8x8 Inc (EGHT) 2025 Q3 法說會逐字稿

Good morning, everyone and welcome to the third quarter 2025 8x8 Inc earnings conference call. (Operator Instructions). Please be advised that today's conference is being recorded. Now it's my pleasure to turn the call over to the Vice President of Investor Relations, Kate Patterson. Please proceed.

大家早安，歡迎參加 8x8 Inc 2025 年第三季財報電話會議。（操作員指令）。請注意，今天的會議正在錄音。現在我很高興將電話轉給投資者關係副總裁凱特·帕特森。請繼續。

Thank you. Good afternoon, everyone. Today's agenda will include a review of our results for the third quarter of fiscal 2025 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.

謝謝。大家下午好。今天的議程將包括與我們的執行長 Samuel Wilson 和財務長 Kevin Kraus 一起審查我們 2025 財年第三季的業績。在我們準備好的發言之後，將有一個問答環節。

Before we get started, let me remind you that our discussion today includes forward-looking statements about future financial performance, including 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.

在我們開始之前，讓我提醒您，我們今天的討論包括關於未來財務業績的前瞻性陳述，包括對創新的投資和我們對盈利能力和現金流的關注，以及有關我們的業務、產品和增長戰略的陳述。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前瞻性陳述有重大差異，如我們向美國證券交易委員會提交的報告中的風險因素中所述。

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 obligations to update them. All financial metrics that will be discussed on this call are non-GAAP unless otherwise noted. These non-GAAP metrics together with year over year comparisons in some cases, were not prepared in accordance with US generally accepted accounting principles or GAAP.

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更新它們。除非另有說明，本次電話會議中討論的所有財務指標均為非 GAAP。這些非 GAAP 指標以及某些情況下的年比比較並非依照美國公認會計原則或 GAAP 編製。

A reconciliation of these non-GAAP metrics to the closest comparable GAAP metric is provided in our earnings release and the earnings presentation slides, which are available on 8x8's investor relations website at investors.8x8.com. With that, I'll turn the call over to Samuel Wilson.

我們的收益報告和收益簡報幻燈片提供了這些非 GAAP 指標與最接近的可比較 GAAP 指標的對照表，可在 8x8 的投資者關係網站 investors.8x8.com 上找到。說完這些，我將把電話轉給塞繆爾威爾遜 (Samuel Wilson)。

Good afternoon, everyone, and thank you for joining us on today's third quarter fiscal 2025 earnings call. It's my pleasure to share our results, progress, and vision for the future.

大家下午好，感謝您參加今天的 2025 財年第三季財報電話會議。我很高興分享我們的成果、進展和未來願景。

Our third quarter story is one of continued transformation. We delivered solid results and made strides in executing our broader strategic initiatives. We achieved service revenue above the midpoint of our guidance range, even with an FX headwind of more than $2 million from last quarter. Operating margin was also above the midpoint. The quality of the earnings remained high, and we generated record cash flow from operations.

我們第三季的故事是持續轉型的故事。我們取得了堅實的成果，並在執行更廣泛的策略性舉措方面取得了進展。儘管外匯收入較上一季下降了 200 多萬美元，但我們仍實現了高於預期中點的服務收入。營業利益率也高於中間值。獲利品質仍然很高，我們從營運中產生了創紀錄的現金流。

We use the excess cash to further reduce our debt by $33 million in the quarter and another $15 million in early January. Our results for the quarter show both resilience and opportunity as we navigate a rapidly evolving landscape. Signs of our progress on our CX transformation journey were evident in various operational metrics as well.

我們利用多餘的現金進一步減少了本季的債務 3,300 萬美元，並在 1 月初減少了 1,500 萬美元的債務。我們本季的業績顯示出，在快速變化的環境中，我們既有韌性，也有機會遭遇。我們在 CX 轉型過程中所取得的進展也體現在各種營運指標中。

New product MRR increased more than 60% year to year, reflecting strong growth in AI-based intelligent customer assistance, secure payments, and video elevation, our video-enabled solution for field service organizations.

新產品 MRR 年成長超過 60%，反映了基於​​人工智慧的智慧客戶協助、安全支付和視訊提升（我們為現場服務組織提供的視訊解決方案）的強勁成長。

The number of customers with three or more products continued to increase. The average monthly recurring revenue of customers with three or more products is more than 3x the MRR of two product customers and retention is higher. For these reasons, we've made cross sell a high priority at 8x8.

擁有三種或三種以上產品的客戶數量持續增加。擁有三種或更多產品的客戶的平均每月經常性收入是擁有兩種產品的客戶 MRR 的 3 倍以上，且保留率更高。基於這些原因，我們將交叉銷售作為 8x8 的首要任務。

We continue to expand our presence internationally, especially in Asia PAC region, as we expand our platform as a service offerings. The region even booked its largest deal ever with a well-known auto manufacturer.

隨著我們擴大平台即服務產品的服務範圍，我們繼續擴大我們的國際影響力，特別是在亞太地區。該地區甚至與一家知名汽車製造商達成了有史以來最大的交易。

We closed the largest follow-on deal in our history when a major US retailer chose 8x8 for their new contact center and expanded their UCaaS commitment. This customer is in the process of evaluating additional products. Customer satisfaction remains high. This is reflected in our own customer satisfaction surveys which show CSAT scores in the mid to high 90% range for our targeted enterprise customers.

當美國大型零售商選擇 8x8 作為其新的聯絡中心並擴大其 UCaaS 承諾時，我們完成了歷史上最大的後續交易。該客戶正在評估其他產品。客戶滿意度仍然很高。這反映在我們自己的客戶滿意度調查中，調查顯示我們目標企業客戶的 CSAT 分數在 90% 左右。

Finally, our platform and our reputation as an innovator in CX are rapidly gaining increased visibility with customers and industry analysts. Our peer review scores on Gartner's insights reflect our strong product portfolio and continue to increase as the number of reviews have grown. Our UC and CC score are now both 4.4 on a scale of 1 to 5.

最後，我們的平台和作為 CX 創新者的聲譽在客戶和產業分析師中迅速獲得了越來越多的關注。我們對 Gartner 洞察的同儕審查分數反映了我們強大的產品組合，並且隨著評審數量的增加而持續增加。我們的 UC 和 CC 分數現在均為 4.4（滿分為 5 分）。

Also, as our market presence continues to grow, we are frequently included on the shortlist of companies to watch. For example, in an article in CX today, Liz Miller of Constellation Research and Zia Kerravala of ZK Research named 8x8 as one of 10 innovative global vendors differentiating within the contact center as a service space.

此外，隨著我們的市場佔有率不斷增長，我們經常被列入值得關注的公司名單。例如，在今日 CX 的一篇文章中，Constellation Research 的 Liz Miller 和 ZK Research 的 Zia Kerravala 將 8x8 評為在聯絡中心即服務領域中脫穎而出的 10 家創新型全球供應商之一。

Our platforms of service API offerings are also receiving accolades. In a Channel Futures article of the top 20 CPaaS vendors to know, Foresters Craig LeClair counted 8x8 among its top pure play CPaaS players. We continue to receive more formal awards and recognition as well, which we included in our earnings presentation.

我們的服務 API 產品平台也獲得了讚譽。在 Channel Futures 的一篇有關值得了解的 20 大 CPaaS 供應商的文章中，Foresters Craig LeClair 將 8x8 列為其頂級純 CPaaS 參與者之一。我們繼續獲得更多正式獎項和認可，並將其納入我們的收益報告中。

This quarter, I want to call out our inclusion in Newsweek's annual excellence 1,000 index. Inclusion is based on wide ranging criteria from employee and customer reviews, to R&D spending, to governance and ethical impact. We are honored to be included as a company that balances strategic growth with a deep commitment to ethics, social responsibility, and sustainability.

本季度，我想強調的是，我們被列入了《新聞周刊》年度卓越 1,000 指數。納入標準廣泛，包括員工和顧客評估、研發支出、治理和道德影響。我們很榮幸被選為一家在策略成長與對道德、社會責任和永續性的堅定承諾之間取得平衡的公司。

All in all, these results and awards highlight our disciplined execution and progress towards our strategic initiatives. We outlined a bold plan to transform 8x8 into a CX leader and have made huge progress. Our acquisition of Fuze played a key role in jumpstarting our journey. We have also made substantial headway with Fuze integration during the quarter and have a clear path to platform shutdown.

總而言之，這些成果和獎項凸顯了我們在策略計畫方面的嚴格執行和進步。我們制定了一項大膽的計劃，要將 8x8 轉變為 CX 領導者，並且取得了巨大進展。我們對 Fuze 的收購在我們起步過程中發揮了關鍵作用。本季度，我們也在 Fuze 整合方面取得了重大進展，並制定了明確的平台關閉路徑。

Priority number one was fixing the financial model and building a strong balance sheet. We reduced our costs, increased our cash flow, and returned value to our investors through debt reduction. We have now been generating cash for 16 quarters and have made 10 debt repayments, reducing our total debt, including convertible debt, from a peak of $548 million in August 2022 to approximately $354 million today, 35% less in just over two years.

首要任務是修復財務模型並建立強勁的資產負債表。我們降低了成本，增加了現金流，並透過減少債務為投資者帶來了價值回報。我們現在已經連續 16 個季度產生現金，並已償還 10 次債務，將我們的總債務（包括可轉換債務）從 2022 年 8 月的 5.48 億美元的峰值減少到今天的約 3.54 億美元，在短短兩年多的時間裡減少了 35%。

Priority number two was accelerate innovation. As a technology company, this is the only way to drive durable growth. We increased investment in R&D and sharpened our focus to designing a CX platform for small and medium sized enterprises. This doesn't mean we can't handle thousands of concurrent users in our contact center, and we have customers that size. But this is the market segment where we can differentiate the most by delivering on simplicity, eliminating complexity, and reducing technology risk.

第二要務是加速創新。作為一家科技公司，這是推動持久成長的唯一途徑。我們增加了研發投入，並致力於為中小型企業設計 CX 平台。這並不意味著我們的聯絡中心無法處理數千名並髮用戶，而且我們也有這麼大規模的客戶。但在這個細分市場中，我們可以透過提供簡單性、消除複雜性和降低技術風險來實現最大的差異化。

We set our sights on going beyond core contact center functionality to a flexible CX platform with plug and play tools that reduce customers' integration burden. Based on our feedback from agents, supervisors, and system administrators, we prioritize investments in reliability, ease of use, security and compliance, and seamless multi-channel communication.

我們的目標是超越核心聯絡中心功能，打造一個靈活的 CX 平台，配備即插即用工具，以減輕客戶的整合負擔。根據代理商、主管和系統管理員的回饋，我們優先投資可靠性、易用性、安全性和合規性以及無縫多通路通訊。

We also embedded artificial intelligence across the platform to enhance data analytics, call transcription, meeting summarizations, and a host of other core platform services. We began building an ecosystem of carefully curated technology partners for best-in-class solutions, applied AI solutions that are tightly integrated with our platform to deliver native-like user experience.

我們還在整個平台上嵌入了人工智慧，以增強數據分析、通話記錄、會議總結和其他一系列核心平台服務。我們開始建立一個由精心挑選的技術合作夥伴組成的生態系統，以提供一流的解決方案和應用人工智慧解決方案，這些解決方案與我們的平台緊密整合，以提供類似原生的用戶體驗。

Our R&D organization's exceptional work delivering hundreds of releases per month has allowed us to enhance our platform substantially over the past few years. These enhancements have significantly improved usability, leveraged AI-driven automation, increased security, and directly addressed our customers' most pressing pain points.

我們的研發機構每月發布數百個版本的出色工作，使我們在過去幾年中大大增強了我們的平台。這些增強功能顯著提高了可用性，利用了人工智慧驅動的自動化，提高了安全性，並直接解決了客戶最迫切的痛點。

We deliver better outcomes, allowing our customers to achieve their business goals. A few of our recent platform announcements in our winter software release included self-service or agent assisted secure payments integrated directly into the contact center, AI Power directory to quickly route calls using a natural sounding voice spot that supports over 50 languages and 91 accent variants. And AI-based tools to help agents quickly assess and share knowledge-based content.

我們提供更好的成果，幫助我們的客戶實現他們的業務目標。我們在冬季軟體發布中最近發布的一些平台公告包括直接整合到聯絡中心的自助服務或代理商協助安全支付、AI Power 目錄，使用支援 50 多種語言和 91 種口音變體的自然語音點快速路由呼叫。基於人工智慧的工具可協助代理快速評估和分享基於知識的內容。

We continue to expand our technology partner ecosystem, giving customers the flexibility to choose the best add-ons for their use cases. Call Cabinet, a leader in compliance, call recording and analytics, is the most recent addition to our cell with here. With direct integration across 8x8 work and 8x8 contact center, Call Cabinet becomes the only compliant call recording add-on within the 8x8 ecosystem for Microsoft Teams operator connect offering.

我們繼續擴大我們的技術合作夥伴生態系統，讓客戶能夠靈活地選擇最適合其用例的附加元件。Call Cabinet 是合規、通話記錄和分析領域的領導者，也是我們團隊最新加入的成員。透過與 8x8 工作和 8x8 聯絡中心的直接集成，Call Cabinet 成為 8x8 生態系統中唯一相容於 Microsoft Teams 營運商連接產品的呼叫記錄插件。

Our platform approach is resonating with customers. For example, a world leader in flooring and sports surfaces chose 8x8 unified platform for CX over several competitors shown in the leader's quadrant of the Gartner MQ for UCaaS. A Canadian-based leader in insurance and benefit consulting chose 8x8's platform for CX, including UC, CC, and Engage for its high quality service, upgrade flexibility, and French language support.

我們的平台方法引起了客戶的共鳴。例如，地板和運動場產業的全球領導者在 Gartner MQ UCaaS 領導者象限中列出的幾家競爭對手中脫穎而出，選擇了 8x8 統一 CX 平台。一家加拿大領先的保險和福利諮詢公司選擇了 8x8 的 CX 平台，包括 UC、CC 和 Engage，以提供高品質的服務、升級靈活性和法語支援。

A leading fintech company delivering secure and innovative payment solutions chose 8x8 SMS and WhatsApp Business Solutions to power multi-channel customer engagement. Deciding factors were our global reach, built-in security and compliance, and a dedicated support team with deep platform as a service expertise.

一家提供安全和創新支付解決方案的領先金融科技公司選擇 8x8 SMS 和 WhatsApp 商業解決方案來支援多通路客戶參與。決定性因素包括我們的全球影響力、內建的安全性與合規性、以及擁有深厚平台即服務專業知識的專業支援團隊。

In addition to highlighting the strength of our product portfolio, these multi-product wins show significant progress we've made transforming our go to market strategies. As the green shoots of increased platform sales and multi-product adoption multiply, we are investing in selectively ramping our sales capabilities and launching new marketing programs to raise our visibility.

除了凸顯我們產品組合的實力之外，這些多產品的勝利也表明我們在轉變市場策略方面取得了重大進展。隨著平台銷售成長和多產品採用的綠芽不斷增加，我們正在投資有選擇地提升我們的銷售能力並推出新的行銷計劃以提高我們的知名度。

In November, we unveiled the next evolution of our brand. More than a refreshed look and feel, this brand signals the next chapter in 8x8's CX transformation. The response from customers, partners, and industry influence has been overwhelmingly positive. We've included a sampling of social posts and feedback in the earnings presentation.

十一月份，我們揭開了品牌的下一個改變。這個品牌不僅外觀和感覺煥然一新，還標誌著 8x8 CX 轉型的下一篇章。來自客戶、合作夥伴和產業影響力的反應非常正面。我們在收益報告中納入了一些社交貼文和回饋的樣本。

A solid financial foundation and a powerful CX platform designed to deliver business impacts for our customers, the building blocks are in place. As we approach fiscal '26, our focus is clear: accelerate our transformation. To do this, we plan to, one, improve our sales execution; two, scale our proven successes; three, differentiate our solutions; four, continue to optimize our cost structures and five, shut down the Fuze platform by the end of the calendar year.

堅實的財務基礎和強大的 CX 平台旨在為我們的客戶帶來業務影響，基礎部分已經到位。隨著26財年的臨近，我們的重點很明確：加速轉型。為了實現這一目標，我們計劃：第一，提高我們的銷售執行力；二、擴大我們已證實的成功；三、區分我們的解決方案；四、繼續優化我們的成本結構；五、在年底前關閉 Fuze 平台。

Executing transformations of this magnitude are seldom linear, and we know there will be bumps along the way. We are still working through the revenue headwinds of the Fuze customer upgrades to our platform, and the market dynamics are fluid, especially in UCaaS.

執行這種規模的轉變很少是線性的，我們知道一路上會遇到坎坷。我們仍在努力克服 Fuze 客戶升級我們平台帶來的收入阻力，市場動態瞬息萬變，尤其是在 UCaaS 領域。

While this [winds] the range of near-term outcomes, I remain confident in our future success. As I visit our offices, customers, and partners around the world, I see a powerful new energy at 8x8. Fueled by a common vision and a strategy aligned on our mission: solve customer problems. It is an exciting time for us, and I want to express my gratitude and appreciation to all of our employees, partners, and investors for our progress so far. I look forward to sharing our future success with all of you. I now turn the call over to Kevin.

儘管這涵蓋了一系列的近期成果，但我對我們未來的成功仍然充滿信心。當我拜訪我們在世界各地的辦事處、客戶和合作夥伴時，我看到了 8x8 強大的新能量。我們的動力來自於共同的願景和與我們的使命一致的策略：解決客戶問題。這對我們來說是一個激動人心的時刻，我要向我們所有的員工、合作夥伴和投資者表達我對我們迄今為止所取得的進步的感激和讚賞。我期待與大家分享我們未來的成功。現在我把電話轉給凱文。

Thanks, Sam. Good afternoon, everyone, and thank you for joining us today for our fiscal third quarter earnings call. This quarter marked another period of strong execution across our business, including record communications platform usage revenue, solid profit margins, and record cash flow from operations.

謝謝，山姆。大家下午好，感謝大家今天參加我們的第三財季財報電話會議。本季標誌著我們業務表現又一個強勁的時期，包括創紀錄的通訊平台使用收入、穩健的利潤率以及創紀錄的經營現金流。

Fiscal Q3 '25 represents our 16th consecutive quarter of positive cash flow from operations and non-GAAP operating profit. We continued our disciplined approach to debt reduction, repaying $33 million of our term loan debt during the quarter and an additional $15 million in January 2025 during our fiscal fourth quarter.

25 財年第三季是我們連續第 16 季實現營運現金流量和非 GAAP 經營利潤。我們繼續採取嚴謹的減債方法，本季償還了 3,300 萬美元的定期貸款債務，並在 2025 年 1 月於第四財季償還了額外的 1,500 萬美元。

Including this latest pre-payment, we have now reduced the principal value of our debt by over $194 million or approximately 35% since the peak in August 2022.

包括這筆最新的預付款，自 2022 年 8 月的高峰以來，我們現在已經將債務本金價值減少了 1.94 億美元以上，約 35%。

The press release and trended financial results on our investor relations website provide a detailed view of our performance, but I will highlight a few key points on today's call.

我們的投資者關係網站上的新聞稿和趨勢財務結果詳細介紹了我們的業績，但我將在今天的電話會議上強調幾個重點。

Before continuing, I would like to remind you that unless otherwise noted, I will be discussing non-GAAP metrics except for revenue and cash flow.

在繼續之前，我想提醒您，除非另有說明，否則我將討論收入和現金流以外的非 GAAP 指標。

For the third quarter of fiscal 2025, total revenue was $178.9 million near the midpoint of our guidance range. Service revenue totaled $173.5 million exceeding the midpoint of our guidance by $1 million. Subscription and usage-based service revenue on the 8x8 platform continued to grow both sequentially and year over year. Growth was offset by the anticipated decline in revenue from customers still on the Fuze platform.

2025 財年第三季的總營收為 1.789 億美元，接近我們預期範圍的中點。服務收入總計 1.735 億美元，超出我們預期中位數 100 萬美元。8x8 平台的訂閱和基於使用量的服務收入持續實現環比和同比增長。但這一成長被預計仍使用 Fuze 平台的客戶的收入下降所抵消。

During Q3, we made continued progress, upgrading Fuze customers to the 8x8 platform, reducing the remaining Fuze base to approximately 5% of service revenue compared to 7% in the prior quarter and 11% in Q3 '24. We've remain on track to complete these upgrades by the end of calendar year 2025, which will simplify our operations and strengthen customer engagement.

在第三季度，我們繼續取得進展，將 Fuze 客戶升級到 8x8 平台，將剩餘的 Fuze 基數減少到服務收入的約 5%，而上一季為 7%，24 年第三季為 11%。我們仍有望在 2025 年底前完成這些升級，這將簡化我們的營運並加強客戶參與度。

Our multi-product strategy continues to drive results with committed monthly recurring revenue from customers using three or more products, increasing over 10% since the start of the fiscal year. This growth highlights the effectiveness of our strategy to deepen customer engagement by offering a comprehensive suite of solutions, fostering stronger customer relationships, improving retention, and unlocking additional value for both our customers and our business.

我們的多產品策略持續推動業績，使用三種或更多產品的客戶承諾的每月經常性收入自財年開始以來增長了 10% 以上。這一成長凸顯了我們透過提供全面的解決方案、建立更牢固的客戶關係、提高保留率以及為我們的客戶和企業釋放額外價值來深化客戶參與度的策略的有效性。

These results underscore the resilience of our underlying business despite facing approximately $2.2 million in foreign exchange headwinds relative to our expectations at the beginning of the quarter. Without this FX headwind, total revenue would have been near the high end of our guidance range, and service revenue would have exceeded it.

儘管相對於本季初的預期，我們面臨約 220 萬美元的外匯逆風，但這些結果凸顯了我們基礎業務的韌性。如果沒有外匯逆風，總收入將接近我們預期範圍的高端，而服務收入將超過這一水平。

Gross margin for the quarter was 69.5%, within our guidance range and impacted by the revenue mix as lower margin platform usage revenue was approximately 13% of total revenue, up sequentially and year over year. The underlying gross margin of our subscription-based business remained healthy and consistent with recent quarters.

本季毛利率為 69.5%，在我們的指導範圍內，並受到收入結構的影響，因為利潤率較低的平台使用收入約佔總收入的 13%，比上一季和去年同期都有所增長。我們的訂閱業務的基本毛利率保持健康並與最近幾季保持一致。

Operationally, our spending levels remained consistent with earlier quarters, and our business model continues to benefit from a natural FX hedge where the impact of foreign exchange on revenue is largely offset by a corresponding opposite impact on expenses. As a result, we delivered an operating margin of 10.7% during the quarter, slightly above the midpoint of our guidance.

在營運方面，我們的支出水準與前幾季保持一致，我們的業務模式繼續受益於自然的外匯對沖，其中外匯對收入的影響在很大程度上被對支出的相應相反影響所抵消。因此，我們本季的營業利潤率為 10.7%，略高於我們預期的中位數。

Stock-based compensation expense for Q3 was 5.3% of total revenue near the multi-year low of 5.2% recorded last quarter. This reflects our commitment to managing this expense responsibly and reducing shareholder dilution over time. Our continued focus in this area has allowed us to achieve GAAP operating profitability for the second consecutive quarter, a milestone that underscores our financial discipline.

第三季的股票薪酬費用佔總收入的 5.3%，接近上一季的多年最低水準 5.2%。這反映了我們負責任地管理這項費用並逐步減少股東稀釋的承諾。我們對該領域的持續關注使我們連續第二個季度實現了 GAAP 營業盈利，這是一個彰顯我們財務紀律的里程碑。

As part of this effort, we have shifted toward primarily cash compensation for the majority of employees, which is reflected in our non-GAAP operating income.

作為這項努力的一部分，我們已轉向對大多數員工主要提供現金補償，這反映在我們的非公認會計準則營業收入中。

Turning to the balance sheet and cash flow, we ended Q3 with $104.6 million in cash, cash equivalents, and restricted cash, down approximately $13 million from Q2 due to the $33 million term loan repayment I mentioned earlier. The Q3 balance sheet includes $16.5 million in current term loan liability, net of unamortized discounts and issuance costs. This represents a principal balance of $17 million, the minimum required payments for the next 12 months.

談到資產負債表和現金流，我們在第三季結束時的現金、現金等價物和受限現金為 1.046 億美元，比第二季下降約 1,300 萬美元，原因是我之前提到的 3,300 萬美元定期貸款償還。第三季資產負債表包括 1,650 萬美元的當前定期貸款負債，扣除未攤銷折扣和發行成本。這意味著本金餘額為1700萬美元，是未來12個月所需的最低還款額。

With the $15 million pre-payment we just made in January, our remaining current liability is effectively $2 million. Our net debt to trailing 12 months EBITDA ratio has decreased to approximately 2.6x, down from over 6x in fiscal Q223, giving us greater flexibility to pursue strategic opportunities.

加上我們一月份剛支付的1500萬美元預付款，我們剩餘的流動負債實際上為200萬美元。我們的淨債務與過去 12 個月的 EBITDA 比率已從 23 財年第二季的 6 倍以上下降至約 2.6 倍，這讓我們能夠更靈活地尋求戰略機會。

Additionally, stockholders' equity increased for the third consecutive quarter, reflecting continued progress in strengthening our financial position. Our remaining performance obligation remains steady at $800 million representing a year over year increase of 4.6%. This growth reflects the strength of our multi-year customer contract backlog and provides a strong foundation for future revenue visibility.

此外，股東權益連續第三個季度增加，反映出我們在加強財務狀況方面不斷取得進展。我們剩餘的履約義務維持穩定在 8 億美元，年增 4.6%。這一成長反映了我們多年客戶合約積壓的強勁勢頭，並為未來的收入可見性奠定了堅實的基礎。

We are particularly proud of generating $27.2 million in operating cash flow this quarter, a record for us. This achievement demonstrates our ability to generate strong returns while maintaining a disciplined and efficient operating model.

我們特別自豪的是本季創造了 2,720 萬美元的營運現金流，創下了歷史新高。這項成就證明了我們有能力在保持嚴謹、高效的營運模式的同時創造豐厚的回報。

However, while this milestone reflects our strong execution and operational efficiency, it is important to recognize that cash flow performance does fluctuate due to market dynamics, investment timing, and other factors. We remain committed to prudent financial management to sustain long-term growth and value creation.

然而，雖然這一里程碑反映了我們強大的執行力和營運效率，但必須認識到，現金流表現確實會因市場動態、投資時機和其他因素而波動。我們將繼續致力於審慎的財務管理，以維持長期成長和價值創造。

As we look ahead, our cost structure remains stable, and we continue to invest in innovation and customer success. We believe our target cost structure with R&D at approximately 15% of revenue, sales and marketing between 33% and 34% of revenue, and G&A between 10% and 11% of revenue provides the right balance of investment to drive growth while maintaining profitability.

展望未來，我們的成本結構保持穩定，並將繼續投資於創新和客戶成功。我們認為，我們的目標成本結構是研發費用約佔收入的 15%、銷售和行銷費用佔收入的 33% 至 34% 以及一般行政費用佔收入的 10% 至 11%，這提供了適當的投資平衡，以推動成長並保持盈利能力。

With this context, we are providing the following guidance for fiscal Q4 2025. Service revenue is expected to be in the range of $170 million to $175 million. Total revenue is expected to be between $175 million and $181 million.

在此背景下，我們為 2025 財年第四季提供以下指引。服務收入預計在1.7億美元至1.75億美元之間。預計總收入在 1.75 億美元至 1.81 億美元之間。

Please note that the total revenue and service revenue reduction due to foreign exchange rates since we gave our prior guidance is approximately $2.3 million. This means that on a constant currency basis, our service revenue guidance midpoint remains about the same as the guidance midpoint we provided last quarter.

請注意，自我們給出先前的指引以來，由於外匯匯率導致的總收入和服務收入減少約為 230 萬美元。這意味著，以固定匯率計算，我們的服務收入指引中點與上個季度提供的指引中點大致相同。

Operating margin is expected to be in the range of 9% to 10%. Please remember that our fiscal fourth quarter includes seasonally higher expenses as certain employer taxes and benefits restart in January.

預計營業利潤率在 9% 至 10% 之間。請記住，由於某些雇主稅收和福利將於 1 月重新開始，我們的第四財季包括季節性較高的費用。

For the full fiscal year 2025, we are guiding as follows. Service revenue is expected to be between $691.3 million and $696.3 million. Total revenue is anticipated to be between $713 million and $719 million.

對於整個 2025 財年，我們的指導如下。服務收入預計在 6.913 億美元至 6.963 億美元之間。預計總收入在 7.13 億美元至 7.19 億美元之間。

Please note that the total revenue and service revenue reduction due to foreign exchange rate changes since we gave our prior guidance is approximately $4.5 million. This means that on a constant currency basis, our full year service revenue guidance midpoint remains about the same as the guidance midpoint we provided last quarter.

請注意，自我們給出先前的指引以來，由於外匯匯率變動導致的總收入和服務收入減少約為 450 萬美元。這意味著，以固定匯率計算，我們全年服務收入指引中點與我們上個季度提供的指引中點大致相同。

Full year operating margin is projected between 10.7% and 11%, translating to non-GAAP operating income of approximately $77.5 million at the midpoint of our full year revenue and operating margin guidance. We expect interest expense, including amortization of debt issuance costs, to be about $5.3 million in Q4, based upon current interest rates and our outstanding debt balance.

預計全年營業利潤率在 10.7% 至 11% 之間，以我們全年收入和營業利潤率指引的中間值計算，非 GAAP 營業收入約為 7,750 萬美元。根據當前利率和未償還債務餘額，我們預計第四季度的利息支出（包括債務發行成本攤提）約為 530 萬美元。

We expect cash paid for interest to be approximately $7 million in Q4 '25 as cash interest on the 2028 convertible debt is due semiannually. These interest amounts assume approximately 7.3% on the term loan or SOFR plus 3%. Putting all of this together, we expect fully diluted non-GAAP earnings per share to be in the range of $0.35 to $0.37 for the year.

我們預計 2025 年第四季支付的利息現金約為 700 萬美元，因為 2028 年可轉換債務的現金利息每半年到期一次。這些利息金額假設定期貸款或 SOFR 約為 7.3% 加上 3%。綜合考慮所有這些因素，我們預計今年完全攤薄的非 GAAP 每股收益將在 0.35 美元至 0.37 美元之間。

We anticipate full year cash flow from operations to be between $61 million and $0.65 million dollars, an increased range compared to our prior comments. Note that cash flow from operations typically decreases in fiscal Q4 due to the timing of seasonally increased employer expenses and cash paid for interest.

我們預計全年經營現金流將在 6,100 萬美元至 65 萬美元之間，與我們先前的評論相比有所增加。請注意，由於雇主費用和支付利息的現金季節性增加，營運現金流量通常會在第四財季減少。

While we are not providing guidance for fiscal 2026, I want to point out that we plan to make strategic investments that support our go to market initiatives in the next fiscal year. While these investments are expected to result in a lower non-GAAP operating margin compared to fiscal 2025, they are essential to strengthening our market position and accelerating long-term revenue expansion.

雖然我們沒有提供 2026 財年的指引，但我想指出的是，我們計劃在下一個財年進行策略性投資，以支持我們的市場進入計畫。雖然這些投資預計會導致非 GAAP 營業利潤率與 2025 財年相比有所下降，但它們對於加強我們的市場地位和加速長期收入成長至關重要。

We believe that by enhancing our commercial capabilities, we will be well positioned to capture new opportunities, improve customer relationships, and drive growth over time.

我們相信，透過增強我們的商業能力，我們將能夠抓住新的機遇，改善客戶關係，並推動長期成長。

In closing, I remain confident in our vision and strategy as we navigate the path to sustainable, profitable growth. While challenges may arise along the way, the progress we continue to make reinforces my belief that we are taking the right steps to achieve our long-term goals. I am deeply grateful to the 8x8 team for their hard work and dedication in delivering these strong results, and I look forward to sharing our progress in the quarters ahead.

最後，我們將繼續走可持續獲利成長的道路，我對我們的願景和策略充滿信心。儘管一路上可能會遇到挑戰，但我們不斷取得的進步更加堅定了我的信念，我們正在採取正確的步驟來實現我們的長期目標。我非常感謝 8x8 團隊的辛勤工作和奉獻精神，取得了這些強勁的業績，並期待在未來幾季分享我們的進展。

Operator, we are now ready to take questions.

接線員，我們現在可以回答問題了。

(Operator Instructions) Josh Nichols, B Riley.

（操作員指示）Josh Nichols，B Riley。

Yeah, thanks for taking my question. Great to see that the record operating cash flow and it looks like the company is making some good progress towards getting back to growth. On that front, I just had a question. If you look, take out the FX impact, it looks like with service revenue have been up quarter over quarter, but also year over year and then looking at the the 4Q service revenue guide is that -- it be effectively flat year year or maybe up a little bit. I assume that that also includes a little bit of FX headwinds that if you exclude that it would maybe be a little bit more of a material amount. Is that accurate?

是的，感謝您回答我的問題。很高興看到創紀錄的營運現金流，看起來公司在恢復成長的道路上取得了一些進展。關於這一點，我只是有一個問題。如果你看一下，除去外匯的影響，你會發現服務收入不僅比上一季度有所增長，而且比去年同期也有所增長，然後看看第四季度的服務收入指南——實際上同比持平或可能略有增長。我認為其中也包括一些外匯不利因素，如果排除這些因素，影響可能會更大一些。這樣準確嗎？

Hey Josh, yeah -- we, this is Kevin. We do see $2.3 million or so of FX headwind in our Q4 relative to what we got in last quarter. So that would imply a, roughly raise to guidance for the full year, by the way, and flat quarter to quarter, as you say.

嘿，喬希，是的——我們，這是凱文。相對於上一季而言，我們第四季的外匯逆風確實達到了 230 萬美元左右。所以這意味著，順便說一下，全年業績預期將大致上調，如您所說，季度間業績預期將持平。

And then, just touching a little bit on some of the AI and other offerings, very good growth you're seeing, I think you mentioned like 60% growth there. Any opportunity to quantify, I know that was still relatively low base and low mid single digits is that beginning to ramp up and when you think about next fiscal year without talking about guidance specifically. Is that position you in a situation combined with the runoff of the remaining few business to get back to service revenue growth that's pretty consistent throughout the year or maybe accelerating towards the back half.

然後，稍微談談人工智慧和其他產品，您看到了非常好的成長，我想您提到過那裡的成長率是 60% 左右。任何量化的機會，我知道這仍然是相對較低的基數和中低個位數，這開始加速，當你考慮下一個財年時，沒有具體談論指導。在這種情況下，您是否會結合剩餘幾項業務的流失來恢復服務收入的成長，這種成長在全年都相當穩定，或者可能在下半年加速。

All right, Josh, I think it's a great question. The new product revenue, the AI stuff is still single digit millions for the quarter. It's growing very rapidly, but it's still not quite enough to move the needle overall. Our goal next year is growth at some point throughout the year. There are a lot of moving pieces. I've been surprised by the FX tailwind head win tail headwind phenomenon we've been dealing with a little bit. That's causing a little bit of the rounding errors and some of the things going on around that along with just the industry dynamics in general.

好的，喬希，我認為這是一個很好的問題。本季的新產品收入、人工智慧產品收入仍為數百萬美元。它增長得非常快，但仍然不足以推動整體發展。我們明年的目標是全年某個時候實現成長。有很多活動的部分。我對我們所經歷的 FX 順風迎頭戰勝逆風尾風現象感到有點驚訝。這會導致一些捨去誤差以及圍繞該誤差的一些事情以及整個產業的動態。

So it's certainly our goal to return to growth without getting into guidance and all those other things. It'll be a combination of new product growth, multi-product customers having higher retention rates, and continuing to just add new customers into the mix.

因此，我們的目標肯定是恢復成長，而不考慮指導和所有其他事情。這將是新產品成長、多產品客戶擁有更高的保留率以及持續增加新客戶的結合。

Thanks. Then last one question for me. I think you talked about before at some conferences and just like excuses that the company would be getting to maybe like load mid single digit growth. It seems like that transition and runoff continues to be on track for the end of this calendar year. What else has to be done overall and any potential thoughts on like also the savings when you're not running two platforms parallel to each other anymore?

謝謝。那我最後一個問題。我想您之前在一些會議上談過，就像公司可能實現中等個位數成長的藉口一樣。看起來，過渡和決選將在今年年底前繼續按計劃進行。整體來說還有什麼要做的？當您不再並行運行兩個平台時，還有什麼潛在的想法，例如如何節省成本？

Yeah, so, okay, and I'm sorry, you asked me that last question. I didn't really do a good job of answering it, so I apologize. Yes, we're still on track to run down fuse. I think we're down to 5% of revenue, and you can see the trend we're really pushing hard to get that done. It is absolutely our objective to shut down the fuse platform at the end of this fiscal year. My mandate to the teams is 11:59 PM on 12:31. We turn off the fuse platform.

是的，好的，很抱歉，你問了我最後一個問題。我確實沒有很好地回答這個問題，所以我很抱歉。是的，我們仍在繼續努力。我認為我們的收入已下降至 5%，您可以看到我們正在努力實現這一目標的趨勢。在本財政年度結束時關閉保險絲平台絕對是我們的目標。我對團隊的授權時間是 12:31 晚上 11:59。我們關閉保險絲平台。

In terms of savings, hard savings, probably mid single digit millions of dollars, there's an intangible savings it's a little bit harder to measure, which is, maintaining security compliance, maintaining HIPAA qualifications, maintaining software upgrades, and OS upgrades and all those kinds of things that are a little bit harder to quantify other than just the cost savings of, AWS for running the platform or whatever the case may be.

就節省而言，硬性節省可能有數百萬美元，但無形節省則比較難以衡量，例如維護安全合規性、維護 HIPAA 資格、維護軟體升級和作業系統升級，所有這些事情都比較難以量化，而不僅僅是 AWS 運行平台的成本節省或其他任何情況。

And so, I don't know if you want to take a rough guess I probably double that in my mind in terms of hard cost savings becomes once fuse is behind us, and I think running off the fuse platform will definitely help in terms of getting the growth next year.

因此，我不知道您是否願意粗略地猜測一下，一旦保險絲成為過去，我心中的硬成本節省可能會翻倍，而且我認為運行保險絲平台肯定有助於明年的增長。

Ryan Koontz, Needham and Company.

瑞安·孔茨 (Ryan Koontz)，尼德漢姆公司。

Sam, you mentioned your prepared comments, just some turbulence in the UC space. Can you expand on that where you feel like we are and it's saturation where pricing's been headed and what the competitive environment's been like, thanks.

薩姆，你提到了你準備好的評論，只是 UC 領域的一些動盪。您能否詳細說明您認為我們現在的情況、價格走向和競爭環境如何，謝謝。

Yeah. So I think last quarter, on UC I'm going to broaden your question here in a second, but on UC we did see a little bit of aggressiveness on pricing, not unheard of it. I would say it's pretty typical in the fourth quarter, calendar quarter of the year because some of the companies have fiscal year ends and they could always get a little bit more aggressive at the end of the year.

是的。所以我認為上個季度，關於 UC，我將在稍後擴大你的問題，但在 UC 上，我們確實看到定價有點激進，這並非聞所未聞。我想說這在第四季度，也就是一年的日曆季度中是很典型的，因為一些公司有一個財政年度結束，而且他們總是可以在年底變得有點積極。

Obviously, this is something the industry analysts, you, the financial analysts have been talking about for a while. So I wouldn't say it was anything bizarre or crazy. I think for us I just want to switch broaden the question slightly for us because you asked about the market, but for us I think what matters a lot more is we saw more deals last quarter that were contact center led. That really are viewing you see is just an add on or a condiment if you will to the CX sale.

顯然，這是產業分析師、你們以及金融分析師一直在談論的事情。所以我不會說這有什麼奇怪或瘋狂的事情。我認為對我們來說，我只是想稍微擴大問題範圍，因為你問到的是市場問題，但對我們來說，我認為更重要的是，上個季度我們看到了更多由聯絡中心主導的交易。您真正看到的東西只是 CX 銷售的一個附加品或調味品。

Our CX messaging is really resonating. We're seeing us land with more platform wins. I consider platform win three-plus products. And you see it's typically one of those, to deal with those, and we've got engaged in those other things and so I think we're really well positioned to deal with anything around pricing around UC in that area. I think I gave a good answer and if I didn't ask me to follow up.

我們的 CX 訊息確實引起了共鳴。我們看到我們贏得了更多的平台勝利。我認為平台贏得了三加產品。你看，這通常是其中之一，要處理這些問題，我們已經參與了其他事情，所以我認為我們完全有能力處理該領域有關 UC 定價的任何問題。我認為我已經給出了一個很好的答案，並且沒有要求我跟進。

Can you comment briefly on the international opportunity how you size that up these days, what your thoughts are?

您能否簡單評論一下國際機遇，您如何評價目前這一機遇，您的想法是什麼？

Man, I love the international opportunity 8x8, right? I mean, we see the CPaaS business doing fantastic, the platform usage business doing fantastic, and we've been bringing that around the world. Our presence in Europe is growing, and I really love that and honestly, there's just less.

夥計，我喜歡 8x8 的國際機會，對吧？我的意思是，我們看到 CPaaS 業務表現出色，平台使用業務表現出色，我們一直將其推向世界各地。我們在歐洲的業務正在不斷成長，我真的很高興看到這一點，但說實話，我們的業務現在越來越少了。

I don't want to -- struggling for words you're writing for a second. It's -- there's less irrational behavior because we don't have this post COVID. We raised a bunch of money. We're some startup and we're just going willy-nilly throw pricing or free professional services or contract buyouts or any of that other ridiculous stuff that we typically see sometimes in the United States.

我不想——為你正在寫的文字而苦苦掙扎一秒鐘。由於後疫情時代我們沒有遇到這種不理性的行為，所以不理性的行為減少了。我們籌集了一大筆資金。我們是一家新創公司，我們只是隨意地拋出定價或免費專業服務或合約收購或任何其他我們通常在美國看到的荒謬的東西。

Yeah. And still western Europe is still an area you plan to expand.

是的。西歐仍然是您計劃擴展的地區。

Yes, sir.

是的，先生。

Siti Panigrahi, Mizuho.

瑞穗的 Siti Panigrahi。

Hey, thanks, it's Chad on for Siti. Just wondering if you can talk about what you're hearing from customers, and their appetite for AI products and if that's differing at the low end versus the high end and any updates you can share around, whether you know these guys are are using AI to complement existing agent functions or starting to see any reduction in the human agent.

嘿，謝謝，Chad 代替 Siti 上場。只是想知道您是否可以談談您從客戶那裡聽到的內容，以及他們對 AI 產品的興趣，以及低端和高端產品的興趣是否不同，以及您可以分享的任何更新，您是否知道這些人正在使用 AI 來補充現有的代理功能或開始看到人類代理的減少。

Thank you.

謝謝。

Okay, Chad, quite a big question there. So I may ask a couple of small follow ups along the way. So when you talk low end versus high end, I presume you mean customers or by customer size or where you're at. And so okay, what I would say is like our target market is that upper small business to low end enterprise, and what they love is that we give best in breed AI capabilities. We're talking Gartner Magic Quadrant leading bots, which most of our competitors do not offer.

好的，查德，這是一個很大的問題。因此我可能會在過程中問幾個小問題。因此，當您談論低端與高端時，我假設您指的是客戶或客戶規模或您所在的位置。好的，我想說的是，我們的目標市場是從高端小型企業到低端企業，他們喜歡的是我們提供的最佳 AI 功能。我們正在討論 Gartner 魔力像限領先的機器人，而我們的大多數競爭對手都沒有提供這種機器人。

Natively integrated into our contact center space, natively integrated into our UC, natively integrated into gauge, so it works absolutely fantastic. And we're really focused on solving those CX problems and when you do that, AI plays a pretty pivotal role inside of that.

本地整合到我們的聯絡中心空間，本地整合到我們的 UC，本地整合到儀表，因此它運作得非常出色。我們真正專注於解決這些 CX 問題，而當你這樣做時，AI 在其中發揮著非常關鍵的作用。

In terms of the low end. So let's say small businesses, those kinds of things. I don't see it as much where we see a lot of interest and there's -- I'm going to be a little bit cautious, a little bit overlap between the things where we see a little, a lot of interest is around things like digital messaging, SMS, two-way communications with the contact center using WhatsApp appointment reminders, those kinds of things.

就低端而言。比如說小企業，諸如此類的事。我並沒有看到太多我們感興趣的東西，而且——我會有點謹慎，我們看到的東西之間有一點重疊，很多興趣集中在諸如數字消息、短信、使用 WhatsApp 預約提醒與聯絡中心進行雙向通信之類的事情上。

Now, where all the overlap starts to occur is when you start looking things like at our appointment management for healthcare, remote fix where you're starting to bring multiple solutions together. So I mentioned, I've been talking about bots a little bit. But our voice spot is just on fire. I mean, it's been amazing at how fast that's grown, and it can speak 50+ languages and 91 accents, I think I said in my prepared remarks.

現在，當您開始查看諸如醫療保健預約管理、遠端修復等內容時，所有重疊就開始出現，您開始將多種解決方案整合在一起。我之前提到過，我一直在談論機器人。但我們的聲音點卻火爆起來。我的意思是，它的發展速度令人驚嘆，它可以說 50 多種語言和 91 種口音，我想我在準備好的演講中說過。

At -- and I think that's super important because that's a little bit where we're starting to see a little overlap between large businesses and small businesses when we start getting into self service and those kinds of things, particularly around contact center.

我認為這非常重要，因為當我們開始涉足自助服務和諸如此類的事情時，特別是在聯絡中心方面，我們開始看到大企業和小型企業之間存在一些重疊。

So we're doing some amazing stuff around self-service payments, highly secure payments where you can do Apple Pay, 100% self-service, those kinds of things, PCI compliance through a voice spot, dealing with an agent if there's a problem in the payment, those kinds of things. Those solutions really across the board horizontally high demand for.

所以我們在自助支付方面做了一些了不起的事情，高度安全的支付，你可以使用 Apple Pay，100% 自助服務，諸如此類的事情，通過語音點實現 PCI 合規性，如果支付出現問題可以與代理商聯繫，諸如此類的事情。這些解決方案確實全面滿足了人們的橫向高需求。

Oh, other question you were asking was about Chad, agent counts. Okay, and I get asked this question a lot and I'm going to tell you a little bit of what I see and a little bit of what I think. What I see is it's hard to see. I mean, people just ask us for X number of agents for contact center, how many agents they have, etc. And so in in real time today, do I see AI replacing agents here, there and everywhere, and a few select cases, sure, but nothing major, no big trend.

哦，您問的另一個問題是關於 Chad 的代理人數量。好的，我經常被問到這個問題，我將告訴你一些我所看到的和一些我的想法。我所看到的是難以看見的。我的意思是，人們只是問我們聯絡中心需要多少個代理，他們有多少個代理，等等。那麼在今天的實時情況下，我是否看到人工智慧在這裡、那裡和任何地方取代代理，當然，在少數情況下，但沒有什麼重大的，也沒有大的趨勢。

I absolutely believe that AI will replace some agent capability over time. It's what technology has done well my entire career, which is to replace human labor with machines, effectively, and I so -- I absolutely think that's the case. However, the reason we've built the company the way we have is our average revenue per customer at the places they deploy AI, at the places they deploy these next generation technologies is actually up substantially even if our let's say our per seat count is flat even down a few.

我絕對相信隨著時間的推移，人工智慧將取代一些代理能力。在我的整個職業生涯中，科技所取得的成就就是有效地用機器取代人力，我絕對認為情況就是這樣。然而，我們以這種方式建立公司的原因是，在他們部署人工智慧的地方，在他們部署這些下一代技術的地方，我們的每個客戶的平均收入實際上大幅上升，即使我們的每個座位數量保持不變，甚至下降了一些。

Peter Levine with Evercore.

Evercore 的 Peter Levine。

A few, maybe I'll start with you, guys, your last question around, the margin outlook for fiscal '26 -- calendar '26, sorry.

幾個，也許我會從你們開始，夥計們，你們的最後一個問題是，26 財年的利潤前景 - 26 年日曆的利潤前景，抱歉。

What would be lower given some of the strategic opportunities you guys are investing from on the go to market front, can you maybe just maybe help us understand like what that translates to the top line like is there a calculated ROI that you're expecting? And then can you maybe just caveat that with what you think that will translate to growth?

考慮到你們在市場前線投資的一些策略機遇，什麼會更低，你能否幫助我們理解這對營收意味著什麼，例如，是否有你預期的計算投資報酬率？然後，您能否就您認為什麼將轉化為成長提出警告？

Yeah. So I'll take the first part of that. Kevin will put in some finer points because I -- to be fair, I'm going to dodge part of your question because I really don't want to give guidance out an entire year in front of when I'm supposed to. And also, it's not quite as clean as maybe it looks in a spreadsheet.

是的。因此我將討論第一部分。凱文將會提出一些更細微的觀點，因為 — — 公平地說，我將迴避你的部分問題，因為我真的不想在應該給出指導的時間之前整整一年給出指導。而且，它可能不像電子表格中看起來那麼乾淨。

So do we have an ROI to our operating income investments or operating investments? Absolutely. Am I going to share that with you? No, I am not, because if I share with you, I'm sharing it with every competitor currently listening on this call right now and I'm not doing that. I'm not a nice guy.

那麼我們的營業收入投資或營業投資有投資報酬率嗎？絕對地。我要跟你分享這個嗎？不，我不會，因為如果我與你分享，我會與現在正在收聽此電話的每個競爭對手分享，而我不會這樣做。我不是一個好人。

And so, what I'll tell you is, yes, there's a calculation we monitor it very carefully. The hard part, and I know you have a ton of experience with this, Peter is that the timing -- variable timing aspect of the investment is always a difficult thing for the financial model and what we're going through, right? So if you go back. Back in time you go back to '23 and fiscal 2024, we really focused on ramping up cash flows, paying off debt. We've paid off 35% of the debt. We've made 10 separate payments to pay off debt. We've really been focused on that.

所以，我要告訴你的是，是的，我們會進行計算並非常仔細地監控它。困難的部分是，我知道你在這方面有很多經驗，彼得，投資的時機——可變的時間方面對於財務模型和我們正在經歷的事情來說始終是一件困難的事情，對嗎？所以如果你回去的話。回顧 23 年和 2024 財年，我們真正關注的是增加現金流、償還債務。我們已經還清了35%的債務。我們已分十次付款來償還債務。我們確實一直專注於此。

I am -- our EBITDA in net debt ratio is fine. The banks are happy. Everyone's happy. And so we're really focused now getting back on offense and driving more growth and we are making selective investments definitely the right thing to do given the market opportunity, our competitive position, really impressed where the innovation is right now, those kinds of things. How quickly and exactly to three decimal places. That much, sales or bookings or revenue that'll lead, we'll keep that internal to us right now.

是的——我們的 EBITDA 淨負債比率很好。銀行很高興。大家都很開心。因此，我們現在真正專注於重新進攻並推動更多成長，並且我們正在進行選擇性投資，考慮到市場機會、我們的競爭地位，這絕對是正確的做法，我們對目前的創新情況印象深刻，諸如此類。如何快速且準確地精確到小數點後三位。無論是銷售額、預訂量或收入，我們現在都只能將其保留在內部。

Kevin, you want to add about?

凱文，你想補充一下嗎？

Yeah. I will say that it's not just about investment, and we're doing various things, but we're also focused on improving the efficiency of our investments as well. So yes, we're going to do more things, which we won't divulge in the call as Sam said, but we're also focused on our operational excellence internally in the company. So that is also another lever for growth over the long term. So that's the color.

是的。我想說的是，這不僅僅是關於投資，我們正在做各種各樣的事情，但我們也專注於提高投資效率。所以是的，我們會做更多的事情，正如 Sam 所說，我們不會在電話會議中透露，但我們也專注於公司內部的卓越營運。因此，這也是長期成長的另一個槓桿。這就是顏色。

And actually Kevin raises a really great point. Just to put a fine point out. We are investing in AI to use internally, I think, we tend to get these calls get viewed as a company that sells AI, which we absolutely do across the platform growing very rapidly. We're also a buyer of AI to actually improve how we provide CX, how we engage with the customer, how efficient we can be internally. That's some investments we're making internally to our company also, and that cost us a few dollars.

事實上，凱文提出了一個非常好的觀點。只是為了提出一個很好的觀點。我們正在投資人工智慧以供內部使用，我認為，我們傾向於將這些電話視為一家銷售人工智慧的公司，我們在整個平台上確實做到了這一點，發展非常迅速。我們也是 AI 的買家，實際上是為了改善我們提供 CX 的方式、我們與客戶的互動方式以及我們內部的效率。這也是我們公司內部進行的一些投資，花了我們一些美元。

Not great for the caller. Last question, then you mentioned, your remarks, like, customers of three products versus customers of two, the uplift to the ARR number. I forgot like the exact metric you said, but can you maybe talk about like what products are they buying, meaning like what's driving that massive uptick from like -- two to three product customers and maybe just outline stuff like what is that product (multiple speakers)

對於呼叫者來說這不是很好。最後一個問題，您提到了您的評論，例如，三種產品的客戶與兩種產品的客戶相比，ARR 數字有所提升。我忘了你說的具體指標是什麼，但你能不能談談他們購買的是什麼產品，也就是說，是什麼推動了兩到三種產品客戶的大幅增長，也許可以概括一下，比如那種產品是什麼（多位發言者）

Yeah, no problem. So I think what exactly what I said was if you look at the cohort of customers that have two products and the cohort of customers have three products. The cohort of customers have three products is.

是的，沒問題。所以我認為我所說的正是如果你看一下擁有兩種產品的客戶群和擁有三種產品的客戶群。該客戶群有三種產品。

The average deal size is 3 times.

平均交易規模為3倍。

The average deal size is 3 times as large. So it translates.

平均交易規模是原來的3倍。所以它翻譯了。

Okay, what do they buy? I'd love to tell you it's really simple. I'm going to put in a couple buckets. What really works is when you sell on business outcomes and you do some of those things. You just to get these it's easier to cross our products. So they almost all have UC and CC in bucket categories. After that, the key add-ons in my mind are Engage, which is a contact center for not agents, fantastic product, proactive outreach or digital messaging of all sorts and kinds of shapes and the bots, the intelligent assistants, voice and digital bots, and then of course there's workforce management, there's all other little odds and ends. But those are, I'd say the big three.

好吧，他們買什麼？我想告訴你這真的很簡單。我要放幾個桶子進去。真正有效的是，當你根據業務成果進行銷售並做其中的一些事情時。您只需獲得這些即可更輕鬆地跨越我們的產品。因此它們幾乎都在儲存桶類別中具有 UC 和 CC。之後，我心目中的關鍵附加元件是 Engage，這是一個非代理的聯絡中心，它是一款出色的產品，可以主動聯繫或傳遞各種形式的數位訊息，還有機器人、智慧助理、語音和數位機器人，當然還有勞動力管理，還有其他一些零碎的東西。但我想說，它們是三大巨頭。

I think what's key though, I really want you to think about is it's really about solving customer problems and the use cases associated with it. If we do something like field service management, we end up selling digital messaging, we sell a bot, we sell video elevation in the contact center we sell contact center we sell you see, we sell gauge. They rapidly turn into multi-product customers very quickly and it's just a nice way to wrap up solving the customer problems. I think the thing I want to leave you with is when we sell those multiple products, of course we get a higher GRR, we get a higher NRR financial numbers are better. But really it's about we solve customer problems better and when we solve customer problems better everything else takes care of itself.

我認為關鍵的是，我真正希望你思考的是，這實際上是為了解決客戶問題以及與之相關的用例。如果我們做現場服務管理之類的事情，我們最終會銷售數字信息，我們銷售機器人，我們銷售聯絡中心的視頻提升，我們銷售聯絡中心，我們銷售你看，我們銷售測量儀。他們很快就轉變為多產品客戶，這只是解決客戶問題的一個好方法。我想告訴你們的是，當我們銷售這些多種產品時，我們當然會獲得更高的 GRR，獲得更高的 NRR，財務數據會更好。但實際上這是為了我們更好地解決客戶問題，當我們更好地解決客戶問題時，其他一切都會水到渠成。

Catharine Trebnick, Rosenblatt.

凱瑟琳·特雷布尼克（Catharine Trebnick），羅森布拉特（Rosenblatt）。

Hi, thanks for taking my question. Sam, have you tweaked the go to market at all? You've done really well with the three products versus the two. Anything else we should look at that you've, fine tuned in terms of your partners or you go to market motions or what your messaging is in the channel. Thanks.

你好，謝謝你回答我的問題。山姆，你對行銷有什麼調整嗎？與僅使用兩種產品相比，您使用這三種產品做得非常好。我們也應該注意您針對合作夥伴所做的其他微調，或是您進入市場的動向，或是您在通路中傳遞的訊息。謝謝。

Oh, Catharine that's such a loaded question because I know what I think what you're getting at. Yes, there's a couple things we're doing overall. Number one is, yes, we continue to evolve our sales organization. If you guys are regular purveyors of LinkedIn, you will see that some people have come and gone from our company over time for various reasons. A lot of that is driven by the fact that we're looking more for consultative solution sellers versus to use it in industry vernacular circuit slingers, etc. So that continues to evolve.

哦，凱瑟琳，這是一個很有引導性的問題，因為我知道你的意思。是的，我們總體上正在做幾件事。第一，是的，我們會繼續發展我們的銷售組織。如果你們是 LinkedIn 的常客，你們就會發現，隨著時間的推移，有些人因為各種原因離開了我們公司。很大程度上是由於我們更多地在尋找諮詢解決方案銷售商，而不是將其用於行業白話電路推銷員等。因此，這將繼續發展。

I cannot speak highly enough about the work the marketing department has done around rebranding and really branding us as a CX company. And the thing is it's not just paint on the outside of an old building, this really is as we've launched the products and as we have these solutions, we are a CX company and this is about highlighting what we truly are to the marketplace that will continue to evolve as we drive more capabilities around that, etc.

我對行銷部門在重塑品牌和真正將我們打造為 CX 公司方面所做的工作讚不絕口。而且事實上，這不僅僅是在舊建築外牆上刷油漆，隨著我們推出這些產品並擁有這些解決方案，我們是一家 CX 公司，這是為了向市場突顯我們真正的定位，隨著我們推動更多能力的提升，我們將繼續發展，等等。

And then on the partner side, I think that's more of an evolution. We continue to invest in our partners. We are a channel centric company. We do a majority of our business through channels and so I mean a majority of our new business through channels, to be fair, and so we'll continue to do that and we continue to evolve in terms of the right tools and capabilities and those kinds of things to support our channel partners and their success.

從伴侶方面來說，我認為這更像是一種進化。我們將繼續向我們的合作夥伴投資。我們是一家以通路為中心的公司。我們的大部分業務都是透過管道開展的，所以公平地說，我們的大部分新業務也是透過管道開展的，因此我們將繼續這樣做，並在合適的工具和能力等方面不斷發展，以支持我們的通路合作夥伴及其成功。

All right. And then you added a transformational leader to the team and any organization is he going to specifically look at in details? Can you give us some details on that?

好的。然後，您為團隊添加了一位變革型領導者，他會特別詳細地關注任何組織嗎？能向我們詳細介紹一下嗎？

Yeah. So I had a chance, I've known Joel for several years now, and I. So if you're familiar with Joel's work, I'm just going to assume for everybody for a second you're familiar with Joel's work and try to fill in what he does. But he is a phenomenal leader. He's a former military guy like me, so we speak a common language. But the big thing for me is he brings a lot of AI, skills, and capabilities into the company, and this is about using intelligence -- artificial intelligence inside of ourselves to drive more insights and better decision making inside of our company.

是的。所以我有機會，我已經認識喬爾好幾年了，而且我。所以如果你熟悉喬爾的作品，我只是假設每個人都熟悉喬爾的作品並嘗試填補他在做什麼。但他是一位傑出的領導者。他和我一樣都是退伍軍人，所以我們有共同語言。但對我來說最重要的是他為公司帶來了大量人工智慧、技能和能力，這是關於利用智慧——我們內部的人工智慧來推動公司內部獲得更多洞察力和更好的決策。

And Joel is really heading that up to transform as a company how we deliver our products and services, how we build our products and services to our customers, super important. And Kate pinged me, but I should use this forum because it's the right thing to do. I'd really like to call out Michelle Paitich for being recognized as a Channel Chief by CRI magazine. She is phenomenal and so, as Kate pings me, I get a chance to use your question to to highlight what a wonderful Channel Chief she is.

喬爾 (Joel) 真正領導公司變革，改變我們交付產品和服務的方式，改變我們為客戶打造產品和服務的方式，這些都非常重要。凱特也聯繫了我，但我應該利用這個論壇，因為這是正確的做法。我真的很想對 Michelle Paitich 表示感謝，感謝她被 CRI 雜誌評為通路主管。她非常出色，因此，當凱特聯繫我時，我有機會利用你的問題來強調她是多麼出色的通路主管。

Yeah, I know she started last year I think I met her at Channel Partners. Thanks.

是的，我知道她去年就開始工作了，我想我是在 Channel Partners 認識她的。謝謝。

Yeah, she came to us, I think from [Twilio] if memory serves me where I hired her out of and and she's been absolutely phenomenal for us as a channel team.

是的，她來找我們了，如果我沒記錯的話，我想她是在我僱用她的地方從 [Twilio] 來的，她作為渠道團隊的表現非常出色。

All right. Thanks, Sam.

好的。謝謝，山姆。

Thank you. Oh, for all the competitors, you can't hire her, that's a no.

謝謝。哦，對於所有競爭對手來說，你不能僱用她，這是不行的。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Maybe first, you commented on CPaaS being strong internationally just wanted to get a sense of traction that you were getting in the US or where you were finding markets that were more attractive there. And then second, over time you've commented on customers wanting more la carte packages put together just wondering if you're seeing any consistency form around like whether people want more consumption based pricing or whether they're going to want a la carte or whether we'll stick to thispercy model that we've been in. That's it.

也許首先，您評論說 CPaaS 在國際上很強大，只是想了解您在美國獲得的發展勢頭，或者您在哪裡找到更具吸引力的市場。其次，隨著時間的推移，您評論說客戶想要更多的單點套餐，只是想知道您是否看到任何一致性的形式，例如人們是否想要更多基於消費的定價，或者他們是否想要單點菜單，或者我們是否會堅持我們一直採用的這種珀西模式。就是這樣。

Okay, so, Meta, thank you for the question. So yes, so last quarter of the quarter before we launch proactive outreach in the United States we've got our first customers. These are regular CPaaS customers, in the United States now. We're still having a few growing pains as we ramp our CPaaS business in the United States, but I'm pretty happy where it's at, and this is regular SMS, WhatsApp voice, all those kinds of capabilities in the US, still really small. I mean, it's not a huge number of customers, but we've got them bugs are working out they're happy. The referenceable good CSAT scores, those kinds of things. So steps in the right direction.

好的，Meta，謝謝你的提問。是的，在我們在美國啟動主動推廣之前的最後一個季度，我們已經有了第一批客戶。這些都是目前在美國的常規 CPaaS 客戶。當我們在美國擴大 CPaaS 業務時，我們仍然遇到了一些成長的煩惱，但我對目前的狀況感到非常滿意，在美國，常規短信、WhatsApp 語音等所有這些功能仍然很小。我的意思是，雖然客戶數量不是很多，但我們已經解決了問題，他們很高興。可參考的良好 CSAT 分數，諸如此類的事情。所以朝著正確的方向邁進。

In terms of the evolution of pricing and packaging, it's a great question and it's certainly one that we spend a lot of time thinking about. I fundamentally believe if you look at a lot of the AI Technologies and even the CPaaS technologies, these are all sold on a consumption basis, right? So if you look at how OpenAI can charge some stuff they charge for tokenization for our bots we charge per interaction for digital messaging we charge per message, those kinds of things. I think certainly those types of pricing models will continue to grow.

關於定價和包裝的演變，這是一個很好的問題，我們當然花了很多時間去思考這個問題。我從根本上相信，如果你看看很多人工智慧技術，甚至是 CPaaS 技術，你會發現它們都是以消費為基礎出售的，對嗎？因此，如果你看看 OpenAI 如何收取某些費用，他們會為我們的機器人的標記化收取費用，我們對數位訊息的每次互動收取費用，我們對每條訊息收取費用，諸如此類。我認為這些類型的定價模型肯定會繼續成長。

I'm not sure that it'll ever work on a per agent basis I know that some people have tried contact center on a per interaction basis and the feedback I've heard from customers is pretty universally negative and so there there's some fine line there. I think the key is building the products and the underlying systems that can support a multitude of models that meet the customer where they are, not where we want them to be if that makes any sense.

我不確定它是否會在每個代理的基礎上發揮作用，我知道有些人已經嘗試過在每個交互的基礎上使用聯絡中心，而我從客戶那裡聽到的反饋普遍都是負面的，所以這裡存在一條微妙的界限。我認為關鍵是建立能夠支援多種模型的產品和底層系統，以滿足客戶目前的需求，而不是我們希望他們目前的需求，如果這有任何意義的話。

Ryan McWilliams, Barclays.

巴克萊銀行的瑞安‧麥克威廉斯 (Ryan McWilliams)。

And Sam, for the record, for an earlier question, I think you're a nice guy. Don't get yourself short. Just on the macro since the election, any differences by smaller or larger customers, since the Presidential election or any differences by Geo in terms of customer purchasing?

山姆，根據之前的提問，我認為你是個好人。別讓自己變得矮小。僅就大選以來的宏觀情況而言，自總統大選以來，較小或較大的客戶之間有什麼差異，或者在客戶購買方面，地理上有什麼差異嗎？

It's funny you asked me this. I was hoping I wasn't going to get this question, and the reason I was hoping I was going to get this question is I don't have a good answer right this second. So let me tell you a bit of what we're seeing, and you guys can be smarter than me and draw some conclusions.

你問我這個問題真有趣。我希望我不會遇到這個問題，我之所以希望遇到這個問題是因為我現在沒有好的答案。所以，讓我告訴你們一些我們看到的情況，你們可以比我更聰明，得出一些結論。

If you look at 2024, I think there was a record number of bankruptcies in the United States, or at least a 14 year high in the number of bankruptcies in the United States. Sorry, not a record. Because that probably was the record, but 14 year high, the number of bankruptcies, and we have seen some customers have to move to things like cash, revenue, recognition because they're currently going through bankruptcy proceedings and those things. So it's not like we're untouched. It's not a material number. I'm not fazed by it, but it's clear.

如果你看看2024年，我認為美國的破產數量創下了歷史新高，或至少是美國14年來破產數量最多的一年。抱歉，沒有記錄。因為這可能是破產數量的記錄，但達到了 14 年來的最高水平，而且我們看到一些客戶必須轉向現金、收入、認可等方面，因為他們目前正在經歷破產程序等。所以，我們並不是沒有受到影響。這不是一個具體的數字。我並不為此感到困擾，但這很清楚。

Now, on the other hand, I've talked about this in the past, is one of the numbers I use is our credit card default rates as a really sensitive indicator that something going on in the small business base and those basic mom and pop economics and so far there it's been steady as she goes no real unusual stuff around credit card default rates, etc.

另一方面，我過去曾談到過這個問題，我使用的數字之一是我們的信用卡違約率，這是一個非常敏感的指標，可以表明小企業基礎和基本的夫妻店經濟中發生了一些事情，到目前為止，這個數字一直很穩定，信用卡違約率等方面沒有出現真正不尋常的情況。

So it feels like the interest rate stuff that the Fed did bit a little bit but a bit larger businesses and maybe because they were more indebted, more sensitive to interest rates than some of the smaller businesses which are probably more cash driven. And so I'd say it's a bit of a tale of two cities, hence the reason I really didn't want the question.

因此，感覺聯準會採取的利率措施對一些規模較大的企業有一定影響，可能是因為它們負債更多，對利率的敏感度比一些可能更依賴現金的小型企業更高。所以我想說這有點像是兩個城市的故事，這也是我真的不想問這個問題的原因。

In the European markets, we see a little bit more selectivity by specific verticals. So for example in the UK. Some state and local has seen a reduction in spending why NHS has seen an increase in spending, those things. And so I think it's a little bit of, vertical by vertical and in the US I think it's a little bit large versus small. That's my best guess.

在歐洲市場，我們看到特定垂直產業的選擇性更強一些。例如在英國。一些州和地方的支出減少了，為什麼 NHS 的支出卻增加了，諸如此類。所以我認為，在美國，垂直方面有點不同，我認為大一點對小一點。這是我最好的猜測。

Just a quick point of clarification on credit card, we're talking about decline rates from our customers. We got a lot of credit card customers, not the default rate of the industry.

只是想快速澄清一下關於信用卡的問題，我們正在談論客戶的拒絕率。我們有很多信用卡客戶，違約率不是業界最高。

Yeah. The credit card, yeah, the ones where they turn off the credit cards, yeah.

是的。信用卡，是的，就是那些關閉信用卡的，是的。

No, I appreciate that color. And then Sam, how do you view Salesforce as a potential partner and competitor in the customer service space? Like, do you think --

不，我很欣賞那個顏色。那麼 Sam，您如何看待 Salesforce 作為客戶服務領域的潛在合作夥伴和競爭對手？比如，你認為--

I'm on the fifth floor and Salesforce is on the 1st floor right now, so they're a partner. They're a really good partner of ours, and we like we're --

我在五樓，而 Salesforce 現在在一樓，所以他們是合作夥伴。他們是我們非常好的合作夥伴，我們喜歡--

(multiple speakers) inside each other. Like do you exist inside each other or, okay, like if you collaborate on that, like how that would work with Agent Force.

（多個揚聲器）彼此內部。就像你們是否存在於彼此之中，或者，好吧，就像你們在那方面合作一樣，就像那將如何與 Agent Force 合作。

Well, I don't want to reveal any future products, knock on wood, but you know those are technologies we're looking at, agent Force, etc. We're a large Salesforce customer and partner we use them extensively for things like our communities that we deal with customers and those kinds of things. And so I view Salesforce is a great partner and would like to do more with them in the future. I don't really view them as a competitor.

好吧，我不想透露任何未來的產品，但你知道這些都是我們正在關注的技術，Agent Force 等。我們是 Salesforce 的大客戶和合作夥伴，我們廣泛使用它們來處理諸如我們與客戶打交道的社群之類的事情。因此我認為 Salesforce 是一個很好的合作夥伴，我希望未來能與他們有更多的合作。我並不真正視他們為競爭對手。

Michael Funk, Bank of America.

美國銀行的麥可‧芬克（Michael Funk）。

First was clarification. So of the 200 basis point reduction in few percentage of revenue going from 7% to 5%, how much of that migrated, over to your core platform was that all lost?

首先是澄清。那麼，收入百分比從 7% 降至 5%，減少了 200 個基點，其中有多少轉移到了您的核心平台，是否全部損失了？

Some migrated. We do have a, component of that gets lost, and there's timing effects as well on that, Michael, so, the average, I'll say the average. Over time that we keep is, 60%-plus of our views based revenue. So that's where we've been, where we expect to be.

有些人遷移了。我們確實有一個丟失的組成部分，而且也有時間效應，邁克爾，所以，平均值，我會說是平均值。隨著時間的推移，我們保留的是基於觀看次數的收入超過 60%。這就是我們所處的位置，也是我們期望所處的位置。

And let me put a finer point on that because 60% sounds like a terrible number and you guys are going to freak out, so let me put a finer point on that.

讓我更詳細地說明這一點，因為 60% 聽起來像是一個可怕的數字，你們會驚慌失措的，所以讓我更詳細地說明這一點。

What we see typically with few customers is we see a step down when we migrate them and then their NRR is substantially above corporate average. So what generally ends up happening is they're going through a redeployment process. So they'll shrink it down to a smaller size whatever they need, and then they start adding back in really rapidly and it's not like we're losing 40% of the revenue if you overnight.

我們通常會看到，對於少數客戶，當我們遷移他們時，他們的 NRR 會下降，而且會大大高於企業平均值。因此通常最終發生的事情是，他們正在經歷重新部署的過程。因此，他們會將其縮小到他們需要的更小尺寸，然後再開始迅速增加，這並不意味著我們在一夜之間就會損失 40% 的收入。

And the other thing is to add to that when we do that where we often and almost always extend the life of the -- extend the contract. So we keep that customer for longer so in the long term it's a better deal for 8x8.

另一件事是，當我們這樣做時，我們經常並且幾乎總是會延長合約的有效期。因此，我們會保留該客戶更長時間，所以從長遠來看，這對 8x8 來說是一筆更好的交易。

Second one's for you, Sam, more philosophical. So the market is saying one thing. If we look at the free cash flow multiple, look at EBIT to EBITDA, it seems to be very different than what you are about stabilizing top line seems to be very different than the improvement in free cash flow, cash mopper activity.

第二個是給你的，山姆，更有哲學意義。因此，市場顯示的是一件事。如果我們看一下自由現金流倍數，看看 EBIT 與 EBITDA 的比率，它似乎與穩定營業額的想法非常不同，似乎與自由現金流、現金清理活動的改善非常不同。

Same thing very different than what I'm forecasting in my own model. So how are you thinking about addressing that number of levers you could pull, I guess, right? I mean, stock repurchase, strategic review. So how do you think about addressing what the market is telling us in your valuation, whether free cash flow, EBIT, EBITA, and what you believe and I believe is the likely outcome.

同樣的事情與我在自己的模型中預測的非常不同。那麼，我想您是想如何解決可以拉動的槓桿數量問題，對嗎？我的意思是股票回購，策略審查。那麼您如何看待市場在估值中告訴我們的問題，無論是自由現金流、息稅前利潤 (EBIT)、息稅折舊攤提前利潤 (EBITA)，以及您和我認為可能的結果是什麼。

Well, it's interesting Michael that you bring this up, right? So there's obviously, I -- having spent much time on Wall Street also I could make some comments about Wall Street's predictive capabilities sometimes, but let me take a step back. I think at a very basic level I've tried to be really crystal clear with investors.

嗯，邁克爾，你提起這個很有趣，對吧？因此，顯然，我在華爾街待了很長時間，有時也可以對華爾街的預測能力發表一些評論，但讓我退一步來說。我認為，從最基本的層面上講，我已經嘗試向投資者講清楚了。

Our North Star was cash flow from operations per share, and the reason I think about it that way is it's the cash flow that we generate per equity holder, and I think that is, if you think about Graham and Dodd and the discounted cash flow and the present value of a business is a sum of its future cash flows. It's a very pure way to think about how a company should operate and the optionality of a company during uncertain times. So let me further elaborate on that a bit.

我們的北極星是每股經營活動產生的現金流，我這樣考慮的原因是，它是我們每個股東產生的現金流，我認為，如果你考慮格雷厄姆和多德以及折現現金流，那麼企業的現值就是其未來現金流的總和。這是一種非常純粹的思考方式，用來思考一家公司應該如何運作，以及在不確定時期公司的可選性。因此，讓我進一步詳細說明一下。

If you go back two years when I started making the comments that that's our metrics. We've obviously done a lot of things. We've driven a lot of cash flow, a record quarter for cash flow from operations. Our stock-based compensation is 5.3% of revenue, which I think is, one-third industry averages or our competitors or those kinds of things. And so we're very focused. You see it in the fact that some of my competitors have seen declining shareholder equity. Well, I've seen increasing shareholder equity. So what I'm trying to drive is the right thing.

如果您回顧兩年前我開始發表評論的時候，那就是我們的指標。我們顯然做了很多事情。我們獲得了大量現金流，本季的經營現金流創下了歷史新高。我們的股票薪酬佔收入的 5.3%，我認為這是行業平均或我們競爭對手的三分之一。因此我們非常專注。事實上，我的一些競爭對手的股東權益已經下降。嗯，我看到股東權益增加。所以我正在努力推動的事情是正確的。

Now, the market rewarding me in any given moment, maybe yes, maybe no, but what that does, and I want to take this back into the market environment we've been in, what cash flow does is it buys me the maximum amount of optionality to run this business. I can invest in product development. I can buy other companies. I can buy my own equity. I can continue to pay off debt, which is primarily what I've chosen to do with all that excess cash flow is reduce the debt, thereby further reducing the risk of the company and actually enterprise value stays unchanged, driving more value of those future cash flows to our equity holders.

現在，市場在任何特定時刻都會給我回報，可能是，也可能不是，但它的作用是，我想把這個帶回到我們所處的市場環境中，現金流的作用是，它為我購買了經營這項業務的最大選擇權。我可以投資產品開發。我可以收購其他公司。我可以購買自己的股權。我可以繼續償還債務，我主要選擇用所有多餘的現金流來減少債務，從而進一步降低公司的風險，而企業價值實際上保持不變，為我們的股東帶來更多未來現金流的價值。

So what I've really thought about is the market we've been in coming out of COVID is one of increased risk, increased competition, startups, what's going to happen? AI, what's the future? Let's really focus on de-risking the company from a, have a fortress balance sheet, drive cash flow, get debt out, etc. Let's invest in the right areas and innovation and those kinds of things.

因此，我真正思考的是，在疫情過後，我們所處的市場風險增加，競爭加劇，對於新創公司來說，接下來會發生什麼事？人工智慧，未來何在？讓我們真正專注於降低公司的風險，擁有穩健的資產負債表，推動現金流，擺脫債務等。讓我們在正確的領域和創新以及諸如此類的事情上進行投資。

Now, as we look to the future, right, the company's massively reduced the amount of debt it has. It's massively reduced its leverage ratios, etc. It's much less risky. The innovation we've produced has -- these incredible green shoots in my eyes. What are those green shoots? We invested in it. We built it. It works. We have product market fit, and we're now ramping and so it's actually okay to take some of that cash flow and now pour it back into growing revenues and growing future cash flows via revenue and those kinds of things.

現在，當我們展望未來時，公司已經大幅減少了債務。它大幅降低了槓桿率等等。風險大大降低。在我看來，我們所取得的創新已經出現了令人難以置信的綠芽。那些綠芽是什麼？我們對此進行了投資。我們建造了它。有用。我們的產品適合市場，現在我們正在擴大規模，因此實際上可以拿出一部分現金流，將其重新投入到不斷增長的收入和透過收入等方式增加未來現金流中。

Your last part of your question is Wall Street going to reward me for this? I think at some point they'll recognize it, they'll get around to it, they'll figure it out. That's the hard part. I always go back to what Ben Graham said to Congress, right? When Congress asked Ben Graham, how does he know stocks are going to go up when they have these type of characteristics, he said, just cause they do.

你問題的最後一個部分是華爾街會因此獎勵我嗎？我認為，在某個時候他們會意識到這一點，他們會著手解決這一點，他們會弄清楚這一點。這才是困難的部分。我總是回想起班傑明·葛拉漢對國會說的話，對嗎？當國會問本傑明·格雷厄姆，當股票具有這些特徵時，他如何知道股票會上漲，他的回答是，因為股票確實會上漲。

And so what I go back to is the fact that the Street will reward us at some point, our stock, our capabilities. When they realize that owning a share of 8x8 is an incredibly valuable asset, it's going to get you a stream of future cash flows. It gets you a very profitable business and it gets you all the right things that you want in the characteristic of an equity holder. My simple answer.

所以我要說的是，華爾街最終會獎勵我們，我們的股票、我們的能力。當他們意識到擁有 8x8 的股份是一項非常寶貴的資產時，它將為您帶來未來現金流。它會為您帶來非常有利可圖的生意，並讓您獲得作為股東所希望得到的所有正確的東西。我的簡單回答。

Michael Turin, Wells Fargo.

富國銀行的邁克爾·圖林。

Hi, this is Richard Poland on for Michael. Thanks for taking my question. So you noted the potential expanded range of near-term outcomes around fuse, and you gave the breadcrumb there around that 60%. Could you expand on, what you hear from that base as they're going through that decision making process and what -- what's like the biggest pushback that you have to shifting over to the 8x8 platform? Any color around that would be helpful.

大家好，我是理查德·波蘭 (Richard Poland)，為您播報邁克爾的情況。感謝您回答我的問題。因此，您注意到圍繞保險絲的近期結果範圍可能會擴大，並且您給出了 60% 左右的預測範圍。您能否詳細說明一下，在他們經歷這個決策過程時​​您從該基地聽到了什麼，以及——轉向 8x8 平台時遇到的最大阻力是什麼？周圍的任何顏色都會有幫助。

Yeah, I think it's just been, so we're down to I think maybe around around 100 customers left to migrate and 5% -- it's only 5% of our revenue you guys can do to track it so it's coming down. Those last 5% not -- don't want to make the effort to move, not ready for it. Can we holding out for an extra price discount? Will you take me to a sports game if I promise to migrate? It could be any of those things, right?

是的，我認為就這樣了，所以我認為大概只剩下大約 100 個客戶需要遷移，這只占我們收入的 5%，你們可以追蹤它，所以它正在下降。最後 5% 的人不願意努力行動，還沒有做好準備。我們可以要求額外的價格折扣嗎？如果我答應移民，你會帶我去看運動比賽嗎？可能是上述任何一種東西，對嗎？

So I really, it, it's really just the dogs and cats that are at the end. We are and we'll get through this committed to migrating every single upgrading every single customer onto the 8x8 platform and the most interesting is once they're there, they're incredibly happy. They have a full portfolio of new and exciting products and they're buying those once they get there.

所以我真的，它，它真的只是在最後的狗和貓。我們致力於並將完成這項工作，將每個客戶的每個升級遷移到 8x8 平台上，最有趣的是，一旦他們到了那裡，他們會感到非常高興。他們擁有一系列令人興奮的新產品，一到那裡他們就會購買。

So it's really just the blocking and tackling of getting those last customers to move there and and don't over rotate on the 60% number. It just happens to be there's timing and pieces, etc. How to think about it, and so I think Kevin just wants to be really specific about it.

因此，這實際上只是阻止和解決讓最後的顧客轉移到那裡的問題，並且不要過度輪換 60% 的數字。只是剛好有時間和片段等等。如何去思考它，所以我認為凱文只是想對此非常具體。

And then just another one from me. I understand not wanting to divulge too much around the ROI of some of those accelerated investments next year, but I guess is there any specific growth opportunities that you've identified that you really want to go after? Is it just more generalized, hey, our foundations are in a better place we see, potential to drive more growth going forward. So we're going to tap into that.

接下來是我再說一個。我明白您不想過多透露明年某些加速投資的投資回報率，但我想您是否發現了一些您真正想要追求的特定成長機會？它是否只是更普遍的，嘿，我們看到我們的基礎處於更好的位置，有潛力推動未來更多的成長。所以我們要利用這一點。

Okay, so I don't know how to invest in number two that you listed. I don't do general investments across whatever, right? We invest on specific projects with specific defined outcomes. That's absolutely the case. I absolutely see opportunities in front of us to make those investments and get compelling ROI, which then drives future cash flows, and then go back to Michael's answer I gave a couple of minutes ago.

好的，所以我不知道如何投資您列出的第二個。我不會進行任何種類的一般投資，對嗎？我們投資於具有明確結果的特定項目。事實確實如此。我絕對看到了我們面前的機會，進行這些投資並獲得令人信服的投資回報率，從而推動未來的現金流，然後回到我幾分鐘前給出的邁克爾的回答。

Thank you so much and as I see no further questions, thank you. I will turn the call back to Samuel Wilson for final remarks.

非常感謝您，我沒有其他問題了，謝謝您。我將把電話轉回給塞繆爾·威爾遜，請他做最後的演講。

Thank you so much, operator, and thank you for a fantastic call today.

非常感謝您，接線員，感謝您今天的精彩通話。

In summary, the third quarter was a solid quarter for 8x8. While the market dynamics remains challenging, we continue to face headwinds as our transition a few customers to the 8x8 platform. Our focus on disciplined execution, strategic differentiation, operational excellence positions us well, exceptionally well for the future. We're committed to delivering value to our customers, our partners, our shareholders as we drive innovation. And transform business communications into intelligent customer experiences.

總而言之，第三季對於 8x8 來說是一個穩健的季度。雖然市場動態仍然充滿挑戰，但隨著我們將一些客戶轉向 8x8 平台，我們仍然面臨阻力。我們注重嚴格的執行、策略差異化和卓越的運營，這為我們的未來做好了充分的準備。我們致力於在推動創新的同時為我們的客戶、合作夥伴和股東創造價值。並將商業通訊轉變為智慧客戶體驗。

And lastly, thank you to you, the analysts who are on the call. Thank you to our investors and thank you to my employees. I love each and every one of you. Thank you for your continued support.

最後，感謝參加電話會議的分析師。感謝我們的投資者，感謝我的員工。我愛你們每一個人。感謝您一直以來的支持。

And thank you and with that we conclude today's conference call. Thank you all for participating and you may now disconnect.

謝謝大家，今天的電話會議到此結束。感謝大家的參與，現在可以斷開連線了。