Five9 Inc (FIVN) 2022 Q4 法說會逐字稿

Thank you for joining us today. On the call are Mike Burkland, Chairman and CEO; Dan Burkland, President; and Barry Zwarenstein, CFO. Certain statements made during the course of this conference call that are not historical facts, including those regarding the future financial performance of the company, customer growth, industry size and trends, our expectations regarding macroeconomic conditions, company market position, initiatives and expectations, technology and product initiatives and other future events are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

感謝您今天加入我們。主席兼首席執行官 Mike Burkland 正在接聽電話；丹·伯克蘭，總裁；首席財務官 Barry Zwarenstein。在本次電話會議期間作出的某些非歷史事實的陳述，包括有關公司未來財務業績、客戶增長、行業規模和趨勢、我們對宏觀經濟狀況的預期、公司市場地位、舉措和預期、技術產品計劃和其他未來事件是 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

Such statements are simply predictions, should not be unduly relied upon by investors, actual events or results may differ materially, and the company undertakes no obligation to update information in such statements. These statements are subject to substantial risks and uncertainties that could adversely affect Five9's future results and cause these forward-looking statements to be inaccurate, including the impact of adverse economic conditions, including macroeconomic deterioration, including increased inflation, increased interest rates, supply chain disruptions, decreased economic output and fluctuations in currency exchange rates.

此類陳述僅為預測，投資者不應過分依賴，實際事件或結果可能存在重大差異，公司不承擔更新此類陳述中信息的義務。這些陳述存在重大風險和不確定性，可能對 Five9 的未來業績產生不利影響，並導致這些前瞻性陳述不准確，包括不利經濟條件的影響，包括宏觀經濟惡化，包括通貨膨脹加劇、利率上升、供應鏈中斷，經濟產出下降和貨幣匯率波動。

Lower growth rates within our installed base of customers, the impact of the Russia-Ukraine conflict, the impact of the COVID-19 pandemic and the other risks discussed under the caption Risk Factors and elsewhere in Five9's annual and quarterly reports filed with the Securities and Exchange Commission. In addition, management will make reference to non-GAAP financial measures during this call. A discussion of why we use non-GAAP financial measures and information regarding reconciliation of our GAAP versus non-GAAP results is currently available in our press release issued earlier this afternoon as well as in the appendix of our investor deck and currently available in the Investor Relations section on Five9's website at investors.five9.com. And now I'd like to turn the call over to Five9's Chairman and CEO, Mike Burkland.

我們已安裝客戶群的較低增長率、俄羅斯-烏克蘭衝突的影響、COVID-19 大流行的影響以及 Five9 向證券交易委員會提交的年度和季度報告中風險因素標題和其他地方討論的其他風險交易委員會。此外，管理層將在本次電話會議期間參考非 GAAP 財務指標。關於我們為何使用非 GAAP 財務措施的討論以及有關我們的 GAAP 與非 GAAP 結果的對賬信息，目前可在我們今天下午早些時候發布的新聞稿以及我們的投資者甲板附錄中獲得，目前可在投資者Five9 網站 investors.five9.com 上的關係部分。現在我想把電話轉給 Five9 的董事長兼首席執行官 Mike Burkland。

Thanks, Emily, and thanks, everyone, for joining our call this afternoon. I'm pleased to share that we closed out the year with strong results for the fourth quarter and 2022. Fourth quarter revenue grew to $208 million, up 20% year-over-year. For the full year 2022, revenue grew to $779 million, an increase of 28% year-over-year.

謝謝艾米麗，也謝謝大家今天下午加入我們的電話會議。我很高興地與大家分享，我們以第四季度和 2022 年的強勁業績結束了這一年。第四季度收入增長至 2.08 億美元，同比增長 20%。 2022 年全年收入增長至 7.79 億美元，同比增長 28%。

Our Enterprise business, which accounts for 86% of total revenue, continues to drive this increase with LTM subscription revenue growing at 32% year-over-year. Fourth quarter adjusted EBITDA came in at 22% of revenue, helping drive another record quarter for free cash flow of $25 million or 12% of revenue. These results clearly demonstrate that not only do we continue to be a leader in delivering on this massive underpenetrated opportunity but we also believe our business model supports a very attractive combination of strong growth and profitability.

我們的企業業務佔總收入的 86%，繼續推動這一增長，LTM 訂閱收入同比增長 32%。第四季度調整後的 EBITDA 佔收入的 22%，幫助推動自由現金流再創紀錄，達到 2500 萬美元，佔收入的 12%。這些結果清楚地表明，我們不僅繼續在提供這一巨大的未充分利用的機會方面處於領先地位，而且我們還相信我們的商業模式支持強勁增長和盈利能力的非常有吸引力的組合。

Let me illustrate what I mean when I say massive and underpenetrated. Based upon trusted industry sources, there are over 16 million contact center agencies worldwide with approximately 20% or 3 million of those agencies having already migrated to the cloud. This leaves an opportunity of about 13 million seats.

讓我來說明我所說的大規模和未被滲透的意思。根據可信的行業來源，全球有超過 1600 萬個聯絡中心機構，其中大約 20% 或 300 萬個機構已經遷移到雲端。這留下了大約 1300 萬個席位的機會。

To put this into context, as one of the leaders in the industry, we had approximately 440,000 named seats at the end of 2022. In spite of the current macroeconomic backdrop, we remain very optimistic about our long-term opportunity in this market, especially at the upper end, which is the largest and least penetrated part of the market and the fastest-growing category of our business.

綜上所述，作為行業領導者之一，我們在 2022 年底擁有約 440,000 個指定席位。儘管當前的宏觀經濟背景，我們仍然對我們在這個市場的長期機會非常樂觀，尤其是在高端，這是市場中最大和滲透率最低的部分，也是我們業務增長最快的類別。

Our confidence in this opportunity is based on 3 key trends. First, the viability and desirability of cloud solutions are no longer questioned. Legacy vendors are retrenching, forcing enterprises to develop concrete plans with an even greater sense of urgency to replace their on-premise contact center solutions.

我們對這個機會的信心基於 3 個主要趨勢。首先，雲解決方案的可行性和可取性不再受到質疑。傳統供應商正在裁員，迫使企業以更大的緊迫感制定具體計劃，以取代他們的內部聯絡中心解決方案。

Second, companies are enthusiastically pursuing digital transformation initiatives to enhance customer experience. According to multiple industry analysts, CX technology budgets will increase in the next 12 months. Enterprises know that the sooner they move to the cloud, the sooner they can take advantage of the benefits that come from game-changing technologies to differentiate their customer experience.

其次，企業積極推行數字化轉型計劃以提升客戶體驗。據多位行業分析師稱，CX 技術預算將在未來 12 個月內增加。企業知道，他們越早遷移到雲，他們就能越早利用改變遊戲規則的技術帶來的優勢來差異化他們的客戶體驗。

And third, AI and automation have become front and center in the CX market, providing an attractive intangible ROI, thus becoming a significant catalyst for enterprises to shift to the cloud. This labor arbitrage opportunity is especially important in tough economic climates and tight labor markets.

第三，人工智能和自動化已經成為客戶體驗市場的前沿和中心，提供了極具吸引力的無形投資回報率，從而成為企業轉向雲端的重要催化劑。這種勞動力套利機會在嚴峻的經濟環境和緊張的勞動力市場中尤為重要。

Now I'd like to discuss what we view as the 3 main growth drivers for our business, namely our platform, our march up market and our continuing international expansion. Let's begin with platform. As we talked about last quarter, we continue to make investments to enhance our platform with the objective of delivering ongoing reliability, deployment at scale and continuous innovation.

現在我想討論一下我們認為我們業務的 3 個主要增長動力，即我們的平台、我們的進軍市場和我們持續的國際擴張。讓我們從平台開始。正如我們在上個季度談到的那樣，我們繼續進行投資以增強我們的平台，以實現持續的可靠性、大規模部署和持續創新的目標。

Our recent enhancements fall into 2 categories, each of which we believe plays a central role in the future of the contact center and customer experience markets. The first category is analytics. Our recently launched Five9 Analytics product marks a turning point for reporting analytics in the contact center industry. To truly optimize CX performance, contact center managers need the ability to define unique business metrics for success. Five9 Analytics allows customers to perform deep data discovery, explore trends in their contact center, create their own dashboards and fulfill their custom reporting requirements in a self-service manner like never before.

我們最近的改進分為兩類，我們認為每一類都將在聯絡中心和客戶體驗市場的未來發揮核心作用。第一類是分析。我們最近推出的 Five9 Analytics 產品標誌著聯絡中心行業報告分析的轉折點。要真正優化 CX 性能，聯絡中心經理需要能夠定義獨特的業務指標以取得成功。 Five9 Analytics 允許客戶以前所未有的自助服務方式執行深度數據發現、探索聯絡中心趨勢、創建自己的儀表板並滿足自定義報告要求。

Today, it is crucial for contact centers to unify and analyze customer interactions across self-service and live channels to transform data into a winning customer experience strategy. Five9 analytics integrates state-of-the-art business intelligence with operational data to create a contact center intelligence platform. Users can gain performance insights across all channels to identify where workflows can be added or improved.

如今，對於聯絡中心來說，統一和分析跨自助服務和實時渠道的客戶交互以將數據轉化為成功的客戶體驗策略至關重要。 Five9 Analytics 將最先進的商業智能與運營數據相結合，創建了一個聯絡中心智能平台。用戶可以獲得所有渠道的性能洞察力，以確定可以添加或改進工作流程的位置。

To help customers gain an instant value from this offering, we provide a built-in library of over 250 metrics, modern visualizations and a robust data analysis engine.

為了幫助客戶從該產品中獲得即時價值，我們提供了一個包含 250 多個指標的內置庫、現代可視化和強大的數據分析引擎。

The second category is generative AI, such as ChatGPT. As you know, we have been leading the market with our AI and automation solutions, and we are now further strengthening our portfolio with the inclusion of GPT-3. We are pleased to announce 2 new product offerings that leverage GPT-3 from OpenAI.

第二類是生成式 AI，比如 ChatGPT。如您所知，我們一直以我們的人工智能和自動化解決方案引領市場，現在我們通過納入 GPT-3 進一步加強我們的產品組合。我們很高興地宣布推出 2 款利用 OpenAI GPT-3 的新產品。

The first offering is AI Insights, which uses real-time transcription to automatically interpret interactions and cluster them into categories, which then allows customers to identify opportunities for automation and process improvement without the need for professional services or tuning. Five9 AI Insights is the latest example of what we call practical AI.

第一個產品是 AI Insights，它使用實時轉錄來自動解釋交互並將它們分組到類別中，然後允許客戶識別自動化和流程改進的機會，而無需專業服務或調整。 Five9 AI Insights 是我們所說的實用 AI 的最新示例。

The second offering is AI Summaries, which is offered as part of our agent-assist product line. AI Summaries allows customers to auto-summarize call transcripts in seconds and publish them in real time into their CRM. Again, this new offering requires little-to-no professional services or tuning, meaning the time to value is much quicker.

第二個產品是 AI Summaries，它是我們的代理輔助產品線的一部分。 AI Summaries 允許客戶在幾秒鐘內自動匯總通話記錄，並將其實時發佈到他們的 CRM 中。同樣，這個新產品幾乎不需要專業服務或調整，這意味著實現價值的時間要快得多。

These offerings come to market as we see AI continuing to gain momentum, especially in the enterprise. For example, in the fourth quarter, 41% of RFPs that came into our strategic and enterprise sales organization, cited AI as the main or auxiliary reason for issuing an RFP. Our industry-leading AI and automation portfolio of products now has 8 distinct modules, including speech analytics, workflow automation, voice IVA, digital IVA, AgentAssist and now Five9 Analytics, AI Insights and AI Summaries.

隨著我們看到 AI 繼續獲得發展勢頭，尤其是在企業中，這些產品進入市場。例如，在第四季度，進入我們戰略和企業銷售組織的 RFP 中有 41% 將 AI 列為發布 RFP 的主要或輔助原因。我們行業領先的 AI 和自動化產品組合現在有 8 個不同的模塊，包括語音分析、工作流自動化、語音 IVA、數字 IVA、AgentAssist 以及現在的 Five9 Analytics、AI Insights 和 AI Summaries。

We believe that AI and automation are at the core of the modern contact center and the generative AI based on large language models is game changing. Overall, our portfolio of omnichannel solutions plus our AI and automation offerings, including these recent additions that I just spoke of, creates a platform to deliver what we refer to as Fluid CX.

我們相信人工智能和自動化是現代聯絡中心的核心，而基於大型語言模型的生成人工智能正在改變遊戲規則。總的來說，我們的全渠道解決方案組合加上我們的人工智能和自動化產品，包括我剛才談到的這些最近添加的產品，創建了一個平台來提供我們所說的 Fluid CX。

Fluid CX enables consumers to move through the most efficient and personalized path across channels and between virtual and live agents, keeping context and creating a frictionless customer journey. Enabling this is critical as the modern consumer continues to demand an integrated and seamless customer experience from the brands that serve them.

Fluid CX 使消費者能夠跨渠道以及在虛擬和現場代理之間通過最有效和個性化的路徑移動，保持上下文並創建無摩擦的客戶旅程。實現這一點至關重要，因為現代消費者繼續要求為他們服務的品牌提供集成和無縫的客戶體驗。

Now turning to the next growth driver, our march up market. We continue to see strong momentum up market and exited 2022 with 161 customers that are each generating over $1 million in ARR, up from 134 customers a year ago. This cohort now makes up slightly more than 50% of our recurring revenue.

現在轉向下一個增長動力，我們的進軍市場。我們繼續看到強勁的市場增長勢頭，並在 2022 年結束時有 161 位客戶產生了超過 100 萬美元的 ARR，高於一年前的 134 位客戶。這個群體現在占我們經常性收入的 50% 多一點。

Another key factor driving our success up market is the growth of our channels and partner ecosystem. The channel (inaudible) the legacy vendors has pivoted to the cloud. And as a result of our focus and investments, we are executing and gaining leverage with an expanding list of partners.

推動我們在高端市場取得成功的另一個關鍵因素是我們渠道和合作夥伴生態系統的發展。傳統供應商已經轉向雲的渠道（聽不清）。由於我們的關注和投資，我們正在執行並獲得越來越多的合作夥伴的影響力。

We have a balanced route-to-market strategy with direct sales being complemented by VARs, distributors, technology solution brokers, global service providers and importantly, systems integrators. These channel partners love how easy Five9 is to work with, that our partners appreciate how their enterprise customers can easily make the migration to Five9 with tools we have developed to replicate and easily transfer their configuration data, routing logic and reporting information from their legacy solutions to Five9.

我們有一個平衡的進入市場戰略，直接銷售由 VAR、分銷商、技術解決方案經紀人、全球服務提供商以及重要的系統集成商補充。這些渠道合作夥伴喜歡 Five9 的易用性，我們的合作夥伴讚賞他們的企業客戶如何使用我們開發的工具輕鬆遷移到 Five9，以復制和輕鬆地從他們的舊解決方案傳輸他們的配置數據、路由邏輯和報告信息到 Five9。

Before turning to international, I want to mention a factor that I believe is key to our overall success, not just up market, but across all customer categories. And that is the trust we have built up over the years. Due to significant and sustained investments in professional services and customer support, we have consistently delivered exceptional experiences through strategic implementations that help customers accelerate time to value and ongoing worldwide support designed to optimize and improve efficiencies.

在談到國際之前，我想提一個我認為是我們整體成功的關鍵因素，不僅僅是高端市場，而是所有客戶類別。這就是我們多年來建立起來的信任。由於對專業服務和客戶支持的重大和持續投資，我們通過幫助客戶加快實現價值的戰略實施和旨在優化和提高效率的持續全球支持，始終如一地提供卓越的體驗。

As a result, we continue to set the benchmark for the industry with NPS scores in the 80s and 90s.

因此，我們繼續以 80 年代和 90 年代的 NPS 分數為行業樹立標杆。

Lastly, I'll briefly discuss our international expansion. We have been making significant investments internationally, and we continue to enter new markets, including Germany, Spain and several other countries. These investments are paying off as our 2022 international revenue grew 44%.

最後，我將簡要討論一下我們的國際擴張。我們一直在國際上進行大量投資，並繼續進入新市場，包括德國、西班牙和其他幾個國家。隨著我們 2022 年的國際收入增長 44%，這些投資正在取得回報。

Additionally, our partner certifications for sales and implementation services are gaining significant momentum globally but especially international regions where the number of total certified partners more than tripled in 2022.

此外，我們的銷售和實施服務合作夥伴認證在全球範圍內取得了巨大的發展勢頭，尤其是國際地區，到 2022 年，這些地區的認證合作夥伴總數增加了兩倍多。

As a result of our broadening global reach, driven by both direct and channel expansions, our international bookings grew 87% year-over-year in Q4.

由於我們在直接和渠道擴張的推動下擴大了全球影響力，我們的國際預訂量在第四季度同比增長了 87%。

In closing, let me reiterate my enthusiasm and excitement about the opportunity I have for Five9. I believe we are extremely well positioned with our industry-leading platform combined with the best team of people that will enable us to continue executing against this massive, underpenetrated opportunity. With that, I will turn it over to our President and Chief Revenue Officer, Dan Burkland. Dan, go ahead.

最後，讓我重申我對 Five9 的機會的熱情和興奮。我相信，憑藉我們行業領先的平台和最優秀的團隊，我們處於非常有利的位置，這將使我們能夠繼續應對這個巨大的、未被充分利用的機會。有了這個，我將把它交給我們的總裁兼首席營收官 Dan Burkland。丹，繼續。

Thank you, Mike. I'm pleased to report another strong bookings quarter in Q4, driven by our continued momentum in $1 million-plus ARR new logo deals and unprecedented leverage from our channels who are now participating in not away sales but also implementation and ongoing services, particularly in the international markets, as Mike mentioned.

謝謝你，邁克。我很高興地報告第四季度另一個強勁的預訂季度，這得益於我們超過 100 萬美元的 ARR 新徽標交易的持續勢頭以及我們渠道前所未有的槓桿作用，這些渠道現在不僅參與銷售，還參與實施和持續服務，特別是在邁克提到的國際市場。

Customers are clearly seeing the benefits of transitioning from on-premise to the cloud, and we believe they are more motivated than ever, given what we are seeing from legacy providers. As a result, this is driving more opportunities, growing our pipeline to another all-time high.

客戶清楚地看到了從本地過渡到雲的好處，我們相信他們比以往任何時候都更有動力，因為我們從傳統供應商那裡看到了什麼。因此，這帶來了更多的機會，將我們的管道增加到另一個歷史新高。

While we are continuing to see macro headwinds in our installed base and in new logos in the mid-market, that softness is being offset by overachievement, upmarket in our strategic accounts and strong growth in our international bookings.

雖然我們繼續在我們的已安裝基礎和中端市場的新徽標中看到宏觀逆風，但這種疲軟正在被我們的超常成就、我們戰略客戶的高端市場和我們國際預訂的強勁增長所抵消。

And now as I normally do, I would like to share some examples of key wins for the quarter. The first example is a global business process outsourcing, BPO, based in Spain and Latin America, serving retail, telecommunications and financial customers. Five9 was chosen to replace many of their Avaya solutions where they do not have the flexibility and full suite of applications that Five9 can provide, including omnichannel, IVA and automation solutions their clients are demanding.

現在，像往常一樣，我想分享本季度關鍵勝利的一些例子。第一個例子是全球業務流程外包，BPO，總部位於西班牙和拉丁美洲，服務於零售、電信和金融客戶。 Five9 被選中來替換他們的許多 Avaya 解決方案，因為他們不具備 Five9 可以提供的靈活性和全套應用程序，包括客戶要求的全渠道、IVA 和自動化解決方案。

We anticipate this initial order to result in over $4.3 million in ARR to Five9. The second example is a Fortune 500 clinical laboratory providing health care diagnostic testing and services throughout the U.S. They take inquiries into their contact centers from patients and health care providers to schedule tests, check results and collect payments from patients and health insurers.

我們預計該初始訂單將為 Five9 帶來超過 430 萬美元的 ARR。第二個例子是一家財富 500 強臨床實驗室，它在美國各地提供醫療保健診斷測試和服務。他們接受患者和醫療保健提供者對其聯絡中心的查詢，以安排測試、檢查結果並向患者和健康保險公司收取費用。

They were operating primarily on Avaya and cannot add the innovation, automation nor analytics they require. After evaluating several CCaaS providers, they chose Five9 for our complete and fluid omnichannel solution with analytics, insights and deep integration to ServiceNow.

他們主要在 Avaya 上運營，無法添加他們所需的創新、自動化或分析。在評估了幾家 CCaaS 提供商之後，他們選擇了 Five9 作為我們完整而流暢的全渠道解決方案，具有分析、洞察力和與 ServiceNow 的深度集成。

They will also use our digital IVA, voice IVA and e-mail as additional channels to offer self-service for scheduling appointments, finding locations and requesting test results.

他們還將使用我們的數字 IVA、語音 IVA 和電子郵件作為附加渠道，以提供自助服務來安排約會、查找位置和請求測試結果。

We anticipate this initial order to result in over $3.8 million in ARR to Five9.

我們預計該初始訂單將為 Five9 帶來超過 380 萬美元的 ARR。

The third example is a global company focused on partnering with physician-owned radiology facilities to build and equip them with state-of-the-art high-quality imaging systems and related technologies. They were using both Cisco and Avaya as a result of prior acquisitions and lack the reporting, integrations and omnichannel solutions to effectively serve their customers. Five9 was chosen due to our end-to-end technology suite, our innovation and AI road map and our quality high-touch implementation and ongoing managed services.

第三個例子是一家全球公司，專注於與醫生擁有的放射設施合作，為他們建造和配備最先進的高質量成像系統和相關技術。由於之前的收購，他們同時使用 Cisco 和 Avaya，並且缺乏報告、集成和全渠道解決方案來有效地服務於他們的客戶。選擇 Five9 是因為我們的端到端技術套件、我們的創新和 AI 路線圖以及我們高質量的高接觸實施和持續的託管服務。

We also partnered very closely with Salesforce, while our key competitor aligned with a different CRM they were considering.

我們還與 Salesforce 密切合作，而我們的主要競爭對手則與他們正在考慮的不同 CRM 保持一致。

With QM Interaction Analytics and WFM, they can evaluate agent efficiency and recognize areas for improvement. They are using our advanced IVA to allow self-service for appointment scheduling, appointment confirmation, outbound reminders of appointments and to process payments. We anticipate this initial order to result in over $2.3 million in ARR to Five9.

借助 QM Interaction Analytics 和 WFM，他們可以評估座席效率並識別需要改進的地方。他們使用我們先進的 IVA 來實現預約安排、預約確認、出站預約提醒和處理付款的自助服務。我們預計該初始訂單將為 Five9 帶來超過 230 萬美元的 ARR。

And now as I normally do, I'll share an example of an existing customer who expanded their use of Five9. This is a leading financial services company for consumers, and they've been a customer of Five9 for over 2 years and are currently utilizing a full suite of solutions on our platform and have been piloting our IVAs. Due to the success they experienced with our initial IVA use cases, they are now expanding to include a broader, more advanced set of use cases.

現在，像往常一樣，我將分享一個擴展 Five9 使用的現有客戶的示例。這是一家領先的消費者金融服務公司，他們成為 Five9 的客戶超過 2 年，目前正在我們平台上使用全套解決方案，並一直在試行我們的 IVA。由於他們在我們最初的 IVA 用例中取得了成功，他們現在正在擴展以包括更廣泛、更高級的用例集。

This additional IVA order is expected to add an incremental $1.8 million in ARR bringing their total annual spend with Five9 to over $6.7 million.

這一額外的 IVA 訂單預計將增加 180 萬美元的 ARR，使他們在 Five9 的年度總支出超過 670 萬美元。

As we've demonstrated, Five9, along with our partners, continue to bring comprehensive end-to-end CCaaS solutions to our customers with the analytics and insights to improve their contact center operations, while giving them the flexibility to deliver exceptional customer experiences to their end users. And now I'll hand it over to Barry to cover the financials. Barry?

正如我們所展示的那樣，Five9 與我們的合作夥伴一起，繼續為我們的客戶提供全面的端到端 CCaaS 解決方案，通過分析和洞察改善他們的聯絡中心運營，同時讓他們能夠靈活地提供卓越的客戶體驗他們的最終用戶。現在我將把它交給巴里來處理財務問題。巴里？

Thank you, Dan. Before going into specifics, a reminder that unless otherwise indicated, financial figures I will discuss are non-GAAP. Reconciliations from GAAP to non-GAAP results are included in the appendix of our investor presentation on our website.

謝謝你，丹。在進入細節之前，提醒一下，除非另有說明，否則我將討論的財務數據是非 GAAP 數據。從 GAAP 到非 GAAP 結果的對賬包含在我們網站上投資者介紹的附錄中。

As Mike mentioned, we had a strong quarter despite ongoing macro headwinds with a fourth quarter revenue growing 20% year-over-year and LTM enterprise subscription revenue growing 32% year-over-year. In terms of revenue composition for the fourth quarter, Enterprise made up 86% of LTM revenue, and our Commercial business represented the remaining 14%. The Commercial business grew in the teens on an LTM basis, and we expect this to continue.

正如邁克所提到的，儘管宏觀逆風持續存在，但我們的季度表現強勁，第四季度收入同比增長 20%，LTM 企業訂閱收入同比增長 32%。就第四季度的收入構成而言，企業業務佔 LTM 收入的 86%，我們的商業業務佔剩餘的 14%。商業業務在 LTM 的基礎上增長了十幾歲，我們預計這種情況會持續下去。

Also, recurring revenue accounted for 92% of our total revenue in the fourth quarter, and the other 8% was comprised of professional services.

此外，第四季度經常性收入占我們總收入的 92%，另外 8% 由專業服務組成。

I will now give more color on revenue. In doing so, I will again provide more details that we customarily do. Please, though, bear in mind that we do not intend to routinely continue making these more detailed disclosures.

我現在將在收入上給出更多的顏色。在此過程中，我將再次提供我們慣常提供的更多詳細信息。但請記住，我們不打算例行公事地繼續進行這些更詳細的披露。

Let's start with the installed base, where changes in demand showed promptly in revenue. Q4 is typically our strongest seasonal quarter with non-pandemic sequential growth rates ranging between 8% and 12% historically. This year, we reported sequential growth of 5% in the fourth quarter. This solid growth is primarily due to our installed base continuing to face headwinds, particularly in health care and consumer, which are typically our 2 strongest seasonal verticals in the fourth quarter.

讓我們從安裝基礎開始，需求的變化會迅速反映在收入中。第 4 季度通常是我們最強勁的季節性季度，非大流行病的連續增長率在歷史上介於 8% 和 12% 之間。今年，我們報告第四季度環比增長 5%。這種穩健的增長主要是由於我們的安裝基礎繼續面臨逆風，特別是在醫療保健和消費領域，這通常是我們在第四季度最強勁的兩個季節性垂直行業。

For instance, in the fourth quarter of 2021, these 2 industry verticals in aggregate, increased 24% sequentially, while in the fourth quarter of 2022, they grew at slightly less than half this rate. If in the fourth quarter of 2022, these 2 verticals had matched last year's growth rate, the sequential growth in total revenue would have been within the historical range of 8% to 12%.

例如，在 2021 年第四季度，這兩個垂直行業合計環比增長 24%，而在 2022 年第四季度，它們的增長率略低於這一增長率的一半。如果在 2022 年第四季度，這兩個垂直行業的增長率與去年的增長率相匹配，則總收入的環比增長將在 8% 至 12% 的歷史範圍內。

Turning now to our other sources of revenue growth, namely from new logos. New logo seat turnups in the fourth quarter continue to be strong and slightly exceeded our expectations. With respect to the deployment profile on the 2 new logo megadeals that we've discussed in recent calls, we continue to expect that the international operations of the parcel delivery company will be substantially deployed by the end of 2023 and the health care (inaudible) to continue ramping throughout 2023, with full deployment in early 2024.

現在轉向我們的其他收入增長來源，即來自新徽標。第四季度新標識的上座率繼續保持強勁，略微超出了我們的預期。關於我們在最近的電話會議中討論的 2 項新標誌大型交易的部署概況，我們繼續預計包裹遞送公司的國際業務將在 2023 年底和醫療保健（聽不清）在整個 2023 年繼續增加，並在 2024 年初全面部署。

To summarize, on the new logo side of the business, we have good visibility into 2023 revenue due to our continuing success in growing our market and international expansion as well as from a substantial backlog of book seats that are not yet generating revenue.

總而言之，在業務的新標識方面，由於我們在擴大市場和國際擴張方面的持續成功以及尚未產生收入的大量積壓圖書席位，我們對 2023 年的收入有很好的了解。

Our LTM dollar-based retention rate was 115%, a decline of 3 percentage points sequentially, mainly due to macroeconomic headwinds causing our customers to add fewer seats than normal. The longer term, we continue to expect our retention rate to trend towards the high 120s by 2027 due to a higher mix of enterprise customers, especially larger ones, which have demonstratedly higher retention rates and higher ARPU from our automation and other offerings.

我們基於 LTM 美元的保留率為 115%，環比下降 3 個百分點，這主要是由於宏觀經濟逆風導致我們的客戶增加的席位少於正常水平。從長遠來看，我們繼續預計到 2027 年我們的保留率將趨向於 120s 的高位，這是由於企業客戶的更多組合，尤其是較大的客戶，這些客戶從我們的自動化和其他產品中獲得了更高的保留率和更高的 ARPU。

Fourth quarter adjusted gross margins were 62.3%, a decrease of approximately 50 basis points year-over-year but a quarter-over-quarter improvement of approximately 90 basis points. As we have been communicating, the sequential improvement is driven by the moderation of our previously accelerated investments in professional services and public cloud.

第四季度調整後毛利率為 62.3%，同比下降約 50 個基點，但環比提高約 90 個基點。正如我們一直在溝通的那樣，連續的改進是由我們之前對專業服務和公共雲的加速投資放緩推動的。

Fourth quarter adjusted EBITDA was $46.2 million, representing a 22.2% margin, an increase of approximately 90 basis points year-over-year. Fourth quarter non-GAAP EPS was $0.54 per diluted share, a year-over-year increase of $0.12 per diluted share.

第四季度調整後的 EBITDA 為 4620 萬美元，利潤率為 22.2%，同比增長約 90 個基點。第四季度非公認會計原則每股收益為攤薄後每股收益 0.54 美元，攤薄後每股收益同比增長 0.12 美元。

Before turning to our full year performance, I would like to report that our average concurrent seat count for the fourth quarter grew to 293,450 seats, up 19% year-over-year. Note that we estimate our concurrent seats to be equivalent to approximately 440,000 seats on a named-seat basis, a unit of measure by some others (inaudible). As a reminder, we provide this seat count metric only on an annual basis.

在談到我們的全年業績之前，我想報告一下，我們第四季度的平均並發座位數增長到 293,450 個座位，同比增長 19%。請注意，我們估計我們的並發席位相當於大約 440,000 個席位，這是其他一些人的計量單位（聽不清）。提醒一下，我們僅每年提供一次席位計數指標。

And now for a closer look at key full year 2022 income statement metrics. 2022 revenue was $779 million, up 28% year-on-year. 2022 gross margin was 61.3%, a decrease of approximately 220 basis points year-over-year but above the 61% outlook we had provided driven by the sequential improvements in the last few quarters, due to the moderation of our accelerated investments in professional services and public cloud.

現在仔細看看 2022 年全年的關鍵損益表指標。 2022年收入為7.79億美元，同比增長28%。 2022 年毛利率為 61.3%，同比下降約 220 個基點，但高於我們提供的 61% 的預期，這是由於我們對專業服務的加速投資放緩，導致過去幾個季度的連續改善和公共雲。

2022 adjusted EBITDA margin was 18%, a decrease of approximately 10 basis points year-over-year. 2022 non-GAAP EPS was $1.50 per diluted share, a year-over-year increase of $0.34 per diluted share.

2022 年調整後的 EBITDA 利潤率為 18%，同比下降約 10 個基點。 2022 年非 GAAP 每股攤薄收益為 1.50 美元，攤薄每股收益同比增長 0.34 美元。

Finally, before turning to guidance, some balance sheet and cash flow highlights. I am pleased to report that in the fourth quarter, we achieved another set of record highs for both operating and free cash flows of $32.7 million and $25 million, respectively, driven in part by continued strength in DSO performance, which came in at 35 days and moderated capital spending. We have now delivered 26 consecutive quarters of positive LTM operating cash flow and we expect it to increase meaningfully in the longer term, given our ability to expand adjusted EBITDA margins (inaudible).

最後，在轉向指導之前，一些資產負債表和現金流亮點。我很高興地報告，在第四季度，我們的運營現金流和自由現金流分別再創歷史新高，分別為 3270 萬美元和 2500 萬美元，部分原因是 DSO 業績持續強勁，這是在 35 天和適度的資本支出。我們現在已經連續 26 個季度實現 LTM 運營現金流為正，鑑於我們有能力擴大調整後的 EBITDA 利潤率（聽不清），我們預計從長遠來看它會顯著增加。

I'd like to finish today's prepared remarks with a discussion of our full year 2023 and first quarter 2023 guidance. As a reminder, for 6 years through 2020, we started each new year with prudent revenue guidance of 16% year-over-year growth at the midpoint mainly due to the uncertainties around the magnitude of the seasonal impact of our business.

我想通過討論我們 2023 年全年和 2023 年第一季度的指導來結束今天準備好的發言。提醒一下，到 2020 年的 6 年裡，我們在每個新的一年開始時都以謹慎的收入指引在中點實現 16% 的同比增長，這主要是由於我們業務季節性影響程度的不確定性。

Now post-pandemic for 2023, we are returning to provide full year guidance at a midpoint of 16% year-over-year growth or $901.5 million in revenue, in line with the high level outlook we provided last quarter. Please note that our guidance takes into account a prudent view of the uncertainties around the magnitude of the second half seasonal uptick along with our assumption that macroeconomic headwinds will persist throughout the year.

現在，在 2023 年大流行之後，我們將返回提供全年指導，中點為同比增長 16% 或收入 9.015 億美元，這與我們上個季度提供的高水平展望一致。請注意，我們的指引考慮了對下半年季節性上升幅度的不確定性的審慎看法，以及我們對宏觀經濟逆風將全年持續的假設。

Ultimately, the 16% year-over-year growth is a starting point and we will update our outlook as the year progresses. Also, a reminder, as we stated last quarter, given that installed base typically contributes approximately half of the annual revenue growth, we may see a drop in the LTM Enterprise subscription revenue growth rate into the high 20s due to the macroeconomic challenges.

最終，16% 的同比增長是一個起點，我們將隨著時間的推移更新我們的展望。另外，提醒一下，正如我們上個季度所說，鑑於安裝基礎通常貢獻了大約一半的年收入增長，由於宏觀經濟挑戰，我們可能會看到 LTM 企業訂閱收入增長率下降至 20 多歲。

We believe that this will be temporary and will improve as macroeconomic conditions improve. Note that the enterprise subscription revenue currently makes up over 60% of our total revenue.

我們認為這將是暫時的，並且會隨著宏觀經濟狀況的改善而改善。請注意，企業訂閱收入目前占我們總收入的 60% 以上。

With regards to the bottom line, we are guiding 2023 non-GAAP EPS to a midpoint of $1.69 per diluted share, well above the $1.58 outlook we provided for 2023 during our last earnings call. Additionally, the $1.69 non-GAAP EPS implies a non-GAAP net income margin of 14% at the midpoint, which is in line with our 2022 net margin.

關於底線，我們將 2023 年非 GAAP 每股收益指引至稀釋後每股 1.69 美元的中點，遠高於我們在上次財報電話會議上提供的 2023 年 1.58 美元的前景。此外，1.69 美元的非 GAAP 每股收益意味著中點的非 GAAP 淨利潤率為 14%，這與我們 2022 年的淨利潤率一致。

As for the first quarter, we are guiding revenue to a midpoint of $207.5 million, which represents a slight sequential decline, but better than the 1% to 4% quarter-over-quarter decrease we have been guiding for Q1 in the past 5 years. Despite the macro headwinds, we are guiding to a smaller sequential decline in prior Q1s due to the lower-than-normal seasonal uptick in Q4, which we expect to result in less seasonal downtick in Q1.

至於第一季度，我們將收入指引至 2.075 億美元的中點，這代表了輕微的環比下降，但好於我們在過去 5 年中為第一季度指引的環比下降 1% 至 4% .儘管存在宏觀逆風，但由於第四季度的季節性上升低於正常水平，我們預計前一季度的環比下降幅度較小，我們預計這將導致第一季度的季節性下降幅度較小。

As for the remainder of the year, we expect a very small sequential growth in the second quarter and larger sequential increases in the second half, primarily driven by the ramp-up of our large customers and seasonal patents. As a result, we anticipate slightly more than 30% of our annual revenue being generated in the second half of 2023.

至於今年剩餘時間，我們預計第二季度的環比增長非常小，下半年環比增長較大，這主要是由於我們的大客戶和季節性專利的增加。因此，我們預計 2023 年下半年將產生略高於 30% 的年收入。

We expect first quarter non-GAAP EPS to come in at $0.24 per diluted share at the midpoint, a decline of $0.30 per diluted share sequentially. I would like to point out that the first quarter non-GAAP EPS is always the weakest of the year and that the $0.30 per diluted share sequential decline is relatively in line with the $0.29 per diluted share decrease we guided to in Q1 of last year.

我們預計第一季度非 GAAP 每股收益中點為 0.24 美元，較上一季度下降 0.30 美元。我想指出，第一季度非 GAAP 每股收益始終是一年中最弱的，稀釋後每股收益 0.30 美元的環比下降與我們去年第一季度指導的每股稀釋後每股收益 0.29 美元的下降相對一致。

For the remainder of the year, we expect non-GAAP EPS to increase to approximately $0.32 per diluted share in Q2 and further improve in the second half. Please refer to the presentation posted on our Investor Relations website for additional estimates, including (inaudible) count, taxes and capital expenditures.

在今年剩餘時間裡，我們預計第二季度非 GAAP 每股收益將增加至約 0.32 美元，並在下半年進一步改善。請參閱我們的投資者關係網站上發布的演示文稿，了解更多估計，包括（聽不清）計數、稅收和資本支出。

In summary, we are pleased with our fourth quarter performance. We will continue our disciplined approach of driving balanced growth as we navigate through the macro uncertainties and invest in key strategic areas to reach our 2027 financial targets of $2.4 billion in revenue and 23% adjusted EBITDA margin. Operator, please go ahead.

總之，我們對第四季度的表現感到滿意。在應對宏觀不確定性並投資於關鍵戰略領域以實現 2027 年 24 億美元收入和 23% 調整後 EBITDA 利潤率的財務目標時，我們將繼續採用有紀律的方法來推動平衡增長。接線員，請繼續。

(Operator Instructions) We will take our first question from DJ Hynes at Canaccord.

（操作員說明）我們將從 Canaccord 的 DJ Hynes 那裡回答我們的第一個問題。

Dan, I want to ask you a competitive question, but not the one that I think you get often, I love your thoughts on how you see Microsoft position in the CCaaS space over the next several years. I think traditionally, we've kind of positioned this market as a 3-horse race, totally makes sense today. But with Microsoft's addition of nuance that are aligned with OpenAI, the growth of Teams. Like do you see them being a viable player in this space longer term? Or any thoughts would be helpful.

Dan，我想問你一個競爭性的問題，但不是我認為你經常遇到的問題，我喜歡你對未來幾年微軟在 CCaaS 領域的定位的看法。我認為傳統上，我們將這個市場定位為三匹馬比賽，今天完全有道理。但隨著微軟增加與 OpenAI 一致的細微差別，Teams 的增長。就像你認為他們在這個領域長期成為一個可行的參與者一樣？或者任何想法都會有所幫助。

Yes. Thanks, DJ. And great question. And I don't want to underestimate Microsoft. And while they've done those acquisitions and made a move to enter this space, as we've talked about over the years, it takes many years to really perfect a solution and be able to deliver the reliability, scalability, the voice portion is so complex to be able to deliver that in real time across the world in a very highly quality way.

是的。謝謝，DJ。很好的問題。而且我不想低估微軟。雖然他們已經完成了這些收購併開始進入這個領域，但正如我們多年來所討論的那樣，真正完善解決方案並能夠提供可靠性、可擴展性、語音部分需要很多年如此復雜，以至於能夠以非常高質量的方式在全球範圍內實時交付。

For instance, if you're running data applications and software gets scaled across the world regularly, packet loss for the data is overcome very easily by the individual user. You hit your key twice, you wait a couple of seconds and on you go. If you have that same packet loss with a voice conversation, it's disaster and it's disaster across hundreds or thousands of agent conversations.

例如，如果您正在運行數據應用程序並且軟件會定期在全球範圍內擴展，則個人用戶可以很容易地克服數據包丟失的問題。您按了兩次鍵，等待幾秒鐘，然後繼續。如果您在語音對話中遇到同樣的數據包丟失，那將是一場災難，而且在數百或數千個座席對話中也是一場災難。

So it's very hard to get that right, and there are a very few companies, we've mentioned us and 2 others that have really mastered that. And it does create natural barriers to entry. A lot of folks believe they can enter the space very quickly, and it takes them a lot longer than we anticipate. But we're always going to keep our eye on Microsoft and some of the other large hyperscalers that have mentioned their interest to enter this space. And we'll see where it leads. Some of them enter and realize how difficult it is and exit and others stick with it.

所以很難做到這一點，而且很少有公司，我們已經提到了我們和另外兩家真正掌握了這一點。它確實創造了天然的進入壁壘。很多人認為他們可以很快進入這個空間，而且他們花費的時間比我們預期的要長得多。但我們將始終關注微軟和其他一些提到有興趣進入這個領域的大型超大規模企業。我們會看到它會通向何方。他們中的一些人進入並意識到這有多麼困難，然後退出，而另一些人則堅持下去。

We'll take our next question from Ryan MacWilliams at Barclays.

我們將從巴克萊銀行的 Ryan MacWilliams 那裡接受下一個問題。

Love to hear about the AI Summaries, (inaudible) favorite part of my contact center job. So my 19-year-old self definitely thanks you. Separately, just the challenges you mentioned in the health care and consumer verticals, is that simply a product of the macro? And would you expect the seasonal agent ramps to normalize if the macro improves? And have you seen broader company layoffs impact contact center agents at this point?

很高興聽到 AI 摘要，（聽不清）我聯絡中心工作中最喜歡的部分。所以我 19 歲的自己絕對感謝你。另外，您在醫療保健和消費者垂直領域提到的挑戰是否僅僅是宏觀的產物？如果宏觀經濟改善，您是否預計季節性代理人會正常化？此時您是否看到更廣泛的公司裁員影響聯絡中心座席？

Yes. So Ryan, great questions. And again, in terms of those impact on these couple of verticals, we believe it was macro and again, as you heard Barry's comments about kind of what we expect in Q1 relative to kind of the seasonality of Q4 typically versus that macro impact on that seasonality that just occurred. So again, we're pretty certain of that. Again, we get a lot of insight into our customers and what's impacting their businesses. Again, we always talk about the long-term opportunity that we have in this market and how attractive it is in spite of those macro headwinds.

是的。那麼瑞安，很好的問題。再一次，就對這兩個垂直領域的影響而言，我們認為這是宏觀的，而且正如你聽到巴里關於我們對第一季度的預期相對於第四季度的季節性通常與宏觀影響的評論一樣剛剛發生的季節性。所以，我們非常確定這一點。同樣，我們對我們的客戶以及影響他們業務的因素有很多了解。同樣，我們總是談論我們在這個市場上擁有的長期機會，以及儘管存在這些宏觀逆風，但它的吸引力有多大。

And if I could just also add in terms of the layoffs, I have a list of the companies that grew less than we would have expected, both in health care and in consumer. And there's none of the usual suspects in terms of layoff in any of those names at all. We're just not overly dependent on that part. So in our view, it truly is transitory. It's on the installed base. They're adding seats, they're just adding them at a lot of pace and one day that the economy is going to come back and it will be a case where it helps us.

如果我還可以加上裁員，我有一份增長低於我們預期的公司名單，無論是在醫療保健領域還是在消費領域。而且這些名字中的任何一個都沒有裁員方面的常見嫌疑人。我們只是不過分依賴那部分。所以在我們看來，它確實是暫時的。它在已安裝的基礎上。他們正在增加席位，他們只是在以很大的速度增加席位，總有一天經濟會復蘇，這將對我們有所幫助。

Moving on now to a question from Scott Berg at Needham.

現在轉到 Needham 的 Scott Berg 提出的問題。

Congrats on the quarter. Dan, I wanted to follow up on your commentary on the sales environment. It sounds like the $1 million deal traction was again, pretty positive for you all. But can you help us understand your bookings in the quarter stacked up relative to maybe your expectations going into the quarter and maybe relative to your third quarter comment where I believe third quarter had the most record number of new million-dollar ARR (inaudible)?

祝賀這個季度。丹，我想跟進你對銷售環境的評論。聽起來 100 萬美元的交易再次受到關注，對你們所有人來說都是非常積極的。但是您能否幫助我們了解您在本季度的預訂量與您對本季度的預期以及您對第三季度的評論的疊加情況，我認為第三季度的新百萬美元 ARR（聽不清）數量創歷史新高？

Yes. Thanks, Scott. And when you look at us -- as we move upmarket, the sales naturally, the bookings become rather lumpy, especially as we have those mega deals enter into the bookings equation. So we've got some tough compares that were coming past and getting through right now. But we continue to see great momentum in the $1 million plus ARR deals.

是的。謝謝，斯科特。當你看著我們——當我們轉向高端市場時，銷售自然會變得相當不穩定，尤其是當我們將這些大型交易納入預訂方程式時。因此，我們進行了一些艱難的比較，這些比較已經過去並正在通過。但我們繼續看到 100 萬美元以上 ARR 交易的強勁勢頭。

Remember, that market is very much at its infancy. It's just opened up over the last couple of years. And we continue to see that as our highest growth segment of the business, both that and our international bookings, which grew 78% year-over-year in Q4. So the momentum is there, it's very strong.

請記住，該市場還處於起步階段。它是近兩年才開放的。我們繼續認為這是我們業務中增長最快的部分，包括國際預訂量和我們的國際預訂量，後者在第四季度同比增長了 78%。所以勢頭就在那裡，非常強勁。

And as we said, the activities of the legacy providers and what they've mentioned to their marketplace and to their own customers, sets up very well for the migration from on-premise to cloud as well as the AI and automation solutions, where we can give truly tangible ROI to those customers. So we're seeing absolutely no slowdown in the $1 million-plus market. It's just the ebb and flow of those large deals and the happenstance when they close is what happened in Q4.

正如我們所說，傳統供應商的活動以及他們向他們的市場和他們自己的客戶提到的內容，為從內部部署到雲以及我們的 AI 和自動化解決方案的遷移做好了準備可以為這些客戶帶來真正切實的投資回報。所以我們看到 100 萬美元以上的市場絕對沒有放緩。這只是那些大宗交易的潮起潮落，而它們關閉時的偶然事件就是第四季度發生的事情。

Just a small follow-up on that because it's a continuation of the question. Did you see any deals kind of move in or out of the quarter more than a normal fourth quarter seasonal trend?

只是對此的一個小跟進，因為它是問題的延續。您是否看到任何交易在本季度進出的幅度超過正常的第四季度季節性趨勢？

No, there were still the flurry at the end as there always is. And there's always -- when you do a lot of transactions, you're always going to have a handful that for whatever reason can't get across the line, but we also have others that we pull forward. So it was no different than any other quarter and no different than any other Q4 if you look at that.

不，最後仍然像往常一樣匆匆忙忙。而且總是 - 當你進行大量交易時，無論出於何種原因，你總會有一些無法越過界限，但我們也有其他我們向前推進的交易。所以它與其他任何季度都沒有什麼不同，如果你看的話，它與任何其他第四季度也沒有什麼不同。

We'll continue with the question from Meta Marshall at Morgan Stanley.

我們將繼續摩根士丹利的 Meta Marshall 提出的問題。

Great. Dan, I think it was you kind of gave the 41% of RFPs having kind of AI as part of that RFP and clearly, like the revenue versus seat count adds kind of shows the attach rate that you're seeing there. I guess just where are you on installed base and kind of going into the installed base and doing some of that AI upsell? And just does the introduction of some of these new, whether it be GPT-3 or OpenAI integrations kind of slow that sales process?

偉大的。丹，我認為是你給了 41% 的 RFP 作為 RFP 的一部分，並且很明顯，就像收入與席位數量增加一樣，顯示了你在那裡看到的附加率。我猜你在安裝基礎上的位置以及進入安裝基礎並進行一些 AI 追加銷售？只是引入其中一些新的東西，無論是 GPT-3 還是 OpenAI 集成，都會減緩銷售過程嗎？

Yes. Thanks, Meta. And if you look at what you mentioned about the installed base and penetrating that with the new products, the AI Insights, our new web admin and other applications that we can sell into that base are just getting rolled out. So those aren't entering the equation yet. So we don't have those in the booking totals and in the revenue item for sure but look for those to be additive probably in the latter half of '23 and yes, but we're seeing -- we're making a concerted effort. Our customers are very interested in adding those. And we are seeing quite a lot of growth in attaching the previously announced AI and automation solutions, AgentAssist, our IVA solutions as always, are very appealing to the installed base. And that's going just great.

是的。謝謝，梅塔。如果你看看你提到的關於安裝基礎的內容，並通過新產品滲透它，AI Insights、我們的新網絡管理員和我們可以銷售到該基礎的其他應用程序剛剛推出。所以那些還沒有進入等式。因此，我們在預訂總額和收入項目中肯定沒有這些，但可能會在 23 年下半年尋找這些附加值，是的，但我們看到 - 我們正在齊心協力.我們的客戶對添加這些非常感興趣。我們看到之前宣布的 AI 和自動化解決方案 AgentAssist 有了很大的增長，我們的 IVA 解決方案一如既往地對安裝基礎非常有吸引力。這一切都很好。

Now we'll go to UBS and Taylor McGinnis.

現在我們將去瑞銀和泰勒麥金尼斯。

So I know we're well into the quarter and 4Q is a little bit softer, but the 1Q got on a sequential basis is stronger than, I think, what you've done in the past 1Qs and I think the full year guidance range on a dollar basis was a little bit softer than what we've seen in the past. So 2 parts here. The first would be can you bridge on some of that? And then when you talk about the softer verticals like health care and consumer, what is the guide assume in terms of seat adds versus trends and then the second part is, you reiterated the high 20s enterprise subscription revenue guide for this year. But on a trailing 12 months basis, it only grew at 32%. So can you just talk about what gives you comfort in that outlook?

所以我知道我們已經進入了本季度，第四季度有點疲軟，但第一季度的連續增長比我認為你在過去的第一季度所做的要強，我認為全年指導範圍以美元為基礎比我們過去看到的要軟一點。所以這裡有 2 個部分。第一個問題是你能彌補其中的一些嗎？然後，當您談論醫療保健和消費者等較軟的垂直行業時，該指南在席位增加與趨勢方面的假設是什麼，然後第二部分是，您重申了今年 20 多歲的企業訂閱收入指南。但在過去 12 個月的基礎上，它僅增長了 32%。那麼你能談談是什麼讓你對這種前景感到安慰嗎？

Yes, sure. So Taylor, I want to be sure that I understand the question crisply. The first question is regarding seat adds in health care and consumer. Is that correct? And what we are seeing on that?

是的，當然。所以泰勒，我想確定我清楚地理解了這個問題。第一個問題是關於醫療保健和消費者的席位增加。那是對的嗎？我們看到了什麼？

Yes.

是的。

Yes. So we -- for the rest of the year, we're assuming that the macro remains similar to what it was in the second half of 2022 and for those 2 verticals, in particular, the first 3 quarters of the year are pretty normal, but they both take off in the past quite dramatically in the fourth quarter. We've assumed more moderate -- a much more moderate take off in the fourth quarter and to some extent in the third quarter as well.

是的。所以我們——在今年餘下的時間裡，我們假設宏觀仍與 2022 年下半年相似，特別是對於這兩個垂直領域，今年前三個季度非常正常，但他們都在過去的第四季度相當戲劇性地起飛。我們假設第四季度的起飛更為溫和，第三季度在某種程度上也是如此。

If the consumers are less challenged than they were this past year, if inflation maybe is a little bit less and all the interest rates go a bit lower, I feel a little less pinched overall, that could be upside to that. But that's the position that we've taken.

如果消費者面臨的挑戰比去年少，如果通貨膨脹可能少一點，所有的利率都低一點，我覺得總體上壓力會少一些，這可能是有利的。但這就是我們採取的立場。

The second quarter -- the second question was with respect to the LTM enterprise subscription growth rate, is that correct?

第二季度——第二個問題是關於 LTM 企業訂閱增長率，對嗎？

Yes.

是的。

So we were crystal clear on that. We -- in the last quarter, we said because half of our business comes from the installed base, basically, and if that's facing headwinds because of the macro environment, in general, not just in those 2 verticals, you're going to see moderation in that growth rate, and we caution that it may dip into the high 120s in the course of this year. And that remains our position.

所以我們對此非常清楚。我們 - 在上個季度，我們說因為我們一半的業務基本上來自已安裝的基礎，如果因為宏觀環境而面臨逆風，一般來說，不僅僅是在這兩個垂直領域，你會看到該增長率有所放緩，我們警告說它可能會在今年跌至 120 多歲的高位。這仍然是我們的立場。

And you may wonder well, if that does happen, when in the -- might it happen? It could happen in the first quarter. Obviously, we're not -- we're doing our best not to have that happen, but it's certainly possible. And when it will recover, it depends entirely upon the macro. One thing we do feel very comfortable about is that this is inherently in those businesses, the degree to which they expand. They're not expanding as they once did in the past, and that's what's showing up in that metric.

你可能想知道，如果真的發生了，什麼時候——它會發生嗎？它可能會在第一季度發生。顯然，我們不是——我們正在盡最大努力避免這種情況發生，但這當然是可能的。何時恢復，完全取決於宏觀。我們確實感到非常舒服的一件事是，這是這些企業固有的，即它們擴展的程度。他們沒有像過去那樣擴張，這就是該指標中顯示的內容。

Moving on now to Matt Stotler at William Blair.

現在轉到 William Blair 的 Matt Stotler。

Just one on WFO and specifically Virtual Observer. We'll just get an update on the contribution there, what you guys are seeing. And then in terms of expanding that product, are you seeing that move upmarket at all versus the typical focus on SMB or bid market? Any color there would be helpful.

只有一個關於 WFO，特別是 Virtual Observer。我們將在那裡獲得最新的貢獻，你們看到了什麼。然後在擴展該產品方面，您是否看到與通常專注於 SMB 或投標市場相比，它完全向高端市場移動？那裡的任何顏色都會有所幫助。

Yes. We continue to see WFO, especially our VO product be attached to, and it's not just SMBs, it's absolutely in that mid-market and even enterprise. We have the (inaudible) relationship, which is excellent for those customers that have a history typically upmarket in this very large strategic accounts and the $1 million-plus accounts, we still sell VO into several million dollar plus accounts. It's just there's oftentimes a history that someone has collected years and years of data on their existing platform, and they want to be able to transfer that data over and continue using the interface that comfortable and used to.

是的。我們繼續看到 WFO，尤其是我們的 VO 產品，它不僅僅是 SMB，它絕對是在中端市場甚至企業中。我們有（聽不清）關係，這對於那些在這個非常大的戰略賬戶和 100 萬美元以上的賬戶中通常具有高端市場歷史的客戶來說非常好，我們仍然將 VO 賣給數百萬美元以上的賬戶。只是經常有人在他們現有的平台上收集多年的數據，他們希望能夠傳輸這些數據並繼續使用舒適和習慣的界面。

So it's important for us to have both and whichever one is the right fit is what we're going to move forward with.

因此，對我們來說，兩者兼而有之很重要，無論哪一個是合適的，我們都會繼續前進。

We'll take our next question from (inaudible).

我們將從（聽不清）那裡接受下一個問題。

So given the commentary about the installed base, it would seem like the new logo wins are going to be even more important to the revenue targets for '23. So when that is the context, have you guys done anything different in terms of the way that you scrub the pipeline or maybe increase coverage ratios or something else to give you an improved sense of being able to deliver that new logo close?

因此，鑑於對已安裝基礎的評論，新徽標的獲勝似乎對 23 年的收入目標更為重要。那麼，在這種情況下，你們是否在擦洗管道的方式或可能增加覆蓋率或其他方面做了什麼不同的事情來讓你們更好地了解能夠交付新徽標？

Yes. Thanks for the question. I'll start and let Dan finish because I want to make one point really clear. '23 revenue is going to be impacted by our installed base and quite frankly, mostly from our backlog of net new business we've already booked, it gives us extreme visibility into what's going on revenue in 2023. The -- especially in the large enterprise part of our business where, again, those bookings take quite a while to turn into revenue.

是的。謝謝你的問題。我將開始並讓 Dan 結束，因為我想非常清楚地說明一點。 '23 的收入將受到我們的安裝基礎的影響，坦率地說，主要來自我們已經預訂的淨新業務的積壓，它使我們能夠極大地了解 2023 年的收入情況。 - 特別是在大型我們業務的企業部分，同樣，這些預訂需要很長時間才能轉化為收入。

So again, as we go through the year, our bookings, especially in the second half of '23 on the net new enterprise side, are going to impact '24 revenue, just to be clear. But Dan, you'll take on the pipeline.

因此，隨著我們度過這一年，我們的預訂，尤其是 23 年下半年淨新企業方面的預訂，將影響 24 年的收入，這很清楚。但是丹，你會接管管道。

Yes. And what Mike just mentioned, the visibility of that backlog and the scheduled rollout gives us predictability to that revenue growth in that half of the growth portion. And then the other half of the growth, as Barry mentioned, comes from the net new logos. And that's all the way up and down the scale from the very smallest, which tend to turn to revenue very quickly, 30 to 60 days to when they start generating full revenue to some of the larger ones that can take 3 to 6 months or even longer.

是的。邁克剛才提到的，積壓和計劃推出的可見性讓我們可以預測那一半增長部分的收入增長。然後，正如巴里提到的那樣，增長的另一半來自淨新標識。從最小的規模開始，從開始產生全部收入到開始產生全部收入，再到一些可能需要 3 到 6 個月甚至 3 到 6 個月才能產生全部收入的規模，規模一直在上升和下降。更長。

So yes, we have very close insights. How we're approaching it on the sales side is absolutely placing more scrutiny on the sales organization and how we go through and qualify opportunities, making sure people have true budget to make decisions and really working more closely with all the partners that are now bringing us more and more deals.

所以是的，我們有非常密切的見解。我們在銷售方面的處理方式絕對是對銷售組織進行更多審查，以及我們如何通過和把握機會，確保人們有真正的預算來做出決定，並真正與現在帶來的所有合作夥伴更密切地合作我們越來越多的交易。

Our expansion of our partner ecosystem is so important to the long-term, not only our long-term growth, but really making sure that we're in the pole position for those partners to turn to Five9 first. There's been recent studies out channel checks to make sure how we're doing compared to our competitors, which we love to see from third parties to validate that we're doing the right things and that they love working with us and that's working very well.

我們對合作夥伴生態系統的擴展對長期而言非常重要，不僅是我們的長期增長，而且真正確保我們處於領先地位，讓這些合作夥伴首先轉向 Five9。最近對渠道檢查進行了研究，以確保我們與競爭對手相比做得如何，我們喜歡從第三方那裡看到這些，以驗證我們在做正確的事情，他們喜歡與我們合作，而且效果很好.

We've got a couple of projects that we're very focused on with the higher end of the market with some very select partners to really certify and enable them to deliver not only sales leverage but as I mentioned in the prepared remarks, services and implementation and managed services work for us. So we've been careful over the years not to sacrifice the quality because we're delivering in the 80s and 90s from an NPS score. But there are certain partners who are willing to make the investment on their side to keep that level very high. And we're investing in them to be able to do that for us.

我們有幾個項目，我們非常關注高端市場，一些非常精選的合作夥伴真正證明並使他們不僅能夠提供銷售槓桿，而且正如我在準備好的評論中提到的那樣，服務和實施和託管服務為我們工作。因此，多年來我們一直小心翼翼，不要犧牲質量，因為我們根據 NPS 分數在 80 年代和 90 年代交付產品。但也有一些合作夥伴願意在他們這邊進行投資以保持很高的水平。我們正在投資他們，以便能夠為我們做到這一點。

Next from Jefferies, Samad Samana.

Jefferies 的下一位是 Samad Samana。

Great. It's great to see you guys. Maybe just first question, Barry, as I just think about the EPS guidance, it's slightly slower than the overall revenue growth. Just maybe how should we think about margins and maybe what the margin framework for 2023 will look like based on kind of different growth outcomes? And to that end, OpEx actually looks like it was down quarter-over-quarter in 4Q and OpEx growth slowed quite considerably. So just -- how should we think about maybe OpEx and then the same question around margins just for '23?

偉大的。很高興見到你們。也許只是第一個問題，Barry，正如我剛剛考慮的 EPS 指導，它比整體收入增長略慢。也許我們應該如何考慮利潤率，以及基於不同增長結果的 2023 年利潤率框架會是什麼樣子？為此，OpEx 實際上看起來在第四季度環比下降，並且 OpEx 增長大幅放緩。那麼，我們應該如何考慮 OpEx 以及關於 23 年利潤率的相同問題？

Yes. It's going to be classic Five9. We're going to increase our OpEx in line with what we see the revenue to be. You mentioned the bottom line guide and mentioned that it was -- I believe you said it was slightly down. That's a function of the 2.5% increase in outstanding shares. But for that, we would have been completely flat.

是的。這將是經典的 Five9。我們將根據我們看到的收入增加運營支出。你提到了底線指南並提到它 - 我相信你說過它略有下降。這是流通股增加 2.5% 的結果。但為此，我們會完全持平。

The -- so we will continue to increase OpEx with respect to the direct part of the question, namely, what do we expect the EBITDA and gross margins to be, we're not, at this stage, giving guidance on that. But just to remind you, though, are the following: we've given 2027 guidance to get to EBITDA of 23%, which is 1 percentage point more than we guided in the fourth quarter, we've got 22.2% and to get to gross margin of 70%. And we feel for reasons we've been going separately, very comfortable in getting to those numbers.

- 所以我們將繼續增加關於問題直接部分的運營支出，即我們期望 EBITDA 和毛利率是多少，我們在現階段不會對此提供指導。但提醒您的是以下幾點：我們已經給出了 2027 年的 EBITDA 達到 23% 的指導，這比我們在第四季度的指導高出 1 個百分點，我們有 22.2% 並且要達到毛利率70%。而且我們覺得我們一直在分開的原因，很舒服地獲得這些數字。

Now obviously, it's easier to get to those numbers when your revenue trajectory is at the high end, to get to those $2.4 billion in '27, you need a 25% CAGR off the 2022 revenue number. And in this particular environment, it's not particularly best in terms of our ability to grow revenue given the macro.

現在很明顯，當你的收入軌跡處於高端時，更容易達到這些數字，要在 27 年達到 24 億美元，你需要比 2022 年的收入數字複合年增長率 25%。在這種特殊的環境中，考慮到宏觀因素，我們增加收入的能力並不是特別好。

Got you. And then, Dan, maybe one for you. Just on -- as I think about some of the newer offerings, you just talked about that leverage, ChatGPT and then as I just think generally, as you get more AI and automation into the product, how should we think about maybe the evolution of the revenue model there, the pricing model? And are you seeing that yield gains and if you think about how do you -- the value that you're adding and monetizing that versus just kind of that traditional fee-based model?

明白了然後，丹，也許給你一個。就在 - 當我考慮一些較新的產品時，你剛剛談到了這種槓桿作用，ChatGPT，然後正如我一般認為的那樣，隨著你在產品中獲得更多的人工智能和自動化，我們應該如何考慮可能的演變那裡的收入模式，定價模式？你是否看到了收益增長，如果你考慮你如何 - 你正在增加的價值和貨幣化與傳統的收費模式相比？

Yes. Thanks, a lot. And we've talked about the headwinds that the installed base is facing from a seat add perspective. That caused us to really get, I think we referred to in a couple of quarters ago about getting scrappy and going into the base and selling more applications. And it's great because now we have a whole suite of applications that are new to those installed base customers. So we're seeing an increase in the percentage of bookings that comes from those new applications that's continuing to gain momentum. And as we come out with the GPT-3 and other capabilities for insights and analytics, those are products that can appeal to a vast majority of our installed base.

是的。多謝。我們已經從增加座位的角度討論了安裝基礎面臨的逆風。這讓我們真正得到了，我想我們在幾個季度前提到過變得鬥志旺盛並進入基地並銷售更多應用程序。這很棒，因為現在我們有一整套應用程序，這些應用程序對那些已安裝的客戶群來說是全新的。因此，我們看到來自那些持續增長勢頭的新應用程序的預訂百分比有所增加。隨著我們推出 GPT-3 和其他洞察和分析功能，這些產品可以吸引我們絕大多數的安裝基礎。

I mean yes, some of the very small customers don't need it. But once you get up into the mid-market and above, it's hard to say that they won't have -- they won't benefit from those applications. So it's too early to tell what the traction rate will be across the board, but on the sales side, I've got great optimism that the base is going to really take to a lot of those. And like we -- like I said earlier, I made this question, you probably won't find its way into the numbers until the second half of this year.

我的意思是，是的，一些非常小的客戶不需要它。但是一旦你進入中端市場及以上市場，很難說他們不會——他們不會從這些應用程序中受益。因此，現在判斷全面的牽引率是多少還為時過早，但在銷售方面，我非常樂觀地認為，基地將真正吸引很多人。就像我們——就像我之前說的，我提出了這個問題，你可能要到今年下半年才能找到解決問題的辦法。

We'll take our next question from Fred Lee of Credit Suisse.

我們將接受瑞士信貸的 Fred Lee 的下一個問題。

Dan, all the key wins that you highlighted. They were all Avaya displacements. And I was just wondering if you could talk about the opportunity in 2023 versus '22 as it relates to legacy Avaya seats and whether Avaya's restructuring has accelerated customers' decision to leave perhaps resulting in some pull-forward in the opportunity?

丹，你強調的所有關鍵勝利。他們都是 Avaya 的替代品。我只是想知道你是否可以談談 2023 年與 22 年的機會，因為它與遺留 Avaya 席位有關，以及 Avaya 的重組是否加速了客戶離開的決定，可能會導致機會的一些提前？

Yes, I'm glad you mentioned that because on the surface, you think that. We've had Avaya and Cisco as 1 and 2 as far as the systems we most commonly displace and replace. And it's just coincidence that the 3 happen to be all Avaya this quarter. If you go back over the previous quarters, it was pretty much a mix. It was 1 and 2, Avaya and Cisco because of Genesis announcements, a lot of their customer base are issuing RFPs, and so we're seeing more Genesis become part of that -- those 3. And it's now -- it was 2, it's now 3 that we replaced. It was 1 and 2 being Avaya and Cisco and Genesis was a distant third. Those are becoming in that now between all 3.

是的，我很高興你提到這一點，因為從表面上看，你是這麼認為的。就我們最常替換和替換的系統而言，我們將 Avaya 和 Cisco 分別列為 1 和 2。巧合的是，本季度 3 恰好都是 Avaya。如果你回顧前幾個季度，它幾乎是一個混合體。它是 1 和 2，Avaya 和 Cisco 因為 Genesis 的公告，他們的很多客戶群都在發布 RFP，所以我們看到更多的 Genesis 成為其中的一部分——那 3 個。現在——它是 2，現在我們更換了 3 個。排名第一和第二的是 Avaya 和思科，而 Genesis 遠遠落後於第三名。那些現在正在成為所有 3 之間的那個。

And just to answer your Avaya question about their recent announcement. Everyone saw that coming for a long time. They've been having their financial struggles on and off for the better part of a decade. And so I don't think it's seen a dramatic -- all of a sudden, everyone is jumping into the fray and putting out RFPs. Most folks saw that coming for several years.

只是為了回答你關於他們最近發布的 Avaya 問題。每個人都看到了很長一段時間。在過去十年的大部分時間裡，他們一直在斷斷續續地進行財務鬥爭。所以我不認為這是戲劇性的——突然之間，每個人都加入了競爭並提出了 RFP。大多數人在幾年前就預見到了這一點。

Moving on now to Matthew Niknam at Deutsche Bank.

現在轉到德意志銀行的 Matthew Niknam。

Mine is on new logo growth. I'm just wondering if you're seeing any sort of lengthening sales cycles or smaller initial deal sizes for new logos and more broadly, is that something that maybe you could slow the pace of new logo growth in upcoming quarters?

我的是新的標誌增長。我只是想知道您是否看到任何形式的銷售週期延長或新徽標的初始交易規模更小，更廣泛地說，您是否可以放慢未來幾個季度新徽標增長的步伐？

Yes. Small lengthening of sales cycles has occurred. Part of that is a function of moving upmarket because the larger and more complex the deals and when you add things like AI, automation, IVAs, you tend to get some new audiences that need to approve those or get convinced on the ROI. There are like -- all software business we hear about now, there's oftentimes a few more people that want to put eyes on contract to give approval. So we've seen days to close increase slightly, but not enough to make a significant impact to say, oh, new logo growth is going to suddenly slow down. It's not.

是的。銷售週期略有延長。其中一部分是向高端市場轉移的功能，因為交易規模越大、越複雜，當你添加人工智能、自動化、IVA 等東西時，你往往會吸引一些新的受眾，他們需要批准這些或相信投資回報率。就像——我們現在聽到的所有軟件業務，通常會有更多的人想要關注合同以獲得批准。所以我們看到關閉天數略有增加，但不足以產生重大影響，哦，新徽標增長將突然放緩。它不是。

And -- so like we've talked about, there's drivers that make this purchase. It's mission-critical. It's bringing a tangible ROI and customers know that they need to move to the cloud to take advantage of the AI and automation and the larger customers realize that, that may be a 2-plus year process to go through an evaluation, issue an RFP, make a decision and then get fully implemented. So they're seeing an urgency to want to enter that process very quickly.

而且——就像我們談到的那樣，有一些司機會進行購買。這是關鍵任務。它帶來了切實的投資回報率，客戶知道他們需要遷移到雲端以利用人工智能和自動化，而更大的客戶意識到，這可能需要 2 年多的時間來完成評估、發布 RFP、做出決定，然後得到全面執行。因此，他們迫切希望盡快進入該流程。

Matt VanVliet from BTIG has our next question.

來自 BTIG 的 Matt VanVliet 有我們的下一個問題。

I wanted to dig in a little bit on the international side. Obviously, you said it was pretty much your best bookings quarter ever there, very strong revenue growth as well. Anything you'd particularly point to that's really driving that and how much of sort of expanding the R&D team and having a few more kind of boots on the ground is helping you in that environment?

我想在國際方面深入挖掘一下。顯然，你說這幾乎是你有史以來最好的預訂季度，收入增長也非常強勁。你特別指出的任何事情都在真正推動它，在那種環境下，擴大研發團隊和在地面上增加幾種靴子在多大程度上幫助了你？

Yes. A few things on the international front, and Mike might continue. We took some very strong leadership that really managed our largest enterprise sales here in the U.S., relocated them over to Europe, built out the teams, a big function of it is people. I think you've got to have the scale of just people in the right places, in the right countries and have the infrastructure prior to that.

是的。國際方面的一些事情，邁克可能會繼續。我們採取了一些非常強有力的領導，真正管理了我們在美國最大的企業銷售，將他們轉移到歐洲，建立了團隊，其中一個重要的功能是人。我認為你必須在合適的地方、合適的國家擁有合適的人員規模，並在此之前擁有基礎設施。

It's not about just dropping some sales people in and watching productivity occur. You've got to build the infrastructure, you've got to get all the approvals, make sure you've got the compliance requirements and data sovereignty requirements in certain countries. We've done all that hard work to set ourselves up. Now it's just -- it's more execution of drop sales people in and let them go and execute.

這不僅僅是讓一些銷售人員加入並觀察生產力的提高。你必須建立基礎設施，你必須獲得所有批准，確保你有某些國家的合規要求和數據主權要求。我們已經做了所有艱苦的工作來建立自己。現在它只是 - 它更多地執行下降銷售人員，讓他們去執行。

And our multinational customers that we've sold here in the U.S. oftentimes have operations in many of these countries. And so we have references we can point to that are local that may have been in place for years, even though we didn't have a presence in that local country.

我們在美國銷售的跨國客戶通常在其中許多國家/地區開展業務。因此，我們有可以指出的參考資料，這些參考資料可能已經存在多年，即使我們在當地國家/地區沒有業務。

And Dan, I would just add to that, the additional channels that we've established internationally are a big, big part of our footprint internationally. It's not just direct sellers. It's folks to support the channel, and it's basically signing up the right channel partners to drive business in the region.

丹，我只想補充一點，我們在國際上建立的額外渠道是我們國際足蹟的很大一部分。不僅僅是直銷商。支持渠道的是人們，它基本上是在簽約合適的渠道合作夥伴以推動該地區的業務。

Next from Truist, Terry Tillman.

接下來是 Truist，Terry Tillman。

Sorry for the extreme background noise I have here. So I'm going to ask my multipart single question and then go on to mute. What I'm curious about is, congrats with more of the innovation on the AI and automation side, it sounds like it's 8 solutions now. Do you have to start thinking about the pricing and packaging whereby instead of the (inaudible) I like all these things, but wow, it's a sticker shop with 6 solutions. Is there potentially like almost like an ELA or a platform sale for AI and automation? And then secondly, is it attaching more and more traction in strategic or enterprise?

很抱歉我這裡有極端的背景噪音。所以我要問我的多部分單一問題，然後繼續靜音。我很好奇的是，祝賀人工智能和自動化方面的更多創新，聽起來現在有 8 個解決方案。您是否必須開始考慮定價和包裝，而不是（聽不清）我喜歡所有這些東西，但是哇，這是一家有 6 種解決方案的貼紙店。是否有潛在的類似 ELA 或 AI 和自動化的平台銷售？其次，它是否在戰略或企業方面越來越有吸引力？

Yes, absolutely. Thank you, Terry, and I'll answer the last part first. We're absolutely seeing a greater level of interest in the larger and larger accounts. They have the ability to really pilot these solutions, have professional services in place where they're needed and be able to recognize the ROIs, you get the greater the span of that application, the greater the ROI in most cases. But now to your first question about bundling, we absolutely bundle several of these.

是的，一點沒錯。謝謝你，特里，我會先回答最後一部分。我們絕對看到人們對越來越大的賬戶越來越感興趣。他們有能力真正試用這些解決方案，在需要的地方提供專業服務，並能夠識別投資回報率，您獲得的應用程序跨度越大，在大多數情況下投資回報率就越高。但是現在對於您關於捆綁的第一個問題，我們絕對捆綁了其中的幾個。

In fact, if you look -- when you look at our AgentAssist solution, AgentAssist historically has been where we'll listen to a conversation, such data delivered back, next best action or suggested answers to the agent to give to the customer.

事實上，如果你看一下——當你看一下我們的 AgentAssist 解決方案時，AgentAssist 一直是我們聆聽對話的地方，這些數據被傳回、下一步最佳行動或給代理給客戶的建議答案。

Now we're including, if you go to that level, you get transcriptions as kind of step 1, if you just want pure transcriptions of the call and insert those into your CRM, you get summaries as kind of a step 2, you can bundle that in with transcriptions. And then thirdly, you can bundle in the AgentAssist with what I just described with those first 2. So we're doing some very creative bundling in ways that our customers and our channel partners can more easily propose those and have them consumed by the customer. So it's not entirely (inaudible).

現在我們包括，如果你達到那個級別，你會在第 1 步得到轉錄，如果你只想要通話的純轉錄並將其插入你的 CRM，你會在第 2 步得到摘要，你可以將其與轉錄捆綁在一起。然後第三，您可以在 AgentAssist 中捆綁我剛才描述的前兩個。所以我們正在做一些非常有創意的捆綁，我們的客戶和我們的渠道合作夥伴可以更輕鬆地提出這些建議並讓客戶使用它們.所以它不完全（聽不清）。

A question now from Jim Fish at Piper.

Piper 的 Jim Fish 現在提出一個問題。

This is Quinton on for Jim Fish. Apologies for not being on video, the blizzard here is really impacting strength, so I apologize. For IVA adoption, it seems like in this environment, if a cloud customer hasn't adopted or fully rolled out kind of AI or automation at this point, they might hold off until macro maybe improved slightly. Is that what you're hearing from customers? Or is the pace of AI adoption kind of sustaining in the hopes that the ROI can save you in a tougher labor market?

這是 Jim Fish 的 Quinton。抱歉沒有上視頻，這裡的暴風雪真的很影響實力，所以我道歉。對於 IVA 的採用，似乎在這種環境下，如果雲客戶此時尚未採用或完全推出某種人工智能或自動化，他們可能會推遲，直到宏觀可能略有改善。這是您從客戶那裡聽到的嗎？還是希望 ROI 能夠在更艱難的勞動力市場中為您節省 AI 的採用速度？

And then a quick follow-up for Barry. It's just is it fair to assume health care and commercial are the largest verticals for Five9 or any other spaces that we should be watching?

然後是對巴里的快速跟進。假設醫療保健和商業是 Five9 或我們應該關注的任何其他領域的最大垂直領域是否公平？

Yes. So the first part, I'll take that. This is Dan. The AI automation, I have not heard that whatsoever about folks waiting until macro improves to put those solutions in place. In fact, more just the opposite where customers are realizing, hey, we've got to do labor arbitrage. We've got to get some solutions in here that can save us money and we've got the bone anchor legacy on-prem system that really isn't delivering the efficiencies nor the compelling ROIs. So the issue is more of what we talked about before, which is if you make that decision to move to the cloud in the larger accounts, it oftentimes can be 2 years before you actually have the system fully in place and reaping those benefits. So customers are moving to start the process, I think more than ever right now because they recognize and they've seen other customers that have experienced that value. Instead of just a promise. It's now -- we have referenceability to customers that are achieving those ROIs.

是的。所以第一部分，我會接受。這是丹。人工智能自動化，我還沒有聽說過人們等到宏觀改進後才將這些解決方案落實到位。事實上，客戶意識到的恰恰相反，嘿，我們必須進行勞動力套利。我們必須在這裡找到一些可以為我們節省資金的解決方案，並且我們擁有骨錨遺留的本地系統，它確實無法提供效率或令人信服的投資回報率。所以這個問題更多是我們之前討論過的，如果你決定在更大的賬戶中遷移到雲，通常需要 2 年的時間才能真正讓系統完全到位並獲得這些好處。所以客戶正在開始這個過程，我認為現在比以往任何時候都更重要，因為他們認識到並且他們已經看到其他體驗過這種價值的客戶。而不僅僅是一個承諾。現在——我們對實現這些投資回報率的客戶具有參考性。

Yes. And I would just add that the popularity (inaudible) ChatGPT and GPT-3 are getting from OpenAI and our AI and automation solutions, quite frankly, are becoming a bit of a catalyst for those RFPs, which I mentioned, but also just a catalyst for making the move to the cloud, quite frankly, because the cloud is the only place that enterprises are going to be able to reap the benefits of that AI and automation opportunity and the labor arbitrage opportunities. So Barry, do you want to talk about the (inaudible)?

是的。我只想補充一點，ChatGPT 和 GPT-3 的流行（聽不清）來自 OpenAI，坦率地說，我們的人工智能和自動化解決方案正在成為我提到的那些 RFP 的催化劑，但也只是催化劑坦率地說，因為雲是企業能夠從人工智能和自動化機會以及勞動力套利機會中獲益的唯一地方。那麼巴里，你想談談（聽不清）嗎？

The ordinal ranking of the top 5 verticals based upon Q4 revenue is, number 1, health care; 2, financials; 3, consumer; 4, technology; 5, industrials.

Q4收入排名前5的垂直行業依次為，醫療保健第一； 2、財務； 3、消費者； 4、技術； 5、實業。

Next up, we'll go to Michael Turrin at Wells Fargo.

接下來，我們將去富國銀行的 Michael Turrin。

Great. I appreciate you squeezing me in. Barry, I know there's some seasonality there, but the Q4 EBITDA margin is very close to the longer-term targets that you have out there. We're hearing lots of focus across software and efficiency. Can you just walk through how you're evaluating the gross margin trade-offs there? Any change in your approach to headcount additions entering this year versus prior and then just on the other side of it, how do you make sure you're positioned for growth, given there's an assumed growth rebound, we're talking about macro headwinds, but obviously, the bigger picture in CCaaS is still much cleaner. So can you just walk through your valuation in the current environment on both of those sides?

偉大的。我很感激你把我擠進去。巴里，我知道那裡有一些季節性，但第四季度的 EBITDA 利潤率非常接近你在那裡的長期目標。我們聽到很多關於軟件和效率的關注。你能簡單介紹一下你是如何評估那裡的毛利率權衡的嗎？與往年相比，今年你增加員工人數的方法有任何變化，然後就在它的另一邊，你如何確保你為增長做好準備，考慮到假設增長反彈，我們談論的是宏觀逆風，但顯然，CCaaS 中的大局仍然清晰得多。那麼，您能否在當前環境下對這兩個方面進行估值？

Yes, Michael, I can start and Barry, please chime in. But we're fortunate that we have a business model. We've been approaching this with balanced growth for a long, long time, right? In terms of investing, I always say investing on the curve. We're not ahead of the curve in terms of the revenue curve. We're not behind the revenue curve. We're very instrumented. We understand where our business is coming in and we tend to hire right on top of that curve. So we're able to manage on the bottom line based on what we see from a visibility standpoint on the top line. We'll continue to take a very balanced approach.

是的，邁克爾，我可以開始了，巴里，請插話。但我們很幸運，我們有一個商業模式。長期以來，我們一直在通過平衡增長來實現這一目標，對吧？在投資方面，我總是說在曲線上投資。就收入曲線而言，我們並不領先於曲線。我們並沒有落後於收入曲線。我們非常儀表化。我們了解我們的業務將進入何處，並且我們傾向於在該曲線的頂部進行招聘。因此，我們能夠根據我們從頂線的可見性角度所看到的內容來管理底線。我們將繼續採取非常平衡的方法。

I think the balanced approach that we've taken has always put us in a pretty good situation relative to other tech companies in general. That said, we're always investing and this opportunity and setting the track, so to speak, for the long-term growth opportunity that we see. And that's again, we reiterate and we always talk about the $2.4 billion revenue target in '27. And again, as soon as this macroeconomic backdrop clears, we do have just so much optimism around the future growth opportunity. But at the same time, we're going to be -- we're going to be cautious and thoughtful in the near run relative to the economic backdrop.

我認為我們採取的平衡方法總的來說使我們處於相對於其他科技公司的良好境地。也就是說，我們一直在投資這個機會，並為我們看到的長期增長機會設定軌道。再一次，我們重申，我們總是談論 27 年 24 億美元的收入目標。再一次，一旦這種宏觀經濟背景明朗，我們對未來的增長機會就會非常樂觀。但與此同時，我們將 - 我們將在近期相對於經濟背景保持謹慎和深思熟慮。

Yes, anything I would say would be just saying what Mike said in different words. Nothing to add.

是的，我要說的任何話都只是用不同的詞來表達邁克所說的話。沒什麼可補充的。

And with that, we'll take our last question from Michael Funk at BofA.

有了這個，我們將接受來自美國銀行的 Michael Funk 的最後一個問題。

One, if I could. So let me hear your thoughts on elasticity of demand and if you are seeing a more competitive pricing environment. And then I guess related to that, it's in terms of demand, the weakness you called out in 4Q, where you expect more seasonality, you had seen more seasonality from health care and consumer. How much of that is macro that you mentioned versus maybe a post-pandemic pull-back (inaudible)?

一，如果可以的話。因此，讓我聽聽您對需求彈性的看法，以及您是否看到更具競爭力的定價環境。然後我想與此相關的是，就需求而言，你在第四季度提到的疲軟，你預計會有更多的季節性，你已經看到更多來自醫療保健和消費者的季節性。您提到的其中有多少是宏觀的，而不是大流行後的回調（聽不清）？

Yes. So on price, no, we are not. There's always some discounting, but it's nothing at all different than what we've had in the past. Our prices have held up very firmly and are likely to go up gently as they have in the past, point one. Point two, in terms of elasticity, people aren't buying these systems based on the price. This is all about mission criticality and the sharp point of the spear in terms of customer experience.

是的。所以在價格上，不，我們不是。總是有一些折扣，但這與我們過去的折扣沒有什麼不同。我們的價格一直非常穩固，並且可能會像過去一樣溫和上漲，第一點。第二點，就彈性而言，人們不會根據價格購買這些系統。這一切都與任務關鍵性和客戶體驗方面的矛尖有關。

In terms of seasonality, no, we can't be 100% certain that it's all macro. Sometimes our customers don't even (inaudible) exactly. However, we do get a lot of data in terms of the utilization of the seats, the number of seats, the past patterns, how are they different, et cetera, et cetera. And we come away convinced Michael, that particularly on those 2 light verticals, that is health care and consumer that it is mainly macro related.

就季節性而言，不，我們不能 100% 確定這都是宏觀因素。有時我們的客戶甚至（聽不清）不准確。但是，我們確實在座位利用率、座位數量、過去的模式、它們有何不同等方面獲得了大量數據。我們說服邁克爾，特別是在這兩個垂直領域，即醫療保健和消費者，它主要與宏觀相關。

And with that, I'll hand things back over to Mike Burkland for any additional or closing remarks.

就此，我將把事情交還給 Mike Burkland 以徵求任何補充意見或結束意見。

Yes. In summary, I'll just say I'm so proud of the entire Five9 team for the commitment, the dedication, the execution that drove our record results in 2022. We are making tremendous progress on our march up market, our expansion internationally and innovating on our platform. I thank all of the Five9 team. We look forward to keeping you all up-to-date as the year unfolds. And thanks again for joining us today.

是的。總而言之，我只想說，我為整個 Five9 團隊的承諾、奉獻和執行力感到自豪，這推動了我們在 2022 年取得創紀錄的業績。我們在進軍市場、國際擴張和在我們的平台上進行創新。我感謝 Five9 團隊的所有人。隨著這一年的展開，我們期待著讓大家了解最新情況。再次感謝您今天加入我們。

With that, we will conclude today's meeting. Again, thanks for joining us, everyone. Have a good evening.

至此，我們將結束今天的會議。再次感謝大家加入我們。晚上好。