8x8 Inc (EGHT) 2024 Q4 法說會逐字稿

Good day, and welcome to the Q4 2024 8x8, Inc. Earnings Call. At this time, all participants are listen-only mode. After the speaker's presentation, there will be a question-and-answer session (Operator Instructions) As a reminder, this call may be recorded. I would like to turn the call over to Kate Patterson. Please go ahead.

美好的一天，歡迎參加 2024 年第四季 8x8, Inc. 收益電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節（操作員說明） 請注意，本次通話可能會被錄音。我想把電話轉給凱特·帕特森。請繼續。

Good afternoon, everyone. Today's agenda will include a review of our fourth quarter and fiscal 2024 results with Samuel Wilson, our Chief Executive Officer; and Kevin Kraus, our Chief Financial Officer. Following our prepared remarks, there will be a question-and-answer session. Before we get started, let me remind you that our discussion today includes forward-looking statements about our future financial performance, including our investments in innovation and our focus on profitability and cash flow as well as statements regarding our business, products and growth strategies. We caution you not to put undue reliance on these forward-looking statements as they involve risks and uncertainties that may cause actual results to vary materially from forward-looking statements as described in our risk factors in our reports filed with the SEC. Any forward-looking statements made on this call and in the presentation slides reflect our analysis as of today, and we have no plans or obligation to update them. Certain financial measures that will be discussed on this call, together with year-over-year comparisons, in some cases, were not prepared in accordance with U.S. generally accepted accounting principles or GAAP. A reconciliation of those non-GAAP measures to the closest comparable GAAP measure is provided in our earnings release and in our earnings presentation slides, which are available on 8x8 Investor Relations website at investor.8x8.com. With that, I will turn the call over to our CEO, Sam Wilson.

大家下午好。今天的議程將包括與我們的執行長 Samuel Wilson 一起回顧我們的第四季度和 2024 財年業績；和我們的財務長凱文克勞斯。在我們準備好的發言之後，將進行問答環節。在開始之前，請允許我提醒您，我們今天的討論包括有關我們未來財務業績的前瞻性陳述，包括我們對創新的投資以及我們對盈利能力和現金流的關注，以及有關我們的業務、產品和成長策略的陳述。我們提醒您不要過度依賴這些前瞻性陳述，因為它們涉及風險和不確定性，可能導致實際結果與我們向 SEC 提交的報告中的風險因素中描述的前瞻性陳述存在重大差異。本次電話會議和簡報幻燈片中所做的任何前瞻性陳述均反映了我們截至今天的分析，我們沒有計劃或義務對其進行更新。本次電話會議將討論的某些財務指標以及某些情況下的年度比較，並不是根據美國公認會計原則或公認會計準則制定的。我們的收益發布和收益簡報幻燈片中提供了這些非 GAAP 衡量標準與最接近的可比較 GAAP 衡量標準的對賬，這些幻燈片可在 8x8 投資者關係網站 Investor.8x8.com 上取得。接下來，我會將電話轉給我們的執行長 Sam Wilson。

Good afternoon, everyone. I appreciate you joining us today as we discuss our fourth quarter and our fiscal 2024 results and the strategic initiatives that have defined a year of transformation for 8x8. I'm pleased to report solid fourth quarter in which we delivered results within our guidance range for service and total revenue and once again exceeded our guidance for operating margin. Cash flow from operations for the quarter was also better than anticipated, which resulted in cash flow for the year up 62% from fiscal 2023. This significantly exceeded our expectations for the year. We ended the quarter with about $118 million in cash, restricted cash and investments after repaying the remaining $63 million of 2024 notes. Since Kevin will review the quarter's financial results in detail, I will focus my comments on the progress we've made on our transformation journey. This year has been nothing short of incredible from both a professional and personal perspective. We've strengthened our leadership team, expanded our product portfolio and continue to build on our strong financial foundation. A year ago, I outlined a strategic framework with 6 key imperatives aligned with the 3 pillars of our transformation strategy, innovation, financial strength and go to market. I'm pleased to report that we are executing well against each of these strategic imperatives. They include one, accelerating innovation in Contact Center as a Service, CCaaS, while maintaining our leadership in cloud telephony. This includes embedding artificial intelligence across our integrated platform; two, establishing communications platform as a service, CPaaS, leadership in the Asia Pacific region; three, increasing our focus on small and midsized enterprises as our target customer segment; four, improving platform win rates and sales productivity. Five, maintaining an outstanding experience for our customers, allowing them to focus on their own core businesses. And lastly, six, increasing profitability and cash flow to drive a fortress balance sheet and fund further innovation. Although our journey has not always been perfectly linear, we are undoubtably stronger and better positioned financially as we exit fiscal 2024 compared to the end of fiscal 2023. This year has been pivotal in terms of innovation. We've introduced several new products that not only differentiated our offerings but also positioned us for future growth. These new products as well as platform enhancements like the customer interaction data platform, composable user interfaces and the integrated solutions from our technology partner ecosystem, are intentionally engineered to deliver superior business outcomes without the heavy integration burden typically required to build an AI-enabled contact center. The introduction of our Engage solution extends our customer experience capabilities beyond the traditional boundaries of the contact center and is one of just many examples of how we're leading innovation in an industry leveraging our history as a combined UCCC CPaaS company. We believe this product dramatically increases our cross-sell opportunities to existing customers and provides an accessible entry point for new customers looking to improve their customer experience across the organization. Shortly after the end of the quarter, we introduced 8x8 operator Connect for Microsoft Teams, expanding our portfolio of enterprise voice solutions and further strengthening our leadership position in Microsoft Teams environments. With this introduction, 8x8 now offers the industry's broadest portfolio of enterprise voice solutions for Microsoft Teams and is the only operator connect provider with a native contact center solution certified to integrate with Teams. The initial market response has been very positive, generating numerous new opportunities within days of the announcement. We believe this solution could be the key to unlocking millions of UC seats not yet migrated to the cloud. As we all know, there are hundreds of millions of on-prem 12 CCs and the industry craves low-cost solutions to unlock this base. I want to highlight the progress we're making in broadening our CPaaS product offerings and expanding this part of our business globally. With the renewed focus on CPaaS, we are finding new ways to embed CPaaS capabilities into our integrated UC and CC solutions to provide complete solutions that deliver specific business outcomes for our customers. First was the video Elevation 2.0. Most recently, we launched proactive outreach, enabling highly personalized messaging campaigns at scale for both contact center and unified communications customers. These capabilities were important differentiators in the wins at Upward Health in the U.S., Induction Healthcare in the U.K. and PalawanPay in the Philippines. In addition to these product launches, we continue to innovate across our platform with solutions like our AI-powered intelligent customer assistant available as either digital or voicebots. Usage of ICA in self-service options continues to increase sequentially, and we are achieving resolution rates as high as 80%. This is a compelling testament to the advanced AI capabilities of 8x8 and our technology partner ecosystem. Further, 100% of our digital intelligence customer assistant customers are referenceable, demonstrating our focus on delivering superior business outcomes with rapid time to value. Our omnichannel engagement solutions and the introduction of new digital channels and automation were key factors in our win at Southern Housing in the U.K. We strive to make our customers heroes in their organizations, and this is driving wins like Sky Chefs, a well-known catering and hospitality experts serving airline customers where our agility and speed to deployment won the day. Customer acceptance of our new solutions is the most important indicator of success. I'm pleased to report that sales of new products were up by more than 50% year-over-year for the second consecutive quarter. Given the timing of launches throughout the year and the enterprise sales cycles, I view this as a positive leading indicator of our future success. From a financial perspective, this year has been about strengthening our foundation and positioning ourselves for sustainable growth in the future. We've seen a substantial reduction in our non-GAAP cost structure with cost reductions totaling more than $47 million from fiscal 2023. This disciplined fiscal management enabled us to invest strategically in innovation while increasing our non-GAAP operating margins to double digits. With our cost structure aligned with our current revenue run rate and cash generation objectives, we intend to increase focus on revving our go-to-market engine to drive awareness and sales for our expanded product portfolio. Turning to our go-to-market efforts. We've made considerable progress. Our sales, marketing and customer success teams are more aligned than ever, focusing on the cross-functional initiatives that drive value across our customer base. This alignment has improved the quality of our pipeline and resulted in increased close rates, more multiproduct lands and higher customer satisfaction scores. These are the early indicators that our efforts to build a high-performance go-to-market organization are working. Given the nature of enterprise sales cycles and our ratable revenue growth, there is a lag before our progress is evident in our revenue growth. But I am confident that the changes we've made will drive improved performance and accelerating growth by the end of the current fiscal year. As we look to the future, our strategy is clear. We will continue to drive innovation, intentionally engineered solutions that deliver superior business outcomes for our customers. I encourage you to watch a short video case study of the San Diego Zoo implementation of our integrated solution as an example of our solution approach and rapid time to value. Working in partnership with the internal team at the zoo, we implemented a full service contact center with an AI-based self-service option for inbound calls in less than 45 days. We have intentionally engineered our products and solutions for this level of agility and rapid time to value. We can leverage this advantage to develop our own purpose-built solutions as well. For example, 2024 is a big year for elections in both the U.S. and U.K. Using the power of conversational AI and automation, our U.K. team built a library out-of-the-box templates to support local government and improve citizen access to important information for upcoming elections. To drive awareness and adoption of our innovations, we are committed to continued improvement in our go-to-market activities. We intend to remain within our current cost envelope as we make the necessary investments to elevate our partner programs, increase awareness for our solutions and improve our processes. We are taking a balanced approach to growth and profitability and with cash from operations as our financial North Star. We intend to continue returning value to our investors through reducing debt. We have repaid $88.3 million of principal in fiscal 2024, 35% of our commitment to return $250 million to investors through debt repayments over 3 years. Before I turn the call over to Kevin, I want to thank our employees, partners and investors who are with us on this journey.

大家下午好。感謝您今天加入我們，我們將討論我們的第四季度和 2024 財年業績以及定義 8x8 轉型年的策略舉措。我很高興地報告第四季度的業績表現，我們在服務和總收入的指導範圍內取得了良好的業績，並再次超出了我們對營業利潤率的指導。本季的營運現金流也優於預期，導致全年現金流較 2023 財年成長 62%。在償還了剩餘的 6,300 萬美元 2024 年票據後，本季末我們擁有約 1.18 億美元的現金、限制性現金和投資。由於凱文將詳細審查本季度的財務業績，因此我將重點評論我們在轉型之旅中取得的進展。從專業和個人角度來看，今年都是令人難以置信的一年。我們加強了領導團隊，擴大了產品組合，並繼續鞏固我們強大的財務基礎。一年前，我概述了一個策略框架，其中包含與我們轉型策略、創新、財務實力和進入市場三大支柱一致的 6 個關鍵要求。我很高興地向大家報告，我們在每項策略要求上都執行得很好。其中包括加速聯絡中心即服務 (CCaaS) 的創新，同時保持我們在雲端電話領域的領先地位。這包括在我們的整合平台中嵌入人工智慧；二、建立通訊平台即服務，CPaaS，在亞太地區處於領先地位；第三是更重視中小企業作為我們的目標客群；四、提高平台勝率和銷售效率。五是為客戶保持卓越的體驗，讓他們能夠專注於自己的核心業務。最後，六是提高獲利能力和現金流，以推動堡壘資產負債表並為進一步創新提供資金。儘管我們的旅程並不總是完全線性的，但與 2023 財年末相比，我們在 2024 財年結束時無疑變得更強大，財務狀況也更好。我們推出了多種新產品，不僅使我們的產品脫穎而出，而且為我們未來的成長奠定了基礎。這些新產品以及平台增強功能（例如客戶互動資料平台、可組合使用者介面和來自我們技術合作夥伴生態系統的整合解決方案）經過精心設計，旨在提供卓越的業務成果，而無需承擔建立人工智慧聯繫人通常所需的繁重集成負擔。我們的 Engage 解決方案的推出將我們的客戶體驗能力擴展到了聯絡中心的傳統界限之外，這也是我們如何利用我們作為一家聯合 UCCC CPaaS 公司的歷史來引領行業創新的眾多例子之一。我們相信，該產品大大增加了我們對現有客戶的交叉銷售機會，並為希望改善整個組織的客戶體驗的新客戶提供了一個可訪問的切入點。本季末後不久，我們推出了 8x8 Operator Connect for Microsoft Teams，擴大了我們的企業語音解決方案組合，並進一步加強了我們在 Microsoft Teams 環境中的領導地位。透過此次推出，8x8 現在為 Microsoft Teams 提供業界最廣泛的企業語音解決方案組合，並且是唯一一家擁有經過認證可與 Teams 整合的本機聯絡中心解決方案的營運商連接供應商。最初的市場反應非常積極，在宣布後的幾天內就產生了許多新的機會。我們相信，該解決方案可能是釋放數百萬尚未遷移到雲端的 UC 席位的關鍵。眾所周知，本地有數億個 12 CC，業界渴望低成本的解決方案來釋放這個基礎。我想強調我們在擴大 CPaaS 產品範圍以及在全球擴展這部分業務方面所取得的進展。隨著對 CPaaS 的重新關注，我們正在尋找新的方法將 CPaaS 功能嵌入到我們的整合 UC 和 CC 解決方案中，以提供完整的解決方案，為我們的客戶帶來特定的業務成果。首先是影片 Elevation 2.0。最近，我們發起了主動外展活動，為聯絡中心和統一通訊客戶大規模開展高度個人化的訊息傳遞活動。這些能力是美國 Upward Health、英國 Induction Healthcare 和菲律賓 PalawanPay 獲勝的重要差異化因素。除了這些產品發布之外，我們還繼續在整個平台上進行創新，推出諸如人工智慧驅動的智慧客戶助理（可作為數位機器人或語音機器人）的解決方案。 ICA 在自助服務選項中的使用量持續增加，我們的解決率高達 80%。這是對 8x8 和我們的技術合作夥伴生態系統的先進人工智慧功能的有力證明。此外，我們 100% 的數位智慧客戶助理客戶都具有參考價值，這表明我們專注於快速實現價值並提供卓越的業務成果。我們的全通路互動解決方案以及新數位管道和自動化的引入是我們贏得英國Southern Housing 的關鍵因素。勝利以及為航空公司客戶提供服務的飯店專家，我們的敏捷性和部署速度贏得了勝利。客戶接受我們的新解決方案是成功的最重要指標。我很高興地報告，新產品銷售量連續第二季年增超過 50%。考慮到全年的發佈時間和企業銷售週期，我認為這是我們未來成功的積極領先指標。從財務角度來看，今年是我們鞏固基礎、為未來永續成長做好準備的一年。我們看到我們的非公認會計原則成本結構大幅下降，從2023 財年開始，成本削減總額超過4700 萬美元。原則營業利潤率提高到兩位數。由於我們的成本結構與目前的收入運作率和現金產生目標一致，我們打算更加重視加速我們的上市引擎，以提高我們擴大的產品組合的知名度和銷售。轉向我們的市場推廣工作。我們已經取得了長足的進步。我們的銷售、行銷和客戶成功團隊比以往任何時候都更加團結，專注於為我們的客戶群帶來價值的跨職能計劃。這種調整提高了我們的管道質量，並提高了成交率、更多的多產品土地和更高的客戶滿意度分數。這些是我們建立高效能上市組織的努力正在發揮作用的早期指標。考慮到企業銷售週期的性質和我們的應計收入成長，我們的收入成長取得明顯進展之前存在一個滯後期。但我相信，我們所做的改變將在本財年結束時推動業績改善並加速成長。展望未來，我們的戰略是明確的。我們將持續推動創新、精心設計的解決方案，為我們的客戶帶來卓越的業務成果。我鼓勵您觀看聖地牙哥動物園實施我們的整合解決方案的簡短影片案例研究，作為我們的解決方案方法和快速實現價值的範例。我們與動物園的內部團隊合作，在不到 45 天內建立了一個全方位服務的聯絡中心，並提供基於人工智慧的自助服務選項，用於呼叫。我們特意設計了我們的產品和解決方案，以實現這種程度的敏捷性和快速實現價值。我們也可以利用這項優勢來開發我們自己的專用解決方案。例如，2024 年是美國和英國選舉的重要一年。訪問為即將到來的選舉。為了提高人們對我們創新的認識和採用，我們致力於持續改善我們的上市活動。我們打算保持在目前的成本範圍內，同時進行必要的投資來提升我們的合作夥伴計劃、提高對我們的解決方案的認識並改善我們的流程。我們正在採取平衡的方法來實現成長和獲利，並將營運現金作為我們的財務北極星。我們打算透過減少債務繼續為投資者回報價值。我們已在 2024 財年償還了 8,830 萬美元的本金，這是我們承諾在 3 年內透過債務償還向投資者返還 2.5 億美元的承諾的 35%。在將電話轉給凱文之前，我要感謝與我們一路同行的員工、合作夥伴和投資者。

Thanks, Sam, and good afternoon, everyone. We delivered solid financial performance again in fiscal Q4. Both total revenue and service revenue were within our guidance ranges and other revenue came in ahead of the target implied by our service and total revenue guidance. Non-GAAP operating margin exceeded guidance by 1.3 percentage points and cash flow was above expectations at $12.7 million for the quarter and $79 million for the year. During the quarter, we also achieved a significant milestone of repaying the remaining $63.3 million principal on the 2024 convertible notes. With this payment, we have retired $88.3 million in debt during fiscal 2024 and $115 million over the past 6 quarters. The press release and trended financial results we posted on the Investor Relations website provide a comprehensive view of our financial performance. So I'm going to take a slightly different approach to my comments this quarter. Instead of going line by line through the quarterly results and then turning to guidance, I would like to take a step back and review our results as well as our forward guidance within the context of our strategy shift. Before I go on, let me remind you that I will be using non-GAAP metrics except for revenue and cash flow, unless otherwise noted. We really began our transformation in late fiscal 2022 with the acquisition of Fuze. The acquisition immediately increased our capacity for innovation, expanded our customer base and added more than $100 million to our ARR. This acquisition was immediately accretive to our business performance. Although recent customer attrition has created a near-term headwind to growth in recent quarters, it remains a huge win overall. With our CEO transition in fiscal 2023, we made a conscious decision to swap near-term revenue growth for profitability and cash flow. Cash flow became our financial North Star, and we implemented multiple actions during the year to reduce our cost structure and improve sales productivity while maintaining our investments in innovation. By fiscal Q4 '23, we had reduced quarterly non-GAAP operating expenses, excluding COGS, by nearly $10 million compared to Q1 '23, which was the first full quarter of combined 8x8 and Fuze results. Our quarterly sales and marketing spend was down even more, dropping by $12.3 million from Q1 '23 to Q4 '23. This equates to almost $50 million in annualized cost reductions in sales and marketing. The decrease in operating expenses, together with higher gross margins had an immediate impact on our cash flow from operations, which increased from $34.7 million in fiscal 2022 to $48.8 million in fiscal 2023 and $78.9 million in fiscal 2024. This allowed us to prepay $25 million in principal on the term loan and repay the remaining principal on our 2024 notes while maintaining cash and investments above $100 million. We exit fiscal 2024 with $118 million in cash, restricted cash and investments and expanded product portfolio tailored to the needs of our target customer and a committed and experienced leadership team. We are a stronger company today than we were a year ago, and we are a much stronger company than we were at the end of fiscal 2022. Q4 is our 13th consecutive quarter of positive cash flow and non-GAAP operating margin, trends we expect to continue. I believe we have successfully laid the foundation for the future growth that our innovation will drive. Let's look at leading and lagging indicators of our continued progress and how they flow through our financial model. So let's first look at the leading indicators, RPO and ARR. We knew when we began this transformation that there could be an impact on our growth. And given our predominantly ratable revenue model, it's not surprising that there would be a lag before our progress manifested as an acceleration in revenue growth. In other words, the turn to growth resulting from increases in sales productivity, partner activity and new products should be evident in RPO and ARR before appearing in revenue. I believe we are near the turn in our business. RPO was up sequentially in Q4 and flat year-over-year. We ended the year with $697 million in ARR, down about 1% sequentially, with about half of the decline related to a seasonal decrease in CPaaS usage as the impact is magnified in ARR due to annualization. The remaining portion of the decline is related to a decrease in UCCC ARR, primarily due to Fuze customer attrition. We expect our efforts to retain and upgrade Fuze customers will result in increased retention in fiscal 2025. And as a result, I believe the Q4 quarter-over-quarter decline in non-CPaaS ARR is the steepest we will see. However, it may be a quarter or 2 before the impact of new products in our retooled go-to-market result in quarter-over-quarter ARR growth, given enterprise sales cycles. Importantly, our business remains healthy and ex cast ARR has increased sequentially every quarter since we began tracking it. The nature of our business is evolving as we launch and grow multiple products that have consumption-based pricing. Additionally, we are seeing an amplified impact of relatively minor fluctuations in CPaaS revenue on our current ARR metric, which is leading us to reevaluate the metrics we report to investors. We will provide visibility into any new methodology or new metrics on the Q1 call. Now let's turn to our primary lagging indicator revenue. With ARR flat to down slightly quarter-over-quarter over the past 4 quarters, we expect to see a similar pattern in revenue with a lag of 2 to 3 quarters. This is reflected in our revenue guidance ranges for Q1 and fiscal 2025, which I will provide in greater detail later on this call. Consistent with our comments at the product and innovation update in March, we expect service revenue for the full year to be approximately flat with fiscal 2024 at the midpoint or about $700 million with first half revenue decreasing by low single digits year-over-year compared to the first half of fiscal 2024. We expect to return to year-over-year growth by the fourth quarter. Now let's discuss a few points about our operating model. Our cost structure in Q4 '24 on a dollar basis was very similar to our cost structure at the end of Q4 '23. Total operating expenses were about $2 million lower versus Q4 '23 as we achieved about $2 million in cost efficiencies in G&A, but R&D and sales and marketing were basically flat with a year ago. We believe that our target cost structure with R&D at about 15% of revenue, sales and marketing between 33% and 34% of revenue and G&A between 10% and 11% of revenue continues to be the right level of investment to drive innovation and adoption of our expanded portfolio. Consistent with our philosophy that spending follows growth, we are targeting our 2025 spending to be approximately flat from fiscal 2024 on a dollar basis. We also expect CPaaS to gradually increase as a percentage of total revenue compared to fiscal 2024. We still expect service revenue gross margin to remain in the 74% to 75% range, but it may vary slightly due to mix. We expect gross margin on total revenue to be between 71% and 72% as we add other revenue into the mix. With this operating model context in mind, we established service revenue, total revenue and operating margin guidance ranges for the fiscal first quarter ending June 30, 2024, as follows. We anticipate service revenue to be in the range of $170 million to $174 million. We anticipate total revenue to be in the range of $176 million to $181 million, implying other revenue of $6.5 million of the guidance midpoint. Note that other revenue can vary based upon customer-specific deployment schedules and hardware shipments, so total revenue can vary based on these dynamics. The combination of modestly lower year-over-year revenue, a higher mix of CPaaS and flattish sequential operating expenses explains our operating margin guidance of 11% to 12% for Q1 25. For the fiscal year 2025 ending on March 31, 2025, we provide the following guidance ranges. We anticipate service revenue to be in the range of $693 million to $707 million, with year-over-year revenue declines in the first half and exiting the year with single-digit growth rates. We anticipate total revenue to be in the range of $720 million to $738 million. We continue to focus on delivering a solid operating margin and anticipate exiting the year between 12% and 13% and achieving between 11.5% and 13% for the full fiscal year. Our operating margin results will depend on revenue performance and opportunities for investment. At the midpoint of our revenue guidance range, this translates into non-GAAP operating income of between $89 million and $90 million for the fiscal year. We expect interest expense to be about $8.7 million in each of Q1 and Q2 based upon current interest rates. We expect cash paid for interest to be approximately $6.7 million in Q1 '25 and $10.4 million in Q2 '25 as cash interest on the 2028 convertible debt is due semiannually. We are currently anticipating that the interest rate on the term loan remains approximately 12% or SOFR plus 6.6 percentage points. The prepayment penalty on the term loan expires in August, and we expect to begin reducing the principal outstanding immediately thereafter. This will enable us to reduce quarterly interest expense in the second half of the year. Since our financial position is considerably stronger today than it was in August 2022, we are actively exploring term loan refinancing options, which could also bring interest expense down further later this year. Cash flow from operations remains our financial North Star. It funds our continued investments in innovation that will drive our future growth. It also enables us to return value to investors as we pay down debt in the near term and increases our flexibility to pursue additional opportunities to drive value in the long term. We generated $79 million in operating cash flow in fiscal 2024, an increase of 62% over 2023. We remain committed to our goal of a 20% 3-year CAGR in cash flow off our 2023 base of $49 million. This implies operating cash flow of about $80 million to $85 million in fiscal '26 or about $225 million over the course of fiscal year's '24, '25 and '26. We believe we can generate at least that much in operating cash flow over the 3-year period, but we now expect fiscal 2025 cash flow from operations to be between $15 million and $20 million less than in fiscal 2024. This is due to a combination of factors, including outperformance in fiscal year 2024 caused by our cash from operations to be higher than we expected for the year, slightly lower operating income compared to fiscal year 2024, strong year-end collections in fiscal Q4 '24, which helped our fiscal year 2024 cash flow, but resulted in a lower accounts receivable balance to collect as we enter fiscal 2025 and onetime cash payments related to Fuze indirect taxes. In Q4, we booked a $10 million charge related to Fuze indirect tax liabilities, primarily telecom taxes. We already made a portion of this payment in April, which will impact our Q1 and fiscal 2025 cash flow results. We are as committed as ever to reducing our outstanding debt and are on track to meet our commitment of returning $250 million to investors, primarily through debt repayments over the 3-year period from fiscal 2024 to fiscal 2026. With the $25 million prepayment on the term loan in Q1 '24, plus the repayment of the remaining $63.3 million of our 2024 notes on February 1, we are 35% to completion. The final piece of information to keep in mind is share count. We expect fully diluted shares of about $128.5 million for Q1 and average approximately 133 million shares for the full year. We remain committed to increasing shareholder value by reducing future equity dilution over time. Putting all this together, we expect that non-GAAP fully diluted earnings per share to be in the range of $0.37 and $0.45 for fiscal 2025. This EPS range is calculated using the operating margin guidance range and the midpoint of revenue guidance as calculation inputs. I realize this is quite a lot of detail, and I think it's important for investors to understand our 2025 guidance within the context of our longer-term strategy and overall business model. We summarize these comments in our investor slides. I continue to believe that our focus on profitability and cash flow while maintaining targeted investments in innovation and improving our go-to-market efficiency is the correct strategy for us at this time. I am confident this will enable a return to revenue growth while we also return value to our shareholders initially by reducing our debt. I would like to thank the entire 8x8 team for working together to deliver this quarter's solid results and look forward to reporting our progress throughout fiscal 2025. Operator, we are ready for questions.

謝謝，山姆，大家下午好。我們在第四財季再次實現了穩健的財務表現。總收入和服務收入均在我們的指導範圍內，其他收入超出了我們的服務和總收入指導所暗示的目標。非 GAAP 營運利潤率超出預期 1.3 個百分點，本季現金流量為 1,270 萬美元，全年現金流量為 7,900 萬美元，高於預期。在本季度，我們也實現了償還 2024 年可轉換票據剩餘 6,330 萬美元本金的重要里程碑。透過這筆付款，我們在 2024 財年償還了 8,830 萬美元的債務，在過去 6 個季度償還了 1.15 億美元的債務。我們在投資者關係網站上發布的新聞稿和趨勢財務表現提供了我們財務表現的全面視圖。因此，本季我將採取稍微不同的方式來發表評論。我不想逐行瀏覽季度業績，然後轉向指導，而是想退後一步，在策略轉變的背景下回顧我們的業績以及前瞻性指導。在繼續之前，請允許我提醒您，除非另有說明，否則我將使用收入和現金流量以外的非公認會計準則指標。透過收購 Fuze，我們在 2022 財年末真正開始了轉型。此次收購立即提高了我們的創新能力，擴大了我們的客戶群，並為我們的 ARR 增加了超過 1 億美元。這次收購立即增加了我們的業務績效。儘管最近的客戶流失為最近幾季的成長帶來了短期阻力，但總體而言，這仍然是一個巨大的勝利。隨著 2023 財年執行長的交接，我們做出了有意識的決定，將近期收入成長換成獲利能力和現金流。現金流成為我們的財務北極星，我們在這一年採取了多項行動來降低成本結構並提高銷售效率，同時保持對創新的投資。到23 年第4 財季，與23 年第1 季（這是8x8 和Fuze 合併業績的第一個完整季度）相比，我們已將季度非GAAP 營運費用（不包括銷貨成本）減少了近1000 萬美元。我們的季度銷售和行銷支出下降幅度更大，從 23 年第一季到 23 年第四季減少了 1,230 萬美元。這相當於年銷售和行銷成本減少近 5,000 萬美元。營運費用的減少以及毛利率的提高對我們的營運現金流產生了直接影響，營運現金流從2022 財年的3,470 萬美元增加到2023 財年的4,880 萬美元，到2024 財年的7,890 萬美元。這使我們能夠預付2,500 萬美元。到 2024 財年，我們將擁有 1.18 億美元的現金、限制性現金和投資，以及根據目標客戶和忠誠且經驗豐富的領導團隊的需求量身定制的擴大產品組合。今天，我們是一家比一年前更強大的公司，而且比2022 財年末時的情況要強大得多。我們預期的趨勢接著說。我相信我們已經成功地為我們的創新驅動的未來成長奠定了基礎。讓我們看看我們持續進步的領先和滯後指標，以及它們如何在我們的財務模型中流動。那我們先來看看領先指標 RPO 和 ARR。我們知道，當我們開始這種轉變時，這可能會對我們的成長產生影響。考慮到我們主要採用可評級收入模式，在我們的進展表現為收入成長加速之前會有一段延遲也就不足為奇了。換句話說，銷售生產力、合作夥伴活動和新產品的提高所帶來的成長轉向應該先在 RPO 和 ARR 中體現出來，然後再體現在收入中。我相信我們的業務即將迎來轉機。第四季 RPO 環比上升，與去年同期持平。年底，我們的 ARR 為 6.97 億美元，比上一季下降約 1%，其中約一半的下降與 CPaaS 使用量的季節性下降有關，因為年化對 ARR 的影響被放大。下降的其餘部分與 UCCC ARR 的下降有關，這主要是由於 Fuze 客戶流失。我們預計，我們為保留和升級 Fuze 客戶所做的努力將在 2025 財年提高保留率。然而，考慮到企業銷售週期，我們重組後的上市新產品可能需要一兩個季度的影響才能導致 ARR 環比成長。重要的是，我們的業務保持健康，自我們開始追蹤以來，每個季度的預測 ARR 都在連續成長。隨著我們推出和開發多種基於消費定價的產品，我們的業務性質正在不斷發展。此外，我們發現 CPaaS 收入相對較小的波動對我們目前的 ARR 指標產生了更大的影響，這促使我們重新評估向投資者報告的指標。我們將在第一季電話會議上提供任何新方法或新指標的可見性。現在讓我們轉向我們的主要滯後指標收入。由於過去 4 個季度的 ARR 環比持平或略有下降，我們預計收入也會出現類似的模式，但會出現 2 到 3 個季度的延遲。這反映在我們第一季和 2025 財年的收入指導範圍中，我將在稍後的電話會議中提供更詳細的資訊。與我們在 3 月份產品和創新更新中的評論一致，我們預計全年服務收入將與 2024 財年中點大致持平，即約 7 億美元，而上半年收入同比下降較低個位數到2024 財年上半年。現在我們來討論一下我們的營運模式的幾點。我們 24 年第 4 季以美元計算的成本結構與 23 年第 4 季末的成本結構非常相似。與 2023 年第四季相比，總營運費用減少了約 200 萬美元，因為我們在一般管理費用方面實現了約 200 萬美元的成本效率，但研發、銷售和行銷基本上與一年前持平。我們相信，我們的目標成本結構（研發佔收入的15% 左右，銷售和行銷佔收入的33% 至34%，一般及行政費用佔收入的10% 至11%）仍然是推動創新和採用的正確投資水準我們擴大的投資組合。與我們「支出跟隨成長」的理念一致，我們的目標是 2025 財年的支出以美元計算與 2024 財年大致持平。我們也預計，與 2024 財年相比，CPaaS 佔總收入的百分比將逐漸增加。 我們仍然預計服務收入毛利率將保持在 74% 至 75% 的範圍內，但由於混合情況可能會略有不同。當我們將其他收入添加到組合中時，我們預計總收入的毛利率將在 71% 至 72% 之間。考慮到這種營運模式背景，我們確定了截至 2024 年 6 月 30 日的第一財季的服務收入、總收入和營業利潤率指導範圍，如下。我們預計服務收入將在 1.7 億至 1.74 億美元之間。我們預計總收入在 1.76 億美元至 1.81 億美元之間，這意味著其他收入為指導中點的 650 萬美元。請注意，其他收入可能會根據客戶特定的部署計劃和硬體發貨量而變化，因此總收入可能會根據這些動態而變化。同比營收小幅下降、CPaaS 組合增加以及連續營運支出持平，這些因素結合在一起解釋了我們25 年第一季營運利潤率指引為11% 至12%。 ，我們提供以下指導範圍。我們預計服務收入將在 6.93 億美元至 7.07 億美元之間，上半年收入將年減，今年將以個位數成長率結束。我們預計總收入將在 7.2 億至 7.38 億美元之間。我們繼續專注於提供穩定的營業利潤率，預計今年將達到 12% 至 13% 的水平，整個財年將達到 11.5% 至 13% 的水平。我們的營業利潤率結果將取決於收入表現和投資機會。以我們收入指引範圍的中點計算，這意味著本財年的非 GAAP 營業收入在 8,900 萬美元至 9,000 萬美元之間。根據當前利率，我們預計第一季和第二季的利息支出約為 870 萬美元。我們預計 25 年第一季支付利息的現金約為 670 萬美元，25 年第二季支付的現金約為 1,040 萬美元，因為 2028 年可轉換債務的現金利息每半年到期一次。我們目前預計定期貸款利率維持在 12% 左右，即 SOFR 加 6.6 個百分點。定期貸款的提前還款罰金將於八月到期，我們預計此後將立即開始減少未償還本金。這將使我們能夠減少下半年的季度利息支出。由於我們今天的財務狀況比 2022 年 8 月要強得多，我們正在積極探索定期貸款再融資方案，這也可能使今年稍後的利息支出進一步下降。營運現金流仍然是我們的財務北極星。它為我們對創新的持續投資提供資金，這將推動我們未來的成長。它還使我們能夠在短期內償還債務時向投資者回報價值，並提高我們尋求更多機會以長期推動價值的靈活性。 2024 財年，我們產生了7,900 萬美元的營運現金流，比2023 年增長了62%。 。這意味著 26 財年的營運現金流約為 8,000 萬至 8,500 萬美元，或 24、25 和 26 財年的營運現金流約為 2.25 億美元。我們相信，在 3 年期間，我們至少可以產生這麼多的營運現金流，但我們現在預計 2025 財年的營運現金流將比 2024 財年減少 1500 萬至 2000 萬美元。 2024 財年的優異表現，這是由於我們的營運現金高於我們對本年度的預期，與2024 財年相比，營業收入略有下降，2024 年第四財季的年底收款強勁，這有助於於我們的財政收入2024 年現金流，但導致進入 2025 財年時應收帳款餘額減少，以及與 Fuze 間接稅相關的一次性現金支付。在第四季度，我們登記了與 Fuze 間接稅負債（主要是電信稅）相關的 1000 萬美元費用。我們已於 4 月支付了部分付款，這將影響我們第一季和 2025 財年的現金流結果。我們一如既往地致力於減少未償債務，並有望履行向投資者返還 2.5 億美元的承諾，主要透過 2024 財年至 2026 財年的 3 年期間的債務償還來實現。貸款，加上2 月1 日償還2024 年票據剩餘6,330 萬美元，我們已完成35%。最後要記住的資訊是份額​​計數。我們預計第一季完全稀釋後的股票數量約為 1.285 億美元，全年平均股票數量約為 1.33 億股。我們仍然致力於透過減少未來股權稀釋來增加股東價值。綜上所述，我們預計 2025 財年非 GAAP 完全稀釋每股盈餘將在 0.37 美元至 0.45 美元之間。我意識到這是相當多的細節，我認為投資者在我們的長期策略和整體業務模式的背景下理解我們的 2025 年指導非常重要。我們在投資者幻燈片中總結了這些評論。我仍然相信，我們目前對獲利能力和現金流的關注，同時保持對創新的有針對性的投資和提高我們的上市效率是正確的策略。我相信這將使收入恢復成長，同時我們也透過減少債務首先為股東帶來價值。我要感謝整個 8x8 團隊的共同努力，交付了本季度的紮實成果，並期待報告我們在 2025 財年的進展情況。

Our first question comes from Iman Coghlan with Barclays.

我們的第一個問題來自巴克萊銀行的伊曼·科格倫。

This is Damon (inaudible) on for Ryan MacWilliams. How did CPaaS fiscal 24 compared to usage in 3Q? And how does that pipeline look compared to UCaaS?

我是瑞安·麥克威廉斯 (Ryan MacWilliams) 的達蒙 (Damon)（聽不清楚）。與第三季的使用情況相比，24 財年 CPaaS 的使用情況如何？與 UCaaS 相比，該管道看起來如何？

You need to help me understand. How did CPaaS or CCaaS usage look in the March quarter?

你需要幫助我理解。三月季度的 CPaaS 或 CCaaS 使用情況如何？

Yes.

是的。

CPaaS was down seasonally in the March quarter. Kevin, I don't think it was particularly more than just kind of seasonal declines that we normally see because of the countries we're in, we deal with Ramadan in Chinese New Year, which have a tendency to slow down in marketing campaigns and those sorts of things.

CPaaS 在三月季度出現季節性下降。凱文，我認為這不僅僅是我們通常看到的季節性下降，因為我們所在的國家/地區，我們在農曆新年處理齋月，行銷活動往往會放緩，並且諸如此類的事情。

Yes. Up year-over-year to 9%. So Yes, but it was slightly lower than Q3.

是的。較去年同期成長9%。是的，但略低於第三季。

I guess how does that compare to CPaaS as well?

我想這與 CPaaS 相比怎麼樣？

Well, contract center business, we've been seeing more growth. It's hard it's a little bit of us on that call. Contact Center, we've definitely been seeing solid momentum, particularly when we think about the TFS partnership around it, the add-on products, those kinds of things. And then UCaaS, it's a tough market out there.

嗯，合約中心業務，我們看到了更多的成長。很難說我們在電話中只佔了一點點。聯絡中心，我們確實看到了強勁的勢頭，特別是當我們考慮圍繞它的 TFS 合作夥伴關係、附加產品等時。然後是 UCaaS，這是一個艱難的市場。

And then, Kevin, just a question on what you had reiterated in the remarks. How does the CPaaS business fair -- how did the CPaaS fair in 4Q? And what are the assumptions that you factored into the 2025 guide for this business?

然後，凱文，我想問一個關於你在演講中重申的內容的問題。 CPaaS業務公平性如何－第四季CPaaS公平性如何？您在該業務的 2025 年指南中考慮了哪些假設？

So CPaaS, so we you just mentioned that the first part of your question, right? So it was seasonally down in Q4 slightly. And in terms of the go-forward view, we see continued improvement in that business throughout each quarter of 2025. And again, with some seasonality impacts in the fourth quarter, which is the first calendar quarter of the year. So we're talking about some decent level of growth rate with some seasonality baked in.

那麼 CPaaS，所以我們您剛才提到了您問題的第一部分，對嗎？因此，第四季季節性略有下降。就未來的觀點而言，我們看到該業務在 2025 年每季都將持續改善。因此，我們正在談論一些體面的成長率，並伴隨一些季節性因素。

And our next question comes from Michael Funk with Bank of America.

我們的下一個問題來自美國銀行的麥可‧芬克。

My first one, investors care most about the path to positive growth. And you outlined some of the efforts you're making on the call, I'm a simple equity analyst. So maybe if you could help me with a waterfall for the piece part for return to growth by fiscal fourth quarter of this year, understanding Fuze's part of that, CPaaS getting better, CCaas getting better. But the piece parts to be really helpful for me to investors so we can picture that return to growth over time.

我的第一點是，投資人最關心的是正成長的道路。您概述了您在電話會議中所做的一些努力，我是一個簡單的股票分析師。因此，也許您可以幫助我制定一個瀑布圖，以便在今年第四季之前恢復成長，了解 Fuze 的部分內容，CPaaS 變得更好，CCaas 變得更好。但這些部分對我對投資者來說確實很有幫助，因此我們可以想像隨著時間的推移恢復成長。

I'm trying to think of historical I think about a waterfall model. I don't exactly think about the context you're using it, Michael. And I'm not saying you wrong. I'm just saying to think about it. I mean the way I think about it right now is our new products, many of which are -- we've got some that are now fully GA, some that are in beta are growing 50-plus percent for 2 quarters in a row, they'll continue to grow. So that will -- at some point, that's positive to the overall performance. Our CPaaS business has turned around. And so as Kevin mentioned, that was above positive growth on a year-over-year basis. And we're seeing stability in our UC business. And so we'll get 2 of the cylinders growing and the remaining cylinders flattish and that eventually the overall boat will lift. And the other thing we know is as we sell more products, our retention rates go up. And so that builds over time, too. And so that kind of all starts to come together towards the second half and the final -- the fourth quarter of '25.

我試著考慮歷史，我考慮瀑布模型。我並沒有完全考慮你使用它的上下文，邁克爾。我並不是說你錯了。我只是說要考慮一下。我的意思是，我現在思考的方式是我們的新產品，其中許多是 - 我們有一些現在完全通用，一些處於測試階段，連續兩個季度增長 50% 以上，他們會繼續成長。因此，在某些時候，這會對整體表現產生正面影響。我們的 CPaaS 業務已經好轉。正如凱文所提到的，這超出了同比正增長。我們看到我們的統一通訊業務保持穩定。所以我們會讓兩個圓柱體變大，剩下的圓柱體變平，最後整艘船會升起。我們知道的另一件事是，隨著我們銷售更多產品，我們的保留率將會上升。隨著時間的推移，這種情況也會逐漸形成。因此，所有這些都在下半場和決賽（25 年的第四季）開始融合在一起。

But if you look to, say, fiscal 4Q '24, and you have the revenue mix from the different product sets and then the drag from Fuze, -- if I took that 4Q fiscal '24 number and then rolled forward to the 4Q fiscal '25 number and did the same math on the revenue mix and the contribution of left drag from Fuze held from CCaas, CPaaS, -- could you build back for me?

但是，如果你看看24 年第四季財報，你會看到來自不同產品集的收入組合，然後是Fuze 的拖累——如果我採用24 年第四季度財報數字，然後向前滾動到第四季度財報'25 數字並對收入組合和來自 CCaas、CPaaS 的 Fuze 左阻力的貢獻進行了相同的計算，--你能為我重建嗎？

Hold on one sec. There's some math involved there.

等一秒鐘。這裡面牽涉到一些數學。

Yes. I know I'm (inaudible) a deep question, right? Because I mean everything flows from the top line down that obviously influences the profitability, cash flow and that North Star focus that you have. So I'm just trying to better understand how we get there and can you make greater confidence in that return to growth? It's better left off line or kind of follow-up call, Sam. I don't want to take the entire call here, but...

是的。我知道我（聽不清楚）是一個很深奧的問題，對嗎？因為我的意思是，一切都從頂線向下流動，這顯然會影響獲利能力、現金流和你所擁有的北極星焦點。所以我只是想更了解我們如何實現這一目標，您能否對恢復成長更有信心？山姆，最好不要離線或進行後續呼叫。我不想在這裡接聽整個電話，但是...

I mean -- so let me try to break it. You're asking like we just say we're assuming generally flattish UC, growth in CPaaS and Contact Center related products. And around the Contact Center, it's really around the new products that are around the Contact Center. And then over time, what leads to sustained growth as we exit '25 into '26 and '27 is that as we become more of a multiproduct company, our retention rates go up and our NRR can flip solidly positive to drive that higher retention and selling over time. So the 2 drivers over the next 4 quarters are Contact Center and CPaaS.Â

我的意思是——所以讓我試著打破它。你問的問題就像我們剛剛說的那樣，我們假設 UC、CPaaS 和聯絡中心相關產品的成長總體持平。圍繞著聯絡中心，它實際上是圍繞聯絡中心的新產品。然後，隨著時間的推移，當我們從「25」退出到「26」和「27」時，導致持續成長的原因是，隨著我們變得更加成為多產品公司，我們的保留率會上升，我們的NRR 可以穩定地轉為正值，以推動更高的保留率和隨著時間的推移出售。因此，未來 4 個季度的 2 個驅動因素是聯絡中心和 CPaaS。

Our next question comes from Meta Marshall with Morgan Stanley.

我們的下一個問題來自摩根士丹利的梅塔·馬歇爾。

Maybe a couple of questions. Just on the Fuze churn. I know as we kind of get further through the Fuze kind of book of business. Some of those are very large customers. And so I just wanted to get a sense of if some of this volatility just as you work through some of those very large customers? And is it just what are you seeing as you make those transitions? And then maybe just a second question. As you have introduced Engage, just is the traction that you're seeing there kind of with the customer type that you were expecting? Or just kind of any commentary where Engage versus some of the higher excess tiers you're having more success?

也許有幾個問題。就在 Fuze 攪拌機上。我知道，隨著我們對 Fuze 這類商業書籍的了解越來越深入。其中一些是非常大的客戶。所以我只是想了解一下，當你與一些非常大的客戶打交道時，是否會出現一些波動？當你進行這些轉變時，這就是你所看到的嗎？然後也許只是第二個問題。正如您所介紹的吸引，您所看到的吸引力是否符合您所期望的客戶類型？或者只是任何評論，其中參與與一些更高的額外級別相比，您取得了更大的成功？

Meta, this is Kevin. I'll take the first part of that question. So yes, look, we are working through the upgrade of the Fuze customers over to the 8x8 platform. And you heard probably on previous calls, we have 100% customer success management dedicated on that base. As we do migrate some of those customers over, and by the way, that's accelerating. We do see some rightsizing of their needs. And so that's causing us to see some headwinds in that base as we downsell. But the fact -- the resulting fact of that, though, is that we're keeping those customers happy and the NPS scores are going up and all those things. But yes, we do go through this process. We do see some some headwinds as we do that.

梅塔，這是凱文。我將回答這個問題的第一部分。所以，是的，我們正在努力將 Fuze 客戶升級到 8x8 平台。您可能在之前的電話中聽說過，我們有 100% 的客戶成功管理專門致力於此基礎。順便說一句，當我們確實遷移其中一些客戶時，這種情況正在加速。我們確實看到他們的需求有所調整。因此，這導致我們在降價銷售時看到了該基礎上的一些阻力。但事實是，由此產生的事實是，我們讓這些客戶滿意，NPS 分數正在上升，等等。但是，是的，我們確實經歷了這個過程。當我們這樣做時，我們確實看到了一些阻力。

Well, I think part of Meta, what you're getting to too is what Kevin mentioned, right? So we've now touched every single Fuzee customer. We have a status report on every single Fuze customer, we know exactly where they stand. We've migrated a whole slug of the small customers. So there's a significant amount of -- in terms of customer count that has now been migrated off. And so part of what you're seeing is that we are getting to the tail end. I won't say that -- I'm not going to put a date in time in place, but we see the light at the end of the tunnel, which is we finished migrating all the Fuze customers to 8x8, but we know where the customer stands today and what needs to be done to do those things. Switching gears for a second on Engage. So Engage is in data right now. The reception to the product has been, I would say, above what we were expecting. We thought the market might be a little crowded because there's a number of sub-tier products that are overhyped by other vendors. Many of them are very feature light. And so we thought this would be a little bit more of a noisy market. And it turns out that actually coming at this from a mobile-first perspective and really targeting the right use cases is resonating. And you ask specifically is it resonating with our customers and with our prospects. And the answer is yes and yes. We're seeing situations where customers -- existing customers want to upgrade to Engage to roll out -- and these are not existing Contact Center seats. These are maybe existing UC seats where the customer can do a much more much improved business process, I think is with the right words to use. Let me give you an example just makes sense. We have healthcare companies that have nurses. Nurses are on X2 basic UC seats. And we're now seeing a huge push from prospects who want to upgrade those and customers want to upgrade those to Engage to enable better business processes around on-call emergency services, those kinds of things. With prospects, we're also seeing it because it really fits that unique use case. We're in the middle of a large feel, and it's UC, it's regular Contact Center for the Contact Center people, but they want to Engage for all their IT and HR professionals that help out their line business units, those kinds of things. And so we do view it very much as a separate product. It is not a Contact Center product. It is not a UC product. It is its own product with its own use cases, but it is very use case specific. I think I answered your question.

嗯，我認為 Meta 的一部分，你也得到了 Kevin 提到的，對嗎？現在我們已經接觸到了每位 Fuzee 客戶。我們有每個 Fuze 客戶的狀態報告，我們確切地知道他們的立場。我們已經遷移了大量的小型客戶。因此，就客戶數量而言，現在有大量的客戶已經遷移。所以你所看到的部分情況是我們正在接近尾聲。我不會這麼說——我不會及時確定日期，但我們看到了隧道盡頭的曙光，即我們完成了將所有 Fuze 客戶遷移到 8x8 的工作，但我們知道在哪裡客戶現在的情況以及需要做什麼才能完成這些事。在接合上切換一秒鐘。因此，Engage 現在就在數據中。我想說，對該產品的接受度超出了我們的預期。我們認為市場可能有點擁擠，因為有許多次級產品被其他供應商過度宣傳。其中許多都非常具有特色。所以我們認為這會是一個更喧鬧的市場。事實證明，實際上從行動優先的角度來看待這個問題並真正針對正確的用例會引起共鳴。您具體會問它是否與我們的客戶和潛在客戶產生共鳴。答案是肯定的。我們看到客戶（現有客戶希望升級到 Engage 來推出）的情況，但這些不是現有的聯絡中心席位。這些可能是現有的統一通訊席位，客戶可以在其中進一步改進業務流程，我認為使用正確的字眼。我舉個例子就很有道理了。我們有擁有護士的醫療保健公司。護理師坐在 X2 基本 UC 座位上。我們現在看到了潛在客戶的巨大推動力，他們希望升級這些服務，而客戶也希望將這些服務升級為“參與”，以圍繞待命的緊急服務等實現更好的業務流程。對於潛在客戶，我們也看到了它，因為它確實適合這種獨特的用例。我們處於一個大的感覺之中，它是 UC，它是聯絡中心人員的常規聯絡中心，但他們希望為所有 IT 和人力資源專業人員提供參與，幫助他們的業務部門，諸如此類的事情。因此，我們確實將其視為一個單獨的產品。它不是聯絡中心產品。它不是 UC 產品。它是自己的產品，有自己的用例，但它是非常特定於用例的。我想我回答了你的問題。

And our next question comes from Ryan Koontz with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Ryan Koontz。

I'll try to ask a complex one, Sam. I know you're a sales guy at heart. So on the Contact Center, you've talked a lot about go-to-market changes and some new leadership there. I wonder if you can update us on some of the changes you're seeing on your dashboard, so to speak, on go-to-market that you enthused about Contact Center inflation?

我會嘗試問一個複雜的問題，山姆。我知道你本質上就是個銷售人員。在聯絡中心，您談論了很多關於市場進入的變化和一些新的領導。我想知道您是否可以向我們介紹一下您在儀表板上看到的一些變化，可以說，是您對聯絡中心通貨膨脹感到熱衷的上市變化？

Dude I love you. That's my kind of question. All right. So what gets me excited. So let me -- I'm going to change your question just slightly, and I'm going to sort of paraphrase it, which is something I hear from investors, right? Sam, you have confidence this shift is turning around, what are your green shoots around Contact Center and those things? What are you seeing that gives us confidence that you think this thing is turning around and we're going to see growth again, et cetera, et cetera. So first off, last quarter, when we did the win-loss analysis, we had the best performance ever in terms of not losing deals because of products. So our -- right now, we are having a situation where in almost every single RFP we respond yes to every question. Now that's yes, we do it. Yes, we do it with a partner, et cetera. But yes, it can be done on our platform integrated and working. And we are seeing that. Number two is we're seeing a significant growth in pipeline. Now remember, it takes 8 to 12 months to close these deals. And a lot of these products just are coming out of beta now. So that's part of the green shoots in the future, not to mention the stuff we're already selling. But the growth in pipeline -- and then number three is third-party validation, right? Medergy ranking us #1 for customer sentiments or Gartner critical capability saying positive things about us. And these third-party analysts are coming in. They're doing their due diligence, they're comparing us to other vendors. And there's others, I don't want I'm not trying to show any favoritism. But these are all the -- and then lastly, look, I spend a lot of time on the road traveling and it's sitting down with our customers and our partners and me spending a half hour or an hour going through where we're going as a company and them just nodding their heads and saying, yes, you are on track, you're going to meet our needs, you're doing the right things, just deliver what you say you're going to deliver and will be customers or we'll buy more or however you want to think about it. And so that's really on the dashboard level, it's the increase in pipeline, the increase in win rates, the better performance on RFPs, the better performance of our new products, those kinds of things. And then just the raw qualitative sentiment you get when you sit down with customers and partners and then them saying, yes, this is what we need for our customer base, for our ideal customer profile, that small- to medium-sized enterprise that doesn't have a team of a whole bunch of developers, this is perfect. We think we can sell a bunch of this.

夥計我愛你。這就是我的問題。好的。那麼是什麼讓我興奮呢？那麼，讓我——我將稍微改變一下你的問題，我將對其進行某種解釋，這是我從投資者那裡聽到的，對吧？ Sam，您對這種轉變正在扭轉充滿信心，您在聯絡中心等方面的新芽是什麼？你所看到的是什麼讓我們相信事情正在好轉，我們將再次看到成長，等等。因此，首先，上個季度，當我們進行盈虧分析時，我們在不因產品而失去交易方面取得了有史以來最好的表現。因此，我們現在面臨的情況是，在幾乎每一個 RFP 中，我們對每個問題都回答「是」。現在是的，我們就這麼做了。是的，我們與合作夥伴一起做，等等。但是，是的，它可以在我們整合並運行的平台上完成。我們正在看到這一點。第二是我們看到管道的顯著成長。請記住，完成這些交易需要 8 到 12 個月的時間。其中許多產品現在剛結束測試階段。所以這是未來萌芽的一部分，更不用說我們已經在銷售的東西了。但通路的成長——第三是第三方驗證，對嗎？ Medergy 在客戶情緒或 Gartner 關鍵能力方面將我們排名第一，並對我們給予了正面評價。這些第三方分析師正在介入。 他們正在進行盡職調查，將我們與其他供應商進行比較。還有其他人，我不想表現出任何偏袒。但這些都是——最後，你看，我花了很多時間在路上旅行，與我們的客戶和合作夥伴坐下來，我花了半小時或一個小時來了解我們要去的地方一家公司和他們只是點頭說，是的，你走上了正軌，你將滿足我們的需求，你正在做正確的事情，只需交付你所說的你將交付的東西，並將成為客戶或者我們會購買更多，或者不管你想怎麼想。所以這實際上是在儀表板層面上，它是管道的增加、獲勝率的增加、RFP 的更好性能、我們新產品的更好性能等等。然後，當您與客戶和合作夥伴坐下來時，您會得到原始的定性情緒，然後他們說，是的，這就是我們的客戶群、我們理想的客戶檔案所需要的，即中小型企業不沒有由一大群開發人員組成的團隊，這是完美的。我們認為我們可以賣掉很多這樣的東西。

And just a quick feedback, follow-up on -- you talked about new metrics. I think is what I heard in Q1 and loud and clear investors would like to hear about some CCaaS metrics, whether it's revenue, ARR, et cetera, I think that would go a long way.Â

只是一個快速回饋，跟進您談到的新指標。我認為這就是我在第一季聽到的情況，響亮而明確的投資者希望聽到一些 CCaaS 指標，無論是收入、ARR 等等，我認為這會很有幫助。

Our next question comes from William Power with Baird.

我們的下一個問題來自威廉·鮑爾和貝爾德。

This is Jackson Walton for Will Power. I was hoping you could provide an update as to what you're seeing in the macro more broadly. Are you seeing stabilization yet in terms of renewal pressures, impact to CCaas, things of that nature? Are things still getting worse? And then, I guess, more importantly, what are you factoring into your guide for fiscal '21?

這是意志力的「傑克森·沃爾頓」。我希望您能提供有關您在宏觀方面看到的更廣泛內容的更新。您是否看到續訂壓力、對 CCaas 的影響等類似性質的情況趨於穩定？事情還在變得更糟嗎？然後，我想，更重要的是，您在 21 財年指南中考慮了什麼因素？

So I'll let Kevin cover the second part. So I spent a lot of things I mentioned earlier on the last question from Ryan. I spent a lot of time on the road. I wouldn't say it's pretty out there. Layoffs were pretty high in February and March. We do see some of the effects of higher interest rates and those kinds of things on various industries and capabilities and those kinds of things. We see the positives and negatives. But I would say the -- the environment is not pretty. It's not great. There's not a lot of tailwinds. There is some holdover post pandemic, right? There were a lot of orders made during the pandemic and some people are rightsizing those orders. Kevin mentioned it around a Fuze, some of the areas we see that. And so I think it's fair to say every CFO or every IT guy I meet with is looking at the cost structure of the organizations and those kinds of things. I would mention, though, we launched Operator Connect, and we're -- I'd like to say we're #1 on the panel because of our name. It's already driven a lot of things. We have a Microsoft-Certified Contact Center that goes with Operator Connect, but there are still hundreds of millions of seats of UCs. And I think low-cost solutions unlocks this base. And so the fact that we have low-cost Operator Connect available, I hope, allows us to accelerate the move from on-prem to cloud relative to other things. And so I'm not exactly fearful of some decline in pricing because I think I'm becoming more and more convinced that's what's necessary. The idea that the entire world is all going to be on $30 per month seat. I think it's just unrealistic. And so we need to meet the customers where they are and try to capture those tens of millions and hundreds of millions of seats that are available. We want to have the modeling.

所以我會讓凱文介紹第二部分。所以我在 Ryan 的最後一個問題上花了很多我之前提到的東西。我花了很多時間在路上。我不會說那裡很漂亮。二月和三月的裁員量相當高。我們確實看到了更高的利率以及諸如此類的事情對各個行業和能力以及諸如此類的事情的一些影響。我們看到正面的一面和負面的一面。但我想說——環境並不漂亮。這不太好。沒有太多的順風車。大流行後有一些保留，對吧？疫情期間下了很多訂單，有些人正在調整這些訂單的規模。凱文在引信周圍提到了這一點，我們在一些領域看到了這一點。因此，我認為可以公平地說，我遇到的每一位財務長或每一位 IT 人員都在關注組織的成本結構和諸如此類的事情。不過，我想說的是，我們推出了 Operator Connect，而且我們——我想說，由於我們的名字，我們在小組中排名第一。它已經驅動了很多事情。我們有一個微軟認證的聯絡中心，與Operator Connect配套，但UC仍有數億座席。我認為低成本解決方案可以解鎖這個基礎。因此，我希望我們擁有低成本的 Operator Connect，這一事實使我們能夠相對於其他事物加速從本地到雲端的遷移。因此，我並不完全擔心價格下降，因為我認為我越來越相信這是必要的。整個世界都將使用每月 30 美元的席位。我認為這是不現實的。因此，我們需要滿足客戶所在的位置，並努力抓住數千萬和數億可用的座位。我們想要建模。

Yes. So look, in our -- in the deal conversations I've been involved in, and we said this before on earlier calls, there's some caution out there. I think people are willing to still do the deals, of course, and we're doing them. But I think there's some cautiousness out there, maybe taking a little bit longer to sign the larger deals and so forth. So the cycle might be drawn out a little bit more and more signatories on deals and so forth. So in terms of our guidance, we're basically factoring in the same. I think it's neither pessimistic nor optimistic in the guide. But right now, it's been fairly consistent in terms of the attitude out in the marketplace that we see. So we just -- moving forward in our under that assumption.

是的。因此，看看，在我參與的交易對話中，我們之前在早些時候的電話會議上說過這一點，其中存在一些警告。當然，我認為人們仍然願意做這些交易，而我們正在做這些交易。但我認為市場上存在一些謹慎態度，可能需要更長的時間來簽署更大的交易等等。因此，這個週期可能會變得越來越長，簽署交易的人越來越多，等等。因此，就我們的指導而言，我們基本上考慮了相同的因素。我認為指南中既不悲觀也不樂觀。但目前，我們所看到的市場態度相當一致。所以我們只是在這個假設下前進。

Bounce back in our guidance. I mean, Kevin and I are both sort of quasi pessimistic when it comes to the macroeconomic environment, at least when it comes to forward modeling, that way, we try to be always on the stage side.

在我們的指導下反彈。我的意思是，當談到宏觀經濟環境時，凱文和我都有點悲觀，至少在正向模型方面，這樣，我們就盡量站在舞台這邊。

Right. And I appreciate the color on Operator Connect as well. I was wondering if you could provide an update just on the Teams partnership generally and then transiting that base of users. And then I guess more specifically, any update on the competitive dynamics in play there with others that are also trying to lock on to that basic users? I guess just any color around that would be great.

正確的。我也很喜歡 Operator Connect 上的顏色。我想知道您是否可以提供有關 Teams 合作夥伴關係的整體更新，然後轉移該用戶群。然後我想更具體地說，與其他也試圖鎖定基本用戶的競爭動態有任何更新嗎？我想周圍的任何顏色都會很棒。

Okay. When you mean basic users, do you mean Microsoft Teams or do you mean on-prem?

好的。當您指的是基本使用者時，您指的是 Microsoft Teams 還是本機使用者？

The Teams users. Trying to lock onto those.

團隊用戶。試圖鎖定那些。

So look, I think we're one of the few or only -- I mean, for sure, we're the only vendor that has Operator Connect, direct routing and a Microsoft native certified Contact Center. And we see a significantly higher attach rate, a Contact Center with our Teams deals. Teams is well over 400,000 seats, it continues to grow very rapidly. We love Teams. And I think Teams is a much better product, and those guys that starts with a Z anyway. So more benefit to Microsoft, the better they do, the happier I am. Adding some -- it's just a better solution for mid and large enterprises that we participate in. So I think Teams is here to stay. I think telephony is going to be a key component of Teams, and we have the most richer offering around that, and I look forward to doing more Teams deals every day. And by the way, we get solid margin doing it also. So just before anybody second guess is that, yes, we get a solid margin for doing it.

所以看，我認為我們是少數或唯一的供應商之一 - 我的意思是，當然，我們是唯一擁有 Operator Connect、直接路由和 Microsoft 本機認證聯絡中心的供應商。我們發現聯繫中心與我們的團隊交易的附加率顯著提高。 Teams 的席位遠遠超過 400,000 個，並且仍在快速增長。我們熱愛團隊。我認為 Teams 是一個更好的產品，無論如何，那些以 Z 開頭的人也是如此。所以微軟的利益越多，他們做得越好，我就越高興。添加一些 - 對於我們參與的中型和大型企業來說，這只是一個更好的解決方案。我認為電話將成為 Teams 的關鍵組成部分，我們擁有最豐富的產品，我期待每天進行更多的 Teams 交易。順便說一句，我們這樣做也獲得了豐厚的利潤。因此，在任何人第二次猜測之前，是的，我們這樣做可以獲得豐厚的利潤。

Our attach rate to Contact Center is much higher to Teams deal. So happy about that, too.Â

我們對聯絡中心的附加率比 Teams 交易高出許多。對此我也很高興。

Our next question comes from George Sutton with Craig-Hallum.

我們的下一個問題來自喬治·薩頓和克雷格·哈勒姆。

James on for George. Excluding the CPaaS headwinds and Fuze downsells, would you have grown in the quarter? And could you maybe quantify the mix from CPaaS and some of the new products that's assumed in the full year guide?

詹姆斯換下喬治。排除 CPaaS 的不利因素和 Fuze 的降價，您在本季會實現成長嗎？您能否量化 CPaaS 和全年指南中假設的一些新產品的組合？

Did you say the headwinds in CPaaS from Q3 to Q4, is that what you're referring to?

您是否說過 CPaaS 從第三季到第四季的逆風，這就是您所指的嗎？

I thought you said headwind from Fuze. I think you said both.

我以為你說的是來自 Fuze 的逆風。我想你都說了。

From both, yes, from both.

來自兩者，是的，來自兩者。

Yes. So I think the reality is that basically the sequential impact is fundamentally on the Fuze and headwinds in the CPaaS seasonality. The rest of the business is basically even quarter-on-quarter.

是的。所以我認為現實情況是，連續影響基本上是對 Fuze 和 CPaaS 季節性的不利影響。其餘業務環比基本持平。

I would say don't hold me directly to the third decimal place, but the general answer I think is eyeballing it is, yes, is the answer to your question.

我想說，不要直接讓我保留小數點後第三位，但我認為一般答案是目測的，是的，這就是你問題的答案。

And I think you made a comment about continuing to invest in driving awareness and making some other go-to-market investments. Can you provide some color on what investments you're making there and maybe how you're investing those dollars differently than you may have in the past?

我認為您對繼續投資提高意識和進行其他一些市場投資發表了評論。您能否介紹一下您在那裡進行的投資以及您如何以與過去不同的方式投資這些資金？

Yes. So look, in the past, we invested a little bit more in the middle of the funnel. We're investing in more to the top of the funnel activities now. We've added sales capacity, in particular, BDR capacity. And we're being aggressive about going out and telling our story. So I call out the fact that a couple of quarters ago, we hired Justin Robbins to be our evangelist, and that guy has been logging a lot of miles on the road telling just a fantastic story. We have a really, really good product innovation led story. We're still somewhat known as at that (inaudible) UCaaS company. But once we get that story out, we have the references. We have the capabilities. We have the case studies. I mentioned them on the call, Sovereign Housing Group or Upland or any of those types of things. And so it's just a matter of getting people to realize kind of what we've evolved to and we'll see those corresponding business improvements. And we see it already in the pipeline. And so I think it's a lot about that, and it's a lot less about spending money on Google ad words and fighting with the lead ags and these 2 bit UCaaS providers dive on pricing in every instance. Like that's where I want to get us out of.

是的。所以看，過去我們在漏斗中間多投入了一點。我們現在正在對漏斗頂部的活動進行更多投資。我們增加了銷售能力，特別是 BDR 能力。我們正在積極走出去講述我們的故事。所以我指出，幾個季度前，我們聘請賈斯汀·羅賓斯（Justin Robbins）作為我們的傳播者，那個人已經在路上行駛了很多英里，講述了一個精彩的故事。我們有一個非常非常好的以產品創新為主導的故事。我們仍然在那家（聽不清楚）UCaaS 公司中為人所知。但一旦我們把這個故事講出來，我們就有了參考資料。我們有能力。我們有案例研究。我在電話中提到了他們，主權住房集團或高地或任何此類事物。因此，這只是讓人們意識到我們已經發展到什麼程度的問題，我們將看到相應的業務改進。我們看到它已經在醞釀中。所以我認為這很重要，而在Google廣告詞上花錢和與領先廣告的競爭要少得多，而這些 2 位 UCaaS 提供者在每種情況下都在定價上投入了精力。就像那是我想讓我們離開的地方。

Our next question comes from Michael Turrin with Wells Fargo.

我們的下一個問題來自富國銀行的麥可‧特林。

This is Ronald Shaw filling in for Michael Turrin. A quick question on the AIP. So where are you seeing the best opportunities in AI use cases among customers? And is there an avenue for monetization here?

我是羅納德·肖 (Ronald Shaw) 接替邁克爾·特林 (Michael Turrin)。關於 AIP 的一個簡單問題。那麼，您在哪些客戶中看到人工智慧用例的最佳機會呢？這裡有貨幣化的途徑嗎？

Well, let me answer the second part first. The answer is, yes, and I would put an f-bomb in front of that. Yes, there's -- I mean our intelligent customer assistant is an AI-enabled voice and digital chatbot, and it's -- you pay to use it. We sell it on a per interaction basis. So yes -- and we get -- we're seeing significant usage increases off of it. And I mentioned in my script, all the customers are referenceable. So it works and it works really darn well. Where do I see AI? Here's what I'll say. Our customer base is not a bunch of PhDs in data science and computer science. And they want an LLM Large Language Model with a RAG component and an IDE where they have to put it all together. That's not my customer base. They're not rocket scientists. My customer base wants products that solve their problems. And so what we've done is we've taken the AI either through our PPES partnerships or through our in-house shared services and embedded it into products that they can use to solve their problems. And it works, and it works really well. I mean, I mentioned, for example, on my script voted, right, from the U.K. team pushed out this product that allows local governments to offer voter information, pulling information, all these kinds of things, all that is AI-driven. It's all AI driven, it does voice and digital, mainly digital, but it's a phenomenal product. And it's -- but the key for me is nobody wants to buy AI. What they want to buy is a solution to a problem they have, and they are more than happy to pay for a solution to a problem they have. They don't want to pay for a bunch of Lego blocks built on the floor that they have to put together to do something with.

好吧，我先回答第二部分。答案是，是的，我會在前面放一個炸彈。是的，我的意思是我們的智慧客戶助理是一個支援人工智慧的語音和數位聊天機器人，而且你需要付費才能使用它。我們以每次互動為基礎出售它。所以是的 - 我們得到 - 我們看到它的使用量顯著增加。我在腳本中提到，所有客戶都是可參考的。所以它有效，而且效果非常好。我在哪裡可以看到人工智慧？這就是我要說的。我們的客戶群不是一群資料科學和電腦科學的博士。他們想要一個帶有 RAG 組件的 LLM 大型語言模型和一個 IDE，他們必須將它們組合在一起。那不是我的客戶群。他們不是火箭科學家。我的客戶群想要能夠解決他們問題的產品。因此，我們所做的就是透過我們的 PPES 合作夥伴關係或透過我們的內部共享服務將人工智慧嵌入到他們可以用來解決問題的產品中。它確實有效，而且效果非常好。我的意思是，我提到，例如，在我的劇本投票中，英國團隊推出了這個產品，允許地方政府提供選民信息，提取信息，所有這些事情，所有這些都是人工智能驅動的。它完全是人工智慧驅動的，它可以進行語音和數位化，主要是數位化，但它是一個非凡的產品。但對我來說關鍵是沒有人想買人工智慧。他們想要購買的是解決他們所遇到的問題的方案，他們非常樂意為解決他們所遇到的問題付費。他們不想花錢買一堆建在地板上的樂高積木，他們必須把它們組裝在一起才能做些什麼。

Our next question comes from Catherine Trebnick with Rosenblatt.

我們的下一個問題來自 Catherine Trebnick 和 Rosenblatt。

Sam, last year, you rolled out your whole ecosystem of partners for AI, we wanted to really leverage everybody else's LIM and Cognigy conversational AI. Can you kindly update us on where you are in that process and how you feel that will eventually drive more opportunity for you?

Sam，去年，您推出了整個 AI 合作夥伴生態系統，我們希望真正利用其他人的 LIM 和 Cognigy 對話式 AI。您能否向我們介紹一下您在過程中的最新進展以及您認為這最終會為您帶來更多機會嗎？

Thanks, Catherine. I hope you are at RFA, I hope you're having a good time, and I speak for the Governor of California. Please leave a lot of your money behind. Spend a lot while there. So okay, CPaaS. So look, I mean, simply put, it's working, right? So we have -- if you look at our partnership with Cognigy and ICA, we've got AI-enabled voice and chatbots that are killing it. The results are well above expectations. Every single customer is estatic. We have customers that have gone from signed deals of full deployment within 20 days and have seen 50%, 60%, 70% deflections on their use cases and a 10 out of 10 CSAT score. They're ecstatic And that's really the power of that ecosystem. We have Awaken, which we have double-digit number of deals in for assist -- agent assist and we're seeing a lot of traction in the agent assist market. We have -- and even take a step back, I mean, we have relationships with people like Meta and with Llama4 and Open.AI and their ChatGPT model, so those kinds of things, those are all embedded into the platform itself, right? So I'm really happy because I think sometimes Wall Street misses that our customer, our core ICP customer will pay us for integration. They'll pay us for integration because they don't have the capabilities. They're not a United Airlines, they're a (inaudible). They're not Bank of America, they're Atlantic Union Bank and those kinds of things. And so what they'll do is they'll pay us for taking that partnership risk, figuring it out and delivering them a complete solution, and they pay us really darn well for doing that for them.

謝謝，凱瑟琳。我希望您在 RFA，希望您過得愉快，我代表加州州長發言。請留下很多錢。在那裡花費很多。好吧，CPaaS。所以看，我的意思是，簡單地說，它正在發揮作用，對嗎？所以，如果你看看我們與 Cognigy 和 ICA 的合作夥伴關係，你會發現我們擁有支援人工智慧的語音和聊天機器人，正在扼殺牠。結果遠高於預期。每一位顧客都是充滿活力的。我們的客戶在 20 天內完成了全面部署的簽署協議，並發現其用例出現了 50%、60%、70% 的偏差，CSAT 得分為 10 分（滿分 10 分）。他們欣喜若狂，這就是生態系的力量。我們有 Awaken，我們在協助——代理協助方面的交易數量達到了兩位數，而且我們看到代理協助市場有很大的吸引力。我們甚至退一步說，我的意思是，我們與 Meta、Llama4、Open.AI 及其 ChatGPT 模型等人建立了關係，所以這些東西都嵌入到平臺本身中，對嗎？所以我真的很高興，因為我認為有時華爾街會錯過我們的客戶，我們的核心 ICP 客戶會向我們支付整合費用。他們會向我們支付整合費用，因為他們沒有能力。他們不是聯合航空公司，而是（聽不清楚）。他們不是美國銀行，而是大西洋聯合銀行之類的銀行。因此，他們會付錢給我們，因為我們承擔了合作風險、找出問題並為他們提供了完整的解決方案，而且他們付給我們的錢非常好，因為我們為他們做到了這一點。

Right. And then are you seeing an incremental uptick in on the price of that seat versus the traditional CPaaS seat. The reason I'm asking starting last year there was a huge report out was shown on an average 3 to 5 -- if you did conversational AI on top of the base price and are you actually seeing that?

正確的。然後，您是否會看到該席位的價格相對於傳統 CPaaS 席位不斷上漲。我問的原因是，從去年開始，平均有 3 到 5 份報告出現了一份巨大的報告——如果你在基本價格之上進行對話式人工智慧，你真的看到了嗎？

I think the answer is yes. But I think it's a little bit -- so I don't -- I haven't seen Gartner's analysis, but I think some of the other ones. It's a little bit misleading. I'm not sure what the right word is because here's what we see, right? Let's say -- let's say, 3 years ago, we sold 100 seats on a per-seat model. And those 100 seats netted us $100. We may only sell 92 seats now. So that's -- but we're going to sell 3 bots. And so the total deal may be $200, but it's spread across 92 seats instead of 100 seats. And so on a per seat basis, it's a significantly bigger number. If that makes any sense. There's a math here. And I'm not trying to be you away with that. So the 2 to 3, I think, is a little bit of a -- you're reducing the denominator and increasing the numerator. We definitely see when we sell those bots and we sell the add-on AI products, total revenue per customer increases significantly. And yet -- and look, we're selling a few less seats, which is what we expect. I don't think anybody is going to freak out about this. We've always expected that technology will replace human beings on routine worker science. That's what technology has done for thousands of years, and we'll continue to do for the next thousands of years. Thanks, Catherine. And remember, spend money, lots of money.

我認為答案是肯定的。但我認為這有點——所以我不認為——我沒有看到 Gartner 的分析，但我認為其他一些分析。這有點誤導。我不確定正確的詞是什麼，因為這就是我們所看到的，對吧？比方說，3 年前，我們以單座模式賣出了 100 個座位。這 100 個座位淨賺 100 美元。我們現在可能只賣92個座位。所以，我們將出售 3 個機器人。因此，總交易額可能為 200 美元，但分佈在 92 個席位而不是 100 個席位。因此，就每個座位而言，這個數字要大得多。如果那有意義的話。這裡有一道數學題。我並不是想讓你遠離這個。所以我認為 2 比 3 有點像——你減少了分母，增加了分子。我們肯定會看到，當我們銷售這些機器人和附加人工智慧產品時，每個客戶的總收入會顯著增加。然而，你看，我們出售的座位數量減少了一些，這正是我們所期望的。我認為沒有人會為此感到驚慌。我們一直期望科技將取代人類的日常工作科學。這就是科技幾千年來所做的事情，我們將在接下來的幾千年裡繼續這樣做。謝謝，凱瑟琳。記住，要花錢，很多錢。

There no more questions at this time. Please proceed with any closing remarks.

目前沒有更多問題。請繼續發表結束語。

Thank you so much, everyone, for joining us today. And the conclusion, fiscal 2024 has set the stage for what we are capable of achieving. We began the year with a clear strategic direction and strong financial position. I'm incredibly proud of what we've accomplished, and I'm excited about the opportunities are ahead. I love the questions we're asked today. It really shows you how people are diving into us and trying to figure out the next step. Thank you once again to everyone for your trust, your partnership, your questions, et cetera. We're committed to delivering on our promises and driving value for all our stakeholders. I look forward to talking to you on an upcoming call. Thank you.

非常感謝大家今天加入我們。結論是，2024 財政年度已經為我們能夠實現的目標奠定了基礎。我們以明確的策略方向和強勁的財務狀況開始了這一年。我對我們所取得的成就感到無比自豪，並對未來的機會感到興奮。我喜歡我們今天提出的問題。它真實地向您展示了人們如何深入了解我們並試圖找出下一步。再次感謝大家的信任、合作、提問等。我們致力於兌現我們的承諾並為所有利益相關者創造價值。我期待在即將到來的通話中與您交談。謝謝。

Thank you for your participation. This does conclude the program. You may now disconnect. Good day.

感謝您的參與。這確實結束了該程式。您現在可以斷開連線。再會。