Sprinklr Inc (CXM) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Sprinklr Second Quarter Fiscal 2024 Earnings Conference Call.

女士們先生們，感謝你們的支持。歡迎參加 Sprinklr 2024 財年第二季度收益電話會議。

(Operator Instructions)

（操作員說明）

Please be advised that today's conference is being recorded. 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.

請注意，今天的會議正在錄製中。現在我想將會議交給今天的第一位發言者，財務副總裁 Eric Sc​​ro 先生進行介紹性發言。請繼續，埃里克。

Thank you, Doug, and welcome, everyone, to Sprinklr Second Quarter Fiscal Year 2024 Financial Results Call. Joining us today are Ragy Thomas, Sprinklr's Founder and CEO and Manish Sarin, Sprinklr's Chief Financial Officer. We issued our earnings release a short time ago, followed 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.

謝謝 Doug，歡迎大家參加 Sprinklr 2024 財年第二季度財務業績電話會議。今天加入我們的有 Sprinklr 創始人兼首席執行官 Ragy Thomas 和 Sprinklr 首席財務官 Manish Sarin。我們不久前發布了收益報告，並向 SEC 提交了相關的 8-K 表格，並將其與補充投資者介紹一起發佈在我們網站的投資者關係部分。

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公認會計準則財務指標。雖然公司認為這些非公認會計原則財務指標為投資者提供了有用的信息，但這些信息的呈現並不旨在被孤立地考慮或作為根據公認會計原則呈現的財務信息的替代品。您將收到我們的新聞稿和補充投資者介紹，以了解此類措施與公認會計準則的協調一致。

In addition, during today's call, we'll be making forward-looking statements about the business and about the financial results of Sprinklr that involve many assumptions, risks and uncertainties, including our guidance for the third fiscal quarter of 2024 and full fiscal year 2024, our strategy, our product capabilities and our market opportunity, our actual results might differ materially. Any forward-looking statements that we make on this call are based on our beliefs and assumptions as of today, and we disclaim any obligation to update them. For more details on the risks associated with these forward-looking statements, please refer to our filings with the SEC, which are also posted on our website.

此外，在今天的電話會議中，我們將就Sprinklr 的業務和財務業績做出前瞻性陳述，其中涉及許多假設、風險和不確定性，包括我們對2024 年第三財季和2024 年整個財年的指導、我們的戰略、我們的產品能力和我們的市場機會，我們的實際結果可能存在重大差異。我們在本次電話會議中做出的任何前瞻性陳述均基於我們今天的信念和假設，我們不承擔任何更新這些陳述的義務。有關這些前瞻性陳述相關風險的更多詳細信息，請參閱我們向 SEC 提交的文件，這些文件也發佈在我們的網站上。

With that, I'll now turn it over to Ragy.

有了這個，我現在就把它交給拉吉。

Thank you, Eric, and hello, everyone. Thank you for joining us today. We are very pleased that Q2 was another strong quarter that exceeded guidance across all key metrics. Q2 total revenue grew 18% year-over-year to $178.5 million, and subscription revenue grew 23% year-over-year to $163.5 million. With our continued focus on operational efficiency, we generated $21.3 million in non-GAAP operating income for the quarter. Our key focus areas continue to be creating a new category that we call unified CXM, innovating faster than our competitors by harnessing the power of AI and improving our operational efficiencies, while focusing on measurable value for our customers. We are pleased with how Unified-CXM is continuing to evolve as a category, and we are focused on mainstreaming our core product suite across the broader front office.

謝謝你，埃里克，大家好。感謝您今天加入我們。我們很高興第二季度又是一個強勁的季度，所有關鍵指標都超出了指導。第二季度總收入同比增長 18% 至 1.785 億美元，訂閱收入同比增長 23% 至 1.635 億美元。由於我們持續關注運營效率，本季度我們實現了 2130 萬美元的非 GAAP 運營收入。我們的重點關注領域繼續是創建一個我們稱之為統一CXM 的新類別，通過利用人工智能的力量並提高我們的運營效率，比競爭對手更快地進行創新，同時專注於為客戶提供可衡量的價值。我們對 Unified-CXM 作為一個類別的持續發展感到高興，並且我們致力於將我們的核心產品套件納入更廣泛的前台部門的主流。

In my travels around the world last quarter, the best brands in the world are continuing to ask us to help consolidate front-office technologies, reduce their operating costs, help reduce risk, all while bringing people and data together to create better customer experiences. For large and complex enterprise brands, seamless experiences are impossible to create across a multitude of channels, functions, business units and markets that are traditionally operating in silos.

在我上季度環遊世界的過程中，世界上最好的品牌不斷要求我們幫助整合前台技術、降低運營成本、幫助降低風險，同時將人員和數據結合在一起，以創造更好的客戶體驗。對於大型複雜的企業品牌來說，不可能在傳統上各自為政的眾多渠道、職能、業務部門和市場中創建無縫體驗。

Unified-CXM is differentiated at its core with a single -- single-instance AI-powered architecture that simplifies this complexity. It also gives brands access to publicly available conversational and mostly unstructured data in a safe and privacy compliant way that the current CRM and CDP relational databases cannot.

Unified-CXM 的核心在於單一實例 AI 驅動的架構，可簡化這種複雜性。它還使品牌能夠以安全且符合隱私的方式訪問公開的對話數據和大多數非結構化數據，這是當前 CRM 和 CDP 關係數據庫無法做到的。

The second topic on every customer's mind is AI. On the heels of announcing our AI plus integration with OpenAI, we are now excited to announce the integration of the Sprinklr AI+ platform with Google Cloud's Vertex AI. This means that Sprinklr AI+ can now provide brand with even more Generative AI capabilities that are prebuilt for enterprise-level governance, security and data privacy. More importantly, customers will now be able to bring along their own models from OpenAI, Vertex AI, create new ones or integrate them as appropriate with our proprietary AI. We believe that every company will embrace AI eventually. Our (inaudible) is that companies that approach AI as a foundational strategy will win against AI adoptive and AI-enabled companies in the long run.

每個客戶想到的第二個話題是人工智能。繼宣布 AI+ 與 OpenAI 集成之後，我們現在很高興地宣布 Sprinklr AI+ 平台與 Google Cloud 的 Vertex AI 集成。這意味著 Sprinklr AI+ 現在可以為品牌提供更多的生成式 AI 功能，這些功能是為企業級治理、安全和數據隱私而預先構建的。更重要的是，客戶現在可以從 OpenAI、Vertex AI 中引入自己的模型，創建新模型或將其與我們的專有 AI 適當集成。我們相信每家公司最終都會擁抱人工智能。我們（聽不清）認為，從長遠來看，將人工智能作為基本戰略的公司將戰勝採用人工智能和支持人工智能的公司。

As we shared with you during our Investor Day, Generative AI has given our proprietary AI wings, and Sprinklr's AI is the fastest way for customers and prospects to deploy AI across their entire front-office. Third, as we all know, the macro environment continues to be uncertain. However, we are diligently managing within our control with our go-to-market strategy, productivity improvement and execution. This past quarter, we made a few more key hires in the service specialist team to add expertise and depth to selling our contact center offerings. And we continue to provide verticalized solutions to enable quicker time to value and faster deployment. This now includes financial services, airlines, CPG, technology and retail.

正如我們在投資者日期間與您分享的那樣，生成式人工智能為我們專有的人工智能插上了翅膀，而 Sprinklr 的人工智能是客戶和潛在客戶在整個前台部署人工智能的最快方式。第三，眾所周知，宏觀環境仍然存在不確定性。然而，我們正在我們的控制範圍內努力管理我們的市場戰略、生產力提高和執行。上個季度，我們在服務專家團隊中增加了幾位關鍵員工，以增加聯絡中心產品銷售的專業知識和深度。我們繼續提供垂直化解決方案，以實現更快的價值實現和更快的部署。現在包括金融服務、航空公司、消費品、技術和零售。

Regarding our partner ecosystem. We're also encouraged with some of our recent successes including the launch of our new Unified Partners Program. We have integrated several new types of partners, including independent consultants, referral partners and technological solution brokers and business process outsourcing partners. Partners, as you all probably know, are especially critical in the contact center space, and we remain committed to training and onboarding them as rapidly as we can. Two of our largest CCaaS deals in Q2 were both sourced by partners. Furthermore, our technology solution brokers model is showing great momentum, providing us with almost 50 new opportunities in the past 2 months in the contact center space. And finally, we continue to make progress with our self-serve products. We've added dozens of new paying customers through this initiative in Q2.

關於我們的合作夥伴生態系統。我們最近取得的一些成功也讓我們深受鼓舞，包括推出新的統一合作夥伴計劃。我們整合了多種新型合作夥伴，包括獨立顧問、推薦合作夥伴以及技術解決方案經紀人和業務流程外包合作夥伴。正如大家可能知道的那樣，合作夥伴在聯絡中心領域尤其重要，我們仍然致力於盡快對他們進行培訓和入職。第二季度我們最大的兩筆 CCaaS 交易均由合作夥伴採購。此外，我們的技術解決方案經紀人模式正展現出強勁的勢頭，在過去的兩個月里為我們在聯絡中心領域提供了近 50 個新機會。最後，我們的自助產品不斷取得進步。通過第二季度的這一舉措，我們增加了數十個新的付費客戶。

We believe that our investment in self-service products will help us expand access to Sprinklr product and enable companies of all sizes eventually to experience the power of our front office platform with decision-making around product purchases, becoming increasingly democratized, even inside of large companies, a self-service product provides easy access to teams and practitioners who eventually end up recommending it to senior stakeholders within their organization.

我們相信，我們對自助服務產品的投資將幫助我們擴大Sprinklr 產品的使用範圍，並使各種規模的公司最終能夠體驗我們前台平台的力量，圍繞產品購買進行決策，變得越來越民主化，甚至在大型企業內部也是如此。對於公司來說，自助服務產品可以讓團隊和從業者輕鬆訪問，他們最終將其推薦給組織內的高級利益相關者。

With respect to Sprinklr service, we have continued our momentum as a disruptor in the contact center as a service space. Our vision to help customers -- is to help customers transform the contact center from a legacy voice focused cost center to a more efficient AI-powered omnichannel revenue center by unifying it with marketing and sales. Sprinklr's AI-first Unified CCaaS provides its customers and prospects with: one, more seamless, consistent customer experience across channels; two, a lower agent attrition rate; and three, a lower total cost of ownership. During the second quarter, we once again saw several meaningful CCaaS deals closed across all 3 of our primary theaters and the majority of our service deals won were with new logos.

就 Sprinklr 服務而言，我們繼續保持著作為服務領域聯絡中心顛覆者的勢頭。我們幫助客戶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傳統的以語音為中心的成本中心轉變為更高效的人工智能驅動的全渠道收入中心。 Sprinklr 的人工智能優先統一 CCa​​aS 為其客戶和潛在客戶提供： 一個更無縫、一致的跨渠道客戶體驗；二、較低的代理商流失率；第三，較低的總擁有成本。在第二季度，我們再次看到我們所有 3 個主要影院完成了幾筆有意義的 CCaaS 交易，並且我們贏得的大部分服務交易都帶有新徽標。

During the second quarter, we continued to add new customers and expand with existing customers. This includes world-class brands like Deutsche Telekom, LVMH, Novo Nordisk, Toyota and TransUnion. Here are some examples. In Q2, one of the largest technology companies signed a multiyear $60 million-plus ELA agreement, expanding its partnership with Sprinklr across all 4 of our product suites as it drives tech consolidation across its company-wide ecosystem. Sprinklr replaced 2 more competitors this time in the marketing and engagement space, onboarding hundreds of new users to the platform, enabling tighter collaboration between these teams and saving the company significant dollars by replacing point solutions.

第二季度，我們繼續增加新客戶並擴大現有客戶。其中包括德國電信、路威酩軒、諾和諾德、豐田和環聯等世界級品牌。這裡有些例子。第二季度，最大的科技公司之一簽署了一份價值超過 6000 萬美元的多年期 ELA 協議，將與 Sprinklr 的合作夥伴關係擴大到我們所有 4 個產品套件，推動整個公司生態系統的技術整合。 Sprinklr 這次在營銷和互動領域又取代了2 個競爭對手，為該平台引入了數百名新用戶，使這些團隊之間的協作更加緊密，並通過替換單點解決方案為公司節省了大量資金。

The company also added 1,000 new Sprinklr social seats and unlimited listening from Sprinklr Insights. This customer has served the Sprinklr definition partner for our AI product, and we look forward to a continued partnership with them. This past quarter, Deutsche Telekom expanded its partnership with Sprinklr further into the contact center. Europe's largest telco provider, first partnered with us in 2022, when it implemented Sprinklr marketing and Sprinklr service to manage content marketing and social customer service in the German market. As a part of this latest expansion, Deutsche Telekom will move its entire European contact center operation across 11 countries onto Sprinklr's AI-powered customer service platform. Until now, the company's contact centers have each been using its own set of legacy solutions.

該公司還增加了 1,000 個新的 Sprinklr 社交席位以及 Sprinklr Insights 的無限收聽功能。該客戶已為我們的人工智能產品的 Sprinklr 定義合作夥伴提供服務，我們期待與他們繼續合作。上個季度，德國電信將與 Sprinklr 的合作夥伴關係進一步擴展到聯絡中心。歐洲最大的電信提供商於 2022 年首次與我們合作，當時它在德國市場實施了 Sprinklr 營銷和 Sprinklr 服務來管理內容營銷和社交客戶服務。作為最新擴張的一部分，德國電信將把其遍布 11 個國家的整個歐洲聯絡中心業務轉移到 Sprinklr 的人工智能客戶服務平台上。到目前為止，該公司的每個聯絡中心都在使用自己的一套遺留解決方案。

A transition to Sprinklr cloud-based solution will enable them to streamline operations and enhance efficiency, while improving agent workflows and customer experiences. The flexible architecture of Sprinklr's CCaaS solution will enable Deutsche Telekom to integrate its contact center ecosystem across Europe and drive its consolidation and innovation strategy across the region. By the end of next year, the company will have more than 40,000 customer service agents across 11 countries working from one unified platform.

過渡到 Sprinklr 基於雲的解決方案將使他們能夠簡化運營並提高效率，同時改善代理工作流程和客戶體驗。 Sprinklr 的 CCaaS 解決方案的靈活架構將使德國電信能夠整合其整個歐洲的聯絡中心生態系統，並推動其在整個地區的整合和創新戰略。到明年年底，該公司將在 11 個國家擁有超過 40,000 名客戶服務代理，通過一個統一平台開展工作。

Another Sprinklr service win this past quarter is with the company of a different profile than our traditional Global 2000 base. This North American delivery company facilitates same-day delivery of groceries and household essential via its app and website. The company will replace 6-point solutions with Sprinklr's Unified platform. And with help it's over 700 agents to drive a more frictionless experience with customers. Sprinklr Service will power best-in-class customer service to companies' members and shoppers across voice, chat, e-mail, SMS and social in more than 250 metropolitan areas across the U.S. Sprinklr's platform will be integrated into the company's other back-end systems, including their order management tool and will help to future-proof their business by supporting new self-service features like chat and voice bots.

上個季度 Sprinklr 服務的另一項勝利是與我們傳統的 Global 2000 基地不同的公司。這家北美送貨公司通過其應用程序和網站促進雜貨和家庭必需品的當日送貨。該公司將用 Sprinklr 的統一平台取代 6 點解決方案。在 700 多名客服人員的幫助下，為客戶提供更加順暢的體驗。 Sprinklr Service 將為美國 250 多個大都市區的公司會員和購物者提供一流的客戶服務，包括語音、聊天、電子郵件、短信和社交服務。Sprinklr 的平台將集成到公司的其他後端中系統，包括他們的訂單管理工具，並將通過支持聊天和語音機器人等新的自助服務功能來幫助他們的業務面向未來。

Earlier this year, I told you about an exciting first-of-its-kind win in the public center when Sprinklr was selected by the Civil Services and Government Development Bureau of Qatar as its technology partner to transform how the government provides services to and engages with the public. Today, I have another exciting development in the public sector space. This time, the emirate of Ajman, which is in the northern part of the United Arab Emirates. Emirates leadership's futuristic vision is to transform the experience of its citizens, residents and tourists. For this, the Digital Department of Ajman or DDA has been tasked with transforming the citizen and tourist experience across 17 local government entities. DDA selected Sprinklr as its future unified citizen experience management platform, offering government services seamlessly across social, digital and voice channels to more than 500 citizens and residents and more than 300,000 tourists who visit the emirate every year.

今年早些時候，我曾向大家介紹過，Sprinklr 被卡塔爾公共服務和政府發展局選為其技術合作夥伴，以改變政府提供服務和參與的方式，從而在公共中心取得了令人興奮的首個勝利。與公眾。今天，我在公共部門領域取得了另一個令人興奮的進展。這次是位於阿拉伯聯合酋長國北部的阿治曼酋長國。阿聯酋領導層的未來願景是改變公民、居民和遊客的體驗。為此，阿吉曼數字部門（DDA）的任務是改變 17 個地方政府實體的公民和遊客體驗。 DDA 選擇 Sprinklr 作為其未來的統一公民體驗管理平台，通過社交、數字和語音渠道為每年訪問酋長國的 500 多名公民和居民以及超過 300,000 名遊客提供無縫的政府服務。

Before wrapping up, I'd like to take a moment to celebrate our incredible engineering team who make holidays possible. Their speed of innovation and dedication continues to differentiate Sprinklr in the marketplace. In closing, we are pretty pleased with the quarter's results and even more excited about what is to come. We are encouraged by the engagement and the momentum we see from customers and the broader ecosystem. We believe that a unified platform, industry-leading AI and efficient execution will set us apart in helping customers unify their teams, consolidate front office technology, increased productivity, lower cost and mitigate brand risk. We remain committed to our vision of becoming the most loved enterprise software company, innovating for our customers, succeeding with our partners, delivering shareholder value and executing for growth and continued profitability. Thanks to our customers, partners and our employees for their hard work and results. And to all our investors, thank you for believing in the vision.

在結束之前，我想花一點時間來慶祝我們令人難以置信的工程團隊，是他們讓假期成為可能。他們的創新速度和奉獻精神繼續使 Sprinklr 在市場上脫穎而出。最後，我們對本季度的業績非常滿意，對即將發生的事情更加興奮。我們對客戶和更廣泛的生態系統的參與和動力感到鼓舞。我們相信，統一的平台、行業領先的人工智能和高效的執行將使我們在幫助客戶統一團隊、整合前台技術、提高生產力、降低成本和減輕品牌風險方面脫穎而出。我們仍然致力於實現成為最受歡迎的企業軟件公司的願景，為客戶創新，與合作夥伴一起取得成功，為股東創造價值，並實現增長和持續盈利。感謝我們的客戶、合作夥伴和員工的辛勤工作和成果。對於我們所有的投資者，感謝你們相信我們的願景。

I'll now hand over the call to Manish.

我現在將把電話轉給曼尼什。

Thank you, Ragy, and good afternoon, everyone. As you heard from Ragy, we're pleased with this quarter's solid results. For the second quarter, total revenue was $178.5 million, up 18% year-over-year and above the high end of our guidance range. This was driven by subscription revenue of $163.5 million, which grew 23% year-over-year, also above the high end of our guidance range. Professional services revenue for the quarter came in at $15 million, above our guidance of $14 million. Our subscription revenue-based net dollar expansion rate in the second quarter was 120%.

謝謝拉吉，大家下午好。正如您從拉吉那裡聽到的那樣，我們對本季度的穩健業績感到滿意。第二季度總收入為 1.785 億美元，同比增長 18%，高於我們指導範圍的上限。這是由 1.635 億美元的訂閱收入推動的，該收入同比增長 23%，也高於我們指導範圍的上限。本季度的專業服務收入為 1500 萬美元，高於我們 1400 萬美元的指導。第二季度我們基於訂閱收入的淨美元擴張率為 120%。

As we have discussed in the past, the NDE statistic is not something we monitor as part of growing our business, but rather a byproduct, as macroeconomic conditions moderate renewal rates and customer upsells, and as we focus more on new logo acquisition, we expect NDE to decline slightly in the coming quarters. In terms of new logos, we are very pleased with the number of new customers that joined the Sprinklr platform in Q2. This is particularly true with our Sprinklr Service product suite as many of the deals in our Service product suite over the last few quarters have been with new customers. Given our momentum in the CCaaS market and how early we are in targeting this opportunity, we are confident in our ability to add new logos at a healthy clip going forward.

正如我們過去所討論的，NDE 統計數據不是我們作為業務增長的一部分進行監控的數據，而是一種副產品，因為宏觀經濟條件緩和了續訂率和客戶追加銷售，並且隨著我們更加關注新徽標的獲取，我們預計NDE 在未來幾個季度將略有下降。在新徽標方面，我們對第二季度加入 Sprinklr 平台的新客戶數量感到非常滿意。我們的 Sprinklr 服務產品套件尤其如此，因為過去幾個季度我們的服務產品套件中的許多交易都是針對新客戶的。鑑於我們在 CCaaS 市場的勢頭以及我們抓住這一機會的時間有多早，我們對未來以健康的速度添加新徽標的能力充滿信心。

As of the end of the second quarter, we had 120 customers contributing $1 million or more in subscription revenue over the preceding 12 months, an increase of 5 customers sequentially and a 22% increase year-over-year.

截至第二季度末，我們有 120 個客戶在過去 12 個月內貢獻了 100 萬美元或以上的訂閱收入，比上一季度增加了 5 個客戶，同比增長 22%。

Turning to gross margins for the second quarter. On a non-GAAP basis, our subscription gross margins came in at 83% as we continue to drive efficiencies in our cloud operations with total non-GAAP gross margins of 76%. Non-GAAP gross margins for professional services were slightly negative, coming in at minus 2%, but was positive 4% for the first half of the year and ahead of the breakeven estimate we shared last quarter. As we have discussed in the past, we continue to invest in CCaaS delivery capabilities and build out our expertise in that area. We also continue to generate efficiencies in sales and marketing and have shown consistent improvement in sales and marketing efficiency over the last several quarters.

轉向第二季度的毛利率。在非 GAAP 基礎上，我們的訂閱毛利率為 83%，因為我們繼續提高雲運營效率，非 GAAP 總毛利率為 76%。專業服務的非公認會計準則毛利率略有負值，為-2%，但今年上半年為正值 4%，高於我們上季度分享的盈虧平衡預期。正如我們過去所討論的，我們將繼續投資 CCaaS 交付能力並增強我們在該領域的專業知識。我們還繼續提高銷售和營銷效率，並在過去幾個季度中顯示出銷售和營銷效率的持續改善。

Non-GAAP sales and marketing expense in the second quarter now stands at 41% of revenues compared to 52% in Q2 of last year. Non-GAAP R&D costs increased sequentially in the second quarter as we onboard our annual cohort of new R&D engineers every summer from leading universities in India, but held steady at 11% of total revenue for the quarter.

第二季度非 GAAP 銷售和營銷費用目前佔收入的 41%，而去年第二季度為 52%。由於我們每年夏天從印度頂尖大學聘請年度新研發工程師，非 GAAP 研發成本在第二季度連續增加，但穩定在本季度總收入的 11%。

Turning to profitability for the quarter. Non-GAAP operating income was $21.3 million resulting in non-GAAP net income of $0.10 per basic share. This 12% non-GAAP operating margin for the quarter was a result of revenue over performance, improved subscription gross margins coupled with broad-based expense discipline and is the fourth consecutive quarter of non-GAAP profitability.

轉向本季度的盈利能力。非 GAAP 營業收入為 2130 萬美元，非 GAAP 淨利潤為每股基本股 0.10 美元。本季度 12% 的非 GAAP 營業利潤率是收入超過業績、訂閱毛利率提高以及廣泛的費用紀律的結果，並且是連續第四個季度實現非 GAAP 盈利。

Lastly, on the topic of profitability. For the second consecutive quarter, we posted positive GAAP net income totaling $10.5 million or $0.04 per basic share. In terms of free cash flow, we generated $8.7 million during the second quarter compared to free cash flow generation of $1.4 million in the same period last year. Recall on the Q1 earnings call, we had alluded to a large annual payment to one of the public cloud vendors as the reason for expecting negative free cash flow in Q2. However, during the quarter, we were able to renegotiate a set of more favorable payment terms. With this result in Q2, our free cash flow generation during the first half of this year now stands at $23 million, higher than what we had generated during the entirety of last year.

最後，關於盈利能力的話題。我們連續第二個季度公佈了 GAAP 淨利潤，總計 1,050 萬美元，即每股基本股 0.04 美元。在自由現金流方面，我們第二季度產生了 870 萬美元的自由現金流，而去年同期的自由現金流為 140 萬美元。回想一下，在第一季度的財報電話會議上，我們曾提到，我們預計第二季度自由現金流為負的原因是向一家公共雲供應商支付了大量年度費用。然而，在本季度，我們能夠重新協商一系列更優惠的付款條件。根據第二季度的結果，我們今年上半年的自由現金流生成量目前為 2300 萬美元，高於去年全年的生成量。

Our balance sheet remains healthy, now standing at $628.4 million in cash and marketable securities with no debt outstanding. Calculated billings for the second quarter were $179.2 million, an increase of 19% year-over-year. Q2 billings benefited from several million dollars more of early renewals than we had anticipated. As of the end of Q2, total remaining performance obligations or RPO, which represents revenue from committed customer contracts that has not yet been recognized was $806.4 million, up 35% compared to the same period last year, and cRPO was $510.4 million, up 22% year-over-year. The strength in RPO is driven by multiyear renewals at some of our largest customers that closed during the quarter as well as multiyear Sprinklr Service deals. This is a testament of the commitment that some of the largest, most recognized brands around the world are making with Sprinklr.

我們的資產負債表保持健康，目前現金和有價證券為 6.284 億美元，沒有未償債務。第二季度的計算賬單為 1.792 億美元，同比增長 19%。第二季度的賬單受益於早期續訂，比我們預期的多了數百萬美元。截至第二季度末，剩餘履約義務總額或 RPO（代表尚未確認的已承諾客戶合同收入）為 8.064 億美元，比去年同期增長 35%，cRPO 為 5.104 億美元，增長 22% ％ 一年又一年。 RPO 的強勁勢頭是由本季度關閉的一些最大客戶的多年續約以及多年 Sprinklr 服務交易推動的。這證明了全球一些最大、最知名的品牌與 Sprinklr 做出的承諾。

Moving now to our Q3 and full year FY '24 non-GAAP guidance and business outlook. As you heard today, long-term demand trends and engagement for Sprinklr remains 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. For Q3 FY '24, we expect total revenues to be in the range of $179 million to $181 million, representing 14% growth year-over-year at the midpoint. Within this, we expect subscription revenue to be in the range of $164 million to $166 million, representing 18% growth year-over-year at the midpoint.

現在轉向我們的第三季度和 24 財年全年非 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仍然強勁。然而，我們認識到宏觀經濟環境仍然存在不確定性。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。對於 24 財年第三季度，我們預計總收入將在 1.79 億美元至 1.81 億美元之間，中間值同比增長 14%。其中，我們預計訂閱收入將在 1.64 億美元至 1.66 億美元之間，中間值同比增長 18%。

We expect non-GAAP operating income to be in the range of $15 million to $17 million and non-GAAP net income per share of $0.06 to $0.07 per share, assuming 274 million basic shares outstanding. The slight decrease in non-GAAP operating income sequentially can be attributed to the seasonal hiring in R&D, whose full impact is felt in Q3 as well as our ongoing investments in Sprinklr Service product delivery. For the full year FY '24, we are raising and tightening both our subscription and total revenue outlook for the year. We now expect subscription revenue to be in the range of $658 million to $660 million, representing 20% growth year-over-year at the midpoint. This is an increase of $8 million at the midpoint, which is greater than the full magnitude of the Q2 beat and the subscription revenue guidance raise for Q3.

假設已發行基本股為 2.74 億股，我們預計非 GAAP 營業收入將在 1500 萬至 1700 萬美元之間，非 GAAP 每股淨利潤將在 0.06 至 0.07 美元之間。非 GAAP 營業收入連續小幅下降可歸因於研發部門的季節性招聘，其全面影響將在第三季度感受到，以及我們對 Sprinklr 服務產品交付的持續投資。對於 24 財年全年，我們正在提高並收緊今年的訂閱量和總收入預期。我們目前預計訂閱收入將在 6.58 億美元至 6.6 億美元之間，中間值同比增長 20%。中間增加了 800 萬美元，高於第二季度的整體增幅和第三季度訂閱收入指導的增幅。

As we discussed in 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 products. These transitions have now picked up steam and are happening faster than what we had previously anticipated. As such, we now expect professional services revenue of approximately $30 million for the second half of FY '24, split evenly between Q3 and Q4 so approximately $15 million per quarter.

正如我們在之前的財報電話會議中討論的那樣，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，我們還圍繞交付產品套件培育合作夥伴生態系統，以便我們期望我們的服務交付合作夥伴能夠承擔交付產品所附帶的更大比例的服務收入。這些轉變現在已經加速，並且發生的速度比我們之前預期的要快。因此，我們現在預計 24 財年下半年的專業服務收入約為 3000 萬美元，第三季度和第四季度平均分配，因此每季度約為 1500 萬美元。

We also expect non-GAAP gross margin for professional services to be approximately negative $2.5 million in each of Q3 and Q4, driven by investments in Sprinklr Service product delivery as we continue to scale that business. Given this, we expect total revenue to be in the range of $719 million to $721 million for the full year FY '24, representing 16% growth year-over-year at the midpoint. One way to internalize this guide is from the perspective of the 20% subscription revenue growth year-over-year, which is being dragged down by the approximately 13% decline in professional services compared to the full year FY '23.

我們還預計，隨著我們繼續擴大 Sprinklr Service 產品交付的投資，專業服務的非 GAAP 毛利率將在第三季度和第四季度分別約為負 250 萬美元。鑑於此，我們預計 24 財年全年總收入將在 7.19 億美元至 7.21 億美元之間，中間值同比增長 16%。理解本指南的一種方法是從訂閱收入同比增長 20% 的角度來看，而與 2023 財年全年相比，專業服務下降了約 13%，拖累了這一增長。

Similar to last quarter, we have included a bridge slide for our revenue guidance which can be found on the investor presentation currently posted on our Investor Relations website. For the full year FY '24, we are raising and tightening our non-GAAP operating income estimate to now be in the range of $65 million to $67 million equating to a non-GAAP net income per share of $0.30 to $0.31 assuming 273 million basic weighted average shares outstanding. This implies an approximately 9% non-GAAP operating margin at the midpoint. Note the increase of $13 million at the midpoint is greater than the full beat for Q2 and the accompanying operating income raise for Q3.

與上季度類似，我們為收入指引提供了一張過渡幻燈片，您可以在我們投資者關係網站上當前發布的投資者演示文稿中找到該幻燈片。對於24 財年全年，我們提高並收緊了非GAAP 營業收入預期，目前為6500 萬美元至6700 萬美元，相當於假設2.73 億美元基本收入，非GAAP 每股淨利潤為0.30 美元至0.31 美元。加權平均已發行股票。這意味著非 GAAP 營業利潤率中值約為 9%。請注意，中點 1300 萬美元的增幅大於第二季度的全面增幅以及隨之而來的第三季度營業收入增幅。

In deriving the net income per share for modeling purposes, we estimate $24 million in interest income for the full year with $6 million of that to be earned here in Q3. Furthermore, a $6 million total tax 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 Q3. And given the performance through the first half of the year, we expect to be GAAP net income positive for every quarter as well as for the full year FY '24, consistent with our comments on the past few earnings calls.

在出於建模目的推導每股淨利潤時，我們估計全年利息收入為 2400 萬美元，其中 600 萬美元將在第三季度賺取。此外，24 財年全年 600 萬美元的總稅收撥備需要添加到剛剛提供的非 GAAP 營業收入範圍中。我們估計第三季度的稅收準備金為 250 萬美元。鑑於今年上半年的業績，我們預計每個季度以及 24 財年全年的 GAAP 淨利潤將為正，這與我們對過去幾次財報電話會議的評論一致。

As I alluded to earlier, we had several million dollars worth of early renewals in Q2 than expected. This will impact Q3 billings, which is already our seasonally slowest billings quarter. As such, we estimate Q3 billings to be in the mid-$150 million range. For the full year FY '24, however, we expect billings to grow approximately 18% year-over-year, which would equate to around $780 million for the full year. And consistent with our prior commentary, we expect to be solidly free cash flow positive on a full year basis.

正如我之前提到的，我們在第二季度的提前續約金額超出了預期，價值數百萬美元。這將影響第三季度的賬單，這已經是我們季節性賬單最慢的季度。因此，我們預計第三季度的營收將在 1.5 億美元左右。然而，我們預計 24 財年全年的賬單將同比增長約 18%，相當於全年約 7.8 億美元。與我們之前的評論一致，我們預計全年自由現金流將穩定為正。

Lastly, I would like to thank all our employees for their dedication and passion for what we are building at Sprinklr. I'm also grateful for the confidence that our customers have placed in us during these uncertain times. We remain focused on building a track record of successful execution and operating discipline across the business.

最後，我要感謝所有員工對 Sprinklr 建設的奉獻和熱情。我還感謝客戶在這些不確定的時期對我們的信任。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?

接下來，讓我們開始提問。操作員？

(Operator Instructions)

（操作員說明）

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

我們的第一個問題來自 Pinjalim Bora 與摩根大通的關係。

And congrats on a very strong quarter. Ragy, it seems like you're starting to close some material CCaaS wins. I want to ask you if AI is becoming kind of a core decisioning factor for customers because you have been investing in AI for quite some time, you have a very strong foundation. But is that becoming, at this point, a decisioning factor for customers, especially in the CCaaS market to choose Sprinklr versus others?

並祝賀一個非常強勁的季度。 Ragy，看起來您已經開始接近 CCaaS 的一些實質性勝利。我想問你，人工智能是否正在成為客戶的核心決策因素，因為你已經投資人工智能很長一段時間了，你有非常堅實的基礎。但這是否會成為客戶（尤其是在 CCaaS 市場）選擇 Sprinklr 而非其他產品的決定因素？

Well, let me -- thank you, Pinjalim. There are 3 distinct reasons that we see when customers do pretty extensive process and pick Sprinklr for their CCaaS solution. The first is the fact that we give them a unified platform with 13 products in it that work seamlessly at the architecture level with each other as opposed to point solutions that they have to buy or acquisitions that other competitors offer not in a unified way. Second is the power of AI in everything we do. And it's not just a smart response or a smart routing, pretty much every component in Sprinklr is built with AI and is brought together to create a better experience for the agent and a better experience for the customer.

好吧，讓我——謝謝你，Pinjalim。當客戶進行相當廣泛的流程並選擇 Sprinklr 作為他們的 CCaaS 解決方案時，我們發現有 3 個明顯的原因。首先，我們為他們提供了一個包含 13 種產品的統一平台，這些產品在架構級別上彼此無縫協作，而不是他們必須購買或收購其他競爭對手以非統一方式提供的單點解決方案。其次是人工智能在我們所做的一切事情中的力量。它不僅僅是智能響應或智能路由，Sprinklr 中的幾乎每個組件都是用 AI 構建的，並且匯集在一起​​為代理和客戶創造更好的體驗。

Third is very simple on proof-of-concepts demonstrably we're able to show value for the business, we're able to bring the cost of technology down, we're able to improve the average handling time, we're able to improve the time to resolve an issue, and we're able to improve NPS scores. So it's like a triple win. Customers are happier, your agents are happier and your company is happier because it's making more money and saving more money.

第三，概念驗證非常簡單，我們能夠證明我們能夠展示業務價值，我們能夠降低技術成本，我們能夠提高平均處理時間，我們能夠縮短解決問題的時間，我們就能提高 NPS 分數。所以這就像三重勝利。客戶更快樂，您的代理商更快樂，您的公司也更快樂，因為它賺了更多錢並節省了更多錢。

Yes. Understood. One question for Manish. The strength in RPO is obviously palpable. You talked about some early -- or some renewals as well as some large deals. But is there -- I want to ask you if there's a meaningful expansion in the contract durations, which is kind of inflating the year-over-year growth rate? Any way to think about that?

是的。明白了。有一個問題要問曼尼什。 RPO 的力量顯而易見。您談到了一些早期或一些續約以及一些大型交易。但是，我想問你，合同期限是否有有意義的延長，這是否會抬高同比增長率？有什麼辦法可以考慮一下嗎？

Yes. And I think we did call out the fact that, look, our growth in RPO is because several large customers renewal on a multiyear basis. But those are the ones you'd remember from even a few years ago, we had them do multiyear billings. So that hasn't happened this time. We are sticking to annual billings. When I called out on the billing side that there were select customers that renewed early, that was only to make sure that as you think about your Q3 billings, you do take that into account.

是的。我認為我們確實指出了這樣一個事實：看，我們 RPO 的增長是因為幾個大客戶在多年的基礎上續約。但這些是你幾年前就記得的，我們讓他們做多年帳單。所以這次沒有發生這種情況。我們堅持按年度計費。當我在賬單方面指出有一些精選客戶提前續訂時，這只是為了確保您在考慮第三季度賬單時確實考慮到這一點。

But I think macro, if you just step back, we're seeing strength in renewal activity, as shown in the multiyear RPO renewals, RPO numbers as well as our sense around overall billings for the year.

但我認為，從宏觀角度來看，我們會看到續訂活動的強勁勢頭，如多年 RPO 續訂、RPO 數字以及我們對今年總體賬單的感覺所示。

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

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

This is Frank on for Raimo. Congrats on another strong quarter here. I just want to double-click on the new customer addition trends that you mentioned. Have we really started to see the investments made into speeding up the time to value for new customers start to pay dividends? Or is CCaaS really the major driver here in the new customer strike?

這是萊莫的弗蘭克。祝賀又一個強勁的季度。我只想雙擊您提到的新客戶添加趨勢。我們是否真的開始看到為加快新客戶價值而進行的投資開始帶來紅利？或者說，CCaaS 真的是新客戶罷工的主要驅動力嗎？

I would vote CCaaS is definitely is a growth driver for us. But we have been investing consistently in making the technology more accessible and more approachable and easier to use for practitioners. So as you may recall, we've created an entire new UX design paradigm that we call Hyperspace. We've rolled it out across the entire platform. Number two, we've introduced the concept of Persona Apps, so you just only see the stuff that's relevant to you regardless of all the other powerful things the platform can do. And three, you know that we've been systematically rolling out our offerings in a self-service mode so that a practitioner can go get a hands on key bot and experience it, and then come back and buy the enterprise product to continue using it. So I would say it's both. And I think it's pretty refreshing for the practitioner to get a next-generation UI on their hands.

我認為 CCaaS 絕對是我們的增長動力。但我們一直在不斷投資，讓技術對從業者來說更容易獲得、更平易近人、更容易使用。您可能還記得，我們創建了一個全新的用戶體驗設計範式，我們稱之為“超空間”。我們已將其推廣到整個平台。第二，我們引入了角色應用程序的概念，因此您只能看到與您相關的內容，而不管該平台可以執行的所有其他強大功能。第三，您知道我們一直在以自助服務模式系統地推出我們的產品，以便從業者可以去接觸關鍵機器人並體驗它，然後回來購買企業產品以繼續使用它。所以我想說兩者兼而有之。我認為對於從業者來說，獲得下一代用戶界面是相當令人耳目一新的。

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

我們的下一個問題來自阿瓊·巴蒂亞 (Arjun Bhatia) 和威廉·布萊爾 (William Blair) 的對話。

Yes. And congrats on the good quarter here, guys. Maybe I want to pick up on that last point around self-service and ease of use. It seems like you are making quite a bit of progress there, Ragy, to the points that you just called out. But what is that enabling from a business perspective? Can you just talk about -- obviously, we see the new customer strength, but is it allowing you to go after a different type of customer? Allowing you to do more deals in a shorter period of time? Help us maybe understand a little bit more of the business ramification and benefits that you're seeing now that's helped -- or ease of use and implementation has gotten better?

是的。伙計們，祝賀這個季度的美好表現。也許我想談談關於自助服務和易用性的最後一點。 Ragy，就您剛才指出的點而言，您似乎已經取得了相當大的進展。但從商業角度來看，這能帶來什麼？您能否談談——顯然，我們看到了新的客戶力量，但這是否允許您追求不同類型的客戶？讓您在更短的時間內完成更多交易？幫助我們更多地了解您現在看到的有幫助的業務影響和好處，或者易用性和實施​​變得更好？

Sorry, let me just understand the question clearly, Arjun. Are you asking what's supporting our growth or what benefits -- incremental benefit we're bringing to the customer?

抱歉，讓我清楚地理解這個問題，阿瓊。您是在問什麼在支持我們的增長，或者什麼好處——我們為客戶帶來的增量好處？

No, sorry, more about what's supporting your growth and how you're able to manage and run the business, drive growth differently now that implementation is easier and time to value is quicker? What does that enable from a growth perspective incrementally?

不，抱歉，更多關於什麼支持您的增長，以及您如何能夠管理和運營業務，以不同的方式推動增長，因為實施更容易，價值實現時間更快？從增量增長的角度來看，這會帶來什麼？

Sure. So there are 2 factors that are helping us. One is obviously strategy to add voice and get into the broader CCaaS space, which, as you know, is a huge market, right, $800 billion market, which technology is not going to just replace technology. I think it's going to replace and scale the human labor. So I think for the first time, a bigger chunk of that $800 billion, which includes human labor is also applied. So that's obviously, I think, as we disrupt that market, that puts us in a good place to grow. Two is we've been very consistent in articulating that we have a focus on our go-to-market side just fixing the fundamentals and making it easier for our salespeople in the field to understand and sell the solution better. And that's going to take a few more quarters to completely roll out, but we're pretty pleased with the results we're seeing so far.

當然。所以有兩個因素對我們有幫助。其中之一顯然是增加聲音並進入更廣泛的 CCaaS 領域的策略，正如您所知，這是一個巨大的市場，對吧，價值 8000 億美元的市場，該技術不會僅僅取代技術。我認為它將取代並擴大人類勞動力。因此，我認為這 8000 億美元中的很大一部分（其中包括人力）也首次得到應用。我認為，顯然，當我們擾亂這個市場時，這使我們處於一個良好的增長空間。二是我們一直非常一致地闡明，我們的重點是進入市場方面，只是修復基本原理，並使我們的現場銷售人員更容易更好地理解和銷售解決方案。這還需要幾個季度才能完全推出，但我們對迄今為止看到的結果非常滿意。

Okay. That's helpful. Perfect. And then Manish, can you touch on the go-to-market leverage that you saw this quarter because we saw a pretty significant improvement in sales and marketing spend. I think the dollars actually went down from Q1. Can you help us understand what's driving that? And should we view that as sustainable? Or is there -- are there some onetime factors in there?

好的。這很有幫助。完美的。然後，Manish，您能否談談本季度看到的進入市場槓桿，因為我們看到銷售和營銷支出有了相當顯著的改善。我認為美元實際上比第一季度有所下降。您能幫助我們了解是什麼推動了這一趨勢嗎？我們應該認為這是可持續的嗎？或者其中是否存在一些一次性因素？

[Can] you notice, if you looked at a 4 quarter trend, it's sort of been headed in the right direction. There isn't anything unusual to call out in Q1, all the factors I think we've discussed in the past, we actually have been really aligning the sales team around the core focus areas, Ragy has mentioned before about making it easier to sell, (inaudible) partners in a different fashion as well. So I think all of this is as we try to look at incremental costs that we probably had in the plan, we've been more judicious about spending money than what we've been doing in the past. So nothing unusual to call out. But I think you should assume the savings you're seeing sequentially to sort of sustain.

[你能注意到嗎？如果你觀察一下第四季度的趨勢，就會發現它正朝著正確的方向發展。第一季度沒有什麼不尋常的地方，我認為我們過去討論過的所有因素，我們實際上一直在圍繞核心重點領域調整銷售團隊，拉吉之前提到過讓銷售變得更容易，（聽不清）也以不同的方式合作。因此，我認為所有這些都是當我們試圖考慮計劃中可能存在的增量成本時，我們在花錢方面比過去更加明智。所以沒有什麼不尋常的地方。但我認為你應該假設你所看到的節省可以持續下去。

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。

This is Fiona on for Elizabeth Porter. I wanted to ask on the dynamics that you're seeing with large customers. We saw $1 million-plus subscription revenue customers grew 22% year-over-year. And so my question is, what are you seeing at the enterprise end of the market in terms of willingness to take on strategic projects? How are conversations around expansion of this end going as we start to look ahead into enterprise budget planning season in the second half of this year?

這是伊麗莎白·波特的菲奧娜。我想問一下您所看到的大客戶的動態。我們看到訂閱收入超過 100 萬美元的客戶同比增長了 22%。所以我的問題是，您對市場的企業端承擔戰略項目的意願有何看法？當我們開始展望今年下半年的企業預算規劃季時，圍繞這一目標擴展的討論進展如何？

Thanks for the question, Elizabeth. We -- as we've articulated before, we're seeing a very consistent theme and trend, especially in large -- among our larger customers of consolidating crosspoint solutions into platforms. And this theme of the marketing team or the customer service team not being able to run 10, 15, 20 RFPs and then go higher system integration vendor and then create data lakes. And it's just to our cake. And so there's a pronounced shift to having and wanting let's say, 3 to 4 companies to work together to provide a more complete front-office capability set. And so I think we're enjoying the benefits of being that one of the options to consolidate onto. So when we go and replace anywhere from sometimes 5, sometimes 15 and 20 over the years, different point solutions in different markets. So we're positioning ourselves at the third or fourth vendor and benefiting from that consolidation.

謝謝你的提問，伊麗莎白。正如我們之前所闡明的，我們看到了一個非常一致的主題和趨勢，尤其是在我們的大客戶中，將交叉點解決方案整合到平台中。營銷團隊或客戶服務團隊無法運行 10、15、20 個 RFP，然後轉向更高的系統集成供應商，然後創建數據湖。這只是為了我們的蛋糕。因此，出現了明顯的轉變，即擁有並希望 3 到 4 家公司合作提供更完整的前台功能集。因此，我認為我們正在享受成為整合選項之一的好處。因此，多年來，當我們去更換任何地方時，有時是 5 個，有時是 15 個，有時是 20 個，不同市場的不同單點解決方案。因此，我們將自己定位為第三或第四供應商，並從這種整合中受益。

And one follow-up to that. How do you make this transition and start to benefit from these consolidation trends that you're talking about? Are you seeing any changes in the persona that you're selling to? So when you think about the traditional Sprinklr the buyer of the carrier solution is not necessarily the same as the CCaaS solution. And so I'm curious how that's changing the end conversations that you have with the ultimate buyer for who you're selling to?

還有一個後續行動。您如何實現這一轉變並開始從您所談論的這些整合趨勢中受益？您是否發現您的銷售對像有任何變化？因此，當您考慮傳統 Sprinklr 時，運營商解決方案的購買者不一定與 CCaaS 解決方案相同。所以我很好奇這會如何改變您與最終買家之間的最終對話？

Great question. So we have been steadily seeing shipped out traditional buyer with the CMO's -- organization of the CMO with our expansion into CCaaS, that's expanded to include the CIO, CTIO organization. So we are more broadly penetrating the C-suite everybody from CMO to a CTO to now the CIO.

很好的問題。因此，我們一直在穩步看到傳統買家與 CMO 的合作——CMO 組織隨著我們擴展到 CCaaS，其中包括 CIO、CTIO 組織。因此，我們正在更廣泛地滲透到從首席營銷官（CMO）到首席技術官（CTO）再到現在的首席信息官（CIO）的高管層中的每個人。

Our next question comes from the line of Brett Knoblauch with Cantor Fitzgerald.

我們的下一個問題來自布雷特·諾布勞赫（Brett Knoblauch）和康托·菲茨杰拉德（Cantor Fitzgerald）的對話。

The multiyear $60 million contract, could you maybe provide a bit more color on that? I guess, how many years -- how much bigger of an annualized value is the new contract relative to the old one? And then more generally, just on the expansion notion, are you seeing your customers expand more so with additional seats from maybe social? Or is it more driven by new product expansion with maybe your CCaaS solution?

價值 6000 萬美元的多年合同，你能提供更多的信息嗎？我猜，新合同相對於舊合同的年化價值是多少年？然後更一般地說，就擴展概念而言，您是否看到您的客戶通過社交媒體的額外席位而擴展得更多？或者它更多地是由您的 CCaaS 解決方案的新產品擴展驅動的？

Thank you. So in this case, I can confirm that there was a material upsell in it. So this is, again, as you would guess, one of our larger customers who at the end of the term, again, had more to buy and wanted to buy more. So that's the answer to question number one.

謝謝。因此，在這種情況下，我可以確認其中存在材料追加銷售。因此，正如您所猜想的那樣，這又是我們的一位大客戶，在期限結束時，他們再次有更多要購買並且想要購買更多。這就是第一個問題的答案。

Question number two, are they buying more seats and more products? They are buying both. So in this particular case, we continue to believe that we have list price of $25 million to $30 million of product payload that a large company can buy if you want to deploy us across business units and across markets. In this case, they've already bought all 4 product suites and most of our products. So some were in ELA mode. So like we pointed out this time listening is unlimited for the Insights product suite. And so what we're seeing is where the products are not unlimited in the ELA, they're expanding more seats. We talked about 1,000 more seats in social. But it's not restricted to social, it's more seats, more consumption an expanded license. And at some point, we expect these to end in unlimited use for most of our products.

第二個問題，他們是否購買更多座位和更多產品？他們兩個都買。因此，在這種特殊情況下，我們仍然相信，如果您想跨業務部門和跨市場部署我們，大公司可以購買 2500 萬至 3000 萬美元的產品有效負載標價。在這種情況下，他們已經購買了全部 4 個產品套件和我們的大部分產品。所以有些人處於 ELA 模式。就像我們這次指出的那樣，Insights 產品套件的收聽是無限的。因此，我們看到 ELA 中的產品並非無限，他們正在擴大更多席位。我們討論了在社交領域增加 1,000 個席位。但這並不局限於社交領域，而是更多的座位、更多的消費和擴大的許可。在某些時候，我們預計這些將最終在我們的大多數產品中得到無限制的使用。

Perfect. And maybe if I can just follow up with 1 question. I guess how frequently do you guys -- I guess, do customers do an ELA with you guys or one of the first ELA deployments you guys have done? Or do you see this trend kind of continuing as we go forward?

完美的。也許我可以跟進 1 個問題。我想你們多久一次——我想，客戶是否與你們一起進行 ELA 或你們進行的第一個 ELA 部署？或者您認為這種趨勢會隨著我們的發展而持續下去嗎？

It's infrequent. That's something that we want to get to eventually. So this is a customer who's been with us for over 10 years. Brett, as you know we -- our sales approach is traditionally and currently being bottoms up. So we like to get in with -- in a market for the product suite, one of our offerings and then build credibility and go bottom up. So it's typically a multiyear journey, and its builds momentum is bottom up success -- is embraced by an executive who sees the overarching ability to unify and get better business outcomes.

這種情況並不常見。這是我們最終想要實現的目標。這位客戶已經與我們合作超過 10 年了。布雷特，正如你所知，我們的銷售方式傳統上是自下而上的，目前也是如此。因此，我們希望進入產品套件市場，我們的產品之一，然後建立信譽並自下而上。因此，這通常是一個多年的旅程，其建立的動力是自下而上的成功——受到一位高管的歡迎，他們看到了統一併獲得更好業務成果的總體能力。

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

我們的下一個問題來自 KeyBanc 的 Michael Turits。

Solid quarter. I want to ask some more questions about self-service. So first, a couple, the self-service deals that you've done or where they've taken self-service, is that primarily in land or expand? And what customers -- what have been the customer sizes versus relative to your typical customer sizes? And then I have 2 more details around that same question.

堅實的季度。我想再問一些有關自助服務的問題。首先，您已經完成的自助服務交易或他們在哪裡提供自助服務，主要是在土地還是擴張方面？哪些客戶——相對於您的典型客戶規模而言，客戶規模是多少？然後我還有關於同一問題的另外兩個細節。

Sure. Sure, Michael. So self-service for us has been a strategy to make sure that we have our defenses lined up, right? To make sure that no one is attacking us from downstream in the long run. In the short run, our focus has been trying to give the practitioner more exposure to the power of Sprinklr get hands on key bot. And you know that we're very, very solidly focused our target ICP, ideal customer profile -- on our ICP, and we've identified 43,000 companies fitting that profile in our target market.

當然。當然，邁克爾。因此，自助服務對我們來說是一種確保我們做好防禦措施的策略，對嗎？確保從長遠來看沒有人從下游攻擊我們。從短期來看，我們的重點是讓從業者更多地接觸到 Sprinklr 掌握關鍵機器人的強大功能。您知道，我們非常非常堅定地專注於我們的目標 ICP，即理想的客戶檔案 - 我們的 ICP，並且我們已經在我們的目標市場中確定了 43,000 家符合該檔案的公司。

So our strategy has been making these products available for everyone, they can go sign up. but directing our marketing and advertising and outreach only to those 43,000 companies. And we only follow up and encourage when customer is fit our target profile. And 1 of 2 things happen as they come in. Usually, sometimes it's like a small team that wants to try it for a bit, and they can do so. And many times, which we're seeing -- what we're hoping to see and what we're seeing is they try it and they realize that, okay, this is a powerful and easy to use, and they talk to a sales team and buy the enterprise version. We are beginning to see now again, this is as most things strategic like this, it's going to take several quarters, but every quarter, we're seeing increasing green shoots come from this approach. And we're very encouraged by how it's progressing.

所以我們的策略是讓每個人都可以使用這些產品，他們可以去註冊。但我們的營銷、廣告和宣傳活動僅針對這 43,000 家公司。我們只會在客戶符合我們的目標情況時進行跟進和鼓勵。當他們進來時，就會發生兩件事中的一件。通常，有時就像一個小團隊想要嘗試一下，他們可以這樣做。很多時候，我們看到 - 我們希望看到的，我們看到的是他們嘗試了，他們意識到，好吧，這是一個功能強大且易於使用的產品，他們與銷售人員交談團隊併購買企業版。我們現在又開始看到，就像大多數這樣的戰略性事情一樣，這需要幾個季度的時間，但每個季度，我們都看到這種方法帶來了越來越多的新芽。我們對它的進展感到非常鼓舞。

So just 2 follow-ups on that, Ragy, and Manish. Is it possible to tell yet if this is actually reducing your average customer acquisition costs and is it actually reducing the time to deployment for analogous types of build?

所以只有兩個後續行動，Ragy 和 Manish。是否有可能判斷這是否確實降低了平均客戶獲取成本以及是否真正減少了類似類型構建的部署時間？

Yes. It's too early. Now we've got a few trends kind of going back and forth here. One is, as we get into CCaaS, you know deal cycles take longer because it's a very thorough process. It's -- CCaaS transition is very hard, and they are very -- customer service teams are very risk averse. So it's a much more longer thought out, deliberate kind of RFP, RFI process that takes time. So on the self-service side, we're able to kind of gain some of those momentum, have a deal open and closed within the quarter to offset it. But again, these customers are coming to us in the self service that was trying it out -- tend to be at least on an average smaller in the first deal size.

是的。太早了。現在我們有一些趨勢在這裡來回變化。一是，當我們進入 CCaaS 時，您知道交易週期需要更長的時間，因為這是一個非常徹底的過程。 CCaaS 轉型非常困難，而且客戶服務團隊非常厭惡風險。因此，這是一個經過深思熟慮、深思熟慮的 RFP、RFI 過程，需要時間。因此，在自助服務方面，我們能夠獲得一些動力，在本季度內達成一項交易來抵消它。但同樣，這些客戶通過正在嘗試的自助服務來找我們——往往至少平均而言首筆交易規模較小。

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

我們的下一個問題來自邁克爾·伯格與富國銀行的對話。

Congrats on the core. I just wanted to have more of a philosophical view on your guidance. You obviously had a very strong quarter and being raised by more than the -- like you said, and more than the Q3 rate. So maybe what's providing that confidence? Is there anything outside of the strong renewal activity and large deals you saw in the quarter? Maybe just help us parse through what gives you the confidence in the guidance?

恭喜核心。我只是想對您的指導有更多的哲學觀點。顯然，你有一個非常強勁的季度，並且籌集的資金超過了——就像你說的，也超過了第三季度的利率。那麼也許是什麼提供了這種信心呢？除了您在本季度看到的強勁續訂活動和大宗交易之外，還有其他什麼嗎？也許只是幫助我們解析是什麼讓您對指南充滿信心？

Yes. Thank you for the question. So I don't think it's any more complex than what you articulate. At the end of the day, if you leave the professional services line item aside, subscription business, it's all driven by the strength in the renewal business, when we do have multiyear renewals, we call it out, and that shows up in our view like it did this time. And it's all driven by the linearity within the quarter. So we have been seeing stronger linearity for the last couple of quarters and what we had modeled, which is part of the reason you're seeing strength in the beats in the quarter and that's giving us more confidence as we look out over the next 2 quarters. And I think that's captured in the guide.

是的。感謝你的提問。所以我認為這並不比你所說的更複雜。歸根結底，如果你把專業服務項目放在一邊，訂閱業務，這一切都是由續訂業務的實力推動的，當我們確實有多年續訂時，我們會大聲疾呼，這會出現在我們的觀點中就像這次一樣。這一切都是由季度內的線性驅動的。因此，我們在過去幾個季度和我們的模型中看到了更強的線性，這是您看到本季度節拍強勁的部分原因，這讓我們在展望接下來的兩個季度時更有信心宿舍。我認為指南中已經體現了這一點。

Our next question comes from the line of Tyler Radke with Citi.

我們的下一個問題來自花旗銀行的泰勒·拉德克 (Tyler Radke)。

I wanted to just hear how you're seeing things trend so far in Q3. It sounded like some really good execution in the quarter on the renewals and the large 8-figure transaction, but have things kind of been consistent in Q3 versus Q2? What are you just kind of expecting in terms of the large field potential in the second half?

我想听聽您對第三季度迄今為止的趨勢有何看法。聽起來本季度在續約和 8 位數的大額交易方面執行得非常好，但第三季度與第二季度的情況是否一致？對於下半年的巨大潛力，您有何期待？

Well, I'll take the first part of it and maybe Manish can talk about the next quarter. Look, the macro environment is just about as uncertain as it was and it has been. So we're not seeing any different behavior this quarter or last quarter than we saw before, budgets are tight. There's more CFO scrutiny and all the good things that come with people being not very sure where the market is going, right, and interest rates are going to be. But I think what you're seeing is like a consistent trickling impact of our better execution and focus on go-to-market.

好吧，我會講第一部分，也許曼尼什可以談論下一個季度。看，宏觀環境和過去一樣不確定。因此，本季度或上季度我們沒有看到任何與之前不同的行為，預算很緊張。首席財務官的審查越來越多，人們不太確定市場的走向和利率的走向，這一切都是好事。但我認為你所看到的是我們更好的執行力和對進入市場的關注所帶來的持續的涓滴影響。

Yes. And just to make sure I understand, was your question, Tyler, are we seeing anything different in the month or so of Q3 that we've been in compared to Q2. Was that what you're trying to ask?

是的。為了確保我理解，泰勒，你的問題是，與第二季度相比，我們在第三季度左右的時間裡看到了什麼不同的情況嗎？這就是你想問的嗎？

Yes. Sorry. So I guess I'll rephrase the question slightly to make it more specific, and apologies for the background noise. But really the question was just you saw some really good large deal activity in Q2. I know there's been a lot of noise around RPO and current RPO because of the multiyear renewal cycle. So I'm just curious if there's any things to call out in terms of RPO volatility and just how your overall large deals you're expecting those to land in Q3, Q4? Just anything that would be noteworthy to call out as we're building our models.

是的。對不起。所以我想我會稍微改一下這個問題，使其更具體，並對背景噪音表示歉意。但真正的問題是，您在第二季度看到了一些非常好的大型交易活動。我知道由於多年更新周期，圍繞 RPO 和當前 RPO 存在很多爭議。因此，我只是好奇在 RPO 波動性方面是否有任何需要注意的地方，以及您預計第三季度、第四季度的整體大型交易將如何實現？只是我們在構建模型時值得注意的任何事情。

Yes. Thank you for that clarification, Tyler. But there's nothing that I would call out at this stage. We -- as I look at the quantum of business that we're booking, it sort of seems in line with what we would expect. It's -- like any enterprise software company, we are pretty back-end loaded. So I wouldn't make any broad assumptions around how Q3 and Q4 would land. But there is nothing that we are seeing today that would give us any cause for concern. It's sort of along the lines that we would expect. So steady is what I would say.

是的。謝謝你的澄清，泰勒。但現階段我沒有什麼可以指出的。當我查看我們預訂的業務量時，我們發現這似乎符合我們的預期。就像任何企業軟件公司一樣，我們的後端負載非常大。因此，我不會對第三季度和第四季度將如何落地做出任何廣泛的假設。但我們今天看到的情況並沒有任何值得我們擔心的地方。這有點符合我們的預期。我想說的就是如此穩定。

Our next question comes from the line of Austin Cole with JMP Securities.

我們的下一個問題來自 JMP 證券公司的奧斯汀·科爾 (Austin Cole)。

Ragy, so I'm wondering if you just kind of look back on this more recent AI wave we've seen over the last 6 months or so. And you say that Generative AI is given your proprietary AI wings. Do you think that there's kind of more recent excitement around AI has accelerated and boosted Sprinklr AI efforts or put more pressure on Sprinklr kind of competitively overall? And then over the long term, I mean, do you see some of this -- to what degree is this going to be table stakes? And then how is Sprinklr thinking about being really differentiated over the long-term?

Ragy，我想知道您是否回顧一下我們在過去 6 個月左右看到的最近的人工智能浪潮。你說生成式人工智能被賦予了你專有的人工智能翅膀。您認為最近圍繞人工智能的一些令人興奮的事情是否加速並推動了 Sprinklr 的人工智能工作，或者給 Sprinklr 的整體競爭帶來了更大的壓力？然後從長遠來看，我的意思是，你是否看到了其中的一些——這將在多大程度上成為賭注？那麼 Sprinklr 如何考慮長期真正實現差異化呢？

Thank you, Austin. To answer your question, look, I think there's a lot of hype and excitement. And we've all seen this movie many times. Usually, the hype waves settles and then the real deal starts. Well, we've -- we're finding ourselves is having this blessed opportunity of being able to now talk about AI and have people appreciate it. And the awareness that our customers and the buyers have by Persona is now half of the power of what AI can do. And that makes articulation of our capabilities and our differentiators much easier than it used to be. So net-net, we're seeing positive impact on deals with the excitement around AI.

謝謝你，奧斯汀。為了回答你的問題，我認為有很多炒作和興奮。我們都看過這部電影很多次了。通常，炒作浪潮平息後，真正的交易才會開始。好吧，我們發現自己擁有這個幸運的機會，現在能夠談論人工智能並讓人們欣賞它。現在，我們的客戶和買家對 Persona 的認知已經是人工智能能力的一半。這使得我們的能力和差異化優勢比以前更容易表達。因此，我們看到人工智能的興奮對交易產生了積極的影響。

Our strategy has not been to introduce a new AI product or to have a new AI feature because for the last 5 years, we've bet the farm on the idea that we are the purveyors of unstructured conversational data, and there is no way to read and understand and speak back in over 100 languages to billions of people without using AI.

我們的策略並不是推出新的人工智能產品或擁有新的人工智能功能，因為在過去的 5 年裡，我們把賭注押在了我們是非結構化對話數據的提供者這一想法上，而且沒有辦法在不使用人工智能的情況下，以100 多種語言向數十億人進行閱讀、理解和回复。

So we think it is table stakes, we think there are different approaches to jumping on the AI wave. And one approach is to say, look, it's going to change everything. We're going to go into a DNA and make sure that it's AI powered, and that's how we think -- the other one is to say there's an opportunity for some incremental dollars or a new product. We've taken the former. We stand by it.

所以我們認為這是賭注，我們認為有不同的方法可以推動人工智能浪潮。一種方法是說，看，它將改變一切。我們將深入研究DNA並確保它是由人工智能驅動的，這就是我們的想法——另一個是說有機會獲得一些增量資金或新產品。我們採取了前者。我們堅持這一點。

(Operator Instructions)

（操作員說明）

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。

Thanks for taking me in at the end. I guess as you look at the contact center opportunity and really broadening it to obviously all of service, how much is that still being driven by high demand from the social media side and that's sort of the entry way in and the knowledge of Sprinklr and all that you can handle versus seeing sort of net new lending opportunities that are more of a pure-play like-for-like replacement of an existing contact center out there?

謝謝你最後帶我進去。我想當你看到聯絡中心的機會並將其真正擴展到所有服務時，社交媒體方面的高需求仍然在多大程度上推動了這一機會，這就是 Sprinklr 等的進入方式和知識。您可以處理哪些淨新貸款機會，而這些機會更像是對現有聯絡中心的純粹同類替代？

Matt, excellent question. I'm glad you asked it. We are doing more of real contact center RFPs in proving ourselves to be complete unified replacement solutions for legacy players, more so in the last 2 quarters than we have ever done before. So we're kind of coming into our own as a disruptor with the ability to kind of show value out of the gate. That was not true, I'd say, maybe 2 quarters ago, that was kind of sort of beginning to play out a quarter ago and last quarter, many of our deals which is independent voice solutions, doing an RFP, comparing us to the top 5 players in that space and choosing us. So increasingly, so they are seeing us as a pure CCaaS unified solution as opposed to somebody with social and who can expand to do other things.

馬特，很好的問題。我很高興你問了這個問題。我們正在做更多真正的聯絡中心 RFP，以證明自己是傳統參與者的完整統一替代解決方案，在過去兩個季度比我們以前所做的更多。因此，我們正在成為一個顛覆者，有能力展示價值。我想說，這不是真的，也許是兩個季度前，這有點像一個季度前和上個季度開始發生的情況，我們的許多交易都是獨立的語音解決方案，進行了 RFP，將我們與該領域的前5 名參與者選擇了我們。他們越來越多地將我們視為純粹的 CCaaS 統一解決方案，而不是具有社交能力且可以擴展做其他事情的人。

Very helpful. And then just quickly on some of the growing SI partnerships you've had out there. As they look at this broader portfolio of products that they can go in and help customers really make traditional transformation. Anything you're doing on your end to even, I guess, place a greater emphasis on those partners really leaning into the entire sort of co go-to-market there that you'd call out for us or maybe its on the horizon that could accelerate that business even more?

很有幫助。然後快速介紹一下您已經建立的一些不斷發展的 SI 合作夥伴關係。當他們著眼於更廣泛的產品組合時，他們可以介入並幫助客戶真正實現傳統轉型。我想，您所做的任何事情甚至都更加重視那些真正傾向於整個市場合作的合作夥伴，您會為我們呼籲，或者可能即將到來可以進一步加速該業務嗎？

We have been investing in our partnerships generally and specifically a lot more on the CCaaS side. So companies like Accenture, like Tech Mahindra, who are established players in the contact center space, see this as an opportunity to take the partnership to the next level. I got to admit, though, it's very early for us, right? We're a disruptive. We're building a different kind of -- we're taking a different approach of unifying it. So there's a lot of innovation and a lot of sort of velocity in the change that's happening. So it is going to take us a few more quarters to really even get to documenting everything and enabling the partners. It's very much underway, but I wouldn't count on any other results.

我們一直在總體上對我們的合作夥伴關係進行投資，特別是在 CCaaS 方面進行了更多投資。因此，像埃森哲和 Tech Mahindra 這樣的公司，都是聯絡中心領域的老牌企業，認為這是將合作關係提升到新水平的機會。但我必須承認，現在對我們來說還為時過早，對吧？我們是破壞者。我們正在構建一種不同的——我們正在採取不同的方法來統一它。因此，正在發生的變化有很多創新和很大的速度。因此，我們還需要幾個季度才能真正記錄所有內容並為合作夥伴提供幫助。它正在進行中，但我不會指望任何其他結果。

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。我想將電話轉交給管理層以供結束語。

Well, thank you, Doug, and thank you all for joining us today. Again, I'd like to thank our employees, 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 this exciting journey of creating a new category that we call Unified Customer Experience Management and building an enterprise software company, we hope our customers love. Thank you very much, and have a good evening.

好的，謝謝你，道格，也感謝大家今天加入我們。我要再次感謝我們的員工、合作夥伴，最重要的是，感謝我們的客戶的信任和持續的業務。我們期待盡快再次向大家通報最新情況，繼續這一激動人心的旅程，創建一個我們稱之為統一客戶體驗管理的新類別，並建立一家企業軟件公司，我們希望我們的客戶喜歡。非常感謝，祝您晚上愉快。

Thank you.

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。