Sprinklr Inc (CXM) 2025 Q4 法說會逐字稿

Greetings, and welcome to the Sprinklr Q4 fiscal year 2025 earnings call. (Operator Instructions) A question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Sprinklr 2025 財年第四季財報電話會議。（操作員指示）正式示範之後將進行問答環節。（操作員指示）提醒一下，本次會議正在錄音。

It's now my pleasure to introduce your host, Eric Scro, Vice President of Finance. Eric, please go ahead.

現在我很高興介紹您的主持人，財務副總裁 Eric Sc​​ro。埃里克，請說。

Thank you, operator, and welcome, everyone, to Sprinklr's fourth quarter and fiscal year 2025 financial results call. Joining us today are Rory Read, Sprinklr's President and CEO; and Manish Sarin, Sprinklr's Financial Officer.

謝謝接線員，歡迎大家參加 Sprinklr 第四季和 2025 財年財務業績電話會議。今天與我們一起參加的有 Sprinklr 總裁兼執行長 Rory Read；以及 Sprinklr 的財務長 Manish Sarin。

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

我們不久前發布了收益報告，向美國證券交易委員會提交了相關的 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準則財務指標為投資者提供了有用的信息，但這些資訊的呈現並非旨在單獨考慮或替代按照公認會計準則呈現的財務資訊。請您參閱我們的新聞稿和補充投資者介紹，以了解此類措施與 GAAP 的對照組。

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 first fiscal quarter and full fiscal year of 2026, the impact of our corporate strategies and changes to our leadership, the benefits of our platform and our market opportunity. Our actual results might differ materially from such forward-looking statements.

此外，在今天的電話會議中，我們將對 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 2026 財年第一季和全年的指引、我們的公司策略和領導層變化的影響、我們平台的優勢以及我們的市場機會。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.

我們在本次電話會議上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所涉及的風險的更多詳細信息，請參閱我們向美國證券交易委員會提交的文件，該文件也發佈在我們的網站上。

With that, let me turn it over to Rory.

說完這些，讓我把話題交給羅裡 (Rory)。

Thank you, Eric, and hello, everyone. It's nice to be with you today. I'll start by providing a few 4Q financial highlights before covering some of my thoughts on the progress we are making in transforming our business.

謝謝你，埃里克，大家好。今天能和你在一起我很開心。我將首先提供一些第四季度的財務亮點，然後談談我對我們業務轉型進展的一些看法。

Fourth quarter total revenue grew 4% year-over-year to $202.5 million, and subscription revenue grew 3% year-over-year to $182.1 million. We generated $25.9 million in non-GAAP operating income, which resulted in 13% non-GAAP operating margin for the quarter.

第四季總營收年增4%至2.025億美元，訂閱營收年增3%至1.821億美元。我們創造了 2,590 萬美元的非 GAAP 營業收入，這使得本季的非 GAAP 營業利潤率為 13%。

I want to thank Sprinklr team members around the globe and our customers and partners for trusting us to help them solve some of their most important business needs. We believe we have a strong hand with growing markets, a leading-edge AI platform and gold standard customers with a mission to help them deliver next-generation unified engagement journeys that reimagine the customer experience.

我要感謝全球 Sprinklr 團隊的成員以及我們的客戶和合作夥伴，感謝他們信任我們，幫助我們解決一些最重要的業務需求。我們相信，我們在不斷成長的市場、領先的人工智慧平台和黃金標準客戶方面擁有強大的實力，我們的使命是幫助他們提供重塑客戶體驗的下一代統一參與旅程。

We now have the clear ambidextrous strategy and execution plan in place to reenergize and grow our Sprinklr core, while hardening and expanding Sprinklr service to enable our customers to realize the full value of our AI-based unified customer experience platform. However, there is much more work to do on our journey, and FY26 will be an important transition year, as we stabilize the business.

現在，我們已經制定了明確的雙管齊下的策略和執行計劃，以重振和發展我們的 Sprinklr 核心，同時強化和擴展 Sprinklr 服務，使我們的客戶能夠充分實現我們基於人工智慧的統一客戶體驗平台的價值。然而，我們還有很多工作要做，2026 財年將是重要的過渡年，因為我們要穩定業務。

As I have acknowledged, there are still challenges ahead, as we strengthen our teams, simplify our offerings and resolve the operational and technical debt that has hindered us in the past. While we still see important areas needing focus and improvement, the transformation of Sprinklr is well underway. We defined a well-focused customer-wide business strategy. We've implemented a well-established Business Management System, BMS, to track and drive execution, and we took swift action to optimize our expense base and rebalance our investment and resources.

正如我所承認的，隨著我們加強團隊、簡化產品並解決過去阻礙我們前進的營運和技術債務，未來仍有挑戰。雖然我們仍然看到需要關注和改進的重要領域，但 Sprinklr 的轉型正在順利進行中。我們制定了以客戶為重點的全方位業務策略。我們實施了完善的業務管理系統 (BMS) 來追蹤和推動執行，並迅速採取行動優化我們的費用基礎並重新平衡我們的投資和資源。

We have also redefined our go-to-market coverage model to land and develop our ideal customer set and enhancing our product innovation roadmaps. We have also strengthened our leadership team and Board with accomplished leaders who have deep expertise and a strong track record of driving growth. In early January, we announced the appointment of Joy Corso as our Chief Administrative Officer. Joy's extensive experience in the B2B tech industry as well as her focus on delivering operational efficiencies, business transformation and scale will be critical to supporting our next phase.

我們還重新定義了我們的市場覆蓋模型，以吸引和發展我們的理想客戶群並增強我們的產品創新路線圖。我們也透過引進擁有深厚專業知識和推動成長的良好記錄的優秀領導者，加強了我們的領導團隊和董事會。1 月初，我們宣布任命 Joy Corso 為首席行政官。Joy 在 B2B 技術行業的豐富經驗以及她對提高營運效率、業務轉型和規模的關注對於支持我們的下一階段至關重要。

We also announced the addition of Jan Hauser and Steve Ward to our Board of Directors. Jan will assume the Chair of our Audit Committee, and Steve brings a wealth of technology and enterprise experience to the Board and as a member of our Compensation Committee. Each of these executives have technology and SaaS experience with a long history of demonstrating results and building growth businesses at scale. I'd also like to thank Ed Gillis who is stepping down from the Board in June, for his service on the Board and dedication to Sprinklr.

我們也宣布 Jan Hauser 和 Steve Ward 加入董事會。Jan 將擔任我們的審計委員會主席，而 Steve 則為董事會和薪酬委員會帶來了豐富的技術和企業經驗。這些高階主管均擁有技術和 SaaS 經驗，並且長期擁有展示成果和大規模建立成長業務的經驗。我還要感謝將於六月卸任董事會成員的 Ed Gillis，感謝他在董事會的服務和對 Sprinklr 的奉獻。

As we move into the next phase of our strategic plan, we are now taking critical steps designed to transform our business for durable growth and improved profitability. On our 3Q call in December, we noted that you will first see an improvement in our operating margin given that this is in our direct control. This action would also create the capacity to reinvest, add critical talent and refocus on areas to drive better performance.

隨著我們進入戰略計劃的下一階段，我們現在正在採取關鍵措施，旨在轉變業務，實現持久增長和提高盈利能力。在 12 月的第三季電話會議上，我們指出，由於這是我們直接控制的，因此您首先會看到我們的營業利潤率有所提高。這項措施也將創造再投資的能力，增加關鍵人才，並重新專注於那些能夠提高績效的領域。

On February 6, we filed an 8-K with the SEC, which detailed the decisive actions we took to better optimize and rebalance our expense base. This has included an approximate 15% reduction in our workforce. While changes like these are hard to make, it is essential to allocate our investments, talents and resources to better serve our customers and partners. Most actions associated with this workforce reduction are now complete with a few smaller areas to be completed in 2Q based on regulatory requirements. Manish will provide further financial details on this in his remarks in just a few minutes.

2 月 6 日，我們向美國證券交易委員會提交了 8-K 文件，詳細說明了我們為更好地優化和重新平衡費用基礎而採取的決定性行動。這包括減少約 15% 的員工。儘管這樣的改變很難實現，但我們必須分配我們的投資、人才和資源，以便更好地服務我們的客戶和合作夥伴。與此裁員相關的大部分行動目前已完成，只有幾個較小的領域將根據監管要求在第二季完成。馬尼什將在幾分鐘後的演講中提供更多財務細節。

Sprinklr intends to deliver a portion of our cost savings to improve operating margins this year. We will also leverage some of this gained efficiency to hire and invest in prioritized areas. We will strategically add talent across the globe in such areas as go-to-market sales pods, customer implementations, AI, core product skills and service R&D skills, which these may take one to three quarters to execute.

Sprinklr 打算利用部分成本節約來提高今年的營業利潤率。我們還將利用所提高的部分效率來招募人才並投資於重點領域。我們將在全球範圍內策略性地增加人才，包括市場銷售團隊、客戶實施、人工智慧、核心產品技能和服務研發技能等領域，這些可能需要一到三個季度的時間來實現。

Additionally, our new go-to-market coverage model was implemented at the beginning of our fiscal year in February and launched in detail during our sales kickoff three weeks ago. Territories are assigned, compensation plans are rolled out and coverage ratios are set. This structure will cultivate deeper customer relationships within the C-suite. Our initial focus will be on our top 400 customers. We believe these efforts will enable us to deliver more value through year-round engagement and deeper account planning.

此外，我們新的市場覆蓋模式於二月財政年度開始時實施，並在三週前的銷售啟動會上詳細推出。指定區域、推出補償計畫並設定覆蓋率。這種結構將在高階主管內培養更深層的客戶關係。我們最初的重點將放在我們的前 400 名客戶上。我們相信，這些努力將使我們能夠透過全年的參與和更深入的客戶規劃提供更多價值。

At the end of FY25, we had 149 customers generating at least $1 million in annual subscription revenue, which grew by 18% year-over-year. Furthermore, we had an impressive group of customers generating $10 million to $20 million in subscription revenue over the last 12 months. We have built sophisticated products that address complex needs of the world's largest companies. It's clear that when we get it right and execute effectively and consistently, our customers value these solutions and the expertise we provide.

截至25財年末，我們擁有149名客戶，每年的訂閱收入至少100萬美元，較去年同期成長18%。此外，我們擁有一群令人印象深刻的客戶，在過去 12 個月中創造了 1,000 萬至 2,000 萬美元的訂閱收入。我們打造了精良的產品，以滿足全球最大公司的複雜需求。顯然，當我們做對了並且有效且持續地執行時，我們的客戶會重視這些解決方案和我們提供的專業知識。

We are most successful in the enterprise segment with the Global 2000 to Global 5000 being our sweet spot. This will now be the primary focus of our go-to-market and marketing efforts, driven by the recent changes and initiatives I have mentioned previously.

我們在企業領域取得了最大的成功，其中全球 2000 強至全球 5000 強是我們的最佳選擇。在先前我提到的近期變化和舉措的推動下，這將成為我們進入市場和行銷工作的重點。

Now, on the R&D front. We are maturing our operational rigor to continue to deliver innovation in a more consistent, reliable manner. Our FY26 technology and product innovation roadmaps are focused on improving product delivery, functionality, security and reliability of our broader platform. Additionally, we are still in early phases of revamping our pricing and packaging, but our focus on solution selling with aligned incentives for multiyear deals and emphasis on the C-suite.

現在，談談研發方面。我們正在完善我們的營運嚴謹性，以便繼續以更一致、可靠的方式提供創新。我們的 FY26 技術和產品創新路線圖專注於改善我們更廣泛平台的產品交付、功能、安全性和可靠性。此外，我們仍處於修改定價和包裝的早期階段，但我們的重點是解決方案銷售，並為多年期交易提供一致的激勵措施，並強調高階主管。

We believe the combination of the actions we have taken, including, one, establishing a clear ambidextrous strategy; two, implementing a well-established business management system to track and drive execution; three, optimize a more efficient cost structure, allowing for sustained and improved operating margin and strategic investments; four, realigning our go-to-market coverage model; and five, strengthening our product delivery roadmaps will be a significant step forward in Sprinklr's transformation plan.

我們相信，我們所採取的一系列行動，包括：一是建立明確的雙向策略；二是建立完善的業務管理制度，追蹤推動執行；三、優化更有效率的成本結構，實現持續改善的營業利潤率和策略投資；四、重新調整我們的市場覆蓋模式；第五，加強我們的產品交付路線圖將是 Sprinklr 轉型計劃向前邁出的重要一步。

Now, I'd like to shift gears a little bit and talk about our customers. One of our most important and powerful assets here at Sprinklr. I have met with approximately 100 customers and partners over the past three months. And while we have experienced some inconsistent implementations leading to pressure on customer renewals and satisfaction, we are actively addressing this.

現在，我想稍微轉換一下話題，談談我們的客戶。這是 Sprinklr 最重要、最強大的資產之一。在過去三個月裡，我會見了大約 100 位客戶和合作夥伴。雖然我們遇到了一些不一致的實施，導致客戶續約和滿意度面臨壓力，但我們正在積極解決這個問題。

During the fourth quarter, we continued to land and expand with many leading brands, companies such as Delta Airlines, Ford Motor Company, MSCI, Live Nation and Ralph Lauren to name a few. While we've had several large customer deals across Sprinklr core and service this quarter, I'd like to highlight two that demonstrate what we are capable of when we get it right.

第四季度，我們繼續與許多領先品牌合作並擴大合作，包括達美航空、福特汽車公司、MSCI、Live Nation、拉爾夫勞倫等。雖然本季我們已經在 Sprinklr 核心和服務方面達成了幾項大型客戶交易，但我想強調兩筆交易，以證明只要我們做對了，我們就能取得什麼樣的成績。

We're excited about the work we are doing with one of the world's premier specialty coffee retailers through deep discovery, relationship building and consistent tech validation, our platform's core offerings, Sprinklr Social and Sprinklr Insights are already providing value to their international customer experience.

我們很高興能與世界頂級特色咖啡零售商之一合作，透過深入發現、關係建立和一致的技術驗證，我們平台的核心產品 Sprinklr Social 和 Sprinklr Insights 已經為他們的國際客戶體驗提供了價值。

We are delivering a scalable, unified solution that meets their global business needs to proactively monitor their brand, protect brand reputation, and through social publishing and engagement effort, they are leveraging customer insights to inform and optimize their marketing performance. This is the kind of transformation we drive, connecting brands with their customers in a smarter, more impactful way.

我們正在提供可擴展的統一解決方案，以滿足他們的全球業務需求，以主動監控他們的品牌，保護品牌聲譽，並透過社交發布和參與努力，他們利用客戶洞察力來通知和優化他們的行銷績效。這就是我們所推動的轉型，以更聰明、更有影響力的方式將品牌與客戶連結起來。

Our second story is one of the largest technology companies in the world. We closed an eight-figure multiyear renewal with them this quarter, which is a powerful testament to our long-standing partnership and relentless focus on innovation. Sprinklr has become mission-critical for them to deliver seamless, scalable and highly personalized customer service.

我們的第二個故事是世界上最大的科技公司之一。本季度，我們與他們達成了八位數的多年期續約協議，這有力地證明了我們長期的合作夥伴關係和對創新的不懈關注。Sprinklr 對他們來說至關重要，需要提供無縫、可擴展且高度個人化的客戶服務。

Our platform powers their shift from costly channels like voice and e-mail to efficient AI-driven support on digital channels, accelerating their goal of 50% plus call deflection by 2027. With Sprinklr, the company has already reduced their service costs by millions of dollars, while improving resolution speed and customer satisfaction. And they continue to expand their investments with Sprinklr, leveraging our full suite across marketing, social and insights to drive engagement and operational efficiency at scale.

我們的平台協助他們從語音和電子郵件等昂貴的管道轉向數位管道上高效的人工智慧驅動支持，從而加速實現到 2027 年呼叫轉移率達到 50% 以上的目標。透過 Sprinklr，該公司已經減少了數百萬美元的服務成本，同時提高了解決速度和客戶滿意度。他們繼續透過 Sprinklr 擴大投資，利用我們在行銷、社交和洞察方面的全套服務來大規模推動參與和營運效率。

We're working closely with them to push the boundaries of AI innovation, automation and digital transformation, ensuring that they don't just stay ahead of the evolving landscape, but in fact, they define it.

我們正與他們密切合作，突破人工智慧創新、自動化和數位轉型的界限，確保他們不僅在不斷發展的格局中保持領先地位，而且事實上能夠定義它。

In closing, while there is plenty of work to do, and this transformation will take time, we are making real and tangible progress with swift, clear actions. Looking at FY26 as a transitional year, we intend to stabilize the company and burn in our execution over the first two quarters, which we hope will drive better results throughout the year.

最後，雖然還有很多工作要做，而且這種轉變需要時間，但我們正在透過迅速、明確的行動取得實際的進展。將 26 財年視為過渡年，我們打算穩定公司並在前兩個季度加強執行，希望這將推動全年取得更好的業績。

It's never a perfectly straight line, and there will be challenges along the way, but I continue to be optimistic of the opportunity in front of us. We have clarity about the way forward and what we have to fix. And we will get there step by step, day by day, quarter by quarter. The world is moving from transactional customer engagement to unified 360-degree customer experiences, and we believe our vision to define the world's ability to make every customer experience extraordinary, position us well to capitalize on this opportunity.

這永遠不會是一條完美的直線，一路上也會充滿挑戰，但我對眼前的機會依然充滿樂觀。我們清楚前進的道路以及需要解決的問題。我們將一步一步、一天、一天、一季一季度地實現這一目標。世界正在從交易型客戶參與轉向統一的360度客戶體驗，我們相信，我們的願景是定義世界讓每一次客戶體驗都變得非凡的能力，這使我們能夠很好地利用這一機會。

Sprinklr is the platform where it all comes together for customer activities around discovery, commerce, support and service. We will leverage our AI-based unified platform, execute an ambidextrous approach to reenergize and grow our Sprinklr core while we harden and expand Sprinklr service and our march on the Rule of 40.

Sprinklr 是一個平台，它將客戶圍繞著發現、商業、支援和服務等各項活動整合在一起。我們將利用基於人工智慧的統一平台，採取靈活的方法來重振和發展我們的 Sprinklr 核心，同時鞏固和擴展 Sprinklr 服務並繼續推進 40 規則。

Thank you again to the Sprinklr team members around the world who are passionate about our future and creating powerful value for our customers and embracing this transformational journey with urgency and commitment.

再次感謝世界各地的 Sprinklr 團隊成員，他們對我們的未來充滿熱情，為我們的客戶創造強大的價值，並以緊迫感和承諾的態度擁抱這一轉型之旅。

Now, I'd like to turn the call over to Manish to go through the numbers in a bit more detail. Manish?

現在，我想將電話轉給 Manish，讓他更詳細地介紹一下這些數字。馬尼什？

Thank you, Rory, and good morning, everyone. For the fourth quarter, total revenue was $202.5 million, up 4% year-over-year, while subscription revenue was $182.1 million, up 3% year-over-year. Professional services came in at $20.5 million. All metrics meet the guidance range provided for the quarter.

謝謝你，羅裡，大家早安。第四季總營收為 2.025 億美元，年增 4%，訂閱收入為 1.821 億美元，年增 3%。專業服務收入達2,050萬美元。所有指標均符合本季提供的指導範圍。

Our subscription revenue base net dollar expansion rate in the fourth quarter was 104%. Given the trailing nature of this calculation, this quarter's metric reflects the full impact of elevated churn we experienced during FY25.

我們第四季的訂閱收入基數淨美元擴張率為 104%。鑑於此計算的滯後性，本季的指標反映了我們在 2025 財年經歷的客戶流失率上升的全部影響。

At the end of the fourth quarter, we had 149 customers contributing $1 million or more in subscription revenue over the preceding 12 months, which is an 18% increase year-over-year. We believe our continued success in winning and growing seven-figure customers is a testament to the value of the platform we deliver for our customers. These are some of the leading enterprises in the world and a targeted focus of ours with the changes that we have made in our go-to-market efforts.

截至第四季末，我們擁有 149 名客戶，他們的訂閱收入在過去 12 個月內達到或超過 100 萬美元，年增 18%。我們相信，我們在贏得和增加七位數客戶方面的持續成功證明了我們為客戶提供的平台的價值。這些都是世界上的領導企業，也是我們在行銷工作中做出改變的目標客戶。

Regarding gross margins for the fourth quarter, on a non-GAAP basis, our subscription gross margin was 79%, and professional services gross margin was breakeven, resulting in a total non-GAAP gross margin of 71%. As noted on previous calls, we are experiencing higher data hosting costs, as we launch new cloud environments in response to new business opportunities, especially in Sprinklr Service. We acknowledge professional services margins are not optimal at this level, and we are working to address this as part of our overall work on becoming more efficient.

至於第四季的毛利率，依照非公認會計準則，我們的訂閱毛利率為 79%，專業服務毛利率保持平衡，因此總非公認會計準則毛利率為 71%。正如上次電話會議中所提到的，隨著我們推出新的雲端環境以應對新的商機（尤其是 Sprinklr 服務），我們的資料託管成本正在上升。我們承認專業服務的利潤率目前還不夠理想，我們正在努力解決這個問題，作為提高效率的整體工作的一部分。

Turning to profitability for the quarter. Non-GAAP operating income was $25.9 million or a 13% margin, which drove non-GAAP net income of $0.10 per diluted share. I want to address one point regarding taxes and our non-GAAP EPS number for the quarter.

轉向本季的獲利能力。非公認會計準則營業收入為 2,590 萬美元，利潤率為 13%，推動非公認會計準則每股攤薄淨收入為 0.10 美元。我想談談有關稅收和本季非公認會計準則每股收益數字的問題。

In Q4 FY25, based on recent and forecasted profitability in our Sprinklr US legal entity, we concluded that it is more likely than not that our US federal and state deferred tax assets are realizable, and we have, therefore, released the valuation allowance on our US schedule and state deferred tax assets.

在25財年第四季度，基於我們Sprinklr美國法人實體的近期和預測盈利能力，我們得出結論，我們的美國聯邦和州遞延所得稅資產很有可能實現，因此，我們釋放了美國計劃和州遞延所得稅資產的估值準備金。

This valuation release resulted in a discrete US GAAP noncash deferred tax benefit of approximately $87 million. We still have approximately $335 million in US NOLs remaining for FY26 and beyond. Given this, we do not expect a material near-term impact on cash taxes paid.

此次估值發布產生了約 8700 萬美元的單獨美國 GAAP 非現金遞延所得稅收益。我們在 2026 財年及以後的美國淨營運虧損仍有約 3.35 億美元。有鑑於此，我們預計短期內不會對支付的現金稅產生重大影響。

With respect to free cash flow, we generated $1.5 million during the fourth quarter. This free cash flow generation contributed to our healthy balance sheet, which now stands at $483.5 million in cash and marketable securities with no debt outstanding. Calculated billings for the fourth quarter were $298.6 million, an increase of 10% year-over-year.

就自由現金流而言，我們在第四季度產生了 150 萬美元。這種自由現金流的產生促進了我們健康的資產負債表，目前我們的現金和有價證券為 4.835 億美元，且沒有未償還債務。第四季的計算帳單為 2.986 億美元，年增 10%。

As of January 31, 2025, total remaining performance obligations, or RPO, which represents revenue from committed customer contract that has not yet been recognized, was $987.7 million, up 2% compared to the same period last year. And current RPO, or cRPO, was $612.5 million, up 4% year-over-year.

截至 2025 年 1 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 9.877 億美元，比去年同期增加 2%。目前 RPO（或 cRPO）為 6.125 億美元，年成長 4%。

Turning to a quick summary of financial results for the full year FY25. Total revenue was $796.4 million, up 9% year-over-year, with subscription revenue of $717.9 million, up 7% versus the prior year. Calculated billings for the full year were $831.1 million, up 6% year-over-year. We reported non-GAAP operating income for the full year of $84.8 million, equating to a non-GAAP net income per diluted share of $0.35 and a non-GAAP operating margin of 11%. In terms of free cash flow, we generated $59.2 million in free cash flow for the year, equating to a free cash flow margin of 7%.

讓我們來快速回顧一下 2025 財年全年財務表現。總收入為 7.964 億美元，年增 9%，其中訂閱收入為 7.179 億美元，比上年增長 7%。全年營業額為 8.311 億美元，年增 6%。我們報告的全年非 GAAP 營業收入為 8,480 萬美元，相當於非 GAAP 每股攤薄淨利潤為 0.35 美元，非 GAAP 營業利潤率為 11%。在自由現金流方面，我們今年產生了 5,920 萬美元的自由現金流，相當於 7% 的自由現金流利潤率。

Before moving to guidance, I would like to provide more information on the restructuring we recently concluded as part of our overall efficiency efforts. We recently completed a company-wide internal review across product areas, regions and support functions. We concluded that significant structural changes were necessary to better execute our ambidextrous strategy and our objective to get to the Rule of 40.

在提供指導之前，我想提供更多有關我們最近作為整體效率努力的一部分完成的重組的資訊。我們最近完成了涵蓋產品領域​​、地區和支援職能的全公司內部審查。我們得出結論，為了更好地執行我們的雙手策略和實現「40規則」的目標，必須進行重大的結構性變革。

As a result of this review, and as we disclosed in the 8-K filed with the SEC on February 6, 2025, we reduced our global workforce by approximately 15%. These reductions impacted teams and functions across every department. This restructuring is intended to help position the company for long-term success by realigning employee costs with the current business and freeing up capital for incremental investments.

此次審查的結果以及我們在 2025 年 2 月 6 日向美國證券交易委員會提交的 8-K 文件中披露的內容，我們將全球員工人數減少了約 15%。這些削減影響了每個部門的團隊和功能。此次重組旨在透過調整員工成本與當前業務並釋放資本進行增量投資，幫助公司實現長期成功。

We expect that these incremental investments will include hiring in key strategic areas that best align with our growth objectives, notably additional go-to-market and R&D resources to both grow the core products and to harden our service product. Expenses related to this action are expected to be approximately $22 million. We estimate $16 million of these expenses will be booked as a restructuring charge here in Q1 FY26. The balance will be booked in Q2. These restructuring charges are not included in the non-GAAP guidance figures we provide here and going forward for FY26.

我們預計，這些增量投資將包括在最符合我們成長目標的關鍵策略領域招募人才，特別是額外的市場進入和研發資源，以發展核心產品並強化我們的服務產品。預計此次行動相關費用約2,200萬美元。我們估計其中 1,600 萬美元的費用將以 2026 財年第一季的重組費用入帳。餘額將在第二季入帳。這些重組費用未包含在我們在此提供以及 2026 財年以後提供的非 GAAP 指導數據中。

Now, moving to our official guidance. For Q1, we expect total revenue to be in the range of $201.5 million to $202.5 million, representing 3% growth year-over-year at the midpoint. Within this, we expect subscription revenue to be in the range of $182 million to $183 million, representing 3% growth year-over-year at the midpoint. The Q1 guide implies $19.5 million in professional services revenue. As we have signaled on prior earnings calls, we will continue to invest in our professional services delivery capabilities and expect gross margins here to be approximately breakeven in Q1.

現在，轉到我們的官方指示。對於第一季度，我們預計總營收在 2.015 億美元至 2.025 億美元之間，中位數年增 3%。其中，我們預計訂閱收入將在 1.82 億美元至 1.83 億美元之間，中間值將年增 3%。Q1 指南暗示專業服務收入為 1,950 萬美元。正如我們在先前的財報電話會議上所暗示的那樣，我們將繼續投資於我們的專業服務交付能力，並預計第一季的毛利率將達到盈虧平衡。

We expect non-GAAP operating income to be in the range of $31.5 million to $32.5 million resulting in non-GAAP net income per diluted share of approximately $0.10 assuming 269 million diluted weighted average shares outstanding. This equates to a 16% non-GAAP operating margin at the midpoint. Note that we are now applying a 30% non-GAAP tax rate for computation of the EPS number driven by the release of the US valuation allowance. However, it should be noted that the actual cash taxes paid are expected to be substantially lower given the NOL position described earlier.

我們預計非 GAAP 營業收入將在 3,150 萬美元至 3,250 萬美元之間，假設稀釋加權平均流通股為 2.69 億股，則非 GAAP 每股攤薄淨利潤約為 0.10 美元。這相當於中間值 16% 的非 GAAP 營業利潤率。請注意，我們現在採用 30% 的非 GAAP 稅率來計算美國估值準備金發布帶來的每股盈餘數字。然而，值得注意的是，考慮到前面描述的 NOL 狀況，實際支付的現金稅預計會大幅降低。

For full year FY26, we expect subscription revenue to be in the range of $741 million to $743 million, representing 3% growth year-over-year at the midpoint, and we expect total revenue to be in the range of $821.5 million to $823.5 million, representing 3% growth year-over-year at the midpoint. These guidance ranges imply an FY26 professional services revenue of $18.5 million.

對於 26 財年全年，我們預計訂閱收入將在 7.41 億美元至 7.43 億美元之間，中位數同比增長 3%，我們預計總收入將在 8.215 億美元至 8.235 億美元之間，中位數同比增長 3%。這些指導範圍意味著 26 財年專業服務收入為 1,850 萬美元。

As we mentioned on prior earnings calls, we are experiencing higher data and hosting costs and expect that to continue into FY26. Our initial estimate is these incremental costs will negatively impact subscription gross margins by approximately 400 basis points or 4% for the full year FY26 and are baked into the guidance ranges provided. Our professional services gross margins are expected to be breakeven for the full-year FY26.

正如我們在先前的收益電話會議上提到的那樣，我們正在經歷更高的數據和託管成本，並預計這種情況將持續到 26 財年。我們初步估計，這些增量成本將對 26 財年全年的訂閱​​毛利率產生約 400 個基點或 4% 的負面影響，併計入提供的指導範圍內。我們專業服務的毛利率預計在26財年全年將達到損益兩平。

With respect to billings, we estimate total billings of approximately $863 million here in FY26, which would imply a billings growth rate of 4% year-over-year. For modeling purposes, we anticipate a billing seasonality pattern in FY26 similar to that of FY25. For the full-year FY26, we estimate our non-GAAP operating income to be in the range of $129 million to $131 million, equating to non-GAAP net income per diluted share of $0.38 to $0.39, assuming 277 million diluted weighted average shares outstanding. This implies a 16% non-GAAP operating margin at the midpoint.

關於帳單，我們估計 26 財年的總帳單約為 8.63 億美元，這意味著帳單成長率為 4%。為了建模目的，我們預計 26 財年的計費季節性模式與 25 財年相似。對於 2026 財年全年，我們預計非 GAAP 營業收入將在 1.29 億美元至 1.31 億美元之間，假設稀釋加權平均流通股為 2.77 億股，相當於非 GAAP 每股攤薄淨利潤為 0.38 美元至 0.39 美元。這意味著中間點的非 GAAP 營業利潤率為 16%。

When modeling the spread of non-GAAP operating income throughout the year, you can assume a midpoint of $32 million for both Q1 and Q2 and then $33 million each for Q3 and Q4. As part of the restructuring we just announced, we will see a lower OpEx level in the first half of the year, but our investments will begin to ramp up in the second half.

在對全年非 GAAP 營業收入的分佈進行建模時，您可以假設第一季和第二季的中點均為 3,200 萬美元，第三季和第四季的中點分別為 3,300 萬美元。作為我們剛剛宣布的重組的一部分，我們將在上半年看到較低的營運支出水平，但我們的投資將在下半年開始增加。

In terms of the operating expense profile, we expect both R&D and G&A to be approximately 10% of revenue with the remainder being for sales and marketing. In deriving the net income per share for modeling purposes, we estimate $16 million in other income for the full year with $4 million of that to be earned here in Q1. This other income line primarily consists of interest income.

就營運費用狀況而言，我們預計研發和一般行政費用約佔收入的 10%，其餘部分用於銷售和行銷。在為建模目的計算每股淨收入時，我們估計全年其他收入為 1,600 萬美元，其中 400 萬美元將在第一季獲得。該其他收入主要包括利息收入。

Furthermore, a $39 million total non-GAAP tax provision for the full-year FY26 needs to be added to the non-GAAP operating income ranges provided. We estimate a non-GAAP tax provision of $9.6 million here in Q1. Due to the recent release of the US valuation allowance, we are now applying a 30% tax rate on our non-GAAP operating income. But as noted previously, given our NOLs, we estimate our cash taxes paid to be significantly less than the non-GAAP tax provision.

此外，2026 財年全年 3,900 萬美元的非 GAAP 稅收總額需要添加到所提供的非 GAAP 營業收入範圍中。我們預計第一季的非 GAAP 稅收準備金為 960 萬美元。由於美國最近公佈了估值準備金，我們現在對非公認會計準則營業收入應用 30% 的稅率。但如前所述，考慮到我們的淨營業利潤，我們估計我們支付的現金稅將遠低於非公認會計準則稅務準備金。

We also expect to be GAAP net income positive for the full-year FY26, consistent with our performance over the last two years. Regarding free cash flow, we believe we can achieve approximately a 15% free cash flow margin for FY26, which will equate to a free cash flow generation of approximately $120 million for the full year. This excludes the cash outflow as part of the restructuring exercise announced earlier this year. This metric would be 100% increase in free cash flow generation versus FY25.

我們也預期 26 財年全年 GAAP 淨收入將為正值，與過去兩年的表現一致。關於自由現金流，我們相信我們可以在 26 財年實現約 15% 的自由現金流利潤率，這相當於全年產生約 1.2 億美元的自由現金流。這還不包括今年稍早宣布的重組計畫所產生的現金流出。與 2025 財年相比，此指標將使自由現金流產生量增加 100%。

Note that we will not be providing a quarterly free cash flow guidance metric, but we'll update this annual metric throughout the year as needed.

請注意，我們不會提供季度自由現金流指導指標，但我們會根據需要全年更新此年度指標。

Lastly, I would like to thank all our employees for their dedication and passion for what we are building at Sprinklr, and I'm grateful for the confidence that our customers have placed in us.

最後，我要感謝所有員工對 Sprinklr 所做事業的奉獻和熱情，我也非常感謝客戶對我們的信任。

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

現在，我們可以開始提問了。操作員？

(Operator Instructions) Pinjalim Bora, JPMorgan.

（操作員指令）Pinjalim Bora，摩根大通。

Great. Rory, you have obviously put a lot of changes in motion. It's great to see kind of the improvement in the operating margin that you saw in Q4 as well as what you're guiding towards. Maybe talk about the avenues that is driving the cost efficiency. I'm trying to understand how we should think about that cost efficiency versus growth. Is that largely low-hanging fruit? Or is there an element that it could actually be coming at an expense of some growth?

偉大的。羅裡，顯然你已經實施了很多改變。很高興看到第四季的營業利潤率有所提高，也符合您的預期。也許可以討論一下提高成本效率的途徑。我試著去了解我們應該如何看待成本效率與成長。這些是不是大多都是唾手可得的成果？或者是否存在實際上會以犧牲部分成長為代價的因素？

Yes, that's a great question. Absolutely. We're focused 100% on making the business more efficient. That's crucial. I think over the past several years, there was growth in investments in areas, and organizations kind of expand. It was time to really focus on where were our critical customers, where were the most important product structures, where did we have to make the right investments. So we did an analytic and looked at the business, and that's how we began to redo the go-to-market. That's how we restructured into a pod coverage model. Then we did work on the roadmaps for this year to make sure the right innovations were prioritized first.

是的，這是一個很好的問題。絕對地。我們百分之百地致力於提高業務效率。這很關鍵。我認為在過去幾年中，各領域的投資都在成長，組織也在擴張。現在是時候真正專注於我們的關鍵客戶在哪裡、最重要的產品結構在哪裡、我們必須在哪裡進行正確的投資。因此，我們進行了分析並研究了業務，這就是我們開始重新進入市場的方式。這就是我們如何重組為 pod 覆蓋模型。然後，我們制定了今年的路線圖，以確保優先考慮正確的創新。

And we looked at where we were taking our marketing and our go-to-market dollars, where is our ideal customer. Our ideal customer is the top of commercial to very large enterprise. So we understood that, and then, we optimized the business structure to capture that and to prioritize the investments in product areas. So we streamline the business, and we take a significant tens of millions of dollars of cost out. That's a tough decision and always difficult to do. And I want to emphasize we did that with respect and care for everyone that was affected. And we spoke to every individual directly.

我們研究了我們的行銷重點和市場投入，以及我們的理想客戶在哪裡。我們的理想客戶是從商業頂級企業到大型企業。所以，我們了解這一點，然後，我們優化了業務結構來抓住這一點，並優先考慮對產品領域的投資。因此，我們精簡了業務，並節省了數千萬美元的成本。這是一個艱難的決定，而且很難做到。我想強調的是，我們這樣做是尊重並關心每一位受影響的人。我們直接與每個人進行了交談。

What that allows us then do is to flow some of that return to the bottom line. Our business should be returning in that 15% to 20% range over the next couple of years, that's what it should look like as an enterprise software player in this space. To your question, did we sacrifice growth? Absolutely not. That's never what we want to do. You can improve the bottom line. And what we did was freed up additional dollars in this action that we're going to invest over the next one to three quarters in additional talent, additional coverage to improve our product innovation, to accelerate activities, to improve our delivery and implementation.

這樣我們就可以把其中的部分回報流向底線。未來幾年，我們的業務回報率應該會在 15% 到 20% 之間，作為該領域的企業軟體參與者，我們應該實現這樣的目標。對於你的問題，我們是否犧牲了成長？絕對不是。這絕不是我們想做的事。你可以提高底線。我們在這項行動中釋放了額外的資金，我們將在接下來的一到三個季度投資於額外的人才、額外的覆蓋範圍，以改善我們的產品創新，加速活動，改善我們的交付和實施。

Sprinklr has to become much more consistent with the way we deliver to our customers and how we implement our solutions, the way we deliver our innovations and how our customers receive them and even how we communicate with you and our investors. We need to make sure that we're executing in a very consistent way. Growth in the Rule of 40 is an important factor. So as you look, you'll see us work through this FY26 as a transitional year to position us to burn in our execution, improve our consistency, deliver on our better implementations, our better innovations and then to allow us to bend the business. It's all about driving durable long-term growth.

Sprinklr 必須與我們向客戶提供產品的方式、我們實施解決方案的方式、我們交付創新產品的方式、我們的客戶接收創新產品的方式，甚至我們與您和我們的投資者溝通的方式更加一致。我們需要確保以非常一致的方式執行。40規則的成長是一個重要因素。因此，正如您所看到的，您將看到我們將 26 財年作為過渡年，以便我們能夠加強執行力、提高一致性、實現更好的實施和更好的創新，然後使我們能夠改變業務。這一切都是為了推動持久的長期成長。

And we freed up cash so that we can make those investments, expenses throughout the year. So we have degrees of freedom to capture that as we uncover those opportunities, and we see needs of the customers. And remember, when we get it right with our customers, as I mentioned in a couple of the examples in the prepared remarks, the solution is deeply valued. We've shot ourselves in the foot over the past several years with inconsistent execution, inconsistent delivery, inconsistent implementation. We are going to use FY26 as the year to transition and to create very much more predictability and consistent implementation. And that will then bend the business and return to growth.

我們釋放了現金，以便我們可以全年進行這些投資和開支。因此，當我們發現這些機會並了解客戶的需求時，我們可以自由地抓住這些機會。請記住，當我們與客戶達成正確協議時，正如我在準備好的發言中的幾個例子中提到的那樣，解決方案會受到高度重視。過去幾年來，我們因執行不一致、交付不一致、實施不一致而陷入了困境。我們將以 26 財年作為過渡年，並創造更可預測性和一致的實施。這將扭轉業務並恢復成長。

And to get to a Rule of 40 into the 30s, we have to return to a better growth level. And we wanted to be prudent with our guidance. There's a macro environment that's a bit choppy right now. We have a pristine balance sheet. Let's make sure that we execute these changes over the first two quarters and then position ourselves to bend throughout the year.

為了在 30 年代實現 40 法則，我們必須回到更好的成長水準。我們希望採取謹慎的指導態度。目前的宏觀環境有點不穩定。我們擁有完美的資產負債表。讓我們確保在前兩個季度實施這些變革，然後做好準備，在全年內做出改變。

But again, to answer your question, no, we are definitely focused on taking the actions that sure improve the bottom line. That's the low-hanging fruit that's easier to do, but it was with the intent to free up the ability to invest and to create that durable, that bend in execution as well as investment to capture that longer-term durable growth.

但是，我再次回答你的問題，不，我們肯定專注於採取確實能改善底線的行動。這是比較容易實現的唾手可得的成果，但其目的是釋放投資能力並創造持久的執行力和投資力，以實現長期持久的成長。

Understood. And one for Manish. Manish, I was a little bit surprised with the 400 basis point negative impact, it seems like, to subscription gross margin. Is there a way to understand how much of that is coming from higher data cost versus hosting?

明白了。還有一個是給 Manish 的。Manish，我對 400 個基點對訂閱毛利率造成的負面影響感到有點驚訝。有沒有辦法了解其中有多少是因為更高的資料成本與託管成本所造成的？

Yes. We don't break it out, but you remember in the Q3 call, we spoke about renewing the Twitter license. And I had also mentioned that came with a commensurate increase. Data cost across every vendor are going up, only because you're using these data feeds for training AI models and such. And I think every data vendor has realized that there is value in the data that they provide.

是的。我們沒有透露細節，但你記得，在第三季電話會議上，我們談到了續簽 Twitter 授權的問題。我也提到過，這伴隨著相應的成長。每個供應商的資料成本都在上升，只是因為你使用這些資料來訓練人工智慧模型等等。我認為每個數據供應商都已經意識到他們提供的數據具有價值。

We don't really break down the hosting side either. But you'd also remember, we've said as we've spun up new data centers, there's an initial setup cost to each one of these. It's close to $2 million per PoP. So as we see more growth in Sprinklr Service, we're obviously going ahead and investing in the hosting capabilities. And that all in the aggregate is what's impacting gross margins here in the short term.

我們實際上也沒有分解託管方面。但您也記得，我們​​說過，當我們建立新的資料中心時，每個資料中心都會有初始設定成本。每個 PoP 的成本接近 200 萬美元。因此，隨著我們看到 Sprinklr 服務的進一步成長，我們顯然會繼續投資於託管功能。總的來說，這就是短期內影響毛利率的因素。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞、威廉·布萊爾。

Rory, maybe one for you to start off with. As you think about just the growth potential going forward, it seemed like a lot of your commentary was focused on the installed base and some of the changes that you can make there. How are you thinking about focusing go-to-market resources and new customer acquisition versus the opportunity that exists within your existing customers? Is there one that's a bigger priority? And we'd be curious how you're thinking about that.

Rory，也許你可以從這個開始。當您考慮未來的成長潛力時，似乎您的許多評論都集中在安裝基礎以及您可以在那裡做出的一些改變上。您如何考慮將重點放在市場資源和新客戶獲取上，而不是現有客戶中存在的機會？有沒有一個更重要的事項？我們很好奇您是如何看待這個問題的。

I think the way to think about that in the tactical time frame is to make sure that the base is solid. We want to solidify the base, and we have huge opportunities to expand. A software company of our size to have 149 $1 million customers is pretty unusual. I mean that's a big number. And then to have a group of those customers in the $10 million, $20 million, $20 million-plus purchasing range is, I think, extremely unusual.

我認為在戰術時間框架內考慮這個問題的方法是確保基礎穩固。我們希望鞏固基礎，而且我們擁有巨大的擴張機會。像我們這樣規模的軟體公司擁有 149 位百萬美元等級的客戶是非常不尋常的。我的意思是這是一個很大的數字。那麼，擁有一群購買額達到 1,000 萬美元、2,000 萬美元或 2,000 萬美元以上的客戶，我認為是極不尋常的。

We have opportunity to grow those customers, and we need to make sure that renewals improve, and it's really about creating a go-to-market that nurtures and keeps those relationships 365 degrees and moves up into the C level. We're absolutely moving into more mission-critical capabilities. And as this convergence of the customer experience applications evolves, the platform play of unifying the social activities across all vectors of engagement, discovery, commerce, support, service. That's why the CCaaS business is so important. And then using AI to knit that experience and to create that value, that's going to grow.

我們有機會發展這些客戶，我們需要確保續約率有所提高，這實際上是為了創建一個能夠全方位培育和保持這些關係並上升到 C 級別的行銷策略。我們絕對正在朝著更關鍵的任務能力邁進。隨著客戶體驗應用程式的整合不斷發展，該平台將發揮統一參與、發現、商業、支援、服務等所有載體的社交活動的作用。這就是 CCaaS 業務如此重要的原因。然後利用人工智慧來整合這種經驗並創造這種價值，這種價值將會不斷增長。

So yes, in the tactical time frame, protect and stabilize the base, expand on that base, grow that 149 into larger account. You always want to feed the engine, so net new logos are super important. But let's not go to the bottom and go to mom-and-pop stores and do $12,000 or $5,000 deals. That's going to be a distraction. This is an enterprise software company with gold standard customers.

所以是的，在戰術時間範圍內，保護和穩定基地，擴大基地，將 149 發展為更大的帳戶。您總是希望為引擎提供動力，因此全新的標誌非常重要。但是，我們不要太過激進，也不要去夫妻店做 12,000 美元或 5,000 美元的交易。這會分散注意力。這是一家擁有黃金標準客戶的企業軟體公司。

Our top 500 accounts are the most important in the world. Adding a couple of mom-and-pop shops, regional little plays, that's going to be a distraction. We can double back on that in a couple of years. Let's grow with the place that our ideal customer set is. Our customers value Sprinklr when we knit these solutions together and we create a differentiated customer experience. That's why we're seeing this uptake. And if we execute FY26, the transitional year, to improve the consistency of our implementation and our delivery, we will see improved growth, that's 100%.

我們的 500 個帳戶是世界上最重要的。加上一些夫妻店和一些地區性的小劇場，這會分散人們的注意力。我們可以在幾年內實現這一目標。讓我們與理想客戶群一起成長。當我們將這些解決方案結合在一起並創造差異化的客戶體驗時，我們的客戶重視 Sprinklr。這就是我們看到這種增長的原因。如果我們執行 FY26，即過渡年，以提高實施和交付的一致性，我們將看到成長的提高，即 100%。

So answer the question straightforward, tactically and in the midterm, focus on the base, solidify it, expand it. There's a lot of opportunity to grow it, and we proved that. When we get it right, they see value. Two, of course, feed the engine with net new, but make sure it's those ideal customer sets. We won a great one that I mentioned in the prepared remarks. I mean that's a huge coffee player around the world, and to get in there and to get in a significant way, I think we can expand that four-, five-fold over the next three, four years. But we've got to continue to focus on the base and get that solidified and then keep beating the engine with net new. I'd slant it 70-30 toward the base right now.

因此，請直接、從策略上和中期角度回答這個問題，專注於基礎，鞏固它，擴大它。有很多機會可以發展它，我們已經證明了這一點。當我們做對了的時候，他們就看到了價值。二，當然是向引擎提供新的淨流量，但要確保它是理想的客戶群。我們贏得了一場偉大的勝利，我在準備好的演講中提到過這一點。我的意思是，這是全球範圍內的一家大型咖啡公司，為了進入這個市場並取得顯著進展，我認為我們可以在未來三、四年內將其規模擴大四、五倍。但我們必須繼續關注基礎並將其鞏固，然後繼續用淨新值擊敗引擎。我現在會將其以 70-30 的比例傾斜向基部。

Perfect. That's great to hear. And then maybe just following up on that piece a little bit. You mentioned, I think, historical implementation challenges a few times in your prepared remarks. Just curious how prevalent is that. And how challenging is that to remedy? And as you go back to these customers or maybe you've had core implementations, is there an opportunity to go and upsell and cross-sell as you're doing that? Or -- and I'm curious, just like on a timing -- from a timing perspective as well, how long this might -- how long some of this might take with your installed base.

完美的。我很高興聽到這個消息。然後可能只是稍微跟進一下那部分。我認為，您在準備好的發言中多次提到了歷史上的實施挑戰。只是好奇這種現像有多普遍。那麼要補救起來有多困難呢？當您回到這些客戶身邊或您可能已經進行了核心實施時，是否有機會進行追加銷售和交叉銷售？或者 — — 我很好奇，就像時間一樣 — — 從時間角度來看，這可能需要多長時間 — — 對於您的安裝基礎來說，這可能需要多長時間。

Sure. I think around implementation challenges, it's that the organization never really matured those functions. Those functions were almost done in a one-off manner. If you got the right team, the implementation went very well. If it was a new team or they didn't have the proper documentation, it might be a bit of an adventure.

當然。我認為圍繞著實施挑戰，是組織從未真正完善這些功能。這些功能幾乎都是一次完成的。如果你擁有合適的團隊，實施過程就會非常順利。如果這是一支新團隊或他們沒有適當的文件，這可能會有點冒險。

The idea here, and I've just -- I've moved the service and support function under me now, so I'm going to spend a fair amount of time on this. We need to trade -- treat implementation as a product. We have to productize it, get it consistent, have it very well documented.

這個想法是這樣的，我剛剛——我現在已經將服務和支援功能移到了我之下，所以我將在這上面花費相當多的時間。我們需要交易－將實施視為一種產品。我們必須將其產品化、使其一致並做好記錄。

Our product documentation is getting up to speed. Documenting our implementations and then enabling our teams to do it consistently and to have that training done time and time again. That's all work that's being done right now. And as part of this transitional year, it's really not going back and fixing old ones. They're up and running. It's the ones that are in motion right now is doubling down, making sure we get them through the installation, make them successful and then creating that long-term relationship with the new coverage model, so we can continue to enhance and expand.

我們的產品文件正在不斷更新。記錄我們的實施情況，然後使我們的團隊能夠始終如一地這樣做，並一次又一次地進行培訓。這就是現在正在進行的所有工作。作為這一過渡年的一部分，我們實際上並不是回到過去並修復舊問題。它們已開始運作。目前正在進行的行動是加倍努力，確保完成安裝，使它們成功，然後與新的覆蓋模型建立長期關係，以便我們可以繼續增強和擴展。

Your question about, is there an opportunity to upsell? Always. Every engagement with a customer is an opportunity to show value and to show how they can use the rest of the sprinkler platform to expand. That's why we're doing a very focused set of work around our top 400, 500 accounts. We call it Project Bear Hug. We're going to really target and build account plans across every one of those in the first and second quarter. That will drive it.

您的問題是，是否有機會追加銷售？總是。每次與客戶的互動都是展示價值的機會，並展示他們如何使用其餘的灑水器平台進行擴展。這就是為什麼我們要針對我們的前 400 到 500 個帳戶進行一系列非常集中的工作。我們稱之為「熊抱計畫」。我們將在第一季和第二季真正瞄準並製定針對每個帳戶的計劃。這將推動它。

In parallel, we're working with our service teams to make sure that our implementations are almost productized and they're consistent. I think that will take two or three quarters to get there. I think -- but we're improving every day. It could even take four quarters. We want to make sure we do it right. But every day, we're improving, we're improving the knowledge base, we're sharing the experience, we're putting in the discipline so that it's much more predictable. And that's how we've got to think about these implementation challenges.

同時，我們正在與我們的服務團隊合作，以確保我們的實施幾乎產品化並且保持一致。我認為要花兩到三個季度的時間才能實現這一目標。我認為——但我們每天都在進步。甚至可能需要四個季度。我們要確保自己能正確行事。但是每一天，我們都在進步，我們在完善知識庫，我們在分享經驗，我們正在加強紀律，以使其更加可預測。這就是我們必須思考這些實施挑戰的方式。

And in the short term, cover the accounts, make sure -- and I'm involved in a lot of them. So that's where I'm getting a lot of feedback and knowledge to understand exactly what it is. And when we have a challenge, get on top of it, solve that and get that customer to successfully implement.

而在短期內，要覆蓋帳戶，確保──我參與了其中的許多工作。因此我得到了很多回饋和知識來準確地理解它是什麼。當我們遇到挑戰時，我們會積極應對，解決問題，並幫助客戶成功實施。

And I think the customer appreciates that we're getting better each day. We're not done, we have work to do, no question. It took several years to get here. It's going to take more than three or four months to get it fixed, but we know what to do.

我想客戶也會對我們每天都在進步表示讚賞。我們還沒完成，毫無疑問我們還有工作要做。到達這裡花了好幾年的時間。修復它需要三到四個月以上的時間，但我們知道該怎麼做。

Elizabeth Porter, Morgan Stanley.

摩根士丹利的伊麗莎白波特。

Great. I wanted to go back to the reinvestment in hiring, particularly around kind of the go-to-market strategy. And just how should we think about the timing of these hires and the typical time period for a rep to ramp? I'm really looking to get additional color on kind of what the implications are for when you feel like sales capacity will be durably operating at these higher levels.

偉大的。我想重新回到招募的再投資，特別是圍繞市場進入策略。那麼，我們應該如何考慮這些招募的時間安排以及銷售代表成長的典型時間段呢？我真的希望獲得更多詳細信息，了解當您覺得銷售能力將持久地在這些更高水平上運作時，其影響是什麼。

Yes, Elizabeth, that's a great question. One of the things that I'm trying to think about right now is what's my sales capacity for FY27. It takes us about six to nine months to be at -- a rep to be ramped. So what we're trying to do now is actually hire in the second -- middle of the year kind of the hiring for the beginning of next year because we want to bring them on now so that they're ready.

是的，伊莉莎白，這是一個很好的問題。我現在正在考慮的事情之一是我的 2027 財年銷售能力是多少。我們大約需要六到九個月的時間來提升聲譽。因此，我們現在要做的實際上是在第二年也就是今年年中招聘，也就是在明年年初招聘，因為我們希望現在就把他們招進來，讓他們做好準備。

We have tried to think about that and tried to make a structure. Now, of course, you've got to deal with attrition and make sure there's performance. But our whole mindset is to be hiring in the late second quarter, early third quarter for FY27 so that we're building that out. What we want to see is an improvement year-over-year of our ramped AEs, as we exit the year compared to the previous two or three years.

我們嘗試思考這個問題並嘗試建立一個結構。現在，當然你必須處理人員流失問題並確保績效。但我們的整體思路是在 2027 財年第二季末或第三季初招募員工，以便實現這一目標。我們希望看到的是，與前兩三年相比，今年我們的不良事件數量較去年同期有所改善。

The whole focus here, and it's not just AEs, it's also about building the ratios within the coverage model. We will continue to invest. We had some technical mismatches. It's a technical solution, and customers value the technical experience. If we slant too administratively in terms of skills and our success managers or in our solution architects, I think we miss the mark a bit. So we've really tried to rebalance that.

這裡的重點不僅是 AE，還在於建立覆蓋模型中的比例。我們將繼續投資。我們存在一些技術上的不匹配。它是一個技術解決方案，客戶看重的是技術體驗。如果我們在技能、成功經理或解決方案架構師方面過於偏向管理，我認為我們會有些偏離目標。因此我們確實嘗試重新平衡這一點。

And I think you'll see us also invest in those parts of the pod as well, both at the A level to get ready for FY27 to make sure that we have the capacity in terms of the success managers. And I plan to add success managers most of the year, especially technical success managers that really have those right skills and then to add the solution architect. It's all in mind that we'll then have the products harden and we'll have the implementations more consistent, so we can move to the third phase of the transformation to FY27, which we like to refer to as acceleration.

而且我想你會看到我們也對這個部門的這些部分進行了投資，無論是在 A 級還是在 B 級，都為 2027 財年做好準備，以確保我們擁有成功經理的能力。我計劃在全年的大部分時間裡增加成功經理，特別是真正具備正確技能的技術成功經理，然後再增加解決方案架構師。所有這些都是為了讓我們的產品更加堅固，讓我們的實施更加一致，這樣我們就可以進入到 2027 財年的第三階段轉型，我們稱之為加速。

I hope that helps, Elizabeth.

我希望這會有所幫助，伊麗莎白。

Yes, that definitely does. And just as a follow-up, I understand that really the focus right now is around company-specific execution. But I did want to ask just about macro. It felt like exiting the year we had a bit more clarity, post-election some optimism, but certainly like the recent headlines around trade and tariffs had heightened some of the uncertainty. So what are you guys hearing in terms of your conversations with customers or seeing in terms of deal cycles? And how should we think about the prioritization of spend around customer experience?

是的，確實如此。作為後續問題，我了解目前的重點實際上是公司特定的執行情況。但我確實想問一下有關宏觀的問題。感覺我們在結束這一年時有了更多的清晰認識，選舉後也有一些樂觀情緒，但無疑最近有關貿易和關稅的頭條新聞加劇了一些不確定性。那麼，你們在與客戶的對話中聽到了什麼，或是在交易週期中看到了什麼？我們應該如何考慮圍繞客戶體驗的支出優先順序？

Sure. So I think the macro environment is a bit unpredictable and a bit choppy right at the moment. A couple of answers from our perspective, tariffs don't really affect us directly, so that's not the issue. Will customers look to be more prudent on their spending? Yes, that's possible. I think that people are a little bit of wait and see. There's a bit of a correction that's going on in the market right now.

當然。所以我認為目前的宏觀環境有點難以預測且不穩定。從我們的角度來看，有幾個答案，關稅實際上並沒有直接影響我們，所以這不是問題。消費者是否會在消費上更謹慎？是的，有可能。我認為人們還有些觀望。目前市場正在經歷一些調整。

We've got a pristine balance sheet. We've taken the cost actions and we've given you guidance that we think is very prudent. And we think that we can pretty much handle whatever the macro throws at us within reason. I mean if there is some gigantic shock to the market, that affects everybody. But I think we've positioned how we've laid out this year, and this is a transitional year to think about that.

我們擁有一份完美的資產負債表。我們已經採取了成本行動，並為您提供了我們認為非常謹慎的指導。我們認為，我們基本上可以在合理範圍內處理宏觀給我們帶來的任何挑戰。我的意思是，如果市場出現巨大衝擊，那麼每個人都會受到影響。但我認為我們已經確定了今年的佈局，今年是思考這個問題的過渡年。

Customers are always going to be conservative when there's a bit of uncertainty, but we're seeing a good pipeline. I mean, that's -- we're not seeing any huge issues there. Our issues, and there's plenty of business. This is not a gigantic company. I mean it's just under $1 billion. Our issue is making ourselves much more consistent, reliable and predictable.

當存在一些不確定性時，客戶總是會比較保守，但我們看到了良好的管道。我的意思是，我們沒有看到任何大問題。我們的問題，還有大量的業務。這不是一個巨型公司。我的意思是，它略低於 10 億美元。我們的問題是使我們自己變得更加一致、可靠和可預測。

I think there's business to be won. I think it's both in our core, as we reenergize and grow that. And in the services space, we have plenty of demand. But we have to harden that to make sure that's consistently delivered. Yes, if there are going to be some chop in the macro, I think we've got the balance sheet at the right place. I think we've got our costs at the right place. And we set our guidance prudently so that we can move through this. But we're not seeing anything major at this point, but we'll watch it. We'll watch it.

我認為這是一個可以贏得的生意。我認為這是我們的核心，因為我們會重新註入活力並發展它。在服務領域，我們有大量需求。但我們必須加強這一點，以確保始終如一地實現這一目標。是的，如果宏觀層面上要進行一些調整，我認為我們的資產負債表已經處於正確的位置。我認為我們已經正確計算了成本。我們審慎地制定指導方針，以便能夠渡過難關。但目前我們還沒有看到任何重大進展，但我們會關注。我們會看的。

Thanks, Elizabeth.

謝謝，伊麗莎白。

Patrick Walravens, Citizens JMP.

Patrick Walravens，公民 JMP。

Great. Congratulations on the start, Rory. Can you address federal, like how big is the federal government for Sprinklr? If I just look on USA spending, it looks like defense, commerce, NASA, health and human services, all seem to use Sprinklr in some place. And, yes, we're hearing from salespeople at some other companies, they can't even get their phone calls and e-mails returned from different parts of the federal government right now given everything that's going on. So I'm just wondering if you could address what you're saying, that would be great.

偉大的。恭喜你開始，羅裡。您能談談聯邦政府嗎，例如，聯邦政府對 Sprinklr 的影響有多大？如果我只看美國的支出，看起來國防、商務、美國國家航空暨太空總署、衛生與公眾服務部似乎都在某個地方使用 Sprinklr。是的，我們從其他一些公司的銷售人員那裡聽說，考慮到目前發生的一切，他們現在甚至無法接到聯邦政府不同部門的電話和回覆電子郵件。所以我只是想知道您是否可以解決您所說的問題，那就太好了。

Yes. What I would comment on that is it's very small for our business, Pat. It's not material in any way, very small. You're right, we do have toeholds in a couple of those spots. But because we're at the beginning of like a FedRAMP approval, that limits how far we can do. So you shouldn't factor that in, in any way as a negative or positive for us. You are not exposed on the federal side. Well, we have a few relatively small implementations in the millions of dollars. It's not material.

是的。我想說的是，對於我們的業務來說，這個數字太小了，帕特。從任何方面來說它都不是物質性的，非常小。你說得對，我們確實在其中幾個地方佔有一席之地。但因為我們正處於 FedRAMP 批准的開始階段，這限制了我們能做的事情。所以你不應該以任何方式將其視為對我們有利或不利的因素。在聯邦方面你沒有暴露。嗯，我們有幾個相對較小的實施項目，但花費了數百萬美元。這不是物質的。

That's great. And then as a follow-up, can I ask, you had a very specific sort of algorithm and plans coming into this role. Has anything been harder than you expected?

那太棒了。然後作為後續問題，我可以問一下，您在擔任這個角色之前是否有非常具體的演算法和計劃。有什麼事情比你想像的困難嗎？

No. I mean, what you see in transformations, it's pretty consistent. I mean, what's great about this company is the technology is quite good; the platforms, I think, is highly scalable; the AI is real, and it's truly infused. It's been in place for eight years. I think that's kind of differentiated. I think the market is moving towards unified customer experiences. We see this in the demand of our CCaaS solutions, where it knits together with our digital and our social activities. These are big brands, and they see this as a truly differentiated experience. If we get this right, it could be kind of a game-changing play in that space.

不。我的意思是，你所看到的轉變是相當一致的。我的意思是，這家公司的優點在於它的技術相當好；我認為該平台具有高度的可擴展性；人工智慧是真實存在的，並且確實被融入其中。這個制度已經實行八年了。我認為這是一種區別對待。我認為市場正在走向統一的客戶體驗。我們從 CCaaS 解決方案的需求中看到了這一點，它與我們的數位和社交活動緊密結合。這些都是大品牌，他們認為這是一種真正差異化的體驗。如果我們能做到這一點，這可能會成為該領域的一場改變遊戲規則的比賽。

I think we're -- when you look at this business, the maturity of some of the execution and processes feels like a startup, okay? And it's a compliment to the team that they grew it so big with such amazing customers, but we have to clean up those processes, get consistent implementation so that it's done, get the documentation properly done, get the coverage model properly done. These are basic fixable things.

我認為，當你審視這項業務時，它的一些執行和流程的成熟度感覺就像是一家新創企業，好嗎？這對團隊來說是一種讚美，他們擁有如此出色的客戶並發展壯大，但我們必須理清這些流程，進行一致的實施以便完成任務，正確完成文檔，正確完成覆蓋模型。這些都是基本上可以修復的東西。

I've not come across anything catastrophic. Part of the reason we have some customer renewal pressure and satisfaction issue is because we've neglected some of the relationships or we didn't do some of the innovations or the implementation wasn't as clean as others. But then on the other hand, when we get it right, the customer grows and grows and grows. So what we have to do is do it in a consistent way. This is that kind of, we've done the first part, the business optimization, that's Phase 1, all those five things I listed in the prepared remarks are done, and they're in the books now.

我還沒碰到任何災難性的事情。我們面臨客戶續約壓力和滿意度問題的部分原因是我們忽略了某些關係，或者我們沒有進行某些創新，或者實施不如其他人那麼乾淨。但另一方面，當我們做對了的時候，客戶就會不斷成長。因此我們要做的就是以一致的方式去做。就是這樣，我們已經完成了第一部分，即業務優化，這是第一階段，我在準備好的評論中列出的所有五件事都已完成，現在它們已經記錄在案。

Now, we're moving to the second phase, which is burning in and improving execution. The next two six-month periods are important. They are transitional. We've got to stabilize the go-to-market. We've got to improve the implementation processes. We've got to get the execution on the delivery of product. We have to make the right investments over the next one to three months. That should begin to bend the business on the performance side. And we should leave this year performing better than we started the year, and we should see an improvement on the Rule of 20 as we move through the year -- Rule of 40 as we move through the year, okay? I think that's really important.

現在，我們進入第二階段，即磨合和提高執行力。接下來的兩個六個月非常重要。它們是過渡性的。我們必須穩定市場進入情勢。我們必須改善實施流程。我們必須完成產品的交付。我們必須在未來一到三個月內做出正確的投資。這應該會開始在業績方面改變業務。我們今年的表現應該比年初更好，而且，隨著時間的流逝，我們應該會看到 20 法則有所改善——隨著時間的流逝，40 規則有所改善，好嗎？我認為這真的很重要。

And I think moving into the 20s is something that we should try and do as soon as possible because then we get ourselves positioned for that better state. So I think it's going pretty much to plan. There's a lot of work to do. There's going to be some unknowns that emerge, and we have to execute better every day, and that takes time. This transformation will take time. But I feel good about where we are. I think we know what to do, and we'll get there step-by-step, month by month, quarter by quarter.

我認為我們應該盡快嘗試進入 20 年代，因為這樣我們才能為更好的狀態做好準備。所以我認為一切基本上都按照計劃進行。還有很多工作要做。會出現一些未知的情況，我們必須每天做得更好，而這需要時間。這一轉變需要時間。但我對我們現在的狀況感到很滿意。我想我們知道該做什麼，我們會一步一步、一月、一月、第一季地實現目標。

Jackson Ader, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Jackson Ader。

The first one is just on the bookings activity in the fourth quarter. Were there any deals that maybe slipped or duration adjustments that you weren't expecting? Or were there any of the changes that you've been looking to implement, Rory, that might have impacted some of the performance there in that fourth quarter?

第一個是關於第四季的預訂活動。是否存在一些您沒有預料到的交易或期限調整？或者，羅裡，你一直希望實施的某些變革是否可能會對第四季的表現產生影響？

So, Jackson, I think on fourth quarter, the activity was stronger than expected. So I thought that was a good sign. We saw a good mix of small and large deals, expansion and new logos, and we saw them both in core and service. So I thought it was a good finish to the year. Nothing about that was an issue.

因此，傑克遜，我認為第四季的活動比預期的要強勁。所以我認為這是一個好兆頭。我們看到了小型和大型交易、擴張和新標誌的良好組合，並且我們在核心和服務方面都看到了它們。所以我認為這是今年的一個好結束。那根本不是什麼問題。

As you go through changing the whole go-to-market, we have to watch that in 1Q and 2Q. That's obviously the period when you have the most change. And we're -- I'm spending a truly disproportionate amount of time in the field, on the road in all three geographies. My frequent-flyer miles are adding up because we need to manage that and work that during that transitional period as we improve our execution. So no, I didn't see anything about fourth quarter. It was a bit better than expected. But it really matters where we get to as we move through the next four quarters.

當你經歷整個市場進入方式的改變時，我們必須在第一季和第二季關注這一點。這顯然是你變化最大的時期。而且我在這三個地區的實地考察和路上花費了大量的時間。我的飛行常客里程不斷增加，因為我們需要在過渡期內管理這些里程，並努力提高我們的執行力。所以不，我沒有看到有關第四季度的任何消息。比想像中好一點。但在接下來的四個季度裡，我們能取得什麼成績真的很重要。

Okay. And then, I guess, relatedly, can you give us a sense for the pipeline of either large renewals or large deals in terms of like when they're coming up for renewal and the seasonality? I don't want to lead the witness too much, but like if it's a big first half renewal cycle, right? When you're implementing, as you said, when all these changes could potentially -- that are going into effect, you prefer kind of a later renewal cycle this year. But I'm curious what the seasonality would look like.

好的。然後，我想，與此相關的是，您能否讓我們了解大型續約或大型交易的管道，例如它們的續約時間和季節性？我不想過度引導證人，但是如果這是一個大型的上半年更新周期，對嗎？正如您所說，在實施過程中，當所有這些變更都可能生效時，您希望今年的更新週期能晚一些。但我很好奇季節性會是什麼樣子。

The seasonality has been -- is documented on this one. We do hundreds of millions of renewals each year. We're moving more and more to three-year deals, but we have still a lot of one-year deals. So you see that. Our largest amount of renewals are in the fourth quarter, and our second largest is in second quarter. And so it's lightest in third quarter, but it doesn't look any different this year than each year. But the total number may be a little bit lower this year because of more three-year deals.

季節性已經--已經記錄在此。我們每年進行數億次續約。我們正在越來越多地轉向三年期交易，但我們仍有很多一年期交易。所以你看到了。我們的續約量最多的是第四季，第二多的續約量是第二季。因此第三季的情況最輕，但今年的情況與往年沒有什麼不同。但由於三年合約較多，今年的總數可能會略低一些。

But we're trying to move more and more with the go-to-market team to the three-year structure, but that's a historical trend, looks very similar. We've changed our incentives this year for the sales team to make sure that they are properly rewarded for renewals and renewals on time.

但是，我們正嘗試讓市場進入團隊逐漸轉向三年結構，但這是一個歷史趨勢，看起來非常相似。我們今年改變了對銷售團隊的激勵措施，以確保他們因按時續約和續約而獲得適當的獎勵。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

Rory, there's a lot of talk about go-to-market changes and what you're doing from an implementation standpoint, but you also referenced technical debt and removing some of that from the platform. Just wondering if there's any particular area of the platform that you think that technical debt is most pronounced. And what's the ideal timeline for resolving some of those issues and getting the platform on better footing in your eyes?

Rory，有很多關於進入市場的變化以及你從實施的角度所做的事情的討論，但你也提到了技術債以及如何從平台上消除一些技術債。只是想知道您認為平台的某個特定領域中技術債是否最為明顯。您認為解決這些問題並使平台更好地運作的理想時間表是怎樣的？

Yes, that's a great question, Parker. And that was one of the five areas we spent a lot of time on over the past three, four months working with Amitabh, the CTO, and the team. We built the roadmaps for all of towers and the platform. We've been adding talent to the team. We have roadmaps in place for this year. We have our metrics in place. We've improved our documentation. We're improving our test coverage. We're improving our PLM, our product life cycle, and our new product introduction processes.

是的，帕克，這個問題問得非常好。這是我們過去三、四個月與 Amitabh、CTO 和團隊一起花費大量時間研究的五個領域之一。我們為所有塔和平台製定了路線圖。我們一直在為團隊增添人才。我們已經制定了今年的路線圖。我們已經制定了衡量指標。我們改進了我們的文件。我們正在提高我們的測試覆蓋率。我們正在改進我們的 PLM、產品生命週期和新產品推出流程。

You're going to see improvement as we go through the year. Some of the changes will take one to two quarters. Some will take the whole year. You'll see improved delivery and execution as we move through this FY26 transitional year. You'll see the focus in the core being around innovation. We're going to have a new product introduction with a very interesting innovation around customer feedback management this year that's going to be very, I think, disruptive in the marketplace, really leveraging AI. I think you're going to see us continue to focus to add value in that space.

隨著時間的流逝，你會看到我們的進步。有些變化將需要一到兩個季度的時間。有些會花費一整年的時間。隨著我們進入 26 財年過渡年，您將看到交付和執行情況的改善。您會發現核心的重點是創新。今年，我們將推出一款新產品，其中的創新在客戶回饋管理方面非常有趣，我認為這將對市場產生很大的顛覆性影響，並真正利用人工智慧。我想你會看到我們繼續致力於在該領域增加價值。

In the space of CCaaS and service, it's really about completing the work around telephony so that we have expansive technology telephony options, both with partners and with our own Voice Connect Solution. We have a large number of customers and agents that are already on our solution, and we continue and expect to double that and triple that as we move forward.

在 CCaaS 和服務領域，實際上就是完成有關電話的工作，以便我們擁有廣泛的技術電話選項，包括與合作夥伴以及我們自己的語音連接解決方案。我們有大量客戶和代理商已經使用我們的解決方案，我們將繼續推進，並期望在未來將這一數字翻倍甚至三倍。

I think there's work that you're going to see throughout the year on workforce management, which is, I think, we'll be in a very good space as we get through our July and November releases. I think there's work on reporting on that side. I think we made an architectural decision that wasn't right. We created point-to-point reporting, which causes you almost write a report. I mean it seems like 1990 kind of a solution.

我認為您將在全年看到有關勞動力管理的工作，也就是說，我認為，當我們發布 7 月和 11 月的數據時，我們將處於一個非常好的空間。我認為那方面有報道工作。我認為我們做了不正確的建築決策。我們創建了點對點報告，這幾乎使您能夠編寫報告。我的意思是它看起來像是 1990 年的解決方案。

Yes, we have to create more of a data lake and then a kind of a Tableau type solution on top of that so that people can easily do the point-and-click. We'll fix that this year. There's work around security and reliability that we'll build out throughout the year to make sure that we're robust and that we're highly scalable. But you should watch that, it will be each quarter and as it will improve throughout this year and into next year.

是的，我們必須建立更多的資料湖，然後在其基礎上建立 Tableau 類型的解決方案，以便人們可以輕鬆地進行點擊。我們今年會解決這個問題。我們將全年致力於安全性和可靠性方面的工作，以確保我們的系統穩健並且具有高度的可擴展性。但你應該注意，它每個季度都會出現，並且今年和明年都會有所改善。

And we're making sure that we're not going crazy on the pipeline. We're not going to take every deal we can take. I mean, we want to make sure we harden this before we add too many new major implementation. We're still taking good deals. We're still adding new winners, but we've got to do it in an orderly fashion as we clean all of this debt up. It's this year. FY26 is the main focus.

我們正在確保管道不會出現問題。我們不會接受所有能夠接受的交易。我的意思是，我們要確保在添加太多新的重大實施之前加強這一點。我們仍在進行優惠交易。我們仍在增加新的贏家，但我們必須有序地進行，同時清理所有債務。是今年的。FY26 是主要關注點。

We reached end of our question-and-answer session. I'd like to turn the floor back over for any further or closing comments.

我們的問答環節結束了。我想將發言權轉回給大家，以便大家可以發表進一步的評論或結束語。

Well, I want to thank everyone for joining the call today. I appreciate everyone across the Sprinklr team around the globe and the hard work that they're doing. They're focused on creating value for our customers. Hey, this is never a straight line. We have -- there will always be new challenges that emerge, but I believe that we've taken the right initial actions.

好吧，我想感謝大家今天參加電話會議。我感謝全球 Sprinklr 團隊的每一個人以及他們所做的辛勤工作。他們專注於為我們的客戶創造價值。嘿，這從來都不是一條直線。我們有—總是會出現新的挑戰，但我相信我們已經採取了正確的初步行動。

We're positioning ourselves to improve. We know what to improve. We've improved the bottom line. We've now created the capacity to invest, to move forward. And then we'll look at FY26 as a transitional year. We should see the business begin to bend, and we want to improve our growth rate as we move through the year and into next year. It all comes down to better execution.

我們正在努力改進自己。我們知道需要改進什麼。我們已經提高了底線。我們現在已經具備了投資和前進的能力。然後我們將把 FY26 視為過渡年。我們應該看到業務開始好轉，並且我們希望在今年和明年能夠提高我們的成長率。一切都取決於更好的執行。

And when we get this right, our customers truly value the solutions we create and the AI solution we've built here on this amazing platform. So give us time. Let us focus on our execution. We're going to get there day by day, quarter by quarter and throughout this year. We know what to do, and we're going to work on it.

當我們做好這一點時，我們的客戶就會真正重視我們創造的解決方案以及我們在這個令人驚嘆的平台上建立的人工智慧解決方案。所以請給我們時間。讓我們集中精力於我們的執行。我們將每天、每季以及全年努力實現這一目標。我們知道該做什麼，並且會努力去做。

Thank you for everyone's time today. Have a great day.

感謝大家今天的寶貴時間。祝你有美好的一天。

That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

今天的電話會議和網路直播到此結束。此時您可以斷開您的線路，並享受美好的一天。我們感謝您今天的參與。