8x8 Inc (EGHT) 2026 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the 8x8 Q4 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

各位好，感謝您稍候。歡迎參加 8x8 2026 會計年度第四季（Q4）財報電話會議。（接線員指示）請注意，今天的會議將被錄音。（接線員指示）

I would now like to hand the conference over to your speaker today, Kate Patterson, Head of Investor Relations.

現在我想把會議交給今天的講者——投資人關係主管 Kate Patterson。

Thank you. Good afternoon, everyone. Today's agenda will include a review of our results for the fourth 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. In addition to our prepared remarks, we have posted a more detailed letter to shareholders in the quarterly results section of our Investor Relations website.

謝謝。各位下午好。今天的議程將包括由我們的執行長 Samuel Wilson 與財務長 Kevin Kraus 一同回顧 2026 會計年度第四季的業績。在我們的準備發言之後，將進行問答環節。除準備發言外，我們也已在投資人關係網站的季度業績專區發布更詳細的致股東信。

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 and our focus on profitability and cash flow, as well as statements regarding our business, products and growth strategies. We caution you not to put undue reliance on these forward-looking statements as they involve risks and uncertainties that may cause actual results to vary materially from forward-looking statements. as described in our risk factors in our reports filed with the SEC. Any forward-looking statements made on this call and in the presentation slides reflect our analysis as of today, and we have no plans or obligations to update them.

在開始之前，提醒各位，我們今天的討論包含關於未來財務表現的前瞻性陳述，包括對創新的投資、對獲利能力與現金流的聚焦，以及關於我們業務、產品與成長策略的陳述。我們提醒您不要過度依賴這些前瞻性陳述，因其涉及風險與不確定性，可能導致實際結果與前瞻性陳述存在重大差異；相關內容已在我們向美國證券交易委員會（SEC）提交之報告中的風險因素中說明。本次電話會議及簡報投影片中的任何前瞻性陳述均反映我們截至今日的分析，我們沒有計畫或義務對其進行更新。

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 the 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 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（在某些情況下包含與去年同期的比較）並非依據美國一般公認會計原則（GAAP）編製。非 GAAP 指標與最接近之可比 GAAP 指標的調節表，已載於我們的財報新聞稿與財報簡報投影片中，並可於 8x8 投資人關係網站 investors.8x8.com 取得。

With that, I'll turn the call over to our Chief Executive Officer, Samuel Wilson.

接下來，我把電話會議交給我們的執行長 Samuel Wilson。

Good afternoon, everyone, and thank you for joining us. Fiscal 2026 marked a turning point for 8x8. Our Q4 results demonstrated improving execution, operating discipline and a growing momentum across the business. We've delivered four consecutive quarters of year-over-year revenue growth, generated our first GAAP profitable full fiscal year since 2015, increased net income and earnings per share and strengthened our balance sheet. Most importantly, I believe this year validated the strategy we've been building towards for several years.

各位下午好，感謝各位加入。2026 會計年度是 8x8 的轉捩點。我們第四季的結果展現了執行力提升、營運紀律強化，以及全公司動能持續增長。我們已連續四個季度實現營收年增，並達成自 2015 年以來首個 GAAP 口徑的全年獲利會計年度，同時提升淨利與每股盈餘，並強化資產負債表。最重要的是，我相信今年驗證了我們多年來持續打造的策略方向。

It is clear the business communications market is changing rapidly. The driver is straightforward. AI is beginning to handle low-level repetitive work that used to require people, routine inquiries, transactions, first-line support. We're still early, but the trajectory is clear. and customers are making architectural decisions today based on where this is going.

很明顯，商務通訊市場正在快速變化。驅動因素很直接。AI 正開始處理過去需要人力的低階重複性工作，例如例行詢問、交易處理、第一線支援。我們仍處於早期階段，但趨勢已很清楚，而客戶今天正在基於未來走向做出架構決策。

As the market evolves, what customers buy and how they pay for it changes. Per se pricing made sense when every interaction needed a human. As AI takes on more of the interactions, pricing needs to shift towards usage and outcomes. These shifts also change how customers buy. AI needs unified context to deliver real results. It doesn't work well in fragments. That's what's accelerating demand for integrated platforms, not as a preference, but as a prerequisite. We built 8x8 for this transition.

隨著市場演進，客戶購買的內容以及付費方式也在改變。當每一次互動都需要人力時，按席位（per seat）定價是合理的。隨著 AI 承擔更多互動，定價需要轉向以使用量與成果為導向。這些轉變也改變了客戶的採購方式。AI 需要統一的情境脈絡才能交付真正的成果。在碎片化環境中效果不佳。這正加速了對整合式平台的需求——不再只是偏好，而是先決條件。我們打造 8x8 正是為了迎接這場轉型。

Today, our platform combines carrier-grade, global voice infrastructure, programmable communications APIs, UCaaS, CCaaS, digital engagement and embedded AI into a single architecture designed to support both human and AI-driven interactions at enterprise scale. And that matters more than ever in an AI era.

今天，我們的平台將電信級、全球語音基礎設施、可程式化通訊 API、UCaaS、CCaaS、數位互動，以及內嵌式 AI 整合於單一架構中，旨在支援企業規模下由人與 AI 驅動的互動。而在 AI 時代，這比以往任何時候都更重要。

Voice is not a legacy channel in an AI-driven world. In many ways, it becomes more important. Voice is the bridge between automated execution and human judgment. As enterprises move towards human-to-agent and agent-to-agent interactions, communications infrastructure stops being utility and starts becoming a strategic control layer. Reliability, security, trust and orchestration matter more than ever.

在 AI 驅動的世界裡，語音並不是傳統遺留通路。在許多方面，它反而變得更重要。語音是自動化執行與人類判斷之間的橋樑。當企業走向人對代理（human-to-agent）與代理對代理（agent-to-agent）的互動時，通訊基礎設施不再只是公用事業，而開始成為策略性的控制層。可靠性、安全性、信任與協同編排（orchestration）比以往任何時候都更重要。

The challenge is no longer leveraging AI to generate responses or drive engagement, it's already happening. We are seeing both generative and agentic AI drive a surge in communications APIs across voice, messaging and digital channels, and it is evident in our numbers. Usage-based revenue, including CPaaS communications APIs, AI solutions, digital channels, telecom usage grew more than 70% year over year and represented approximately 23% of service revenue. up from 14% a year ago.

挑戰已不再是運用 AI 來生成回覆或推動互動——這些已在發生。我們看到生成式 AI 與代理式（agentic）AI 正推動語音、訊息與數位通路的通訊 API 使用量激增，且這在我們的數據中十分明顯。以使用量為基礎的營收（包含 CPaaS 通訊 API、AI 解決方案、數位通路與電信使用量）年增超過 70%，約占服務營收的 23%，高於一年前的 14%。

The real challenge is delivering interactions that feel seamless, secure, intelligent and trustworthy. AI agents must be able to hear clearly, understand intent accurately, authenticate securely and know exactly when to hand interactions to a human. That requires more than another AI voice model. It requires a highly reliable communications infrastructure and a platform capable of orchestrating interactions seamlessly across both human and agentic layers. This requirement is redefining where value accrues in enterprise communications.

真正的挑戰在於提供無縫、安全、智慧且值得信賴的互動體驗。AI 代理必須能清楚聽見、準確理解意圖、安全完成身分驗證，並且清楚知道何時將互動交接給真人。這需要的不只是另一個 AI 語音模型。它需要高度可靠的通訊基礎設施，以及能在真人層與代理式層之間無縫協同編排互動的平台能力。這項需求正在重新定義企業通訊中價值累積的位置。

Customers do not want another closed ecosystem or another AI model that needs to be tested and integrated them. They want platforms that can evolve as the AI landscape evolves. The new winners will be companies that combine carrier-grade infrastructure with orchestration across communications, workflows, APIs, analytics and customer engagement and do it at scale.

客戶不想要另一個封閉式生態系，或另一個需要他們自行測試並整合的 AI 模型。他們想要能隨 AI 版圖演進而演進的平台。新的贏家將是能把電信級基礎設施與跨通訊、工作流程、API、分析與客戶互動的協同編排結合起來，並能以規模化方式交付的公司。

Our approach has been different from many of our peers. Instead of building around a single AI model or a closed ecosystem, we have focused on building an open integration and orchestration layer directly into the platform itself. This allows customers to adopt a new AI capabilities quickly and deploy AI across voice, messaging and customer engagement workflows without infrastructure.

我們的方法與許多同業不同。我們不是圍繞單一 AI 模型或封閉式生態系來建構，而是專注於把開放式整合與協同編排層直接內建到平台本身。這讓客戶能快速採用新的 AI 能力，並在不需重建基礎設施的情況下，將 AI 部署到語音、訊息與客戶互動工作流程中。

More importantly, this approach helps customers simplify increasingly complex technology environment by reducing operational friction, accelerating deployment, allowing them to adopt new innovation without constantly rebuilding infrastructure. That philosophy has shaped our innovation strategy, and we hit some important milestones in Q4.

更重要的是，這種方法透過降低營運摩擦、加速部署，協助客戶以減少複雜度的方式簡化日益複雜的技術環境，讓他們能在不斷重建基礎設施的情況下採用新創新。這項理念塑造了我們的創新策略，而我們在第四季達成了一些重要里程碑。

In March, we announced general availability of 8x8 Engage extended customer engagement beyond the traditional contact center to frontline sales and offers teams. Customer adoption has been strong with partners now fully enabled demand is building.

在 3 月，我們宣布 8x8 Engage 正式全面推出（general availability），將延伸式客戶互動從傳統聯絡中心擴展到第一線銷售與報價團隊。客戶採用情況強勁，合作夥伴目前也已全面啟用，需求正在形成。

We also added native agentic AI to our platform for CX with AI Studio. AI Studio allows customers to build and deploy AI-powered voice and digital agents directly on the AFA platform for CX using natural language problems. It could not be easier. Check out the video demo on our website.

我們也透過 AI Studio，為 CX 平台加入原生的代理式 AI。AI Studio 讓客戶能使用自然語言提示（prompts），直接在 AFA for CX 平台上建置並部署 AI 驅動的語音與數位代理。再簡單不過。歡迎到我們網站觀看影片示範。

During the quarter, we expanded platform capabilities across analytics, authentication, CRM integrations and orchestration workflows designed to simplify deployment and improve how AI-powered interactions move across human and digital engagement channels.

在本季度期間，我們擴充了平台在分析、身分驗證、CRM 整合與協同編排工作流程方面的能力，旨在簡化部署，並改善 AI 驅動互動在真人與數位互動通路之間的流轉方式。

Our outcome-focused platform strategy also shapes how we approach partnerships and technology acquisitions. Our partnership with Synthflow AI expands our capabilities for SMBs and strengthens our position in AI-powered in agentic engagement. Maven Lab expanded our messaging and automation capabilities, while Callroute strengthens our Microsoft Teams integration strategy, and will simplify platform-to-platform migrations. Most importantly, our customer wins reinforced that our platform strategy is aligned with where the market is going.

我們以成果為導向的平台策略，也形塑了我們看待合作夥伴關係與技術併購的方式。我們與 Synthflow AI 的合作擴展了我們在中小企業（SMB）的能力，並強化我們在 AI 驅動之代理式互動領域的定位。Maven Lab 擴充了我們的訊息與自動化能力，而 Callroute 則強化我們的 Microsoft Teams 整合策略，並將簡化平台對平台的遷移。最重要的是，我們的客戶贏單進一步印證，我們的平台策略與市場走向一致。

In the US, an insurance company replaced two competitors with a full UCaaS, CCaaS deployment after evaluating six competing vendors. A health care organization operating more than 100 locations implemented an omnichannel engagement solution, integrating voice, SMS, webchat and Salesforce to modernize patient communications.

在美國，一家保險公司在評估六家競爭供應商後，以完整的 UCaaS、CCaaS 部署取代了兩家競爭對手。一家營運超過 100 個據點的醫療保健機構導入全通路互動解決方案，整合語音、SMS、網路聊天與 Salesforce，以現代化病患溝通。

Internationally, a UK automotive retailer selected 8x8 to replace a legacy environment that combined UC and contact center deployment and a bank in the Philippines selected 8x8 to strengthen authentication and fraud prevention capabilities ahead of new anti-fraud compliance requirements. Yes, we are a security company in places.

在國際市場方面，英國一家汽車零售商選擇 8x8 以取代將 UC 與聯絡中心部署結合的既有環境；菲律賓一家銀行則選擇 8x8，以在新的反詐欺合規要求之前強化身分驗證與防詐能力。是的，在某些領域我們也是一家資安公司。

Across these wins, customers constantly prioritize integrated workflows, trusted infrastructure, AI-ready engagement capabilities and flexible deployment models and securing over disconnected point solutions. As our markets evolve, we are sharpening our go-to-market strategies, adapting our pricing models and improving our processes.

在這些勝利案例中，客戶一貫優先考量整合式工作流程、可信賴的基礎設施、可支援 AI 的互動能力、彈性的部署模式，以及安全性，而非彼此割裂的單點解決方案。隨著市場演進，我們正精進我們的市場進入策略、調整定價模式並改善流程。

Partners have always played a central role in the communications and customer experience markets because they maintain trusted customer relationships and expanded geographic and commercial reach. We believe 8x8 remains significantly under distributed relative to the size of the opportunity. As a result, we are increasing our investment in partner recruitment, enablement, on-boarding, automation and deployment tools that make it easier to business with 8x8 and easier for partners to deliver solutions to their customers.

合作夥伴一直在通訊與客戶體驗市場中扮演核心角色，因為他們維繫值得信賴的客戶關係，並擴大地理與商業觸及範圍。我們相信，相較於機會的規模，8x8 的分銷覆蓋仍明顯不足。因此，我們正加大對合作夥伴招募、賦能、導入（on-boarding）、自動化以及部署工具的投資，讓與 8x8 合作更容易，也讓合作夥伴更容易為其客戶交付解決方案。

At the same time, we are exploring new consumption-based pricing and deployment models that reduced decision risk and traditionally associated with enterprise software purchases and simplifying trial and activation. By reducing decision risk and removing traditional barriers to adoption, we can accelerate time to value and better align our go-to-market motions and sales cycles with product innovation cycles.

同時，我們也在探索新的按用量計費定價與部署模式，以降低決策風險以及傳統上與企業軟體採購相關的風險，並簡化試用與啟用流程。透過降低決策風險並移除傳統採用障礙，我們可以加速價值實現時間，並使我們的市場進入動作與銷售週期更好地與產品創新週期對齊。

Fiscal 2026 was also a year of operational discipline. We completed the Fuze migration process, integrated several financially immaterial but strategic acquisitions, reduce debt meaningfully and maintain disciplined operating expense management while continuing to invest in innovation, infrastructure and AI capabilities. The past several years has required focus, restructuring and hard operational decisions. This year, we begin to see the benefits of that work show up across the business.

2026 會計年度也是營運紀律的一年。我們完成了 Fuze 遷移流程，整合了數項在財務上不具重大性但具策略性的收購案，大幅降低負債，並在持續投資創新、基礎設施與 AI 能力的同時，維持嚴謹的營運費用管理。過去幾年需要專注、重整與艱難的營運決策。今年，我們開始看到這些工作的成果在整個業務中顯現。

As we enter fiscal 2027, our overarching objective remains straightforward: drive sustainable growth, profitability, and cash flow. Our priorities remain clear: expand our global communications infrastructure for AI-driven customer engagement, deliver innovation that enables seamless interactions that build trust at every stage of a customer journey, scale our partner and distribution ecosystems globally, and continue to drive operational discipline and efficiency.

進入 2027 會計年度，我們的整體目標依然明確：推動可持續的成長、獲利能力與現金流。我們的優先事項依然清楚：擴大全球通訊基礎設施以支援 AI 驅動的客戶互動；提供創新以實現無縫互動，並在客戶旅程的每個階段建立信任；在全球擴大我們的合作夥伴與分銷生態系；並持續推動營運紀律與效率。

Let me finish by saying that I believe 8x8 is operating from a position of strength. With a clear strategy, solid financial fundamentals and a growing confidence in our ability to compete aggressively in a rapidly evolving market. Thank you again to our customers, our partners, our employees, and our shareholders for your continued support.

最後我想說，我相信 8x8 正在以強勢姿態運作。憑藉清晰的策略、穩健的財務基本面，以及對我們在快速演變市場中積極競爭能力日益增長的信心。再次感謝我們的客戶、合作夥伴、員工與股東持續的支持。

And with that, let me turn it over to Kevin.

接下來，我把時間交給 Kevin。

Thanks, Sam. Good afternoon, everyone, and thank you for joining us for our fiscal Q4 '26 earnings call. In addition to our shareholder letter, detailed financial results are available in our press release and on our Investor Relations website. Therefore, I'll focus my remarks on a few key highlights. Unless otherwise noted, all figures other than revenue and cash flow are presented on a non-GAAP basis.

謝謝，Sam。各位下午好，感謝各位參加我們 2026 會計年度第四季（Q4 '26）財報電話會議。除股東信外，詳細財務結果已刊載於我們的新聞稿以及投資人關係網站。因此，我將把重點放在幾個關鍵亮點。除非另有說明，除營收與現金流外的所有數據皆以非 GAAP 基礎呈現。

Q4 was our fourth consecutive quarter of year-over-year revenue growth, capping a fiscal year that returned 8x8 to growth, achieved healthy operating profit and meaningfully strengthened our balance sheet. We exceeded our guidance ranges for service revenue, total revenue, operating profit, earnings per share and cash flow from operations. We had another record quarter for service revenue, and we have had positive operating profit and cash flow from operations in every quarter for over five years.

第四季是我們連續第四個季度實現營收年增，為本會計年度畫下句點：8x8 重回成長軌道、達成健康的營業獲利，並顯著強化資產負債表。我們在服務營收、總營收、營業獲利、每股盈餘以及營運現金流方面，皆超越了指引區間。我們的服務營收再創單季新高，且五年多來每一季皆維持正的營業獲利與營運現金流。

Total revenue was $185.2 million, and service revenue was $180.2 million, growing 4.6% and 5% year over year, respectively. These results reflect the continued strength in our usage-based offerings. Our usage-based offerings, which include our CPaaS communication APIs, digital channels and AI solutions set another all-time record and accounted for approximately 23% of service revenue in the quarter. compared to approximately 14% in Q4 '25.

總營收為 1.852 億美元，服務營收為 1.802 億美元，分別年增 4.6% 與 5%。這些結果反映我們按用量計費產品的持續強勁表現。我們的按用量計費產品（包含 CPaaS 通訊 API、數位通路與 AI 解決方案）再創歷史新高，約占本季服務營收的 23%，相較於 2025 會計年度第四季（Q4 '25）約 14%。

Gross profit was approximately $118.9 million, approximately $2 million above the gross profit implied by the midpoint of our Q4 guidance. Gross margin as a percent of revenue was 64.2%, modestly below Q3 due to the continued mix shift toward our usage-based offerings, which, in aggregate, carry a lower margin profile but can add meaningful profit dollars as the business scales.

毛利約為 1.189 億美元，較我們第四季指引中點所隱含的毛利高出約 200 萬美元。毛利率（占營收比）為 64.2%，因產品組合持續轉向按用量計費產品而較第三季略低；此類產品整體毛利率較低，但隨著業務規模擴大，仍可帶來可觀的毛利金額。

As we have noted in prior quarters, our usage-based offerings can fluctuate, which may introduce some quarter-to-quarter variability in gross margin. We are actively working to expand margins within the usage portfolio but as that part of the business grows, it does impact the consolidated gross margin percentage.

如同我們在先前季度所提及，按用量計費產品可能波動，這可能使毛利率在季度間出現一定變動。我們正積極致力於提升按用量產品組合的毛利率，但隨著該業務成長，確實會影響合併毛利率百分比。

Importantly, we are leaning into where the market is growing and not where the highest gross margin sits today. As we have articulated over the past few years, we managed the business to operating income, and we have consistently demonstrated the ability to offset gross margin mix impacts with disciplined operating expense management.

重要的是，我們正加碼投入市場成長所在，而不是只追逐當下最高毛利率所在。正如過去幾年我們所闡述的，我們以營業利益來管理業務，並一貫展現出透過嚴謹的營運費用管理，抵銷毛利率組合影響的能力。

Operating income came in at $19.8 million, resulting in a 10.7% operating margin, well above the high end of our guidance range and demonstrating our commitment to operating discipline. Operating expenses were favorable to expectations and down 5% year over year. For the full fiscal year, total operating expenses declined approximately 3%, reflecting our continued focus on cost structure.

營業利益為 1,980 萬美元，營業利益率為 10.7%，明顯高於指引區間上緣，展現我們對營運紀律的承諾。營運費用優於預期，且年減 5%。就全年而言，總營運費用約下降 3%，反映我們持續聚焦於成本結構。

We have meaningfully reduced our debt service cost through significant paydowns of debt principal over the past two years. Trailing 12-month cash interest paid declined approximately 51% and from fiscal 2024 to fiscal 2026 from approximately $35.6 million to approximately $17.3 million. The combination of higher revenue, lower operating expenses and lower interest expense resulted in net income of $16.6 million and fully diluted EPS of $0.11 per share, $0.03 above the high end of our guidance range.

過去兩年透過大幅償還債務本金，我們已顯著降低債務服務成本。過去 12 個月支付的現金利息約下降 51%；從 2024 會計年度到 2026 會計年度，約由 3,560 萬美元降至約 1,730 萬美元。更高的營收、更低的營運費用與更低的利息費用相結合，使淨利達 1,660 萬美元，完全稀釋後每股盈餘（EPS）為每股 0.11 美元，較指引區間上緣高出 0.03 美元。

Cash flow from operations was $14.4 million for the quarter, significantly above the high end of our guidance range. The strong Q4 result reflects both operating overperformance and favorable timing of collections and payments. And as a reminder, that cash flow from operations can vary meaningfully quarter to quarter based on timing.

本季營運現金流為 1,440 萬美元，顯著高於指引區間上緣。第四季的強勁表現同時反映營運表現超預期，以及收款與付款時點的有利影響。提醒各位，營運現金流可能因時點因素而在季度間出現顯著波動。

We ended the quarter with $93.3 million in cash and cash equivalents excluding restricted cash, an increase of approximately $6.4 million sequentially. We ended Q4 '26 with $323.9 million of principal debt outstanding. In early April, we made a $14.5 million principal payment on the term loan, bringing the principal balance down to approximately $309.4 million as we entered fiscal Q1 '27. This represents a reduction of approximately 43% from the August 2022 peak of $548 million.

本季末，我們的現金及約當現金（不含受限制現金）為 9,330 萬美元，較前一季增加約 640 萬美元。2026 會計年度第四季末（Q4 '26），我們的未償還債務本金為 3.239 億美元。4 月初，我們就定期貸款償還 1,450 萬美元本金，使我們在進入 2027 會計年度第一季（Q1 '27）時，本金餘額降至約 3.094 億美元。這相當於較 2022 年 8 月高峰的 5.48 億美元減少約 43%。

Turning to guidance. We are providing both first-quarter and full-year fiscal 2027 guidance. Our outlook reflects continued discipline and a measured view given the broader macro environment as we continue building a more diversified, durable business. We are leaning to where the market is growing fastest while protecting profitability through the operating discipline we have demonstrated quarter after quarter.

接下來談指引。我們提供 2027 會計年度第一季以及全年指引。在我們持續打造更分散、更加耐久的業務之際，我們的展望反映持續的紀律，以及在更廣泛的總體環境下採取審慎的看法。我們將資源傾向投入市場成長最快的領域，同時透過我們一季又一季所展現的營運紀律來守住獲利能力。

For fiscal Q1 '27, we are providing the following guidance. Service revenue is expected to be between $175 million and $180 million. Total revenue is anticipated to be between $180 million and $185 million. We anticipate gross margin between 63.5% and 64.5%, reflecting the ongoing mix shift towards usage-based revenue. We anticipate operating margin between 8.5% and 9.5%. This results in a range for fully diluted non-GAAP earnings per share of $0.08 to $0.09 per share based upon approximately 147 million fully diluted shares outstanding.

針對 2027 會計年度第 1 季，我們提供以下指引。服務營收預期介於 1.75 億美元至 1.80 億美元之間。總營收預期介於 1.80 億美元至 1.85 億美元之間。我們預期毛利率介於 63.5% 至 64.5% 之間，反映營收組合持續朝向以使用量計費（usage-based）營收的轉移。我們預期營業利益率介於 8.5% 至 9.5% 之間。依據約 1.47 億股完全稀釋流通股計算，這將使完全稀釋後非 GAAP 每股盈餘落在每股 0.08 美元至 0.09 美元的區間。

In fiscal Q1, we expect to make cash interest payments of approximately $1.8 million which reflects the term loan interest payment. The next semiannual interest payment, our 2028 convertible notes occurs in fiscal Q2. We anticipate cash flow from operations to be between $10 million and $12 million.

在第 1 季，我們預期將支付約 180 萬美元的現金利息，反映定期貸款（term loan）的利息支付。下一次半年期利息支付，即我們 2028 年到期可轉換公司債（convertible notes）的利息支付，將發生在第 2 季。我們預期營運活動現金流介於 1,000 萬美元至 1,200 萬美元之間。

For fiscal 2027, full year, we are providing the following guidance. Service revenue is anticipated to be between $707 million and $727 million. Total revenue is anticipated to be between $727 million and $747 million. We anticipate gross margin to be between 62.5% and 63.5%, noting the increasing amount of usage-based revenue in our revenue mix and potential variability in the proportion of usage-based revenue.

針對 2027 會計年度全年，我們提供以下指引。服務營收預期介於 7.07 億美元至 7.27 億美元之間。總營收預期介於 7.27 億美元至 7.47 億美元之間。我們預期毛利率介於 62.5% 至 63.5% 之間，並注意到以使用量計費營收在我們營收組合中的占比增加，以及以使用量計費營收占比可能存在的波動。

Full-year operating margin is projected between 9% and 10%, translating to non-GAAP operating income of approximately $70 million at the guidance midpoint. We expect fully diluted non-GAAP earnings per share to be in the range of $0.33 to $0.38 per share assuming approximately 150 million average diluted shares outstanding.

全年營業利益率預估介於 9% 至 10% 之間，按指引中位數換算，非 GAAP 營業利益約為 7,000 萬美元。假設平均稀釋流通股約 1.50 億股，我們預期完全稀釋後非 GAAP 每股盈餘介於每股 0.33 美元至 0.38 美元。

For the full-year fiscal 2027, we anticipate cash flow from operations of approximately $45 million to $52 million. Our fiscal 2027 cash flow outlook reflects the timing of certain nonrecurring items. We expect to make $39.5 million of principal payments on the term loan during fiscal 2027 in line with the loan amortization schedule.

針對 2027 會計年度全年，我們預期營運活動現金流約為 4,500 萬美元至 5,200 萬美元。我們對 2027 會計年度的現金流展望反映若干一次性項目的時點影響。我們預期將在 2027 會計年度依照貸款攤還時程，支付定期貸款本金 3,950 萬美元。

Looking back, fiscal 2026 was a year of meaningful progress on the financial fundamentals of the business. We returned 8x8 to year-over-year revenue growth, expanded our usage-based offerings and delivered positive operating margins in every quarter, meeting or exceeding our guidance each time.

回顧過去，2026 會計年度是我們在業務財務基本面上取得顯著進展的一年。我們讓 8x8 重回年對年營收成長，擴大以使用量計費的產品供給，並在每一季都交出正的營業利益率，且每次都達到或超越我們的指引。

We also significantly reduced our debt and cash interest costs, driving net income growth to over 19% for the year. The discipline we apply to managing the business gave us the flexibility to invest where the business needed it most, while still expanding profitability.

我們也大幅降低了負債與現金利息成本，帶動全年淨利成長超過 19%。我們在經營管理上所採取的紀律，讓我們能在仍擴大利潤的同時，保有彈性把資源投入到業務最需要的地方。

Our forward planning reflects continued focus on the same priorities. We view the work ahead as a multiyear journey and the foundation we built in fiscal 2026 positions us well for what comes next.

我們的前瞻規劃反映我們持續聚焦於相同的優先事項。我們將未來的工作視為一段跨年度的旅程，而我們在 2026 會計年度所建立的基礎，讓我們能為接下來的發展做好準備。

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

接下來，我把電話會議交給問答環節。

(Operator Instructions) Siti Panigrahi, Mizuho.

(接線員指示) Mizuho 的 Siti Panigrahi。

This is Chad Tevebaugh on here for Siti. Good quarter. I just wanted to start on sort of the fiscal year '27 service revenue guidance. You're obviously coming off four consecutive quarters of good growth.

我是 Chad Tevebaugh，代替 Siti 上線。本季表現不錯。我想先從 2027 會計年度服務營收指引談起。你們顯然剛經歷連續四個季度的良好成長。

Could you sort of walk us through the guidance range? And any puts and takes you're thinking about as you're entering the year, obviously, with the low end, implying slight slowdown in growth versus 2% growth at the high end?

你們能否帶我們走一遍這個指引區間？以及在進入新年度時，你們考量的利多與利空因素有哪些？尤其是區間低端意味著成長相較之下略為放緩，而高端則意味著 2% 的成長。

All right. So I'm going to just start by giving you some context and then I'll let Kevin fill in the details.

好的。我會先提供一些背景脈絡，接著再請 Kevin 補充細節。

I think the thing that you need to realize in sort of generically the Street and our investors need to realize is that usage is now 23% of our revenue. And we don't have as good a visibility in usage when we go out three, four quarters. And so we are naturally conservative in how we forecast usage revenue out that far because it's not contracted.

我認為你需要理解的一點——更廣泛地說，華爾街與我們的投資人需要理解的是——以使用量計費的營收現在占我們營收的 23%。當我們往外看三、四個季度時，對使用量的能見度沒有那麼好。因此，我們在那麼長的期間內預測使用量營收時，自然會比較保守，因為它不是合約鎖定的。

And so what you'll see from us over time -- and we've tried to highlight this this last couple of years as usage has been growing steadily, is that we naturally will be slightly more and serve in our guidance because of those things.

因此，隨著時間推進，你們會看到我們——而且過去幾年隨著使用量穩定成長，我們也一直試著強調——由於上述因素，我們在指引上自然會稍微更保守一些。

Sure. I think additionally, we -- look, our revenue geography is change too. We have about 40% international revenue. There's a geopolitical environment that's a little bit unpredictable at times. So there's no reason for us to lean forward, as Sam said.

當然。我想另外一點是——你看，我們的營收地理分布也改變了。我們約有 40% 的營收來自國際市場。地緣政治環境有時候有點難以預測。所以如 Sam 所說，我們沒有理由過度積極。

And I just want to point out that with respect to the revenue mix, we've been navigating through this for quite some time, and we're fairly agile company. We can manage our business to continue to deliver the operating income and the cash flows that are healthy for us.

我也想指出，就營收組合而言，我們已經在這方面應對了一段時間，而且我們是一家相當敏捷的公司。我們可以管理好業務，持續交出對我們而言健康的營業利益與現金流。

Got it. Super helpful. And then just one follow-up here on the gross margin guidance. I understand there's a lot more usage revenue that's coming in and increasing as a percent of the mix. But wondering if you could break that down a bit for us.

了解。非常有幫助。接著我還有一個關於毛利率指引的追問。我理解以使用量計費的營收增加，且在組合中的占比也在提升。但想請你們幫我們再拆解一下。

How much of that is driven by sort of more traditional CPaaS and messaging versus some of your newer AI solutions? And anything you can say on the gross margin profile of those newer solutions would be super helpful.

其中有多少是由較傳統的 CPaaS 與訊息傳遞所驅動，相較之下又有多少來自你們較新的 AI 解決方案？另外，若能談談這些新解決方案的毛利率輪廓（gross margin profile），也會非常有幫助。

Okay. So I'll start with this one. So let me break it into a couple of buckets. If you look at our traditional UC, CC business, those gross margins have been incredibly steady over the last couple of years with really no changes, except for a little bit of quarter-to-quarter variability. If you look at SMS messaging, I think it's kind of the question you're getting at, at the bottom of the stack, that commodity messaging, on a year-over-year basis, I would say the number of SMS messages we sent was not substantially larger.

好的。那我先回答這題。我把它分成幾個類別來說明。如果看我們傳統的 UC、CC 業務，過去幾年毛利率一直非常穩定，幾乎沒有變化，只有些許季度間的波動。如果看 SMS 訊息傳遞——我想這是你問題所指的、在技術堆疊底層的那種商品化訊息傳遞——以年對年來看，我會說我們發送的 SMS 訊息數量並沒有大幅增加。

What's been changing is the mix of all the things in between. So we've done in our CPaaS business a higher percentage of more margin-rich products over the last years. That's been a positive, and that's offset by the new AI products.

真正改變的是介於兩者之間的各項產品組合。因此，在我們的 CPaaS 業務中，過去幾年我們提高了毛利率較高產品的占比。這是正面因素，而這部分被新的 AI 產品所抵銷。

The new AI products when they launch, for example, AI Studio for our new customers, we're giving us some credits to get them started. Those kinds of things, AI costs are very hard to predict. As you guys read the news as well as I do, Anthropic and OpenAI and others change pricing on a regular basis and those kinds of things. And so those products themselves as they start -- and I find this with any really new product. As the new product starts, it starts at a lower gross margin. And then as we scale it and get economies of scale out of it, we'll grow the gross margins over time.

新的 AI 產品在推出時，例如針對新客戶的 AI Studio，我們會提供一些點數（credits）讓他們開始使用。這類作法，加上 AI 成本本身非常難以預測。各位也跟我一樣看新聞，Anthropic、OpenAI 等公司會定期調整定價，諸如此類。因此，這些產品本身在起步階段——我發現任何真正的新產品都是如此——新產品剛開始時毛利率會比較低。接著隨著我們擴大規模並取得規模經濟，毛利率會隨時間提升。

One thing I'd like to add on to the usage. We do have a variety of margin profiles for the variety of usage products that we have. I think that over time, that will also change perhaps a little bit as we expand some of our usage products geographically and not just focus in certain regions where maybe the pricing might be a little bit more competitive.

我想再補充一點關於使用量。我們各種以使用量計費的產品，其毛利率輪廓確實不盡相同。我認為隨著時間推進，當我們把部分使用量產品在地理上擴張，而不只是聚焦在某些區域（那些區域的定價可能更具競爭性），這點也可能會出現一些變化。

The other thing I'll say about usage revenue is that it is very -- it is much lower cost from an OpEx perspective. And while you see the gross margin percentage might decline -- we're focused on the dollars. And so the gross profit dollars is something that we look at, obviously, very closely and more can fall to the bottom line.

關於用量型營收，我還想補充一點：從營運費用（OpEx）的角度來看，它的成本非常——也就是低得多。而且即使你看到毛利率百分比可能會下滑——我們關注的是「金額」。因此，我們當然會非常密切地看毛利金額（gross profit dollars），而且其中更多的部分可以落到最終盈餘。

So we're interested very much in scaling that part of the business. And that's actually where the market is moving. So we're going towards where the market is moving, and we're not focused on a particular gross margin profile at a given point in time.

所以我們非常有興趣把這一塊業務規模化。而那其實也是市場正在前進的方向。因此我們會朝市場移動的方向走，而不是在某個時間點執著於特定的毛利率輪廓。

Peter Levine, Evercore.

Peter Levine，Evercore。

Congrats guys on the kind of close to the year. Maybe just a follow-up to the prior question. Sam, I know you said it's hard to get visibility, but maybe help us understand how these contracts are structured.

恭喜各位今年收官表現不錯。我想就前一個問題再追問一下。Sam，我知道你說很難取得能見度，但也許可以幫我們理解這些合約是如何設計的。

In your prepared remarks, you kind of talked about outcome-based pricing, it's more usage-based, but are there kind of thresholds that these customers agree to in terms of usage? Maybe just help us understand like how -- I know visibility is light, but just help us understand how these contracts are structured and as we're actually committing to.

在你準備好的發言中，你提到以結果為基礎的定價，更偏向用量計費；但客戶在用量方面是否會同意某些門檻？也請幫我們理解一下——我知道能見度不高——但請協助我們了解這些合約的結構，以及我們實際上承諾了什麼。

Peter, no problem at all. Look, let me just -- let me take the back and I swear to I'll answer your question in a second. But if you think about new and emerging technologies, right, I think it's completely fair on our part and we really think about the customer and put it at the center of our universe, going to a customer today and saying, hey, I need you to forecast how many voice AI interactions you're going to do a year from now or two years from now, is, I believe, fundamental lunacy. And they think it's fundamental lunacy, too.

Peter，完全沒問題。你看，讓我先——我先退一步說明，我保證馬上回答你的問題。但如果你想想新興技術，對吧，我認為我們完全有理由、而且我們確實把客戶放在宇宙的中心：今天去跟客戶說，嘿，我需要你預測一年後或兩年後你會做多少次語音 AI 互動，我相信這在根本上是荒謬的。而他們也覺得這在根本上是荒謬的。

So the way we structure the contract is this, we charge a reasonable rate on a per usage basis with zero commitment. And then as you raise your level of commitment, we will put a discount in to your rates on a per interaction basis, per outcome, per transaction, per credit or however you want to think about it. So at a very basic level, if you give us a commitment for a year or even month to month, we will give you a 5% or a 10% discount. If you give it to us for a year, we'll give you a bigger discount those kinds of things.

所以我們的合約結構是這樣：我們以每次用量為基礎收取合理費率，且零承諾。然後當你提高承諾程度時，我們會在你的費率上給折扣——以每次互動、每個結果、每筆交易、每個 credit（點數）或你想怎麼理解都可以。所以在最基本的層面，如果你給我們一年的承諾，甚至是按月續約，我們會給你 5% 或 10% 的折扣。如果你給我們一年的承諾，我們會給更大的折扣，諸如此類。

But what we find is even when we get commitments that customers just don't know a lot on the AI products and even on some of the CPaaS messaging products, how many marketing campaigns are you going to run? How many authentications are going to come in? How much OTP is going to happen? Those kinds of things. And so they always want to commit at a number that they -- is substantially below what they think they're going to actually use.

但我們發現，即使拿到承諾，客戶對 AI 產品、甚至對某些 CPaaS 訊息產品也不太清楚：你會跑多少行銷活動？會有多少次身分驗證進來？會發生多少 OTP（一次性密碼）？諸如此類。因此他們總是想在一個——他們認為會遠低於實際使用量的數字上做承諾。

And so they're willing to capture some discount, but they always want to really get away from this concept of shelfware or unused commitment. And it's why we've embraced the usage-based business model because it was obvious years ago to us, the CFOs were getting incredibly frustrated with unused seats and unused software. Trust me, my CIO is incredibly frustrated about it. And so that was why we were going to see more and more of this consumption-based pricing driven by credits or dollars or however you want to do it.

所以他們願意拿到一些折扣，但他們總是想盡量避免「貨架軟體」（shelfware）或未使用承諾這個概念。這也是為什麼我們採用用量型商業模式，因為幾年前我們就很清楚：CFO 對未使用的席位與未使用的軟體感到極度挫折。相信我，我們的 CIO 也對此非常挫折。因此我們才會看到越來越多以點數或美元等方式驅動的消費型（consumption-based）定價。

But really, it's that notion. And so long-winded answer, Peter, to say, a fair price on a per interaction basis and a discount when you're willing to commit.

但核心就是這個概念。所以，Peter，長話短說：以每次互動為基礎的公平價格，並在你願意承諾時提供折扣。

No. I appreciate the detail. And then maybe for Kevin, maybe help us understand like what's the threshold then on gross margins? And then when can we see that kind of start to tick up? I know, again, to my prior question, it's hard to get the visibility and we're still trying to figure out the seasonality. But where is -- like what's the threshold for gross margin?

了解。謝謝你提供這些細節。接著也許問 Kevin：那毛利率的門檻大概在哪裡？我們什麼時候能看到它開始回升？我知道——同樣回到我前面的問題——能見度很難掌握，我們也還在釐清季節性。但毛利率的門檻到底是什麼？

Similar question on the OpEx side, where op margins, call it, sub -- call it, 9.5% this year. You talked about cutting costs out of the model. Just kind of help us the pull and take between the gross margin impact? And where is the cost coming out on the operating side?

在 OpEx 這邊也有類似問題：營業利益率（op margins）今年大概是 9.5% 以下。你提到要把成本從模型中拿掉。能否幫我們理解毛利率影響之間的拉扯與取捨？以及營運端的成本是從哪裡削減出來的？

Sure, sure. Look, we don't have a precise answer on the gross margin threshold. This is about mix, right? And we talked about it being a little bit more difficult to predict.

當然，當然。你看，我們沒有一個精準的毛利率門檻答案。這關乎組合（mix），對吧？而我們也談過，這會比較難預測。

What I would focus on, on the cost side is cheaper routes to market, okay? So we're deploying AI internally to generate pipeline to have customer interactions and sales processes that are much cheaper than they were in the past. So we focus there on not only increasing the revenue from that, but doing it in a much cheaper way.

在成本面我會聚焦的是更便宜的市場進入路徑（routes to market），好嗎？所以我們在內部部署 AI 來產生銷售管線，讓客戶互動與銷售流程比過去便宜得多。因此我們在這裡的重點不只是提高營收，也要用更低成本的方式做到。

Other areas internally where we're deploying AI operational efficiencies across the entire org. We're covering more customers through the support systems that we have in place, and we're doing that more cheaply. So cost of delivery, cost to deliver should come down naturally over time as we deploy these operational agencies.

另外一些內部領域，我們也在整個組織部署 AI 的營運效率提升。透過既有的支援系統，我們能服務更多客戶，而且成本更低。因此，隨著我們部署這些營運代理（operational agencies），交付成本、交付所需成本應該會隨時間自然下降。

And again, from my perspective, we have a multiyear track record of being agile enough to adapt to any margin percentage change to have an operating income and cash flow that delivers what we need to delever and strengthen our balance sheet. So it's difficult for me to have thresholds for you, Peter. But it's something we're constantly looking at, and I'd like to see us over the long term. Again, if the usage goes up at a lower OpEx cost, double-digit non-GAAP operating income percentages is really the target I have in mind, and I'd like for it to stay there and grow.

再者，從我的角度來看，我們有多年來足夠敏捷的紀錄，能因應任何毛利率百分比的變化，並維持營業利益與現金流，以達成我們去槓桿並強化資產負債表所需的目標。所以要我給你門檻值很難，Peter。但這是我們持續在看的事情，而我希望長期來看我們能——同樣地，如果用量上升而 OpEx 成本更低，我心中的目標是非 GAAP 的營業利益率達到雙位數，並希望它能維持在那裡並持續成長。

Peter, one other thing I want to just add on kind of riffing on what Kevin is saying, I need you to kind of keep this in mind is forecasting token usage and cost is really hard right now, even for us as a software company, right? So we have our developers running on one of the coding-by-coding engines. We have our marketing department using automation for content delivery and all those kinds of things.

Peter，我還想再補充一點，延伸 Kevin 剛剛說的：你需要記住的是，現在要預測 token 用量與成本真的很難，即使對我們這種軟體公司也是如此，對吧？我們的開發者在使用某個 coding-by-coding 引擎。我們的行銷部門也在用自動化來做內容投放等等。

And the costs associated with tokenization and what's happening is really hard. And I think we're still not even -- maybe even started the game yet or the top of the first inning around token optimization. I'm sure there will be some start-up companies that come about over the next few years that help demise token usage, but it's still early. And so it is really hard to sort of have these notional thresholds because something that's a low-margin product, that to rinse and repeat it through AI a bit can become a pretty nice margin product. once you get it up that curve.

而與 token 化相關的成本、以及正在發生的事情，真的很難掌握。我認為我們甚至還沒——也許遊戲都還沒真正開始，或才剛進到第一局上半的 token 最佳化階段。我相信未來幾年會出現一些新創公司，幫助降低 token 用量，但現在仍然很早期。因此要提出這些概念性的門檻真的很難，因為某個低毛利產品，只要透過 AI 反覆優化與複製，沿著那條曲線往上走之後，就可能變成毛利相當不錯的產品。

Yeah. And I think some of the things that companies do and that we did -- Sam alluded to it earlier on the call, where you're seeing your customers with some free usage and so forth, that can really, really grow very, very rapidly and drive a whole lot of top-line revenue with not a lot of operational costs. So I look forward to that happening for us at some point.

是的。而且我認為公司所做的一些事情，以及我們所做的——Sam 先前在電話會議中也提到，你會看到你的客戶有一些免費使用等等，這真的、真的可以非常非常快速地成長，並在不需要太多營運成本的情況下，帶動大量的營收成長。所以我期待在某個時點這也會發生在我們身上。

Catharine Trebnick, Rosenblatt Securities.

Catharine Trebnick，Rosenblatt Securities。

I have a question more on debt and free cash flow and capital allocation. So you reduced the debt 43% from 2022 peak. And consistently, you've done a good job of generating operating cash flow.

我有一個比較關於負債、自由現金流與資本配置的問題。你們已將負債從 2022 年高峰降低了 43%。而且一直以來，你們在創造營運現金流方面都做得很好。

So my question is, how do we look at '27? Are you prioritizing cash flow, further deleveraging, investment in AI usage-based products? What do you -- anyway, can you help me out there? And then I have a follow on.

所以我的問題是，我們該如何看待 2027 年？你們是優先考量現金流、進一步去槓桿、投資於以 AI 使用量計費的產品嗎？你們——總之，你能在這方面幫我釐清一下嗎？然後我還有一個追問。

I got it, Catharine. So look, I would say what's changed slightly for us is we did two acquisitions -- [did] three acquisitions last quarter. So the acquisition engine is sort of back in at 8x8, and we're really proud of the acquisitions we did. So we did one last year, and we did -- I think we did a total of four last year, sorry. We did one year ago and then we did three last quarter.

我了解，Catharine。所以你看，我會說我們這邊稍微有些改變的是，我們做了兩筆收購——上季做了三筆收購。所以 8x8 的收購引擎算是又回來了，我們也對所做的收購感到非常自豪。所以我們去年做了一筆，然後我們——抱歉，我想去年總共做了四筆。我們一年前做了一筆，然後上季做了三筆。

So we're tucking in some really interesting technologies that we can use to sort of round out the portfolio and offer better solutions into our customers. So that's the use of capital. We delevered another $14.5 million in April, that's the use of capital. And we did buy back shares a couple of quarters ago.

所以我們把一些非常有意思的技術納入麾下，讓我們可以用來補齊產品組合，並為客戶提供更好的解決方案。這就是資本的運用。我們在 4 月又去槓桿了 1,450 萬美元，這也是資本的運用。而且我們在幾個季度前也回購了股票。

Share buybacks were a little tougher because I got to work around covenants and bank things and other things. And so my preference is sort of a rank order, acquired things that help us improve our customer outcomes, pay off debt and then buy back stock number three.

股票回購會比較困難一些，因為我得在契約條款（covenants）、銀行事項以及其他因素之間周旋。所以我的偏好大致有個優先順序：第一，收購能幫助我們改善客戶成果的標的；第二，償還債務；第三，回購股票。

And Catharine, we do -- we have like $39.5 million, $40 million of debt payback in this year's plan, including the $14.5 million.

而且 Catharine，我們——我們今年的計畫中，包含那 1,450 萬美元在內，債務償還大約是 3,950 萬到 4,000 萬美元。

Okay. And then just a little bit but -- you had a good quarter, Sam. So congratulations on that. And we do like your new color scheme. So you upsell your marketing like that. On the platform differentiation versus peers, so you've been in -- your open orchestration-centric platform versus more closed ecosystems [appears]. Can you kind of explain to me why on a competitive takeaway today at how these win rates or average deal sizes for AI-enabled CX deployment, I mean, how are they coming together? I'm kind of curious on that aspect?

好的。然後再補充一點——你這一季表現不錯，Sam。所以恭喜你。而且我們也喜歡你們新的配色。所以你把行銷也順便加值推銷了一下。關於平台差異化相較同業，你們一直主打以開放式編排為核心的平台，相對於更封閉的生態系[似乎如此]。你能不能跟我解釋一下，從今天的競爭搶案來看，這些 AI 賦能的 CX 部署，其贏單率或平均交易規模是如何匯聚成形的？我對這一點有點好奇。

Sure. So two things. First off, outside of stat, right? 67% of CFOs and CIOs want to go -- to consolidate the number of vendors they have. And so first and -- and why, lower total cost of ownership. So what you're getting from us is if you consolidate your spending dollars with 8x8, you're getting a business communications platforms. I believe the walls are coming down with these categories of UC and CC and CPaaS, right?

當然。所以兩點。首先，先講一個統計數據之外的觀察，對吧？有 67% 的 CFO 與 CIO 想要——想要整併他們所使用的供應商數量。而且首先——以及原因是什麼？更低的總持有成本（TCO）。所以你從我們這裡得到的是：如果你把支出整併到 8x8，你得到的是一個商務通訊平台。我相信 UC、CC 與 CPaaS 這些類別之間的界線正在消失，對吧？

Our Engage product interactions was up 300% year on year. Is that a CC product? Is that a UC product? Yes, somewhere in the middle between those two, right? And so the walls are coming down between these segments.

我們的 Engage 產品互動量年增了 300%。那是 CC 產品嗎？那是 UC 產品嗎？是的，它介於兩者之間的某個位置，對吧？所以這些區隔之間的界線正在消失。

Corporate America and corporate world wants to consolidate on the vendors and they want to pick a vendor where they can get economies of scale in terms of spending and discounts, contract simplification, worldwide support, single throat to choke, all the things that you've heard over the past, right? So when we -- I would say when we pitch that story five years ago, there was a pretty big technology discount you had to get from 8x8 to get that story. Today, I think that technology discount doesn't really exist.

美國企業與全球企業界想要整併供應商，他們也想選擇一個供應商，能在支出與折扣上取得規模經濟、簡化合約、提供全球支援、單一責任窗口（single throat to choke），以及你過去聽過的所有那些事情，對吧？所以當我們——我會說五年前我們在推這個故事時，你必須從 8x8 拿到相當大的技術折扣，才能讓這個故事成立。但今天，我認為那個技術折扣其實已經不存在了。

We have world-class CPaaS. I think we're number 11 or number 10 in the world in terms of CPaaS volumes, right? So we're way in front of most of our normal competitors. We've got great contact center. We've got Engage, which completely is differentiated from others. We've got UC and now on top of everything else, we've got AI Studio, which is absolutely amazing in the sense that it's prompted, et cetera, and you see it.

我們擁有世界級的 CPaaS。以 CPaaS 量體來看，我想我們在全球大概排名第 11 或第 10，對吧？所以我們遠遠領先大多數我們一般的競爭對手。我們有很強的聯絡中心。我們有 Engage，這點與其他人完全差異化。我們有 UC，而在所有這些之上，我們還有 AI Studio，在提示詞等方面都非常驚人，你也看得到。

And so I think when we go into a company, what we're trying to do is have a bus communications platform discussion and not have a UC, CC let me dive on pricing because that's what my competitors like to do conversation.

因此我認為，當我們走進一家公司時，我們想做的是一場「商務通訊平台」的討論，而不是一場「UC、CC，讓我深入談價格，因為那是我的競爭對手喜歡做的」那種對話。

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

謝謝。我現在想把電話會議交回給 Sam Wilson，請他做任何結語。.

Thank you, everyone. Thank you for joining us today. I'd just like to sort of end with this concept, right? We're operating from a position of strength. We have a clear strategy, which, after four quarters of growth, which some of you doubted clearly, is working. solid financial fundamentals and growing confidence in our ability to compete aggressively in a rapidly evolving market. Let's not forget, is somewhere between $70 billion, $80 billion, $90 billion in size depending on which third-party analysts use as a reference point.

謝謝各位。感謝大家今天加入我們。我想用這個概念來作結，對吧？我們正以強勢的姿態在營運。我們有清晰的策略；在連續四個季度成長之後——其中有些人顯然曾經懷疑——這個策略正在奏效。穩健的財務基本面，以及我們在快速演變的市場中積極競爭能力的信心正在提升。別忘了，這個市場規模大約介於 700 億、800 億到 900 億美元之間，取決於你引用哪一家第三方分析師的數據。

I think we're in a great position as a company to move forward. I thank you for a chance to sort of give you an update on where we are, and I look forward to talking to you again after the end of next quarter.

我認為我們公司正處於一個很好的位置，可以繼續向前。感謝你們給我機會向各位更新我們目前的狀況，我也期待在下個季度結束後再與各位交流。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。本次電話會議到此結束。感謝各位的參與。您現在可以掛線。