為主流類別。坦率地說，最簡單的理解方法是我們正在做的和已經完成的服務空間，對嗎？我們從社會服務開始。現在我們有了數字。現在我們在 CCaaS 領域。因此，現在我們顯然正在與 Avayas 和 Genesyses 以及該企業領域的許多 Zendesk 和其他公司競爭。這是一個非常大的 TAM。

The contact center market, as you know, is about $800 billion, and that's including tech and labor. And as you know, the tech is only a small single-digit percentage effect. What's super exciting is now the -- a good chunk of the $800 billion is at play because AI will actually expand the tech market into -- indeed into the labor cost mitigation opportunity. So we know that's a major market. We know we're doing a replacement sale. We know we have a better product. We know we are AI-based. So it's become easier.

如您所知，聯絡中心市場約為 8000 億美元，其中包括技術和勞動力。如你所知，這項技術只是一個很小的個位數百分比效應。現在超級令人興奮的是——8000 億美元中的很大一部分正在發揮作用，因為人工智能實際上會將技術市場擴展到——實際上是進入降低勞動力成本的機會。所以我們知道這是一個主要市場。我們知道我們正在進行換貨銷售。我們知道我們有更好的產品。我們知道我們是基於人工智能的。所以它變得更容易了。

So a competitive set is involved to a very different group of companies. That's the same thing we're going to do in Marketing. That's the same thing we're doing in Insights, where we're going to be adding more voice of the customer capabilities, as I outlined in the prepared remarks. We have -- increasingly, we're doing deals where the customer is using us as a voice of the customer platform in addition to their survey-based platform. So at some point, it should be obvious that we add surveys, and we are incredibly competitive there.

因此，一組非常不同的公司涉及一組競爭。這與我們在市場營銷中要做的事情是一樣的。這與我們在 Insights 中所做的相同，正如我在準備好的評論中概述的那樣，我們將在 Insights 中添加更多的客戶聲音功能。我們越來越多地進行交易，客戶除了使用基於調查的平台外，還使用我們作為客戶平台的代言人。所以在某些時候，很明顯我們增加了調查，我們在那裡非常有競爭力。

So that's a strategy, and our competitive set will evolve. You know very clear, I've mentioned many, many times that our goal is to become the third or the fourth platform in the enterprise. You go buy Salesforce, such as CRM suite. You go buy Adobe. It takes care of your website and analytics. Microsoft can and should be your stack. And then you have Sprinklr, and that's a platform that unifies it and connects a lot of those other -- replaces a ton of point solution, somewhere between 5 and 25, and connects to the other 3. And that is the stated stack.

所以這是一個戰略，我們的競爭格局將會演變。大家知道的很清楚，我講過很多很多次，我們的目標是成為企業的第三或者第四平台。你去買Salesforce，比如CRM套件。你去買Adobe。它負責您的網站和分析。 Microsoft 可以而且應該成為您的堆棧。然後你有了 Sprinklr，這是一個統一它並連接很多其他平台的平台——取代了大量的點解決方案，介於 5 到 25 之間，並連接到其他 3 個。這就是規定的堆棧。

Let me now switch gears and talk about how we see the cloud providers. Now it's very interesting the way the market is moving. The infrastructure providers are going to keep coming up the stack. And so you'll see the market with the past players, the communication service providers and all of that. I think that's -- they're going to bleed into each other. We're coming from the very top of the app stack. We're a pure-play application player operating system play. That's -- it's all code. It's all software. We have no data aspirations with -- it's all license-based, and it's all part of the architecture. And we're agnostic across channels, and we provide a unified way to communicate across channels and business units.

現在讓我換個話題談談我們如何看待雲提供商。現在市場的走勢非常有趣。基礎設施提供商將不斷湧現。所以你會看到市場上有過去的參與者、通信服務提供商等等。我認為那是 - 他們會互相流血。我們來自應用程序堆棧的最頂端。我們是純粹的應用程序播放器操作系統播放器。那就是——全是代碼。都是軟件。我們沒有數據願望——它都是基於許可的，而且都是架構的一部分。我們跨渠道不可知，我們提供統一的方式來跨渠道和業務部門進行溝通。

So I think they will eventually connect, but right now, it's a great complement to each other. So we see ourselves as great partners to Amazon, great partners to Microsoft, great partners to Google, and we actually do several deals together every quarter. Now obviously, do they bleed into each other a little bit? Yes, possibly. But in the front office, you're going to see everybody bleed into each other. And I think what I would bet on if I were you is a truly platform architecture. Because invoice engineering is pretty tough to pull off over the long run.

所以我認為他們最終會聯繫在一起，但現在，這是一個很好的互補。因此，我們將自己視為亞馬遜的優秀合作夥伴、微軟的優秀合作夥伴、谷歌的優秀合作夥伴，實際上我們每個季度都會一起做幾筆交易。現在很明顯，它們會相互滲入一點嗎？是的，可能。但在前台，你會看到每個人都互相流血。而且我認為，如果我是你，我會賭的是一個真正的平台架構。因為從長遠來看，發票工程很難實現。

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

（操作員說明）我們的下一個問題來自花旗銀行的 Tyler Radke。

I wanted to just ask you about how you're seeing some of the large renewals shape up. I think you talked about some large renewals expected here in Q2. Some of the other larger front-office players have talked about some renewal pressure. We've heard anecdotes of shelfware and seats that have gone undeployed. How are you expecting your renewal rates to trend? And if you could just remind us on the composition of your revenue base that's seats-based or -- versus usage- or interactions-based?

我只想問你，你是如何看待一些大型續約的。我想你談到了第二季度預計會有一些大的更新。其他一些較大的前台人員談到了一些續約壓力。我們聽說過關於未部署的貨架和座位的軼事。您期望您的續訂率趨勢如何？如果你能提醒我們你的收入基礎的構成是基於席位的還是基於使用或交互的？

Okay. So there are 2 questions there. The first 1 is, what are we seeing in our larger deals in terms of renewal? Well, now I'll tell you, once you buy into the Sprinklr approach, we keep growing. And true story now, we have customers who call us first before they go put out an RFP or open it up to a point solution and say, hey, do you guys do this? Because they've bought into -- they've tuned to AI models. They've set up the governance. They've got the analytics. I'll give you an example of a very, very large as a top 5, probably top 3 tech company that expanded their marketing services with us.

好的。所以那裡有2個問題。第一個是，我們在續訂方面的大型交易中看到了什麼？好吧，現在我告訴你，一旦你接受了 Sprinklr 的方法，我們就會繼續發展。現在是真實的故事，我們有客戶在他們提出 RFP 或打開它以提供點解決方案之前先打電話給我們，然後說，嘿，你們這樣做嗎？因為他們已經購買 - 他們已經調整到 AI 模型。他們已經建立了治理。他們有分析。我會給你舉一個例子，一家非常非常大的前 5 名，可能是前 3 名的科技公司與我們一起擴展了他們的營銷服務。

And the idea was there was an agency breach that happened and issue that resulted in ad spend that was not governed and approved. So they just paused spending until everybody got on Sprinklr, so that they can be compliant, right? And so they can have governance and visibility and they can have a global editorial calendar. So I can confirm to you, and you know we had 1 customer that paid us over $15 million. And if you count the number of customers that are paying over $10 million, that's going up as well. And so we will share more details on our Investor Day, but we love what we are seeing at the very top of the market, that we love it. We love that. It's just cementing our position as the third or fourth platform.

當時的想法是發生了代理違規行為，並導致廣告支出不受監管和批准。所以他們只是暫停支出，直到每個人都使用 Sprinklr，這樣他們才能合規，對吧？因此，他們可以擁有治理和可見性，並且可以擁有全球編輯日曆。所以我可以向你確認，你知道我們有一位客戶向我們支付了超過 1500 萬美元。如果你算上支付超過 1000 萬美元的客戶數量，這個數字也在上升。因此，我們將在投資者日分享更多細節，但我們喜歡我們在市場頂端看到的東西，我們喜歡它。我們喜歡那個。它只是鞏固了我們作為第三或第四平台的地位。

Now you also know we've been obsessed unlike many other companies about value delivery in our aspiration to try and build a company that people are going to love. So value delivery is super, super important for us. Everything is backed up by a business case. And so we're not seeing the shelfware compression that you're seeing. We're seeing it as well from -- for -- our customers are telling us they are seeing shelfware compression from other vendors, thankfully. And fortunately, that's not us.

現在你也知道，與許多其他公司不同，我們一直著迷於價值交付，因為我們渴望嘗試建立一家人們會喜歡的公司。因此，價值交付對我們來說非常非常重要。一切都由商業案例支持。因此，我們沒有看到您所看到的貨架壓縮。我們也看到了——因為——我們的客戶告訴我們，他們正在看到其他供應商的貨架壓縮，謝天謝地。幸運的是，那不是我們。

That's helpful. And then are you able to talk about the mix of revenue versus interactions or usage?

這很有幫助。然後你能談談收入與互動或使用的組合嗎？

Yes. So we don't really have any usage-based pricing at the moment. So we'll have flat enterprise products that you buy like some AI SKUs or you have seat-based license that you buy or you have tier-based. Like, for example, our Insights product is based on how much -- what tier of data are you consuming, right? So I don't know whether that qualifies as usage. We think of it as you're buying a license. So it's not like if you don't use all of that, you get money back. But you just jump first into a different tier if you go. So they're committing to a license always, and I think it's a pretty good mix.

是的。所以我們現在真的沒有任何基於使用的定價。因此，我們將擁有您購買的扁平企業產品，例如某些 AI SKU，或者您購買的是基於席位的許可證，或者您擁有基於層級的許可證。例如，我們的 Insights 產品是基於多少——您消耗的是哪一層數據，對嗎？所以我不知道這是否符合使用條件。我們將其視為您購買許可證。所以如果你不使用所有這些，你就不會拿回錢。但是如果你去的話，你只是先跳到一個不同的層。所以他們總是承諾獲得許可，我認為這是一個很好的組合。

Our Insights product's all based on AI and quantity of data that they ingest and process. Our CCaaS is -- again, we have community products and knowledge-based products and other things that are license-based, and then you have the contact center that's seat-based. And we're very open to other pricing models there as well like flat fee and enterprise license models. So it's a healthy mix. I couldn't tell you exactly how that is split.

我們的 Insights 產品全部基於 AI 以及它們攝取和處理的數據量。我們的 CCaaS 是——同樣，我們有社區產品和基於知識的產品以及其他基於許可證的東西，然後你有基於席位的聯絡中心。我們對那裡的其他定價模型以及固定費用和企業許可模型非常開放。所以這是一個健康的組合。我無法確切地告訴你那是如何拆分的。

Okay. No, that's helpful color. So then I wanted to just follow up again on the contact center wins. It sounded like you saw some large ones in the quarter. You talked about some airlines and financial services. Did I hear you correctly that are you -- in those larger deals, are you kind of complementing them initially? In other words, you're not displacing 1 of these large incumbents in terms of the seats. You're kind of complementing with the potential road map or optionality to displace them longer term. Or -- was just curious on those 2 examples, kind of your role.

好的。不，那是有用的顏色。所以我想再次跟進聯絡中心的勝利。聽起來你在這個季度看到了一些大的。你談到了一些航空公司和金融服務。我沒聽錯嗎——在那些較大的交易中，你最初是在補充它們嗎？換句話說，就席位而言，您並沒有取代這些大公司中的任何一個。你有點補充潛在的路線圖或可選性以長期取代它們。或者——只是對這兩個例子感到好奇，你的角色。

Both, both, both, Tyler. So we have -- our typical route is we're the digital care solution that start with social plus digital, right? It used to be social, now social plus digital. And that's where they first kind of see the power of our AI agent productivity, time to respond, all of that gets better very quickly. And I can also confirm that we have several early pilots, conversations, proof of concepts with large wall-to-wall plays. And we're very invested in it, which will be a drag on short-term bookings, right, because these are larger longer-term plays and there's significant people and resources being committed to moving that along.

兩者，兩者，兩者，泰勒。所以我們 - 我們的典型路線是我們是從社交加數字開始的數字護理解決方案，對嗎？它曾經是社交的，現在是社交加數字的。這就是他們首先看到我們 AI 代理生產力、響應時間的力量的地方，所有這些都會很快變得更好。而且我還可以確認我們有幾個早期的試點、對話、概念驗證和大型牆到牆的播放。我們在這方面投入了大量資金，這將拖累短期預訂，對吧，因為這些是更大的長期業務，並且有大量的人員和資源致力於推動這一進程。

Our hope and aspiration is -- we publicly stated is to become a pretty serious material CCaaS player. And so that requires us to kind of overinvest early on. So the fruits of that labor will probably take a few quarters. But we're able to show remarkable business results, Tyler. So that's that -- we know that's the right strategy, and it allows us to put our head down and not think about this quarter or next quarter, but think about the next 3 to 5 years.

我們的希望和願望是——我們公開表示是成為一個非常嚴肅的材料 CCaaS 播放器。因此，這需要我們儘早進行過度投資。因此，這項工作的成果可能需要幾個季度。但我們能夠展示非凡的業務成果，泰勒。就是這樣 - 我們知道這是正確的戰略，它讓我們低下頭，不考慮這個季度或下個季度，而是考慮未來 3 到 5 年。

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

我們的下一個問題來自 Michael Turits 與 KeyBanc 的合作。

This is Michael Vidovic on for Michael Turits. You talked about the early traction you're seeing with the self-service offerings, but is there any indication at this point that it will help you move down market, call it, longer term? Or are you really just seeing these products help you land the 43,000 customer count you talked about earlier?

這是 Michael Turits 的 Michael Vidovic。你談到了你看到的自助服務產品的早期牽引力，但目前是否有任何跡象表明它會幫助你進入市場，稱之為長期？或者您真的只是看到這些產品幫助您獲得了您之前談到的 43,000 名客戶？

Michael, more of the latter. We are not looking to go down market. Let me be very, very clear. So if you are coming to a website, we're actually not contacting anybody who's not in our target list of 43,000 companies. So it's not that people wake up and go find us, right? And some day, we'll be ranked very high in [SEO], but that day is not today. So we're very intentional in terms of driving the audience to our self-serve product, and that is only in our target segment.

邁克爾，更多的是後者。我們不打算進入低端市場。讓我非常非常清楚。因此，如果您要訪問一個網站，我們實際上不會聯繫任何不在我們 43,000 家公司的目標列表中的人。所以不是人們醒了就去找我們，對吧？有一天，我們會在 [SEO] 中排名很高，但那一天不是今天。因此，我們非常有意將觀眾吸引到我們的自助服務產品中，而這僅在我們的目標細分市場中。

So it's not a volume game for us. And our intention, at least I can say in the medium term, is to stay very focused. There is a lot of upside to them in the market we play. So it's not going down market at all.

所以這對我們來說不是一個批量遊戲。至少我可以在中期說，我們的意圖是保持高度專注。在我們參與的市場中，他們有很多優勢。所以它根本不會走下坡路。

Got it. And then just now that we're past May here, any trends or changes between now and Q1 that you'd call out?

知道了。然後就在我們已經過了 5 月的時候，從現在到第一季度之間有什麼趨勢或變化嗎？

Now and -- you mean just in the last month or so?

現在——你是說就在上個月左右？

Right.

正確的。

Look, I think everyone's talking about generating very high. That is super exciting, and I think the awareness of AI broadly is helping us differentiate. And people are paying more attention to performance metrics. Look, I think the noise is going to subside, and the winners will be declared over the next few years. I love what I'm seeing in terms of clients thinking of us as a strategic partner, companies thinking of us as the system (inaudible) companies thinking of us as, hey, you are the -- well, I had a customer that I was speaking to who said to us that they're paying Sprinklr more than they're paying Adobe, and it was very surprising. I'm like, sure, it's just value-based.

看，我想每個人都在談論產生非常高。這太令人興奮了，我認為人工智能的廣泛意識正在幫助我們脫穎而出。人們越來越關注績效指標。看，我認為噪音會平息，獲勝者將在未來幾年內宣布。我喜歡我所看到的客戶將我們視為戰略合作夥伴，公司將我們視為系統（聽不清）公司將我們視為，嘿，你是 - 好吧，我有一個客戶，我正在與誰對我們說他們付給 Sprinklr 的錢比他們付給 Adob​​e 的錢多，這非常令人驚訝。我想，當然，這只是基於價值的。

I'm not saying all companies in all industries. So that's something that I'm personally very excited about being a strategic partner in the C-suite. And I can also tell you that increasingly, we're talking to the C-suite, and we're having a lot less difficulty getting to and holding a conversation and demonstrating a value to a CIO and CMO than we ever did before. Because I think the point solution versus platform, that game is up and people want to consolidate point solutions, and CIOs want to talk to companies who can rip out 5, 10, 20 of those at a time.

我並不是說所有行業的所有公司。因此，我個人對成為 C-suite 的戰略合作夥伴感到非常興奮。而且我還可以告訴你，我們越來越多地與最高管理層交談，與以往相比，我們在進行對話和向 CIO 和 CMO 展示價值方面的困難要小得多。因為我認為單點解決方案與平台的競爭已經結束，人們想要整合單點解決方案，而 CIO 想要與可以一次淘汰 5、10、20 個解決方案的公司交談。

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 與 William Blair 的對話。

Ragy, for you, just on the contact center opportunity, can you just help me understand how you're delineating? What's a contact center deal versus a service deal? Is it where it's sitting, whether it's the marketing team or the service team? Because you've had this product in market for some time. And then just to follow up on that, the growth strategy there, does that focus -- do you see that focusing more on existing Sprinklr customers? Or is this a way to kind of get maybe some of the holdouts onto your platform?

Ragy，對於你來說，就聯絡中心的機會而言，你能幫我了解一下你是如何劃分的嗎？什麼是聯絡中心交易與服務交易？它位於何處，是營銷團隊還是服務團隊？因為您已經在市場上銷售該產品一段時間了。然後只是跟進，那裡的增長戰略，重點是——你是否看到更多地關注現有的 Sprinklr 客戶？或者這是一種讓一些抵制者進入你的平台的方法嗎？

So Arjun, the good news is everything that we're referring to in our service bucket is a seat that's assigned to somebody in the customer service department, okay? So it's almost always in the contact center, but it's real customer service. If you are a marketing user engaging with a customer, you're probably that -- revenue goes under the social bucket or the marketing bucket. So everything we're talking about is service, which is very interesting for us. It's a customer service seat.

所以 Arjun，好消息是我們在服務桶中提到的所有內容都是分配給客戶服務部門某人的席位，好嗎？所以它幾乎總是在聯絡中心，但它是真正的客戶服務。如果您是與客戶互動的營銷用戶，您可能就是這樣——收入屬於社交桶或營銷桶。所以我們談論的一切都是服務，這對我們來說非常有趣。這是一個客戶服務座位。

The second thing I want to point out is, for us, a customer service seat is a customer service seat. So you may choose to activate 5 channels and call it social. You may choose to activate 30 and just do only digital or you may activate voice and go entire contact center. It's all the same for us. And I'll give you a real story with 1 of the largest, the 15,000 seat contact center we implemented at the bank that we talked about before. In the contact center, before Sprinklr, there were a bunch of people with the e-mail customer service capability. So if you e-mail them, hey, I want to increase my credit card limit, they literally would e-mail you back because that's all they could do. They were e-mail agents.

第二個要指出的是，對我們來說，客服席就是客服席。因此，您可以選擇激活 5 個渠道並將其稱為社交渠道。您可以選擇激活 30 只做數字，或者您可以激活語音並進入整個聯絡中心。對我們來說都一樣。我會給你一個真實的故事，其中有一個我們在銀行實施的最大的 15,000 個座位的聯絡中心，我們之前談到過。在聯絡中心，在Sprinklr之前，有一堆人有郵件客服的能力。所以如果你給他們發電子郵件，嘿，我想增加我的信用卡限額，他們真的會回复你，因為他們只能這樣做。他們是電子郵件代理。

And so you would send an e-mail Sunday night, you go to work Monday, that case wouldn't get close until Friday when you come back and send an e-mail to respond. With Sprinklr, this is just -- they came in to this analyst summit and said the story. It was amazing, because now the e-mail agent gets that request, hits the call button, talks to the guy and say, hey, can you submit your proof of income, blah, blah, blah. And that case resolution went from weeks and days to hours and minutes. So you just turn things on and off and you just -- you're buying the exact same capability, which is what we mean by true omnichannel.

所以你會在周日晚上發送一封電子郵件，週一去上班，直到週五你回來並發送電子郵件回复時，這個案子才會結束。對於 Sprinklr，這只是——他們參加了這次分析師峰會並講述了這個故事。這太棒了，因為現在電子郵件代理收到了那個請求，按下呼叫按鈕，與那個人交談並說，嘿，你能提交你的收入證明嗎，等等，等等，等等。案件的解決時間從數周和數天縮短到數小時和數分鐘。所以你只要打開和關閉東西，你就——你購買的是完全相同的功能，這就是我們所說的真正的全渠道。

Understood. All right. That makes sense. And then 1 for Manish. You talked about just some -- maybe some downward pressure on net retention rate coming up in the next few quarters here. Is that -- are you anticipating some renewal headwinds from customers? Maybe just walk us through some of the assumptions that you're baking in there because you did raise the subscription revenue guidance. I'm just trying to square the two.

明白了。好的。這就說得通了。然後 1 代表 Manish。你只談到了一些 - 也許在接下來的幾個季度這裡淨保留率會出現一些下行壓力。那是 - 您是否預計客戶會遇到一些更新逆風？也許只是讓我們了解一些你在那裡烘烤的假設，因為你確實提高了訂閱收入指導。我只是想使兩者平方。

Yes. So we raised the subscription revenue guide for the full year by the full beat of Q1 and the raise for Q2. So I don't think the issue is, are we expected -- expecting any churn. But look, we live in a fairly uncertain macro environment. And I just didn't want investors to start feeling that the 120% was sort of set in stone for the rest of the year. So just trying to be cautious there. And the commentary that I've provided in the prepared remarks will square with the 19% subscription growth rate for the full year. So I think this is us in this period of as we look out over the next 3 quarters, what we are expecting in terms of new business, renewals, all of that captured together is what I was trying to give commentary on.

是的。因此，我們通過第一季度的完整節拍和第二季度的提高提高了全年的訂閱​​收入指南。所以我不認為問題是，我們是否期望 - 期望任何流失。但是看，我們生活在一個相當不確定的宏觀環境中。而且我只是不想讓投資者開始覺得 120% 在今年剩餘時間裡是固定不變的。所以只是想在那裡保持謹慎。我在準備好的評論中提供的評論將與全年 19% 的訂閱增長率保持一致。所以我認為這就是我們在未來 3 個季度展望的時期，我們對新業務、更新的期望，所有這些都集中在一起，這就是我試圖發表評論的內容。

There are no further questions in the queue. I'd like to hand the call back to management for closing remarks.

隊列中沒有其他問題。我想將電話轉回管理層以作結束語。

Well, thank you, operator, and thank you all for joining us today. I'd like to first thank our employees and our partners, and most importantly, our customers for their trust and continued business. We look forward to updating you all again soon as we continue on this exciting journey of creating a new category and aspiring to create the world's most loved enterprise software company. Thank you very much, and have a great evening. Thank you.

好吧，謝謝你，運營商，感謝大家今天加入我們。我首先要感謝我們的員工和合作夥伴，最重要的是，感謝我們的客戶對我們的信任和持續的業務。我們期待著在我們繼續這一激動人心的創建新類別並立志創建世界上最受歡迎的企業軟件公司的旅程時，盡快再次為大家更新。非常感謝，祝您度過一個愉快的夜晚。謝謝。

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。此時您可以斷開線路，度過美好的一天。