Sprinklr Inc (CXM) 2024 Q3 法說會逐字稿

Greetings, and welcome to Sprinklr's Third Quarter Fiscal Year 2024 Earnings Call.

您好，歡迎參加 Sprinklr 2024 財年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Eric Scro, SVP Finance. Thank you, Eric. You may begin.

提醒一下，本次會議正在錄製中。現在我很高興向您介紹主持人，財務高級副總裁 Eric Sc​​h。謝謝你，埃里克。你可以開始了。

Thank you, Alicia, and welcome, everyone, to Sprinklrs' Third Quarter Fiscal Year 2024 Results Financial Call. Joining us today are Ragy Thomas, Sprinklrs' Founder and CEO; and Manish Sarin, Chief Financial Officer. We issued our earnings release a short time ago, filed the related Form 8-K with the SEC, and we've made them available on the Investor Relations section of our website, along with the supplementary investor presentation.

謝謝艾莉西亞，歡迎大家參加 Sprinklrs 的 2024 財年第三季業績財務電話會議。今天加入我們的是 Sprinklrs 創辦人兼執行長 Ragy Thomas；財務長曼尼什‧薩林 (Manish Sarin)。我們不久前發布了收益報告，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 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，管理階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 some 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 Fourth fiscal quarter and full fiscal year 2024 and our initial framework for fiscal year 2025, and our actual results might differ materially.

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一些前瞻性聲明，其中涉及許多假設、風險和不確定性，包括我們對第四財季和2024 年整個財年的指導以及我們 2025 財年的初步框架和我們的實際結果可能存在重大差異。

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

我們在本次電話會議中所做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（也在我們的網站上發布）。

With that, let me turn it over to Ragy.

那麼，讓我把它交給拉吉。

Thank you, Eric, and hello, everyone. Thank you for joining us today. We're pleased that Q3 was another strong quarter that exceeded guidance across all key metrics. Q3 total revenue grew 18% year-over-year to $186.3 million, and subscription revenue grew 22% year-over-year to $170.5 million. With our continued focus on operational efficiency, we generated $27.4 million in non-GAAP operating income, which resulted in a record 15% non-GAAP operating margin for the quarter.

謝謝你，埃里克，大家好。感謝您今天加入我們。我們很高興第三季度又是一個強勁的季度，所有關鍵指標都超出了指導。第三季總營收年增 18% 至 1.863 億美元，訂閱營收年增 22% 至 1.705 億美元。由於我們持續專注於營運效率，我們實現了 2,740 萬美元的非 GAAP 營運收入，這使得本季度的非 GAAP 營運利潤率達到創紀錄的 15%。

We are going through what I believe is the most exciting time in recent history for the modern front office. Many AI experts agree that AI is going to boost human productivity significantly over the next few years. For many industries, customer-facing functions are the most labor intensive. And we believe that 20% to 40% productivity improvements are a real possibility in the next 5 years. We also believe that the data to train the AI models and the unification of siloed teams technology and processes are required to unlock the power of predictive and generative AI. I'd like to share more details on these three key areas, given the benefits customers are experiencing in terms of their operating cost, risk management and improved customer experiences.

我認為我們正在經歷現代管理層近代史上最令人興奮的時刻。許多人工智慧專家一致認為，人工智慧將在未來幾年顯著提高人類生產力。對許多產業來說，面向客戶的職能是勞動力最密集的。我們相信，未來 5 年內生產力確實有可能提高 20% 至 40%。我們也認為，需要訓練人工智慧模型的數據以及統一孤立團隊的技術和流程，才能釋放預測性和生成性人工智慧的力量。考慮到客戶在營運成本、風險管理和改善的客戶體驗方面所體驗到的好處，我想分享更多關於這三個關鍵領域的詳細資訊。

Let's start with everyone's favorite topic, AI. We continue to believe that we are at the forefront of a very long-term durable growth opportunity, given our deep investments in AI more than 5 years ago. Today, I'm sure no one is debating the fact that we have an early mover AI advantage given our decision to design Sprinklr on a single architectural code base, where AI has been infused across all product suites, Sprinklr Service, Sprinklr Social, Sprinklr Marketing, Sprinklr Insights, our self-service offerings and our entire platform.

讓我們從大家最喜歡的話題——人工智慧開始。鑑於我們五年多前對人工智慧的深度投資，我們仍然相信，我們處於非常長期持久成長機會的最前沿。今天，我確信沒有人會爭論這樣一個事實：我們擁有先行者人工智慧優勢，因為我們決定在單一架構程式碼庫上設計 Sprinklr，其中人工智慧已融入所有產品套件、Sprinklr 服務、Sprinklr 社交、Sprinklr行銷、Sprinklr Insights、我們的自助服務產品和我們的整個平台。

During the third quarter, customers executed over 170 AI deployments in Sprinklr Service alone. This includes auto speech recognition, advanced intent detection and speech to text models, along with agent assist features like smart responses and other generative AI enablement.

第三季度，客戶僅在 Sprinklr 服務中執行了 170 多個人工智慧部署。這包括自動語音辨識、進階意圖偵測和語音轉文字模型，以及智慧回應和其他生成式人工智慧支援等代理輔助功能。

I met with more than 70 customers around the world this quarter. And while everyone is universally excited about the possibilities of AI, the customers I spoke with wanted more than AI in theory. They wanted practical, actionable real-world AI that works safely and reliably and produces measurable business results now. This is what Sprinklr is doing for them.

本季我會見了全球 70 多名客戶。儘管每個人都對人工智慧的可能性感到興奮，但與我交談的客戶在理論上想要的不僅僅是人工智慧。他們想要實用、可操作的現實世界人工智慧，能夠安全可靠地工作，並立即產生可衡量的業務成果。這就是 Sprinklr 正在為他們做的事情。

For example, one of our leading telecom customers using Sprinklr's conversational AI bots and AI routing achieved over 90% improvement in the response time. And more than 60% reduction in average case handling time after enabling our chatbot. One of our luxury goods customers has seen a 25% improvement in their CSAT score, along with a 50% reduction in their average handling time using Sprinklr's conversational analytics product.

例如，我們的一位領先電信客戶使用 Sprinklr 的對話式 AI 機器人和 AI 路由，將回應時間提高了 90% 以上。啟用我們的聊天機器人後，平均案件處理時間減少了 60% 以上。我們的一位奢侈品客戶發現，使用 Sprinklr 的對話分析產品，他們的 CSAT 分數提高了 25%，平均處理時間減少了 50%。

As you know, we have taken a very open approach to AI. This is why you've seen us announce our integrations with Google Cloud's Vertex AI and OpenAI in addition to our proprietary Sprinklr AI+. We offer customers the greatest choice in how to utilize generative AI with accuracy, privacy and security in just a few clicks. We maintained that Sprinklr is the fastest and the most effective ways for many enterprise customers and prospects to get actionable and practical AI across a global brand front office today.

如您所知，我們對人工智慧採取了非常開放的態度。這就是為什麼您看到我們宣布除了我們專有的 Sprinklr AI+ 之外還與 Google Cloud 的 Vertex AI 和 OpenAI 整合。我們為客戶提供了最佳選擇，只需點擊幾下即可準確、隱私和安全地利用生成式人工智慧。我們認為，Sprinklr 是當今許多企業客戶和潛在客戶在全球品牌前台獲得可操作且實用的人工智慧的最快、最有效的方式。

The breadth of the Sprinklr platform enables us to bring practical, actionable, AI-powered insights to a brand's front office. This can only be achieved with AI that is pretrained with bound real-world data and is secure for use in enterprises given their compliance and risk profile. We've been working for over 5 years across a dozen industries to pretrain AI for brand insights, product insights, location insights, crisis insight and competitive insight.

Sprinklr 平台的廣泛性使我們能夠為品牌前台帶來實用、可操作、人工智慧驅動的見解。這只能透過使用綁定的真實世界資料進行預先訓練的人工智慧來實現，並且考慮到企業的合規性和風險狀況，可以安全地在企業中使用。五年多來，我們一直致力於在十幾個行業中對人工智慧進行預訓練，以獲取品牌洞察、產品洞察、地點洞察、危機洞察和競爭洞察。

Given the enormous amount of data that Sprinklr has access to outside of the traditional CRM and CDP data and our industry-leading AI, we can generate and provide actionable insights out of the box right after implementation.

鑑於 Sprinklr 可以存取傳統 CRM 和 CDP 數據以及我們行業領先的人工智慧之外的大量數據，我們可以在實施後立即產生並提供可操作的見解。

Let's talk about Unification. Since our inception in 2009, we've been talking about unifying the front office. If you aren't able to make AI and insights actionable in customer-facing functions, you really aren't moving the needle. How do you take a negative customer review or a comment and automatically converted into a customer service ticket, if your product feedback isn't unified with customer service. How do you take a competitive or a content insight, and translate that to a marketing campaign that works if your Insight product isn't unified or integrated with your marketing stack.

我們來談談統一。自 2009 年成立以來，我們一直在討論統一前台部門。如果您無法在面向客戶的功能中使人工智慧和見解具有可操作性，那麼您實際上就沒有取得進展。如果您的產品回饋與客戶服務不統一，如何將負面客戶評論或評論自動轉換為客戶服務票。如果您的洞察產品未與您的行銷堆疊統一或集成，您如何獲取競爭或內容洞察，並將其轉化為有效的行銷活動。

This makes unifying the front office, one of the most critically important and strategic things any brand can do today to improve customer experiences. Now those who don't have -- those who don't unify have numerous point solutions, which creates inconsistencies in interpretation and reporting and trying to infuse these point solutions independently with siloed AI models, that aren't coming off the same training data, makes it even worse. The result is just AI point solution caves. To create better experiences for the customer and to improve everything from marketing and sales and service and compliance and growth opportunities, brands of the future must unify their digital edge where their customers meet a customer-facing employees and have their different customer-facing teams, market and geographies work together.

這使得統一前台成為當今任何品牌為改善客戶體驗可以做的最重要和最具戰略意義的事情之一。現在，那些沒有統一的人擁有大量的點解決方案，這會造成解釋和報告的不一致，並試圖將這些點解決方案獨立地與孤立的人工智慧模型相結合，而這些模型並不是來自相同的訓練數據，使情況變得更糟。結果只是AI點解洞穴。為了為客戶創造更好的體驗，並改善行銷、銷售、服務、合規和成長機會等各個方面，未來的品牌必須統一其數位優勢，讓客戶與面向客戶的員工見面，並擁有不同的面向客戶的團隊，市場和地域協同作用。

As many of you know, we've been on a multiyear journey to transition each one of our product suites into a large mainstream replacement market. Over the past few quarters, you have heard us talk about how we are taking our Service product suite and successfully transitioning it from a social/digital solution to a complete CCaaS solution, by adding voice as a channel. That's telephone lines.

正如你們許多人所知，我們經歷了多年的歷程，將我們的每個產品套件轉變為大型主流替代市場。在過去的幾個季度中，您已經聽到我們談論如何透過添加語音作為管道，使用我們的服務產品套件並成功地將其從社交/數位解決方案轉變為完整的 CCaaS 解決方案。那是電話線。

The second is our insights product suite, where we have started transitioning that from a social digital listening product to a full-blown customer feedback management or a voice of the customer suite as I call it, by adding surveys. The power of unifying unstructured, unsolicited feedback with structured and solicited feedback is endless. It makes the feedback real time, actionable and one that can be validated.

第二個是我們的洞察產品套件，我們已經開始透過添加調查將其從社交數位聆聽產品轉變為成熟的客戶回饋管理或我所說的客戶之聲套件。將非結構化、主動提供的回饋與結構化、主動請求的回饋結合的力量是無窮無盡的。它使回饋變得即時、可操作且可驗證。

This quarter, we started definition partnership for our Customer Feedback Management suite with a select few brands and have been demonstrating our early success to industry analyst. We're pleased to announce that Sprinklr was recently named by IDC's Research Director, Lou Reinemann, in the major players category in the 2023 IDC MarketScape Assessment for Worldwide Voice of the Customer Applications.

本季度，我們開始與精選的幾個品牌建立客戶反饋管理套件的定義合作夥伴關係，並向行業分析師展示我們的早期成功。我們很高興地宣布，Sprinklr 最近被 IDC 研究總監 Lou Reinemann 評為 2023 年 IDC MarketScape 全球客戶應用之聲評估的主要參與者類別。

IDC noted and I quote "Sprinklr has grown its capabilities to have a fully featured VoC platform for listening, analyzing and acting on customer feedback. Sprinklr aims to bridge functional silos, sales, marketing, support, et cetera, to seamlessly manage whole customer journey experiences". We are very pleased with the momentum and the progress we've made in our Service suite. Our vision is to help customers transform the contact center from a reactive voice-first cost center to a more efficient AI-powered proactive omnichannel revenue center by unifying it with marketing and sales.

IDC 指出，我引用了「Sprinklr 的能力不斷增強，擁有一個功能齊全的VoC 平台，用於傾聽、分析客戶反饋並採取行動。Sprinklr 旨在彌合功能孤島、銷售、營銷、支援等，以無縫管理整個客戶旅程經歷」。我們對服務套件的動力和取得的進展感到非常滿意。我們的願景是透過將聯絡中心與行銷和銷售相結合，幫助客戶將聯絡中心從反應式語音優先成本中心轉變為更有效率的人工智慧驅動的主動全通路收入中心。

We are excited to share the launch of Conversational AI+ in the Sprinklr Service suite. We can now empower our enterprise customers to deploy and scale generative AI-powered bots. For human like text and voice conversations in effortless three easy steps. This is a leading and innovative way for customers to train a bot in their brand's voice, automate and deflect call volume and provide a natural conversational experience to their customers.

我們很高興與大家分享 Sprinklr 服務套件中對話式 AI+ 的推出。我們現在可以幫助我們的企業客戶部署和擴展由人工智慧驅動的生成機器人。只需三個簡單步驟即可輕鬆進行類似人類的文字和語音對話。這是一種領先的創新方式，客戶可以用其品牌的聲音訓練機器人、自動化和轉移呼叫量，並為客戶提供自然的對話體驗。

We also announced a partnership with infinit.cx in Germany, to help customers in the DACH region, facilitate the seamless migration to cloud-based unified customer service in the contact center. Together with infinit.cx, we will help the most innovative companies in the region, harness AI to its full extent, and be able to act on insights and unify the front office functions.

我們也宣布與德國 infinit.cx 建立合作夥伴關係，幫助 DACH 地區的客戶促進聯絡中心無縫遷移到基於雲端的統一客戶服務。我們將與 infinit.cx 一起幫助該地區最具創新力的公司，充分利用人工智慧，並能夠根據洞察採取行動並統一前台職能。

During the third quarter, we continued to add new customers and expand with existing customers. This includes world-class brands like Alaska Airlines, AstraZeneca, Ford, Mercedes Benz and [Shine]. Here are some examples. In Q3, one of the world's top 5 cosmetics companies, expanded its long-standing partnership with Sprinklr to now include conversational commerce. With over 65 brands working on over 20 channels, the company has integrated Sprinklr's Conversational AI and Conversational Commerce to enhance customer interactions support care agents and transform conversations into sales and long-term value. Sprinklr is helping the company to achieve its goal of generating more than 50% of its revenue through digital sales by 2025.

第三季度，我們持續增加新客戶並擴大現有客戶。其中包括阿拉斯加航空、阿斯特捷利康、福特、賓士和[Shine]等世界級品牌。這裡有些例子。在第三季度，世界排名前 5 名的化妝品公司之一擴大了與 Sprinklr 的長期合作夥伴關係，現在將對話式商務納入其中。該公司擁有超過 65 個品牌在 20 多個管道上開展業務，整合了 Sprinklr 的對話式 AI 和對話式商務，以增強客戶互動，支援護理代理，並將對話轉化為銷售和長期價值。 Sprinklr 正在幫助該公司實現到 2025 年透過數位銷售創造 50% 以上收入的目標。

In Q3, a top 3 North American home improvement retailer, selected Sprinklr's AI first CCaaS solution to provide customers with a unified seamless customer experience across channels. The retailer will consolidate all digital channels onto the Sprinklr platform to provide a more consistent customer experience while simplifying the lives of its customer service agents. Sprinklr AI-powered agent assist capabilities will enable the company to reduce the number of open applications and screens at the agent level and provide the proactive support needed to resolve customer needs faster. Integrations with the company's knowledge base and order management systems ensure that agents have all the data and information at their fingertips compared to their previous set of solutions.

第三季度，北美三大家居裝修零售商選擇了 Sprinklr 的 AI 優先 CCaaS 解決方案，為客戶提供跨通路的統一無縫客戶體驗。該零售商將把所有數位管道整合到 Sprinklr 平台上，以提供更一致的客戶體驗，同時簡化客戶服務代理的工作。 Sprinklr AI 支援的座席輔助功能將使公司能夠減少座席層級開啟的應用程式和螢幕的數量，並提供更快地解決客戶需求所需的主動支援。與先前的解決方案相比，與公司知識庫和訂單管理系統的整合可確保代理商輕鬆掌握所有資料和資訊。

Another example of unification and transformation powered by AI comes from a top 3 global food and beverage company. A Sprinklr customer for over 10 years. Last year, the company began to globally transition their social teams to Sprinklr Service suite, to empower a closer, more meaningful brand experience for all its customers. To understand and build brand love further, in Q1 this year, they made the decision to move all their social insight, just the listening part, more than 1.5 billion brand mentions over to Sprinklr. This includes social listening, benchmarking and product insights. This past quarter, they doubled their competitive insight scope and now monitor over 2,000 digital accounts.

人工智慧推動統一和轉型的另一個例子來自全球排名前三的食品和飲料公司。 Sprinklr 的客戶超過 10 年。去年，該公司開始將其全球社交團隊遷移到 Sprinklr 服務套件，以便為所有客戶提供更緊密、更有意義的品牌體驗。為了進一步了解和建立品牌喜愛度，今年第一季度，他們決定將所有社交洞察（僅是聆聽部分）、超過 15 億次的品牌提及轉移到 Sprinklr。這包括社交聆聽、基準測試和產品洞察。上個季度，他們的競爭洞察範圍擴大了一倍，現在監控著 2,000 多個數位帳戶。

As a partner in our AI Plus Beta Program this year, the company has also harnessed the power of Sprinklr's generative AI reply assistance. By unifying these solutions onto a single powerful platform, the company now has access to deep actionable insights and Gen AI capabilities that enable it to provide personalized experiences to each of their many brands that they sell around the world.

作為今年 AI Plus Beta 計畫的合作夥伴，該公司也利用了 Sprinklr 生成式 AI 回覆協助的力量。透過將這些解決方案統一到一個強大的平台上，該公司現在可以獲得深入可行的見解和 Gen AI 功能，使其能夠為其在全球銷售的眾多品牌中的每個品牌提供個人化體驗。

Before wrapping up, I'd like to take a moment to celebrate our incredible product and engineering teams. As always, we make this possible. Their speed of innovation and dedication to serving customers continues to differentiate Sprinklr in the marketplace.

在結束之前，我想花一點時間來慶祝我們令人難以置信的產品和工程團隊。一如既往，我們使這一切成為可能。 Sprinklr 的創新速度和對客戶服務的奉獻精神繼續使 Sprinklr 在市場上脫穎而出。

In closing, we had two primary goals this year. The first was to build and establish a foundation to scale in the exciting CCaaS market. And second was to meaningfully improve the operational efficiency and margins of our business. There's no question that we've been very successful in achieving both of these goals, and we're on track to deliver a solid year with 18% revenue growth, record profitability and strong free cash flow generation. We believe that the product suites we've built, the customers we serve and the size of the market opportunity ahead of us, put us in a great position to become a multibillion-dollar revenue company in the years ahead.

最後，我們今年有兩個主要目標。第一個是建立基礎，以便在令人興奮的 CCaaS 市場中擴展。其次是有意義地提高我們業務的營運效率和利潤。毫無疑問，我們非常成功地實現了這兩個目標，並且我們有望實現穩健的一年，實現 18% 的收入增長、創紀錄的盈利能力和強勁的自由現金流生成。我們相信，我們建立的產品套件、我們服務的客戶以及我們面前的市場機會規模，將使我們處於有利地位，在未來幾年成為一家收入數十億美元的公司。

Since our IPO in the June of 2021, we've continued to expand our product portfolio and market focus from social to digital and transitioning to Unified-CXM. The investments we've been making over the last 18 months are enabling us to mainstream our product suites into large obvious replacement markets, starting with establishing ourselves as a disruptor in CCaaS.

自 2021 年 6 月首次公開募股以來，我們不斷擴大我們的產品組合和市場重點，從社交到數字，並過渡到 Unified-CXM。我們在過去 18 個月中所做的投資使我們能夠將我們的產品套件納入大型明顯的替代市場的主流，首先將我們自己打造成 CCaaS 的顛覆者。

As we've diversified the business and focused on scaling our CCaaS business, we'd like to acknowledge that we have made slower progress on some of our other go-to-market initiatives focused on our core product suites. We expect this will have a near-term impact on growth, which Manish will review in more detail in his remarks as he shares initial framework for FY '25.

隨著我們實現業務多元化並專注於擴展 CCaaS 業務，我們承認，我們在其他一些專注於核心產品套件的市場推廣計劃方面進展緩慢。我們預計這將對成長產生短期影響，Manish 將在分享 25 財年初步框架時在演講中更詳細地回顧這一點。

We maintain our conviction for the long-term vision of what we are building. And like so many companies that have successfully built billion-dollar businesses. We're navigating through the normal cohorts of resource allocation and investment cycles required to balance short-term success metrics with long-term growth objectives. We're committed to innovating and developing a new category of software that we call unified customer experience management and executing for growth and profitability to deliver for our customers and our shareholders. Thank you to our customers, partners and our employees for their hard work and results, and thank you to our investors for believing in our long-term vision.

我們對我們正在建立的長期願景保持信念。就像許多成功建立了數十億美元業務的公司一樣。我們正在經歷正常的資源分配和投資週期，以平衡短期成功指標與長期成長目標。我們致力於創新和開發一種新的軟體類別，我們稱之為統一客戶體驗管理和執行，以實現成長和獲利，為我們的客戶和股東提供服務。感謝我們的客戶、合作夥伴和員工的辛勤工作和成果，感謝我們的投資者相信我們的長期願景。

Let me now hand over the call to Manish.

現在讓我把電話轉給曼尼什。

Thank you, Ragy, and good afternoon, everyone. As you heard from Ragy, we're pleased with this quarter's results which exceeded the high end of our guidance range on the top and bottom line. For the third quarter, total revenue was $186.3 million, up 18% year-over-year. This was driven by subscription revenues of $170.5 million, which grew 22% year-over-year. Subscription revenue benefited by $1 million from new business being booked earlier than expected in the quarter.

謝謝拉吉，大家下午好。正如您從拉吉那裡聽到的那樣，我們對本季度的業績感到滿意，該業績超出了我們在營收和利潤方面的指導範圍的上限。第三季總營收為 1.863 億美元，年增 18%。這是由 1.705 億美元的訂閱收入推動的，該收入同比增長 22%。由於本季新業務的預訂早於預期，訂閱收入增加了 100 萬美元。

Professional services revenue for the quarter came in at $15.9 million. In terms of new logos, we are pleased with the number of new customers that joined the Sprinklr platform in Q3. This is particularly true with our Sprinklr Service product suite as many of the deals in this product suite over the last few quarters have been with new customers. As of the end of the third quarter, we had 123 customers contributing $1 million or more in subscription revenue over the preceding 12 months, an increase of 3 customers sequentially and a 15% increase year-over-year.

本季專業服務收入為 1590 萬美元。在新商標方面，我們對第三季加入 Sprinklr 平台的新客戶數量感到滿意。我們的 Sprinklr Service 產品套件尤其如此，因為過去幾季該產品套件中的許多交易都是針對新客戶的。截至第三季末，我們有 123 位客戶在過去 12 個月內貢獻了 100 萬美元或以上的訂閱收入，比上一季增加了 3 位客戶，較去年同期成長 15%。

Our subscription revenue-based net dollar expansion rate in the third quarter was 118%, while NDE was healthy in the quarter, I would note that we began to see incremental pressure on renewals in Q3 as certain customers that are impacted by the difficult macro environment adjusted their spending levels with us. As a reminder, the NDE statistic is not something we monitor as part of growing our business, but rather a byproduct.

我們第三季基於訂閱收入的淨美元擴張率為118%，而NDE 在本季表現良好，我要指出的是，由於某些客戶受到困難的宏觀環境的影響，我們開始在第三季看到續訂壓力增加與我們一起調整了他們的支出水平。提醒一下，NDE 統計數據不是我們作為業務成長的一部分進行監控的，而是副產品。

Turning to gross margins for the third 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 75%. Non-GAAP gross margins for professional services were slightly negative, coming in at minus 2%. As we have discussed in the past, we continue to invest in CCaaS delivery capabilities and build out our expertise in that area.

轉向第三季的毛利率。在非 GAAP 基礎上，我們的訂閱毛利率為 [83%]，因為我們持續提高雲端營運效率，非 GAAP 總毛利率為 75%。專業服務的非公認會計原則毛利率略為負值，為-2%。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。

Turning to profitability for the quarter. Non-GAAP operating income was a record $27.4 million resulting in non-GAAP net income of $0.12 per basic share. This 15% non-GAAP operating margin for the quarter was a result of revenue over-performance strong subscription gross margins, coupled with broad-based expense discipline and is the fifth consecutive quarter of non-GAAP profitability.

轉向本季的獲利能力。非 GAAP 營業收入達到創紀錄的 2,740 萬美元，導致非 GAAP 每股基本股淨利為 0.12 美元。本季 15% 的非 GAAP 營運利潤率是收入超過強勁訂閱毛利率以及廣泛的費用紀律的結果，並且是連續第五個季度實現非 GAAP 盈利。

Lastly, on the topic of profitability. For the third consecutive quarter, we posted positive GAAP net income totaling $17 million or $0.06 per basic share. In terms of free cash flow, we generated $15.9 million during the third quarter compared to a cash burn of $1.7 million in the same period last year. With this result in Q3, our free cash flow generation during the first 9 months of this year now stands at $38.9 million. Our balance sheet has become stronger each quarter, now standing at $656.4 million in cash and marketable securities with no debt outstanding.

最後，關於獲利能力的話題。我們連續第三個季度公佈的 GAAP 淨利潤為正，總計 1,700 萬美元，即每股基本收益 0.06 美元。就自由現金流而言，第三季我們創造了 1,590 萬美元的現金流，而去年同期的現金消耗為 170 萬美元。根據第三季的結果，我們今年前 9 個月的自由現金流量現已達到 3,890 萬美元。我們的資產負債表每季都變得更加強勁，目前現金和有價證券為 6.564 億美元，沒有未償債務。

Calculated billings for the third quarter were $161.2 million, an increase of 16% year-over-year. As of the end of Q3, total remaining performance obligations, or RPO, which represents revenue from committed customer contracts that has not yet been recognized was $774.5 million, up 34% compared to the same period last year, and cRPO was $491.4 million, up 19% year-over-year. Moving now to our Q4 and full year FY '24 non-GAAP guidance.

第三季的計算帳單為 1.612 億美元，年增 16%。截至第三季末，剩餘履約義務總額（RPO）（代表尚未確認的承諾客戶合約營收）為 7.745 億美元，較去年同期成長 34%，cRPO 為 4.914 億美元，較去年同期成長 19%。現在轉向我們的第 4 季和 24 財年全年非 GAAP 指引。

Our Q4 guidance assumes the go-to-market dynamics Ragy mentioned and the renewal headwinds I discussed earlier will have an impact on revenue growth in the quarter. As a reminder, Q4 is our biggest book of business for both new business and renewals. Given the macro environment, we are experiencing a higher level of down cells, as large customers rightsize their software spend. As such, we are mindful that this cycle of renewals may be one of the more challenging quarters to get through and is factored into the guidance numbers.

我們第四季的指導假設拉吉提到的上市動態和我之前討論的續訂逆風將對本季的營收成長產生影響。提醒一下，第四季是我們最大的新業務和續訂業務。鑑於宏觀環境，隨著大客戶調整其軟體支出，我們正在經歷更高水準的下行單元。因此，我們注意到這一續約週期可能是最具挑戰性的季度之一，因此已將其納入指導數字中。

Given these dynamics for Q4, we expect total revenues to be in the range of $187.5 million to $189.5 million, representing 14% growth year-over-year at the midpoint. Within this, we expect subscription revenue to be in the range of $172.5 million to $174.5 million, representing 17% growth year-over-year at the midpoint.

鑑於第四季度的這些動態，我們預計總收入將在 1.875 億美元至 1.895 億美元之間，中間值將年增 14%。其中，我們預計訂閱收入將在 1.725 億美元至 1.745 億美元之間，中間值將年增 17%。

We expect professional services revenue of approximately $15 million in Q4. We also expect non-GAAP gross margin from professional services to be approximately negative $2 million in Q4. From a profitability perspective, we expect non-GAAP operating income to be in the range of $20.3 million to $22.3 million and non-GAAP net income per share of $0.08 to $0.09 per share, assuming 275 million basic shares outstanding. The slight decrease in non-GAAP operating income sequentially is driven by our ongoing investments in Sprinklr Service product development and delivery.

我們預計第四季專業服務收入約為 1500 萬美元。我們也預期第四季專業服務的非 GAAP 毛利率約為負 200 萬美元。從獲利能力的角度來看，假設已發行基本股為2.75 億股，我們預期非GAAP 營業收入將在2,030 萬美元至2,230 萬美元之間，非GAAP 每股淨利將在0.08 美元至0.09 美元之間。非 GAAP 營業收入較上季略有下降是由於我們對 Sprinklr Service 產品開發和交付的持續投資。

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 $664 million to $666 million, representing 21% growth year-over-year at the midpoint. This is an increase of $6 million at the midpoint, which is higher than the full magnitude of the Q3 beat. We expect total revenue to be in the range of $725.5 million to $727.5 million for the full year FY '24 representing 18% growth year-over-year at the midpoint.

對於 24 財年全年，我們提高了全年訂閱量和總收入預期。我們目前預計訂閱收入將在 6.64 億美元至 6.66 億美元之間，中間值年增 21%。中點增加了 600 萬美元，高於第三季的全部增幅。我們預計 24 財年全年總營收將在 7.255 億美元至 7.275 億美元之間，中間值年增 18%。

For the full year FY '24, we are raising our non-GAAP operating income estimate to now be in the range of $80 million to $82 million, equating to a non-GAAP net income per share of $0.36 to $0.37, assuming 273 million basic weighted shares outstanding. This implies an approximately 11% non-GAAP operating margin at the midpoint on a full year basis. Note the increase of $15 million at the midpoint is greater than the full beat for Q3 and the accompanying operating income raise for Q4.

對於 24 財年全年，我們將非 GAAP 營業收入預期上調至 8,000 萬美元至 8,200 萬美元，相當於非 GAAP 每股淨利潤為 0.36 美元至 0.37 美元，假設基本收入為 2.73 億美元。已發行加權股票。這意味著全年中點的非 GAAP 營運利潤率約為 11%。請注意，中點 1500 萬美元的增幅大於第三季度的全面增幅以及隨之而來的第四季度營業收入增幅。

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 Q4. Furthermore, a $6 million total tax provision for the full year FY '24 needs to be added to the non-GAAP operating income ranges provided. We estimate a tax provision of $2.5 million here in Q4. And given the performance throughout the first 9 months of the year, we will be GAAP net income positive 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 2,400 萬美元，其中 600 萬美元將在第四季度賺取。此外，24 財年全年 600 萬美元的總稅收準備金需要添加到提供的非 GAAP 營業收入範圍。我們估計第四季的稅收準備金為 250 萬美元。鑑於今年前 9 個月的表現，我們預計 24 財年全年 GAAP 淨利潤為正，這與我們對過去幾次財報電話會議的評論一致。

And lastly, I would like to provide some thoughts on billings. We estimate billings to grow 13% here in Q4, equating to total billings of approximately $262 million for the quarter. This translates to total billings of about $773 million for the full year FY '24, which is up a little over 17% on a full year basis compared to FY '23.

最後，我想提供一些關於帳單的想法。我們預計第四季的帳單將成長 13%，相當於該季度的總帳單約為 2.62 億美元。這意味著 24 財年全年的總營收約為 7.73 億美元，與 23 財年相比全年成長略高於 17%。

Before moving into Q&A, I would like to provide some high-level commentary on fiscal year 2025. As I just outlined, we are on track to deliver a very successful FY '24, with 18% revenue growth and 11% operating margins that will have expanded by more than 1,000 basis points year-over-year, and we accomplished all this while broadening our product portfolio.

在進入問答環節之前，我想對 2025 財年進行一些高層評論。正如我剛才概述的那樣，我們有望實現非常成功的 24 財年，收入增長 18%，營業利潤率 11%同比增長了1,000 多個基點，我們在擴大產品組合的同時實現了這一切。

Our primary strategic focus in FY '24 has been to rapidly scale our Sprinklr Service product suite. We are very pleased with the results, having made significant demonstrable progress with Sprinklr Service, gaining market share and customer momentum in the CCaaS market. As Ragy mentioned, our focus on succeeding in our CCaaS business slowed progress with some of our other go-to-market initiatives in our core product suites much more than we had anticipated.

我們 24 財年的主要策略重點是快速擴展我們的 Sprinklr Service 產品套件。我們對結果非常滿意，Sprinklr Service 取得了顯著的重大進展，在 CCaaS 市場獲得了市場份額和客戶動力。正如 Ragy 所提到的，我們對 CCaaS 業務成功的關注減緩了我們核心產品套件中其他一些上市計劃的進度，其速度遠遠超出了我們的預期。

Now that Sprinklr Service is at scale, we have developed a consistent and repeatable selling motion to that buying persona and built an enviable collection of reference customers. We're in a position to refocus our go-to-market efforts to better align our resources across all product suites. We expect it will take several quarters for the full impact of these changes to work its way through the P&L.

現在 Sprinklr 服務已形成規模，我們針對購買角色制定了一致且可重複的銷售動作，並建立了令人羨慕的參考客戶群。我們能夠重新調整我們的市場推廣工作重點，以更好地調整我們在所有產品套件中的資源。我們預計這些變化的全面影響需要幾個季度的時間才能體現在損益表中。

To put some numbers around these dynamics, if you adjust for the $1 million linearity benefit I mentioned for Q3, Q4 subscription revenue is expected to grow approximately 2.5% sequentially. At this time, based on what I just outlined, coupled with an unforgiving macro environment, we expect a sequential quarterly increase of 2.5% for each quarter of FY '25. This equates to approximately a 10% total revenue growth for the full year, which we believe is the appropriate starting point for FY '25.

為了圍繞這些動態提供一些數字，如果調整我提到的第三季 100 萬美元的線性收益，第四季的訂閱收入預計將環比增長約 2.5%。目前，根據我剛才概述的情況，再加上嚴峻的宏觀環境，我們預計 25 財年每季的環比成長率將達到 2.5%。這相當於全年總收入成長約 10%，我們認為這是 25 財年的適當起點。

From a profitability perspective, we have been pleased with the significant progress in our profitability performance this year. We expect FY '25 non-GAAP operating margins to continue to expand from our guidance for 11% operating margins for FY '24. I want to be clear that the dynamics I've just discussed here will be short term in nature and do not change our expectations for Sprinklr's growth potential across each of our four product suites. We have the strongest product portfolio in our history with an innovation flywheel that is consistently expanding our competitive differentiation.

從獲利能力的角度來看，我們對今年獲利表現的重大進展感到高興。我們預計 25 財年非 GAAP 營業利潤率將繼續擴大，高於我們對 24 財年 11% 營業利潤率的指導。我想澄清的是，我剛才在這裡討論的動態本質上是短期的，不會改變我們對 Sprinklr 在我們四個產品套件中的成長潛力的預期。我們擁有史上最強大的產品組合，其創新飛輪不斷擴大我們的競爭優勢。

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營運紀律的記錄。

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 Arjun Bhatia with William Blair. Please proceed with your question.

我們的第一個問題來自阿瓊·巴蒂亞（Arjun Bhatia）和威廉·布萊爾（William Blair）的關係。請繼續你的問題。

Maybe to start just on the go-to-market adjustments that you're making in the macro pressures that you called out. Are there any products where you're seeing the greatest incremental pressure? Or any part of the customer base that sticks out here in Q4 where the downsell is greater than other areas just as we try to hone in on where the headwinds are increasing the most?

也許可以從您在所指出的宏觀壓力中所做的入市調整開始。有沒有哪些產品給您帶來了最大的增量壓力？或者在第四季度中突出的客戶群中的任何部分，其中降價銷售比其他區域更大，就像我們試圖找出阻力最大的地方一樣？

Yes. Arjun, I'll -- let me take a first pass at it. It's Kind of the obvious culprit is what most people would guess it is. One of our product suite is a Marketing and Advertising product suite. And as you know, in difficult times, Marketing is one of the first budgets and teams to be impacted with layoffs, cutting back on spend, what's going on with some of the networks that isn't helping. And so that's an obvious place where we're seeing some additional pressure.

是的。阿瓊，我會——讓我先試試看。大多數人都會猜到這是明顯的罪魁禍首。我們的產品套件之一是行銷和廣告產品套件。如您所知，在困難時期，行銷部門是最先受到裁員、削減支出以及一些無濟於事的網絡的影響的預算和團隊之一。因此，這顯然是我們看到一些額外壓力的地方。

Okay. Got it. And then just as we look to the other side of this, when you think about the go-to-market revamped. What are some of the steps that you need to take to, I guess, refocus on the broader suite? Is there incremental hiring that needs to happen? Or is it more a matter of internal resource allocation enablement, et cetera?

好的。知道了。然後，正如我們看到事情的另一面，當你考慮進入市場的改進時。我想，您需要採取哪些步驟來重新關注更廣泛的套件？是否需要增加招募？或者更多的是內部資源分配支援等問題？

It's more of an internal resource allocation. And in hindsight, I think the most obvious explanation for this is the fact that we -- and I don't know whether we would have knowing everything we know, done it differently. We kind of over-rotated a little bit more on the CCaaS side. And so we took our field and we incented them strongly to go sell CCaaS. And essentially, there's a lot of people who jumped in and really are happy, and we're thrilled with the results. And there were some that didn't quite jumped, but didn't quite make it on the other side.

這更多的是內部資源分配。事後看來，我認為對此最明顯的解釋是我們——我不知道我們是否會以不同的方式做我們所知道的一切。我們在 CCaaS 方面有點過度輪換。因此，我們佔領了自己的領域，並強烈激勵他們出售 CCaaS。本質上，有很多人參與其中並且非常高興，我們對結果感到非常興奮。還有一些沒有完全跳起來，但也沒有完全到達另一邊。

And the fix is quite obvious to all of us. You've got to take the field folks in sales and support and service that came from the social suite background of the marketing suite background or the research insight suite background. And we got to let them go back and focus on it. So what we are doing now is we think and plan for the next year is we are adjusting quarters, and we are just bifurcating or trifurcating the field to have -- to just fix the over-rotation we did, and we're pretty hopeful that in 1 or 2 quarters will begin to see some data that would allow us to just update you further.

解決方法對我們所有人來說都是顯而易見的。您必須聘請來自社交套件背景、行銷套件背景或研究洞察套件背景的銷售、支援和服務領域的現場人員。我們必須讓他們回去專注於它。因此，我們現在正在做的是，我們認為併計劃明年我們正在調整季度，我們只是將領域分成兩部分，以解決我們所做的過度輪換問題，我們非常有希望一兩個季度後將開始看到一些數據，使我們能夠進一步更新您的資訊。

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

我們的下一個問題來自 Pinjalim Bora 與摩根大通的對話。

This is Noah on for Pinjalim. On the first part, Ragy, you mentioned that you met with over 70 customers globally this quarter. Just curious to hear some of the feedback from those conversations. Just any incremental takeaways from there? And then I have a quick follow-up.

這是諾亞 (Noah) 為 Pinjalim 做的節目。在第一部分中，Ragy，您提到本季度您會見了全球 70 多個客戶。只是想聽聽這些對話的一些回饋。只是從那裡有什麼增量收穫嗎？然後我會進行快速跟進。

[Pinjalim], I'm glad you asked that question. Look, I think our -- I've not seen this kind of excitement since the early days of social that I'm seeing now on the CCaaS side. I think we have a very differentiated product. And these -- and we've landed -- I mean, we're ahead of schedule in terms of our own expectations, which is why we rotated. And we're seeing like such an exciting reception to that. And the idea there is pretty simple, right? We're going into a market with vendors who have been there for a long time. And a market that's very fragmented.

[Pinjalim]，我很高興你問這個問題。看，我認為自從我現在在 CCaaS 方面看到的社交早期以來，我還沒有看到過這種興奮。我認為我們有一個非常差異化的產品。這些——我們已經實現了——我的意思是，就我們自己的期望而言，我們提前了，這就是我們輪換的原因。我們看到瞭如此令人興奮的接待。這個想法很簡單，對吧？我們將進入一個市場，那裡的供應商已經在那裡待了很長時間了。而且市場非常分散。

If your knowledge base, your agent console, your supervisor console, you're routing and your bot and your quality and your workforce management, all this is unified and everything is based on AI. These results are fairly spectacular and it's cost advantageous as well, right? So we're bringing the average handling time down. And these demos are received really well.

如果您的知識庫、您的座席控制台、您的主管控制台、您的路由、您的機器人、您的品質和您的勞動力管理，所有這些都是統一的，並且一切都基於人工智慧。這些結果相當驚人，而且成本也很有利，對吧？因此，我們正在縮短平均處理時間。這些演示非常受歡迎。

And the #1 question we get it, that's not real is it, in the way like we are -- we'll set it up for you. I want you to know, though, that excitement is meted in months, not weeks, right, a social product (inaudible) time, people are happy. Let's go.

我們得到的第一個問題是，這不是真實的，就像我們一樣 - 我們將為您設置它。不過，我想讓你知道，這種興奮是在幾個月而不是幾週內得到滿足的，對吧，在社交產品（聽不清楚）的時間內，人們很高興。我們走吧。

In the CCaaS world, these are very time-consuming transformation. So there are long protracted RFPs. And so we're very pleased with where we are. The #1 excitement we're seeing in the field among customers is our CCaaS product. And so we know we've done the right thing.

在CCaaS世界中，這些都是非常耗時的轉變。因此，存在長期拖延的 RFP。因此，我們對目前的狀況非常滿意。我們在該領域看到的讓客戶最興奮的就是我們的 CCaaS 產品。所以我們知道我們做了正確的事。

Now if you play this movie in 3-year increments. I think most of us would agree we did the right thing. So excitement on AI, excitement on practical AI, excitement seeing the results, because we are walking into customers, I'll give you a large customer that I spoke to, who was on the track to kind of build their own LLM.

現在，如果您以 3 年為增量播放這部電影。我想我們大多數人都會同意我們做了正確的事。對人工智慧的興奮，對實用人工智慧的興奮，對結果的興奮，因為我們正在走進客戶，我會給你一個我交談過的大客戶，他正在建立自己的法學碩士。

And after really understanding how we're approaching AI, they were like, "Oh my God, yes" we just got to work with you, and then you'll ensure that we can always use the best LLM and the best model that yields us the best results. So that's the most exciting thing that's going on. No surprise that AI and what it can do for you. And we're manifesting just easy, measurable results on the CCaaS side.

在真正了解我們如何接近人工智慧之後，他們就像，「天哪，是的」我們只需與您合作，然後您將確保我們始終可以使用最好的法學碩士和產生效果的最佳模型我們最好的結果。這就是正在發生的最令人興奮的事情。人工智慧及其能為您做的事情也就不足為奇了。我們在 CCaaS 方面展示了簡單、可衡量的結果。

Got it. And then maybe just focusing a little bit more on the model. As we sort of contemplate the preliminary 2025 guidance. How does that -- if anything, does that change at all the long-term model that you had outlined during your Analyst Day? How should we really think about that going forward?

知道了。然後也許只是更多地關注模型。當我們思考 2025 年初步指導。這對您在分析師日期間概述的長期模型有何影響（如果有的話）？我們該如何思考未來的發展？

Well, I'll start by saying No, and Manish, can you elaborate?

好吧，我首先說“不”，Manish，你能詳細說明一下嗎？

Yes. It does not change our FY '27 long-term plan. And again, just to be clear, this is not our guide for '25. I will do that in our March earnings call. Just given the -- some of the renewal pressures we are seeing here in Q3. And as I said Q4, we expect it to be quite intense. Given the visibility that we have, and we just wanted to be clear that we laid out what we are seeing right now. It might change substantially when we talk in March, and we talk about the full year guide.

是的。它不會改變我們 27 財年的長期計劃。再次強調，這不是我們 25 年的指南。我將在三月的財報電話會議上這樣做。考慮到我們在第三季看到的一些更新壓力。正如我所說的第四季度，我們預計它會非常激烈。考慮到我們所擁有的可見性，我們只是想清楚地表明我們列出了我們現在所看到的情況。當我們在三月討論全年指南時，情況可能會發生重大變化。

But sitting where we sit today, we don't feel any difference about FY '27 than we did 6 months ago.

但坐在我們今天的位置上，我們並沒有感覺到 27 財年與 6 個月前有任何不同。

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

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。請繼續你的問題。

This is Max Osnowitz on for Elizabeth. So I'd love to just touch on some of the renewal headwinds that you all are seeing. You previously highlighted the expectations for our net dollar expansion to be under pressure from some of those moderating renewals and upsells. So I'm just curious, the downsell pressure incrementally more than you expected? And just any sense for why now when we've been hearing from a lot of your software peers over the last year, talk about this dynamic? So just curious around the timing of it now and also just versus your initial expectation.

我是馬克斯·奧斯諾維茨（Max Osnowitz）為伊麗莎白代言。因此，我想談談你們都看到的一些更新阻力。您之前強調了我們對美元淨擴張的預期將受到一些續訂和追加銷售放緩的壓力。所以我只是好奇，降價壓力是否比你預期的還要大？當我們去年收到許多軟體同行的來信時，你知道為什麼現在要談論這種動態嗎？所以現在只是好奇它的時機，也只是與你最初的期望不同。

Yes. That's a good question. So let me start and then Ragy might chime in. So first, I want to be clear, we're not seeing logo change. We're just seeing a reduction in the number of seats as an example. And why now? Well, you've seen a lot of corporations pull back on head count. There have been layoffs across the economy. Q4 tends to be our biggest business, both in terms of renewals and new business. And I suspect what is happening is when those contracts are up for renewal, which, for us, happens to be in Q4 we're seeing a downdraft in terms of the number of seats being renewed. So I think that's point number one.

是的。這是個好問題。所以讓我開始吧，然後 Ragy 可能會插話。首先，我想澄清一下，我們沒有看到徽標發生變化。我們只是以座位數的減少為例。為什麼現在呢？嗯，你已經看到很多公司縮減了員工人數。整個經濟領域都出現了裁員。無論是在續約還是新業務方面，第四季往往是我們最大的業務。我懷疑正在發生的事情是當這些合約需要續約時，對我們來說，這恰好是在第四季度，我們看到續簽的席位數量下降。所以我認為這是第一點。

And then as Ragy was saying, there are quite a bit of macro challenges, particularly as we look at the marketing and advertising suite. We sell volumes here, so it's not really seat-based. And again, companies are looking to advertise less just given the macro, and that's pulling back the ARR that we ascribed to that product suite. Hope that helps.

正如拉吉所說，存在相當多的宏觀挑戰，特別是當我們審視行銷和廣告套件時。我們在這裡批量銷售，因此並不是真正以座位為基礎。同樣，考慮到宏觀因素，公司希望減少廣告投放，這拉低了我們歸因於該產品套件的 ARR。希望有幫助。

Yes. No, that's very helpful. And just maybe as a quick follow-up. When you think about the pressure on some of those seat-based renewals, is there any opportunity to potentially move some of those seats into separate SKUs that maybe the customer will utilize more to maintain overall ACV? I'm just, I'm curious if there's any discussion internally about pursuing avenues like that to just maintain overall retention levels.

是的。不，這非常有幫助。也許只是作為一個快速的後續行動。當您考慮某些基於席位的續訂所面臨的壓力時，是否有機會將其中一些席位轉移到單獨的 SKU 中，以便客戶可能會利用更多席位來維持整體 ACV？我只是，我很好奇內部是否有任何關於尋求這樣的途徑來維持整體保留水準的討論。

That's an exciting thought. Our approach here, as we kind of bring a fairly disruptive new product to a new buyer, is to not confuse them with a new model -- pricing model. So we've started by, there are some products that are just flat AI-based conversational bots, et cetera. But we've tried to keep the pricing model parity what the market sees. But I agree with him, and I think there is some upside for us as we as we get to scale in our CCaaS side, there is opportunity for us to revisit pricing. And that's not something we're willing to comment on right now.

這是一個令人興奮的想法。當我們為新買家帶來相當顛覆性的新產品時，我們的做法是不要將他們與新模式（定價模式）混為一談。因此，我們首先發現，有些產品只是基於人工智慧的扁平對話機器人，等等。但我們試圖保持定價模型與市場所看到的一致。但我同意他的觀點，我認為隨著我們在 CCaaS 方面的規模擴大，我們有一些好處，我們有機會重新審視定價。我們現在不願意對此發表評論。

Yes. And let me make sure, was your question that at renewal time, are we trying to offer them additional SKUs to maintain ARR? Was that the question?

是的。讓我確定一下，您的問題是在續訂時，我們是否試圖向他們提供額外的 SKU 以維持 ARR？是這個問題嗎？

Yes, it's partly it. I think -- but your answer also addresses it.

是的，部分是這樣。我認為 - 但你的回答也解決了這個問題。

Yes. And I think to be clear, that is one of the plays we are running. So we are constantly, as you'd recall from our prior earnings calls, upsells, for us, has always been a very strong suit. So we are constantly figuring out ways to either maintain as what we're doing now or increase ARR and accounts.

是的。我想澄清一下，這是我們正在演出的劇目之一。因此，正如您從我們之前的財報電話會議中所記得的那樣，我們不斷地進行追加銷售，對我們來說一直是一個非常強大的優勢。因此，我們不斷尋找方法來維持我們現在所做的事情或增加 ARR 和帳戶。

So offering them additional product suites is one of the plays. There's a number of other players we are running, and again, this is part of the reason I was saying just given where we are and the limited visibility in how this plays out for the remainder of this year, what is captured in the guide is the situation we see.

因此，為他們提供額外的產品套件是其中之一。我們還有許多其他參與者，這也是我剛才說的部分原因，考慮到我們目前的處境以及今年剩餘時間的情況的可見性有限，指南中捕獲的內容是我們看到的情況。

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。

Yes. I guess when you look at the success of the contact center product on Sprinklr Service here. Any help in terms of the mix of existing customers that are buying that versus this as a tool to land at new logos? And how do you think about that going forward?

是的。我想當您在這裡看到 Sprinklr Service 上的聯絡中心產品的成功。對於購買該產品的現有客戶與將其作為登陸新徽標的工具的組合有何幫助？您如何看待未來的發展？

Not surprisingly, I think it's 50-50. We're surprised to see brand-new companies involved and include us in a context and the RFP. Usually a late addition is usually coming from an analyst who've seen the product saying, "You, guys got to take a look," or are reps calling in or someone who's tried us -- the few that have tried us that have been impressed. And so the answer is there is a surprising number of sort of net new RFPs we are beginning to get in. And then there is always a customers that have been using us for social and digital care and are also expanding into voice with us.

毫不奇怪，我認為是 50-50。我們很驚訝地看到全新的公司參與其中，並將我們納入背景和 RFP 中。通常，遲到的補充通常來自一位看過該產品的分析師，他說：“你們，夥計們必須看一看”，或者是代表打來電話，或者嘗試過我們的人- 少數嘗試過我們的人印象深刻。因此，答案是我們開始收到數量驚人的新 RFP。然後總有客戶一直在使用我們的社交和數位護理服務，並且也在與我們一起擴展到語音領域。

But I'll tell you a new category that potentially has some upside, and we're beginning to look at them, are the large BPO players. And these are things that there's an established market that's 20 years old. So we're seeing more traction early, but more traction from the partner-sourced, so the leads for us. And so that's something that we're excited about.

但我會告訴你一個可能有一些好處的新類別，我們正在開始關注它們，那就是大型 BPO 參與者。這些都是已有 20 年歷史的成熟市場。因此，我們很早就看到了更多的吸引力，但更多的吸引力來自合作夥伴，因此對我們來說是領先的。這就是我們感到興奮的事情。

Okay. Very helpful. And then when you look at the partner community, it seems like they've been pretty instrumental in helping some of the growth here on the contact center side. But did, were you also sort of refocusing them in that direction and maybe they also took their eye off the ball on the social and marketing side? Or anything that you think your internal sort of sales focus influenced performance by the partner community as well?

好的。很有幫助。然後，當您查看合作夥伴社群時，您會發現他們在幫助聯絡中心方面的一些成長方面發揮了相當大的作用。但是，你是否也在某種程度上將他們重新集中在這個方向上，也許他們也把注意力從社交和行銷方面轉移了？或者您認為您的內部銷售重點是否也影響了合作夥伴社群的績效？

Yes. Yes, it's a good question. And actually, let me just take a step back, right? It's obvious that we're going to go through an air pocket here. And that's the nature of the beast as we transition from a set of buyers that were largely marketing-based or, like, social customer service or digital customer service base. Now we're talking to the guy who runs the contact center, who, like, kind of didn't know that Sprinklr existed still about 3 to 6 months ago. And that curiosity and that growth is what we think was worth the effort. Having said that, the partner ecosystem is the same way.

是的。是的，這是一個好問題。事實上，讓我退一步，對吧？很明顯，我們將要穿過這裡的氣穴。當我們從一組主要基於行銷或社交客戶服務或數位客戶服務基礎的買家轉變時，這就是野獸的本質。現在我們正在和聯絡中心的負責人交談，他大約 3 到 6 個月前還不知道 Sprinklr 仍然存在。我們認為這種好奇心和成長是值得付出努力的。話雖如此，合作夥伴生態系統也是如此。

They are transitioning off very long-term established partnership and trying us up. So I think a lot of this air pocket situation for, let's say, up to a year or so can be explained by making the transition and landing it right, where -- we're still developing our playbook and a blueprint to enable partners right?

他們正在擺脫長期建立的合作夥伴關係並嘗試我們。因此，我認為，在長達一年左右的時間裡，許多這種氣穴情況都可以透過進行過渡並正確落地來解釋，我們仍在製定我們的行動手冊和藍圖，以使合作夥伴能夠正確實施？

So the people who are trying are loving it. We have to document our successes. We have to create the blueprint. We have to train the partners. So there's a -- let's say, any way you look at it, you're looking at a 6- to 9-month lag in that -- going from one to the other. And that's the way we look at it. So we're seeing very good early traction and that early traction to convert to steady, predictable growth on the bookings side, I think that's probably the 2 quarters or 3 that we need.

所以正在嘗試的人們都喜歡它。我們必須記錄我們的成功。我們必須創建藍圖。我們必須培訓合作夥伴。因此，無論從哪個角度來看，從一種到另一種都會存在 6 到 9 個月的滯後。這就是我們看待它的方式。因此，我們看到了非常好的早期吸引力，並且早期的吸引力轉化為預訂方面穩定、可預測的成長，我認為這可能是我們需要的 2 或 3 個季度。

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。

Congrats on the strong quarter. I guess last quarter, you flagged some very large deals with some of your largest customers and said that those kind of contract values were up 10%, 15% or double digit. But it seems like this quarter, large customers are more of a headwind. So I guess is there a bifurcation of, I guess, in terms of the type of customer? Maybe the industry of that customer that is expanding versus downselling?

恭喜季度表現強勁。我想上個季度，你們與一些最大的客戶進行了一些非常大的交易，並表示此類合約價值增長了 10%、15% 或兩位數。但本季，大客戶似乎更具阻力。所以我想在客戶類型方面是否有分歧？也許該客戶所在的產業正在擴張而不是降價銷售？

Yes, these are two different bases, right? So some of the downsell pressure, we're talking about sort of the marketing side and advertising side. And the other thing to put in perspective, we did land some large implementations in contracts sort of brand-wise, size-wise. On CCaaS, we will continue to do so.

是的，這是兩個不同的基地，對嗎？因此，我們談論的是行銷方面和廣告方面的一些降價壓力。另一方面，我們確實在品牌、規模方面的合約中進行了一些大型實施。在CCaaS上，我們會繼續這樣做。

The thing though is there is, they go market by market, right? So these are companies, in many cases, they have executed a master agreement. But then you go market by market, and you'll start seeing those bookings and revenues only as markets come on board. And these markets are on different contract timing cycles, right? So you might have a set of markets in LatAm, whose renewal with their current solution is coming up in 6 months or 9 months.

但問題是，他們逐一市場進行，對吧？所以這些公司在很多情況下都簽署了主協議。但是，當你逐個市場進行考察時，只有當市場出現時你才會開始看到這些預訂和收入。這些市場處於不同的合約時間週期，對吧？因此，您可能在拉丁美洲擁有一組市場，這些市場將在 6 個月或 9 個月內更新其當前解決方案。

It's actually good for us because these early implementations the 99 -- the Five9 uptimes and a whole bunch of things that we are just working through the system, we've done it before. That -- it's good to have that breathing room. So I just want to make sure that you understand the time lapse as you take those snapshots and try to put it together. And that should -- once the base is established through the rest of this year and next year, we should see that pipeline convert steadily, but you're going to see a little bit of a starting lag.

這實際上對我們有好處，因為這些早期實現的 99 - Five9 正常運行時間以及我們剛剛通過系統進行的一大堆事情，我們以前已經做過了。那——有喘息的空間是件好事。所以我只是想確保您在拍攝這些快照並嘗試將它們組合在一起時了解時間流逝。這應該 - 一旦今年剩餘時間和明年的基地建立起來，我們應該會看到管道穩步轉換，但你會看到一點啟動滯後。

Understood. Makes sense. And then maybe just on your kind of like net revenue retention and how we should think about that going forward, I guess to get to maybe the 10% growth that you guys were talking about next year, it seems like that's going to fall pretty sharply. Is that something that we should expect to maybe end '25 below 110%?

明白了。說得通。然後也許就你們的淨收入留存以及我們應該如何考慮未來的情況，我想明年可能會達到你們談論的 10% 的增長，看起來會大幅下降。我們應該預期 25 年結束時這一比例可能會低於 110% 嗎？

Yes, this is Manish. So I have never given a number for net dollar expansion or retention. As I state on every earnings call, it's a byproduct of what's happening in the business. We have signaled even in the past, we do expect the 118% to keep coming down. I don't know where it's going to end up, but I think you can use the total revenue guide. You can use the billings number for next year to sort of know that it is going to come down from the 118%, probably maybe not very different from where you were expecting, but it's not something that I formally put out a number on.

是的，這是曼尼什。因此，我從未給出過美元淨擴張或保留的數字。正如我在每次財報電話會議上所說的那樣，這是業務中發生的事情的副產品。我們甚至在過去就曾表示過，我們確實預期 118% 會繼續下降。我不知道它最終會去哪裡，但我認為你可以使用總收入指南。你可以使用明年的帳單數字來知道它將從 118% 下降，可能與你的預期沒有太大不同，但這不是我正式公佈的數字。

Got it. And then maybe if I could just ask one more on the expense side, particularly with sales and marketing. It looks like kind of cash-based sales and marketing expenses are down a good bit from the first quarter. I guess how should we think about expense growth while you go through this go-to-market transition?

知道了。然後也許我可以再問一下費用方面的問題，特別是銷售和行銷方面的問題。看起來基於現金的銷售和行銷費用比第一季大幅下降。我想當你經歷這個進入市場的過渡時，我們該如何考慮費用成長？

I think at this point, we will probably provide more color in the March earnings call for next year. I did want to point out that non-GAAP operating margins ought to expand from here. So there will be more efficiencies across the business. I don't want to specifically call out for sales and marketing. But I think as Ragy answered in one of the other questions, we're not looking to incrementally invest a lot more. I think it's more around reallocation of existing resources.

我認為在這一點上，我們可能會在明年三月的財報電話會議上提供更多的內容。我確實想指出，非公認會計準則營業利潤率應該從這裡開始擴大。因此，整個企業的效率將會更高。我不想特別強調銷售和行銷。但我認為正如拉吉在其他問題之一中回答的那樣，我們不打算逐步投入更多資金。我認為這更多的是對現有資源的重新分配。

Yes. I mean, and this might be premature, but look, we just -- I started the call by saying one should expect 20% to 40% productivity gains in the front office. And look, we intend, and let me be specific, I intend for us to be client 0. So there's a lot of things that we're doing now. That's going to take a few quarters. That it's just like we're going to eat our own dog food or drink our own champagne here. And so look, we're anticipating and working towards improving productivity. So I think I echo Manish's sentiment that we should be able to do both.

是的。我的意思是，這可能還為時過早，但看，我們只是——我在電話會議一開始就說，人們應該期望前台的生產力提高 20% 到 40%。看，我們打算，讓我具體說一下，我打算讓我們成為客戶端 0。所以我們現在正在做很多事情。這需要幾個季度的時間。這就像我們要在這裡吃自己的狗糧或喝自己的香檳一樣。所以看，我們正在期待並努力提高生產力。所以我想我同意曼尼什的觀點，即我們應該能夠做到這兩點。

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

下一個問題來自邁克爾·伯格與富國銀行的對話。

I wanted to ask, going back to CCaaS. When you think of the sales process for your CCaaS offering, it's primarily in the application layer. You do have the voice capabilities now. But maybe more holistically, how do you think about that piece of the business progressing to doing more, at least with how I imagine, augmentations today to more strategic holistic rip-and-replaces, at least that becoming more of a norm.

我想問，回到CCaaS。當您考慮 CCaaS 產品的銷售流程時，它主要位於應用程式層。您現在確實具有語音功能。但也許從更全面的角度來看，您如何看待這部分業務正在進展到做更多事情，至少按照我的想像，今天的增強到更具戰略性的整體淘汰和替換，至少變得更加規範。

Sorry, Michael, can you -- what was your question? Is it -- can you repeat the question? I'm not sure I got it.

抱歉，邁克爾，你能——你的問題是什麼？是嗎——你能重複這個問題嗎？我不確定我明白了。

Absolutely. I guess how do you think about the progression of -- in CCaaS moving from being an augmentation into more of the digital application layer within a CCaaS deployment being a more holistic strategic replacement of the legacy vendors from end to end moving forward? Or I guess, I guess what inning are you in that transition?

絕對地。我想您如何看待 CCaaS 從增強到 CCaaS 部署中的更多數位應用程式層的進展，成為傳統供應商從端到端的更全面的策略替代？或者我猜，我猜你在那個過渡階段處於第幾局？

Got it. Got it. Got it. We -- I don't know when and what to expect in reality. So we have 2 sets of buyers, right? We have a set of buyers that use us to social customer service and is expanding to digital maybe as a next step. We have a bunch of those. The exciting development there, Michael, is our conversational AI capability. And that's becoming really, really good.

知道了。知道了。知道了。我們——我不知道現實中會發生什麼以及會發生什麼。所以我們有 2 組買家，對嗎？我們有一群買家使用我們的社交客戶服務，下一步可能會擴展到數位領域。我們有很多這樣的。邁克爾，令人興奮的發展是我們的對話式人工智慧能力。這變得非常非常好。

And so, and it's becoming more human-like. I'm not going to name the customer, but we have one customer where our bot, in a case that's closed by a bot has a higher NPS than a case that's closed by a human. So I think that speaks to the progress we've made in technology. So that's sort of the Class A digital customer service and mitigation of direction and call volume, and it just saves you money.

所以，它變得越來越像人類。我不會透露該客戶的名字，但我們有一個客戶，我們的機器人在由機器人關閉的案例中比由人工關閉的案例具有更高的 NPS。所以我認為這說明了我們在技術方面的進步。這就是 A 級數位客戶服務，可以減少方向和通話量，而且還能為您節省金錢。

And the other one is where we are actually in a CCaaS replacement RFP. I can tell you, this is anecdotally because we don't have enough data to be specific here. Our win rate, when we are seriously considered, is pretty high. And you have this, "No one ever got fired for buying IBM," syndrome is the only reason why someone who sees it and believes it and tests it and kind of maybe says, "I'm going to give it more time."

另一個是我們實際上處於 CCaaS 替代 RFP 中的情況。我可以告訴你，這是軼事，因為我們沒有足夠的數據來具體說明。如果認真考慮的話，我們的勝率是相當高的。你會發現，“從來沒有人因為購買 IBM 而被解僱”，這種綜合症是人們看到它、相信它、測試它並可能會說：“我要給它更多時間”的唯一原因。

So we know we have a very differentiated product. We know that -- the opportunities we are in, we're seeing very good win rates. We have to develop that muscle across the company. And that muscle development takes time. The good news is the parts of the world where that muscle seems to have developed quickly, either through hiring salespeople who have been at other CCaaS companies or leaders embracing CCaaS, they're doing really well. And so it's inconsistent at this point across the company. And one of our big goals for next year is to make that really consistent around the world.

所以我們知道我們有一個非常差異化的產品。我們知道－我們所面臨的機會，我們看到了非常好的勝率。我們必須在整個公司範圍內發展這種力量。肌肉的發育需要時間。好消息是，在世界上一些地區，這種力量似乎發展得很快，無論是透過僱用曾在其他 CCaaS 公司工作過的銷售人員還是擁抱 CCaaS 的領導者，他們都做得非常好。因此，目前整個公司的情況並不一致。我們明年的大目標之一就是讓這一點在全世界範圍內真正保持一致。

Question comes from the line of Michael Turits with KeyBanc Capital Markets.

問題來自 KeyBanc Capital Markets 的 Michael Turits。

This is Michael Vidovic on for Michael Turits. On the headwinds, you talked about seeing this quarter with the over rotation, the downsell pressure. I guess, were you not seeing those same dynamics in Q2 and Q3 in, like, a similar frequency? Or is that still relatively new for this quarter?

我是邁克爾·維多維奇 (Michael Vidovic) 替補邁克爾·圖里茨 (Michael Turits)。關於逆風，您談到了本季的過度輪換和降價壓力。我想，您是否沒有在第二季和第三季以相似的頻率看到相同的動態？或者對於本季來說這仍然是相對較新的內容？

It's kind of consistent, right? But because, as Manish said, we have a much bigger base coming up in Q4, so we're not seeing the macro environment get better or get worse, and so I wouldn't characterize it as something changed in Q4.

這有點一致，對吧？但正如曼尼什所說，因為我們在第四季度有一個更大的基礎，所以我們沒有看到宏觀環境變得更好或變得更糟，所以我不會將其描述為第四季度發生的變化。

Yes. So let me clarify that. I think what Ragy is getting at is the level of downsells that we are beginning or we saw in Q3 and then we expect here in Q4 is much sharper than what we saw in the first half of the year. But to also add to what he said, when we look at the -- how the sales teams were organized, of course, a lot of this was things that we had wanted to do in terms of our focus on CCaaS, which was very successful.

是的。讓我澄清一下。我認為拉吉所面臨的是我們在第三季度開始或看到的降價水平，然後我們預計第四季度的降價水平將比我們上半年看到的要嚴重得多。但也要補充一點，當我們研究銷售團隊的組織方式時，當然，其中很多都是我們在關注 CCaaS 方面想做的事情，這是非常成功的。

But I think that whole sequence of moving the sales teams around, we probably didn't see at least till now that we were not getting the level of market momentum in our core products or traction in the core products that we should have had, so I think that's a bit of a new element.

但我認為，在調整銷售團隊的整個過程中，我們可能至少到目前為止還沒有看到我們的核心產品沒有達到我們應該擁有的市場動力水平或核心產品的吸引力，所以我認為這是一個新元素。

But I would -- again, to reconcile the two, right? The macro, we don't think is what's changing. It's really our over-rotation that's causing the change that, where Manish has articulated.

但我會再調和兩者，對嗎？我們認為宏觀方面沒有改變。正如馬尼什所闡述的那樣，實際上是我們的過度輪換導致了這種變化。

Great. And then just on that over-rotation you called out, I guess, how significant on, like, a dollar or a resource standpoint, resource standpoint? Are you reallocating away from CCaaS? I guess I'm just trying to figure out, are you far enough along in the CCaaS expansion or growth that you can continue to, like, push into that market and grow the business despite that reallocation?

偉大的。然後，就在過度輪換時，我想，從美元或資源的角度來看，資源的角度有多重要？您是否正在從 CCaaS 進行重新分配？我想我只是想弄清楚，你們在 CCaaS 擴張或成長方面是否已經走得足夠遠，以至於儘管進行了重新分配，你們仍可以繼續進軍該市場並發展業務？

I think the short answer is, yes. We have had several quarters here of looking at not just win rates, but the go-to-market model for CCaaS, what is working in the market. As Ragy was mentioning earlier, we've been successful in onboarding partners in that segment. So we now have, I'd say, enough of a science around what it's going to take for us to succeed in that segment. And I think this would be the appropriate time for us to refocus on all of our product suites, not just CCaaS.

我認為簡短的答案是，是的。幾個季度以來，我們不僅關注勝率，還關注 CCaaS 的上市模式，即市場上行之有效的模式。正如 Ragy 之前提到的，我們在該領域的合作夥伴方面取得了成功。因此，我想說，我們現在已經擁有足夠的科學知識來了解我們如何在這一領域取得成功。我認為現在是我們重新關注所有產品套件的適當時機，而不僅僅是 CCaaS。

And I would just say, though, I would, again, give ourselves -- the explanation for all of this is we'll probably need another quarter or 2 before the partner enablement, the scaling of that completely new product suite is just brought to the world, right? So now we're implementing these early partners working with that. So it's just, we're in the process of templatizing it and being able to do it with much less heavy lifting.

不過，我只想說，我會再次給自己 - 所有這一切的解釋是，在合作夥伴啟用之前，我們可能還需要一到兩個季度，全新產品套件的擴展剛剛達到世界，對嗎？所以現在我們正在實施這些早期合作夥伴的工作。所以，我們正在對其進行模板化，並且能夠以更少的繁重工作來完成它。

(Operator Instructions) Our next question comes from the line of Brian Schwartz with Oppenheimer.

（操作員說明）我們的下一個問題來自 Brian Schwartz 和 Oppenheimer 的對話。

This is Ari Friedman sitting in for Brian Schwartz. I'm just wondering, like, in the quarter, if you saw any strength in certain verticals or weakness? Our research suggests that there's been, like, some softness in, like, insurance and auto and tax and financials. Wondering if you're seeing the same thing? Or something different?

這是阿里·弗里德曼 (Ari Friedman) 代替布萊恩·施瓦茨 (Brian Schwartz)。我只是想知道，在本季度，您是否看到某些垂直領域的優勢或劣勢？我們的研究表明，保險、汽車、稅務和金融等領域出現了一些疲軟。想知道你是否也看到同樣的事情？或有什麼不同？

I mean I don't think there's anything super noticeable. If you, like, want to interpret it a certain way, I'd say maybe the media sector, right, media publishing channels who have been customers, we're seeing some sort of -- we can interpret that there are some extra softness there. There's been -- the streaming wars that have been going on has calmed down.

我的意思是，我不認為有什麼特別值得注意的事。如果你想以某種方式解釋它，我想說也許是媒體部門，對吧，媒體出版渠道一直是客戶，我們看到了某種 - 我們可以解釋為那裡有一些額外的柔軟性。一直在進行的串流媒體戰爭已經平靜下來。

So these social networks are in a very different place than they used to be, and as you know, there are some -- these are all, like, onetime things that we -- for us, it's just unfortunate timing that they're coming together at the same time. But I'd say that's probably one way to interpret it.

因此，這些社交網路與以前相比處於一個非常不同的位置，正如你所知，有一些——這些都是我們曾經的東西——對我們來說，它們出現的時機很不幸地同時在一起。但我想說這可能是解釋它的一種方式。

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 Austin Cole。

So on Sprinklr Service, it sounds like customers are seeing pretty meaningful productivity improvements. I'm wondering if you could walk through how does Sprinklr Service handle automated call deflecting and routing to agents just maybe so investors can better understand kind of the technical pieces here. And how are those functions different from other CCaaS solutions? And how are customers benefiting? Anything there would be [helpful].

因此，在 Sprinklr Service 上，聽起來客戶看到了非常有意義的生產力改善。我想知道您是否可以介紹 Sprinklr Service 如何處理自動呼叫偏轉和路由到座席，這樣投資者就可以更好地理解這裡的技術部分。這些功能與其他 CCaaS 解決方案有何不同？客戶如何受益？任何事情都會[有幫助]。

Austin, thank you for that question. I really mean it. Because I think when you see it action, it actually -- it just changes our perspective. I'll tell you the story of, you remember the big bank we talked about, right, one of the, I think the fifth largest bank that was one of our first CCaaS implementations, 15,000 agents. I met with the CEO, and they did a live demo for me, put the phone on the table and just dialed out 1 (800) bank. What you get when you call a big bank, press 1 for credit cards, press 2.

奧斯汀，謝謝你提出這個問題。我真心的。因為我認為當你看到它的行動時，它實際上——它只是改變了我們的觀點。我會告訴你這個故事，你還記得我們談論過的那家大銀行，對吧，我認為是第五大銀行之一，也是我們首批 CCaaS 實施之一，有 15,000 名代理商。我會見了首席執行官，他們為我進行了現場演示，將電話放在桌子上，然後撥打了 1 (800) 銀行。當您致電大銀行時，您會得到什麼，如果是信用卡請按 1，如果是信用卡請按 2。

And after they finished implementing Sprinklr, for the most part, the question on the other side that the system poses, how can I help you? And you just say, I want to know my credit card balance. And then the follow-up question is, can you please put in your security code, we will recognize your phone number? And literally, you could just continue the conversation.

在他們完成 Sprinklr 實施後，在很大程度上，系統提出的另一個問題是，我能為您提供什麼幫助？你只是說，我想知道我的信用卡餘額。那麼接下來的問題是，您可以輸入您的安全碼，我們會識別您的電話號碼嗎？從字面上看，你可以繼續談話。

And there are, I don't know, 100-some journeys that they've identified, some of -- 50% to 80% of that, as we connect to more internal systems, have been automated, and the credit card balance inquiry is something that is automated. So literally, you now have an experience where it's very unlike traditional a experience where we're routing and calling.

我不知道，他們已經確定了 100 多個旅程，其中一些旅程——50% 到 80%，當我們連接到更多內部系統時，已經實現自動化，信用卡餘額查詢是自動化的東西。從字面上看，您現在的體驗與我們路由和呼叫的傳統體驗非常不同。

And on the back end, if you did ask a question like, "I want to change my credit limit," that would go to a human. But we already understand from your speech and your text and your voice that -- what you want to do, so we know where to send you. And then we use smart AI to find the best agent who can do that.

在後端，如果您確實問了諸如“我想更改我的信用額度”之類的問題，那麼就會向人類提出。但我們已經從你的演講、文字和聲音中了解到——你想做什麼，所以我們知道該送你去哪裡。然後我們使用智慧人工智慧來尋找能夠做到這一點的最佳代理人。

And because you can do it across channels, let's say, you request a credit limit increase, at the bank, before you had Sprinklr, if that request was on the phone, they could ask you, hey, can you just send me a proof of your salary increase, blah, blah, blah, and you send it and get it done. But if that came on the phone on a Friday or a Sunday night, if that came on e-mail on a Sunday night, the agent that had an e-mail console -- remember, before Sprinklr these consoles were all different, right? And they were logging into 8 screens. The agent will reply back via e-mail saying, "Hey, can you send me a proof of your income?"

因為你可以跨渠道做到這一點，比方說，你在使用Sprinklr 之前，在銀行請求增加信用額度，如果該請求是通過電話發送的，他們可能會問你，嘿，你能給我發一份證明嗎你的加薪，等等，等等，然後你寄出並完成它。但如果週五或週日晚上通過電話收到，如果週日晚上通過電子郵件收到，那麼擁有電子郵件控制台的代理- 請記住，在Sprinklr 之前，這些控制台都是不同的，對吧？他們登入了 8 個螢幕。代理人將通過電子郵件回复說：“嘿，你能給我發一份你的收入證明嗎？”

And that e-mail, you go to work and you reply back 5 days later, the SLA for the same call driver on e-mail was dramatically different than if it were on the phone. And with Sprinklr, that agent who's responding an e-mail because it's an omnichannel console, just clicks on, "call," and calls the customer. And those are the kind of magical things.

然後，您去上班並在 5 天後回复該電子郵件，同一呼叫驅動程式透過電子郵件獲得的 SLA 與透過電話獲得的 SLA 截然不同。對於 Sprinklr，回覆電子郵件的代理因為它是一個全通路控制台，只需點擊「呼叫」即可呼叫客戶。這些都是神奇的事。

And by the way, in the demo, it was the head of CX who did the demo. He hung up before Sprinklr could bloat out the bank -- credit card balance and called back and Sprinklr picked up from where it left off and continued the transaction. Those are the kind of things that are not possible in a traditional point solution existing legacy contact center infrastructure. I hope that brings it to life.

順便說一下，在演示中，是 CX 的負責人進行了演示。在 Sprinklr 耗盡銀行信用卡餘額之前，他掛斷了電話，然後回撥過來，Sprinklr 從中斷處接續並繼續交易。這些都是傳統點解決方案現有的聯絡中心基礎架構中不可能實現的事情。我希望這能讓它變得栩栩如生。

There are no further questions at this time. I would now like to pass the floor over to Ragy Thomas for closing comments.

目前沒有其他問題。現在我想請 Ragy Thomas 發表總結意見。

Thank you, Alicia, 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 in 90 days or so as we continue this exciting journey. I'm sure that's going to span years and decades of creating a new category that we call unified customer experience management. Thank you very much, and have a wonderful evening.

謝謝你，艾莉西亞，也謝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。我們期待在 90 天左右的時間內再次向您更新最新消息，繼續這趟令人興奮的旅程。我確信這將花費數年甚至數十年的時間來創建一個我們稱之為統一客戶體驗管理的新類別。非常感謝，祝您有個美好的夜晚。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。