Sprinklr Inc (CXM) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Sprinklr Q1 full-year 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Sprinklr 2025 年第一季全年財報電話會議。 （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, VP, Finance. Thank you, Eric. You may begin.

現在我很高興向您介紹主持人，財務副總裁 Eric Sc​​ro。謝謝你，埃里克。你可以開始了。

Thank you, Alicia, and welcome, everyone, to Sprinklr's first quarter fiscal year 2025 financial results call. Joining us today are Ragy Thomas, Sprinklr's Founder and Co-Chief Executive Officer; Trac Pham, Co-Chief Executive Officer; and Manish Sarin, Chief Financial Officer. We issued our earnings release a short time ago, filed a Form 8-K with the SEC, and we've made 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 Sprinklr 2025 財年第一季財務業績電話會議。今天加入我們的是 Sprinklr 創辦人兼聯合執行長 Ragy Thomas； Trac Pham，共同執行長；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 8-K 表格，並在我們網站的投資者關係部分提供了補充投資者簡報。

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 this second fiscal quarter and full fiscal year of 2025, the impact of our corporate strategies and changes to our leadership team, the benefits of our platform and our market opportunity. Our actual results might differ materially from such forward-looking statements.

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陳述，其中涉及許多假設、風險和不確定性，包括我們對第二財季和 2025 年整個財年的指導、我們的企業策略和領導團隊變化的影響、我們平台的優勢和市場機會。我們的實際結果可能與此類前瞻性陳述有重大差異。

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, including Sprinklr's quarterly report on Form 10-Q for the quarter ended April 30, 2024.

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，請參閱我們網站上發布的向 SEC 提交的文件，包括 Sprinklr 截至 2024 年 4 月 30 日的季度的 10-Q 表格季度報告。

And with that, I'll now turn it to Ragy.

現在，我將把它交給 Ragy。

Thank you, Eric, and hello, everyone. Q1 total revenue grew 13% year over year to $196 million, and subscription revenue grew 12% year over year to $177.4 million. We generated $20.4 million in non-GAAP operating income, which resulted in a 10% non-GAAP operating margin for the quarter.

謝謝你，埃里克，大家好。第一季總營收年增 13%，達到 1.96 億美元，訂閱營收年增 12%，達到 1.774 億美元。我們產生了 2,040 萬美元的非 GAAP 營業收入，這使得本季的非 GAAP 營業利潤率為 10%。

We are focused on delivering consistent and repeatable results for our stockholders. As we have shared on recent earnings calls, we've been experiencing lower net bookings over the past few quarters as we transition the company to better support our two distinct market opportunities in our core business and in CCaaS. To address this, we continue to make broad changes to our go-to-market strategy and hiring leaders to help grow and scale the business.

我們致力於為股東提供一致且可重複的結果。正如我們在最近的財報電話會議上分享的那樣，隨著我們對公司進行轉型，以更好地支持核心業務和CCaaS 兩個不同的市場機會，我們在過去幾個季度的淨預訂量一直在下降。為了解決這個問題，我們繼續對我們的市場進入策略和招募領導者進行廣泛的改變，以幫助發展和擴大業務。

This quarter, we made good progress with these leadership changes and operational improvement. However, these changes are significant and will take time to show measurable improvements. Furthermore, implementing these changes during what has become a more challenging macro environment has created more short-term volatility than we expected.

本季度，我們在領導層變動和營運改善方面取得了良好進展。然而，這些變化意義重大，需要時間才能顯示出可衡量的改善。此外，在更具挑戰性的宏觀環境中實施這些變革所造成的短期波動超出了我們的預期。

In the first quarter, buying behavior was more measured, sales cycles were longer, and budget scrutiny on renewables increased as well. As a result, Q1 performance reflects lower net new bookings and increased customer churn. Based on the current outlook for the year, we are lowering our revenue guidance for FY25, but are committed to diligently managing the business and maintaining our non-GAAP operating income guidance. Manish will provide more details in his remarks.

第一季度，購買行為更加謹慎，銷售週期更長，對再生能源的預算審查也有所增加。因此，第一季的業績反映了淨新預訂量的下降和客戶流失的增加。根據目前的年度展望，我們將降低 2025 財年的收入指引，但致力於努力管理業務並維持我們的非 GAAP 營業收入指引。曼尼什將在演講中提供更多細節。

As you have seen, we're taking decisive actions to address these challenges and remain confident in our long-term vision and our ability to execute against it. Our new leadership and an industry-leading AI-powered platform position us well for long-term growth and success. Sprinklr is built on a single code base and operate a multichannel, multifunction, and multimarket front-office platform.

正如您所看到的，我們正在採取果斷行動來應對這些挑戰，並對我們的長期願景和執行能力保持信心。我們的新領導層和領先業界的人工智慧平台為我們的長期成長和成功奠定了良好的基礎。 Sprinklr 建立在單一程式碼庫之上，經營一個多通路、多功能、多市場的前台平台。

Our current focus remains on our go-to-market execution and enhancing stakeholder alignment across both selling and delivering our platform's extensive capabilities. We are making changes internally to elevate our sales and field expertise to focus on the C-suite within our customer base and to better align accounts with skillset internally, but also investing in more scalable and repeatable onboarding experiences for our customers. This will require both operational rigor and platform capabilities that we expect will result in faster time to value for our customers and better retention and growth opportunities for Sprinklr.

我們目前的重點仍然是我們的上市執行以及在銷售和交付我們平台的廣泛功能方面加強利害關係人的協調。我們正在內部進行變革，以提升我們的銷售和現場專業知識，以專注於客戶群中的最高管理層，並更好地使客戶與內部技能組合保持一致，同時也投資於為客戶提供更具可擴展性和可重複性的入職體驗。這將需要嚴格的營運和平台能力，我們預計這將為我們的客戶帶來更快的價值實現，並為 Sprinklr 帶來更好的保留和成長機會。

In recent quarters, we have highlighted the experienced leaders we've brought on board from successful companies, Scott Harvey, who is at ServiceNow for many years; and Amitabh Misra from Adobe, both known for their ability to scale revenue and profitability, which we believe is a crucial foundational step. These leaders have operated businesses at scale and developed processes and systems to address sophisticated go-to-market needs.

最近幾個季度，我們重點介紹了從成功公司聘請的經驗豐富的領導者：Scott Harvey，他在 ServiceNow 工作多年；和 Adob​​e 的 Amitabh Misra，兩人都以擴大收入和盈利能力而聞名，我們認為這是至關重要的基礎步驟。這些領導者大規模經營業務並開發流程和系統來滿足複雜的市場需求。

And as you saw with today's press release, we are excited to announce that Trac Pham has been appointed as the Co-CEO of Sprinklr. In the time Trac has been with us, he's already made a solid impact in establishing a consistent operating rhythm, fostering strong alignment across our executive team, and leveraging his operational expertise to set us up for our next phase of growth.

正如您在今天的新聞稿中看到的那樣，我們很高興地宣布 Trac Pham 已被任命為 Sprinklr 的聯合執行長。在 Trac 與我們共事期間，他已經在建立一致的營運節奏、促進我們執行團隊的強有力協調以及利用他的營運專業知識為我們下一階段的成長做好準備方面發揮了堅實的影響。

Trac has been an invaluable partner, drawing on his extensive experience at Synopsis. As a member of the executive leadership team at Synopsys, he led the company through an extended period of strong growth and expanding profitability. In this new structure, we will maintain the effective collaboration that we established over the last five months and leverage our complementary skillset to realize our shared vision for Sprinklr. Let me turn it over to Trac to share a few words.

Trac 憑藉他在 Synopsis 的豐富經驗，一直是一位寶貴的合作夥伴。作為 Synopsys 執行領導團隊的成員，他帶領公司經歷了長期的強勁成長和不斷擴大的獲利能力。在這個新結構中，我們將保持過去五個月建立的有效合作，並利用我們互補的技能來實現我們對 Sprinklr 的共同願景。讓我把它交給 Trac 來分享幾句話。

Thanks, Ragy. I am deeply excited to partner with Ragy as Co-CEO and lead Sprinklr through the next phase of growth. Initially, I stepped into the leadership team on an interim basis due to my Board exposure and to provide support to the team as the company conducted a search for a permanent operating leader.

謝謝，拉吉。我非常高興能與 Ragy 合作擔任聯合首席執行官，並帶領 Sprinklr 進入下一階段的發展。最初，由於我在董事會的影響力，我臨時加入了領導團隊，並在公司尋找永久營運領導者時為團隊提供支援。

Sprinklr operates a unique and powerful platform. We work with incredible brands, and I believe we have a very good hand to play. We are working through some major operational changes with new leaders at the helm, and what I have now experienced firsthand is a company that is pioneering of technical vision while the rest of the company must catch up operationally. But my genuine belief in Sprinklr's mission and conviction for our potential motivated me to join the company in a permanent capacity.

Sprinklr 經營著一個獨特而強大的平台。我們與令人難以置信的品牌合作，我相信我們有很好的表現。我們正在由新的領導者掌舵，進行一些重大的營運變革，我現在親身經歷的是一家在技術願景上處於領先地位的公司，而公司的其他部門必須在營運上迎頭趕上。但我對 Sprinklr 使命的真誠信念和對我們潛力的信念促使我永久加入該公司。

Ragy and I are aligned on how our Co-CEO structure can drive our success. Our partnership is built on a strong foundation of complementary skillsets, trust, and mutual respect. And together, we are committed to delivering the best outcomes for our customers, partners, employees, and investors. I look forward to working with you all.

Ragy 和我對我們的聯合執行長結構如何推動我們的成功意見一致。我們的合作關係建立在技能互補、信任和相互尊重的堅實基礎上。我們共同致力於為客戶、合作夥伴、員工和投資者提供最佳成果。我期待與大家合作。

Let me hand it back to Ragy.

讓我把它還給拉吉。

Thanks, Trac. I'm excited to work in partnership with you in this new capacity.

謝謝，特拉克。我很高興能以新的身分與您合作。

Now let's shift gears a little bit and focus on some positive developments with our products and customers. Recently, we hosted a few hundred of Sprinklr customers, partners, and industry luminaries at our flagship event, CXUnifiers in New Orleans. This event was an opportunity to share our vision and collaborate on how AI can elevate customer experiences and productivity. Here are few of the highlights.

現在讓我們稍微改變一下方向，重點關注我們的產品和客戶的一些積極發展。最近，我們在新奧爾良的旗艦活動 CXUnifiers 上接待了數百名 Sprinklr 客戶、合作夥伴和行業名人。這次活動是我們分享願景並就人工智慧如何提升客戶體驗和生產力進行合作的機會。以下是一些亮點。

First is the Sprinklr digital twin, which is an AI version of your brand, your teams, and employees that have access to all the same systems and information as you do, but with guardrails so that task can be done with privacy and governance. We believe that this is the next evolution of AI for Unified-CXM, and we're excited by the definition, partnerships that are already underway.

首先是 Sprinklr 數位孿生，它是您的品牌、團隊和員工的人工智慧版本，可以存取與您相同的所有系統和信息，但有護欄，以便可以在隱私和治理的情況下完成任務。我們相信，這是 Unified-CXM 人工智慧的下一個發展，我們對這個定義和已經展開的合作夥伴關係感到興奮。

Next is Sprinklr surveys, which formally enters us into the customer feedback management market with a comprehensive voice of the customer platform. Sprinklr customers will now be able to leverage generative AI-powered surveys to gather solicited and unsolicited, structured and unstructured feedback from all customers in one unified platform. It's designed to unify insights from all channels and customer touch points, so they are actionable and available in real time.

接下來是 Sprinklr 調查，它以全面的客戶聲音平台正式讓我們進入客戶回饋管理市場。 Sprinklr 客戶現在將能夠利用人工智慧驅動的生成式調查，在一個統一的平台上收集所有客戶主動提供的、結構化和非結構化的回饋。它旨在統一來自所有管道和客戶接觸點的見解，因此它們是可操作且即時可用的。

Another innovation we launched is Sprinklr voice connect. Our vertically integrated CCaaS solution, which is a powerful contact center connectivity layer that integrates Sprinklr's service and telephony to deliver high-quality voice connections. This allows us to be vertically integrated for our CCaaS offering enables us to take full responsibility for end-to-end performance and uptimes required for mission-critical contact centers. Further details about this can be found in the press release we issued on May 7 and a keynote address at the conference, which is posted on the sprinklr.com website.

我們推出的另一項創新是 Sprinklr 語音連線。我們的垂直整​​合 CCaaS 解決方案是一個強大的聯絡中心連接層，整合了 Sprinklr 的服務和電話以提供高品質的語音連線。這使我們能夠垂直整合我們的 CCaaS 產品，使我們能夠對關鍵任務聯絡中心所需的端到端效能和正常運行時間承擔全部責任。有關此內容的更多詳細信息，請參閱我們 5 月 7 日發布的新聞稿以及發佈在 sprinklr.com 網站上的會議主題演講。

We also had a good quarter from the perspective of industry analyst reports. Forrester named Sprinklr a strong performer in conversational AI for customer service report. Per the report, and I quote, brands interested in managing their customer self-service as a part of the broader approach to customer experience should give serious thought to Sprinklr, end quote. We believe that the report validates our goal of helping enterprises move productivity, reduce costs, and drive meaningful conversations with the most advanced conversational AI.

從產業分析師報告的角度來看，我們也度過了一個不錯的季度。 Forrester 將 Sprinklr 評為客戶服務對話式 AI 領域表現強勁的公司。根據這份報告（我引用一下），有興趣將客戶自助服務管理作為更廣泛的客戶體驗方法一部分的品牌應該認真考慮 Sprinklr（最後引用）。我們相信，該報告驗證了我們的目標，即幫助企業提高生產力、降低成本並利用最先進的對話式人工智慧推動有意義的對話。

We were also named a leader in the 2020 for Magic Quadrant for content marketing platforms for the fifth consecutive year. Per the report, and I quote, Sprinklr marketing is a comprehensive marketing platform that offers a variety of tools and features to organize, optimize marketing efforts, end quote. This validates our commitment to providing AI-powered capabilities to help marketing teams achieve improved results and operate in a unified way.

我們也連續第五年被評為 2020 年內容行銷平台魔力像限領導者。根據我引用的報告，Sprinklr marketing 是一個綜合性行銷平台，提供各種工具和功能來組織、優化行銷工作和最終報價。這證實了我們致力於提供人工智慧驅動的功能，幫助行銷團隊取得更好的成果並以統一的方式運作。

During the first quarter, we continued to add new customers and expand with existing ones, such as Alibaba, Audi, [IOG Hotels and Resort], Lululemon, and Vodafone across all our product suite. I'm also happy to announce that we have signed a new partnership agreement with Reddit. With its broad reach, extensive user base and unique approach to community and conversations.

第一季度，我們在所有產品套件中繼續增加新客戶並擴大現有客戶，例如阿里巴巴、奧迪、[IOG Hotels and Resort]、Lululemon 和沃達豐。我還很高興地宣布，我們已經與 Reddit 簽署了新的合作夥伴協議。憑藉其廣泛的影響力、廣泛的用戶群以及獨特的社群和對話方式。

Reddit is a compelling platform for Sprinklr enterprise customers. Sprinklr and Reddit's partnership is significant and spans multiple aspects of the Reddit platform, including social listening and management of ad campaigns, which will empower Sprinklr enterprise customers to leverage Reddit as a business-critical channel for their digital strategies.

Reddit 對於 Sprinklr 企業客戶來說是一個引人注目的平台。 Sprinklr 和 Reddit 的合作關係意義重大，涵蓋 Reddit 平台的多個方面，包括社交聆聽和廣告活動管理，這將使 Sprinklr 企業客戶能夠利用 Reddit 作為其數位策略的關鍵業務管道。

In closing, FY25 is an important transition year for Sprinklr to further strengthen our foundation with top-tier leadership, product innovation, and enhanced execution capabilities, critical elements in the sustained success of our company, and our ability to drive value for all our customers and stockholders. We have deep conviction in our belief that the market needs three or four unified and consolidated platforms for the front office, not counted, not countless point solutions, and the foundational role that AI will play in the long run. We are confident that our vision is very aligned with this opportunity.

最後，25 財年對Sprinklr 來說是重要的過渡年，我們將透過頂尖領導力、產品創新和增強的執行能力，進一步鞏固我們的基礎，這些是我們公司持續成功的關鍵要素，以及我們為所有客戶創造價值的能力和股東。我們堅信，市場需要三、四個統一、整合的前台平台，不計其數，不計其數的單點解決方案，以及人工智慧將長期發揮的基礎性作用。我們相信我們的願景與這個機會非常一致。

Thank you to our customers, partners, our employees for their hard work, and thank you all to our investors believing in our vision. I'll now hand the call over to Manish.

感謝我們的客戶、合作夥伴、員工的辛勤工作，感謝所有相信我們願景的投資者。現在我將把電話轉給曼尼什。

Thank you, Ragy, and good afternoon, everyone. For the first quarter, total revenue was $196 million, up 13% year over year. This was driven by subscription revenue of $177.4 million, which grew 12% year over year.

謝謝拉吉，大家下午好。第一季總營收為1.96億美元，年增13%。這是由 1.774 億美元的訂閱收入推動的，該收入年增 12%。

Services revenue for the first quarter came in at $18.6 million. As Ragy noted, new business in Q1 was lower than expected, although we did see some good strength in our Sprinklr service offering. However, the broader demand environment has softened with longer sales cycles and heightened budgetary scrutiny.

第一季的服務收入為 1860 萬美元。正如 Ragy 指出的那樣，儘管我們確實看到了 Sprinklr 服務產品的一些良好優勢，但第一季的新業務低於預期。然而，隨著銷售週期的延長和預算審查的加強，更廣泛的需求環境已經疲軟。

In addition, we continue to experience higher churn in our core product suites, driven by reduced marketing spend, elimination of programs, and seat reductions. As such, we now estimate this elevated level of churn to continue for the full-year FY25.

此外，由於行銷支出減少、專案取消和席位減少，我們的核心產品套件的流失率持續上升。因此，我們現在估計這種較高的客戶流失率將在 2025 財年全年持續下去。

Our subscription revenue-based net dollar expansion rate in the first quarter was 115%. As a reminder, we calculate NDE on a trailing 12-month subscription revenue basis, which makes it a lagging indicator. While we do not forecast NDE, we expect this number to come down over the next few quarters as the lower quantum of new business and heightened renewal pressure rolls through the revenue waterfall and works its way through the calculation.

第一季我們基於訂閱收入的淨美元成長率為 115%。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。雖然我們不預測 NDE，但我們預計這一數字將在未來幾季下降，因為新業務量的減少和續訂壓力的增加將貫穿收入瀑布並透過計算發揮作用。

As of the end of the first quarter, we had 138 customers, contributing $1 million or more in subscription revenue over the preceding 12 months, which is at 20% increase year over year.

截至第一季末，我們擁有 138 個客戶，在過去 12 個月內貢獻了 100 萬美元或更多的訂閱收入，年增 20%。

Turning to gross margins for the first quarter, on a non-GAAP basis, our subscription gross margin was 82% and professional services gross margin was 2%, equating to a total non-GAAP gross margin of 74%. Turning to profitability for the quarter, non-GAAP operating income was $20.4 million, or a 10% margin, which drove non-GAAP net income of $0.09 per diluted share.

談到第一季的毛利率，以非公認會計原則計算，我們的訂閱毛利率為 82%，專業服務毛利率為 2%，相當於非公認會計原則總毛利率為 74%。談到本季的獲利能力，非 GAAP 營業收入為 2,040 萬美元，利潤率為 10%，這使得非 GAAP 攤薄後每股淨利潤達到 0.09 美元。

Lastly, on the topic of profitability, we posted positive GAAP net income totaling $10.6 million, or $0.04 per diluted share.

最後，關於獲利能力，我們公佈了 GAAP 淨利潤總計 1,060 萬美元，即稀釋後每股收益 0.04 美元。

In terms of free cash flow, we generated $36.2 million during the first quarter, which represents an 18% free cash flow margin compared to free cash flow of $14.3 million in the same period last year. This cash flow generation contributed to our healthy balance sheet, which includes $610.1 million in cash and equivalents with no debt outstanding.

就自由現金流而言，我們第一季產生了 3,620 萬美元，與去年同期的自由現金流 1,430 萬美元相比，自由現金流利潤率提高了 18%。這種現金流的產生有助於我們健康的資產負債表，其中包括 6.101 億美元的現金和等價物，沒有未償債務。

During the first quarter, pursuant to the company's stock buyback program, we repurchased 8.3 million shares of our Class A common stock for a total cost of $101.2 million. All the shares repurchased have been retired.

第一季度，根據該公司的股票回購計劃，我們回購了 830 萬股 A​​ 類普通股，總成本為 1.012 億美元。回購的所有股份均已註銷。

The Board has also authorized an incremental $100 million share buyback program. As such, we now have a cumulative $300 million share buyback program, of which, as of June 3, 2024, we have $128 million remaining. We intend to complete this buyback by the end of the year.

董事會也批准了一項增量 1 億美元的股票回購計畫。因此，我們現在有累計 3 億美元的股票回購計劃，截至 2024 年 6 月 3 日，我們還剩餘 1.28 億美元。我們打算在今年底前完成這次回購。

Calculated billings for the first quarter were $191.8 million, an increase of 12% year over year. As of April 30, 2024, total remaining performance obligations, or RPO, which represents revenue from committed customer contracts that have not yet been recognized, was $922.5 million, up 30% compared to the same period last year. And cRPO deal was $570.4, up 19% year over year. This sequential decrease in RPO and cRPO is seasonal, with prior-year Q1 demonstrating a similar dynamic. The decline this year, however, was more pronounced given the weak demand environment and heightened renewal pressures as described earlier.

第一季的計算帳單為 1.918 億美元，年增 12%。截至 2024 年 4 月 30 日，剩餘履約義務總額（RPO）（代表尚未確認的已承諾客戶合約的收入）為 9.225 億美元，比去年同期增長 30%。 cRPO 交易額為 570.4 美元，年增 19%。 RPO 和 cRPO 的連續下降是季節性的，去年第一季也表現出類似的動態。然而，鑑於需求環境疲弱和更新壓力加大（如前所述），今年的下降更為明顯。

Moving now to Q2 and full-year FY25 non-GAAP guidance and business outlook. We continue to see elevated churn, and our current assumption is that the macro softness that we are experiencing will continue through the entirety FY25. Related to some of these market dynamics and performance challenges, we recently concluded an internal review across product areas, regions, and support functions to ensure our resources are best aligned with Sprinklr's priorities.

現在轉向第二季和 25 財年全年非 GAAP 指引和業務前景。我們繼續看到客戶流失率上升，我們目前的假設是，我們所經歷的宏觀疲軟將持續整個 2025 財年。與其中一些市場動態和績效挑戰相關，我們最近完成了跨產品領域、地區和支援職能的內部審查，以確保我們的資源與 Sprinklr 的優先事項最一致。

As a result of this review, we restructured our global workforce by approximately 3% in May. Expenses related to this action were approximately $4 million and will be booked here in Q2 FY25. These expenses are included in the guidance figures for both Q2 and the full-year FY25.

根據此次審查，我們在 5 月對全球員工隊伍進行了約 3% 的重組。與此行動相關的費用約為 400 萬美元，並將在 2025 財年第二季在此登記。這些費用包含在第二季和 2025 財年全年的指導數字中。

For Q2, we expect total revenue to be in the range of $194 million to $195 million, representing 9% growth year over year at the midpoint. Within this, we expect subscription revenue to be in the range of $177.5 million to $178.5 million, also representing 9% growth year over year at the midpoint. This implies approximately $16.5 million services revenue in Q2. Using the midpoint of the Q2 subscription guide, this equates to a first half subscription growth rate of 11%.

對於第二季度，我們預計總營收將在 1.94 億美元至 1.95 億美元之間，中間值將年增 9%。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，中間值也將年增 9%。這意味著第二季的服務收入約為 1,650 萬美元。使用第二季訂閱指南的中位數，這相當於上半年訂閱成長率為 11%。

As we have signaled on prior earnings calls, we are continuing to invest in our CCaaS delivery capabilities given the growth opportunities available to us in that market. As such, we expect services gross margins to decline in Q2 to approximately negative 10%.

正如我們在先前的財報電話會議上所表示的那樣，鑑於我們在該市場上可獲得的成長機會，我們將繼續投資於我們的 CCaaS 交付能力。因此，我們預計第二季服務毛利率將下降至負 10% 左右。

We expect non-GAAP operating income to be in the range of $16.5 million to $17.5 million. Non-GAAP net income per diluted share of $0.06 to $0.07 per share, assuming 277 million weighted average shares outstanding. And as noted earlier, this non-GAAP operating income range is impacted by approximately $4 million in costs related to the workforce reduction taken here in Q2 that is included in these numbers.

我們預計非 GAAP 營業收入將在 1,650 萬美元至 1,750 萬美元之間。假設加權平均已發行股數為 2.77 億股，非公認會計原則每股稀釋淨利為 0.06 至 0.07 美元。如前所述，這一非 GAAP 營業收入範圍受到約 400 萬美元與第二季度裁員相關的成本的影響，這些成本包含在這些數字中。

For the full-year FY25, we now expect subscription revenue to be in the range of $714 million to $716 million, representing 7% growth year over year at the midpoint. This implies a modest sequential quarterly increase for the remainder of the year. We expect total revenue to be in the range of $779 million to $781 million, representing 7% growth year over year at the midpoint.

對於 25 財年全年，我們目前預計訂閱收入將在 7.14 億美元至 7.16 億美元之間，中間值年增 7%。這意味著今年剩餘時間內將出現適度的環比季度成長。我們預計總收入將在 7.79 億美元至 7.81 億美元之間，中間值將年增 7%。

For the full-year FY25, we reaffirm our previous non-GAAP operating income to remain in the range of $104 million to $105 million, equating to a non-GAAP net income per diluted share of $0.40 to $0.41, assuming 276 million weighted average shares outstanding. This implies a 13% non-GAAP operating margin at the midpoint. Recall the restructuring charge of approximately $4 million in Q2 is included in these numbers.

對於2025 財年全年，我們重申先前的非GAAP 營業收入維持在1.04 億至1.05 億美元的範圍內，相當於假設加權平均股數為2.76 億股，非GAAP 攤薄每股淨利潤為0.40 至0.41美元傑出的。這意味著非 GAAP 營運利潤率中點為 13%。回想一下，這些數字包含了第二季約 400 萬美元的重組費用。

Considering the current operating environment, we have proactively taken steps to reduce our expense base and maintain our operating income. Furthermore, we are committed to regularly evaluating our investments and resources to ensure they are commensurate with our near-term growth outlook.

考慮到目前的經營環境，我們已積極採取措施減少費用基礎並維持營業收入。此外，我們致力於定期評估我們的投資和資源，以確保它們與我們的近期成長前景相稱。

In deriving the net income per share for modeling purposes, we estimate $23 million in other income for the full year, with $5 million of that beyond here in Q2. This other income line primarily consists of interest income.

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 2,300 萬美元，其中第二季的收入為 500 萬美元。此其他收入線主要包括利息收入。

Furthermore, a $13.5 million total tax provision for the full-year FY25 needs to be added to the non-GAAP operating income ranges provided. We estimated tax provision of $3.5 million here in Q2. We are tracking to be GAAP net income positive for the full-year FY25, consistent with our comments on the Q4 earnings call.

此外，25 財年全年 1,350 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。我們估計第二季的稅收撥備為 350 萬美元。我們預計 25 財年全年 GAAP 淨利潤將為正，這與我們對第四季度財報電話會議的評論一致。

While billings grew 12% in Q1, we estimate billings for the full-year FY25 to grow in line with the annual subscription revenue growth rate, and we expect that same growth rate for the first half and second half of FY25. With respect to free cash flow, we now estimate to generate free cash flow of approximately $60 million for the full year.

雖然第一季的帳單成長了 12%，但我們預計 25 財年全年的帳單成長將與年度訂閱收入成長率保持一致，並且我們預計 25 財年上半年和下半年的成長率相同。在自由現金流方面，我們現在估計全年產生約 6000 萬美元的自由現金流。

Given everything just discussed, we are also withdrawing the FY27 financial targets. To be clear, we have conviction that we can achieve the financial targets we set out at Investor Day. However, we believe this may now take longer than originally planned.

鑑於剛才討論的一切，我們也將撤回 2027 財年的財務目標。需要明確的是，我們堅信我們能夠實現在投資者日設定的財務目標。然而，我們認為現在這可能需要比原計劃更長的時間。

Lastly, I would like to thank all our employees for their dedication and passion for what we are building at Sprinklr. And with that, let's open it up for questions. Operator?

最後，我要感謝所有員工對 Sprinklr 建設的奉獻和熱情。接下來，讓我們開始提問。操作員？

(Operator Instructions) Raimo Lenschow, Barclays.

（操作說明）Raimo Lenschow，巴克萊銀行。

I have two quick questions. One is, if you think about the macro situation here is like -- we've been in a tough macro environment for the best part of two years now. What you're seeing out there at the moment, does it feel like it's getting worse because it's longer and so now people making renewed decision about something else that they didn't do before, or it is a little bit of sales execution.

我有兩個簡單的問題。一是，如果你考慮這裡的宏觀形勢，那麼兩年來的大部分時間裡，我們一直處於艱難的宏觀環境。你現在所看到的，是否感覺情況變得更糟了，因為它更長了，所以現在人們對他們以前沒有做過的其他事情做出了新的決定，或者這是一點銷售執行。

And then more on the financial side, for the second half, if I do then implied guidance for the second half, second half looks kind of numbers are coming down a lot more than on the first half now. Is there anything that we should be aware of that is driving that extra second-half headwind for you guys? Thank you.

然後在財務方面，對於下半年，如果我確實暗示了下半年的指導，那麼下半年的數字看起來比上半年下降了很多。有什麼我們應該注意的事情會為你們帶來下半場的額外阻力嗎？謝謝。

Yeah. Hey, Raimo, how are you? I'll take the risk part of it, and Manish will probably jump on the second. I have to say that we're seeing a more pronounced squeeze on budgets, more so than we've seen in the last two years.

是的。嘿，雷莫，你好嗎？我會承擔一部分風險，而馬尼什可能會跳到第二個。我必須說，我們看到預算受到更明顯的擠壓，比過去兩年更嚴重。

And anecdotally, my suspicion is that companies like ours had a little spillover COVID effect where we got them lingering budgets as companies were trying to go digital in a very, very strong way. And then the last year, while the budgets were tight, the controls hadn't forced people to go bounce it back up all the way every time.

有趣的是，我懷疑像我們這樣的公司有一點溢出的新冠效應，當公司試圖以非常非常強烈的方式走向數位化時，我們讓他們的預算揮之不去。去年，雖然預算緊張，但控制措施並沒有迫使人們每次都將預算反彈回來。

What we're seeing and what I'm anecdotally hearing is that the budget cycles, when they got refreshed for this new year, came with the operational controls of, hey, you're not allowed to spend. Everyone's got to find 20%, 30% back so that we can invest in AI and other things. And the budgets weren't growing as much as they did or shrinking in some cases. And I think as the new year rolled in, these controls forced the buying behavior to change, which was not very obvious even going into Q4. I wouldn't say a lot, but it was pronounced enough for us to feel it.

我們所看到的以及我偶然聽到的是，當預算週期在新的一年更新時，伴隨著操作控制，嘿，你不被允許花錢。每個人都必須找到 20%、30% 的回報，以便我們可以投資人工智慧和其他事物。而且預算並沒有像以前那樣成長得那麼快，在某些情況下還出現了縮減。我認為隨著新年的到來，這些控制措施迫使購買行為發生變化，即使進入第四季度，這種變化也不是很明顯。我不會說太多，但它的發音足以讓我們感受到。

Yeah. Raimo, let me address your question around the guide. And I think you're correct in assessing. If you look at the first half of this year, just looking at subscription revenue, it sort of implies an 11% growth year over year.

是的。 Raimo，讓我來回答您關於指南的問題。我認為你的評估是正確的。如果你看看今年上半年，只看訂閱收入，這意味著年增 11%。

And the second half, by definition, has slower for the full year to be around 7%. And I think this is driven by two factors. One is, as Ragy alluded to earlier, we're just seeing a fairly weak demand environment. We do not have the level of visibility that we had even last year. So demand is definitely weaker.

而下半年，依定義，全年增幅將放緩至 7% 左右。我認為這是由兩個因素驅動的。一是，正如拉吉之前提到的，我們只是看到了相當疲軟的需求環境。我們的知名度甚至沒有去年的水準。所以需求一定會減弱。

And then we also address, even compared to a few months ago, we're seeing much more pressure on renewals. I had flagged in prior earnings calls that we expected an elevated level of churn just for the first half. But just given the dynamics we're seeing now, I think the prudent thing for us to assume is that dynamic continues for the (technical difficulty). So I think both of those factors in the aggregate are what is baked into the guide.

然後我們也指出，即使與幾個月前相比，我們也看到續約壓力更大。我在先前的財報電話會議中曾指出，我們預計上半年的客戶流失率將會上升。但鑑於我們現在看到的動態，我認為我們謹慎的假設是（技術難度）動態持續存在。所以我認為這兩個因素總的來說都被納入了指南中。

Okay, makes sense. Thank you. Thanks for the clarification.

好吧，有道理。謝謝。感謝您的澄清。

Thank you.

謝謝。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞，威廉·布萊爾。

Perfect. Thank you. Can you guys maybe just touch a little bit on where you are in going through some of the go-to-market changes that you've talked about? As we're thinking about what to look for to understand that we might be in later innings under go-to market being more stable, what should we look for to see that? You've adjusted the go-to-market motion and things are maybe starting to get better instead of still getting worse.

完美的。謝謝。你們能否簡單談談你們在經歷你們所談論的一些進入市場的變化時所處的位置？當我們思考要尋找什麼來了解我們可能會在進入市場的後幾局變得更加穩定時，我們應該尋找什麼來看到這一點？你已經調整了進入市場的行動，事情可能開始變得更好，而不是繼續變得更糟。

Correct. Let me take that, Arjun. Look, there are three things that are super clear to us. One is, as we said, the macro is experiencing a pronounced change. Second, our go-to-market motion and the transition to the level of maturity that we need to have for the business of this scale and size are not there, and it's taking us longer.

正確的。讓我接受，阿瓊。看，有三件事我們非常清楚。一是，正如我們所說，宏觀經濟正在經歷明顯的變化。其次，我們的上市行動以及向這種規模和規模的業務所需的成熟度過渡尚未實現，而且需要更長的時間。

And I'm not going to go through all of it. I'm sure we can follow up in the actions. But with the kind of people that we have around this and inside the company, what needed to do was fairly clear. And what we realize, as we went late last year and looked at our own progress, needless to say, no one, including myself, was happy with the pace of progress.

我不會經歷這一切。我相信我們可以跟進行動。但對於我們周遭和公司內部的人員來說，需要做什麼是相當明確的。當我們去年底審視自己的進步時，我們意識到，不用說，沒有人，包括我自己，對進步的速度感到滿意。

And what we decided to do was to upgrade and make significant upgrades to the leadership, starting at the very top, that's what the investors and the Board would love to see. And we've brought in Trac with his rich experience at Synopsys. He's been there for 16 years in a very hands-on operational role, followed by Scott, who is at ServiceNow, who's our Chief Commercial Officer.

我們決定要做的是從最高層開始對領導層進行升級和重大升級，這是投資者和董事會希望看到的。我們也引進了 Trac，他在 Synopsys 擁有豐富的經驗。他已經在該公司工作了 16 年，一直擔任著親力親為的營運職務，其次是 ServiceNow 的 Scott，他是我們的首席商務官。

A New head of Europe -- again, similar pedigree, Head of Americas have similar pedigree, Head of Global Success, Head of Renewals, Head of Sales Strategy, a brand-new role that we never had, Head of Partnerships. And these recruiting was done with a very clear filter of proven track record at other companies like us who went through this multi-buyer complex selling process.

歐洲的新負責人——同樣，相似的血統，美洲負責人也有相似的血統，全球成功負責人，續訂負責人，銷售策略負責人，這是我們從未有過的全新角色，合作夥伴關係負責人。這些招聘是在像我們這樣經歷過這種多買家複雜銷售流程的其他公司的經過驗證的記錄的非常清晰的過濾器中完成的。

So at this point, we feel like we've got the handle, we got the people, and I'm cautiously optimistic. But it's going to take time as these leaders settle in, find their own leaders or upgrade and enable our existing talent. But I'm very encouraged by what we're doing. And it's safe to say, look, I think we had embarked on a four- to six-quarter transition at least, and we're probably one quarter into it is the way I'd characterize it.

所以在這一點上，我們覺得我們已經掌握了控制權，我們有了人員，我對此持謹慎樂觀的態度。但這些領導者安頓下來、找到自己的領導者或升級並啟用我們現有的人才需要時間。但我們正在做的事情讓我深受鼓舞。可以肯定地說，看，我認為我們至少已經開始了四到六個季度的過渡，而且按照我的描述，我們可能已經進入了四分之一。

Okay, got it. And then I think you also just called out now that you might expect a little bit more contraction and churn and downturn in some cases. When you think where that might come from, how do you think about just the split between the CCaaS and the care opportunity versus your core social?

好，知道了。然後我想你現在也指出，在某些情況下你可能會出現更多的收縮、流失和衰退。當您思考這可能來自何處時，您如何看待 CCaaS 和護理機會與核心社交之間的差異？

I'll acknowledge that we're seeing increased pressure on the core, which is everything outside the CCaaS the way we see it. And what we're finding is more price compression. We're not seeing like a crazy amount of logo churn. We're not seeing -- I'm sure there'll be a question, we're not seeing the competitive dynamic shift.

我承認，我們看到核心的壓力越來越大，我們認為核心是 CCaaS 以外的一切。我們發現價格進一步壓縮。我們沒有看到大量的徽標流失。我們沒有看到──我確信會有一個問題，我們沒有看到競爭動態的轉變。

What we're finding is CIOs and CMOs looking at their top spend and looking to find money. And we're a premium provider. We're able to command premium prices. And we're just getting squeezed, and that I see as the primary driver. And a lot of these as, Arjun, I'm making, more calls than you would ever expect someone like me to be doing to these customers. And I can tell you firsthand a lot of it is our own execution, which in a little perverse way, gives us confidence that once our GDM motion is maturing, we'll see some of that reverse.

我們發現首席資訊長和首席行銷長正在關注他們的最高支出並尋找資金。我們是一家優質提供者。我們能夠獲得高價。我們正受到擠壓，我認為這是主要驅動力。阿瓊，我打的很多電話比你想像的像我這樣的人給這些客戶打的電話還要多。我可以直接告訴你，其中許多是我們自己的執行，這以一種有點反常的方式，讓我們相信，一旦我們的 GDM 動議成熟，我們就會看到一些逆轉。

All right. Thank you, guys.

好的。感謝你們。

Elizabeth Porter, Morgan Stanley.

伊莉莎白‧波特，摩根士丹利。

Hi. Thanks so much for the question. In the prepared remarks, lower seats were called out as a pressure. And just given the large concern with AI, the impact to seat-based models, what are you picking up in your conversations that give us comfort that AI is not pressuring, driving fewer seats or any sort of company expectation that fewer seats may be needed as AI expands? Thank you.

你好。非常感謝您的提問。在準備好的講話中，較低的席位被稱為壓力。考慮到人們對人工智慧的巨大關注，對基於座位的模型的影響，你在談話中得到了什麼讓我們感到安慰，人工智慧沒有帶來壓力，駕駛更少的座位或任何類型的公司期望可能需要更少的座位隨著人工智慧的擴展？謝謝。

It's a great question, Elizabeth, and thank you for that. Look, we are believers that AI is going to dramatically improve productivity in the front office. And if I may say, this countless number of times, and even at IPO, that we've bet the company on AI. What you're seeing is a shift, and the shift is to consolidation and the shift is to AI and more generative AI improving productivity.

這是一個很好的問題，伊莉莎白，謝謝你。看，我們相信人工智慧將大大提高前台的生產力。如果我可以說，我們已經無數次地將公司押注於人工智慧，甚至在首次公開募股時也是如此。你看到的是一種轉變，這種轉變是整合的轉變，是向人工智慧和更俱生成性的人工智慧提高生產力的轉變。

We do have our AI products that are designed to offset any pricing compression that we're going to see on the seat side. We're very early in the transition. And our strategy is to review our pricing and packaging to make sure that we can adapt to it gracefully. So we'll have some transitionary pressures, but I think we're pretty good in the medium and long term.

我們確實擁有人工智慧產品，旨在抵消我們將在座位方面看到的任何價格壓縮。我們正處於轉型的早期階段。我們的策略是審查我們的定價和包裝，以確保我們能夠優雅地適應它。所以我們會面臨一些過渡壓力，但我認為從中長期來看我們做得相當好。

In this quarter or even last quarter as we're looking at June, we're not seeing AI impact seat count just yet. And we're preparing our company to deal with that with the pricing shift as I said and the AI products that we're ready with. However, what we're seeing is people scrutinizing the current seat count. We're seeing layoffs at many of our customers. We're seeing downsized marketing spend, which all of which will impact seat counts in core products.

在本季甚至上個季度（如我們所關注的 6 月），我們還沒有看到人工智慧對座位數量的影響。正如我所說，我們正在準備我們的公司應對這項定價變化以及我們準備好的人工智慧產品。然而，我們看到人們在仔細審查當前的座位數。我們看到許多客戶都在裁員。我們看到行銷支出縮減，所有這些都將影響核心產品的席位數。

Got it. Thank you so much for the color. And then just as a follow-up, I would love to better understand the Co-CEO structure here. Why is co-structure the right one for this time? And Trac, any early thoughts on top priorities as the Co-CEO?

知道了。非常感謝你的顏色。作為後續行動，我很想更了解這裡的聯合執行長結構。為什麼聯合架構是此時合適的選擇？ Trac，作為聯合首席執行官，對首要任務有什麼早期想法嗎？

I'll start and I'll let Trac pick it up. Look, I think it was clear to me that we needed operational executional focus at the very top. And so this is sort of me accepting responsibility and looking to find talent that would complement the executive team that we have that had a lot more execution jobs than I do.

我先開始，然後讓 Trac 來接。聽著，我認為我很清楚我們需要最高層的營運執行重點。因此，這就是我接受責任並尋找人才來補充我們的執行團隊的原因，因為我們的執行團隊的執行工作比我多得多。

And so we had open search out for a President and COO, as we've disclosed before. I convinced Trac to come and help on an interim basis. And working with him for four months, it was clear to me that this was our dream candidate. And we kept looking for people like Trac in our -- among our candidates. And it was just very fortunate. And we're very grateful that Trac here and committed to a permanent job.

因此，正如我們之前所披露的那樣，我們公開尋找總裁和營運長。我說服 Trac 來臨時提供協助。與他一起工作了四個月，我很清楚這是我們夢想的候選人。我們一直在我們的候選人中尋找像 Trac 這樣的人。這真是太幸運了。我們非常感謝 Trac 來到這裡並致力於長期工作。

We have extremely complimentary skill sets. I love and -- live and breathe and love being in the product, talking to customers, and innovating and thinking about the future, and Trac's very good at all the things I've not been good at. And let me turn it over to him to add a little more color.

我們擁有非常互補的技能。我喜歡——生活、呼吸、喜歡參與產品、與客戶交談、創新和思考未來，而 Trac 非常擅長所有我不擅長的事情。讓我把它交給他來添加更多的色彩。

Certainly. Elizabeth, what we saw, what we experienced over the last five months with me here on an interim basis was that Ragy and I actually work really well together, and we found a lot of leverage in terms of our complementary skillsets, as Ragy mentioned. And the partnership evolved very naturally. We both found a lot of value and actually respected and appreciated the partnership and what we both brought to leading the company over the last five months.

當然。伊麗莎白，我們所看到的，我們在過去五個月裡與我一起臨時經歷的事情是，拉吉和我實際上合作得非常好，並且正如拉吉提到的，我們在互補技能方面發現了很多槓桿作用。這種夥伴關係的發展非常自然。我們都發現了很多價值，並且實際上尊重和讚賞這種夥伴關係以及我們在過去五個月為領導公司所做的貢獻。

And to Ragy's credit, the Co-CEO appointment really reflects his acknowledgement of the operational shortcomings and his commitment to making that change. And the structure is really a reflection of what has evolved very naturally in terms of how well we work together. So from our perspective, we're genuinely and super excited about how we're going to proceed forward.

值得讚揚的是，拉吉的任命確實反映了他對營運缺陷的認識以及他對做出改變的承諾。這種結構其實反映了我們合作的順利程度，是非常自然地演變出來的。因此，從我們的角度來看，我們對如何繼續前進感到由衷的和超級興奮。

Great. Congrats on the role, and thank you for the color.

偉大的。恭喜你獲得這個角色，並感謝你的顏色。

Matt VanVliet, BTIG.

馬特·範弗利特，BTIG。

Hey, good afternoon. Thanks for taking the questions. I guess, wanted to dig in a little bit on the contact center trends in the modern care solution. And you said you're still seeing solid traction there. So curious on how you're finding yourself measuring up against some of the more long-standing competitors, especially some of the cloud competitors.

嘿，下午好。感謝您提出問題。我想，想深入了解現代護理解決方案中的聯絡中心趨勢。你說你仍然看到那裡有強勁的吸引力。非常好奇您如何發現自己能夠與一些長期存在的競爭對手（尤其是一些雲端競爭對手）進行比較。

And then maybe more importantly, when you are winning new deals, how much of the footprint are you taking? Are you still winning mostly the digital side and sort of bringing that expertise to existing contact centers? Or how have you done in terms of actually ripping or replacing the voice component in existing CCaaS deployment? Thanks.

也許更重要的是，當你贏得新交易時，你佔據了多少足跡？您是否仍主要贏得數位方面的勝利，並將這些專業知識引入現有的聯絡中心？或者，您在實際刪除或取代現有 CCaaS 部署中的語音組件方面做得如何？謝謝。

All right. So let me start with the second one, Matt, and then I'll come back to the first. We are currently ripping and replacing pretty much the entire riprap of contact center point solutions. And so that's the value prop, the fact that you're replacing 5, 10, 15, 25. And if you have multiple contact centers, and [this way it] stacks different ones in each country, we're replacing that with one unified system that really works completely on single unified code-based architecture so that it completely knows every part works well together.

好的。馬特，讓我從第二個開始，然後我會回到第一個。我們目前正在拆除並更換幾乎整個聯絡中心點解決方案。這就是價值支柱，即您要替換5、10、15、25 個這一事實。替換它真正完全在基於單一統一代碼的架構上工作的統一系統，因此它完全知道每個部分都能很好地協同工作。

And in the contact center, that's a big deal, right? If your knowledge base is an independent provider, your learning system and your workforce management is an independent system that's not plugged in to routing. Or if your knowledge base is an independent system, that's not plugged into agent assist with AI. It's just too much work, and the work falls on the shoulder of the IT team to put together, and system integrators. And we're able to just put a clean solution in place.

在聯絡中心，這是一件大事，對吧？如果您的知識庫是獨立的供應商，那麼您的學習系統和勞動力管理就是一個獨立的系統，不會插入路由。或者，如果您的知識庫是一個獨立的系統，則不會插入人工智慧的代理協助。工作量太大了，而這些工作就落在了 IT 團隊和系統整合商的肩上。我們能夠制定一個乾淨的解決方案。

Having said that, I'll acknowledge that we're new to this space. We still have part of our platform modules that we're finishing up. But we're seeing -- we're seen as a disruptor, and we're able to really, really impress the buyer with what the future can be. And it comes from the power of unification, and it comes from the power of AI.

話雖如此，我承認我們是這個領域的新手。我們仍有部分平台模組正在完成。但我們看到——我們被視為顛覆者，我們能夠真正、真正地給買家留下深刻的未來印象。它來自統一的力量，來自人工智慧的力量。

The power of unification shows brilliantly because we're not just approaching the contact center stack as it exists today. We can launch our community, we do our chat, we do our bots, all of those are traditionally independent solutions. We bring our knowledge base. And then all of that gets superimposed in a unified way on the contact center and from AI from the beginning to the end, right?

統一的力量得到了出色的體現，因為我們不僅僅是像今天那樣接近聯絡中心堆疊。我們可以啟動我們的社區，我們進行聊天，我們創建我們的機器人，所有這些都是傳統上獨立的解決方案。我們帶來了我們的知識庫。然後所有這些都從頭到尾以統一的方式疊加在聯絡中心和人工智慧上，對吧？

And remember, we've got an eight-year advantage on traditional AI of understanding intent and routing and sentiment and emotions in lots and lots of languages, over a 100. And we've deployed it regionally for many, many years to fine-tune it against the way people naturally speak on social media.

請記住，我們在理解意圖、路由、情緒和情緒方面比傳統人工智慧領先 8 年，支援多種語言，超過 100 種。社群媒體上自然說話的方式進行調整。

And so those are very powerful advantages that we bring in. So buyers look at that and go, I am seeing the future? And this is where I want to go, because this contact center decision is very long term and the difference is very apparent when you look at the traditional incumbent versus a Sprinklr solution, although everyone's claiming AI knowledge. We can prove it. We show it in POCs. They tap us out and they buy it.

因此，這些都是我們帶來的非常強大的優勢。這就是我想要去的地方，因為這個聯絡中心的決策是非常長期的，當你看到傳統的現有解決方案與 Sprinklr 解決方案時，差異非常明顯，儘管每個人都聲稱擁有人工智慧知識。我們可以證明這一點。我們在 POC 中展示它。他們挖掘我們並購買它。

So we stack really well against traditional competition for the buyer who's willing to look forward. But we will acknowledge that traditional adages, no one ever got fired for buying IBM, it still exists in contact centers. But we're very bullish that with the reception that we're getting now as we finished building out the rest of the capabilities, which we should be in a good place by the end of the year, we're really optimistic about what this can do for our business.

因此，對於願意期待的買家來說，我們在傳統競爭中表現得非常好。但我們承認，傳統的格言，沒有人因為購買 IBM 而被解僱，它仍然存在於聯絡中心。但我們非常樂觀，隨著我們完成了其餘功能的構建，我們現在得到的反響，我們應該在今年年底前處於一個良好的位置，我們對此非常樂觀可以為我們的業務做點什麼。

Okay, very helpful. And then I guess when you look at the overall penetration or saturation rate on the social side, do you feel like there are net new opportunities out there? Or is it a matter of consolidating the spend that's already in the system over the next couple years and bringing more of it onto the Sprinklr platform to get the social side of the business back on the growth side?

好的，非常有幫助。然後我想當你看看社交方面的整體滲透率或飽和率時，你是否覺得那裡有淨新機會？或者是否需要在未來幾年內整合系統中已有的支出，並將更多支出引入 Sprinklr 平台，以使業務的社交方面重新回到成長方面？

Again, a great question, Matt. I'm super glad that you asked it in this public forum. Look, I want to point out something. I'm a big believer in where social is going. And we keep talking about social media as a space. And we assume that space isn't changing when we ask ourselves is that going to stay or are we going to consolidate.

這又是一個很好的問題，馬特。我非常高興您在這個公共論壇上提出這個問題。聽著，我想指出一些事情。我堅信社交的發展方向。我們一直在談論社交媒體作為一個空間。當我們問自己空間會繼續存在還是會整合時，我們會假設空間並沒有改變。

Our observation as the company that probably pioneered the concept of social media management in our early years, and I think lots of people would give us credit for creating that category, is to say the impact of social media is forever. But that impact is not going to be the way social media management is perceived and was perceived a few years ago.

作為早年可能率先提出社群媒體管理概念的公司，我們的觀察是，社群媒體的影響是永遠的，而且我認為很多人都會因為我們創造了這個類別而給予我們讚譽。但這種影響不會像幾年前被認為是社群媒體管理的方式。

Social media management has got three critical elements. The first is social publishing and engagement. And that is more because people were opening up social accounts everywhere and trying to publish and get their own following. And that slowed down. They've consolidated, and the strategy has changed because reach has gone down.

社群媒體管理有三個關鍵要素。第一個是社交出版和參與。這更多是因為人們在各地開設社交帳戶，並試圖發佈內容並獲得自己的追隨者。這速度減慢了。他們已經合併，並且由於覆蓋範圍下降，策略也發生了變化。

Second is social listening. And social listening is expensive because the data sources are demanding a premium to access the data. And social advertising with the consolidation of ad spend mostly under the meta roof is changed as well. So social media, the way we build the category and the first set of capabilities, we're not betting our house on it. And the plan is not to recover the money that they're spending with others.

其次是社交聆聽。社交聆聽的成本很高，因為資料來源需要支付額外費用才能存取資料。廣告支出主要集中在元屋頂下的社群廣告也發生了變化。因此，社群媒體、我們建構品類和第一套功能的方式，我們不會把賭注押在它上面。這個計劃不是要拿回他們與他人一起花的錢。

The plan is to build against where the future of that is. So when you look at social, what should be very clear for everyone is social customer service is here to stay. Social marketing and advertising will change the way marketing and advertising is done. And with AI, it's going to get personalized, it's going be everywhere.

該計劃是針對未來的發展方向而製定的。因此，當您審視社交時，每個人都應該非常清楚社交客戶服務將繼續存在。社群行銷和廣告將改變行銷和廣告的方式。有了人工智慧，它將變得個人化，它將無所不在。

Social listening with AI and ad surveys on top of it is going to take on the CFM market, the way we see the likes of Medallia and Qualtrics do. And social engagement is going to evolve as we add voice and messaging and e-mail to it. Social engagement becomes engagement and will evolve to social selling or conversational commerce, which we see.

結合人工智慧和廣告調查的社交聆聽將佔據 CFM 市場，就像我們看到 Medallia 和 Qualtrics 等公司所做的那樣。隨著我們添加語音、訊息和電子郵件，社交參與將會不斷發展。社交參與變成參與，並將演變為我們所看到的社交銷售或對話式商務。

All of this, Matt, we saw four years ago. So when you saw us take our social customer service and deploy it at CCaaS, it was a manifestation of our strategy of taking our first product suite, which was the weakest at that time, and that's going be a front runner for us. We have clear strategies for each one.

所有這一切，馬特，我們四年前就看到了。因此，當您看到我們採用社交客戶服務並將其部署在 CCaaS 時，這體現了我們採用第一個產品套件的策略，該套件當時是最弱的，但它將成為我們的領跑者。我們對每一項都有明確的策略。

What you are finding us is in the middle of a transition, both externally and internally. And this is where you're going to hear us almost speak from both sides of our mouth the numbers we're reporting. Admittedly, we aren't proud of it either. But when we look forward, we go, we're executing a strategy that the market needs and we are pretty optimistic about where it can take us.

您會發現我們正處於外部和內部的轉型之中。在這裡，您將聽到我們幾乎從嘴裡說出我們所報告的數字。誠然，我們也不為此感到自豪。但當我們展望未來時，我們正在執行市場所需的策略，我們對它能帶我們走向何方非常樂觀。

Long answer, but I know this is a question that was on everybody's mind.

答案很長，但我知道這是每個人都關心的問題。

All right. Great. Thank you.

好的。偉大的。謝謝。

Thank you, Matt.

謝謝你，馬特。

Jackson Ader, KeyBanc.

傑克遜·阿德，KeyBanc。

Hi, this is Michael Vidovic on for Jackson, and thanks for taking my question here. You started seeing the disruption back in 3Q, but it seemed like conditions seemed to stabilize somewhat in 4Q. But I guess just looking month to month, when did you start seeing conditions deteriorate such that things just weren't quite on track yet?

大家好，我是傑克遜的邁克爾·維多維奇，感謝您在這裡提出我的問題。您在第三季就開始看到混亂，但第四季情況似乎穩定下來。但我想，只要逐月觀察，您什麼時候開始看到情況惡化，以至於事情還沒有完全步入正軌？

Look, I think this year, we -- as the year broke, we started seeing all the things just sort of take a pronounced dip. And so we also have to acknowledge that fourth quarter traditionally is very seasonal for SaaS companies' budgets and flushing through the system. And so I'd say right from the beginning of the year is probably when we saw the impact being more pronounced.

聽著，我認為今年，我們——隨著這一年的到來，我們開始看到所有的事情都出現了明顯的下滑。因此，我們也必須承認，傳統上，第四季對於 SaaS 公司的預算和系統沖刷來說是非常季節性的。所以我想說，從今年年初開始，我們可能會看到影響更加明顯。

Okay. And then you talked about the incremental controls being set around deal renewals and then Sprinklr is getting squeezed on resigning, but I guess could you clarify what the customer was spending those incremental dollars on? Because I know you've had numerous conversations with customers around that, right?

好的。然後你談到了圍繞交易續約設​​定的增量控制，然後 Sprinklr 在辭職時受到擠壓，但我想你能否澄清一下客戶將這些增量資金花在了什麼地方？因為我知道您已經與客戶就此進行過多次對話，對嗎？

Generative AI is on everybody's mind. AI and generative AI is on everybody's mind. And some of this is the shift to platforms. And so we have to position ourselves. As we've built a platform, we have to position ourselves through go-to-market effort that we are a consolidated platform in the CIOs' and the CMOs' and the CTOs' and the CSOs' mind, which we are, but again, I'll go back to our go-to market needing more maturity to market at the C-suite, that's something that we're trying to address.

每個人都在關註生成式人工智慧。人工智慧和生成式人工智慧是每個人都關心的問題。其中一些是向平台的轉變。所以我們必須給自己定位。當我們建立了一個平台時，我們必須透過進入市場的努力來定位自己，我們是 CIO、CMO、CTO 和 CSO 心目中的一個整合平台，我們確實如此，但再次強調，我會回到我們的進入市場，需要在高階管理層中更成熟的市場，這是我們正在努力解決的問題。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

Hi, guys. Thanks for taking my question. On the comment that you guys are getting squeezed, I guess, what can you do to prevent that? And once some of your bigger customers start exerting that influence, does that have a trickle-down effect to other customers asking for the same thing? And how do you get out of that cycle?

嗨，大家好。感謝您提出我的問題。關於你們受到擠壓的評論，我想，你們能做些什麼來防止這種情況發生呢？一旦你的一些大客戶開始發揮這種影響力，這會對其他有相同需求的客戶產生涓滴效應嗎？如何擺脫這個循環？

Brett, we have a very extensive platform, that's between products and solutions, 58 of them, full suite, right? And we are confident that we can add a lot of value to every one of our customers. Our customers are the biggest companies in the world, as you know.

Brett，我們有一個非常廣泛的平台，涉及產品和解決方案，有 58 個，全套，對吧？我們相信我們可以為每一位客戶增加很多價值。如您所知，我們的客戶是世界上最大的公司。

So when we get squeezed, our strategy, when executed properly, is to say, hey, we understand that your ad budget went down, or you just fired 70% of your marketing team. But let me show you how our AI capabilities can do more work for you, or our auto optimization can help, or our content marketing can help, or our new project marketing management can help, or find another buyer and say, hey, let me just help you with the contact leader capability.

因此，當我們受到擠壓時，如果執行得當，我們的策略就是說，嘿，我們知道您的廣告預算下降了，或者您剛剛解雇了 70% 的行銷團隊。但是，讓我向您展示我們的人工智慧功能如何為您做更多工作，或者我們的自動優化可以提供幫助，或者我們的內容行銷可以提供幫助，或者我們的新專案行銷管理可以提供幫助，或者找到另一個買家並說，嘿，讓我只是幫助您提高聯絡領導者的能力。

So all of that requires a multi-function, multi-product selling motion that's very strategic. And we're not there, and that's the shift we need to make. So the strategy, when there's compression, is to offer more, and the product payload exists, and it's proven. And when execution fails to deliver on that strategy, we teach on. And when you have leadership and new leadership and people transition, it always exacerbates this kind of situations.

因此，所有這一切都需要一個非常具有戰略意義的多功能、多產品銷售活動。但我們還沒有做到這一點，這就是我們需要做出的轉變。因此，當有壓縮時，策略就是提供更多，並且產品有效負載是存在的，並且已經得到證明。當執行無法實現該策略時，我們會繼續教導。當你有了領導層和新的領導層以及人員過渡時，這種情況總是會加劇。

Perfect. And then just looking at your customer base, I know you had a couple of very large customers with Fortune 500 -- who are in the Fortune 500. Have you seen any outsized impact among those customers out of the churn being more focused at the lower end of your customer base? Or is it just more broadly across the entire customer base?

完美的。然後看看你的客戶群，我知道你有幾個非常大的客戶，他們是財富500 強——他們都在財富500 強中。更關注較低的客戶群您的客戶群結束了嗎？還是只是更廣泛地涵蓋整個客戶群？

I'd say, it's more broadly across your customer base. And what we have to enable and train our field team on is on how to deal with that. I mean, a lot of what we're seeing is, hey, you got to come down on price and this is a budget.

我想說的是，它涉及更廣泛的客戶群。我們必須為我們的現場團隊提供支援和培訓，讓他們知道如何處理這個問題。我的意思是，我們看到的很多情況是，嘿，你必須降低價格，這是預算。

Perfect. Got it. Thanks.

完美的。知道了。謝謝。

And if you don't do it, we're going to do an RFP. And I do think we have had execution issues, so people that's not heeded to that help cry for help. Then they do the RFP and say, hey, we're going to just not worry about those sophisticated things you can do because I'm going to go find the money.

如果您不這樣做，我們將進行 RFP。我確實認為我們有執行問題，所以那些不重視這種幫助的人會大聲呼救。然後他們做 RFP 並說，嘿，我們不會擔心你可以做的那些複雜的事情，因為我要去尋找資金。

Understood. Thank you so much.

明白了。太感謝了。

Thank you.

謝謝。

Pat Walravens, Citizens JMP.

Pat Walravens，公民 JMP。

Oh, great. Thank you. Trac, congratulations. And Ragy, for you, I guess you put your shareholder add-on for a second because you own a lot of that business. So I mean, clearly, public investors are lowering their assessment of the value of software companies, but the strategic acquirers seem to feel differently, right?

哦，太好了。謝謝。特拉克，恭喜你。 Ragy，對你來說，我想你暫時把你的股東附加條款放在一邊，因為你擁有很多該業務。所以我的意思是，顯然，公共投資者正在降低對軟體公司價值的評估，但策略性收購者似乎有不同的感覺，對嗎？

So Hashi was also trying to figure out their go-to market and they ended up selling to IBM, and the Hashi Board decided that was the best outcome. And then just this morning, SAP announced that they would acquire WalkMe, also about a 40%-plus premium. So how do you think about whether it would make more sense for Sprinklr to be part of a bigger company or whether you should keep going alone?

因此，Hashi 也試圖找出他們的目標市場，最終他們賣給了 IBM，Hashi 董事會認為這是最好的結果。然後就在今天早上，SAP 宣布將收購 WalkMe，同樣溢價約 40% 以上。那麼，您如何看待 Sprinklr 成為更大公司的一部分更有意義，還是您應該繼續單打獨鬥？

That's a very interesting and good question. Let me first acknowledge that our explicit strategy was to build a platform out of all the things that the big boys weren't paying attention. So that -- and you've talked about before that the general understanding that we can be and we are the third and fourth large front-office platform for large enterprise companies, so that makes us a very interesting complementary partner for many companies.

這是一個非常有趣且很好的問題。首先我要承認，我們的明確策略是利用大公司沒有關注的所有事情來建立一個平台。因此，您之前談到我們可以成為大型企業的第三和第四個大型前台平台，這使我們成為許多公司非常有趣的互補合作夥伴。

I also believe that the infrastructure, the cloud giants, if you will, are going to have to move into the app layer. And 14 years of building this is a truly unified platform. App layer down will have tremendous value for them. And most of these companies have very mature, very built out go-to-market machines and relationships that could make Sprinklr extremely valuable for many of them. And it's just a symmetric understanding of what we do and how we do it that may be missing.

我還相信基礎設施、雲端巨頭（如果你願意的話）將不得不進入應用程式層。經過 14 年的努力，這是一個真正統一的平台。應用程式層將為他們帶來巨大的價值。這些公司中的大多數都擁有非常成熟、非常完善的上市機制和關係，這可能使 Sprinklr 對他們中的許多公司來說極具價值。我們可能缺少對我們所做的事情以及如何做的對稱理解。

Having said that, we're focused on building a company for the long term and doing the right thing for all our shareholders. So these are very interesting questions and decisions. And I think we have a really, really competent Board and we will do the right things at the right time, all acting in the interest of all stakeholders and our shareholders.

話雖如此，我們專注於建立一家長期發展的公司，並為所有股東做正確的事情。所以這些都是非常有趣的問題和決定。我認為我們擁有一個非常非常有能力的董事會，我們將在正確的時間做正確的事情，所有這些都是為了所有利害關係人和股東的利益而行事。

Great. Thanks for that perspective.

偉大的。感謝您的觀點。

Thank you, Pat.

謝謝你，帕特。

Catharine Trebnick, Rosenblatt.

凱瑟琳·特雷布尼克，羅森布拉特。

Yes, thank you for taking my question and squeezing me in. So on a CCaaS perspective, are you seeing any of the similar down sell of seats internationally with your customers? What could you put a finer point on what macros you're seeing on the CCaaS side? And then also discuss what you're seeing between your international and your US. And has your go-to-market strategy in the US change from international? Thanks.

是的，感謝您提出我的問題並讓我參與其中。您能更詳細地說明您在 CCaaS 方面看到的巨集嗎？然後也討論您在國際和美國之間看到的情況。您在美國的市場進入策略是否與國際市場發生了變化？謝謝。

So your first question was seat count oven the CCaaS side. Actually, interestingly, it's working in our favor because we have companies contracting us primary for our AI capabilities with a view of bringing down the seat count, bringing down the employee count, which is what our tech technology can do. So we have many products that are not priced based on seat.

所以你的第一個問題是 CCaaS 方面的座位數。事實上，有趣的是，這對我們有利，因為我們有公司主要與我們簽訂人工智慧功能合同，目的是減少座位數量、減少員工數量，而這正是我們的技術所能做到的。所以我們有很多產品不按座位定價。

So in CCaaS, I think we are positioned pretty well. So that's the answer there. US versus international, look, I think our go-to market, there's a lot of foundational things we're working on. There are some theaters that are working better than others. And so -- there are some theaters that require a little more of the go-to-market reboot, if you well.

所以在 CCaaS 方面，我認為我們的定位非常好。這就是答案。美國與國際相比，看，我認為我們的目標市場，我們正在研究很多基礎性的事情。有些劇院比其他劇院運作得更好。因此，如果你願意的話，有些戲院需要更多的上市重啟。

And so it's more people- and theater-dependent, not macro- or country-dependent. So I can confirm that the demand environment and the opportunity we see continues to be global. We might see more opportunities for CCaaS in Europe today and more of a marketing in the US maybe, but as a platform, we're fairly well positioned.

因此，它更依賴人和劇院，而不是依賴宏觀或國家。因此，我可以確認，我們看到的需求環境和機會仍然是全球性的。如今，我們可能會在歐洲看到更多 CCaaS 機會，在美國可能會看到更多行銷機會，但作為一個平台，我們處於相當有利的位置。

Yes. And then as far as your larger deployments, I mean, sometimes I found over the course of covering CCaaS providers that these large deployments, like for example, Deutsche Telekom, take a lot longer to wrestle and close the deal. And it really ties up the organization. And has any of these larger deals you've closed put a strain on the organization such that maybe you weren't able to tackle some other newer opportunities?

是的。然後，就您的大型部署而言，我的意思是，有時我在報道 CCaaS 供應商的過程中發現，這些大型部署（例如德國電信）需要更長的時間來爭取和完成交易。它確實將組織聯繫在一起。您完成的這些較大的交易是否給組織帶來了壓力，以致您可能無法應對其他一些新的機會？

My friend, it's almost like you've been peeking over our shoulders here. But yes, you actually described something that's very important for investors to know. Our success in the CCaaS world has put implementation strain on the organization, which we are working through.

我的朋友，就像你一直在偷看我們一樣。但是，是的，您實際上描述了一些對投資者來說非常重要的事情。我們在 CCaaS 領域的成功給組織帶來了實施壓力，我們正在努力解決這個問題。

The good news is we've been landing planes consistently in each one of these. And we're developing the implementation muscle and building out the partnership. But at this point, one of the things holding us back in CCaaS is our inability to scale any faster than we currently are, which we hope over the next couple of quarters, through improved institutional learning and best practices and tools and frameworks and partners and playbooks, we can get better and take on more.

好消息是我們一直在這些地區持續降落飛機。我們正在發展實施能力並建立夥伴關係。但目前，阻礙我們在CCaaS 領域發展的因素之一是我們無法比目前更快地擴展規模，我們希望在接下來的幾個季度中，透過改善機構學習、最佳實踐、工具、框架和合作夥伴以及劇本，我們可以變得更好並承擔更多。

All right, thank you very much.

好的，非常感謝。

Thank you.

謝謝。

Michael Berg, Wells Fargo.

麥可伯格，富國銀行。

Hey, thanks for taking my questions and being here. I want to just ask in terms of budget priority and within your customer base, there've been a lot of discussion today around the budget compression, budget tightening, sales elongation, but I was more curious if you're seeing either different types of projects or different types of technologies may be leapfrogging someone like a Sprinklr, or how you're viewing how IT budget priorities may be shifting and how it can potentially be hurting the business in the current environment today. Thanks.

嘿，感謝您回答我的問題並來到這裡。我只想問一下預算優先順序以及在您的客戶群中，今天圍繞預算壓縮、預算緊縮、銷售延長進行了很多討論，但我更好奇您是否看到了不同類型的項目或不同類型的技術可能會超越像Sprinklr 這樣的人，或者您如何看待IT 預算優先順序可能發生的變化以及它可能如何在當前環境中損害業務。謝謝。

Thank you, Michael. I can acknowledge and confirm that we're seeing more pressure on the marketing side and on the traditional social side. And on the on the contact center side, we're actually on the right side of that equation where we can actually deliver a lot more on with a lot less, right?

謝謝你，麥可。我可以承認並確認，我們在行銷和傳統社交方面看到了更大的壓力。在聯絡中心方面，我們實際上處於等式的右側，我們實際上可以用更少的資源提供更多的服務，對嗎？

So we usually need not just a better solution, but a cheaper solution as well. And with agents, our ability to move some of this is self-service, we can go after the $800 billion labor plus tech market and contact center. So it's a tale of two cities with our core and our CCaaS, and that's how we are seeing the budget pressure.

因此，我們通常不僅需要更好的解決方案，還需要更便宜的解決方案。對於代理商來說，我們有能力透過自助服務來推動其中一些，我們可以追求價值 8000 億美元的勞動力加上技術市場和聯絡中心。這是一個關於我們的核心和 CCaaS 的兩個城市的故事，這就是我們所看到的預算壓力。

Thank you. There are no further questions at this time. I'd like to turn the floor back over to Ragy Thomas for closing remarks.

謝謝。目前沒有其他問題。我想請拉吉·托馬斯（Ragy Thomas）致閉幕詞。

Thank you, Alicia. Thank you, all, for joining us today. I'd like to thank our employees, partners, and most importantly, our customers for their trust and continued business. We look forward to updating all of you again on our next quarterly call as we continue on this exciting journey. We truly believe that the best is yet to come. Thank you very much and have a wonderful evening.

謝謝你，艾莉西亞。謝謝大家今天加入我們。我要感謝我們的員工、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。隨著我們繼續這趟令人興奮的旅程，我們期待在下一個季度電話會議上再次向大家通報最新情況。我們堅信，最好的尚未到來。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。