Five9 Inc (FIVN) 2024 Q2 法說會逐字稿

Thank you for joining us today.

感謝您今天加入我們。

On the call are Mike Burkland, Chairman and CEO; Dan Burkland, President; and Barry Zwarenstein, CFO.

董事長兼執行長 Mike Burkland 參加了電話會議；丹‧伯克蘭，總裁；和財務長巴里‧茨瓦倫斯坦 (Barry Zwarenstein)。

Certain statements made during the course of this conference call that are not historical facts, including those regarding the future financial performance and cash position of the company, expected improvements in financial-related metrics, expected ARR from certain customers, our proposed acquisition of Acqueon, certain expected revenue mix shifts, customer growth, anticipated customer benefits from our solution, including from AI, the extent of anticipated TAM expansion.

本次電話會議期間所做的某些非歷史事實的陳述，包括有關公司未來財務業績和現金狀況、財務相關指標的預期改善、某些客戶的預期 ARR、我們對 Acqueon 的擬議收購的陳述，某一些預期收入組合變化、客戶成長、我們解決方案（包括人工智慧）的預期客戶收益、預期TAM 擴張的程度。

Our ability to take advantage of such expansion, company growth, enhancements to and development of our solution, market size and trends, our expectations regarding macroeconomic conditions, company market position, initiatives and expectations, technology and product initiatives, including investment in R&D and other future events or results, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

我們利用此類擴張的能力、公司成長、解決方案的增強和開發、市場規模和趨勢、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，包括研發投資和其他未來事件或結果，屬於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.

此類陳述只是預測，投資人不應過度依賴。

Actual events or results may differ materially and the company undertakes no obligation to update the information in such statements.

實際事件或結果可能存在重大差異，本公司不承擔更新此類聲明中的資訊的義務。

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.

這些陳述面臨重大風險和不確定性，可能對 Five9 的未來表現產生不利影響，並導致這些前瞻性陳述不準確，包括不利經濟條件的影響。

Including macroeconomic deterioration and uncertainty, including continuing 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 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.

包括宏觀經濟惡化和不確定性，包括通貨膨脹持續加劇、利率上升、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以及風險因素和其他標題下討論的其他風險，在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.

此外，管理階層將在本次電話會議中參考非公認會計準則財務指標。

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 that can be found 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.

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，目前可以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資料的附錄中找到。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 的董事長兼執行長 Mike Burkland。

Thanks, Emily, and thanks everyone for joining our call this afternoon.

謝謝艾米麗，也謝謝大家今天下午加入我們的電話會議。

I’m pleased to report that we achieved a key milestone in Q2, with annual revenue run rate exceeding $1 billion, primarily driven by LTM Enterprise subscription revenue growing 21% year-over-year.

我很高興地向大家報告，我們在第二季度實現了一個重要里程碑，年收入運行率超過 10 億美元，這主要是由 LTM Enterprise 訂閱收入同比增長 21% 推動的。

Adjusted EBITDA margin increased sequentially to 17% of revenue, helping drive strong LTM operating cash flow of $126 million, or 13% of revenue.

調整後的 EBITDA 利潤率連續上升至營收的 17%，幫助推動 LTM 營運現金流強勁，達到 1.26 億美元，即營收的 13%。

Before I move on to the business updates, let me comment on our outlook for the remainder of the year.

在繼續介紹業務更新之前，讓我先評論一下我們對今年剩餘時間的展望。

We are reducing our top line annual guidance by 3.8%, based on the latest trends we saw in June bookings and other factors that Barry will elaborate on.

根據我們在 6 月預訂量中看到的最新趨勢以及巴里將詳細闡述的其他因素，我們將年度營收指引下調了 3.8%。

In response, we will be laser focused on managing expenses to generate improved margins and cash flow.

作為回應，我們將集中精力管理費用，以提高利潤和現金流。

As a result, we’re raising the midpoint of our annual non-GAAP EPS guidance.

因此，我們提高了年度非 GAAP 每股盈餘指引的中點。

This is also consistent with our objective of driving shareholder value through balanced, profitable growth, further supporting our positive long-term outlook.

這也符合我們透過平衡、獲利成長推動股東價值的目標，進一步支持我們積極的長期前景。

And now, turning to the business updates.

現在，轉向業務更新。

Today, I want to focus my comments on some announcements we believe will drive significant future growth for Five9 by improving AI-powered customer experiences.

今天，我想重點討論一些公告，我們相信這些公告將透過改善人工智慧驅動的客戶體驗來推動 Five9 未來的顯著成長。

First, I’ll comment on our agreement to acquire Acqueon, and then I’ll touch on our AI strategy and the latest innovations that are extending our leadership position in AI.

首先，我將評論我們收購 Acqueon 的協議，然後我將談論我們的人工智慧策略以及擴大我們在人工智慧領域領導地位的最新創新。

I’m excited to announce our agreement to acquire Acqueon, a significant step in extending our AI-powered CX platform and market reach.

我很高興地宣布我們同意收購 Acqueon，這是擴大我們的人工智慧驅動的 CX 平台和市場覆蓋範圍的重要一步。

Today, brands are increasingly wanting to proactively reach customers for sales, e-commerce, collections, and appointment reminders, as well as service and support.

如今，品牌越來越希望主動接觸客戶以進行銷售、電子商務、系列、預約提醒以及服務和支援。

Acqueon excels in orchestrating proactive outbound omnichannel customer engagement across numerous CX use cases and has assisted leading financial services, retail, and healthcare businesses to connect with their audiences and increase revenue through higher contact and conversion rates.

Acqueon 擅長在眾多 CX 使用案例中協調主動出站全通路客戶參與，並協助領先的金融服務、零售和醫療保健企業與受眾建立聯繫，並透過提高接觸率和轉換率來增加收入。

Like a symphony conductor, Acqueon’s platform uses AI and contextual data to predict, personalize, and orchestrate when and how to best reach customers.

就像交響樂指揮一樣，Acqueon 的平台使用人工智慧和上下文數據來預測、個人化和編排何時以及如何最好地接觸客戶。

Adding Acqueon’s capabilities to Five9’s intelligent CX platform is a big step toward realizing our ambition to become the orchestration engine for every interaction across the entire customer journey, including marketing, e-commerce, sales, as well as customer service.

將Acqueon 的功能添加到Five9 的智慧CX 平台中，是朝著實現我們的雄心壯志邁出的一大步，我們的目標是成為整個客戶旅程中每次互動的編排引擎，包括行銷、電子商務、銷售以及客戶服務。

In addition, the multimodal interactions handled by Acqueon generate incremental contextual data that will further strengthen the value of our AI.

此外，Acqueon 處理的多模式互動會產生增量上下文數據，這將進一步增強我們人工智慧的價值。

Five9 and Acqueon have already been partnering to win some of the largest enterprise CX opportunities in the industry.

Five9 和 Acqueon 已經合作贏得了一些業內最大的企業客戶體驗機會。

And we’re very bullish on the opportunities we see in the pipeline.

我們非常看好我們在管道中看到的機會。

We anticipate the Acqueon transaction to close in the second half of 2024.

我們預計 Acqueon 交易將於 2024 年下半年完成。

Now, turning to our AI strategy.

現在，轉向我們的人工智慧策略。

Since 2018, Five9 has been focused on harnessing the power of AI to elevate CX.

自 2018 年以來，Five9 一直專注於利用人工智慧的力量來提升客戶體驗。

Today, consumers will tell you that their interactions with many brands are disjointed and not satisfactory.

今天，消費者會告訴你，他們與許多品牌的互動是脫節且不令人滿意的。

This is often due to customer interactions being spread across many platforms and touch points, each of which is siloed.

這通常是由於客戶互動分佈在許多平台和接觸點上，而每個平台和接觸點都是孤立的。

This has driven our ambition to orchestrate every interaction between a consumer and a brand through Five9’s Intelligence CX platform powered by Five9 Genius AI.

這促使我們雄心勃勃地透過由 Five9 Genius AI 提供支援的 Five9 智慧 CX 平台來協調消費者與品牌之間的每一次互動。

Our platform provides advanced orchestration for elevated customer experiences, allowing us to bring together all of these interactions and personalize them using contextual data.

我們的平台提供先進的編排，以提升客戶體驗，使我們能夠將所有這些互動匯集在一起，並使用上下文資料對其進行個人化。

Our strategy has been consistent throughout, embedding AI across our platform, delivering practical AI solutions that drive tangible business value, and helping our customers leverage AI responsibly.

我們的策略自始至終都是一致的，將人工智慧嵌入我們的平台，提供實用的人工智慧解決方案來推動有形的商業價值，並幫助我們的客戶負責任地利用人工智慧。

Also, with our engine agnostic approach, we enable our customers to continually take advantage of the rapid innovation in AI.

此外，透過我們與引擎無關的方法，我們使我們的客戶能夠不斷利用人工智慧的快速創新。

But technology alone is not enough to deliver this vision.

但僅靠科技還不足以實現這個願景。

And so we combine it with our trusted AI and CX experts to help our customers navigate through this evolving world of AI.

因此，我們將其與值得信賴的人工智慧和客戶體驗專家結合起來，幫助我們的客戶在這個不斷發展的人工智慧世界中導航。

And now I’d like to share two significant steps we’ve taken to extend our leadership position in AI.

現在我想分享我們為擴大人工智慧領域的領導地位所採取的兩個重要步驟。

First, we’re excited to announce the general availability of GenAI Studio.

首先，我們很高興地宣布 GenAI Studio 全面上市。

This pioneering product serves as a central hub for brands to apply GenAI across all CX touchpoints within the Five9 platform and beyond.

這項開創性產品充當品牌的中心樞紐，將 GenAI 應用到 Five9 平台內外的所有 CX 接觸點。

We now have the unique ability to break down data silos by leveraging contextual data, not just within our platform, but also from external systems such as CRM, marketing, e-commerce, and more, all through a single pane of glass.

我們現在擁有獨特的能力，可以透過利用上下文資料來打破資料孤島，不僅在我們的平台內，還可以透過單一管理平台利用來自 CRM、行銷、電子商務等外部系統的資料。

This comprehensive 360 degree view of the customer experience enables us to deliver hyper-personalization and improved business outcomes.

這種全面的 360 度客戶體驗視圖使我們能夠提供超個人化和改進的業務成果。

And second, we’re announcing the newest member of the Five9 Genius AI suite, AI Knowledge.

其次，我們宣布 Five9 Genius AI 套件的最新成員 AI Knowledge。

AI Knowledge allows brands to provide concise answers to many common questions their customers might have by training custom GenAI models with knowledge unique to their brand.

AI Knowledge 讓品牌透過使用其品牌特有的知識訓練來客製化 GenAI 模型，為客戶可能提出的許多常見問題提供簡潔的答案。

AI Knowledge can be used for voice and chatbots, enabling self-service answers to a much wider set of use cases than were previously possible with prior generation FAQ bots.

人工智慧知識可用於語音和聊天機器人，與上一代常見問題解答機器人相比，可以為更廣泛的用例提供自助解答。

That in turn reduces the need for calls and chats to reach live agents, saving brands money.

這反過來又減少了聯繫現場客服人員的電話和聊天需求，從而為品牌節省了資金。

AI Knowledge is also integrated into Five9 AI Agent Assist, allowing agents to get quicker and more accurate answers to customer questions.

AI Knowledge 也整合到 Five9 AI Agent Assist 中，讓客服人員能夠更快、更準確地回答客戶問題。

That allows them to offer accurate and faster service, improving CX while also reducing handle times and reducing cost.

這使他們能夠提供準確、更快的服務，改善客戶體驗，同時減少處理時間並降低成本。

And best of all, AI Knowledge reduces the amount of time people have to sit waiting on hold, something all of us can appreciate.

最重要的是，人工智慧知識減少了人們等待的時間，這是我們所有人都可以欣賞的。

These latest AI innovations are important additions to our market-leading AI portfolio, which today is enabling some of the world’s largest brands to elevate their CX.

這些最新的人工智慧創新是我們市場領先的人工智慧產品組合的重要補充，如今，該產品組合使一些全球最大的品牌能夠提升其客戶體驗。

Turning now to our market opportunity related to AI, as we’ve said in the past, AI represents a TAM expansion for Five9.

現在轉向與人工智慧相關的市場機會，正如我們過去所說，人工智慧代表了 Five9 的 TAM 擴展。

For instance, if a hypothetical Five9 customer is able to automate 15% of interactions and therefore reduce seats and labor costs by 15%, given that we are providing the software for that automation, our subscription revenue increases on a net basis by 30%.

例如，如果假設的 Five9 客戶能夠實現 15% 的互動自動化，從而將席位和勞動力成本減少 15%（考慮到我們正在為該自動化提供軟體），那麼我們的訂閱收入將淨增長 30%。

In other words, it’s a win-win for both our customers and us.

換句話說，這對我們的客戶和我們來說是雙贏的。

Now let’s get a little more specific and take a look at three real-life examples from our customer base.

現在讓我們更具體一些，來看看來自我們客戶群的三個現實範例。

The first is a healthcare company and a long-time Five9 customer with a 1,000 agents that is a supplier of medical test kits.

第一個是一家醫療保健公司，也是 Five9 的長期客戶，擁有 1,000 名代理商，是一家醫療檢測試劑盒供應商。

As call volumes were increasing, they implemented our IVA and patients were able to automatically schedule a pickup or delivery three times faster without waiting in queue for an agent.

隨著呼叫量的增加，他們實施了我們的 IVA，患者能夠以三倍的速度自動安排取貨或送貨，而無需排隊等待客服人員。

In addition, they saw overall agent handle time decline by 10%.

此外，他們發現客服人員的整體處理時間減少了 10%。

And since that IVA implementation, Five9’s total subscription revenue from this customer has increased 20%.

自 IVA 實施以來，Five9 來自該客戶的總訂閱收入增加了 20%。

The second example is a financial institution which was seeing increasing call volumes.

第二個例子是一家金融機構，其通話量不斷增加。

Within a month of our IVA implementation, they saw an 8% reduction in agent talk time while increasing customer satisfaction due to faster response times.

在我們實施 IVA 的一個月內，他們發現座席通話時間減少了 8%，同時由於回應時間更快而提高了客戶滿意度。

In this case, Five9’s total subscription revenue from this customer increased 30%.

在這種情況下，Five9 來自該客戶的總訂閱收入增加了 30%。

And the third example is a Fortune 500 medical device company.

第三個例子是財富500強醫療器材公司。

Since the deployment of our IVA, overall call duration was reduced by 16% resulting in cost reduction.

自從部署 IVA 以來，總通話時間減少了 16%，從而降低了成本。

Five9’s total subscription revenue from this customer increased 30%.

Five9 來自該客戶的總訂閱收入增加了 30%。

In summary, we remain very optimistic about the long-term opportunities in this massive market that is expanding even further with AI.

總而言之，我們對這個透過人工智慧進一步擴張的龐大市場的長期機會仍然非常樂觀。

And we believe we are well positioned to further strengthen our leadership position with the ongoing innovations to our Five9 Genius AI suite.

我們相信，透過 Five9 Genius 人工智慧套件的持續創新，我們有能力進一步鞏固我們的領導地位。

Our AI solutions are driving significant and tangible business outcomes for our customers to elevate CX.

我們的人工智慧解決方案正在為我們的客戶帶來重大且實際的業務成果，從而提升客戶體驗。

And with that, I will turn it over to our President and CRO, Dan Burkland.

接下來，我將把它交給我們的總裁兼首席風險長 Dan Burkland。

Dan, please go ahead.

丹，請繼續。

Thank you, Mike, and good afternoon, everyone.

謝謝麥克，大家下午好。

Today, I’d like to start off by discussing our bookings for the second quarter and sharing some key go-to-market initiatives.

今天，我想先討論第二季的預訂情況並分享一些關鍵的市場推廣措施。

In Q2, we had a challenging bookings quarter primarily due to customer budgets being more constrained and scrutinized.

第二季度，我們的預訂季度充滿挑戰，主要是因為客戶預算受到更多限制和審查。

As a result, we did not have any mega deals and we had fewer $1 million ARR deals than expected during the quarter.

因此，我們沒有發生任何大型交易，本季 100 萬美元 ARR 的交易也少於預期。

In addition, while we are very proud of our talented sales team, we are taking action to further improve our sales execution and efficiency, including recently promoting an accomplished 10-year Five9 veteran to EVPS sales, giving us a single 100% dedicated sales leader.

此外，雖然我們對我們才華橫溢的銷售團隊感到非常自豪，但我們正在採取行動進一步提高我們的銷售執行力和效率，包括最近提拔一位擁有10 年經驗的Five9 資深人士擔任EVPS 銷售，為我們提供了一位100% 敬業的銷售領導者。

And we’re also realigning resources across market segments and partnering more aggressively with certain technology solutions and integrations.

我們也正在跨細分市場重新調整資源，並更積極地與某些技術解決方案和整合合作。

And now, I’d like to share some key wins for the quarter.

現在，我想分享本季的一些關鍵成果。

The first example is a new customer who, in March, was preparing to place a significant order with Five9, including the Acqueon solution.

第一個例子是一位新客戶，他在三月準備向 Five9 下一筆重要訂單，其中包括 Acqueon 解決方案。

You may recall, last quarter, I described a Q1 deal over $3.8 million in ARR for a company who helps universities with recruiting, enrollment, and fundraising.

您可能還記得，上個季度，我描述了一家幫助大學進行招聘、入學和籌款的公司的第一季 ARR 超過 380 萬美元的交易。

On March 30, we were still completing the SOW details for the Acqueon portion and the customer agreed to place the orders for the Five9 solutions.

3 月 30 日，我們仍在完成 Acqueon 部分的 SOW 詳細信息，客戶同意訂購 Five9 解決方案。

Shortly thereafter, we completed the SOW and received an order for an additional $1.3 million of ARR for the Acqueon portion, making that an anticipated $5.2 million ARR customer to Five9.

此後不久，我們完成了 SOW，並收到了 Acqueon 部分額外 130 萬美元 ARR 的訂單，使其成為 Five9 預計 ARR 520 萬美元的客戶。

The second example is a healthcare provider with the leading virtual care platform who is looking to improve and elevate experiences with their patients, doctors, nurses, and pharmacies.

第二個例子是一家擁有領先虛擬護理平台的醫療保健提供者，該提供者希望改善和提升患者、醫生、護士和藥房的體驗。

They’ve gone all in with Five9, including our chat, email, SMS, AI Agent Assist, salesforce integration, and the full WEM suite to enable hyper-personalized experiences at every touchpoint.

他們全力支持 Five9，包括我們的聊天、電子郵件、簡訊、AI 代理協助、銷售人員整合以及完整的 WEM 套件，以在每個接觸點實現超個人化體驗。

We anticipate this initial order will result in over $1.1 million in ARR to Five9.

我們預計這項初始訂單將為 Five9 帶來超過 110 萬美元的 ARR。

The third example is also in the healthcare field, a full-service pharmacy benefits management company who had been using another leading CCaaS provider but did not feel they were getting the focus and attention from their provider to help them truly elevate their AI experiences and deliver better business outcomes.

第三個例子也是在醫療保健領域，一家提供全方位服務的藥品福利管理公司，該公司一直在使用另一家領先的CCaaS 提供者，但認為他們沒有得到提供者的關注和關注，以幫助他們真正提升人工智慧體驗並交付更好的業務成果。

With an acceleration of AI and a vast array of solutions, companies are looking for a partner with a team of experts who will listen, analyze, tailor, and apply continuous optimization and meaningfully improve those business outcomes.

隨著人工智慧的加速發展和大量解決方案的出現，公司正在尋找擁有專家團隊的合作夥伴，他們將傾聽、分析、客製化和應用持續優化，並有意義地改善這些業務成果。

As a result, they purchased our chat, email, salesforce integration, our WEM suite powered by Verint, voice stream for caller authentication, and our AI Agent Assist solutions, including transcripts and summaries.

因此，他們購買了我們的聊天、電子郵件、銷售人員整合、由 Verint 提供支援的 WEM 套件、用於呼叫者身份驗證的語音串流以及我們的 AI Agent Assist 解決方案（包括文字記錄和摘要）。

We anticipate this initial order will result in over $1.1 million in ARR to Five9.

我們預計這項初始訂單將為 Five9 帶來超過 110 萬美元的 ARR。

And now I’d like to share two examples of existing customers who have expanded their use of Five9 by adopting our AI and automation solutions to elevate their CX.

現在我想分享兩個現有客戶的例子，他們透過採用我們的人工智慧和自動化解決方案來提升他們的客戶體驗，從而擴大了 Five9 的使用範圍。

The first example is a healthcare provider who has been a Five9 customer since 2018.

第一個例子是一家醫療保健提供者，自 2018 年以來一直是 Five9 的客戶。

They had been spending approximately $4.5 million annually with Five9.

他們每年在 Five9 上花費約 450 萬美元。

They’ve been using several advanced solutions from Five9, including our VCC with SMS, AI Agent Assist, and our workflow automation.

他們一直在使用 Five9 的多種先進解決方案，包括我們的 SMS 的 VCC、AI Agent Assist 和我們的工作流程自動化。

In Q2, they added our WEM suite, powered by Verint, to perform AQM, performance management, and interaction analytics.

在第二季度，他們添加了由 Verint 提供支援的 WEM 套件，以執行 AQM、績效管理和互動分析。

With this add-on order, we anticipate their ARR with Five9 to now be over $6.1 million.

透過此附加訂單，我們預計 Five9 的 ARR 目前將超過 610 萬美元。

The next example is a Fortune 200 company and a top-rated insurance provider who has been a Five9 customer for over two years and has been using our Omnichannel, AI, Agent Assist, Voice IVA, Digital IVA, and our Verint WEM suite with an ARR over $4.9 million to Five9.

下一個例子是財富200 強公司和頂級保險提供商，該公司已成為Five9 客戶兩年多，並一直在使用我們的全通路、人工智慧、代理協助、語音IVA、數位IVA 和我們的Verint WEM 套件以及Five9 的年收入超過 490 萬美元。

In Q2, they added Five9 AI Insights in order to leverage both real-time and historical conversational data.

在第二季度，他們添加了 Five9 AI Insights，以便利用即時和歷史對話數據。

To prescribe and apply the Five9 platform in ways that will result in maximizing business outcomes and truly elevate the customer experience.

以能夠實現業務成果最大化並真正提升客戶體驗的方式來制定和應用 Five9 平台。

With this add-on order, we anticipate their ARR with Five9 will now be approximately $5.5 million.

透過此附加訂單，我們預計 Five9 的 ARR 現在將約為 550 萬美元。

While we’ve had some headwinds in Q2, our long-term outlook remains strong given our leading platform and AI strategy, as well as our continued partner and channel expansion.

儘管我們在第二季度遇到了一些阻力，但鑑於我們領先的平台和人工智慧策略，以及我們持續的合作夥伴和通路擴張，我們的長期前景仍然強勁。

This was validated once again by the most recent Baird survey in July, where we were ranked number one by far in each of the following three categories.

最近 7 月的 Baird 調查再次驗證了這一點，我們在以下三個類別中均排名第一。

The best AI solutions, most likely to benefit from AI, and the easiest CCaaS provider to work with.

最好的人工智慧解決方案，最有可能從人工智慧中受益，以及最容易合作的CCaaS供應商。

And now, I’d like to turn it over to Barry to take you through the financials.

現在，我想把它交給巴里，讓他帶你了解財務狀況。

Barry?

巴里？

Thank you, Dan.

謝謝你，丹。

We reported record revenue of $252.1 million for the second quarter, with the annual run rate exceeding $1 billion.

我們公佈的第二季營收達到創紀錄的 2.521 億美元，年運行率超過 10 億美元。

Looking at the components of revenue, as Mike mentioned, LTM Enterprise subscription revenue grew 21%, while Q2 total subscription revenue grew 17% year-over-year, driven by our new logo deployments, which continue to be strong, increasing meaningfully, quarter-over-quarter, Q1.

從營收的組成部分來看，正如Mike 所提到的，LTM Enterprise 訂閱收入成長了21%，而第二季總訂閱營收年增17%，這得益於我們新商標部署的推動，新商標部署繼續強勁，且每季顯著成長-季度環比，第一季。

Also, our AI and automation portfolio, which now makes up 8% of Enterprise subscription revenue, continues to be the fastest growing category of our products, with AI Agent Assist, our second biggest AI offering after RVA, showing particularly strong growth of 111% year-over-year.

此外，我們的人工智慧和自動化產品組合目前佔企業訂閱收入的8%，仍然是我們成長最快的產品類別，其中AI Agent Assist（僅次於RVA 的第二大人工智慧產品）顯示出111%的強勁增長同比。

Our Enterprise business made up 88% of LTM revenue.

我們的企業業務佔 LTM 收入的 88%。

Our Commercial business, which represented the remaining 12%, grew again in the single digits on an LTM basis.

我們的商業業務佔剩餘的 12%，在 LTM 基礎上再次以個位數成長。

Recurring revenue, which is comprised of both subscriptions, and telecom usage made up 92% of total Q2 revenue.

經常性收入（由訂閱和電信使用組成）佔第二季總收入的 92%。

As a reminder, we expect the 1percentage point to 3 percentage points mix shift from subscription to telecom usage each year to continue.

提醒一下，我們預計每年從訂閱到電信使用的混合轉變將持續 1 個百分點至 3 個百分點。

The main reason for this is because our larger customers often use their existing carriers for telecom usage.

主要原因是我們的大客戶經常使用現有的業者進行電信使用。

Additionally, our channel partners like BT and AT&T are also carriers and we will not take business away from them.

此外，我們的通路合作夥伴（例如 BT 和 AT&T）也是營運商，我們不會搶走他們的業務。

We see this continuing mix shift as a positive long-term trend for both corporate revenue growth and gross margins.

我們認為這種持續的組合轉變對於企業收入成長和毛利率來說是一個積極的長期趨勢。

Professional services made up the remaining 8% of revenue.

專業服務佔收入的剩餘8%。

Our LTM database retention rate declined slightly from 109% to 108% as anticipated.

我們的 LTM 資料庫保留率如預期從 109% 略有下降至 108%。

Second quarter adjusted gross margins were 60.5%, decreasing by approximately 130 basis points year-over-year primarily driven by the substantial, but temporary, investments we are making as we scale to support the momentum of our march up market and international expansion.

第二季調整後毛利率為 60.5%，年減約 130 個基點，主要是由於我們在擴大規模以支持市場成長和國際擴張動能時進行的大量但暫時的投資。

Second quarter adjusted EBITDA was $41.8 million, representing a 16.6% margin, a decrease of approximately 200 basis points year-over-year, primarily driven by us achieving investments, most notably [fed ramp] and India, both of which we expect to deliver significant long-term opportunities for it.

第二季調整後EBITDA 為4,180 萬美元，利潤率為16.6%，年減約200 個基點，主要是由我們實現投資推動的，尤其是[聯準會升息]和印度，我們預計這兩個投資都將實現其重大的長期機會。

Second quarter non-GAAP EPS was $0.52 per deluded share, same as Q2 of 2023.

第二季非 GAAP 每股盈餘為 0.52 美元，與 2023 年第二季相同。

With regards to our balance sheet and cash flow highlights, in Q2, we continued our strong cash flow generation, delivering $126 million of LTM operating cash flow, equivalent to 13% of revenue.

就我們的資產負債表和現金流亮點而言，第二季度我們繼續保持強勁的現金流產生能力，實現了 1.26 億美元的 LTM 營運現金流，相當於收入的 13%。

This is driven by EBITDA and by our strong DSO performance, which came in at 33 days.

這是由 EBITDA 和我們強勁的 DSO 業績（33 天後的業績）推動的。

We have now delivered 32 consecutive quarters of positive LTM operating cash flow, and we remain optimistic about our potential for continuing cash flow generation.

目前，我們已連續 32 個季度實現正 LTM 營運現金流，並且我們對持續產生現金流的潛力保持樂觀。

Turning now to guidance.

現在轉向指導。

As you know, a quarter ago, we confirmed our annual revenue guidance of 16% year-over-year growth to $1.055 billion, which is based on three key assumptions.

如您所知，一個季度前，我們確認了年度收入指引，年增 16%，達到 10.55 億美元，這是基於三個關鍵假設。

First, visibility into the ramp schedule of the backlog.

首先，了解積壓的進度計畫。

Second, contributions from the new logo go-gets.

其次，來自新標誌的貢獻。

And third, an inflection in the dollar base retention rate in the second half of the year.

第三，下半年美元基礎保留率出現變動。

With respect to the first item, our assumption around our backlog remains unchanged as we continue to ramp our backlog largely on schedule with normal ebbs and flows.

關於第一個項目，我們對積壓的假設保持不變，因為我們繼續按計劃增加積壓，正常的潮起潮落。

However, with regard to the other two factors, we saw trends in the latter part of the second quarter regarding new logo go-gets and dollar-based retention rate, which are causing us to lower our forecast.

然而，關於其他兩個因素，我們看到了第二季後半段有關新商標流行和基於美元的保留率的趨勢，這導致我們降低了預測。

Therefore, we are now guiding annual revenue to [$1.015 billion], which is 3.8% below our prior annual guidance.

因此，我們現在的年收入指引值為 [10.15 億美元]，比先前的年度指引低 3.8%。

Let me elaborate in more detail.

讓我更詳細地闡述一下。

As Dan explained, our Q2 new logo bookings came in softer than expected, especially in the last few weeks of June, which is when we typically close a majority of our deals.

正如 Dan 所解釋的那樣，我們第二季的新商標預訂量比預期要少，特別是在 6 月的最後幾週，我們通常會在此時完成大部分交易。

Given that most enterprise new logos generally take three months to go live and four months to ramp, the lower than expected go-gets in June bookings are expected to have a negative impact on our Q4 recurring revenue forecast.

鑑於大多數企業新標誌通常需要三個月才能上線，四個月才能投入使用，因此 6 月份預訂量低於預期預計將對我們第四季度經常性收入預測產生負面影響。

In addition, the headwind will be particularly strong for PS revenue in both Q3 and Q4 since we start recognizing revenue as soon as implementation work starts.

此外，由於我們在實施工作一開始就開始確認收入，因此第三季和第四季的 PS 收入面臨的阻力將特別強勁。

Also, given the softer new logo bookings in Q2, we have prudently adjusted our new logo bookings forecast in the second half which will impact our PS revenue forecast for the remainder of the year.

此外，鑑於第二季新商標預訂量疲軟，我們謹慎調整了下半年的新商標預訂量預測，這將影響我們今年剩餘時間的 PS 收入預測。

Turning to DBRR, while we continue to expect customers with longer than 12 months ramps to positively contribute to DBRR, we are no longer assuming an inflection in the second half of the year.

談到 DBRR，雖然我們繼續預計超過 12 個月的客戶會對 DBRR 做出積極貢獻，但我們不再假設下半年會出現轉折點。

This is because we are prudently assuming a more muted seasonality in our service bookings than what we were originally forecasting to align with the weaker economic data points that have been coming out recently and this has been further confirmed by our discussions with top seasonal customers.

這是因為我們謹慎地假設我們的服務預訂的季節性比我們最初預測的更加溫和，以與最近公佈的較弱的經濟數據點保持一致，並且我們與頂級季節性客戶的討論進一步證實了這一點。

In terms of Q3, we are guiding revenue to a midpoint of $255 million or 1% quarter-over-quarter growth which is the same as our guidance pattern heading into the third quarter for eight of the last nine years.

就第三季而言，我們預計營收將達到 2.55 億美元的中點，即季度環比增長 1%，這與過去 9 年中有 8 年進入第三季度的指導模式相同。

As for the bottom line, we will be laser focused on aggressively managing expenses and scrutinizing selective strategic investments in order to improve profitability in the second half.

至於利潤，我們將專注於積極管理費用並審查選擇性策略投資，以提高下半年的獲利能力。

As a result, we are raising the midpoint of our annual non-GAAP EPS guidance from $2.17 to $2.27.

因此，我們將年度非 GAAP 每股盈餘指引中位數從 2.17 美元上調至 2.27 美元。

With regards to the quarterly progression of our non-GAAP EPS, we are guiding to a midpoint of $0.58 cents for Q3 and $0.69 cents for Q4, which implies the EBITDA margin to improve sequentially each quarter with Q4 exceeding 20%.

關於我們的非GAAP 每股盈餘的季度進展，我們預計第三季的中點為0.58 美分，第四季為0.69 美分，這意味著EBITDA 利潤率每季都會連續改善，第四季將超過20%。

Please note that our top and bottom line guidance does not include any impact from Acqueon.

請注意，我們的頂線和底線指導不包括 Acqueon 的任何影響。

We expect the 2024 revenue impact to be immaterial.

我們預期 2024 年的營收影響並不重大。

Please refer to the presentation posted in our Investor Relations website for additional estimates including share count, taxes, and capital expenditures, as well as a more detailed analysis and visual representation of the time expansion from AI that Mike discussed earlier.

請參閱我們投資者關係網站上發布的演示文稿，以了解其他估計，包括股份數量、稅收和資本支出，以及邁克之前討論的人工智能時間擴展的更詳細分析和直觀表示。

In summary, we will remain focused on executing against this massive market opportunity that is further expanding with AI, which will drive long-term shareholder value.

總之，我們將繼續專注於利用人工智慧進一步擴大的龐大市場機會，這將推動長期股東價值。

In addition, we look forward to updating you on our progress of achieving stronger profitability for the remainder of the year.

此外，我們期待向您通報我們在今年剩餘時間內實現更強盈利能力的最新進展。

Operator, please go ahead.

接線員，請繼續。

Thank you, and we'll now move over to the Q&A portion of our call.

謝謝，我們現在將進入電話會議的問答部分。

(Operator Instructions) Ryan MacWilliams, Barclays.

（操作員說明）Ryan MacWilliams，巴克萊銀行。

Hey, guys, thanks for taking the question.

嘿，夥計們，謝謝你提出問題。

For Barry, just on the headwinds to the dollar base and net retention rate, is this mostly macro impacting call volumes, or are you noticing a pickup in customer agent headcount reductions?

對於巴里來說，就美元基數和淨保留率而言，這主要是宏觀影響呼叫量，還是您注意到客戶代理人數量減少了？

And were there any changes to churn rates in the quarter?

本季客戶流失率是否有變化？

Thanks.

謝謝。

Yes, so I’ll take the last part first.

是的，所以我先看最後一部分。

In terms of logo churn, no, there was no pickup.

就徽標流失而言，沒有，沒有回升。

Dollar improved, actually, slightly during the quarter.

事實上，美元在本季略有改善。

In terms of the impact, the install base is continuing to grow.

就影響而言，安裝基礎正在持續成長。

It is simply growing at a slower rate.

它只是以較慢的速度成長。

What we did was we highlighted our most seasonal customers, Ryan, run by going back a few years, looking at the H1 to H2 change which companies were the biggest drivers for that.

我們所做的是，我們強調了我們最具季節性的客戶 Ryan，他回顧了幾年前的情況，研究了上半年到下半年的變化，哪些公司是最大的推動因素。

And it was a tactic bunch, not just in consumer, but also in healthcare and education.

這是一系列策略，不僅在消費者領域，而且在醫療保健和教育領域。

Things like fashion, gourmet foods, online education, healthcare insurance, home decor.

時尚、美食、線上教育、醫療保險、家居裝飾等。

And we spoke with them, and as Dan can elaborate, as we customarily do in the middle of the year.

我們與他們進行了交談，丹可以詳細說明，正如我們通常在年中所做的那樣。

And they are talking about a meaningful reduction in terms of the rate of seasonal uptick in the August to December period.

他們正在談論八月至十二月期間季節性上升率的大幅下降。

And that’s what we took into account.

這就是我們考慮到的。

They’re still just covered.

它們仍然剛剛被覆蓋。

They’re still adding seats.

他們仍在增加座位。

They’re still adding seasonally, but just doing so in a more conservative manner and not at the rates they once were.

他們仍在季節性增加，但只是以更保守的方式這樣做，而不是以以前的速度。

And I didn’t address your usage part of the question.

我沒有解決問題的使用部分。

For us, they don’t move in perfect tandem.

對我們來說，它們並不能完美地同步行動。

And in dollars, of course, the usage from telecom usage growths a bit slower over time, but they tend to move in tandem.

當然，以美元計算，隨著時間的推移，電信使用量的成長速度會稍慢一些，但它們往往會同步變化。

So it’s mostly changes in guidance from your customers around their plans for the fourth quarter.

因此，這主要是客戶對第四季度計劃的指導發生了變化。

Statistically stated, yes.

根據統計，是的。

Thanks, guys.

謝謝，夥計們。

Scott Berg, Needham.

史考特伯格，李約瑟。

Hi, everyone.

大家好。

Thanks for taking my question here.

感謝您在這裡提出我的問題。

Lots of them.

很多。

I guess I wanted to start off with the end changes in the sales organization.

我想我想從銷售組織的最終變化開始。

Sounds like a lot of changes.

聽起來有很多變化。

Sounds a little bit like a knee jerk reaction to a single quarter, especially given your bookings last four quarters, five quarters have been generally pretty positive.

聽起來有點像對單一季度的下意識反應，特別是考慮到您過去四個季度的預訂，五個季度總體上相當積極。

You guys have been fired up with some large ones there.

你們已經被那裡的一些大傢伙激怒了。

Help us understand why all these changes and I guess is it really a reaction to the second quarter or something more broadly that you’re trying to roll out?

幫助我們理解為什麼所有這些變化，我想這真的是對第二季的反應還是您試圖推出的更廣泛的東西？

Yeah, thanks, Scott.

是的，謝謝，斯科特。

And one thing just to note, we’re in a room that we may be audibly challenged, so we’re trying to speak up because we heard our mic wasn’t quite picking up the audio.

需要注意的一件事是，我們所在的房間可能會受到聲音挑戰，因此我們試圖大聲說話，因為我們聽到麥克風無法完全拾取音訊。

So we’re going to be speaking a little louder than normal.

所以我們會比平常大聲一點。

If you have trouble hearing us, do not hesitate to let us know and we’ll repeat ourselves.

如果您聽不清楚我們的聲音，請隨時告訴我們，我們會重複一遍。

But no, this was absolutely not a knee-jerk reaction in any way, shape, or form.

但不，這絕對不是任何方式、形狀或形式的下意識反應。

It’s really a situation where we had an EVP of sales several years ago.

這確實是幾年前我們有一位銷售執行副總裁的情況。

I’ve been stretched thin with lots of different responsibilities across the company.

我因為在公司內承擔許多不同的職責而感到捉襟見肘。

And I really enjoy my time with you all and working on strategy and working with our partners.

我真的很享受與大家一起制定策略並與我們的合作夥伴合作的時光。

And we just wanted to make sure we had somebody every single day that is 100% dedicated to the sales execution, making sure we have the right market coverage, doing some realigning of our segments.

我們只是想確保每天都有人 100% 致力於銷售執行，確保我們擁有正確的市場覆蓋範圍，並對我們的細分市場進行一些重新調整。

I know we’ve talked about commercial and mid -market and enterprise and strategic teams and just making sure that we’ve got the most optimal coverage model so that we can maximize our bookings.

我知道我們已經討論過商業和中端市場以及企業和策略團隊，只是確保我們擁有最佳的覆蓋模式，以便我們可以最大限度地提高預訂量。

So nothing, it’s not a lot of changes.

所以沒什麼，沒有太多變化。

It’s really just adding more expertise and more focus into the sales execution.

這實際上只是在銷售執行中增加更多的專業知識和更多的關注。

And that’s going to be for the long haul.

這將是長期的。

We had an EVP of sales leave about four years ago.

大約四年前，我們有一位銷售執行副總裁休假。

And I said, I’m not going to replace them.

我說，我不會取代他們。

I’ll just roll up my sleeves and do it all.

我會捲起袖子去做這一切。

And we’ve now come to a point where we’re a $1 billion company on a run rate basis and really feel like we need to add to the leadership team.

現在，我們已經是一家以運行率計算價值 10 億美元的公司，我們真的覺得我們需要增加領導團隊。

So that’s what we’ve done.

這就是我們所做的。

Thank you.

謝謝。

Matt Van Fleet, BTIG.

馬特·範弗利特，BTIG。

Good afternoon and thanks for taking the question.

下午好，感謝您提出問題。

I guess, if you’re looking at how the contract terms for a bunch of the AI and automation products are shaping up, how are your customers looking at purchasing that and how much of a change in dynamic of a revenue model do you expect to occur over the next couple of years and sort of wrapped in that, can that maybe offset some of these lower seasonal off tick on a seat basis by adding more product?

我想，如果您正在研究一系列人工智慧和自動化產品的合約條款是如何制定的，您的客戶如何看待購買這些產品以及您期望收入模式的動態變化有多大在接下來的幾年中發生並包含在其中，是否可以透過添加更多產品來抵消一些較低的季節性休息？

Thanks.

謝謝。

Matt.

馬特。

Thanks Matt.

謝謝馬特。

I’ll start Dan, feel free to chime in but we’ve talked about pricing for a while now, Matt, in terms of AI and automation solutions and we offer both consumption based pricing and other models for all of our AI solutions, I want to be clear about that.

我先開始 Dan，請隨意插話，但 Matt，我們已經討論了人工智慧和自動化解決方案的定價有一段時間了，我們為所有人工智慧解決方案提供基於消費的定價和其他模型，我想澄清這一點。

Again, some are more appropriate on a per seat basis, some are more appropriate on a per port basis, some are more appropriate on a consumption basis and quite frankly we offer options to our customers relative to that.

同樣，有些更適合每個座位，有些更適合每個端口，有些更適合消費量，坦率地說，我們為客戶提供與之相關的選擇。

We’ve also talked about the expanded TAM from AI and you’ll see on our investor presentation up on the website quantification of that.

我們還討論了人工智慧擴展的 TAM，您將在我們網站上的投資者簡報中看到對此的量化。

I talked about it in my prepared remarks.

我在準備好的發言中談到了這一點。

And in a 15% automation case where everything, 15% of transactions go to self-service, we get a 30% increase in our TAM.

在 15% 自動化的情況下，所有事情、15% 的交易都進行自助服務，我們的 TAM 增加了 30%。

And happy to do a little more math.

並樂意做更多的數學。

And there’s some math in that slide on the investor deck as well.

投資者的幻燈片中也有一些數學知識。

But Dan, feel free to chime in.

但是丹，請隨意插話。

Yeah, you said it well.

是啊，你說得好。

And absolutely, we want to give flexibility to the customers to purchase in the way that fits their business model the best.

當然，我們希望為客戶提供靈活性，讓他們以最適合其業務模式的方式購買。

And sometimes that’s per seat.

有時這是每個座位的。

But there’s obviously lots of AI products that don’t really tie to a seat, like Insight as an example.

但顯然有許多人工智慧產品並不真正與座位綁定，例如 Insight。

I gave one of the examples of customers.

我舉了一個客戶的例子。

That’s across the domain or across the tenant, if you will.

如果您願意的話，這是跨域或跨租戶的。

And so certain things are best done on a consumption basis.

因此，某些事情最好在消費的基礎上完成。

Whether that be on a per minute, like our long distance usage, or whether it be on a per gig of data.

無論是按分鐘計算（例如我們的長途使用），還是以每千兆資料計算。

We have transcription services and summary services.

我們提供轉錄服務和摘要服務。

And so those are clearly, some people want to just add that to their seat if it’s for a human.

因此，很明顯，如果是針對人類的話，有些人只想將其添加到他們的座位上。

But others will want to simply do it on a consumption basis.

但其他人則希望簡單地在消費的基礎上做到這一點。

Especially when we’re transcribing and delivering summaries of things like IVAs or DVAs.

尤其是當我們抄寫和提供 IVA 或 DVA 等內容的摘要時。

They really don’t tie to an agent.

他們確實與代理人沒有聯繫。

So therefore, it’s more appropriate to do it on a consumption.

因此，根據消費來進行比較合適。

Great.

偉大的。

Thank you.

謝謝。

Thanks, Matt.

謝謝，馬特。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞，威廉·布萊爾。

Perfect.

完美的。

Thank you, guys.

謝謝你們，夥計們。

So I understood.

所以我明白了。

I think what you're saying about the seasonal patterns and how you're baking that into outlook but when you think about the June bookings, how much of that would you attribute to macro versus go-to-market execution?

我認為您所說的季節性模式以及您如何將其納入前景，但當您考慮 6 月的預訂時，您會將其中多少歸因於宏觀執行與市場執行？

And then, Barry, what would you encourage us to think from June bookings and Q4 seasonality as we just think about our 2025 growth estimates?

然後，巴里，當我們只考慮 2025 年的成長預測時，您會鼓勵我們從 6 月的預訂量和第四季的季節性角度思考什麼？

Thank you.

謝謝。

Yes, and great question about the bookings.

是的，還有一個關於預訂的好問題。

It’s absolutely a combination of the two.

這絕對是兩者的結合。

I mean, when we look at it and we say is the scrutiny and budget constraints macro, in some senses, sure.

我的意思是，當我們審視它時，我們說的是宏觀審查和預算限制，從某種意義上來說，這是肯定的。

Budgets are tight, people are prioritizing.

預算緊張，人們正在優先考慮。

You got to build and deliver a very compelling ROI to get to the top of the stack, if you will, and get prioritized.

如果您願意的話，您必須建立並提供非常引人注目的投資回報率，才能達到堆疊的頂部，並獲得優先順序。

But there’s also sales execution, in my mind, wasn’t up to snuff.

但在我看來，銷售執行力也沒有達到要求。

It certainly wasn’t up to the standard that we like to hold our folks to.

這當然沒有達到我們希望員工遵守的標準。

We’ve had one of the most, and continue, the most productive world-class sales organizations that we’re extremely proud of, but we’re never going to rest on our laurels.

我們擁有最高效且持續最高效的世界級銷售組織之一，對此我們感到非常自豪，但我們永遠不會滿足於現狀。

We’re always going to want to look for new ways to maximize the effectiveness and maximize our success.

我們總是希望尋找新的方法來最大限度地提高效率和成功。

And so, just adding more focus. and being able to execute at an even higher level is something that we’re looking forward to.

所以，只是增加更多的焦點。能夠以更高的水平執行是我們所期待的。

But yes, a little bit of macro, little bit of sales execution, little bit of customers kind of having all this technology coming at them, not only from us and from the other folks right within our space, but lots of SaaS products are facing the same dilemma, which is how do you help the customers prioritize their budgets.

但是，是的，一點點宏觀，一點點銷售執行，一點點客戶擁有所有這些技術，不僅來自我們和我們領域內的其他人，而且許多 SaaS 產品都面臨著同樣的困境是你如何幫助客戶優先考慮他們的預算。

And we’re focused on it.

我們專注於此。

We’re very bullish about the future.

我們對未來非常樂觀。

And as Mike mentioned, we’ve got a portfolio that’s just continuing to be very accepted by our customers and prospects, and they love where we’re going with everything.

正如麥克所提到的，我們的產品組合繼續受到我們的客戶和潛在客戶的廣泛接受，他們喜歡我們所做的一切。

So long term, we think we’re absolutely in a driver’s seat to help drive this market.

從長遠來看，我們認為我們絕對有能力幫助推動這個市場。

And Arjun, with respect to 2025, we would love to give you an outlook, but we are creatures of custom, and we customarily do this in November when we report our third quarter, give it an initial look and then firm it up later on.

Arjun，關於 2025 年，我們很樂意為您提供展望，但我們是習慣生物，我們通常在 11 月報告第三季度時這樣做，進行初步審視，然後在稍後確定。

And especially given the current turbulence in the economic environment, we prefer to stick to that pattern.

特別是考慮到當前經濟環境的動盪，我們更願意堅持這種模式。

Piper Sandler, Jim Fisher.

派珀·桑德勒，吉姆·費雪。

Great, I turned into a Fisher as opposed to a Fish, but I don’t have as good of a shirt as Ben Fleet, but apologies for that.

太好了，我變成了費雪而不是魚，但我沒有像本·弗利特那樣好的襯衫，但對此表示歉意。

I did want to work off of Ryan’s prior question on kind of two aspect, guys.

夥計們，我確實想從兩個方面解決瑞安之前的問題。

You guys had been expecting NRR to be troughing.

你們一直期待 NRR 會陷入低谷。

I get the rationale why, but why wouldn’t NRR kind of stay at this range into the foreseeable future?

我明白原因，但為什麼 NRR 在可預見的未來不會維持在這個範圍？

And how much do these AI cross sells actually impact NRR at this point?

目前，這些人工智慧交叉銷售實際上對 NRR 產生了多大影響？

So again, let me take the last part first.

那麼，讓我先講最後一部分。

Cross-sell for AI is somewhat helpful, but to be perfectly candid, the attach rate is much higher on the new bookings.

人工智慧的交叉銷售有些幫助，但坦白說，新預訂的附加率要高得多。

And it’s still so small in the install base that it just can’t move the needle that materially.

而且它的安裝基礎仍然很小，無法產生實質的改變。

In terms of the NRR, you do need to think of it in terms of two buckets, top bucket, which is somewhat smaller but important, and then the bottom bucket which is bigger.

就 NRR 而言，您確實需要將其視為兩個桶，頂部桶稍小但很重要，然後底部桶較大。

In terms of the top bucket, these are the mega deals, as we found of calling them that take more than 12 months to go live and therefore help the DVR in the meantime.

就頂級交易而言，這些都是大型交易，我們發現這些交易需要 12 個月以上才能上線，因此同時對 DVR 有所幫助。

And that has been the case.

情況就是如此。

We predicted it would be the case, and it is a case with normal ebbs and flows.

我們預測會是這種情況，而且這是正常的潮起潮落的情況。

Where we are seeing clearly that some slowing of the growth of the DVR is in the bottom bucket, if you will, the regular run-of-the-mill deals.

我們清楚地看到，如果您願意的話，DVR 成長的一些放緩是在常規交易中。

And we know as sure as people can be that that’s not to do with the negative aspects of AI, it’s not that people are reducing their seats because of AI, it’s simply because of the macro environment.

我們和人們一樣確信，這與人工智慧的負面影響無關，也不是人們因為人工智慧而減少座位，而是因為宏觀環境。

When we speak to these customers, we look at things like, I forget the exact phraseology, but a difficult environment, constrained, we’re getting out of that particular business, et cetera, and that’s what’s driving the DBRR.

當我們與這些客戶交談時，我們會考慮諸如「我忘記了確切的用語，但環境困難、受到限制、我們正在退出特定業務等等」之類的問題，而這就是推動我們前進的因素DBRR。

One thing, though, that we are supremely confident about is that at a certain point in time, don’t know when, that economy is going to rebound, and we will then be in extremely good position because our lower retention has been excellent, and it’s easy to add seats to accommodate that extra growth.

不過，我們非常有信心的一件事是，在某個時間點，不知道什麼時候，經濟將會反彈，然後我們將處於非常有利的位置，因為我們的低保留率非常好，並且可以輕鬆添加座位以適應額外的增長。

Siti Panigrahi, Mizuho

西蒂·帕尼格拉希，瑞穗

Thanks for taking my question.

感謝您提出我的問題。

I want to focus on the acquisition of Acqueon.

我想專注於對 Acqueon 的收購。

Looks like you have partnered with them more than two years now, and you guys talked about some of the deals like ARR, more than $1 million, $1.5 million kind of per deal basis.

看起來你們已經與他們合作兩年多了，你們談了一些交易，像是 ARR，每筆交易超過 100 萬美元、150 萬美元。

So help us understand how many customers do they have, what kind of overlap you have, and what’s the revenue run rate they have?

那麼請幫助我們了解他們有多少客戶、有哪些重疊以及他們的收入運行率是多少？

And, Barry, like when you said, no revenue contribution in material, is it because of the debt for write-down or anything else?

而且，巴里，就像你說的那樣，材料上沒有收入貢獻，是因為債務減記還是其他原因？

Yeah, Barry, I’ll start, and then you can chime in.

是的，巴里，我先開始，然後你就可以插話了。

Siti, thanks for the question.

西蒂，謝謝你的提問。

Yes, we’re really excited about Acqueon.

是的，我們對 Acqueon 感到非常興奮。

They, as I said in my remarks, they bring us an ability to expand into a broader CX category beyond inbound customer service.

正如我在演講中所說，它們使我們有能力擴展到入站客戶服務之外的更廣泛的客戶體驗類別。

Now we have outbound solutions, but there’s an omnichannel outbound proactive engagement platform and it’s best-in-class.

現在我們有了外呼解決方案，但還有一個全通路外呼主動參與平台，而且它是同類最佳的。

And it really brings us into the world of marketing and e-commerce and sales in some respects.

在某些方面，它確實將我們帶入了行銷、電子商務和銷售的世界。

So it’s a massive opportunity.

所以這是一個巨大的機會。

It’s a big step for us on our mission to really be the orchestration engine for interactions between a brand and the consumer across the entire customer journey.

對於我們的使命來說，這是邁出的一大步，我們的使命是真正成為整個客戶旅程中品牌與消費者之間互動的編排引擎。

So I’ll just repeat that.

所以我就重複一遍。

In terms of the size of the business, it’s still a pretty small business.

就業務規模而言，它仍然是一家相當小的企業。

And yes, that’s the kind of acquisition we look for.

是的，這就是我們所尋求的收購類型。

Great technology, very innovative, very synergistic in terms of the customers that we win together.

偉大的技術，非常創新，在我們共同贏得的客戶方面非常協同。

Some of the largest of our large enterprise customers, our megas are using Acqueon.

我們的一些最大的大型企業客戶正在使用 Acqueon。

And that to us is a huge proof point.

這對我們來說是一個巨大的證據。

And you heard the size of the deals from an ARR perspective in terms of the Acqueon solution.

您從 ARR 角度聽說了 Acqueon 解決方案的交易規模。

So this is not a tiny revenue opportunity going forward, even though it’s a fairly early stage company that I frankly, I think we picked them up at the perfect time.

因此，這不是一個微小的收入機會，儘管坦白說，這是一家相當早期的公司，但我認為我們在完美的時間裡選擇了它們。

So that’s the kind of acquisition we like to do.

這就是我們喜歡做的收購類型。

Barry?

巴里？

Yes.

是的。

And while the company is going to be growing, currently it’s still quite small, as Mike said.

正如麥克所說，雖然該公司將會不斷發展，但目前規模仍然很小。

In particular, with respect to Q4, and you alluded to this in your question, we need to look at all of their contracts in detail, put them under Five9 accounting policies, and see what sort of haircut there is.

特別是，關於第四季度，您在問題中提到了這一點，我們需要詳細查看他們的所有合同，將它們置於 Five9 會計政策之下，看看有什麼樣的削減。

There will be a haircut, we know that already.

將會有一個理髮，我們已經知道了。

And we just haven’t had the time to do that yet.

我們只是還沒有時間這樣做。

So stay tuned.

所以請繼續關注。

We’ll keep you fully informed about what actually transpired.

我們將讓您充分了解實際發生的情況。

Okay.

好的。

Thank you.

謝謝。

Thanks, Citi.

謝謝，花旗。

Terry Tillman, Truist.

特里‧蒂爾曼，真理主義者。

Yeah, thanks for taking my question.

是的，謝謝你回答我的問題。

It’s a bit of a multi-parter, but there’s a number of things to unpack.

這有點像多方參與，但有很多東西需要解開。

So hopefully you’ll bear with me here.

所以希望您能耐心聽我說完。

I mean, this is one of those areas that I feel like is an imperative.

我的意思是，這是我認為勢在必行的領域之一。

Contact centers, we’ve all been talking about it for a while as well.

聯絡中心，我們也已經討論了一段時間了。

If you want to do AI and automation improves, yes, you to the cloud.

如果你想做人工智慧和自動化改進，是的，你就轉向雲端。

So with some of the deals that slipped out of June, and you didn’t close any mega deals, I think you said, I mean, what are they saying?

因此，對於 6 月的一些交易，你們沒有完成任何大型交易，我想你們說，我的意思是，他們在說什麼？

Are they just going to kick the can down the curve to ‘25 or ‘26?

他們只是想把價格降到 25 歐元還是 26 歐元嗎？

Or do you think some of these deals are going to close in the 3Q and 4Q and you just want to be conservative?

或者您認為其中一些交易將在第三季和第四季完成，而您只是想保守一點？

And kind of related to this, because of these mega trends, what are you seeing at the top of the funnel and around demand gen?

與此相關的是，由於這些大趨勢，您在漏斗頂部和需求生成周圍看到了什麼？

Is any of that changing some of those forward leading indicators?

這是否會改變一些前瞻性領先指標？

Thank you.

謝謝。

Yeah, thanks Terry.

是的，謝謝特里。

I’ll start it and feel free to chime in, Barry and Mike, but if you look at the quarter or the end of June in particular, which is we naturally, like many sales organizations, have quite a hockey stick right at the end of the quarter.

我將開始，巴里和麥克，請隨意插話，但如果您特別關注本季或六月底，我們自然會像許多銷售組織一樣，在季度末。

And some of the decisions, like you said, are they just going to stick with prem and kick it down the road some more?

有些決定，就像你說的，他們是否會繼續堅持 Prem 並繼續前進？

It’s less that and more looking at the prioritization of their budgets, right.

與其說是這樣，不如說是更專注於預算的優先順序，對吧。

They’ve got to look at things that are going to return right away.

他們必須專注於那些將立即回歸的事物。

And a lot of things that in some of the larger mega deals and multimillion dollar annual deals, they know that ROI isn’t going to start realizing itself for a year plus.

在一些大型交易和數百萬美元的年度交易中，他們知道投資回報率在一年多的時間內不會開始實現。

So it is one of those things that’s easy to kind of say, oh, we need a return in the next six months.

因此，這是很容易說的事情之一，哦，我們需要在未來六個月內獲得回報。

That’s not even going to start generating a return for a year plus.

這甚至不會開始產生一年多的回報。

The other thing to note is that we had some pushes as well that just pushed out into the next quarters.

另一件值得注意的事情是，我們也有一些推動，這些推動剛剛推遲到下幾個季度。

One of the reasons for our adjusted guidance is that those deals that happen from now on, don’t contribute to the year from a revenue perspective.

我們調整指導的原因之一是，從現在開始發生的那些交易，從收入角度來看不會對今年做出貢獻。

So as bullish as we are with our pipeline and with our market coverage and top of funnel, as you mentioned, it still doesn’t help us for this year because the commercial business, yes, we can get that up and running and the stuff we sell in this quarter, we can get a little bit of revenue by the end of the year, but for the enterprise business and the strategic business, those are definitely 2025 impacts to the revenue number.

因此，正如您所提到的，儘管我們對我們的管道、市場覆蓋範圍和漏斗頂部持樂觀態度，但這仍然對我們今年沒有幫助，因為商業業務，是的，我們可以啟動並運行它，並且我們這個季度賣的東西，到年底我們可以得到一點收入，但對於企業業務和戰略業務來說，這些肯定是2025年對收入數字的影響。

Anything else?

還要別的嗎？

Yes.

是的。

I’ll just add one thing, Terry, and that is RFPs continue to be at record levels.

特里，我只想補充一件事，那就是 RFP 繼續處於創紀錄的水平。

So to me, that’s always a good indicator of the health of the demand in the market.

所以對我來說，這始終是市場需求健康的良好指標。

And we see that continuing to stay at that new normal, which is relatively double what it was, say five, six quarters ago.

我們看到，這種情況繼續保持在新常態，比五、六個季度前的水平相對增加了一倍。

Yes.

是的。

And I, and one other thing to add, we talked and I talked to them in the prepared remarks about the added focus on our partnerships.

我，還有另一件事要補充，我們和我在準備好的評論中與他們討論了對我們合作夥伴關係的更多關注。

We’re also seeing our channel partners and our routes to market enjoying, as I mentioned, they’ve rated us in the Baird survey number one, and easy to do business with number one in our preferring our AI story and solutions, and number one, as far as most likely of all the folks that they distribute who’s going to benefit most from AI.

正如我所提到的，我們也看到我們的通路合作夥伴和我們的市場路線很受歡迎，他們在Baird 調查中將我們評為第一，並且在我們最喜歡的人工智慧故事和解決方案中與第一名輕鬆開展業務，第一，他們所分發的所有人員中最有可能從人工智慧中受益最多的人。

And they chose Five9 by far.

到目前為止，他們選擇了 Five9。

So we’re feeling very good about that approach and they help fill the top of the funnel along with us.

因此，我們對這種方法感覺非常好，他們與我們一起幫助填補了漏斗的頂部。

Thanks a lot.

多謝。

DJ Hynes, Canaccord.

DJ 海因斯，Canaccord。

Hey guys.

嘿夥計們。

So Barry, your old guidance had pretty material re-acceleration baked in for the second half.

所以巴里，你的舊指導在下半年有相當實質的重新加速。

It was predicated on kind of the implementation backlog standing up where it sounds like nothing has really changed there.

這是基於實施積壓的情況，聽起來好像沒有什麼真正改變。

And then the seasonal stuff kicking in, right.

然後季節性的東西開始出現，對吧。

I understand that that’s not happening.

我知道這種情況不會發生。

Does this mean that the acceleration gets pushed out by a couple quarters or is what you’re seeing now calling into doubt that that re-acceleration happens?

這是否意味著加速度被推遲了幾個季度，或者您現在看到的情況令人懷疑是否會發生重新加速？

So we cannot comment, DJ, on the timing of the re-acceleration because we’re given our guidance and we’re not going to go beyond that.

因此，DJ，我們無法對重新加速的時間發表評論，因為我們已經得到了指導，而且我們不會超越這個指導。

We’ve been pretty explicit about that.

我們對此已經非常明確了。

I do want to, and I’ll stop there.

我確實想要，但我到此為止。

I mean, if there was ever a time to make an exception to the rule, Barry, this would be it.

我的意思是，巴里，如果有一個時間可以破例的話，那就是這個時候了。

Or I can find it what the hell?

或者我能找到它到底是什麼？

So what I’m a bit worried about in all of this conversation is that there’s been a lack of clarity in terms of our responses, in terms of what has driven that reduction in the guidance that you asked about.

因此，在所有這次談話中，我有點擔心的是，我們的回應不夠明確，是什麼導致了您所詢問的指導意見的減少。

And there are three, and I’ll give you the ordinal ranking.

一共有三個，我會給你順序排名。

The biggest and most material by a margin is the lower go-gets that we refer to.

最大、最重要的一點是我們提到的較低的目標。

You may be a bit surprised by that, but we get meaningful PS revenue, especially as the companies go higher and higher up in the chain and scale.

你可能對此感到有點驚訝，但我們獲得了可觀的 PS 收入，特別是當公司在鏈條和規模上越來越高時。

We also have the Q4 revenue from the Q2 ones and the recurring revenue I’m talking about, subscription revenue.

我們還有第二季的第四季收入以及我所謂的經常性收入，即訂閱收入。

And so that is the biggest one of the three.

這是三者中最大的一個。

The second one, we obviously, like all other companies, share with us a number that’s a little bit lower than our internal forecast that we have scrubbed very, very carefully.

第二個，顯然，像所有其他公司一樣，我們與我們分享了一個數字，這個數字比我們非常非常仔細地清理過的內部預測要低一些。

We don’t want to do this more than once every 10 years type of thing.

我們不想每 10 年做一次以上這樣的事。

And this is not an environment for big beads, but that is the second biggest.

而且這並不是大珠子的環境，但那是第二大珠子的環境。

And the third biggest is the one that we’ve been spending the most not talking about, which is the seasonal.

第三大因素是我們一直沒有談論最多的因素，那就是季節性。

And that’s actually the ordinal ranking.

這實際上是順序排名。

So I wanted to get that off my chest.

所以我想把這件事從心裡吐出來。

Allright.

好的。

I appreciate it.

我很感激。

Thank you.

謝謝。

Taylor McGinnis, UBS

泰勒麥金尼斯，瑞銀

Yes, hi, thank you so much.

是的，你好，非常感謝你。

Can you guys hear me?

你們聽得到我說話嗎？

Perfect, awesome.

完美，棒極了。

I know place was not so great service.

我知道這個地方的服務不是很好。

So that’s good.

所以這很好。

Barry, maybe just wondering if you could just give us a little bit of color on the three different buckets and how those might be impacting the guide.

巴里，也許只是想知道您是否可以給我們一些關於三個不同桶的顏色以及它們可能如何影響指南。

So for instance, If we look at the old guide and the incremental recurring revenue or ARR needed in the second half to hit that guide, you maybe give us a sense of the portion of that was coming from existing ramps, new logos, and the seasonal increase, and then how that might differ under the new guide, just so we can have some help there in quantifying it.

例如，如果我們查看舊指南以及下半年達到該指南所需的增量經常性收入或 ARR，您可能會讓我們了解其中一部分來自現有的坡道、新徽標和季節性增長，以及在新指南下可能有何不同，這樣我們就可以在量化它方面獲得一些幫助。

Yes.

是的。

So thank you, Taylor.

所以謝謝你，泰勒。

And what I’m actually going to do is talk about the recurring revenue increase year-over-year, assuming 8% peers for the second half of this year as well.

我實際上要做的是談論經常性收入的年增長，假設今年下半年也為 8%。

And from memory, maybe off a little bit, but not by much, we’re talking about a year-over-year increase in the second half of recurring revenue in the order of $42 million.

根據記憶，我們談論的是下半年經常性收入年增約 4,200 萬美元，可能略有偏差，但幅度不大。

And the breakout of that is roughly 70% of that from the install base, 30% from the new logo, the PS, and the recurring revenue in the fourth quarter.

其中約 70% 來自安裝基礎，30% 來自新商標、PS 和第四季的經常性收入。

Perfect.

完美的。

Thank you so much.

太感謝了。

Thank you.

謝謝。

Peter Levine, Evercore.

彼得‧萊文，Evercore。

Thanks for squeezing me in here.

謝謝你把我擠在這裡。

I appreciate all the color, maybe just one on this gross margin, not margin.

我欣賞所有的顏色，也許只是毛利率上的一種，而不是利潤率。

You’ve seen some compression.

您已經看到了一些壓縮。

You kind of talked about the Fed ramp investments on the infrastructure, but they need to show us like, when’s the inflection, right?

您談到了聯準會增加對基礎設施的投資，但他們需要向我們展示，拐點何時到來，對嗎？

Because I think that’s maybe one pain point for some is we’re not seeing the leverage in the model as we would have expected at this point in time.

因為我認為，對於某些人來說，這可能是一個痛點，因為我們目前沒有看到模型中的槓桿作用，正如我們所預期的那樣。

Mike, can I take that?

麥克，我可以接受嗎？

Sure.

當然。

Barry, go ahead.

巴里，繼續吧。

We’re going to see inflection in gross margins in the second half of the year.

我們將在今年下半年看到毛利率的變化。

We’ve guided to that explicitly with our $2.27 EPS, and you can get from there to the EBITDA margin, which we’ve said explicitly, Q3 will be higher than Q2, and Q4 will be higher than Q3, it’ll be above 20%.

我們以 2.27 美元的每股收益明確指導這一點，您可以從那裡獲得 EBITDA 利潤率，我們已經明確表示，第三季度將高於第二季度，第四季度將高於第三季度，它——會在20%以上。

We feel very good about that, Peter.

我們對此感覺非常好，彼得。

There’re no 100% certainties, but the stars and the moon are aligning to get some dividends.

沒有 100% 的確定性，但星星和月亮正在對齊以獲得一些紅利。

We also continue with FedRAMP.

我們也繼續使用 FedRAMP。

FedRAMP was material, but it doesn’t hit too much in the core aspect.

FedRAMP 很重要，但在核心方面並沒有太大影響。

India might come live pretty soon, and between all of these initiatives starting to pay dividends, we will see improved gross margins in the second half.

印度可能很快就會上線，在所有這些舉措開始產生紅利的同時，我們將在下半年看到毛利率的改善。

And if I can, are you seeing any pricing compression just on their core voice contact center seat?

如果可以的話，您是否看到他們的核心語音聯絡中心席位有任何價格壓縮？

I know it’s typically been 150 per month.

我知道通常是每月 150 美元。

Is that steady?

那個穩定嗎？

Are you seeing any, I know there’s a lot more competitors in the space today than there was 12, 24 months ago, maybe just any color on the core voice seat?

我知道，今天這個領域的競爭對手比 12、24 個月前要多得多，也許只是核心語音席位上的任何顏色？

Yeah, it’s stayed very steady.

是的，它保持非常穩定。

In fact, yes, there’s occasions on a deal-by-deal basis where somebody will get super aggressive to go try to buy business, but for the most part, we’ve maintained very, very steady pricing on the core.

事實上，是的，在逐筆交易的情況下，有時有人會非常積極地嘗試收購業務，但在大多數情況下，我們的核心定價保持非常非常穩定。

And the beauty there is we’ve got so much more add-on SKUs that when we look at a given customer, and we used to sell an enterprise with 10,000 employees and you’ve got, let’s say, 1,000 seats or so, when we would go into those environments, the revenue that we could extract or get the wallet share.

美妙之處在於，我們有更多的附加 SKU，當我們查看某個特定客戶時，我們過去出售一家擁有 10,000 名員工的企業，而您擁有，比方說，1,000 名員工座位左右，當我們進入這些環境時，我們可以提取或獲得錢包份額的收入。

If you will, that we could get from that customer was much lower, even just two, three years ago, because we’ve added so much more to the portfolio.

如果你願意的話，我們可以從那個客戶那裡獲得的收益要低得多，即使在兩三年前，因為我們已經在產品組合中添加了更多內容。

When you start looking at the different AI solutions that we have, obviously the IBA is the most common and most prevalent, but then you’ve got the whole WEM suite.

當您開始查看我們擁有的不同 AI 解決方案時，顯然 IBA 是最常見且最受歡迎的，但隨後您就擁有了整個 WEM 套件。

We’ve got other partnerships that we have brought in to resell other products.

我們也建立了其他合作夥伴來轉售其他產品。

So we’re getting more and more.

所以我們得到的越來越多。

If you look at our revenue per seat metric, it’s continued to rise very steadily across our base over time.

如果你看看我們的每個席位收入指標，你會發現隨著時間的推移，它在我們的基礎上持續穩定成長。

So it’s not price erosion.

所以這不是價格侵蝕。

It’s actually been moving in the other direction in a positive way.

事實上，它正以積極的方式朝另一個方向發展。

Thank you, Dan.

謝謝你，丹。

Meta Marshall, Morgan Stanley.

梅塔‧馬歇爾，摩根士丹利。

Great, thanks so much.

太好了，非常感謝。

Maybe a question just on you noted kind of sales execution, but I guess I just wanted to get a sense of, is the time to get these deals signed off on, elongating just because of the amount of things that you’re kind of throwing into the RFPs, like while you’re trying to throw in kind of AI and other pieces of it, it’s just kind of taking longer to get those approvals more so than execution.

也許您剛剛提出的一個問題提到了銷售執行的類型，但我想我只是想了解一下，是時候簽署這些交易了，只是因為您要做的事情的數量而延長了時間投入RFP 中，就像當你試圖投入某種人工智慧和其他部分一樣，只是需要更長的時間才能獲得這些批准，而不是執行。

And then just as a second question, I know you guys have kind of expanded the professional services into the channel or kind of enabled more implementation by the channel.

作為第二個問題，我知道你們已經將專業服務擴展到了管道中，或者透過管道實現了更多的實施。

Just any different trends that you’re seeing there, thanks.

只是您在那裡看到的任何不同趨勢，謝謝。

Yes, thanks Meta, to cover the first one, as far as the added approvals and several extra meetings with all the data that’s flowing around with AI and all the different solutions, absolutely you have more meetings, but that’s been the case for several quarters.

是的，感謝Meta，涵蓋第一個，就增加的批准和幾次額外的會議而言，這些會議涉及人工智能和所有不同解決方案中流動的所有數據，絕對您有更多的會議，但那是幾個季度以來都是如此。

I mean, we’ve talked about that for the last year, year to two years.

我的意思是，我們去年、年復一年都在討論這個問題。

And so once you have that initial delay, it shouldn’t affect sales, right?

因此，一旦出現最初的延遲，就不會影響銷售，對吧？

It’s just that we started the deals earlier when they come in.

只是我們在交易到來時提前開始了交易。

So we track very closely days to close from the moment that the opportunities entered into our system to when it closes.

因此，我們非常密切地追蹤從機會進入我們系統的那一刻到關閉的天數。

It had elongated a little bit a while back because of that extra time.

由於額外的時間，它不久前已經拉長了一點。

In Q2, we had some elongated sales cycles as well, but I don’t equate it with that and the approvals necessary as much as I do with the budgets and the prioritization and the timing of the customers are in the same boat, right?

在第二季度，我們也有一些拉長的銷售週期，但我不認為這與此等同，並且必要的批准就像我對預算、優先級和客戶的時間安排一樣，是在同一條船上，對吧？

They’re looking at the macro economy and having trouble pulling the trigger on spending their entire budgets and they’ve had budgets being reduced too.

他們正在關注宏觀經濟，但很難花掉全部預算，而且他們的預算也被削減了。

So it’s just a more competitive environment, not so much with our direct competitors, but you’re competing for overall spend by those enterprises.

因此，這只是一個更具競爭性的環境，而不是與我們的直接競爭對手競爭，而是在爭奪這些企業的整體支出。

And some of those folks have kind of paused or delayed or pushed some of their budget to later in the year because they want to wait and see what’s going to happen with the economy as well.

其中一些人已經暫停、推遲或推遲了部分預算，因為他們想等待，看看經濟也會發生什麼。

And Meta, I’ll comment on your other question about what we call project pull through, right?

Meta，我將評論你的另一個問題，即我們所說的專案成功，對嗎？

This is enabling third-party partners to do the implementations.

這使得第三方合作夥伴能夠進行實施。

We continue to see the percentage of implementations being done by partners increase consistently every quarter.

我們繼續看到合作夥伴完成的實施百分比每季都在持續增加。

Andy and team have done a great job of just leaning in with more partners.

安迪和團隊在與更多合作夥伴的合作方面做得非常出色。

We’re still being pretty focused here in terms of how many partners we’re allowing to do this because, again white glove/NPS scores, we’ve always taken a lot of pride in that and we’re making sure that our partners continue to do that and they are doing it very well.

我們仍然非常關注我們允許多少合作夥伴這樣做，因為再次強調白手套/NPS 分數，我們一直對此感到非常自豪，並且我們正在確保我們的合作夥伴繼續這樣做，而且他們做得非常好。

Great.

偉大的。

Thank you.

謝謝。

Thanks, Meta.

謝謝，梅塔。

Samad Samana, Jefferies.

薩馬德·薩馬納，杰弗里斯。

Hi, good evening.

嗨，晚上好。

Thanks for taking my questions.

感謝您回答我的問題。

Maybe first one, just appreciate all the disclosure.

也許是第一個，只是欣賞所有的披露。

There’s a lot of moving parts, but if I just -- if I think about the implied 4Q guidance, I think it implies 9% subscription revenue growth, Barry.

有很多變化的部分，但如果我考慮隱含的第四季度指導，我認為這意味著 9% 的訂閱收入增長，巴里。

And what I’m trying to understand is to get to that number, it tends to suggest that maybe new book to dollars were down in the first half of the year versus 2023.

我想要了解的是，要得到這個數字，它往往表明，與 2023 年相比，今年上半年的新書銷量可能有所下降。

Is that right?

是這樣嗎？

Is new book ARR down, flat or up?

新書 ARR 是下降、持平還是上升？

And for the first half, and I get more importantly in 2Q because just the magnitude of that $40 million reduction to the implied 4Q number suggests that like new bookings may be actually coming in are declining or contracting.

對於上半年，我在第二季變得更重要，因為第四季度隱含數字減少了 4000 萬美元，這表明新預訂量實際上可能正在下降或收縮。

Can you just help us understand that part of it, please?

您能幫我們理解這一部分嗎？

Yes, one thing, great, Samad.

是的，有一件事，很好，薩馬德。

One thing you got to understand is that the mega deals and those million dollar deals cause lumpiness in quarter-to-quarter and year-over-year, quarter-over-quarter.

你必須明白的一件事是，大型交易和那些數百萬美元的交易會導致季度環比、同比、環比的波動。

When I say a Q2 versus a Q2, you may recall last year in Q2, we had a significant $20 million insurance company that we booked.

當我說第二季與第二季時，您可能還記得去年第二季度，我們預訂了一家價值 2000 萬美元的保險公司。

We didn’t have that this quarter.

本季我們沒有做到這一點。

So could you say that bookings were down?

那你能說預訂量下降了嗎？

You could, but the revenue that $20 million insurance company is generating, that’s a long implementation cycle.

你可以，但是保險公司產生的 2000 萬美元收入是一個很長的實施週期。

So the health of the bookings that occurred meaning the timing of when they convert to revenue, we didn’t have any of those big mega deals that are going to start revenue in a year or two from now.

因此，預訂的健康狀況意味著它們轉化為收入的時間，我們沒有任何大型交易將在一兩年內開始收入。

So in one sense, most of that will get revenue starting at the beginning of 2025.

因此，從某種意義上說，其中大部分將從 2025 年初開始獲得收入。

So it’s hard to just look at a singular quarter and ascertain and come to a conclusion that, aha, that’s an impact.

因此，很難僅關注單一季度並確定並得出結論：啊哈，這是一種影響。

It depends what’s in those bookings.

這取決於這些預訂中的內容。

So if you take out some of those big anomalies, we had a very, very steady solid quarter.

因此，如果你剔除其中一些重大異常情況，我們將度過一個非常非常穩定的季度。

I’ll put it that way.

我會這樣說。

But we just didn’t have those big, when you looked at the million dollar deals that I shared, right, $1.1 million, and then we had the one that kind of straddled the Q1, Q2, which was more significant.

但我們只是沒有那麼大的交易，當你看看我分享的數百萬美元的交易時，對吧，110 萬美元，然後我們就有了跨越第一季和第二季度的交易，這是更重要的。

But that’s, overall, pipeline’s healthy.

但總體而言，管道是健康的。

We feel very good about the top of funnel, as well as what we’re forecasting for the remainder of the year.

我們對漏斗頂部以及我們對今年剩餘時間的預測感到非常滿意。

Great, and then maybe just to follow up, I fully appreciate the complexity of, we have a world that is changing rapidly and there’s a lot of volatility.

太好了，也許只是為了跟進，我完全理解我們的世界正在迅速變化並且存在很大的波動性的複雜性。

And I guess my question though, is it feels like we’ve, it’s been about four to six quarters where it seems the visibility and the guidance are lower or maybe there may not be as much visibility as anticipated.

但我想我的問題是，我們感覺已經有大約四到六個季度的時間，可見度和指導似乎較低，或者可能沒有預期的那麼高。

Just as I look at the guidance history, is it time to maybe rethink the way that you’re building up your guidance, you’re making some kind of permanent change to the assumptions.

正如我回顧指導歷史一樣，是時候重新思考你建立指導的方式了，你正在對假設進行某種永久性的改變。

Because I think that’s creating volatility in our estimates and in the outlooks, I’m just curious if there’s any rethinking on the framework to guidance in and of itself.

因為我認為這會造成我們的估計和前景的波動，所以我只是好奇是否會對指導框架本身進行任何重新思考。

Samad, very fair question, the only issue I have with it is the tense.

Samad，非常公平的問題，我唯一的問題是時態。

It’s implying a future tense about the rethinking.

它暗示著重新思考的未來式。

We rethunk, we’re not going to be, we’re not going to have big beats.

我們重新思考，我們不會，我們不會有大節奏。

It’s not the environment for them, but we’ve looked for every foreseeable thing that we could look for and put it in there.

這不是他們的環境，但我們已經尋找了我們可以尋找的所有可預見的東西並將其放在那裡。

And, of course, there’s always, as Donald Rumsfeld said, unknown unknowns, but leaving that as a singular exception.

當然，正如唐納德·拉姆斯菲爾德所說，總是存在著未知的未知因素，但將其作為一個例外。

We’ve done the very best we can.

我們已盡力而為。

We don’t like that environment that we were in.

我們不喜歡我們所處的環境。

I appreciate the thoughtful answers as always, and thank you for the color.

我一如既往地欣賞深思熟慮的答案，並感謝您的顏色。

Thanks, Samad.

謝謝，薩馬德。

Michael Funk, Bank of America.

麥可‧芬克，美國銀行。

Hey guys, good evening.

嘿夥計們，晚上好。

Thank you for the question.

謝謝你的提問。

So kind of related to the last question, Barry, on the derisking of the guidance and the confidence level in the guidance, understand you talk to customers to help you think about the back half of the year, maybe you’ve got a little bit less ramp in fourth quarter.

巴里，這與最後一個問題有關，關於指導的去風險和指導的信心水平，了解您與客戶的交談可以幫助您思考下半年的情況，也許您已經得到了一些第四季度的增長有所減少。

Wha is your impression though, the customer’s outlook for economy.

您對客戶的經濟前景有何印象？

There’s a lot of debate around recession, no recession.

關於經濟衰退有很多爭論，但沒有經濟衰退。

Does their outlook incorporate a recessionary environment or not?

他們的前景是否包含經濟衰退的環境？

And if that did occur, would that be more down the sides of your guidance?

如果這種情況確實發生，是否會更加偏離您的指導方針？

Yeah.

是的。

Great question, Michael.

好問題，麥可。

Thank you.

謝謝。

And it’s perplexing to me.

這讓我很困惑。

There’s this huge debate about are we in a recession?

關於我們是否正處於經濟衰退之中，存在著一場巨大的爭論。

Are we going into recession?

我們會陷入衰退嗎？

Are we not?

我們不是嗎？

Jamie Dimon taking it from 20% to 35% risk.

傑米戴蒙 (Jamie Dimon) 承擔的風險從 20% 到 35%。

You look at the Bank of America credit and debit card spending.

你看看美國銀行的信用卡和金融卡支出。

In June, it was down per household by 0.5. By the way, that’s nominal, real terms, which matters to us, it’s negative.

6月份，每戶下降了0.5%。順便說一句，這對我們來說很重要，是名義上的實際條件，它是負數。

JPMorgan Chase data is similar.

摩根大通的數據也類似。

And then we look at actual internal data.

然後我們看看實際的內部數據。

And it’s clear that it’s not as strong as it was in the past.

很明顯，它不像過去那麼強大。

And so, in short, in summary, let the debate go on, what we are seeing is weakness amongst not just the consumer vertical, but one or two others a little bit, which we’ve allowed for in the projection.

因此，總而言之，讓辯論繼續下去，我們看到的不僅是消費者垂直領域的弱點，還有其他一兩個領域的弱點，我們在預測中已經考慮到了這一點。

But also a little bit in healthcare and education, which are the other two verticals that have some degree of seasonality.

但在醫療保健和教育領域也有一些影響，這是另外兩個具有一定季節性的垂直產業。

Yeah, I would just add, Michael, that we talk to our customers, we definitely talk to our seasonal customers, and while they cite kind of the economic conditions, they usually stop short of predicting recession versus something less than that.

是的，我想補充一點，邁克爾，我們與我們的客戶交談，我們肯定與我們的季節性客戶交談，雖然他們引用了某種經濟狀況，但他們通常不會預測經濟衰退，而是會預測經濟衰退。

So but again, we look at the comments in those discussions with all of our seasonal customers and we talk to all of them and they’re obviously citing just this uncertainty out there.

因此，我們再次查看了與所有季節性客戶討論中的評論，並與他們所有人進行了交談，他們顯然只是引用了這種不確定性。

Sure.

當然。

So our customers, the comments are things like ongoing choppiness, retailer cautiousness, challenges from global macro and geopolitical, I don’t know, and this is not Five9 speaking, this is our customer.

所以我們的客戶，評論是持續的波動、零售商的謹慎、來自全球宏觀和地緣政治的挑戰，我不知道，這不是 Five9 說的，這是我們的客戶。

Expect macro headwinds to continue throughout this year, et cetera, et cetera.

預計今年全年宏觀逆風將持續，如此循環。

But is your view, though, the customers are projecting a recession before Wall Street’s projecting a recession?

但您是否認為，在華爾街預測經濟衰退之前，客戶就預測了經濟衰退？

Right now, Wall Street is probably more soft landing and recession.

眼下，華爾街可能更多的是軟著陸和衰退。

It sounds like your customers, though, are gearing up or spending like it is going to be a recession or it is a recession, because that’s really the question.

不過，聽起來您的客戶正在做好準備或消費，就像即將發生經濟衰退或經濟衰退一樣，因為這確實是問題所在。

Michael, that may well be, and we could maybe do an ADP and start a sideline business with an index or some assortment.

邁克爾，很可能是這樣，我們也許可以做一個 ADP，並透過指數或某種分類來進行副業。

But they’re not being very confident, but they are still growing a little bit, but just not as fast.

但他們並不是很有信心，但他們仍在一點點成長，只是速度沒那麼快了。

One thing to remember, that’s not them making those comments about them not spending money or not purchasing software.

要記住的一件事是，他們並不是在評論自己不花錢或不購買軟體。

It’s about them not getting more volume into their contact center.

這是因為他們的聯絡中心沒有獲得更多的服務量。

So they’re talking about, hey, our volumes coming into our contacts centers are growing, but they’re not growing at the rate they did last year.

所以他們說，嘿，我們聯絡中心的數量正在成長，但成長速度沒有去年那麼快。

And so that’s what that is.

事情就是這樣。

It’s not to say that they’re suffering or they’re thinking recession or they’re thinking things are slowing down.

這並不是說他們正在遭受痛苦，或他們認為經濟衰退，或他們認為事情正在放緩。

It’s just not speeding up and they’re not inflecting seasonally like they did last year.

它只是沒有加速，也沒有像去年那樣隨季節變化。

Understood.

明白了。

Thank you.

謝謝。

Catharine Trebnick, Rosenblatt.

凱瑟琳·特雷布尼克，羅森布拉特。

Hi, thank you for taking the question.

您好，感謝您提出問題。

On your $1 million ARR deals, typically that’s where you really have your bread and butter during the quarter.

在您的 100 萬美元 ARR 交易中，通常這就是您在本季度真正賴以生存的地方。

So can you poke a little bit more?

那你能再戳一點嗎？

Is that a lot a very competitive area now with more players, more pricing, or is it just a delay?

現在這是一個競爭非常激烈的領域，有更多的玩家，更多的定價，還是只是一個延遲？

Because it seems like you’re saying the funnel is healthy and the pipeline’s healthy.

因為你似乎在說漏斗是健康的，管道是健康的。

So I’m just trying to reconcile that.

所以我只是想協調這一點。

Thank you.

謝謝。

It’s delay and timing, and our deal sizes were smaller this quarter.

這是延遲和時機的問題，而且本季我們的交易規模較小。

It just, yes, I can’t put my finger on a precise reason, but I think when you look back and we take a look at the overall health of the pipeline, yes, it just was a lull for us.

只是，是的，我無法指出確切的原因，但我認為當你回顧過去，我們看看管道的整體健康狀況時，是的，這對我們來說只是一段平靜。

Not concerned about it.

對此並不關心。

We’re taking action to go make sure we can make up for it and get back on the track that we love being on, which is to execute it very high level, and so we’re taking actions to go do that.

我們正在採取行動，以確保我們能夠彌補這一點，並回到我們喜歡的軌道上，即以非常高的水平執行它，因此我們正在採取行動來做到這一點。

We set a high standard for ourselves and we like to always live up to it, and we didn’t do that in Q2, but rest assured, we feel very good about our long-term prospects all the way back to the beginning and the top of the funnel.

我們為自己設定了很高的標準，我們希望始終能夠實現這一目標，我們在第二季度沒有這樣做，但請放心，我們從一開始就對我們的長期前景感到非常滿意，漏斗的頂部。

Our partner community, the customer sentiment there’s across the board, we feel very good about the long-term future.

我們的合作夥伴社群以及全面的客戶情緒，我們對長期未來感到非常樂觀。

Thank you for taking my questions.

感謝您回答我的問題。

Appreciate it,

欣賞它，

That concludes the Q&A portion of our call.

我們電話會議的問答部分到此結束。

Mike, I'll turn it over to you for closing comments.

麥克，我會將其轉交給您進行結束評論。

Yeah.

是的。

Thank you.

謝謝。

I just want to say a quick heartfelt thank you to our Five9ers, our team, to your passion, your commitment to helping our customers achieve elevated CX, especially AI-powered elevated CX.

我只想對我們的 Five9ers、我們的團隊表示衷心的感謝，感謝你們的熱情和致力於幫助我們的客戶實現提升的 CX，特別是人工智慧驅動的提升的 CX。

So thank you to the entire Five9 team for all you do.

感謝整個 Five9 團隊所做的一切。

We remain very, very excited about the future in this market, so we’ll keep you posted as the next couple of quarters unfold.

我們對這個市場的未來仍然非常非常興奮，因此我們將在接下來的幾季向您通報最新情況。

Thanks for joining.

感謝您的加入。