Sprinklr Inc (CXM) 2025 Q2 法說會逐字稿

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

歡迎參加 Sprinklr 2025 財年第二季財報電話會議。 （操作員說明）謹此提醒，此通話正在錄音。

I would now like to turn the call over to Eric Scro, Vice President of Finance. Thank you, Eric. You may begin.

我現在想將電話轉給財務副總裁 Eric Sc​​ro。謝謝你，埃里克。你可以開始了。

Thank you, Paul, and welcome, everybody, to Sprinklr second-quarter fiscal year 2025 financial results call. Joining us today are Ragy Thomas, Sprinklr's Founder and Co-CEO; Trac Pham, Co-CEO; and Manish Sarin, Chief Financial Officer. We issued our earnings release a short time ago, filed the related Form 8-K with the SEC, and we've made them available on the Investor Relations section of our website, along with the supplementary investor presentation.

謝謝 Paul，歡迎大家參加 Sprinklr 2025 財年第二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，聯合執行長；財務長曼尼什‧薩林 (Manish Sarin)。我們不久前發布了收益報告，向 SEC 提交了相關的 8-K 表格，並將其與補充投資者介紹一起發佈在我們網站的投資者關係部分。

Please note that on today's call, management will refer to certain non-GAAP financial measures. While the company believes these non-GAAP financial measures provide useful information for investors, the presentation of this information is not intended to be considered in isolation or as a substitute for financial information presented in accordance with GAAP. You are directed to our press release and supplementary investor presentation for a reconciliation of such measures to GAAP.

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

In addition, during today's call, we'll be making some forward-looking statements about the business and about the financial results of Sprinklr that involve many assumptions, risks, and uncertainties, including our guidance for the third fiscal quarter and full year at 2025. The impact of our corporate strategies and changes to our leadership, the benefits of our platform, and our market opportunity.

此外，在今天的電話會議中，我們將就 Sprinklr 的業務和財務業績做出一些前瞻性聲明，其中涉及許多假設、風險和不確定性，包括我們對 2025 年第三財季和全年的指導我們的公司策略和領導力變化的影響、我們平台的優勢以及我們的市場機會。

Our actual results might differ materially from such forward-looking statements. 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 July 31, 2024.

我們的實際結果可能與此類前瞻性陳述有重大差異。我們在本次電話會議中所做的任何前瞻性陳述均基於我們今天的信念和假設，我們不承擔任何更新這些陳述的義務。有關這些前瞻性陳述相關風險的更多詳細信息，請參閱我們向 SEC 提交的文件（也在我們的網站上發布），包括 Sprinklr 截至 2024 年 7 月 31 日的季度的 10-Q 表格季度報告。

With that, let me now turn it over to Ragy.

現在讓我把它交給拉吉。

Thank you, Eric, and hello, everyone. Q2 total revenue grew 11% year over year to $197.2 million, and subscription revenue grew 9% year over year to $177.9 million. We generated $15.2 million in non-GAAP operating income, which resulted in an 8% non-GAAP operating margin for the quarter. Included in these results is a credit loss charge of $10.1 million. Our free cash flow for the quarter was not impacted by this charge. Manish will discuss this topic in more detail during his remarks.

謝謝你，埃里克，大家好。第二季總營收年增 11% 至 1.972 億美元，訂閱營收年增 9% 至 1.779 億美元。我們產生了 1,520 萬美元的非 GAAP 營業收入，這使得本季的非 GAAP 營業利潤率為 8%。這些結果包括 1,010 萬美元的信用損失費用。我們本季的自由現金流並未受到此項費用的影響。曼尼什將在演講中更詳細地討論這個主題。

As we acknowledged on previous calls, the transformation we're working through will take several quarters. Trac will discuss the progress we are making and our plan to capitalize on our strength to reaccelerate growth. Before I hand it over to Trac, I would like to reflect on some recent successes we have achieved.

正如我們在之前的電話會議中所承認的那樣，我們正在進行的轉型將需要幾個季度的時間。 Trac 將討論我們正在取得的進展以及我們利用我們的實力重新加速成長的計劃。在將其交給 Trac 之前，我想回顧一下我們最近取得的一些成功。

To begin with, Sprinklr's platform has several building blocks that we believe will underpin our turnaround in growth and profitability. We operate in attractive and growing markets and support a gold star list of customers through an AI-powered unified customer experience management platform. We have differentiated leadership position in our core product suites. And we're also an emerging disruptor within the CCaaS space, where our product is already top quadrant, generating tangible benefits for our customers.

首先，Sprinklr 的平台有幾個建置模組，我們相信這些建置模組將支撐我們的成長和獲利能力的轉變。我們在有吸引力且不斷成長的市場中經營，並透過人工智慧驅動的統一客戶體驗管理平台為金星客戶名單提供支援。我們在核心產品套件中擁有差異化的領導地位。我們也是 CCaaS 領域的新興顛覆者，我們的產品已經位居第一象限，為我們的客戶帶來了實質的好處。

During the second quarter, we added several new customers and expanded with existing ones, such as UBS, Ford, T-Mobile, Grupo Bimbo, and Planet Fitness across all our product suites. Some specific examples include one of the largest global asset managers in the world.

在第二季度，我們增加了幾個新客戶，並擴大了現有客戶的規模，例如 UBS、Ford、T-Mobile、Grupo Bimbo 和 Planet Fitness 的所有產品套件。一些具體的例子包括世界上最大的全球資產管理公司之一。

At this industry-leading company, our platform replaced multiple social tools and point solutions, including an incumbent vendor who is in place for 12 years. Sprinklr is unifying AI-powered listening, publishing, engagement, marketing and customer service across all social channels, which will allow these teams to work better together and improve their customers' experiences.

在這家領先業界的公司，我們的平台取代了多種社交工具和單點解決方案，其中包括已經存在 12 年的現有供應商。 Sprinklr 正在統一所有社交管道中由人工智慧驅動的聆聽、發布、參與、行銷和客戶服務，這將使這些團隊能夠更好地合作並改善客戶體驗。

Another example is a global EV company who is using our core product suite to support their aggressive launch in multiple countries. This company uses Sprinklr's Insight suite to understand market opportunities and our social capabilities to market on different channels that may be popular in each country. We're also seeing some remarkable business results as customers deploy our AI capabilities.

另一個例子是一家全球電動車公司，該公司正在使用我們的核心產品套件來支援其在多個國家/地區的積極推出。該公司使用 Sprinklr 的 Insight 套件來了解市場機會和我們的社交能力，以便在每個國家/地區可能流行的不同管道上進行行銷。隨著客戶部署我們的人工智慧功能，我們也看到了一些顯著的業務成果。

Notably, with our service suite, a large North American retailer was able to use our AI to increase their call deflection up to 35%. This resulted in an estimated 420,000 fewer calls a year that needed to be handled by extensive agents.

值得注意的是，透過我們的服務套件，一家大型北美零售商能夠使用我們的 AI 將其呼叫偏轉率提高高達 35%。據估計，每年需要由大量代理處理的電話數量減少了 420,000 個。

Another example is a large global bank that saw their customers use of AI self-service increased to over 60%. This customer has implemented Sprinklr's CCaaS and saw their outbound virtual agent productivity improved by 50% as well.

另一個例子是一家大型全球銀行，其客戶對人工智慧自助服務的使用率增加到 60% 以上。該客戶實施了 Sprinklr 的 CCaaS，並發現其出站虛擬代理生產力也提高了 50%。

These are just a few recent examples of how our value proposition is resonating with some of the world's largest enterprise customers. In addition to these customer validations, our innovation is also being recognized by industry analysts.

這些只是我們的價值主張如何與世界上一些最大的企業客戶產生共鳴的一些最新例子。除了這些客戶的驗證之外，我們的創新也得到了產業分析師的認可。

In Q2, Sprinklr was named a leader in digital customer interaction solutions Forrester Wave, as cited by Forrester, and I quote, Sprinklr both the most feature complete solution but none. We were also named a major player in the 2024 IDC Marketscape for Contact Center as a Service.

正如 Forrester 所引用的那樣，Sprinklr 在第二季度被 Forrester Wave 評為數位客戶互動解決方案的領導者，我引用一下，Sprinklr 都是功能最齊全的解決方案，但沒有。我們也被評為 2024 年 IDC 聯絡中心即服務市場格局的主要參與者。

As you know, we've been building out our executive leadership team. Over the last several quarters, we've attracted and hired leaders who are experts in their fields and are deeply passionate about driving our business forward. One of these leaders is our co-CEO, Trac.

如您所知，我們一直在建立我們的執行領導團隊。在過去的幾個季度中，我們吸引並聘請了領導者，他們是各自領域的專家，並對推動我們的業務充滿熱情。我們的共同執行長 Trac 就是其中一位領導者。

I'd now like to invite Trac to share his thoughts on the work we're doing and the improvements we're making here at Sprinklr. Trac, over to you.

我現在想邀請 Trac 分享他對我們正在做的工作以及我們在 Sprinklr 所做的改進的想法。特拉克，交給你了。

Thanks, Ragy. We have a strong conviction for the power of our technology vision and the significant progress we have made in building a recognized market-leading platform. We acknowledge the near-term challenges we are facing, including lower net bookings we've been experiencing over the past few quarters. This is due to execution challenges exacerbated by macroeconomic factors that have impacted customer budgets and spending specifically.

謝謝，拉吉。我們對我們技術願景的力量以及我們在建立公認的市場領先平台方面取得的重大進展堅信不疑。我們承認我們近期面臨的挑戰，包括過去幾季我們經歷的淨預訂量下降。這是由於影響客戶預算和支出的宏觀經濟因素加劇了執行挑戰。

First, our unified platform enables us to operate in two distinct markets with our core suites and CCaaS. Related to our core suites, we have seen pressure on renewals due to tightening customer budgets compounded by a renewal process that was not effective enough in demonstrating value.

首先，我們的統一平台使我們能夠透過核心套件和 CCaaS 在兩個不同的市場中運作。與我們的核心套件相關，我們看到了由於客戶預算緊縮而導致的續訂壓力，加上續訂流程在展示價值方面不夠有效。

Second, our push into CCaaS has required us to make investments in both product and implementation as we gain scale in a competitive market. We have a strong offering, but have not yet achieved brand recognition.

其次，隨著我們在競爭激烈的市場中擴大規模，我們對 CCaaS 的進展要求我們在產品和實施方面進行投資。我們擁有強大的產品，但尚未獲得品牌認可。

Third, as we enter new markets and push for growth, we launched new product innovations very quickly over the past three years. This has created product and operational complexity, which we are addressing.

第三，隨著我們進入新市場並推動成長，過去三年我們很快就推出了新產品創新。這造成了產品和營運的複雜性，我們正在解決這個問題。

We are now rebalancing our focus between building on our leadership position in our core suites, while pressing our advantage in CCaaS. We're taking decisive action and with great urgency to ensure the business is on a solid foundation. These are actions we are taking to address these issues.

我們現在正在重新平衡我們的重點，既要鞏固我們在核心套件中的領導地位，又要發揮我們在 CCaaS 方面的優勢。我們正在緊急採取果斷行動，以確保業務有堅實的基礎。這些都是我們為解決這些問題所採取的行動。

We are sharpening our strategic focus to improve execution and scale. Once sold and implemented successfully, our customers love our products. We are, therefore, focusing more closely on those segments and products where we can create the most value for our customers. We're most successful when we sell the full value of our platform and the breadth of its capabilities, while aligning with the priorities and expectations of our executive clients.

我們正在加強策略重點，以提高執行力和規模。一旦成功銷售和實施，我們的客戶就會喜歡我們的產品。因此，我們更加關注能夠為客戶創造最大價值的細分市場和產品。當我們出售平台的全部價值及其功能的廣度，同時符合執行客戶的優先事項和期望時，我們就會取得最大的成功。

Related to our go-to-market efforts for the broader platform, we are refining execution processes and activities designed to reaccelerate revenue growth and meaningfully expand operating margins.

與我們為更廣泛的平台進入市場所做的努力相關，我們正在完善執行流程和活動，旨在重新加速收入成長並有意義地擴大營業利潤。

Some of these initiatives include, one, we are reorienting our sales team with the support of our renewals team to increase renewal rates and reduce churn. This will improve swift engagement with customers throughout the life cycle, helping them unlock the full value of our offerings. We are also measuring health factors and renewal likelihood directing efforts where they have the greatest impact.

其中一些舉措包括：第一，我們正在續訂團隊的支持下重新調整我們的銷售團隊，以提高續約率並減少客戶流失。這將改善在整個生命週期中與客戶的快速互動，幫助他們釋放我們產品的全部價值。我們也衡量健康因素和更新可能性，將努力引導到影響最大的地方。

Second, we are changing our geographic support model to be closer to where the customers operate. We're doing this in two ways. First, by moving our implementation teams closer to client geographies; and secondly, better aligning our success and solution consultants with our territory model. Additionally, we are deploying specialists to match expertise with customer needs to the right deal opportunities. As mentioned earlier, we are elevating our sales and field expertise to focus on C-suite selling for both users and technology buyers.

其次，我們正在改變我們的地理支援模式，以更接近客戶營運的地方。我們透過兩種方式做到這一點。首先，讓我們的實施團隊更接近客戶所在地；其次，更好地將我們的成功和解決方案顧問與我們的區域模型結合。此外，我們正在部署專家，將專業知識與客戶需求相匹配，以找到正確的交易機會。如前所述，我們正在提升我們的銷售和現場專業知識，以專注於為用戶和技術買家提供最高管理層的銷售。

Third, we are driving improvements in pricing and packaging aimed at simplifying our product and solution offerings. We believe this will enable us to create fewer but more targeted bundles aligned with customer expectations and will help remove sales and purchase friction.

第三，我們正在推動定價和包裝的改進，旨在簡化我們的產品和解決方案。我們相信，這將使我們能夠創建更少但更有針對性的捆綁產品，符合客戶的期望，並將有助於消除銷售和購買摩擦。

There are early signs of success with some of these targeted initiatives. In the second quarter, we closed several large deals within our global strategic accounts across the tech, telecom, and retail industries. We believe we have a strong product market fit with our marketing social, insights, and services suites across these segments, and we're building the organization to better serve and scale these customers.

其中一些有針對性的措施已經出現了成功的早期跡象。第二季度，我們在科技、電信和零售業的全球策略客戶中完成了幾筆大型交易。我們相信，我們擁有強大的產品市場，與我們跨這些細分市場的行銷社交、見解和服務套件相匹配，並且我們正在建立組織以更好地服務和擴大這些客戶的規模。

Another key priority is ensuring we sufficiently invest in areas foundational to our ability to scale. We are examining all areas of the company, including third-party spending, for opportunities to increase productivity and efficiencies. While we are in the early stages of this effort, we believe that these actions are required to fund necessary investments to reaccelerate growth and increased margins.

另一個關鍵優先事項是確保我們在擴展能力的基礎領域進行充分投資。我們正在審查公司的所有領域，包括第三方支出，尋找提高生產力和效率的機會。雖然我們正處於這項努力的早期階段，但我們認為需要採取這些行動來為必要的投資提供資金，以重新加速成長並提高利潤率。

In closing, we are confronting the challenges we are facing with a clear and aggressive agenda. We're acting with urgency, reassessing our focus areas and strategically reallocating our resources to align with our top priorities. Our commitment to driving excellence across the company is unwavering, and we are diligently evaluating our cost structure to drive margin expansion.

最後，我們正在以明確和積極的議程來應對我們所面臨的挑戰。我們正在緊急行動，重新評估我們的重點領域，並策略性地重新分配我們的資源，以符合我們的首要任務。我們對推動整個公司實現卓越的承諾堅定不移，我們正在努力評估我們的成本結構以推動利潤率擴張。

By executing our agenda, we believe we are building a solid operational foundation that will better position us for sustainable success. We believe these efforts will enable us to deliver to deliver long-term value for our customers, partners, shareholders and employees.

透過執行我們的議程，我們相信我們正在建立堅實的營運基礎，這將使我們更好地實現永續成功。我們相信，這些努力將使我們能夠為我們的客戶、合作夥伴、股東和員工提供長期價值。

With that, I'll turn it over to Manish to discuss the financials.

這樣，我將把它交給曼尼什討論財務問題。

Thank you, Trac, and good afternoon, everyone. For the second quarter, total revenue was $197.2 million, up 11% year over year. This was driven by subscription revenue of $177.9 million which grew 9% year over year. Services revenue for the second quarter came in at $19.3 million. The broader demand environment that we have seen for over a year now has continued with longer sales cycles and heightened budgetary scrutiny.

謝謝你，Trac，大家下午好。第二季總營收為 1.972 億美元，年增 11%。這是由 1.779 億美元的訂閱收入推動的，該收入同比增長 9%。第二季服務收入為 1,930 萬美元。我們一年多來看到的更廣泛的需求環境現在仍在繼續，銷售週期更長，預算審查更嚴格。

In addition, we continue to experience elevated churn in our core product suites and expect this level of churn to continue for the full year FY25. Our subscription revenue-based net dollar expansion rate in the second quarter was 111%. 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 elevated churn rolls through the revenue waterfall and works its way through the calculation.

此外，我們的核心產品套件的流失率持續上升，並預計這種流失率將持續到 2025 財年全年。第二季我們基於訂閱收入的淨美元成長率為 111%。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。雖然我們不預測瀕死體驗，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客戶流失率的上升將通過收入瀑布並透過計算發揮作用。

As of the end of the second quarter, we had 145 customers contributing $1 million or more in subscription revenue over the preceding 12 months, which is a 21% increase year over year. We believe our continued success in winning and growing 7-figure customers is an indicator of the value of the platform we deliver for our customers.

截至第二季末，我們有 145 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 21%。我們相信，我們在贏得和發展 7 位數客戶方面的持續成功是我們為客戶提供的平台價值的一個指標。

Regarding gross margins for the second quarter, on a non-GAAP basis, our subscription gross margin was 81% and professional services gross margin was negative 1%, resulting in a total non-GAAP gross margin of 73%.

關於第二季的毛利率，以非公認會計原則計算，我們的訂閱毛利率為 81%，專業服務毛利率為負 1%，導致非公認會計原則總毛利率為 73%。

Turning to profitability for the quarter. Non-GAAP operating income was $15.2 million or an 8% margin, which drove non-GAAP net income of $0.06 per diluted share. Included in this non-GAAP operating income is a $10.1 million credit loss charge. Excluding this charge, would have resulted in a non-GAAP operating income of $25.3 million or a 13% non-GAAP operating margin and higher than the guidance range provided for the quarter. This charge was booked to the G&A expense line in Q2 and is largely driven by two factors.

轉向本季的獲利能力。非 GAAP 營業收入為 1,520 萬美元，利潤率為 8%，這使得非 GAAP 攤薄後每股淨利潤達到 0.06 美元。此非 GAAP 營業收入包括 1,010 萬美元的信用損失費用。排除此項費用，非 GAAP 營業收入將為 2,530 萬美元，非 GAAP 營業利潤率為 13%，高於本季度的指導範圍。這筆費用已記入第二季的一般行政費用項目，主要由兩個因素驅動。

As we entered new markets and launched new products in recent years, we saw early traction in international markets. Business practices in these markets result in elongated collection cycles. Furthermore, we experienced implementation challenges in some of these markets where we did not have established partnerships and implementation teams with deep technical expertise in our new product offerings. As such, we have taken specific reserves against select accounts, which will impact both revenue recognition and cash collection from these accounts.

近年來，隨著我們進入新市場並推出新產品，我們在國際市場上看到了早期的吸引力。這些市場的商業實務導致收款週期延長。此外，我們在其中一些市場中遇到了實施挑戰，在這些市場中，我們沒有建立合作夥伴關係，也沒有在新產品方面擁有深厚技術專業知識的實施團隊。因此，我們對特定帳戶採取了特定準備金，這將影響這些帳戶的收入確認和現金收取。

We have since invested in both to shore up our implementation performance as we continue to expand and scale our product offerings. This charge had no effect on free cash flow for the quarter. However, these customer situations resulted in approximately $5 million being removed from our cRPO calculation as of July 31.

此後，隨著我們不斷擴大和擴展我們的產品供應，我們對這兩項技術進行了投資，以提高我們的實施績效。這項費用對本季的自由現金流沒有影響。然而，截至 7 月 31 日，這些客戶情況導致約 500 萬美元從我們的 cRPO 計算中刪除。

With respect to free cash flow, we generated $16.5 million during the second quarter, which represents an 8% free cash flow margin compared to free cash flow of $8.7 million in the same period last year. This cash flow generation contributed to our healthy balance sheet, which now stands at $468.5 million in cash and equivalents with no debt outstanding.

在自由現金流方面，我們第二季產生了 1,650 萬美元，自由現金流利潤率為 8%，而去年同期的自由現金流為 870 萬美元。這種現金流的產生有助於我們健康的資產負債表，目前現金及等價物為 4.685 億美元，沒有未償債務。

During the second quarter, pursuant to the company's stock buyback program, we purchased 17.1 million shares of our Class A common stock for a total cost of $169.8 million. With these purchases, we have completed the full $300 million buyback that was authorized by the Board. a total of 27.9 million shares were repurchased and returned to the company's authorized but unissued share reserve during the buyback program.

第二季度，根據該公司的股票回購計劃，我們購買了 1,710 萬股 A​​ 類普通股，總成本為 1.698 億美元。透過這些購買，我們已經完成了董事會授權的 3 億美元全額回購。本次回購計畫期間共回購2,790萬股股份並返還至公司授權但未發行的股票儲備。

Calculated billings for the second quarter were $192.8 million, an increase of 8% year over year. As of July 31, total remaining performance obligations, or RPO, which represents revenue from committed customer contracts that has not yet been recognized was $887.1 million, up 10% compared to the same period last year, and cRPO was $557.8 million, up 9% year over year.

第二季的計算帳單為 1.928 億美元，年增 8%。截至 7 月 31 日，剩餘履約義務總額（RPO）（代表尚未確認的承諾客戶合約收入）為 8.871 億美元，比去年同期增長 10%，cRPO 為 5.578 億美元，增長 9%年復一年。

The sequential decline in RPO and cRPO was driven by the soft demand environment elevated churn and the approximately $5 million impact from specific customer situations as described earlier.

RPO 和 cRPO 的連續下降是由於軟需求環境中客戶流失率上升以及特定客戶情況造成的約 500 萬美元的影響（如前所述）造成的。

Moving now to the Q3 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 of FY25.

現在轉向第三季和 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，我們正在經歷的宏觀疲軟將持續整個 2025 財年。

For Q3, we expect total revenue to be in the range of $196 million to $197 million, representing 5% 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, representing 4% growth year over year at the midpoint. The Q3 guide implies approximately $18.5 million in professional services revenue.

對於第三季度，我們預計總營收將在 1.96 億美元至 1.97 億美元之間，中間值將年增 5%。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 4%。第三季指南意味著專業服務收入約為 1850 萬美元。

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 Q3 to approximately negative 15%. As we continue to gain scale in CCaaS, we will begin to focus on billing rates and utilization, which should improve services gross margins going forward.

正如我們在先前的財報電話會議上所表示的那樣，鑑於該市場為我們提供的成長機會，我們將繼續投資於我們的 CCaaS 交付能力。因此，我們預計第三季服務毛利率將下降至負 15% 左右。隨著我們在 CCaaS 領域不斷擴大規模，我們將開始關注計費率和利用率，這應該會提高未來的服務毛利率。

We expect non-GAAP operating income to be in the range of $19 million to $20 million, resulting in non-GAAP net income per diluted share of approximately $0.08, assuming 266 million diluted weighted average shares outstanding.

我們預計非 GAAP 營業收入將在 1,900 萬美元至 2,000 萬美元之間，假設已發行稀釋加權平均股數為 2.66 億股，則非 GAAP 攤薄後每股淨利潤約為 0.08 美元。

The sequential decline in non-GAAP operating income from the Q2 adjusted level of $25.3 million is driven by two factors. First, an increase in subscription costs from higher data and hosting cost as we launch new environment; and second, from the higher professional services costs related to CCaaS delivery, as mentioned earlier.

非 GAAP 營業收入從第二季調整後的 2,530 萬美元水準連續下降是由兩個因素驅動的。首先，隨著我們推出新環境，更高的數據和託管成本導致訂閱成本增加；其次，如前所述，與 CCaaS 交付相關的專業服務成本較高。

For the full year FY25, we expect subscription revenue of $710.5 million to $712.5 million, representing 6% growth year-over-year at the midpoint. We expect total revenue to be in the range of $785 million to $787 million, representing 7% growth year over year at the midpoint.

對於 25 財年全年，我們預計訂閱收入為 7.105 億美元至 7.125 億美元，中間值年增 6%。我們預計總收入將在 7.85 億美元至 7.87 億美元之間，中間值將年增 7%。

Note that the approximately $5 million impact to cRPO described earlier, equates to an approximately $3.5 million impact to FY25 subscription revenue and is factored in the revised guide for both Q3 and full year FY25. Implicit in the above numbers is that we are increasing our FY25 services guidance from $65 million to $74.5 million.

請注意，前面描述的對 cRPO 約 500 萬美元的影響相當於對 2025 財年訂閱收入約 350 萬美元的影響，並且已納入修訂後的 2025 財年第三季度和全年指南中。上述數字隱含的意思是，我們將 2025 財年的服務指引從 6,500 萬美元提高到 7,450 萬美元。

For the full year FY25, we are reducing our non-GAAP operating income to be in the range of $80.5 million to $81.5 million, equating to non-GAAP net income per diluted share of $0.32 to $0.33, assuming 270 million diluted weighted average shares outstanding. This implies a 10% non-GAAP operating margin at the midpoint.

對於25 財年全年，我們將非GAAP 營業收入減少至8,050 萬美元至8,150 萬美元，相當於非GAAP 每股稀釋淨利為0.32 美元至0.33 美元（假設已發行稀釋加權平均股數為2.7 億股） 。這意味著非 GAAP 營運利潤率中點為 10%。

When adjusted for nonrecurring expense categories as well as the $11 million credit loss charges taken in the first half of FY25, this is in line with the previously issued guidance of $104 million to $105 million. These items include: first, severance and related costs of $4 million incurred in Q2 and for the reduction in force we executed in May; second, $5 million spend on consulting resources for strategic and operational initiatives to be spent during FY25; and third, approximately $3.5 million FY25 revenue impact from the approximately $5 million impact to cRPO as discussed previously.

在根據非經常性費用類別以及 2025 財年上半年收取的 1,100 萬美元信用損失費用進行調整後，這與先前發布的 1.04 億至 1.05 億美元的指導一致。這些項目包括：第一，第二季產生的遣散費和相關費用 400 萬美元，以及我們 5 月執行的裁員；其次，為 2025 財年策略與營運計畫的諮詢資源支出 500 萬美元；第三，如前所述，cRPO 受到約 500 萬美元的影響，對 25 財年收入產生約 350 萬美元的影響。

In deriving the net income per share for modeling purposes, we estimate $24 million in other income for the full year, with $5 million of that to be earned here in Q3. 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 2,400 萬美元，其中 500 萬美元將在第三季賺取。此其他收入線主要包括利息收入。

Furthermore, a $15 million total tax provision for the full year FY25 needs to be added to the non-GAAP operating income ranges provided. We estimate a tax provision of $4 million here in Q3. We are still tracking to be GAAP net income positive for the full year FY25 consistent with our comments on the past few earnings calls.

此外，25 財年全年 1,500 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。我們估計第三季的稅務準備金為 400 萬美元。我們仍在追蹤 25 財年全年 GAAP 淨利潤為正的情況，這與我們對過去幾次財報電話會議的評論一致。

With respect to billings, Q3 is traditionally our weakest quarter, and we estimate billings to be down approximately 10% compared to the same quarter last year. And consistent with the billings trend from last year, we expect a billings reacceleration in the fourth quarter such that full year FY25, billings will be up 6% in line with the subscription revenue growth rate for the full year. With respect to free cash flow, we now estimate to generate approximately $55 million in free cash flow for the full year.

就帳單而言，第三季度傳統上是我們最弱的季度，我們預計帳單將比去年同期下降約 10%。與去年的帳單趨勢一致，我們預計第四季的帳單將重新加速，因此 2025 財年全年帳單將成長 6%，與全年訂閱營收成長率一致。關於自由現金流，我們現在預計全年將產生約 5,500 萬美元的自由現金流。

Lastly, I would like to thank all our employees for their dedication and passion for what we are building at Sprinklr.

最後，我要感謝所有員工對 Sprinklr 建設的奉獻和熱情。

And with that, let's open it up for questions. Operator?

接下來，讓我們開始提問。操作員？

(Operator Instructions) Arjun Bhatia, William Blair.

（操作員說明）Arjun Bhatia，William Blair。

Hi, everyone. I'm Willow Miller on for Arjun. So to start off, it sounds like pricing pressure is continuing. I was hoping to get more color there. Is it to the same extent as last quarter? Just trying to see if there's any changes there.

大家好。我是阿瓊的威洛·米勒。首先，聽起來價格壓力仍在持續。我希望那裡能有更多的色彩。與上季的程度相同嗎？只是想看看那裡是否有任何變化。

Yeah. This is Ragy. I'll take that question. We're continuing to see budgetary pressures. In terms of -- is it better or worse than last quarter, I'd say it's not getting any better. And so I'd say, kind of consistent with what we have seen in the past last quarter and quarter before.

是的。這是拉吉。我來回答這個問題。我們繼續面臨預算壓力。就與上季相比是好還是壞而言，我認為沒有任何好轉。所以我想說，這與我們在過去的上個季度和之前的季度所看到的情況是一致的。

Okay. And then in your prepared remarks, you called out pricing and packaging changes, hoping for you to unpack that a little bit more.

好的。然後，在您準備好的發言中，您提出了定價和包裝的變化，希望您能夠進一步解釋這一點。

Yeah. So we have the unified platform that was organically built out over the last 14, 15 years. And it's evolved quite a bit in terms of its functionality and capabilities. So where it stands now is we have been consolidating point solutions that are our customers use and replacing it with this unified platform. And our pricing and packaging kind of has been evolving organically based on the products we compete.

是的。因此，我們擁有過去 14、15 年有機建構的統一平台。它在功能和能力方面已經有了很大的發展。因此，現在的情況是，我們一直在整合客戶使用的單點解決方案，並將其替換為這個統一的平台。我們的定價和包裝一直在根據我們競爭的產品有機發展。

We realize that there are opportunities to be more efficient and more accretive for the business by relooking at the pricing and packaging and aligning it more to how customers buy now, given that in the 15 years, each one of these subindustry have also dramatically changed.

我們意識到，考慮到在15 年來，這些子行業中的每一個都發生了巨大的變化，透過重新審視定價和包裝並使其更多地適應客戶現在的購買方式，有機會提高業務效率和增加業務增值。

So we are working. We've hired the pricing. We're building a pricing team internally, as well as working with a pricing consulting company to evaluate the market and talk to our customers comprehensively.

所以我們正在工作。我們已經聘請了定價。我們正在內部組成定價團隊，並與定價諮詢公司合作來評估市場並與客戶進行全面對話。

Got you. Okay, that's helpful. Thanks for taking questions.

明白你了。好的，這很有幫助。感謝您提出問題。

And I might just also add that we have an opportunity to look at how we are pricing our AI, and we have been throwing at them because we are an AI first platform, but there's an opportunity to look and examine that as well.

我還想補充一點，我們有機會看看我們如何為人工智慧定價，我們一直在向他們扔東西，因為我們是人工智慧第一平台，但也有機會審視和檢查這一點。

Raimo Lenschow.

雷莫·倫肖。

This is Frank on for Raimo. Thanks for taking the question. So last quarter, you called out a bit of an AI crowding out effect in marketing spend specifically. I just want to check in and see how you've seen this trend play out with another quarter of data and customer conversations. Thank you.

這是萊莫的弗蘭克。感謝您提出問題。因此，上個季度，您特別指出了人工智慧在行銷支出中的擠出效應。我只是想了解您如何看待這一趨勢在另一季度的數據和客戶對話中的表現。謝謝。

Yeah. So we're seeing pretty interesting success in terms of business outcomes with AI, more on our CCaaS and our service suite. Our marketing product suite has got a ton of AI, but I think it's more pronounced in our service suite, where we are able to diffract calls using our bots and our IVR capabilities that's powered by AI.

是的。因此，我們看到人工智慧在業務成果方面取得了非常有趣的成功，更多的是我們的 CCaaS 和服務套件。我們的行銷產品套件擁有大量人工智慧，但我認為它在我們的服務套件中更為明顯，我們能夠使用我們的機器人和由人工智慧支援的 IVR 功能來分散呼叫。

And as I called out in my prepared remarks, I have a couple of case studies that are pretty interesting, one where the customers are 60% of the time -- more than 60% are relying on AI-powered but now as opposed to finding their way to the human agent. We have another one with a large telecom company, where we replaced their current AI-powered bot that had 12% containment. And out of the gate after implementation, we were able to boost that containment up to 20%.

正如我在準備好的演講中指出的那樣，我有幾個非常有趣的案例研究，其中 60% 的時間是客戶——超過 60% 的客戶依賴人工智慧，但現在不是尋找人工智慧他們通往人類代理人的道路。我們也與一家大型電信公司合作，替換了他們目前的人工智慧機器人，該機器人的遏制率為 12%。實施後，我們能夠將遏制率提高至 20%。

So we're seeing some -- and this is in addition to making the inbound and the outbound agents more productive. So we're seeing some pretty interesting numbers there.

所以我們看到了一些——這還不包括提高入站和出站座席的工作效率。所以我們在那裡看到了一些非常有趣的數字。

Pinjalim Bora, JPMorgan.

平賈林·博拉，摩根大通。

Great. Thank you for taking the questions. Just moving in that threat that you're answering before. You have obviously -- it seems like some of your customers are seeing some pretty good productivity increases. But what are you hearing from these companies in terms of agent growth as they see these productivity improvements? And then how do you feel about that transition of Sprinklr as potentially, there is some pressure on agent growth going forward. And you talked about pricing and packaging?

偉大的。感謝您提出問題。只是繼續你之前回答的威脅。顯然，您的一些客戶似乎看到了生產力的顯著提高。但是，當這些公司看到生產力的提高時，您從代理商的成長方面聽到了什麼？那麼您對Sprinklr 的潛在轉變有何看法，代理商的未來成長面臨著一些壓力。您談到定價和包裝了嗎？

Could we see some kind of a consumption-based element when it comes to AI specifically?

當具體涉及人工智慧時，我們能否看到某種基於消費的元素？

With a few questions but good to connect. Well, number one, we're seeing sort of companies bifurcate a couple of ways. One, there are companies who are really looking to cut down human labor cost in the contact center and using AI as a way to do so. To be fair, though, the turnover in the context and is pretty high. So if you get 25% more efficient, you're just covering one year's worth of attrition.

有幾個問題，但很好聯繫。嗯，第一，我們看到一些公司在幾個方面存在分歧。第一，有些公司確實希望降低聯絡中心的人力成本，並使用人工智慧作為實現這一目標的一種方式。不過，公平地說，這種情況下的營業額相當高。因此，如果您的效率提高了 25%，那麼您只需彌補一年的損耗。

Two, we are finding companies who are translating that newfound productivity into sales improvement. Well, most of the contact centers we go into both have inbound as well as outbound activity, inbound customer service as well as outbound TV sales. And so as they cut down on one, they're able to repurpose those dollars and time into more outbound spot and cross-selling from the inbound service.

第二，我們正在尋找將新發現的生產力轉化為銷售改善的公司。嗯，我們進入的大多數聯絡中心都有呼入和呼出活動、呼入客戶服務以及呼出電視銷售。因此，當他們減少一項服務時，他們就能夠將這些資金和時間重新用於更多的出站現貨和入境服務的交叉銷售。

So those are the two trends we see. With AI, we know that the agent seat count is going to come down. So we've priced our AI differently as different modules, and we are evaluating as a part of this sort of more comprehensive exercise evaluating interaction-based models as well.

這就是我們看到的兩個趨勢。有了人工智慧，我們知道座席數量將會減少。因此，我們對不同模組的人工智慧進行了不同的定價，並且我們正在評估基於互動的模型，作為這種更全面的練習的一部分。

Got it. One follow-up for Manish. If I heard that correctly, I think billing is supposed to be down 10% year over year in Q3 and then it seems like a big sequential ramp in wondering what gives you confidence in that maybe talk about the pipeline/visibility going to the second half of the year at this point?

知道了。曼尼什的後續行動之一。如果我沒聽錯的話，我認為第三季的帳單應該同比下降 10%，然後這似乎是一個巨大的連續上升，想知道是什麼給了你信心，也許談論下半年的管道/可見性此時此刻？

Yeah. Hi, Pinjalim. So one is, if you look at Q3 of last year and even Q3 of FY22, so you will note that there is always a big sequential decline. So last year was 10%. And I think the one the year before that was also in the same range.

是的。嗨，平賈利姆。所以，如果你看看去年的第三季度，甚至是 2022 財年的第三季度，你會發現總是大幅的環比下降。所以去年是10%。我認為前一年的情況也在同一範圍內。

There was, just given the quantum of new business that we were booking back then and just given the renewal streams, Q3 for us is always a little pronounced because it's our slowest quarter. The book of business is the smallest, so I think it has a more pronounced impact in Q3, which is what we are reflecting now in this guide.

考慮到我們當時預訂的新業務量以及續訂流，第三季對我們來說總是有點明顯，因為這是我們最慢的季度。商業書籍是最小的，所以我認為它在第三季度有更明顯的影響，這就是我們現在在本指南中反映的。

And then Q4, you remember, is always our strongest quarter. It always accounts for, give or take, 40% of our business. So I think it's going by what we have seen and what visibility we have, that's what's factored into the guide that I've provided.

然後，您記住，第四季度始終是我們最強勁的季度。無論是多少，它始終占我們業務的 40%。所以我認為這取決於我們所看到的和我們所擁有的可見性，這就是我提供的指南中考慮的因素。

Understood. Thank you.

明白了。謝謝。

Elizabeth Porter, Morgan Stanley.

伊莉莎白‧波特，摩根士丹利。

Great. Thank you for the question. I wanted to go back on the AI debate. It's really interesting to hear some of the case studies on improvements that customers are seeing when they leverage Sprinklr's AI capabilities. I think the other side of the debate that we often here is what happens when customers decide to build AI themselves where we've seen also some headlines in the news.

偉大的。謝謝你的提問。我想回到人工智慧的爭論上來。聽到一些關於客戶在利用 Sprinklr 的人工智慧功能時所看到的改進的案例研究真的很有趣。我認為我們經常在這裡爭論的另一面是當客戶決定自己建立人工智慧時會發生什麼，我們也在新聞中看到了一些頭條新聞。

So I'd love to just get your view on the build versus buy debate and kind of what drives your confidence that the deal slowdown is more macro versus customers trying to do more themselves versus buy? Thank you.

因此，我很想聽聽您對建立與購買辯論的看法，以及是什麼讓您相信交易放緩更宏觀，而不是客戶試圖自己做更多事情而不是購買？謝謝。

Elizabeth, that's a great question, and thank you for asking that. To be clear, I think when you talk about AI, I want to just frame it the way we see it, okay? We see the foundation of AI, which is insatiable need for more hardware, of which I'm sure NVIDIA is being a very, very successful company because of it.

伊莉莎白，這是一個很好的問題，謝謝你提出這個問題。需要明確的是，我認為當你談論人工智慧時，我想以我們看待它的方式來建構它，好嗎？我們看到人工智慧的基礎是對更多硬體的永不滿足的需求，我確信 NVIDIA 正因此成為一家非常非常成功的公司。

We see, what we call, as the infrastructure layer of AI, which is the general purpose models that companies like open AI and Google and Meta and others are building. And there's a lot of value in that stack. And what you're going to build on top of it is going to be based on the best models that are currently available. building models are expensive.

我們將其視為人工智慧的基礎設施層，這是開放人工智慧、Google、Meta 等公司正在建構的通用模型。該堆疊有很多價值。您將在其之上構建的內容將基於當前可用的最佳模型。建築模型很昂貴。

We have our own that's built on open source available models, and we enhance them. But Sprinklr has traditionally focused on what we call as the application layer of AI, which is the third layer that sits on top of these general purpose models. When you look at large companies, they have large corpuses of internal data in the contact center, that's your knowledge base, that's your product spec that is customer feedback.

我們擁有自己的基於開源可用模型的模型，並且我們對其進行了增強。但 Sprinklr 傳統上專注於我們所謂的人工智慧應用層，這是位於這些通用模型之上的第三層。當你觀察大公司時，他們在聯絡中心擁有大量內部數據，那就是你的知識庫，那就是你的產品規格，也就是客戶回饋。

All of that today resides on Internet and documents and some old legacy knowledge base. If you look at marketing and product information, that's in the dam, that's on the website. So it's all over the place.

今天所有這些都駐留在互聯網和文件以及一些舊的遺留知識庫中。如果您查看行銷和產品訊息，那就是在大壩中，在網站上。所以到處都是。

So companies are going to need to bring these together somewhere where they can sanctify it, because the change in the document going forward, if AI is answering customer inquiries, wrong change in the document can be catastrophic for customer experience. So there's a whole need to bring the data together, have closed-loop feedback and training, workflows and version control of your internal data, all of which Sprinter provides.

因此，公司需要將這些內容整合到可以神聖化的地方，因為如果人工智慧正在回答客戶的詢問，文件中的更改可能會對客戶體驗造成災難性的影響。因此，需要將資料整合在一起，對內部資料進行閉環回饋和培訓、工作流程和版本控制，所有這些都是 Sprinter 提供的。

Second is the ability to provide governance and compliance on that data. Who made the change? Why did I say this? What was the approval workflow.

其次是提供資料治理和合規性的能力。誰做出了改變？我為什麼這麼說？審批流程是怎麼樣的？

And third, on top of that is guardrailing. What is the AI allowed to do and not allowed to do? And depending on how you move that slider left to right, it can have undesirable effects.

第三，最重要的是護欄。 AI可以做什麼、不可以做什麼？根據您從左向右移動滑桿的方式，它可能會產生不良效果。

So these are application level things that we specialize in which makes us very confident that what we bring to the enterprise is very unique and it's very enterprise grade and is built to be on top of general purpose models.

因此，這些是我們專注的應用程式層級的東西，這使我們非常有信心，我們為企業帶來的東西是非常獨特的，它是非常企業級的，並且是建立在通用模型之上的。

And I'd also stress, Elizabeth, that AI -- we all know that there's going to be a huge economic boom that's going to happen because of AI. And it's tempting to think it's going to be just AI than these models that do everything. In reality, this AI has to be applied to every channel. That's number one.

伊莉莎白，我還要強調人工智慧——我們都知道，人工智慧將會帶來巨大的經濟繁榮。人們很容易認為人工智慧將比這些模型無所不能。事實上，這種人工智慧必須應用於每個管道。這是第一名。

This AI has to be applied to every function. And this AI has to be applied across every customer-facing teams through the car company from the dealership to the global marketing back in Japan. So all of these have to be driven of centralized ontologies and unification.

這種人工智慧必須應用於每一個功能。這種人工智慧必須應用於汽車公司的每個面向客戶的團隊，從經銷商到日本的全球行銷。所以所有這些都必須由中心化本體和統一驅動。

And we're in a very unique position not downplaying our execution focus that we need to have in the short term. We're in a very unique place where we spent 14 years unifying the fabric of this independent business units and markets, which we have solved very well in starting in social channels, which has been a differentiator for us.

我們處於一個非常獨特的位置，不會低估我們短期內所需的執行重點。我們處於一個非常獨特的地方，我們花了 14 年時間統一這個獨立業務部門和市場的結構，我們在社交管道方面很好地解決了這個問題，這對我們來說是一個差異化因素。

Great. Thank you so much for that very comprehensive answer. I just wanted to get a quick follow-up in as well. You've made a lot of changes internally just around elevating the sales and expertise of fields. Could you just speak to some of the productivity level that you're seeing within the sales force? Where you are on ramped capacity and where you expect to be heading into next year?

偉大的。非常感謝您的非常全面的回答。我也只是想得到快速跟進。為了提升各領域的銷售和專業知識，您在內部做了很多改變。您能談談您在銷售隊伍中看到的一些生產力水平嗎？您的產能提升情況如何？

This is Trac. Elizabeth, I think we're making the right changes. We've got good leaders in place. They're building out their bench strength, and it takes time for those things to change. I think there's a degree of stabilization that we're seeing, which is really good.

這是特拉克。伊麗莎白，我認為我們正在做出正確的改變。我們有很好的領導者。他們正在增強替補實力，這些事情需要時間才能改變。我認為我們看到了一定程度的穩定，這非常好。

Despite the macro headwinds that we're facing there are some very encouraging signs that we're stabilizing the business and then we're moving ahead in certain areas. But we're still in the very early stages of that given that when you make these organizational changes, it does take time for it to flow through.

儘管我們面臨宏觀阻力，但有一些非常令人鼓舞的跡象表明我們正在穩定業務，然後我們在某些​​領域取得進展。但我們仍處於早期階段，因為當你進行這些組織變革時，確實需要時間才能完成。

Got it. Thanks very much.

知道了。非常感謝。

Jackson Ader, KeyBanc Capital Market.

Jackson Ader，KeyBanc 資本市場。

Great. Thanks for taking our questions. First one, when customers are either electing to churn or reduce their spend or just maybe not expand as much with Sprinklr upon renewal, where are they going? Is there a specific competitor that -- where people are headed? Or is there other parts of the IT budget that are getting dollars that may be Sprinklr is not?

偉大的。感謝您回答我們的問題。第一個，當客戶選擇流失或減少支出，或只是在續訂時不再使用 Sprinklr 擴大支出時，他們會去哪裡？是否有一個特定的競爭對手－人們的發展方向？或者 IT 預算的其他部分是否獲得了 Sprinklr 可能沒有獲得的資金？

So we are -- we're seeing budget cuts as sort of a common theme, which are the things we can't really control. But when customers -- again, as we mentioned on the last call, we're seeing more like down sales and not logo churns. So customers are truing up, is probably one way to look at it. But when we -- when they go to a competitor, we're not seeing that landscape change dramatically at all. We're not -- we are not seeing any new shift in where they go or how they go. But I think the more pronounced things that we're seeing in downsells and true in up and cutting back.

所以我們——我們將預算削減視為一個共同主題，這是我們無法真正控制的事情。但是，當客戶再次出現時，正如我們在上次電話會議中提到的那樣，我們看到的更像是降價銷售，而不是徽標流失。因此，客戶正在整裝待發，這可能是看待這個問題的一種方式。但當我們——當他們轉向競爭對手時，我們根本沒有看到情況發生巨大變化。我們沒有看到他們的去向或方式有任何新的轉變。但我認為，我們在降價銷售中看到了更明顯的事情，而在上漲和削減銷售中看到了更明顯的事情。

Okay. All right. Understood. And then Manish, on the -- can we just go through the mechanics of the credit charge. Have you recognized revenue from these customers? And if you have, how much?

好的。好的。明白了。然後曼尼什，關於──我們能簡單介紹一下信用收費的機制嗎？您確認過這些客戶的收入嗎？如果有的話，有多少？

And then if I just think about $10 million -- or $10 million or $11 million in total, $5 million taken out of noncurrent -- or I'm sorry, current RPO, does that mean that the balance is still left to come out of revenue in future periods? Thanks.

然後，如果我只考慮 1000 萬美元——或者總共 1000 萬美元或 1100 萬美元，從非流動中取出 500 萬美元——或者抱歉，當前的 RPO，這是否意味著仍有餘額需要扣除未來期間的收入？謝謝。

Yeah. So I think the way to think about -- let's just look at Q2, the $10.1 million charge give or take, $3.5 million to $4 million is just write-offs. These are older accounts for a variety of reasons we've deemed uncollectible.

是的。所以我認為，讓我們看看第二季度，1010 萬美元的支出或支出，350 萬到 400 萬美元只是沖銷。這些是較舊的帳戶，由於各種原因我們認為無法收回。

And then I said -- as I said in my prepared remarks, $6 million is for specific accounts, where either given their geography or some of the implementation challenges that I referenced earlier, for that $6 million of specific reserves, the cRPO associated with those accounts is approximately $5 million. So that would be for the duration of those accounts.

然後我說，正如我在準備好的發言中所說，600 萬美元用於特定帳戶，考慮到其地理位置或我之前提到的一些實施挑戰，對於這600 萬美元的特定儲備金，與這些帳戶相關的cRPO帳戶餘額約500萬美元。這就是這些帳戶的存續期間。

For FY25, which is till the end of January, the revenue we would have recognized had we not taken the $6 million work specific reserves would have been $3.5 million. So that $3.5 million, we have then removed and that is factored into the guidance that I gave for the full year.

截至 1 月底的 25 財年，如果我們不採取 600 萬美元的工作專用儲備金，我們確認的收入將為 350 萬美元。因此，我們已經刪除了 350 萬美元，並將其納入我給出的全年指導中。

Does that square for you?

這適合你嗎？

Yes. So then the -- just $6 million minus the $3.5 million, that's just going to come in will be a headwind to FY26, as the rest of that cRPO would have fallen into revenue?

是的。那麼，僅 600 萬美元減去 350 萬美元，這將成為 2026 財年的阻力，因為 cRPO 的其餘部分將計入收入？

Correct. But just for this year, if the midpoint of the guide we take right now, it's $711.5 million for subscription revenue, add back to 3.5 year sort of at where we were before, but I was just trying to provide you that bridge for this year. And you're correct in your view around there is a headwind for next year.

正確的。但僅就今年而言，如果我們現在採用的指南的中點，訂閱收入為 7.115 億美元，加回到我們之前的 3.5 年水平，但我只是想為您提供今年的橋樑。你的觀點是正確的，明年將面臨逆風。

All right. Thank you.

好的。謝謝。

Matt VanVliet, BTIG.

馬特·範弗利特，BTIG。

Good afternoon. Thanks for taking the question. Just wanted to come back to the new pricing and packaging initiatives you put in place. Curious, as you've gone through your analysis and now putting that into place, sort of what the expectation is on overall deal sizes coming out of that as you sort of streamline and simplify what you're doing there? And then what, if any, impact would you expect that to also have on the renewals with existing customers?

午安.感謝您提出問題。只是想回到您實施的新定價和包裝計劃。很好奇，當您完成分析並將其付諸實施時，當您精簡和簡化您在那裡所做的事情時，對整體交易規模的期望是多少？那麼您預計這會對現有客戶的續約產生什麼影響（如果有的話）？

Matt, I want to be very clear. We have not completed that project. In fact, we've just rolled it out in the last quarter. So I would expect that project to run through another quarter or so and it will not have any impact for this year. This was -- Trac was outlining it as a series of things that we're doing as we foundationally set this up for reacceleration in the out quarters.

馬特，我想說得很清楚。我們還沒有完成那個專案。事實上，我們剛剛在上個季度推出了它。因此，我預計該專案將持續一個季度左右，並且不會對今年產生任何影響。這是——Trac 將其概述為我們正在做的一系列事情，因為我們從根本上為外線的重新加速做好了準備。

Okay. Helpful. And then I guess on the renewal team that you put in place, can you give us a sense of sort of the size of that team and any, I guess, headcount-related expenses that are associated with that? And maybe what the discussion internally was about building out that team rather than just hiring more account executives that would still handle some of that renewal pressure as part of their overall quota?

好的。有幫助。然後我想在您組建的更新團隊中，您能否讓我們了解該團隊的規模以及與之相關的任何與人員相關的費用？也許內部討論是關於建立該團隊，而不是僅僅僱用更多的客戶經理，這些經理仍將處理一些續約壓力，作為其整體配額的一部分？

Matt, this is Trac. I think there's two things I would add. One is, in the past, and part of the problem is that the renewal effort was distributed across a variety of different teams and different folks. The idea of building out the renewal team is to create a central focus that can drive that effort. And to your -- that's the first point.

馬特，這是特拉克。我想我要補充兩件事。一是，在過去，部分問題在於更新工作分散在各種不同的團隊和不同的人身上。建立更新團隊的想法是創建一個可以推動這項努力的中心焦點。這是第一點。

Second, to your point, why would we hire more AEs, we are going to do both. We are making sure we hire folks to try to better bookings as well as supporting the renewal effort. All those things that I'm describing is factored into the guidance that Manish has given. So it's not incremental to that.

其次，就你的觀點而言，我們為什麼要雇用更多的 AE，我們將兩者兼而有之。我們確保僱用人員來嘗試更好的預訂並支持續約工作。我所描述的所有這些內容都已納入曼尼什給出的指導中。所以它不是增量的。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Michael Berg, Wells Fargo.

麥可伯格，富國銀行。

Hey, thanks for taking my question. I have one for Manish here on margin impact from the charge. You mentioned on your opening remarks that adjusting for the charge as well as a handful of other items that the operating income would be in line with the prior guidance. Can we think about that prior guidance of $104 million as a starting point for modeling out your operating income versus coming off of a lower number. I know you're not guiding for out here yet, but just for modeling purposes?

嘿，謝謝你回答我的問題。我在這裡向曼尼什提出了關於該指控對利潤率影響的問題。您在開場白中提到，調整費用以及其他一些項目後，營業收入將與先前的指導保持一致。我們是否可以考慮將先前 1.04 億美元的指引作為計算營業收入與較低數字的起點。我知道你還沒有來這裡指導，但只是為了建模的目的？

Yeah. So if I understand your question, what you're trying to ask is, assuming the $104 million to $105 million the operating margin derived from there, should that be used as a rough rule of thumb for the out years?

是的。因此，如果我理解你的問題，你想問的是，假設由此產生的營業利潤為 1.04 億至 1.05 億美元，這是否應該用作未來幾年的粗略經驗法則？

Correct.

正確的。

I think we will provide more color right now as I think both Ragy and Trac alluded squarely focused on the second half of this year. There is a lot of initiatives underway. So we will provide more constructive color commentary around operating income numbers for the out years, I think, in the subsequent calls.

我認為我們現在將提供更多的色彩，因為我認為 Ragy 和 Trac 都提到了今年下半年的重點。目前有很多舉措正在進行中。因此，我認為，我們將在隨後的電話會議中圍繞未來幾年的營業收入數據提供更具建設性的彩色評論。

Thank you.

謝謝。

Parker Lane, Stifel.

帕克巷，斯蒂菲爾。

Great. Thanks, guys. This is Jack McShane on for Parker. Trac, you mentioned sharpening your strategic strategy, saying you're going to focus more on segments and products that are delivering the most value. Would you mind providing a little color on what products or segments you may be more or less focused on going forward? And I know you guys just kind of starting this project, but any initial thoughts around where you might be a little more focused?

偉大的。謝謝，夥計們。我是帕克的傑克·麥克沙恩。 Trac，您提到要強化策略策略，表示您將更專注於能夠提供最大價值的細分市場和產品。您介意提供一些關於您未來可能或多或少關注哪些產品或細分市場的資訊嗎？我知道你們剛開始這個項目，但是對於你們可能更關注的地方有什麼初步想法嗎？

I think a really good way to describe is that really going back to what we've been good at. When you look at how we built this company over the course of 14 years, we've done really well when we've targeted enterprises and large companies. We've done well when we've been able to sell the platform and its full capabilities.

我認為一個很好的描述方式是真正回到我們一直擅長的領域。當你看看我們在 14 年裡如何建立這家公司時，你會發現，當我們針對企業和大公司時，我們做得非常好。當我們能夠銷售該平台及其全部功能時，我們就做得很好了。

We've done well. We've sold up to executives. And over the years, as we've expanded the capabilities of the products and we've added more suites to it, and we've added more capabilities we lost focus of that strategy.

我們做得很好。我們已經把產品賣給高階主管。多年來，隨著我們擴展了產品的功能，並添加了更多的套件，並且添加了更多的功能，我們失去了該策略的重點。

So in some ways, that the strategic intent that I described is just going back to what made us successful and really being diligent about driving the discipline on focusing that. And if we do that, we should actually be able to reaccelerate growth, actually, reaccelerate growth and drive healthier -- a healthier business.

因此，在某些方面，我所描述的策略意圖只是回到讓我們成功的原因，並真正努力推動紀律集中於此。如果我們這樣做，我們實際上應該能夠重新加速成長，實際上，重新加速成長並推動更健康的業務——更健康的業務。

Thanks. That's super helpful. And then one quick one for me. I wanted to ask for an update on your guys' self-serve social media management solution that you guys announced early last year. How is it fair in the market?

謝謝。這非常有幫助。然後給我一個快速的。我想詢問你們去年初宣布的自助社群媒體管理解決方案的最新情況。市場如何公平？

And is it maybe picking up some demand from traditional social SKU deals that maybe aren't crossing the finish line given the tougher macro? Thanks again.

考慮到宏觀情況更加嚴峻，傳統社交 SKU 交易的需求是否可能會增加，而這些交易可能尚未跨越終點線？再次感謝。

Yes. Jack, we had mentioned this in previous earnings call very clearly that our strategy in introducing the self-serve product. And the short term was not as a revenue driver but more as -- when a company has very, very independent teams that don't -- I just want to simply to , and we wanted to give them an alternative instead of having to go out of Sprinklr, number one.

是的。傑克，我們在先前的財報電話會議上已經非常清楚地提到了我們推出自助產品的策略。短期並不是收入驅動因素，而是當一家公司擁有非常非常獨立的團隊時，我只是想簡單地這樣做，我們想給他們一個替代方案，而不是不得不離開Sprinklr 的第一名。

Number two, we wanted to have our enterprise customers have an opportunity to play around touch and feel what the Sprinklr product looks like. So those were our stated goals and consistent with that team, that -- this is more experimental and it's not something that could any substantial focus on by design and intentionally so.

第二，我們希望我們的企業客戶有機會體驗觸摸並感受 Sprinklr 產品的外觀。因此，這些是我們既定的目標，並且與該團隊一致，這是更具實驗性的，並且不是可以透過設計和故意關注的內容。

When to Trac's comment earlier, the strategy where we've been successful is a large enterprise. And as you know, the large global companies in the world are very complex and very fragmented. And require a very hands-on enterprise selling approach, which is where we're going to put our energy on.

正如 Trac 先前的評論所說，我們成功的策略是一家大型企業。如您所知，世界上的大型跨國公司非常複雜且非常分散。並且需要一種非常實際的企業銷售方法，這就是我們要投入精力的地方。

Got it. Thank you.

知道了。謝謝。

Catharine Trebnick, Rosenblatt Securities.

凱瑟琳·特雷布尼克，羅森布拉特證券公司。

Thank you. Yes, thank you for taking my question. Can we go back and talk about renewals for a minute? I'm trying to understand -- I understand when you piece part it how you're changing your team up. What I'm trying to really get a better handle on what's going on within your customer base? And why is there a delay? And what do you see some of the issues around the renewals from that aspect? Thank you.

謝謝。是的，謝謝您回答我的問題。我們可以回去談續約嗎？我試著理解——我理解當你把它分解時你將如何改變你的團隊。我想真正更了解您的客戶群中正在發生的事情？為什麼會出現延遲？從這方面您認為續約有哪些問題？謝謝。

Catherine, this is Ragy. So we can broadly bucket the pressure on renewals into two categories. One is obviously things we can control budget cuts and restructuring and macro stuff, and that's pretty evident. Two, the interesting thing about Sprinklr, where we're more pronounced in the churn is the internal execution implementation stuff that we've referred to in the past that we are putting more discipline around.

凱瑟琳，這是拉吉。因此，我們可以將續約壓力大致分為兩類。其中之一顯然是我們可以控制預算削減、重組和宏觀方面的事情，這是非常明顯的。第二，Sprinklr 的有趣之處在於，我們在流失中更為明顯的是我們過去提到的內部執行實作內容，我們正在製定更多的紀律。

The platform has evolved pretty substantially. The implementation of that complex platform and the templatizing of that implementation so that we are standardizing how we implement products by industry, that's something that we are working on right now that we know will impact.

該平台已經有了相當大的發展。這個複雜平台的實施以及該實施的模板化，以便我們標準化按行業實施產品的方式，這是我們現在正在努力的事情，我們知道這將會產生影響。

So the second category are things where we can fix like implementation like making sure that we have consistent AE, Success Manager, SE supporting the account. Those are things that we know we can do a better job, and we are squarely focused on.

因此，第二類是我們可以修復的問題，例如實施，例如確保我們有一致的 AE、成功經理、SE 支援帳戶。我們知道我們可以在這些方面做得更好，並且我們會專注於這些事情。

Okay. And then how about the overhang of AI from marketing departments, not from the CCaaS perspective but more from your marketing -- mar tech departments. What are you seeing there?

好的。然後，人工智慧對行銷部門的影響如何，不是從 CCaaS 的角度來看，而是更多地從行銷部門——行銷技術部門的角度來看。你在那裡看到什麼？

And again, our marketing suite is probably our smallest of the other -- of the four, right? And so it is -- we're seeing pressure there. But it's hard to pinpoint that on an AI, just the AI overhang. We see things we can fix, and we're not able to put it on an AI overhang.

再說一次，我們的行銷套件可能是四個套件中最小的，對嗎？事實就是如此——我們看到了那裡的壓力。但很難在人工智慧上準確指出這一點，只是人工智慧的懸而未決。我們看到了可以解決的問題，但我們無法將其置於人工智慧懸而未決的問題上。

Okay, thank you.

好的，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. I guess, I'm just looking at this year, we're going to grow, I guess, based on your guidance for the full year of subscription revenue. Subscription revenue is going to grow maybe $1 million or $2 million year over year, and we're spending, call it, north of $300 million in marketing.

嗨，大家好。感謝您提出我的問題。我想，我只關註今年，根據您對全年訂閱收入的指導，我想我們將會成長。訂閱收入可能會逐年增加 100 萬或 200 萬美元，而我們在行銷方面的支出將超過 3 億美元。

So I guess, what in the go-to-market are you specifically doing that's going to change the productivity of your go-to-market motion to the point where we can start to see growth come back? Or is it just entirely dependent on macro?

所以我想，在進入市場過程中，你具體做了哪些事情，可以改變你的進入市場行動的生產力，讓我們可以開始看到成長的回歸？還是它完全取決於宏觀？

No, Matt. This is Trac. It's going to be more than -- a lot of this can be driven by internal execution. The macro is a contextual element that we had to be aware of, but a lot of this is going to be our internal execution.

不，馬特。這是特拉克。這將不僅僅是——其中許多可以由內部執行驅動。巨集是我們必須注意的上下文元素，但其中許多將是我們的內部執行。

You're highlighting the cost structure and the results that we're getting. We're clearly aware of that. And our focus right now is recognizing that we haven't built up the structure and the discipline and the operational rigor to drive growth. We do have a cost structure that is -- that needs to be optimized.

您強調了成本結構和我們獲得的結果。我們清楚地意識到這一點。我們現在的重點是認識到我們還沒有建立起推動成長的結構、紀律和營運嚴謹性。我們確實有一個需要優化的成本結構。

I think the key for us right now is balance the need to look at the challenges that we have, shoring up the areas that need to be strengthened to turn this business around. And then through that, we expect that we should be driving better productivity that will get our cost structure in a place that's commensurate with the growth.

我認為現在對我們來說關鍵是平衡看待我們所面臨的挑戰的需要，支持需要加強的領域以扭轉業務。然後，我們預計我們應該提高生產力，使我們的成本結構與成長相稱。

Perfect. And then maybe just one follow-up on the share buyback program. I think you said that you guys completed. Is there any plans for you guys to authorize another one given the quite flexible balance sheet you guys have?

完美的。然後也許只是股票回購計畫的後續行動。我想你說過你們已經完成了。鑑於你們擁有相當靈活的資產負債表，你們是否有計劃授權另一項？

Matt, we'll always look at leveraging our balance sheet to create the most value for shareholders. forging about where we stand right now, it gives us a lot of flexibility, and we'll continue to evaluate the best use of cash going forward.

馬特，我們將始終考慮利用我們的資產負債表為股東創造最大價值。確定我們現在的立場，這給了我們很大的靈活性，我們將繼續評估未來現金的最佳用途。

All right. Thank, guys.

好的。謝謝，夥計們。

Patrick Walravens, Citizen's JMP.

Patrick Walravens，公民 JMP。

Yeah. Great. Thank you. This is Austin Cole on for Pat. I just wanted to drill down on one of these operational complexities. I mean I think you guys mentioned the implementation challenges last quarter. It seems like that's a little bit more front and center.

是的。偉大的。謝謝。這是奧斯汀·科爾（Austin Cole）替帕特發言。我只是想深入研究這些操作複雜性之一。我的意思是，我認為你們提到了上季的實施挑戰。看起來這有點更靠前和中心。

Can you just talk about like is this a friction to CCaaS adoption? Or like, what specifically do you need to do to shore it up? Like, when might that happen? Is it adding more partners or something internally?

您能談談這對 CCaaS 的採用是否有阻礙嗎？或者說，你具體需要做什麼來支撐它？例如，什麼時候會發生？是增加更多的合作夥伴還是內部的其他東西？

Well, we -- it's different for our core suites and CCaaS. Since you mentioned, let me start with CCaaS first. CCaaS is a new muscle for us. and it's regulated in all markets, and it's pretty different categories and landing zones. They're all pretty complex as you do global rollout.

嗯，我們的核心套件和 CCaaS 是不同的。既然你提到了，那我就先從CCaaS開始吧。 CCaaS 對我們來說是一種新力量。它在所有市場都受到監管，而且類別和著陸區域也有很大不同。當你進行全球推廣時，它們都非常複雜。

So it's a new muscle and we are developing that muscle, and we need regional partners and global partners, and we're doing that in each market as we land a customer and we go through that experience. And admittedly, there's 40 years of learning that we're going through in an executive fashion. So that's what taking the implementation there.

所以這是一種新的力量，我們正在發展這種力量，我們需要區域合作夥伴和全球合作夥伴，當我們獲得客戶並經歷這種體驗時，我們正在每個市場上這樣做。誠然，我們身為主管已經經歷了 40 年的學習歷程。這就是在那裡實施的原因。

What we're doing though is developing partners and building our own internal muscle, creating playbooks, working with an external company to document it so we can enable our partners on it. All of that is undergoing. And I'd say it is probably the first quarter that we feel like the bulk of the heavy lifting and development is kind of done. We're going to continue to evolve some modules that need to be upgraded and built out be the best, but the bulk of the heavy lifting is done.

不過，我們正在做的是發展合作夥伴並增強我們自己的內部力量，創建行動手冊，與外部公司合作記錄它，以便我們能夠為我們的合作夥伴提供幫助。所有這一切都在發生。我想說，這可能是第一季度，我們感覺大部分繁重的工作和開發工作已經完成。我們將繼續發展一些需要升級和建造最好的模組，但大部分繁重的工作已經完成。

So there's a lot of focus on how do we now simplify implementation, because we are, in many cases, migrating legacy solutions that have been in place for some cases, 20 years. So there's a lot of institutional stuff.

因此，現在人們非常關注如何簡化實施，因為在許多情況下，我們正在遷移已經使用了 20 年的遺留解決方案。所以有很多製度性的東西。

There's a lot of learning on how do you troubleshoot the customers' infrastructure instrument in fix things quickly when they're not in your control. So all of that are things that we're learning, and I'm pretty happy with the way we are progressing. That's on the CCaaS side.

有很多關於如何對客戶的基礎設施工具進行故障排除的知識，以便在客戶無法控制的情況下快速修復問題。所以所有這些都是我們正在學習的東西，我對我們的進展方式非常滿意。這是CCaaS 方面。

On our core products, they have evolved as well, right? What started out in social media management is now social marketing and advertising is our Insights product has evolved to be very, very AI-driven for unstructured data into product insights.

在我們的核心產品上，它們也不斷發展，對嗎？最初的社群媒體管理現在是社群行銷和廣告，我們的洞察產品已經發展成為非常非常人工智慧驅動的非結構化資料到產品洞察。

So we have to now figure out how to do that correctly 100% at the time. We're in a world where if we're not setting up the product because we're a premium platform. If we're not setting it correctly, the customer doesn't get value commensurate with the premium that they pay. They're going to go to a cheaper solution or churn it, right?

所以我們現在必須弄清楚如何在當時 100% 正確地做到這一點。我們所處的世界是，如果我們不設定產品，因為我們是一個高級平台。如果我們設定不正確，客戶就無法獲得與其支付的溢價相稱的價值。他們會選擇更便宜的解決方案或放棄它，對嗎？

So blue printing by industry for each solution so that the implementation team can be consistent and deliver it and turning it over to customers with a run book so they can maintain and get value, is something that we are focused on. And that, again, these are not trivial things to undertake. So I want to make sure that we know these are multi-quarter projects that are underway to solve it.

因此，我們重點關注的是每個解決方案的行業藍圖，以便實施團隊能夠保持一致並交付它，並透過運作手冊將其移交給客戶，以便他們能夠維護並獲得價值。再說一遍，這些都不是小事。因此，我想確保我們知道這些是為了解決這個問題而正在進行的多個季度的項目。

Great. Thank you.

偉大的。謝謝。

Clark Wright, DA Davidson.

克拉克·賴特，DA 戴維森。

You had seven new $1 million plus customers, and providing the momentary and how churn impacted and how many new CCaaS adoption?

您有 7 個價值超過 100 萬美元的新客戶，並提供了瞬時影響、客戶流失影響以及有多少新的 CCaaS 採用情況？

I'm sorry, there's a lot of speed back during your question. Would you mind repeating that?

抱歉，您提問時回覆速度太快了。您介意重複一遍嗎？

Yeah, sure. So on a net basis, you added seven new $1 million-plus customers. Can you provide any commentary on how that churn impacted this account? And then how many new customers are a result of CCaaS adoption?

是的，當然。因此，以淨額計算，您增加了 7 個價值 100 萬美元以上的新客戶。您能否就該客戶流失對該帳戶的影響提供任何評論？那麼，採用 CCaaS 會帶來多少新客戶呢？

This is Manish. So just so that I understand your question is the 145 $1 million or more, you're saying that grew sequentially and you want to understand the breakdown of that growth between CCaaS and core?

這是曼尼什。所以，為了讓我理解你的問題是 145 美元或更多，你是說它是連續增長的，並且你想了解 CCaaS 和核心之間增長的細分？

Correct.

正確的。

Yeah. So first and foremost, I want to make sure you understand the 145 is not ARR driven. So it's all trailing 12 months revenue. So it's possible we sold these accounts in prior quarters. As we have built up the revenue recognition for those accounts, it's edged over $1 million. So I don't think it's a fair sort of representation looking at the breakdown because these customers, as you also know, we upsell regularly.

是的。首先，我想確保您了解 145 不是 ARR 驅動的。所以這都是過去 12 個月的收入。因此，我們有可能在前幾個季度出售了這些帳戶。當我們為這些帳戶建立收入確認時，其收入已超過 100 萬美元。因此，我認為這不是一種公平的細分形式，因為正如您所知，這些客戶是我們定期進行追加銷售的。

We've shared in the past that, call it, two-thirds of our new business comes from upsell. So it can be any number of these suites that we sell to the account. And as you know, we are really good at selling the full platform. So I think that in the aggregate is what's driving growth in here, which is what Ragy alluded to earlier saying, as we stick go back to our core strategy of sticking to selling the full platform really into larger accounts, that's where we find more success.

我們過去曾說過，我們三分之二的新業務來自追加銷售。因此，我們可以向該帳戶出售任意數量的此類套件。如您所知，我們非常擅長銷售整個平台。因此，我認為總的來說，這就是推動這裡成長的因素，這就是拉吉之前提到的，當我們堅持回到我們的核心策略，即堅持將整個平台真正銷售給更大的客戶時，這就是我們找到更多成功的地方。

Got it. And then speaking about that success, how did enterprise-specific bookings trend compared to your internal expectations this quarter?

知道了。然後談到這一成功，與您本季的內部預期相比，企業特定的預訂趨勢如何？

Overall, I think we continue to do well in our sweet spot. -- which is the enterprise under both.

總的來說，我認為我們繼續在我們的最佳位置做得很好。 ——這是兩者旗下的企業。

Yeah. Thank you.

是的。謝謝。

There are no further questions at this time. I'd like to hand the floor back over to Ragy Thomas for any closing comments.

目前沒有其他問題。我想將發言權交還給拉吉·托馬斯（Ragy Thomas），請他發表結束語。

Thank you, Paul, and thank you all for joining us today. Let me close by reiterating that we have a strong conviction for our platform. We have a strategy that supports our vision, and we are doubling down execution.

謝謝保羅，也謝謝大家今天加入我們。最後，我要重申，我們對我們的平台有著堅定的信念。我們有一個支持我們願景的策略，我們正在加倍執行。

I'd like to thank our employees, our partners, and most importantly, our customers for their trust and continued support. We look forward to updating you all again on our next quarterly call as we continue our journey. Thank you very much, and have a wonderful evening.

我要感謝我們的員工、合作夥伴，最重要的是我們的客戶的信任和持續支持。當我們繼續我們的旅程時，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。非常感謝，祝您有個美好的夜晚。

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

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。