Sprinklr Inc (CXM) 2026 Q1 法說會逐字稿

Greetings. Welcome to Sprinklr first-quarter, fiscal year 2026 earnings call. (Operator Instructions) As a reminder, this call is being recorded.

問候。歡迎參加 Sprinklr 2026 財年第一季財報電話會議。（操作員指示）提醒一下，此通話正在被錄音。

It is now my pleasure to introduce Eric Scro, Vice President of Finance. Thank you. You may begin.

現在我很高興介紹財務副總裁 Eric Sc​​hli。謝謝。你可以開始了。

Thank you, operator, and welcome, everyone, to Sprinklr's first-quarter, fiscal year 2026 financial results call. Joining us today are Rory Read, Sprinklr's President and CEO; and Manish Sarin, Sprinklr's Chief Financial Officer.

謝謝接線員，歡迎大家參加 Sprinklr 2026 財年第一季財務業績電話會議。今天與我們一起出席的有 Sprinklr 總裁兼執行長 Rory Read 和 Sprinklr 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. Please note that on today's call, management will refer to certain non-GAAP financial measures.

我們不久前發布了收益報告，並向美國證券交易委員會提交了相關的 8-K 表格。我們已將它們與補充投資者簡報一起發佈在我們網站的投資者關係部分。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。

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.

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 的比較。

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 second fiscal quarter and full fiscal year 2026, 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 年第二財季和全年的指導、我們公司戰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。

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.

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。我們不承擔更新它們的任何義務。

For more details on the risks associated with these forward-looking statements please, refer to our filings with the SEC also posted on our website, including Sprinklr's quarterly report on Form 10-Q for the quarter ended April 30, 2025.

有關這些前瞻性陳述所涉及的風險的更多詳細信息，請參閱我們提交給美國證券交易委員會 (SEC) 的文件（也發佈在我們的網站上），包括 Sprinklr 截至 2025 年 4 月 30 日的 10-Q 表季度報告。

With that, I'll now turn it over to Rory.

現在，我將把發言權交給羅裡 (Rory)。

Thank you, Eric, and hello, everyone. It's nice to be with you today. I'll start by providing a few 1Q financial highlights before covering some of my thoughts on the progress we are making in transforming the Sprinklr business.

謝謝你，埃里克，大家好。今天很高興和你在一起。我將首先提供一些第一季的財務亮點，然後再談談我對我們在轉變 Sprinklr 業務方面所取得的進展的一些看法。

First-quarter total revenue grew 5% year over year to $205.5 million. And subscription revenue grew 4% year over year to $184.1 million. We generated $36.7 million in non-GAAP operating income, which resulted in an 18% non-GAAP operating margin for the quarter.

第一季總營收年增5%至2.055億美元。訂閱收入年增 4% 至 1.841 億美元。我們創造了 3,670 萬美元的非 GAAP 營業收入，導致本季非 GAAP 營業利潤率為 18%。

I'd also like to highlight the record $81 million in free cash flow generation for the quarter. I want to thank Sprinklr team members from around the globe, and our customers and partners for trusting us to help them solve some of their most important business needs.

我還想強調一下本季創紀錄的 8,100 萬美元自由現金流。我要感謝來自世界各地的 Sprinklr 團隊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。

In April, we welcomed Sanjay Macwan as our Chief Information Officer. Sanjay's experience, leading enterprise technology and information security at scale, will help strengthen our security posture, so we can deliver hardened world-class products while supporting our long-term vision to make every customer experience extraordinary. I expect we will make further leadership team additions as we move through FY26.

四月，我們歡迎 Sanjay Macwan 擔任我們的資訊長。Sanjay 在領導企業技術和資訊安全方面擁有豐富的經驗，這將有助於加強我們的安全態勢，使我們能夠提供世界一流的產品，同時支持我們讓每位客戶都擁有非凡體驗的長期願景。我預計，隨著 2026 財年的到來，我們將進一步增加領導團隊。

Now I'd like to provide you with an update on Sprinklr's transformation. To date, we have established a clear ambidextrous strategy, implemented a business management system, optimized our cost structure, realigned our go-to-market coverage model, and strengthened our product delivery road maps. We are creating a foundation from which we will strategically invest and efficiently run Sprinklr to improve our business.

現在我想向大家介紹 Sprinklr 轉型的最新進展。迄今為止，我們已經建立了清晰的雙向策略，實施了業務管理系統，優化了成本結構，重新調整了市場覆蓋模式，並加強了產品交付路線圖。我們正在創建一個基礎，在此基礎上我們將對 Sprinklr 進行策略性投資並高效運營，以改善我們的業務。

While we saw positive improvements in the business in the quarter, particularly around non-GAAP operating income and free cash flow, we are still a work in progress and have significant work to do across our business to elevate the consistency of our execution, improve the predictability of our results, and drive future growth.

雖然我們在本季度看到了業務的積極改善，特別是在非公認會計準則營業收入和自由現金流方面，但我們仍在不斷進步，並且在整個業務中還有很多工作要做，以提高執行的一致性，提高結果的可預測性，並推動未來的成長。

As I have shared in our previous two earnings calls, FY26 is a transitional year for Sprinklr. We anticipated some near-term challenges as we implemented a series of strategic and operational changes to directly address past execution challenges and to position the company for the long term. During my many meetings with customers around the world, there are clear instances where some of them were not effectively implemented or properly supported, which understandably led to their dissatisfaction.

正如我在前兩次財報電話會議上所分享的，26 財年是 Sprinklr 的過渡年。我們預計近期會面臨一些挑戰，因為我們實施了一系列策略和營運變革，以直接解決過去的執行挑戰並為公司的長期發展做好準備。在我與世界各地客戶舉行的多次會議中，我發現有些方案沒有有效實施或適當支持，這自然導致了他們的不滿。

In addition, the broader macroeconomic uncertainty has resulted in longer sales cycles and increased scrutiny of enterprise spending. This heightened scrutiny, coupled with inconsistent operational execution and lingering technical debt from the past several years, has continued to put pressure on our renewal cycles, resulting in more downsell activity and in some cases, logo churn.

此外，更廣泛的宏觀經濟不確定性導致銷售週期延長，企業支出審查更加嚴格。這種加強的審查，加上不一致的營運執行和過去幾年揮之不去的技術債務，繼續對我們的更新周期造成壓力，導致更多的降價活動，在某些情況下，甚至導致標誌的流失。

Addressing all forms of churn is a top priority in our transformational journey, and we are actively working to resolve these issues. As Manish will cover later in the call, we are maintaining our FY26 subscription revenue, non-GAAP operating income guidance. However, we must continue to improve our execution to drive stronger financial performance in FY27 and beyond.

解決所有形式的客戶流失是我們轉型過程中的首要任務，我們正在積極努力解決這些問題。正如 Manish 稍後將在電話會議中提到的那樣，我們將維持 26 財年的訂閱收入、非 GAAP 營業收入指引。然而，我們必須持續提高執行力，以推動27財年及以後更強勁的財務表現。

Our commitment is to help our customers realize the full value of our AI-native platform. This is why we are focused on taking steps to strengthen our implementation processes and increase our post-sales support. We believe these changes and our continued investment will help customers see faster time to value, deepen confidence in the value of our solutions, and unlock expansion opportunities aligned to our customers' critical priorities.

我們的承諾是幫助我們的客戶充分實現我們的人工智慧原生平台的價值。這就是為什麼我們專注於採取措施加強我們的實施流程並增加我們的售後支援。我們相信，這些變化和我們持續的投資將幫助客戶更快地實現價值，加深對我們解決方案價值的信心，並釋放與客戶關鍵優先事項一致的擴展機會。

We are also making changes to improve our day-to-day execution. Our new business management system provides a more comprehensive view of the business, with clear understanding of potential risk and opportunities so we can take proactive steps to address them quickly.

我們也在做出改變以改善我們的日常執行。我們的新業務管理系統提供了更全面的業務視圖，清楚地了解潛在的風險和機遇，以便我們能夠採取主動措施迅速解決這些問題。

And our new sales pod structure implemented in February enables our sales, services, and product teams to operate in a more unified and collaborative way to support customers. We are getting closer to the C-suite customers and building champions within the CIO and CTO organizations to better align with our customers' technology road map and their business priorities. We continue to strengthen our sales teams with hires across our pod structures.

我們在二月實施的新銷售小組結構使我們的銷售、服務和產品團隊能夠以更統一和協作的方式運作，為客戶提供支援。我們正在與高階主管客戶更加接近，並在 CIO 和 CTO 組織內打造冠軍，以更好地適應客戶的技術路線圖和業務重點。我們將繼續透過招募各部門的銷售人員來加強我們的銷售團隊。

With respect to the health of our pipeline, Sprinklr Core remains strong and is at the highest level over the past 18 months. Reenergizing and growing the core is a key driver to durable growth for Sprinklr. Since our founding, Sprinklr has been an undisputed market leader in social media management for the world's largest iconic brands.

就我們的管道健康狀況而言，Sprinklr Core 依然強勁，並且處於過去 18 個月的最高水平。重新激發和發展核心是 Sprinklr 持久成長的關鍵驅動力。自成立以來，Sprinklr 一直是全球最大標誌性品牌社群媒體管理領域無可爭議的市場領導者。

We believe shifting trends in social media today, notably the advancements in AI, social commerce, immersive content experiences, and cross-functional content strategies, play to Sprinklr's strength and positions us to win. And in service, we have a pipeline with numerous seven-figure opportunities to pursue and win. Our AI solution was one of the key reasons we are winning as a disruptor in service.

我們相信，當今社交媒體的變化趨勢，尤其是人工智慧、社交商務、沉浸式內容體驗和跨職能內容策略的進步，發揮了 Sprinklr 的優勢並使我們獲得勝利。在服務領域，我們擁有許多七位數的就業機會等待我們去爭取和贏得。我們的人工智慧解決方案是我們作為服務顛覆者成功的關鍵原因之一。

We're witnessing a pivotal shift where AI is no longer confined to automating basic tasks. Instead, AI is driving real-time decision-making. And the depth and breadth of the Sprinklr platform is helping turn data into insights and insights into actions, that's creating value for the brands we serve.

我們正在見證一個關鍵的轉變，人工智慧不再局限於自動化基本任務。相反，人工智慧正在推動即時決策。Sprinklr 平台的深度和廣度有助於將數據轉化為洞察力，並將洞察力轉化為行動，從而為我們服務的品牌創造價值。

Our LLM-agnostic architecture is built on Sprinklr's proven automation and AI engine. This foundation enables seamless integration of AI agents into existing workflows. Customers are reporting containment rates ranging from 30% to as high as 80%, significantly reducing the need for human intervention.

我們的 LLM 無關架構建立在 Sprinklr 經過驗證的自動化和 AI 引擎之上。該基礎使得 AI 代理能夠無縫整合到現有工作流程中。客戶報告的遏制率從 30% 到 80% 不等，大大減少了人工幹預的需要。

Now I'd like to cover our Project Bear Hug, which was one of our key back-to-the-field initiatives focused on deeply engaging our top 500 customers. This group represents approximately 80% of our revenue. In the first few months of Project Bear Hug, we've had detailed engagements with well over 100 of our largest customers.

現在我想介紹我們的“熊抱計劃”，這是我們重返賽場的關鍵舉措之一，旨在深度吸引我們的前 500 名客戶。該群體約占我們收入的 80%。在「熊抱計畫」實施的頭幾個月裡，我們與 100 多位最大客戶進行了詳細的接觸。

We're encouraged by the early results and new expanded use cases as we help companies drive accelerated ROI across the Sprinklr platform. This initiative brings together all functions of Sprinklr, sale, service, product, marketing, to bear hug our customers, enabling us to better understand their priorities and deliver better outcomes for their business.

當我們幫助公司在 Sprinklr 平台上加速投資報酬率時，早期結果和新的擴展用例令我們感到鼓舞。這項計劃將 Sprinklr 的所有功能（銷售、服務、產品、行銷）整合在一起，以貼近我們的客戶，使我們能夠更好地了解他們的優先事項並為他們的業務帶來更好的結果。

As many of you know, product and technology innovation have always been at the core of our strategy and competitive advantage. This focus is earning us industry recognition. We are extremely proud to be highlighted in three top-tier analyst evaluations by Gartner and Forrester, showcasing our exceptional cross-product innovation and unified platform vision.

眾所周知，產品和技術創新一直是我們策略和競爭優勢的核心。這種專注使我們贏得了業界的認可。我們非常自豪能夠在 Gartner 和 Forrester 的三項頂尖分析師評估中脫穎而出，展現了我們卓越的跨產品創新和統一平台願景。

These accolades validate our ambidextrous strategy, to reenergize and grow the core while hardening and expanding our service offering, to deliver an industry's most powerful AI-native unified customer experience management platform. This momentum confirms our continued leadership in the martech space, and as a formidable disruptor and challenger in the voice of the customer and CCaaS markets.

這些榮譽驗證了我們的雙管齊下策略，即在強化和擴展我們的服務產品的同時，重振和發展核心業務，以提供業界最強大的人工智慧原生統一客戶體驗管理平台。這一勢頭證實了我們在行銷科技領域的持續領導地位，以及作為客戶之聲和 CCaaS 市場中強大的顛覆者和挑戰者的地位。

Now I'd like to talk about some of our recent customer wins. During 1Q, we continued landing and expanding with many leading brands, companies such as Calvin Klein, LG Electronics, and Pepsi to name just a few. As of April 30, we now have 146 customers generating at least $1 million in annual subscription revenue, which is up 6% year over year.

現在我想談談我們最近贏得的一些客戶。第一季度，我們繼續與許多領先品牌合作並持續擴張，例如 Calvin Klein、LG 電子、百事可樂等公司。截至 4 月 30 日，我們目前擁有 146 位客戶，每年的訂閱收入至少為 100 萬美元，年增 6%。

I'd like to highlight a couple of examples that demonstrate how we're helping customers to win and deliver measurable results. This quarter, a Fortune 500 global medical technology leader replaced a five-year legacy vendor to reset their digital foundation for future growth.

我想強調幾個例子來說明我們如何幫助客戶贏得勝利並取得可衡量的成果。本季度，財富 500 強全球醫療技術領導者取代了一家已有五年歷史的傳統供應商，以重塑其未來成長的數位基礎。

They needed a more innovative, enterprise-ready platform. They chose Sprinklr in a highly competitive process for our ability to unify global operations, deliver best-in-class publishing capabilities, and support future growth across customer service, advertising, and listening, all on one AI-native platform.

他們需要一個更具創新性、更適合企業的平台。他們在競爭激烈的市場中最終選擇了 Sprinklr，因為我們能夠在一個 AI 原生平台上統一全球運營、提供一流的發布功能並支援客戶服務、廣告和聆聽領域的未來成長。

Now with Sprinklr Social and Sprinklr Service, the company is transforming how it delivers content and customer experience across markets, equipping its customer service and global social medium operations teams with AI-powered workflows, stronger governance, and smarter campaign execution. This win signals a strategic shift to unify and scale while positioning Sprinklr at the core of their long-term customer engagement strategy.

現在，借助 Sprinklr Social 和 Sprinklr Service，該公司正在改變其在各個市場提供內容和客戶體驗的方式，為其客戶服務和全球社交媒體營運團隊配備人工智慧驅動的工作流程、更強大的治理和更智慧的活動執行。此次勝利標誌著 Sprinklr 向統一和擴大規模的策略轉變，同時將其定位為其長期客戶參與策略的核心。

Our next win is with a leading British retailer in the healthcare and wellness space. They were in search of a strategic partner to completely reimagine their contact center, transforming it from a cost center to driver of valuable insights and revenue growth.

我們的下一個合作對像是英國一家領先的醫療保健和保健領域零售商。他們正在尋找策略夥伴來徹底重塑他們的聯絡中心，將其從成本中心轉變為有價值見解和收入成長的驅動力。

Following a competitive RFP process, they selected Sprinklr's unified platform to power a four-phase transformation, capturing the voice of the customer through advanced quality management and analytics; deflecting low-value contacts with intelligent knowledge management; deepening digital engagement via bots, live chat, and WhatsApp; and ultimately, unifying voice, workforce optimization, and CX operations.

在經過競爭性的 RFP 流程後，他們選擇了 Sprinklr 的統一平台來實現四階段轉型：透過先進的品質管理和分析來捕捉客戶的聲音；透過智慧知識管理轉移低價值聯繫；透過機器人、即時聊天和 WhatsApp 深化數位互動；最終統一語音、勞動力優化和 CX 營運。

This win signals a bold shift in how the brand views its services organization, and Sprinklr is at the heart of this evolution. A big congratulations to the bear hugging of cross-functional pods who help win these customers in Q1.

這場勝利標誌著品牌對其服務組織的看法發生了重大轉變，而 Sprinklr 正是這一轉變的核心。熱烈祝賀跨職能小組在第一季贏得這些客戶。

In closing, we're focused on building a better company, and we're making tangible progress in our transformation. We have acknowledged there will be challenges along the way, and we still have significant work to do. But we have clarity about where we are going, where we must improve, and how we will help our customers win.

最後，我們致力於建立一家更好的公司，並且在轉型過程中取得了實際的進展。我們認識到前進的道路上將會面臨挑戰，我們仍有大量工作要做。但我們清楚我們的目標是什麼、我們必須在哪些方面改進以及如何幫助我們的客戶取得成功。

And I'm optimistic about the opportunity in front of us, but this will take some time. Sprinklr is the definitive AI-native platform for unified customer experience management that empowers customer-facing teams to deliver seamless and consistent experiences across every touch point of the customer journey.

我對我們面前的機會感到樂觀，但這需要一些時間。Sprinklr 是用於統一客戶體驗管理的權威 AI 原生平台，它使面向客戶的團隊能夠在客戶旅程的每個接觸點提供無縫且一致的體驗。

The world is moving from transactional customer engagement to unified 360-degree customer experiences. We will leverage our AI-based unified platform and execute an ambidextrous approach to reenergize and grow our leading Sprinklr Core business, while hardening and expanding our disruptive Sprinklr Service solution in our march towards the Rule of 40.

世界正從交易型客戶參與轉向統一的 360 度客戶體驗。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領先的 Sprinklr 核心業務，同時在邁向 40 規則的過程中強化和擴展我們顛覆性的 Sprinklr 服務解決方案。

Thank you again, Sprinklr team members around the world who are passionate about our future. We are driven by a shared vision and commitment to innovation and align to our commitment to creating long-term value for our customers, partners, shareholders, and each other.

再次感謝世界各地對我們的未來充滿熱情的 Sprinklr 團隊成員。我們以共同的願景和對創新的承諾為動力，並致力於為我們的客戶、合作夥伴、股東和彼此創造長期價值。

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 first quarter, total revenue was $205.5 million, up 5% year over year, while subscription revenue was $184.1 million, up 4% year over year. Professional services revenue came in at $21.4 million.

謝謝你，羅裡，大家早安。第一季總營收為 2.055 億美元，年增 5%，訂閱收入為 1.841 億美元，年增 4%。專業服務收入達 2,140 萬美元。

Our subscription and revenue-based net dollar expansion rate in the first quarter was 102%. This reflects the ongoing impact from the elevated customer churn and downsell activity that we have experienced in the quarter and over the past 24 months.

我們第一季基於訂閱和收入的淨美元擴張率為 102%。這反映了我們在本季和過去 24 個月經歷的客戶流失和降價活動增加所帶來的持續影響。

At the end of the first quarter, we had 146 customers contributing $1 million or more in subscription revenue over the preceding 12 months, which is a 6% increase year over year but down slightly on a sequential basis versus Q4 of last year. This sequential decline reflects the cumulative impact from some of the downsell and customer churn challenges we have referenced in the past year.

截至第一季末，我們擁有 146 位客戶，他們在過去的 12 個月中貢獻了 100 萬美元或以上的訂閱收入，同比增長 6%，但與去年第四季度相比環比略有下降。這種連續的下降反映了我們在過去一年中提到的一些銷售下降和客戶流失挑戰的累積影響。

This has led to some customers that were previously included in this metric, falling below the $1 million level in trailing 12 months revenue and fewer customers expanding into this cohort. We believe our Bear Hug focus on customers at the high end of the market should positively impact our seven-figure customer count over time.

這導致一些先前納入該指標的客戶在過去 12 個月的收入跌破 100 萬美元，並且擴展到該群體的客戶數量減少。我們相信，我們對高端市場客戶的 Bear Hug 關注將隨著時間的推移對我們七位數的客戶數量產生積極影響。

Regarding gross margins for the first quarter, on a non-GAAP basis, our subscription gross margin was 78%. And the professional services gross margin was 6%, resulting in a total non-GAAP gross margin of 17%. As noted on previous calls, we are experiencing higher data and hosting costs as we are launching new cloud environments in response to new business opportunities, especially in Sprinklr [Service].

關於第一季的毛利率，以非公認會計準則計算，我們的訂閱毛利率為 78%。專業服務毛利率為 6%，非 GAAP 總毛利率為 17%。正如先前的電話會議中所提到的，由於我們正在推出新的雲端環境以應對新的業務機會，尤其是在 Sprinklr 中，因此我們的資料和託管成本正在上升[服務]。

Turning to profitability for the quarter, non-GAAP operating income was $36.7 million or an 18% margin, which drove non-GAAP net income of $0.12 per diluted share. In the quarter, we booked $16.3 million in restructuring charges and paid out $11.8 million in cash related to the restructuring. We also incurred $0.8 million in litigation costs that we deem to be noncore to the operations of the business.

談到本季的獲利能力，非 GAAP 營業收入為 3,670 萬美元，利潤率為 18%，推動非 GAAP 淨收入達到每股 0.12 美元。本季度，我們計入了 1,630 萬美元的重組費用，並支付了 1,180 萬美元與重組相關的現金。我們還花費了 80 萬美元的訴訟費用，我們認為這對業務運營而言並非核心費用。

As a reminder, these restructuring charges and litigation costs are not included in our non-GAAP figures. With respect to free cash flow, we generated $80.7 million during the first quarter, which is a record for Sprinklr. And if you factor in the $11.8 million cash paid out for the restructuring, free cash flow would have been $92.5 million for the quarter. This was a good start to the year and positions us well.

提醒一下，這些重組費用和訴訟費用不包括在我們的非公認會計準則資料中。就自由現金流而言，我們在第一季創造了 8,070 萬美元，創下了 Sprinklr 的最高紀錄。如果將重組支付的 1,180 萬美元現金計算在內，那麼本季的自由現金流將達到 9,250 萬美元。這是今年的一個好開端，為我們帶來了良好的局面。

This strong metric reflects our ongoing efficiency assets, better expense discipline, and improved collection processes. This free cash flow generation contributed to our healthy balance sheet, which now stands at $570.2 million in cash and marketable securities, with no debt outstanding. As we disclosed in our earnings release, I'm happy to report that Sprinklr's Board has authorized a new $150 million stock buyback program. And we intend to complete the full buyback by June 30, 2026.

這項強勁指標反映了我們持續的效率資產、更好的費用紀律和改進的收款流程。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總額為 5.702 億美元，沒有未償還債務。正如我們在收益報告中所揭露的那樣，我很高興地報告，Sprinklr 董事會已批准一項新的 1.5 億美元股票回購計畫。我們計劃在 2026 年 6 月 30 日之前完成全部回購。

Given the strong cash flow generation in Q1 and the operational improvements we have been making, we believe this is a prudent use of cash at this time. Calculated billings for the first quarter were $204.3 million, an increase of 7% year over year.

鑑於第一季強勁的現金流和我們一直在進行的營運改進，我們認為這是目前謹慎的現金使用方式。第一季計算的帳單金額為 2.043 億美元，年增 7%。

As of April 30, 2025, total remaining performance obligations or RPO, which represents revenue from committed customer contracts that has not yet been recognized, was $943.2 million, up 2% compared to the same period last year. And current RPO or cRPO was $596.8 million, up 5% year over year.

截至 2025 年 4 月 30 日，剩餘履約義務總額或 RPO（代表尚未確認的承諾客戶合約收入）為 9.432 億美元，比去年同期增加 2%。目前 RPO 或 cRPO 為 5.968 億美元，年成長 5%。

Before moving to guidance, I would like to comment on the macro environment. Since our last earnings call, it is clear the macro environment has been changing. While we continue to see a healthy pipeline, we think it is reasonable to expect customers to be more cautious and scrutinize their spending decisions for the remainder of the year.

在談到指導之前，我想先評論一下宏觀環境。自從我們上次財報電話會議以來，宏觀環境顯然一直在改變。雖然我們繼續看到健康的管道，但我們認為有理由預期客戶會更加謹慎，並在今年剩餘時間內仔細審查他們的支出決策。

Furthermore, I want to address the potential impact on the volatility of the US dollar on our business. Given that most of our billings are in US dollars, changes in exchange rates do not materially impact our revenue. From an expense perspective, however, as a significant proportion of our employee population is based outside the US and paid in local currency, we have a more significant impact on operating expenses.

此外，我想談談美元波動對我們業務的潛在影響。鑑於我們的大部分帳單都是以美元支付的，匯率的變動不會對我們的收入產生重大影響。然而，從費用角度來看，由於我們的很大一部分員工位於美國境外並以當地貨幣支付，因此我們對營運費用的影響更大。

At this point, we estimate a $10 million negative impact on our non-GAAP operating expenses based on current FX rates. However, at this time, we are confident we will be able to identify savings across the business to offset this headwind. Our guidance reflects these assumptions.

目前，根據當前外匯匯率，我們估計非 GAAP 營運費用將受到 1,000 萬美元的負面影響。然而，目前，我們有信心能夠找到整個業務中的節約方法來抵消這一不利因素。我們的指導反映了這些假設。

Now moving to the numbers, for Q2, we expect total revenue to be in the range of $205 million to $206 million, representing 4% growth year over year at the midpoint. Within this, we expect subscription revenue to be in the range of $184 million to $185 million, representing 4% growth year over year at the midpoint.

現在來看數字，對於第二季度，我們預計總收入將在 2.05 億美元至 2.06 億美元之間，相當於年增 4%。其中，我們預計訂閱收入將在 1.84 億美元至 1.85 億美元之間，相當於年增 4%。

The Q2 guide implies $21 million in professional services revenue, which is growing by 9% year over year. As we have signaled in prior earnings calls, we will continue to invest in our professional services delivery capabilities and expect professional services gross margin to be approximately breakeven in Q2.

第二季指南顯示專業服務收入為 2,100 萬美元，年增 9%。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，並預計專業服務毛利率將在第二季度實現收支平衡。

With respect to billings, we estimate total billings of just under $200 million here in Q2. We expect non-GAAP operating income to be in the range of $33.5 million to $34.5 million, resulting in non-GAAP net income per diluted share of approximately $0.10, assuming 270 million diluted weighted average shares outstanding. This equates to a 17% non-GAAP operating margin at the midpoint.

關於帳單，我們估計第二季的總帳單額略低於 2 億美元。我們預計非公認會計準則營業收入將在 3,350 萬美元至 3,450 萬美元之間，假設稀釋加權平均流通股為 2.7 億股，則非公認會計準則每股攤薄淨收益約為 0.10 美元。這相當於中間點的非 GAAP 營業利潤率為 17%。

As we discussed on the call in March, we began investing some of the capital freed up from our restructuring earlier this year. This includes hiring in key areas such as go-to-market, R&D, and AI resources, to both grow the core and harden our service product offering.

正如我們在三月的電話會議上所討論的那樣，我們開始投資今年早些時候重組釋放的部分資金。這包括在市場進入、研發和人工智慧資源等關鍵領域的招聘，以發展核心業務並強化我們的服務產品。

For the full-year FY26, we maintain our expectation for subscription revenue to be in the range of $741 million to $743 million, representing 3% growth year over year at the midpoint. As we previously shared, we continue to make progress in our transformation. But there is much more work still to do and challenges to address. We expect this transformation to continue across FY26.

對於 2026 財年全年，我們維持對訂閱收入在 7.41 億美元至 7.43 億美元之間的預期，中位數年增 3%。正如我們之前所分享的，我們在轉型過程中不斷取得進展。但仍有許多工作要做、許多挑戰需要解決。我們預計這種轉變將持續整個26財年。

We now expect total revenue to be in the range of $825 million to $827 million, representing 4% growth year over year at the midpoint. This is a $3.5 million increase from prior guidance. driven by an increase in our professional services revenue expectations to $84 million. For modeling purposes, you can assume approximately $21 million in professional services revenue for both Q3 and Q4. For the full year FY26, we are maintaining our non-GAAP operating income to be in the range of $129 million to $131 million.

我們現在預計總收入將在 8.25 億美元至 8.27 億美元之間，中間值將年增 4%。這比之前的指導增加了 350 萬美元，因為我們的專業服務收入預期增加到 8,400 萬美元。為了建模目的，您可以假設第三季和第四季的專業服務收入約為 2,100 萬美元。2026 財年全年，我們將非 GAAP 營業收入維持在 1.29 億至 1.31 億美元之間。

This equates to non-GAAP net income per diluted share of $0.39 to $0.40, resuming 277 million diluted weighted average shares outstanding. This implies a 16% non-GAAP operating margin at the midpoint. When modeling the spread of non-GAAP operating income for the second half of FY26, you can assume a midpoint of $30 million for both Q3 and Q4 as the investments flow through the income statement.

這相當於非公認會計準則每股攤薄淨收益為 0.39 美元至 0.40 美元，恢復 2.77 億股攤薄加權平均流通股。這意味著中間點的非 GAAP 營業利潤率為 16%。在對 26 財年下半年的非 GAAP 營業收入差額進行建模時，您可以假設第三季和第四季的中點均為 3,000 萬美元，因為投資會流入損益表。

In driving the net income per share for modeling purposes, a total tax provision of approximately $39 million needs to be added to the non-GAAP profit before tax. To get to non-GAAP profit before tax start with the non-GAAP operating income ranges provided and add an estimated $19 million in other income for the full year with $4 million of that to be earned here in Q2.

為了計算每股淨收入以用於建模，需要在非公認會計準則稅前利潤中添加總計約 3,900 萬美元的稅務準備金。要獲得非公認會計準則稅前利潤，首先要提供非公認會計準則營業收入範圍，再加上全年預計 1,900 萬美元的其他收入，其中 400 萬美元將在第二季獲得。

This other income line primarily consists of interest income. We estimated tax provision of $10 million here in Q2. This equates to approximately a 26% effective tax rate on our non-GAAP profit before tax for both the quarter and the year. 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're still tracking to achieve a 15% free cash flow margin in FY26, which would equate to a free cash flow generation of approximately $125 million for the full year.

其他收入主要包括利息收入。我們預計第二季的稅務準備金為 1000 萬美元。這相當於我們本季和本年度非公認會計準則稅前利潤的有效稅率約為 26%。我們也預期 26 財年全年的 GAAP 淨收入將為正，與過去兩年的業績保持一致。關於自由現金流，我們仍在努力實現 26 財年 15% 的自由現金流利潤率，這相當於全年產生約 1.25 億美元的自由現金流。

Q1 coming in at $92.5 million gives us a strong start to this year. 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. And with that, let's open it up for questions. Operator?

第一季的營收達到 9,250 萬美元，為我們今年的業績帶來了強勁的開端。最後，我要感謝所有員工對 Sprinklr 所做工作的奉獻和熱情，我也非常感謝客戶對我們的信任。現在，讓我們開始提問吧。操作員？

(Operator Instructions) Arjun Bhatia, William Blair & Company.

（操作員指示）Arjun Bhatia，William Blair & Company。

Perfect. Maybe for you, Rory, to start out with, it seems like you're making progress on the go-to-market side with some of the changes that you're implementing. But as you point out, we're still early in the journey, and there's a lot of work still to be done.

完美的。羅裡，也許首先對你來說，透過實施一些變革，你在市場進入方面似乎取得了進展。但正如您所指出的，我們仍處於起步階段，還有很多工作要做。

So I'm curious, how long is it before you think the go-to-market? Or can you kind of reach its full potential and start firing on all cylinders with cross-sell, with upsell with customer retention kind of getting to levels where you would be unhappy with it.

所以我很好奇，您認為要花多長時間才能進入市場？或者你能否充分發揮其潛力，全力以赴進行交叉銷售、追加銷售和客戶保留，直到達到你不滿意的水平。

Yes. Thanks, Arjun. That's a great question. The go-to-market is a fundamental component of the transformation. I think we did a great job with the coverage model that we implemented in February. I think the pod structure and creating those teams and really having them over the right account is fundamental to this transformation. In terms of where we are, I think we're making good progress.

是的。謝謝，阿瓊。這是一個很好的問題。進入市場是轉型的一個基本組成部分。我認為我們在二月實施的覆蓋模型做得很好。我認為小組結構、創建這些團隊並真正讓他們負責正確的帳戶對於這一轉變至關重要。就我們目前的狀況而言，我認為我們正在取得良好的進展。

But as I told you, FY26 would be a transitional year. I thought the first half would be choppier than the second half, and I look for more of a bend as they went through the year. The two things, I think, that are important about unlocking the go-to-market is, one, I think this push around Project bearhug to get our team back in front of the customer every day and a focus on sales execution and sales activity, driving that engagement with the customer.

但正如我告訴你的，26 財年將是個過渡年。我認為上半年會比下半年更加動盪，而且我期待他們在今年出現更多彎路。我認為，對於打開市場大門來說，有兩件事很重要：第一，我認為推動「熊抱計畫」可以讓我們的團隊每天回到客戶面前，並專注於銷售執行和銷售活動，推動與客戶的互動。

We're as we finish May, we've gotten to about 200 of our top clients through this Project Bear Hug. And we're definitely seeing traction from that activity. So I'm very encouraged. So we have to get that Bear Hug work out through about 500, 600 customers over the next two quarters. And that should put us into somewhere in 3Q.

截至五月底，我們已透過「熊抱計畫」聯繫了約 200 位頂級客戶。我們確實看到了這項活動的推動力。所以我感到非常鼓舞。因此，我們必須在接下來的兩個季度內讓大約 500 到 600 名客戶實現「熊抱」計畫。這應該會讓我們進入第三季的某個階段。

The second thing we have to do, Arjun, is we need to make sure we are creating a robust enablement program for our internal pods, as well as our partners because we have to build out our partner ecosystem and our customer. That we're actually implementing this month.

阿瓊，我們要做的第二件事是，我們需要確保為我們的內部小組以及合作夥伴創建一個強大的支持計劃，因為我們必須建立我們的合作夥伴生態系統和我們的客戶。我們本月實際上正在實施。

We're starting with a series of 100 level classes 200-level classes. And then later in the summer, we're going to be training our teams on 300 and 400 level classes around our eight or nine selling motions. So teaching the pod exactly how to sell, what are the pain points of the customer and how do we ramp them faster and create those use case models that help them sell.

我們將從一系列 100 級課程和 200 級課程開始。然後在夏季晚些時候，我們將圍繞八到九種銷售動作對我們的團隊進行 300 和 400 級別的培訓。因此，我們要準確地教導 pod 如何銷售，客戶的痛點是什麼，我們如何更快地提升他們的銷售，並創建那些有助於他們銷售的用例模型。

So I'd say as we move through this year, transitional FY26, I'll look for that sales that sales force and that pod structure to really start reaching some of its momentum in the latter part of the second half. I think we should see that in 3Q and 4Q and then into FY27,' 28, which is your acceleration time period, that's what I'd look for in that. Does that help, Arjun?

因此我想說，隨著我們進入今年的過渡期，即 26 財年，我會期待銷售人員和小組結構的銷售額在下半年後半段真正開始達到一定的勢頭。我認為我們應該在第三季和第四季看到這一點，然後進入 27 財年和 28 財年，這是你們的加速時間段，這就是我所期待的。這有幫助嗎，阿瓊？

Yes, perfect. That sounds very promising. I appreciate that. And then maybe the second one, just on CCaaS, it sounds like you're making some progress there. We know it's a competitive market, but it sounds like what you're doing is resonating.

是的，完美。這聽起來很有希望。我很感激。然後也許是第二個，僅在 CCaaS 上，聽起來你在那裡取得了一些進展。我們知道這是一個競爭激烈的市場，但聽起來你所做的事情引起了共鳴。

So I'm curious what, from a product perspective, customers are coming with -- to you to Sprinklr and saying, hey, we really like this. This is differentiating the market? And then what's driving that edge in the CCaaS service space.

所以我很好奇，從產品的角度來看，客戶會來找你——找 Sprinklr 並說，嘿，我們真的很喜歡這個。這就是區分市場嗎？那麼，是什麼推動了 CCaaS 服務領域的優勢呢？

I think what is key in that what differentiates Sprinklr and why some of these iconic brands are looking to us and how we've made some really important inroads in that CCaaS space. We only entered that market about 2.5 years ago. But we have some really outstanding brands. It's because of the AI capability and this platform. Now our CaaS customers have -- their agents have an experience where they can see more robust.

我認為關鍵在於 Sprinklr 的與眾不同之處，為什麼這些標誌性品牌會關注我們，以及我們如何在 CCaaS 領域取得一些真正重要的進展。我們大約兩年半前才進入該市場。但我們確實有一些出色的品牌。這是因為人工智慧能力和這個平台。現在我們的 CaaS 客戶——他們的代理商擁有了更強大的體驗。

They don't have to switch screens. They can really pull in data about the customer from a unified perspective from the social and listening and the insights world. They have the robust kinds of capability with the right copilot, AI agentic deflection and the social support around it. I think that's what they really like about it. The experience and the forward thinking of that AI-native platform that we're creating and then how we link the other components of Sprinklr onto that platform.

他們不必切換螢幕。他們可以從社交、聆聽和洞察世界的統一視角真正獲得有關客戶的數據。他們擁有強大的能力，擁有合適的副駕駛、人工智慧代理偏轉和周圍的社會支持。我認為這就是他們真正喜歡它的原因。我們正在創建的 AI 原生平台的經驗和前瞻性思維，以及我們如何將 Sprinklr 的其他元件連結到該平台上。

You're going to hear later in the year, some of the wins that we've had in that space. at a global level, and I think that they're going to be very important in unlocking the future there. Now the challenge for us has been we have to mature that. And that's when I talk about the strategy about hardening and expanding CCaaS I need to have that. This is a mission-critical application.

今年晚些時候，您將聽到我們在全球層面上在該領域取得的一些勝利，我認為這些勝利對於開啟該領域的未來至關重要。現在我們面臨的挑戰是我們必須使其更加成熟。當我談論強化和擴展 CCaaS 的策略時，我需要這一點。這是一個關鍵任務應用程式。

They love the experience. They love the solution and the platform and the AI nativity of it and the functionality around agentic AI, copilot and our studio work, but we have to have robustness in terms of how we release product, how we support products.

他們喜歡這種體驗。他們喜歡該解決方案、平台、人工智慧的原生性以及圍繞代理人工智慧、副駕駛和我們工作室工作的功能，但我們必須在產品發布方式和產品支援方式方面保持穩健。

We need to be a mature enterprise software company, and that's something we'll work across this whole year. So they love the solution. They like the idea, but we have to be better at implementing it and making sure that it's a great experience have to harden it and we have to add some functionality like in areas of workflow management that will enable us to have the full answer.

我們需要成為一家成熟的企業軟體公司，這是我們今年要努力的方向。所以他們喜歡這個解決方案。他們喜歡這個想法，但我們必須更好地實施它，並確保它是一個很好的體驗，必須強化它，我們必須添加一些功能，例如在工作流程管理領域，這將使我們能夠得到完整的答案。

And I think all of that's on track through the end of the year through the beginning of next year. And I consciously not pushed the accelerator down there. We are still continuing to grow in that space and add new customers but want to get that hardened before I expand further and spending a lot of time with our existing customers to make sure that's a good experience.

我認為，從今年年底到明年年初，所有這一切都將順利進行。我有意識地沒有踩下油門。我們仍在該領域繼續發展並增加新客戶，但在進一步擴張並花費大量時間與現有客戶相處以確保獲得良好體驗之前，我希望先鞏固這一領域。

Pinjalim Bora, JPMorgan.

摩根大通的 Pinjalim Bora。

Two quick questions. The elongation in sales cycles and scrutiny that you highlighted, want to ask you, is that broad-based across your customers? Or is that associated with certain geographies in certain verticals.

兩個簡單的問題。您強調的銷售週期和審查的延長，想問一下，這是否廣泛適用於您的客戶？或者這與某些垂直領域的某些地理位置有關。

And maybe talk about what have you seen in terms of spending trends as you stepped into Q2? And the second question is the logo churn, what is driving that? And how should we think about the dollar churn through the year?

也許您可以談談進入第二季後，您在支出趨勢方面看到了什麼？第二個問題是標誌的變更，原因是什麼？我們該如何看待全年美元的波動？

Yes. So let's take the first one first. I think what you're seeing there's definitely been pressure in terms of the macro and the uncertainty created by tariffs. It doesn't directly affect us. But I think everyone has -- and I don't think it's vertical, I don't think it's gets geography-based.

是的。因此我們先討論第一個。我認為，你所看到的肯定存在著宏觀壓力和關稅造成的不確定性。它不會直接影響我們。但我認為每個人都有——我不認為它是垂直的，我不認為它是基於地理位置的。

I think everyone is just focused on managing expense as effectively as they can and make sure that they're investing in those areas that get return. We're seeing plenty of opportunities. I mentioned that we're at the highest point in 18 months in terms of our core pipeline. I think that's a macro effect. I'd say it's across the plan.

我認為每個人都只專注於盡可能有效地管理費用，並確保他們在那些能獲得回報的領域中進行投資。我們看到了很多機會。我提到，就核心管道而言，我們正處於 18 個月以來的最高點。我認為這是一個宏觀效應。我想說這是符合計畫的。

I'd say in terms of the impact to us, I put that in the 30% plus or minus. I think more of our pressure has been over the past two years is on our execution, okay? I think everyone is going to feel that scrutiny and sell it on expense management. But I don't think it's catastrophic. I just think there's more focus on it.

我想說，就對我們的影響而言，我認為這個數字在 30% 左右。我認為過去兩年我們面臨的更大壓力在於執行力，好嗎？我認為每個人都會感受到這種審查並在費用管理上推銷它。但我並不認為這是災難性的。我只是認為應該要更加關注這一點。

Our key is getting better implementation and better execution, delivering on the commitments we make. And I can tell you the ones where we're bear-hugging and we're spending more time with the customer. We're seeing tangible progress. We just have to do it across a wider swath of the customer set. Now in terms of renewals.

我們的關鍵是更好地實施和更好地執行，兌現我們所做的承諾。我可以告訴你，我們正竭盡全力，花更多時間與客戶相處。我們看到了切實的進展。我們只是需要將這項措施推廣到更廣泛的客戶群。現在談談續約。

We've seen renewal pressure in Sprinklr long before I got here, I guess, the past two-plus years. I think, again, that's really driven by the need to make our company a mature enterprise software company, improve our implementation, engage the customer make sure we do what we say and own what we do.

我想，早在我來到這裡之前，也就是過去的兩年多時間裡，我們就已經看到了 Sprinklr 的更新壓力。我認為，這實際上是出於讓我們公司成為一家成熟的企業軟體公司、改進我們的實施、吸引客戶、確保我們言行一致、負責我們所做的需求。

If we make a customer commitment deliver on it. When we do an implementation, do it effectively and make sure you're in front of the customer every day. And each of those activities, we have specific actions with our sales pod, with Project Bear Hub, with our enablement with our work to transform our implementations.

如果我們向客戶做出承諾，我們就會兌現。當我們實施時，要有效地執行，並確保您每天都出現在客戶面前。對於每項活動，我們都透過銷售小組、Project Bear Hub 以及我們的支援工作來採取具體行動，以轉變我們的實施方案。

We want to move to have our implementations be 80% consistent and 20% bespoke. And we want our partner ecosystem to grow significantly as we move forward. Today, too much of our implementations are unique, bespoke implementations and not consistent enough. So in terms of that from quarter-to-quarter and predictability, we just are kind of in the same mode. I'm looking for the business to show a bend in the second half.

我們希望我們的實施方案 80% 是一致的，20% 是客製化的。我們希望我們的合作夥伴生態系統在我們前進的過程中能夠顯著成長。如今，我們的許多實施方案都是獨特的、客製化的，而且不夠一致。因此，就季度和可預測性而言，我們處於相同的模式。我希望業務在下半年出現轉機。

I'm looking for the changes that we're making in terms of the road map in terms of the enablement in terms of the pods in terms of the improvements to implementation, improvements to the enablement that should all start to translate to a bend in the second half of the year.

我正在尋找我們在路線圖方面、在支援方面、在實施改善方面、在支援方面的改進所做的改變，這些都應該在下半年開始轉化為彎道。

Now plus or minus, we'll look at it. We're a work in progress. And all I'll continue to do is give you updates on this. The challenges of the past two years, plus two years, we're not going to fix in two quarters, but we're going to fix in a transitional year as we move forward. And I think we're working on the right stuff. I really do.

現在，無論加減，我們都會看一下。我們的工作正在進行中。我會繼續提供大家這方面的最新消息。我們不會在兩個季度內解決過去兩年以及未來兩年所面臨的挑戰，而是在未來的過渡年內解決。我認為我們正在做正確的事。我確實如此。

Catharine Trebnick, Rosenblatt Securities.

羅森布拉特證券公司的 Catharine Trebnick。

Good first quarter here. So could you delineate maybe between Sprinklr marketing, Sprinklr insights and Sprinklr Social on the turn, are any one of those having more of a particular problem on renewal? And then the second follow-on question would be what type of R&D activity are you putting into those projects to help with the renewals.

第一季表現不錯。那麼，您能否在 Sprinklr 行銷、Sprinklr 洞察和 Sprinklr 社群之間進行區分，看看哪一個在續約方面遇到了更多特定問題？然後第二個後續問題是，您在這些專案中投入了什麼類型的研發活動來幫助更新。

Thanks, Catherine. Catherine, from a standpoint that whole social, the core martech stack space, I think the company has pivoted 2.5 years ago towards CCaaS really neglected and really didn't focus there. And I think it's a fundamental part of our solution long term. We want to reenergize and grow that core. There's no question we've changed our incentives this year to make sure, and we see that manifesting itself in a better pipeline.

謝謝，凱瑟琳。凱瑟琳，從整個社交、核心行銷技術堆疊空間的角度來看，我認為公司在 2.5 年前就已轉向 CCaaS，但真正忽視了它，也沒有真正把重點放在那裡。我認為這是我們長期解決方案的基本組成部分。我們希望重新激發並發展這個核心。毫無疑問，我們今年已經改變了激勵措施，以確保這一點，而且我們看到這體現在更好的管道上。

That's good news. I like that. I think what we're seeing in terms of renewal, there's not much variation between those three components that you referenced. Maybe [once], three, four points higher or lower, and it can vary from quarter-to-quarter, but they're all in the same kind of space. when we engage the customer and we work with them on a regular basis, and we help them grow and have the right insight we see stickiness.

這是個好消息。我喜歡這個。我認為，就更新而言，我們看到您提到的三個組成部分之間並沒有太大差異。可能[一次]，高或低三、四個百分點，而且每季都可能有所不同，但它們都在同一種空間內。當我們與客戶接觸並定期與他們合作，幫助他們成長並獲得正確的洞察力時，我們就會看到黏性。

We see activity and we see buy in. When we don't engage the customer, you expect it atrophies, you don't get the impact. That's why we're pushing so hard in the go-to-market. Now in terms of innovation, we've got a project internally called Project Tiger Shark. And Tiger Shark, what we're trying to do is really focus on all activities around the core to accelerate.

我們看到了活動，也看到了購買。當我們不與客戶互動時，我們就會萎縮，也不會產生影響。這就是我們如此努力進軍市場的原因。現在就創新而言，我們內部有一個名為「虎鯊計畫」的計畫。對於 Tiger Shark 來說，我們正在努力做的是真正專注於圍繞核心的所有活動以加速發展。

So we have focused on improving the user experience in the UI where -- around innovation and advancing. And we're looking externally, are there acquisition opportunities that can add different capabilities and functionality.

因此，我們專注於改善 UI 中的用戶體驗——圍繞創新和進步。我們正在尋找外部收購機會，以增加不同的能力和功能。

And there's some interesting opportunities out there that we're going to continue to pursue I think you're going to see us introduce in the customer feedback management space as a competitor to some of the traditional players in that space, I think we can be very disruptive there. The key, though, fundamentally, is being engaged with the customer. When we get it right, we grow.

我們將繼續尋求一些有趣的機會，我想你會看到我們進入客戶回饋管理領域，作為該領域一些傳統參與者的競爭對手，我認為我們可以在那裡造成很大的顛覆。但從根本上來說，關鍵在於與客戶的互動。當我們做對了，我們就會成長。

We just implemented a large multimillion dollar core deals that went live. We sold it in 4Q. It was with a big healthcare retailer, it went live just the past couple of days, very, very powerful. The key here is engage the customer, continue to invade, look for acquisitions that are small but meaningful that allow us to continue to expand on that space.

我們剛剛實施了一項價值數百萬美元的大型核心交易。我們在第四季將其出售。它與一家大型醫療保健零售商合作，在過去幾天剛剛上線，非常非常強大。這裡的關鍵是吸引客戶，繼續入侵，尋找雖小但有意義的收購，使我們能夠繼續擴大該領域。

No big variation in the renewals between the three pieces of the stack, but we've definitely got an understanding of how to make that change, and we're executing on. Thank you, Catharine.

這三個部分之間的更新沒有太大差異，但我們確實了解如何進行這種改變，並且正在執行。謝謝你，凱瑟琳。

Jackson Ader, KeyBanc Capital Markets.

傑克遜·阿德（Jackson Ader），KeyBanc 資本市場。

On the Bear Hug customers, so the 200 that you've identified, what was the rationale behind those 200? Is it just the largest 200? Is it the ones that were most at risk how did you define 200 ml versus the other [300 to 400]?

關於 Bear Hug 的客戶，您確定了 200 名，這 200 名背後的原因是什麼？只是最大的200嗎？是最危險的嗎？你如何定義200毫升與其他[300到400]？

Yes. What we did -- that's a great question, Jackson. What we did is we started on the strategic accounts, the top 25 to 50 accounts. And then we're -- then expanded to the top 100 and 200. They're definitely based on size.

是的。我們做了什麼——傑克遜，這是一個很好的問題。我們所做的是從策略帳戶開始，也就是前 25 到 50 名的帳戶。然後我們擴大到前 100 名和前 200 名。它們肯定是基於尺寸的。

So we wanted to capture that first. But at the same time, through our business management system, we're building more analytics into the accounts. And we're -- one of the things Bear Hug did, did a lot of AI analytics around correlations. What things do we see an account that has pressure. And so we're actually getting kind of like a health check on all our accounts.

所以我們想先捕捉到這一點。但同時，透過我們的業務管理系統，我們正在為帳戶建立更多的分析功能。我們 — — Bear Hug 所做的事情之一就是圍繞相關性進行大量人工智慧分析。我們看到哪些事情顯示帳戶有壓力。因此，我們實際上正在對所有帳戶進行健康檢查。

So we've started Bear Hug from largest to smallest and we're going to move in that direction. But in parallel, we did this work to do the analytics, and we're really starting to understand what are the factors? Are we seeing the right uptake? Are we seeing the engagement in the platform? Are we getting the right customer sales activity?

因此，我們從最大到最小開始了熊抱計劃，我們將朝著這個方向前進。但同時，我們也做了分析工作，我們真正開始了解其中的因素是什麼？我們是否看到了正確的吸收？我們是否看到了該平台的參與度？我們是否獲得了正確的客戶銷售活動？

For example, if we touch a customer 15x or more in a year, whether that's through the website, a sales call, getting them to an event. We see their brine propensity increase by 25%. That's a big number. So we want to get sales activity up. And so in parallel, Bear Hug goes top to bottom first, but then we're creating this kind of health analytics that's going to highlight that.

例如，如果我們在一年內接觸某個客戶 15 次或更多次，無論是透過網站、銷售電話或讓他們參加活動。我們發現他們的鹽水傾向增加了25％。這是一個很大的數字。因此我們希望提高銷售活動。同時，Bear Hug 首先從上到下進行，然後我們正在創建這種健康分析來突出顯示這一點。

And we are now looking 12 months in advance on account so that we're managing way further ahead. When I got here in November, they were talking about renewals that were going to happen that next month in December.

現在，我們提前 12 個月考慮帳戶，以便能夠更進一步進行管理。當我 11 月來到這裡時，他們正在談論下個月（12 月）即將進行的續約。

That's way, way too late. We have to be way ahead of that. And what you're going to see, as I answered the question earlier on the call, we've got to see that pod structure fundamentally changed the sales culture as we move through the second half of this year. Does that help, Jackson?

太晚了。我們必須領先一步。正如我在電話會議早些時候回答的問題一樣，你將會看到，隨著今年下半年的到來，吊艙結構從根本上改變了銷售文化。這樣有幫助嗎，傑克森？

Yes, yes. Makes sense. A quick follow-up, Manish. The $10 million FX headwind on non-GAAP EBIT or I guess, to the expense base. What are some of the areas that you think you can actually -- some of the levers you have to offset that $10 million in order to kind of keep your profitability metrics in land?

是的，是的。有道理。快速跟進，Manish。非 GAAP EBIT 或我猜是費用基礎的 1000 萬美元外匯逆風。您認為您實際上可以在哪些領域使用某些手段來抵消這 1000 萬美元，以保持土地的盈利指標？

Yes. Thanks, Jackson. So I mean, at this point, look, we're actively evaluating the situation. As I think you've picked up, we've been pretty thoughtful in where we're spending our money. So I think everything is on the table -- we -- as we did our reduction earlier in the year, we did keep some dry powder to figure out where we would invest during the course of the year.

是的。謝謝，傑克遜。所以我的意思是，看，此時我們正在積極評估情況。我想您已經注意到了，我們在花錢方面一直非常謹慎。所以我認為一切都擺在桌面上——我們——正如我們在今年早些時候所做的削減一樣，我們確實保留了一些資金，以確定我們將在今年投資於哪裡。

So we're just going to look thoughtfully at the money that we have. And as I said in the prepared remarks, we are looking to maintain the guide that we've put out. So we just look at where we can pull back and just be more thoughtful about our spending.

因此，我們只是要認真考慮一下我們擁有的資金。正如我在準備好的演講中所說，我們希望維持我們已經發布的指南。因此，我們只需考慮在哪些方面可以節省開支，並更謹慎地考慮我們的支出。

And Jackson, I'd add a little bit of color on that one from an investment standpoint. I'm not saving -- we're not going to save our way to prosperity here. We want to run an efficient model. And I think we've done some good work on cost optimization. We have to continue to invest in innovation, as we talked about with Catherine just a minute ago.

傑克遜，我想從投資的角度對此進行一些補充。我不會儲蓄——我們不會透過儲蓄來實現繁榮。我們希望運行一個高效率的模型。我認為我們在成本優化方面做了一些很好的工作。我們必須繼續投資於創新，正如我們剛才與凱瑟琳談到的那樣。

But I also -- I think there's key areas like AI -- we have a real leadership product here. We need to continue to extend that. I need some tiger teams in the region so I can engage the customer faster. I think that's going to be an area I'll look at. Another one is around this pod and enablement structure.

但我也認為——在人工智慧等關鍵領域——我們擁有真正的領導力產品。我們需要繼續擴大這個範圍。我需要該地區的一些猛將團隊，這樣我才能更快地與客戶接洽。我認為這將是我要關注的一個領域。另一個是圍繞這個吊艙和支撐結構。

I need them to come up to speed. We need them to come up to speed faster and really understand how to sell. And then our support and services and implementation. We have to transform some of that so that we're way better. I think we've been very prudent in where we made our investments in the product area and improved the road map.

我需要他們加快速度。我們需要他們更快地掌握並真正了解如何銷售。然後是我們的支援、服務和實施。我們必須改變其中的一些，這樣我們才能變得更好。我認為我們在產品領域的投資和路線圖的改進上非常謹慎。

But those are three areas. And I want to make sure that everyone knows that we are going to continue to make those moves that put us in the position for long-term durable profitability and growth in '27 and '28. And that's what's most important. Those are the areas we're going to look at.

但那是三個領域。我想確保每個人都知道，我們將繼續採取這些舉措，使我們在 2027 年和 2028 年實現長期持久的盈利和成長。這才是最重要的。這些就是我們要研究的領域。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Perfect. Congrats from me as well, Rory and Manish, good early performance. The question I had on CCaaS. There's obviously a big discussion in the industry about like what AI is going to do to them to that space. And can you speak a little bit about your vision there, like how that will come together and how you are maybe slightly differently positioned than the classic CCaaS vendors?

完美的。我也要向 Rory 和 Manish 表示祝賀，你們早期的表現很好。我對 CCaaS 有疑問。顯然，業界正在熱烈討論人工智慧將為該領域帶來什麼影響。您能否稍微談談您的願景，例如，它將如何實現，以及您的定位與傳統的 CCaaS 供應商有何略微不同？

Raimo, I love that question. I love this disruption. I think this disruption is open the door for Sprinklr. I think this AI transformation is 100% real. And this idea of digital deflection and agentic deflection and support is real.

Raimo，我喜歡這個問題。我喜歡這種顛覆。我認為這種顛覆為 Sprinklr 打開了大門。我認為這種人工智慧轉型是 100% 真實的。這種數字偏轉和代理偏轉與支持的想法是真實存在的。

Do I think agents in the CCaaS space are going to dramatically decline there are some people out there that say 90% of the agents will be gone in 10 years. That's not the case. That's not going to happen. But I think that you're going to see an important component of co-piloting and a genetic work that's going to deflect a fair amount of work. You're going to see the digital support activity is going to deflect a significant portion of the work.

我是否認為 CCaaS 領域的代理商數量會急劇下降？有些人說 90% 的代理商將在 10 年內消失。事實並非如此。這是不會發生的。但我認為你會看到共同駕駛的一個重要組成部分和遺傳工作將會轉移相當多的工作。您將會看到數位支援活動將會轉移很大一部分工作。

I still see that space growing in total. And I think that you're going to see this kind of movement that's occurring. That plays to our hand. We have that capability built in. And this will drive this movement to a unified customer experience.

我仍然看到這個空間總體上在增長。我認為你會看到這種運動正在發生。這對我們有利。我們已具備這種能力。這將推動這項運動走向統一的客戶體驗。

Well, you'll pull in the other activities around social and around digital and around voice that will create an end-to-end solution we're already selling it, and we're seeing momentum in that space. It's now a question of when does it accelerate? And if you read some of my LinkedIn post, you'll see that I talk about that. I think that's what I love this disruption. I think it's spot on.

好吧，你會吸引圍繞社交、數位和語音的其他活動，這將創建一個端到端的解決方案，我們已經在銷售它，並且我們看到了該領域的發展勢頭。現在的問題是它何時會加速？如果你有讀過我的一些 LinkedIn 帖子，你會發現我談論過這個主題。我想這就是我喜歡這種顛覆的原因。我認為這是完全正確的。

And that's one of the key reasons I believe in Sprinklr. Now the key for us to winning it is we've got a good platform. We've got it in the right space. but we have to mature this company. We have to get the right processes.

這也是我相信 Sprinklr 的一個主要原因。現在我們獲勝的關鍵是我們擁有一個良好的平台。我們已經處於正確的領域，但我們必須讓這家公司成熟起來。我們必須採取正確的流程。

We have to get the right sales motion. We have to get the right support function. That's what this year is about. You've got to give us time to fix those items. And if we fix those items and we really can scale with these iconic brands and support this, we're in a very good position to capture a significant part of that business.

我們必須獲得正確的銷售動力。我們必須獲得正確的支援功能。這就是今年的主題。你必須給我們時間來修復這些問題。如果我們解決了這些問題，並且我們真的可以與這些標誌性品牌一起擴大規模並提供支持，那麼我們就處於非常有利的位置，可以佔據該業務的很大一部分。

And I think we're very well positioned for it. but we've got to fix the maturity and harden the platform. This isn't -- this is in just a social listening platform anymore. This is a mission-critical unified AI-native customer experience platform. You have to behave like that if you're going to support the world's most iconic brands on their mission-critical apps.

我認為我們已經做好了充分的準備，但我們必須提高成熟度並強化平台。這不再只是一個社交聆聽平台。這是一個任務關鍵型統一的 AI 原生客戶體驗平台。如果您要支援世界上最具標誌性的品牌的關鍵任務應用程序，就必須這樣做。

That's what we have to do over the next 6, 9, 12-plus months. And if we do that, that transformation and that movement of the market plays to our hand. I love that this disruption. I want it to happen. But I need to mature at the same time. Thanks, Raimo.

這就是我們在接下來的 6、9、12 個多月裡必須要做的事。如果我們這樣做，市場的轉變和變動就會對我們有利。我喜歡這種顛覆。我希望它能夠發生。但同時我也需要成熟。謝謝，雷莫。

Yes. Makes sense. Can I have just one quick follow-up here, maybe it's more for Manish. If you think about your new business information system that's in place now, it's great to see they usually are things that you realize, oh my god, I know something that I didn't know and now I can act at it.

是的。有道理。我可以在這裡快速跟進嗎，也許這更適合 Manish。如果您想想現在已經到位的新業務資訊系統，您會很高興地發現它們通常都是一些您會意識到的事情，天哪，我知道了一些我不知道的事情，現在我可以採取行動了。

How comprehensive will that be for the organization. At the moment, you talked a lot about like sales renewal, et cetera, is that going just -- is it small for that space? Or is it going broader than that?

這對該組織來說有多全面？目前，您談論了很多關於銷售更新等方面的問題，這對於那個領域來說是否太小了？或者說它的範圍比這更廣？

Yes. Thanks, Raimo. So the BMS is way broader than that. So it's not just focused on renewals is everything from product delivery to enablement, to how the sales teams are performing most BMS systems you would look at would tend to be just around what's happening in the go-to-market.

是的。謝謝，雷莫。所以 BMS 的範圍比這要廣泛得多。因此，它不僅僅關注更新，還關注從產品交付到支援的一切，以及銷售團隊的表現，您所看到的大多數 BMS 系統往往只專注於上市過程中發生的事情。

And I think one of the things we realized was we were good at what we did, but more in silos. And so I think the BMS is really all around making sure everybody in the company has a full 360 view of what's going on and how do we perform better as a team versus in our own individual domains?

我認為我們意識到的一件事是，我們擅長我們所做的事情，但更多的是孤立地做事。因此，我認為 BMS 的真正目的是確保公司中的每個人都能全面了解正在發生的事情，以及我們如何作為一個團隊而不是在我們自己的領域中表現得更好？

And what the key here is, Raimo, is you've got to create a 13-week cadence every quarter. And you've got month one, month two, month three. And then you have biweekly component. We reviewed the road map. We review the implementation.

這裡的關鍵是，雷莫，你必須每季創造一個 13 週的節奏。你已經有第一個月、第二個月、第三個月了。然後你有雙週組件。我們審查了路線圖。我們審查實施情況。

We do sales every week, the sales cadence. We do month one, which has a strategic deep dive. We get the entire leadership team together three times a quarter for two days. We're engaged and we have -- we look at product, we look at sales, we look at marketing, we look at people, how we're changing the culture. We look at all those components. And across each 13-week cycle, we have a full calendar of events.

我們每週都會進行銷售，有銷售節奏。我們進行第一個月的戰略深度探討。我們每季都會召集整個領導團隊開會三次，每次兩天。我們參與其中，並且──我們專注於產品、專注於銷售、關注行銷、關注人才，關注我們如何改變文化。我們研究了所有這些組件。在每個 13 週的週期中，我們都有滿滿的活動行程。

Now we're burning that in. And I think we're getting -- if you think of Sprinklr like an airplane, when we got here, it had a couple of dials. You knew how fast it was flying and maybe what height we were. Now we know oil pressure on the engines. We do the temperature of the water.

現在我們正在將其銘刻於心。我認為我們正在得到——如果你把 Sprinklr 想像成一架飛機，當我們來到這裡時，它有幾個錶盤。你知道它飛得有多快，也許還知道我們的高度。現在我們知道了引擎的油壓。我們測量水的溫度。

We know the air speed. We know that we're starting to be able to see the weather that's coming in the future. And that's where you have to get the BMS to get proactive. But again, a work in progress, you have to give us time to do the work to create the [bed].

我們知道風速。我們知道我們開始能夠預見未來的天氣。這就是您必須讓 BMS 發揮主動作用的地方。但同樣，這是一項正在進行的工作，你必須給我們時間來創造[床]。

Elizabeth Porter, Morgan Stanley.

摩根士丹利的伊麗莎白波特。

Great. I wanted to follow up on comments around the pod structure and just fundamentally changing the sales culture. Just understanding that culture may be hard to change. I wanted to better understand the receptiveness from the team kind of what incentives you're putting in place. And what are the metrics you're looking at to really measure success of the new pod structure.

偉大的。我想跟進有關小組結構的評論，並從根本上改變銷售文化。僅僅理解這種文化可能很難改變。我想更了解團隊對您所實施的激勵措施的接受程度。您用什麼指標來真正衡量新 pod 結構的成功？

Yes, Elizabeth, that's a great question. So I think the first piece of work we did to launch in February was to get the new coverage model and really have this concept of a pod, where you have the AE kind of running the quarter back of the play. You've got this solution consultant being the technical. You've got the technical success manager with the right technical skills to have the ongoing relationship to really build it. You've got the [REM], the renewal manager in there.

是的，伊莉莎白，這是一個很好的問題。因此，我認為我們在二月推出的第一項工作就是獲得新的覆蓋模型，並真正擁有這種「吊艙」的概念，其中 AE 就像是運行比賽的四分之一後衛。您已聘請該解決方案顧問擔任技術顧問。您擁有一位具備適當技術技能的技術成功經理，可以與客戶建立持續的合作關係並真正實現這一目標。你們那裡有 [REM]，也就是續約經理。

You've got the implementation of the managed service. So they're behaving as a single unit, and they're getting in front of the customer. It is it creates that collaboration and teamwork. And we're bringing in product skills. So when we do a win report, you can see salespeople, product people, finance people, marketing people all reference as it takes a village.

您已經獲得了託管服務的實施。因此，他們表現得像一個整體，並且站在客戶面前。正是它創造了這種協作和團隊合作。我們正在引入產品技能。因此，當我們做一份成功報告時，你可以看到銷售人員、產品人員、財務人員、行銷人員都參考了這一點，因為這需要一個村莊。

We've got to create this mindset that everyone's job is around the customer. And our -- the Sprinklr way is about this obsession with the customer around accountability. I do what I say, and I own what I do. And it's about collaboration and teamwork. I do it as a group.

我們必須樹立這樣的觀念：每個人的工作都圍繞著客戶。而我們的 Sprinklr 方式就是對客戶責任的執著。我言出必行，我做事要負責任。這與協作和團隊合作有關。我以團隊的形式來做這件事。

We only succeed united. And then ultimately, it's about building trust. And remember, I love that book, the speed of trust. It's fundamental. If you build trust, you'd be successful.

只有團結起來，我們才能成功。最終，這是為了建立信任。請記住，我喜歡那本書《信任的速度》。這是根本。如果你建立了信任，你就會成功。

And the culture of the sales you want to create this ownership. We can't have a hit-and-run sales team. We need a team that's working. We live and die together, and we create this engagement to the customer and get the sales activity because I referenced earlier, we get the touches. Our sales win rate increases by 25%.

您希望創建這種所有權的銷售文化。我們不能擁有一支肇事逃逸的銷售團隊。我們需要一支努力工作的團隊。我們生死與共，我們與客戶建立這種聯繫並獲得銷售活動，正如我之前提到的，我們得到了接觸。我們的銷售成功率提高了25%。

You build better pipeline. We're creating the incentives to incur it. But you're right. It takes time. That's why you need time to [burn] that in. The good news is we've had a fair amount of attrition in the past two years. So a lot of new people. So you can help train them and grow them. That's why we're spending time on enablement right now. And you've got to create this and winning begets winning.

您建立了更好的管道。我們正在創造激勵措施來實現這一目標。但你是對的。這需要時間。這就是為什麼你需要時間來消化它。好消息是，過去兩年我們的員工流動率相當高。所以有很多新人。因此你可以幫助他們訓練和成長。這就是我們現在花時間實現的原因。你必須創造這個，勝利會帶來勝利。

We're not all the way there, but we are highlighting where we have these great successes. And that is the kind of dichotomy of Sprinklr. Sometimes, we have this renewal pressure that's been going on for two years. And then other accounts, we just have these amazing unlocks and we're able to grow it, and we're so fundamentally important to them. how do we catch that lightning and show that team.

我們還沒有完全實現這一目標，但我們正在強調我們所取得的巨大成功。這就是 Sprinklr 的二分法。有時，我們會面臨這種持續兩年的更新壓力。然後其他帳戶，我們只是擁有這些令人驚嘆的解鎖，我們能夠發展它，我們對他們來說非常重要。我們如何抓住那種閃電並向那個團隊展示。

That's how we changed the sales culture and the culture of the company. And that's what Joy Corso and her team is focused on is really creating that kind of cultural transformation. But it will take most of this year. Culture always takes between 12 and 24 months to get there. Always.

這就是我們改變銷售文化和公司文化的方式。這就是喬伊·科索和她的團隊所關注的，真正創造這種文化轉變。但這將耗費今年大部分的時間。文化的形成通常需要 12 到 24 個月的時間。總是。

Great. And then just as a quick follow-up. After the 15% reduction in workforce and some of the reinvestment you're doing just in the right areas, how should we think about the puts and takes and what year-end head count could be looking like?

偉大的。然後只是進行快速跟進。在裁員 15% 並在正確的領域進行一些再投資之後，我們應該如何考慮投入和產出，以及年底的員工人數會是什麼樣的？

I think plus or minus where we are today. I mean, maybe a little bit more. I want to be prudent on it. I'm really looking to upgrade our technical capability. I think we have maybe plus or so, maybe [100, 100] and change, something like that.

我認為我們現在的處境是加或減的。我的意思是，也許更多一點。我想對此保持謹慎。我確實希望提升我們的技術能力。我認為我們可能有加號左右，也許是 [100, 100] 和變化，諸如此類。

But I think it's in the ballpark. I think we want to make sure we don't get ahead of ourselves that we're very prudent. I need continue to grow on 300-plus AI skills that I have. I need to upgrade the technical capability of our success managers and in our solution sell consultants. Those are two areas.

但我認為它是大致相同的。我認為我們要確保自己不會操之過急，因此我們非常謹慎。我需要繼續提升我所擁有的 300 多種人工智慧技能。我需要提升我們的成功經理和解決方案銷售顧問的技術能力。這是兩個領域。

I think we got to make some investment in the enablement. But I think there's puts and takes. There are some other areas. I think we're in the general right ballpark. And I think let's get revenue let's see a bend in the business, and then we can kind of talk about where do we go from there.

我認為我們必須對實現該目標進行一些投資。但我認為這是有得有失的。還有一些其他領域。我認為我們大致處於正確的範圍內。我認為，讓我們獲得收入，看看業務的轉折點，然後我們就可以討論下一步該怎麼做。

But I think we can be just as efficient.

但我認為我們可以同樣有效率。

Patrick Walravens, Citizens JMP.

Patrick Walravens，公民 JMP。

Great. Rory, can we go back in time a little bit when you were -- and what I'm trying to get at here is sort of as you fix the fundamentals of Sprinklr, the strategic value of this business. So in [Vonage], you were appointed in July of 2020 and Ericsson announced the acquisition on November '21.

偉大的。羅裡，我們可以稍微回顧一下當時的情況嗎——我在這裡想要表達的是，當你修復 Sprinklr 的基本面時，這項業務的戰略價值。所以在 [Vonage]，您於 2020 年 7 月被任命，愛立信於 2021 年 11 月宣布收購。

So that went really quick, right? Can you just walk us through how that played out and help us think about sort of what the strategic value of Sprinklr might be.

所以一切進展得很快，對吧？您能否向我們簡單介紹一下事情的進展情況，並幫助我們思考 Sprinklr 的策略價值。

Yes. I think as I've shared with you, Patrick and the team, there's a particular approach that we go about when we take on one of these transformations and these kind of turnarounds. The first phase is always around business optimization. And most of that work is done. That's where we reorganize the go-to-market and we get the pod structure.

是的。我想，正如我與派崔克和團隊分享的那樣，當我們進行這些轉型和轉變時，我們會採取一種特殊的方法。第一階段始終圍繞著業務優化。大部分工作已經完成。這就是我們重新組織市場進入方式並獲得吊艙結構的地方。

That's where we refocused the road maps to make sure that we have the right priorities. We put in place the BMS we get the right strategic initiatives. Often, companies like this struggle with lack of clarity and they can't kind of page like an old mainframe, right? They're so busy switching from idea to idea. They're not really doing any work.

我們在此重新調整了路線圖，以確保我們有正確的優先事項。我們實施了 BMS，並獲得了正確的策略舉措。通常，像這樣的公司都會面臨缺乏清晰度的問題，他們無法像舊式大型主機那樣進行分頁，對嗎？他們忙於轉換各種想法。他們實際上沒有做任何工作。

They're just paging workload in and out of memory and never getting there. Now that shows how old I am because that's not the case, how it works to computing anymore. But I think you do that optimization work. And most of that is all done. The BMS is in place.

它們只是將工作負載分頁進出內存，但卻無法到達那裡。現在，這表明我有多老了，因為情況不再如此，它不再適用於計算了。但我認為你做了優化工作。大部分工作都已經完成。BMS 已到位。

I highlighted that the strategy is clear. Then you go through a transitional phase. And that's somewhere between, say, 12 and 18 months. That's why I talked about the first half of this year being that bumpy kind of period, and then you look for a bend as we go through the second half into FY27. And that puts us somewhere 18 to 24 months out.

我強調，該戰略是明確的。然後你會經歷一個過渡階段。這大概是 12 到 18 個月之間。這就是為什麼我說今年上半年是一段坎坷的時期，而當我們進入下半年、進入 2027 財年時，你會看到一個轉捩點。這意味著我們需要 18 到 24 個月的時間。

I think Vonage had the advantage of the COVID kind of acceleration that it caught the wind at the same time. But we followed the exact same structure. And then you move into an acceleration phase, whether that's 12 to 18 months in or whether that's 20 months or 24, it's in that general period.

我認為 Vonage 具有 COVID 加速的優勢，因為它同時抓住了風向。但我們遵循完全相同的結構。然後你進入加速階段，無論是 12 到 18 個月，還是 20 個月或 24 個月，都屬於這個大致時期。

It could be as short as 15 months. But that's what you're looking for. And then you start to build on it. So you do your optimization work. That's pretty much done here at Sprinklr. Now we've got clarity on the strategy. Now we use this transition year to fix the processes, the programs.

最短可能只有15個月。但這正是您所尋找的。然後你就可以開始在此基礎上進行建置。所以你要做優化工作。Sprinklr 基本上已經完成了這個任務。現在我們已經明確了戰略。現在我們利用這個過渡年來修復流程和計劃。

We make some of the investments, we start to change the culture. And we moved the whole thing in terms of maturation and maturity as a software company. And then that kind of puts us at the end of this year, beginning of next year sometime. And then we're then we're trying to put more logs on the fire. Now you're trying to accelerate the business and grow.

我們進行了一些投資，開始改變文化。作為一家軟體公司，我們在成熟度方面取得了巨大進步。然後這就意味著我們會在今年年底或明年年初的某個時候。然後我們嘗試往火裡放更多的木柴。現在您正在嘗試加速業務並實現成長。

And that's how you push towards the rule of 40. Each one is a little bit different. So you can go look at [Delbomi] or [Del Virtustream] or AMD or Lenovo. There's a whole long list of different companies that I've worked on. This is definitely the approach.

這就是你如何推行 40 法則。每一個都有點不同。因此你可以去看看 [Delbomi] 或 [Del Virtustream] 或 AMD 或聯想。我曾為很多不同的公司工作過。這絕對是方法。

That's how you should look at it, Patrick. And I think we're right where we should be at this point. Now this transition year is really fundamental. And I think we're doing the right things. Now we got to see it each component.

你應該這樣看待這件事，派崔克。我認為我們現在正處於我們應該處於的位置。現在這個過渡年確實至關重要。我認為我們正在做正確的事。現在我們要來看看它的每一個組件。

And I can tell you that we're a better Sprinklr than we were six months ago. and I expect to be a better Sprinklr in six months and a much better Sprinklr in 12 months.

我可以告訴你們，與六個月前相比，我們現在的 Sprinklr 更好了。我期望在六個月內，我們的 Sprinklr 會更好，在 12 個月內，我們的 Sprinklr 會更好。

And Manish, can I do a quick follow-up, which is I think I was looking for [103] on the dollar expansion you guys came in at [102]. So just what should we expect going forward just so we can sort of -- not be overestimating it.

Manish，我可以快速跟進嗎？我想問的是，你們在 [103] 美元擴張問題上[102]那麼，我們應該對未來抱持怎樣的期望，這樣我們才不會高估它。

Yes. And I think -- so that's a good question, Patrick. I think where we are right now, the one or two, give or take, is probably where I expect it to be again. We don't make any predictions around it. It's hard to sort of (inaudible) --

是的。我認為－－這是個好問題，派崔克。我認為我們現在所處的位置，大約一兩個，大概就是我所期望的。我們不會對此做出任何預測。很難（聽不清楚）——

But if you look at a full year growth rate of, call it, 4%-odd on the subscription side, that would sort of put the one or two right around where you'd expect it to be because some growth will come from new business sold during the year and obviously, a lot will come from upsells into the existing accounts. So I would expect this number to be kind of where it is right now. Again, give or take a couple of points you know that.

但如果你看一下全年的成長率，比如說訂閱方面的 4% 左右，那麼這一兩個數字就應該處於你預期的水平，因為一些增長將來自年內銷售的新業務，顯然，很多增長將來自現有賬戶的追加銷售。所以我預計這個數字會跟現在差不多。再次，您知道這一點，並給出幾點。

Yes, until we see the bed. That's it, Patrick. I appreciate it. I think we're good now. All right, Eric, I think we're out of time.

是的，直到我們看到床。就是這樣，派崔克。我很感激。我認為我們現在很好。好吧，艾瑞克，我想我們的時間已經到了。

Operator, if you have anything else, otherwise, Rory, any last remarks from you.

接線員，如果您還有其他問題，或者，羅裡，您還有什麼要說的嗎？

Well, first of all, I'd just like to thank everyone for joining. I appreciate everyone's interest in the company. I do want to thank the Sprinklr team members around the world for their passion and energy. I'd ask you to continue to track us as we go through. We'll give you updates in a very open, transparent way so you can track where we're going is a work in progress.

嗯，首先，我要感謝大家的加入。我感謝大家對公司的關注。我確實要感謝世界各地的 Sprinklr 團隊成員的熱情和活力。我希望你們在我們前進的過程中繼續跟蹤我們。我們將以非常開放、透明的方式向您提供最新信息，以便您可以追蹤我們正在進行的工作。

But I think we're in the right place at the right time. We're dealing with some of the challenges of the past we're making the right changes, and we're looking for the company to see a bend sometime in the second half of the year. But at this point, we're a work in progress, let's keep focused on making a better Sprinklr and give us a bit of time. I appreciate everyone's interest, and thank you, Sheri, for hosting the call today.

但我認為我們在正確的時間出現在了正確的地點。我們正在應對過去的一些挑戰，我們正在做出正確的改變，我們希望公司能夠在今年下半年的某個時候出現轉機。但目前，我們的工作仍在進行中，讓我們繼續專注於製作更好的 Sprinklr，並給我們一點時間。我感謝大家的關注，也感謝 Sheri 今天主持這場電話會議。

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開您的線路，感謝您的參與。