Sprinklr, Inc. (CXM) 2026 Q4 法說會逐字稿

Greetings. Welcome to Sprinklr's fourth-quarter fiscal year 2026 earnings call. (Operator Instructions) Please note, this conference is being recorded. At this time, I'll turn the conference over to Eric Scro, Head of Investor Relations. Thank you, Eric. You may now begin.

各位好。歡迎參加 Sprinklr 2026 會計年度第四季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。現在我將把會議交給投資人關係主管 Eric Scro。謝謝你，Eric。你現在可以開始。

Thank you, operator, and welcome, everyone, to Sprinklr's fourth-quarter fiscal year 2026 financial results call. Joining us today are Rory Read, Sprinklr's President and CEO; and Anthony Coletta, Sprinklr's Chief Financial Officer. We issued our earnings release a short time ago filed the related Form 8-K with the SEC and we've made them available on the Investor Relations section of our website along the supplementary investor presentation.

謝謝接線員，也歡迎各位參加 Sprinklr 2026 會計年度第四季財務業績電話會議。今天與會的有 Sprinklr 總裁暨執行長 Rory Read，以及 Sprinklr 財務長 Anthony Coletta。我們稍早已發布財報新聞稿，並向美國證券交易委員會（SEC）提交了相關的 Form 8-K，同時也已將上述資料與補充投資人簡報一併放在我們網站的投資人關係專區。

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

請注意，在今天的電話會議中，管理團隊將提及若干非 GAAP 財務衡量指標。雖然公司認為這些非 GAAP 財務衡量指標能為投資人提供有用資訊，但呈現此資訊並非意在單獨解讀，亦不應取代依 GAAP 編製之財務資訊。關於這些指標與 GAAP 之間的調節，請參閱我們的新聞稿與補充投資人簡報。

In addition, during today's call, we'll be making some forward-looking statements about the business and about the financial results of Sprinklr that involve many assumptions, risks, and uncertainties, including our guidance for the first fiscal quarter and full fiscal year of FY27, the impact of our corporate strategies, the benefits of our platform, and our market opportunity. Our actual results might differ materially from such forward-looking statements.

此外，在今天的電話會議中，我們將就 Sprinklr 的業務與財務結果發表若干前瞻性陳述，這些陳述涉及多項假設、風險與不確定性，包括我們對 FY27 第一個會計季度與 FY27 全會計年度的指引、公司策略的影響、我們平台的效益，以及我們的市場機會。我們的實際結果可能與這些前瞻性陳述存在重大差異。

Any forward-looking statements that we make on this call are based on our beliefs and assumptions as of today, and we disclaim any obligation to update them. For more details on the risks associated with these forward-looking statements, please refer to our filings with the SEC also posted on our website.

我們在本次電話會議中所做的任何前瞻性陳述，均以截至今日的信念與假設為基礎，且我們不承擔更新之義務。關於與這些前瞻性陳述相關的風險之更多細節，請參閱我們向 SEC 提交的文件（亦已張貼於我們網站）。

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

接下來，我把時間交給 Rory。

Thank you, Eric, and hello, everyone. It's great to be with you today. In the fourth quarter, total revenue grew 9% year-over-year to $220.6 million, and subscription revenue grew 6% to $193.4 million. We delivered $37.7 million in non-GAAP operating income, representing a 17% non-GAAP operating margin. I wanted to thank our global teams, customers, and partners for their trust and ongoing support.

謝謝你，Eric，各位好。很高興今天能與各位一同參與。第四季總營收年增 9% 至 2.206 億美元，訂閱營收成長 6% 至 1.934 億美元。我們實現 3,770 萬美元的非 GAAP 營業利益，對應 17% 的非 GAAP 營業利益率。我要感謝我們全球團隊、客戶與合作夥伴的信任與持續支持。

FY26 was a year of meaningful operational progress. While churn was higher than we would have preferred, particularly in the first half, we achieved key transformational objectives we set out at the start of the year. We optimized our cost structure, revamped our go-to-market model, streamlined processes, and strengthened our leadership team.

FY26 是營運取得重大進展的一年。雖然客戶流失率高於我們的期望，尤其是在上半年，但我們達成了年初設定的關鍵轉型目標。我們優化了成本結構、重塑了市場進入（go-to-market）模式、精簡流程，並強化了領導團隊。

The combination of these improvements along with Project Bear Hug is driving a cultural shift towards greater accountability, customer centricity, and operational discipline. We are now in the second phase of our transformation, transition, and execution, which will continue through FY27. This phase is about embedding last year's changes to build a stronger foundation for scale and efficiency. As we complete this transition, we'll move into the third phase, acceleration, as we head into FY28.

這些改善再加上 Project Bear Hug，正推動企業文化轉向更高的問責、以客戶為中心，以及更嚴謹的營運紀律。我們目前正處於轉型、過渡與執行的第二階段，並將延續至 FY27。此階段的重點是將去年的變革內化落地，以建立更強的規模化與效率基礎。當我們完成這段過渡後，將在邁向 FY28 之際進入第三階段「加速」。

Key indicators are moving in the right direction. Fourth quarter delivered our best renewal rates over the past four quarters, and we expect continued improvement here in Q1 and Q2. Demand remains healthy considering recent macro events. Our pipeline remains solid, and we're seeing more multiyear commitments from our customers.

關鍵指標正朝正確方向發展。第四季繳出過去四個季度中最佳的續約率，我們預期在第一季與第二季仍將持續改善。考量近期總體經濟事件，需求仍維持健康。我們的銷售管線依然穩健，且看到更多客戶做出多年期承諾。

FY27 marks the pivotal year for Sprinklr as customer experience is at an inflection point. Consumers now expect brands to recognize them instantly and maintain context across every interaction. Sprinklr is uniquely positioned to lead in this shift. We are defining unified customer experience management, one platform that connects insights, predictions, and actions across the entire customer journey.

FY27 對 Sprinklr 而言是關鍵的一年，因為客戶體驗正處於拐點。消費者如今期待品牌能立即辨識他們，並在每一次互動中維持情境脈絡的一致性。Sprinklr 具備獨特優勢，可在這一轉變中扮演領導者。我們正在定義「統一的客戶體驗管理」：以單一平台串聯整個客戶旅程中的洞察、預測與行動。

Our enterprise-grade metadata and business application layers gives us the structural advantage as workflows, context, and AI agents come together. There has been a lot of discussion about whether AI will pressure enterprise software budget. From what we're seeing, customers aren't cutting core software spend to fund AI. Instead, they expect it to be built onto the platform they already trust with security and compliance protocols, and where their key data already resides.

我們的企業級中繼資料（metadata）與商業應用層，讓我們在工作流程、情境與 AI 代理（agents）匯聚之際具備結構性優勢。市場上對於 AI 是否會擠壓企業軟體預算有許多討論。就我們所見，客戶並未削減核心軟體支出來挹注 AI。相反地，他們期待 AI 能建置在既有且已信任的平台之上——該平台具備安全與合規機制，且其關鍵資料已經存放其中。

In FY26, ARR from our generative AI-native Sprinklr service SKUs grew 50% year-over-year, driven by strong demand for AI agents, contact center intelligence, and Agent Copilot. And because AI is native to our platform, our omnichannel portfolio continues to drive robust, enterprise-wide AI adoption among our customers.

在 FY26，我們生成式 AI 原生的 Sprinklr 服務 SKU 所帶來的 ARR 年增 50%，主要受 AI 代理、聯絡中心智慧（contact center intelligence）與 Agent Copilot 的強勁需求所驅動。且由於 AI 原生於我們的平台，我們的全通路產品組合持續推動客戶在企業範圍內強勁採用 AI。

In FY27, we're executing against four core innovation priorities. One, unified customer intelligence. This includes integrating surveys, social, messaging, videos, and reviews into a single actionable insight engine. Two, enterprise-wide automation, including scaling AI agents, no-code AI studio, and over 100 connectors automate workflows at scale.

在 FY27，我們將圍繞四項核心創新優先事項執行。第一，統一的客戶智慧。這包括將調查、社群、訊息、影片與評論整合到單一可採取行動的洞察引擎中。第二，企業級自動化，包括擴展 AI 代理、無程式碼 AI Studio，以及超過 100 個連接器，以規模化自動化工作流程。

Three, AI-driven marketing and commerce. We're powering engagement with AI copilots, conversational interfaces and real-time content generation. And four, next-generation AI and insights, advancing LLM based listening, generative engine optimization, and agentic commerce to meet customers wherever they are.

第三，AI 驅動的行銷與商務。我們透過 AI 副駕（copilots）、對話式介面與即時內容生成來驅動互動。第四，新一代 AI 與洞察：推進基於 LLM 的聆聽（listening）、生成式引擎最佳化（generative engine optimization），以及代理式商務（agentic commerce），以在客戶所在之處與其互動。

We're building this on a powerful foundation. More than 180 billion customer conversations a year and over a decade of language and intent modeling across 30-plus channels and more than 400 million websites. That scale lets us tie predictive and generative AI directly to action, providing faster results to customers. We're not building a set of tools. We're building an operating system for modern customer experience.

我們正建立在強大的基礎之上。每年超過 1,800 億次客戶對話，以及跨 30 多個通路與超過 4 億個網站、累積逾十年的語言與意圖建模。這樣的規模讓我們能將預測式與生成式 AI 直接連結到行動，為客戶帶來更快速的成果。我們不是在打造一套工具。我們是在打造現代客戶體驗的作業系統。

We're also benefiting from constructive industry trends. Marketing budgets appear to stabilizing, and spending is shifting toward return on investment, automation, and measurable impact. According to the CMO survey, AI adoption and marketing is expected to grow significantly over the next several years.

我們也正受惠於有利的產業趨勢。行銷預算似乎正在趨於穩定，支出正轉向投資報酬率、自動化與可衡量的影響。根據 CMO 調查，未來幾年 AI 在行銷領域的採用預期將顯著成長。

We believe this environment favors unified platforms. Sprinklr helps brand activate first-party data, automate engagement, and drive better outcomes. More broadly, AI is accelerating usage of enterprise systems of record. And platforms built for enterprise workflows are proving they can grow profitably in this new era.

我們相信這樣的環境有利於統一平台。Sprinklr 協助品牌啟用第一方資料、自動化互動，並推動更佳成果。更廣泛而言，AI 正加速企業系統（system of record）的使用。而為企業工作流程打造的平台，正證明其能在這個新時代中實現獲利性成長。

Let me share a couple of examples of why we're winning and how iconic brands are using Sprinklr today. This past quarter, Sprinklr landed a flagship partnership with a leading global payments company operating in over 200 markets. Four major teams: corporate communications, global brand, social care, and MarTech, will standardize on Sprinklr's unified AI native platform.

我來分享幾個例子，說明我們為何能勝出，以及指標性品牌目前如何使用 Sprinklr。在上一季度，Sprinklr 與一家在 200 多個市場營運的全球領先支付公司達成旗艦級合作夥伴關係。四個主要團隊：企業傳播、全球品牌、社群客服（social care）與 MarTech，將以 Sprinklr 的統一 AI 原生平台作為標準平台。

By consolidating multiple legacy tools into one governed real-time environment, this customer gains a single source of proof for global marketing data, unified measurement across channels and markets, stronger brand governance, and instant ROI visibility. Most importantly, by working with Sprinklr, this customer will be able to convert vast social signals and actionable intelligence that sharpens global strategy, enhances creative effectiveness, and enables cultural, relevant engagement at sale, ultimately accelerating this customer's sustainable global growth.

透過將多個傳統工具整合至一個受治理的即時環境中，該客戶得以為全球行銷數據建立單一的證據來源，實現跨通路與市場的統一衡量、更強的品牌治理，以及即時的投資報酬率（ROI）可視性。最重要的是，透過與 Sprinklr 合作，該客戶將能把龐大的社群訊號轉化為可採取行動的洞察，進而精準強化全球策略、提升創意成效，並在銷售端實現具文化脈絡且高度相關的互動，最終加速該客戶的永續全球成長。

Our second story highlights a major US telecommunication provider that recently deepened its partnership with Sprinklr. As a result, ARR has doubled year-over-year, and increased sixfold over the past two years. With marketing, communication, and customer insights already unified on Sprinklr, the latest investment brings the customers care organization onto the same platform.

我們的第二個案例聚焦於一家美國大型電信業者，該公司近期加深了與 Sprinklr 的合作夥伴關係。因此，ARR（年度經常性收入）年增翻倍，且在過去兩年成長了六倍。在行銷、溝通與客戶洞察已於 Sprinklr 上完成整合的基礎上，最新的投資將客戶服務組織也納入同一平台。

This expansion equips more than 600 social care specialists with advanced AI-powered listening, conversational analytics, and dedicated strategic and technical support. This will help manage inbound social volumes more efficiently and improve customer sentiment.

此次擴展讓超過 600 名社群客服專員具備先進的 AI 驅動聆聽、對話式分析，以及專屬的策略與技術支援。這將有助於更有效率地管理大量的社群入站量，並改善客戶情緒。

Earlier in the year, when this customer abruptly lost access to a critical social channel through his previous vendor, Sprinklr stepped in. We were able to immediately restore business continuity and strengthen our role as a trusted partner across business operations and IT. These are just a couple of recent examples of how customers are increasingly turning to Sprinklr as a strategic partner, recognizing that our AI native platform can unify marketing, customer insights and care to power their long-term customer experience strategy.

今年稍早，當該客戶因先前供應商而突然失去對一個關鍵社群通路的存取權時，Sprinklr 立即介入。我們得以立刻恢復業務連續性，並強化我們在業務營運與 IT 領域作為可信賴合作夥伴的角色。這些只是近期幾個例子，顯示客戶正日益將 Sprinklr 視為策略夥伴，並認知到我們的 AI 原生平台能整合行銷、客戶洞察與客戶服務，以支撐其長期的客戶體驗策略。

So in closing, we've made meaningful progress this past year in transforming Sprinklr into a stronger, more customer-centric company. We're encouraged by the improvements in renewal rates in the fourth quarter, and we expect that momentum to continue into the first half of this new year. Customer sentiment is improving, and we have a solid pipeline to build on.

總結來說，過去一年我們在將 Sprinklr 轉型為更強大、更以客戶為中心的公司方面取得了實質進展。我們對第四季續約率的改善感到鼓舞，並預期這股動能將延續至新年度的上半年。客戶情緒正在改善，我們也有穩健的商機管道可作為後續發展基礎。

Our full-year guidance reflects that we are now passing the midpoint of the second phase of our three-phase transformation transition and execution. And as I have covered in previous calls, we saw elevated churn in FY26. The broader macro environment has also become fluid, particularly with the events in the Middle East, where we have a meaningful business and good pipeline.

我們的全年指引反映出：我們目前正跨越三階段轉型中的第二階段中點，並持續推進轉型過渡與執行。如我在先前電話會議中所提到，我們在 FY26 看到較高的流失。整體宏觀環境也變得更具變動性，特別是中東事件；我們在該地區有具規模的業務與良好的商機管道。

With that in mind, we're staying diligent and approaching FY27 with discipline and focus, positioning Sprinklr for the third phase of our transformation acceleration as we move towards FY28. There is more work to do, but we remain confident in our strategy and are committed to delivering durable growth and long-term shareholder value.

基於此，我們將保持審慎，以紀律與專注的方式迎接 FY27，並在邁向 FY28 的過程中，為 Sprinklr 的第三階段轉型加速做好定位。仍有更多工作要做，但我們對策略保持信心，並致力於帶來可持續的成長與長期股東價值。

With that, I'll turn it over to Anthony for the financials. Anthony?

接下來我把時間交給 Anthony 說明財務表現。Anthony？

Thank you, Rory, and good morning, everyone. First, I want to recognize the commitment and passion for customer success of our teams across the company, the driving force behind our continued progress and growth. This quarter marks another step forward and Q4 results came ahead of expectations.

謝謝你，Rory，各位早安。首先，我想肯定公司各團隊對客戶成功的承諾與熱情，這是我們持續進步與成長的驅動力。本季再次向前邁進一步，第四季（Q4）業績優於預期。

Now let me turn to our financial performance. In Q4, total revenue was $220.6 million, up 9% year-over-year. Subscription revenue was $193.4 million, up 6% year-over-year. Professional Services revenue came in at $27.1 million as we continue working on some large CCaaS rollouts for our customers. Services revenue came in better than anticipated due to more hours logged to some of these large global projects.

接著我來說明我們的財務表現。第四季總營收為 2.206 億美元，年增 9%。訂閱營收為 1.934 億美元，年增 6%。專業服務營收為 2,710 萬美元，因我們持續為客戶推進一些大型 CCaaS 導入專案。由於在部分大型全球專案上投入的工時高於預期，服務營收表現優於原先預估。

Our subscription revenue-based net dollar expansion rate in the fourth quarter was 103%. This is a slight increase sequentially, pointing in the right direction. At the end of the fourth quarter, we had 141 customers contributing $1 million or more in subscription revenue over the past 12 months, which is forecasted as less than in Q3. These results from a few customers seeing the trailing 12 months revenue crossing below the 1 million mark for this metric.

第四季以訂閱營收為基礎的淨美元擴張率為 103%。這較前一季小幅上升，方向正確。截至第四季末，過去 12 個月訂閱營收達 100 萬美元以上的客戶共有 141 家，預計將少於第三季（Q3）。這主要是因為少數客戶的過去 12 個月營收回落至 100 萬美元門檻以下，因而影響此項指標。

More importantly, the net dollar expansion for the 1 million customer cohort in Q4 was 115% and average revenue per customer in that same cohort is now above $3 million. We don't intend to disclose this metric quarterly going forward, but I wanted to give you a sense of some of the underlying traction.

更重要的是，100 萬美元客戶群在第四季的淨美元擴張率為 115%，且該客戶群的每客戶平均營收目前已超過 300 萬美元。我們未來不打算按季揭露此指標，但我想讓各位了解一些底層動能。

We certainly believe that our Bear Hug focus will solidify our baseline and contribution from the top-tier enterprise customer base over time. For example, our Q4 renewal rate was the highest of any quarter in full-year '26. Furthermore, majority of our full-year '26 renewal dollars are multiyear deals, which is driving an increase in the average contract length.

我們確信，「Bear Hug」聚焦策略將隨時間推進，鞏固我們的基本盤，並提升來自頂級企業客戶群的貢獻。例如，我們第四季的續約率是 FY26 全年各季中最高。此外，FY26 全年多數續約金額來自多年期合約，這也推動平均合約期限上升。

Regarding gross margin for the fourth quarter, on a non-GAAP basis, our subscription gross margin was 76%, and the professional services gross margin was 1%, resulting in the total non-GAAP gross margin of 67%. As noted in previous calls, we are experiencing higher data emerging costs in response to business opportunities, especially in Sprinklr service and our expanded AI capabilities.

就第四季毛利率而言，以非 GAAP 基礎計算，我們的訂閱毛利率為 76%，專業服務毛利率為 1%，使得整體非 GAAP 毛利率為 67%。如先前電話會議所提，我們因應商機而承擔較高的資料新生成本，特別是在 Sprinklr 服務以及我們擴展的 AI 能力方面。

Turning to profitability for the quarter. Non-GAAP operating income was $37.7 million or a 17% margin, which drove non-GAAP net income of $0.13 per diluted share. We incurred $1.2 million in restructuring and non-recurring litigation costs that are deemed to be non-core to the operations of the business, and as such, these costs are not included in our non-GAAP figures.

接著談本季獲利表現。非 GAAP 營業利益為 3,770 萬美元，或 17% 的營業利益率，帶動非 GAAP 淨利為每股稀釋後 0.13 美元。我們發生了 120 萬美元的重組費用與一次性訴訟費用，這些被視為非核心營運成本，因此未納入非 GAAP 數字。

We generated $15.9 million in free cash flow in Q4 and $142 million for the year on a reported basis. The strong improvement in free cash flow was driven by cost-discipline in strong collections and improved cash conversion. Our balance sheet remains strong with $502.5 million in cash and marketable securities and no debt.

第四季我們產生自由現金流 1,590 萬美元，全年（按申報口徑）為 1.42 億美元。自由現金流的顯著改善，來自成本紀律、強勁收款以及現金轉換率提升。我們的資產負債表仍然強健，持有 5.025 億美元的現金與有價證券，且無負債。

As indicated in our earnings release, our Board has authorized a new $200 million share buyback program, which we expect to complete by March 15, 2027. This will include a $125 million accelerated share repurchase launching shortly, supplemented by open market repurchases.

如我們在財報新聞稿中所示，董事會已核准一項新的 2 億美元庫藏股回購計畫，預計於 2027 年 3 月 15 日前完成。其中包含一項即將啟動的 1.25 億美元加速股份回購（ASR），並搭配公開市場回購。

Given our confidence in the strategy and the strength of our balance sheet, we see the current share price as a compelling opportunity. We'll continue to evaluate our capital needs and allocate cash to the highest return initiatives. Even after completing the authorized repurchases, we remain well capitalized to execute our strategy and drive our growth agenda.

基於我們對策略的信心以及資產負債表的強度，我們認為目前股價提供了具吸引力的機會。我們將持續評估資本需求，並將現金配置於報酬最高的計畫。即使完成已核准的回購後，我們仍具備充足資本以執行策略並推動成長議程。

Calculated billings for the fourth quarter were $317.4 million, up 6% year-over-year. Minor variance versus the $320 million we had anticipated was mainly due to one deal, which was expected in the quarter, and that ultimately closed in February. This pickup in billings is now reflected into an outlook.

第四季計算後帳單金額（calculated billings）為 3.174 億美元，年增 6%。相較於我們原先預期的 3.20 億美元出現的小幅差異，主要是因一筆原預計在本季完成的交易最終於 2 月結案。這筆帳單金額的回補已反映在我們的展望之中。

As of January 31, 2026, total remaining performance obligation, or RPO, were $986.5 million, stable versus Q4 last year and up 15% sequentially. And current RPO or cRPO was $618.8 million, up 1% year-over-year and up 10% quarter-on-quarter.

截至 2026 年 1 月 31 日，剩餘履約義務（RPO）總額為 9.865 億美元，較去年第四季持平，且較前一季成長 15%。而當期 RPO（cRPO）為 6.188 億美元，年增 1%，季增 10%。

Before moving to guidance, I'd like to provide a quick recap of the financial results for the full-year '26. As we've said throughout the course of the year, FY26 was a transitional year for Sprinklr, and we've made significant operational and structural improvements to establish a better foundation for Sprinklr next phase of growth. We've seen some encouraging signs and clarity for what's ahead.

在進入財測指引之前，我想先快速回顧一下 26 財年的全年財務結果。正如我們在今年整個過程中所說，FY26 對 Sprinklr 而言是過渡的一年；我們已進行了重大的營運與組織結構改善，為 Sprinklr 下一階段的成長奠定更好的基礎。我們也看到一些令人鼓舞的跡象，並對未來走向有更清晰的掌握。

For the year, total revenue was $857.2 million, up 8% year-over-year, with subscription revenue of $756.3 million, up 5% versus the prior year. Offshore and Services revenue was $100.9 million, up 29% as we continue to improve and build our Sprinklr service delivery capabilities.

全年總營收為 8.572 億美元，年增 8%；其中訂閱營收為 7.563 億美元，較前一年成長 5%。離岸與服務營收為 1.009 億美元，年增 29%，因為我們持續改善並強化 Sprinklr 的服務交付能力。

The reported non-GAAP operating income for the full year of $146.2 million, equating to a non-GAAP net income per diluted share of $0.49 and a non-GAAP operating margin of 17%. Non-GAAP operating income was up 63% year-over-year, showing our commitment to operating efficiency. And as noted above, we generated $142 million in free cash flow for the year, up 140% versus the prior year and equating to a free cash flow margin of 17%.

全年揭露的非 GAAP 營業利益為 1.462 億美元，對應稀釋後每股非 GAAP 淨利為 0.49 美元，非 GAAP 營業利益率為 17%。非 GAAP 營業利益年增 63%，展現我們對營運效率的承諾。此外，如前所述，我們全年產生 1.42 億美元的自由現金流，較前一年成長 140%，相當於 17% 的自由現金流利潤率。

I would like to shift to our financial outlook for fiscal year 2027. As Rory said in his remarks, we are in the second phase of our transformation and mindful of the current macro and geopolitical environment. Our expectations as of today regarding these dynamics are factored into our guidance figures.

接下來我想談談 2027 財年的財務展望。如 Rory 在發言中所提到，我們正處於轉型的第二階段，同時也留意目前的總體經濟與地緣政治環境。截至今日，我們對這些動態的預期已反映在我們的指引數字中。

For Q1, we expect total revenue to be in the range of $215.5 million to $216.5 million, representing 5% growth over year at the midpoint. Within this, we expect subscription revenue to be in the range of $193 million to $194 million, also representing 5% growth year-over-year at the midpoint.

針對第一季，我們預期總營收介於 2.155 億至 2.165 億美元之間，以中位數計算年增 5%。其中，我們預期訂閱營收介於 1.93 億至 1.94 億美元之間，以中位數計算同樣年增 5%。

The Q1 guide implies $22.5 million in professional services revenue, which is up 5% year-over-year. This is a step down sequentially because of large projects performed in Q4. We expect professional services gross margin to be slightly negative to breakeven in Q1 due to continued investment in service delivery. We believe such investment is worthwhile as these implementations will yield dividends in terms of increased consumption and customer satisfaction in the future.

第一季指引隱含專業服務營收為 2,250 萬美元，年增 5%。由於第四季執行了大型專案，因此此數字較前一季下滑。由於持續投資於服務交付，我們預期第一季專業服務毛利率將略為負值至損益兩平。我們認為這類投資值得，因為這些導入在未來將以提升使用量與客戶滿意度的形式帶來回報。

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 245 million diluted weighted average share outstanding. This equates to an approximately 13% non-GAAP operating margin at the midpoint.

我們預期非 GAAP 營業利益介於 2,850 萬至 2,950 萬美元之間；假設稀釋後加權平均流通股數為 2.45 億股，稀釋後每股非 GAAP 淨利約為 0.09 美元。以中位數計算，約相當於 13% 的非 GAAP 營業利益率。

This profit range will moderate sequentially from Q4 peak, considering our continued focus on innovation and customer success and some discrete items. As noted over the past few quarters, we are experiencing a solid uptake in our AI products, leading to higher cloud data costs.

考量我們持續聚焦創新與客戶成功，以及一些一次性項目，這個獲利區間將較第四季的高峰呈現季減。如過去幾季所提到，我們的 AI 產品採用率強勁，導致雲端資料成本上升。

Secondly, we are investing to position the company for revenue growth in the future through hiring AI and R&D talent, particularly in targeted regions with forward-deployed engineers to best serve key customers as well as enabling additional go-to-market capabilities. And finally, with our sales kickoff event in Q1. These factors are reflected in the guide for Q1 and the full year.

第二，我們正透過招募 AI 與研發人才來投資，為公司未來的營收成長做好布局；尤其是在特定區域配置前線工程師，以更好地服務關鍵客戶，同時強化更多的 go-to-market 能力。最後，第一季還有我們的銷售啟動大會。這些因素都已反映在第一季與全年的指引之中。

For the full-year FY27, our initial guide for subscription revenue is to be in the range of $778 million to $780 million, representing 3% growth year-over-year at the midpoint. We expect total revenue to be in the range of $869 million to $871 million, representing 1% growth year-over-year at the midpoint. This total revenue guide assumes professional services revenue of $91 million.

針對 FY27 全年，我們初步指引的訂閱營收介於 7.78 億至 7.80 億美元之間，以中位數計算年增 3%。我們預期總營收介於 8.69 億至 8.71 億美元之間，以中位數計算年增 1%。此總營收指引假設專業服務營收為 9,100 萬美元。

We estimate pro services revenue to be at a lower level compared to FY26 due to a successful completion of some Bear Hug initiatives over the past year. This level of pro services is approximately 10% of total revenue, which is in line with the trailing three-year average. It's a value catalyst for our customers.

我們預估專業服務營收將較 FY26 下降，原因是過去一年部分 Bear Hug 計畫已成功完成。此專業服務水準約占總營收的 10%，與過去三年的平均水準一致。這對我們的客戶而言是一項價值催化劑。

For the full-year FY27, we estimate our non-GAAP operating income to be in the range of $144 million to $146 million, driving a 17% non-GAAP operating margin. This equates to a non-GAAP net income per diluted share between $0.47 and $0.48, assuming 244 million diluted weighted average shares outstanding.

針對 FY27 全年，我們預估非 GAAP 營業利益介於 1.44 億至 1.46 億美元之間，帶動 17% 的非 GAAP 營業利益率。假設稀釋後加權平均流通股數為 2.44 億股，這相當於稀釋後每股非 GAAP 淨利介於 0.47 至 0.48 美元。

Deriving the net income per share for modeling purposes, our total tax provision of approximately $42 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 ranges provided and had an estimated $15 million in other income for the full year with $3.5 million of that here in Q1. This other income line primarily consist of interest income.

為了在模型中推導每股淨利，我們約 4,200 萬美元的總所得稅費用需要加回到稅前非 GAAP 利潤項目中。要得到稅前非 GAAP 利潤，請從所提供的非 GAAP 營業利益區間開始，並加入全年估計約 1,500 萬美元的其他收益，其中第一季為 350 萬美元。此其他收益主要由利息收入構成。

We estimate a tax provision of approximately $8.5 million in Q1. This equates to approximately a 26% effective tax rate on our non-GAAP profit before tax for both the quarter and the year. Our initial estimate is to generate full-year free cash flow of $150 million with $40 million to come in Q1.

我們預估第一季所得稅費用約為 850 萬美元。這相當於本季與全年稅前非 GAAP 利潤約 26% 的有效稅率。我們初步估計全年自由現金流為 1.5 億美元，其中第一季貢獻 4,000 萬美元。

In summary, full-year '26 was a turning point for the company, and we've laid out a solid base towards the next leg of our journey. We delivered P&L guidance for the full year. We have maintained solid fundamentals to the healthy balance sheet, no debt, and strong cash flow generation with increased cash conversion.

總結來說，26 財年是公司的轉捩點，我們已為下一段旅程奠定穩固基礎。我們已提供全年損益表（P&L）指引。我們維持了穩健的基本面：健康的資產負債表、零負債，以及強勁的現金流創造能力與更高的現金轉換率。

We are encouraged by the tangible progress made over the past months and the quality of our customer landscape, underpinned by improving renewals and increased commitments in the top-tier customer category. As we continue with our transition, we are building positive momentum with renewed focus and operational discipline in support of our durable growth trajectory. Full-year '27 is a pivotal moment for the company, which we believe should pave the way for enhanced growth prospects and for expanded potential of our AI native platform.

我們對過去幾個月取得的具體進展，以及我們的客戶版圖品質感到鼓舞；這些成果由續約改善與頂級客戶類別中更高的承諾所支撐。在持續轉型的同時，我們以重新聚焦與營運紀律建立正向動能，支持我們可持續的成長軌跡。27 財年是公司關鍵時刻；我們相信這將為更佳的成長前景鋪路，並擴大我們 AI 原生平台的潛在價值。

And with that, we will now open the line to take questions from the audience. Operator?

接下來，我們將開放電話線，接受聽眾提問。接線員？

(Operator Instructions) Arjun Bhatia, William Blair.

(接線員指示) Arjun Bhatia，William Blair。

I'm Will on for Arjun Bhatia. Anthony, I appreciate the team's comments on supporting growth and balancing strategic investments. As we think about the full-year margin guide, would you frame the outlook as conservative? In other words, is there maybe a built in cushion to allow investing as needed as margin expansion looks flat in fiscal 2027 based on the outlook?

我是 Will，代 Arjun Bhatia 發言。Anthony，我很感謝團隊對於支持成長並平衡策略性投資的評論。當我們思考全年利潤率指引時，你會把這個展望描述為保守嗎？換句話說，鑑於展望顯示 2027 財年利潤率擴張看起來持平，是否內含一些緩衝空間，以便在需要時進行投資？

Thanks, Willow. Hey, Willow, I think what we've always tried to do here is to be prudent and disciplined in how we look at the future. We want to make sure that we're building a Sprinklr that's positioned for long-term future growth. We're also looking for the ability to address the technical debt, the innovation that we need to do. So we're trying to run this transformation at a very balanced and focused approach.

謝謝你，Willow。嗨，Willow，我認為我們一直努力做到的是，在看待未來時保持審慎與自律。我們希望確保打造一個能夠支撐長期未來成長的 Sprinklr。我們也在尋求解決技術債的能力，以及我們需要推動的創新。因此，我們正以非常平衡且聚焦的方式來推進這場轉型。

I think what we try to do always is to make sure that we have the latitude to make the appropriate investments to drive long-term innovation, the extension of our AI-agentic agents, our co-piloting, our core innovations, and then obviously, the hardening of our CCaaS solution. We also want to make sure that we continue to make -- deliver the right returns to our investors.

我認為我們一直努力要做的，是確保我們有足夠的彈性，能進行適當的投資，以推動長期創新、擴展我們的 AI 代理型代理（AI-agentic agents）、我們的協同駕駛（co-piloting）、我們的核心創新，然後當然也包括強化我們的 CCaaS 解決方案。我們也希望確保我們能持續——為投資人帶來適當的回報。

So I think we run a balanced structure here. I think we've been prudent in the way we've looked at the future to give ourselves the latitude to continue this transformation. And Willow, as I said in the prepared remarks, we're in that second phase. We're just passing that midpoint of that second phase transition and execution. This is where we're burning in these changes.

所以我認為我們在這裡採取的是一個平衡的架構。我認為我們在看待未來時一直很審慎，讓自己保有彈性以持續推動這項轉型。而 Willow，正如我在事先準備的講稿中所說，我們正處於第二階段。我們剛剛越過第二階段轉型與執行的中點。這就是我們正在把這些變革落地、磨合到位的階段。

That should position us for the acceleration phase as we move into FY28. So my feedback would be, I think we've contemplated the right focus and the right balance across that to give ourselves the latitude to continue to properly deliver the innovation and changes we need to do to drive long-term durable growth, but also to deliver a healthy return in the tactical future.

這應該能讓我們在邁入 FY28 時，處於加速階段的有利位置。所以我的回饋是：我認為我們已經考量了正確的重點與適當的平衡，讓自己保有彈性，能持續、妥善地交付我們所需的創新與變革，以推動長期且可持續的成長，同時也能在較近的戰術性期間提供健康的回報。

Catharine Trebnick, Rosenblatt Securities.

Catharine Trebnick，Rosenblatt Securities。

Could you break out internationally versus US, what the percentage revenue is? I'm trying to pinpoint because you do have a large installed base in the Middle East. I'm just trying to understand how much of the geopolitical might be the conservative guide?

你能否拆分一下國際市場相對於美國市場的營收占比？我想釐清一下，因為你們在中東有很大的既有裝機基礎。我只是想了解，地緣政治因素在多大程度上可能導致較為保守的指引？

Yeah. Good to speak with you. From the standpoint of the Middle East, this is -- if you look at -- I run 12 regions across three geographies, what we call DVPs, right? Those regions, there's 12 of them. The Middle East would be in the upper middle, okay?

是的。很高興和你交流。就中東而言——如果你看——我在三個地理區域下管理 12 個區域，我們稱之為 DVPs，對吧？這些區域一共有 12 個。中東會落在偏上游的中間位置，好嗎？

So they're not the largest, but they're definitely one of our healthy regions. They have a good pipeline. They've executed well over the past two years. I will call out that they've been extremely resilient. And I want to recognize that team in a very difficult environment right now.

所以它們不是最大的，但絕對是我們其中一個表現健康的區域。他們有不錯的銷售管線。過去兩年執行得很好。我要特別指出，他們展現了極強的韌性。在目前非常艱難的環境下，我也想肯定那個團隊。

They have rallied together. All of Sprinklr is supporting them and they're intensely focused on helping our customers in a very difficult environment. So I would put them in that upper middle of our geographies. It has meaningful business, and it's an important business to us.

他們已經團結一致。整個 Sprinklr 都在支持他們，他們也高度專注於在非常艱難的環境中協助我們的客戶。所以我會把他們放在我們各地理區域中偏上游的中間位置。那是一塊具相當規模的業務，對我們也很重要。

I think if we looked at worldwide, I describe us as about in that 50%, 55% range for Americas, that 35%-plus range for Europe, and then about 10% in Asia, APJI. That gives you a sense of how the structure works. And again, I run 12 regions, Middle East and Africa in the upper middle, meaningful business, good pipeline.

我認為如果看全球，我會形容我們大約是：美洲約在 50% 到 55% 的區間，歐洲在 35% 以上的區間，然後亞洲（APJI）約 10%。這能讓你了解整體結構如何運作。再說一次，我管理 12 個區域；中東與非洲位於偏上游的中間位置，業務具相當規模，管線也不錯。

Jackson Ader, KeyBanc Capital Markets.

Jackson Ader，KeyBanc Capital Markets。

So if I look at total revenue, the run rate is actually above where you're expecting to be for fiscal '27, the run rate ending fiscal '26. And I realize some of this is a little mix, meaning subscription versus services. But is there -- the elevated churn that you saw last year, is that expected to continue in fiscal '27? And that's why we're looking at possibly by the time we exit fiscal '27, the run rate might be flat to maybe even a little down compared to where we are today?

所以如果我看總營收，目前的年化運行率其實高於你們對 2027 財年的預期，也就是 2026 財年結束時的運行率。我也理解其中有一些是組合因素，也就是訂閱與服務的組合。但你們去年看到的較高流失率，是否預期會在 2027 財年持續？這是否就是為什麼我們會看到，到 2027 財年結束時，運行率可能與現在持平，甚至略微下降？

Yeah. No. That's not what we expect at all. So I think what we saw, as I said in the prepared remarks, Jackson, that we saw elevated churn in FY26. I mentioned that in every earnings call. I told you in 3Q that I began to see a more predictable environment around renewal rates, and that was a good sign.

是的。不。那完全不是我們的預期。所以我認為我們看到的情況——正如我在事先準備的講稿中所說，Jackson——我們在 FY26 看到較高的流失率。我在每次財報電話會議都有提到。我在第三季告訴過你，我開始看到續約率周邊的環境變得更可預測，這是一個好跡象。

Here in 4Q in the prepared remarks, I called that we had our best renewal rates that we've seen over a year. And I also shared that I expect 1Q and 2Q to be, again, another step up. So I'm starting to see a bend in that renewal rate that I began to see in 4Q. I expect to see in the first half.

在第四季的事先準備講稿中，我提到我們的續約率是過去一年多以來最好的。我也分享過，我預期第一季與第二季會再次更上一階。所以我開始看到續約率出現轉折，而這個轉折我在第四季已經開始看到。我預期在上半年會持續看到。

I'll also tell you that we're intensely focused on bear hugging our top 900 customers now. So that represents about 90% of our revenue. We are working on renewals in 3Q, 4Q and even 1Q of FY28. So we're getting a much deeper view of that.

我也想告訴你，我們現在非常專注於緊密維繫我們前 900 大客戶。這大約代表我們 90% 的營收。我們正在推進 FY27 第三季、第四季，甚至 FY28 第一季的續約工作。因此我們能更深入地掌握相關情況。

I saw a better predictability in 3Q. I saw at the beginning of the end in 4Q. And then 1Q, 2Q, I expect that to continue, and indications in all my data is pointing in that direction. What I think you're seeing is, I think, based on that, that's a lagging indicator. And I think you've got some of that macro environment outlook.

我在第三季看到了更好的可預測性。我在第四季看到了走出困境的開端。而在第一季、第二季，我預期這會持續，且我所有數據的跡象都指向這個方向。我認為你現在看到的是——基於上述——那是一個落後指標。而且我認為其中也包含了一些對總體環境前景的看法。

And as I said, I'm at the midpoint of the second phase. I have work to continue to do here as a team, I feel very good about the progress we made. And I want to make sure that we're diligent in what we guide and how we produce it so that we're making sure that we continue to do the things we say we're going to do.

而且如我所說，我正處於第二階段的中點。作為一個團隊，我還有工作要繼續推進，但我對我們已取得的進展感到非常好。我也想確保我們在提供指引以及如何達成方面保持嚴謹，確保我們持續做到我們所說要做的事。

Okay. All right. Fair enough. And then a quick follow-up maybe for you, Rory, maybe for Anthony, on the -- just on the margin, I mean, outside of the restructuring that you did, I think, at the start of the year, what can you do just regularly running the business, not -- again, outside of restructuring, just incrementally, what are your plans for increasing margin just as you run the business day to day?

好的。好。可以理解。接著快速追問一下，可能問你 Rory，或 Anthony：關於利潤率——我是說，除了你們在年初做的重組之外，若只是日常經營、不是——再說一次，撇除重組——就逐步改善而言，你們在日常營運中提升利潤率的計畫是什麼？

Jackson, so there are a couple of things. So first off, there is this element of revenue mix. So as you know, we have now a different mix of products, and we have invested also in some CCaaS business which is picking up. So there is this element also in the margin mix.

Jackson，有幾件事。首先，有一個因素是營收組合。如你所知，我們現在的產品組合不同了，而且我們也投資了一些正在成長的 CCaaS 業務。因此在利潤率組合上也有這個因素。

There is also underlying so -- overall, at the surface, if you look at the revenue mix, we expect also services to play into this. And you have -- so we have highlighted the services margin that we are projecting. So you see that there is also that element.

另外也有一些更底層的因素——整體而言，從表面上看，如果你看營收組合，我們也預期服務會在其中發揮作用。而且你也看到——我們已經強調了我們所預測的服務毛利率。所以你可以看到其中也包含那個因素。

Now to your question on what we're doing. First, at the macro level, you've seen that we have a flat headcount decreasing over the past two years. So we continue to monitor that -- and monitoring our investment into the right buckets and make sure we invest in innovation and go-to-market capabilities, but diligently. And so that's one element or one lever for the margin.

現在回到你關於我們正在做什麼的問題。首先，在宏觀層面，你已經看到我們的人力編制在過去兩年維持持平並且有所下降。因此我們會持續監控這點——同時監控我們把投資放到正確的類別中，確保我們投資於創新與市場進入（go-to-market）能力，但會審慎為之。因此，這是影響毛利率的一個要素或一個槓桿。

And then on the other side, so obviously, we're investing in AI solutions, in AI products, but also for our customers. So you have still some significant hosting costs and, let's say, running costs on the innovation side that we we have to factor into the margin profile here. But underlying, we have really some very strong discipline on the expense side and strong initiatives on every area across the company. So operationally, I think we are leaning towards a more agile and more effective organization.

然後在另一方面，顯然我們正在投資 AI 解決方案、AI 產品，也是在為我們的客戶投資。因此在創新端，你仍然會有一些相當可觀的託管成本，以及可以說是運行成本，這些我們都必須納入這裡的毛利率結構考量。但從根本上來看，我們在費用端確實有非常強的紀律，並且在公司各個領域都有強而有力的推動計畫。所以在營運上，我認為我們正朝向更敏捷、更有效率的組織。

But at the macro level, obviously, you have other factors in terms of revenue mix, in terms of product mix, et cetera, that are playing in. And as we pick up on the AI wave, I think you will see that productivity gains. But obviously, the main opportunity ahead of us is really the sales productivity, and we see that now with the renewals heading the right direction.

但在宏觀層面，顯然還有其他因素在起作用，例如營收組合、產品組合等等。而當我們乘上 AI 浪潮時，我認為你會看到生產力的提升。但很明顯，我們面前最大的機會其實是銷售生產力，而我們現在也看到續約正朝著正確的方向發展。

I think this should support the margin profile in the years ahead. But you can be ensured that we are doing everything to build that foundation that will expand on the margin profile for the following years as we deliver on this second wave of transformation.

我認為這將在未來幾年支撐毛利率結構。但你可以放心，我們正在盡一切努力打好基礎，讓毛利率結構在接下來幾年擴張，因為我們正在交付這第二波轉型。

Yeah. And I'd add just a little bit of color, Jackson, on Bear Hug. One of the things that we've done during this phase of transition and execution, and as we see renewal rates improve in 4Q and expect it to improve again in 1Q and 2Q, I think that reflects a lot of the work we're doing. I think some of these accounts over the past three years were a bit neglected.

是的。我也想就 Bear Hug 補充一點背景說明，Jackson。在這個轉型與執行的階段，我們做的一件事是：隨著我們看到第 4 季（4Q）續約率改善，並預期在第 1 季（1Q）與第 2 季（2Q）再次改善，我認為這反映了我們正在做的大量工作。我認為過去三年裡，有些客戶帳戶確實有點被忽略了。

I think what we've done is making sure that we're investing the time and effort the services work to support them through Bear Hug to make sure those renewal rates increase. And we position ourselves for expansion. I think that work will finish up as we go through this year.

我認為我們所做的是確保投入時間與精力，透過 Bear Hug 的服務工作來支持他們，確保續約率提升。並且讓我們為後續擴張做好定位。我認為這些工作會在我們今年推進的過程中完成。

We'll get to -- people ask when is this renewal cycle? I think as we move through this year and finish this phase, I think we become a more standard execution engine, and we clean up a lot of that debt and customer focus from the past.

我們會走到——大家會問續約週期是什麼時候？我認為當我們今年一路推進並完成這個階段後，我們會成為一個更標準化的執行引擎，並清理掉過去累積的許多負債與客戶關注度方面的問題。

Patrick Walravens, Citizens JMP.

Patrick Walravens，Citizens JMP。

Okay. Great. And congratulations on getting the renewal rate to get better. So Rory, I feel like previously, we thought the acceleration phase would happen in the second half of fiscal '27 and now we're talking about fiscal '28. Is that fair?

好的。很好。也恭喜你們讓續約率變得更好。所以 Rory，我覺得之前我們認為加速階段會發生在 2027 財年下半年，而現在我們在談 2028 財年。這樣理解公平嗎？

I think what I've always said that the first phase is generally somewhere between six and nine months, that's business where we do the business optimization, the go-to-market restructuring, that's where we did the cost takeouts last year. We always talked about the second being in that 12- to 18-month range. I think that puts us in the second half.

我一直說的是，第一階段通常大約在六到九個月之間，那是我們做業務優化、重整市場進入（go-to-market）架構的階段，也是在那裡我們去年做了成本削減。我們一直談到第二階段是在 12 到 18 個月的區間。我認為那會把我們帶到下半年。

I'm looking for a better Sprinklr toward late summer, beginning of fall, but there's no question that I think that that phase, as we move toward the end of this year and beginning of next year, is in that range. Best case, it was 12 months. Longer, it's at 18 months. It's tracking where we expected to be. And having done this several times, I like the progress we made last year. I think if we do that again this year, I think we're in a very good position as we move through the end of this year and in FY28.

我期待在夏末、初秋時看到一個更好的 Sprinklr，但毫無疑問，我認為當我們走向今年年底與明年年初時，這個階段就在那個區間內。最好的情況是 12 個月。更長的話是 18 個月。目前的進度符合我們原先的預期。而且我做過好幾次這樣的事，我喜歡我們去年取得的進展。我認為如果我們今年再做到一次，我們在今年年底以及 FY28 推進時會處於非常有利的位置。

Renewal rates, Pat, that's like having a hole in your boat, you have to fix that. And that drags you and that issue sticks around for a while. We have seen that begin to bend. I was very clear in 3Q that I saw us be more predictable with the data and analytics. 4Q now I see it bend. I see the best results in over a year, and I'm calling again that I'm seeing the opportunity for us to improve again in 1Q, 2Q.

續約率，Pat，就像你的船上有個洞，你必須把它補起來。那會拖累你，而且那個問題會持續一段時間。我們已經看到它開始出現轉折。我在第 3 季（3Q）說得很清楚，我看到我們在數據與分析方面變得更可預測。現在第 4 季（4Q）我看到它轉折了。我看到一年多以來最好的結果，而且我再次判斷，我看到我們在第 1 季（1Q）、第 2 季（2Q）還有機會再改善。

And I can promise you we're working on renewals and expansions in 3Q -- I mean, 4Q of this year and 1Q of next year. That's so different than when I got here. We talked about renewals within the month. So I think when we get that, we should start to see ARR continue to build throughout the year. We should see -- CPR whatever that thing -- we see that continue to improve. Those are the key longer-term items. I think that's how I look at it.

我也可以向你保證，我們正在為今年的第 3 季（3Q）——我是說今年的第 4 季（4Q）以及明年的第 1 季（1Q）在做續約與擴張的工作。這跟我剛來的時候非常不同。那時我們是在當月才談續約。所以我認為當我們做到這點時，我們應該會看到 ARR 在全年持續累積。我們也應該會看到——CPR 不管那是什麼——我們會看到它持續改善。這些是關鍵的長期項目。我就是這樣看待的。

Okay. Great. And if I could ask a follow-up. You previously said when we get to the acceleration phase, then you'll try putting more logs on the fire. What will be putting more logs on the fire look like?

好的。很好。如果我可以再追問一個問題。你之前說當我們進入加速階段時，你會嘗試往火裡再加更多柴。所謂往火裡加更多柴，會是什麼樣子？

So that, we're already starting to do because each phase overlaps a little bit. What you're trying to do is you're trying -- as you move through each of these three phases, you're trying to do the work that prepares you for the next phase.

所以那件事我們其實已經開始在做了，因為每個階段都會有一些重疊。你要做的是——當你走過這三個階段中的每一個階段時，你都在做能讓你為下一個階段做好準備的工作。

Here is some good information. We're beginning this year with more ramped AEs, more in-seat ramped AEs than we have had in over three years, okay? That says we're getting better retention. We're at the highest level that we've been in more than three-plus years. That means we have people in seat, and they're definitely working the client and building that Bear Hug 24/7, 365 relationship.

這裡有一些很好的資訊。我們今年開始時，已經有更多完成上手（ramped）的 AE、更多已就位且完成上手的 AE，這是三年多來最多的一次，好嗎？這表示我們的留任做得更好了。我們處於三年多以來的最高水準。這意味著我們有人在位，而且他們確實在服務客戶，並建立那種 Bear Hug 24/7、365 天的關係。

We're investing in innovation. We're making sure that not only are we're cleaning up the technical debt, but we're investing in our agentic work, our forward-deployed engineers. You have to do that all throughout this year, and it should accelerate as you go into the second half to position you for that acceleration phase.

我們正在投資創新。我們確保不只是清理技術負債，也在投資我們的代理式（agentic）工作、我們的前線部署工程師（forward-deployed engineers）。你必須在今年全程都做這些事，而且當你進入下半年時，這應該會加速，以便讓你為那個加速階段做好定位。

You don't wait to the end or it's not like a hard line. You're doing that work as you go through. So you're doing it in parallel. And I'm excited about that work. I think we're seeing real kinds of progress in terms of better feedback from our customers. Our customers are noticing a different Sprinklr. We're putting Sprinklr support on Sprinklr.

你不會等到最後，或這不是一條硬性的分界線。你是在推進過程中就做這些工作。所以你是並行在做。而我對這些工作感到興奮。我認為我們在客戶回饋變得更好方面，正看到真正的進展。我們的客戶注意到 Sprinklr 不一樣了。我們正在用 Sprinklr 來支援 Sprinklr。

And each of these items moves us. I've met with, what, more than 600 customers now and many over and over again. The things I heard when I first got here 15 months ago, that's much less. Now, they're talking about we noticed that this is much different. We appreciate it. Now, take us to the next generation of capability and finish up this work that you're doing in this phase. That's how I see a path.

而這些每一項都在推動我們前進。我現在已經會見了，嗯，超過600位客戶，而且很多客戶是一再地見面。我在15個月前剛到這裡時聽到的那些事情，現在已經少很多了。現在，他們談的是：我們注意到這已經大不相同。我們很感謝。現在，請帶我們走向下一代的能力，並把你們在這個階段所做的工作收尾完成。這就是我所看到的路徑。

Raimo Lenschow, Barclays.

Raimo Lenschow，巴克萊。

Perfect. Great update, guys, and congrats as well on a solid Q4. Can you talk about services next year? If I look -- you talked a little bit about the projects you're doing for clients. There's still some cleaning up, but like it does seem to decelerate quite a lot, which seems odd. Can you talk a little bit about that role that services has played so far in going forward?

太好了。各位更新得很棒，也恭喜第四季表現穩健。可以談談明年的服務業務嗎？如果我看——你們稍微提到一些正在為客戶做的專案。還有一些收尾清理，但看起來確實會大幅放緩，這似乎有點奇怪。你們能否多談一點，服務到目前為止扮演的角色，以及未來往前走會是怎樣？

Yes, Raimo, two thoughts on that one. One, we want to build an ecosystem with partners. By the way, we've got the analytics and the data. When we partner with a trusted adviser, one of these great global system integrators or great regional integrators that really understand Sprinklr, we see a win rate about a 75% higher win rate than if we don't. So it makes sense to do that.

好的，Raimo，這題我有兩點想法。第一，我們想與合作夥伴建立一個生態系。順帶一提，我們有分析與數據。當我們與值得信賴的顧問合作——例如這些很棒的全球系統整合商，或真正了解Sprinklr的優秀區域整合商——我們看到的贏單率大約比不合作時高出75%。所以這樣做是合理的。

And we don't want to dilute the margin long term. Remember last year, as I went through FY26, I told you the acceleration in services, our core -- our own services was driven by a very large global 50 implementation. That's going to finish up and move into regular execution and software work that subscription revenue. That we'll talk about at the end of this quarter because that deal actually closed recently. I'm excited about that because all of that work positions us for that key win.

而且我們不希望長期稀釋毛利率。記得去年，當我談到FY26時，我告訴過你們服務的加速成長——我們核心、我們自有的服務——是由一個非常大型的全球50大客戶導入案所帶動。那個案子將會收尾，並轉入常態化的執行，以及帶來訂閱營收的軟體工作。我們會在本季末談到，因為那筆交易其實是最近才完成簽約。我對此很興奮，因為所有這些工作都讓我們為那個關鍵勝利做好了布局。

What I want to do is I want to keep growing that ecosystem and have a balanced piece of that for our own because we have some real experts. We have great team there. That team is doing some phenomenal work but I don't want to become a service business. This is a software AI platform that's going to create a unified platform for customer experience.

我想做的是持續擴大那個生態系，同時讓我們自有服務在其中保持一個均衡的比重，因為我們確實有一些真正的專家。我們那邊有很棒的團隊。那個團隊做出了非常出色的成果，但我不想讓公司變成一家服務型企業。這是一個軟體AI平台，將為客戶體驗打造一個統一的平台。

Service is a key adder but it can't be the core of the business. And we need that ecosystem so those trusted advisers -- when we go together like one of the world's largest retailer in 3Q, we won a great deal. That was because of one of our amazing global system integrator partners. We have to do more of that. And we want to make sure that we're feeding both sides, but I don't need to grow the services so fast. Good news, that big project, it's gotten to the place where it's moved into that win in 1Q, and that's great.

服務是重要的加值項，但不能成為業務的核心。而且我們需要那個生態系，讓那些值得信賴的顧問——當我們一起出擊時，例如在第三季面對全球最大的零售商之一，我們拿下了一筆很棒的案子。那是因為我們其中一位非常出色的全球系統整合商合作夥伴。我們必須做更多這樣的事。我們也希望確保兩邊都能被帶動，但我不需要讓服務成長得那麼快。好消息是，那個大型專案已經進展到轉入第一季的那個勝利階段，這很棒。

And maybe adding to that from a modeling standpoint, Raimo, essentially, what we are saying is that you should expect that the acceleration compared to current levels, so more back to where we were one year ago in terms of the next quarters is what we expect. So we want to -- continue to be an unlock of value for our customers, and we will continue to execute on that. But now that we have less of the bear hug effort to do, and we have a very good level of utilization within services, we expect this to be a bit lower in the following quarters compared to what it was last year.

也許從建模的角度再補充一下，Raimo，我們基本上是在說：相較於目前水準，你應該預期接下來幾季的加速幅度會回到更接近一年前我們所處的位置。所以我們希望——持續為客戶解鎖價值，我們也會持續把這件事執行好。但現在我們需要投入的「熊抱」式努力變少了，而且我們在服務端的稼動率水準非常好，因此我們預期接下來幾季會比去年低一些。

Elizabeth Porter, Morgan Stanley.

Elizabeth Porter，摩根士丹利。

This is Keith Weiss on for Elizabeth. Maybe just rounding that quickly to Jackson's question. You guys are right, like on a subscription revenue basis, you guys are looking for growth over the run rate exiting Q4. It's the services side of the equation that you guys are looking to come down. Can you talk to us a little bit about where does that signal?

我是代替Elizabeth發問的Keith Weiss。也許很快把這點接到Jackson的問題。你們說得沒錯，以訂閱營收來看，你們希望在第四季退出時的run rate之上繼續成長。你們希望下降的是服務這一側。你們能跟我們多談談，這代表了什麼訊號嗎？

Is that just like you're saying like pushing more stuff to your partners? And given this low-margin business, you're willing to push that out? Or is there any demand signal, either forward-looking or backwards looking in that services side of the equation? That's question number one.

這只是像你們說的，把更多事情推給合作夥伴去做嗎？而且考量到這是低毛利的業務，你們願意把它外推？還是說，在服務這一側，不論是前瞻或回顧，有任何需求面的訊號？這是第一個問題。

Question number two is on the 50% growth in the Gen AI SKUs. Can you talk us a little bit about where that budget comes from? How are your customers funding these AI initiatives? And for the particular AI functionality, who are you competing with there? Is it just external vendors or in any way is like DIY initiatives and by coding starting to become more of a competitive dynamic?

第二個問題是關於生成式AI SKU成長50%。你們能談談這些預算是從哪裡來的嗎？你們的客戶是如何為這些AI計畫提供資金的？而就特定的AI功能而言，你們在那裡的競爭對手是誰？是只有外部供應商，還是某種程度上，像DIY計畫、自己寫程式的做法也開始成為更重要的競爭動態？

Sure. So I'll take the first question and then, Rory, you can comment on the second. So on your first topic, again, we said that we expect this to lower. But what does that signal on the services side is essentially the progress we've made on the Bear Hug front. So you have less effort to do going forward, and you have a more -- so we have invested in delivery and in productivity in the services space.

當然。我先回答第一個問題，然後Rory你可以回應第二個。就第一個主題而言，我們再次說過，我們預期這會下降。但這在服務端所代表的訊號，本質上是我們在「Bear Hug」前線所取得的進展。因此未來需要投入的工作量更少，而且我們也在服務領域投資了交付能力與生產力。

So you get the fruits of that in -- going forward, but you have also less effort on the services front that you had over the past five, six quarters. So this is what that signals. That's also a more stable environment, a more normalized services revenue line. We continue to see that as a value enabler so we continue to invest in that, but to a lower extent and less dilutive, again, to the overall mix and the margin.

所以你會在未來看到這些投資的成果，但同時，相較於過去五、六個季度，你在服務端需要投入的工作也更少了。這就是它所傳遞的訊號。這也意味著環境更穩定、服務營收線更正常化。我們仍然把服務視為價值的促成者，因此會持續投資，但投資幅度會更低，且再次強調，對整體組合與毛利率的稀釋也會更小。

But obviously, from a compare perspective, from a baseline perspective, that's a bit lower than what we had last year. But I think it's a good thing that signals to progress on the journey and the transformation efforts. Maybe, Rory, you want to comment on the AI?

但顯然，從同比、從基期的角度來看，這會比去年低一些。不過我認為這是好事，代表我們在旅程與轉型工作上取得了進展。也許Rory，你想談談AI？

Yeah. And again, Keith, on that point, there was that very large implementation that I mentioned throughout the previous earnings calls, that's finishing up and moving into as it completed in the 1Q time frame and moving into software at that time. So I think that's a very good thing.

是的。而且再次說，Keith，關於那一點，我在之前幾次財報電話會議中提到的那個非常大型的導入案，正在收尾，並在第一季的時間框架內完成，之後在那個時間點轉入軟體。所以我認為這是一件非常好的事。

Now let's talk about the generative AI SKUs and AI SKUs in general. What we're doing here is a combination of generative work around deflection, using the contextual data that's in this amazing platform that we've built. AI -- real AI unlock is driven by the use of contextual data. AI is not a computational compute model. That's not what it does.

現在來談生成式AI SKU，以及一般的AI SKU。我們在這裡做的是一個組合：圍繞「分流（deflection）」的生成式工作，利用我們打造的這個驚人平台中的情境式數據。AI——真正的AI解鎖——是由情境式數據的使用所驅動的。AI不是一個純粹的運算算力模型。它不是做那件事的。

What it needs is contextual data to really interpret and create generative ideas and thoughts from that contextual data. That's why we believe our platform and this huge amount of customer data, we think is so powerful.

它所需要的是情境資料，才能真正從那些情境資料中解讀並產生生成式的想法與思維。這就是為什麼我們相信我們的平台以及這龐大的客戶資料量非常強大。

We see it in several phases. We see it where we use intelligent collaboration. You know that we're doing work around marketing insights, social insights, the work on our amazing set of contact center wins. These are using this for the agents, for the marketing teams, the revenue teams to really understand the insights.

我們把它看成幾個階段。我們看到我們在使用智慧協作。你知道我們正在做行銷洞察、社群洞察方面的工作，以及我們在聯絡中心取得的一系列令人驚豔的勝利。這些都是把它用在客服專員、行銷團隊、營收團隊身上，讓他們真正理解這些洞察。

And they're linking together data across surveys, social, touch points within the contact center, digital deflection to create a holistic view of that voice of the customer; that's where intelligent collaboration. And that's why we win these CCaaS deals. And that's why we've seen a very steep acceleration in the usage of this capability and our social tools.

而且他們正在把問卷、社群、聯絡中心內的接觸點、數位分流等各處的資料串聯起來，建立對「客戶之聲」的整體視圖；那就是智慧協作所在。這也是為什麼我們能贏下這些 CCaaS 交易。也因此，我們看到這項能力以及我們的社群工具的使用量出現非常陡峭的加速成長。

I think it's been to -- and then I'll talk about agentic. Agentic, both bots, voice, digital full agentic, these are the next generation of SKUs that we're driving that allows those customers with forward-deployed engineers to really create those differentiated capabilities. Again, because we have this robust platform with all of this customer data and contact, you run that through the agentic AI as well as the intelligent collaboration and you create those different outcomes.

我想這已經到了——接著我會談談 agentic。Agentic，不論是機器人、語音、數位端的全 agentic，這些都是我們正在推動的下一代 SKU，讓那些配有前線駐點工程師的客戶，能真正打造出差異化能力。同樣地，因為我們有這個穩健的平台，擁有所有這些客戶資料與互動，你把它跑過 agentic AI 以及智慧協作，就能產生不同的成果。

That's the flywheel of change that we're driving. I think it's going well so far. Would I like to see it accelerate? Absolutely. 50% growth is good, but we want to drive that harder and faster. I'm incentivising the sales team to do more of that.

這就是我們正在推動的變革飛輪。我認為到目前為止進展良好。我希望它加速嗎？當然。50% 的成長不錯，但我們想把它推得更用力、更快。我正在激勵銷售團隊在這方面做得更多。

We're making sure that we're investing both in innovation, our engineers, where we have over 350 of these kinds of skills in the engineering team as well as forward deployed engineers. And I think this is a key area for us to focus on over the next nine, 12 months. That will definitely position us for the acceleration phase as well, tying back to Pat's question.

我們也確保同時投資在創新與工程團隊上；我們的工程團隊裡有超過 350 位具備這類技能的人才，另外也有前線駐點工程師。我認為這是我們在接下來 9 到 12 個月需要聚焦的關鍵領域。這也一定會讓我們在加速階段占得先機，回到 Pat 的問題。

Matt VanVliet, Cantor.

Matt VanVliet，Cantor。

I guess, Rory, curious what you need to see? Or what the action plan to move from the transmission -- or the execution phase now to the acceleration phase? Is that just a matter of seeing bookings and revenue start to accelerate? Or are there other elements that you have built in that move from phase two to phase three?

Rory，我想請教你希望看到什麼？或者說，從現在的傳導——或執行階段——走到加速階段的行動計畫是什麼？這只是看訂單與營收開始加速的問題嗎？還是你們還有其他要素，會讓你們從第二階段進入第三階段？

Yeah, Matt, that's an awesome question. There's many considerations as you go through a transformation like this. You want to make sure you pay down your debt, okay? You want to make sure that some of that historical tech debt that we have -- we've been paying that down in the past 15, 16 months. We're going to continue doing that in the next nine months. I think we'll see a different Sprinklr.

是的，Matt，這是個很棒的問題。像這樣的轉型過程有很多考量。你要確保把債務降下來，對吧？你要確保一些我們過去累積的技術債——我們在過去 15、16 個月一直在償還。我們會在接下來 9 個月持續做這件事。我想我們會看到一個不一樣的 Sprinklr。

On the support side, putting us on Sprinklr on Sprinklr, another good example. Getting that -- the cohort of our AEs and our pod or go-to-market with more ramped AEs, being at a point where we're seeing that be at the highest level in over three years. That's another good indicator.

在支援面，把我們放在 Sprinklr on Sprinklr 上，這也是另一個很好的例子。讓我們的 AE 群體與我們的 pod 或 go-to-market，擁有更多已完成爬坡的 AE，並且達到我們看到的、超過三年來的最高水準——這也是另一個很好的指標。

You want to make sure that all those components -- we are developing run books, you've got to continue to see the renewal rates improve. I can see line of sight and my metrics are becoming more and more predictable. I called it in 3Q last year. I told you I was expecting to see it improve in 4Q. I did. I expect it to improve again in 1Q and 2Q. If that continues through the whole year, that's perfect. That's where you want to be.

你要確保所有這些組成要素——我們正在制定作業手冊（run books），你必須持續看到續約率改善。我看得到清楚的路徑，而且我的指標變得越來越可預測。我在去年第 3 季就說過。我告訴各位我預期第 4 季會看到改善。我確實看到了。我預期第 1 季與第 2 季會再改善一次。如果這能持續一整年，那就完美了。那就是你想要到達的位置。

You want to make sure that the customer sentiment remains strong. We've got to continue to accelerate in the AI space. Each of these factors come into this transition, and you're working this on a multidimensional concept to get the organization to a better place. We're more profitable. We run more efficiently. And I think as we pay down that debt, we can yield even more of that as we go into FY28.

你要確保客戶情緒（sentiment）維持強勁。我們必須持續在 AI 領域加速。這些因素都會影響這個轉換，你是在一個多維度的概念上推動，讓組織到更好的位置。我們更獲利。我們運作更有效率。而且我認為，當我們把那些債務償還下來，進入 FY28 時，我們還能釋放出更多這樣的成果。

But you're right. It's not just one thing. Yeah, you want to see the renewal rates. You want to see the net NAR. You want to see the ARR. We've got a good pipeline, and we're winning some really interesting large customers.

但你說得對。不只是單一件事。是的，你想看到續約率。你想看到淨 NAR。你想看到 ARR。我們有不錯的管線，而且我們正在贏下一些非常有意思的大型客戶。

As Anthony talked about, the net dollar expansion rate at that top of the queue where we bear hug first, that 115%, that's a good number. And now we have to take it through that entire stack. That's why we're bear-hugging that group.

如 Anthony 所說，在我們最先「熊抱」的那一群、也就是隊列最前端，那個 115% 的淨美元擴張率，是個不錯的數字。而現在我們必須把它推進到整個產品堆疊。這就是為什麼我們要「熊抱」那一群。

I think we're on schedule. I think, yeah, Pat, we could be three, six months, give or take, either way. That's just how these transformations go. But we're at the midpoint of this. We're building a better Sprinklr. We have more work to do, but that's what we need to do. And when we get that and we get the underpinnings on each of these components, then you're ready for durable, sustained performance and predictability.

我認為我們按計畫進行。我想，是的，Pat，我們可能會有三到六個月的差異，上下浮動都可能。轉型就是這樣。但我們正處於這段轉型的中點。我們正在打造一個更好的 Sprinklr。我們還有更多工作要做，但那就是我們必須做的事。當我們做到這點，並把每個組成要素的底層基礎打好，你就準備好迎接可長可久、可持續的績效與可預測性。

Clark Wright, DA Davidson.

Clark Wright，DA Davidson。

I recognize that the $1 million-plus customer cohort is an output of multiple factors. But we have seen two consecutive sequential declines. And I wanted to understand if you think this metric has stabilized at these levels? And if possible, how much of this cohort is already utilizing Sprinklr services?

我理解 100 萬美元以上客戶群體是多種因素的結果。但我們已經看到連續兩季的逐季下滑。我想了解你是否認為這個指標已在目前水準穩定下來？如果可以的話，這個群體中有多少已經在使用 Sprinklr 的服務？

Yes. I look at this. This is a a lagging indicator because it's like a 12-month number. We're not -- we're seeing much more where we see some variation from $1.1 million to $900,000, $800,000, some of that happens. I do want to grow that. I can tell you that this cohort, now on average, is generating over $3 million a client. That's good.

是的。我看待這件事是這樣。這是一個落後指標，因為它像是一個 12 個月的數字。我們並不是——我們看到更多的是，從 110 萬美元到 90 萬、80 萬之間會有一些波動，這種情況會發生。我確實想把它做大。我可以告訴你，這個群體現在平均每位客戶帶來超過 300 萬美元。這很好。

I think we want -- and we're seeing good progress. And we're seeing the right kinds of engagement. And we're getting much less surprises. As I entered into last year, I could see through the year indications of significant churn issues three, four quarters out. I'm at fractions of that level of issue as I enter this year. So I feel that that's moving in the right direction.

我認為這正是我們想要的——而且我們也看到良好的進展。我們也看到正確類型的互動參與。而且意外狀況少了很多。當我進入去年時，我可以在一年中看到三、四個季度之後會出現顯著客戶流失問題的跡象。而在我進入今年時，這類問題只剩下當時的一小部分。所以我覺得這正朝著正確的方向發展。

And to clarify on that, what we like also is the quality. So you have increased rates in dollar expansion, but you have also increased amounts and average lengths of relationships. So I think this is where you want to be also. So the qualitative elements underneath, I think, are more important than the absolute number of customers.

再澄清一下，我們也喜歡的是品質。所以你看到以美元計的擴張率提高，同時也看到關係金額與平均合作期間都增加。所以我認為這也是你希望達到的狀態。因此，我認為底層的質化要素比客戶絕對數量更重要。

Obviously, we don't want this to continue in terms of trajectory for the absolute number. But the quality and the traction that we see underneath is more important and more meaningful for the years ahead. So we like that in terms of the buildup of those customer relationships at the top tier of the pyramid.

顯然，我們不希望客戶絕對數量的這種走勢持續下去。但我們在底層看到的品質與動能，對未來幾年而言更重要、也更有意義。所以就金字塔頂端那一層客戶關係的累積而言，我們對此感到滿意。

Yeah. And I absolutely want to grow that. And at the top, we're seeing some really big clients. I mean we continue to grow at the top. And I think that's a very good indication that this platform concept is real. Unified customer experience, I think, for enterprise customers is going to definitely happen over the next three to five years. And I think we're positioned well for it.

是的。而且我絕對希望把那部分做大。在頂端，我們看到一些非常大型的客戶。我的意思是，我們在高端持續成長。我認為這是平台概念確實成立的一個非常好的指標。我認為，面向企業客戶的統一客戶體驗，在未來三到五年肯定會發生。而且我認為我們已經做好了很好的布局。

Let's get our house in order. Let's get this transition execution phase done and dusted. And then we can go prosecute that for the next two, three years. It should be exciting.

先把我們內部整頓好。把這次轉型的執行階段徹底完成。然後我們就可以在接下來兩、三年全力推進。應該會很令人振奮。

Got it. And just a follow-up, if possible, here around the social insights. How do you see that product continuing to evolve, given what we're seeing in the changes in social media and other agentic means impacting that broader category?

了解。如果可以的話，再追問一個關於社群洞察（social insights）的问题。鑑於我們看到社群媒體的變化，以及其他代理式（agentic）方式對更廣泛類別的影響，你如何看待該產品接下來的持續演進？

Yeah. Thanks, Clark. I think there's definitely emerging trends. I alluded to it in the innovation, the four areas of innovation. There's going to be more LLM listening. There's going to be different channels in that space. There's going to be more video. There's going to be a number of -- each of those we're addressing.

是的。謝謝你，Clark。我認為確實有一些新興趨勢。我在創新部分、四個創新領域中也提到過。會有更多以 LLM 進行的聆聽（listening）。在那個領域會出現不同的渠道。會有更多影片。而且還會有許多——我們正在逐一應對這些。

I think there's no doubt, those signals continue to be relevant and important as you knit together all the social signals, the conversational commerce signals, the survey signals, which I'm excited about that product. We've now moved into full production in that area. We got recognized at the right quadrants in that. I think that's an exciting new set of tools.

我認為毫無疑問，當你把所有社群訊號、對話式商務訊號、以及問卷調查訊號串接起來時，這些訊號仍然相關且重要；我對那個產品也很興奮。我們現在已經在那個領域進入全面量產（full production）。我們也在相應的象限中獲得認可。我認為那是一套令人振奮的新工具。

Our digital support and obviously, our contact center support, that pulls that whole set together and gives you that total view. I think with any scenario I see moving forward, listening and insights across all social websites and interactions are key.

我們的數位支援，當然還有我們的聯絡中心支援，把整套訊號整合起來，讓你能獲得完整視圖。我認為在我所看到的任何未來情境中，跨所有社群網站與互動的聆聽與洞察都是關鍵。

Will they evolve and change? Absolutely. And we'll continue to innovate with new sources and more omnichannel capabilities to support the customer. But you've got to know what people are saying about your brand. You've got to know what they're talking about. And that's going to be -- continue to be increasingly important. And I've highlighted the areas where I think we have to invest in innovation to support that.

它們會演進並改變嗎？當然會。我們也會持續以新的來源與更強的全通路能力來創新，以支援客戶。但你必須知道人們在談論你的品牌什麼。你必須知道他們在討論什麼。而這將會——並且會持續變得越來越重要。我也已經強調了我認為我們必須投入創新資源來支援這件事的領域。

At this time, we've reached the end of our question-and-answer session. I'll turn the floor back over to Rory for closing comments.

此時，我們的問答環節已經結束。我將把時間交回給 Rory 作結語。

I appreciate everyone's interest in Sprinklr. We have more work to do. We're a work in progress. Pleased with the progress that we're making. We're at the midpoint of that second phase. I think that this is an important year as we continue to build on what we did in FY26.

感謝各位對 Sprinklr 的關注。我們還有更多工作要做。我們仍在持續改進中。對我們正在取得的進展感到滿意。我們正處於第二階段的中點。我認為，當我們持續在 FY26 所做的基礎上再往前建構時，今年是重要的一年。

And I look forward to giving you a clear and concise updates as we move through this transition. Thanks, again, for your interest in our work, and we have more work to do. Thanks, everyone, and have a great day.

我也期待在我們推進這次轉型的過程中，向各位提供清楚且精簡的更新。再次感謝各位對我們工作的關注，我們還有更多工作要做。謝謝大家，祝各位有美好的一天。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines at this time.

各位女士、先生，感謝各位的參與。今天的電話會議到此結束。您現在可以掛斷電話。