Sprinklr, Inc. (CXM) 2027 Q1 法說會逐字稿

Greetings, and welcome to the Sprinklr Q1 fiscal year 2027 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Sprinklr 2027 財政年度第一季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

It's now my pleasure to turn the call over to Eric Scro, Head of Investor Relations. Eric, please go ahead.

現在我很榮幸將電話交給投資人關係主管 Eric Scro。Eric，請開始。

Thank you, operator, and welcome, everyone, to Sprinklr's first quarter fiscal year 2027 financial results call. Joining us today are Rory Read, Sprinklr's President and CEO; and Anthony Coletta, Sprinklr's Chief Financial Officer.

謝謝接線員，也歡迎各位參加 Sprinklr 2027 財政年度第一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。

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 8-K 表格，且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。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。

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 GAAP 財務衡量指標能為投資人提供有用資訊，但呈現此等資訊並非意在單獨考量，亦不得作為依 GAAP 編製之財務資訊的替代。請參閱我們的新聞稿與補充投資人簡報，以取得此等指標與 GAAP 之間的調節表。

In addition, during today's call, we'll be making some forward-looking statements about the business and about the financial results of Sprinklr that involve many assumptions, risks and uncertainties, including our guidance for the second fiscal quarter and full fiscal year of 2027, the impact of our corporate strategies, the benefits of our platform and our market opportunity.

此外，在今天的電話會議中，我們將就 Sprinklr 的業務與財務結果發表若干前瞻性陳述，當中涉及多項假設、風險與不確定性，包括我們對 2027 財政年度第二季及 2027 全年度的財測指引、公司策略的影響、我們平台的效益以及市場機會。

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.

我們的實際結果可能與此等前瞻性陳述存在重大差異。我們在本次電話會議中所作的任何前瞻性陳述，均以截至今日之信念與假設為基礎，且我們不承擔更新之義務。關於與此等前瞻性陳述相關之風險的更多細節，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 first quarter, total revenue grew 7% year-over-year to $219.5 million, and subscription revenue grew 6% to $194.8 million. We delivered $31.7 million in non-GAAP operating income, representing a 14% non-GAAP operating margin. I want 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。第一季總營收年增 7% 至 2.195 億美元，訂閱營收年增 6% 至 1.948 億美元。我們實現非 GAAP 營業利益 3,170 萬美元，對應非 GAAP 營業利益率 14%。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。

We are making meaningful progress in building a stronger, more customer-centric company. And actions we've taken since my arrival at Sprinklr are beginning to translate into meaningful and tangible momentum. While transformations of this scale take time, we remain on track with the milestones we've outlined and are confident in our trajectory toward driving durable long-term value creation.

我們在打造一家更強大、以客戶為中心的公司方面正取得實質進展。自我加入 Sprinklr 以來所採取的行動，正開始轉化為有意義且可衡量的動能。雖然如此規模的轉型需要時間，但我們仍按計畫達成已提出的里程碑，並對我們朝向創造可持續的長期價值之軌跡充滿信心。

We are firmly in the second phase of our transformation, which we call transition and execution. This phase will continue through fiscal year '27 and is focused on embedding the changes we put in place the last year to build a stronger foundation for scale, efficiency and durable growth.

我們已穩健進入轉型的第二階段，我們稱之為「過渡與執行」。此階段將延續至 2027 財政年度，重點在於把過去一年所推動的變革深植於組織之中，以建立更強的基礎，支撐規模化、效率提升與可持續成長。

As we successfully complete this transition, we expect to move to the third phase, acceleration, as we head into fiscal year '28. This transformation is a deliberate multiyear journey, and we're increasingly confident in the direction we're headed.

隨著我們順利完成此一過渡，我們預期在邁入 2028 財政年度時，將進入第三階段「加速」。這次轉型是一段審慎規劃、跨多年的旅程，而我們對前進方向也愈來愈有信心。

While we continue to clean up and improve previously challenged accounts, underlying trends are moving in the right direction. This is driven by our Bear Hug initiative with larger customers, a reacceleration of our innovation and paying down years of technical debt.

雖然我們仍在清理並改善先前存在挑戰的客戶帳戶，但基本趨勢正朝正確方向發展。這主要由我們針對大型客戶推動的 Bear Hug 計畫、創新再加速，以及償還多年技術債所驅動。

Visibility began to improve in the second half of last year and continued into 1Q, where we achieved our best renewal rates since fiscal year '24, reflecting sharper go-to-market execution and stronger customer engagement.

自去年下半年起，可視性開始改善，並延續至第一季；我們達成自 2024 財政年度以來最佳的續約率，反映出更精準的市場推進（go-to-market）執行力與更強的客戶互動。

While we saw some pressure in the Middle East during this quarter, overall demand remains healthy. We're seeing more customers commit to larger multiyear agreements, reflecting growing confidence in our platform and long-term partnership.

雖然本季在中東地區看到一些壓力，但整體需求仍然健康。我們看到更多客戶承諾簽訂更大規模的多年期合約，反映其對我們平台與長期合作關係的信心提升。

A clear example this quarter was the largest software deal in Sprinklr's history, a multiyear platform agreement with a leading global consumer electronics company signed in the first quarter. This win underscores our ability to deliver differentiated value at enterprise scale, reflecting strong execution by our team and helped push total RPO past $1 billion, a key milestone that reinforces our position in a large and expanding market.

本季一個明確例子是 Sprinklr 史上最大軟體交易：我們在第一季與一家全球領先的消費性電子公司簽署多年期平台合約。此一勝利凸顯我們在企業級規模下提供差異化價值的能力，反映團隊強勁的執行力，並協助推動總 RPO（剩餘履約義務）突破 10 億美元——這是一個重要里程碑，進一步鞏固我們在龐大且持續擴張市場中的地位。

We are also increasingly differentiated by our technology leadership. Sprinklr's unified AI-native platform connects insights into actions across customer feedback, service, brand intelligence and marketing. In CFM, customer feedback management, the market is moving beyond surveys to a unified 360-degree view across surveys, social, contact centers and reviews. We're seeing momentum here, supported by analysts recognition, a recent 7-figure displacement win that closed in 4 weeks and a solid pipeline.

我們也因技術領導力而日益具備差異化優勢。Sprinklr 的統一 AI 原生平台，能將客戶回饋、服務、品牌洞察與行銷等領域的洞見連結到可執行的行動。在 CFM（客戶回饋管理）方面，市場正從單純問卷調查，走向跨問卷、社群、聯絡中心與評論的整合式 360 度視圖。我們在此領域看到動能，並受到分析師肯定、近期一筆 7 位數的替換型（displacement）勝利（4 週內結案）以及穩健的管線所支持。

Our platform's advantage is also driving traction in our agentic offerings with outcomes improving as adoption scales. For example, one large customer is achieving a 90% containment rate with our AI agents and customers with more than 6 months of full copiloting deployment are seeing a 55% reduction in handling times on average with some exceeding 70%.

我們平台的優勢也正推動我們在代理式（agentic）產品上的進展，且隨著採用規模擴大，成果持續改善。例如，一家大型客戶使用我們的 AI 代理達到 90% 的自助解決率（containment rate）；而完整部署 Copilot 超過 6 個月的客戶，平均處理時間（handling times）降低 55%，其中部分客戶甚至超過 70%。

Lastly, another customer successfully automated over 85% of their presales conversations across 11 markets, while improving CSAT and AI-led engagements are delivering 4 times higher conversion rates. Beyond the contact center, our upcoming summer release will bring LLM insights to general availability, enabling brands to track their presence, sentiment and citations across platforms like ChatGPT, Gemini and Perplexity, and act on those insights directly within our Sprinklr platform.

最後，另一家客戶成功在 11 個市場中，將超過 85% 的售前對話自動化，同時提升 CSAT（客戶滿意度）；而 AI 主導的互動帶來高出 4 倍的轉換率。在聯絡中心之外，我們即將推出的夏季版本將把 LLM 洞見推向正式全面可用（general availability），使品牌能在 ChatGPT、Gemini 與 Perplexity 等平台追蹤其曝光、情緒與引用情況，並可直接在 Sprinklr 平台內對這些洞見採取行動。

This flywheel powered by rich contextual data and span use cases from Copilot to full agentic continues to drive traction. Our purpose-built AI SKUs are gaining momentum. With over 180 AI projects underway, we are deepening engagement and expanding our long-term opportunity with our customers.

這個由豐富情境資料驅動、涵蓋從 Copilot 到完整代理式用例的飛輪效應，持續帶來成長動能。我們為 AI 量身打造的 SKU 正在加速取得進展。目前已有超過 180 個 AI 專案進行中，我們正深化互動並擴大與客戶的長期機會。

We recently announced the acquisition of the team and assets of ViralMoment, a leading AI native video analytics company. As short-form video becomes a primary channel for brand engagement and discovery, this product-focused acquisition strengthens our platform and accelerates our AI video capabilities. We will continue to pursue strategic opportunities to enhance our technical platform.

我們近期宣布收購 ViralMoment 的團隊與資產；ViralMoment 是領先的 AI 原生影片分析公司。隨著短影音成為品牌互動與探索的主要渠道，此一以產品為導向的收購將強化我們的平台並加速我們的 AI 影片能力。我們將持續尋求策略性機會，以提升我們的技術平台。

Now I'd like to share a couple of examples of why we're winning and how iconic global brands are using Sprinklr. The first story is a key enterprise win that underscores our ability to execute at scale. We recently deployed one of the world's leading industrial companies through one of our most complex implementations to date, spanning multiple business units, nearly 3,000 users and a broad product footprint.

接下來我想分享幾個例子，說明我們為何能贏，以及具代表性的全球品牌如何使用 Sprinklr。第一個故事是一項關鍵的企業級勝利，凸顯我們具備大規模執行的能力。我們近期為全球領先的工業公司之一完成部署，這是我們迄今最複雜的導入案之一，涵蓋多個事業單位、近 3,000 名使用者以及廣泛的產品使用範圍。

We replaced a highly fragmented stack with our unified platform, supported by deep partnership, hands-on enablement and tailored training. The results have been strong with multiple 10 out of 10 health scores, accelerating adoption and growing confidence across senior stakeholders. This customer is now expanding into our marketing suite, reinforcing our ability to land, scale and build durable enterprise relationships.

我們以統一平台取代高度碎片化的技術堆疊，並透過深度合作夥伴關係、手把手的賦能支援與客製化訓練加以支撐。成果相當強勁，獲得多個 10 分滿分的健康度評分，採用速度加快，並在高階利害關係人之間建立更高信心。該客戶目前正擴展採用我們的行銷套件，進一步印證我們在企業市場「落地、擴張並建立可持續關係」的能力。

Our second story highlights an expanded partnership with a leading multi-brand telecom and media provider, a big win that reflects both platform strength and improved execution. Over the past year, we've deepened executive engagement and demonstrated consistent value, earning trust as they define their CX strategy.

第二個故事凸顯我們與一家領先的多品牌電信與媒體供應商之擴大合作關係；這是一項重大勝利，反映平台實力與執行力的提升。在過去一年中，我們深化了高層互動並展現一致的價值，在其制定 CX 策略的過程中贏得信任。

In a rapid 3-week cycle, we replaced legacy survey tools with a unified AI-native approach, combining structured and unstructured customer signals in an enterprise scale solution. What differentiated Sprinklr was our ability to deliver real-time AI-driven insights across the full customer journey. This CFM win underscores a broader shift toward unified platforms and positions us for continued expansion as we scale additional use cases.

在快速的 3 週週期內，我們以統一的 AI 原生方法取代了傳統的調查工具，將結構化與非結構化的客戶訊號整合到企業級規模的解決方案中。Sprinklr 的差異化在於我們能在完整的客戶旅程中提供即時、AI 驅動的洞察。這次 CFM 的勝利凸顯了市場正朝向統一平台的更廣泛轉變，並在我們擴展更多使用案例的同時，讓我們具備持續擴張的有利定位。

In closing, we're making solid progress toward becoming a more customer-centric execution-driven company, with momentum building each quarter as we move toward the acceleration phase of our strategy. Driven by our AI-native platform, we're seeing improving renewals, rising customer sentiment and a strengthening pipeline, clear signs our strategy is taking hold.

最後，我們正穩健推進，朝向成為更以客戶為中心、以執行為導向的公司邁進；隨著我們走向策略的加速階段，每一季的動能都在累積。在 AI 原生平台的驅動下，我們看到續約改善、客戶情緒上升以及銷售管線增強，這些都是我們策略正在奏效的明確跡象。

Backed by a debt-free balance sheet and consistent free cash flow, we believe sustained execution over the coming quarters position us to enter the acceleration phase as we approach FY28, translating platform strength into measurable outcomes and building a foundation for durable growth.

在無負債的資產負債表與穩定的自由現金流支撐下，我們相信未來幾季持續的執行力，將使我們在接近 FY28 時進入加速階段，把平台優勢轉化為可衡量的成果，並為長期穩健成長奠定基礎。

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 our customer success of our teams across the company, the driving force behind our continued progress and growth. Quarter marks another step forward, and Q1 results came ahead of expectations across the board.

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，這是推動我們持續進展與成長的動力。本季又向前邁進一步，第一季的結果全面優於預期。

Now let me turn to our financial performance. In Q1, total revenue was $219.5 million, up 7% year-over-year. Subscription revenue was $194.8 million, up 6% year-over-year. The outperformance in Q1 was driven by better linearity and improving renewals.

現在我來談談我們的財務表現。第一季總營收為 2.195 億美元，年增 7%。訂閱營收為 1.948 億美元，年增 6%。第一季的優於預期主要來自更佳的線性度以及續約改善。

Professional services revenue came in at $24.7 million. This was better than anticipated due to increased activity for completion of some of these large global projects that we've talked about for the past few quarters. Our subscription revenue-based net dollar expansion rate in the first quarter was 104%. After a few quarters of stabilizing net dollar expression, this is the second consecutive quarter showing steady improvement.

專業服務營收為 2,470 萬美元。由於我們在過去幾季提到的一些大型全球專案進入收尾完成階段、活動增加，因此表現優於預期。第一季以訂閱營收為基礎的淨美元擴張率為 104%。在淨美元擴張率穩定了幾季之後，這是連續第二季呈現穩步改善。

One comment I'd like to make on our $1 million customer cohort metric. Our business has evolved through the years and the shift to a pod-based go-to-market structure changes how accounts are owned, expanded and measured. Given this shift, coupled with the fact that it is not a focus internally, not tied to sales incentives or our AI-driven growth strategy; we will no longer be disclosing this metric.

我想就我們「100 萬美元客戶群」指標補充一點。我們的業務多年來持續演進，而轉向以 pod 為基礎的 go-to-market 架構，改變了帳戶的歸屬、擴張方式與衡量方式。基於這項轉變，加上該指標在內部並非重點、不與銷售獎酬掛鉤，也不屬於我們 AI 驅動的成長策略；我們將不再揭露此指標。

I will note, however, that the net dollar expansion rate for the $1 million customer cohort remain at 115% in Q1, which we view as a better measure of increased share of wallet. More relevant to how we are transforming the business is our Bear Hug focus that has been yielding dividends. We believe this will continue to solidify our baseline and contribution from the top-tier enterprise customer base over time. For example, our Q1 renewal rate was the highest renewal rate in more than two years.

不過我也要指出，第一季 100 萬美元客戶群的淨美元擴張率仍為 115%，我們認為這更能衡量錢包份額的提升。更能反映我們如何轉型業務的是「Bear Hug」聚焦策略，並且已開始帶來成果。我們相信，隨著時間推移，這將持續鞏固我們的基礎，並提升來自頂級企業客戶群的貢獻。例如，我們第一季的續約率是兩年多來最高。

Furthermore, the majority of our renewal dollars are multiyear deals, which is driving an increase in the average contract length for our overall customer base. We like to see such an uptick as this will compound over time.

此外，我們大多數的續約金額來自多年期合約，這正推動整體客戶群的平均合約期限增加。我們樂見這樣的提升，因為它將隨時間產生複利效應。

Total RPO crossed the $1 billion mark in the quarter, reflecting the depth and quality of contracted demand and increasing visibility into the future. As Rory said, we remain focused on converting the backlog efficiently. At the end of Q1 FY 2027, total RPO was $1.04 billion, up 10% versus Q1 last year and up 5% quarter-over-quarter. And current RPO was $627.1 million, up 5% year-over-year and up 1% quarter-over-quarter.

本季總 RPO 突破 10 億美元，反映已簽約需求的深度與品質，並提升對未來的可見度。如 Rory 所說，我們仍專注於高效率地轉化積壓訂單。截至 FY2027 第一季末，總 RPO 為 10.4 億美元，較去年第一季成長 10%，較前一季成長 5%。而當期 RPO 為 6.271 億美元，年增 5%，季增 1%。

Both of these metrics are at record levels for Sprinklr and pointing in the right direction. We consider RPO to be a leading indicator, and we typically pair it with other metrics to better appreciate the underlying business momentum. Considering the current RPO growth and improvement in net dollar expansion, we see this as a green shoot.

這兩項指標皆創下 Sprinklr 的歷史新高，且方向正確。我們將 RPO 視為領先指標，通常會搭配其他指標一起觀察，以更好理解底層的業務動能。考量當期 RPO 的成長與淨美元擴張率的改善，我們將其視為正向的初步跡象。

Regarding gross margins for the first quarter, on a non-GAAP basis, our subscription gross margin was 74% and the services gross margin was breakeven, resulting in a total non-GAAP gross margin of 66%. As noted in previous calls, we are experiencing higher data and hosting costs in response to business opportunities, especially in Sprinklr Service and our expanded AI capabilities.

關於第一季毛利率，以非 GAAP 基礎計算，我們的訂閱毛利率為 74%，服務毛利率為損益兩平，使得整體非 GAAP 毛利率為 66%。如先前電話會議所提，我們因應業務機會而承擔較高的資料與託管成本，尤其是在 Sprinklr Service 以及我們擴展的 AI 能力方面。

In particular, the ARR for our AI-native SKUs was up 47% year-over-year, and we're seeing outsized growth with our agentic, contact center intelligence and Copilot products. We are prudently investing to capture this opportunity and -- as we are seeing an increasing number of AI engagements in flight across the platform.

特別是，我們 AI 原生 SKU 的 ARR 年增 47%，且在我們的代理式（agentic）、聯絡中心智慧與 Copilot 產品上看到更為突出的成長。我們正審慎投資以掌握此機會，並且——我們也看到平台上正在進行中的 AI 導入案數量持續增加。

Turning to profitability for the quarter. Non-GAAP operating income was $31.7 million or a 14% margin, which drove non-GAAP net income of $0.11 per diluted share. We generated $65.8 million in free cash flow in Q1, representing a 30% free cash flow margin. The strong sequential improvement in free cash flow was driven by cost discipline, a quarterly record for cash collections and improved cash conversion.

接著談本季獲利表現。非 GAAP 營業利益為 3,170 萬美元，或 14% 的利潤率，帶動非 GAAP 淨利為每股稀釋後 0.11 美元。第一季我們產生 6,580 萬美元的自由現金流，代表 30% 的自由現金流利潤率。自由現金流的強勁季對季改善，主要來自成本紀律、現金收款創下單季新高，以及現金轉換率提升。

Our balance sheet remains strong with $442.8 million in cash, cash equivalents and marketable securities and no debt. During the quarter, we repurchased 17.1 million shares as part of our accelerated share repurchase program. As of May 29, we have $75 million remaining in our $200 million authorized repurchase program.

我們的資產負債表仍然強勁，現金、約當現金與有價證券合計 4.428 億美元，且無負債。本季我們作為加速股票回購計畫的一部分，回購了 1,710 萬股。截至 5 月 29 日，在已核准的 2 億美元回購計畫中，我們尚餘 7,500 萬美元額度。

As Rory noted, we are excited to welcome the ViralMoment team to Sprinklr. We believe the technology and the team will accelerate our video intelligence offering. We paid for this acquisition with cash on hand here in the second quarter and have included ViralMoment's financial impact in our guidance, which I'll discuss shortly. Even after completing the authorized repurchase and this acquisition, we remain well capitalized to execute on our strategy and drive our growth agenda.

如 Rory 所提，我們很高興歡迎 ViralMoment 團隊加入 Sprinklr。我們相信其技術與團隊將加速我們的影片智慧（video intelligence）產品。我們在第二季以手上現金支付此項收購，並已將 ViralMoment 的財務影響納入我們的財測指引中，我稍後會說明。即使完成已核准的回購與此項收購後，我們仍具備充足資本以執行策略並推動成長議程。

Now I'd like to shift to our financial outlook for fiscal year 2027. As Rory shared in his remarks, we are in the second phase of our transformation and mindful of the current macro and geopolitical environment, which has caused a handful of deals to be delayed.

現在我想轉到 FY2027 的財務展望。如 Rory 在談話中分享，我們正處於轉型的第二階段，同時也留意當前的總體經濟與地緣政治環境，這已導致少數交易延後。

Our expectations as of today regarding these dynamics are factored in the following guidance figures. We remain confident in our strategy and are excited about the medium and long-term trajectory that is forming for Sprinklr. For Q2, we expect total revenue to be in the range of $214 million to $215 million, representing 1% growth over the year at the midpoint. Within this, we expect subscription revenue to be in the range of $193.5 million to $194.5 million, representing 3% growth over year at the midpoint.

截至今日，我們對這些動態的預期已反映在以下指引數字中。我們對策略仍具信心，並對 Sprinklr 正逐步形成的中長期發展軌跡感到振奮。第二季，我們預期總營收介於 2.14 億至 2.15 億美元，中位數較去年成長 1%。其中，我們預期訂閱營收介於 1.935 億至 1.945 億美元，中位數較去年成長 3%。

The Q2 guide implies $20.5 million in professional services revenue, which is down 13% year-over-year. The pro services line has been trending down as we've been making progress with previously challenged accounts and have completed some of the large projects we've referred to in recent quarters.

第二季指引隱含專業服務營收為 2,050 萬美元，年減 13%。隨著我們在先前具挑戰性的客戶帳戶上取得進展，並完成了近幾季提到的一些大型專案，專業服務營收一直呈下降趨勢。

We expect professional services gross margin to be negative 10% in Q2 due to continued investment in Sprinklr service delivery and the completion of some higher-margin projects. We believe this is worthwhile as these implementations will give dividends in terms of increased consumption and customer satisfaction in the future.

我們預期第二季專業服務毛利率為負 10%，原因是持續投資於 Sprinklr 的服務交付，以及部分高毛利專案的完成。我們認為這是值得的，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 $29.5 million to $30.5 million, resulting in a non-GAAP net income per diluted share of approximately $0.10, assuming 241 million diluted weighted average shares outstanding.

我們預期非 GAAP 營業利益將落在 2,950 萬美元至 3,050 萬美元之間；在假設稀釋加權平均流通股數為 2.41 億股的情況下，稀釋後每股非 GAAP 淨利約為 0.10 美元。

The sequential moderation in non-GAAP operating income is pressured by lower pro services revenue in Q2. But more importantly, it's a structural shift for the long term. It reflects strong adoption of our AI products, which is driving higher cloud and data costs, as noted in prior quarters. We are also investing in future growth by expanding AI and R&D talent, particularly forward deployed engineers in key regions.

非 GAAP 營業利益的季對季趨緩，主要受到第二季專業服務營收較低的壓力。但更重要的是，這是長期的結構性轉變。這反映出我們 AI 產品的強勁採用，正如前幾季所提到的，這正在推升雲端與資料成本。我們也正透過擴增 AI 與研發人才來投資未來成長，特別是在關鍵區域擴編前線部署工程師（forward deployed engineers）。

For the full year FY27, we are flowing through the subscription beat from Q1 and raising our subscription revenue guide to be in the range of $779.5 million to $781.5 million, representing 3% growth year-over-year at the midpoint.

就 FY27 全年而言，我們將第一季訂閱營收優於預期的表現納入全年展望，並將訂閱營收指引上調至 7.795 億美元至 7.815 億美元區間；以中位數計算，年增 3%。

I'd note that we are seeing some downward pressure in the Middle East with certain deals being delayed. So at this point, we feel it's more prudent to see how the situation plays out. We estimate that the sequential increase in quarterly subscription revenue will resume in Q3, given improving renewal rates and pipeline conversion compared to prior year.

我想指出的是，我們在中東看到一些下行壓力，部分交易出現延後。因此在目前這個時間點，我們認為更審慎的作法是先觀察情勢如何發展。我們估計，隨著續約率改善、以及相較去年管線轉換率提升，季度訂閱營收的季對季成長將在第三季恢復。

We now expect total revenue to be in the range of $866.5 million to $868.5 million, representing 1% growth year-over-year at the midpoint. This total revenue guide now assumes professional services revenue of $87 million. We expect services revenue to normalize now due to a successful completion of some Bear Hug projects. This new level of services is approximately 10% of total revenue, which is in line with the trailing 3-year average.

我們目前預期總營收將落在 8.665 億美元至 8.685 億美元之間；以中位數計算，年增 1%。此一總營收指引假設專業服務營收為 8,700 萬美元。我們預期服務營收將因部分 Bear Hug 專案成功結案而回歸常態。此一新的服務水準約占總營收的 10%，與過去 3 年的滾動平均一致。

For the full year FY27, we now estimate non-GAAP operating income to be in the range of $139 million to $141 million, driving a 16% non-GAAP operating margin. This equates to non-GAAP net income per diluted share between $0.48 and $0.49, assuming 242 million diluted weighted average shares outstanding. This new range of non-GAAP operating income reflects our current assumption for services and incremental AI investment, including ViralMoments.

就 FY27 全年而言，我們目前估計非 GAAP 營業利益將落在 1.39 億美元至 1.41 億美元之間，對應 16% 的非 GAAP 營業利益率。在假設稀釋加權平均流通股數為 2.42 億股的情況下，這相當於稀釋後每股非 GAAP 淨利介於 0.48 美元至 0.49 美元。此一新的非 GAAP 營業利益區間反映了我們目前對服務業務與額外 AI 投資（包含 ViralMoments）的假設。

We estimate non-GAAP operating income to improve gradually in the second half of the year as we expect some efficiency gains. In deriving the net income per share for modeling purposes, a total tax provision of approximately $42 million needs to be added to the non-GAAP profit before tax line get to non-GAAP profit before tax, start with the non-GAAP operating income ranges provided and add an estimated $20 million in other income for the full year with $5 million of that to be earned here in Q2.

我們預估非 GAAP 營業利益將在下半年隨著部分效率提升而逐步改善。在為建模目的推導每股淨利時，需要在非 GAAP 稅前利潤項下加入約 4,200 萬美元的總稅費提列；要得到非 GAAP 稅前利潤，請以所提供的非 GAAP 營業利益區間為起點，並在全年加入估計 2,000 萬美元的其他收入，其中 500 萬美元預計將在第二季認列。

This other income line primarily consists of interest income. We estimate a tax provision of approximately $9 million in Q2. This equates to approximately a 26% effective tax rate on our non-GAAP profit before tax for both the quarter and the year. We estimate we will generate full year free cash flow of $150 million, with about $10 million to come here in Q2. This is consistent with our free cash flow seasonality in prior years.

此一其他收入項目主要由利息收入構成。我們估計第二季稅費提列約 900 萬美元。這相當於本季與全年非 GAAP 稅前利潤約 26% 的有效稅率。我們估計全年自由現金流將達 1.5 億美元，其中約 1,000 萬美元將在第二季產生。這與我們過往年度自由現金流的季節性一致。

In summary, Q1 was another step forward as we continue positioning the business for future acceleration. We are seeing positive signs in renewal rates, customer engagement and overall execution, which we believe should progressively translate into improved profitability as we move to the latter portion of the year.

總結來說，第一季是我們持續為未來加速成長布局的又一步。我們在續約率、客戶參與度與整體執行面看到正向訊號；我們相信，隨著進入今年後段，這些將逐步轉化為更佳的獲利能力。

Our fundamentals remain solid with a healthy balance sheet, strong cash generation and improving conversion. As we progress through this transition, we are building momentum with greater focus and operational discipline, supporting a more durable growth trajectory. We believe FY27 represents an inflection point driven by the expanding potential of our AI native platform.

我們的基本面依然穩健，資產負債表健康、現金創造能力強，且轉換率正在改善。在推進這段轉型期間，我們以更聚焦與更嚴謹的營運紀律累積動能，支撐更具韌性的成長軌跡。我們相信 FY27 是一個拐點，動能來自我們 AI 原生平台不斷擴大的潛力。

And with that, we'll open the line for questions. Operator?

接下來，我們開放提問。接線員？

(Operator Instructions)

（接線員指示）

Catharine Trebnick, Rosenblatt.

Rosenblatt 的 Catharine Trebnick。

Okay. Could you unpack the Middle East for me a little bit more and give us more color on that? I just wanted to understand how that's impacting revenue.

好的。你能否更進一步說明一下中東的情況，提供更多細節？我想了解這對營收造成了哪些影響。

Yeah. Sure, Catharine. When we did the look at the guidance at the beginning of the year, we took into consideration the macro environment. Middle East definitely had some challenges in terms of that pressure.

可以。當然，Catharine。我們在年初檢視指引時，已將總體環境納入考量。中東在這方面確實面臨一些壓力帶來的挑戰。

I want to acknowledge, though, the team. Our team in the Middle East and our customers in the Middle East have been amazing. They've engaged. They've had a very difficult and unsafe environment. They've all worked together.

不過我也想肯定團隊。我們在中東的團隊以及中東的客戶都非常出色。他們持續投入。他們所處的環境非常艱難且不安全。大家共同努力。

There were challenges that impacted some of the cloud delivery centers. We had to move 54 customers on the fly out of a damaged cloud infrastructure environment in the Middle East to Ireland, on the fly, 54 of them.

有一些挑戰影響到部分雲端交付中心。我們不得不臨時將 54 位客戶從中東受損的雲端基礎設施環境遷移到愛爾蘭，而且是臨時應變，一次就 54 位。

The team rose to the occasion, the customers work well, and that team really responded in a tough and dangerous environment. Good news is the environment is improving. So we're encouraged and we're hopeful it's not over. So there's still more concern.

團隊挺身而出，客戶也配合良好，而該團隊在艱困且危險的環境下確實做出了回應。好消息是，環境正在改善。因此我們受到鼓舞，也希望情勢能持續好轉，但我們也不認為已經完全結束。所以仍有一些擔憂。

We saw about $3 million to $4 million of slip deals that could have closed in the quarter, that moved. We have a very healthy pipeline in the Middle East, Catharine. If you look at our 12 regions across 3 geographies, it's in the upper middle, and it's got a very healthy pipeline. There are several very large deals over the next two, three quarters in the region. And I'm confident with the focus and the dedication and commitment of our teams there.

我們看到約 300 萬至 400 萬美元的交易延後，原本可能在本季結案，但被推遲了。Catharine，中東的管線非常健康。若以我們橫跨 3 大地理區域的 12 個區域來看，它位於中上段，而且管線非常健康。未來兩到三季，該區域有數筆非常大型的交易。我對當地團隊的專注、投入與承諾很有信心。

The customers are very resilient.

客戶也非常有韌性。

We're not out of this environment, this macro quite yet. So our thoughts and prayers are always with our team members' safety first. But I think we're encouraged that the pipeline remains strong. The engagement of the customer is good. And in the first quarter, we saw about 3 million to 4 million up slip deals.

我們還沒有完全走出這個總體環境。因此我們的心意與祈禱始終與團隊同在，安全永遠第一。但我們也受到鼓舞，因為管線依然強勁。客戶的互動狀況良好。而在第一季，我們看到約 300 萬到 400 萬美元的交易延後。

Anything else you want to hit, Catharine?

還有其他你想追問的嗎，Catharine？

Yeah. I do want to hit Germany and the UK. You have some really nice cloud contact center deals in those areas. And give us an update on how those are doing and then how you're focused on that particular product segment.

有的。我想談談德國和英國。你們在那些地區有一些很不錯的雲端聯絡中心交易。請更新一下它們目前的進展，以及你們如何聚焦在該產品區隔。

Yeah. I think Central Europe and UK have been strong performers. Those are two of our other strong upper middle regions, no question. We've seen significant uptake in our CCaaS and our end-to-end platform solutions in the region.

好的。我認為中歐與英國一直是表現強勁的地區。毫無疑問，那也是我們另外兩個位於中上段的強勢區域。我們在該區域看到 CCaaS 與端到端平台解決方案的採用顯著提升。

There were some challenged accounts there last year when I came in, and we definitely have made significant progress across those customers. We kept them all so far, knock on wood, and most all have already extended. So good news. And we're seeing good, as you might have noticed, I mentioned over 180 AI customer engagements. We're seeing them on many of those base deals in Europe.

去年我剛加入時，那裡有一些具挑戰性的客戶帳戶，而我們在這些客戶上確實取得了顯著進展。到目前為止我們都留住了他們（希望繼續如此），而且幾乎所有客戶都已經完成續約延展。所以這是好消息。另外你可能也注意到，我提到超過 180 次 AI 客戶互動；我們在歐洲許多既有基礎交易上也看到了這些互動。

I'm also encouraged in UKI. There are some very interesting opportunities here in the second quarter for us there in the region. And we've been building these deeper relationships around the platform play in the telco, the gaming space, and I see significant traction. I'm hopeful that we'll be able to talk about some of that in the next quarter or 2's earnings announcement.

我在 UKI 也感到很受鼓舞。在第二季，我們在該區域看到一些非常有意思的機會。而且我們一直在電信與遊戲領域，圍繞平台策略建立更深層的合作關係，我看到相當顯著的進展。我希望在接下來一到兩季的財報電話會上，能夠談到其中一些成果。

So I like the progress there, good demand, good uptake. We're seeing the engagement of customers across the planet increase. They see us as a relevant player, even in this world where there's kind of skinning down the number of IT providers because of our broader platform play and our ability to do social, conversational commerce, customer feedback management, digital service and then voice service. I think they see us really as a platform.

所以我喜歡那邊的進展，需求良好、採用度也不錯。我們看到全球客戶的參與度正在提升。他們把我們視為一個具相關性的參與者，即使在這個因為我們更廣泛的平台策略、以及我們提供社群、對話式商務、客戶回饋管理、數位服務以及語音服務的能力，而使 IT 供應商數量被精簡的環境中也是如此。我認為他們確實把我們視為一個平台。

And with the improvements of Bear Hug, they're seeing a different Sprinklr. And we're seeing that in terms of improved renewal rates. And we're seeing it in terms of length of deals, and we're seeing it in terms of the engagement. We're in with these iconic brands having important discussions about real transformation, real AI engagements on the agentic and Copilot side.

隨著 Bear Hug 的改善，他們看到的是一個不同的 Sprinklr。我們在續約率提升上看到了這一點。我們也在合約期限拉長上看到了這一點，並且也在客戶參與度上看到了這一點。我們正與這些指標性品牌深入合作，進行關於真正轉型、真正 AI 導入的關鍵討論，涵蓋代理式（agentic）與 Copilot 兩個面向。

Jackson Ader, KeyBanc Capital Markets.

Jackson Ader，KeyBanc Capital Markets。

My first question is, Anthony, you mentioned that the you expect a sequential build in the subscription revenue starting kind of in the back half for the third quarter. And part of that was based on pipeline compression. Just curious about like what underpins your confidence that pipeline conversion is going to compress? And are there risks that it might not?

我的第一個問題是，Anthony，你提到你預期訂閱營收會在下半年開始、在第三季呈現逐季增長。其中一部分是基於銷售管線的週期壓縮。我想了解的是，你對管線轉換週期會縮短的信心基礎是什麼？以及是否存在它可能不會縮短的風險？

Yeah. No, thanks for the question. I mean it's a number of factors. First, on the, we are building the subscription revenue, as you know, also on the back of strong renewals now over the past couple of quarters. So this is a mix effect also as we build up and we compound.

是的。不，謝謝你的問題。我的意思是，這是多個因素共同作用。首先，在訂閱營收方面，如你所知，我們也建立在過去幾季強勁續約的基礎之上。因此，隨著我們規模擴大並產生複利效應，這也包含了組合效應。

So I think on the pipeline, it's just we have this kind of diffused situation in the Middle East, as I highlighted. But overall, the pipe remains healthy on the back end of the year. So we still have a good conversion, and it's actually improving in terms of conversion, if I look at the past couple of quarters.

至於銷售管線，我認為主要是如我先前提到的，中東目前有一種較為分散、擾動的情況。但整體而言，年底前後端的管線仍然健康。因此我們仍有良好的轉換，而且如果我看過去幾季，轉換率其實是在改善。

But in terms of the buildup and why I'm confident now is that when I look at the net dollar expansion and the renewals pointing in the right direction. And you see that I mean, you get a feel for that when you look at the total RPO and cRPO direction. It's now heading and pointing the right direction for next year. So I feel confident about the buildup.

但就增長動能以及我為何現在有信心而言，當我看到淨美元擴張率與續約都朝正確方向發展時，就更有把握。而且你也能從總 RPO 與 cRPO 的走勢感受到這一點。它現在正朝向明年所需要的正確方向前進並指向更好的趨勢。所以我對增長動能很有信心。

And obviously, we got some moderation this quarter, relatively speaking, in terms of the quarter-over-quarter development, but I expect this to form and to continue to shape up on the back end of the year, which will lay out the foundation for next year. So I think this is very consistent with what we have been seeing. But the strong execution in Q1, both in terms of the pipe conversion, but also in terms of the renewals gives me confidence on the shape.

當然，本季相對而言在逐季變化上有些放緩，但我預期在今年下半年會逐步成形並持續改善，為明年奠定基礎。所以我認為這與我們一直以來看到的情況非常一致。而第一季的強勁執行力——不論是管線轉換或續約——都讓我對這個走勢更有信心。

Yeah. And I'd just add a little bit to it, Jackson. From my perspective, I'm seeing a stronger base to work from and a much more predictable base. As we laid out the transformation and we're midway through that second phase, we're looking to get acceleration phase, third phase, final phase toward the end of the year, beginning of next year.

是的。Jackson，我再補充一點。從我的角度來看，我看到一個更強的基礎可以作為起點，而且這個基礎更可預測。正如我們所說的轉型計畫，我們正處於第二階段的中段；我們希望在今年底、明年初進入加速階段，也就是第三階段、最後階段。

We knew these next couple of quarters are really about building that execution. The good news is we're seeing a continued bend up in the renewal rates. Quite interesting, where we've applied Bear Hug from our largest accounts now to 250,000 and above accounts. We've seen double-digit improvement in renewal rates or better in each of those cohorts.

我們知道接下來這幾季的重點，確實是在建立執行力。好消息是，我們看到續約率持續上彎。相當有意思的是，我們已將 Bear Hug 從最大型客戶擴展到年約 25 萬美元以上的客戶。在每一個這樣的分群中，我們都看到續約率有雙位數或更高的改善。

The last frontier now is the 250 and below account. and we're addressing them right now with a strategy we call Cornerstone, which we're seeing good indications. So we're very interested to see how the next 2, 3 quarters lay out. But I think we're on a stronger, more predictable foundation, and we're seeing better analytics and better customer engagement.

現在最後的疆界是 25 萬美元以下的客戶，我們正透過一個稱為 Cornerstone 的策略來處理，並且看到不錯的跡象。因此我們非常關注接下來兩到三季的發展。但我認為我們正站在一個更強、更可預測的基礎上，也看到更好的分析能力與更好的客戶參與度。

And if we continue to execute well, and remember, I'm from Missouri, so I want to see it. I'm really not from Missouri, but you get the joke. The point is that let's get the next 2, 3 quarters under our belt and then we move to the next phase. Thanks, Jackson.

而如果我們能持續把執行做好，而且記得，我來自密蘇里州，所以我想親眼看到。我其實不是來自密蘇里州，但你知道這個玩笑。重點是，先把接下來兩到三季的成果累積起來，然後我們再進入下一個階段。謝謝你，Jackson。

Got it. And then a quick follow-up. I guess, just since you mentioned Project Bear Hug and kind of trying to get your arms around, right, like to continue the bad jokes like around your largest customers, I'm surprised that the $1 million customer count and kind of cohort is not a part of sales incentives.

了解。接著一個快速追問。我想，既然你提到 Bear Hug 專案，以及某種程度上想要「抱緊」你們最大的客戶——延續一下這些冷笑話——我有點驚訝，年約 100 萬美元客戶的數量以及該分群，並沒有納入銷售激勵。

It's not a part of how you run the business and not going to be part of the disclosures going forward because I think Project Bearhub should be about maintaining and growing the largest customer cohort, and it seems like the disclosures are going the other way. So what am I missing?

它也不是你們經營業務的方式之一，而且未來也不會納入揭露，因為我認為 Bear Hug 專案應該是關於維持並擴大最大客戶分群，但你們的揭露看起來卻往相反方向走。所以我漏掉了什麼？

I think Bear Hug has been a tremendous success. There's no question whatsoever. If we squeeze them so tight that they can't talk to other customers, other competitors, that's a good place to be. We're engaging those customers 24/7. We're seeing it across the portfolio.

我認為 Bear Hug 是一個巨大的成功。毫無疑問。如果我們把他們抱得夠緊，讓他們無法去跟其他客戶、其他競爭對手交流，那就是一個很好的位置。我們 24/7 都在與這些客戶互動。我們在整個客戶組合中都看到了這一點。

What you should see is an expanding RPO and total number day. You should see net dollar expansion expand down through the cohort.

你應該會看到 RPO 擴大，以及總數在增加。你應該會看到淨美元擴張率在各個分群中向下延伸並擴大。

As I said, I've already seen the progress in terms of the 250,000 and above account all seeing double-digit or better improvements in renewal rates when they got Bear Hug. Now we're going to address that last frontier 250 and below.

如我所說，我已經看到在年約 25 萬美元以上的客戶上取得進展；當他們導入 Bear Hug 後，續約率都出現雙位數或更高的改善。現在我們要處理最後的疆界，也就是 25 萬美元以下的客戶。

I think what we want to talk about is the overall trajectory of the business, how we're driving the AI expansion? How we're becoming a platform on broader, larger accounts? And we've got to continue to generate that combination of NAR and better renewal rate, that's going to ultimately, over the next 3, 4 quarters, three quarters, move us into the acceleration phase.

我認為我們想談的是整體業務的發展軌跡：我們如何推動 AI 擴張？我們如何在更廣泛、更大型的客戶上成為一個平台？而且我們必須持續產生 NAR 與更佳續約率的組合，最終在接下來三到四季、三季內，推動我們進入加速階段。

So anything you want to add, Anthony, on that one?

Anthony，這題你還想補充什麼嗎？

No, you said it very clear. And just to illustrate that, I mean, when you see the net dollar expansion at 115% and you see the share of wallet and the renewals, it's all heading in the right direction. We're just not kind of driving this as a pure customer count per se internally. So that's not something we monitor or drive internally. And I think the reporting should reflect that.

沒有，你講得很清楚。而且為了說明這點，當你看到淨美元擴張率是 115%，再看到錢包份額（share of wallet）與續約情況，一切都朝正確方向前進。只是我們內部並不是以「客戶數量」本身作為主要驅動指標。所以那不是我們內部監控或推動的事情。我認為對外的報告也應該反映這一點。

But that doesn't mean that we are not focusing on the cohort, and the opposite, I mean, we keep focusing on that cohort and on the platform play and the share of wallet expansion. So that will continue. That's the focus.

但這不代表我們不聚焦在該分群；相反地，我們會持續聚焦在那個分群、平台策略，以及錢包份額的擴張。所以這會持續下去。這就是重點。

Patrick Walravens, Citizens JMP.

Patrick Walravens，Citizens JMP。

Rory, can you talk about what your AI initiatives look like both externally in terms of what you're planning to do with the products? You're not going to want to give too much away, but maybe give us some idea. And then internally, coding, go-to-market; how are you improving the efficiency of this business?

Rory，你能談談你們的 AI 計畫在對外方面、也就是你們打算如何運用在產品上，看起來會是什麼樣子嗎？你可能不想透露太多，但或許可以給我們一些概念。另外在內部，像是寫程式、上市推進（go-to-market）；你們如何提升這家公司營運效率？

Yeah, absolutely, Pat. Great to talk to you. Let's do internals first. Internal, we're driving enablement across the entire company. This is a company for the last 10 years that has been leveraging AI and creating that capability because of the huge amount of unstructured data that flowed into this platform because of the big social channels.

好的，當然可以，Pat。很高興和你交流。我們先從內部談起。在內部，我們正在推動全公司範圍的賦能（enablement）。這家公司在過去 10 年一直在運用 AI 並打造這項能力，因為大型社群渠道帶來了大量非結構化資料流入這個平台。

And one of the reasons we've been so successful in customer feedback management, digital support and even contact center work is because of the AI component. We bring a modern solution. And then the ability to link the customer contextual data across all those sources creates an unmatched, unmatched view of the customer.

而我們之所以能在客戶回饋管理、數位支援，甚至聯絡中心相關工作上如此成功，其中一個原因就是 AI 元件。我們帶來的是一個現代化的解決方案。此外，能夠把來自所有來源的客戶情境資料串聯起來，能形成無可匹敵、無可匹敵的客戶視圖。

Internally, every Sprinklr team member must be fluent in AI. They must live it every day in terms of creating more efficiency from how they write contract, how they do support, how we leverage information and knowledge to speed our execution; on the engineering side, code development, test case development, all relevant and in terms of our ability to do technology patches, systems upgrades, releases.

在內部，每一位 Sprinklr 團隊成員都必須精通 AI。他們必須每天都在實踐：無論是如何撰寫合約、如何做支援、我們如何運用資訊與知識來加速執行；在工程端，程式碼開發、測試案例開發，以及我們進行技術修補（patch）、系統升級與版本發布的能力，全部都相關。

AI is one of the 7 large technology waves I've seen in my 4-decade technology career. It's a generational wave. It's a 25-year wave. technology waves are built on top of each other. Every person in our company will become skilled in this space and bring that capability to bear.

AI 是我 40 年科技職涯中見過的 7 個大型技術浪潮之一。這是一個世代級的浪潮。這是一個 25 年的浪潮。技術浪潮是一層疊一層建立起來的。我們公司裡的每個人都會在這個領域變得熟練，並把這項能力發揮出來。

On the product side, the beauty of the vision that our founder, Ragy and the team built was this scalable, unbelievably configurable platform with AI in its core. And now what we're doing is we're linking all that contextual data about the customer.

在產品端，我們創辦人 Ragy 和團隊所建立的願景之美，在於這是一個可擴展、令人難以置信地可配置的平台，而且 AI 是其核心。而我們現在正在做的，是把所有關於客戶的情境資料串聯起來。

That's why our largest deal ever, our largest deal ever was closed in the quarter with a huge global player that took us to 42 divisions around the world, the entire suite. Now that enables them to see that voice of the customer and engagement in a unified way with AI capability on top of it.

這也是為什麼我們史上最大的一筆交易、史上最大的一筆交易在本季完成：一家大型全球企業把我們導入到全球 42 個事業部門，採用整套產品。這讓他們能以統一的方式看見客戶之聲與互動，並在其上疊加 AI 能力。

Where we're going to double down is the ability to accelerate the 180 engagement. This is a must-win territory over the next 4 to 8 quarters. We have to continue to grow that engagement count and to drive that capability. That's how we ultimately win. And we're going to focus on agentive with forward deployed engineers.

我們要加倍投入的方向，是加速 180 engagement 的能力。這是在未來 4 到 8 個季度必須拿下的戰場。我們必須持續提升 engagement 數量並推動這項能力。這就是我們最終取勝的方式。而我們會聚焦在 agentive（代理式）能力，並搭配前線部署工程師（forward deployed engineers）。

We're already seeing a huge uptake with our existing customers, and that's enhancing the engagement.

我們已經看到現有客戶的採用大幅提升，而這正在強化 engagement。

They don't see us as a spot little tower in one functional area. They see us as a platform with AI capabilities that are core. And they are starting to believe that we're getting to enterprise-grade execution. We do that over the next three quarters, that engagement goes up, and that opens the opportunity.

他們不再把我們視為某個單一功能領域裡的小型孤島。他們把我們視為一個以 AI 能力為核心的平台。而他們也開始相信，我們正在達到企業級的交付與執行能力。我們在接下來三個季度做到這點，engagement 就會上升，並打開更多機會。

Every bit of our focus has to be on paying down that technical debt that we've been doing in the last 1.5 years, finishing that, getting the maturation of our processes and becoming AI first that leverages this amazing platform of capability and contextual customer data that gives the insights and actions to our customers to win. That's our destiny. That's our future. That's where we're going in an acceleration in FY28.

我們所有的重點都必須放在償還（paying down）過去 1.5 年一直在處理的技術債：把它收尾、讓流程成熟，並成為 AI first（AI 優先）的公司，去運用這個具備驚人能力與客戶情境資料的平台，為客戶提供洞察與可採取的行動，幫助他們取勝。那是我們的使命。那是我們的未來。那就是我們在 FY28 將加速前進的方向。

Sorry, I got a little fired up there, Pat.

抱歉，Pat，我剛剛有點太激動了。

A quick follow-up for Anthony. Anthony, what was just the overall NDR? I think last quarter it was 103%. What was it this quarter? Did I miss that?

給 Anthony 一個快速追問。Anthony，整體的 NDR 是多少？我記得上季是 103%。這一季是多少？是我漏聽了嗎？

104%.

104%。

103%.

103%。

Yes. And again, as we bear hugged and pull it down through the thing, I'm very interested over the next couple of quarters using our Cornerstone program to get those 250 and below account, then we'll have everybody bear hugged. And that's definitely going to pay dividends.

是的。而且再說一次，當我們把它緊緊抱住並一路往下拉、把這件事做到底時，我對接下來幾個季度非常感興趣：透過我們的 Cornerstone 計畫，把那些 250 以下的客戶帳戶納入，這樣我們就能把所有人都「緊緊抱住」。這肯定會帶來回報。

Arjun Bhatia, William Blair.

Arjun Bhatia，William Blair。

Willow on for Arjun Bhatia. I appreciate operating margin expansion will look different this year as the company balances investing in growth. But can you walk me through if anything changed quarter-to-quarter in terms of cost expectations? I'd like to better appreciate the revision in the operating income guide for the full year.

我是 Willow，代 Arjun Bhatia 提問。我理解在公司平衡成長投資的情況下，今年的營業利益率擴張看起來會不太一樣。但你能否說明一下，就成本預期而言，季度之間是否有任何變化？我想更好地理解你們對全年營業利益指引的修正。

Thanks, Willow. It's great to talk to you as always. I think one of the things that we are seeing is there's no question on the COGS side. We want to be smart on the expansion. It's a must-win battle in AI.

謝謝你，Willow。一如既往，很高興和你交流。我認為我們看到的一點是，在 COGS（銷貨成本）方面毫無疑問。我們希望在擴張上保持精明。AI 是一場必須打贏的戰役。

We're seeing strong growth at 47% year-over-year in those SKUs, 180 engagements. We're not going to be wild on tokens. I mean that it almost was like a bad regurgitate. I'm blowing out my token numbers. No.

我們看到這些 SKU、180 engagements 的年增率達到 47% 的強勁成長。我們不會在 token 上失控。我的意思是，那幾乎像是很糟的重複說法。我把 token 數量爆掉了。不會。

I mean what we want to do is strategically advance the innovation and the insights and the actionability of our platform using this technology. To do that, we're going to continue to invest in some forward deployed engineers. We're going to make sure that the infrastructure is redundant that we have the ability to reach the key LLMs that our customers want to use.

我的意思是，我們想做的是：運用這項技術，有策略地推進平台的創新、洞察與可行動性。為了做到這點，我們會持續投資一些前線部署工程師（forward deployed engineers）。我們也會確保基礎設施具備備援，並能連接客戶想使用的關鍵 LLM。

You may have noticed in my remarks that our LLM insights innovations, a part of our innovation acceleration are coming here this summer. That's going to give lots of insights to our customers on that space.

你可能注意到我在談話中提到，我們的 LLM 洞察創新，作為我們創新加速的一部分，將在今年夏天推出。這將在該領域為客戶帶來大量洞察。

I think it's really basically a prudent set of investments that continues to accelerate in that space. but we're making sure that we control it. And I'll be tight on that as we go through the balance of the year, and we're trying to do it in a prudent balanced way.

我認為這基本上是一組審慎的投資，持續在該領域加速，但我們也確保能加以控制。在今年剩餘時間裡我會嚴格把關，並嘗試以審慎、平衡的方式來推進。

Anthony, anything you want to add on color?

Anthony，你還有什麼想補充的細節嗎？

Yes. So yes, this moderation next quarter, I think it's temporary. We still have some higher data costs and so some COGS that are still kind of up year-on-year. And obviously, there is a mix effect also. So you have the professional services that is normalized this quarter, and this is also kind of heavy lifting on the margin side.

有。所以，是的，下季的這種趨緩，我認為是暫時的。我們仍有一些較高的資料成本，因此部分 COGS 仍然呈現年對年上升。而且很明顯也有組合效應（mix effect）。所以你會看到本季專業服務已經正常化，而這在毛利端也算是比較吃力的部分。

So we expect this to be in negative territory.

因此我們預期這會落在負值區間。

Temporarily, we will revert back to a normal kind of breakeven margin profile later on. And there is also this viral moment impact that we have to capture in the short term.

這是暫時的，我們之後會回到較正常、接近損益兩平的毛利結構。另外也有這個 viral moment（爆紅時刻）的影響，我們必須在短期內把握住。

So when you combine all those small effects, you have this kind of temporary mix in the quarter, but I expect this to improve significantly in the upcoming quarters as we have a number of initiatives also internally to continue to reduce headcount, for example, so that you see that already slowing down.

所以當你把這些小影響加總起來，本季就會出現這種暫時性的組合變化；但我預期在接下來幾季會顯著改善，因為我們內部也有多項措施持續推進，例如持續降低人力編制等，你也已經看到這方面正在放緩。

So we continue also to be diligent in our approach in our hiring and making sure we have the right capacity in front of customers. And as we will leverage some of these AI initiatives also internally, we expect further productivity gains. So a few kind of things that are playing out temporarily in Q2, and there is a mix effect in that, but I expect this to improve on the back end of the year.

因此，我們也會持續在招募上保持審慎與勤勉，確保在客戶面前有合適的產能配置。此外，隨著我們也會在內部運用部分 AI 計畫，我們預期生產力還會進一步提升。所以第二季有幾件事情是暫時性的，當中也有組合效應，但我預期在今年下半年會有所改善。

Raimo Lenschow, Barclays.

Raimo Lenschow，Barclays。

Congrats on the ongoing progress team. It's good to see. If you think about the shift on the macro side that you kind of pointed out with the Middle East, et cetera, like how quickly do they usually come back? So if we kind of see a resolution of the events and like let's hope it does happen at some point, how quickly do these kind of come back to you? And I have one follow-up.

恭喜團隊持續取得進展。很高興看到這些成果。如果你們回頭看你剛提到的宏觀面變化，例如中東等因素，通常會多快回復？也就是說，如果事件獲得解決——希望終究會發生——這類需求通常會多快回到你們這邊？我還有一個追問。

Yes. No worries, Raimo. I think what we're seeing here in 2Q is a very good pipeline. 3Q and 4Q look good. It's a resilient set of cultures there, and our team is very impressive as I thank them for their work.

是的。沒問題，Raimo。我認為我們在第二季看到的是非常好的案源管線。第三季和第四季看起來也不錯。那裡的文化非常有韌性，我們的團隊也非常令人印象深刻，我也要感謝他們的努力。

I'm hopeful that we're going to see improvements here in the second quarter. And then I think that it can be back to normal or better in 3Q and 4Q.

我希望我們會在第二季看到改善。接著我認為第三季和第四季可以回到正常，甚至更好。

Now that's assuming that everything kind of stabilizes. It's bouncing around a little bit, but it's clearly better over the past 45 days than it was at the earlier onsets. So I'm looking for progress this quarter, and I'm looking for progress.

當然，這是以整體情勢趨於穩定為前提。目前仍有些波動，但很明顯，過去 45 天的情況比更早期的爆發階段要好。所以我期待本季會有進展，我也期待看到進展。

And remember, those are bookings, so they're going to translate into revenue over the next 1 to 4 quarters. So it's -- that's all about what's the key here. We're still dealing with clean -- yes, go ahead. What's your follow-up question?

而且請記得，那些是訂單（bookings），會在接下來 1 到 4 個季度轉化為營收。所以——這就是關鍵所在。我們仍在處理乾淨——是的，請說。你的追問是什麼？

And the follow-up question was on the 1 million disclosure. I hear you on the incentive structure internally, but it's also obviously a metrics we kind of will follow. So the question you could get is like, are you taking that away because some customers on renewals are dropping below that. Can you maybe speak to that dynamic, please?

追問是關於 100 萬（美元）揭露的部分。我理解你提到內部的激勵結構，但這顯然也是我們會追蹤的一項指標。所以大家可能會問：你們把它拿掉，是不是因為有些客戶在續約時跌破了那個門檻？能否請你談談這個動態？

My only view on it is, I think as we're kind of looking at the overall mix here, I think what's really key is how we build the differentiation between renewal and NAR and really creating that consistent growth rate. That's how you get the flywheel. That's what we're looking.

我對此唯一的看法是：當我們檢視整體組合時，真正的關鍵在於我們如何建立續約與 NAR 之間的差異化，並真正打造一致的成長率。那樣才能形成飛輪效應。這就是我們在看的。

As we've stabilize the base. And I think over the last 3, 4 quarters and paid down some of that debt, I think we're much more predictable. I think we're on that base. I think in terms of how we're moving forward, I think there's no question that we're -- the next 3 quarters are key, and that will then allow us -- you should be looking at that total RPO data. You should be looking at the renewal rate.

在我們把基礎穩定下來之後。我認為過去 3、4 個季度，我們也償還了一些「債」，因此可預測性高很多。我認為我們已經站穩這個基礎。至於接下來怎麼走，毫無疑問——接下來 3 個季度很關鍵，而這也會讓我們——你應該關注總 RPO 數據。你也應該關注續約率。

You should be -- and we should start to see that translate as we've guided through this year, the transition at the end of the year, beginning of next year.

你也應該——而且隨著我們今年的指引推進，我們應該開始看到這些轉化：在今年底的轉換，以及明年初。

And then the mix underneath it, the real key is how do we grow that whole base because I have my best renewal rates at 1 million above, I mean, in terms of renewal percentages. I already have that. But the problem is, if I just focus on that, I've still got -- as I worked down with the Bear Hug, 250 and below is underperforming.

然後在其下的組合面，真正的關鍵是：我們如何讓整個基礎盤變大，因為我在 100 萬以上的客戶群有最好的續約率——我是指續約百分比。那部分我已經有了。但問題是，如果我只專注在那裡，當我透過 Bear Hug 往下推進時，25 萬及以下的區間表現仍然落後。

I have to fix that with Cornerstone, and I think I have line of sight. I've seen that 10-plus percent point improvement in every cohort I brought to it. I'll give you more data as we get along and let's see how the next 2, 3 quarters. But as I said in my prepared remarks, I think it's going to schedule. I think it's going to schedule.

我必須用 Cornerstone 把那一塊修好，而我認為我已經看得到方向。我在每一個導入的同質群組（cohort）都看到超過 10 個百分點的改善。隨著進展我會提供更多數據，讓我們看看接下來 2、3 個季度的情況。但如同我在事先準備的發言中所說，我認為會按計畫進行。我認為會按計畫進行。

Matthew VanVliet, Cantor Fitzgerald.

Matthew VanVliet，Cantor Fitzgerald。

So good to see the largest deal ever signed. Curious if that was an existing customer making expansion or net new? And then more importantly, just like what other types of deals approaching that size are in the pipeline? How are you continuing to push to larger and larger scale on the large deals?

很高興看到你們簽下史上最大的一筆交易。想請教那是既有客戶的擴張，還是全新客戶（net new）？更重要的是，管線裡還有哪些接近這種規模的交易？你們如何持續推動大型交易做到更大、規模更高？

Yes. I love that question. So that customer has been around for a number of years. They started on the social side. We expanded then into service, a digital service, a voice service in a geography.

是的。我很喜歡這個問題。那位客戶已經合作多年。他們一開始是從社群（social）端開始。之後我們擴展到服務，包括數位服務，以及在某個地區的語音服務。

They like the platform. They like what we were able to do, and then they took it across the planet, 42 divisions everywhere around the world. It was a huge implementation. Right now, there's opportunity to upsell in terms of the AI components, copiloting, more agentic, the community space. So I think there's more work to do there.

他們喜歡這個平台。他們喜歡我們能做到的事情，接著把它推向全球，在全世界 42 個事業部全面導入。那是一個非常大型的導入案。目前在 AI 元件、copiloting、更具代理式（agentic）的能力、以及社群空間等方面，仍有加購（upsell）機會。所以我認為那裡還有更多工作要做。

When I look at the business and I think about NAR, one of the things over the last 18 months, I turned down the amount of new logos to about 20% of our volume. The reason I did that is I wanted to clean up the underlying execution. I'm seeing a better improvement. And as I've shared, I think we're a different company by the time we get to the latter part of this year. I'm looking to increase new logo participation back into the mid-30s range, right?

當我看整體業務並思考 NAR 時，過去 18 個月我把新客戶（new logos）的占比降到我們量能的大約 20%。我這麼做的原因，是我想先把底層的執行面整理乾淨。我看到更好的改善。而且如我分享過的，我認為到了今年後段，我們會是一家不同的公司。我希望把新客戶占比提高回到 30% 中段的區間，對吧？

So I think I'm getting as I get into and I want to turn it on now because if I've had 3, 6, 9 months sales cycles, I want to make sure I'm ready toward the end of the year to kind of accelerate in that space.

所以我認為，當我進入——而且我現在就想把它打開，因為如果銷售週期是 3、6、9 個月，我要確保在今年底前我已經準備好，能在那個領域加速。

The other thing, I get a general run rate of smaller deals and expansion. That's a lion's share of our NAR in a year. We get one of these very big deals usually each year. And then we get somewhere around 5 to 7 that are in the $3 million to $8 million a year range kind of even could be $10 million, they could be et cetera.

另外，我們也有一個由較小型交易與擴張所構成的常態性 run rate。那在一年之中占了我們 NAR 的大部分。通常每年我們會拿到一筆這種非常大的交易。然後我們大概會有 5 到 7 筆年約 300 萬到 800 萬美元的案子，甚至可能到 1,000 萬美元之類，等等。

Good news on that. I'm seeing good numbers there. I've seen the most of those over the next three, four quarters that I've seen in my time here. And if I can convert that at even 50% or 45% or 40%, I can yield that those 6, 7 key projects over the next three, four quarters.

這方面的好消息是：我看到不錯的數字。在接下來三到四個季度，我看到的這類案子數量，是我在這裡任期內最多的一次。如果我能以 50% 或 45% 或 40% 的轉換率成交，我就能在接下來三到四個季度，產出那 6、7 個關鍵專案。

I think there are some large opportunities, probably somewhere in the range of 3 to 5 customers that could potentially be that next mega deal, that next mega deal. And they usually come from someone that's already in place and then we expand, we get to the right level and grow.

我認為還有一些大型機會，大概有 3 到 5 個客戶，可能成為下一筆超大型交易、下一筆超大型交易。而它們通常來自已經在我們這裡落地的客戶，然後我們再擴張、做到對的層級並持續成長。

Does that help, Matt?

這樣有幫助嗎，Matt？

Yes, very helpful. And then obviously, the acquisition of ViralMoment makes a ton of sense as short-form video takes off. But as you look at your M&A strategy on a go-forward basis and balancing that with whether it's share repurchases or other capital allocation components, was this just an opportunistic sort of gap in the product portfolio and we should think about share repo as maybe a more higher priority capital allocation? Or where does M&A fit in over the next couple of years?

是的，非常有幫助。然後很明顯，隨著短影音起飛，收購 ViralMoment 非常合理。但當你們展望未來的併購策略，並在併購與股票回購或其他資本配置項目之間取得平衡時，這次只是把握機會、補上產品組合中的一個缺口，因此我們應該把股票回購視為更高優先順序的資本配置嗎？或者在未來幾年，併購在你們的規劃中扮演什麼角色？

Yes. A couple of thoughts there. I love the balance sheet, right, pristine. No debt whatsoever, we're free cash flow positive. even with the share repurchases, we're going to be back approaching $0.5 billion later in the year, beginning of next year.

是的。我有幾點想法。我很喜歡我們的資產負債表，對吧，非常乾淨。完全沒有負債，我們自由現金流為正。即使進行股票回購，我們也會在今年稍晚、明年年初回到接近 5 億美元的水準。

And that's a good story.

這是一個很好的故事。

ViralMoments is part of our innovation acceleration. We want to make sure we're continuing to create new use cases and build out the platform. The opportunity long term over the next 2, 3 years is us becoming the enterprise platform for unified customer experience. We do that. It's a very powerful story.

ViralMoments 是我們創新加速的一部分。我們希望確保持續創造新的使用情境並擴建平台。長期來看，未來 2 到 3 年的機會，是我們成為「統一客戶體驗」的企業級平台。我們會做到。這是一個非常有力的故事。

I think by building out that capability and continuing to innovate makes us more and more relevant to the customer.

我認為，透過建立這項能力並持續創新，會讓我們對客戶而言越來越重要。

I think ViralMoments is a good addition and in the right spot. And I think there's small ones like that, that we can continue to test in and add really interesting capability. If there is an opportunity in the AI side at the right prudent structure that accelerates our ability to do even more and increase the 180 engagement, enhance the number of our over 300, 350 AI engineers, I think all of those have to be considered as we go.

我認為 ViralMoments 是一個很好的補強，而且放在對的位置。我也認為還會有像這樣的小型案子，我們可以持續去測試並加入非常有趣的能力。如果在 AI 方面有機會，且在合適、審慎的交易結構下能加速我們做得更多、提升 180 個 engagement 的能力，並強化我們超過 300、350 位 AI 工程師的規模與效能，我認為這些都必須在我們前進過程中納入考量。

And if there's an opportunity where we continue to see the stock lagging what we think its ultimate value is, we'll continue to leverage some of those dollars where it makes sense and the Board believes that we should acquire back. I think it's a combination, and it has to be balanced based on the return we see for our shareholders.

而且如果有機會、我們持續看到股價落後於我們認為的最終價值，我們會在合理之處持續運用部分資金，而董事會也認為我們應該回購。我認為這是多種手段的組合，並且必須依據我們為股東看到的報酬來取得平衡。

Elizabeth Porter, Morgan Stanley.

Morgan Stanley 的 Elizabeth Porter。

This is Jamie on for Elizabeth. It's great to see another quarter of strong growth in the AI SKU ARR. So just curious how we should view sort of that base, the timeline for that to become big enough to more meaningfully contribute to acceleration in subscription revenue?

我是 Jamie，代 Elizabeth 提問。很高興看到 AI SKU ARR 又一季強勁成長。想請教我們應該如何看待這個基礎，以及它需要多久才能大到足以更有意義地帶動訂閱營收加速？

And then as a follow-up, should we be viewing this quarter's gross margin level in subscription gross margins as kind of the trough? Or should we kind of expect further declines through the rest of the year?

接著追問，本季訂閱毛利率的水準是否可視為谷底？或者我們應該預期今年剩餘時間還會進一步下滑？

Okay. So the first quarter -- the first question was on the AI SKUs. I think what you want to think about is the company had a huge execution issue over 3, 3.5 years. And that continued to manifest itself in kind of accelerated churn through the middle of last year.

好的。第一個問題是關於 AI SKU。我認為你要這樣看：公司在過去 3 到 3.5 年有很大的執行問題。而這也持續反映在去年年中之前較快的流失率上。

That takes three, four quarters to work out. I mean, while we've seen the bend and the bend is forming nicely, and we had the best renewal rates in first quarter in over two years, and we are seeing Bear Hug pay dividends; we have to work through that hole in the boat that occurred last year because anything that happened takes 4 quarters to wash through.

這需要三到四個季度才能消化完。我的意思是，雖然我們已經看到轉折，而且轉折正在良好形成；我們第一季的續約率是兩年多以來最佳；我們也看到 Bear Hug 開始帶來成果；但我們仍必須把去年出現的「船上破洞」補起來，因為任何發生的事情都需要 4 個季度才能完全反映出來。

What you want to think about is as we get toward the end of the year and if we continue to execute nicely in terms of improving renewal rate, improving engagement with the customer in NAR, we get to that acceleration phase next year. And I think that gives us a stronger foundation.

你要思考的是：當我們接近年底，如果我們持續在提升續約率、提升 NAR 中與客戶的互動（engagement）等方面執行得很好，我們明年就會進入加速階段。我認為那會給我們更強的基礎。

Then the AI work is the adder and the real differentiator. The fact that it's growing and it's material and there's 180 of these engagements are the reason that we're relevant to the customer. If we were just in one little tower, I wouldn't want to be that software company. I believe being a platform with a robust native AI capability to create action and insight gives us the foundation to win over time, 2, 3 years out.

接著，AI 的工作是加分項，也是最真正的差異化。它正在成長、而且具規模，並且有 180 個這樣的 engagement，這些都是我們對客戶仍具相關性的原因。如果我們只在某一個小塔（單一模組）裡，我不會想成為那樣的軟體公司。我相信，成為一個平台，並具備強健的原生 AI 能力來產生行動與洞察，能讓我們在 2 到 3 年後奠定長期勝出的基礎。

If we do that, you'll see that benefit as we move into the acceleration phase at the end of this year and next. And AI is going to be forefront. It's going to be forefront for the next 7 to 10 years. It is a transformational wave. And I like how things are setting up.

如果我們做到這點，當我們在今年底與明年進入加速階段時，你就會看到這個效益。而 AI 會站在最前線。未來 7 到 10 年它都會在最前線。這是一波轉型性的浪潮。我喜歡目前的布局與態勢。

We still got to execute, but that's where we are.

我們仍然必須把執行做好，但我們目前就是在這個位置。

And then, Anthony, maybe you want to touch on for Jamie, the concept around gross margin.

然後，Anthony，也許你可以替 Jamie 說明一下毛利率的概念。

Yes, of course, and a great question. Yes, I expect this to be kind of the top, so to say. So as I indicated, there's a margin mix effect, there is the impact of services also. But again, on the back end, we have a number of initiatives and safeguarding measures and actions that we have. We had to take also some AI investment and costs because of the traction we see there.

好的，當然，這是個很好的問題。是的，我預期這大概算是高點。如我所說，存在毛利率的組合效應，也有服務的影響。但同樣地，在後端我們有多項計畫、保護措施與行動。由於我們看到 AI 的牽引力，我們也必須投入一些 AI 的投資與成本。

But we expect, let's say, other initiatives to offset that.

但我們預期，其他計畫可以抵消這些影響。

So I think on the subscription gross margins will be pretty steady. And overall, as a mix, I expect this to improve sequentially in Q3 and again in Q4. So that will be kind of the bottom from my perspective based on what we are putting in place and also based on the normalized situation of services on the revenue side, that will then be better on the gross margin side.

所以我認為訂閱毛利率會相當穩定。整體而言，從組合角度來看，我預期第三季會較第二季逐季改善，第四季也會再改善。因此就我觀點，這會是谷底，基於我們正在推動的措施，以及服務在營收端回到常態化後，毛利端也會更好。

And if subscription holds and we increase on the revenue, which is the plan, then we should have kind of a different kind of trajectory on the back end of the year. So I expect this really to bounce back next quarter after Q2.

如果訂閱能維持、而我們也如計畫提升營收，那麼在今年下半年我們的走勢應該會有所不同。所以我預期在第二季之後、也就是下個季度，會真正反彈。

I want to thank everyone for joining the call today. I appreciate your interest in the company. We're very interested to see our execution over the next 2, 3 quarters as we move through the transition and execution phase, Phase 2 of our transformation, and we're excited to the outlook of moving into acceleration at the end of the year, beginning of the year.

感謝各位今天參加電話會議。感謝大家對公司的關注。在我們度過轉型與執行階段、也就是我們轉型的第二階段（Phase 2）時，我們非常關注未來 2 到 3 個季度的執行情況；同時我們也對在今年底、明年初進入加速期的展望感到振奮。

These things take time. I think we're making good progress, and we're really on track to where I expect to be at this point. I hope you continue to look at what we're doing, and we're excited about the future. Thanks for joining us today, and have a wonderful day.

這些事情需要時間。我認為我們進展良好，而且確實正朝著我預期此時應達到的位置前進。希望大家持續關注我們正在做的事情，我們也對未來感到興奮。感謝今天加入我們，祝各位有美好的一天。

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

謝謝。今天的電話會議與網路直播到此結束。您可以掛斷電話，祝您有美好的一天。感謝您今天的參與。