Sprinklr Inc (CXM) 2026 Q2 法說會逐字稿

Greetings. Welcome to Sprinklr second-quarter fiscal year 2026 earnings call. (Operator Instructions)

問候。歡迎參加 Sprinklr 2026 財年第二季財報電話會議。（操作員指示）

Please note, this conference is being recorded. I will now turn the conference over to Eric Scro, Head of Investor Relations.

請注意，本次會議正在錄製。現在我將會議交給投資者關係主管 Eric Sc​​h。

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

謝謝接線員，歡迎大家參加 Sprinkler 2026 財年第二季財務業績電話會議。今天與我們一起出席的有 Sprinklers 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，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。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 的協調情況。

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, and including our guidance for the third 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.

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 年第三財季和全年的指導、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. 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. With that, let me turn it over to Rory.

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。說完這些，讓我把麥克風交給羅莉 (Rory)。

Thank you, Eric, and hello, everyone. It's nice to be with you today. Second quarter total revenue grew 8% year over year to $212 million and subscription revenue grew 6% year over year to $188.5 million. We generated a record $38.2 million in non-GAAP operating income, which resulted in an 18% non-GAAP operating margin 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.

謝謝你，埃里克，大家好。今天很高興和你在一起。第二季總營收年增 8% 至 2.12 億美元，訂閱營收年增 6% 至 1.885 億美元。我們創造了創紀錄的 3,820 萬美元非公認會計準則營業收入，這使得本季度非公認會計準則營業利潤率達到 18%。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。

As we disclosed in today's earnings release, our CFO, Manish Sarin will be leaving Sprinkler on September 19. Manish has been an important member of the executive leadership team and I want to thank him for his contributions during his 3.5 years at sprinkler. We wish him the best in his future endeavors and I will assume responsibility for the financial organization on an interim basis while we finalize the search for our next CFO. We I'll now move to an update on our Sprinklr transformation.

正如我們在今天的收益報告中所揭露的那樣，我們的財務長 Manish Sarin 將於 9 月 19 日離開 Sprinkler。Manish 一直是執行領導團隊的重要成員，我要感謝他在 sprinkler 任職 3.5 年期間所做的貢獻。我們祝福他在未來的事業中一切順利，在我們最終尋找下一任財務長的同時，我將臨時負責財務組織的工作。我們現在將轉到 Sprinklr 轉型的更新。

At Sprinklr, we want our customers to leverage our technology to reimagine how brands connect with people making every experience extraordinary. As I've shared in 2 previous earnings call, fiscal year '26 as a transitional year for the company. And I'd like to provide you with an update on our progress. To date, we have largely completed Phase 1 of the transformation, which has been focused on business optimization. We have established a clear ambidextrous strategy, implemented a new business management system, optimized our cost structure realigned our go-to-market coverage model and strengthen our product delivery road maps.

在 Sprinklr，我們希望我們的客戶利用我們的技術來重新想像品牌如何與人聯繫，讓每一次體驗都變得非凡。正如我在之前的兩次財報電話會議上所分享的，26 財年是公司的過渡年。我想向你們通報我們的最新進展。到目前為止，我們已基本完成轉型的第一階段，重點是業務優化。我們制定了清晰的雙向策略，實施了新的業務管理系統，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。

This is the foundation from which we intend to strategically invest and efficiently run Sprinklr to improve our business and better serve our customers.

這是我們打算策略性地投資和高效經營 Sprinklr 以改善我們的業務並更好地服務我們的客戶的基礎。

Given the scope of this necessary and wide-ranging transformation, we anticipated some near-term challenges, especially during the first half of this year as we've implemented a series of strategic and operational changes to directly address past execution issues and to position the company for the long term. As a team, we've tackled these challenges head on, and we're making good progress but we still have more work to do across our business to elevate the consistency of our execution, improve the predictability of our results and drive durable growth.

鑑於這一必要且廣泛的轉型範圍，我們預計近期將面臨一些挑戰，尤其是在今年上半年，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問題並為公司的長期發展做好準備。作為一個團隊，我們已經迎接了這些挑戰，並且取得了良好的進展，但我們在整個業務中仍有許多工作要做，以提高執行的一致性，提高結果的可預測性並推動持久成長。

We are now entering the second phase of our transformation, the transition phase, which we anticipate will continue through the back half of FY26 and into FY27. This is where we will see many of these actions noted above, flow through and shape our business practices and the culture of the company. Building on our progress to date and as we've stated on prior earnings calls, we are making incremental investments here in the second half of fiscal year '26 to continue to meet the needs of our customers. These investments are designed to extend the enterprise leadership of our platform across both core and Sprinklr service.

我們目前正進入轉型的第二階段，即過渡階段，預計這一階段將持續到 26 財年下半年和 27 財年。在這裡，我們將看到上述許多行動貫穿並塑造我們的商業實踐和公司文化。基於我們迄今為止的進展以及我們在先前的財報電話會議上所說的，我們將在 26 財年下半年進行增量投資，以繼續滿足客戶的需求。這些投資旨在擴大我們平台在核心和 Sprinklr 服務方面的企業領導地位。

Some of these targeted investments include: one, the acceleration and deployment of AI functionality and marketing insights and CCaaS products; two, the addition of more channels and enhanced video capabilities to our leading core suite, and three, we're adding more in-region technical and implementation skills to the go-to-market motion to bring us closer to our customers. We are also continuing to strengthen our leadership team with individuals deeply experienced in driving exceptional customer experiences at scale.

這些有針對性的投資包括：一是加速和部署人工智慧功能、行銷洞察和 CCaaS 產品；二是在我們領先的核心套件中添加更多管道和增強視訊功能；三是我們在上市計劃中增加了更多的區域技術和實施技能，以使我們更貼近客戶。我們也將持續加強我們的領導團隊，引進在推動大規模卓越客戶體驗方面經驗豐富的人才。

In August, we hired [Bit Rambus] as our new Head of Global Services and Support reporting directly to me. Bit joins us with more than 25 years of experience. Most recently, as the Senior Vice President at Philips Healthcare, where he led an organization of over 3,000 people responsible for all facets of customer relations and retention throughout the customer life cycle. Furthermore, as you saw in today's earnings release, I'm happy to announce that we have hired [Scott Lahr] as our Chief Revenue Officer. With more than 30 years in the tech industry, Scott brings a proven track record of driving growth and a passion for building high-performing teams.

8 月份，我們聘請了 [Bit Rambus] 擔任新的全球服務和支援主管，直接向我報告工作。Bit 加入我們，擁有超過 25 年的經驗。最近，他擔任飛利浦醫療保健的高級副總裁，領導一個擁有 3,000 多名員工的組織，負責整個客戶生命週期內客戶關係和保留的各個方面。此外，正如您在今天的收益報告中看到的，我很高興地宣布，我們已聘請 [Scott Lahr] 擔任我們的首席營收長。斯科特在科技業擁有 30 多年的經驗，在推動成長方面有著良好的記錄，並且對打造高績效團隊充滿熱情。

Most recently, Scott served as the Senior Vice President, Global AI Sales at Dell Technologies, where he led a $15 billion revenue organization driving some of the largest AI deployments globally. Scott's arrival marks a pivotal moment for sprinkler as we sharpen our go-to-market strategy and position ourselves to accelerate the path forward. Bit and Scott are seasoned technology executives who bring proven expertise, leadership capabilities and experience delivering strong results at scale which we believe will accelerate our transformational journey.

最近，史考特擔任戴爾科技公司全球人工智慧銷售資深副總裁，領導一個收入達 150 億美元的組織，推動全球一些最大的人工智慧部署。史考特的到來標誌著 sprinkler 的一個關鍵時刻，因為我們將完善我們的市場進入策略並定位自己以加速前進的道路。Bit 和 Scott 是經驗豐富的技術主管，他們擁有成熟的專業知識、領導能力和經驗，能夠大規模地取得強勁成果，我們相信這將加速我們的轉型之旅。

Let's now turn to our business execution. As I covered in the first quarter earnings call, we have seen some longer sales cycle and continued scrutiny of enterprise spending. This heightened scrutiny coupled within consistent operational execution and lingering technical debt from the past several years continued to pressure our renewal cycle. Churn is a major focus for us. And to address this directly, we have been working hard to clean up and fix troubled engagement for those customers who have experienced past implementation and execution issues.

現在讓我們來談談我們的業務執行。正如我在第一季財報電話會議上提到的那樣，我們看到銷售週期有所延長，企業支出也受到了持續的審查。這種加強的審查，加上持續的營運執行和過去幾年揮之不去的技術債務，繼續給我們的更新周期帶來壓力。流失是我們關注的重點。為了直接解決這個問題，我們一直在努力為那些過去經歷過實施和執行問題的客戶清理和修復陷入困境的參與。

This leads us to project Bearhug, our key back to the field initiative to combat and help minimize churn which we launched back in March. Project Bearhug is focused on deeply engaging our top 700 customers, who collectively represent more than 80% of our total revenue. Through the first half of this year, we've had detailed engagements with nearly half of these customers and have established a regular cadence with scores of our top customers.

這促使我們啟動了 Bearhug 項目，這是我們在三月啟動的關鍵重返現場計劃，旨在應對和幫助減少客戶流失。Bearhug 專案致力於深度吸引我們的前 700 名客戶，他們合計占我們總收入的 80% 以上。今年上半年，我們與近一半的客戶進行了詳細的接觸，並與數十位頂級客戶建立了定期的聯繫。

One of those customers recently quoted the whole experience with Sprinkler feels seamless, easy, connective. Our sprinkler team operates like an extension of our internal team. We share goals and ideas and they're just as impacted by our struggles and excited about our wins as we are. This is exactly the type of experience we are striving to deliver every time, every day. As part of our go-to-market transformation, we're aligning our products to where they fit best and where we believe we have a disproportional ability to win and expand with customers.

其中一位客戶最近表示，使用 Sprinkler 的整個體驗感覺無縫、輕鬆、連貫。我們的灑水團隊就像我們內部團隊的延伸一樣運作。我們分享目標和想法，他們也和我們一樣受到我們的奮鬥的影響，並對我們的勝利感到興奮。這正是我們每次、每一天努力想要傳遞的體驗。作為我們市場轉型的一部分，我們正在調整我們的產品，使其最適合我們，我們相信我們擁有贏得客戶和擴大客戶群的巨大能力。

We believe Sprinklr delivers the most value to scaled global enterprises. We will focus on these enterprise customers who can best leverage the breadth and depth of our AI native unified platform. We are encouraged by the early results of Project Bearhug, which is enabling us to cultivate stronger relationships with the C-suite, better understanding of our customers' priorities and to demonstrate sprinklers powerful value. Let me now pivot to our technology and product innovation, which is fundamental to what we do with sprinkler.

我們相信 Sprinklr 能為規模化的全球企業帶來最大的價值。我們將專注於那些能夠最大限度地利用我們 AI 原生統一平台的廣度和深度的企業客戶。我們對 Bearhug 專案早期的成果感到鼓舞，它使我們能夠與高階主管建立更牢固的關係，更好地了解客戶的優先事項，並展示灑水器的強大價值。現在讓我來談談我們的技術和產品創新，這對我們的灑水器工作至關重要。

We believe our unified platform enables our customers to provide consistent, personalized and data-driven customer experiences. As we had mentioned early in the year, we have now launched our new core pricing and packaging for new logos. This is a hybrid model consisting of seat-based pricing and a commitment model based on consumption. We believe these simplified new bundles will enable us to deliver more transparency and feature sets that help unlock the value and power of the Sprinklr platform for our customers in an easier, seamless way.

我們相信，我們統一的平台使我們的客戶能夠提供一致、個人化和數據驅動的客戶體驗。正如我們今年年初提到的那樣，我們現在已經推出了新標誌的新核心定價和包裝。這是一個由基於座位的定價和基於消費的承諾模型組成的混合模型。我們相信，這些簡化的新套裝組合將使我們能夠提供更高的透明度和功能集，從而幫助我們的客戶以更簡單、無縫的方式釋放 Sprinklr 平台的價值和功能。

We also understand that companies working to determine how to successively deploy AI technology to help their teams move faster and elevate customer experiences. By investing and developing robust AI features and offerings, we are helping our customers realize the impact of AI in a truly meaningful way. This type of innovation leadership is not new to Sprinklr.

我們還了解到，公司正在努力確定如何連續部署人工智慧技術，以幫助他們的團隊更快地採取行動並提升客戶體驗。透過投資和開發強大的人工智慧功能和產品，我們正在幫助客戶以真正有意義的方式實現人工智慧的影響。這種創新領導力對於 Sprinklr 來說並不新鮮。

Sprinklr is an AI native platform that is purpose-built for customer experiences with dozens and dozens of industry and application integrations, backed by over a decade of expertise in analyzing complex structured and unstructured data set Sprinklr combined domain-specific and generative AI to power use cases, agents, copilot that augment teams and unlock intelligent collaboration.

Sprinklr 是一個 AI 原生平台，專為客戶體驗而構建，具有數十個行業和應用程序集成，並擁有十多年分析複雜結構化和非結構化數據集的專業知識，Sprinklr 結合了領域特定和生成性 AI 來支持用例、代理、副駕駛，從而增強團隊並實現智能協作。

This helps to drive efficiency and scale across our customers. Our AI is grounded in our customers' business context evolving alongside their teams while maintaining the highest standard of security, transparency, governance and trust. Our advancements in AI are fueling enterprise wins and improving customer satisfaction. Here are just a few of upcoming developments on our R&D front.

這有助於提高我們客戶的效率和規模。我們的人工智慧以客戶的業務環境為基礎，與客戶的團隊一起發展，同時保持最高標準的安全性、透明度、治理和信任。我們在人工智慧領域的進步正在推動企業的成功並提高客戶滿意度。以下只是我們研發方面即將取得的一些進展。

With the latest enhancements of our customer feedback management or CFM product, Sprinklr will provide customers with a unique ability to leverage AI to analyze structured and unstructured customer feedback from numerous data sources, social reviews, blogs, surveys, voice and chat transcription through one unified AI taxonomy, all on one platform. Additionally, upcoming product releases will further enhance our ability to disrupt that scale and deliver the technology teams need to reimagine the customer journey.

憑藉我們客戶回饋管理或 CFM 產品的最新增強功能，Sprinklr 將為客戶提供獨特的能力，利用 AI 透過一個統一的 AI 分類法在一個平台上分析來自眾多資料來源、社交評論、部落格、調查、語音和聊天記錄的結構化和非結構化客戶回饋。此外，即將發布的產品將進一步增強我們打破這種規模的能力，並提供重新構想客戶旅程所需的技術團隊。

First, Sprinklr AI agents or our genic AI offering, help brands scale 24/7 customer support, reduce cost and boost efficiency across channels built on our powerful AI and design specifically with key personas and customer workflows in mind, they are designed to help ensure fast, consistent, improved service experiences. And secondly, our agent copilot is an intelligent assistant powered by sprinkler AIs designed to streamline and elevate the customer service experience by supporting live agents with task automation and quick insight.

首先，Sprinklr AI 代理或我們的基因 AI 產品可協助品牌擴展全天候客戶支援、降低成本並提高基於我們強大 AI 的通路效率，並且專門針對關鍵角色和客戶工作流程進行設計，旨在幫助確保快速、一致、改進的服務體驗。其次，我們的代理副駕駛是一個由灑水器 AI 驅動的智慧助手，旨在透過任務自動化和快速洞察支援現場代理，從而簡化和提升客戶服務體驗。

We are encouraged by the impact that these technologies are having on our customers based on the uptake and usage of our early users. We believe these updates and our continued investments will help our customers see faster time to value, deepen confidence in our shared solutions and unlock expansion opportunities aligned to our customers critical priorities. As such, we are making targeted investments in infrastructure and implementation services to support our AI and service offerings.

根據早期用戶的接受和使用情況，這些技術對我們的客戶的影響令我們感到鼓舞。我們相信，這些更新和持續的投資將幫助我們的客戶更快實現價值，加深對我們共享解決方案的信心，並釋放與客戶關鍵優先事項一致的擴展機會。因此，我們正在對基礎設施和實施服務進行有針對性的投資，以支援我們的人工智慧和服務產品。

We are starting to see the positive impact of our investments. Results from Project Bearhug and our focus on execution, culminating and recent customer wins. In 2Q, we continued landing and expanding with many iconic brands. As of July 31, we have now 149 customers generating at least $1 million in annual subscription revenue, which is an additional three companies from our last quarter. So now in closing, we're making progress on our transformational journey as we are building a better sprinkler that best serves our customers.

我們開始看到我們的投資帶來的正面影響。Bearhug 專案的結果以及我們對執行、最終成果和近期客戶勝利的關注。第二季度，我們持續與許多標誌性品牌進行落地和拓展。截至 7 月 31 日，我們目前擁有 149 名客戶，年訂閱收入至少為 100 萬美元，比上一季增加了 3 家公司。最後，我們在轉型之旅中取得了進展，我們正在打造更好的灑水器，為我們的客戶提供最好的服務。

As we all know, transformation of this scale take time, and we have more work to do to properly execute this program. churn remains a challenge for us and improving our retention rate is a key priority. We're seeing early indication of better engagement and improving customer satisfaction based on my personal interaction with hundreds of customers and partners over my first 9 months. We now have better analytics to help guide our actions, drive deeper customer impact and improve our business predictability.

眾所周知，這種規模的轉型需要時間，我們還有很多工作要做才能正確執行這個計畫。客戶流失對我們來說仍然是一個挑戰，提高我們的保留率是當務之急。根據我前 9 個月與數百名客戶和合作夥伴的個人互動，我們看到了參與度提高和客戶滿意度提高的早期跡象。我們現在擁有更好的分析能力來幫助指導我們的行動、產生更深層的客戶影響力並提高我們的業務可預測性。

We've taken an ambidextrous approach to reenergize and grow our leading Sprinklr core, while we harden and expand our disruptive Sprinklr service solution in our march towards the rule of 40. We believe the investments we are now making and our continued focus on improving execution should begin to show a bend in our business over the next few quarters.

我們採取了雙管齊下的方法來重振和發展我們領先的 Sprinklr 核心，同時我們在向 40 規則邁進的過程中強化和擴展了我們顛覆性的 Sprinklr 服務解決方案。我們相信，我們現在所做的投資以及我們對改善執行力的持續關注將在未來幾季開始為我們的業務帶來轉機。

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 second quarter, total revenue was $212 million, up 8% year over year, while subscription revenue was $108.5 million, up 6% year over year. We have seen downward pressure on renewals for more than two years now. In the second quarter, we made further progress on the necessary cleanup to previously challenged accounts. As we have discussed improving implementations, deployments and customer satisfaction is a primary focus of our transformation as historically our pace of innovation has outpaced our ability to deliver on customer commitments.

謝謝你，羅裡，大家早安。第二季總營收為 2.12 億美元，年增 8%，訂閱營收為 1.085 億美元，年增 6%。兩年多來，我們已經看到續約面臨的下行壓力。第二季度，我們在對先前有問題的帳戶進行必要的清理方面取得了進一步的進展。正如我們所討論的，改進實施、部署和客戶滿意度是我們轉型的主要重點，因為從歷史上看，我們的創新步伐已經超過了我們履行客戶承諾的能力。

Professional services revenue came in at $23.6 million as we are working on some large CCaaS implementations for our customers. Our subscription revenue-based net dollar expansion rate in the second quarter was 102%. This is flat sequentially but reflects the ongoing impact of the elevated customer churn and downsell activity. At the end of the second quarter, we had 149 customers contributing $1 million or more in subscription revenue over the preceding 12 months which is an increase of 3 customers sequentially.

由於我們正在為客戶實施一些大型 CCaaS，專業服務收入達到 2,360 萬美元。我們第二季基於訂閱收入的淨美元擴張率為 102%。與上一季持平，但反映了客戶流失和降價活動增加的持續影響。截至第二季末，我們擁有 149 名客戶，其訂閱收入在過去 12 個月內達到或超過 100 萬美元，季增了 3 名客戶。

I would also like to note that the trailing 12 months revenue contributed by our $1 million customer cohort was up both year-over-year and sequentially. We believe our bar and focus on customers at the high end of the market should positively impact our 7-figure customer count and renewal rates over time. Regarding gross margins for the second quarter, on a non-GAAP basis, our subscription gross margin was 78%, and the professional services gross margin was breakeven resulting in a total non-GAAP gross margin of 69%.

我還想指出的是，我們 100 萬美元客戶群在過去 12 個月內貢獻的收入同比增長且環比增長。我們相信，我們的標準和對高端市場客戶的關注將對我們的 7 位數客戶數量和續約率產生積極影響。關於第二季的毛利率，以非公認會計準則計算，我們的訂閱毛利率為 78%，專業服務毛利率達到盈虧平衡，因此非公認會計準則總毛利率為 69%。

As noted in previous calls, we are experiencing higher data and hosting costs as we are launching new cloud environment in response to business opportunities, especially in sprinkles service and our expanded AI capabilities. Turning to profitability for the quarter. Non-GAAP operating income was $38.2 million or an 18% margin, which drove non-GAAP net income of $0.13 per diluted share.

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商業機會，尤其是在 sprinkles 服務和我們擴展的 AI 功能方面，我們正在經歷更高的數據和託管成本。轉向本季的獲利能力。非公認會計準則營業收入為 3,820 萬美元，利潤率為 18%，推動非公認會計準則每股淨收入達到 0.13 美元。

We incurred $0.8 million in litigation costs that we deem to be non-core to the operations of the business. And as such, these costs are not included in our non-GAAP figures. With respect to free cash flow, we generated a reported $29.8 million in free cash flow or $31 million during the second quarter after adjusting for $1.2 million in cash payments related to the restructuring we announced in Q1. On a reported basis, for the first half of FY26, we generated $110.5 million and when excluding the restructuring charges for the first half of FY26, we have generated a total of $123.5 million in free cash flow.

我們花了 80 萬美元的訴訟費用，我們認為這些費用與業務運作無關。因此，這些成本不包括在我們的非公認會計準則資料中。關於自由現金流，我們報告的自由現金流為 2,980 萬美元，在調整了第一季度宣布的重組相關的 120 萬美元現金支付後，第二季度的自由現金流為 3,100 萬美元。根據報道，2026 財年上半年，我們創造了 1.105 億美元的收入，如果扣除 2026 財年上半年的重組費用，我們共創造了 1.235 億美元的自由現金流。

We have a healthy balance sheet with $474 million in cash and marketable securities with no debt outstanding. During the second quarter, pursuant to the company's stock buyback program, we purchased 16.5 million shares of our Class A common stock for a total cost of $140.4 million. At the end of the first week of largest we completed the full $150 million buyback that was authorized by the Board. A total of 17.6 million shares will be returned to the company's authorized but unissued share reserve.

我們的資產負債表很健康，擁有 4.74 億美元的現金和有價證券，沒有未償還債務。第二季度，根據該公司的股票回購計劃，我們回購了 1,650 萬股 A​​ 類普通股，總成本為 1.404 億美元。在規模最大的第一週結束時，我們完成了董事會授權的全部 1.5 億美元回購。總計1760萬股股票將歸還至公司已授權但尚未發行的股票儲備。

Calculated billings for the second quarter were $200.6 million, an increase of 4% year-over-year. As of July 31, 2025, total remaining performance obligations, or RPO, which represents revenue from committed customer contracts that has not yet been recognized was $923.8 million, up 4% and compared to the same period last year. And current RPO or CRPO, was $597.1 million, up 7% year-over-year.

第二季的計算帳單為 2.006 億美元，年增 4%。截至 2025 年 7 月 31 日，剩餘履約義務總額（RPO）（代表尚未確認的承諾客戶合約收入）為 9.238 億美元，與去年同期相比成長 4%。目前 RPO 或 CRPO 為 5.971 億美元，年增 7%。

Moving on to guidance. For Q3, we expect total revenue to be in the range of $209 million to $210 million, representing 4% growth year over year at the midpoint. More than this, we expect subscription revenue to be in the range of $186 million to $187 million, representing 3% growth year-over-year at the midpoint. The step down from Q2 to Q3 subscription revenue is driven by the continued necessary cleanup of challenged accounts from the past that we mentioned earlier.

繼續指導。對於第三季度，我們預計總營收將在 2.09 億美元至 2.1 億美元之間，年增 4%。除此之外，我們預計訂閱收入將在 1.86 億美元至 1.87 億美元之間，相當於年增 3%。第三季訂閱收入從第二季下降到第三季度，是由於我們之前提到的需要繼續清理過去有問題的帳戶。

Q3 guide implies $23 million in professional services revenue, which is growing by 15% year-over-year. As we have signaled on prior earnings calls, we continue to invest in our professional services delivery and implementation capabilities and expect Professional Services gross margin to be approximately negative 3% in Q3. With respect to billings, Q3 is traditionally our weakest quarter, and we estimate total billings of approximately $150 million.

第三季指引顯示專業服務收入為 2,300 萬美元，年增 15%。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和實施能力，並預計第三季專業服務的毛利率約為負 3%。就營業額而言，第三季度傳統上是我們最疲軟的季度，我們估計總營業額約為 1.5 億美元。

We expect non-GAAP operating income to be in the range of $28.5 million to $29.5 million, resulting in non-GAAP net income per diluted share of approximately $0.09, assuming 257 million diluted weighted average shares outstanding. This equates to an approximately 14% non-GAAP operating margin at the midpoint. There are 2 factors affecting non-GAAP operating income in the second half of the year. First, we are experiencing a strong uptake in our AI produce leading to higher cloud costs in the second half of the year.

我們預計非公認會計準則營業收入將在 2,850 萬美元至 2,950 萬美元之間，假設稀釋加權平均流通股數為 2.57 億股，則非公認會計準則每股攤薄淨收入約為 0.09 美元。這相當於中間點的非 GAAP 營業利潤率約為 14%。影響下半年非GAAP營業收入的因素有2個。首先，我們的人工智慧產品需求強勁成長，導致下半年雲端成本上升。

Second, as Rory noted in his remarks, we are investing to position the company for revenue growth in the future to hiring AI and R&D talent, particularly in targeted regions to be closer to our customers as well as enabling additional go-to-market and implementation capabilities. For the full year FY26, we are raising our expectations for subscription revenue to now be in the range of $746 million to $748 million representing 4% growth year-over-year at the midpoint. We flowed through the entire Q2 beat as the incremental revenue in Q2 becomes a part of our recurring revenue stream.

其次，正如羅裡在演講中指出的那樣，我們正在投資，以使公司未來能夠實現收入成長，特別是在目標地區聘用人工智慧和研發人才，以便更貼近我們的客戶，並增強額外的上市和實施能力。對於 2026 財年全年，我們上調了訂閱收入預期，目前預計在 7.46 億美元至 7.48 億美元之間，中位數為同比增長 4%。我們順利度過了整個第二季度，因為第二季度的增量收入已成為我們經常性收入流的一部分。

We now expect total revenue to be in the range of $837 million to $839 million, representing 5% growth year-over-year at the midpoint. This is a $12 million increase from prior guidance, driven by an increase in our professional services revenue expectations to now $91 million and the flow-through and raise for subscription revenue. For modeling purposes, you can assume approximately $23 million in professional services revenue for both Q3 and Q4.

我們現在預計總收入將在 8.37 億美元至 8.39 億美元之間，中間值將年增 5%。這比之前的預期增加了 1200 萬美元，因為我們的專業服務收入預期增加到現在的 9,100 萬美元，以及訂閱收入的流動和增加。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 2,300 萬美元。

For the full year FY26, we are raising our non-GAAP operating income to be in the range of $131 million to $133 million. This equates to non-GAAP net income per diluted share of $0.42 to $0.43, assuming 266 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, you can assume a slight decrease in Q4 relative to our Q3 guide of $29 million as the investments we are making flow through the income statement in driving the net income per share for modeling purposes.

對於 26 財年全年，我們將非 GAAP 營業收入提高至 1.31 億至 1.33 億美元之間。假設稀釋加權平均流通股數為 2.66 億股，則非 GAAP 每股稀釋淨收益為 0.42 美元至 0.43 美元。這意味著中間點的非 GAAP 營業利潤率為 16%。在對非公認會計準則營業收入的差額進行建模時，您可以假設第四季度相對於我們的第三季度指導值 2900 萬美元略有下降，因為我們進行的投資通過損益表流入，從而推動每股淨收入以達到建模目的。

A total tax provision of approximately $40 million needs to be added to the non-GAAP profit before tax line to get to non-GAAP profit before tax start with the non-GAAP operating income range is provided at an estimated $22 million in other income for the full year with $4 million of that to be earned here this other income line primarily consists of interest income. We estimate a tax provision of approximately $9 million in Q3. This equates to approximately 26% and effective tax rate on our non-GAAP profit before tax for both the quarter and the year.

需要將總計約 4000 萬美元的稅收準備金添加到非 GAAP 稅前利潤線中，才能獲得非 GAAP 稅前利潤，首先要提供非 GAAP 營業收入範圍，全年其他收入估計為 2200 萬美元，其中 400 萬美元來自此處，該其他收入線主要包括利息收入。我們估計第三季的稅收準備金約為 900 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%。

We also expect to be GAAP net income positive for the full year FY26 consistent with our performance over the past few years. Regarding free cash flow, we generated $123.5 million in the first half of the year, excluding the restructuring payments. We estimate the full year free cash flow to remain at $125 million, given the incremental investments mentioned earlier.

我們也預期 26 財年全年的 GAAP 淨收入將為正值，與過去幾年的業績保持一致。至於自由現金流，不包括重組付款，我們在今年上半年產生了 1.235 億美元。考慮到前面提到的增量投資，我們估計全年自由現金流將維持在 1.25 億美元。

We estimate free cash flow to be slightly negative in Q3 with the balance generated in Q4. As Roy noted earlier, I will be stepping down from my role at Sprinklr. I want to express my heartfelt gratitude to the management team, the Board and the broader Sprinkler team for making it a truly memorable journey. And with that, let's open it up for questions. Operator?

我們估計第三季的自由現金流將略微為負，平衡將在第四季度產生。正如羅伊之前提到的，我將辭去 Sprinklr 的職務。我要向管理團隊、董事會和更廣泛的 Sprinkler 團隊表達衷心的感謝，讓這趟旅程真正令人難忘。現在，讓我們開始提問吧。操作員？

(Operator Instructions) Arjun Bhatia, William Blair.

（操作員指示）Arjun Bhatia，William Blair。

Willow Miller on for Arjun Bhatia. We appreciate the color in the prepared remarks about where Sprinkler is in its transformational journey but want to ask what do you think we'll see the band to use your wording? Is it fair to firm the band that's occurring in the back half of this year? Or is this more of a fiscal 2027 dynamic? And can you point to what business metrics we should look at to see this end.

威洛·米勒 (Willow Miller) 替換阿瓊·巴蒂亞 (Arjun Bhatia)。我們很欣賞您在準備好的評論中對 Sprinkler 在其轉型歷程中所處位置的描述，但想問一下，您認為我們會看到怎樣的樂隊？確定今年下半年出現的樂團是否公平？或者這更像是 2027 財年的動態？您能否指出我們應該關注哪些業務指標來實現這一目標？

Yes. Thanks, Willow. That's a great question. I think the real key to this is that we've been building this transformation road map for the past several quarters. I think as we look forward, we've built a better management system, better analytics.

是的。謝謝，Willow。這是一個很好的問題。我認為真正的關鍵在於我們在過去幾季一直在製定這個轉型路線圖。我認為，展望未來，我們建立了更好的管理系統和更好的分析系統。

We have better understanding of our customer position. We're looking several quarters out now in terms of renewals, our customer usage.

我們對客戶的立場有了更好的了解。我們現在正在關注未來幾季的續約情況和客戶使用情況。

I'm spending in a disproportional amount of time with customers. What we're looking for in terms of the metrics that we're looking for improvements in renewals, improvements in customer satisfaction, the number of challenged accounts. And we're looking for improvements in terms of growth across the business. I think right kind of expectation that we've been looking for is we are looking for that bend to occur here in the second half of FY26 into the beginning of FY27.

我花在客戶身上的時間太多了。就指標而言，我們尋求的是續約量的提高、客戶滿意度的提高以及有爭議的帳戶數量的增加。我們正在尋求整個業務成長方面的改善。我認為我們一直在尋找的正確期望是，我們正在尋找在 26 財年下半年到 27 財年初發生的轉變。

So I'll give you an update as we cover in the 3Q earnings call as well as in the 4Q earnings call. But in the indications that I'm seeing -- look positive, but we're making good progress. We have more work to do, as I've said, but I like our positioning as we move forward, and I'm optimistic that we can continue to build on the momentum and the improvements that we're making.

因此，我將在第三季財報電話會議和第四季財報電話會議中向您提供最新情況。但從我看到的跡象來看——看起來很積極，但我們正在取得良好進展。正如我所說，我們還有許多工作要做，但我喜歡我們前進的定位，我樂觀地認為，我們可以繼續保持目前的勢頭並取得進步。

Patrick Walravens, Citizens JMP.

Patrick Walravens，公民 JMP。

Great. I guess we'll start with the -- Rory, maybe start with the churn, which is sort of the biggest issue. Could you maybe give us an example of one of these bigger churn situations just so we can sort of wrap our heads around exactly what it is you guys are dealing with?

偉大的。我想我們會從──羅裡，也許從客戶流失開始，這是最大的問題。您能否給我們一個較大的客戶流失情況的例子，以便我們能夠確切地了解你們正在處理的問題？

Sure, Pat. So I think, Pat, the key here is that our this kind of renewal pressure that we've seen has gone on for several two, three years here at Sprinklr. I think a lot had to do with our focus on our customers, our ability to execute consistently. When we get it right, we're able to grow accounts very well. I think -- but we weren't always able to do that in a very consistent way, how we deliver our road map, how we deliver implementation. Our level in engagement with our customers.

當然，帕特。所以我認為，帕特，這裡的關鍵是，我們在 Sprinklr 看到的這種更新壓力已經持續了兩三年。我認為這很大程度上與我們對客戶的關注以及我們持續執行的能力有關。如果我們做對了，我們就能很好地增加帳戶。我認為——但我們並不總是能夠以非常一致的方式做到這一點，我們如何提供我們的路線圖，如何實現這一目標。我們與客戶的互動程度。

What we really focus with bearhug and all of the operational discipline that we're putting in place here is to really get closer to that to understand exactly how they're using this powerful AI native platform and how we can work with them to lease new modern use cases as well as grow the adoption of the current use cases. And I can tell you that as we've engaged these customers, their reaction is very positive. I think they are seeing a different sprinkler I think they're seeing a real dedication around our team to get in front of that customer, understand their needs and to do what we say and own what we do. It's a real focus on accountability.

我們真正關注的是 bearhug 以及我們在這裡實施的所有營運紀律，以便真正接近這一點，準確了解他們如何使用這個強大的 AI 原生平台，以及我們如何與他們合作來租用新的現代用例以及增加當前用例的採用。我可以告訴你，當我們與這些客戶接觸時，他們的反應非常正面。我認為他們看到了不同的灑水器，我認為他們看到了我們團隊的真正奉獻精神，即走在客戶前面，了解他們的需求，並按照我們所說的去做，並承擔我們所做的一切。這真正注重的是責任。

I think some of these challenges have been in place for the better part of a year or 2, Pat. And I think here is as we work through this, we're focused on getting longer renewals. We're focused on getting right use cases in place. We're focused on really creating the right C-level engagement. And I can tell you, I've met with well over 250 of our customers and our partners in very detailed sessions multiple times over the first 9 months.

帕特，我認為其中一些挑戰已經存在了一年或兩年。我認為，當我們解決這個問題時，我們會專注於獲得更長的續約時間。我們專注於找到正確的用例。我們專注於真正創造正確的 C 級參與。我可以告訴你們，在最初的 9 個月裡，我曾多次與超過 250 位客戶和合作夥伴進行非常詳細的會談。

I believe that we're seeing real improvement in that execution. I'll look for the best in the second half, beginning of next year. I think those are all key points. I'll give you a couple of examples. We see down cells where we have organizations that had pressure on their financial performance.

我相信，我們在執行方面看到了真正的進步。我將在明年下半年，也就是明年年初尋找最好的結果。我認為這些都是關鍵點。我給你舉幾個例子。我們看到下方儲存格中顯示的是面臨財務績效壓力的組織。

where they might have a lower investment in marketing, so they reduced some of their seat count. We had some , for example, a large ELA where they clearly had purchased way more during the COVID time period than they were really consuming.

他們可能在行銷方面的投資較少，所以他們減少了一些座位數。例如，我們有一些大型 ELA，他們在 COVID 期間購買的商品顯然比實際消費的要多得多。

And we made those adjustments and clean those up. We also had some execution issues, and we made -- where we were in challenged situations with certain customers. I can tell you that we've made good progress on those items. And for the most part, we've been able to convert those into renewals and move forward. I hope that helps, Pat.

我們做出了這些調整並進行了清理。我們也遇到了一些執行問題，並且我們在與某些客戶打交道時遇到了挑戰。我可以告訴你們，我們在這些專案上取得了良好的進展。在大多數情況下，我們已經能夠將這些轉換為更新並繼續前進。我希望這會有所幫助，帕特。

That's super helpful. And Manish, can I just ask you a follow-up in your remarks, you had a comment about the impact on the about the investment due to the strong uptake in AI. I'm just wondering, is that investment -- your you're consuming tokens from LLM, is that what it is? Or is it something else?

這非常有幫助。Manish，我能否就您的評論提出一個後續問題，您對人工智慧的強勁發展對投資的影響發表了評論。我只是想知道，那是投資嗎——您正在消耗 LLM 的代幣，對嗎？還是其他什麼？

Let's kind of -- I'll take it first, Pat. Manish can give you a little bit of color if you want. But I think what's really cool is so we've been introducing these advancements in our AI innovations around genic AI offerings around our co-pilot work at our AI studio work for them to develop. And we've implemented a number of our customers, and we've seen a very sharp uptick and their utilization of those functions.

讓我們——我先來，帕特。如果你願意的話，Manish 可以為你增添一點色彩。但我認為真正酷的是，我們一直在圍繞基因人工智慧產品引入我們的人工智慧創新中的這些進步，圍繞我們人工智慧工作室的副駕駛工作為他們開發。我們已經為許多客戶實施了該功能，並且看到了他們對這些功能的利用率急劇上升。

So there's more cost in terms of hosting, more LLM costs. There's more support structure that we're putting in place. The good news is the growth in that consumption is really high, and I like that, and it's going in the right direction. And what we're trying to do, Pat, is not kind of make AI for AI. We're trying to embed our AI to create intelligent collaborations with our customers and their human talent on the ground to create more efficient, better customer experiences to really tightly integrate with their workflows and their data to create a very different outcome.

因此，託管方面的成本更高，法學碩士 (LLM) 成本也更高。我們正在建立更多的支持結構。好消息是，消費成長確實很高，我喜歡這一點，而且它正朝著正確的方向發展。帕特，我們所嘗試做的並不是為人工智慧而製造人工智慧。我們正在嘗試嵌入我們的人工智慧，與我們的客戶及其實地人才建立智慧協作，以創造更有效率、更好的客戶體驗，真正與他們的工作流程和數據緊密結合，從而創造出截然不同的結果。

I think you're seeing some agentic work to offload and move to digital solutions, certain volumes of activities, and then you're augmenting human workforce with better information, nudges, data that allows them to create a better experience for the customer. I can tell you that the uptake that we're seeing from our customer set is positive.

我認為你會看到一些代理工作被卸載並轉移到數位解決方案、一定數量的活動，然後你用更好的資訊、推動力和數據來增強人力資源，使他們能夠為客戶創造更好的體驗。我可以告訴你，我們從客戶群中看到的接受度是正面的。

What we want to do always in 3Q, 4Q as we give you guidance, is to prudently guide with numbers and data that we believe that we can achieve. And then if we can beat them, that's even better. But that's how we're going about this planning.

在第三季和第四季為您提供指導時，我們始終希望做的是謹慎地使用我們認為可以實現的數字和數據進行指導。如果我們能夠擊敗他們，那就更好了。但這就是我們制定計劃的方式。

Elizabeth Porter, Morgan Stanley.

伊莉莎白‧波特，摩根士丹利。

Great. Great to hear the progress on Project Bearhug. When we look at the revenue guidance, it does imply some deceleration through the year despite some easing comps and the progress that you saw in Q2 so is there anything we should be mindful of as it relates to potential drags on the back half growth, for example, any sort of bigger renewal cohorts where we're still seeing pressure. Just trying to square some of the outlook in the guidance versus the progress that you saw here in Q2? And how should we think about that bending of the demand curve into the back half of the year?

偉大的。很高興聽到 Bearhug 專案取得進展。當我們查看收入指引時，它確實意味著全年收入會有所減速，儘管第二季度出現了一些放緩，但我們應該注意什麼，因為它可能拖累下半年的增長，例如，任何更大的續約群體都會給我們帶來壓力。只是想將指導中的某些前景與您在第二季度看到的進展進行對比嗎？我們該如何看待下半年需求曲線的彎曲？

Thanks, Elizabeth. I think the real focus here is to create a prudent guidance and ones that we really understand and that we believe we can achieve. There's no reason to lean into any of the numbers at this point. What we're really trying to do is to orderly move through this transformation. We told you that it would take some time.

謝謝，伊麗莎白。我認為這裡真正的重點是製定一個審慎的指導方針，一個我們真正理解並相信我們能夠實現的指導方針。目前沒有理由依賴任何數字。我們真正想做的是有秩序地完成這項轉變。我們告訴過你這需要一些時間。

We're making good progress. but we have more work to do. In terms of that kind of job in 3Q, that's kind of a reflection of the cleanups that we did in terms of the first half.

我們正在取得良好進展，但我們還有更多工作要做。就第三季的這類工作而言，這在某種程度上反映了我們在上半年所做的清理工作。

And I think if you look at 4Q, it starts to move up again as we kind of look out as we gave guidance for the full year as you calculate that. I think we want to be prudent and not lean into, we see that very clean bend in the business. I think indications are there that we'll see it in the second half, beginning of next year. But again, we want to make sure that we're executing well and we're prudently guiding so that there's no negative surprises. And that's how we went about doing it.

我認為，如果你看一下第四季度，它會再次開始上升，因為我們在計算時給出了全年的指導。我認為我們應該謹慎行事，不要傾向於我們看到業務中非常明顯的轉變。我認為有跡象表明我們將在明年下半年看到它。但再次強調，我們要確保執行良好，並謹慎引導，以免出現負面意外。這就是我們的做法。

Does that help Elizabeth?

這對伊麗莎白有幫助嗎？

Yes. That's very helpful. And then just as a follow-up, wanted to dive into that [Imbadextra] strategy to reenergize the core and hardened (inauidble) we heard a lot about the investment, particularly in the core. So I wanted to ask on the CCaaS side, what are some of the biggest drivers to unlock demand? Is it more of the product side or the kind of the support in the go-to-market side kind of where are we on the road map to deliver some of those changes?

是的。這非常有幫助。然後作為後續行動，想要深入研究 [Imbadextra] 策略，以重振核心並強化（聽不清楚）我們聽到了很多關於投資的信息，特別是在核心方面。所以我想問一下，從 CCaaS 方面來說，釋放需求的最大驅動力是什麼？這更多的是產品方面的問題，還是市場進入方面的支援問題，我們在路線圖上處於什麼位置來實現這些變化？

Well, that's a great question, Elizabeth. And as I look at the CCaaS business, it continues to grow well year-over-year. As I said at the beginning of my tenure here, we were going to actually kind of govern our growth rate in FY26. That CCaaS space so that we could harden it. We wanted to make sure we kept our key customers and we grew them and they become references.

嗯，伊莉莎白，這個問題問得真好。當我觀察 CCaaS 業務時，它繼續逐年成長良好。正如我在任職之初所說的那樣，我們實際上將在 2026 財年控制我們的成長率。那個 CCaaS 空間，以便我們可以強化它。我們希望確保保留我們的關鍵客戶，並讓他們成為我們的參考。

That's the key. So as we move through the second half of the year, we're making sure that those large implementations are successful and that we're doing all the right things to harden the support level to make sure all the functionality has been expanded and that it's a great customer experience.

這才是關鍵。因此，隨著我們進入下半年，我們將確保這些大型實施能夠成功，並且我們正在採取一切正確措施來加強支援級別，以確保所有功能都得到擴展，並確保客戶獲得良好的體驗。

So far, on all of those major implementations, they have moved into a better position and we've been able to execute more cleanly across that. As that becomes more firmly embedded across 3Q and 4Q and all the product deliveries are completed that harden and expand. We're doing work around data protection and continue to expand our security activity, our release processes, test environments, adding more technical skills closer to the customer.

到目前為止，在所有這些主要實施中，他們都已經進入了更好的位置，並且我們能夠更乾淨地執行。隨著第三季和第四季的進一步鞏固，以及所有產品交付的完成，這項策略將變得更加穩固和擴展。我們正在進行資料保護工作，並持續擴展我們的安全活動、發布流程、測試環境，為客戶增加更多技術技能。

All of those are do think better outcomes. And then where we go in FY27 as we start to open the spigot and really start to accelerate that growth once we see that hardening. And that's been very consistent of what I've shared with you all over the past several earnings calls. And it's tracking just the way we would like it so far. So that's what we're actually doing.

所有這些都確實會帶來更好的結果。然後，當我們開始打開水龍頭並真正開始加速成長時，我們將在 2027 財年看到這種強化。這與我在過去幾次財報電話會議上與大家分享的內容非常一致。到目前為止，它的運作情況正如我們所希望的那樣。這就是我們實際上正在做的事情。

Does that help, Elizabeth?

這樣有幫助嗎，伊莉莎白？

Matt VanVliet, Cantor Fitzgerald.

馬特‧範弗利特 (Matt VanVliet)、康托‧費茲傑拉 (Cantor Fitzgerald)。

I guess I wanted to dig in a little bit on the hybrid pricing strategy that you talked about. And maybe what that ultimately looks like. I don't know if you have customer examples of sort of a customer moving from old pricing to new pricing or at least similar-sized customers, what the pricing ultimately shakes out at? Is this -- can this be an uplift over time if consumption really picks up? Or how should we think about it impacting from a revenue and profitability standpoint?

我想深入探討您談論的混合定價策略。也許它最終會是什麼樣子。我不知道您是否有客戶案例，例如客戶從舊定價轉向新定價，或至少是類似規模的客戶，最終定價會是多少？如果消費真的回升，隨著時間的推移，這是否會成為一種提升？或者我們應該如何從收入和獲利的角度來看待它的影響？

Yes, Matt. I think that's a really good question. As we talked about this, I think it was even on my first earnings call, we discussed the need improve our pricing and packaging. We've implemented that, as I mentioned, that started in the third quarter. We're beginning it on our core products for new logos.

是的，馬特。我認為這確實是一個好問題。當我們談論這個問題時，我想甚至是在我的第一次財報電話會議上，我們就討論了改進定價和包裝的必要性。正如我所提到的，我們已經實施了這項計劃，該計劃從第三季開始。我們正在核心產品上開始採用新標誌。

And we want to make sure we test it properly and then we'll expand it to the breast of core, and then we'll bring it to CCaaS next year. The concept was -- we have a very complicated set of product offerings, a lot of different SKUs. We wanted to simplify the ability for our customers to buy.

我們希望確保對其進行正確的測試，然後將其擴展到核心，然後明年將其帶到 CCaaS。我們的概念是——我們提供一系列非常複雜的產品，有許多不同的 SKU。我們希望簡化客戶的購買流程。

It's kind of a bundled concept of like a premier kind of capability and then a super premiere capability. And then they have usage kinds of tokens that they're able to and they can actually trade those across offerings. We want to make it seamless, easy, and we believe that this should that should increase customer satisfaction. They'll understand where they sit. And with the increased focus of Bearhug we understand where the customer usage is how they can apply new kinds of new kinds of use cases to really be able to do it.

這是一種捆綁概念，就像是​​一種首要能力和一種超級首要能力。然後他們可以使用各種代幣，並且實際上可以在產品之間進行交易。我們希望讓它變得無縫、簡單，並且我們相信這應該會提高客戶滿意度。他們會明白自己坐在哪裡。隨著對 Billhug 關注度的不斷提高，我們了解了客戶的使用情況，以及他們如何應用新型用例來真正做到這一點。

And this is all subscription revenue. We've created it so that it's ratable and it's all in base so that we can move forward. I told you we do it at the beginning of my tenure, we've done it. We'll systematically implement it across the portfolio. simpler, seamless, easier for the customer, ability to consume all subscription revenue and allows us to create a better, cleaner relationship with our customers.

這些都是訂閱收入。我們創建它是為了讓它具有可評估性，並且一切都建立在基礎上，這樣我們就可以繼續前進。我在任職之初就告訴你們我們會這樣做，我們也確實這麼做了。我們將在整個產品組合中系統地實施它。更簡單、無縫、更容易為客戶使用，能夠消耗所有訂閱收入，並使我們能夠與客戶建立更好、更乾淨的關係。

Very helpful. And then as you look at the changing dynamic of the search engine and sort of moving to AI search, is that impacting whether it's the core components of the platform or even on the service side, are your customers seeing a transformation in their own business models that you're adjusting to? How should we think about kind of what AI search is doing, if at all, to your business?

非常有幫助。然後，當您觀察搜尋引擎的變化動態並轉向人工智慧搜尋時，這是否會影響平台的核心組件甚至服務方面，您的客戶是否看到了您正在調整的自身商業模式的轉變？我們該如何看待人工智慧搜尋對您的業務有何影響？

Yes. Let's talk about it first from the core side. We have the leadership core listening social marketing platform on the planet. That's a good thing. And I think what we're doing is pretty exciting.

是的。我們先從核心方面來談。我們擁有全球領先的核心聆聽社群行銷平台。這是一件好事。我認為我們正在做的事情非常令人興奮。

We're adding new channels, and we're doing work right now to add increased listening and capability across the LLPs and across new video capabilities. We want to continue to hold the #1 position in a number of channels, number of capabilities as we want to be the unmatched leader and voice of the customer that any of our global iconic brands can understand what people are talking about their brand.

我們正在增加新的管道，並且我們正在努力增加 LLP 中的收聽功能和新視訊功能。我們希望繼續在多個管道和多種功能中保持第一的位置，因為我們希望成為無與倫比的領導者和客戶的代言人，讓我們的任何全球標誌性品牌都能理解人們對其品牌的談論。

And then when we link it together across the platform, using the new releasing customer feedback management capability, the digital support work or the SAS worked we can create, again, an unmatched voice of the customer that links all vectors of customer engagement together on 1 single AI native platform. I think that's pretty cool. And I think I'd say, defendable moat. And I think it's something that is going to happen and it's going to actually accelerate. One last kind of concept.

然後，當我們在整個平台上將其連結在一起時，使用新發布的客戶回饋管理功能、數位支援工作或 SAS 工作，我們可以再次創建無與倫比的客戶聲音，將客戶參與的所有載體連結在單一的 AI 原生平台上。我認為這很酷。我想說，這是可防禦的護城河。我認為這是即將發生的事情，而且實際上會加速。最後一種概念。

We're seeing enterprise customers be very interested in this ability to link this information across social, across digital support across social commerce and across the contact center to create one voice to the customer. And I think you'll see -- I'll talk about this in some detail about some global 50 type customers that are applying this and that's part of the reason we're seeing an uplift in our services revenue as we do some really interesting transformational work with some of those customers on a global basis. But more to follow when we get to 3Q and 4Q.

我們看到企業客戶對這種功能非常感興趣，這種功能可以將這些資訊透過社交、數位支援、社交商務和聯絡中心連結起來，從而為客戶發出同一個聲音。我想你會看到——我將詳細談論一些正在應用此技術的全球 50 家客戶，這也是我們服務收入增長的原因之一，因為我們在全球範圍內與其中一些客戶開展了一些非常有趣的轉型工作。但當我們進入第三季和第四季時，還會有更多內容。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

Rory, if you look at those top 700 customers, 80% of revenue that you're attacking with Project Bearhug, what percentage of them or pieces of them have some form of troubled engagement today? And what are you learning as you progress through Project Bar Hog about how to best mitigate some of those challenges?

羅裡，如果你看一下那些最大的 700 名客戶，也就是你透過「熊抱計畫」爭取到的 80% 的收入，那麼其中有多少比例或哪些部分客戶目前存在某種形式的合作問題？在 Bar Hog 專案進行過程中，您學到了什麼關於如何最好地緩解其中的一些挑戰？

Yes, that's a great question, Parker. Really interesting. That top 700 customers that we want to deeply cover, we want to make sure that have every bit of sprinkler on top of that's where our bread is going to be buttered. That's where our growth is that's where the expansion opportunities. When we have customers that are spending $20 million, $25 million plus with us a year, that means a lot of those enterprise customers could grow to that over time.

是的，這是一個很好的問題，帕克。真的很有趣。我們希望深入涵蓋的 700 名頂級客戶，我們希望確保他們能夠得到充分的服務，這是我們業務的支柱。這就是我們的成長所在，也是擴張機會所在。當我們的客戶每年在我們這裡消費 2000 萬美元、2500 萬美元以上時，這意味著許多企業客戶可以隨著時間的推移增長到這個水平。

Want to protect them.

想要保護他們。

And it's actually getting closer to 90% of our revenue when you get to that 700 level. I think this is a very important feature. And with our investments and our current structure, we can cover those customers well. And we can engage them in a very detailed deep way, and they appreciate that. These are real iconic brands.

當達到 700 的水平時，它實際上就接近我們收入的 90%。我認為這是一個非常重要的特徵。透過我們的投資和現有結構，我們可以很好地涵蓋這些客戶。我們可以以非常詳細和深入的方式與他們進行交流，他們對此表示讚賞。這些都是真正的標誌性品牌。

These are true enterprise players. Now when I look at challenged accounts, one of the things I did when I got here was put in a program to look at challenged accounts. And we have a process each week where we track that.

這些都是真正的企業參與者。現在，當我查看受到質疑的帳戶時，我來到這裡所做的事情之一就是啟動一個程式來查看受到質疑的帳戶。我們每週都會有一個流程來追蹤這種情況。

I can tell you that number of challenged accounts was in the 10s, 10s and 10s at the beginning. And now it's drifted down into the teens. So we're seeing an improvement in terms of those really challenged accounts, and I track them each week. So they probably peak back in May, June time frame, and they've been kind of trending down since then. It's very similar to what I saw at other companies like [Vonage,] et cetera.

我可以告訴你，一開始被挑戰的帳戶數量是幾十個。現在，這一數字已經下降到十幾歲了。因此，我們看到那些真正有挑戰性的帳戶有所改善，我每週都會追蹤它們。因此，它們可能在五月、六月期間達到頂峰，從那時起就呈下降趨勢。這與我在其他公司（例如 [Vonage] 等）看到的非常相似。

But let's keep working it. We're trying to make sure that we're executing.

但讓我們繼續努力。我們正在努力確保執行。

I'm a bit from Missouri, the Show-Me state. I want to make sure I see that execution happen, and I'll cover more of that when we get to 3Q, 4Q and the beginning of next year.

我來自密蘇裡州，密蘇裡州。我希望確保看到這項執行，當我們進入第三季、第四季和明年年初時，我將介紹更多相關內容。

Understood. And maybe just circling back to the higher cloud costs you're seeing in the business. I think we're probably 300, 400 points off from where subscription margins were at this time last year. Are you saying that we should see further pressure on the subscription gross margin line or levels that are similar to what we see through the first half of the year?

明白了。也許只是回到您在業務中看到的更高的雲端成本。我認為我們的訂閱利潤率可能比去年同期低了 300 到 400 個百分點。您是否是說，我們應該看到訂閱毛利率線或水平面臨進一步的壓力，類似於今年上半年所看到的水平？

This is Manish. Let me start. So I think as we were saying with respect to what we are looking at in the second half of the year, there is going to be pressure on the gross margin largely driven by, as we were saying, consumption of our AI product. So there is additional cloud hosting costs, other costs that come with it. So I would assume call it, 2 to 3 point reduction in gross margins in the second half.

這是馬尼什。讓我開始吧。因此，我認為，正如我們所說的，對於下半年的展望，毛利率將面臨壓力，這主要是由於我們人工智慧產品的消費所致。因此，還有額外的雲端託管成本以及隨之而來的其他成本。因此我估計下半年毛利率將下降 2 到 3 個百分點。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Perfect. Rory, if you think about the challenged customers on the renewal, is there a way to think about when we kind of go through that just from a timing perspective in terms of once they have renewed once you kind of are back on a better cadence et cetera, so that we can see like -- you talked about the numbers going lower, but is there kind of a way they all have renewed now kind of much closer to them so we can move beyond that issue. Can you kind of speak to that, please?

完美的。羅裡，如果你考慮續約方面遇到挑戰的客戶，有沒有辦法從時間角度來考慮，一旦他們續約，一旦你們回到更好的節奏等等，我們就能看到——你談到數字下降，但是有沒有一種方法，他們現在都已經續約了，而且距離續約時間更近了，這樣我們就可以解決這個問題了。您能就此談談嗎？

Yes, sure, Raimo. I think that really the most important factor is actually not the renewal. I mean, the renewal is key and multiyear is even better, and we're seeing an uptake in our number of longer-term renewals, those are good. But nothing's going to change unless you change the depth of your relationship. That's why back to the field focus and the bear hug work is so critical and why we're focused on that top 700 every time you renew, you can renew, you can carry the day and you can make adjustments and you can get it done.

是的，當然，雷莫。我認為真正最重要的因素其實不是續約。我的意思是，續約是關鍵，多年期續約更好，而且我們看到長期續約的數量增加，這是好事。但除非你改變你們關係的深度，否則什麼都不會改變。這就是為什麼回到現場焦點和熊抱工作如此重要，以及為什麼我們每次續約時都專注於前 700 名，你可以續約，你可以獲勝，你可以做出調整，你可以完成它。

But how you create that long-term stickiness, that value creation, the impact of the platform is by engaging with that customer every day, every week, every month across the entire year -- that's how you break the back of this and you create a stronger renewal trend. We're going to come up on my 1 year in November. We should start to some of that bend in that 3Q, 4Q time period into next year. It's really not about going through the renewals. If we just did the renewals and got longer renewals, that's all good.

但是，如何創造這種長期的黏性、價值創造和平台的影響力，是透過全年每天、每週、每月與客戶互動來實現的——這就是你打破這種困境並創造更強勁的更新趨勢的方法。十一月份我就滿一周年了。我們應該在明年第三季和第四季開始出現一些轉變。這實際上與經歷更新無關。如果我們只是進行續約並獲得更長的續約時間，那就很好了。

But if you don't change your behavior and how you engage the customer and understand how they're using the platform and help them that platform and show them the additional use cases and show them how you can expand into other areas like customer feedback management, which I think is going to be very disruptive or into contact center. These are the ways that you really break the back of that and begin to really change that trend. I see positive momentum.

但是如果你不改變你的行為以及你如何與客戶互動，不了解他們如何使用平台，不幫助他們使用該平台，不向他們展示額外的用例，不向他們展示如何擴展到其他領域，如客戶反饋管理，我認為這將會非常具有顛覆性，或者進入聯絡中心。這些都是真正打破這種局面並開始真正改變這種趨勢的方法。我看到了積極的勢頭。

The indications are there. But again, we have to make sure that, that's all complete as we go through that journey. That's the part that's really key. And that's what we're looking for is to make sure that on a daily basis, our teams are deeply engaged with our customers to make them successful. That's how you change renewals, that's how you change the long-term trajectory.

跡像已經顯現。但我們必須再次確保，在我們經歷這趟旅程時，一切都已完成。這才是真正關鍵的部分。我們所追求的就是確保我們的團隊每天都與客戶密切合作，幫助他們取得成功。這就是改變更新的方式，這就是改變長期軌跡的方式。

Perfect. That's very clear. And then the other question I had was on if you think there's a lot of AI getting frown at customers at the moment, like the agent from (inauidble) for ServiceNow has (inauidble) and all the other vendors as well. How do you see that customer understanding evolve in terms of where you fit in with your offering versus others? And where are they on that journey in terms of kind of understanding and then kind of adopting.

完美的。這很清楚。然後我的另一個問題是，您是否認為目前有很多人工智慧讓客戶皺眉，就像 ServiceNow 的代理（無法識別）以及所有其他供應商一樣。就您的產品與其他產品相比的優勢而言，您如何看待客戶對您所提供產品的理解的演變？就理解和採用而言，他們在這段旅程中處於什麼位置？

Yes. I think AI is an important technology. It's one of those technology waves in my 42-year technology career that I think it's right up there with cloud. It's right up there with the Internet mobility, the move to client server. I don't want to tell you how long I've been in the industry, but it's 4-plus decades.

是的。我認為人工智慧是一項重要的技術。在我 42 年的技術生涯中，我認為它是與雲端運算齊名的技術浪潮之一。它與互聯網移動性、向客戶端伺服器的轉變相一致。我不想告訴你我在這個行業工作了多久，但已經四十多年了。

So I've seen these a number of times. I think AI is important. I think maybe it's a little overhyped at the moment. That's okay. I think you're going to see a consolidation of business players in the space over the next two, three, four years.

我已經看過這些很多次了。我認為人工智慧很重要。我認為現在它可能有點被過度炒作了。沒關係。我認為在未來兩到四年內，你會看到該領域的商業參與者的整合。

I think that's important. I think customers see it as an important technology, which it is. I think we're sort of like in the 2010 time frame like in cloud. Got a lot of energy, a lot of momentum. The real growth will come over the next several years, I think.

我認為這很重要。我認為客戶將其視為一項重要技術，事實也是如此。我認為我們有點像是 2010 年雲端運算的時間框架。擁有充沛的精力和強大的動力。我認為，真正的成長將在未來幾年內實現。

I think the key though is the timing and if you look at my prepared remarks, I think the key is tying it to the workflow, the data, the customers' teams to make sure that we're really getting the impact.

我認為關鍵在於時機，如果你看一下我準備好的發言，我認為關鍵在於將其與工作流程、數據、客戶團隊聯繫起來，以確保我們真正獲得影響力。

And many people are just kind of like clipping on an AI thing that's not the answer. You want an AI native platform like sprinkler that's been doing this for 8 or 10 years. It's embedded in everything we do. So when you look at the customer voice across customer feedback management, social or the contact center. It all knits together and AI gives the guidance to each of the workflows and each of the persons that they particularly need.

而許多人只是喜歡剪輯人工智慧，但這並不是答案。您需要一個像 sprinkler 這樣的 AI 原生平台，它已經運作了 8 年或 10 年。它融入我們所做的每一件事。因此，當您查看客戶回饋管理、社交或聯絡中心的客戶聲音時。一切緊密相連，人工智慧為每個工作流程和每個特別需要的人提供指導。

That's how I think you unlock it. And the identic piece about deflection and moving support to digital -- we've been doing that for some time. You saw the announcements with BT and some of our other players. I think that's the key to really unlocking the value. Customers are bought into it.

我認為這就是你解鎖它的方法。關於轉移和將支援轉向數位化的相同部分——我們已經做了一段時間了。您已經看到了 BT 和我們的其他一些參與者發布的公告。我認為這是真正釋放價值的關鍵。顧客們對此十分認可。

They think it's an important technology.

他們認為這是一項重要的技術。

It is -- it might be a little bit overhyped right now. That's okay. Where we see the impact is AI native platforms, leveraging the data, workflows and persona to truly unlock intelligent collaboration and improve efficiencies and costs. That's where we're investing, and that's why we think we're well positioned.

是的——現在它可能有點被過度炒作了。沒關係。我們看到的影響是人工智慧原生平台，利用數據、工作流程和角色來真正解鎖智慧協作並提高效率和成本。這就是我們投資的地方，這也是我們認為自己處於有利地位的原因。

Jackson Ader, KeyBanc Capital Markets.

傑克遜·阿德（Jackson Ader），KeyBanc 資本市場。

We're spending a lot of time talking about renewal activity. But Rory, I'm curious what you're seeing on net new. I haven't had a ton of discussion on net new logos and what kind of the demand looks like for getting new customers in the door?

我們花了很多時間討論更新活動。但是羅裡，我很好奇你在網路上看到了什麼新鮮事。我還沒有對新標誌進行過大量的討論，以及吸引新客戶的需求是什麼樣的？

Yes. I like that question, Jackson. Thank you for that. Two things on that. One, when we built the plan for this year, and I talked about hardening and expanding the base and really growing, expanding the base and really expanding social and services front.

是的。我喜歡這個問題，傑克森。謝謝你。關於這一點有兩件事。首先，當我們制定今年的計劃時，我談到了鞏固和擴大基礎以及真正發展、擴大基礎和真正擴大社會和服務前沿。

We basically built a plan where we were looking at a mix of about new logo and 75% expansion. We knocked that down. Usually, it's a little higher on new logo and we did that on purpose because we want to make sure we clean up some of our execution so that we're not introducing a whole bunch of challenged projects and challenge customers.

我們基本上製定了一個計劃，其中考慮了新標誌和 75% 的擴張。我們把它推倒了。通常，新標誌的價格會稍微高一些，我們特意這樣做是因為我們想確保清理一些執行工作，這樣我們就不會引入一大堆有挑戰性的專案並挑戰客戶。

Our rate challenged accounts has definitely slowed, right? And I mentioned that earlier in the Q&A section. I think getting that right kind of balance and focus, we're seeing almost dead nuts on that mix so far through the first half of the year, about 25-75. So it's executing. Next year, in FY27 and whenever we kind of get ready for that acceleration phase, I'd probably slide that up to 35-65 and kind of look for that then.

我們的利率挑戰帳戶肯定已經放緩了，對嗎？我之前在問答部分提到過這一點。我認為，透過獲得正確的平衡和關注，我們看到今年上半年到目前為止，這種組合幾乎處於絕對優勢，大約是 25-75。所以它正在執行。明年，也就是 27 財年，無論何時我們為加速階段做好準備，我可能會將其上調至 35-65，然後再尋找這個機會。

The other important factor about new logos is I don't want to focus on tiny companies. This platform is best for powerful enterprise brands. It's an unbelievably powerful AI native platform that knits together all vectors of customer engagement. I can't sell this to Joe's Midwestern pulping supply company for 50. That's not where this solution should focus, and that's a distraction.

關於新標誌的另一個重要因素是我不想關注小公司。該平台最適合強大的企業品牌。這是一個令人難以置信的強大的人工智慧原生平台，將所有客戶參與向量結合在一起。我不能以 50 美元的價格將其賣給喬的中西部紙漿供應公司。這不是解決方案應該關注的重點，而且這會分散注意力。

Don't look at my total customer count, that's not what I want to focus on. I want to focus on the Global 2000, the Global 3000. That's where this product, things where we can win a disproportional amount of business. And that's how we're building the go-to-market with our bearhug and all of that work is to really create that kind of experience for our customers.

不要看我的客戶總數，這不是我想要關注的。我想專注於全球 2000 強和全球 3000 強。這就是我們的產品，我們可以從中贏得大量業務。這就是我們透過熊抱式行銷來建立市場的方式，所有這些工作都是為了真正為我們的客戶創造這種體驗。

Okay. Great. That makes sense. And then a quick follow-up on the personnel changes, the management changes. Do you think there's any risk that the new hires you're making will they'll want to put their own kind of stamp on things, right, like make their own changes to go to market or the investments.

好的。偉大的。這很有道理。然後快速跟進人事變動、管理階層變動。您是否認為，新聘用的員工會希望在事物上打上自己的烙印，例如為了進入市場或進行投資而做出自己的改變，這是否有風險？

And would that possibly elongate the time line to see that bend in the curve that you're hoping to see in the operations?

這是否會延長時間線以看到您希望在運營中看到的曲線彎曲？

So one of the things, as I've gone through these transformations, the previous 7 times, always there's some transition in terms of leadership -- we have a particular process that we're implementing here. It's a 3-phase transformation. There's always new leaders. We want to thank the leaders for the work that they've been doing and we congratulate people like Manish and thank them for the work. But as we bring in new leaders like Scott, Bit, Joy, Sanjay, the next CFO.

因此，在我經歷這些轉變的過程中，前 7 次，領導階層總是會有一些變動——我們在這裡實施了一個特定的流程。這是一個三階段轉變。總是會有新的領導者出現。我們要感謝領導者所做的工作，並祝賀像馬尼什這樣的人，感謝他們的工作。但隨著我們引進史考特、比特、喬伊、桑傑等新領導人，以及下一任財務長。

They're part of a team, and they understand what we're trying to accomplish.

他們是團隊的一部分，他們了解我們想要實現的目標。

Their clock speed is fast, are used to doing this at scale. I mean look at the people that we brought in. They've run much bigger organizations. They've run much bigger transformations, huge AI deployment. This is the key to building that clock speed and that execution.

他們的時鐘速度很快，習慣於大規模地這樣做。我的意思是看看我們引進的人。他們經營更大的組織。他們進行了更大規模的轉型，部署了龐大的人工智慧。這是實現時脈速度和執行的關鍵。

I see it quite the opposite. I see it as an accelerant and I think it's key. I want to get all of that -- and I'm basically through this.

我的看法恰恰相反。我認為它是一種加速劑，我認為它是關鍵。我想得到這一切——而且我基本上已經完成了。

I mean, maybe there's a little bit more to do in terms of leadership work. But once I get the CFO closed in the final phases, I think then maybe there's a little bit more, but I'm really getting close to having the final team in place. And I think they have skill, they have experience. They have scale. I think they have a high clock speed.

我的意思是，在領導工作方面可能還有很多工作要做。但是，一旦我在最後階段完成了財務長的工作，我想也許還會有更多事情要做，但我真的已經接近組建最終團隊了。我認為他們有技能，有經驗。他們有規模。我認為它們的時脈速度很高。

I think they have passion for the transformation. I'm excited to see where we go. And I think it actually uplifts our execution.

我認為他們對轉型充滿熱情。我很高興看到我們要去的地方。我認為這實際上提升了我們的執行力。

Clark Wright, D.A. Davidson.

克拉克·賴特、D.A.戴維森。

Awesome. In terms of the churn headwinds that you've described, I just wanting to understand, is this primarily still concentrated at the mid-market level. And then in terms of clarifying additionally in terms of what you mean by churn, is this still down selling pressure? Are you also seeing logo churn as well?

驚人的。就您所描述的客戶流失逆風而言，我只是想了解，這是否主要仍集中在中端市場層面。然後，進一步澄清一下您所說的客戶流失是什麼意思，這是否仍然是一種下跌的銷售壓力？您是否也看到了徽標的流失？

Yes, a couple of things. So first, on logo churn versus downsell, it's more predominantly downsell. And there's some logo churn, but it's mainly on downsell. We saw our number of $1 million accounts increase. I think that's a good sign.

是的，有幾件事。因此，首先，關於標識流失與降價銷售，主要是降價銷售。並且有一些標識的變動，但主要是為了降價銷售。我們發現 100 萬美元帳戶的數量增加。我認為這是一個好兆頭。

I think this is mid-market, that lower end, the product isn't a great fit there. I mean that's not where our focus is. That's a very small percentage. You get down to the last several hundred accounts. There that's like less than 1% of our revenue.

我認為這是中端市場，低端產品不太適合那裡。我的意思是這不是我們的重點。這是一個非常小的比例。您可以查看最近幾百個帳戶。這還不到我們收入的 1%。

And this product isn't really focused on that kind of offering. We're going to put our resources and our focus on the upmarket and where this product has a disproportional to win. I think that's a clear better use of the resources. And again, in our top 700 customers, is over -- between 80% and 90% of our revenue. I mean, it's a big number.

但該產品實際上並不專注於此類產品。我們將把我們的資源和精力放在高端市場，以及該產品具有巨大成功潛力的領域。我認為這顯然是對資源的更好的利用。再說一次，我們的前 700 名客戶貢獻了我們 80% 到 90% 的收入。我的意思是，這是一個很大的數字。

That's where we need to focus. At the low end, that is not where this product sings. Our product, sings and enterprises. Small enterprises, large, very large. This is where this is where we're going to focus.

這就是我們需要關注的地方。在低端市場，這並不是該產品的亮點。我們的產品、歌唱和企業。小型企業、大型企業、超大型企業。這就是我們要關注的重點。

And we've seen better performance as we go up that scale. When we put the right team on it, the right focus, we engage the customer right we get better renewal rates.

隨著規模的擴大，我們看到了更好的表現。當我們安排合適的團隊、正確的關注點、正確地與客戶互動時，我們會獲得更好的續約率。

It's really that simple. And that ties back to Raimo's question about where we're seeing it. You put the right people on it, the right engagement that changes the renewal. It's not the renewal cycle. It's the engagement that matters.

真的就這麼簡單。這與雷莫關於我們在哪裡看到它的問題有關。你安排了合適的人，正確的參與可以改變更新。這不是更新周期。重要的是參與。

Clark.

克拉克。

Awesome. And then, I guess, if I could just add one more. It was great to see the buyback activity this quarter. I guess what was the thought process around not re-upping the authorization versus potentially pursuing other capital allocation strategies.

驚人的。然後，我想，如果我可以再增加一個的話。很高興看到本季的回購活動。我猜想，不重新提升授權與可能追求其他資本配置策略之間的思考過程是什麼。

Yes. I think it's really straightforward. I think we have a pristine balance sheet. We're generating a lot of cash flow -- we're looking at tuck-ins and some innovation add-ons that might make sense. I think we want to make sure we're really exercising that space in terms of adding capability in the CCS, the AI and the social space that could augment our growth.

是的。我認為這真的很簡單。我認為我們擁有完美的資產負債表。我們正在產生大量現金流——我們正在考慮一些可能有意義的補充和創新附加組件。我認為，我們希望確保我們真正利用這一空間，在 CCS、AI 和社交領域增加能力，以促進我們的成長。

It's all about driving growth.

一切都是為了推動成長。

We'll continue to look at buybacks and the Board looks at that at a regular basis. And if they think there's a continued opportunity and that's the best use of allocation, we'll announce something. But at this point, we think that's the prudent look, and we'll continue to assess that as we go each month, each quarter.

我們將繼續關注回購，董事會也將定期關注此事。如果他們認為還有持續的機會，而且這是分配的最佳用途，我們會宣布一些消息。但目前，我們認為這是謹慎的看法，並且我們將在每個月、每季繼續評估這一點。

Andrew King, Rosenblatt Securities.

羅森布拉特證券公司的安德魯金 (Andrew King)。

I just wanted to ask a quick one on what you just touched on about the M&A comment. Just wanted to see how -- if you could just give us a little reminder as to where your priorities lie to expanding the portfolio, either via building, partnering or M&A and where your -- the level of need for that is right now?

我只是想快速問一下您剛才提到的有關併購的評論。只是想看看——您能否稍微提醒一下，您在擴大投資組合方面的優先事項是什麼，是透過建設、合作還是併購，以及您目前對此的需求程度如何？

Yes. I think the key focus, Andrew, is to continue to accelerate our buildability, our road map and our ability to do what we say own what we do and execute on those road maps. And I've seen better improvement over my 9 months here. In terms -- and so that's the primary focus because we have a large talented R&D team that I think creates really interesting innovations. That's going to be the core of our innovation strategy.

是的。安德魯，我認為重點是繼續加速我們的建設能力、我們的路線圖以及我們說到做到、按照我們的路線圖執行的能力。我在這裡待了 9 個月，看到了更好的進步。就此而言——這是主要關注點，因為我們擁有一支龐大的優秀研發團隊，我認為他們能夠創造出真正有趣的創新。這將成為我們創新策略的核心。

Now to augment that, if there's some tuck-in specific aqua hires or some technology capabilities we could add on in social CCS or AI, I think, hey, you're going to see some consolidation and some smaller entities failed. Maybe we could grab a couple of one or two of those and add some really interesting talent to the almost 300-plus AI skills we have on board already. I think that's interesting. I think there's an opportunity around social. But again, we're not going to do M&A for M&A stake.

現在為了補充這一點，如果我們可以在社交 CCS 或 AI 中添加一些特定的 aqua 招聘或一些技術能力，我想，嘿，你會看到一些整合和一些較小的實體失敗。也許我們可以從中挑選一兩個，為我們現有的近 300 多種人工智慧技能增添一些真正有趣的天賦。我認為這很有趣。我認為社交領域存在著機會。但再次強調，我們不會為了併購股份而進行併購。

We're going to focus on building our innovation. And if we get the right asset or the right aqua hire at the right price, then we'll execute. That's our focus.

我們將專注於建立我們的創新。如果我們以合適的價格獲得合適的資產或合適的水資源租賃，我們就會執行。這就是我們的重點。

Got it. And then if I could just slip in one more. If you could just give us a little reminder of how your priorities lie balance investing for growth versus driving margin expansion, that would be great. I mean we've really seen some really nice margin expansion on the operating margin this year despite gross margin impact. So if you could just give us a little balance there, that would be great.

知道了。然後如果我可以再插入一個。如果您能稍微提醒一下，您的優先事項是如何平衡投資成長與推動利潤擴張，那就太好了。我的意思是，儘管受到毛利率的影響，但我們今年的營業利潤率確實出現了相當不錯的成長。因此，如果您能給我們一點平衡，那就太好了。

Yes. We can stretch out the bottom line anytime we want. I mean that's -- you can always do that. The key, though, in the March of the Rule of 40 is that it has to have a combined growth component. We got to get to double-digit plus growth rate over this transformation.

是的。我們可以隨時延長底線。我的意思是──你總是可以這樣做。然而，40規則進程的關鍵在於它必須具有綜合成長要素。透過這次轉型，我們必須實現兩位數以上的成長率。

That's key. I mean you can't get there all on the bottom line. Like I said, you can always adjust your bottom line by how efficient you are. What I'm trying to do right now is I'm expecting to see some bend in the business over the next several quarters.

這很關鍵。我的意思是，你不可能完全實現這一點。就像我說的，你總是可以根據自己的效率來調整自己的底線。我現在想做的是，我預計未來幾季業務會出現一些好轉。

I'm looking to make some investments so that we're positioned for FY27 and that we can do some acceleration, I'd like to get some stronger growth because as I get into the 30s, on my way to 40, I got to do that with some better growth rates. And I think that's the long-term durable growth that we're looking to establish. That's how we're looking at the balance. And again, I can stretch out the bottom any time I really want to make sure I have a combination and a really robust both sides of the equation.

我希望進行一些投資，以便我們為 27 財年做好準備，並實現一些加速，我希望獲得更強勁的增長，因為當我進入 30 多歲，邁向 40 歲時，我必須以更好的增長率來做到這一點。我認為這就是我們想要實現的長期持久成長。這就是我們看待平衡的方式。再說一次，我可以隨時延伸底部，我真的想確保我有一個組合並且等式的兩邊都非常穩健。

Thanks, Andrew. With that, I think we've concluded our Q&A. And I want to thank everyone for joining the call today. I appreciate everyone's interest in our Sprinklr transformation. I think we're off to a strong and continued good progress in this transformation.

謝謝，安德魯。我想我們的問答環節已經結束了。我要感謝大家今天參加電話會議。我感謝大家對我們的 Sprinklr 改造的關注。我認為我們在這項轉型中將取得強勁且持續的良好進展。

We have more work to do.

我們還有更多的工作要做。

Please give us the time to execute that. I'm encouraged with the progress and keep listening to our updates. I'm looking forward to our 3Q and 4Q update, so I can share more on the progress that we're making. Thank you, everyone, for joining today. And with that, I think we can conclude the call.

請給我們時間來實現這一點。我對這一進展感到鼓舞，並將繼續關注我們的最新消息。我期待我們的第三季和第四季更新，這樣我就可以分享更多我們正在取得的進展。謝謝大家今天的參與。我想，這樣我們就可以結束通話了。

Thank you, operator.

謝謝您，接線生。

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。