8x8 Inc (EGHT) 2025 Q4 法說會逐字稿

Thank you for standing by, and welcome to 8x8's fourth-quarter and fiscal-year 2025 earnings conference call. (Operator Instructions)

感謝您的支持，歡迎參加 8x8 第四季和 2025 財年財報電話會議。（操作員指示）

I would now like to hand the call over to Kate Patterson, Vice President, Finance. Please go ahead.

現在我想把電話交給財務副總裁凱特·帕特森。請繼續。

Thank you. Good afternoon, everyone. Today's agenda will include a review of our results for the fourth quarter of fiscal 2025 with Samuel Wilson, our Chief Executive Officer, and Kevin Krause, 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 Krause 一起審查我們 2025 財年第四季的業績。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 our future financial performance, including investments and innovation and our focus on profitability and cash flow, as well as statements regarding our business, product, and growth strategies.

在我們開始之前，請允許我提醒您，我們今天的討論包括關於我們未來財務業績的前瞻性陳述，包括投資和創新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、產品和增長戰略的陳述。

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 report 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 obligations to update them.

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所述。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。

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. A reconciliation of these non-GAAP metrics to the closest comparable GAAP metric is provided in our earnings release and our earnings presentation slides, which are available on 8x8's Investor Relations website at investors.8x8.com.

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同比比較並非按照美國公認會計原則 (GAAP) 編制。我們的收益報告和收益簡報幻燈片中提供了這些非 GAAP 指標與最接近的可比較 GAAP 指標的對賬，這些對帳可在 8x8 的投資者關係網站 investors.8x8.com 上找到。

With that, I'll turn the call over to Samuel Wilson.

說完這些，我將把電話轉給塞繆爾威爾遜 (Samuel Wilson)。

Good afternoon, everyone. Thank you for joining us today to review our fourth quarter and full fiscal year 2025 performance. I want to express my deep appreciation to our global team, our customers, our partners, and our investors. This quarter reflects the grit, focus, and long-term thinking that defines 8x8 and gives me real confidence about where we're headed.

大家下午好。感謝您今天加入我們，回顧我們 2025 財年第四季和全年的業績。我要向我們的全球團隊、客戶、合作夥伴和投資者表達深深的感謝。本季體現了 8x8 的勇氣、專注和長遠思維，讓我對我們的發展方向充滿信心。

Before we get into the details of the quarter, I want to address a few of the broader market dynamics. While our opportunity remains large, the economic picture has shifted and recent tariff actions and global uncertainty have added more noise to an already complex environment. We're staying focused on what we can control, disciplined execution, platform innovation, and delivering outcomes that matter to our customers. Markets will ebb and flow, but what doesn't change is our commitment to building a durable, cash-generated business that creates long-term value, and that's exactly what we're doing.

在我們了解本季的細節之前，我想先談談一些更廣泛的市場動態。雖然我們的機會仍然很大，但經濟狀況已經發生了變化，最近的關稅行動和全球不確定性為本已複雜的環境增添了更多噪音。我們將繼續專注於我們能夠控制的事情、嚴格的執行、平台創新以及為我們的客戶提供重要的成果。市場會有起有落，但不變的是，我們致力於打造一個持久的、能夠產生現金流並創造長期價值的業務，而這正是我們正在做的事情。

We're not dismissing these challenges, but we've prepared for them. Our business model is built on resilience, and the results for the quarter reflect operational discipline, business quality, and the flexibility to keep investing where it counts. Our theme for today is simple. The flywheel is starting to turn.

我們並沒有忽視這些挑戰，但我們已經準備好了。我們的商業模式建立在韌性的基礎上，本季的業績反映了營運紀律、業務品質以及在重要領域繼續投資的靈活性。我們今天的主題很簡單。飛輪開始轉動。

After several years of foundational work, we are seeing real acceleration in our core 8x8 revenue, platform differentiation, and strategic execution. This momentum is visible in our numbers, in our innovation, and in the way our customers are responding. Let's walk through three key messages we believe define the fiscal fourth quarter and FY25 and why I'm confident we have a solid future.

經過幾年的基礎工作，我們的核心 8x8 收入、平台差異化和策略執行都得到了真正的加速。這種勢頭體現在我們的數位、創新以及客戶的反應方式。讓我們來回顧一下我們認為定義第四財季和 25 財年的三個關鍵訊息，以及我為何對我們擁有堅實的未來充滿信心。

As many of you know, we began a massive transformation of 8x8 in earnest in fiscal 2023 on the heels of our acquisition of Fuze. We had a clear plan: fix our financial model, invest in innovation, and retention, and deliver measurable CX outcomes for our customers. We took bold steps to set the stage. We began paying down debt to increase our financial flexibility, we rebranded the company, and completely rebuilt our go-to-market functions while continuing to invest in innovation.

眾所周知，在收購 Fuze 後，我們在 2023 財年開始對 8x8 進行大規模轉型。我們有一個明確的計劃：修復我們的財務模型，投資於創新和保留，並為我們的客戶提供可衡量的 CX 結果。我們採取了大膽的措施來做好準備。我們開始償還債務以增加我們的財務靈活性，我們重塑了公司品牌，並徹底重建了我們的行銷職能，同時繼續投資於創新。

Now, as we exit fiscal 2025, I am confident in saying we are starting to see the results of our GTM rebuild, which is not complete yet.

現在，隨著我們即將結束 2025 財年，我可以自信地說，我們開始看到 GTM 重建的成果，儘管重建尚未完成。

For the fourth quarter, year-over-year growth in 8x8 excluding revenue from all Fuze customers accelerated to 4.6% from 2.7% in Q3. This is the second consecutive quarter of improvement and marks our highest growth rate in 8x8 standalone service revenue in 10 quarters. We've also accelerated when looking at the entire fiscal year. For fiscal 2025, 8x8 service revenue grew 2.8% compared to growth of 1.8% in fiscal 2024.

第四季度，8x8（不包括來自所有 Fuze 客戶的營收）年增率從第三季的 2.7% 加速至 4.6%。這是連續第二季的改善，標誌著我們 8x8 獨立服務收入 10 個季度以來的最高成長率。從整個財政年度來看，我們也加快了腳步。2025 財年，8x8 服務收入成長 2.8%，而 2024 財年的成長率為 1.8%。

Lastly, as Kevin will discuss, the combined cash flow from operations for fiscal '24 and '25 is the highest two years ever at 8x8 and over half our market capitalization as of Friday. We have used the cash wisely, paying off debt and reinvesting in platform innovation that is driving today's growth.

最後，正如凱文將要討論的那樣，24 財年和 25 財年的綜合經營現金流是有史以來最高的兩年，達到 8x8，並且截至週五已超過我們市值的一半。我們明智地使用了現金，償還了債務並將其再投資於推動當今成長的平台創新。

Highlights for the fourth quarter include: continued rapid adoption of our communications APIs, also known as CPaaS.

第四季的亮點包括：我們的通訊 API（也稱為 CPaaS）繼續快速普及。

The number of interactions surged in the fourth quarter, driving solid growth. The number of customers with three or more products increased 13% year over year to more than 700 customers. This reflects increasing cross-sell to our install base, as well as landing more new logos with multiple products. Demonstrating this trend, 80% of our top 20 new logo customers and two-thirds of our top 20 add-on deals included both unified communications and contact centers.

第四季互動次數激增，推動了穩健的成長。擁有三種或三種以上產品的客戶數量較去年同期成長 13%，達到 700 多家。這反映了我們安裝基礎的交叉銷售不斷增加，以及透過多種產品獲得更多新標誌。為了證明這一趨勢，我們的前 20 名新標誌客戶中有 80% 和前 20 名附加交易中有三分之二都包括統一通訊和聯絡中心。

We saw strong momentum in sales of our Microsoft Teams integrations, with new license sales up 72% in the fourth quarter of 2024. The cumulative number of licenses sold into Teams environments grew 30% year over year, and now totals more than 550,000 seats.

我們看到 Microsoft Teams 整合的銷售勢頭強勁，2024 年第四季新授權銷售額成長了 72%。Teams 環境中銷售的許可證累計數量年增 30%，目前總數已超過 55 萬張。

We also continue to see sizable UC-only deals as customers migrate from legacy vendors, in particular Avaya, Mitel, and Cisco. We win these deals based on the strength of our unified platform. And the initial UCaaS deployment is typically the first phase of a multi-product adoption.

隨著客戶從傳統供應商（尤其是 Avaya、Mitel 和 Cisco）遷移，我們也持續看到大量僅限 UC 的交易。我們憑藉統一平台的優勢贏得了這些交易。初始 UCaaS 部署通常是多產品採用的第一階段。

Finally, we made substantial progress in upgrading customers from the Fuze service platform to 8x8. We expect to have all the customers fully off the Legacy Fuze platform by the end of the calendar year. I believe these are important signals, especially in the current uncertain environment. We still have a lot of work to do, but we are seeing a steady climb, not just isolated wins. That gives me confidence, as we look beyond our fiscal year 2026 into fiscal '27 and fiscal '28.

最後，我們在將客戶從Fuze服務平台升級到8x8方面取得了實質進展。我們預計到今年年底，所有客戶將完全脫離 Legacy Fuze 平台。我認為這些都是重要的訊號，尤其是在當前不確定的環境下。我們還有很多工作要做，但我們看到的是穩定上升，而不僅僅是孤立的勝利。這給了我信心，因為我們將目光投向了 2026 財年之後的 2027 財年和 2028 財年。

Our second key message this quarter is about innovation, specifically how we've added new AI-based capabilities across our platform, expanded our technology partner ecosystem, and improved usability and accessibility. In the quarter, we introduced a series of platform-level enhancements designed to solve systematic challenges in customer experience, employee efficiency, and digital transformation.

本季我們的第二個關鍵訊息是關於創新，特別是我們如何在整個平台上添加新的基於人工智慧的功能，擴展我們的技術合作夥伴生態系統，以及提高可用性和可訪問性。本季度，我們推出了一系列平台級增強功能，旨在解決客戶體驗、員工效率和數位轉型的系統性挑戰。

Before we go through the highlights, it makes sense to add the context of how the 8x8 platform for CX is differentiated and why it matters for customers. You already know that 8x8 was the first in the industry to deliver an integrated platform with contact center, unified communication, and communications APIs built into a single cloud-native solution.

在我們介紹重點之前，有必要先介紹一下 CX 的 8x8 平台有何不同以及它對客戶的重要性。您已經知道，8x8 是業界首家提供整合平台的公司，該平台將聯絡中心、統一通訊和通訊 API 內建於單一雲端原生解決方案中。

Agentic AI requires data quantity, quality, and context to deliver on its promise. 8x8's platform for CX delivers all three via the Customer Interaction Data Platform, or CIDP. CIDP captures, connects, and contextualizes interaction data across the organization and across channels. With fully AI-optimized data, customers are able to unlock the potential of an expanding portfolio of powerful AI capabilities, including intelligent routing, incentive analysis, live agent guidance, journey optimization, and a host of other capabilities available from 8x8 and our partners.

Agentic AI 需要數據數量、品質和背景來兌現其承諾。 8x8 的 CX 平台透過客戶互動資料平台 (CIDP) 提供這三個面向。CIDP 擷取、連結和關聯整個組織和跨通路的互動資料。借助完全 AI 優化的數據，客戶能夠釋放不斷擴展的強大 AI 功能組合的潛力，包括智慧路線、激勵分析、現場代理指導、旅程優化以及 8x8 和我們的合作夥伴提供的許多其他功能。

In early April, we showcased to our UK Customer Advisory Council and our global industry analysts how our unified platform and approach to data differentiated our solutions, and they were notably impressed. We heard comments like, quote, this feels like a company starting to go on offense, not just cleaning up from the past, and, quote, your biggest differentiator might be how you show up. There's a level of honesty and transparency we don't often see in this space.

4 月初，我們向英國客戶諮詢委員會和全球產業分析師展示了我們的統一平台和數據方法如何使我們的解決方案與眾不同，他們對此印象深刻。我們聽到這樣的評論，引用“這感覺就像一家公司開始進攻，而不僅僅是清理過去”，並引用“你最大的區別可能在於你如何出現”。我們在這個領域並不常見到如此程度的誠實和透明。

During these events, we showcased recent innovations, including platform-wide AI chat summarization and composed with AI capabilities. Advanced CX solutions that leverage the power of our platform, such as 8x8 JourneyIQ, which gives businesses real-time visibility into the customer journey, not just inside the contact center, but across every department and channel. And 8x8 AI Orchestrator, which connects communications flows using a GUI across systems, ensuring that transitions between bots, agents, and departments are seamless, smart, and contextual.

在這些活動中，我們展示了最新的創新，包括全平台的 AI 聊天摘要和 AI 功能撰寫。先進的 CX 解決方案利用我們平台的強大功能，例如 8x8 JourneyIQ，它使企業能夠即時了解客戶旅程，不僅在聯絡中心內部，而且在每個部門和管道。8x8 AI Orchestrator 使用跨系統的 GUI 連接通訊流，確保機器人、代理商和部門之間的轉換無縫、智慧且情境化。

Expanding an omnichannel, we became the first contact center provider to fully integrate Rich Communication Services, or RCS, business messaging, enabling rich, branded, two-way messaging for digital channels. I'm proud to say we are carrying traffic today, and I'm bullish on RCS.

透過擴展全通路，我們成為第一家全面整合富通訊服務 (RCS) 和業務訊息傳遞的聯絡中心供應商，為數位管道提供豐富的品牌雙向訊息傳遞功能。我很自豪地說，我們今天正在承載流量，我對 RCS 充滿信心。

We launched Apple Pay and Google Pay support via 8x8 Secure Pay, streamlining transactions and expanding self-service payment options. We also expanded our Technology Partner Ecosystem, or TPETs for short, to provide customers with best-in-breed from single-source solutions.

我們透過 8x8 Secure Pay 推出了 Apple Pay 和 Google Pay 支持，簡化了交易並擴展了自助支付選項。我們也擴展了我們的技術合作夥伴生態系統（簡稱 TPET），以便為客戶提供來自單一來源的最佳解決方案。

New integrations include call cabinets, to deliver industry-leading compliant call recording for regulated industries. Spinta, powering EHR-compliant patient engagement in healthcare. And lastly, Meltwater, allowing social media engagement to be routed, tracked, and resolved within the contact center.

新的整合包括呼叫櫃，為受監管行業提供業界領先的合規呼叫記錄。Spinta，為醫療保健領域符合 EHR 規範的患者參與提供支援。最後，Meltwater 允許在聯絡中心內路由、追蹤和解決社群媒體參與。

As with other TPETs partners, these solutions are deeply integrated with our platform and our customer interaction data layer to deliver complete solutions and specific outcomes. This allows the customers to punch above their weight and deliver tailored omnichannel customer experiences typically available only to the largest enterprises. Our platform strategy, continued innovation, and our focus on outcomes is clearly resonating with customers.

與其他 TPET 合作夥伴一樣，這些解決方案與我們的平台和客戶互動資料層深度集成，以提供完整的解決方案和具體成果。這使得客戶能夠超越自身能力，提供通常只有大型企業才能提供的客製化全通路客戶體驗。我們的平台策略、持續創新以及對成果的關注顯然引起了客戶的共鳴。

Let me highlight [AQMs], a prominent UK-based travel company who chose 8x8 platform for CX for its seamless communication and collaboration across the organization combined with the scalability and global reach to power their ambitious expansion plans. They are deploying 8x8 work, contact center, and voice for teams. A home-building products company where our success was driven by our compelling AI vision and the ability to consolidate multiple legacy systems. Our team delivered a tailored, impactful demonstration that showcased how 8x8 could simplify operations and deliver the features they needed.

讓我重點介紹一下 [AQMs]，這是一家著名的英國旅遊公司，該公司為 CX 選擇了 8x8 平台，因為它可以在整個組織內實現無縫溝通和協作，並具有可擴展性和全球影響力，從而為其雄心勃勃的擴張計劃提供支援。他們正在部署 8x8 工作、聯絡中心和團隊語音。這是一家家居建築產品公司，我們的成功源自於我們引人注目的人工智慧願景和整合多個遺留系統的能力。我們的團隊進行了量身定制的、有影響力的演示，展示了 8x8 如何簡化操作並提供他們所需的功能。

A leading UK-based mortgage lender where we demonstrated a foolproof solution that aligned closely with their strategic goals. We stood out from competitive solutions with a unified user experience and tangible cost benefits. Products included 8x8 Voice for Teams, 8x8 Contact Center with enhanced IVR.

我們向一家英國領先的抵押貸款機構展示了與其戰略目標緊密契合的萬無一失的解決方案。我們憑藉統一的使用者體驗和實際的成本效益在眾多競爭解決方案中脫穎而出。產品包括 8x8 Voice for Teams、具有增強型 IVR 的 8x8 Contact Center。

A US-based network of medical clinics, where we were able to demonstrate the integration of their EHR system with 8x8 Contact Center, an initiative that the competition was either unable or unwilling to support.

我們向美國醫療診所網路展示了其 EHR 系統與 8x8 聯絡中心的集成，而競爭對手無法或不願支持此舉措。

Each of these wins and other wins profiled in the earnings deck demonstrate the breadth of our solution. Perhaps most importantly, they showcase our consultative, partner-first approach to solving customer challenges and delivering outcomes.

收益報告中列出的每一項勝利以及其他勝利都證明了我們解決方案的廣度。或許最重要的是，它們展示了我們以諮詢、合作夥伴為先的方式解決客戶挑戰並取得成果。

The third and final key message is about the multiple transitions we are navigating in the uncertain economic environment. We believe these transitions are essential to position us for long-term, durable growth, profitability, and value creation.

第三個也是最後一個關鍵訊息是關於我們在不確定的經濟環境中經歷的多重轉變。我們相信，這些轉變對於我們實現長期、持久的成長、獲利和價值創造至關重要。

Let me touch on the largest of these initiatives. First, our go-to-market rebuild and channel evolution. After slashing costs in fiscal '23 and early fiscal 2024, we have rebuilt our go-to-market model around solution selling and partner enablement. This has required making changes in our sales organization and building innovative training and robust processes for accountability, and we're seeing performance improve.

讓我談談這些舉措中最大的一項。首先，我們的市場重建與通路發展。在 2023 財年和 2024 財年初期削減成本後，我們圍繞解決方案銷售和合作夥伴支持重建了我們的市場進入模式。這需要我們的銷售組織做出改變，並建立創新的培訓和強大的問責流程，我們看到績效的提升。

The next initiative is continuing to grow our enterprise business while maintaining our installed base of small business customers. We know our innovation strategy and focus on outcome resonates with small and medium-sized enterprises, and we are investing in targeted programs to reach new logos and expand our wallet share within existing customers. But this does not mean we are abandoning our installed base of small business customers. Investments expanding AI capabilities in 8x8 work and other UC feature releases along with resources dedicated to education and customer success all support this customer cohort.

下一個舉措是繼續發展我們的企業業務，同時維護我們的小型企業客戶群。我們知道，我們的創新策略和對成果的關注會引起中小型企業的共鳴，我們正在投資有針對性的計劃，以接觸新品牌並擴大現有客戶的錢包份額。但這並不代表我們要放棄現有的小型企業客戶群。對 8x8 工作和其他 UC 功能發布中擴展 AI 功能的投資以及專用於教育和客戶成功的資源都為此客戶群提供支援。

Finally, we continue to upgrade the Fuze customer base to 8x8 platforms. We recognize that not all of the remaining customers will make the transition, and we are being conservative in our estimates of the amount of revenue we will retain. Those that upgrade are exceptionally happy and have a net dollar retention rate above 100%. These transitions are not easy, but they're setting the stage for what comes next.

最後，我們持續將 Fuze 客戶群升級到 8x8 平台。我們認識到並非所有剩餘的客戶都會進行轉變，並且我們對將保留的收入金額的估計持保守態度。那些升級的客戶非常高興，淨美元保留率超過 100%。這些轉變並不容易，但它們為接下來的轉變奠定了基礎。

As we look forward, we remain realistic about the challenges ahead, but we are seeing signs of a tailwind. Our 8x8 business is growing, and our growth is accelerating. Again, growth is not a straight line, but we continue to believe that high single-digit revenue growth and double-digit operating margins are achievable in the next few years. Our innovation engine is delivering, and our own platform and new products are being adopted at scale.

展望未來，我們對於未來的挑戰依然保持現實態度，但我們已經看到了順風的跡象。我們的 8x8 業務正在成長，而且我們的成長速度正在加速。再次強調，成長並不是一條直線，但我們仍然相信，未來幾年可以實現高個位數的收入成長和兩位數的營業利潤率。我們的創新引擎正在發揮作用，我們自己的平台和新產品正在大規模採用。

And we are navigating through the current economic conditions while ensuring our GTM and financial foundations are stronger than they've been in years. Our guidance for fiscal '26 reflects the impacts of our decision to close down the Fuze platform and that impact lessens substantially in fiscal 2027. We believe that, with continued execution, we can achieve that high single-digit service revenue growth by fiscal 2028, and we believe we can improve each year between now and then.

我們正在應對當前的經濟形勢，同時確保我們的 GTM 和財務基礎比過去幾年更加強勁。我們對 26 財年的指導反映了我們關閉 Fuze 平台的決定的影響，而這種影響在 2027 財年將大幅減輕。我們相信，透過持續執行，我們可以在 2028 財年實現高個位數的服務收入成長，並且我們相信從現在到那時我們每年都能取得進步。

Thank you for your continued support. I will now turn the call over to Kevin to take you through a detailed financial performance.

感謝您一直以來的支持。現在我將把電話轉給凱文，讓他向大家介紹詳細的財務表現。

Thanks, Sam. Good afternoon, everyone, and thank you for joining us for our fiscal fourth quarter earnings call. As we wrap up fiscal 2025, I want to recognize our team's unwavering commitment to advancing our strategic priorities by improving operational efficiency generating strong cash flow and driving meaningful innovation.

謝謝，山姆。大家下午好，感謝大家參加我們的第四季財報電話會議。在我們結束 2025 財年之際，我想認識到我們的團隊堅定不移地致力於透過提高營運效率、產生強勁的現金流和推動有意義的創新來推進我們的戰略重點。

In Q4, we maintained focused execution, prudent cost management, and steady progress on platform innovation, all while navigating a challenging macroeconomic backdrop. The fourth quarter marked another period of solid performance, including a new record in communications platform usage revenue, strong profit margin, and another quarter of positive cash flow from operations following last quarter's record. Q4 marked our 17th straight quarter of positive operating cash flow and non-GAAP operating profit.

第四季度，我們在應對充滿挑戰的宏觀經濟背景的同時，保持了專注的執行、審慎的成本管理和平台創新的穩步進展。第四季標誌著公司業績再創佳績，包括通訊平台使用收入創下新高、利潤率強勁，以及繼上一季創下新高後，本季再次實現正營運現金流。第四季是我們連續第 17 季實現正營業現金流和非公認會計準則營業利潤。

We continued our thoughtful approach to debt reduction, making a $15 million term loan prepayment during Q4 and an additional $15 million payment in April during fiscal Q126. With these actions, we have now reduced the principal balance of our debt by over $209 million, or approximately 38% since the August 2022 peak.

我們繼續採取周到的措施來減少債務，在第四季度提前償還了 1500 萬美元的定期貸款，並在 2026 財年第一季的 4 月份額外償還了 1500 萬美元。透過這些行動，我們現在已經將債務本金餘額減少了 2.09 億美元，自 2022 年 8 月的高峰以來減少了約 38%。

Detailed results are available in our press release and trended financials on the Investor Relations site, but I'll walk through the key highlights. Unless otherwise noted, all figures, aside from revenue and cash flow, are on a non-GAAP basis.

詳細結果可在我們的新聞稿和投資者關係網站上的財務趨勢中找到，但我將介紹主要亮點。除非另有說明，否則除收入和現金流之外的所有數據均基於非 GAAP 基礎。

Total revenue was $177 million, near the midpoint of our guidance range. Service revenue totaled $171.6 million, also near the midpoint of guidance. Our service revenue, excluding Fuze, grew year over year. This growth was offset by the anticipated decline in revenue from Legacy Fuze customers. Importantly, we made significant progress in upgrading these customers to the 8x8 platform, reducing the remaining revenue on the Fuze platform to under 5% of service revenue, down from approximately 11% in Q4 '24.

總收入為 1.77 億美元，接近我們指引範圍的中點。服務收入總計 1.716 億美元，也接近預期中位數。我們的服務收入（不包括 Fuze）較去年同期成長。這一成長被預期的 Legacy Fuze 客戶收入下降所抵消。重要的是，我們在將這些客戶升級到 8x8 平台方面取得了重大進展，將 Fuze 平台上的剩餘收入減少到服務收入的 5% 以下，低於 24 年第四季的約 11%。

The pace of these upgrades has accelerated over the past few months, and we remain on track to complete the transition by the end of calendar year 2025. This will further simplify our operations and enhance customer engagement. These results underscore the resilience of our core business even as we address the Fuze-related headwinds.

過去幾個月，這些升級的步伐加快了，我們仍有望在 2025 年底前完成過渡。這將進一步簡化我們的營運並增強客戶參與度。即使我們解決了與 Fuze 相關的不利因素，這些結果也凸顯了我們核心業務的韌性。

Gross margin for the quarter was 69% at the low end of our guidance range. This was driven by revenue mix as lower margin platform usage revenue grew to approximately 13.5% of total revenue, up both sequentially and year over year. The gross margin of our underlying subscription business remained healthy and consistent with prior quarters.

本季毛利率為 69%，位於我們預期範圍的低端。這是由收入組合推動的，因為利潤率較低的平台使用收入增長至總收入的約 13.5%，環比和同比增長。我們的基礎訂閱業務的毛利率保持健康並與前幾季保持一致。

Our total operating expenses remained in line with prior periods, reflecting our continued approach to responsible cost management. As a result, we delivered 10% operating margin at the high end of our guidance range.

我們的總營運費用與前期保持一致，反映了我們持續採取負責任的成本管理方法。因此，我們實現了 10% 的營業利潤率，處於指導範圍的高端。

We also made meaningful progress on GAAP's profitability, marking our third consecutive quarter of GAAP operating income, an important milestone. Stock-based compensation declined to 4.6% of total revenue, a multi-year low, down over $22 million year over year and nearly $50 million, or 55%, over two years, reflecting our shift to primarily cash-based compensation for most employees, which is captured in our non-GAAP operating income.

我們還在 GAAP 盈利能力方面取得了有意義的進展，標誌著我們連續第三個季度實現 GAAP 營業收入，這是一個重要的里程碑。股票薪酬佔總收入的比例下降至 4.6%，為多年來的最低水平，年減超過 2,200 萬美元，兩年內下降近 5,000 萬美元，即 55%，這反映了我們對大多數員工的薪酬主要轉向現金型，這體現在我們的非公認會計準則營業收入中。

Turning to the balance sheet, we ended Q4 with $89.3 million in cash, cash equivalents, and restricted cash, down approximately $15 million sequentially due to the term loan prepayment made in the quarter. The Q4 balance sheet reflects $11.6 million in current term loan liabilities, net of unamortized discounts, and issuance costs, corresponding to $12 million in principal payments due over the next 12 months.

談到資產負債表，我們在第四季結束時擁有 8,930 萬美元的現金、現金等價物和受限現金，由於本季提前償還定期貸款，環比下降約 1,500 萬美元。第四季資產負債表顯示，目前定期貸款負債為 1,160 萬美元（扣除未攤銷折扣和發行成本），相當於未來 12 個月到期的 1,200 萬美元本金支付。

Following our $15 million prepayment in April, we have no remaining short-term debt obligations for fiscal year 2026, with the next scheduled quarterly payment due on June 30, 2026.

繼 4 月預付 1,500 萬美元後，我們在 2026 財年不再有短期債務，下一季付款將於 2026 年 6 月 30 日到期。

Our net debt to trailing 12-month EBITDA ratio was approximately 2.7 times down from over 6 times in fiscal Q2 '23, enhancing our financial flexibility for strategic execution.

我們的淨債務與過去 12 個月 EBITDA 的比率約為 2.7 倍，低於 23 財年第二季的 6 倍以上，增強了我們策略執行的財務彈性。

We also reported stockholders' equity growth for the fourth consecutive quarter, underscoring steady progress in strengthening our capital position. Our remaining performance obligation ended at $780 million, up approximately 1% year over year reflecting the strength of our multi-year contractual commitments and a healthy recurring revenue base.

我們也報告股東權益連續第四個季度成長，凸顯了我們在加強資本狀況方面取得的穩定進展。我們剩餘的履約義務最終為 7.8 億美元，年增約 1%，反映了我們多年合約承諾的強勁和健康的經常性收入基礎。

We generated $5.9 million in operating cash flow in Q4, building on a record Q3 and bringing full-year cash flow to $63.6 million, within the $61 million to $65 million range provided last quarter.

我們在第四季度產生了 590 萬美元的營運現金流，在創紀錄的第三季度的基礎上，使全年現金流達到 6,360 萬美元，處於上一季提供的 6,100 萬美元至 6,500 萬美元的範圍內。

Over the past two years, we've generated more than $142 million in operating cash flow, highlighting the strength of our business model and our ability to fund strategic investments while evolving into a solutions-based CX platform. While cash flow may fluctuate due to seasonality, investment timing, and other factors, we remain committed to disciplined capital management in support of long-term growth and shareholder value.

在過去兩年中，我們創造了超過 1.42 億美元的營運現金流，突顯了我們商業模式的實力以及我們在發展成為基於解決方案的 CX 平台的同時為戰略投資提供資金的能力。雖然現金流可能會因季節性、投資時機和其他因素而波動，但我們仍然致力於嚴格的資本管理，以支持長期成長和股東價值。

We continue to invest in simplifying how customers and partners engage with 8x8, enhancing our direct, channel, and digital go-to-market strategies and strengthening our technology ecosystem through advanced AI integration. With a focus on mid-market and enterprise customers, we're equipping our sales teams with new enablement tools and training, while expanding our use of AI and automation across both front and back office functions to drive productivity and efficiency. These investments are central to unlocking long-term operating leverage, enabling scalable engagement, reducing our cost base, and supporting sustained revenue growth and profitability.

我們將繼續投資簡化客戶和合作夥伴與 8x8 的互動方式，增強我們的直接、通路和數位上市策略，並透過先進的 AI 整合加強我們的技術生態系統。我們專注於中端市場和企業客戶，為銷售團隊配備新的支援工具和培訓，同時擴大前台和後台職能中人工智慧和自動化的使用，以提高生產力和效率。這些投資對於釋放長期營運槓桿、實現可擴展的參與、降低成本基礎以及支持持續的收入成長和獲利能力至關重要。

As we fund these growth initiatives, we expect some near-term pressure on non-GAAP operating margin. However, with over $60 million of debt retired in fiscal '25 and an additional $15 million prepaid in April, our quarterly interest burden has meaningfully declined. As a result, we expect non-GAAP net income to remain stable, even with modest margin compression, supporting consistent bottom-line performance while positioning the business for long-term growth.

當我們為這些成長計畫提供資金時，我們預期非公認會計準則營業利潤率近期將面臨一些壓力。然而，由於 25 財年償還了超過 6,000 萬美元的債務，而 4 月又預付了 1,500 萬美元，我們的季度利息負擔已顯著下降。因此，我們預期非公認會計準則淨收入將保持穩定，即使利潤率略有壓縮，也能支持持續的底線業績，同時為業務的長期成長做好準備。

We continue to manage our cost structure with a focus on efficiency, aiming to balance stability with support for growth and innovation. Our target expense mix is roughly 14% to 15% of revenue for R&D, 33% to 35% for sales and marketing, and around 10% for G&A. At the same time, we maintain flexibility to adapt spending as needed, an important advantage in today's uncertain macro environment.

我們繼續以效率為重點管理我們的成本結構，旨在平衡穩定性與對成長和創新的支援。我們的目標支出結構是，研發費用約佔收入的 14% 至 15%，銷售和行銷費用約佔收入的 33% 至 35%，一般及行政費用約佔 10%。同時，我們保持靈活性，根據需要調整支出，這在當今不確定的宏觀環境中是一個重要的優勢。

For fiscal Q1 '26, we are guiding as follows. Service revenue between $170 million and $175 million, total revenue between $175 million and $182 million, and non-GAAP operating margin between 9% and 9.5%.

對於 26 財年第一季度，我們的指導如下。服務收入介於 1.7 億美元至 1.75 億美元之間，總收入在 1.75 億美元至 1.82 億美元之間，非 GAAP 營業利潤率在 9% 至 9.5% 之間。

In fiscal Q1 '26, We expect interest expense, including amortization of debt issuance costs, to be approximately $4.9 million, based on current interest rates and our outstanding debt balance.

在 2026 財年第一季度，根據當前利率和未償還債務餘額，我們預計利息支出（包括債務發行成本攤提）約為 490 萬美元。

Cash interest paid is projected to be around $2.6 million, as the semi-annual interest on our 2028 convertible note is not payable during the quarter.

預計支付的現金利息約為 260 萬美元，因為我們的 2028 年可轉換票據的半年利息在本季度無需支付。

Our term loan interest rate assumption remains at approximately 7.3%, reflecting SOFR plus 3%. We anticipate fully diluted non-GAAP earnings per share in the range of $0.07 to $0.09 and operating cash flow between $5 million and $6 million.

我們的定期貸款利率假設仍為 7.3% 左右，反映 SOFR 加 3%。我們預計完全稀釋非公認會計準則每股收益在 0.07 美元至 0.09 美元之間，經營現金流在 500 萬美元至 600 萬美元之間。

For fiscal year 2026, our guidance reflects the range of potential outcomes given ongoing macroeconomic uncertainty and FX volatility, especially with about one-third of our revenue generated outside the US.

對於 2026 財年，我們的指引反映了持續的宏觀經濟不確定性和外匯波動所帶來的一系列潛在結果，尤其是考慮到我們約三分之一的收入來自美國以外。

For the full fiscal year 2026, we are guiding as follows. Service revenue is expected to be between $682 million and $702 million. Total revenue is expected to be between $702 million and $724 million. Full-year operating margin is projected between 9% and 10%, translating to non-GAAP operating income of approximately $67.5 million at the midpoint of our full-year revenue and operating margin guidance.

對於整個 2026 財年，我們做出以下指導。服務收入預計在 6.82 億美元至 7.02 億美元之間。預計總收入在 7.02 億美元至 7.24 億美元之間。預計全年營業利潤率在 9% 至 10% 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 6,750 萬美元。

As I noted earlier, even with a year-over-year stepdown in operating margin, we expect our non-GAAP net income to remain relatively stable with fiscal 2025, given the expected reduction in interest expense. We expect fully diluted non-GAAP earnings per share to be in the range of $0.34 to $0.37 for the year, assuming approximately 144 million average diluted shares outstanding. And we anticipate cash flow from operations to be between $40 million and $50 million for the full year.

正如我之前提到的，即使營業利潤率同比下降，考慮到預期利息支出的減少，我們預計到 2025 財年我們的非 GAAP 淨收入將保持相對穩定。我們預計，全年完全稀釋非公認會計準則每股收益將在 0.34 美元至 0.37 美元之間，假設平均稀釋流通股數約為 1.44 億股。我們預計全年經營現金流將在 4,000 萬至 5,000 萬美元之間。

To close, I want to thank our employees for their ongoing dedication and execution. Fiscal 2025 was a year of meaningful progress, tightening our operating model, delivering consistent profitability, and strengthening our foundation for growth. As we enter fiscal 2026, our priorities remain clear. Focused execution, invest in scalable innovation, and continue delivering value for our customers and shareholders.

最後，我要感謝我們的員工一直以來的奉獻與執行。2025 財年是取得重大進展的一年，我們完善了營運模式，實現了持續獲利，並鞏固了成長基礎。當我們進入 2026 財年時，我們的優先事項依然明確。專注執行，投資可擴展創新，並持續為我們的客戶和股東提供價值。

With that, I'll turn it over for Q&A.

有了這些，我將把它轉交給問答環節。

(Operator Instructions) Peter Levine, Evercore.

（操作員指示） Peter Levine，Evercore。

Great. Thank you for taking my question. You know, maybe can you share with us what you're hearing from your field reps, from your partners in terms of the macro impact? Is it sales cycles, is it just a delay in spending? Maybe, just give us a little bit more color in what you're seeing and hearing from the macro side.

偉大的。感謝您回答我的問題。您能不能跟我們分享一下您從現場代表和合作夥伴那裡聽到的有關宏觀影響的信息？這是銷售週期嗎？還是僅僅是支出的延遲？也許，您能從宏觀角度給我們多一點介紹一下您所看到和聽到的情況。

Sure, Peter. I'm Sam. And thanks for the question. Look, I'll give you a little bit of a play-by-play, right? So in March, as the tariff stuff in April was really taking off, we noticed in the US a, for lack of a better word, a bit of chaos. Some was elongated deal cycles, some was shrinking of deal size, depending on the urgency around the need to switch. So if you were to end a contract with an on-prem provider and those kinds of things, you did a deal, but you might have done smaller than you originally wanted or you broke it up into more phases and those kinds of things.

當然，彼得。我是薩姆。感謝您的提問。瞧，我會給你一點詳細的解說，對吧？因此，在三月份，隨著四月份關稅問題的真正開始，我們注意到美國出現了一些混亂的情況，用更貼切的詞彙來形容。有些是延長交易週期，有些是縮小交易規模，這取決於轉換需求的迫切性。因此，如果您要終止與內部部署提供者的合約等，您就達成了交易，但您可能做得比最初想要的要小，或者您將其分成更多階段等。

As this quarter's been rolling out, so April was a little bit of all over the place and May's been a little calmer. I don't know how you guys feel on the equity market side of the house, but it's just been a little calmer in the old US technology side of the house.

隨著本季的展開，四月的情況有點混亂，而五月則稍微平靜一些。我不知道你們對股市有何感受，但美國老牌科技市場現在稍微平靜了一些。

In terms of the rest of the world, I don't know. They just ignore us. I mean, it seems like internal to us, it felt like at least to me two different markets. There was the US and the rest of the world. And the rest of the world was chugging along.

至於世界其他地方的情況，我不知道。他們只是忽視我們。我的意思是，這對我們來說似乎是內部的，至少對我來說感覺像是兩個不同的市場。有美國，也有世界其他國家。世界其他地區也在穩步前進。

Perfect. And then, maybe, can you clarify, I know there's a lot going on with the changes to the go to market. You said there's still some that needs to be addressed, or you're still working through a few other changes. Maybe just walk us through what remains in terms of your go to market?

完美的。然後，也許，您能否澄清一下，我知道市場上發生了很多變化。您說還有一些問題需要解決，或者您仍在努力進行其他一些變革。也許您可以向我們介紹一下您在進入市場方面還有哪些剩餘工作要做？

And then, maybe just, Kevin, real quick, can you give us, like, an adjusted service revenue growth for fiscal '26, excluding the views? Thank you.

然後，凱文，您能否快速地告訴我們，26 財年的調整後服務收入成長（不包括觀點）？謝謝。

Okay. So, you know, Peter, it's a work in progress. So we took a company that focused basically 100% of its business four years ago in the notion of, buy what you're buying today in the cloud to buy a solution and an outcome around customer engagement from us. And so that's required a complete rebuild of the sales and marketing engine. You'll notice it in our rebrand, you'll notice it in how we structure our sales organization, all those kinds of things.

好的。所以，彼得，你知道，這是一項正在進行的工作。因此，我們選擇了一家四年前基本上 100% 專注於業務的公司，即在雲端購買您今天所購買的東西，以從我們這裡購買解決方案和圍繞客戶參與的成果。因此，這需要徹底重建銷售和行銷引擎。您會在我們的品牌重塑中註意到這一點，您會在我們的銷售組織結構中註意到這一點，諸如此類的事情。

A lot of the heavy reorganization work's been done. With the work at SKO this year, we've launched our new sales processes and things around more solution selling and outcome-based selling. And now it's just a matter of fine-tuning the engine. I would say we're 60, 70% of the way through that. But it takes a while, because you know the deal cycles, right? They're nine months.

大量繁重的重組工作已經完成。透過今年在 SKO 的工作，我們推出了新的銷售流程以及更多圍繞解決方案銷售和基於結果的銷售的銷售。現在只需對引擎進行微調。我想說我們已經完成了 60% 到 70%。但這需要一段時間，因為您知道交易週期，對嗎？他們九個月了。

So as we launch these things, we get to sort of see seven, eight, nine months later to see how well they've taken, how it's working, and so I think that's a lot of fine-tuning that I would expect over the next year.

因此，當我們推出這些產品時，我們可以在七、八、九個月後觀察它們的反應如何、運作如何，所以我認為我預計明年會進行大量的微調。

Yeah. And Peter, in terms of the revenue growth excluding Fuze. So Sam mentioned in the script also, it was 4.6% year over year, and it's an increase from the growth from Q3. So we're a positive grower excluding the Fuze business.

是的。彼得，就不包括 Fuze 的收入成長而言。因此，Sam 在腳本中也提到，年增 4.6%，並且比第三季的成長增加。因此，除了 Fuze 業務之外，我們還是一個積極的成長者。

He also wanted fiscal year, which is what I gave you.

他還想要一個財政年度，這就是我給你的。

3%-ish?

3%左右？

Yeah, 2.9%. I think he's asking for next year, though. Yeah, he's asking actually. That's all nice. He could have gotten that out of the script. He really wants to know what you're forecasting for next year.

是的，2.9%。不過，我認為他要求的是明年。是的，他確實在問。一切都很好。他本來可以從劇本中刪掉這一點。他確實想知道你對明年的預測。

Got it, got it. My mistake, Peter. Yeah, I don't have the number handy, but it would be a positive growth rate. The headwinds go away next year.. So we should have a positive number again.

明白了，明白了。我的錯，彼得。是的，我手頭上沒有具體數字，但這將是一個正增長率。明年逆風將會消失。所以我們應該再得到一個正數。

Great. Thank you, guys, for taking my question.

偉大的。謝謝你們回答我的問題。

Siti Panigrahi, Mizuho.

瑞穗的 Siti Panigrahi。

Hi. Can you hear me?

你好。你聽得到我嗎？

Yes, we can.

是的，我們可以。

All right. Great. So just wanted to follow up on your growth for next year and year after. You talk about even driving to high single-digit growth. How much of that mostly driven by the go-to-market changes you are planning to do versus customer demand environment, like customer started spending? Because the reason I am asking is we are hearing from some of your peers about growth acceleration, mostly in the CCaaS and UCaaS space. So I would love to hear your assumptions on that growth reacceleration.

好的。偉大的。所以只是想關注你明年和後年的成長。您甚至談到要推動高個位數成長。其中有多少主要是由您計劃進行的市場變革與客戶需求環境（例如客戶開始消費）所驅動？因為我問這個問題的原因是我們聽到一些同儕談到成長加速，主要是在 CCaaS 和 UCaaS 領域。所以我很想聽聽您對成長再加速的看法。

So I don't think it has anything to do with the market. We never really forecast the market's going to substantially change its growth rate. We generally forecast whatever the most recent, you know, third-party analyst estimates are for the growth rate for the market.

所以我認為這與市場無關。我們從未真正預測市場將大幅改變其成長率。我們通常會根據第三方分析師對市場成長率的最新估計進行預測。

We really base it on the fact that we've got, you know, as we said in the script, significant increase in the number of multi-product customers. So over half of our subscription revenue is now with customers with two-plus products, and we see a better retention rate with those. So that'll flow through the model.

我們確實基於這樣的事實：正如我們在腳本中所說的那樣，多產品客戶的數量顯著增加。因此，我們現在超過一半的訂閱收入來自擁有兩款以上產品的客戶，而且我們看到這些產品的留存率更高。所以這將貫穿整個模型。

We're continuing to sell our new products. That flows through the model. We've continued to expand our distribution. That flows through the model. And we're restructuring and improving our performance of our GTM spending. So that'll flow through the model.

我們將繼續銷售我們的新產品。這貫穿整個模型。我們繼續擴大我們的分銷範圍。這貫穿整個模型。我們正在重組並改善 GTM 支出的績效。所以這將貫穿整個模型。

So really, our growth rate, I would say, I use the term loosely inside the company, is inside our four walls, not outside our four walls.

所以實際上，我想說，我們的成長率（我在公司內部使用這個術語比較廣泛）是在我們的內部，而不是在外部。

Okay. And then, Kevin, I look at your guidance for cash flow. And I understand some of the investments you are doing, but if I see the margin contraction versus cash, operating cash flow contraction seems to be a bit more. Could you walk us through, like, what's your jumps and how should we think about the cash flow part of the business for fiscal '26?

好的。然後，凱文，我看一下你對現金流的指導。我了解您正在進行的一些投資，但如果我看到利潤率相對於現金的收縮，那麼經營現金流的收縮似乎要大一些。您能否向我們介紹一下，例如，您的目標是什麼，以及我們應該如何看待 26 財年業務的現金流量部分？

Yeah. So look, I gave a $10 million range on that guide. We are making the investments that we've been talking about here on the call. These are good investments in growth and so forth. And our focus also is on the ability to keep our net income flat and stable with previous periods. So I think it's just a function of the investment, maybe a touch of -- you know, I'm not going out on a limb on the forecast for the cash flow guide. But we're comfortably generating a good amount of cash flow for next year. So it's kind of a measured approach to the guide on that.

是的。所以你看，我在該指南中給了 1000 萬美元的範圍。我們正在進行電話會議上討論的投資。這些都是對成長等有益的投資。我們的重點還在於保持淨收入與前期持平且穩定。所以我認為這只是投資的一個功能，也許有點——你知道，我不會冒險預測現金流指南。但我們可以輕鬆地為明年產生大量現金流。因此，這是對該指南的一種謹慎態度。

Okay, great. Thank you.

好的，太好了。謝謝。

Catharine Trebnick, Rosenblatt Securities.

羅森布拉特證券公司的 Catharine Trebnick。

Yeah, thanks for taking my question. Two questions, Sam. You've really been focused on the product, so on the CCaaS piece of the business, why are you winning and then what specific piece of your product is driving those wins? Thanks.

是的，感謝您回答我的問題。有兩個問題，山姆。您確實一直專注於產品，那麼在 CCaaS 業務方面，您為什麼會成功，以及您的產品的哪個具體部分推動了這些成功？謝謝。

And then the follow-on is, looks like from the deck you did a really good job in the UK landing a lot of customers. You also have a lot of VARs and resellers in the APAC region, and what's the status of how CCaaS is doing in that region? Thank you.

接下來的問題是，從示範來看，你們在英國做得非常好，吸引了許多客戶。您在亞太地區也有很多加值轉售商和經銷商，CCaaS 在該地區的經營狀況如何？謝謝。

All right, multi-headed beast there, Catharine. So let me ask, why do we win in contact? I would say, first and foremost, we have a complete solution, And if I summarize it in one sentence, it's you can get best-in-breed technology from a single vendor.

好的，那是多頭野獸，凱瑟琳。那我想問一下，為什麼我們在接觸中獲勝？我想說，首先，我們有一個完整的解決方案，如果我用一句話來總結，那就是您可以從單一供應商那裡獲得最佳技術。

So with a combination of our contact center plus our technology partner ecosystem, we're bringing out a Gartner Magic Quadrant player in contact center and workflow. We've got add-ons from companies like Cognigy and Verint and Calabrio and PCI Pal, et cetera. And we wrap it all in bundles that achieve customer outcomes.

因此，透過結合我們的聯絡中心和技術合作夥伴生態系統，我們在聯絡中心和工作流程領域推出了 Gartner 魔力像限參與者。我們獲得了 Cognigy、Verint、Calabrio、PCI Pal 等公司的附加組件。我們將所有一切打包起來以實現客戶成果。

And for our core market, of mid-market enterprise and above, that is a really powerful message. We don't have a lot of developers. They don't want to spend a fortune on a systems integration contract. They just want to go to a single vendor and buy it, one throat to choke, but they're not willing to give up the fact they want great performance from their products, and we give them the best of both worlds. One throat to choke, one integrated platform, native-feeling integrations, and a compelling commercial offer to put it all together and have us deliver it and beautiful professional services on top of it.

對於我們的核心市場，即中型企業及以上市場來說，這是一個非常強烈的訊息。我們沒有很多開發人員。他們不想在系統整合合約上花費太多。他們只想去一個供應商那裡購買產品，就像堵住一個喉嚨一樣，但他們又不願意放棄希望產品具有出色性能這一事實，而我們為他們提供了兩全其美的解決方案。一個扼殺的喉嚨，一個集成的平台，本地感覺的集成，以及一個引人注目的商業報價，將所有這些整合在一起，讓我們交付它，並在其基礎上提供美麗的專業服務。

Okay. Yes, the UK did great last quarter. We've got some new sales leadership there that's doing fantastic. We've improved our execution there. And as always, I'm really proud of our UK operations. We've been in the market since 2013 and continue to do exceptionally well in that market. It carries a higher retention rate and kind of higher conversion rates than we get in the US. And I just -- huge shout out and credit to the UK team.

好的。是的，英國上個季度表現很好。我們有一些新的銷售領導，他們的表現非常出色。我們已經改進了那裡的執行力。像往常一樣，我為我們在英國的業務感到非常自豪。我們自 2013 年起就進入該市場，並且繼續在該市場表現出色。與美國相比，它的保留率和轉換率更高。我只是——向英國隊致以崇高的敬意和讚揚。

All right, I saved the best for last. The CCaaS team killed it again last quarter. They continue to do fantastic. Communications APIs, or platform APIs, continue to be a high-growth business for us relative to everything else. And we continue to invest in there and expand it.

好吧，我把最好的留到最後。CCaaS 團隊上個季度再次取得成功。他們繼續表現出色。與其他業務相比，通訊 API 或平台 API 對我們來說仍然是一項高成長業務。我們將繼續在那裡投資並擴大其規模。

Big believer in CCaaS. We continue to see it as a core part of our business. And as we like to say, we're not a UC company, we're not a CC company, we're not a CCaaS company. We're a business communications company, because one of our strongest advantages overall in the marketplace is that we offer all those technologies under one rule of fully integrated.

CCaaS 的忠實信徒。我們繼續將其視為我們業務的核心部分。正如我們所說，我們不是一家 UC 公司，我們不是 CC 公司，我們也不是一家 CCaaS 公司。我們是一家商業通訊公司，因為我們在市場上最強大的優勢之一是我們在完全整合的規則下提供所有這些技術。

All right, thanks.

好的，謝謝。

Catharine, can I do a cheat on you here? Can I expand the question slightly?

凱瑟琳，我可以在這裡欺騙你嗎？我可以稍微擴充一下這個問題嗎？

Yeah, you can.

是的，你可以。

And we were the first contact center company to announce RCS integrated with the contact centers. So we have two-way RCS traffic currently being carried right now, in real time, and I'm super proud of that, because I think it shows when someone invests in buying our products, they're investing in that journey and that vision of where we're going and that's just a prime example.

我們是第一家宣布將 RCS 與聯絡中心整合的聯絡中心公司。因此，我們現在可以即時傳輸雙向 RCS 流量，我對此感到非常自豪，因為我認為這表明，當有人投資購買我們的產品時，他們就是在投資這一旅程以及我們前進方向的願景，這只是一個典型的例子。

So thanks for giving me the freebie to call that out.

所以謝謝你給我免費的機會來解決這個問題。

Yeah. Oh well, thanks.

是的。哦，好吧，謝謝。

Michael Funk, Bank of America.

美國銀行的麥可‧芬克。

Great, yeah. Thank you for the question. Sam, Kevin, great to talk to you, guys, again.

太好了，是的。謝謝你的提問。山姆、凱文，很高興能再次與你們交談。

I want to go back to the comment about high single-digit revenue growth by fiscal year 2028. I'm trying to tie that back to this year, right? If the use is less than 5% of revenue, that's baked into the full revenue guide for the year and the sunsetting by year end. But then off of that, what takes you to the high small-digit revenue growth?

我想回到關於到 2028 財年實現高個位數收入成長的評論。我試圖將其與今年聯繫起來，對嗎？如果使用量低於收入的 5%，那麼這將被納入當年的完整收入指南中，並在年底前停止使用。但是除此之外，是什麼使您實現了小位數的高收入成長？

I mean, is it an increase in seat count at customers? Is it larger wallet share? Are you assuming stable and increasing pricing? Just trying to figure out what takes that customer's spend or the revenue growth to the highest single-digit even once these rolls off by year-end, assuming you transit some of those over.

我的意思是，顧客座位數會增加嗎？錢包佔比更大嗎？您是否認為價格穩定且上漲？只是想弄清楚，即使到年底這些支出或收入成長已經結束，是什麼讓客戶的支出或收入成長達到最高的個位數，假設你已經轉移了其中一些。

All right, I'm going to give you the strategic overview. And I will let Kevin give you any follow-on details that he sees fit.

好的，我將向你提供戰略概述。我會讓凱文向您提供他認為合適的任何後續細節。

All right, so as we roll this year, so fiscal '25 that we just finished and fiscal '26, we'll have the headwinds of Fuze. So -- and that actually rolls into fiscal '27. So it's less of a headwind, but as we roll off the last customers, et cetera, right?

好的，隨著我們今年的進展，我們剛結束的 25 財年和 26 財年，我們將面臨 Fuze 的逆風。所以 — — 這其實會延續到 27 財年。因此，這不是什麼逆風，但隨著我們送走最後一批客戶等等，對嗎？

So core business, we're growing 4.6%, is that what it is? 4.8%? I forget.

那麼核心業務，我們成長了 4.6%，是這樣的嗎？4.8%？我忘了。

4.6%.

4.6%。

I forgot the number. 4.6%, core business, that starts to shine through and so we -- and that's been accelerating as new products and those things take hold and lift that business up. So once we get Fuze out of the way, that'll add -- and the new products continue to mature, that continues to grow.

我忘了具體數字。 4.6%，核心業務，開始顯現光芒，因此我們 — — 而且隨著新產品和那些東西的推出和業務的提升，這一增長一直在加速。因此，一旦我們解決了 Fuze 的問題，它就會不斷增加——並且新產品會不斷成熟，它也會不斷增長。

You were asking a question about wallets, et cetera. As we roll out more and more new products, and I think we're going to reach a crossover point here shortly, well, we've already reached a crossover point where two-plus product customers are over half our subscription revenue, we're going to reach a crossover point probably sometime in the next three or four quarters where three-plus product customers surpass one-product customers.

您問的是有關錢包等等的問題。隨著我們推出越來越多的新產品，我認為我們很快就會達到一個交叉點，我們已經達到了一個交叉點，兩個以上產品的客戶占我們訂閱收入的一半以上，我們可能會在未來三到四個季度的某個時候達到一個交叉點，三個以上產品的客戶將超過一個產品的客戶。

And we do see a substantially higher renewal rate and retention rate when we do that. And so those things start to lift. And as you know, in these SaaS business models, Michael, it takes a little while to get that to shine all the way through. So we get Fuzed out of the way. We get the core business continuing to show a higher sustained retention rate. We continue to land new business and grow -- our new business is greater than our churn. And so that will continue to make the pool grow bigger and eventually the math sort of works out to high-single digits.

當我們這樣做時，我們確實看到了更高的續約率和保留率。於是這些事情開始好轉。如你所知，邁克爾，在這些 SaaS 商業模式中，需要花一點時間才能讓它完全發揮作用。所以我們要讓 Fuzed 離開。我們的核心業務繼續顯示出更高的持續保留率。我們繼續開拓新業務並不斷發展—我們的新業務大於我們的流失業務。這樣，這個池子就會越來越大，最後計算結果就會達到高個位數。

And one thing I would add on top of what Sam said is we also have this rapidly growing usage-based business on top of all that recurring revenue. It can inflect very quickly than it has, and so, that contributes to the growth rates we expect in the future.

除了 Sam 所說的之外，我還要補充一點，除了所有經常性收入之外，我們還有這項基於使用情況的快速成長的業務。它可以比以前更快地發生變化，因此，這有助於我們預期未來的成長率。

Thank you both. One more quickly if I could.

謝謝你們兩位。如果可以的話，我再快一點。

So, Sam, you made a lot of progress on the balance sheet, on the expense structure, including stock-based comp. I know you mentioned go-to-market among other things, but where has your focus shifted now that you've made it through those first priorities on your list? What's top of your list week to week?

所以，薩姆，你在資產負債表、費用結構（包括股票薪酬）方面取得了很大進展。我知道您提到了進入市場等事項，但是既然您已經完成了清單中的首要任務，您的重點轉移到了哪裡？您每週最想做的事是什麼？

Get back to growth, right? So we've accelerated. I talked about this two quarters ago. We accelerated the shutdown of Fuze. We're on track to do that by the end of the year. That helps those numbers shine through, right?

恢復成長，對嗎？因此我們加快了速度。我在兩個季度前就談過這個問題。我們加速了 Fuze 的關閉。我們預計在今年年底前實現這一目標。這有助於凸顯這些數字，對嗎？

Because there's this prevailing belief that somehow, we're going out of business or something. I don't know, that the long-term discounted cash flow value of the company is zero, or however you want to think about it. And so, I think I need to get that to shine through. So I've been accelerating that.

因為人們普遍認為，不知何故，我們將會破產或出現其他情況。我不知道該公司的長期折現現金流價值是否為零，或者無論你怎麼想。所以，我認為我需要讓這一點閃耀出來。所以我一直在加速這一進程。

We've been investing for growth. We're investing in CCaas and those kinds of things. And then eventually, as we get into fiscal '27 and '28, we'll start to invest a little bit more around distribution and improving those things.

我們一直在為成長而投資。我們正在投資 CCaas 和諸如此類的東西。然後，最終，當我們進入 27 和 28 財年時，我們將開始在分銷和改進這些方面投入更多資金。

Great. Thank you, Sam. Thank you, Kevin.

偉大的。謝謝你，山姆。謝謝你，凱文。

(Operator Instructions) Meta Marshall, Morgan Stanley.

（操作員指示）Meta Marshall，摩根士丹利。

Hey, everyone. This is Jamie on for Meta. I appreciate you taking the question.

嘿，大家好。我是 Jamie，為 Meta 節目節目。感謝您回答這個問題。

Maybe just firstly, it looks like you guys are still seeing some pretty strong growth in the new product side, but that maybe slowed a little bit from like the 60% or so clip that you'd seen in Q3. So just any specific call-outs there?

首先，看起來你們仍然看到新產品方面相當強勁的成長，但這可能比第三季看到的 60% 左右的成長速度略有放緩。那麼，那裡有具體的呼叫嗎？

Yeah. We did see a little bit of a slowdown in the new product growth. It didn't accelerate. I think that was a function of the macroeconomic environment, the compares, the numbers getting bigger, all those sort of things cobbled together.

是的。我們確實看到新產品成長放緩。它沒有加速。我認為這是宏觀經濟環境、比較、數字越來越大等所有這些東西拼湊在一起的結果。

Got it. And then just similarly as a follow-up, maybe just unpacking the sequential step down in RPO. Is that more macro-related or something that would be attributable to the acceleration in the Fuze transition?

知道了。然後，同樣作為後續行動，也許只是解開 RPO 中的連續步驟。這是否與宏觀因素有關，或者可以歸因於 Fuze 轉型的加速？

Yeah. Ot's just Fuze transition mainly. As we accelerate that, we're rolling off some of those things.

是的。Ot主要只是Fuze的過渡。隨著我們加快這一進程，我們正在推出其中的一些產品。

Great. Thanks so much. I'll jump back in queue.

偉大的。非常感謝。我會重新排隊。

Thank you.

謝謝。

Thank you. I would now like to turn the conference back over to Sam Wilson for closing remarks.

謝謝。現在我想將會議交還給 Sam Wilson 做結束語。

Sorry. Do you have another question?

對不起。您還有其他問題嗎？

Yeah, somebody jumped back in queue. I thought I heard something.

是的，有人又插隊了。我好像聽到了什麼。

Okay. All right. Thank you so much, everyone. We'll follow up with anybody. Kate Patterson and [Asia] are available from Investor Relations to follow up in any form or fashion. Thank you so much to our customers, our partners, our employees, and everyone for joining us on this call today. And have a great day.

好的。好的。非常感謝大家。我們將跟進任何人。投資者關係部可以聯繫 Kate Patterson 和 [亞洲] 以任何形式或方式進行跟進。非常感謝我們的客戶、合作夥伴、員工以及今天參加電話會議的所有人。祝您有個愉快的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect

今天的電話會議到此結束。感謝您的參與。現在您可以斷開連接