Five9 Inc (FIVN) 2023 Q2 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, anticipated customer benefits, company growth, the anticipated benefits from and timing of the closing of our proposed acquisition of Aceyus, Inc., growth in our portfolio of products and features, 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. 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 the information in such statements.

感謝您今天加入我們。董事長兼首席執行官邁克·伯克蘭 (Mike Burkland) 參加了電話會議；丹·伯克蘭，總裁；和首席財務官巴里·茨瓦倫斯坦 (Barry Zwarenstein)。本次電話會議期間做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、預期客戶利益、公司增長、我們擬議收購的預期利益和完成時間的陳述Aceyus, Inc. 的產品和功能組合的增長、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、舉措和期望、技術和產品舉措以及其他未來事件均屬於前瞻性陳述，其含義如下： 1995 年私人證券訴訟改革法案的規定。此類陳述只是預測，投資者不應過度依賴，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。

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 and uncertainty, including increased inflation, increased interest rates, supply chain disruptions, decreased economic output and fluctuations in currency exchange rates, lower growth rates within our installed base of customers and our ability to close the ECS acquisition and achieve the intended benefits from this acquisition 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.

這些陳述受到重大風險和不確定性的影響，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，包括宏觀經濟惡化和不確定性，包括通貨膨脹加劇、利率上升、供應量增加等。供應鏈中斷、經濟產出下降和貨幣匯率波動、我們的客戶群增長率較低、我們完成ECS 收購併從此次收購中實現預期收益的能力以及風險因素和其他章節中討論的其他風險Five9 向美國證券交易委員會提交的年度和季度報告中。

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 and guidance is currently available in our press release issued earlier this afternoon as well as in the appendix of our investor deck and in the Investor Relations section on Five9's website at investors.five9.com. Lastly, a reminder that unless otherwise indicated, financial figures discussed are non-GAAP.

此外，管理層將在本次電話會議中參考非公認會計準則財務指標。關於我們為何使用非公認會計準則財務指標的討論以及有關我們的公認會計準則與非公認會計準則結果和指導的調節的信息，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平台和投資者的附錄中找到。 Five9 網站 Investors. Five9.com 上的關係部分。最後，提醒您，除非另有說明，否則討論的財務數據均非公認會計準則。

And now I'd like to turn the call over to Five9's Chairman and CEO, Mike Burkland.

現在我想將電話轉給 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 report strong second quarter results with revenue growth of 18% year-over-year, primarily driven by our LTM enterprise subscription revenue growing 28% year-over-year. Also, we enjoyed a particularly strong quarter for new logo bookings, demonstrating the value of our Intelligent CX platform and our strong go-to-market execution. Adjusted EBITDA margin for the second quarter was 19% of revenue, helping drive a record Q2 for operating cash flow of $22 million or 10% of revenue.

謝謝艾米麗，謝謝大家今天下午加入我們的電話會議。我很高興地報告第二季度強勁的業績，收入同比增長 18%，這主要是由我們的 LTM 企業訂閱收入同比增長 28% 推動的。此外，我們在新徽標預訂方面經歷了一個特別強勁的季度，這證明了我們智能 CX 平台的價值和我們強大的上市執行力。第二季度調整後 EBITDA 利潤率為收入的 19%，幫助推動第二季度運營現金流創歷史新高，達到 2200 萬美元，佔收入的 10%。

Turning now to the 3 key trends that continue to drive our confidence in our market opportunity. First, 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. Remember that in terms of cloud replacing on-premise, we believe the penetration is still less than 20%. Second, companies are enthusiastically pursuing digital transformation initiatives to enhance customer experience, cut costs and increase revenue. Third, AI is becoming a significant catalyst for enterprises to shift to the cloud. Regarding this third trend, given all the recent focus on generative AI, I would like to recap our perspective on its impact on our industry and, in particular, Five9.

現在轉向繼續增強我們對市場機會信心的 3 個關鍵趨勢。首先，傳統供應商正在緊縮開支，迫使企業以更大的緊迫感制定具體計劃，以取代其本地聯絡中心解決方案。請記住，就雲替代本地部署而言，我們認為滲透率仍低於 20%。其次，企業正在積極推行數字化轉型舉措，以增強客戶體驗、削減成本並增加收入。第三，人工智能正在成為企業上雲的重要催化劑。關於第三個趨勢，考慮到最近對生成人工智能的關注，我想回顧一下我們對其行業影響的看法，特別是 Five9。

We believe generative AI is the next wave of opportunity for Five9 with the potential to broaden our TAM. Five9 has been riding the wave of AI and automation for the past several years, and we feel we're well positioned to continue to push this industry forward. Not only is the AI revolution a tailwind to our technology and innovation but it's also a tailwind to our business. We provide software for enterprise clients to manage their customer interactions.

我們相信生成式人工智能是 Five9 的下一波機遇，有可能擴大我們的 TAM。 Five9 在過去幾年中一直順應人工智能和自動化的浪潮，我們認為我們有能力繼續推動這個行業向前發展。人工智能革命不僅是我們技術和創新的順風車，也是我們業務的順風車。我們為企業客戶提供軟件來管理他們的客戶互動。

As AI drives efficiency and productivity gains in the form of a mix shift toward more automation of interactions, that leads directly to an increase in revenue per customer and a TAM expansion for Five9. AI and automation is clearly an area of focus for enterprises as demonstrated by our nearly 80% attach rate on $1 million-plus ARR new logo wins in the quarter.

隨著人工智能以交互更加自動化的混合轉變的形式推動效率和生產力的提高，這直接導致每個客戶的收入增加以及 Five9 的 TAM 擴張。人工智能和自動化顯然是企業關注的一個領域，本季度我們在超過 100 萬美元的 ARR 新徽標中獲得近 80% 的附加率就證明了這一點。

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 our platform. Today, I'm pleased to announce an important extension of our Intelligent CX Platform as we have entered into a definitive agreement to acquire Aceyus, a market leader in advanced data integration and analytics.

現在我想討論一下我們認為業務增長的三個主要驅動力，即我們的平台、我們的進軍市場和我們持續的國際擴張。讓我們從我們的平台開始。今天，我很高興地宣布我們的智能 CX 平台的重要擴展，因為我們已達成收購 Aceyus 的最終協議，Aceyus 是高級數據集成和分析領域的市場領導者。

We believe Aceyus will uniquely accelerate our ability to capitalize on 2 large opportunities: First, streamlining the migration of large enterprise customers from on-prem to cloud; and second, leveraging contextual data to deliver personalized experiences throughout the customer journey, including using this contextual data in our AI and automation solutions.

我們相信 Aceyus 將以獨特的方式加速我們利用兩大機遇的能力：首先，簡化大型企業客戶從本地到雲的遷移；其次，利用上下文數據在整個客戶旅程中提供個性化體驗，包括在我們的人工智能和自動化解決方案中使用這些上下文數據。

Let me elaborate on these one at a time. Let's start with streamlining cloud migrations. Using a robust catalog of prebuilt integrations, Aceyus software ingests data from CRMs, WEMs, multiple ACDs and many other systems. Aceyus' ability to normalize the entire data set allows the business to transition from legacy systems to Five9 while maintaining consistent reports, data visualization and dashboards. This enables customers to run their business smoothly and take advantage of the Five9 platform during the migration and beyond. In short, the continuity of data and insight provided by Aceyus across complex environments allows for smoother, large-scale cloud migrations with a faster time to value.

讓我一次詳細地闡述這些。讓我們從簡化雲遷移開始。 Aceyus 軟件使用強大的預構建集成目錄，從 CRM、WEM、多個 ACD 和許多其他系統獲取數據。 Aceyus 能夠標準化整個數據集，使企業能夠從遺留系統過渡到 Five9，同時保持一致的報告、數據可視化和儀表板。這使客戶能夠順利運營其業務，並在遷移期間及之後利用 Five9 平台。簡而言之，Aceyus 在復雜環境中提供的數據和洞察力的連續性可以實現更順暢的大規模雲遷移，並加快價值實現時間。

Now let's talk about the second opportunity, which is to leverage contextual data to deliver personalized experiences throughout the customer journey. This contextual data often lives in dozens of disparate and siloed systems. As a market leader in advanced data integration and analytics for large enterprises, Aceyus will further differentiate the Five9 platform as we integrate their robust prebuilt data integrations to expand our platform's data lake. Aceyus will enable Five9 to access this contextual data to optimize, predict and deliver the personalized journeys customers expect.

現在我們來談談第二個機會，即利用上下文數據在整個客戶旅程中提供個性化體驗。這些上下文數據通常存在於數十個不同且孤立的系統中。作為大型企業高級數據集成和分析的市場領導者，隨著我們集成其強大的預構建數據集成以擴展我們平台的數據湖，Aceyus 將進一步使 Five9 平台脫穎而出。 Aceyus 將使 Five9 能夠訪問這些上下文數據，以優化、預測和提供客戶期望的個性化旅程。

This applies especially to our AI and automation solutions, where the use of this contextual data is critical to the accuracy and efficacy required to deliver joyful customer experiences. Aceyus' customer base includes many Fortune 100 companies and joint accounts with Five9, including some of our largest prospects and customers, 2 of which Dan will talk about in a moment.

這尤其適用於我們的人工智能和自動化解決方案，其中上下文數據的使用對於提供愉悅的客戶體驗所需的準確性和有效性至關重要。 Aceyus 的客戶群包括許多財富 100 強公司以及 Five9 的聯名賬戶，其中包括我們的一些最大的潛在客戶和客戶，Dan 稍後將討論其中的 2 家。

And now I'd like to focus on our march up market and international expansion. We continue to see accelerating momentum market with large enterprises adopting Five9 at an unprecedented rate. I'm pleased to report that we booked a Q2 record number of $1 million plus ARR deals, and Dan will discuss 4 such new logos, which alone represent approximately $42 million in anticipated ARR to Five9. As a reminder, $1 million-plus ARR customers make up more than 50% of our recurring revenue.

現在我想重點關注我們的市場拓展和國際擴張。我們繼續看到市場勢頭不斷加速，大型企業以前所未有的速度採用 Five9。我很高興地報告，我們在第二季度預訂了創紀錄的 100 萬美元加 ARR 交易，Dan 將討論 4 個這樣的新徽標，僅這些徽標就代表 Five9 的預期 ARR 約為 4200 萬美元。提醒一下，ARR 超過 100 萬美元的客戶占我們經常性收入的 50% 以上。

This march up market and our continued international expansion are accentuated by the strong performance from our ever-growing network of global partners and their commitment to leading with Five9. This was reflected by an all-time record for channel bookings; 15 partners that achieved over $1 million in ACV bookings in the quarter; a record high channel pipeline; and over 60% of international implementations now being done by partners. This global partner strategy is also paying dividends and helping us expand our international footprint.

我們不斷增長的全球合作夥伴網絡的強勁表現以及他們對 Five9 領導地位的承諾，進一步推動了市場的不斷發展和我們持續的國際擴張。頻道預訂的歷史記錄反映了這一點；本季度 ACV 預訂額超過 100 萬美元的 15 個合作夥伴；通道管道數量創歷史新高；目前超過 60% 的國際實施是由合作夥伴完成的。這一全球合作夥伴戰略也帶來了紅利，並幫助我們擴大了國際影響力。

For example, in addition to the recently announced BT partnership, in Q2, we also signed TELUS International as a strategic partner to Five9, which Dan will also elaborate on in a moment. Lastly, in May, we held our EMEA CX Summit in Porto, Portugal, the location of our new international development hub. I was personally blown away by the energy and enthusiasm of this event by our partners, customers, industry analysts and employees.

例如，除了最近宣布的 BT 合作夥伴關係之外，在第二季度，我們還與 Five9 簽署了 TELUS International 作為戰略合作夥伴的協議，Dan 稍後也會詳細介紹這一點。最後，5 月，我們在葡萄牙波爾圖舉行了 EMEA CX 峰會，這裡是我們新的國際開發中心的所在地。我個人對這次活動中我們的合作夥伴、客戶、行業分析師和員工的活力和熱情感到震驚。

Before I turn it over to Dan, I want to spend a moment to share with you our recently refreshed and reenergized mission and vision statements for Five9. Our mission is to enable our enterprise clients to reimagine their customer experience by providing our intelligent CX platform combined with passionate experts to deliver joyful customer experience and better business outcomes. Our vision is to bring joy to CX. We often refer to this as Five9 Joy and it shows up in many forms from many stakeholders.

在將其交給 Dan 之前，我想花點時間與您分享我們最近更新和重新註入活力的 Five9 使命和願景聲明。我們的使命是通過提供我們的智能 CX 平台與充滿熱情的專家相結合，使我們的企業客戶能夠重新構想他們的客戶體驗，從而提供愉悅的客戶體驗和更好的業務成果。我們的願景是為 CX 帶來歡樂。我們經常將其稱為 Five9 Joy，它以多種形式出現在許多利益相關者身上。

For consumers, it means effortless and fluid customer experiences. For our enterprise clients, it means better business outcomes, such as higher customer satisfaction, increased revenue, greater efficiency and lower costs. For agents using Five9, it means being armed with the knowledge, data, intelligence and automation to deliver great customer experiences. For supervisors and managers in the contact center, it means having the tools and applications to engage and manage their workforce. For our partners, it means providing technology and people that will drive success for our joint customers. And for our employees, it means living by our values every day, resulting in a unique and winning culture, filled with passion and purpose and one where we enjoy the journey together.

對於消費者來說，這意味著輕鬆且流暢的客戶體驗。對於我們的企業客戶來說，這意味著更好的業務成果，例如更高的客戶滿意度、增加的收入、更高的效率和更低的成本。對於使用 Five9 的代理商來說，這意味著擁有知識、數據、智能和自動化，以提供出色的客戶體驗。對於聯絡中心的主管和經理來說，這意味著擁有工具和應用程序來吸引和管理他們的員工隊伍。對於我們的合作夥伴來說，這意味著提供技術和人員來推動我們共同客戶的成功。對於我們的員工來說，這意味著每天都遵循我們的價值觀，從而形成一種獨特且成功的文化，充滿激情和目標，讓我們一起享受這段旅程。

In summary, our goal was to bring Five9 Joy to all involved in CX as well as the entire Five9 community. And now I will turn it over to our President and CRO, Dan Burkland. Dan, go ahead.

總之，我們的目標是將 Five9 Joy 帶給所有 CX 參與者以及整個 Five9 社區。現在我將把它交給我們的總裁兼 CRO Dan Burkland。丹，繼續吧。

Thank you, Mike, and good afternoon, everyone. As Mike mentioned, we are seeing a renewed momentum on the net new side of our business, but we're still facing some headwinds on our installed base. The new logo bookings were an all-time high for any quarter other than the quarter we booked the healthcare conglomerate, indicating the strength and persistence of the 3 key trends that Mike talked about earlier. In addition, our pipeline reached another all-time high.

謝謝邁克，大家下午好。正如邁克提到的，我們看到我們業務的淨新方面出現了新的勢頭，但我們的安裝基礎仍然面臨一些阻力。除了我們預訂這家醫療保健集團的季度之外，新徽標的預訂量創下了歷史新高，這表明邁克之前談到的 3 個關鍵趨勢的強度和持久性。此外，我們的管道再創歷史新高。

Now I'd like to share some examples of key wins for the quarter. I normally discuss 3 key new logos. Today, I'm going to share a fourth, given that we already disclosed the $8.4 million ARR regional bank Q2 win in last quarter's earnings call. The first is a Fortune 50 global health care insurance company providing coverage for medical, dental, disability and life.

現在我想分享一些本季度主要成果的例子。我通常會討論 3 個關鍵的新徽標。今天，我將分享第四個，因為我們已經在上季度的財報電話會議中披露了第二季度 ARR 840 萬美元的區域銀行盈利。第一個是財富 50 強全球醫療保健保險公司，提供醫療、牙科、殘疾和人壽保險。

Over the years through M&A, they had accumulated several disparate systems leading to tremendous inefficiency while also lacking the modern applications in automation. With Five9, they will enjoy a complete omnichannel experience that's fully integrated to the proprietary CRM and we'll integrate to their existing Verint solution using our voice stream API.

多年來，通過併購，他們積累了多個不同的系統，導致效率極低，同時也缺乏自動化的現代應用。借助 Five9，他們將享受完全集成到專有 CRM 的完整全渠道體驗，我們將使用我們的語音流 API 集成到他們現有的 Verint 解決方案。

They also chose Five9 due to our Aceyus integration to do precisely what Mike described earlier, helping them make the transition from their legacy existing platforms over to Five9 while maintaining consistent reports, individualization and dashboards throughout that migration to Five9. We anticipate this initial order to result in over $20 million in ARR to Five9. The second key win I'd like to highlight is one we touched on last quarter, the regional bank, which booked at the beginning of Q2. They selected Five9 and will be enjoying a full omnichannel experience with deep integration to Salesforce, ServiceNow and Pega CRM and the full suite of Five9 WEM powered by Verint.

他們還選擇Five9，因為我們的Aceyus 集成完全按照Mike 之前描述的方式進行，幫助他們從傳統的現有平台過渡到Five9，同時在遷移到Five9 的整個過程中保持一致的報告、個性化和儀表板。我們預計最初​​的訂單將為 Five9 帶來超過 2000 萬美元的 ARR。我想強調的第二個關鍵勝利是我們上季度提到的一個勝利，即區域銀行，該銀行在第二季度初預訂。他們選擇了 Five9，並將享受與 Salesforce、ServiceNow 和 Pega CRM 深度集成的完整全渠道體驗，以及由 Verint 提供支持的全套 Five9 WEM。

We also sold Aceyus for analytics and real-time dashboarding to collect and display information from several different data sources. In addition, they purchased our voice and digital IVAs as well as agent assist, which will provide real-time agent coaching and automatic retrieval of information to create a personalized customer experience. We anticipate this initial order to result in approximately $8.4 million in ARR to Five9.

我們還出售 Aceyus 用於分析和實時儀表板，以收集和顯示來自多個不同數據源的信息。此外，他們還購買了我們的語音和數字 IVA 以及座席協助，這將提供實時座席指導和自動信息檢索，以創建個性化的客戶體驗。我們預計這一初始訂單將為 Five9 帶來約 840 萬美元的 ARR。

The third key win is a healthcare company, providing operations, staffing, tools and technology to primary care facilities throughout North America. They had embarked on implementing a competitive CCaaS solution when they made an acquisition of a company who had recently selected Five9. The easy decision for them would have been to cancel the acquired company's Five9 contract and continue implementing with our competitor.

第三個關鍵勝利是一家醫療保健公司，為整個北美的初級保健機構提供運營、人員配備、工具和技術。當他們收購一家最近選擇 Five9 的公司時，他們就開始實施有競爭力的 CCaaS 解決方案。對他們來說，最簡單的決定就是取消被收購公司的 Five9 合同並繼續與我們的競爭對手一起實施。

Upon further evaluation, they realized Five9 was the superior solution and we'll be using Five9 for the entire combined company. We will be integrating to their Salesforce, Epic and athena CRMs as well as using Five9 WEM powered by Verint. They also have purchased our IVA self-service solution for authenticating caller IDs, scheduling appointments, refilling prescriptions and paying invoices. We anticipate this initial order to result in approximately $8.3 million in ARR to Five9.

經過進一步評估，他們意識到 Five9 是更出色的解​​決方案，我們將在整個合併後的公司中使用 Five9。我們將集成到他們的 Salesforce、Epic 和 athena CRM，並使用由 Verint 提供支持的 Five9 WEM。他們還購買了我們的 IVA 自助服務解決方案，用於驗證來電顯示、安排預約、補充處方和支付發票。我們預計這一初始訂單將為 Five9 帶來約 830 萬美元的 ARR。

The fourth example, which Mike mentioned earlier, is TELUS International, where we entered into a reseller agreement. This agreement also included a replacement of their internal use legacy systems, which serve the BPO portion of their business. We anticipate this initial order to result in approximately $5.2 million in ARR to Five9. And now as I normally do, I'll share an example of a customer, who has expanded their use of Five9. This customer, who has been with us since 2017, is a network of independent healthcare providers focused on academic centers, acute care facilities and research hospitals.

第四個例子是邁克之前提到的 TELUS International，我們在那裡簽訂了經銷商協議。該協議還包括更換其內部使用的遺留系統，這些系統為其業務的 BPO 部分提供服務。我們預計這一初始訂單將為 Five9 帶來約 520 萬美元的 ARR。現在，像往常一樣，我將分享一個客戶的示例，該客戶擴展了 Five9 的使用。該客戶自 2017 年以來一直與我們合作，是一個由獨立醫療保健提供商組成的網絡，專注於學術中心、急症護理設施和研究醫院。

Separate from their use of Five9, they had an ambulatory support center that was using a competing CCaaS solution which wasn't meeting their needs. They replaced it with Five9 and also added Five9 WEM powered by Verint and our IVAs. This will more than double their ARR spend with Five9 from approximately $1.2 million to approximately $2.5 million. So as you can see, we're continuing to see strong momentum on market replacing legacy systems, while enabling enterprises to deliver better experiences to their customers.

除了使用 Five9 之外，他們還有一個流動支持中心，該中心正在使用競爭性的 CCaaS 解決方案，但該解決方案無法滿足他們的需求。他們用 Five9 取代了它，並添加了由 Verint 和我們的 IVA 提供支持的 Five9 WEM。這將使 Five9 的 ARR 支出增加一倍以上，從約 120 萬美元增加到約 250 萬美元。正如您所看到的，我們繼續看到市場取代舊系統的強勁勢頭，同時使企業能夠為其客戶提供更好的體驗。

And with that, I'd now like to hand it off to Barry to take us through the financials. Barry?

說到這裡，我現在想把它交給巴里，讓他帶我們了解一下財務狀況。巴里？

Thank you, Dan. We are pleased with our performance, with both top and bottom line results exceeding our expectations. Revenue grew 18% year-over-year, driven primarily by our Enterprise business, which now makes up 87% of LTM revenue. Our LTM enterprise subscription revenue which makes up more than 60% of total revenue, grew 28% year-over-year, in line with the high 20s outlook we have been communicating recently. We view the drop in the enterprise subscription revenue below 20% as transitory, driven by the subdued growth in our installed base. We believe we are well positioned to resume historic levels of growth in this part of our business when, eventually, macroeconomic conditions improve.

謝謝你，丹。我們對我們的表現感到滿意，營收和利潤都超出了我們的預期。收入同比增長 18%，主要由我們的企業業務推動，該業務目前佔 LTM 收入的 87%。我們的 LTM 企業訂閱收入佔總收入的 60% 以上，同比增長 28%，與我們最近傳達的 20 多歲的展望一致。我們認為企業訂閱收入下降 20% 以下是暫時的，這是由於我們的安裝基數增長放緩所致。我們相信，當宏觀經濟狀況最終改善時，我們有能力恢復這部分業務的歷史增長水平。

Our commercial business, which represents the remaining 13% of LTM revenue grew year-over-year in the high single digits on an LTM basis. Recurring revenue made up 91% of total revenue in the second quarter. The other 9% of total revenue was comprised of professional services. I will now give more color around revenue.

我們的商業業務（佔 LTM 收入的剩餘 13%）在 LTM 基礎上同比以高個位數增長。第二季度經常性收入佔總收入的91%。總收入的另外 9% 來自專業服務。現在我將對收入進行更多闡述。

As Mike mentioned, the new logo side of our business, which strictly makes up approximately half of our year-over-year annual revenue growth continued to grow at a strong rate. The deployment of our 2 mega deals remains on track. We continue to expect the international operations of the parcel delivery company to be substantially deployed by the end of 2023. And the healthcare conglomerate to continue ramping throughout 2023, with full deployment in early 2024.

正如邁克提到的，我們業務的新徽標部分占我們年收入增長的大約一半，繼續以強勁的速度增長。我們的兩筆大型交易的部署仍在按計劃進行。我們仍然預計包裹遞送公司的國際業務將在 2023 年底前得到實質性部署。這家醫療保健集團將在 2023 年繼續擴大規模，並於 2024 年初全面部署。

Additionally, our substantial backlog from other enterprise customers that are not yet generating revenue, provide us with good visibility. However, I would like to remind you that for the 4 deals that Dan discussed earlier, will not contribute meaningfully to revenue this year.

此外，我們尚未產生收入的其他企業客戶的大量積壓訂單為我們提供了良好的可見性。不過，我想提醒您的是，Dan 之前討論的 4 筆交易不會對今年的收入做出有意義的貢獻。

Now I'd like to turn to our installed base, which continue to be challenged by macro cross-currents in the second quarter with 1 vertical, in particular, facing the strongest headwinds, namely Consumer. As a reminder, Consumer is our third largest vertical and it declined sequentially this quarter by mid-single digits compared to mid-single-digit sequential growth in the second quarter of last year. This was primarily driven by customers in used order sales, auto parts, gifts, apparel and home improvement. The remaining 16 verticals in our installed base, in aggregate, grew sequentially at a similar rate as in the second quarter of 2022.

現在我想談談我們的安裝基礎，第二季度繼續受到宏觀交叉流的挑戰，1 個垂直領域，特別是面臨最強勁的逆風，即消費者。提醒一下，消費者是我們的第三大垂直行業，與去年第二季度的中個位數環比增長相比，本季度該行業出現了中個位數的環比下降。這主要是由二手訂單銷售、汽車零部件、禮品、服裝和家居裝修領域的客戶推動的。我們的安裝基礎中其餘 16 個垂直行業的總體增長率與 2022 年第二季度相似。

Our LTM dollar-based retention rate was 112%, a decline of 2 percentage points sequentially, mainly due to the ongoing macro headwinds causing subdued growth in our installed base. You should expect further minor weakness in LTM dollar-based retention rate until macro conditions improve. 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 demonstrably higher retention rate and higher ARPU from AI and automation and other offerings.

我們的 LTM 按美元計算保留率為 112%，比上一季度下降 2 個百分點，主要是由於持續的宏觀不利因素導致我們的裝機量增長放緩。在宏觀條件改善之前，您應該預計以 LTM 美元為基礎的保留率將進一步小幅走弱。從長遠來看，我們繼續預計，到2027 年，我們的保留率將趨向於120 左右，因為企業客戶的比例更高，尤其是大型企業客戶，這些客戶通過人工智能、自動化和其他產品擁有明顯更高的保留率和更高的ARPU。

Second quarter adjusted gross margins were 61.8%, an increase of approximately 140 basis points sequentially and 110 basis points year-over-year. This is the first year-over-year expansion in adjusted gross margins since the fourth quarter of 2020. However, I would like to point out that given the record number of large new logo wins this last quarter. We are making upfront incremental investments to further scale professional services which may hinder our ability to continue to report further year-over-year growth in adjusted gross margins in the near term.

第二季度調整後毛利率為 61.8%，環比增長約 140 個基點，同比增長 110 個基點。這是自 2020 年第四季度以來調整後毛利率首次同比擴張。不過，我想指出的是，鑑於上個季度贏得的大型新徽標數量創紀錄。我們正在進行前期增量投資，以進一步擴大專業服務規模，這可能會阻礙我們在短期內繼續報告調整後毛利率進一步同比增長的能力。

Second quarter adjusted EBITDA was $41.5 million representing an 18.6% margin, an increase of approximately 110 basis points year-over-year. Second quarter non-GAAP EPS was $0.52 per diluted share, a year-over-year increase of $0.18 per diluted share.

第二季度調整後 EBITDA 為 4150 萬美元，利潤率為 18.6%，同比增長約 110 個基點。第二季度非 GAAP 每股攤薄每股收益為 0.52 美元，同比增長 0.18 美元。

Turning now to cash flow. We generated operating cash flow of $21.9 million, a Q2 record driven in part by continued strength in DSO performance, which came in at 33 days. We have now delivered 28 consecutive quarters of positive LTM operating cash flow. Second quarter free cash flow of $13.4 million was also due to a record. We remain optimistic about our potential for continuing cash flow generation given our long-term model, our substantial NOLs and our low DSO.

現在轉向現金流。我們產生了 2190 萬美元的運營現金流，這是第二季度的記錄，部分原因是 DSO 業績持續強勁，該業績持續 33 天。我們現已連續 28 個季度實現正長期運營現金流。第二季度自由現金流也達到創紀錄的 1,340 萬美元。鑑於我們的長期模式、大量的 NOL 和較低的 DSO，我們對持續產生現金流的潛力保持樂觀。

Before turning to guidance, some comments on Aceyus. The acquisition is for $82 million in cash, subject to certain purchase price adjustments. We expect this transaction to close by the end of our third quarter. The ongoing acquired revenue and margin contribution will be immaterial to Five9, but as Mike described, Aceyus uniquely positions Five9 to streamline the migration of light enterprises and to leverage contextual data to deliver personalized experiences throughout the customer journey.

在轉向指導之前，先對 Aceyus 進行一些評論。此次收購將以 8200 萬美元現金進行，收購價格可能會進行一定調整。我們預計這筆交易將在第三季度末完成。持續獲得的收入和利潤貢獻對於 Five9 來說並不重要，但正如 Mike 所描述的，Aceyus 獨特地將 Five9 定位為簡化輕型企業的遷移，並利用上下文數據在整個客戶旅程中提供個性化體驗。

I'd now like to finish today's prepared remarks with a discussion of our guidance for the third quarter and full year 2023. For top line, we're guiding Q3 revenue to a midpoint of $224 million, which represents a 1% sequential increase in line with the typical guidance spend heading into Q3. For the full year, we are increasing the midpoint of our revenue guidance from $907.5 million to $909 million.

現在，我想通過討論我們對2023 年第三季度和全年的指導來結束今天準備好的發言。就營收而言，我們將第三季度收入指導為2.24 億美元的中點，這意味著收入環比增長1%與進入第三季度的典型指導支出一致。對於全年，我們將收入指導的中值從 9.075 億美元提高到 9.09 億美元。

As I mentioned earlier, the consumer vertical in our installed base faced macro headwinds in the second quarter. Given that consumer is typically our most seasonal vehicle in the second half of the year, we are being prudent for now with our annual guidance by factoring in this uncertainty.

正如我之前提到的，我們的客戶群中的垂直消費者在第二季度面臨宏觀阻力。鑑於消費者通常是我們下半年最具季節性的工具，考慮到這種不確定性，我們目前對年度指引持謹慎態度。

As for the bottom line, we are guiding Q3 non-GAAP EPS to come in at a midpoint of $0.43 per diluted share. For the full year, we are increasing the midpoint of our non-GAAP EPS guidance from $1.75 to $1.81 per diluted share, for the third quarter and the annual non-GAAP EPS guidance mirror the prudence in our revenue guidance. Please refer to the presentation posted in our Investor Relations website for additional estimates, including share count, taxes and capital expenditures.

至於底線，我們指導第三季度非公認會計準則每股攤薄每股收益的中點為 0.43 美元。對於全年，我們將第三季度的非 GAAP 每股攤薄每股收益指導中值從 1.75 美元提高到 1.81 美元，年度非 GAAP 每股收益指導反映了我們收入指導的審慎態度。請參閱我們的投資者關係網站上發布的演示文稿，了解其他估算，包括股份數量、稅收和資本支出。

In summary, we are pleased with our second quarter performance. While the current macro environment continues to temporarily challenge our installed base. we remain highly optimistic about our long-term growth prospects due to our significant momentum upmarket as demonstrated by the new large logo wins, our ability to continue capitalizing on the AI and automation opportunity and international expansion.

總而言之，我們對第二季度的業績感到滿意。儘管當前的宏觀環境繼續暫時挑戰我們的安裝基礎。我們對我們的長期增長前景保持高度樂觀，因為我們在高端市場的勢頭強勁，新的大標誌獲勝證明了這一點，我們有能力繼續利用人工智能和自動化機會以及國際擴張。

Operator, please go ahead.

接線員，請繼續。

(Operator Instructions) Our first question will come from Scott Berg with Needham.

（操作員說明）我們的第一個問題將由尼達姆的斯科特·伯格提出。

Dan and Barry, congrats on the nice bookings quarter. I'll make it a multipart one, though, to get it all in. I guess the question is during the conference call here, you had a press release on your recent ranking within the new Gartner Magic Quadrant. I guess the kind of -- the two components in there is: a, what changed this time versus the prior rankings because I believe you were not in the leaders category previously, which you have been ranking to the leaders category now?

丹和巴里，祝賀預訂季取得了不錯的成績。不過，我將把它分成多個部分，以便全面了解。我想問題是在電話會議期間，你們發布了一份關於您最近在新的 Gartner 魔力像限中排名的新聞稿。我想其中的兩個組成部分是：a，與之前的排名相比，這次發生了什麼變化，因為我相信您之前並不屬於領導者類別，而現在您已經將其排名為領導者類別？

And then second, I'm going to kind of quote from it, it said "because a specific criteria based on your completeness of vision and ability to execute." I guess what do they find in there in particular that was appealing?

其次，我要引用它，它說“因為特定的標準基於你的願景的完整性和執行能力。”我想他們在那裡發現了什麼特別吸引人的地方？

Yes. Scott, great question. Yes, we're very pleased to be back in the Leaders Quadrant. As you may recall, we were there in the past, and it's nice to be back and recognized by Gartner as a leader in CCaaS. And what changed, quite frankly, I think it's recognition and validation of all the success we're having really across our strategic initiatives, the march up market, right, those very large enterprises choosing Five9. Our win rates are significantly as high as they've ever been, and we're winning some of the biggest deals in the market. I think that's one.

是的。斯科特，好問題。是的，我們很高興回到領導者象限。您可能還記得，我們過去曾在那裡，很高興能夠回來並被 Gartner 認可為 CCaaS 領域的領導者。坦率地說，改變的是，我認為這是對我們在戰略舉措、進軍市場、對那些選擇 Five9 的大型企業所取得的真正成功的認可和驗證。我們的勝率比以往任何時候都高，並且我們正在贏得市場上一些最大的交易。我想那就是其中之一。

Our international expansion is another and our AI leadership is the third. We talked about the strategic initiatives for a long time. And I think Gartner recognizes our progress in those. So we're thrilled, we're happy, we're honored, but we're also not surprised.

我們的國際擴張是另一個，我們的人工智能領導力是第三個。我們就戰略舉措討論了很長時間。我認為 Gartner 認可了我們在這些方面取得的進展。所以我們很興奮，我們很高興，我們很榮幸，但我們也不感到驚訝。

We will now hear from Ryan MacWilliams with Barclays.

我們現在將聽取巴克萊銀行瑞恩·麥克威廉姆斯 (Ryan MacWilliams) 的發言。

Great to see the large deal momentum in the quarter. So how does your large deal pipeline look like for the second half of the year? And are you seeing these generative AI tools put more priority on contact center leaders for moving their contact center systems from on-prem to the cloud at this point?

很高興看到本季度的大宗交易勢頭。那麼，您下半年的大宗交易渠道情況如何？您是否看到這些生成式人工智能工具此時更加重視聯絡中心領導者將他們的聯絡中心系統從本地遷移到雲端？

Yes. I'll take that one on the pipeline. It looks very strong. As we've talked about earlier, that portion of the market is just opening up to CCaaS for the first time here in the last couple of years by kind of being a first mover and capturing some of those largest opportunities and then getting their validation that we're executing very well. It's got others turning and coming to us. We saw a record number of RFPs. We've seen a vast increase in the pipeline. It takes those companies quite some time to get through a sales and selection process and we've got a larger pipeline than ever, and we continue to scale the sales team and commensurate with that.

是的。我會把那個放在管道上。看起來非常強大。正如我們之前談到的，這部分市場在過去幾年中首次向 CCaaS 開放，成為先行者並抓住一些最大的機會，然後得到他們的驗證：我們執行得很好。它讓其他人轉向我們。我們看到了創紀錄的 RFP 數量。我們看到管道數量大幅增加。這些公司需要相當長的時間才能完成銷售和選擇流程，而我們擁有比以往任何時候都更大的渠道，我們將繼續擴大銷售團隊並與之相稱。

As far as AI driving more interest, it's a combination. Mike touched on it earlier in the prepared remarks. It's a combination of both the legacy systems being longer in the tooth and not getting the investment. And secondly, it's the only way you can really implement the AI effectively and do so at scale is to move to the cloud first. So most of them are recognizing they need to get there. And they're not already on -- well into a process, they're accelerating that process.

就人工智能引起更多興趣而言，這是一個結合。邁克早些時候在準備好的發言中談到了這一點。這是遺留系統老化時間較長和得不到投資的結合。其次，真正有效並大規模實施人工智能的唯一方法就是首先遷移到雲端。所以他們中的大多數人都認識到他們需要到達那裡。他們還沒有進入一個進程，他們正在加速這個進程。

And we will now hear from DJ Hynes with Canaccord.

現在我們將聽到 DJ Hynes 與 Canaccord 的交流。

Congrats on the quarter. Dan, maybe one for you. I'd love to get any color on how that $42 million in enterprise bookings compares to maybe the past few quarters. I mean I don't think that's a metric you've shared with us in the past. And then the follow-up there would just be like anything you'd call out with respect to channel momentum? I mean is that being driven by international? Is it just the maturing of that go-to-market motion? Any color there would be helpful.

恭喜本季度。丹，也許有一個適合你。我很想知道這 4200 萬美元的企業預訂量與過去幾個季度的情況相比如何。我的意思是，我不認為這是您過去與我們分享的衡量標準。然後後續行動會像您所說的關於渠道動力的任何事情一樣嗎？我的意思是這是由國際推動的嗎？這只是上市行動的成熟嗎？任何顏色都會有幫助。

Yes. Great, DJ. It's -- if you look at the large mega deals as we've referred to them, we have the parcel delivery service as well as the healthcare conglomerate, but never have we had a series of wins of this size. So when you look 3 or 4 deep or even 10 deep on that list, of largest deals for the quarter, we've never seen this many of this type of volume. So that's why Mike called out the fact that we're over $40 million there just along those 4. So it's not a super high concentration that may have been the case a couple of years ago. We're seeing this become more of a norm. So that's a great sign there.

是的。太棒了，DJ。如果你看看我們提到的大型交易，我們擁有包裹遞送服務以及醫療保健集團，但我們從未取得過如此規模的一系列勝利。因此，當您查看該列表中本季度最大交易的 3 或 4 層甚至 10 層深度時，我們從未見過如此多的此類交易量。這就是為什麼 Mike 指出，僅這 4 個項目我們的投資就超過了 4000 萬美元。因此，這並不是幾年前那樣的超高集中度。我們看到這越來越成為一種常態。所以這是一個很好的跡象。

As far as the channel, that's across the Board. We have a very strong partner group that manages and brings on new partners headed by Jake Butterbaugh, I mentioned him before. He's been with us for several years for, I think, 4, almost 5 years now. And we've really scaled up that part of the organization. And it's not just about going out and signing up new partners, but it's making sure that they view us as being their go-to-market first choice.

就渠道而言，這是全面的。我們有一個非常強大的合作夥伴團隊，負責管理和引進新合作夥伴，以傑克·巴特博（Jake Butterbaugh）為首，我之前提到過他。他已經和我們在一起好幾年了，我想，現在已經四年、快五年了。我們確實擴大了組織的這一部分。這不僅僅是走出去並簽約新的合作夥伴，而是確保他們將我們視為他們進入市場的首選。

We spent a lot of effort and a huge investment to make sure that we're catering to our partners and making sure that they can go-to-market and represent Five9 in the right way, and that we always make sure we're doing the right thing for the customer, but we're also doing the right thing for the partner, making it easy to do business with us. And I think through some of the channel checks that are done by many of you, you get that same feedback. We want to continue to be in that pole position, if you will.

我們花費了大量的精力和巨額投資來確保我們能夠滿足我們的合作夥伴的需求，並確保他們能夠以正確的方式進入市場並代表 Five9，並且我們始終確保我們正在做為客戶做正確的事情，但我們也為合作夥伴做正確的事情，讓與我們開展業務變得更加容易。我認為通過你們許多人進行的一些渠道檢查，您會得到同樣的反饋。如果你願意的話，我們希望繼續保持領先地位。

Meta Marshall with Morgan Stanley has the next question.

摩根士丹利的梅塔·馬歇爾提出了下一個問題。

Great. I just wanted to know if you could either quantify or just kind of lay out cost savings on Aceyus and kind of streamlining those cloud transitions? And then just maybe on that, does it allow you to not have to kind of invest as much in professional services resources just to transition those customers eventually?

偉大的。我只是想知道您是否可以量化或只是在 Aceyus 上節省成本並簡化這些雲轉換？然後也許在這一點上，它是否允許您不必在專業服務資源上投資那麼多，只是為了最終轉變這些客戶？

Yes, I'm happy to start on that, Meta. Again, the beauty of Aceyus is that they are so entrenched in the Fortune 100 large enterprise contact center market. And that's -- quite frankly, they got our attention in these joint accounts that we were winning with them. They are beloved by their large enterprise clients. In fact, we see RFPs fairly frequently where -- there's a requirement in the RFP is to integrate with Aceyus, and we've even heard just verbally anecdotally from a lot of our largest prospects that -- the one thing that we're going to require from our CCaaS provider is that they integrate with our Aceyus because that's how we run our business.

是的，我很高興開始這一點，Meta。同樣，Aceyus 的美妙之處在於他們在財富 100 強大型企業聯絡中心市場中如此根深蒂固。坦率地說，他們通過我們與他們贏得的聯名賬戶引起了我們的注意。他們深受大型企業客戶的喜愛。事實上，我們相當頻繁地看到 RFP，其中 RFP 中要求與 Aceyus 集成，我們甚至從許多最大的潛在客戶那裡聽到口頭軼事——我們要做的一件事我們的CCaaS 提供商要求他們與我們的Aceyus 集成，因為這就是我們運營業務的方式。

So that's, first and foremost, something that I want to make sure everybody understands. They are very, very strategic to us. They've got a fairly sizable installed base and large enterprise on-premise and their ability to have these data integrations across so many back-end systems is really what allows us to streamline this.

因此，首先也是最重要的一點是，我想確保每個人都能理解。它們對我們來說非常非常具有戰略意義。他們擁有相當大的安裝基礎和大型企業內部部署，並且他們能夠跨如此多的後端系統進行數據集成，這確實使我們能夠簡化這一過程。

Remember, we talk about migrations from on-premise to cloud is very similar to a heart transplant, right? This is a major business transformation. And the fact that these large enterprises can continue to run their business during the migration with continuity of data that's how they run their contact centers. So as they're migrating off of legacy on-premise and onto Five9, that's really what we mean by streamlining. It's the ability to kind of have continuity across their business throughout that migration time period and beyond.

請記住，我們談論從本地到雲的遷移與心臟移植非常相似，對吧？這是一次重大的業務轉型。事實上，這些大型企業可以在遷移過程中繼續運營其業務，並保持數據的連續性，這就是他們運營聯絡中心的方式。因此，當他們從傳統的本地部署遷移到 Five9 時，這就是我們所說的精簡的真正含義。這是在整個遷移期間及之後保持業務連續性的能力。

And then the second real leg of the stool is that contextual data that Aceyus brings to our platform and the ability to leverage that contextual data across all these data silos in the enterprise to deliver that personalized customer experience. So it's really two very, very significant value propositions and strategic reasons why we did the acquisition.

然後，第二個真正的支柱是 Aceyus 為我們的平台帶來的上下文數據，以及利用企業中所有這些數據孤島的上下文數據來提供個性化客戶體驗的能力。因此，這確實是我們進行收購的兩個非常非常重要的價值主張和戰略原因。

We are moving on to Peter Levine with Evercore.

我們將轉向 Evercore 的 Peter Levine。

Mike, you mentioned something in your prepared remarks, 80% of the $1 million plus deals in the quarter had AI. So I guess if you look across your installed base today, what's the attach rate look like? And perhaps what's holding customers back from going all in? Is it they're just not ready internally with the data? Is it the macro? Is it budget? Just kind of help us understand what's really stopping customers from going all in.

邁克，您在準備好的發言中提到，本季度 100 萬美元以上的交易中 80% 都有人工智能。所以我想如果你看看你今天的安裝基礎，附加率是什麼樣的？也許是什麼阻礙了客戶全力以赴？難道他們只是內部還沒有準備好數據嗎？是宏嗎？是預算嗎？只是幫助我們了解真正阻止客戶全力以赴的原因。

Squeeze in a second is just help us on pricing. I know there's a lot between how you charge other contact centers if it's on a per seat, per user basis. Or is it a consumption model? But just curious if you can share with us the conversations today that you're having with customers around pricing and AI?

稍等一下只是幫助我們定價。我知道，如果按每個席位、每個用戶收費，其他聯絡中心的收費方式之間存在很大差異。還是一種消費模式？但只是好奇您是否可以與我們分享您今天與客戶圍繞定價和人工智能進行的對話？

Yes. Sure, Peter. I'll start with the pricing. Again, we have 8 products in our AI and automation portfolio. They range in terms of pricing as to most of our capacity-based pricing, in other words, per port, if you will, or oftentimes, it's -- we offer usage-based pricing as well. So we're pretty flexible across the spectrum of pricing options. At the end of the day, it's all ROI driven, right? And the efficiency gains and the productivity gains that our customers enjoy from our AI products is very significant. And that's really what drives that price point.

是的。當然，彼得。我將從定價開始。同樣，我們的人工智能和自動化產品組合中有 8 種產品。它們的定價範圍與我們大多數基於容量的定價有關，換句話說，每個端口，如果您願意的話，或者通常情況下，我們也提供基於使用情況的定價。因此，我們在定價選項方面非常靈活。歸根結底，這都是投資回報率驅動的，對嗎？我們的客戶從我們的人工智能產品中獲得的效率提升和生產力提升是非常顯著的。這確實是推動該價格點的原因。

In terms of what's -- your question about holding back. I actually think that almost every enterprise that we talk to is very interested in AI and automation. There is definitely an education process that has to occur. Most large enterprises are also looking at how to implement AI across their enterprise in general, not just in their contact center, but how to avoid some of the pitfalls, if you will, that are out there in the press. So I think it's just an education process more than anything. But don't -- I think that 80% attach rate to our large enterprise deals is a very good data point in terms of the interest level in AI and automation across our prospect base.

就你關於保留的問題而言。事實上，我認為幾乎所有我們接觸過的企業都對人工智能和自動化非常感興趣。肯定需要有一個教育過程。大多數大型企業也在研究如何在整個企業範圍內實施人工智能，而不僅僅是在聯絡中心，而是如何避免媒體報導的一些陷阱（如果你願意的話）。所以我認為這只是一個教育過程。但不要——我認為，就我們整個潛在客戶群體對人工智能和自動化的興趣水平而言，我們大型企業交易的 80% 附加率是一個非常好的數據點。

Our next question will come from Samad Samana with Jefferies.

我們的下一個問題將由 Jefferies 的 Samad Samana 提出。

Barry, just I wanted to ask about the guidance. I appreciate the clarity on the consumer vertical and the impact in the second quarter. I think you can see it in kind of the sequential uptick in subscription revenue in 2Q as well. I guess I just wanted to understand, one, had it not been for that because I think prior guidance implied more like a low 20s exit rate for subscription revenue as the year progressed.

巴里，我只是想詢問指導。我很欣賞消費者垂直領域的清晰性以及第二季度的影響。我認為您也可以從第二季度訂閱收入的連續增長中看到這一點。我想我只是想了解，一，如果不是這樣的話，因為我認為之前的指導意味著隨著時間的推移，訂閱收入的退出率更像是 20 多歲。

One, I guess I'm trying to understand, is that the right way to think about it that now you're thinking more like a mid -- like high teens subscription revenue number exiting the year based on the current guidance? And just was it because of the consumer vertical? Or is there anything else factored in, did not rolling forward the full 2Q beat?

我想我想理解的是，現在你的想法更像是根據當前指導，今年退出的中高青少年訂閱收入數字是正確的思考方式嗎？僅僅是因為消費者垂直領域嗎？還是有其他因素考慮，沒有向前滾動完整的第二季度節拍？

Yes. Thanks, Samad. So let me sort of start at the back end over there and not putting through the full amount. That's right, we put through 17% of the total beat in Q2. This is really a function of this pocket of weakness that we had in consumer. And we need to be cautious when we go into the second half in these uncertain times. So we have data from our customers. We're highly network-driven. We also have macro there.

是的。謝謝，薩馬德。因此，讓我從後端開始，而不是全額投入。沒錯，我們在第二季度完成了總節拍的 17%。這實際上是我們消費者的弱點造成的。在這些不確定的時期，當我們進入下半年時，我們需要保持謹慎。所以我們有來自客戶的數據。我們高度網絡驅動。我們那裡也有宏。

The consumer, if you go by federal data of consumer spending, it started with a roll in January at 12%, February went down to 8% and March to 4%. And then in the second quarter, it was 3%, 3%, 2% for the 3 months. If you look at the credit card spending on discretionary items, that too has been coming down quite dramatically. So we just want to be careful on over here.

消費者方面，如果你看消費者支出的聯邦數據，一月份的增長率為 12%，二月份下降到 8%，三月份下降到 4%。然後到了第二季度，這三個月的增長率是3%、3%、2%。如果你看看信用卡在非必需品上的支出，你會發現這一數字也大幅下降。所以我們只是想在這裡小心一點。

Our retention rates stay very good. And when that part of our business has experienced a benefit of an eventual pickup in the macro, we will participate fully in it. So the second half -- to finish off in the second half is largely due to the fact that we dealt into the second half of the year with slightly lower than revenue in our consumer part.

我們的保留率仍然非常高。當我們的這部分業務經歷了宏觀經濟最終回升的好處時，我們將充分參與其中。因此，下半年——在下半年結束，很大程度上是因為我們下半年的消費部分收入略低於收入。

And we will move on to Taylor McGinnis with UBS.

我們將轉向瑞銀集團的泰勒·麥金尼斯。

Maybe just to piggyback off of Samad's question. So when you think about the second half of the year and then some of the seasonality that you're talking about in these different verticals, any color you can give on the contribution that Consumer has to the second half? And I know you've talked about some weakness in other verticals in prior quarters. So I guess any additional color you can give on what you're baking in for those verticals? And as a second part to the question, in terms of when we should start to see some of these newer enterprise deals maybe offsetting some of this macro weakness, I guess, what does the ramp look like from here on those as well?

也許只是為了順應薩馬德的問題。因此，當您考慮下半年以及您在這些不同垂直領域談論的一些季節性時，您可以對消費者對下半年的貢獻給出任何顏色嗎？我知道您在前幾個季度談到了其他垂直領域的一些弱點。所以我想你可以為這些垂直方向的烘焙內容提供任何額外的顏色嗎？作為問題的第二部分，就我們何時應該開始看到一些新的企業交易可能抵消一些宏觀疲軟而言，我想，從這裡開始，這些交易的增長會是什麼樣子？

Okay. So in terms of the contribution to the -- from the Consumer, we're assuming something similar to what we had last year and then previously assumed. We just don't want to go out too far. So being a little bit cautious over there. There are other 16 verticals that we track in the second quarter. They grew very similar to what's happened in the second -- in the prior year with low single-digit growth in both last year and this year, and we're putting in similar growth in the second half of the year.

好的。因此，就消費者對消費者的貢獻而言，我們的假設與去年和之前的假設類似。我們只是不想出去太遠。所以在那裡要小心一點。我們在第二季度追踪了其他 16 個垂直領域。它們的增長與第二年的情況非常相似——去年和今年的增長都是低個位數，而我們在今年下半年也將實現類似的增長。

In terms of when we would see the kick in of these bigger deals, they often -- as I think somebody said earlier on, we've got now the volume of these deals. It's going to be a while before they kick in but you'll see the fact that we are reporting the numbers that we are is in part due to the fact that this weakness that we have in this last quarter on the Consumer side has been largely offset by the growth in the new logo, which is very strong.

就我們何時看到這些更大的交易開始而言，它們經常 - 正如我認為有人早些時候所說的那樣，我們現在已經掌握了這些交易的數量。他們還需要一段時間才能發揮作用，但你會看到我們報告的數字部分是由於我們在消費者方面上個季度的疲軟很大程度上是由於這一事實被新標誌的強勁增長所抵消。

And William Blair's Matt Stotler has the next question.

威廉·布萊爾的馬特·斯托勒提出了下一個問題。

Maybe just a follow-up on Aceyus. Interesting to see that acquisition. Obviously, I think the strategic rationale that you laid out made sense. Would love to maybe just double click on how you're thinking about the opportunity there, whether that's ultimately expanding the TAM, right, and any associated incremental monetization you can do there? Or is this more so just helps to open up maybe the on-prem TAM especially at market that maybe it was harder to crack or both. We'd love to get some additional thoughts there.

也許只是阿塞尤斯的後續。看到這次收購很有趣。顯然，我認為你提出的戰略理由是有道理的。希望雙擊一下您如何看待那裡的機會，這是否最終會擴大 TAM，對吧，以及您可以在那裡做的任何相關的增量貨幣化？或者這更有助於打開本地 TAM，尤其是在市場上，這可能更難破解，或者兩者兼而有之。我們很樂意在那裡得到一些額外的想法。

Yes, Matt, I'll start with that. Again, think of this as -- I don't want to repeat what I already said. But I think one of the big opportunities here, big rationales besides what I already said is the pull-through value, right? So we would -- we always -- whenever we make an acquisition, there are obvious revenue synergies that we look at. But I think when you think about Aceyus, the #1 kind of revenue opportunity is really the pull-through. Our win rates in large enterprise are already very, very strong. But this just solidifies our competitive advantage upmarket by having Aceyus as part of the Five9 platform.

是的，馬特，我就從這個開始吧。再次，將此視為 - 我不想重複我已經說過的話。但我認為這裡的重大機會之一，除了我已經說過的之外，重要的理由是拉動價值，對嗎？因此，每當我們進行收購時，我們都會——我們總是——會看到明顯的收入協同效應。但我認為，當你想到 Aceyus 時，排名第一的收入機會實際上是拉動。我們在大型企業中的勝率已經非常非常高了。但這只是通過將 Aceyus 作為 Five9 平台的一部分來鞏固我們在高端市場的競爭優勢。

This is something that is very unique in the market, and it's going to be very difficult for competition of ours to have a similar offering. So that's going to allow for pull-through continued wins upmarket and large enterprise for us. That's a big lever.

這是市場上非常獨特的東西，我們的競爭對手很難提供類似的產品。因此，這將使我們能夠持續贏得高端市場和大型企業。這是一個很大的槓桿。

Jim Fish with Piper Sandler.

吉姆·菲什和派珀·桑德勒。

Going back to Peter's question on the 80% attach rate for the $1 million-plus deals. Any sense as to what that was last quarter or last year at this point? And what is differentiating Five9's AI versus the other CCaaS vendors in your view? And then, Dan, just quickly for you, on that big healthcare win, nice to see. Is this going to act like that large parcel delivery company and we'll see further regional expansions given their 50,000 seats in aggregate? Or how are you viewing the potential expansion from here?

回到 Peter 關於 100 萬美元以上交易的 80% 附加率的問題。現在對上個季度或去年的情況有什麼了解嗎？在您看來，Five9 的 AI 與其他 CCaaS 供應商的區別是什麼？然後，丹，請盡快為您介紹一下醫療保健方面的重大勝利，很高興看到。這是否會像那家大型包裹遞送公司一樣，鑑於其總共擁有 50,000 個座位，我們會看到進一步的區域擴張？或者您如何看待這裡的潛在擴張？

Great questions. First of all, the 80% attach rate, I don't have the measurements from the previous quarters exactly. But I can tell you, that's a very common trend in what we're seeing and it's only been increasing. I mean as AI and automation becomes that much more important, it's asked for in virtually all the RFPs today is presented whether asked for or not. And we can find use cases for customers across the board now that we have this full portfolio of 8 different applications that we can deliver and combinations where you combine the two and deliver a pretty unique use case.

很好的問題。首先，80%的附加率，我沒有前幾個季度的準確測量數據。但我可以告訴你，這是我們所看到的一個非常普遍的趨勢，而且它還在不斷增加。我的意思是，隨著人工智能和自動化變得越來越重要，今天幾乎所有的 RFP 中都要求它，無論是否要求。現在，我們可以為客戶找到全面的用例，因為我們擁有 8 種不同應用程序的完整產品組合，我們可以提供這些應用程序以及將兩者結合起來並提供非常獨特的用例的組合。

So we're seeing that in a lot of brainstorming within the new customers. They use it to justify their business case to move to Five9 and to the cloud, in particular, but also in the installed base. We can see tremendous ROIs. And so we see a better attach rate there, as Mike alluded to earlier.

因此，我們在新客戶的大量頭腦風暴中看到了這一點。他們用它來證明他們的業務案例遷移到 Five9 和雲，特別是在安裝基礎上。我們可以看到巨大的投資回報率。因此，正如邁克之前提到的，我們在那裡看到了更好的附加率。

Moving over to the second part of your question, no, I don't recall what it was.

轉到你問題的第二部分，不，我不記得那是什麼了。

So is this going to act like...

那麼這會像...

I got you. Yes, the account we mentioned. It very well could. Bear in mind, these transitions take time as they come on to the platform. They will continue to expand their use of various applications that we did not sell them initially. We have certain things that were preexisting that we're integrated to. In that case, as an example, Aceyus was already -- they were already a customer of Aceyus. We're doing that integration, directly with that as a strategic element.

我接到你了。是的，就是我們提到的賬戶。很可能。請記住，這些轉變在進入平台時需要時間。他們將繼續擴大對我們最初沒有出售給他們的各種應用程序的使用。我們有一些已經存在的東西，我們已經融入其中。在這種情況下，舉個例子，Aceyus 已經——他們已經是 Aceyus 的客戶了。我們正在進行整合，直接將其作為戰略要素。

They already have Verint throughout their many, many different sites that's on-prem. We're going to integrate to that via our voice stream AVI. Eventually, they'll look to probably upgrade the Verint solution to our cloud and the Verint cloud that we integrate with. So we'll be providing many add-ons just like most of our large enterprise customers. The CAGR of the adds and the expansion that they experienced with us is tremendous. So when you look at our dollar-based retention rate and you look, the further upmarket you go, the higher that percentage is just because they tend to buy everything on the truck, so to speak.

他們已經在許多不同的本地網站上部署了 Verint。我們將通過我們的語音流 AVI 進行集成。最終，他們可能會考慮將 Verint 解決方案升級到我們的雲以及與我們集成的 Verint 雲。因此，我們將像大多數大型企業客戶一樣提供許多附加組件。添加者的複合年增長率以及他們與我們一起經歷的擴張是巨大的。因此，當你看看我們以美元為基礎的保留率時，你會發現，你越往高端市場，這個比例就越高，因為他們傾向於購買卡車上的所有東西，可以這麼說。

Our next question will come from Michael Turrin with Wells Fargo.

我們的下一個問題將來自富國銀行的邁克爾·特林。

I think look, a lot of the questions have been on the initial reaction around the beat and the raise. But if I look at the filings, Barry, the RPO metric is up 45% year-on-year. I think it's up double digits again sequentially. So maybe you can just tell us more around your view of the significance of that RPO metric. Is that becoming more valuable as you move up market and maybe reflective of some of the momentum that you're highlighting? And maybe you can just help level set considerations we should be making around conversion of bookings to subscription revenue over time as well.

我認為，很多問題都是關於節奏和加註的最初反應。但巴里，如果我查看一下文件，RPO 指標同比增長了 45%。我認為它又連續上升了兩位數。因此，也許您可​​以告訴我們更多關於 RPO 指標重要性的看法。隨著您進入市場，這是否會變得更有價值，並且可能反映了您所強調的一些勢頭？也許您可以幫助我們設定考慮因素，以便隨著時間的推移將預訂轉化為訂閱收入。

Yes. Thanks, Michael. So indeed, 13% sequential growth, 46% year-over-year growth, $1 billion in total. The situation there though, Michael, is that, that only captures part of the picture and a volatile part of the picture. Why? Because it includes only contracts that have more than a year to run. And that's not all of our business. Now we've always said that the only thing you can really use the RPO concretely for is to see directionally which way it is heading. And the work that Dan and the team have done and the market that they're going into, makes it really clear that the direction on the new business is up and to the right.

是的。謝謝，邁克爾。事實上，環比增長 13%，同比增長 46%，總計 10 億美元。但邁克爾，情況是這樣的，它只捕獲了圖片的一部分和圖片的不穩定部分。為什麼？因為它只包括運行時間超過一年的合同。這不是我們的全部業務。現在我們總是說，您真正可以具體使用 RPO 的唯一用途就是定向查看它的前進方向。丹和團隊所做的工作以及他們即將進入的市場清楚地表明，新業務的方向是向上且正確的。

Is there anything you can say around just the composition of top types of customers that are showing up in RPO versus what's the case? So I just want to get a sense of multiyear today versus what that used to look like historically.

關於 RPO 中出現的頂級客戶類型的構成以及實際情況，您有什麼可以說的嗎？所以我只是想了解一下今天的多年與歷史上的情況。

Yes. It is so much across the board. I mean the contact center industry is a horizontal industry. There is some concentration in our business in terms of healthcare, financial services, consumer, but then a whole smorgasbord of other industries below that. Frankly, I don't have a detailed analysis of that, that I can share, in part because it is not a key management metric for us.

是的。這是全面的。我的意思是聯絡中心行業是一個橫向行業。我們的業務集中在醫療保健、金融服務、消費者方面，但隨後還有其他行業的大雜燴。坦率地說，我對此沒有詳細的分析，可以分享，部分原因是這對我們來說不是一個關鍵的管理指標。

If I may add one thing to that, Michael. Bear in mind, we don't incent our customers or provide additional discounting for longer contract cycles because we're so confident in the renewal rates. Our contracts automatically renew each year, every year. So oftentimes, we look and say, well, how long is the term of this customer, and we don't know. Because we're just -- we put the contract in the drawer, it never gets opened again.

如果我可以補充一件事，邁克爾。請記住，我們不會激勵客戶或為較長的合同周期提供額外折扣，因為我們對續訂率非常有信心。我們的合同每年都會自動續訂。很多時候，我們會看著並說，這個客戶的期限有多長，但我們不知道。因為我們只是——我們把合同放在抽屜裡，它再也不會被打開。

It's an auto renewal. So it's the beauty and it's also one reason why we have a lot of annual 1-year contracts but we have a fair amount of 3-year and 5-year as well. Mostly, it's because the customer wants to protect themselves against price increases when they do multiyear.

這是自動續訂。這就是美妙之處，也是我們每年簽訂大量一年期合同的原因之一，但我們也有相當數量的三年期和五年期合同。大多數情況下，這是因為客戶希望在多年購買時保護自己免受價格上漲的影響。

Moving on to Matt VanVliet with BTIG.

接下來是 BTIG 的 Matt VanVliet。

So I wanted to dig in maybe a little more on the attach rate and contribution on the AI side. So you mentioned 80% of the larger deals. But can you give us any sense for how much of the ARR of those deals is actually sort of tied to these AI features, presume it's up year-over-year, but maybe more importantly, where do you think that goes in the next 3 to 5 years? Can it be 20% or 30%? What's sort of the upper bound of what people are going to pay for?

所以我想更深入地了解人工智能方面的附加率和貢獻。所以你提到了 80% 的較大交易。但你能否告訴我們，這些交易的 ARR 有多少實際上與這些人工智能功能相關，假設它逐年上升，但也許更重要的是，你認為未來 3 年會發生什麼？到5年？可以是20%或者30%嗎？人們願意支付的費用上限是多少？

Yes. I'm glad you brought that up, and I'll start it and Mike, you can continue. If you look at the attach rate, yes, 80%, a big number. If you look at the revenue contribution, small number, a very small number. And the reason being is we're at the very beginnings of really implementing AI and automation in the right use cases. Today, you have a very simplistic straightforward question that gets asked repeatedly within the contact center. Well, if you automate that, you can let the customer self-serve for it, and that's great.

是的。我很高興你提出這個問題，我將開始，邁克，你可以繼續。如果你看一下附加率，是的，80%，一個很大的數字。如果你看一下收入貢獻，數字很小，非常小。原因是我們才剛剛開始在正確的用例中真正實施人工智能和自動化。今天，您有一個非常簡單直接的問題，在聯絡中心內會被反复詢問。好吧，如果你將其自動化，你就可以讓客戶自助服務，那就太好了。

So a lot of customers are looking at deflecting 3% to 5% of their calls over. And if you think about the pricing that we've dictated well to you, so if you put in 6% to 10% of the revenue contribution from that customer because they're deflecting that many calls over, yes, we make more on those automated calls than we do nonautomated calls. But it's still a small percentage. So in 3 to 5 years, boy, I'm optimistic that, yes, the crystal ball says more and more use cases will become prevalent.

因此，許多客戶正在考慮將 3% 到 5% 的電話轉接。如果你考慮一下我們為你制定的定價，那麼如果你投入該客戶收入貢獻的 6% 到 10%，因為他們轉移了很多電話，是的，我們會在這些方面賺更多錢自動呼叫比非自動呼叫多。但這仍然是一個很小的比例。因此，在 3 到 5 年內，我很樂觀，是的，水晶球表明越來越多的用例將變得普遍。

Consumers will get more used to and comfortable talking to a machine versus a human. But for the consultations and the sales calls and all the other things that you need to really speak human-to-human, that's where we implement automation to help that human-to-human conversation. And we assist at making it more powerful and more efficient in delivering data to that agent more quickly and more accurately.

與人類相比，消費者將更習慣和更舒適地與機器交談。但對於諮詢、銷售電話以及人與人之間真正需要的所有其他事情，我們都實施自動化來幫助人與人之間的對話。我們幫助它變得更強大、更高效，可以更快、更準確地向代理提供數據。

So there's automation we can apply to help a contact center be more efficient and effective. But across the board, where I'm going here, is it's really hard. We have some customers to go all in and put multiple applications in, and it's a much higher percentage and others where they're just barely scratching the surface. The beauty here is, over time, we know it's going to increase. We know it's going to be more prevalent. We know some is going to be based, as Mike said earlier, on a per port or capacity-based.

因此，我們可以應用自動化來幫助聯絡中心提高效率和效果。但總的來說，我要去的地方是真的很難。我們有一些客戶全力以赴並投入了多個應用程序，而且比例要高得多，而其他客戶則只是觸及表面。這裡的美妙之處在於，隨著時間的推移，我們知道它會增加。我們知道它會更加流行。正如邁克之前所說，我們知道有些將基於每個端口或基於容量。

We're going to have others that are transactional or per minute or on a usage basis. And in all those scenarios, it's Five9 software being delivered to help enterprises deliver a great customer experience. And so our revenue per customer, without a doubt, will continue to increase and do so handsomely.

我們將有其他的交易或每分鐘或使用的基礎上。在所有這些場景中，Five9 軟件都可以幫助企業提供出色的客戶體驗。因此，毫無疑問，我們每個客戶的收入將繼續增長，而且增長可觀。

Siti Panigrahi with Mizuho has the next question.

瑞穗的 Siti Panigrahi 有下一個問題。

I want to ask about the margin. Look, you guys have like 100-plus -- 100 bps-plus margin -- gross margin expense and also operating margin. Should you expect this trend to continue? Or how should we think about your investment, especially with this AI opportunity? And also, could you talk about the Aceyus, how is that going to impact your margin?

我想問一下關於保證金的問題。聽著，你們的利潤率超過 100 個基點——毛利率費用和營業利潤率。您是否應該預期這種趨勢會持續下去？或者我們應該如何考慮您的投資，尤其是這個人工智能機會？另外，您能談談 Aceyus，這對您的利潤率有何影響？

So let's break it into the 2 components: growth and operating expenses. In terms of gross margin, if you look at over the longer term, it is very clear that, that's going to go up. Why do I say that? It's simple. There are a number of factors, but the biggest single one is the leverage between fixed and semi-fixed costs. And sometimes to understand what's going to happen in the future, you need to look at what's happened in the past.

因此，讓我們將其分為兩個部分：增長和運營費用。就毛利率而言，如果從長遠來看，很明顯，毛利率將會上升。我為什麼這麼說呢？這很簡單。影響因素有很多，但最大的因素是固定成本和半固定成本之間的槓桿作用。有時要了解未來會發生什麼，您需要看看過去發生的事情。

And if you look at the past 10 years, nine out of those 10 years, the gross margin on our subscription business expanded. The only exception was we're going to do some heavy investments in the cloud and in international. And the rough numbers, software already accounts for approximately 75% of the total revenue. So it's a growing proportion. And when we're in public, it was certainly less than 60%. So we have that tailwind.

如果你看看過去的 10 年，其中有 9 年，我們訂閱業務的毛利率有所擴大。唯一的例外是我們將在雲和國際領域進行大量投資。粗略計算，軟件收入已經占到總收入的75%左右。所以這個比例越來越大。當我們在公共場合時，這個比例肯定低於 60%。所以我們有這個順風。

Currently, we're in the low 70s, but on our way to the 80s. Like we've demonstrated, we can improve over time. The near term, though, on security margins and gross margins is very revenue-dependent, as I just alluded to. And we are making some additional investments, particularly while Dan is bringing in these mega deals that require some incremental investment until we really get scale fully.

目前，我們正處於 70 年代低段，但正在邁向 80 年代。正如我們所展示的，我們可以隨著時間的推移而改進。不過，正如我剛才提到的，短期內安全邊際和毛利率非常依賴於收入。我們正在進行一些額外的投資，特別是當 Dan 引入這些大型交易時，這些交易需要一些增量投資，直到我們真正實現規模化。

In terms of the EBITDA margin, we're very serene over there. We've got a long-term model and we take all 3 components. We have 47%, this is up to about 2027. We're currently at 43%. So we can actually still go up and still make our 23% EBITDA margin that we're anticipating.

就 EBITDA 利潤率而言，我們非常平靜。我們有一個長期模型，我們採用了所有 3 個組成部分。我們有 47%，到 2027 年左右。我們目前是 43%。因此，我們實際上仍然可以實現預期的 23% EBITDA 利潤率增長。

Moving on to Will Power with Baird.

繼續與貝爾德一起探討意志力。

Okay. Great. I think probably for Dan, great to see the multitude of new big wins, maybe just zeroing in on the Fortune 50 healthcare win, it would be great just to understand kind of what that process looks like, who you replaced, I'm sure you competed with your competitors. What really kind of helped you to stand apart there? And this seems to be part of a string of healthcare wins. Maybe to cover more broadly what's going on with healthcare for you? I mean reference accounts probably helped. And I guess the extension of that is how do you replicate that in these other verticals?

好的。偉大的。我想對於Dan 來說，很高興看到眾多新的重大勝利，也許只是專注於財富50 強醫療保健方面的勝利，如果能了解這個過程是什麼樣子，我確信你取代了誰，那就太好了你與你的競爭對手競爭。是什麼真正幫助你在那裡脫穎而出？這似乎是一系列醫療保健勝利的一部分。也許更廣泛地涵蓋您的醫療保健狀況？我的意思是參考賬戶可能有幫助。我想它的延伸是你如何在其他垂直領域複製它？

Yes. No, great question, Will, I appreciate it. And if you look at the upmarket expansion and the penetration we're making across many verticals, some that are very prevalent with large contact centers are certainly healthcare and financial services, large consumer product companies. I mean think about who we, all as consumers, contact every day, right? Healthcare is one that's not going away ever, especially as our population grows older.

是的。不，很好的問題，威爾，我很感激。如果你看看我們在許多垂直領域的高端市場擴張和滲透，就會發現在大型聯絡中心中非常普遍的一些肯定是醫療保健和金融服務、大型消費品公司。我的意思是想想我們作為消費者每天都會接觸誰，對吧？醫療保健永遠不會消失，尤其是隨著人口老齡化。

So if you look at that, the insurance company that we sold across the board has several legacy systems. It wasn't one particular one, but it's the typical 3 that we've talked about in the past. And that's the issue, right? They've grown. The healthcare companies and insurance companies have all done M&A activity over the years and you get these systems that are a decade or 2 old. And they don't do a whole lot. And what they do, they do it for that given building, right?

因此，如果你看一下，我們全面出售的保險公司有幾個遺留系統。這不是特定的一個，而是我們過去討論過的典型的 3 個。這就是問題所在，對吧？他們長大了。多年來，醫療保健公司和保險公司都進行了併購活動，你得到的這些系統已經有十年或兩年的歷史了。而且他們並沒有做很多事情。他們所做的，是為那座特定的建築做的，對吧？

They're premise-based systems that operate for that one set of resources or users that are in that facility. And that creates silos of efficiency, small ones and that creates great efficiency when you think about what a virtual contact center can do like Five9. Because just the sheer moving of calls from the cloud straight to the resources as if they're under one roof is a tremendous saver that we've had for years.

它們是基於前提的系統，為該設施中的一組資源或用戶運行。當您考慮像 Five9 這樣的虛擬聯絡中心可以做什麼時，這會產生效率孤島，小孤島和巨大效率。因為僅僅將調用從雲直接轉移到資源就好像它們在一個屋簷下一樣，這已經為我們節省了很多年的時間。

Well, they now can take advantage of that. They also can take advantage of all the AI and automation that we deliver from the cloud. So it's a great vertical for us. It's one that's leaning into to CCaaS right now, primarily because of those AI and automation solutions and the old legacy platforms they're on. But also it's one that they're leaning into because they are going through a rapid change themselves in M&A activity and want to be -- want to have the flexibility to do so in the future.

好吧，他們現在可以利用這一點。他們還可以利用我們從雲端提供的所有人工智能和自動化。所以這對我們來說是一個很好的垂直領域。目前它正在傾向於 CCaaS，主要是因為那些人​​工智能和自動化解決方案以及它們所依賴的舊平台。但他們也傾向於這樣做，因為他們自己正在經歷併購活動的快速變化，並且希望在未來能夠靈活地做到這一點。

Our next question will come from Deutsche Bank's Matthew Niknam.

我們的下一個問題將來自德意志銀行的 Matthew Niknam。

So obviously, new logos, you talked about a very strong quarter. Can you talk a little bit about where you're taking share from, how it's evolved in the last few quarters, and then just any color you can provide on linearity of bookings during 2Q?

顯然，新徽標，您談到了一個非常強勁的季度。您能否談談您從哪裡獲得份額，在過去幾個季度中它是如何演變的，然後您可以提供有關第二季度預訂線性度的任何顏色嗎？

Yes, taking share. It's still primarily moving off of the legacy Avaya, Cisco, Genesys. Genesys has a massive -- they're also a cloud competitor. But they have a massive installed base, some estimate over 2 million seats out there that they've indicated are being end of life and need to be replaced. They're going to get a big share of that. They've already demonstrated that in some of the figures that they've already disclosed. But we're going to get some, too.

是的，分享。它仍然主要擺脫傳統的 Avaya、Cisco、Genesys。 Genesys 擁有龐大的競爭對手，他們也是雲計算的競爭對手。但他們擁有龐大的安裝基礎，有人估計有超過 200 萬個座位，他們表示這些座位即將報廢並需要更換。他們將從中獲得很大一部分。他們已經在他們已經披露的一些數據中證明了這一點。但我們也會得到一些。

It gets an opportunity for most to go shopping and really put on RFPs and see what's in the market. And we love that opportunity and we get a great share in those opportunities. So it's those 3. And then on occasion, we do find that they're CCaaS providers that have either gone through a partner that wasn't really astute and up to speed on being able to really maximize the value for that company to extract the value for that product. And sometimes it's just the wrong fit for the enterprise. And so they do make a change.

它為大多數人提供了一個機會去購物，真正提出 RFP，看看市場上有什麼。我們喜歡這個機會，並且我們在這些機會中獲得了很大的份額。所以就是這 3 個。有時，我們確實發現他們是 CCaaS 提供商，他們要么通過了一個不太精明的合作夥伴，但又不能夠真正最大化該公司的價值，從而提取該產品的價值。有時它不適合企業。所以他們確實做出了改變。

So we do have CCaaS providers that we replace. And one example I gave was -- in the prepared remarks was a company that had already embarked on a competitor implementation of ours. And the company that they acquired had made a recent decision prior to that to go with Five9, but hadn't started an implementation. So they basically contacted us to cancel that contract. And we asked them to take a closer look and give us a chance and evaluate the two side by side, even though they were several months into another implementation. And they ultimately made the decision that we were the better fit for them, and they went our way.

所以我們確實有可以替換的 CCaaS 提供商。我舉的一個例子是——在準備好的發言中，一家公司已經開始實施我們的競爭對手的實施方案。他們收購的公司最近已決定與 Five9 合作，但尚未開始實施。所以他們基本上聯繫我們取消了合同。我們要求他們仔細觀察並給我們一個機會並同時評估兩者，儘管他們已經進行了另一次實施幾個月。他們最終決定我們更適合他們，於是他們就走了我們的路。

And just on linearity, any color there over the course of the quarter?

僅就線性而言，本季度有任何顏色嗎？

On the course of the quarter, linearity in our business, I'd love to achieve it. I've, for a few decades now, strive for that. The deals at the lower end of the market, we can get more linearity and more predictability because we see the lead flow and the sales cycle, and we know our close rates are very consistent. On the high end of the market, it's really tough. It's lumpy because we have these big deals that make a huge swing.

在本季度的過程中，我們的業務呈線性，我很樂意實現這一目標。幾十年來，我一直在為此努力。對於低端市場的交易，我們可以獲得更多的線性度和更多的可預測性，因為我們看到了潛在客戶流和銷售週期，並且我們知道我們的成交率非常一致。在高端市場，這確實很困難。它是不穩定的，因為我們有這些大交易，會產生巨大的波動。

We had quarters where even talking about the top 3 or 4, we've had quarters where that number is far lower than in other quarters, where we've dwarfed it with some big numbers like this one. And so it's hard to get linearity until we get the higher volume, but that's something we're certainly striving for.

我們有些季度甚至談論前 3 名或前 4 名，我們有些季度的數字遠遠低於其他季度，與像這樣的一些大數字相比，我們的數字相形見絀。因此，在我們獲得更高的音量之前，很難獲得線性度，但這確實是我們正在努力的目標。

And we do have time for one additional question, which will come from Catharine Trebnick with Rosenblatt.

我們還有時間回答一個額外問題，該問題將由 Catharine Trebnick 和 Rosenblatt 提出。

Dan, could you piece part a little bit, you did, WWT, BT and Telus is all new partners in the last couple of months. How long does it actually take to put the go-to-market strategy and generate revenue from these big partners?

Dan，你能透露一點嗎？你做到了，WWT、BT 和 Telus 在過去幾個月都是新的合作夥伴。實施進入市場策略並從這些大合作夥伴那裡產生收入實際上需要多長時間？

Yes. Wonderful question, Catharine, and that's something, and I'm glad you mentioned it because it is something we want to make sure folks realize that it's not a sign them up and open the floodgates. It's you've got to train them, educate them, have them make the investments in their go-to-market and some of the back-office support that they're going to provide to the customers.

是的。很好的問題，凱瑟琳，這就是問題，我很高興你提到它，因為我們希望確保人們意識到這不是讓他們註冊並打開閘門。你必須培訓他們，教育他們，讓他們在進入市場方面進行投資，並為客戶提供一些後台支持。

In many cases, these large service providers, like the ones you mentioned, they're doing this not just to bring product to their customers but to really get services around them. we have something we've referred to as project pull-through, which is enabling these varied types of partners to be able to enable the implementation services, professional services, if you will, as well as ongoing support for at least Tier 1 and Tier 2.

在許多情況下，這些大型服務提供商，就像您提到的那些，他們這樣做不僅僅是為了向客戶提供產品，而是為了真正獲得圍繞他們的服務。我們有一種稱為項目拉通的東西，它使這些不同類型的合作夥伴能夠提供實施服務、專業服務（如果您願意的話）以及至少對一級和一級的持續支持2.

That gives us, in the long run, better margins and it gives them an ability to make money off of the services that they're used to delivering on their legacy solutions. And it gives them an incentive to want to bring us into their opportunities because they recognize, aha, I'm going to get the services business for this. It's not just the margin on the markup. So how long does it take? It varies. But usually, it's at least 6 to 9 months before we really start to see a pipeline build up and probably 1 year to 1.5 years before we see some revenue contribution. Because again, there's a sales cycle there and most of these are going after customers that are on the larger end of the scale.

從長遠來看，這給我們帶來了更好的利潤，也讓他們能夠從他們習慣於在遺留解決方案上提供的服務中賺錢。這讓他們有動力想要把我們帶入他們的機會，因為他們認識到，啊哈，我將為此獲得服務業務。這不僅僅是標記上的邊際。那麼需要多長時間呢？它有所不同。但通常情況下，我們至少需要 6 到 9 個月才能真正開始看到渠道的建立，並且可能需要 1 年到 1.5 年才能看到一些收入貢獻。因為，那裡有一個銷售週期，其中大多數都是為了追求規模較大的客戶。

Congratulations on the acquisitions.

祝賀您完成收購。

And again, everyone, that does conclude today's Q&A. So I'll turn things back to Mike for closing comments. Mike, over to you.

各位，今天的問答就到此結束了。因此，我將把事情轉回給邁克以供結束評論。邁克，交給你了。

Yes. Thank you for joining us, everyone. As we cross the midyear mark and just I couldn't be more thrilled with what I've seen in terms of momentum in our business. We talked a little bit about it in terms of upmarket momentum, the deals that Dan talked about. It's an exciting time for Five9, exciting time in our industry, and we look forward to continuing the conversation with you all. Thanks for joining us.

是的。感謝大家加入我們。當我們跨過年中大關時，我對我們業務的發展勢頭感到無比興奮。我們就高端市場動力以及丹談到的交易進行了一些討論。對於 Five9 來說，這是一個激動人心的時刻，對於我們這個行業來說，這是一個激動人心的時刻，我們期待著與大家繼續對話。感謝您加入我們。