8x8 Inc (EGHT) 2021 Q4 法說會逐字稿

Good day, and welcome to the 8x8, Inc. Fourth Quarter and Full Year Fiscal 2020 Conference Call. (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎參加 8x8, Inc. 2020 財年第四季和全年電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Victoria Hyde-Dunn, Head of Investor Relations. Please go ahead.

我現在想將會議交給投資者關係主管維多利亞·海德·鄧恩 (Victoria Hyde-Dunn)。請繼續。

Thank you. Good afternoon, and welcome to 8x8's Fourth Quarter and Full Year Fiscal 2021 Earnings Conference Call. Today's agenda will include a review of our fourth quarter results with Dave Sipes, Chief Executive Officer; and Sam Wilson, Chief Financial Officer. Following our earnings discussion, Dave and Sam will share greater details on 8x8's strategic priorities for fiscal '22 and the company's long-term financial framework. Following their prepared remarks, there will be a question-and-answer session.

謝謝。下午好，歡迎參加 8x8 2021 年第四季和全年財報電話會議。今天的議程將包括與執行長 Dave Sipes 一起回顧我們第四季度的業績；和首席財務官薩姆·威爾遜。在我們的收益討論之後，Dave 和 Sam 將分享有關 8x8 22 財年策略重點以及公司長期財務框架的更多詳細資訊。在他們準備好的發言之後，將進行問答環節。

Before we get started, just a reminder that our discussion today includes forward-looking statements about 8x8's future financial performance as well as its business, product and growth strategies, including the impact of COVID-19 pandemic. 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 the 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 presentation slides reflect our analysis as of today, and we have no plans or obligation to update them.

在開始之前，請注意，我們今天的討論包括有關 8x8 未來財務業績及其業務、產品和成長策略（包括 COVID-19 大流行的影響）的前瞻性陳述。我們提醒您不要過度依賴這些前瞻性陳述，因為它們涉及風險和不確定性，可能導致實際結果與我們向 SEC 提交的報告中的風險因素中描述的前瞻性陳述存在重大差異。本次電話會議和簡報幻燈片中所做的任何前瞻性陳述均反映了我們截至今天的分析，我們沒有計劃或義務對其進行更新。

Certain financial measures that will be discussed on this call, together with year-over-year comparisons in some cases, were not prepared in accordance with U.S. generally accepted accounting principles or GAAP. A reconciliation of those non-GAAP measures to the closest comparable GAAP measures is provided in our earnings press release and with earnings presentation slides, which are available on 8x8's Investor Relations website at investors.8x8.com.

本次電話會議將討論的某些財務指標，以及某些情況下的同比比較，並未按照美國公認會計原則或公認會計原則（GAAP）制定。我們的收益新聞稿和收益簡報幻燈片中提供了這些非 GAAP 衡量標準與最接近的可比較 GAAP 衡量標準的對賬，這些幻燈片可在 8x8 的投資者關係網站 Investors.8x8.com 上取得。

Additionally, we posted a set of presentation slides we will refer to when discussing our strategic priorities titled Business Review. During today's call, we will introduce fiscal '22 guidance and our long-term financial framework. These accompanying slides will be added to both presentation slides and reposted on the Investor Relations website following the conclusion of the call.

此外，我們發布了一組簡報幻燈片，我們將在討論名為「業務回顧」的策略優先事項時參考。在今天的電話會議中，我們將介紹 22 財年指導方針和我們的長期財務框架。這些隨附的幻燈片將添加到簡報幻燈片中，並在電話會議結束後重新發佈在投資者關係網站上。

And with that, I will now turn the call over to Dave.

現在，我將把電話轉給戴夫。

Thank you, Victoria. Good afternoon, everyone, and thank you for joining us today. Our fourth quarter results exceeded expectations, with both service revenue and total revenue growing above the high end of our guidance range at 19% year-over-year. Key drivers of growth were strong demand for our integrated UCaaS and CCaaS offering, continued upmarket focus on enterprise and channel execution. We are driving operational excellence throughout the organization and culture that is committed to a CPT mindset: customer first, product first, team first. We strengthened our cash position and improved operating efficiency, becoming non-GAAP pretax profitable in the fourth quarter and ahead of schedule. And we crossed an important milestone and have surpassed $500 million in ARR.

謝謝你，維多利亞。大家下午好，感謝您今天加入我們。我們第四季的業績超出了預期，服務收入和總收入年增 19%，均高於我們指導範圍的上限。成長的主要驅動力是對我們的整合 UCaaS 和 CCaaS 產品的強勁需求，以及對企業和通路執行的持續高端關注。我們致力於在整個組織和文化中推動卓越運營，致力於 CPT 理念：客戶第一、產品第一、團隊第一。我們增強了現金狀況並提高了營運效率，並提前在第四季度實現了非公認會計準則稅前獲利。我們跨越了一個重要的里程碑，ARR 已超過 5 億美元。

Now let me turn to business highlights from the quarter. Let me begin with our channel-first strategy and upmarket focus, which delivered strong results. We had a record quarter upmarket with over 760 customers with greater than $100,000 in ARR, a 25% increase year-over-year. Double-clicking on this, customers with over $1 million in ARR grew over 70% year-over-year and contributed to enterprise ARR growth of 49% year-over-year. We ended the total fiscal year with a record number of 7-figure and 8-figure TCV deals versus the prior year, and these grew in average total contract value more than 60% year-over-year. These results reflect strong execution across global sales, marketing and channel teams and contributed to our largest quarter of new deal registrations and pipeline.

現在讓我談談本季的業務亮點。讓我從我們的通路優先策略和高端市場重點開始，這帶來了強勁的業績。我們的高端市場季度創紀錄，有 760 多個客戶的 ARR 超過 100,000 美元，比去年同期成長 25%。雙擊此數據，ARR 超過 100 萬美元的客戶同比增長超過 70%，並為企業 ARR 同比增長 49% 做出了貢獻。與前一年相比，我們以 7 位數和 8 位數的 TCV 交易數量結束了整個財年，這些交易的平均總合約價值同比增長了 60% 以上。這些結果反映了全球銷售、行銷和通路團隊的強大執行力，並為我們最大的季度新交易註冊和通路做出了貢獻。

Also, we formed a new strategic VAR partnership with Westcon, a global technology distributor. The partnership will enable Westcon to offer 8x8's UCaaS and CCaaS to their enterprise customers across the United Kingdom and Ireland. Our integrated UCaaS and CCaaS platform is a unique differentiator in the market, and we are seeing continuing success in the upmarket. Bundled contact center and communications were very strong, driving 9 out of our top 10 deals and 75% of upmarket bookings that were $12,000 or more in ARR. ARR from combo customers, that is customers who have purchased UC and CC, represents over 30% of total company ARR. Additionally, for the third quarter in a row, combo customer ARR grew at twice the rate of market growth. All of our 7-figure TCV deals in the quarter were integrated UCaaS and CCaaS offerings, and this illustrates the importance of having a single vendor for all integrated cloud communications needs.

此外，我們也與全球技術經銷商 Westcon 建立了新的策略 VAR 合作夥伴關係。此次合作將使 Westcon 能夠向英國和愛爾蘭的企業客戶提供 8x8 的 UCaaS 和 CCaaS。我們的整合 UCaaS 和 CCaaS 平台在市場上具有獨特的優勢，並且我們在高端市場看到了持續的成功。捆綁式聯絡中心和通訊非常強大，推動了我們前 10 名交易中的 9 項，以及 75% 的 ARR 為 12,000 美元或以上的高端預訂。來自組合客戶（即購買了 UC 和 CC 的客戶）的 ARR 占公司總 ARR 的 30% 以上。此外，連續第三個季度，組合客戶 ARR 的成長率是市場成長率的兩倍。本季我們所有 7 位數的 TCV 交易都是整合的 UCaaS 和 CCaaS 產品，這說明了單一供應商滿足所有整合雲端通訊需求的重要性。

Second, turning to customer wins, new logos represented 52% of new bookings. And we saw good execution in key verticals such as health care, manufacturing, food and beverage and public sector. Let me highlight a few recent examples. Integrated UCaaS and CCaaS offerings continue to lead the way with notable wins, including DH Pace, a U.S. provider of dock- and door-related products, selected 8x8's integrated CCaaS and UCaaS product to bring all services under a single vendor. DH Pace can now provide over 2,000 employees with communications, collaboration and engagement capabilities to enhance customer experience.

其次，在贏得客戶方面，新商標佔新預訂量的 52%。我們在醫療保健、製造業、食品飲料和公共部門等關鍵垂直領域看到了良好的執行力。讓我重點介紹一些最近的例子。整合的 UCaaS 和 CCaaS 產品繼續引領潮流，並取得了顯著成果，其中包括美國碼頭和門相關產品提供商 DH Pace 選擇了 8x8 的整合 CCaaS 和 UCaaS 產品，將所有服務納入單一供應商之下。 DH Pace 現在可以為 2,000 多名員工提供溝通、協作和參與能力，以增強客戶體驗。

Another 8x8 integrated UCaaS and CCaaS product win this quarter is DataBank, a leading provider of enterprise-class colocation connectivity and managed services. They chose 8x8 to streamline and standardize their technology usage and provide more than 700 employees with an enhanced connectivity and customer engagement capabilities.

本季度另一個獲勝的 8x8 整合 UCaaS 和 CCaaS 產品是 DataBank，它是企業級託管連接和託管服務的領先提供者。他們選擇 8x8 來簡化和標準化其技術使用，並為 700 多名員工提供增強的連接和客戶參與能力。

In addition, we are seeing stand-alone contact center interest from upmarket customers. A great example is one of the world's leading reinsurers. They selected 8x8's CCaaS for 500 contact center agents in the U.S. due to 8x8's enhanced functionality, including advanced business insights, speech analytics, quality management, among other innovative features.

此外，我們也看到高端客戶對獨立聯絡中心感興趣。世界領先的再保險公司之一就是一個很好的例子。由於 8x8 的增強功能（包括高級業務洞察、語音分析、品質管理以及其他創新功能），他們為美國 500 名聯絡中心座席選擇了 8x8 的 CCaaS。

The public sector continues to drive growth globally, building on strong momentum among municipal governments in the U.K. and the participation of new U.S. states in our NASPO ValuePoint Cloud Solutions contract. Western Downs Regional Council, 1 of the top 20 largest councils in Queensland, Australia, chose 8x8's integrated UCaaS and CCaaS product to centralize previously disparate systems and information. By moving communications to the cloud for 400 employees, the public sector organization has the agility to work remotely without impacting customer or employee experience.

借助英國各市政府的強勁勢頭以及美國新州參與我們的 NASPO ValuePoint 雲端解決方案合同，公共部門繼續推動全球成長。 Western Downs 地區議會是澳洲昆士蘭州前 20 個最大議會之一，它選擇了 8x8 的整合 UCaaS 和 CCaaS 產品來集中以前分散的系統和資訊。透過將 400 名員工的通訊轉移到雲端，公共部門組織能夠靈活地進行遠端工作，而不會影響客戶或員工的體驗。

NHS Public Health Scotland, which provides support to the 14 regional NHS Health Boards, further expanded 8x8's integrated UCaaS and CCaaS product to now support over 3,500 employees. Their communication needs were critical to managing vaccination help lines and booking services for Scotland's COVID-19 response, and 8x8 rapidly moved them to the cloud.

NHS Public Health Scotland 為 14 個地區 NHS 健康委員會提供支持，進一步擴展了 8x8 的整合 UCaaS 和 CCaaS 產品，目前支援超過 3,500 名員工。他們的通訊需求對於管理蘇格蘭 COVID-19 響應的疫苗接種幫助熱線和預訂服務至關重要，8x8 迅速將他們轉移到雲端。

SLED government agencies in the U.S. are recognizing the need for an integrated cloud contact center and communications. The State of Washington recently joined Alaska as the second state to offer statewide participation in and access to the 8x8 NASPO ValuePoint Cloud Solutions contract, making it easy for SLED agencies to purchase cloud UCaaS and CCaaS directly from 8x8 or 8x8 channel partners.

美國的 SLED 政府機構正在認識到對整合雲端聯絡中心和通訊的需求。華盛頓州最近與阿拉斯加州一起，成為第二個在全州範圍內參與和訪問 8x8 NASPO ValuePoint 雲端解決方案合約的州，使 SLED 機構可以輕鬆地直接從 8x8 或 8x8 通路合作夥伴購買雲端 UCaaS 和 CCaaS。

Additionally, we continue to see existing customers adopt more 8x8 services, creating a land-and-expand opportunity that will fuel future growth. A great land-and-expand example this quarter is VCA, an operator of more than 1,000 veterinary hospitals in the U.S. VCA's partnership with 8x8 continues to grow, now adding 8x8 CCaaS to the 8x8 UCaaS deployment to meet their diverse business needs. By adding contact center, including call center overflow management capabilities, VCA is providing its 28,000 employees with enhanced engagement capabilities.

此外，我們繼續看到現有客戶採用更多 8x8 服務，創造了土地和擴張機會，將推動未來的成長。本季土地擴張的一個很好的例子是VCA，它是美國1,000 多家獸醫院的營運商。化的業務需求。透過增加聯絡中心（包括呼叫中心溢位管理功能），VCA 為其 28,000 名員工提供了增強的參與能力。

Black Country Healthcare NHS Foundation Trust provides mental health, learning disability and community health care services for 4 metropolitan boroughs. This U.K. public sector organization selected 8x8's integrated UCaaS and CCaaS product to enhance the patient support and communication capabilities for more than 3,000 employees.

Black Country Healthcare NHS 基金會信託基金為 4 個大都市行政區提供心理健康、學習障礙和社區醫療保健服務。這家英國公共部門組織選擇了 8x8 的整合 UCaaS 和 CCaaS 產品來增強 3,000 多名員工的患者支援和溝通能力。

Sefton Council is the local authority providing essential community services for more than 270,000 residents in the Liverpool City region. Following their original deployment of 8x8 CCaaS in 2020, the council is now deploying services that include UCaaS and Secure Pay PCI Pal. These will allow council employees to work freely from any location.

塞夫頓議會是地方當局，為利物浦市地區超過 27 萬名居民提供基本社區服務。繼 2020 年最初部署 8x8 CCaaS 後，該委員會現在正在部署包括 UCaaS 和 Secure Pay PCI Pal 在內的服務。這些將使議會員工能夠在任何地點自由工作。

Turning to Voice for Microsoft Teams, we expanded our partnership with Microsoft on 2 fronts. In March, we launched 8x8 Contact Center for Microsoft Teams. We are the first vendor in the Gartner CCaaS Magic Quadrant to have a Microsoft Teams-certified cloud contact center solution. We recently launched the new 8x8 Voice from Microsoft Teams app to further extend the Team's experience for users by adding new SMS, MMS and fax capabilities. Customers appreciate our superior call quality, Microsoft-certified contact center integration and additional capabilities we provide to enhance the Team's experience.

轉向 Microsoft Teams 語音，我們在兩個方面擴展了與 Microsoft 的合作夥伴關係。 3 月份，我們推出了 Microsoft Teams 8x8 聯絡中心。我們是 Gartner CCaaS 魔力像限中第一家擁有 Microsoft Teams 認證的雲端聯絡中心解決方案的供應商。我們最近推出了 Microsoft Teams 應用程式中的新 8x8 語音，透過新增新的簡訊、彩信和傳真功能，進一步擴展團隊的使用者體驗。客戶讚賞我們卓越的通話品質、Microsoft 認證的聯絡中心整合以及我們為增強團隊體驗而提供的其他功能。

As examples, Beam Suntory, a premium spirits leader with world-renowned bourbons, whiskeys, single malt scotches, tequila and cognac with brands such as Jim Beam, added more than 2,500 8x8 UCaaS seats integrated with 8x8 Voice for Microsoft Teams to support their hybrid workforce across the globe. Our quick implementation and continuous product innovation are why Beam Suntory continues to grow its international communications with 8x8.

例如，Beam Suntory 是一家高端烈酒領導者，擁有世界知名的波本威士忌、威士忌、單一麥芽蘇格蘭威士忌、龍舌蘭酒和乾邑白蘭地，旗下品牌包括Jim Beam，該公司增加了超過2,500 個與8x8 Voice for Microsoft Teams 整合的8x8 UCaaS 座位，以支援其混合動力全球各地的勞動力。我們的快速實施和持續的產品創新是賓三得利 (Beam Suntory) 繼續發展 8x8 的國際傳播的原因。

Silent-Aire, a hyperscale data center solutions manufacturer turned to 8x8 UCaaS with 8x8 Voice for Microsoft Teams to ensure dependable global communications for offices in Canada, the U.S. and Europe. Silent-Aire chose 8x8's direct routing capabilities to provide nearly 400 employees with superior global voice communications from any Team's end point.

Silent-Aire 是一家超大規模資料中心解決方案製造商，採用 8x8 UCaaS 和 8x8 Voice for Microsoft Teams，以確保加拿大、美國和歐洲辦事處的全球通訊可靠。 Silent-Aire 選擇 8x8 的直接路由功能，為近 400 名員工提供來自任何團隊端點的卓越全球語音通訊。

Our CPaaS portfolio of APIs and embeddable applications, including SMS, chat apps, voice, video and performance monitoring empowers organizations to extend and customize communications that reimagine workflows and customer interactions for enhanced employee customer experiences.

我們的 CPaaS API 和嵌入式應用程式組合（包括簡訊、聊天應用程式、語音、視訊和效能監控）使組織能夠擴展和自訂通信，重新構想工作流程和客戶交互，從而增強員工客戶體驗。

Our API offerings are also driving new customer acquisition. An example of CPaaS augmentation for contact center omnichannel was DMV Veterinary Center, a 24/7 provider of emergency and specialty veterinary services throughout Canada. They selected 8x8 because our contact center solutions, AI and intelligence features, together with 8x8 CPaaS capabilities, will enhance contact center call flow, analytics and reporting. Our SMS API will be used to notify customers who do not want to stay on hold to initiate a chat interaction. An additional purchase consideration was the fact that our contact center solution is Microsoft-certified for Teams.

我們的 API 產品也正在推動新客戶的取得。 DMV 獸醫中心是 CPaaS 增強聯絡中心全通路的一個例子，該中心是一家在加拿大各地提供 24/7 緊急和專業獸醫服務的提供者。他們選擇 8x8 是因為我們的聯絡中心解決方案、人工智慧和智慧功能以及 8x8 CPaaS 功能將增強聯絡中心呼叫流程、分析和報告。我們的 SMS API 將用於通知不想等待的客戶啟動聊天互動。另一個購買考量是我們的聯絡中心解決方案已獲得 Microsoft Teams 認證。

Another CPaaS win was K-Vision, one of the largest TV networks in Indonesia, who selected 8x8 CPaaS to provide 2-way customer service communication. With the 8x8 chat app's API, K-Vision is enabling customers to use WhatsApp, to interact with support and service teams for quick and seamless customer support.

CPaaS 的另一個勝利是印尼最大的電視網路之一 K-Vision，它選擇 8x8 CPaaS 來提供雙向客戶服務通訊。透過 8x8 聊天應用程式的 API，K-Vision 使客戶能夠使用 WhatsApp 與支援和服務團隊互動，從而獲得快速、無縫的客戶支援。

Importantly, we placed a premium on innovation in Q4. We introduced the industry's first integrated cloud phone and contact center solution that supports the communications and customer engagement requirements of multinationals operating offices in China in partnership with China Mobile International. We announced 8x8 Work for Web, which allows 8x8 users to securely communicate, collaborate and engage across almost any device and operating system via an everyday browser without software downloads or plug-ins. We customized video meeting backgrounds, enabling participants to select an image or blur their background during meetings for maximum privacy control. And we launched the industry's only financially backed, platform-wide four nines SLA across an integrated cloud UCaaS and CCaaS solution.

重要的是，我們在第四季非常重視創新。我們與中國行動國際合作推出了業界首個整合雲端電話和聯絡中心解決方案，支援跨國公司在中國營運辦事處的通訊和客戶參與需求。我們推出了 8x8 Work for Web，它允許 8x8 用戶透過日常瀏覽器在幾乎任何裝置和作業系統上安全地通訊、協作和參與，而無需下載軟體或外掛程式。我們客製化了視訊會議背景，使與會者能夠在會議期間選擇圖像或模糊其背景，以實現最大程度的隱私控制。我們在整合雲端 UCaaS 和 CCaaS 解決方案中推出了業界唯一有資金支援的全平台 4 個 9 SLA。

Finally, we continue to receive industry recognition. We were recently recognized as a leader in the IDC MarketSpace: Worldwide UCaaS Service Providers for Enterprise and SMB 2021 Vendor Assessment. We were also named a major player in the IDC's worldwide CPaaS service providers report and we were awarded a 5-star rating by CRN in its 2021 Partner Program Guide.

最後，我們不斷獲得業界的認可。我們最近在 IDC MarketSpace：全球企業和中小企業 UCaaS 服務提供者 2021 供應商評估中被評為領導者。我們也被 IDC 的全球 CPaaS 服務提供者報告評為主要參與者，並被 CRN 在其 2021 年合作夥伴計畫指南中授予 5 星級評級。

To summarize, fiscal 2021 was a milestone year from which we will leverage the solid foundation we have laid with integrated contact center and communications. We are well positioned to further extend our leadership position with our CPT culture, integrated platform advantage and future growth drivers.

總而言之，2021 財年是具有里程碑意義的一年，我們將利用在整合聯絡中心和通訊方面奠定的堅實基礎。憑藉華映文化、綜合平台優勢和未來成長動力，我們有能力進一步擴大我們的領導地位。

I will speak more about this in a few minutes, but let me now turn the call over to Sam to cover the financial results.

我將在幾分鐘內詳細討論這一點，但現在讓我將電話轉給 Sam，以介紹財務表現。

Thanks, Dave, and good afternoon. We appreciate you joining us as we report fourth quarter and full year financial results. We are pleased to have delivered results that exceeded guidance, improved operating leverage and achieved profitability 1 quarter earlier than expected. Overall results were driven by better-than-expected performance from UCaaS, CCaaS, CPaaS and the integrated offerings.

謝謝，戴夫，下午好。我們感謝您加入我們，我們將報告第四季度和全年財務業績。我們很高興取得了超出預期的業績，改善了營運槓桿，並比預期提前 1 個季度實現了盈利。整體業績得益於 UCaaS、CCaaS、CPaaS 和整合產品優於預期的表現。

Total revenue for the quarter was $144.7 million, an increase of 19% year-over-year and above our $138.5 million to $140.5 million guidance. Both service and other revenue performed better than expected.

該季度總營收為 1.447 億美元，年增 19%，高於我們 1.385 億美元至 1.405 億美元的指導值。服務和其他收入的表現均優於預期。

Looking at service revenue, we generated $133.8 million, an increase of 19% year-over-year and above the $130.8 million to $131.8 million guidance. Total ARR was $518 million at quarter end, an increase of 22% year-over-year. Our continued movement upmarket into larger enterprises and strategic investments in the channel and product innovation are delivering strong results.

就服務收入而言，我們實現了 1.338 億美元的收入，年增 19%，高於 1.308 億美元至 1.318 億美元的指導值。截至季末，總 ARR 為 5.18 億美元，年增 22%。我們持續向高端市場進軍大型企業，以及在通路和產品創新方面的策略投資正在帶來強勁的成果。

Fourth quarter non-GAAP gross margin was 61.2%, a 150 basis point sequential improvement and driven by improvement in both service margin and other margin. Non-GAAP service margin increased 120 basis points over the prior quarter to 67.2%. Non-GAAP other margin came in at minus 12.5% for the quarter, a large improvement from the minus 50.8% a year ago and sequentially improved from minus 25.6%. Key drivers were continued growth in our professional services and the Flex Hardware Rental Program.

第四季非 GAAP 毛利率為 61.2%，季增 150 個基點，主要得益於服務利潤率和其他利潤率的改善。非 GAAP 服務利潤率比上一季成長 120 個基點，達到 67.2%。本季非公認會計準則其他利潤率為負 12.5%，較一年前的負 50.8% 大幅改善，環比也較上一季的負 25.6% 有所改善。主要驅動力是我們的專業服務和 Flex 硬體租賃計劃的持續成長。

Turning to fourth quarter non-GAAP operating expenses. We continue to align the business to drive both improved execution and efficiency. Total non-GAAP operating expenses were 61% of revenue with sequential growth in both sales and marketing and R&D. Now that we are profitable, we will invest more next year in sales capacity, marketing demand generation and product development.

轉向第四季度非公認會計準則營運費用。我們繼續調整業務，以提高執行力和效率。非 GAAP 營運費用總額佔營收的 61%，銷售、行銷和研發費用均較上季成長。現在我們已經獲利，明年我們將在銷售能力、行銷需求產生和產品開發方面進行更多投資。

Total non-GAAP operating expenses were up about 5% year-over-year, while total revenue grew 19% year-over-year, a reflection of greater spending discipline. We expect the delta between revenue growth and OpEx growth to narrow over time. As I mentioned earlier, we turned profitable 1 quarter earlier than expected, with non-GAAP pretax profit of $70,000 and positive non-GAAP operating profit. This is better than our non-GAAP pretax guidance for an $800,000 loss.

非 GAAP 營運支出總額較去年同期成長約 5%，總營收年增 19%，反映出更嚴格的支出紀律。我們預計收入成長和營運支出成長之間的差距會隨著時間的推移而縮小。正如我之前提到的，我們比預期提前 1 個季度實現盈利，非 GAAP 稅前利潤為 70,000 美元，非 GAAP 營業利潤為正。這比我們針對 80 萬美元損失的非 GAAP 稅前指引要好。

Turning to the balance sheet. Total cash and investments excluding restricted cash was $152.9 million. This was an increase of $0.4 million quarter-over-quarter, partially driven by several onetime items, the largest being $6.4 million operating cash inflow from the lease assignment related to our prior office location.

轉向資產負債表。不包括限制性現金的現金和投資總額為 1.529 億美元。這一季度環比增加了 40 萬美元，部分是由幾個一次性項目推動的，其中最大的一項是與我們先前辦公地點相關的租賃分配帶來的 640 萬美元營運現金流入。

We are pleased to be growing cash on our balance sheet quarter-over-quarter. I am proud to report that cash from operations was positive for the quarter. The team has put in a lot of hard work to make this happen. Cash and investments balance was also above our expectation of $148 million as collections remained robust and billing contracts in advance of service delivery both helped grow cash.

我們很高興資產負債表上的現金逐季成長。我很自豪地報告，本季的營運現金為正。為了實現這一目標，團隊付出了很多努力。現金和投資餘額也高於我們 1.48 億美元的預期，因為收款依然強勁，而且服務交付之前的計費合約都有助於現金成長。

For the fourth quarter, RPO was approximately $500 million, up from $270 million in the year ago period or nearly 85% year-over-year. Approximately $100 million of the year-over-year increase was driven by a policy change from including obligations with terms greater than 1 year to 1 year and greater, to more accurately reflect customers under contract and more closely align with industry convention. The remaining $130 million was due to growing the business.

第四季的 RPO 約為 5 億美元，高於去年同期的 2.7 億美元，較去年同期成長近 85%。其中約 1 億美元的同比增長是由政策變化推動的，從包括期限超過 1 年的義務改為 1 年及以上的義務，以更準確地反映合約下的客戶並更緊密地符合行業慣例。剩餘的 1.3 億美元用於業務成長。

This concludes my prepared remarks for the fourth quarter. Now let me turn the call over to Dave to discuss strategic priorities for the companies. I'll then circle back with first quarter and full year 2022 guidance and commentary about our long-term financial framework. Dave?

我為第四季準備的演講到此結束。現在讓我把電話轉給戴夫，討論公司的策略重點。然後，我將回顧關於我們長期財務框架的 2022 年第一季和全年指導和評論。戴夫？

Thank you, Sam. We, 8x8, reported strong results today and crossed a very significant milestone of $0.5 billion in ARR, an impressive feat not many SaaS companies have ever achieved. Now is the time to look forward and set our sights higher as we build a path to a $1 billion-plus business, enjoying even more rarefied air in a very select group of SaaS companies.

謝謝你，山姆。我們 8x8 今天報告了強勁的業績，並跨越了 ARR 5 億美元的非常重要的里程碑，這是許多 SaaS 公司從未實現過的一項令人印象深刻的壯舉。現在是時候展望未來並把目光放得更高了，因為我們正在打造一條通往價值超過 10 億美元的業務的道路，並在精選的 SaaS 公司群體中享受著更加稀薄的空氣。

What has gotten us to $0.5 billion won't suffice alone to get us to our next milestone. We will need to build upon our success and add additional capabilities and additional muscle. We have already started down this path aggressively, and yet we have a lot more to do in the coming quarters and years. We have already added new key team members, changed the way we organize, coordinate and attack initiatives as well as emphasizing a culture of putting the customer first. The excitement and energy internally is powerful as we begin these endeavors. Today, I'd like to share with you, our investors, what we're doing differently to build the next great profitable $1 billion SaaS business.

光靠讓我們達到 5 億美元的收入並不足以讓我們實現下一個里程碑。我們需要在我們的成功的基礎上再接再厲，增加額外的能力和力量。我們已經開始積極地沿著這條道路走下去，但在未來的幾個季度和幾年裡，我們還有很多工作要做。我們已經增加了新的關鍵團隊成員，改變了我們組織、協調和實施計劃的方式，並強調客戶至上的文化。當我們開始這些努力時，內心的興奮和能量是強大的。今天，我想與我們的投資者分享我們正在採取哪些不同的做法來打造下一個盈利 10 億美元的 SaaS 業務。

I came to 8x8 as an industry veteran because I could see the tremendous potential and the huge market demand for 8x8's unique offering and the company's potential to capitalize on this through greater focus, execution and profit and operational rigor. 5 months in, the original thesis remains true in spades. Let's revisit this now.

我作為一名行業資深人士加入 8x8，因為我看到了 8x8 獨特產品的巨大潛力和巨大的市場需求，以及該公司通過更加專注、執行、利潤和運營嚴謹性來利用這一點的潛力。 5個月過去了，原來的論點仍然是正確的。現在讓我們回顧一下這一點。

First, we operate in a massive market with tens of billions of dollars in market opportunity. Digital transformation has only accelerated with work-from-home and work-from-anywhere becoming the norm. Second, 8x8 has a differentiated cloud technology stack, which has been consistently recognized and is a key reason I came here. Third, having an integrated communications platform is resonating with key buyers, as witnessed by our top wins in this quarter. And fourth, we are capitalizing on this market opportunity by reaching customers through multiple routes to market and enabling partners with flexibility in how they choose to go to market. These, combined with operational improvements we are enacting, provide a path to building a $1 billion business through profitable growth.

首先，我們所處的市場規模龐大，擁有數百億美元的市場機會。隨著在家工作和在任何地方工作成為常態，數位轉型只會加速。其次，8x8擁有差異化的雲端技術棧，這一點得到了一致的認可，也是我來到這裡的關鍵原因。第三，擁有一個綜合傳播平台正在與主要買家產生共鳴，本季我們的主要勝利證明了這一點。第四，我們正在利用這個市場機會，透過多種進入市場的途徑接觸客戶，並使合作夥伴能夠靈活地選擇進入市場的方式。這些與我們正在實施的營運改善相結合，為透過獲利成長打造 10 億美元的業務提供了一條途徑。

Let's look at this one level down. The total addressable market is undeniably large, no matter how you look at it. Here on this slide, IDC is predicting the cloud communications market to be over $75 billion by 2023. The largest circle on this chart is the combination of UCaaS, CCaaS and CPaaS, all segments 8x8 competes in today.

讓我們往下看這一層。無論你如何看待，整個潛在市場無疑是巨大的。在這張投影片上，IDC 預測到 2023 年，雲端通訊市場將超過 750 億美元。

Peeling that down one layer, the UCaaS and CCaaS subsegment make up $60 billion of this market, areas where 8x8 has strong product recognition and a decade of experience, experience that is invaluable and impossible to replicate quickly for single-product competitors looking to expand their portfolio.

往下一層看，UCaaS 和CCaaS 細分市場佔該市場價值600 億美元，在這些領域，8x8 擁有強大的產品認知度和十年的經驗，這些經驗對於尋求擴展其業務的單一產品競爭對手來說是無價的且無法快速複製。

And breaking that down even further, our checks show approximately 25% of that market prefers a single vendor solution across UCaaS and CCaaS, an area where limited solutions exist today and 8x8 is consistently recognized as a leader. This is 8x8's sweet spot within the huge cloud communications market in which we compete, an obvious area to apply greater focus, execution and operational rigor. Why is this market so large? The market is so sizable because IT leaders have an immense challenge of delivering effective solutions for an evolving and increasingly more complicated workforce needs. Let's look at the issue.

進一步細分，我們的調查顯示，大約 25% 的市場更喜歡跨 UCaaS 和 CCaaS 的單一供應商解決方案，目前該領域的解決方案有限，而 8x8 一直被認為是領導者。這是 8x8 在我們競爭的龐大雲端通訊市場中的最佳位置，這是一個需要更加專注、執行和嚴格營運的明顯領域。為什麼這個市場這麼大？市場之所以如此龐大，是因為 IT 領導者面臨著為不斷變化且日益複雜的勞動力需求提供有效解決方案的巨大挑戰。我們來看看這個問題。

Getting a 360-degree view of your customer has been a long-time mantra as it makes organizations more effective by leveraging the power of information. Wouldn't that 360 view be great, not only for customer communications but also employee communications? However, megatrends are making this harder. They're working against it. The rise of texting, social, other digital communication mediums and fragmented communications away from a voice-only world. Additionally, multiple device and work-from-multiple locations and operate-from-anywhere world has further increased the challenge to get a 360-degree view of both employees and customers. This makes a challenging task for the IT leader to provide effective enterprise communication tools.

360 度了解客戶一直是人們的口頭禪，因為它可以利用資訊的力量來提高組織的效率。 360 度全景視野不僅對於客戶溝通而且對於員工溝通來說不是很棒嗎？然而，大趨勢使這變得更加困難。他們正在反對它。簡訊、社交媒體和其他數位通訊媒介的興起以及分散的通訊遠離了純語音世界。此外，多設備、多地點工作以及世界任何地方的操作進一步增加了獲得員工和客戶 360 度視角的挑戰。這使得 IT 領導者提供有效的企業溝通工具成為一項艱鉅的任務。

Cloud communication tools today are helping solve key parts of this puzzle by enabling digital communications and work-from-anywhere. On the left side of the chart, you see an employee experience of phone, messaging and video, all coming together in one application, empowering employee communications.

如今的雲端通訊工具透過實現數位通訊和隨時隨地工作來幫助解決這一難題的關鍵部分。在圖表的左側，您可以看到電話、簡訊和視訊的員工體驗，所有這些都匯集在一個應用程式中，從而增強了員工的溝通能力。

On the right side is the customer experience of cloud contact center with inbound, digital and outbound. But they've broken the link between the 2, a link that historical enterprise-wide communications tools provided for employees. Today, one cloud tool no longer provides that bridge for all employees. And this is not ideal. It's not how it used to be in legacy solutions, and it puts undue burden on the IT organization to support multiple disparate solutions that fail to spread information quickly and effectively throughout an organization. The ramifications are significant as customer communications are siloed. Large organizations only talk to its customers through its lowest-paid employees in the contact center, making it difficult to be responsive to changing customers' needs.

右側是雲端聯絡中心的客戶體驗，包括呼入、數位、呼出。但他們打破了兩者之間的聯繫，這是歷史上企業範圍內的通訊工具為員工提供的聯繫。如今，一種雲端工具不再為所有員工提供這座橋樑。這並不理想。這與過去在遺留解決方案中的情況不同，它給 IT 組織帶來了過多的負擔，因為它們需要支援多個不同的解決方案，而這些解決方案無法在整個組織中快速有效地傳播訊息。由於客戶溝通是孤立的，其後果是重大的。大型組織僅透過聯絡中心工資最低的員工與客戶交談，因此很難回應不斷變化的客戶需求。

8x8's core X Series offering brings these 2 experiences together, and this is where our strategy really comes together. X Series by 8x8 brings employee experience and customer experience together. It frees information out of the call center, unleashes the ability to create great customer experiences and does this with X integrated solution by building upon a common platform. If you look at the bottom of the slide, we provide analytics and AI across the entire workforce. Additionally, one integrated platform provides integrations that are uniform across both, save on implementation time and are cheaper to maintain across the enterprise.

8x8 的核心 X 系列產品將這兩種體驗結合在一起，這就是我們的策略真正結合在一起的地方。 8x8 的 X 系列將員工體驗和客戶體驗融為一體。它將資訊從呼叫中心中解放出來，釋放出創造卓越客戶體驗的能力，並透過建構在通用平台上的 X 整合解決方案來實現這一點。如果你看一下投影片的底部，我們會為整個員工隊伍提供分析和人工智慧。此外，一個集成平台提供跨兩者的統一集成，節省實施時間，並且在整個企業內維護成本更低。

Furthermore, with the addition of CPaaS, this experience can be further customized, especially in the contact center, with more robust omnichannel possibilities.

此外，透過添加 CPaaS，這種體驗可以進一步定制，尤其是在聯絡中心，具有更強大的全通路可能性。

One platform powering personalized end-user needs is what's required to enable all employees throughout the organization. If you look at the right on this chart, you see different end-user apps which access the single 8x8 platform yet provides specialized experiences across different personas. We have the 8x8 Work app, which brings the core employee experience across the organization. And that's delivered in 3 different ways: provided as a desktop app, a mobile app or a web browser app, which works across almost any device or operating system.

為整個組織的所有員工提供支持，需要一個能夠滿足個人化最終用戶需求的平台。如果您查看此圖表的右側，您會看到不同的最終使用者應用程式存取單一 8x8 平台，但提供跨不同角色的專業體驗。我們擁有 8x8 Work 應用程序，它為整個組織帶來了核心員工體驗。它以 3 種不同的方式提供：以桌面應用程式、行動應用程式或網頁瀏覽器應用程式的形式提供，幾乎可以在任何裝置或作業系統上運行。

Additionally, we have 8x8 Receptionist for high-volume specialized functions within the enterprise organization and 8x8 Contact Center for Agents. And what is also critical is that we are enabling third-party apps for other employee use cases such as Microsoft Teams, Salesforce and Google Work.

此外，我們還擁有負責企業組織內大量專業職能的 8x8 接待員和麵向座席的 8x8 聯絡中心。同樣重要的是，我們正在為其他員工使用案例（例如 Microsoft Teams、Salesforce 和 Google Work）啟用第三方應用程式。

A great example of why this is important is Halfords, a British retailer of car parts, camp and touring equipment that have 450 retail stores, 300 auto centers, 10,000 employees. They want to replace an on-prem system. They use 8x8 UCaaS and CCaaS and across 10,000 employees, have 3,500 using Microsoft Teams, a very -- in the white-collar back office, in the frontline workers, they're using 8x8 app and in the contact center, they're using Salesforce. Only with one real-time communication platform that enables different end apps can you empower the entire workforce of an organization today.

Halfords 就是一個很好的例子，它是一家英國汽車零件、露營和旅遊設備零售商，擁有 450 家零售店、300 個汽車中心和 10,000 名員工。他們想要更換當地系統。他們使用 8x8 UCaaS 和 CCaaS，在 10,000 名員工中，有 3,500 名員工使用 Microsoft Teams，在白領後台、一線員工中，他們使用 8x8 應用程序，在聯絡中心，他們使用銷售隊伍。只有透過支援不同終端應用程式的即時通訊平台，您才能為當今組織的全體員工提供支援。

Additionally, 8x8 is the recognized leader in this area. 8x8 is consistently recognized as -- has been 9 times Unified Communications as a Service leader and 6 times Contact Center as a Service challenger in the Gartner Magic Quadrant. Only -- and we're the only Gartner Unified Communications as a Service Magic Quadrant leader in the Contact Center as a Service Magic Quadrant. We own the IP, provide an integrated experience through X Series with the most seamless integration between UCaaS and CCaaS in the market today.

此外，8x8 是該領域公認的領導者。 8x8 在 Gartner 魔力像限中一直被公認為 9 次被評為統一通訊即服務領導者，6 次被評為聯絡中心即服務挑戰者。唯一 - 我們是聯絡中心即服務魔力像限中唯一的 Gartner 統一通訊即服務魔力像限領導者。我們擁有 IP，透過 X 系列提供整合體驗，實現當今市場上 UCaaS 和 CCaaS 之間最無縫的整合。

I often get asked, what can an integrated UCaaS and CCaaS system provide that cannot be achieved with a 2-vendor solution? There's many things. You can see it here on the chart. But first, one, we can guarantee high availability and superior quality on a global basis. There's no finger pointing and no gaps. For example, 8x8 provides an industry-leading four nines platform-wide SLA that just can't be promised credibly in any 2-vendor scenario.

我經常被問到，整合的 UCaaS 和 CCaaS 系統可以提供哪些 2 供應商解決方案無法實現的功能？有很多事情。您可以在圖表上看到它。但首先，我們可以在全球範圍內保證高可用性和卓越的品質。沒有互相指責，也沒有間隙。例如，8x8 提供了業界領先的四個九平台範圍的 SLA，但在任何 2 供應商場景中都無法做出可信的承諾。

Second, the ability for company-wide collaboration, not just back-office workers but integrating across an organization's frontline workers, contact center receptionists and other personas. An example of this is we have a car insurance company that uses 8x8 for UCaaS and CCaaS. They improved in-office customer experience by adding Video as a Service-enabled kiosks that allowed clients waiting in a local office to instead interact with video with agents available at other offices to resolve issues faster. This is a way that information is flowing faster throughout the organization.

其次，公司範圍內協作的能力，不僅是後台工作人員，還包括組織的第一線工作人員、聯絡中心接待員和其他角色的整合。例如，我們有一家汽車保險公司，它使用 8x8 進行 UCaaS 和 CCaaS。他們透過添加支援視訊即服務的資訊亭改善了辦公室內的客戶體驗，該資訊亭允許在本地辦公室等候的客戶與其他辦公室的客服人員透過視訊進行交互，從而更快地解決問題。這是資訊在整個組織中更快流動的一種方式。

A third area is unified admin capability that can't be done through a combination of best-of-breed solutions. This gives a single source for license management, mix-and-match user types and a single pane of glass for monitoring.

第三個領域是統一的管理功能，無法透過最佳解決方案的組合來完成。這為許可證管理、混合和匹配用戶類型以及用於監控的單一管理平台提供了單一來源。

Fourth is extensible integrations that allow you to have just one integration with your core applications, whether it's CRM, collaboration end points or productivity end points like Microsoft Teams.

第四是可擴展的集成，使您只需與核心應用程式進行一次集成，無論是 CRM、協作端點還是 Microsoft Teams 等生產力端點。

Lastly, the ability to bring analytics and AI across the entire organization with real-time reporting, speech analytics across the whole organization. All of these capabilities make it possible to deliver a unified employee customer experience that companies can rely on to exceed their own customer and employee expectations. And remember, this is the way it used to be before the cloud, and now the cloud is just catching up.

最後，能夠透過整個組織的即時報告和語音分析將分析和人工智慧引入整個組織。所有這些功能使得提供統一的員工客戶體驗成為可能，公司可以依靠這種體驗來超越客戶和員工的期望。請記住，這就是雲端出現之前的情況，而現在雲端正在迎頭趕上。

And so how do we reach this integrated IT buyer? We let them buy the way they want through the routes they want, and we reach them where they're at. On the horizontal axis at the bottom, you see different business sizes with small business on the left, enterprises on the right. We reach the smallest of organizations through 8x8 e-commerce, investments that have been made in the past and allow us to redirect future investments and core -- to our core strategic market of mid-market enterprise buyers.

那我們要如何接觸到這個整合 IT 買家呢？我們讓他們透過他們想要的路線以他們想要的方式購買，然後我們到達他們所在的地方。在底部的水平軸上，您可以看到不同的企業規模，左側為小型企業，右側為企業。我們透過 8x8 電子商務接觸到最小的組織，過去進行的投資使我們能夠將未來的投資和核心重新定向到我們的中端市場企業買家的核心策略市場。

And where do we reach those? The mid-market customers are reached through our inside sales and channel relationships. And for our largest customers, our field sales organization works with our channel partners and strategic alliances. Half of our top 10 deals in Q4 were brought to us by channel partners, so obviously, this mix is important.

我們從哪裡得到這些？透過我們的內部銷售和通路關係接觸中端市場客戶。對於我們最大的客戶，我們的現場銷售組織與我們的通路合作夥伴和策略聯盟合作。第四季十大交易中有一半是由通路合作夥伴為我們帶來的，因此顯然，這種組合很重要。

Our X integrated UCaaS and CCaaS solution solves unique needs, and the numbers show it. It represented over 30% of total ARR in Q4 and is growing at twice the market growth rate. Additionally, if you look on the right, we find that buyers buy our integrated UCaaS and CCaaS product. They stay with us longer and have better upsell potential with 33% lower churn. And lastly, they contributed 80% of top deals throughout last year and contributed to 9 of the top 10 deals in Q4. Greater focus and execution against this segment is the key to lifting the overall growth and effectiveness of our sales and marketing efforts. I'll go into the key things we're doing to increase focus and execution to grow our X integrated solution faster, but first, let me address refinements in our CPaaS strategy.

我們的 X 整合 UCaaS 和 CCaaS 解決方案解決了獨特的需求，數字也證明了這一點。它佔第四季度總 ARR 的 30% 以上，成長速度是市場成長率的兩倍。另外，如果你看右邊，我們發現買家購買我們的整合UCaaS和CCaaS產品。他們在我們這裡停留的時間更長，並且具有更好的追加銷售潛力，客戶流失率降低了 33%。最後，他們貢獻了去年全年熱門交易的 80%，並在第四季度貢獻了前 10 筆交易中的 9 筆。對這一細分市場的更大關注和執行力是提升我們銷售和行銷工作整體成長和有效性的關鍵。我將介紹我們正在做的關鍵事情，以提高重點和執行力，從而更快地發展我們的 X 整合解決方案，但首先，讓我談談我們的 CPaaS 策略的改進。

CPaaS is a small portion of business today but operates in a quickly growing and attractive category. To drive success in CPaaS, we'll focus on 3 initiatives. First, we'll build upon our regional advantage in Southeast Asia, where we experienced a competitive advantage in carrier coverage and quality of service through superior message rate deliverability. We will extend and densify our already significant sales presence as represented on this slide.

CPaaS 只佔當今業務的一小部分，但屬於一個快速成長且有吸引力的類別。為了推動 CPaaS 取得成功，我們將專注於 3 項措施。首先，我們將利用我們在東南亞的區域優勢，透過卓越的訊息速率傳遞能力，我們在營運商覆蓋範圍和服務品質方面獲得了競爭優勢。我們將擴大並強化我們已經很重要的銷售業務，如這張投影片所示。

Second, we will pursue selective contact center omnichannel attach opportunities globally as demonstrated by the win we announced today with DMV Veterinary Center in Canada, which is utilizing 8x8 CPaaS SMS in addition to 8x8 Contact Center for digital customer interactions.

其次，我們將在全球範圍內尋求選擇性的聯絡中心全通路附加機會，正如我們今天宣布的與加拿大DMV 獸醫中心的勝利所證明的那樣，該中心除了8x8 聯絡中心外，還利用8x8 CPaaS SMS 進行數位客戶互動。

Lastly, we will wind down our unprofitable wholesale CPaaS business. The business is selling messaging and connectivity to carriers at little to no margin and redirect those resources and focus on our enterprise CPaaS business and X integrated solutions. Sam will cover the top line impacts of winding down this $15 million business, but it is a smart thing to do as it will create greater focus and success in our enterprise CPaaS business without sacrificing any profit or gross margin for the company. This greater focus we're applying to our CPaaS business will improve the long-term growth trajectory of this business, allowing it to become a larger and more meaningful contributor to our overall business in out-years.

最後，我們將結束不獲利的批發 CPaaS 業務。該業務以微薄甚至無利潤的方式向營運商銷售訊息和連接，並將這些資源重新定向，專注於我們的企業 CPaaS 業務和 X 整合解決方案。 Sam 將介紹關閉這家價值1500 萬美元的業務對營收的影響，但這是明智之舉，因為它將在不犧牲公司任何利潤或毛利率的情況下，為我們的企業CPaaS 業務帶來更大的關注和成功。我們對 CPaaS 業務的更大關注將改善該業務的長期成長軌跡，使其成為未來幾年對我們整體業務更大、更有意義的貢獻者。

Taking all this together, our focus in fiscal 2022 centers around 4 strategic pillars. First, we are working aggressively to expand our platform advantage, specifically the intersection of UCaaS and CCaaS and ruthlessly focusing our R&D investments to enhance the enterprise-grade elements of our contact center and maximize the interaction and unique use cases between UCaaS and CCaaS.

綜上所述，我們 2022 財政年度的重點圍繞著 4 個策略支柱。首先，我們正在積極擴大我們的平台優勢，特別是UCaaS 和CCaaS 的交叉點，並不斷集中我們的研發投資來增強聯絡中心的企業級元素，並最大限度地提高UCaaS 和CCaaS 之間的交互和獨特用例。

Second, we'll make 8x8 the easiest to do business with and win together across channel partner relationships by leveraging our differentiated billing models and partner-first mentality.

其次，我們將利用我們差異化的計費模式和合作夥伴至上的心態，使 8x8 成為最容易開展業務並在跨通路合作夥伴關係中共同獲勝的方式。

Third, we will drive operational excellence throughout the organization. I personally know what it takes to develop a highly efficient and effective organization. I see many opportunities for improvement in this area, so we definitely aren't waiting and have already taken numerous meaningful steps with yet more to come.

第三，我們將推動整個組織的卓越運作。我個人知道如何才能建立一個有效率且有效的組織。我看到這個領域有很多改進的機會，所以我們絕對不會等待，並且已經採取了許多有意義的步驟，並且還會採取更多措施。

Lastly, expanding and defending our base of 1.8 million paid business users. We have a leading enterprise-grade UCaaS product and a leading integrated UCaaS and CCaaS product, we should never lose a customer to a competitive product. Improving our customer focus, eliminating dissatisfaction triggers will allow us to better capitalize on our tremendous existing customer base. Let me expand on each pillar.

最後，擴大並捍衛我們 180 萬付費企業用戶的基礎。我們擁有領先的企業級UCaaS產品和領先的UCaaS和CCaaS整合產品，我們絕不應該因為競爭產品而失去客戶。提高我們對客戶的關注度，消除不滿意的觸發因素將使我們能夠更好地利用我們龐大的現有客戶群。讓我詳細闡述每個支柱。

R&D has already been reprioritized and reorganized since I've started to focus on the strategic integrated UCaaS and CCaaS buyers' needs. Furthermore, over the next 18 months, we will [4x] our contact center investment without sacrificing our commitment to profitable growth. Core swim lanes have been created and responsible individuals assigned to key areas that will generate enterprise-leading CCaaS and UCaaS features and maximize the intersection of the platform. Focusing on platform capabilities enables us to more efficiently leverage an already sizable R&D team and patent moat, allowing us to compete more effectively against larger single-product competitors.

自從我開始關注策略性整合 UCaaS 和 CCaaS 買家的需求以來，研發已經重新確定了優先順序並進行了重組。此外，在接下來的 18 個月中，我們將在不犧牲對獲利成長的承諾的情況下將聯絡中心投資增加 [4 倍]。核心泳道已經創建，負責人被分配到關鍵領域，這將產生企業領先的CCaaS和UCaaS功能，並最大化平台的交叉。專注於平台能力使我們能夠更有效地利用已經規模龐大的研發團隊和專利護城河，使我們能夠更有效地與更大的單一產品競爭對手競爭。

Results are already bearing fruit as today, we announced an industry first of enabling Mainland China offices and multinational organizations. In connection with our partnership with China Mobile International, we're able to add Mainland China to our Global Reach Program. This brings our Global Reach Program to over 43 countries. If you have a China office and you want them on your core corporate communications platform, 8x8 is your answer.

今天，我們宣布了業界首個為中國大陸辦事處和跨國組織提供支援的舉措，成果已經初見成效。透過與中國移動國際的合作，我們能夠將中國大陸添加到我們的全球覆蓋計劃中。這使得我們的全球影響力計劃涵蓋了超過 43 個國家。如果您在中國設有辦事處，並且希望它們出現在您的核心企業傳播平台上，8x8 就是您的答案。

As part of our GTM sales motions, we will leverage partners to win together and create a world-class global partner experience. Channel routes to market represented 40% of total ARR and grew 38% year-over-year in the fourth quarter. Between our VAR and agent network, we now have over 6,000 channel partners across the globe and a dedicated 8x8 channel team working together. Over the coming quarters, we will reeducate these partners on our integrated UCaaS and CCaaS positioning and ongoing investments.

作為我們 GTM 銷售計劃的一部分，我們將利用合作夥伴共贏，創造世界一流的全球合作夥伴體驗。進入市場的通路佔總 ARR 的 40%，第四季年增 38%。在我們的 VAR 和代理商網路之間，我們現在在全球擁有 6,000 多個通路合作夥伴，以及一支專門的 8x8 通路團隊。在接下來的幾個季度中，我們將就我們的整合 UCaaS 和 CCaaS 定位以及持續投資對這些合作夥伴進行再教育。

Additionally, we have geo segmented our inside sales team to better align with the regional nature of our partners. Furthermore, we will enable and seed partners with opportunities to upsell and cross-sell our X integrated solution to upmarket customers and integrate partners into our renewal sales process.

此外，我們對內部銷售團隊進行了地理細分，以更好地符合合作夥伴的區域性質。此外，我們將為合作夥伴提供向高端客戶追加銷售和交叉銷售我們的 X 整合解決方案的機會，並將合作夥伴整合到我們的續訂銷售流程中。

Lastly, we are deepening our engagement with strategic partnerships, such as Bell Canada and Virgin Media business, strengthening executive alignment and assigning dedicated farming resources to these strategics.

最後，我們正在深化與貝爾加拿大和維珍媒體業務等戰略合作夥伴的接觸，加強高階主管協調並為這些策略分配專門的農業資源。

Profitable growth is a mantra as we are a scaled SaaS cloud business, and we're dedicated to predictable and gradually improving profit performance. In order to drive superior performance, improving overall efficiency and go-to-market effectiveness is an imperative. This is an area that I bring 20 years of operational executional -- expertise to the organization, and it starts with leadership and the team.

獲利成長是一個口頭禪，因為我們是一家規模化的 SaaS 雲端企業，並且我們致力於可預測且逐步提高的利潤績效。為了推動卓越績效，提高整體效率和進入市場的有效性勢在必行。這是我為組織帶來 20 年營運執行專業知識的領域，首先是領導力和團隊。

Recently, we announced the addition of a new Chief Marketing Officer, Amrit Chaudhuri; and new Chief Customer Officer, Walt Weisner, who will help drive improvements in our marketing efficiency and customer satisfaction and retention and help align the organization to our core mid-market and enterprise IT buyers.

最近，我們宣布任命新的行銷長 Amrit Chaudhuri；新任首席客戶長 Walt Weisner 將有助於推動我們的行銷效率、客戶滿意度和保留率的提高，並幫助我們的組織與我們的核心中端市場和企業 IT 買家保持一致。

We have also instituted a rigorous OKR process that the company has rallied around, which is aligning the organization around the most critical and leverageable activities exclusively. These improvements will compound over the next several quarters as we generate momentum towards achieving our strategic goals.

我們也制定了嚴格的 OKR 流程，公司一直圍繞著流程進行調整，使組織專門圍繞最關鍵和最有影響力的活動進行調整。隨著我們為實現戰略目標提供動力，這些改進將在接下來的幾個季度內進一步加強。

Lastly, a laser-focused approach on our core combo prospects will improve over time our sales and marketing efficiencies that can be reinvested into profitable growth.

最後，對我們的核心組合前景採取雷射聚焦的方法將隨著時間的推移提高我們的銷售和行銷效率，這些效率可以重新投資於獲利成長。

Our fourth strategic priority this year is defending and expanding the base. Previously, there's not been enough focus on customer satisfaction. We have prioritized -- we now have prioritized high-availability initiatives and are working on permanently resolving customer dissatisfaction pain points. These efforts will pay off greatly down the road. Also, we have seen significant increase in stickiness with UC-only customers when they adopt our contact center product. So we are ingraining that cross-sell motion across the organization and throughout the customer life cycle.

今年我們的第四個戰略重點是保衛和擴大根據地。以前，對客戶滿意度的關注不夠。我們已經確定了優先事項——我們現在已經優先考慮了高可用性計劃，並正在努力永久解決客戶不滿意的痛點。這些努力將在未來獲得巨大回報。此外，我們發現，當僅使用 UC 的客戶採用我們的聯絡中心產品時，他們的黏性顯著增加。因此，我們正在整個組織和整個客戶生命週期中根深蒂固地進行交叉銷售活動。

Finally, with respect to retention, we're adopting a posture of extreme customer focus throughout the full customer life cycle, from initial contact through sales delivery and all future renewals. We should never lose a customer to a competitive solution and should be willing to do what it takes to get every customer happy.

最後，在保留方面，我們在整個客戶生命週期中採取極端以客戶為中心的態度，從最初的聯繫到銷售交付以及所有未來的續約。我們絕不應該因競爭性解決方案而失去客戶，並且應該願意盡一切努力讓每位客戶滿意。

Fiscal year 2022 will be a year of instituting increased strategic focus, operational rigor and of establishing ourselves as the X integrated market leader. As we look beyond fiscal 2022, there are also additional drivers of growth that are worth mentioning.

2022 財年將是加強策略重點、加強營運嚴謹性並確立 X 綜合市場領導者地位的一年。當我們展望 2022 財年之後，還有其他值得一提的成長驅動因素。

First, enterprise expansion will occur as larger and larger enterprises adopt cloud communication solutions. Actions we are taking today and investments in enterprise-grade capabilities will enable us to capitalize on this trend as we move upmarket.

首先，隨著越來越大的企業採用雲端通訊解決方案，企業規模將會擴大。我們今天採取的行動以及對企業級功能的投資將使我們能夠在向高端市場邁進時利用這一趨勢。

Second, our investments in contact center will improve the robustness, scalability and completeness of our X integrated product, which will improve win rates, allow us to tap incremental revenue streams within contact center and improve the attach rate of contact center to UC-only deals.

其次，我們對聯絡中心的投資將提高我們的X 整合產品的穩健性、可擴展性和完整性，這將提高獲勝率，使我們能夠挖掘聯絡中心內的增量收入流，並提高聯絡中心對僅UC 交易的附加率。

Third, our CPaaS business will benefit from the broader adoption of developer APIs, increased usage from current customers as we grow when they succeed and natural growth of the dynamic economies that we play within. Additionally, the new additions of our high-value CPaaS offerings, such as call monitoring and video meetings, provide differentiated high-margin growth opportunities.

第三，我們的 CPaaS 業務將受益於開發者 API 的更廣泛採用、當前客戶的使用量隨著他們的成功而增長而增加，以及我們所處的動態經濟的自然增長。此外，我們新增的高價值 CPaaS 產品（例如呼叫監控和視訊會議）提供了差異化的高利潤成長機會。

Lastly, we will steadily expand our global footprint. International revenue represents 27% of total revenue and grew 48% year-over-year. We operate a very strong base of business in the U.K. and have numerous opportunities to leverage success there, including our relationships with pan-European partners to grow into additional European countries.

最後，我們將穩步擴大我們的全球足跡。國際收入佔總收入的 27%，年增 48%。我們在英國擁有非常強大的業務基礎，並且有很多機會利用那裡的成功，包括我們與泛歐洲合作夥伴的關係，以拓展到其他歐洲國家。

In order to execute successfully, we will stay focused on 3 core tenets of customer, product and team. We are aligned to IT buyers at mid-market and enterprise customers that we know value integrated solutions for all the reasons we have discussed. We'll align our GTM and delivery approach to serve the needs of these customers better than anyone else in the industry. Our R&D prioritization and investments will extend the leadership of our combined offering and will maximize the intersection of customer and employee experience.

為了成功執行，我們將專注於客戶、產品和團隊三大核心原則。我們與中階市場的 IT 買家和企業客戶保持一致，我們知道整合解決方案的價值，原因已經討論過。我們將調整我們的 GTM 和交付方法，以比業內其他任何人更好地滿足這些客戶的需求。我們的研發優先順序和投資將擴大我們組合產品的領先地位，並將最大限度地提高客戶和員工體驗的交集。

Finally, I'm confident in the team we have on board, and I have the experience to drive continuous improvement across the organization. I fully expect these efforts to move us closer to world-class benchmarks in every part of the organization. That is my expectation of the team.

最後，我對我們的團隊充滿信心，而且我擁有推動整個組織持續改進的經驗。我完全期望這些努力將使我們在組織的每個部分都更接近世界一流的基準。這是我對團隊的期望。

It's an exciting time for 8x8. We sit at the intersection of massive markets, migrating quickly to the cloud with a differentiated offering in which to capitalize on these secular tailwinds. Improvements we are making today will compound over the coming quarters and allow us to more efficiently grow while maintaining a profitable growth mindset. Scaling a SaaS business to a $1 billion-plus business while demonstrating profitable growth can be tremendously rewarding activity. I know. I've done it before, and I fully intend to do it again.

對於 8x8 來說，這是一個令人興奮的時刻。我們位於巨大市場的交匯處，透過差異化的產品快速遷移到雲，以利用這些長期的順風車。我們今天所做的改進將在未來幾季得到複合，使我們能夠更有效地成長，同時保持獲利的成長心態。將 SaaS 業務規模擴大到 10 億美元以上，同時展示獲利成長可能是一項非常有價值的活動。我知道。我以前做過，而且我完全打算再做一次。

With that, I'll turn it over to Sam to detail the financial path ahead.

有了這個，我將把它交給 Sam，詳細說明未來的財務路徑。

As Dave shared earlier, 8x8 is an amazing company, and we see tremendous opportunities ahead for us. We had many accomplishments in fiscal 2021 and are in the rarefied SaaS air with over $500 million in annual recurring revenue. Our upmarket-focused enterprise is working, and the number of paid business users continues to grow.

正如 Dave 之前分享的那樣，8x8 是一家了不起的公司，我們看到了巨大的機會。我們在 2021 財年取得了許多成就，年經常性收入超過 5 億美元，在 SaaS 領域名列前茅。我們專注於高端市場的企業正在運作，付費企業用戶的數量持續成長。

I am particularly pleased with our return to profitability and operating cash flow positive while continuing to grow ARR at healthy rates. Let me share how our financial picture will evolve over the intermediate term and the milestone shareholders should be on the lookout for.

我對我們恢復盈利和營運現金流為正，同時繼續以健康的速度成長 ARR 感到特別高興。讓我分享一下我們的財務狀況在中期將如何演變，以及股東應該關注的里程碑。

The Rule of 40 is an important SaaS benchmark for investors measuring revenue growth and profitability. As I mentioned earlier, in fiscal 2021, we focused on returning to profitability, putting one leg of the Rule of 40 in place and getting us to mid-teens on this metric. Using revenue growth plus operating margins, we expect to exit fiscal 2022 in the mid-teens, fiscal '23 in the mid-20s; and fiscal '24, we would like to achieve mid- to high 30s with a stretch goal of hitting 40 before we close out fiscal 2024.

40 法則是投資者衡量收入成長和獲利能力的重要 SaaS 基準。正如我之前提到的，在 2021 財年，我們的重點是恢復獲利能力，落實 40 條規則的一條腿，並使這項指標達到 15 左右。根據營收成長加上營業利潤率，我們預計 2022 財年將在 10 多歲左右結束，23 財年將在 20 多歲左右結束；在 2024 財年和 24 財年，我們希望實現 30 多歲的目標，並在 2024 財年結束前實現 40 多歲的延伸目標。

This will be driven mainly by improving service revenue growth, coupled with mildly expanding profitability. In other words, profitable growth. We are biased towards growth given the market size but do not want to run non-GAAP operating losses. As part of our focus on improving execution, we've taken the decisive cleanup measures to focus our operating spend, eliminate distractions and maximize returns. We are phasing out our services we sold to other carriers known as wholesale CPaaS and repurposing any spending from that customer segment into the core segments described by Dave. This change will have a direct impact on what we report, specifically the face numbers on the income statement.

這將主要由服務收入成長的改善以及獲利能力的溫和擴張所推動。換句話說，獲利成長。考慮到市場規模，我們傾向於成長，但不希望出現非公認會計原則營運虧損。作為我們專注於提高執行力的一部分，我們採取了果斷的清理措施，以集中我們的營運支出，消除乾擾並最大化回報。我們正在逐步淘汰出售給其他營運商（稱為批發 CPaaS）的服務，並將該客戶群的任何支出重新調整到 Dave 描述的核心細分市場。這項變更將對我們的報告內容產生直接影響，特別是損益表中的面值。

In 2021, CPaaS wholesale services contributed $15 million in service revenue and essentially 0 operating margin. Rationalizing these services will be a near-term 300-plus basis point headwind to service revenue growth rates in fiscal 2022 and is already incorporated into the fiscal '22 guidance I will provide shortly. We believe this is the right decision to concentrate our resources on our core market opportunities.

2021 年，CPaaS 批發服務貢獻了 1,500 萬美元的服務收入，營運利潤率基本上為零。合理化這些服務將是 2022 財年服務收入增長率近期 300 多個基點的阻力，並且已經納入我將很快提供的 22 財年指導中。我們相信，這是將我們的資源集中在核心市場機會上的正確決定。

Going into fiscal 2022, we are focused on adding demand generation, sales and engineering capacity smartly and efficiently to maximize growth, and we want to self-fund this. We are making these investments from a position of strength for long-term value creation. We are significantly increasing our investment in contact center and X integrated UC and CC solutions, which our estimates suggest are the fastest-growing portion of the overall market. We are adding upmarket sales capacity for mid-market and enterprise customers, and channel investment will continue to grow, albeit at a slightly slower rate than we have in the past.

進入 2022 財年，我們的重點是巧妙、有效率地增加需求產生、銷售和工程能力，以實現成長最大化，並且我們希望自籌資金。我們出於長期價值創造的優勢進行這些投資。我們正在大幅增加對聯絡中心和 X 整合 UC 和 CC 解決方案的投資，我們的估計表明這是整個市場中成長最快的部分。我們正在增加針對中階市場和企業客戶的高端銷售能力，通路投資將持續成長，儘管速度比過去稍慢。

Since the typical mid-market deals generally take 3 to 4 quarters from lead to closing, we'd expect the first results of these new efficient investments to show up in our upcoming fourth quarter. These 2 things combined further sharpen our target market as mid-market and enterprise, where the LTV-to-CAC metrics are better. We are very focused on setting the stage for service revenue growth acceleration as we enter fiscal 2023.

由於典型的中端市場交易從啟動到完成通常需要 3 到 4 個季度，因此我們預計這些新的高效投資的首批結果將在即將到來的第四季度顯現。這兩件事結合在一起，進一步強化了我們作為中端市場和企業的目標市場，其中 LTV 到 CAC 指標更好。進入 2023 財年，我們非常注重為服務收入加速成長奠定基礎。

We want to grow quickly. We want to be cash flow-positive so we can fund our own growth. We believe this is the best thing we can do for shareholders over the long term, and we are very focused on these 3 swim lanes.

我們希望快速成長。我們希望現金流為正，這樣我們就能為自己的成長提供資金。我們相信，從長遠來看，這是我們能為股東做的最好的事情，我們非常關注這三個泳道。

The first is growing the top line as quickly as we can by building the best integrated UC and CC solution in the market and enabling sales teams to drive new customer growth in this large market opportunity. Second, we established a more disciplined investment framework and a path forward for increased efficiency across the business functions. We expect to see gross margin improvement over time through our refined GTM focus and product rationalization. And we should show unit economic improvements. Lastly, we are committed to strengthening our balance sheet via self-generated cash flow.

首先是透過建立市場上最好的整合 UC 和 CC 解決方案，並使銷售團隊能夠在這個巨大的市場機會中推動新客戶的成長，從而盡快增加收入。其次，我們建立了更規範的投資架構以及提高各業務職能部門效率的前進道路。我們預計，隨著時間的推移，透過我們完善的 GTM 重點和產品合理化，毛利率將得到改善。我們應該展示單位經濟的改善。最後，我們致力於透過自身產生的現金流來加強我們的資產負債表。

As we enter 2022, we have good sales funnel metrics and continued strong demand for our X integrated UCaaS, CCaaS solutions, Voice for Microsoft Teams and CPaaS. Offsetting this is the continued work we need to do around operations. Taking all this into account, we are establishing the following guidance for Q1 fiscal 2022, ending June 30, 2021.

進入 2022 年，我們擁有良好的銷售漏斗指標，並且對 X 整合 UCaaS、CCaaS 解決方案、Microsoft Teams 語音和 CPaaS 的需求持續強勁。抵消這一影響是我們需要圍繞營運的持續工作。考慮到所有這些，我們正在為截至 2021 年 6 月 30 日的 2022 財年第一季制定以下指導方針。

We anticipate total revenue to be in a range of $142 million to $143.5 million, representing approximately 17% to 18% year-over-year growth. We anticipate service revenue to be in a range of $132.5 million to $133.5 million, representing approximately 16% to 17% growth. We are no longer providing guidance for non-GAAP pretax loss since we are now profitable. Instead, we believe that non-GAAP operating margin is a better measure of our ongoing financial performance. We anticipate to be operating margin-positive in Q1 and for each quarter of fiscal 2022.

我們預計總收入將在 1.42 億美元至 1.435 億美元之間，年增約 17% 至 18%。我們預計服務收入將在 1.325 億美元至 1.335 億美元之間，成長約 16% 至 17%。由於我們現在已經獲利，因此我們不再提供非公認會計原則稅前虧損的指導。相反，我們認為非公認會計原則營業利潤率可以更好地衡量我們持續的財務表現。我們預計第一季及 2022 財年每季的營業利潤率均為正值。

We are establishing guidance for full year fiscal 2022, ending March 31, 2022, as follows. We anticipate total revenue to be in the range of $595 million to $605 million, representing approximately 12% to 14% year-over-year growth. We anticipate service revenue to be in the range of $555 million to $565 million, again representing 12% to 14% year-over-year growth. And we anticipate fourth quarter non-GAAP operating margin to be approximately 2%.

我們正在為截至 2022 年 3 月 31 日的 2022 財年全年指引制定如下。我們預計總收入將在 5.95 億美元至 6.05 億美元之間，年增約 12% 至 14%。我們預計服務收入將在 5.55 億美元至 5.65 億美元之間，年增 12% 至 14%。我們預計第四季非 GAAP 營運利潤率約為 2%。

As I mentioned earlier, our fiscal 2022 guidance incorporates exiting noncore services, which were approximately $15 million in service revenue in fiscal 2021. Excluding this amount from fiscal 2021, the service revenue guidance would have been in a range of 15% to 17% or approximately 300 basis points higher.

正如我之前提到的，我們的2022 財年指導包括現有的非核心服務，2021 財年的服務收入約為1500 萬美元。 % 至17% 的範圍內，或上漲約300個基點。

Looking specifically at gross profit growth and ARR growth, we believe the year-over-year growth in these segments should be at least 2 to 4 percentage points higher than service revenue growth. For fiscal 2022, we believe gross profit and ARR growth metrics are good milestones to track our progress throughout the year.

具體來看毛利成長和ARR成長，我們認為這些細分市場的年比成長應至少比服務收入成長高2至4個百分點。對於 2022 財年，我們認為毛利和 ARR 成長指標是追蹤我們全年進展的良好里程碑。

Next, I'd like to provide some context on our long-term financial framework. With the investments we're making in product innovation and once we lap exiting noncore CPaaS services, our revenue growth rates should bounce higher. We grew total revenue 19% in fiscal 2021 and believe we can return to 20% or greater revenue growth in late fiscal 2023. That's a goal, not a guidance, as there's a lot of time between then and now. As revenue growth trends back up, we plan on bringing a marginal portion of that growth to the operating margin line. We are focused on further accelerating ARR in an efficient manner.

接下來，我想提供一些有關我們長期財務框架的背景資訊。透過我們在產品創新方面的投資，一旦我們放棄現有的非核心 CPaaS 服務，我們的收入成長率應該會更高。我們在2021 財年的總營收成長了19%，並相信我們可以在2023 財年末恢復到20% 或更高的營收成長。長的時間。隨著營收成長趨勢回升，我們計劃將成長的一小部分納入營業利潤線。我們致力於以有效的方式進一步加速 ARR。

We also have plans to increase sales and marketing efficiency over time, a key theme with investors. And the R&D investments will increase as a percentage of revenue to fund innovation and further expand our product differentiation. We would like to see operating margins in the 5% to 10% range over the intermediate term and believe longer term, say, 5 years out, we can be a 10% to 20% operating margin company with relatively high growth rates.

我們還計劃隨著時間的推移提高銷售和行銷效率，這是投資者的關鍵主題。研發投資佔收入的比例將增加，以資助創新並進一步擴大我們的產品差異化。我們希望看到中期營業利潤率在 5% 到 10% 範圍內，並相信從長遠來看，例如 5 年後，我們可以成為一家營業利潤率 10% 到 20% 且成長率相對較高的公司。

We plan to balance our focus on profitable revenue growth while making sure our efficiency of spend is high. We believe 10% to 20% operating margins is the right range while total penetration of cloud communications relative to legacy on-prem systems remains low. Once cloud communications becomes a majority of the business, we will focus more on increasing operating margins.

我們計劃平衡對獲利性收入成長的關注，同時確保我們的支出效率較高。我們認為 10% 到 20% 的營運利潤率是合適的範圍，而雲端通訊相對於傳統本地系統的總滲透率仍然較低。一旦雲端通訊成為業務的主要部分，我們將更加專注於提高營運利潤率。

Lastly, while we were cash from operations-positive in the fourth quarter of fiscal 2021, it was based on several nonrecurring items. By the fourth quarter of fiscal 2022, we expect cash from operations to be positive on a regular basis and have the objective of becoming free cash flow-positive.

最後，雖然我們在 2021 財年第四季的營運現金為正，但這是基於幾個非經常性項目。到 2022 財年第四季度，我們預計營運現金流將定期為正值，並目標是自由現金流為正值。

The final topic I'd like to discuss is an administrative one, our IR metric sheet. Based on the feedback from discussions we've had with the investment community, we will no longer publish and report bookings metrics beginning next quarter, and we'll focus only on annual recurring ARR-based metrics. We believe ARR metrics are a better indicator to measure our business performance.

我想討論的最後一個主題是管理主題，也就是我們的 IR 指標表。根據我們與投資界討論的回饋，從下個季度開始，我們將不再發布和報告預訂指標，並且我們將僅關注基於 ARR 的年度經常性指標。我們相信 ARR 指標是衡量我們業務績效的更好指標。

In closing, we are super excited about the future of 8x8. We have an opportunity to differentiate ourselves in the market with our integrated platform, upmarket focus and multiple growth opportunities, all inside of a large total available market. At the company level, we believe our unit economics can improve, our recurring business model is an asset, and profitable growth will remain.

最後，我們對 8x8 的未來感到非常興奮。我們有機會透過我們的整合平台、高端市場焦點和多種成長機會在市場上脫穎而出，所有這些都在一個巨大的可用市場中。在公司層面，我們相信我們的單位經濟效益可以改善，我們的經常性業務模式是一項資產，獲利成長將保持不變。

Thank you to our employees, our customers, our partners and also, importantly, you, our shareholders, for your continued support.

感謝我們的員工、客戶、合作夥伴，更重要的是，感謝您，我們的股東，對我們的持續支持。

Operator, we are ready to take questions.

接線員，我們準備好回答問題。

(Operator Instructions) Our first question comes from Tim Horan with Oppenheimer.

（操作員說明）我們的第一個問題來自奧本海默的蒂姆·霍蘭。

On Teams, can you give us a sense, maybe just qualitatively, of how voice adoption is going for Teams users? Where do you think they are at this point? How easy is it to adopt many of the different voice options on Teams? And where are we with contact center with Teams at a high level? And then I guess, lastly, does it matter to these enterprises who the legacy PBX provider was as they move through using UCaaS or CCaaS?

在 Teams 上，您能否讓我們了解（或許只是定性）Teams 用戶的語音採用情況？您認為此時他們在哪裡？在 Teams 上採用多種不同的語音選項有多容易？我們與高階團隊的聯絡中心在哪裡？最後，我想，當這些企業使用 UCaaS 或 CCaaS 時，誰是傳統 PBX 供應商，這很重要嗎？

Thanks, Tim. This is Dave Sipes. The -- on Microsoft Teams, we've seen good traction in that. This is an area that we were very early in getting a direct connection into the Microsoft Teams app. As you saw on our platform, we have an agnostic approach of enabling different personas and different applications. Teams is a key one of those. And we have recently been certified as 8x8 Contact Center for Microsoft Teams and the first vendor in the Gartner Magic Quadrant for Contact Center as a Service to be certified by Microsoft.

謝謝，蒂姆。這是戴夫·西普斯。在 Microsoft Teams 上，我們已經看到了良好的吸引力。這是我們很早就直接連接到 Microsoft Teams 應用程式的一個領域。正如您在我們的平台上看到的，我們採用一種不可知的方法來支援不同的角色和不同的應用程式。團隊是其中的關鍵之一。我們最近獲得了 Microsoft Teams 8x8 聯絡中心認證，並且是 Gartner 聯絡中心即服務魔力像限中第一家獲得 Microsoft 認證的供應商。

We also continue to differentiate the product by putting additional capabilities into the Team's app. We talked about last quarter of adding call forwarding rules and account settings, log in and out of the call queues and access group voice mail. And we're following that up with this quarter, we expanded the app functionality to include to be able to send and receive SMS, MMS and fax. So we continue to create greater capability to those end users that are on that.

我們還透過在團隊的應用程式中添加額外的功能來繼續使產品脫穎而出。我們上季度討論了新增呼叫轉移規則和帳戶設定、登入和登出呼叫佇列以及存取群組語音郵件。我們將在本季跟進，擴展了應用程式功能，使其能夠發送和接收簡訊、彩信和傳真。因此，我們繼續為那些最終用戶創造更強大的功能。

We also -- if you remember last quarter, we talked about Hanover Research and the study that we commissioned with them showed that 70% of deployments Microsoft Teams plan on bringing in third-party voice into that. So we can do that with UCaaS and CCaaS and enable those organizations that are moving to Teams. And even in hybrid environments, which we talked about, like at Halfords where a number of users are on Teams, but the bulk of the organization still is not for different reasons. They're just not using that license universally across the organization, whether it's contact center agents or frontline workers or whatnot. So we bring all those additional personas and ability to power real-time communications across the whole organization. So -- and we're seeing them. And we've had record pipeline of Microsoft Teams in the quarter. So we still see tremendous momentum.

如果您還記得上個季度，我們也討論過 Hanover Research，我們委託他們進行的研究表明，70% 的 Microsoft Teams 部署計劃引入第三方語音。因此，我們可以使用 UCaaS 和 CCaaS 來實現這一點，並支援那些正在遷移到 Teams 的組織。即使在我們談到的混合環境中，例如在 Halfords，許多使用者都在 Teams 上，但組織的大部分使用者仍然不是出於不同的原因。他們只是沒有在整個組織中普遍使用該許可證，無論是聯絡中心代理還是第一線員工還是其他人員。因此，我們帶來了所有這些額外的角色和能力來支援整個組織的即時通訊。所以——我們正在看到他們。本季我們的 Microsoft Teams 頻道數量創下歷史新高。所以我們仍然看到巨大的勢頭。

Our next question comes from Meta Marshall with Morgan Stanley.

我們的下一個問題來自摩根士丹利的梅塔·馬歇爾。

Maybe just start with for Dave. You talked about some kind of changes to the sales force or channel training, whether that be kind of geo segmentation or just better training of the channel on kind of the joint CCaaS-UCaaS product or full portfolio of products. Just how long do you see that training or kind of those changes needing to take place? And when do you think you could start to see traction in some of that?

也許只是從戴夫開始。您談到了對銷售人員或通路培訓的某種變化，無論是地理細分還是只是針對聯合 CCaaS-UCaaS 產品或完整產品組合對通路進行更好的培訓。您認為培訓或此類變革需要進行多長時間？您認為什麼時候可以開始看到其中的一些吸引力？

And then maybe a follow-up question for Sam. You grew services revenue almost 20% in the last fiscal year. And I understand the 300 basis point headwind from getting out of some of the Wavecell business, but that would still leave a couple of hundred basis points of deceleration kind of in the fiscal '22 guide. And so just trying to get a sense of is that conservatism? What leads to kind of that deceleration on the services line?

然後也許是向 Sam 提出的後續問題。上一財年，您的服務收入成長了近 20%。我了解退出某些 Wavecell 業務會帶來 300 個基點的逆風，但這仍然會在 22 財年指南中留下幾百個基點的減速。那麼只是想了解這是保守主義嗎？是什麼原因導致服務線減速？

Great. Thanks, Meta. I'll answer your first part, and I'll let Sam answer your second part. On education of this focused strategy on CCaaS and UCaaS customers, it's an area that we're already seeing benefits of that when we look at our pipeline generation. But as you mentioned, it is -- there is a training element that we're embarking upon both for our direct sellers as well as our channel sellers.

偉大的。謝謝，梅塔。我會回答你的第一部分，我會讓山姆回答你的第二部分。在針對 CCaaS 和 UCaaS 客戶的這項重點策略的教育方面，當我們審視管道生成時，我們已經看到了這一領域的好處。但正如您所提到的，我們正在為直銷商和通路商進行培訓。

I would say that's going to go on, and we're going to put full shoulder into that probably over the next 2 quarters and really honing those areas of that intersection of CCaaS and UCaaS, those benefits to customers as well as things like our platform advantage, our four nines SLA that we announced today, our ability to bring things like China -- Mainland China. And so there's a lot of different elements there that we're going to the education of the whole organization as well as all our partners.

我想說這將會繼續下去，我們可能會在接下來的兩個季度全力以赴，真正磨練 CCaaS 和 UCaaS 交叉點的那些領域，為客戶帶來的好處以及我們的平台等方面優勢，我們今天宣布的四個九的SLA，我們帶來中國大陸這樣的東西的能力。因此，我們將對整個組織以及所有合作夥伴進行許多不同的教育。

All right. And I'll take the second part of that. So let me first -- let me give you a bit of a technical answer. So if you look at Q1, Q2 of fiscal '21, they were both influenced by the Wavecell acquisition because we hadn't lapped it yet. So if you look at just the back half of fiscal '21, you'll see 15% to 19% growth, about an average of 17% roughly. And we guided towards effectively a pro forma 17%. So core business, we expect to be flat to up going into next year if you take out the business because that 17% had some of that growth in it from the noncore services CPaaS, and we're expecting 17% growth in the core business. So I hope the math makes sense. If not, I'll certainly walk it through you again.

好的。我將討論第二部分。首先讓我給你一些技術性的答案。因此，如果你看看 21 財年的第一季和第二季度，它們都受到了 Wavecell 收購的影響，因為我們還沒有完成它。因此，如果你只看一下 21 財年的後半段，你會看到 15% 到 19% 的成長，平均大約是 17%。我們的指導目標是預期 17%。因此，如果剔除該業務，我們預計明年核心業務將持平或上升，因為 17% 的成長部分來自非核心服務 CPaaS，我們預計核心業務將成長 17% 。所以我希望數學是有意義的。如果沒有，我一定會再向您介紹。

Our next question comes from Ryan MacWilliams with Stephens Inc.

我們的下一個問題來自 Stephens Inc. 的 Ryan MacWilliams。

I have a question for Dave and one for Sam. So great to hear about the path forward for 8x8 and the opportunities you see ahead in the combo UC/CC deals. As you think about approaching the Rule of 40 in fiscal 2024 and beyond, what do you think the main thing 8x8 needs to get right in order to get there? And then maybe what improvements we can look for in the next few quarters?

我有一個問題想問戴夫，也有一個問題想問山姆。很高興聽到 8x8 的前進道路以及您在 UC/CC 組合交易中看到的未來​​機會。當您考慮在 2024 財年及以後實現 40 法則時，您認為 8x8 需要做好哪些主要工作才能實現這一目標？那麼也許我們在接下來的幾季中可以尋求哪些改進？

And then for Sam, in your presentation it said, channel ARR grew 38% year-over-year. But it looks like new bookings growth improved just 7%. Can you help us reconcile the difference between those metrics?

Sam 在您的演示中提到，頻道 ARR 年比增長了 38%。但新預訂量成長似乎僅成長了 7%。您能幫助我們協調這些指標之間的差異嗎？

Sure. Thanks, Ryan. On the improvements that we have in selling UC and CC, I think you look across GTM and how we go about educating -- back to the previous question, how we educate our direct sellers, how we educate our indirect sellers. The onboarding of -- the additions of management, we've done there with Amrit and Walt in addition to the currently strong team on the GTM side of improving those motions that we'll be doing over the next several quarters of execution on the GTM side.

當然。謝謝，瑞安。關於我們在銷售 UC 和 CC 方面的改進，我認為您會了解 GTM 以及我們如何進行教育 - 回到上一個問題，我們如何教育我們的直銷人員，我們如何教育我們的間接銷售人員。除了 GTM 方面目前強大的團隊之外，我們還與 Amrit 和 Walt 一起完成了管理層的加入，以改進我們將在接下來的幾個季度在 GTM 上執行的那些動議邊。

And then there's the R&D side and the increased -- the refocusing of R&D into UC/CC and the intersection of those 2 as well as the increased investment. What we're doing on contact center, that will improve over time. Win rates attached to UC-only deals in our land-and-expand model for the installed base as well as generating incremental revenue streams within contact center. So that's...

然後是研發方面和增加——研發重新集中到 UC/CC 以及這兩者的交集以及增加的投資。我們在聯絡中心所做的事情會隨著時間的推移而改善。在我們針對安裝基礎的土地和擴展模型中，僅 UC 交易的獲勝率以及在聯絡中心內產生增量收入流。所以那是...

Yes -- I'm sorry.

是的——對不起。

Go ahead.

前進。

And then reconcile the channel bookings versus channel ARR. So channel ARR, obviously, a cumulative 4-quarter metric versus the channel bookings, which is a 1-quarter metric. And if you look at channel bookings the quarter before, we were up 64%. This quarter, we're up 7%. So that's an average of 35%, really close to that 38% number. Some timing associated with there. So it's really just a bit of mathematics there. There's nothing special.

然後協調通路預訂與通路 ARR。因此，通路 ARR 顯然是 4 個季度的累積指標，而通路預訂則是 1 個季度的指標。如果你看看上一季的通路預訂量，我們成長了 64%。本季度，我們成長了 7%。所以平均是 35%，非常接近 38% 的數字。一些與那裡相關的時間安排。所以這其實只是一些數學知識。沒什麼特別的。

This is one of the reasons we're getting rid of the bookings numbers in general because you do see some volatility in them quarter-to-quarter. It has a tendency to throw off investors, when the reality is over the last 2 quarters, we were up 35% in bookings and 38% in ARR. Really close together.

這是我們總體上取消預訂數量的原因之一，因為您確實會看到預訂數量每季都有一些波動。它往往會讓投資者望而卻步，而現實是在過去兩個季度中，我們的預訂量增加了 35%，ARR 成長了 38%。確實靠得很近。

Our next question comes from Matt VanVliet with BTIG.

我們的下一個問題來自 BTIG 的 Matt VanVliet。

A lot to digest here, but maybe first on sort of the new announcement around the entry into China. Sort of what's catalyzing that? Why now? And sort of what's been the impediment in the past? Obviously, a lot of companies, especially in software, tend to shy away from some of the issues around the Chinese market. But just kind of curious what kind of growth rates you might see there.

這裡有很多東西需要消化，但也許首先是關於進入中國的新公告。是什麼催化了這一點？為什麼現在？過去的障礙是什麼？顯然，很多公司，尤其是軟體公司，往往迴避中國市場的一些問題。但只是有點好奇你可能會看到什麼樣的成長率。

And then sort of dovetailing off that, a lot of investment in some of these R&D initiatives that you're talking about, Sam. But just, I guess, from a head count perspective, how much are you expecting that to be versus some new projects and just kind of thinking about that longer term? I know it kind of fits in the framework there.

然後，與此相吻合的是，對你所說的一些研發計劃進行了大量投資，山姆。但我想，從人員數量的角度來看，與一些新項目相比，您的預期是多少，並且只是考慮更長期的情況？我知道它有點適合那裡的框架。

Great. I'll take the first part of that. On the expansion of our international presence, our Global Reach Program, which now goes to 43 countries, is a very important element for servicing multinational organizations that want to bring all their employees onto one platform and servicing all of their offices globally to do that. It is an area where there's a lot of demand for many of the largest countries. China is an obvious one, where every multinational that has a China office now becomes a potential customer for 8x8.

偉大的。我將採取第一部分。在擴大我們的國際影響力方面，我們的全球影響力計畫現在已涵蓋43 個國家，對於那些希望將所有員工引入一個平台並為全球所有辦事處提供服務的跨國組織來說，這是一個非常重要的元素。這是一個對許多最大的國家都有大量需求的領域。中國是一個明顯的例子，每個在中國設有辦事處的跨國公司現在都成為 8x8 的潛在客戶。

Why now? It's our partnership -- with the hard work that we've been doing to make that happen as well as partnership with China Mobile International, that's enabling us to provide both UCaaS and CCaaS and the first provider of that into Mainland China. And this is an area we've always had high demand. We have close to 10,000 seats in deployment today from numerous customers and double-digit number of additional customers in the pipeline. That's all really from installed base or very new customers because this is all prior to today's announcement or any marketing efforts that would go around that. So we just view it as a very important element in the overall global story and servicing multinational corporations across all their cloud communication needs.

為什麼現在？正是我們的合作夥伴關係——我們為實現這一目標所做的辛勤工作以及與中國移動國際的合作，使我們能夠提供UCaaS 和CCaaS，並成為中國大陸第一家提供此類服務的提供商。這是我們一直以來都有很高需求的領域。目前，我們已經部署了來自眾多客戶的近 10,000 個席位，並且還有兩位數的其他客戶正在籌備中。這些實際上都是來自已安裝的基礎或非常新的客戶，因為這都是在今天的公告或圍繞該公告的任何行銷活動之前進行的。因此，我們只是將其視為整個全球故事中非常重要的元素，並為跨國公司滿足其所有雲端通訊需求提供服務。

Thanks, Matt. I'm going to change your question just slightly. I apologize. But I really wouldn't call these new projects. I mean one of the things that Dave has done really clearly is focus us down. And so we actually probably have less new projects on the board, and we have a lot more direct focus on the projects that we do have. So contact center that he mentioned and core platform technologies that he mentioned.

謝謝，馬特。我將稍微改變一下你的問題。我道歉。但我真的不會稱這些為新項目。我的意思是，戴夫所做的一件非常明確的事情就是讓我們集中精力。因此，實際上我們董事會上的新項目可能較少，而且我們更直接地關注我們現有的項目。所以他提到的聯絡中心和他提到的核心平台技術。

We're repurposing existing dollars from businesses we're getting out of to fund additional head count in those areas. So you won't see raw head count going up a huge amount. It is increasing, no doubt about that, as it is in sales capacity and demand gen capacity. But a lot of that is being paid for by repurposing of dollars. And that's why you continue to see operating margin improvement in fiscal '22.

我們正在重新利用我們要退出的企業的現有資金，為這些領域的額外人員提供資金。因此，您不會看到原始人數大幅增加。毫無疑問，它正在增加，因為它的銷售能力和需求產生能力都是如此。但其中很大一部分是透過重新利用美元來支付的。這就是為什麼您會在 22 財年繼續看到營業利潤率的改善。

The next question comes from Catharine Trebnick with Colliers.

下一個問題來自高力國際的凱瑟琳‧特雷布尼克。

Nice quarter, gentlemen. Two things I want to hit on. One is a year ago, video was a hot topic on the earnings call. Where does that fit in the 4 pillars?

先生們，美好的季度。我想談兩件事。一年前，視訊是財報電話會議的熱門話題。這在四大支柱中處於什麼位置？

Thanks, Catharine. Video is an important element of the employee experience offering and is one core element that we have when we were still -- you're seeing innovation as we launched blur and virtual backgrounds this quarter. Additionally, we offer video as JaaS as a CPaaS service. And this is a full meetings capability, higher-level APIs that go into other products. And that's an additional way that we're playing the video enhancements that go across the Jitsi org as well as the whole 8x8 user base. And additionally, finding areas in contact center omnichannel attach is a third area that video is important to our overall platform.

謝謝，凱瑟琳。影片是員工體驗產品的重要元素，也是我們靜止時所擁有的核心元素——當我們本季推出模糊和虛擬背景時，您會看到創新。此外，我們也提供 JaaS 影片作為 CPaaS 服務。這是一個完整的會議功能，可用於其他產品的更高層級的 API。這是我們在 Jitsi 組織以及整個 8x8 用戶群中播放影片增強功能的另一種方式。此外，在聯絡中心全通路連接中尋找區域是視訊對我們整個平台很重要的第三個領域。

Our next question comes from Will Power with Baird.

我們的下一個問題來自貝爾德的意志力。

This is Charlie Erlikh on for Will. Dave, you mentioned the pipeline a few times and I was just hoping to ask, could you maybe compare the pipeline versus where it was a quarter ago and versus where it was a year ago? And in terms of sales KPIs, I'd love to hear also how your win rate has been stacking up in the enterprise specifically.

這是威爾的查理·埃利克。戴夫，你多次提到了管道，我只是想問，你能否將管道與一個季度前和一年前的情況進行比較？就銷售 KPI 而言，我也很想聽聽您在企業中的獲勝率如何增加。

Yes. Thanks. Thank you. So as we go, and this is one great thing about bringing Amrit on board on marketing is a real focus on enterprise pipeline generation. It's an area we've had strong momentum, especially when you look at channel -- with having record channel pipeline generation and record number of active channel partners. And the fact that if you look even further back over the last 3 years, active channel partners have gone up 10x in this area. So those are all areas where we've seen increasing momentum and ability to scale our organization. And Sam mentioned some GTM sales capacity that we're making investments in to capitalize on the pipeline momentum. So that's a key area.

是的。謝謝。謝謝。因此，隨著我們的發展，讓 Amrit 參與行銷的一大好處是真正專注於企業管道的產生。這是我們發展勢頭強勁的領域，特別是當你關注通路時，我們擁有創紀錄的通路通路產生和創紀錄的活躍通路合作夥伴數量。事實上，如果您回顧過去 3 年，該領域的活躍通路合作夥伴數量增加了 10 倍。因此，我們在這些領域都看到了擴大組織規模的動力和能力。 Sam 提到了我們正在投資的一些 GTM 銷售能力，以利用管道勢頭。所以這是一個關鍵領域。

As far as focusing that pipeline into our core strategy, UCaaS, CCaaS, is where we'll see improvement in win rates as well as investment in contact center rounds out the robustness and completeness of that product to allow us to close even more CC and UC deals.

就將該管道重點納入我們的核心策略而言，UCaaS、CCaaS 是我們將看到獲勝率提高的地方，以及對聯絡中心的投資完善了該產品的穩健性和完整性，使我們能夠關閉更多的CC 和UC 優惠。

All right. And then I'd also love to hear what you're seeing on the pricing front, maybe both in SMB and enterprise. Is there any change in pricing at all? Or has it been pretty stable overall?

好的。然後我也很想聽聽您在定價方面的看法，也許是在中小企業和企業中。定價有任何變化嗎？或者說整體上已經相當穩定了？

Pricing is something that -- I've been in the business for quite a while, and what you normally see is you have -- as you move upmarket into larger customers and addition of additional products, you gain some revenue per account advantages. Additionally, as you scale in there, you have -- and over time, you have some lower per user on the UCaaS side, but that gets made up pretty much completely by the expansion and the customer size and in the selling and cross-selling of additional products and capabilities.

定價是這樣的——我已經從事這個行業很長一段時間了，你通常看到的是——當你進入高端市場，進入更大的客戶並添加額外的產品時，你會獲得一些每個帳戶收入的優勢。此外，當你擴大規模時，隨著時間的推移，UCaaS 方面的每用戶數量會降低，但這幾乎完全由擴張、客戶規模以及銷售和交叉銷售來彌補。

Our next question comes from Jonathan Kees with Summit Insights Group.

我們的下一個問題來自 Summit Insights Group 的 Jonathan Kees。

Great. And I wanted to, I guess, commend you guys for laying out the financial framework. I know they're just aspirational goals, but it certainly helps in terms of inspiring more confidence in your fundamentals and your financial outlook and progress going forward.

偉大的。我想，我想讚揚你們所製定的財務框架。我知道它們只是雄心勃勃的目標，但它確實有助於激發人們對基本面、財務前景和未來進展的更多信心。

So my questions are actually on the carriers. That's great that you got China Mobile. Wanted to see if we could get an update on how Virgin Mobile -- excuse me, Virgin Media has been progressing in the U.K. And are you guys -- do you assume this is going to become a more recurring thing where you're going to get more carriers signing up? And if this is going to become a material part of your channel?

所以我的問題其實是關於運營商的。很高興您擁有中國移動。想了解我們是否可以獲得有關維珍移動 (Virgin Mobile) 的最新消息——對不起，維珍媒體 (Virgin Media) 在英國的進展情況，你們認為這會成為一種更加頻繁發生的事情嗎？更多運營商簽約？這是否會成為您頻道的重要組成部分？

Yes. And let's -- so China Mobile is helping us with our Global Reach expansion. Virgin Mobile (sic) [Virgin Media] is a reseller of our product in the U.K. region, and Bell Canada, a reseller of our product in the Canadian region. And those are areas we're investing in our team that works those accounts for the expansion in those accounts of penetration of the 8x8 service as they go to their seller network.

是的。中國移動正在幫助我們擴展全球業務。 Virgin Mobile（原文如此）[Virgin Media] 是我們產品在英國地區的經銷商，而 Bell Canada 是我們產品在加拿大地區的經銷商。這些是我們正在對我們的團隊進行投資的領域，該團隊負責處理這些帳戶，以便在這些帳戶進入其賣家網路時擴大 8x8 服務的滲透率。

Our routes to market include carriers, as those 2, in addition to our direct team and our agent and our reseller network. And those are probably the bigger share of go-to-market. And we see expansion across those as kind of key for shorter-term line of sight as well as faster ROI.

除了我們的直接團隊、代理商和經銷商網路之外，我們的市場途徑還包括營運商（如這 2 家）。這些可能是進入市場的更大份額。我們認為這些領域的擴張是短期視線以及更快投資報酬率的關鍵。

So if I may, just a follow-up. So do you -- because I don't know if -- I don't think you answered my question here. Do you see signing up more resellers and more carriers to become more common now with your channel program and your outreach?

如果可以的話，我只是跟進一下。你也是——因為我不知道——我認為你沒有在這裡回答我的問題。您是否認為簽約更多經銷商和更多業者現在在您的通路計畫和推廣中變得更加普遍？

We see expansion of all our indirect channel. Probably what you'll see sooner is what I'm saying is expansion within our agent network and our VAR network. An example of that is the Westcon deal that we announced, which is one of the largest distributors in the U.K. and Ireland that's selling our product in those markets. I would expect to see more of those in the short term, so stay tuned.

我們看到所有間接管道的擴張。也許您很快就會看到我所說的是我們的代理網絡和 VAR 網路的擴展。我們宣布的 Westcon 交易就是一個例子，該公司是英國和愛爾蘭最大的分銷商之一，在這些市場上銷售我們的產品。我預計短期內會看到更多這類內容，敬請期待。

Our next question comes from Siti Panigrahi with Mizuho.

我們的下一個問題來自 Mizuho 的 Siti Panigrahi。

Dave, you talked about this massive market opportunity. I guess I agree with you. And also your competitors are also aggressively investing, both on product and go-to-market. I'm wondering what's your view on the competitive landscape? And as you're looking at investment, as you talked about, where do you see 8x8 has a sweet spot?

戴夫，您談到了這個巨大的市場機會。我想我同意你的看法。而且您的競爭對手也在產品和上市方面積極投資。我想知道您對競爭格局有何看法？當您考慮投資時，正如您所談到的，您認為 8x8 的最佳點在哪裡？

Yes. The cloud communications market's massive. We talked about the $75 billion both UCaaS, CCaaS and CPaaS. We've been operating in UCaaS and CCaaS for 10-plus years with lots of experience curve, team knowledge, feature function capability. The intersection of UC/CC has traditionally been a very strong buyer motivation when you look at legacy solutions that got broken when we went to cloud. We provide that today. And there's a very few competitive set when you look at that intersection.

是的。雲端通訊市場龐大。我們談到了 750 億美元的 UCaaS、CCaaS 和 CPaaS。我們已經在 UCaaS 和 CCaaS 領域運作了 10 多年，擁有豐富的經驗曲線、團隊知識、功能能力。傳統上，當你看到在我們轉向雲端時就被破壞的遺留解決方案時，UC/CC 的交集傳統上是一個非常強烈的買家動機。我們今天提供了這一點。當你看到那個十字路口時，很少有競爭者。

And I think where we stand out is having been in that -- with more experience, more recognized when you look at Gartner and the 9x recognition on UC and 6x recognition on CC, as well as defining it as our core strategy creates more focus than you'll see anywhere in the market. And I think those are the elements that we'll leverage to win at that core sweet spot of the market, which is massive in and of itself, estimated $15 billion. And as we move more to product suite in the cloud, we'll gain share within the cloud.

我認為我們的突出之處在於，當您查看Gartner 時，我們擁有更多的經驗、更多的認可，對UC 的認可度為9 倍，對CC 的認可度為6 倍，並將其定義為我們的核心策略，從而創造了更多關注你會在市場的任何地方看到。我認為，我們將利用這些要素來贏得市場的核心優勢，該市場本身規模龐大，估計價值 150 億美元。隨著我們更多地轉向雲端中的產品套件，我們將獲得雲端中的份額。

I see. And if I hear correctly, you mentioned differentiated billing model for channel. Could you a little bit elaborate on that?

我懂了。如果我沒聽錯的話，您提到了頻道的差異化計費模型。能詳細說明一下嗎？

Yes. So we enable both an agency reseller model, where we provide billing to the customer and utilize percentages to the partner channel. Additionally, we offer a wholesale billing model for our VAR channel, which is a way traditional resellers have operated, especially in Europe. And that's where we see a lot of traction of that model. But those 2 alternative models aren't typically provided in the cloud communication space, that we provide both opportunities in an effort to be easy to do business with and support our partners in the way they want to go to business.

是的。因此，我們啟用代理經銷商模型，在該模型中，我們向客戶提供計費服務，並利用合作夥伴通路的百分比。此外，我們也為 VAR 通路提供批發計費模式，這是傳統經銷商的運作方式，尤其是在歐洲。這就是我們看到該模型具有很大吸引力的地方。但這兩種替代模型通常不會在雲端通訊領域提供，我們提供這兩種機會是為了輕鬆地與合作夥伴開展業務，並以他們想要的方式開展業務並支持我們的合作夥伴。

(Operator Instructions) Our next question comes from Peter Levine with Evercore.

（操作員說明）我們的下一個問題來自 Evercore 的 Peter Levine。

Perhaps, can you unpack the $1 billion target? Can you give us a time frame on that target? And I mean how do we get there, meaning, like how much of an emphasis is being baked in from expanding/leveraging the channel? And are you factoring in any inorganic contributions?

或許，您能解開 10 億美元的目標嗎？您能給我們一個實現該目標的時間表嗎？我的意思是，我們如何實現這一目標，即透過擴展/利用管道來強調多少重點？您是否考慮了任何無機貢獻？

All right. Let me -- I'll take part of that, Dave, and maybe -- so in terms of the $1 billion target, it's a number that we put out. And if you look at our growth rates and the fact that we're expecting to get about 20-plus percent growth rates here within a couple of years, you should expect that it's -- within 5 years is easily achievable. And no, we are not expecting inorganic pieces. We reserve the right at all times to be able to use shareholder money wisely to acquire inorganic pieces that we want to tuck into our technology portfolio, but it's not built into the plan. We think we have line of sight.

好的。讓我——我會參與其中，戴夫，也許——所以就 10 億美元的目標而言，這是我們提出的數字。如果你看看我們的成長率，以及我們預計在幾年內實現 20% 以上的成長率這一事實，你應該預料到，在 5 年內這是很容易實現的。不，我們期待的不是無機碎片。我們始終保留能夠明智地使用股東資金來收購我們想要納入我們技術組合的無機部分的權利，但這並未納入計劃。我們認為我們有視線。

And I just want to highlight, though, this is not guidance. I'm giving you a rough objective. But we absolutely think it's achievable, and I think we have line of sight for it. Thank you.

不過，我只是想強調，這不是指導。我給你一個粗略的目標。但我們絕對認為這是可以實現的，而且我認為我們有能力實現它。謝謝。

Our next question comes from Daniel Bartus with Bank of America.

我們的下一個問題來自美國銀行的丹尼爾·巴圖斯。

I wanted to also ask about Microsoft. Just at a high level, when you look forward, how much life is there to coexist on top of Teams? Do you think the market will shift more to UCaaS and CCaaS bundling on top of Teams? Or do you see a long runway for just better telephony and just the UCaaS piece on top of it?

我還想問一下微軟的狀況。就高水準而言，當你展望未來時，在 Teams 之上共存的生命力有多少？您認為市場會更多地轉向基於 Teams 的 UCaaS 和 CCaaS 捆綁嗎？或者您認為更好的電話技術還有很長的路要走，而 UCaaS 則位於其之上？

Yes. This is David. Capitalizing on the Microsoft Teams opportunity that's being used as a core team messaging end point, and I think over 150 million active users or something at this point for enabling real-time communications and voice specifically, I believe that is an opportunity definitely for the employee base -- the core employee base.

是的。這是大衛。利用被用作核心團隊訊息端點的 Microsoft Teams 機會，我認為目前有超過 1.5 億活躍用戶或其他專門用於實現即時通訊和語音的東西，我相信這對員工來說絕對是一個機會基地——核心員工基地。

We are certified now for contact center. So it is an additional opportunity for agents to utilize. I think you may see agents usually operate in a more specialized end point environment around things like Salesforce or even the 8x8 Contact Center app. But we will see likely some agents utilizing it as a secondary application for team messaging. So it's important that we enable all users in the organization to operate across one real-time communication platform that 8x8 enables.

我們現已獲得聯絡中心認證。因此，這是代理商利用的額外機會。我認為您可能會看到座席通常在更專業的端點環境中運行，例如 Salesforce 甚至 8x8 聯絡中心應用程式。但我們可能會看到一些代理將其用作團隊訊息傳遞的輔助應用程式。因此，讓組織中的所有使用者能夠在 8x8 支援的一個即時通訊平台上進行操作非常重要。

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

我們的下一個問題來自喬治·薩頓和克雷格·哈勒姆。

This is Adam on for George. Sam and Dave, you called out within -- with respect to the increased R&D spend, the intersection of UC and CC. I was hoping you could provide additional detail on what exactly you're focused on, specifically on the near-term objectives and if there's any long-term projects you feel like are going to generate great ROI but just will take some time to get there.

這是亞當替喬治上場。 Sam 和 Dave，你們在內部呼籲——關於增加研發支出、UC 和 CC 的交叉點。我希望您能提供更多詳細信息，說明您到底關注什麼，特別是近期目標，以及您是否認為有任何長期項目會產生巨大的投資回報率，但需要一些時間才能實現。

Yes. I think we -- I highlighted a number of areas because this is a great question, we get asked it all the time. But it goes from the most fundamental of having a high-availability platform and we were able to announce the four nines financially backed SLA across our entire platform. So as you go with the UC/CC sell, that is so much more powerful when you can do that than if you're partnered or you're going with 2 separate vendors in that situation. So that's one key area. There's the cross-employee collaboration, especially between things like contact center agents and back-office employees and front-office employees that having all that on one platform enables.

是的。我認為我們——我強調了一些領域，因為這是一個很好的問題，我們一直被問到。但這是從擁有高可用性平台這一最基本的要求開始的，我們能夠在整個平台上宣布四個九的財務支援 SLA。因此，當您進行 UC/CC 銷售時，如果您能做到這一點，那麼比您合作或在這種情況下與 2 個獨立的供應商合作要強大得多。這是一個關鍵領域。存在跨員工協作，尤其是聯絡中心代理、後台員工和前台員工等之間的協作，所有這些都可以在一個平台上實現。

And then things like an integration platform that allows an IT organization to implement more cost effectively and maintain into their core workflows across the organization. And we're seeing that across a number of our customers as they go and deploy our X integrated UCaaS and CCaaS solution.

然後是整合平台之類的東西，它允許 IT 組織更經濟有效地實施並維護整個組織的核心工作流程。我們在許多客戶部署我們的 X 整合 UCaaS 和 CCaaS 解決方案時看到了這一點。

Our next question comes from Michael Turrin with Well Fargo Securities.

我們的下一個問題來自富國證券的麥可‧特林。

Sam, you just reached break-even targets. I think we can all understand the calling out -- the areas you're calling out for investment, whether it's CCaaS or some of the go-to-market improvements you're focusing on going forward. But I guess, why show any degree of gross margin expansion at all given you kind of hit that initial target in FY '22 versus just the opportunity to drive just a little bit more incremental investment into those areas?

薩姆，您剛剛達到了收支平衡目標。我認為我們都能理解這種呼籲——您呼籲投資的領域，無論是 CCaaS 還是您未來重點關注的一些上市改進。但我想，既然你在 22 財年達到了最初的目標，為什麼要表現出任何程度的毛利率擴張，而不是僅僅有機會在這些領域推動更多一點增量投資呢？

Well, it's a -- I mean it's a great question. To be fair, we are transitioning from really focused on profitability now to potentially slowing down that profitability increase and really reinvesting dollars. To me, it's just a function of efficiency. As long as we can be incredibly efficient with our investments, we'll always make those first and as long as we remain profitable.

嗯，這是一個——我的意思是這是一個很好的問題。公平地說，我們正在從現在真正關注盈利能力轉向可能放緩盈利能力增長並真正進行美元再投資。對我來說，這只是效率的函數。只要我們能夠以令人難以置信的效率進行投資，我們就永遠會先實現這些目標，並且只要我們保持盈利。

Gross margins are really just an effect of that we are focused on that. We're focused on improving our margins across the board. One piece of that is our cost to serve. It's a fairly large number, and so it's an easy number to attack. So I could pull money out of gross margins, roll that money back into R&D and sales and marketing that becomes much more towards new revenue generation. Both of those things are either product differentiation, which drives new revenue, or increased sales capacity and demand gen capacity to drive new logo additions and cross-sell. So really, it's -- for me, it's a source of additional dollar funding to drive profitable growth.

毛利率其實只是我們關注的結果。我們專注於全面提高利潤率。其中之一就是我們的服務成本。這是一個相當大的數字，因此很容易受到攻擊。因此，我可以從毛利率中提取資金，將資金重新投入研發、銷售和行銷中，從而更多地創造新的收入。這兩件事要么是產品差異化，從而推動新的收入，要么是增加銷售能力和需求生成能力，以推動新徽標的添加和交叉銷售。所以實際上，對我來說，這是推動獲利成長的額外美元資金來源。

This concludes our question-and-answer session. That also concludes our conference for today. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節到此結束。我們今天的會議也到此結束。感謝您參加今天的演講。您現在可以斷開連線。