8x8 Inc (EGHT) 2026 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the 8x8 Inc Q1 2026 earnings conference call. (Operator Instructions)

您好，感謝您的支持。歡迎參加 8x8 Inc 2026 年第一季財報電話會議。（操作員指示）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Kate Patterson, Vice President of Finance. Please go ahead.

現在，我想將會議交給今天的發言人，財務副總裁凱特·帕特森 (Kate Patterson)。請繼續。

Thank you. Good afternoon, everyone. Today's agenda will include a review of our results for the first quarter of fiscal 2026 with Samuel Wilson, our Chief Executive Officer; and Kevin Kraus, our Chief Financial Officer. Following our prepared remarks, there will be a question-and-answer session. Before we get started, let me remind you that our discussion today includes forward-looking statements about our future financial performance, including investments in innovation, our focus on profitability and cash flow, as well as statements regarding our business products and growth strategies.

謝謝。大家下午好。今天的議程包括與我們的執行長 Samuel Wilson 和財務長 Kevin Kraus 一起審查我們 2026 財年第一季的業績。在我們準備好的發言之後，將有一個問答環節。在我們開始之前，請允許我提醒您，我們今天的討論包括有關我們未來財務業績的前瞻性陳述，包括對創新的投資、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 obligation 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中所述。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 press release and 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。這些非公認會計準則 (Non-GAAP) 指標以及某些情況下的同比資料並非依照美國公認會計準則 (GAAP) 編製。這些非公認會計準則 (Non-GAAP) 指標與最接近的可比較 GAAP 指標的對帳表已在我們的獲利新聞稿和獲利簡報幻燈片中提供，這些幻燈片可在 8x8 投資者關係網站 investors.8x8.com 上取得。

With that, I will 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, and thank you for joining us. Before I dive in, I want to take a moment to acknowledge our global 8x8 team. Your focus, your commitment, and your drive are what power this transformation. And to our customers and partners, thank you. Your feedback and trust are foundational to everything we do.

大家下午好，感謝大家的參與。在深入探討之前，我想花點時間感謝我們的全球 8x8 團隊。您的專注、您的承諾和您的動力正是這項轉變的動力。我也向我們的客戶和合作夥伴表示感謝。您的回饋和信任是我們所做一切的基礎。

This quarter marked a big milestone. In Q1, we returned to year-over-year growth for the first time in nine quarters. We exceeded the midpoint of our service revenue guidance by more than $3 million. This growth was fueled by strong growth for our CPaaS solutions, continued momentum in platform adoption, and a steady shift towards usage-based consumption models, and a small tailwind on FX. And we're now seeing the headwinds from the Fuze upgrade continue to recede.

本季度標誌著一個重要的里程碑。第一季度，我們九個季度以來首次恢復年成長。我們的服務收入超出預期中位數 300 多萬美元。這一增長得益於我們的 CPaaS 解決方案的強勁增長、平台採用的持續勢頭、向基於使用情況的消費模式的穩步轉變以及外匯的輕微順風。現在我們看到 Fuze 升級帶來的阻力正在持續消退。

8x8 is aligned with how the market is evolving. Enterprises are shifting away from fixed-seat licenses and towards usage-based intelligent platforms. They're prioritizing solutions that are flexible, AI-enabled, and easy to integrate across their stack.

8x8 與市場的發展一致。企業正在從固定座位許可證轉向基於使用情況的智慧平台。他們優先考慮靈活、支援人工智慧且易於在整個堆疊中整合的解決方案。

Metrigy research really tells the story. Over 50% of CX leaders now prefer consumption-based pricing. Average handle times in live contact centers are increasing because automation is deflecting simpler requests, allowing agents to focus on higher-value conversations like upsells and account reviews.

Metrigy 的研究確實講述了這個故事。超過50%的客戶體驗領導者如今更傾向於基於消費的定價。由於自動化正在轉移一些簡單的請求，即時聯絡中心的平均處理時間正在增加，這使得座席能夠專注於更高價值的對話，例如追加銷售和客戶評價。

More than 50% of companies are using multiple AI tools, and over 70% expect to expand their usage in the coming year. Despite macro pressures, only 17% of enterprises plan to reduce customer engagement budgets.

超過50%的企業正在使用多種人工智慧工具，超過70%的企業預計在未來一年將擴大其使用範圍。儘管面臨宏觀壓力，但只有17%的企業計劃削減客戶互動預算。

It's clear that customer experience is undergoing a foundational shift. Enterprises are moving towards intelligent engagement models that combine AI-driven self-service with seamless human interaction, balancing scale and efficiency with trust and empathy.

顯然，客戶體驗正在發生根本性的轉變。企業正在轉向智慧參與模式，將人工智慧驅動的自助服務與無縫的人機交相互結合，在規模和效率與信任和同理心之間取得平衡。

But change at this scale doesn't happen quietly. Legacy vendors are responding with aggressive pricing and long-term lock-ins, trying to slow the pace of change and protect their installed base. That resistance introduces complexity even as the direction of travel is clear.

但這種規模的變化不會悄悄發生。傳統供應商透過激進的定價和長期鎖定來應對，試圖減緩變化的步伐並保護其安裝基礎。儘管前進的方向很明確，但這種阻力也帶來了複雜性。

For us, the opportunity is significant, and we're already aligned with where we believe the market is headed. Our rapid growth in CPaaS solutions reflects that alignment as more customers tap into programmable voice, video, digital messaging, authentication, and AI-enabled workflows.

對我們來說，這是一個重大的機會，而且我們已經與市場的發展方向保持一致。隨著越來越多的客戶開始使用可程式語音、視訊、數位訊息、身份驗證和支援 AI 的工作流程，我們在 CPaaS 解決方案方面的快速成長反映了這種一致性。

At the same time, our UCaaS and CCaaS offerings continue to evolve, supporting more integrated, flexible deployments. Together, these trends signal a clear shift in how organizations engage, and we are building our platform to meet those needs. That said, this transition brings trade-offs, a different financial profile with higher growth but lower gross margins, but it's a shift that scales and strengthens our competitive position over time.

同時，我們的 UCaaS 和 CCaaS 產品也在不斷發展，支援更整合、更靈活的部署。總的來說，這些趨勢標誌著企業互動方式的明顯轉變，而我們正在建立平台來滿足這些需求。儘管如此，這種轉變也會帶來一些權衡，例如不同的財務狀況——更高的成長速度和更低的毛利率——但隨著時間的推移，這種轉變將不斷擴大並增強我們的競爭地位。

And that position starts with voice. There's a perception out there that voice is in decline. We see the opposite. Voice is still the fastest, most trusted way to resolve complex issues and build relationships. And when it's clean, smart, and seamlessly integrated with AI, it becomes transformative. Voice is the primary way humans will communicate with AI, and our world-class voice infrastructure is an asset.

而這個位置從聲音開始。外界普遍認為聲音正在衰落。而我們看到的恰恰相反。語音仍然是解決複雜問題和建立關係的最快、最可靠的方式。當它變得清潔、智慧並且與人工智慧無縫整合時，它就會發生變革。語音是人類與人工智慧溝通的主要方式，我們世界一流的語音基礎設施是一項資產。

This is where our expertise runs deep. Decades of experience in voice, global reach, clean audio, real-time transcription, multilingual accuracy, and intelligent routing. These are not easy things to replicate. As AI rewires customer experience, voice is becoming foundational again, and we are uniquely positioned to lead because we are a modern business communications company.

這正是我們深厚專業素養所在。我們在語音、全球覆蓋、清晰音訊、即時轉錄、多語言精準度和智慧路由方面擁有數十年的經驗。這些都不是容易複製的事。隨著人工智慧重新定義客戶體驗，語音再次成為基礎，而我們作為一家現代商業通訊公司，擁有獨特的領先優勢。

Let's talk about how we're delivering that today. In Q1, consumption-based revenue, primarily CPaaS solutions, but also usage related to our UCaaS and CCaaS subscriptions, grew more than 30% year over year. But it was not just about volume. We saw growth in new use cases, new channels, and more diverse engagement models.

讓我們來談談今天如何實現這一目標。第一季度，基於消費的收入（主要來自CPaaS解決方案，但也包括與我們的UCaaS和CCaaS訂閱相關的使用量）年增超過30%。但這不僅僅是銷量的成長。我們看到了新用例、新管道和更多樣化的參與模式的成長。

We're moving beyond SMS into programmable voice, alerts, authentication, and AI-driven workflows, and we're seeing real customer success stories. A UK-based utility used video in the contact center and CPaaS messaging to reduce on-site troubleshooting visits by 40%. That freed up their engineers to focus on more strategic work and saved them a meaningful amount of money.

我們正在從簡訊服務拓展到可程式語音、警報、身份驗證和 AI 驅動的工作流程，並且見證了客戶的真實成功案例。一家英國公用事業公司在聯絡中心使用影片和 CPaaS 訊息服務，將現場故障排除次數減少了 40%。這使得他們的工程師可以專注於更具策略性的工作，並為他們節省了大量的資金。

A Melbourne-based leader in hospitality technology started with a simple SMS implementation back in 2023. Today, they've expanded to include WhatsApp, Fiber, programmable voice, and authentication. We just added Descope, our identity and access management solution, to their footprint. This is the power of our land-and-expand strategy.

一家位於墨爾本的飯店技術領導者於 2023 年開始實施簡單的簡訊服務。如今，他們的業務範圍已擴大到包括 WhatsApp、Fiber、可編程語音和身份驗證。我們剛剛將我們的身分和存取管理解決方案 Descope 添加到他們的足跡中。這就是我們的登陸和擴張策略的力量。

A Fortune 500 US specialty retailer is running an RCS pilot integrated out of the box with 8x8's contact center. Initial use cases include order and delivery updates and appointment reminders with suggested replies, SMS fallback, and seamless agent handoff aimed at improving CSAT.

一家美國財富 500 強專業零售商正在運行與 8x8 聯絡中心開箱即用的 RCS 試點計畫。初步用例包括訂單和交付更新以及帶有建議回复、短信回退和無縫代理交接的預約提醒，旨在提高 CSAT。

We are continuing to see strength in Microsoft Teams environments. Sales of 8x8 Voice for Teams licenses grew more than 30% year over year again this quarter. We are now recognized as a top five Operator Connect partner worldwide by country reach, which gives us strong visibility in that ecosystem.

我們持續見證了 Microsoft Teams 環境的強勁成長。本季度，8x8 Voice for Teams 授權的銷售額年增超過 30%。我們目前被公認為全球五大 Operator Connect 合作夥伴之一，這讓我們在這個生態系統中具有很高的知名度。

Here's another great example of what that looks like in practice. A professional membership organization in the UK supporting thousands of engineers and technologists needed to unify voice, contact center, and CRM within Microsoft Teams. With 8x8, they brought it all together into a single experience, streamlining agent workflows and improving service response times.

這是實踐中的另一個很好的例子。英國的一個專業會員組織，支援數千名工程師和技術人員，需要在 Microsoft Teams 內統一語音、聯絡中心和 CRM。透過 8x8，他們將所有內容整合為單一體驗，簡化了代理工作流程並縮短了服務回應時間。

And these wins aren't isolated. The momentum is clear. Adoption of our Intelligent Customer Assistant rose 75% year over year. Voice interactions grew more than 7x year over year, representing more than three quarters of all AI interactions this quarter.

這些勝利並非孤例，其動能十分明顯。我們的智慧客戶助理的採用率年增了 75%。語音互動年增超過 7 倍，佔本季所有 AI 互動的四分之三以上。

8x8 communication API messaging interactions, such as WhatsApp, RCS, Viber, and LINE, increased by more than 200% year over year and by more than 50% quarter on quarter. We're innovating rapidly, but more importantly, our customers are scaling with us.

WhatsApp、RCS、Viber、LINE 等 8x8 通訊 API 訊息互動較去年同期成長超過 200%，較上季成長超過 50%。我們正在快速創新，但更重要的是，我們的客戶也在與我們一起擴大規模。

Let's shift gears a bit and talk about go-to-market. We're evolving in how we show up. We've moved from SKU-based selling to outcome-based selling. We lead with solutions like 8x8 Ballidate, our government voting information solution, enhanced security using Descope and messaging; after-sales Assist, our automated post-sale self-service solution for retailers, not a features list.

讓我們稍微換個話題，談談市場進入問題。我們的出現方式正在不斷演變。我們已經從基於 SKU 的銷售轉向基於結果的銷售。我們領先的解決方案包括 8x8 Ballidate、我們的政府投票資訊解決方案、使用 Descope 和訊息傳遞增強的安全性；售後協助，這是我們為零售商提供的自動化售後自助服務解決方案，而不是功能清單。

We are investing in customer success. We know customers with active CSMs have a higher NPS score and gross retention above 90%. That's why we're doubling down on high-touch support and AI-powered tools that help our customers unlock more value from the platform.

我們致力於客戶成功。我們深知，擁有活躍客戶經理 (CSM) 的客戶擁有更高的淨推薦值 (NPS) 評分，總留存率也超過 90%。這就是為什麼我們加倍重視高接觸支援和人工智慧工具，以幫助我們的客戶從平台中釋放更多價值。

We are also improving how we qualify and target accounts, focusing on those where our platform is the clearest fit and long-term upside. And this approach is working. We closed our first-ever seven-product customer; amazing.

我們也正在改進我們的資格認定和目標客戶的方式，重點關注那些與我們平台最契合且具有長期優勢的客戶。這種方法確實有效。我們簽下了有史以來第一個擁有七種產品的客戶；太棒了。

Revenue from customers using three or more products now accounts for about one-third of our annual subscription revenue. Every single one of our top 10 new logo wins this quarter included multiple solutions.

目前，使用三種或三種以上產品的客戶的收入約占我們年度訂閱收入的三分之一。本季我們贏得的十大新標誌均包含多種解決方案。

One example that really illustrates this evolution, a public university in the Western United States that ran an RFP for a contact center with more than 15 vendors, including all of the major players. Instead of a generic pitch, we built interactive proposals using AI to personalize each use case for each department and aligned our solutions directly to their goals. They chose 8x8 for their contact center and told us our customer-first approach sealed the deal.

一個真正體現這種演變的例子是，美國西部的一所公立大學為一個聯絡中心發出了招標書 (RFP)，涉及超過15家供應商，包括所有主要供應商。我們沒有採用通用的方案，而是利用人工智慧建立了互動式提案，為每個部門客製化個人化用例，並將我們的解決方案與他們的最終目標直接配對。他們選擇 8x8 作為他們的聯絡中心，並告訴我們我們的客戶至上的方法促成了這筆交易。

Another example, a global electrical systems company had been running a hybrid setup with us for UC and a third-party contact center provider. But over time, friction around analytics and reporting led them to standardize on 8x8 across the board. They needed to simplify operations with a consistent, scalable platform, and we delivered.

另一個例子是，一家全球電氣系統公司一直與我們合作，為 UC 和第三方聯絡中心提供者運行混合設定。但隨著時間的推移，分析和報告方面的摩擦導致他們全面採用 8x8 標準化。他們需要透過一致、可擴展的平台簡化操作，我們做到了。

Our channel partners continue to be a force multiplier as we make this transformation. Our largest UK-based partner increased bookings by more than 100% year over year this quarter, and that was a result of closer collaboration, co-selling from day one, and better alignment with our platform strategy.

在我們實現這一轉變的過程中，我們的通路夥伴繼續發揮著力量倍增器的作用。我們最大的英國合作夥伴本季度的預訂量同比增長了 100％ 以上，這是更緊密的合作、從第一天開始的聯合銷售以及與我們的平台戰略更好地協調的結果。

Now let me turn to where we're headed. As we look forward, our product roadmap is focused on continuing to enhance our platform with features and capabilities that add value and improve customer outcomes. That includes AI-enabled tools, but it also includes ongoing work to make the platform easier to use with a modern, intuitive interface, advanced data analytics that give our customers real-time visibility and actionable insights, and orchestration across bots, agents, and CX tools to create seamless experiences.

現在讓我談談我們要去的地方。展望未來，我們的產品路線圖將專注於繼續增強我們的平台，提供可增加價值並改善客戶成果的功能和能力。這包括支援人工智慧的工具，但也包括正在進行的工作，使平台更易於使用，具有現代、直觀的介面、先進的數據分析，為我們的客戶提供即時可見性和可操作的見解，以及跨機器人、代理和 CX 工具的協調，以創造無縫的體驗。

We're investing both internally developed innovations and deeper native integrations with technology partners from our ecosystem. Key areas of focus include predictive customer journey orchestration, real-time sentiment analysis with automated escalation and AI orchestration using internal and external tools, AI summarization across the platform, and others. These innovations will help differentiate our platform in competitive evaluations and, more importantly, they're grounded in real customer needs.

我們既投資於內部開發的創新，也投資於與我們生態系統中的技術合作夥伴的更深層的在地整合。重點關注領域包括預測性客戶旅程編排、即時情緒分析（自動升級）、使用內部和外部工具的 AI 編排、全平台 AI 匯總等。這些創新將有助於我們的平台在競爭評估中脫穎而出，更重要的是，它們紮根於真實的客戶需求。

We're also expanding internationally with a focus on industries undergoing transformation like retail, healthcare, and government, where our compliance posture, self-service capabilities, and global infrastructure are real advantages. And we're wrapping up a key chapter in our transformation. We remain on track to fully sunset the Fuze platform by fiscal year-end. That eliminates complexity, unlocks margin leverage, and frees up resources to focus on growth.

我們也正在進行國際擴張，重點在於零售、醫療保健和政府等正在轉型的產業。在這些行業中，我們的合規性、自助服務能力和全球基礎設施是真正的優勢。我們轉型的關鍵篇章即將結束。我們仍有望在財政年度結束時全面淘汰 Fuze 平台。這消除了複雜性，釋放了利潤槓桿，並釋放了資源以專注於成長。

Already, the upgraded Fuze cohort delivered 94% gross retention and over 100% net revenue retention in Q1. So here's the bottom line. The foundations are strong, the strategy is clear, and execution is accelerating.

升級後的 Fuze 群組在第一季已經實現了 94% 的總保留率和超過 100% 的淨收入保留率。所以這就是底線。基礎牢固、策略清晰、執行正在加快。

And with our foundational expertise in voice, a capability many underestimate, we have a lasting edge as customer engagement enters a smarter, more connected era. To the 8x8 team, your resilience has made this return to growth possible. To our customers and partners, thank you for your trust and collaboration that guides us every day. And to our shareholders, thank you for believing in our long-term vision.

憑藉我們在語音方面的基礎專業知識（許多人都低估了這一能力），隨著客戶參與進入更聰明、更互聯的時代，我們將擁有持久的優勢。致 8x8 團隊，感謝你們的堅韌不拔，才讓我們得以重回成長。致我們的客戶與合作夥伴，感謝你們的信任與合作，正是你們的信任與合作，指引我們每一天。感謝我們的股東相信我們的長遠願景。

With that, I hand it over to Kevin to take you through more financial details.

說完這些，我把話題交給凱文，讓他帶您了解更多財務細節。

Thanks, Sam. Good afternoon, everyone, and thank you for joining us on our first-quarter fiscal 2026 earnings call. We delivered solid revenue performance in Q1, including a new record in communications platform usage revenue, solid profit margins, and another quarter of positive cash flow from operations.

謝謝，山姆。大家下午好，感謝大家參加我們的 2026 財年第一季財報電話會議。我們在第一季實現了穩健的收入業績，包括創下通訊平台使用收入新紀錄、穩健的利潤率以及另一個季度的正營運現金流。

Q1 marked our 18th consecutive quarter of both positive cash flow from operations and non-GAAP operating income, further underscoring the durability of our financial model. During the quarter, we used operational discipline and strategic focus to navigate a complex macro and competitive landscape.

第一季是我們連續第 18 季實現經營現金流和非公認會計準則經營收入為正，進一步證明了我們財務模型的持久性。在本季度，我們運用營運紀律和策略重點來應對複雜的宏觀和競爭格局。

Our platform usage revenue continues to grow at a faster rate, emphasizing our expanding market relevance and growing customer preference for consumption-based pricing models. This stream also provides a source of stability as we remain focused on accelerating momentum in UC and contact center, particularly through AI-driven innovation and automation.

我們的平台使用收入繼續以更快的速度成長，強調了我們不斷擴大的市場相關性和客戶對基於消費的定價模式的日益增長的偏好。由於我們仍然專注於加速 UC 和聯絡中心的發展勢頭，特別是透過人工智慧驅動的創新和自動化，這項流程也提供了穩定性來源。

As we've discussed previously, our communications platform revenue, while strategically valuable, has a different margin profile, and its accelerated growth is starting to influence our overall gross margin. I'll speak more to this dynamic later.

正如我們之前所討論的，我們的通訊平台收​​入雖然具有戰略價值，但具有不同的利潤率狀況，其加速成長開始影響我們的整體毛利率。我稍後會詳細談論這一動態。

We continued our thoughtful approach to debt reduction, making a $15 million term loan prepayment during Q1. With this action, plus another $10 million repayment made just last week, we have reduced our debt principal by $219 million or 40% since the August 2022 peak debt of $548 million.

我們繼續深思熟慮地削減債務，並於第一季提前償還了1500萬美元的定期貸款。加上上週剛償還的1000萬美元，我們已將債務本金減少了2.19億美元，較2022年8月5.48億美元的高峰債務減少了40%。

On July 29, subsequent to the end of Q1, we amended our term loan agreement to provide greater operational and financial flexibility. The amendment maintains our total leverage covenant at its current level, consistent with the fixed nature of the secured leverage ratio, and also introduces a $25 million basket that allows for strategic acquisitions independent of a more restrictive leverage ratio embedded in the original agreement.

7月29日，在第一季結束後，我們修訂了定期貸款協議，以提供更大的營運和財務靈活性。修訂後的協議維持了我們的總槓桿率承諾，使其保持在當前水平，與擔保槓桿率的固定性保持一致，並引入了2500萬美元的資產組合，允許進行戰略性收購，而無需考慮原協議中規定的更嚴格的槓桿率。

While we have no imminent acquisitions pending, the added flexibility ensures we're well-positioned to act efficiently if opportunities arise, all while continuing to manage the business strategically. Detailed financial results are available in our press release and trended financials on our Investor Relations site, but I'll walk through the key highlights.

雖然我們目前沒有即將進行的收購，但增加的靈活性確保我們在機會出現時能夠有效地採取行動，同時繼續策略性地管理業務。詳細的財務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查看，但我將介紹主要亮點。

Unless otherwise noted, all figures aside from revenue and cash flow are on a non-GAAP basis. For Q1'26, total revenue came in at $181.4 million, near the high end of guidance and reflecting strong execution across our business.

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。2026 年第一季度，總營收達到 1.814 億美元，接近預期上限，反映出我們整個業務的強勁執行力。

Service revenue was $176.3 million, above the high end of guidance and showing sequential growth and 2% year-over-year improvement. Usage-based revenue was approximately 17% of total service revenue compared to approximately 12% in Q1 '25. And the service revenue remaining on the Fuze platform declined to approximately 4% from approximately 8% in Q1 '25.

服務收入為 1.763 億美元，高於預期上限，季增，年增 2%。基於使用情況的收入約佔總服務收入的 17%，而 25 年第一季約為 12%。Fuze 平台剩餘的服務收入從 2025 年第一季的約 8% 下降至約 4%。

Excluding revenue from Fuze customers, whether on the 8x8 platform or not, service revenue grew just over 5% year over year, higher growth than we achieved last quarter and our third quarter of acceleration. This reflects healthy demand for our core offerings and ongoing momentum in our go-to-market execution. We view this as a strong signal that our modernized platform, focused on reliability, integration, and innovation, is resonating with customers across the areas we serve.

不包括來自 Fuze 客戶的收入（無論是否在 8x8 平台上），服務收入年增略高於 5%，高於我們上個季度和第三季的加速成長。這反映了我們核心產品的健康需求和我們進入市場的持續勢頭。我們認為這是一個強烈的信號，表明我們專注於可靠性、整合性和創新性的現代化平台正在引起我們服務地區客戶的共鳴。

Favorable FX relative to guidance contributed approximately $1.7 million to both service and total revenue, and we also saw a year-over-year FX tailwind to total revenue. Even on a constant currency basis, both service and total revenue grew slightly year over year, highlighting strong execution in a dynamic environment.

相對於預期有利的外匯為服務和總收入貢獻了約 170 萬美元，我們也看到外匯對總收入的同比順風。即使以固定匯率計算，服務和總收入均比去年同期略有成長，凸顯了動態環境中的強勁執行力。

Gross margin was 67.8%, down year over year and sequentially, primarily due to a mix shift toward our usage-based communication platform revenue, where we're continuing to see volume upside. On the expense side, FX also had an impact, though in the opposite direction, with currency movements driving higher COGS and operating expenses relative to guidance, offsetting the revenue tailwinds noted earlier.

毛利率為 67.8%，年比和季比均有所下降，這主要是由於我們的收入結構向基於使用情況的通訊平台收​​入轉變，我們在該領域繼續看到銷量上升。在費用方面，外匯也產生了影響，儘管方向相反，貨幣變動導致 COGS 和營運費用相對於預期增加，抵消了先前提到的收入順風。

This reflects the natural hedge in our financial model. Nonetheless, we continue to spend wisely in the quarter to preserve our operating profit and deliver bottom-line results that met expectations. Reported operating profit was within our guidance range, and operating margin was 9%.

這反映了我們財務模型中的自然對沖。儘管如此，我們在本季度繼續明智地支出，以保持我們的營業利潤並實現符合預期的底線業績。報告的營業利潤在我們的指導範圍內，營業利益率為 9%。

Importantly, pre-tax income improved both sequentially and year over year, reflecting the tangible benefit of our ongoing debt reduction efforts. Cash flow from operations exceeded $11 million for the quarter, and we ended the quarter with $82.2 million in cash, cash equivalents, and restricted cash.

重要的是，稅前收入環比和年比均有所提高，反映了我們持續減債努力帶來的實際效益。本季經營現金流超過 1,100 萬美元，本季末我們的現金、現金等價物及受限現金為 8,220 萬美元。

Cash collections remained healthy and supported strong operational cash generation, and we executed an opportunistic $1.8 million stock buyback during the quarter. With the debt prepayments, the repurchase of stock, as well as our programmatic net share settlement on equity vesting for Section 16 officers to reduce dilution, we returned more than $17 million to investors in the quarter through reduced dilution and debt paydown.

現金收集保持健康並支持強勁的營運現金產生，我們在本季度實施了 180 萬美元的機會性股票回購。透過債務預付、股票回購以及對第 16 條高管的股權歸屬進行程序性淨股份結算以減少稀釋，我們在本季度透過減少稀釋和債務償還向投資者返還了超過 1700 萬美元。

Turning to GAAP metrics. Stock-based compensation as a percentage of revenue was 3.5%, another multiyear low for the company. This continues a clear downward trend in this expense, reflecting our focus on prudent equity management. While our diluted share count has grown, the year-over-year increase declined notably versus the prior quarter's growth.

轉向 GAAP 指標。股票薪酬佔收入的百分比為 3.5%，這是該公司多年來的另一個最低水準。此項費用持續呈現明顯下降趨勢，反映出我們對審慎股權管理的關注。儘管我們的稀釋股數有所增加，但同比增幅與上一季相比明顯下降。

We are committed to minimizing dilution over time and managing compensation costs in a thoughtful and sustainable manner. We also made meaningful progress on GAAP profitability, marking our fourth consecutive quarter of positive GAAP operating income. Non-GAAP fully diluted EPS was $0.08 per share, landing right in the middle of our guidance range.

我們致力於最大限度地減少隨著時間的推移稀釋，並以周到和可持續的方式管理薪酬成本。我們的GAAP獲利能力也取得了顯著進展，連續第四個季度實現GAAP營業利潤正值。非GAAP完全稀釋每股盈餘為0.08美元，處於我們預期區間的中間水準。

Looking at Q2, our revenue guidance reflects a sequential decline following a particularly strong Q1 that included record platform usage revenue and favorable FX effects. While customer engagement remains healthy, we forecast growth in usage-based revenue somewhat more cautiously.

縱觀第二季度，我們的營收預期反映出，在第一季表現尤為強勁（包括創紀錄的平台使用收入和有利的外匯效應）之後，第二季度出現了連續下降。雖然客戶參與度依然良好，但我們對基於使用情況的收入成長的預測更加謹慎。

In addition, FX volatility subsequent to our quarter end, particularly the strengthening of the US dollar against the British pound, has created a sequential revenue headwind for Q2 and the full year relative to the ending June 2025 FX rates.

此外，本季結束後的外匯波動，尤其是美元兌英鎊的走強，相對於 2025 年 6 月底的外匯匯率，對第二季和全年的收入造成了連續的阻力。

These dynamics do not reflect a change in underlying demand or customer momentum, and we remain confident in our long-term growth strategy and our ability to execute against it. We are guiding to lower gross margins for the remainder of the year due to the rapid growth of our communications platform solutions, which have a lower gross margin profile.

這些動態並不反映潛在需求或客戶動量的變化，我們對我們的長期成長策略和執行能力仍然充滿信心。由於我們的通訊平台解決方案的快速成長（毛利率較低），我們預計今年剩餘時間的毛利率將有所下降。

Importantly, this trend reflects growing engagement with our platform and expanding use cases across our customer base. We are actively managing this evolution through innovative go-to-market motions, and we remain confident in our ability to drive durable long-term growth in the future.

重要的是，這一趨勢反映了我們平台的參與度不斷提高以及客戶群的使用案例不斷擴大。我們正在透過創新的行銷措施積極應對這項變革，並且我們對未來推動長期持久成長的能力充滿信心。

Turning to guidance. For fiscal Q2 '26, we are providing the following guidance. Service revenue is expected to be between $170 million and $175 million. Total revenue is anticipated to be between $175 million and $180 million. Please note that this range is negatively impacted by approximately $1.3 million due to unfavorable FX rate changes that have occurred since the end of June 2025. We anticipate gross margin between 66% and 68%, and we anticipate operating margin between 8% and 9%.

談到指導。對於2026財年第二季度，我們提供以下指引。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 1.8 億美元之間。請注意，由於自 2025 年 6 月底以來發生的不利的外匯匯率變化，該範圍受到約 130 萬美元的負面影響。我們預計毛利率在 66% 至 68% 之間，預計營業利潤率在 8% 至 9% 之間。

In fiscal Q2, we expect contractual interest expense, which excludes amortization of debt issuance costs, to be approximately $4.4 million based on current interest rates and the principal outstanding on our term loan and 2028 convertible notes.

在第二財季，根據當前利率以及定期貸款和 2028 年可轉換票據的未償還本金，我們預計合約利息支出（不包括債務發行成本攤銷）約為 440 萬美元。

We expect to make cash interest payments of around $6.4 million as the semi-annual interest on our 2028 convertible notes is payable during the quarter, along with the quarterly interest on our term loan. Our term loan interest rate assumption is approximately 7.35%, reflecting SOFR plus 3%.

我們預計將支付約 640 萬美元的現金利息，因為我們的 2028 年可轉換票據的半年利息將在本季度支付，以及我們的定期貸款的季度利息。我們的定期貸款利率假設約為 7.35%，反映 SOFR 加 3%。

We anticipate fully diluted non-GAAP earnings per share in the range of $0.06 to $0.08 per share based on diluted shares outstanding of about 142 million shares. We anticipate cash flow from operations to be between $3 million and $5 million, driven by the timing of certain payments we make in the normal course of business.

我們預計，基於約 1.42 億股稀釋流通股，非 GAAP 每股完全稀釋收益將在 0.06 美元至 0.08 美元之間。我們預計經營現金流將在 300 萬美元至 500 萬美元之間，這取決於我們在正常業務過程中支付的某些款項的時間。

For full fiscal year 2026, we are updating our guidance as follows. Service revenue is anticipated to be between $685 million and $700 million. Total revenue is anticipated to be between $706 million and $720 million. Please note that the Q1 '26 revenue beat is offset by unfavorable FX rate changes that have occurred since the end of June 2025.

對於 2026 財年全年，我們將更新以下指引。服務收入預計在6.85億美元至7億美元之間。預計總收入在 7.06 億美元至 7.2 億美元之間。請注意，2026 年第一季的營收超出預期，但被 2025 年 6 月底以來發生的不利匯率變動所抵銷。

We anticipate the gross margin to be between 66% and 68%. Full-year operating margin is projected between 8.5% and 9.5%, translating to non-GAAP operating income of approximately $64.2 million at the midpoint of our full-year revenue and operating margin guidance. We have decided to invest slightly more into growth, particularly in the usage-based portions of our business.

我們預計毛利率在66%至68%之間。全年營業利潤率預計在8.5%至9.5%之間，以全年收入和營業利潤率指引的中間值計算，非公認會計準則營業利潤約為6,420萬美元。我們已決定略微增加對成長的投資，尤其是在基於使用量的業務領域。

Even with the year-over-year step down in operating margin, driven primarily by gross margin pressure from revenue mix, we expect year-over-year non-GAAP net income to decline at a much slower rate than non-GAAP operating income. This reflects the continued benefit of significantly lower interest expense compared to fiscal 2025, which offsets most of the impact from the change in operating income.

儘管營業利潤率年減（主要受收入結構帶來的毛利率壓力影響），我們預期非公認會計準則淨利潤年減的速度將遠低於非公認會計準則營業收入。這反映了與2025財年相比利息支出持續大幅下降的益處，這抵消了營業收入變化的大部分影響。

We expect fully diluted non-GAAP earnings per share to be in the range of $0.28 to $0.33 per share for the year, assuming approximately 143 million average diluted shares outstanding, and we anticipate cash flow from operations to be between $35 million and $45 million for the full year.

我們預計，全年非公認會計準則每股完全稀釋收益將在 0.28 美元至 0.33 美元之間，假設平均流通股數約為 1.43 億股稀釋股份，我們預計全年經營現金流將在 3500 萬美元至 4500 萬美元之間。

In closing, we are executing with focus in an environment that continues to evolve. I want to thank the entire 8x8 team for their hard work and dedication as we continue our ongoing journey to become a more agile, innovation-driven organization committed to delivering meaningful customer outcomes. With continued operational discipline and strategic clarity, we believe we are well-positioned to create long-term value for all our stakeholders.

最後，我們正在不斷發展的環境中集中精力執行任務。我要感謝整個 8x8 團隊的辛勤工作和奉獻精神，我們將繼續努力成為一個更敏捷、創新驅動的組織，致力於提供有意義的客戶成果。憑藉持續的營運紀律和清晰的策略，我們相信我們有能力為所有利害關係人創造長期價值。

With that, I will turn the call over for Q&A.

說完這些，我會把電話轉交給問答環節。

(Operator Instructions) Josh Nichols, B. Riley.

（操作員指示）Josh Nichols，B. Riley。

Yeah, thanks for taking my question and good to see the company back to service revenue growth. I know you mentioned there's a little bit of FX in there, but presumably help walk me through a little bit. You're getting close to the end of the Fuze migration. It's only 4% of revenue in the quarter.

是的，感謝您回答我的問題，很高興看到公司恢復服務收入成長。我知道您有提到其中有一點 FX，但大概能幫我稍微講一下。您即將完成 Fuze 遷移。這僅佔本季營收的4%。

What does that look like in terms of the headwind that you've been seeing on growth more recently? And any color that you can provide on how many customers are left or what the type of churn that you're seeing in this final 4% of the customer base overall that you're looking to work through between now and fiscal year-end?

就您最近看到的成長逆風而言，這看起來是什麼樣的？您能否透露一下還剩下多少客戶，或者您認為從現在到財年末需要解決的最後4%客戶群的流失情況是什麼樣的？

Josh, thanks. This is Kevin. Yeah. So the Fuze, as you heard in my remarks, there's a 5% underlying revenue growth in our business. The Fuze headwind to our growth was about 3% in the last quarter. Yes, we have just under 4% of our service revenue left for the Fuze base. We expect to keep roughly half of that as we migrate over to the 8x8 platform. So the headwinds are actually subsiding quite a bit as we move forward.

喬希，謝謝。這是凱文。是的。因此，正如您在我的發言中所聽到的，Fuze 的業務潛在收入成長了 5%。上個季度，Fuze 為我們的成長帶來了約 3% 的阻力。是的，我們服務收入中只有不到 4% 是留給 Fuze 的。當我們遷移到 8x8 平台時，我們預計可以保留其中大約一半。因此，隨著我們不斷前進，逆風實際上正在減弱很多。

And as far as the customers left [the count], I will say this, we've actually dispositioned all of the Fuze customers. And what I mean by that is the customers have given an indication to us whether they're going to stay or leave. And we're working through the backlog of those customers remaining on the Fuze platform to move them over to the 8x8 system by the end of the calendar year. So we've made a really great amount of progress in the last, I would say, six months in accelerating that transition.

至於剩餘客戶的數量，我想說的是，我們實際上已經處理掉了所有 Fuze 客戶。我的意思是，客戶已經向我們表明了他們是留下還是離開。我們正在處理那些仍在使用 Fuze 平台的客戶的積壓訂單，爭取在今年年底前將他們遷移到 8x8 系統。所以我想說，在過去的六個月裡，我們在加速這一轉變方面取得了巨大的進展。

And Josh, just to add one thing. So I know the half number seems like, wow, it's a big number that you're losing. But remember, the customers that are staying to the very end, stay at the very end, and the customers that want to migrate off, migrate off. And so that number is declining, while the customers that are staying at the very end stay. And so it's just kind of a math function, less an actual honest to God function.

喬希，我再補充一點。所以我知道這個半數看起來就像，哇，你損失的數字好大啊。但請記住，堅持到最後的顧客會留在最後，而想要離開的顧客則會離開。因此，這個數字正在下降，而最後留下來的顧客卻留了下來。所以它只是一種數學函數，而不是一種真正的誠實函數。

And then next year, we would expect that, just given the comp stuff, it will be about 1.5% of growth headwind for next year overall.

然後，我們預計，明年，僅考慮可比因素，整體成長阻力將達到 1.5% 左右。

Thanks. And then just one last question for me. Just to touch on the margin profile. I understand the usage-based margin profile is a bit lower, but admittedly growing much faster. When you look at the mix today, how do you think that's going to evolve between now and, say, like year-end as a percentage of mix for usage-based versus the traditional seat-based model?

謝謝。最後我還有最後一個問題。只是觸及了邊緣概況。我知道基於使用情況的利潤率有點低，但不可否認的是成長速度要快得多。當您查看今天的組合時，您認為從現在到年底，基於使用情況的模型與基於傳統座位數的模型的組合百分比將如何變化？

That's a great question, and it's a really difficult one to answer. We've been adding about 1% to 2% per quarter overall. I think we're at 17% now of revenue is usage-based. Remember, almost all the new products that are AI-based are usage-based, plus we have our CPaaS business, which is usage-based, et cetera.

這是一個很好的問題，但回答起來卻非常困難。總體而言，我們每季的成長率約為 1% 至 2%。我認為我們現在 17% 的收入是基於使用情況的。請記住，幾乎所有基於 AI 的新產品都是基於使用情況的，另外我們還有基於使用情況的 CPaaS 業務等等。

And so all the tailwinds are really on that usage-based side of the business. And as Metrigy even cited, almost over half of all buyers want to buy in that consumption-based model. So I would expect it to continue to grow maybe 1% to 2% per quarter, but please don't hold me to that. It's a bit of a guess.

所以，所有的順風其實都集中在基於使用的業務方面。正如Metrigy所指出的，幾乎超過一半的買家都希望以基於消費的模式進行購買。因此我預計它每季將繼續增長 1% 到 2%，但請不要把我控制在這個水平上。這有點像猜測。

Appreciate. Thank you.

欣賞。謝謝。

Andrew King, Rosenblatt Securities.

羅森布拉特證券公司的安德魯金 (Andrew King)。

Hey guys, thanks for taking my question. Andrew King on here for Catharine Trebnick. Just recently, we've been seeing with this proliferation of disparate AI solutions that we've been starting to see a lot of other players starting to go out and buy to add to their AI portfolio. Can you just give us an idea of how you weigh buying versus building, especially within the AI portfolio and AI space? Thank you.

嘿夥計們，謝謝你們回答我的問題。安德魯金 (Andrew King) 代表凱瑟琳特雷布尼克 (Catharine Trebnick) 發言。就在最近，我們看到各種不同的人工智慧解決方案不斷湧現，我們開始看到許多其他參與者開始出去購買以擴充他們的人工智慧產品組合。您能否向我們介紹一下您如何權衡購買與構建，特別是在人工智慧產品組合和人工智慧領域？謝謝。

So I would change your question just slightly because there's buy, there's build, and then there's partner. And we've gone the route of build and partner, not necessarily buy. I think when you buy, you're basically buying an asset with a forever time period. And with AI changing so rapidly, we like the optionality of partnering, and we like the optionality of partnering with best-in-breed providers, et cetera, et cetera.

因此，我會稍微改變一下你的問題，因為有購買，有構建，然後有合作。我們走的是建造和合作的路線，不一定是購買。我認為，當你購買時，你基本上是在購買具有永久期限的資產。隨著人工智慧的快速變化，我們喜歡合作的可選性，我們喜歡與最佳供應商合作的可選性，等等。

And so we offer a platform that either through our in-house AI development, for example, summarization across the board, industry-leading transcription using AI, Agent Assist, all those kinds of things, and our partnership strategy, giving you the best-in-breed providers on our platform, is the optimal solution for solving the customers' problems today. I want to highlight it may not be the optimal solution from a Wall Street perspective, but it's absolutely the optimal solution from a customer perspective.

因此，我們提供的平台無論是透過我們內部的人工智慧開發，例如全面的摘要、業界領先的人工智慧轉錄、代理助理等等，還是透過我們的合作夥伴策略，在我們的平台上為您提供最優秀的供應商，都是解決客戶當前問題的最佳解決方案。我想強調的是，從華爾街的角度來看，這可能不是最佳解決方案，但從客戶的角度來看，絕對是最佳解決方案。

Got it. Thank you.

知道了。謝謝。

Michael Turrin, Wells Fargo.

富國銀行的邁克爾·圖林。

Hey, great, this is [Ronald] on for Michael. Just one on revisiting a conversation that we've been talking about over the last few quarters. But anything you're noticing with legacy migrations? Have you noticed any uptick there from past given we've seen companies like SAP now starting to see their cloud backlog accelerate. Are you seeing anything different on your end?

嘿，太好了，我是羅納德，代替麥可。我只是想重新回顧一下我們過去幾季一直在談論的話題。但是您在遺留遷移過程中註意到了什麼嗎？鑑於我們已經看到像 SAP 這樣的公司現在開始看到他們的雲端積壓加速，你是否注意到過去有任何上升趨勢？您發現有什麼不同嗎？

So when you say legacy migration, do you mean the on-prem vendors? Or do you mean our older customers?

那麼，當您說遺留遷移時，您是指內部部署供應商嗎？還是您指的是我們的老顧客？

The on-prem vendors, yes. Yes, on-prem vendors.

是的，是本地供應商。是的，本地供應商。

Sure. I mean, Avaya goes bankrupt every couple of years and then shrinks its EOLs for more products. And so we're seeing that clearly as a tailwind. Mitel just went in and out of bankruptcy; that's a tailwind. So obviously, the legacy vendors going through their trials and tribulations is a tailwind to the overall performance of the industry. I don't think we're the only ones to benefit from that. I think all of us benefit from that.

當然。我的意思是，Avaya 每隔幾年就會破產一次，然後縮短其 EOL 以提供更多產品。因此，我們清楚地看到這是順風。Mitel 剛剛經歷了破產，這對它來說是一個順風。所以，顯然，傳統供應商經歷的考驗和磨難，對整個產業的表現來說，是一股順風。我認為，我們並非唯一從中受益的人。我認為我們所有人都會從中受益。

Are we seeing an acceleration? I mean, clearly, if you look at all the emerging AI technologies, they work better with native cloud-native products. And so if you want to adopt AI technologies, it needs to be based on open APIs and all those other things to make it work well, which really you truly need a cloud-native communications platform to do that. And so yeah, maybe, I guess, would be the answer.

我們是否看到了加速？我的意思是，顯然，如果你看看所有新興的人工智慧技術，它們與原生雲端原生產品配合得更好。所以，如果你想採用人工智慧技術，它需要基於開放的API和其他所有東西才能很好地運作，而你真的需要一個雲端原生通訊平台來實現這一點。所以，我想，也許這就是答案。

Got it. And then just a follow-up. You talked about RCS a couple of times on the call. Wondering if you're seeing an uptick there, and maybe just like describe the opportunity set of what's ahead?

明白了。接下來就是後續問題了。您在電話中多次談到了 RCS。想知道您是否看到了那裡的上升趨勢，也許只是描述一下未來的機會？

So RCS to me is, yes, we are seeing an acceleration in interest in RCS. We're currently in the United States. We'll be in a number of European countries in the next three to four months. And we're seeing a real uptick in interest in RCS. The fact that it has two-way capabilities, it's graphical, it allows for carousels and interactions with graphics, and those kinds of things make it really, really super interesting to replace MMS.

所以對我來說，RCS 是，我們看到人們對 RCS 的興趣正在加速成長。我們目前在美國。未來三到四個月我們將前往一些歐洲國家。我們看到人們對 RCS 的興趣確實在上升。事實上，它具有雙向功能、圖形化、允許輪播和與圖形的交互，這些特點使得它成為 MMS 的替代者，非常有趣。

And actually, we're seeing a resurgence of WhatsApp in certain areas. We're currently carrying traffic in RCS in the US. And also, we've got fully integrated in the contact center, which I think makes it extra attractive from a sending you a copy of your travel ticket or sending you detailed information or two-way conversations or any of those kinds of things. And so I think it's a big opportunity.

事實上，我們看到 WhatsApp 在某些地區正在復蘇。我們目前在美國使用 RCS 承載流量。此外，我們已經與聯絡中心完全集成，我認為這讓它更具吸引力，無論是向您發送旅行機票副本，還是發送詳細信息或進行雙向對話，或者諸如此類的事情。所以我認為這是一個巨大的機會。

And for us, what's interesting is an opportunity in the CPaaS business because we have all those capabilities. Obviously, we're a major player in usage in CPaaS in general.

對我們來說，有趣的是 CPaaS 業務中的機會，因為我們擁有所有這些能力。顯然，總體而言，我們是 CPaaS 領域的主要參與者。

Great. Thanks.

偉大的。謝謝。

Jamie Reynolds, Morgan Stanley.

摩根士丹利的傑米雷諾茲。

You actually have Meta on. So a couple of questions. One, you had talked about increasing OpEx this year to try to reaccelerate growth. And just by your guidance, it doesn't seem like you're raising OpEx by all that much. And so just wondering how you're balancing that profitability versus growth right now.

您確實已啟用 Meta。有幾個問題。首先，您曾談到今年增加營運支出以嘗試重新加速成長。而且僅根據您的指導，您似乎並沒有將營運支出提高那麼多。所以我只是想想知道您現在如何平衡獲利能力和成長。

And then maybe the second question, just you noted the CPaaS business growing, we're seeing a lot of growth. Just where, from a geography basis, are you seeing that growth be most meaningful? Thanks.

然後也許是第二個問題，正如您所提到的，CPaaS 業務正在成長，我們看到了很多成長。從地理位置來看，您認為哪裡的成長最有意義？謝謝。

Okay. So two questions there, profitability versus growth. I'll start on that one. We'll cover geography, CPaaS geography second, and I'll let Kevin chime in on the first, maybe he fits. Yeah, we're not seeing, I mean, a huge increase in OpEx. We are moving it around. We're trying to get it to where it can get the most. As we returned to growth this quarter for the first time in nine quarters, so plus 1.9% growth overall and plus 5.1%-ish ex-Fuze.

好的。所以這裡有兩個問題：獲利能力與成長。我先從那一個開始。我們將討論地理問題，其次是 CPaaS 地理問題，我會讓 Kevin 就第一個問題發表意見，也許他適合。是的，我們沒有看到營運支出大幅增加。我們正在調整。我們正在盡力讓它發揮最大作用。由於本季我們九季以來首次恢復成長，因此整體成長率為 1.9%，扣除 Fuze 因素後成長率為 5.1% 左右。

So I think we're already on the trend, and we've seen three quarters of acceleration ex-Fuze. And so I think our reallocation of expenses, where it's finding its highest best use, is on the right path.

所以我認為我們已經處於趨勢之中，我們已經看到了 Fuze 以外三個季度的加速。因此，我認為我們對費用的重新分配，即找到其最佳用途，是正確的。

We have been investing a little bit more in the Fuze migration and overall. I mean, we were running double-digit operating margins just a few quarters ago. We're down slightly in that. Now FX and everything else will have some influence on that quarter to quarter, but you get the idea. I think the idea is we want to grow smartly and grow profitably.

我們在 Fuze 遷移和整體方面投入了更多資金。我的意思是，就在幾個季度前，我們的營業利潤率就達到了兩位數。我們在這方面略有下降。現在，外匯和其他一切都會對季度產生一定的影響，但你明白我的意思了。我認為我們的想法是，我們要聰明地成長，並且獲利成長。

And so right now, we're willing to take a little bit of a hit to op margins to get growth. And then as we get growth solidly installed in the system again, we'll attempt to grow revenues faster than we grow expenses and then bring margins back up over time.

因此現在，我們願意承受一點營業利潤率的打擊來實現成長。然後，隨著我們再次在系統中穩固地實現成長，我們將嘗試使收入成長速度快於支出成長速度，然後隨著時間的推移提高利潤率。

Kevin, anything you would add?

凱文，您還有什麼要補充的嗎？

No, I think you hit the point really, is the reallocation, Meta. And that's reallocation in both the COGS and OpEx line as we look at the usage-based business. So that's the only thing I would highlight.

不，我認為你確實說到點子上了，那就是重新分配，Meta。當我們查看基於使用情況的業務時，這就是 COGS 和 OpEx 線中的重新分配。這是我唯一想強調的。

Okay. And then on CPaaS, look, obviously, I'm going to give you a bit of a tale of two cities here answer. In terms of overall growth, obviously, our Asia business is the biggest part of it, and it's growing very rapidly, and it's pretty exciting, over 30% year over year. But we're also seeing a lot of traction in the UK with multiproduct customers.

好的。然後在 CPaaS 上，看，顯然，我會在這裡給你一個關於兩個城市的故事的答案。就整體成長而言，顯然我們的亞洲業務是其中最大的組成部分，而且成長非常迅速，相當令人興奮，比去年同期成長超過 30%。但我們也看到英國的多產品客戶群正在不斷成長。

And as I mentioned earlier, we're carrying RCS traffic in the US, which is causing our US business as a percentage to grow fairly quickly. And so we are seeing growth fairly globally in the CPaaS business with the largest raw dollar amount being in Asia.

正如我之前提到的，我們在美國承載著 RCS 流量，這使得我們在美國的業務佔比成長相當快。因此，我們看到 CPaaS 業務在全球呈現相當大的成長，其中原始金額最大的地區是亞洲。

Great. Thank you.

偉大的。謝謝。

Thank you. I'm showing no further questions at this time. I would now like to turn it back to Sam Wilson, CEO, for closing remarks.

謝謝。目前我沒有其他問題。現在我想請執行長 Sam Wilson 致最後總結。

Thank you, everyone, for being on the call today. I also want to highlight on our Investor Relations page, we've published two letters, a shareholder letter and a financial highlights letter. As we evolve our Investor Relations strategy, we're now publishing letters. This is the first time. Please take a look at it. If you're interested in providing us any feedback, please let us know. Thank you for your time today.

感謝大家今天的來電。我也想強調一下，在我們的投資人關係頁面上，我們發布了兩封信，一封給股東的信和一封給財務要點的信。隨著我們投資者關係策略的不斷發展，我們現在正在發布信函。這是第一次。請查看一下。如果您有興趣提供任何回饋，請告知我們。感謝您今天抽出時間。

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。您現在可以斷開連線。