Sprinklr Inc (CXM) 2024 Q4 法說會逐字稿

Greetings, and welcome to the Sprinklr's fourth-quarter fiscal year 2024 earnings call.

您好，歡迎參加 Sprinklr 2024 財年第四季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Eric Scro, Vice President of Finance.

現在我很高興向您介紹主持人，財務副總裁 Eric Sc​​​​ro)。

Thank you.

謝謝。

You may begin.

你可以開始了。

Thank you, Camilla, and welcome, everyone, to Sprinklr's fourth quarter and full-year fiscal 2024 results financial call.

謝謝卡米拉，歡迎大家參加 Sprinklr 的第四季和 2024 財年全年業績財務電話會議。

Joining us today are Ragy Thomas, Sprinklr's founder and CEO; and Manish Sarin, Chief Financial Officer.

今天加入我們的是 Sprinklr 創辦人兼執行長 Ragy Thomas；財務長曼尼什‧薩林 (Manish Sarin)。

We issued our earnings release a short time ago filed the related Form 8-K with the SEC, and we've made them available on the Investor Relations section of our website, along with the supplementary investor presentation.

我們不久前發布了收益報告，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。

In addition, during today's call, we'll be making some forward-looking statements about the business and about the financial results of sprinkler that involve many assumptions, risks, and uncertainties, including our guidance for the first fiscal quarter and full fiscal year of 2025.

此外，在今天的電話會議中，我們將就灑水器的業務和財務表現做出一些前瞻性聲明，其中涉及許多假設、風險和不確定性，包括我們對第一財季和整個財年的指導. 2025 年。

Actual results might differ materially.

實際結果可能存在重大差異。

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.

謝謝你，埃里克，大家好。

Thank you for joining us today.

感謝您今天加入我們。

We're pleased that Q4 was another strong quarter that exceeded guidance across all key metrics.

我們很高興第四季度又是一個強勁的季度，所有關鍵指標都超出了指導。

Q4 total revenue grew 17% year over year to $194.2 million, and subscription revenue grew 19% year over year to $177 million.

第四季總營收年增 17% 至 1.942 億美元，訂閱營收年增 19% 至 1.77 億美元。

We generated a record $32.4 million in non-GAAP operating income, which resulted in a 17% non-GAAP operating margin for the quarter.

我們創造了創紀錄的 3,240 萬美元非 GAAP 營業收入，導致本季非 GAAP 營業利潤率為 17%。

The end of the fiscal year is often a good time to reflect on how far we've come and where we are going.

財政年度結束往往是反思我們已經走了多遠以及我們要去哪裡的好時機。

The opportunity we saw when we founded Sprinklr is coming to fruition in an accelerated fashion because of generative AI.

由於生成式人工智慧，我們在創立 Sprinklr 時看到的機會正在加速實現。

After investing 14 years of unifying the back end of customer-facing functions with our AI-powered platform, we're beginning to see customers bring our vision of unifying to life with generative AI and conversational AI.

經過 14 年的投資，將面向客戶的後端功能與我們的 AI 支援平台統一起來，我們開始看到客戶將我們透過生成式 AI 和對話式 AI 統一的願景變為現實。

Generative AI has accelerated conversations happening at the brand's digital edge where the customer buys, gives feedback, and engages for support and service.

生成式人工智慧加速了品牌數位邊緣發生的對話，客戶在其中購買、提供回饋並參與支援和服務。

Anyone can use gen AI to build a checkbook, but under the engine or the foundation behind it is unified to sell, to serve, and to gain actionable insights.

任何人都可以使用 gen AI 來建立支票簿，但背後的引擎或基礎是統一的，用於銷售、服務並獲得可操作的見解。

Siloed chat bots can manifest significant value for the brand.

孤立的聊天機器人可以為品牌帶來巨大的價值。

In today's hyper-connected world, customers must experience a unified approach across all touch points with the brand.

在當今高度互聯的世界中，客戶必須在與品牌的所有接觸點上體驗統一的方法。

As you know, we're on a journey to create a new category of enterprise software that we call unified customer experience management, and we believe that will revolutionize the front-office.

如您所知，我們正在創建一個新的企業軟體類別，我們稱之為統一客戶體驗管理，我們相信這將徹底改變前台。

And after continuous building and integration across our core portfolio, CCaaS and AI, we have even more conviction today for our long-term vision and success and our platform strategy than we have ever had before.

經過對我們的核心產品組合、CCaaS 和人工智慧的不斷構建和集成，我們今天對我們的長期願景、成功以及我們的平台策略比以往任何時候都更有信心。

As many of you know, we've been committed to this vision for quite some time now.

正如你們許多人所知，我們長期以來一直致力於實現這個願景。

But to make this vision a reality, we must deliver consistent and repeatable results.

但為了使這個願景成為現實，我們必須提供一致且可重複的結果。

As we shared in our prepared remarks on our Q3 call in December, we anticipated that the decline in our FY25 revenue growth rate will be driven by a combination of execution that needed to be improved, particularly on the go-to-market front as we over rotated to CCaaS and a difficult macro and economic condition that drove elevated churn.

正如我們在 12 月第三季電話會議上準備好的評論中所分享的那樣，我們預計 25 財年收入成長率的下降將由需要改進的執行組合驅動，特別是在進入市場方面，因為我們過度轉向CCaaS 以及困難的宏觀和經濟狀況導致客戶流失率上升。

We believe we now have the clarity on how to best position this company for our next phase of growth and has made several substantive changes across the organization.

我們相信，我們現在已經清楚如何為公司下一階段的成長提供最佳定位，並已在整個組織內做出了幾項實質改變。

This includes investment in our leadership team and enhancements to our operational rigor.

這包括對我們的領導團隊的投資和增強我們的營運嚴謹性。

Let's begin with the investments in our executive leadership.

讓我們從對行政領導的投資開始。

We've recently brought on experienced leaders from high-growth companies that are known for their execution.

我們最近從以執行力著稱的高成長公司中聘請了經驗豐富的領導者。

They have expertise in helping companies scale revenue and profitability significantly beyond our current levels.

他們擁有幫助公司將收入和盈利能力大幅提升到超出我們當前水平的專業知識。

As we have shared, Trac Pham, a member of our Board of Directors since June of 2023, has been appointed as the interim COO, where he is focused on organizational structure, getting our teams to better collaborate cross-functionally, and bringing operational rigor to Sprinklr.

正如我們所分享的，自2023 年6 月起擔任我們董事會成員的Trac Pham 已被任命為臨時首席營運官，他的重點是組織結構、讓我們的團隊更好地進行跨職能協作，並帶來運作的嚴謹性到灑水器。

Scott Harvey was promoted to the role of Chief Customer Officer, a role that did not exist where he needs a unified global customer facing organization, including all sales and delivery and service teams to accelerate go-to-market efficiencies and better serve customers.

斯科特·哈維(Scott Harvey) 晉升為首席客戶官，而在他需要一個面向全球客戶的統一組織（包括所有銷售、交付和服務團隊）的情況下，該職位並不存在，以加快進入市場的效率並更好地服務客戶。

Scott has been actively onboarding several new leaders across the Americas, Europe and APJI, as well as our partner team.

Scott 一直在積極招募美洲、歐洲和亞太地區幾位新領導者以及我們的合作夥伴團隊。

And today, we are very, very pleased to announce that [Amitabh Misra] has been appointed as our new Chief Technology Officer effective April 1.

今天，我們非常非常高興地宣布，[Amitabh Misra] 已被任命為我們的新首席技術官，於 4 月 1 日生效。

Amitabh joins us from Adobe, where he led a global R&D organization that was responsible for their experience cloud platform.

Amitabh 在加入我們之前曾在 Adob​​e 任職，領導一個全球研發組織，負責他們的體驗雲平台。

Prior to that, he was the founder and CEO of GoPro.com and the CTO, Chief Architect, and Head of Engineering at Snapdeal.com. He has invaluable industry experience -- extensive experience in scaling businesses and a deep understanding of AI.

在此之前，他曾擔任 GoPro.com 的創始人兼執行長以及 Snapdeal.com 的技術長、首席架構師和工程主管。他擁有寶貴的行業經驗——在擴展業務方面的豐富經驗以及對人工智慧的深刻理解。

We are excited to have him onboard soon.

我們很高興他很快就能加入。

We will continue working towards recruiting top-tier talent with proven track records of success and operational excellence, as we build out of bench strength to help us drive this company and growth forward.

我們將繼續努力招募具有成功經驗和卓越營運記錄的頂級人才，並利用後備力量來幫助我們推動公司向前發展。

In terms of a go-to market strategy, progress is underway.

在進入市場策略方面，正在取得進展。

We have established a more structured, cross-functional, and disciplined approach for fiscal year 2025 under this new leadership.

在新領導階層的領導下，我們為 2025 財年制定了更結構化、跨職能且紀律嚴明的方法。

We're now focused on emphasizing a more balanced strategy to pursue growth opportunities in both our core, as well as service suites.

我們現在專注於強調更加平衡的策略，以尋求我們的核心和服務套件的成長機會。

There is work in process with renewals, customer engagement, and solution selling pretty much across the board.

續約、客戶參與和解決方案銷售方面的工作幾乎全面進行。

But the result of this work will take some time to manifest through the P&L, but we feel very good that we have a clear plan and we've brought in the right people with the right experience and we are heads down focused on executing.

但這項工作的結果需要一些時間才能透過損益表體現出來，但我們感覺非常好，我們有一個明確的計劃，我們引進了具有正確經驗的合適人員，並且我們正在埋頭專注於執行。

As of January 31, 2024, we had 1,735 customers which is up 21%, compared to the previous year.

截至 2024 年 1 月 31 日，我們擁有 1,735 名客戶，比前一年成長 21%。

While we are pleased with this growth, it's important to note that we're only at a 4% penetration of our target market of 43,000 named companies as we shared during our Investor Day last July.

雖然我們對這種成長感到滿意，但值得注意的是，正如我們在去年 7 月的投資者日分享的那樣，我們在 43,000 家指定公司的目標市場中的滲透率僅為 4%。

This indicates significant untapped potential for Sprinklr.

這表明 Sprinklr 有巨大的未開發潛力。

Turning our focus to our technology platform, we are known for a blazing pace of innovation and this year was no different.

將我們的重點轉向我們的技術平台，我們以驚人的創新速度而聞名，今年也不例外。

Our product and engineering team's unwavering commitment to customers set Sprinklr apart in the marketplace.

我們的產品和工程團隊對客戶堅定不移的承諾使 Sprinklr 在市場上脫穎而出。

In FY24 alone, we released over 2,000 features and platform enhancements to further advance our vision, a vision we believe that has the potential to dramatically transform brand front office with AI.

光是 2024 財年，我們就發布了 2,000 多項功能和平台增強功能，以進一步推進我們的願景，我們相信這一願景有潛力透過人工智慧大幅改變品牌前台。

Here are a few highlights from Q4.

以下是第四季的一些亮點。

For Sprinklr Social, we launched auto image and video optimization that reduces publishing failure and optimizes usability.

對於 Sprinklr Social，我們推出了自動圖像和視訊優化，可減少發布失敗並優化可用性。

For Sprinklr Insight, we have extensively deployed AI to reduce time to insights.

對於 Sprinklr Insight，我們廣泛部署了人工智慧，以縮短獲得洞察的時間。

For example, something that would normally take an average of more than four hours to read and understand in a graph and chart and data form, now is just simplified with a click of a button to generate insight in human readable form.

例如，通常平均需要四個多小時才能以圖形、圖表和資料形式閱讀和理解的內容，現在只需點擊按鈕即可簡化，以人類可讀的形式產生見解。

In marketing and advertising, we have deepened our integrations with leading platforms such as META, Snap, and Reddit to enable advertisers to diversify media coverage and access these platform's latest capabilities.

在行銷和廣告方面，我們加深了與 META、Snap 和 Reddit 等領先平台的集成，使廣告商能夠實現媒體報告多元化並利用這些平台的最新功能。

And lastly with Sprinklr Service, we've expanded our channel offerings for Microsoft Teams and Slack, and deployed AI in our conversational analytics module to do root-cause analysis for top call drivers faster.

最後，透過 Sprinklr Service，我們擴展了 Microsoft Teams 和 Slack 的通路產品，並在我們的對話分析模組中部署了 AI，以便更快地對熱門呼叫驅動程式進行根本原因分析。

These enhancements within our architecture, especially our gen AI solutions, are helping customers improve productivity in their front office across the board, dramatically in some cases, a large electronics retailer that recently implemented our contact center solution.

我們架構中的這些增強功能，特別是我們的新一代人工智慧解決方案，正在幫助客戶全面提高前台的生產力，在某些情況下，一家大型電子零售商最近實施了我們的聯絡中心解決方案。

We reported a whopping 45% increase in customer service productivity because of our conversational self-service AI capability.

我們報告稱，由於我們的對話式自助 AI 功能，客戶服務效率大幅提高了 45%。

During the fourth quarter, we continue to add new customers and expand with existing customers.

在第四季度，我們繼續增加新客戶並擴大現有客戶。

This includes world-class brands like BT, British Telecom, where we were selected to be the strategic customer service technology partner.

其中包括 BT、英國電信等世界級品牌，我們被選為策略性客戶服務技術合作夥伴。

We also added and expanded with brands like AT&T, Canada Goose, Kia, Sephora, and UBS across all our product suite.

我們還在我們的所有產品套件中添加和擴展了 AT&T、Canada Goose、Kia、Sephora 和 UBS 等品牌。

Major global enterprises are seeking tangible evidence of AI's efficacy and its potential to drive measurable productivity gains.

全球主要企業正在尋求人工智慧功效及其推動可衡量的生產力提升潛力的實際證據。

There's plenty of hype around AI and put plenty of conversations around the theory and infrastructure, and it's time now to make it real in customer-facing functions.

圍繞人工智慧進行了大量的炒作，並圍繞理論和基礎設施進行了大量的討論，現在是時候在面向客戶的功能中將其變為現實了。

We like to share a few use cases where customers are making it real by leveraging our platform.

我們想分享一些客戶利用我們的平台將其變為現實的用例。

Our recent partnership with a major European telco company underscores our commitment to delivering next-generation seeker solutions.

我們最近與歐洲一家大型電信公司的合作夥伴關係強調了我們對提供下一代導引頭解決方案的承諾。

This telecommunications leader aims to be the number one telco in their market and wants to replace more than 10 existing point solutions in the contact center, with our comprehensive unified service suite that's enhanced by our AI.

這家電信領導者的目標是成為其市場中排名第一的電信公司，並希望透過我們的 AI 增強的全面統一服務套件來取代聯絡中心現有的 10 多個單點解決方案。

This includes over 30 plus integrations with our existing customer service support systems.

這包括與我們現有客戶服務支援系統的 30 多個整合。

The timing of this collaboration is pretty strategic, as it aligns with the new cloud strategy to optimize the CCaaS environment.

此次合作的時機非常具有戰略意義，因為它與優化 CCaaS 環境的新雲端策略相一致。

This customer is now running Sprinklr to support 2,500 agents in eight countries across social, digital, and voice channels.

該客戶目前正在運行 Sprinklr，透過社交、數位和語音管道為 8 個國家/地區的 2,500 名客服人員提供支援。

This is all geared to improved efficiency, cost effectiveness, and overall customer experience for this telco leader.

這一切都是為了提高這家電信領導者的效率、成本效益和整體客戶體驗。

Next, we have a leading pharmaceutical company that recently had their weight loss drug approved for sale in the market.

接下來，我們有一家領先的製藥公司，最近其減肥藥已獲批在市場上銷售。

They are anticipating an obvious increase in customer interactions and needed a partner to scale their front-office technology with AI.

他們預計客戶互動將顯著增加，並且需要合作夥伴透過人工智慧擴展他們的前台技術。

Discussions and updating the display technology quickly expanded to comprehensive migration to our social suite where we displaced an income company legacy solution.

顯示技術的討論和更新很快就擴展到全面遷移到我們的社交套件，我們取代了收入公司的遺留解決方案。

They also invested in understanding millions of public data mentions across social, competitive, and digital conversations without adding additional people or resources.

他們還投資了解社交、競爭和數位對話中提及的數百萬個公共數據，而無需增加額外的人員或資源。

Our innovative approach, commitment to collaboration, and expertise in navigating complex legal requirements required for regulated industries to mitigate brand risk were key factors in their decision.

我們的創新方法、對合作的承諾以及在滿足受監管行業降低品牌風險所需的複雜法律要求方面的專業知識是他們做出決定的關鍵因素。

By choosing Sprinklr, they gain a trusted partner committed to improving the customer experiences and generating better ROI for the business.

透過選擇 Sprinklr，他們獲得了一個值得信賴的合作夥伴，致力於改善客戶體驗並為企業創造更好的投資報酬率。

Our third example is about one of the world's leading healthcare companies that embarked on a transformative journey with Sprinklr many years ago.

我們的第三個例子是關於世界領先的醫療保健公司之一，該公司多年前與 Sprinklr 一起踏上了變革之旅。

Their continued expansion in leveraging our Unified-CXM platform now includes all our product suites.

他們不斷擴展利用我們的 Unified-CXM 平台，現在包括我們所有的產品套件。

They have more than 450 users and consume more than 2 billion mentions to get competitive in product insights, and to measure the effectiveness of their brand.

他們擁有超過 450 名用戶並消耗超過 20 億次提及，以在產品洞察方面獲得競爭力並衡量其品牌的有效性。

This most recent expansion last quarter was to execute against their new marketing strategy that included better content orchestration and strategic collaboration.

上個季度的最新擴張是為了執行他們的新行銷策略，其中包括更好的內容編排和策略協作。

Sprinklr is now a strategic partner for this company across three of their key businesses.

Sprinklr 現在是該公司三個關鍵業務的策略合作夥伴。

Through a definition partnership agreement, we are also collaborating with them to significantly enhance our marketing suite.

透過定義合作夥伴協議，我們也與他們合作，顯著增強我們的行銷套件。

We're introducing critical capabilities like budget and resource management in our marketing suite.

我們在行銷套件中引入了預算和資源管理等關鍵功能。

I also want to remind all of you that we'll be hosting our first flagship customer event as a public company on May 7 through 9.

我也想提醒大家，我們將於 5 月 7 日至 9 日作為上市公司舉辦首次旗艦客戶活動。

CX Unifiers, The Edge of AI, will be in New Orleans and we will have some of the world's most forward-thinking brands like Amazon, like L'Oréal, like Cartier, like Google, like Microsoft, and Deutsche Telekom talking about how AI is transforming their front office.

CX Unifiers，人工智慧的邊緣，將在新奧爾良舉行，我們將有一些世界上最具前瞻性的品牌，如亞馬遜、歐萊雅、卡地亞、谷歌、微軟和德國電信談論人工智慧如何改變他們的前台。

We look forward to sharing these customer stories and their tangible results along with practical usable advice with you.

我們期待與您分享這些客戶故事及其實際成果以及實用的建議。

In closing, we delivered a strong year marked by an 18% growth in revenue, record profitability, and strong free cash flow.

最後，我們迎來了強勁的一年，收入成長了 18%，獲利能力創歷史新高，自由現金流強勁。

As we look to the future, we're strengthening our foundation this year with top-tier leadership by fostering innovation and by enhancing our execution capabilities; critical elements that would fuel our sustained success and drive value for customers and shareholders.

展望未來，今年我們將透過培養創新和提高執行能力，以頂級領導力來鞏固我們的基礎；推動我們持續成功並為客戶和股東創造價值的關鍵要素。

Our confidence is grounded in the conviction that we have for our long-term vision, total grounded in the AI-powered Unified-CXM platform we've developed, the global customers we serve, and with the substantial market opportunity that lies ahead of us.

我們的信心基於我們對長期願景的信念，完全基於我們開發的人工智慧驅動的 Unified-CXM 平台、我們服務的全球客戶以及我們面前的巨大市場機會。

Thank you to our customers, partners, our employees for the hard work and their results.

感謝我們的客戶、合作夥伴、員工的辛勤工作和成果。

And thank you to all of you our investors for believing in our vision.

感謝所有投資者相信我們的願景。

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.

謝謝拉吉，大家下午好。

As you heard from Ragy, FY24 was a solid year for Sprinklr punctuated by strong financial results with noted opportunities for operational improvement.

正如您從 Ragy 那裡聽到的那樣，2024 財年對於 Sprinklr 來說是堅實的一年，強勁的財務業績和顯著的營運改善機會。

Starting with our Q4 financial results, total revenue was $194.2 million, up 17% year over year.

從我們第四季的財務表現開始，總營收為 1.942 億美元，年增 17%。

This was driven by subscription revenue of $177 million, which grew 19% year over year.

這是由 1.77 億美元的訂閱收入推動的，該收入年增 19%。

Services revenue for the quarter came in at $17.2 million as we completed several key project implementations during the quarter.

我們在本季完成了幾個關鍵項目的實施，因此本季的服務收入為 1,720 萬美元。

As noted on our Q3 earnings call, we began to see incremental pressure on renewals in Q3 as certain customers adjusted their spending levels with us.

正如我們在第三季財報電話會議上指出的那樣，隨著某些客戶調整了我們的支出水平，我們開始看到第三季的續約壓力越來越大。

This renewal pressure lingered into Q4 and our current expectation is that we will continue to see some renewal pressure in the first half of FY25.

這種續約壓力一直持續到第四季度，我們目前的預期是，25 財年上半年我們將繼續面臨一些續約壓力。

Our subscription revenue base net dollar expansion rate in the fourth quarter held steady at 118%.

第四季我們的訂閱收入基礎淨美元擴張率穩定在 118%。

As a reminder, we calculate NDE on a trailing 12-month subscription revenue basis, which makes it a lagging indicator.

提醒一下，我們根據過去 12 個月的訂閱收入來計算 NDE，這使其成為一個落後指標。

While we do not forecast NDE, we estimate this number to keep coming down over the next few quarters as the renewal pressure rolls through the revenue waterfall and work its way through the calculation.

雖然我們不會預測瀕死體驗，但我們預計，隨著續約壓力通過收入瀑布式增長並通過計算，這一數字將在未來幾季繼續下降。

As of the end of the fourth quarter, we had 126 customers contributing $1 million or more than subscription revenue over the preceding 12 months, which is a 17% increase year over year.

截至第四季末，我們有 126 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，年增 17%。

And as Ragy stated, we ended the year with 1,735 total customers, which is a 21% increase in new customers for the year.

正如 Ragy 所說，我們年底的客戶總數為 1,735 名，全年新客戶數量增加了 21%。

Turning to gross margins for the quarter.

轉向本季的毛利率。

On a non-GAAP basis, our subscription gross margins came in at 83% with total non-GAAP gross margins of 76%.

以非 GAAP 計算，我們的訂閱毛利率為 83%，非 GAAP 總毛利率為 76%。

Non-GAAP gross margins for professional services were better than expected coming in at 5%.

專業服務的非 GAAP 毛利率為 5%，優於預期。

Turning to profitability for the quarter, non-GAAP operating income was a record $32.4 million, resulting in non-GAAP net income of $0.13 per basic share.

談到本季的獲利能力，非 GAAP 營業收入達到創紀錄的 3,240 萬美元，導致非 GAAP 每股基本股淨利潤為 0.13 美元。

This 17% non-GAAP operating margin for the quarter was a result of revenue overperformance, strong subscriber subscription gross margins, coupled with broad-based expense discipline, and is the sixth consecutive quarter of non-GAAP profitability.

本季 17% 的非 GAAP 營運利潤率得益於收入超額表現、強勁的訂戶訂閱毛利率以及廣泛的費用紀律，並且是連續第六個季度實現非 GAAP 盈利。

Lastly, on the topic of profitability, for the fourth consecutive quarter, we posted positive GAAP net income totaling $21.1 million, or $0.08 per basic share.

最後，關於獲利能力，我們連續第四個季度公佈了 GAAP 淨收入為正值，總計 2,110 萬美元，即每股基本股 0.08 美元。

In terms of free cash flow, we generated $12.3 million during the fourth quarter.

就自由現金流而言，我們在第四季創造了 1230 萬美元。

Our balance sheet has become stronger each quarter now standing at $662.6 million in cash and marketable securities with no debt outstanding.

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 6.626 億美元，沒有未償債務。

Calculated billings for the fourth quarter were [$271 million], an increase of 17% year over year.

計算得出的第四季帳單為 [2.71 億美元]，年增 17%。

And just as a quick reminder, our fourth-quarter billings have historically been the largest for us, given the timing of our renewals and the quantum of new business booked in the quarter.

快速提醒一下，考慮到我們的續約時間和本季預訂的新業務量，我們第四季的帳單歷來是最大的。

As on the end of Q4, total remaining performance obligations, or RPO, which represents revenue from committed customer contracts that has not yet been recognized, was [$966.6 million], up 34% compared with the same period last year.

截至第四季末，剩餘履約義務總額（RPO）（代表尚未確認的已承諾客戶合約的營收）為[9.666億美元]，比去年同期成長34%。

And CRPO was [$587 million], up 21% year over year.

CRPO 為 [5.87 億美元]，年增 21%。

During the fourth quarter, pursuant to the company's stock buyback program, we purchased 2.4 million shares of our Class A common stock for a total cost of $29.6 million.

第四季度，根據該公司的股票回購計劃，我們購買了 240 萬股 A​​ 類普通股，總成本為 2,960 萬美元。

All the shares repurchased have been retired.

回購的所有股份均已註銷。

Furthermore, between February 1, 2024 and March 26, 2024, we purchased an additional 2.1 million shares for a total cost of $27.1 million.

此外，在2024年2月1日至2024年3月26日期間，我們額外購買了210萬股股票，總成本為2,710萬美元。

And as disclosed in our earnings release, I'm happy to report that sprinklers Board has authorized a $100 million expansion of the existing stock buyback program.

正如我們在財報中所揭露的，我很高興地報告，灑水器董事會已授權將現有股票回購計畫擴大 1 億美元。

As such as of March 26, 2024, we now have $143.3 million remaining in our share buyback authorization, and we intend to complete the full buyback here in FY25.

截至 2024 年 3 月 26 日，我們的股票回購授權仍有 1.433 億美元，我們打算在 2025 財年完成全額回購。

Turning to a quick summary of financial results for the full-year FY24, total revenue was $732.4 million, up 18% year over year, with subscription revenue of $668.5 million, up 22% versus the prior year.

快速總結 2024 財年全年財務業績，總收入為 7.324 億美元，年增 18%，訂閱收入為 6.685 億美元，比上年增長 22%。

Calculated billings for the full year were $781.9 million, up 19% year over year.

計算得出的全年帳單為 7.819 億美元，年增 19%。

We reported non-GAAP operating income for the full year of $92 million, equating to a non-GAAP net income per basic share of $0.41 and a non-GAAP operating margin of 13%.

我們公佈的全年非 GAAP 營業收入為 9,200 萬美元，相當於非 GAAP 基本每股淨利潤為 0.41 美元，非 GAAP 營業利潤率為 13%。

In terms of free cash flow.

在自由現金流方面。

We generated $51.1 million in free cash flow for the year, equating to a free cash flow margin of 7%.

今年我們產生了 5,110 萬美元的自由現金流，相當於 7% 的自由現金流利潤率。

This is an increase of over 500 basis points from FY23.

這比 2023 財年增加了 500 多個基點。

Before moving on to guidance, I would like to provide additional details on the go-to-market initiatives Ragy mentioned.

在繼續提供指導之前，我想提供有關 Ragy 提到的進入市場計劃的更多詳細資訊。

Starting with renewals, we're implementing a more systematic approach to renewals with a dedicated renewals team.

從續訂開始，我們正在透過專門的續訂團隊實施更有系統的續訂方法。

In terms of our customer engagement models, we're creating parts of customer facing teams and investing deeper in sales and skills enablement training to best equip our people in the field.

在我們的客戶參與模式方面，我們正在創建面向客戶的團隊的一部分，並在銷售和技能支援培訓方面進行更深入的投資，以便為我們的現場人員提供最好的裝備。

And with regards to solution selling, we're developing solution packages that best align to customers' priorities and their strategic technology roadmap.

在解決方案銷售方面，我們正在開發最符合客戶優先事項及其策略技術路線圖的解決方案套件。

Moving now to our Q1 and full-year FY25 guidance and business outlook.

現在轉向我們的 2025 財年第一季和全年指引和業務展望。

We recognize that the macroeconomic environment continues to be cautious, and our current assumption is that the broader macro trends from last year are likely to continue throughout FY25.

我們認識到宏觀經濟環境仍然保持謹慎，我們目前的假設是去年的宏觀趨勢可能會持續到 2025 財年。

Before we walk through FY25 guidance, I would like to point out that our guidance range for next year is deliberately a tighter range than what we have done in the past.

在我們討論 2025 財年指導之前，我想指出，我們明年的指導範圍故意比我們過去的指導範圍更窄。

For Q1 FY25, we expect total revenue to be in the range of $194 million to $195 million, representing 12% growth year over year at the midpoint.

對於 25 財年第一季度，我們預計總營收將在 1.94 億美元至 1.95 億美元之間，中間值年增 12%。

Within this, we expect subscription revenue to be in the range of $177.5 million to $178.5 million, representing 13% growth year over year at the midpoint.

其中，我們預計訂閱收入將在 1.775 億美元至 1.785 億美元之間，中間值將年增 13%。

This implies a professional services revenue of $16.5 million for the quarter.

這意味著本季的專業服務收入為 1,650 萬美元。

We expect non-GAAP operating income to be in the range of $19.5 million to $20.5 million, and non-GAAP net income per diluted share of approximately $0.07, assuming 289 million weighted average shares outstanding.

假設加權平均流通股為 2.89 億股，我們預期非 GAAP 營業收入將在 1,950 萬美元至 2,050 萬美元之間，非 GAAP 攤薄後每股淨利潤約為 0.07 美元。

We are now guiding on a diluted share basis given our expectation to remain profitable for the full-year FY25.

鑑於我們預計 2025 財年將全年保持盈利，我們現在以稀釋後的股票為基礎進行指導。

The change from basic to diluted shares represents about half of a penny in Q1 EPS calculations.

從基本股到稀釋股的變化相當於第一季每股收益計算中的約半美分。

Note that the sequential decrease in Q1 non-GAAP operating income is typical for us, as we have larger expenses at the start of the year for sales kickoff, marketing campaigns, and selective hiring.

請注意，第一季非公認會計原則營業收入的連續下降對我們來說是典型的，因為我們在年初的銷售啟動、行銷活動和選擇性招聘方面的費用較大。

For the full-year FY25, we expect subscription revenue to be in the range of $740.5 million to $741.5 million, representing 11% growth year-over-year at the midpoint.

對於 25 財年全年，我們預計訂閱營收將在 7.405 億美元至 7.415 億美元之間，中間值年增 11%。

We expect total revenue to be in the range of $804.5 million to $805.5 million, representing 10% growth year over year at the midpoint.

我們預計總收入將在 8.045 億美元至 8.055 億美元之間，中間值將年增 10%。

For modeling purposes, assume the quarterly revenue distribution follows the same trend as FY24.

出於建模目的，假設季度收入分配遵循與 2024 財年相同的趨勢。

These guidance ranges imply a FY25 professional services revenue of $64 million, flat with the numbers that we posted for FY24.

這些指導範圍意味著 2025 財年專業服務收入為 6,400 萬美元，與我們發布的 2024 財年數字持平。

As we grow our partner ecosystem and work closely with implementation partners, we expect growth in our professional services to remain range bound.

隨著我們發展合作夥伴生態系統並與實施合作夥伴密切合作，我們預計我們的專業服務的成長將保持在一定範圍內。

In addition, as we have stated in the past, we will continue to invest in critical CCaaS delivery capabilities, and as such, we estimate our professional services gross margin to be largely breakeven throughout the course of FY25.

此外，正如我們過去所說，我們將繼續投資於關鍵的 CCaaS 交付能力，因此，我們估計我們的專業服務毛利率在整個 2025 財年將基本實現盈虧平衡。

I would now like to touch on the billings topic for FY25.

我現在想談談 2025 財年的比林斯主題。

We have been working diligently to improve billings duration for new deals, such that we no longer estimate billings growth to lag subscription revenue growth for FY25, we estimate billings to grow in line with subscription revenue.

我們一直在努力改善新交易的帳單持續時間，因此我們不再估計帳單成長滯後於 2025 財年的訂閱收入成長，我們估計帳單成長將與訂閱收入保持一致。

Given this new dynamic, we estimate total billings for FY25 of approximately $868 million and $193 million for Q1.

鑑於這一新動態，我們預計 25 財年的總帳單約為 8.68 億美元，第一季的總帳單約為 1.93 億美元。

For modeling purposes, this total billings number can be spread across the arc of the four quarters, largely following the same trend as FY24.

出於建模目的，這個總帳單數字可以分佈在四個季度的弧線上，很大程度上遵循與 2024 財年相同的趨勢。

For full-year FY25 for non-GAAP operating income, we are forecasting a 13% non-GAAP operating margin similar to what we posted for full-year FY24.

對於 25 財年全年非 GAAP 營業收入，我們預測非 GAAP 營業利益率為 13%，與我們公佈的 2024 財年全年類似。

This equates to a range of $104 million to $105 million, or a non-GAAP net income per diluted share of $0.38 to $0.39, assuming $291 million weighted average shares outstanding.

這相當於 1.04 億至 1.05 億美元的範圍，或假設加權平均已發行股票為 2.91 億美元，則非 GAAP 攤薄每股淨利潤為 0.38 至 0.39 美元。

The change from basic to diluted shares represents about $0.02 per share in the full-year FY25 EPS calculation.

在 2025 財年全年每股收益計算中，從基本股到稀釋股的變化約為每股 0.02 美元。

Note that we expect subscription gross margins to come down by approximately 2 percentage points in FY25, driven by onetime set-up costs associated with new cloud environments to serve new CCaaS customers.

請注意，我們預計 2025 財年訂閱毛利率將下降約 2 個百分點，這是由於與服務新 CCaaS 客戶的新雲端環境相關的一次性設定成本所推動的。

These costs are baked into the 13% non-GAAP operating margin highlighted earlier.

這些成本已計入先前強調的 13% 的非 GAAP 營業利潤率。

In deriving the net income per share for modeling purposes, we estimate $20 million in other income for the full year, with $5 million of that to be earned here in Q1.

在出於建模目的推導每股淨利潤時，我們估計全年其他收入為 2000 萬美元，其中 500 萬美元將在第一季賺取。

This other income line primarily consists of interest income.

此其他收入線主要包括利息收入。

Furthermore, a $14 million total tax provision for the full-year FY25 needs to be added to the non-GAAP operating income ranges provided.

此外，25 財年全年 1,400 萬美元的總稅收撥備需要添加到提供的非 GAAP 營業收入範圍中。

We estimate a tax provision of $3.5 million here in Q1.

我們估計第一季的稅務準備金為 350 萬美元。

But regarding free cash flow, we believe we can achieve a 10% free cash flow margin in FY25, which would equate to a free cash flow metric of $80 million for the full year.

但就自由現金流而言，我們相信我們可以在 2025 財年實現 10% 的自由現金流利潤率，這相當於全年自由現金流指標為 8,000 萬美元。

This will be a 300-basis point improvement over FY24.

這將比 2024 財年提高 300 個基點。

We will not be updating our free cash flow guidance quarterly, but will provide an update as needed throughout the year.

我們不會每季更新自由現金流指引，但會在全年根據需要提供更新。

And for the second consecutive year, we expect to be net income positive for the full year on a GAAP basis.

我們預計，按照公認會計原則 (GAAP) 計算，全年淨利潤將連續第二年為正。

We are also reiterating our long-term financial targets for FY27 as highlighted during our Investor Day in July 2023.

我們也重申了 2023 年 7 月投資者日期間強調的 2027 財年長期財務目標。

Before we open it up for questions, I would also like to thank all our employees for their dedication.

在我們開始提問之前，我還要感謝我們所有員工的奉獻精神。

I'm also grateful for the confidence that our customers have placed in us.

我也感謝客戶對我們的信任。

We remain focused on building a track record of successful execution and operating discipline across the business.

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.

接下來，讓我們開始提問。

Operator?

操作員？

(Operator Instructions) Arjun Bhatia, William Blair.

（操作員說明）Arjun Bhatia，William Blair。

Thank you, guys, and appreciate all the detail here.

謝謝你們，夥計們，謝謝這裡的所有細節。

Maybe one to start off with, I know it last quarter and this quarter to talking about some of those down-sell and churn pressures that we're seeing in place with.

也許首先，我知道上個季度和本季要談論我們所看到的一些降價銷售和客戶流失壓力。

Manish, when I look at the numbers, cRPO growth in the low-20s billings growth was strong.

Manish，當我查看這些數字時，cRPO 的成長在 20 多歲的比林斯成長中非常強勁。

I'm not sure I fully see where that pressure is coming at least in Q4.

我不確定我是否完全明白至少在第四季壓力會來自哪裡。

So can you maybe just walk us through what you're seeing in terms of demand?

那麼您能否向我們介紹一下您所看到的需求情況？

And is there something that's offsetting it from a new customer perspective where you are seeing some tailwinds, I suppose, offset some of the churn headwinds?

從新客戶的角度來看，是否有什麼東西可以抵消它，我想你會看到一些順風，抵消了一些客戶流失的逆風？

Thanks, Arjun.

謝謝，阿瓊。

I think the way we look at this is -- you'd note that in the past we have said we endeavor to get to a 90% and above gross retention rate or renewal rate.

我認為我們看待這個問題的方式是——你會注意到，過去我們曾說過我們努力達到 90% 及以上的總保留率或續約率。

And I think the pressure we're seeing now is just what's happening in the macro, definitely driven by usage patterns were below that.

我認為我們現在看到的壓力正是宏觀上正在發生的情況，絕對是由低於該水平的使用模式所驅動的。

In terms of what we shared in the Q3 earnings call, some of that had obviously caught us by surprise.

就我們在第三季財報電話會議中分享的內容而言，其中一些內容顯然讓我們感到驚訝。

And so we wanted to just be transparent there.

所以我們希望保持透明。

So I think a lot of this is driven by where we want to be.

所以我認為這很大程度上是由我們想要達到的目標所驅動的。

Now, certainly, it's not yet fully reflected in the numbers.

當然，現在它還沒有完全反映在數字中。

And I was saying, even when you look at the in the calculation, it is going to start to show up because some of these are lagging indicators.

我是說，即使你在計算中查看，它也會開始顯現出來，因為其中一些是滯後指標。

But as I'm sitting where I sit and looking into at least the first half of this year, I do expect to experience or keep experiencing renewal pressure just the way I think we'd spoken in the December call.

但當我坐在現在的位置並展望至少今年上半年時，我確實預計會經歷或繼續經歷更新壓力，就像我們在 12 月電話會議中所說的那樣。

Okay, understood.

好的，明白了。

And then just in terms of -- as you're thinking about fiscal '25, it doesn't sound like you're making quite a few investments in the CCaaS products set.

然後，當您考慮 25 財年時，聽起來您並沒有對 CCaaS 產品集進行大量投資。

But when you think about growth and maybe some of the go-to-market changes that are being made, how do you think growth should fare between your core social solutions versus CCaaS in fiscal '25?

但是，當您考慮成長以及可能正在進行的一些市場化變革時，您認為 25 財年核心社會解決方案與 CCaaS 之間的成長應該如何表現？

Yeah, Arjun, I'll take that.

是的，阿瓊，我會接受的。

This is Ragy.

這是拉吉。

We have -- we designed our go-to-market to be, what we think is, a fairly high-quality quality companies with multiple buying centers.

我們認為，我們將進入市場的目標設計為擁有多個購買中心的相當高品質的公司。

And so those changes are -- we've just kicked off a new year, so those changes are being rolled out.

這些變化是——我們剛開始新的一年，所以這些變化正在推出。

That means we have specialist focus on our core offerings and specialist focus on CCaaS.

這意味著我們特別關注我們的核心產品和 CCaaS。

We expect CCaaS to be a growth driver, but we also expect that renewed focus to start and yielding better results in core as the quarters progress.

我們預計 CCaaS 將成為成長動力，但我們也預計隨著季度的進展，新的重點將開始並在核心領域產生更好的結果。

Okay, perfect.

好的，完美。

Thank you very much.

非常感謝。

Thank you, Arjun.

謝謝你，阿瓊。

Raimo Lenschow, Barclays.

雷莫‧倫肖 (Raimo Lenshow)，巴克萊銀行。

Thank you.

謝謝。

Congrats from me as well.

我也表示祝賀。

Two questions.

兩個問題。

Manish, if you think about guidance for the next year, the thing that puzzles me a little bit is like, you still have all the uncertainties yet to go-to market changes, but you're narrowing the ranges that you've given.

曼尼什，如果你考慮明年的指導，讓我有點困惑的是，你仍然面臨市場變化的所有不確定性，但你正在縮小你給出的範圍。

Can you just talk me through that logic?

你能告訴我這個邏輯嗎？

In theory, I would think it's a broader range rather than the smaller range.

從理論上講，我認為這是一個更廣泛的範圍，而不是更小的範圍。

I'm just trying to understand that.

我只是想理解這一點。

And then I had one follow-up.

然後我進行了一項後續行動。

Yeah.

是的。

Hi, Raimo.

嗨，雷莫。

So I think what's driving it is, as we look at, again, what's happening in the broader macro environment and obviously a lot of our peers, there certainly felt that given the visibility that we have at least for the quarter, we could tighten the range.

因此，我認為推動這一趨勢的原因是，當我們再次審視更廣泛的宏觀環境中正在發生的事情時，顯然我們的許多同行都認為，鑑於我們至少在本季度所擁有的可見性，我們可以收緊範圍。

You'd also note last couple of years, we have had a broader range for the full year and then we have had to adjust the range as we got into the second half of the year.

您還應該注意到，過去幾年，我們全年的範圍更大，然後進入下半年時我們必須調整範圍。

That added a little bit more confusion as analysts were trying to figure out what was happening to the range.

當分析師試圖弄清楚該範圍發生了什麼時，這增加了一些更多的混亂。

And I just felt entering this year, I ended our prepared remarks by saying we're looking to get into a lot more operating discipline.

我只是感覺到進入今年，我在結束我們準備好的演講時說，我們正在尋求更多的營運紀律。

It just felt the right time for us to introduce a much tighter range for the full year as well.

我們覺得現在是時候為全年推出更嚴格的範圍了。

Okay.

好的。

Perfect.

完美的。

Okay, thank you.

好的謝謝。

And then, Ragy, one for you more.

然後，拉吉，再給你一份。

If I think about the CCaaS space, like a lot of players want to play the AI end goal and thing like, we have that, et cetera.

如果我考慮 CCaaS 空間，就像許多玩家想要玩 AI 最終目標一樣，我們有這樣的東西，等等。

Can you talk a little bit about, like who you're running into on those assignments?

你能談談你在這些任務中遇到的人嗎？

And like, what's the main difference between who is real, or like what are you offering that is more real than what others have to offer?

就像，誰是真實的，或者你提供的東西比其他人提供的東西更真實，之間的主要區別是什麼？

Thank you.

謝謝。

I can confirm that we are running into the traditional incompetent, large CCaaS competitors who've been around for a while.

我可以確認，我們正在遇到傳統的無能的大型 CCaaS 競爭對手，他們已經存在了一段時間。

Look, I can't comment on what other people are doing with AI, but I can tell you that our win rate is pretty high when we get a chance at that.

看，我無法評論其他人使用人工智慧所做的事情，但我可以告訴你，當我們有機會這樣做時，我們的勝率相當高。

And that comes from the fact that we have built the Unified platform from the ground up.

這是因為我們從頭開始建立了統一平台。

So when you look at the contact center stack, it's usually somewhere between 6 and 20 applications that they use in the contact center that's usually connected to somewhere between 15 and 100, in some cases, external applications and they have to go look up.

因此，當您查看聯絡中心堆疊時，通常會發現他們在聯絡中心使用的應用程式介於6 到20 個之間，這些應用程式通常連接到15 到100 個之間的某個地方，在某些情況下，還連接到外部應用程序，他們必須進行查找。

And these, 5, 10, 15 point solutions from a knowledge base to a quality management to a workforce management to ticketing to agent console and supervisor console, and all of those community knowledge base, they are not being matched together, even the big guys.

這些 5、10、15 點解決方案，從知識庫到品質管理，到勞動力管理，到票務到座席控制台和主管控制台，以及所有這些社區知識庫，它們都沒有匹配在一起，即使是大公司。

Some of them don't even have like an agent console or pure ticketing capability.

其中一些甚至沒有代理控制台或純粹的票務功能。

So what we are encountering is this mishmash of solutions from competitors that are in woven together.

因此，我們遇到的是競爭對手的解決方案混雜在一起。

And ours is just clean, pure, everything worked with everything else.

我們的一切都是乾淨、純粹的，一切都與其他一切相輔相成。

And that we integrate with all the external systems, and everything is based on AI.

我們與所有外部系統集成，一切都基於人工智慧。

So right from the conversational interface, the bank that we have talked about in the past and many other customers, in many cases, are replacing their IVR with the conversational experience.

因此，從對話式介面來看，我們過去討論過的銀行和許多其他客戶，在許多情況下，正在用對話體驗取代他們的 IVR。

Imagine not having to press one and say, hey, just want to know what my credit card balance is, when you pick up the phone.

想像一下，當您拿起電話時，不必按一個鍵並說，嘿，只是想知道我的信用卡餘額是多少。

And so it's fairly dramatic right at the onset with the customer that goes to the community where we're using AI.

因此，客戶一開始就進入我們使用人工智慧的社區，這是相當引人注目的。

When the agent logs on, we automatically summarize all the previous assignments.

當代理登入時，我們會自動總結先前的所有分配。

We've looked at the knowledge base, not even don't have to search.

我們已經看過知識庫了，甚至不用搜尋。

We found the right two lines that you can use being taken through guided workflows.

我們發現您可以透過指導工作流程使用正確的兩條線。

The agent is determined using Smart Response, Smart Assignments, which is AI-based.

代理是使用基於人工智慧的智慧響應、智慧分配來確定的。

It's prompted with the Smart Response, not just with better things that there can be upsold and better responses.

它是透過智慧響應來提示的，而不僅僅是可以追加銷售的更好的東西和更好的回應。

And so it's just completely end-to-end AI and summarized when you close the call.

因此，這只是完全端到端的人工智慧，並在您結束通話時進行總結。

And what's happening now is there are startups that offer like this -- some of these capabilities, but it's an add on and you have to go figure out how to bolt it with your existing infrastructure.

現在正在發生的事情是，有些新創公司提供了這樣的功能——其中一些功能，但它是一個附加功能，你必須弄清楚如何將它與你現有的基礎設施連接起來。

Whereas, our legacy is in conversation management and AI in over 100 languages that we've been developing models for nesting for the last six, seven years.

然而，我們的遺產是 100 多種語言的對話管理和人工智慧，在過去的六、七年裡，我們一直在開發嵌套模型。

Okay, that makes sense.

好吧，這是有道理的。

Thank you.

謝謝。

Thanks, Raimo.

謝謝，雷莫。

Pinjalim Bora, JPMorgan.

平賈林·博拉，摩根大通。

Hey, guys, this is Noah, on for Pinjalim.

嘿，夥計們，我是 Noah，為 Pinjalim 效力。

Thanks for taking the questions.

感謝您提出問題。

On the net revenue retention side, it was great to see that holding stable at 118%.

在淨收入保留方面，很高興看到該比例穩定在 118%。

But as we're thinking about going forward, I mean, how should we think about the trend for that for the rest of this year, given the reiteration of the 10% revenue growth guide for the year?

但當我們考慮未來時，我的意思是，考慮到今年 10% 的收入成長指導方針的重申，我們應該如何考慮今年剩餘時間的趨勢？

And I also have a quick follow-up.

我也有一個快速的跟進。

Yeah, I think this is where I did say in the prepared remarks that we do expect this to come down over the next few quarters.

是的，我認為這就是我在準備好的發言中所說的，我們確實預計這一情況會在未來幾季內下降。

I wouldn't be able to give you an exact number of where I think it should land.

我無法向您提供我認為它應該降落的確切數字。

But I think just looking at the way this metric is calculated for us, and this is why I take pains to walk through every quarter, that this is done on a trailing 12-month subscription revenue basis.

但我認為只要看看這個指標為我們計算的方式，這就是為什麼我每季都會煞費苦心地瀏覽一遍，這是在過去 12 個月的訂閱收入基礎上完成的。

So as some of the renewal pressures that I spoke about earlier, worked through the revenue waterfall, I do expect this to keep coming down again.

因此，隨著我之前談到的一些續訂壓力透過收入瀑布發揮作用，我確實預計這種壓力會再次下降。

No point guessing where it's going to come down, but it will come down.

猜測它會掉到哪裡是沒有意義的，但它會掉下來。

Got it.

知道了。

And then one of the customer wins you highlighted during the quarter was with BT.

您在本季強調的贏得客戶之一是英國電信 (BT)。

I mean, just doing a quick Google search, it seems like BT supports over 80,000 service agents from what we see on our end.

我的意思是，只要在 Google 上快速搜尋一下，我們就可以看到 BT 支援超過 80,000 個服務代理程式。

And I mean, I think that's double what Deutsche Telekom does, which is also a customer.

我的意思是，我認為這是德國電信所做的兩倍，而德國電信也是客戶。

So just curious how on that our relationship came to fruition?

所以只是好奇我們的關係是如何實現的？

If you can unpack any details around that deal?

您能否透露有關該交易的任何細節？

Thanks.

謝謝。

Pinjalim (sic - Noah), I can tell you that it's a strategic partnership.

Pinjalim（原文如此，諾亞），我可以告訴你，這是一種策略夥伴關係。

I can tell you that it was a very long, tough evaluation process, where they looked at -- the BT, right?

我可以告訴你，這是一個非常漫長、艱難的評估過程，他們關注的是英國電信，對嗎？

I think the number one brand in the UK, one of the top brands.

我認為英國第一品牌，頂級品牌之一。

So all that -- everybody with any AI, from the small to the big to the cloud providers, all participated in the process.

因此，所有擁有人工智慧的人，從小到大，再到雲端供應商，都參與了這個過程。

So we think of this as a very momentous win for us, a hard-fought one, and a great validation of the vision.

因此，我們認為這對我們來說是一場非常重大的勝利，一場來之不易的勝利，也是對我們願景的偉大驗證。

I can't go into any of the details, unfortunately.

不幸的是，我無法透露任何細節。

But I can tell you it's very strategic and it's something that and is along the lines of other bigger partnerships we're signing off very, very early, but we see a lot of potential.

但我可以告訴你，這是非常具有戰略意義的，就像我們非常非常早就簽署的其他更大的合作夥伴關係一樣，但我們看到了很大的潛力。

Elizabeth Porter, Morgan Stanley.

伊莉莎白‧波特，摩根士丹利。

Great.

偉大的。

Thank you very much.

非常感謝。

I wanted to hit on some of the productivity savings you mentioned.

我想談談你提到的一些生產力節省。

You referenced a customer seeing a 45% increase, and then you've previously talked about 20% to 40% savings in the front office.

您提到一位客戶看到了 45% 的成長，然後您之前談到了前台的 20% 到 40% 的節省。

And given that you guys are leveraging your own tools internally, how is this impacting your own cost initiatives?

鑑於你們在內部利用自己的工具，這對你們自己的成本計畫有何影響？

I'd be curious to hear how you've changed your own view on spending it and how that may play out in your market expansion.

我很想知道您如何改變自己的消費觀念，以及這對您的市場擴張有何影響。

Elizabeth, I have to thank you for that question.

伊莉莎白，我必須感謝你提出這個問題。

We are we are running several implementations of our own AI technology for ourselves.

我們正在為自己運行我們自己的人工智慧技術的幾種實現。

And obviously, we're smaller than many of the customers we serve.

顯然，我們的規模比我們服務的許多客戶都要小。

And we've seen some very, very dramatic impact.

我們已經看到了一些非常非常巨大的影響。

I'll give you a quick example.

我給你舉一個簡單的例子。

And by the way, don't model any of this into this year's guidance, because this is very early, but it's a big focus for us. [Sprinklr launch] was a big focus for us this year, and I'm personally focused on it.

順便說一句，不要將這些納入今年的指導中，因為這還為時過早，但這是我們的重點。 [Sprinklr 發布] 是我們今年的一大焦點，我個人也非常關注它。

But I'll give you an example.

但我會給你舉個例子。

We just model the process that from beginning to end was going to take a week for every one of our outbound, outreaches and this involves -- in fact, very interesting. and what I mean -- like all companies, B2B companies doing you have to research everything that's out there.

我們只是模擬了一個流程，從開始到結束，我們的每一次外展、外展活動都需要一週的時間，這涉及到——事實上，非常有趣。我的意思是——像所有公司一樣，B2B 公司必須研究現有的一切。

Externally, we've done public filings, investor report, news, look people out, figure out the point of view on what the focus areas are for the company.

在外部，我們已經完成了公開文件、投資者報告、新聞、尋找人員、找出對公司重點領域的觀點。

Then you got to translate that into what products fit, and then you got to put that into an e-mail and send it out if you're an SDR.

然後你必須將其轉換為適合的產品，然後你必須將其放入電子郵件中並將其發送出去（如果你是 SDR）。

And that process, to do it really well, was taking a week across all the stakeholders.

為了真正做好這個過程，所有利害關係人需要花費一週的時間。

We just finished our internal pilot.

我們剛剛完成了內部試點。

And literally, now you click a button, ask our internal go on teams, ask our internal conversational AI product and you get the answer in seconds.

從字面上看，現在你點擊一個按鈕，詢問我們的內部繼續團隊，詢問我們的內部對話式人工智慧產品，你會在幾秒鐘內得到答案。

So we're talking about dramatic and this is where we get excited about, our own ability to use it.

所以我們談論的是戲劇性，這就是我們對自己使用它的能力感到興奮的地方。

Now, granted, it's too early and we're not modeling any of this, but I would definitely hope that in the out years, we're going to we're going to be able to grow without adding resources and drop that to the bottom line.

現在，當然，現在還為時過早，我們不會對其中任何一個進行建模，但我絕對希望在未來的幾年裡，我們將能夠在不增加資源的情況下實現增長，並將其扔到底線。

Great.

偉大的。

Thank you so much.

太感謝了。

And just as a follow-up on the go-to-market changes.

就像上市變化的後續行動一樣。

You made the fix and an overcorrection and to seek out and refocusing on the core.

你進行了修正和過度修正，並尋找並重新聚焦於核心。

Any update on the progress you can share that drives confidence that these changes are getting you back to balance?

您可以分享哪些最新進展，讓您相信這些變化正在讓您恢復平衡？

Or any metrics as it relates to sales and efficiency or pipeline that you can speak to?

或者您可以談論與銷售和效率或管道相關的任何指標？

I mean, look, I think the leadership changes are the most important one.

我的意思是，我認為領導階層的變動是最重要的。

Try to start there.

嘗試從那裡開始。

I mean, no plan is going to work unless you have great leaders.

我的意思是，除非有偉大的領導者，否則任何計劃都不會奏效。

So this is -- I can tell you, this is the most direct, most focused, most substantive set of changes that we've made.

所以這是──我可以告訴你，這是我們所做的最直接、最有針對性、最實質的改變。

I can tell you that in every area, we've brought in leaders who have been there and done that.

我可以告訴你，在每個領域，我們都引進了曾經在那裡做過的領導人。

You can go look them up on LinkedIn.

你可以去 LinkedIn 上找他們。

Second, we've spent a lot of time getting everyone on the same page, mapping out our 16 stages of the customer's journey with us, all the teams.

其次，我們花了很多時間讓每個人都達成共識，與我們所有團隊一起制定客戶旅程的 16 個階段。

And we've been leveraging an external consulting firm to bring all of us together and get on the same page and the plans are being formulated and we've got ownership in a way that this company has never done before.

我們一直在利用外部諮詢公司將我們所有人聚集在一起並達成共識，計劃正在製定中，我們以該公司以前從未做過的方式獲得了所有權。

So I'm very optimistic, but I can also tell you this is going to take several quarters to roll out.

所以我非常樂觀，但我也可以告訴你這將需要幾個季度的時間才能推出。

And then these leadership changes are cascading and it takes -- even just to flow through and get the team that we want everywhere, it's going to take us in a couple of quarters.

然後，這些領導層的變化是級聯式的，即使只是為了讓我們想要的團隊遍布各地，也需要幾個季度的時間。

And so we feel very good about where we're going and how we're approaching this.

因此，我們對我們的前進方向以及我們如何實現這一目標感到非常滿意。

I can tell you this was always a priority.

我可以告訴你，這始終是優先事項。

Right now, this is the priority.

目前，這是當務之急。

And so that's all I can tell you about what's different.

這就是我能告訴你的關於不同之處的全部內容。

Great.

偉大的。

Thank you so much.

太感謝了。

Thank you, Elizabeth.

謝謝你，伊麗莎白。

Knoblauch, Cantor Fitzgerald.

康托爾·菲茨杰拉德·諾布勞赫。

Hi, guys, thanks for taking my question.

嗨，夥計們，感謝您提出我的問題。

I guess the first one is maybe on the annual customer count metric.

我想第一個可能是年度客戶數量指標。

I guess, is there any way to provide additional color into maybe what was the bigger driver of that this year in between CCaaS and maybe your core social media products?

我想，有沒有什麼方法可以為今年 CCaaS 和您的核心社群媒體產品之間更大的驅動力提供更多的色彩？

And how has that changed maybe compared to years that passed?

與過去幾年相比，情況發生了怎樣的變化？

I'd say -- look, what I can tell you is it wasn't CCaaS or core.

我想說——看，我可以告訴你的是，這不是 CCaaS 或核心。

We had outlined last year that we had put together a team that's focused on new logos.

我們去年曾表示，我們已經組建了一個專注於新標誌的團隊。

It's a small team in a limited capacity, but we're seeing success with that model.

這是一個能力有限的小團隊，但我們看到了這種模式的成功。

So that's something that we're going to double down on.

所以這是我們要加倍努力的事情。

Got it.

知道了。

And then maybe if I could just touch on the -- I think if I heard you correctly, you are expecting a 2 percentage point headwind to cost your gross margin this year due to one-time implementation costs or your CCaaS solution.

然後，也許我可以談談——我想，如果我沒聽錯的話，由於一次性實施成本或您的 CCaaS 解決方案，您預計今年的毛利率將下降 2 個百分點。

I guess, maybe on a bit more detail?

我想，也許更詳細一點？

That 2% headwind kind of sounds like a lot.

2% 的逆風聽起來很大。

Yeah, so this is Manish.

是的，這就是曼尼什。

I said approximately 2%.

我說的是大約2%。

But what is going on here is there are data residency requirements in many geographies across the globe.

但這裡發生的情況是，全球許多地區都有資料駐留要求。

And largely this is driven by -- as we spin up new instances with our hyperscalers partners, there are one-time fees for a lot of them.

這在很大程度上是由——當我們與超大規模合作夥伴啟動新執行個體時，其中許多執行個體會收取一次性費用。

There are initial costs to set up these instances that, again, I'm conservatively estimating approximately up to 2% OP to be lower, but that's what's baked into the model right now.

設定這些實例的初始成本，我再次保守估計大約會降低 2% 的 OP，但這就是目前模型中包含的成本。

Perfect.

完美的。

Thank you.

謝謝。

Michael Bird, Wells Fargo Securities.

麥可·伯德，富國銀行證券公司。

Hi there.

你好呀。

Congrats on the quarter and thanks for taking my question.

恭喜本季度，感謝您提出我的問題。

I guess just in terms of the relationship between free cash flow and operating margin.

我想只是就自由現金流和營業利益率的關係而言。

Should we expect that the study moving forward?

我們是否應該期待這項研究會取得進展？

As now it seems like billings are mostly annualized and the growth should be in line with subscription revenue And then I have a follow-up.

現在看來，帳單大部分都是年化的，成長應該與訂閱收入一致然後我有一個後續行動。

Thank you.

謝謝。

Yeah, I think that's a terrific question.

是的，我認為這是一個很棒的問題。

As billings get in line with subscription revenue, and I'll also note there is the professional services, which many a times is build upon completion.

隨著帳單與訂閱收入保持一致，我也會注意到專業服務，很多時候是在完成後才建立的。

So that is a separate element.

所以這是一個單獨的元素。

But over time, you should expect our free cash flow to get closer in line to operating income where the distinction will be is many a times we have to prepay for a lot of cloud users as an example.

但隨著時間的推移，您應該預期我們的自由現金流將越來越接近營業收入，其中差異在於很多時候我們必須為大量雲端用戶預付費。

So there are those aberrations that do affect free cash flow obviously don't affect operating income to that same extent, right?

因此，那些確實影響自由現金流的異常顯然不會在同等程度上影響營業收入，對嗎？

That's part of the reason you would have seen over the last couple of years the steady improvement in free cash flow.

這就是為什麼過去幾年自由現金流穩步改善的部分原因。

So we've gone from, obviously, I believe, negative $45 million a couple of years ago to positive $51 million in FY24.

因此，我認為，顯然我們已經從幾年前的負 4500 萬美元變成了 2024 財年的正 5,100 萬美元。

And I think based on where we sit, we're comfortable with in an $80 million number for FY25.

我認為，根據我們目前的情況，我們對 25 財年 8,000 萬美元的數字感到滿意。

Again, all steps in the right direction, but you should see the narrowing of the two margins over time.

同樣，所有步驟都朝著正確的方向邁進，但隨著時間的推移，您應該會看到兩個利潤率正在縮小。

Got it.

知道了。

Helpful.

有幫助。

And then just a quick follow-up to that.

然後快速跟進。

The implied margin expansion for this year is you earned in the 150 bps range, a pretty meaningful step down from last year.

今年隱含的利潤率擴張是在 150 個基點範圍內賺取的，與去年相比，這是一個相當有意義的下降。

I know there's all the go-to-market changes happening in the background, but anything for us to point to as to why there's not more margin expansion here as growth slows or just natural offset the realignment of the go-to-market organization?

我知道所有進入市場的變化都是在背景中發生的，但我們有什麼可以指出的，為什麼隨著成長放緩，這裡沒有更多的利潤擴張，或者只是自然地抵消了進入市場組織的重組？

Thanks.

謝謝。

And just to make sure I understand, so we ended FY24 with around 13% non-GAAP operating margin.

為了確保我理解，所以我們在 2024 財年結束時的非 GAAP 營運利潤率約為 13%。

And that's what we are using the guide for the full-year FY25.

這就是我們使用 2025 財年全年指南的內容。

But maybe I'm not following the question?

但也許我沒有關注這個問題？

Sure.

當然。

It's just the incremental step function and operating margin progression is much less implied for fiscal '25 guidance relative to what was done in fiscal '24.

與 24 財年的情況相比，25 財年指引中的增量階躍函數和營業利潤率進展的暗示要少得多。

And the nature of the question is, is there a particular reason or driver as to why there's not more margin accretion here as growth slows?

問題的本質是，是否存在特定原因或驅動因素來解釋為什麼隨著成長放緩，利潤率沒有增加？

I understand there's the go-to market changes happening in the background, but is there something else at play?

據我所知，市場走向的變化正在發生，但還有其他因素在起作用嗎？

Yeah.

是的。

And I think up in the December call, I also mentioned and I've been saying it to investors that we obviously have a lot of near-term succes1s, as we went from where we were a couple of years ago to last year.

我想在 12 月的電話會議中，我也提到過，而且我一直在對投資者說，我們顯然在短期內取得了很多成功，因為我們從幾年前到了去年。

So there was a lot of low-hanging fruit that we were able to go take care of.

因此，我們能夠處理很多容易實現的目標。

Margin expansion from here will be subdued.

從這裡開始的利潤擴張將受到抑制。

Again, let's be candid that this is just the initial outlook for the year.

再次坦白說，這只是今年的初步展望。

As we make progress during the year, we'll, of course, update investors.

隨著我們在這一年取得進展，我們當然會向投資者通報最新情況。

But at this point, I'm most comfortable just stating the 13%.

但在這一點上，我最願意說出 13%。

Helpful.

有幫助。

Thank you.

謝謝。

Jackson Ader, KeyBanc Capital Market.

Jackson Ader，KeyBanc 資本市場。

Great.

偉大的。

Good evening guys.

晚上好，夥計們。

Thanks for taking our questions.

感謝您回答我們的問題。

The first one, Ragy, how can we -- or I guess can we quantify how much of either bookings dollars or growth actually comes or is being generated from the generative AI?

第一個，Ragy，我們如何——或者我猜我們能否量化生成人工智慧實際產生或正在產生多少預訂金額或增長？

And how much maybe going forward do you expect to come from generative AI?

您預計未來生成式人工智慧將帶來多少發展？

Jackson, thank you for that question.

傑克遜，謝謝你提出這個問題。

We have taken the approach of, like, infusing everything we do with AI.

我們採取的方法是將我們所做的一切融入人工智慧。

And in the past -- and take the approach of trying to monetize it separately.

在過去——並採取嘗試單獨將其貨幣化的方法。

However, we're looking at what's going on in the industry and we think that could be an opportunity.

然而，我們正在研究該行業正在發生的事情，我們認為這可能是一個機會。

So we are currently evaluating and this is quite a bit of work.

所以我們目前正在評估，這是一項相當大的工作。

So again we don't factor anything into this year, but we think there's an opportunity to charge a premium for at least for our AI plus offering and we're exploring that.

因此，我們今年不會考慮任何因素，但我們認為至少有機會對我們的人工智慧+產品收取溢價，我們正在探索這一點。

So right now, no, but we're exploring the possibility of being able to do that.

所以現在還不行，但我們正在探索能夠做到這一點的可能性。

Our position has always been that AI is a big differentiator for us across everything we do, but I think the market's willing to absorb some additional cost for it.

我們的立場一直是，人工智慧對我們所做的一切來說都是一個很大的差異化因素，但我認為市場願意為此承擔一些額外的成本。

Okay.

好的。

All right.

好的。

Got you.

明白你了。

And then on the renewals pressure, I'm expecting it kind of persist here in the first half and then maybe start to go away.

然後關於續約壓力，我預計它會在上半場持續存在，然後可能會開始消失。

I'm just curious, like how do we know that the pressure will end?

我只是很好奇，例如我們怎麼知道壓力會結束？

Is there some cohort or is there something specific about the renewals that are going to be happening over the next couple of quarters that you can point to and say like, they are different from what the renewals will look like after we get past this first half?

是否有一些群體或有關於未來幾季將要發生的續訂的具體內容，您可以指出並說，它們與我們度過上半年後的續訂情況有所不同？

Okay.

好的。

So I think first off, I got to tell you, we've put a lot of energy behind understanding what is going on.

所以我想首先，我必須告訴你，我們投入了大量精力來了解正在發生的事情。

And what I can confirm as we've done in the past is we think the majority of it is self inflicted.

我可以確認的是，正如我們過去所做的那樣，我們認為其中大部分是我們自己造成的。

And what we're finding that - is that the best execution of our team versus the best execution of any competitor in our core markets and the CCaaS frankly, we win.

我們發現，我們團隊的最佳執行力與我們核心市場和 CCaaS 中任何競爭對手的最佳執行力相比，坦白說，我們贏了。

So what we're finding is -- and I say it self-inflicted, because weak execution on our side meeting strong execution with the competitor, is when we're losing.

所以我們發現的是──我說這是自作自受，因為我們的執行力薄弱，而競爭對手的執行力卻很強，那就是我們失敗的時候。

And so it gives us a lot of confidence that there's a fixable things.

所以這給了我們很大的信心，相信事情是可以解決的。

And it's a part of this big set of initiatives that we have outlined.

這是我們所概述的一系列重大舉措的一部分。

And like we said, it's going to take a few quarters.

正如我們所說，這需要幾個季度的時間。

But right now, we're pretty optimistic that we should see our retention go back to our historic norms once our execution and what we can control is addressed.

但現在，我們非常樂觀地認為，一旦我們的執行和我們可以控制的問題得到解決，我們的保留率就會回到歷史標準。

Okay.

好的。

I got you.

我接到你了。

So this is a process turnaround, not necessarily like a customer-driven thing?

那麼這是一個流程轉變，不一定像客戶驅動的事情？

Okay.

好的。

All right.

好的。

That's great.

那太棒了。

Thank you.

謝謝。

Correct.

正確的。

Correct.

正確的。

Thank you, Jackson.

謝謝你，傑克遜。

Tyler Radke, Citi.

泰勒·拉德克，花旗銀行。

Hi.

你好。

This is [Matt Pride] on for Tyler Radke.

這是泰勒拉德克 (Tyler Radke) 的 [馬特普萊德 (Matt Pride)]。

I was just curious if you could comment on just dive more into the win rates for CCaaS and what you expect moving forward?

我只是好奇您能否進一步深入了解 CCaaS 的勝率以及您對未來的期望？

Look, I think we have taken a very pointed approach right now, given that we've only been in general availability for a short period.

聽著，我認為我們現在採取了非常針對性的方法，因為我們只在很短的時間內普遍提供。

So I can confirm that when we are in a competitive RFP and follow-on process in the CCaaS market, I can confirm that the win rates are pretty high.

因此，我可以確認，當我們在 CCaaS 市場上進行競爭性 RFP 和後續流程時，我可以確認獲勝率相當高。

But we -- we're not able to deploy it everywhere in every market across all teams.

但我們無法在所有團隊的每個市場的任何地方部署它。

And that's partly because we need to get to a critical mass of seats, which we should be getting through towards later this year.

部分原因是我們需要獲得足夠數量的席位，而我們應該會在今年晚些時候獲得這一數量。

That will then allow us to be featured in analyst reports, which will then allow us to be a default participant.

這將使我們能夠出現在分析師報告中，使我們成為預設參與者。

Right now is word of mouth and people being very impressed when they actually see the platform in action and trying it out and doing a proof of concept, and being convinced that a new comment like us can outperform others.

現在是口碑相傳，當人們真正看到該平台的實際應用、嘗試並進行概念驗證時，他們會印象深刻，並相信像我們這樣的新評論可以超越其他評論。

So it's more measured and it's more -- it's not around the world in all markets.

因此，它更加謹慎，而且並非在全球所有市場都如此。

Got it.

知道了。

And can you speak to the conversational AI offering and how that's ramping?

能談談對話式人工智慧產品及其發展嗎？

Very well.

很好。

Very well.

很好。

It's one of the silver linings that we see are -- so we are able to now digitize voice and have conversational AI called, not just text and chat and interaction.

這是我們看到的一線希望之一——因此我們現在能夠將語音數位化並調用對話式人工智慧，而不僅僅是文字、聊天和互動。

So many of the deals we are winning is because of our ability to manifest this.

我們贏得的許多交易都是因為我們有能力體現這一點。

So there's a lot of talk about whose AI is better.

因此，關於誰的人工智慧更好的討論很多。

We challenge our customers to just put this to task and we show them that we can do a better job than others.

我們向客戶提出挑戰，讓他們將其付諸實踐，並向他們展示我們可以比其他人做得更好。

So we have taken the approach of developing models across languages for each function and now developing those models, specifically for industries.

因此，我們採取了為每個功能跨語言開發模型的方法，現在正在開發這些模型，特別是針對產業。

And so we're able to start with a baseline of a much higher accuracy level than others.

因此，我們能夠從比其他人更高準確度的基線開始。

And then we customize those models.

然後我們自訂這些模型。

We've done thousands of customer models, where that just gets to a really, really good percentage of accurate responses.

我們已經建立了數千個客戶模型，其中準確回應的比例非常非常高。

And our power is we're not a point solution offering AI in the contact center, right?

我們的優勢在於我們不是在聯絡中心提供人工智慧的單點解決方案，對嗎？

We have a full blown agent experience sitting behind it.

我們擁有豐富的代理經驗。

So the frustrating thing for a lot of customers and brands is, if you just go in with AI and on the bar takes you through 17 steps and then you hit a dead end.

因此，對於許多客戶和品牌來說，令人沮喪的事情是，如果你只是使用人工智慧，酒吧會帶你完成 17 個步驟，然後你就進入了死胡同。

And it's very frustrating because in the non-Unified contact center the consumer is not repeating everything he did which is beyond frustrating.

這非常令人沮喪，因為在非統一聯絡中心，消費者不會重複他所做的一切，這令人沮喪。

So in our world that doesn't happen, because all of that context you've seen seamlessly transfers to an AI whose pickup is as though he was the one talking to them.

所以在我們的世界裡，這種情況不會發生，因為你所看到的所有上下文都會無縫地轉移到人工智慧上，而人工智慧的接聽就好像他是在與他們交談的人一樣。

So there's a few things that are strategically it is working well for us.

因此，從戰略上講，有一些事情對我們來說效果很好。

Thank you.

謝謝。

Thank you.

謝謝。

Austin Cole, Citizen's GMP.

奧斯汀·科爾，公民 GMP。

Great.

偉大的。

Thanks for taking our questions.

感謝您回答我們的問題。

I guess, I just wanted to ask kind of as you do this rebalancing and you look at the core products you mentioned, you're doing with insights and adding integrations with advertising and marketing.

我想，我只是想問一下，當你進行重新平衡時，你會看到你提到的核心產品，你正在做的事情是有洞察力的，並添加了與廣告和行銷的整合。

Kind of what where do you see the roadmap for these products and what can you do to, if there's anything you can do to add stickiness to these products?

您在哪裡可以看到這些產品的路線圖？您可以做什麼來增加這些產品的黏性？

I mean the products are pretty sticky often when implemented correctly.

我的意思是，如果實施得當，這些產品通常會非常具有黏性。

So I think it brings us back to that execution that we have consistency and repeatability of execution we need to have.

所以我認為這讓我們回到了我們需要的執行的一致性和可重複性。

What we are finding is, the product and when configured the way they intended to be used the right way creates a lot of value and it's very sticky.

我們發現，產品以及以正確的方式配置其預期使用方式時，會創造大量價值，並且非常具有黏性。

And where we struggle is people changes on either side of implementation or was it done the way it was originally envisioned, because something changed or seven think of that as a priority.

我們掙扎的地方是人們在實施方面發生了變化，或者是按照最初設想的方式進行的，因為有些事情發生了變化，或者七個人認為這是優先事項。

So it's more self-inflicted.

所以更多的是自己造成的。

So I think we'll be in a better position to answer that question, after we feel like our execution across the 16 stages of touching a customer is more pointed and repeatable across the stages.

因此，我認為，在我們感覺在接觸客戶的 16 個階段中的執行更加針對性並且在各個階段中可重複之後，我們將能夠更好地回答這個問題。

Okay.

好的。

That's helpful.

這很有幫助。

Thank you.

謝謝。

Thank you.

謝謝。

We have reached the end of our question-and-answer session.

我們的問答環節已經結束。

And with that, I would like to turn the floor back over to Ragy Thomas for closing comments.

說到這裡，我想把發言權交還給拉吉·托馬斯（Ragy Thomas）以發表最後評論。

Thank you, Camilla.

謝謝你，卡米拉。

And thank you all for joining us today.

感謝大家今天加入我們。

Again, I'd like to thank our employees and partners and most importantly, our customers, for their trust and continued business.

我要再次感謝我們的員工和合作夥伴，最重要的是我們的客戶，感謝他們的信任和持續的業務。

We look forward to updating you all again, on the next quarterly call.

我們期待在下次季度電話會議上再次向大家通報最新情況。

As we continue on this exciting journey, we truly believe the best is yet to come.

當我們繼續這趟激動人心的旅程時，我們堅信最好的尚未到來。

Thank you very much.

非常感謝。

And have a wonderful evening.

祝您有個美好的夜晚。

Thank you, all.

謝謝你們。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this times.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。