Five9 Inc (FIVN) 2024 Q3 法說會逐字稿

Thank you for joining us today.

感謝您今天加入我們。

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 improvement in financial and 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 the anticipated TAM expansion and our ability to take advantage of any such expansion, company growth, enhancements to in development of our solution, market size and trends.

本次電話會議期間所做的某些陳述並非歷史事實，包括有關公司未來財務業績和現金狀況、財務和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、某些預期收入結構變化、客戶成長、我們的解決方案（包括人工智慧）的預期客戶利益、預期TAM 擴張的程度以及我們利用任何此類擴張的能力、公司成長、我們解決方案開發的增強、市場規模和趨勢。

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.

我們對宏觀經濟狀況、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）的預期屬於 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.

這些陳述只是預測，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 including macroeconomic deterioration and uncertainty, including continuing 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.

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準確，包括宏觀經濟惡化和不確定性等不利經濟條件的影響，包括持續的通貨膨脹、利率上升、供應鏈幹擾、經濟產出下降和貨幣匯率波動、客戶群成長率下降以及 Five9 向美國證券交易委員會提交的年度和季度報告中風險因素標題和其他地方討論的其他風險。

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.

關於我們為何使用非公認會計原則財務指標的討論以及有關我們的公認會計原則與非公認會計原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資料的附錄中找到。

Also, please note that the information provided on this call speaks only to management's views as of today, November 7, 2024, and may no longer be accurate at the time of replay.

另請注意，本次電話會議中提供的資訊僅代表截至今天（2024 年 11 月 7 日）管理層的觀點，在重播時可能不再準確。

Lastly, a reminder that unless otherwise indicated, financial figures discussed are non-GAAP.

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.

感謝艾米麗，也感謝大家今天下午加入我們的電話會議。

We are very pleased with our third quarter results which exceeded our guidance across all key metrics.

我們對第三季的業績非常滿意，所有關鍵指標都超越了我們的指導。

Importantly, subscription revenue growth accelerated to 20% year over year and total revenue growth accelerated to 15% adjusted EBITDA margin was 20% of revenue helping drive record quarterly operating cash flow of $41 million or 16% of revenue.

重要的是，訂閱營收年增率加速至20%，總營收成長加速至15%，調整後EBITDA 利潤率佔營收的20%，幫助推動創紀錄的季度營運現金流達到4,100 萬美元，佔營收的16 %。

I'm energized by the momentum we're seeing with our AI products.

我們的人工智慧產品所看到的勢頭讓我感到振奮。

When I meet with customers, the focus of the discussion often quickly turns to leveraging the power of AI to transform their CX.

當我與客戶會面時，討論的焦點往往很快轉向利用人工智慧的力量來改變他們的客戶體驗。

And this is clearly demonstrated by AI products making up over 20% of our enterprise new logo ACV bookings in Q3.

第三季度，人工智慧產品占我們企業新商標 ACV 預訂量的 20% 以上，清楚地證明了這一點。

Furthermore, over the last four quarters, the average ARR of new logo deals that included AI were over five times larger than deals without AI & AI has been attached to 100% of our $1 million plus ARR new logo deals.

此外，在過去的四個季度中，包含 AI 的新標誌交易的平均 ARR 比不包含 AI 的交易高出五倍以上，並且 AI 已附加到我們 100 萬美元+ ARR 的新徽標交易中 100%。

This AI momentum is also reflected in our install base where AI bookings grew over 50% year over year in Q3, our Five9 genius AI suite of solutions is helping some of the world's largest brands transform their CX with AI with the acceleration of AI CX is changing right before our eyes and we call this the new CX.

這種 AI 勢頭也反映在我們的安裝基礎上，第三季度 AI 預訂量同比增長超過 50%，我們的 Five9 天才 AI 解決方案套件正在幫助一些全球最大的品牌通過 AI 加速其 CX 轉型變化就在我們眼前，我們稱之為新的CX。

This new CX is delivered by our AI powered platform that stays aware and engaged throughout the entire customer journey delivering value in many ways.

這種新的客戶體驗由我們的人工智慧平台提供，該平台在整個客戶旅程中保持意識和參與，以多種方式提供價值。

We previously could only imagine our next generation IVA which we're launching next week called Five9 AI Agents is a new paradigm for how consumers engage with brands interacting across both voice and digital.

我們之前只能想像我們下週推出的下一代 IVA，稱為 Five9 AI Agents，它是消費者如何透過語音和數位方式與品牌互動的新範例。

Five9 AI agents identify authenticate, derive intent, inject knowledge, apply reason, take actions completely independently and without the need for a human.

Five9 人工智慧代理可以完全獨立地識別身分、得出意圖、注入知識、應用推理、採取行動，而無需人工幹預。

Five9 AI agents are designed to achieve unprecedented levels of comprehension, capability and autonomy using generative AI.

Five9 人工智慧代理旨在利用生成式人工智慧實現前所未有的理解力、能力和自主性水準。

This allows them to deliver great customer experience while also reducing the volume of interactions that need to be routed to human agents.

這使他們能夠提供出色的客戶體驗，同時減少需要路由給人工代理的互動量。

With these AI agents plus AI empowered human agents.

有了這些人工智慧代理加上人工智慧授權的人類代理。

Five9 is delivering the new CX designed to result in higher customer satisfaction scores, happier employees and improved efficiency for organizations around the world.

Five9 正在提供新的 CX，旨在為世界各地的組織帶來更高的客戶滿意度分數、更快樂的員工並提高效率。

Five9 is helping some of the largest brands in the world to deliver the new CX with our AI powered intelligent CX platform, our Five9 genius AI suite and our trusted AI experts with these three components.

Five9 正在幫助世界上一些最大的品牌透過我們的人工智慧驅動的智慧 CX 平台、我們的 Five9 天才人工智慧套件以及我們值得信賴的人工智慧專家以及這三個組件來提供新的 CX。

As the foundation, we recently rolled out our AI blueprint program where our AI experts work with each of our customers to develop their own unique blueprint to transform their CX using AI.

作為基礎，我們最近推出了 AI 藍圖計劃，我們的 AI 專家與每位客戶合作，開發他們自己獨特的藍圖，以利用 AI 改造他們的 CX。

For example, one of the world's largest hotel franchises increased first contact resolution by 50% after implementing our self service AI applications for their loyalty points program.

例如，全球最大的特許經營酒店之一在為其忠誠度積分計劃實施我們的自助服務 AI 應用程式後，首次聯繫解決率提高了 50%。

Another example is a global automobile manufacturer leveraging Five9 AI to handle the recall process.

另一個例子是一家全球汽車製造商利用 Five9 AI 來處理召回流程。

They struggled with the massive influx of traffic that comes from such an event rather than attempting to flex up their aging count.

他們努力應對此類事件帶來的大量流量，而不是試圖延長其老化計數。

They used our IVA's self service to not only handle the additional traffic with ease but also to achieve an impressive 53% first contact resolution with Five9 genius AI and our AI blueprint program.

他們使用我們的 IVA 自助服務不僅可以輕鬆處理額外的流量，而且還透過 Five9 Genius AI 和我們的 AI 藍圖程式實現了令人印象深刻的 53% 的首次聯繫解決率。

Our customers are able to transform their CX with the power of AI.

我們的客戶能夠利用人工智慧的力量改變他們的客戶體驗。

Also, with our AI consumption based pricing model, customers have the ability to test and improve adoption rates and effectiveness for AI use cases.

此外，透過我們基於人工智慧消費的定價模型，客戶能夠測試並提高人工智慧用例的採用率和有效性。

In summary, I feel great about our leadership position in AI and we remain enthusiastic about the continued large AI market opportunity ahead.

總之，我對我們在人工智慧領域的領導地位感到非常滿意，我們對未來持續的巨大人工智慧市場機會仍然充滿熱情。

Now, turning to other business highlights in August, we closed our acquisition of Aqueon.

現在，轉向 8 月的其他業務亮點，我們完成了對 Aqueon 的收購。

This acquisition marks a significant milestone in our strategy to elevate customer experience by further strengthening our intelligent CX platform.

此次收購標誌著我們透過進一步加強智慧 CX 平台來提升客戶體驗的策略的一個重要里程碑。

With that we now offer best in class AI powered Omnichannel and journey orchestration for inbound and proactive outbound use cases across marketing sales, e-commerce and customer service.

現在，我們為行銷銷售、電子商務和客戶服務的入站和主動出站用例提供一流的人工智慧驅動的全通路和旅程編排。

Our expanded capabilities across digital SMS, email and social channels are designed to unlock adjacencies and new revenue streams particularly in sales and revenue recovery.

我們在數位簡訊、電子郵件和社交管道方面的擴展能力旨在釋放鄰接關係和新的收入來源，特別是在銷售和收入回收方面。

This includes further expansion into the health care vertical with our epic integration.

這包括透過我們的史詩般的整合進一步擴展到醫療保健垂直領域。

We're excited about how Aqueon is strengthening the value proposition of Five9 and expanding our market opportunity.

我們對 Aqueon 如何加強 Five9 的價值主張並擴大我們的市場機會感到興奮。

I'm also pleased to announce that AJ Awatramani has joined Five9 as our Chief Product Officer with over 25 years of product experience and a proven track record of driving software innovation at companies such as Adobe Marchetto and Oracle AJ will lead Five9's product strategy as we expand our AI and CX offerings.

我還很高興地宣布，AJ Awatramani 已加入Five9 擔任我們的首席產品官，他擁有超過25 年的產品經驗，並且在AdAdobe Marchetto 和Oracle 等公司推動軟體創新方面擁有良好的記錄，AJ 將領導Five9 的產品策略，因為我們擴展我們的 AI 和 CX 產品。

In addition, we have several other recent highlights.

此外，我們還有其他幾個近期亮點。

We were once again named a leader in the Gartner Magic Quadrant for CCaaS.

我們再次被評為 Gartner CCaaS 魔力像限的領導者。

We hosted our first ever Five9 AI day.

我們舉辦了第一屆 Five9 AI 日。

We launched a new vertical initiative targeting AI and health care.

我們推出了一項針對人工智慧和醫療保健的新垂直計劃。

We launched a new series called Killer Digital Experiences.

我們推出了一個名為「殺手數位體驗」的新系列。

We opened our India data center and received our certification from the Indian Department of Telecommunications.

我們開設了印度資料中心並獲得了印度電信部的認證。

And Five9 was named number 16 in the 2024 fortune best places to work list in the large technology category.

Five9 在《財星》2024 年最佳工作場所排行榜中大型科技類別中排名第 16 位。

In summary, we are pleased with our momentum and success in delivering AI powered CX.

總之，我們對我們在提供人工智慧驅動的 CX 方面的勢頭和成功感到滿意。

We believe the opportunity ahead for Five9 is stronger than ever and we remain optimistic about driving long term durable subscription revenue growth in the 20% to 30% range.

我們相信 Five9 面臨的機會比以往任何時候都強大，我們對推動長期持久訂閱收入成長 20% 至 30% 保持樂觀。

I also want to thank all of our employees who bring passion and purpose to Five9 every day before moving on to our customer wins.

我還要感謝我們所有的員工，他們每天為 Five9 帶來熱情和目標，然後才繼續贏得客戶。

I wanted to give you a quick update.

我想給你一個快速的更新。

Dan Burkland is taking on a new role for us as EVP of go to market strategy focused on key partners and customers as well as other external facing evangelism for Five9, our sales organization led by our recently announced EVP of sales will now solely report to Andy Dignan, our COO.

Dan Burkland 為我們擔任新角色，擔任進入市場策略的執行副總裁，專注於關鍵合作夥伴和客戶以及Five9 的其他面向外部的宣傳工作，我們的銷售組織由我們最近宣布的銷售執行副總裁領導，現在將只向安迪報告迪格南，我們的營運長。

So Andy is joining us today to talk about our Q3 customer wins.

安迪今天加入我們，談論我們第三季的客戶勝利。

Andy, over to you.

安迪，交給你了。

Thank you, Mike and hello, everyone.

謝謝你，麥克，大家好。

We had a solid quarter with bookings improving sequentially and coming in ahead of our forecast, we had several key wins which I'll discuss in a moment as we stated last quarter in an effort to maximize market coverage and improve execution.

我們度過了一個穩定的季度，預訂量連續改善，並且超出了我們的預測，我們取得了幾項關鍵的勝利，我將在稍後討論這些勝利，正如我們上季度所說的那樣，以最大限度地擴大市場覆蓋範圍並提高執行力。

We took several steps.

我們採取了幾個步驟。

These included the appointment of a new EVP of sales realignment of resources across each of our sales segments and hiring a personnel to focus on AI and key vertical markets including health care, financial services and retail.

其中包括任命一位新的銷售執行副總裁，負責調整我們每個銷售部門的資源，並僱用一名人員專注於人工智慧和包括醫療保健、金融服務和零售在內的關鍵垂直市場。

I'm pleased with the energy and focused execution by the team and I'm encouraged to see healthy growth in the pipeline.

我對團隊的活力和專注的執行力感到滿意，並且很高興看到管道的健康成長。

We also continue to make strategic investments with select go to market partners as well as key ISV technology partners including strategic partners like salesforce variant and service.

我們也繼續與選定的市場合作夥伴以及主要 ISV 技術合作夥伴（包括銷售團隊變體和服務等策略合作夥伴）進行策略性投資。

Now as we normally do, I will share some key examples of wins for the quarter.

現在，像往常一樣，我將分享本季度勝利的一些關鍵示例。

The first example is a global wireless carrier who is experiencing challenges regarding its consumers to proactively inform them of various offerings including mobile device upgrade and other Upsell services.

第一個例子是一家全球無線營運商，該營運商在向消費者主動告知各種產品（包括行動裝置升級和其他追加銷售服務）方面面臨挑戰。

They were using an on premise system that was not achieving desired connection rates and results.

他們使用的本地系統未達到所需的連接速率和結果。

They chose Five9 for our proactive omnichannel solution which we acquired from Aqueon.

他們選擇 Five9 作為我們從 Aqueon 收購的主動全通路解決方案。

This includes the ability to execute campaigns with AI powered predictive intelligence to determine the best times and best channels to reach each customer based on historical behaviors, demographics and customer preferences.

這包括利用人工智慧驅動的預測智慧執行行銷活動的能力，以根據歷史行為、人口統計和客戶偏好確定接觸每個客戶的最佳時間和最佳管道。

They look to significantly increase revenue along with customer retention rates.

他們希望顯著提​​高收入和客戶保留率。

We anticipate this initial order to result in over $4 million in ARR to Five9 .

我們預計最初的訂單將為 Five9 帶來超過 400 萬美元的 ARR。

The second example is a global manufacturer of technology for automotive trucking and heavy equipment industries.

第二個例子是為汽車卡車運輸和重型設備產業提供技術的全球製造商。

They have been using a premise based solution which was very limited.

他們一直在使用非常有限的基於前提的解決方案。

After an extensive RFP process, they chose Five9 for our full omni channel solution front ended with our IVA including voice chat, email and SMS while integrating to salesforce CRM and Microsoft teams.

經過廣泛的 RFP 流程後，他們選擇 Five9 作為我們完整的全通路解決方案前端，包括語音聊天、電子郵件和 SMS，同時整合到 Salesforce CRM 和 Microsoft 團隊。

In addition, Five9 is providing them with an easy migration off their premise based variant solutions to the more modern variant cloud services platform from Five9 , we anticipate this initial order to result in over $1.6 million in ARR to Five9 .

此外，Five9 還為他們提供從基於前提的變體解決方案到 Five9 更現代的變體雲端服務平台的輕鬆遷移，我們預計這一初始訂單將為 Five9 帶來超過 160 萬美元的 ARR。

The third example is a premier online consumer lending platform.

第三個例子是一家領先的線上消費借貸平台。

They have been challenged with an on premises solution with very limited flexibility for both inbound and outbound interactions.

他們面臨著本地解決方案的挑戰，對於入站和出站互動的靈活性都非常有限。

They chose Five9 for several reasons.

他們選擇 Five9 有幾個原因。

First, it gave them inbound flexibility with IVA's chat bots and intelligent call routing.

首先，它透過 IVA 的聊天機器人和智慧呼叫路由為他們提供了呼入靈活性。

Second, the AI suite of products which are present throughout the customer journey to provide more accurate and personalized services.

其次，人工智慧產品套件貫穿客戶的整個旅程，以提供更準確和個人化的服務。

Third, the convenience of being able to leverage these AI applications on a consumption basis.

第三，能夠在消費的基礎上利用這些人工智慧應用的便利性。

And finally, our leading proactive outbound solution, combining voice with enhanced digital outreach.

最後，我們領先的主動外撥解決方案，將語音與增強的數位外展結合。

Five9 will help deliver significant improvements to the loan application process and ongoing support to its borrowers.

Five9 將協助大幅改善貸款申請流程並為其借款人提供持續支援。

We anticipate this initial order to result in over $1 million in ARR to Five9 .

我們預計最初的訂單將為 Five9 帶來超過 100 萬美元的 ARR。

And now as we normally do, I'll share an example of a customer who has expanded its use of Five9 .

現在，像往常一樣，我將分享一個擴展了 Five9 使用範圍的客戶的範例。

The primary health care systems provider has been a Five9 customer since 2020 has been extensively using our IVR, VCC and WM Suite powered by Verint for WFM, QM and speech analytics.

自 2020 年以來，這家初級衛生保健系統供應商一直是 Five9 的客戶，廣泛使用我們由 Verint 提供支援的 IVR、VCC 和 WM 套件來進行 WFM、QM 和語音分析。

As they expand and add new health care organizations, they view Five9 ACS analytics to be critical and helping them aggregate and normalize data from these new organizations and just valuable data from several platforms and deliver real time dashboards to run their operations more effectively.

隨著他們擴展和增加新的醫療保健組織，他們認為Five9 ACS 分析至關重要，可以幫助他們聚合和標準化來自這些新組織的數據以及來自多個平台的有價值的數據，並提供即時儀表板以更有效地運作其營運。

With this add on order, we anticipate the art to the Five9 will now be approximately $1 million.

透過這筆附加訂單，我們預計 Five9 的藝術價值現在將約為 100 萬美元。

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

現在我想請巴里向您介紹財務狀況。

Barry?

巴里？

Thank you, Andy Q3 year-over-year revenue growth accelerated to 15%, reaching a record of $264.2 million.

謝謝，Andy Q3 營收年增至 15%，達到創紀錄的 2.642 億美元。

Acqueon made up less than 1% of revenue in the third quarter.

Acqueon 在第三季的營收中所佔比例不到 1%。

Q3 year-over-year subscription revenue growth accelerated to 20%, made up nearly 80% of total revenue.

第三季訂閱營收年增至20%，佔總營收的近80%。

We focus on subscription revenue for several reasons.

我們關注訂閱收入有幾個原因。

First, we believe subscription revenue is the most accurate indicator of how our business is doing.

首先，我們相信訂閱收入是衡量我們業務表現最準確的指標。

More specifically, it's a metric that reflects the growth in a number of customers on our platform as well as the increase in the number of products purchased.

更具體地說，它是一個反映我們平台上客戶數量成長以及購買產品數量成長的指標。

Second, as we have mentioned in the past, the two other review streams, namely telecom usage and PS, are not good indicators of the momentum in our business because by design, and as I will elaborate in a moment, we are not focused on driving growth in either.

其次，正如我們過去提到的，另外兩個審查流，即電信使用率和 PS，並不是我們業務勢頭的良好指標，因為按照設計，正如我稍後將詳細闡述的那樣，我們並不關注推動兩者的增長。

Third, subscription revenue has gross margins that are meaningfully higher than those of usage and PS.

第三，訂閱收入的毛利率明顯高於使用量和 PS 的毛利率。

Lastly, subscription revenue is a metric that is directly comparable to metrics provided by others in our industry.

最後，訂閱收入是一個可以直接與我們行業其他人提供的指標進行比較的指標。

The continued strong subscription revenue growth is a result of further penetration of the large enterprise market with our market-leading AI pallet intelligent CX platform.

訂閱收入的持續強勁成長得益於我們市場領先的 AI 托盤智慧 CX 平台進一步滲透大型企業市場。

The subscription revenue growth was particularly strong in three key areas: First, enterprise new logo turnups from the backlog, which reached a Q3 record.

訂閱收入成長在三個關鍵領域尤其強勁：首先，積壓的企業新商標出現，達到了第三季的記錄。

Second, $1 million-plus ARR customers who represented approximately 56% of subscription revenue in the third quarter grew 29%.

其次，佔第三季訂閱收入約 56% 的 ARR 超過 100 萬美元的客戶成長了 29%。

Third, AI revenue, which grew 40% year-over-year in the quarter, in part due to Agent Assist, which enjoyed 158% year-over-year growth.

第三，人工智慧收入，本季年增 40%，部分原因是 Agent Assist 年比成長 158%。

Turning now to the other two revenue streams.

現在轉向其他兩個收入來源。

Telecom usage revenue made up 13% of Q3 revenue, declining year-over-year in the low single digits.

電信使用收入佔第三季營收的 13%，年減較低的個位數。

These declines in usage revenue continue to be primarily driven by our merger market with larger customers opting to provide their own telephony.

使用收入的下降仍然主要是由我們的合併市場推動的，其中較大的客戶選擇提供自己的電話。

This results in a consistent annual revenue mix of between 1 percentage points to 3 percentage points from usage to subscription.

這導致從使用到訂閱的年收入組合始終保持在 1 個百分點到 3 個百分點之間。

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 7% of revenue.

專業服務佔收入的剩餘7%。

We expect the percent of total revenue from professional services to remain in and around this level and possibly decline over the longer term as we continue to enable our partners to take on more implementations.

我們預計專業服務佔總收入的百分比將保持在這一水平或附近，並且隨著我們繼續幫助我們的合作夥伴進行更多實施，從長遠來看可能會下降。

Enterprise revenue from subscription usage and fees combined made up 88% of LTM revenue.

來自訂閱使用和費用的企業收入合計佔 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。

Our LTM dollar-based retention rate remained flat sequentially at 108%.

我們以 LTM 美元計算的保留率與上一季持平，為 108%。

Third quarter adjusted gross margin was 61.8%, up 1.3 percentage points sequentially and 1.2 percentage points year-over-year.

第三季調整後毛利率為61.8%，季增1.3個百分點，較去年同期成長1.2個百分點。

The 3 biggest drivers for the year-over-year improvement were the increase in revenue, with scaling against fixed and semi-fixed costs, the rough impact and the mix shift from usage to subscription.

年比改善的三大驅動因素是收入的成長、固定和半固定成本的擴大、粗略影響以及從使用到訂閱的組合轉變。

Third quarter adjusted EBITDA margin was 19.8%, up 3.2 percentage points sequentially and 1.9 percentage points year-over-year, driven by the improved gross margin and tight expense control.

第三季調整後 EBITDA 利潤率為 19.8%，季增 3.2 個百分點，年增 1.9 個百分點，這主要得益於毛利率的改善和嚴格的費用控制。

We are pleased with our margin trajectory and expect further improvements, although with inevitable ebbs and flows.

我們對我們的利潤軌跡感到滿意，並期望進一步改善，儘管不可避免地會出現起伏。

Stock-based compensation as a percent of revenue was 15%, down 8 percentage points year-over-year.

股票薪酬佔收入的比例為 15%，年減 8 個百分點。

Share dilution year-over-year was 2% on a fully diluted basis.

在完全稀釋的基礎上，股票稀釋較去年同期為 2%。

Our GAAP net loss was $4.5 million.

我們的 GAAP 淨虧損為 450 萬美元。

Included in the non-GAAP net loss was a $9.6 million, onetime charge for the roof, and a $4.8 million onetime tax benefit from the acquisition of Acqueon.

非 GAAP 淨虧損包括 960 萬美元的一次性屋頂費用以及收購 Acqueon 帶來的 480 萬美元的一次性稅收優惠。

Excluding these onetime items, our GAAP net income would have been slightly better than breakeven.

排除這些一次性項目，我們公認的會計原則淨利潤將略優於損益平衡。

We are pleased with our GAAP bottom line and the EPS trajectory and expect further improvements, though with inevitable ebbs and flows.

我們對我們的公認會計原則底線和每股收益軌跡感到滿意，並期望進一步改善，儘管不可避免地會出現起伏。

Third quarter non-GAAP EPS was $0.67 per diluted share, up $0.15 from Q3 2023.

第三季非 GAAP 攤薄每股收益為 0.67 美元，較 2023 年第三季增加 0.15 美元。

With regards to cash flow, in Q3, we continued our strong cash flow generation delivering $130 million of LTM operating cash flow equivalent to 13% of revenue.

在現金流方面，第三季度，我們持續保持強勁的現金流產生能力，LTM 營運現金流達 1.3 億美元，相當於營收的 13%。

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

這是由調整後的 EBITDA 和我們強勁的 DSO 業績（第 33 天的業績）推動的。

As an aside, our third quarter operating cash flow was a record $41 million.

順便說一句，我們第三季的營運現金流達到創紀錄的 4,100 萬美元。

And now I'd like to discuss our guidance for the remainder of 2024 as well as provide high-level commentary regarding 2025.

現在我想討論我們對 2024 年剩餘時間的指導，並提供有關 2025 年的高級別評論。

For Q4, we are guiding revenue to a midpoint of $267.5 million, a raise to our prior implied Q4 guidance.

對於第四季度，我們預期營收中位數為 2.675 億美元，高於我們先前隱含的第四季指引。

This guidance assumes ongoing muted seasonality.

本指引假設季節性因素持續減弱。

Accordingly, for 2024, we are raising the midpoint of our revenue guidance from $1.015 billion to $1.031 billion.

因此，對於 2024 年，我們將收入指引的中點從 10.15 億美元提高到 10.31 億美元。

As for the bottom line, we are guiding fourth quarter non-GAAP, EPS to a midpoint of $0.70 per diluted share, which is also raised to our prior implied Q4 guidance, and we continue to expect EBITDA margin to exceed 20% in the fourth quarter.

As for the bottom line, we are guiding fourth quarter non-GAAP, EPS to a midpoint of $0.70 per diluted share, which is also raised to our prior implied Q4 guidance, and we continue to expect EBITDA margin to exceed 20% in the fourth四分之一.

For the full year, we are raising the midpoint of our non-GAAP, EPS guidance from $2.27 to $2.37 per diluted share.

對於全年，我們將非 GAAP 每股稀釋每股盈餘指引的中位數從 2.27 美元上調至 2.37 美元。

I would now like to provide some preliminary high-level commentary on our current thinking for 2025.

我現在想就我們目前對 2025 年的想法提供一些初步的高層評論。

At this time, we are being prudent and therefore, feel comfortable with the current street consensus of $1.130 billion for 2025 and see potential upside if the macro conditions improve materially.

目前，我們持謹慎態度，因此對目前市場一致認為 2025 年 11.3 億美元感到滿意，並看到如果宏觀條件出現實質改善，潛在的上行空間。

We anticipate revenue follow our typical pattern with slightly more than 50% of our revenue in the second half even with the expectation that seasonality will be muted again next year.

我們預計下半年的收入將遵循我們的典型模式，略高於我們收入的 50%，即使預計明年季節性將再次減弱。

In terms of non-GAAP EPS, we believe we will surpass the current street consensus of $2.52 per diluted share for the full year in 2025, and we expect increases in adjusted EBITDA margin for the full year in 2025.

就非 GAAP 每股盈餘而言，我們相信 2025 年全年我們將超過目前市場普遍預期的每股攤薄每股 2.52 美元，我們預計 2025 年全年調整後 EBITDA 利潤率將有所增加。

In addition, I would like to provide an outlook on the quarterly profile of our bottom line.

此外，我想提供對我們利潤的季度概況的展望。

If you look at our historical financials, non-GAAP, EPS is typically amongst the lowest of the year in the first quarter, and we expect this to be the case again in 2025.

如果你看看我們的歷史財務數據，按照非公認會計原則，第一季的每股盈餘通常是一年中最低的，我們預計 2025 年將再次出現這種情況。

Therefore, we anticipate non-GAAP, EPS in Q1 '25 to be in the 40s per diluted share.

因此，我們預計 25 年第一季的非 GAAP 每股攤薄每股收益將在 40 多美元。

We expect bottom line to improve slightly in the second quarter and more immediately in the second half, especially in the fourth quarter.

我們預計第二季的獲利將略有改善，下半年尤其是第四季將更迅速地改善。

Please refer to the presentation posted on our Investor Relations website for additional estimates, including share count, taxes and capital expenditures as well as LTM enterprise subscription revenue.

請參閱我們的投資者關係網站上發布的演示文稿，以了解其他估算，包括股份數量、稅收和資本支出以及 LTM 企業認購收入。

Before concluding, I would like to mention that we will be updating our long-term model and also hold a Financial Analyst Day in the first half of next year.

在結束之前，我想提一下，我們將更新我們的長期模型，並在明年上半年舉辦金融分析師日。

We will be sending out a save a day notification in due course.

我們將在適當的時候發出節省一天的通知。

In summary, as a leader in AI for CX, we continue to invest in initiatives, which we believe position us to deliver durable long-term subscription revenue growth between 20% and 30%.

總而言之，作為 CX 人工智慧領域的領導者，我們將繼續投資於各種舉措，我們相信這些舉措將使我們能夠實現 20% 至 30% 的長期訂閱收入成長。

We also see significant opportunities for margin expansion, progress towards GAAP profitability and improved free cash flow over time.

隨著時間的推移，我們也看到了利潤率擴張、GAAP 獲利能力進步和自由現金流改善的重大機會。

Operator please go ahead.

接線生請繼續。

Thank you so much, Berry.

非常感謝你，貝瑞。

(Operator Instructions)

（操作員說明）

DJ Hyness, Canaccord.

DJ 海尼斯，Canaccord。

Hey guys, good to see you everyone.

嘿夥計們，很高興見到大家。

Congrats on the quarter.

恭喜本季。

Nice results.

不錯的結果。

I'll let others ask about the booking environment.

我會讓其他人詢問一下預訂環境。

I want to zoom in a little bit on AI, I'm curious for some of your early adopters of AI functionality.

我想稍微關註一下人工智慧，我對你們人工智慧功能的一些早期採用者很好奇。

What, what's the narrative from those guys today?

什麼，今天那些人的敘述是什麼？

Are they content working with what they have?

他們對現有的工作感到滿意嗎？

Are they looking to go deeper with AI?

他們是否希望更深入研究人工智慧？

Are they pulling back on a seat count?

他們會減少座位數嗎？

Just trying to get an early sense for trends is AI adoption matures in the space.

只是為了儘早了解人工智慧在該領域的應用是否成熟的趨勢。

Yeah, DJ start and let Andy chime in.

是的，DJ 開始並讓安迪插話。

But look, we talked about it before AI is front and center in CX today.

但看，我們在今天人工智慧成為 CX 的前沿和中心之前就討論過它。

We've talked about the TAM expansion for us when it comes to AI.

我們已經為我們討論了 AI 方面的 TAM 擴充。

We're helping some of the largest brands in the world really AI, you know, AI enable their customer experience and it's working really, really well.

我們正在幫助世界上一些最大的品牌真正實現人工智慧，你知道，人工智慧實現了他們的客戶體驗，而且效果非常非常好。

We're seeing some companies justify the decision around CCaaS using, you know, the AI, ROI and the labor arbitrage.

我們看到一些公司使用人工智慧、投資報酬率和勞動力套利來證明 CCaaS 決策的合理性。

But we're also seeing a lot of customers that are truly just adding AI and making a, it's an additive part of their, you know, technical offering if you will.

但我們也看到很多客戶實際上只是添加人工智慧並製作一個，如果你願意的話，這是他們的技術產品的附加部分。

And it's really important to understand that.

理解這一點非常重要。

Yes, we do see opportunities and our customers see opportunities for automation and self service.

是的，我們確實看到了機會，我們的客戶也看到了自動化和自助服務的機會。

But they're also using AI for so many other things to enhance the agents that are delivering live human agent support if you will.

但他們也將人工智慧用於許多其他事情，以增強提供即時人工代理支援的代理（如果您願意的話）。

But again, if that automation turns out to be a big number, we're a winner in terms of that TAM expansion.

但同樣，如果自動化結果是一個很大的數字，那麼就 TAM 擴充而言，我們就是贏家。

We're providing software for customer interactions, whether or not they're human assisted or AI driven or AI assisted.

我們為客戶互動提供軟體，無論它們是人工輔助、人工智慧驅動還是人工智慧輔助。

So we're a beneficiary in your case.

所以我們是你案子的受益者。

Yeah, thanks Mike.

是的，謝謝邁克。

The only thing I would add would be, yeah, obviously IVA was where we kind of got out of the gate in terms of our AI bookings growth.

我唯一要補充的是，是的，顯然 IVA 是我們在人工智慧預訂成長方面走出大門的地方。

You heard us talk about the agent assist, bookings growth and certainly our, you know, with our genius AI products launching, we just have our product and engineering teams are, you know, delivering innovation at a fast pace.

你聽到我們談論代理協助、預訂成長，當然，隨著我們天才人工智慧產品的推出，我們的產品和工程團隊正在快速提供創新。

That's more excuse to sell.

這更有理由賣掉。

And so, you know, we're excited about the uplift there.

所以，你知道，我們對那裡的提升感到興奮。

Michael Turrin, Wells Fargo.

麥可特林，富國銀行。

Thanks and appreciate taking the question.

感謝並感謝提出這個問題。

Nice to see everyone.

很高興見到大家。

Mike, at the end of your prepared remarks, you mentioned long-term subscription revenue growth of 20% to 30%.

麥克，在您準備好的發言的最後，您提到長期訂閱收入成長 20% 到 30%。

You're sort of towards the lower end of that this quarter and can appreciate, we've been working through a lot of changes in the underlying environment.

您在本季度處於較低水平，並且可以理解，我們一直在努力解決基礎環境的許多變化。

But just wondering, are you signaling that's a trough?

但只是想知道，你是否在暗示這是一個低谷？

Is that more of a normalized assumption as we roll forward?

當我們向前推進時，這更像是一個標準化的假設嗎？

Just kind of walk us through what you're seeing today versus the aspirational target and what gets you or keeps you in that range?

請向我們介紹您今天所看到的情況與理想目標的比較，以及是什麼讓您保持或保持在這個範圍內？

Yeah, Michael, we do, we're very excited about the long-term potential to drive subscription revenue growth in that 20% to 30% range in as you said.

是的，邁克爾，我們確實如此，正如您所說，我們對推動訂閱收入成長 20% 至 30% 的長期潛力感到非常興奮。

I mean we delivered 20% subscription revenue in this third quarter.

我的意思是，我們在第三季實現了 20% 的訂閱收入。

They just finished up from 17% last quarter.

他們剛剛比上季度的 17% 有所上升。

It is the key metric.

這是關鍵指標。

I want to make sure everybody pays very close attention to that metric.

我想確保每個人都非常關注該指標。

And again, it's not because it's growing faster, it's really the best indicator of our business.

再說一遍，這並不是因為它成長得更快，而是因為它確實是我們業務的最佳指標。

It's about 80% of our revenue mix.

這約占我們收入組合的 80%。

So it's the vast majority of our revenue, and it is the best indicator for customers coming on to our platform and them purchasing more and more products from us.

因此，這是我們收入的絕大多數，也是客戶進入我們平台並向我們購買越來越多產品的最佳指標。

So it's really important to stay focused on that subscription revenue number.

因此，專注於訂閱收入數字非常重要。

And again, we remain very bullish in this massive TAM that we're going after.

再說一遍，我們仍然非常看好我們正在追求的巨大 TAM。

Yes, AI has been kind of a bit of a distraction factor and a tailwind and other things as well in our market.

是的，人工智慧在我們的市場上一直是一種幹擾因素、順風車和其他因素。

But let's not lose sight of the fact that we're going after a very large TAM, which expanded with this AI opportunity.

但我們不要忽視這樣一個事實，即我們正在追求一個非常大的 TAM，它隨著人工智慧的機會而擴展。

So we're just really excited about the future.

所以我們對未來感到非常興奮。

Meta Marshall, Morgan Stanley.

梅塔‧馬歇爾，摩根士丹利。

Great.

偉大的。

Thanks maybe a question for me of just what are you seeing in terms of?

謝謝，也許你問我一個問題，你看到了什麼？

I know there was kind of a some pause last quarter on needing to see kind of immediate ROI with investments.

我知道上個季度有一些停頓，需要看到投資的直接投資報酬率。

And so, you know, have you been able to either see that kind of step down or demonstrate that quicker or kind of give people an entry point that makes that a little bit easier to kind of get to that initial ROI and then just on the completion rates, I know you kind of noted some of those on the virtual side, but just any kind of changes you're seeing with customers and kind of completion rates.

所以，你知道，你是否能夠看到這種下降或證明更快，或者為人們提供一個切入點，使他們更容易獲得最初的投資回報率，然後就可以了完成率，我知道您注意到了虛擬方面的一些變化，但只是您在客戶和完成率方面看到的任何類型的變化。

Maybe I'll start with that.

也許我會從那裡開始。

And again, Andy, feel free to chime in.

安迪，請隨時插嘴。

But again, we did talk about some of the distraction factors of AI, right?

但我們還是討論了人工智慧的一些幹擾因素，對嗎？

And the fact that every CEO on the planet, quite frankly is telling their CIO to go out and figure out AI as the highest priority.

事實上，地球上的每位執行長都坦白告訴他們的資訊長走出去，把人工智慧當作最高優先事項。

And, and again, I think personally, my view is this is a transitory distraction.

而且，我個人認為，我的觀點是，這是暫時的干擾。

And you know, AI is here forever.

你知道，人工智慧永遠存在。

We know that it's real, but at the same time, I think there's a learning curve, a steep learning curve that a lot of companies and people are going through when it comes to AI & I think we're going to get through that learning curve pretty quickly here.

我們知道這是真實的，但同時，我認為在人工智慧方面有一個學習曲線，一個很多公司和個人正在經歷的陡峭的學習曲線，我認為我們將完成這個學習這裡的曲線很快。

Everybody's focused on it.

大家都在關注它。

And I would say you look Andy talked about the bookings.

我想說你看安迪談到了預訂。

I mean, we had a sequential increase in our bookings.

我的意思是，我們的預訂量連續增加。

Again, one quarter doesn't make a trend, but we're encouraged by what we see in terms of decision making.

同樣，四分之一並不能形成趨勢，但我們對決策方面所看到的情況感到鼓舞。

And again, I think in a healthy macro past AI distraction, I'm very optimistic about CCaaS decisions and AI decisions being made at a healthy clip.

再說一遍，我認為在過去人工智慧幹擾的健康宏觀環境中，我對 CCaaS 決策和人工智慧決策的健康發展非常樂觀。

Yeah, the only thing I would add would be, you know, to your point.

是的，我唯一要補充的是，你知道，符合你的觀點。

It's all about ROI the good thing is AI drives some of the highest ROI values, right?

這一切都與投資報酬率有關，好的一點是人工智慧可以帶來一些最高的投資報酬率，對嗎？

And so a lot of the things that we're doing is a lot of enablement of our sales team to have a very AI centric approach.

因此，我們正在做的很多事情都是讓我們的銷售團隊能夠採用以人工智慧為中心的方法。

And you know, what this comes down to a lot of times is these very large enterprises that are going to have to go through multi year implementations to migrate, you know, from on [prem] to cloud.

你知道，很多時候這歸結為這些非常大的企業將不得不經歷多年的實施才能從[本地]遷移到雲端。

And so some of the things that we're also doing within our our implementation team is making sure that we adjust so that you can get value out of AI kind of on the front end and throughout the implementation without having to wait until the end.

因此，我們在實施團隊中也在做的一些事情是確保我們進行調整，以便您可以在前端和整個實施過程中從人工智慧中獲得價值，而不必等到最後。

And so, you know, between enabling our teams to really put together those ROIs and show the value of AI and, and then again, making sure that we deliver AI, you know, sort of time to value much faster for our customers that will continue to help us kind of get through this, you know, to Mike's Point, this transitory issue.

因此，您知道，在使我們的團隊能夠真正整合這些投資回報率並展示人工智慧的價值之間，然後再次確保我們提供人工智慧，您知道，為我們的客戶提供更快的價值時間，這將繼續幫助我們解決這個，你知道，麥克的觀點，這個暫時的問題。

Will Power, Baird.

意志力，貝爾德。

Okay, great.

好的，太好了。

Thanks for taking the question.

感謝您提出問題。

You know, maybe I start from you Barry just thinking about, you know, consumer retail, some of the exposure headwind you've had there.

你知道，也許我從你開始，巴里，你知道，消費零售業，你在那裡遇到的一些暴露逆風。

I wonder if you could just kind of update us, you know, what you kind of saw through the Q3 period and what your expectations and visibility are in the Q4 as we head into this, holiday season, presumably based on the guidance, but just kind of what the latest trend lines are.

我想知道您是否可以向我們介紹一下您在第三季度期間看到的情況，以及當我們進入這個假期季節時您對第四季度的期望和可見度，大概是基於指導，但只是最新的趨勢線是什麼。

Absolutely.

絕對地。

So, in the third quarter, we actually saw overall in all the verticals except in one education, which is not one of the big verticals for us, a slightly better environment than we had originally thought.

因此，在第三季度，我們實際上看到了除一項教育之外的所有垂直行業的整體情況，這對我們來說不是一個大的垂直行業，環境比我們最初想像的要好一些。

And as we look into Q4 and this is indeed baked into the guidance is that we pay deep respect to the credit debit card data from JP Morgan and Bank of America.

當我們研究第四季度時，我們對摩根大通和美國銀行的信用卡借記卡數據深表敬意，這一點確實已納入指導。

Other banks are available, but we can only take so many and they are showing sequential declines, year on year declines nominally even more.

其他銀行也可以，但我們只能接受這麼多，而且它們都在連續下降，名義上同比下降甚至更多。

So after, if you take into account inflation, and so we've prudently taken that into account when we set the Q4 guidance and time will tell at the moment, we're not planning that hockey stick that we typically would see in earlier years this year for the time being.

因此，如果考慮到通貨膨脹，那麼我們在製定第四季度指導時就謹慎地考慮了這一點，目前時間會證明一切，我們不會像前幾年那樣計劃曲棍球棒暫時是今年。

And if I could maybe just one more bit of a follow up on AI and some of the comments in the prepared remarks, I mean, it, I think you indicated you had 50% AI bookings growth in your existing customer base.

如果我可以對人工智慧和準備好的評論中的一些評論進行更多的跟進，我的意思是，我認為你表明你現有客戶群中的人工智慧預訂增長了 50%。

I think that's probably off the small numbers, but I know this has been one of the big opportunities, right?

我認為這可能不是一個小數字，但我知道這是一個巨大的機會，對嗎？

It feels like a lot of AI a option has been new customers, maybe just talk about, you know, what's helping drive some improvement there to go to market changes and what else is on the horizon to really kind of Upsell that customer base.

感覺很多人工智慧選項都是新客戶，也許只是談論，你知道，什麼有助於推動一些改進以適應市場變化，以及還有什麼即將真正對客戶群進行追加銷售。

Yeah, thanks.

是的，謝謝。

Well, so yeah, some of the things that we've done, I think we mentioned it in Q1 is we made changes with our customer success organization.

嗯，是的，我們所做的一些事情，我想我們在第一季提到的是我們對客戶成功組織做出了改變。

We took our single AM role, split it up into that CSM & AD basically that Hunter and the nurture role.

我們選擇了單一的 AM 角色，將其分為 CSM 和 AD，基本上就是獵人和培養角色。

And so we're seeing a lot of, encouraging signs of our account directors aligning with our customers, putting together very strong, account plans.

因此，我們看到了許多令人鼓舞的跡象，表明我們的客戶總監與客戶保持一致，並制定了非常強大的客戶計劃。

And most importantly, we really trained the team to enable them to focus on what the customer's business value is and what the requirements are, of course for their company objectives.

最重要的是，我們真正培訓了團隊，使他們能夠專注於客戶的業務價值是什麼以及需求是什麼，當然是為了他們的公司目標。

You know, I think previously it was just about, hey, here's skews, do you want to buy them?

你知道，我認為以前只是這樣，嘿，這裡有偏差，你想買嗎？

This is more aligned, what's your company objectives?

這更加一致，你們公司的目標是什麼？

And so a lot of anecdotal feedback from our customers is they love this approach, they love the alignment.

因此，我們客戶的許多軼事回饋是他們喜歡這種方法，他們喜歡這種一致性。

And at the end of the day, again, we're just trying to drive that ROI value.

歸根究底，我們只是想提高投資報酬率。

And you know, Mike mentioned the AI blueprint.

你知道，麥克提到了人工智慧藍圖。

That's another thing that we've launched, essentially helping our customers build a customized blueprint for how they can take advantage of and deliver high business outcomes and kind of a road map of what are the solutions and products that we have towards that.

這是我們推出的另一件事，本質上是幫助我們的客戶建立客製化藍圖，說明他們如何利用並交付高業務成果，以及我們為此擁有的解決方案和產品的路線圖。

So just kicking that off, but you know, essentially a lot of good change coming from our go to market changes.

所以，這只是開始，但你知道，本質上，我們的市場變化帶來了很多好的變化。

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。

I appreciate it.

我很感激。

And congrats on the nice quarter here.

恭喜這裡度過了美好的季度。

I heard I think in your prepared remarks.

我在你準備好的發言中聽到了我的想法。

And in the presentation that enterprise new logo turn ups were a record in Q3.

在演示中，第三季企業新標誌的出現量創歷史新高。

Can you just maybe touch a little bit on what's driving that?

您能簡單談談是什麼推動了這個趨勢嗎？

Because I think we've been talking about that for a few quarters now and then would love to hear what else is in the pipeline as you look at kind of the remainder of the year and how that incremental revenue might trend from what you're implementing.

因為我認為我們已經討論了幾個季度，然後很想聽聽您在考慮今年剩餘時間裡還有什麼正在醞釀之中，以及增量收入可能會如何趨勢。

Yeah, so I'll start feel free to chime in guys.

是的，所以我會開始隨意插話。

But again, the backlog has been continually growing over time as we book more and more business, right?

但同樣，隨著時間的推移，隨著我們預訂的業務越來越多，積壓的訂單也不斷增加，對嗎？

And I think it's important for everybody to understand that.

我認為每個人都理解這一點很重要。

Yes, we had a record number of turnup from new logo from that backlog.

是的，我們從積壓的新徽標中獲得了創紀錄的數量。

But at the same time, our backlog has increased and that's a good sign for us, right?

但同時，我們的積壓訂單增加了，這對我們來說是一個好兆頭，對吧？

And that really gets down to driving future growth in our business.

這實際上取決於推動我們業務的未來成長。

So we're pleased with what we're seeing and again, Andy over the years and his professional services team has, they built a machine for turning up, you know, customers, large, medium and small at a very predictable rate.

因此，我們對所看到的情況感到滿意，安迪和他的專業服務團隊多年來，他們製造了一台機器，可以以非常可預測的速度吸引大、中、小型客戶。

So it's great to see.

所以很高興看到。

Ryan MacWilliams, Barclays.

瑞安·麥克威廉斯，巴克萊銀行。

Hey guys, thanks for taking the question.

嘿夥計們，感謝您提出問題。

One for Barry and one for Mike.

一份給巴里，一份給麥克。

Barry, just how should we think about the Akme on contribution to the four key revenue guide?

Barry，我們該如何看待 Akme 對四個關鍵收入指南的貢獻？

And then is it fair to streamline that for the rest of next year?

那麼在明年剩餘時間簡化這項工作是否公平？

And then for Mike AI agents, this seems like a shift from agent assist to like a more proactive approach in terms of like working alongside the customer and potentially doing more outbound or like more expansive use cases.

對於 Mike AI 代理來說，這似乎是從代理商協助轉向更主動的方法，例如與客戶一起工作，並可能進行更多的外撥或更廣泛的用例。

So I guess how do you think that can really help your existing customers?

所以我想您認為這如何真正幫助您現有的客戶？

And then how does that look like from a pricing or addition to a contract standpoint for Five9 ?

那麼從 Five9 的定價或合約附加的角度來看，這看起來怎麼樣？

Do you mind if I go first?

你介意我先走嗎？

Thanks Ryan.

謝謝瑞安。

A very good question and thank you for asking it.

這是一個非常好的問題，感謝您提出這個問題。

You want to be really crystal clear, AI agents are really the next generation of IVA and DVA.

你想非常清楚，人工智慧代理實際上是下一代 IVA 和 DVA。

So we've talked about that, right?

我們已經討論過了，對吧？

Intelligent virtual agent, which is a essentially a voice bot, right?

智慧虛擬代理，本質上是一個語音機器人，對嗎？

A virtual agent.

虛擬代理。

This is just the next generation of that as well as our digital virtual agent, DVA.

這只是我們的數位虛擬代理 DVA 的下一代產品。

So this is not in the agent assist category.

所以這不屬於代理協助類別。

It's in the it's in the self service front end part of the AI cycle if you will.

如果你願意的話，它位於人工智慧週期的自助服務前端部分。

And it really just allows those IVAs or DVAs to do more and it gets into the fact that them being, having the ability to reason and actually be more autonomous.

它實際上只是允許這些 IVA 或 DVA 做更多的事情，並且事實是他們有推理能力並且實際上更加自主。

So it just levels up the amount of interactions that we can truly self serve with our technology.

因此，它只是提高了我們可以利用科技實現真正自助服務的互動量。

So that's the easiest way to think about it.

所以這是最簡單的思考方式。

Barry?

巴里？

And Ryan, thank you for that question.

瑞安，謝謝你提出這個問題。

With respect to let me start with Q3, as I said in the box that some people might have missed it.

關於讓我從第三季開始，正如我在方框中所說，有些人可能錯過了。

Aaqueon, which closed in August contributed slightly less than 1% of the the revenue for the quarter.

Aaqueon 於 8 月關閉，貢獻了略低於 1% 的季度收入。

The Five9 total reported revenue with respect to Q4 and on to 2025 we are not going to be giving the explicit breakout why it's because we've been partners, close partners with Acqueon over the last say 1,824 months.

Five9 報告的第四季和 2025 年總收入我們不會給出明確的突破，因為我們在過去 1,824 個月裡一直是 Acqueon 的合作夥伴、密切合作夥伴。

Some really big deals, for example, the Q1 big bank deal that was obviously on our paper, but with a business the deal that Andy talked about for this quarter, which is also on joint paper, but our paper essentially.

一些非常大的交易，例如，第一季的大型銀行交易顯然在我們的論文中，但安迪在本季度談到的一項業務交易也出現在聯合論文中，但本質上是我們的論文。

And so we have a com over here of the two companies and it's a fool's errand to go and say, well, this portion is attributable to Five9 to work.

所以我們這裡有兩家公司的通訊，如果去說，好吧，這部分是由 Five9 負責的，那是愚蠢的差事。

This portion is attributable to a indigenous people.

這部分屬於原住民。

It's just a fool's errand to try and do that.

嘗試這樣做只是一個愚蠢的差事。

And so since the numbers anyway, are not that material, we're not going to go down that path.

因此，無論如何，由於數字並不那麼重要，所以我們不會走這條路。

Terry Tillman, Truist.

特里‧蒂爾曼，真理主義者。

Great.

偉大的。

Thanks for taking the question.

感謝您提出問題。

Is this is Bobby Dee on for Terry.

這是鮑比迪 (Bobby Dee) 替補特里 (Terry) 嗎？

I wanted to double click on the India data center opening and receiving some important certifications for operating in that market.

我想雙擊印度資料中心的開放並獲得在該市場運營的一些重要認證。

How are you all sizing up the opportunity there and what are the unlocks associated with that announcement?

你們如何評估那裡的機會以及與該公告相關的解鎖內容是什麼？

Yeah, no.

是的，不。

Exciting announcement for us.

對我們來說令人興奮的消息。

We've been building that for quite some time, the initial investment really started with some of our very large customers, a couple of our mega deal customers who had requirements in India to have kind of that local presence.

我們已經建立了相當長的一段時間，最初的投資實際上是從我們的一些非常大的客戶開始的，我們的一些大型交易客戶需要在印度擁有某種本地業務。

And so we started down this path and built the data centers launched them, we've been building leading up to building a healthy pipeline to go start to fill up data center.

因此，我們沿著這條道路開始，建立了資料中心並啟動了它們，我們一直在建立一個健康的管道，以開始填充資料中心。

And so really the goal is to kind of fill it up with the current backlog and then then essentially move into building some go to market resources around.

因此，我們的真正目標是用當前的積壓來填補它，然後基本上著手建立一些市場資源。

How do we continue to accelerate that further?

我們如何繼續進一步加速這一進程？

But again, really important milestone.

但這又是一個非常重要的里程碑。

There's a lot of obviously context and opportunity in India and you know, again, customers have been asking for this for quite some time for us.

印度有很多明顯的背景和機會，而且您知道，客戶長期以來一直要求我們這樣做。

Andy, I'm just going to jump in if you don't mind.

安迪，如果你不介意的話我就插話了。

No, I'm not going to go where you think I'm going to go.

不，我不會去你認為我要去的地方。

So Bobby, I just want to mention one thing though, when we look at gross margins which we are on a mission to improve and we've already shown a very nice sequential and year improvement.

所以鮑比，我只想提一件事，當我們考慮毛利率時，我們的使命是提高毛利率，並且我們已經表現出非常好的連續和年度改善。

The India thing is nontrivial because as he, as Andy mentioned, it's not, it's sitting there with the bonus of expenditures with very little current revenue will come.

印度的事情非同小可，因為正如安迪所提到的那樣，它不是小事，它坐在那裡，伴隨著支出的紅利，而目前的收入很少。

But in the meantime, it's a burden to bear which will ameliorate over time.

但同時，這是一種負擔，隨著時間的推移，這種負擔將會減輕。

For sure.

一定。

[Mizuho, CT Pane Rai]

[瑞穗，CT Pane Rai]

Great.

偉大的。

Thanks for taking my question.

感謝您提出我的問題。

First of all, congratulations on your new executive hire, Chief Product Official and sales great hires.

首先，恭喜您新聘的主管、首席產品官員和優秀的銷售人員。

Look, I want to ask question about AI you know that the question we're getting is a lot of investments right now going into start ups on AI and of course you talked about some of the momentum and the AI is your install base.

聽著，我想問人工智慧的問題，你知道我們面臨的問題是現在對人工智慧新創公司進行大量投資，當然你談到了一些動力，人工智慧是你的安裝基礎。

I'm wondering what are you hearing from your customer?

我想知道您從客戶那裡聽到了什麼？

Those who are going for, you know AI solution from Five9 versus some of them going after some of this, you know, start up AI where you see the direct use use cases on the customer experience side.

那些尋求 Five9 的人工智慧解決方案的人，以及其中一些尋求其中一些解決方案的人，你知道，啟動人工智慧，在那裡你可以看到客戶體驗方面的直接用例。

How do you differentiate yourself and where do you see the challenges and opportunity there?

您如何讓自己脫穎而出？

Yeah, no great question.

是的，沒什麼好問題。

So, you know, we've talked about this before essentially, right?

所以，你知道，我們之前已經討論過這個問題了，對吧？

If you look at where we sit is that power of the platform, right?

如果你看看我們所處的位置，那就是平台的力量，對吧？

And so when you look at the AI products that we're delivering, you know, specifically the the new AI genius product suite, they're really purpose built to take care to take advantage of that platform.

因此，當您查看我們提供的人工智慧產品時，您就會知道，特別是新的人工智慧天才產品套件，它們確實是專門為充分利用該平台而設計的。

So essentially the front end being able to have all the interaction data merge that data up with and normalize data to essentially give that full personalized experience.

因此，本質上，前端能夠將所有互動數據合併並標準化數據，從而從本質上提供完整的個人化體驗。

Yes, we're definitely seeing customers that are doing bakeoffs essentially of these point solutions as well as us, we're having good success in those in those instances.

是的，我們確實看到客戶和我們一樣對這些單點解決方案進行了烘烤，我們在這些情況下取得了良好的成功。

And there's also times where if a customer does already has an existing solution that maybe they purchased or were engaged before we came in, we provide our voice stream integration, right?

有時，如果客戶已經擁有可能在我們進來之前購買或參與的現有解決方案，我們會提供語音流集成，對嗎？

As we talked about before to be able to allow them to integrate.

正如我們之前談到的，能夠讓它們整合。

And again, we monetize that on a consumption basis.

再次，我們在消費的基礎上將其貨幣化。

And so again, at the end of the day, if we focus on the right use cases for the customer, we believe the platform wins in the end.

因此，歸根結底，如果我們專注於為客戶提供正確的用例，我們相信該平台最終會獲勝。

But ultimately, if there's solutions out there and partners of ours that want to integrate to our platform, you know, again, we're all about delivering that business outcome.

但最終，如果有解決方案並且我們的合作夥伴想要整合到我們的平台，那麼您知道，我們所做的一切都是為了實現業務成果。

So we're seeing a little bit of both.

所以我們看到兩者都有一點。

Jim Fish, Piper Sandler.

吉姆·菲什，派珀·桑德勒。

Hey guys, this is quick on for Jim Fish.

嘿夥計們，吉姆·菲什 (Jim Fish) 的動作很快。

Thanks for taking our question.

感謝您提出我們的問題。

Maybe piggybacking a little bit on that last question.

也許對最後一個問題有一點了解。

You talked about in those AI bake-offs, you are seeing some more of these point solutions.

你在那些人工智慧烘焙大賽中談到，你會看到更多這樣的單點解決方案。

In terms of the mix, is it increasingly more and more you're competing against the point solutions and the CRM vendors?

就組合而言，您與單點解決方案和 CRM 供應商的競爭是否越來越激烈？

Or is it predominantly still CCaaS vendors that you're competing against for AI specifically?

或者說，您在 AI 方面的競爭主要仍然是 CCaaS 供應商？

And then Barry, just quickly for you, as you look to 2025, how are you thinking about the mix between new and expansion here?

然後巴里，請快速為您介紹一下，當您展望 2025 年時，您如何考慮這裡的新建和擴建之間的混合？

Do you need a material kind of improvement in underlying NRR to hit the midpoint?

您是否需要對基礎 NRR 進行實質改進才能達到中點？

Or are we baking in kind of flat from here?

還是我們是從這裡開始烘烤的？

Yeah, good question.

是的，好問題。

I would say it's still more of the point solutions, especially in our base, obviously, new customers were competing against our key competitors in their portfolio.

我想說，這仍然更多是點解決方案，特別是在我們的基地，顯然，新客戶正在與我們的主要競爭對手在他們的產品組合中競爭。

We feel strongly about our natively built portfolio and how we put that together.

我們對我們本​​地構建的產品組合以及我們如何將其組合在一起有著強烈的感受。

And so that's been the majority of it.

這就是其中的大部分。

The CRMs, obviously, large lead flow for us, great relationship with them.

顯然，CRM 為我們帶來了大量的潛在客戶流量，與他們建立了良好的關係。

You heard me talk about doubling down on go-to-market and engineering investments with ServiceNow and Salesforce.

您聽到我談到要加倍增加對 ServiceNow 和 Salesforce 的上市和工程投資。

They're going to have their space where they win, and we're going to continue to be partners there.

他們將在獲勝的地方擁有自己的空間，我們將繼續成為那裡的合作夥伴。

But at this point, it's mainly the point solutions that we're competing against.

但目前，我們競爭的主要是單點解決方案。

And Quinton, I say your light is still on.

昆頓，我說你的燈還亮著。

In terms of the split between the two, we haven't given those comments yet.

至於兩者之間的分歧，我們還沒有給出這些評論。

I wouldn't see major changes in the dollar-based retention rate, but we're just not -- given the initial commentary, and we want as contenders over that for the time being.

我不會看到以美元為基礎的保留率發生重大變化，但鑑於最初的評論，我們只是沒有看到，我們希望暫時成為這一問題的競爭者。

Samad Samana, Jefferies.

薩馬德·薩馬納，杰弗里斯。

Hey guys, Billy Fitzsimmons on for some odd Barry maybe expanding on some of the prior questions during last quarter's call.

大家好，比利·菲茨西蒙斯（Billy Fitzsimmons）談了一些奇怪的問題，巴里（Barry）可能會擴展上季度電話會議中之前提出的一些問題。

One of the factors cited that that led to the guidance change was that some large deals may be stalled and and maybe CIOs were were citing constrained budgets at the time.

導致指導意見發生變化的因素之一是，一些大型交易可能會陷入停滯，而資訊長們當時可能會提到預算有限。

First, was there any kind of change since last quarter?

首先，自上季以來有什麼變化嗎？

I know you kind of commented on that but also second, can you walk us through how maybe some of those particular deals cited last quarter progressed in the third quarter?

我知道您對此發表了評論，但其次，您能否向我們介紹上季度引用的一些特定交易在第三季度的進展？

Did, did most of those deals now close?

大多數交易現在都完成了嗎？

Are there still conversations or customers still on hold?

是否仍有對話或客戶仍處於等待狀態？

And then how, how is that kind of reflected in the prelim commentary for 2025?

那麼2025年的初步評論中是如何反映的呢？

(multiple speakers) You mind if I chime in?

（多位發言者）您介意我插話嗎？

Okay.

好的。

So I'm happy to talk about this bill.

所以我很高興談論這項法案。

So look, we had a better quarter in Q3 than we did in Q2.

所以看，我們第三季的季度表現比第二季更好。

And that was actually in spite of a couple of very large deals and I shouldn't say very large, medium large deals pushing into Q4.

事實上，儘管有幾筆非常大的交易，我不應該說非常大、中型的交易會進入第四季。

And so, and the good news is those two deals that pushed out of Q3 and it, the Q4 were actually closed in October, in fact, fairly early in October.

因此，好消息是第三季和第四季的兩筆交易實際上已於 10 月完成，事實上，在 10 月相當早的時候。

So Andy and team have done a great job of kind of you know, just continuing to execute on the dolphins.

所以安迪和他的團隊做得很好，你知道，只是繼續在海豚身上執行任務。

And the, you know, the middle of that the middle of the bell curve as I always call it right, that the bread and butter of our deal flow.

你知道，鐘形曲線的中間，我總是稱之為正確的，我們交易的麵包和黃油流動。

If you look at the examples that Andy talked about that third example is a classic dolphin.

如果你看安迪談到的例子，第三個例子是經典的海豚。

It's a million dollar deal.

這是一百萬美元的交易。

They valued our AI they valued you know, Aqueon, they've got, they've got just the right ingredients.

他們重視我們的人工智慧，他們重視你知道的，Aqueon，他們擁有，他們擁有正確的成分。

And again, we're going to see, I think that's a pattern that, you know, I look forward to seeing more and more of those kind of deals because again, they, they're right in our sweet spot.

再說一遍，我們將會看到，我認為這是一種模式，你知道，我期待看到越來越多的這類交易，因為它們再次處於我們的最佳位置。

There's tons of them and they turn to revenue fairly quickly.

他們的數量很多，而且他們很快就能扭虧為盈。

Michael Funk, Bank of America.

麥可‧芬克，美國銀行。

Great, thank you all for the question.

太好了，謝謝大家的提問。

You know, Barry, you've talked a lot about the macro environment but, you know, I love to hear your thoughts on the competitive environment.

你知道，巴里，你已經談論了很多關於宏觀環境的問題，但是，你知道，我喜歡聽你對競爭環境的看法。

Are you seeing more competitive pricing pressure, more competitors at the table when you're bidding for a deal?

當您競標交易時，您是否看到更具競爭力的定價壓力、更多競爭對手？

And then finally, are you seeing customers ask for or get price down per seat coming to you asking for concessions or reworking of pricing?

最後，您是否看到客戶要求或降低每個座位的價格來向您要求讓步或重新定價？

Yeah, I can go ahead and take that one.

是的，我可以繼續接受那個。

So, you know, yeah, essentially we're not seeing a different set of competitors.

所以，你知道，是的，本質上我們沒有看到不同的競爭對手。

It's the main competitors that we've continued to have.

這是我們持續存在的主要競爭對手。

In terms of pricing pressure, we're not seeing that either.

就定價壓力而言，我們也沒有看到這種情況。

I think we've held strong our pricing in terms of seat based.

我認為我們在座位定價方面保持了強勢。

And then obviously, when you look at the, the AI applications that we, that we're building on top, you know, we're continuing to see our MRR perceive go up.

顯然，當你看到我們正在建立的人工智慧應用程式時，你知道，我們的 MRR 感知持續上升。

And so, yeah, that's really sort of the main thing I think from a competitive perspective.

所以，是的，從競爭的角度來看，這確實是我認為最重要的事情。

I would, I'd just like to add on to that if you don't mind.

如果你不介意的話，我想補充一下。

Andy, I mean, once in the fourth quarter, we give the numerator and the denominator and you'll be able to see clearly again that this, there's no major changes, these things move very slowly.

安迪，我的意思是，一旦在第四季度，我們給出分子和分母，你就能再次清楚地看到，沒有重大變化，這些事情進展非常緩慢。

And remember we're selling more and more software and with that comes a higher price, especially on the AI side where we, it's so massive, the benefit to the customer and the benefit to ourselves.

請記住，我們正在銷售越來越多的軟體，隨之而來的是更高的價格，特別是在人工智慧方面，我們的軟體規模如此之大，既為客戶帶來了好處，也為我們自己帶來了好處。

So people are not, you know, I could volunteer some information and then I don't, I've never sold the contact center system in my life, but people are not making this decision based upon price.

所以人們不會，你知道，我可以自願提供一些信息，但我不會，我一生中從未出售過聯絡中心系統，但人們不會根據價格做出這個決定。

They, they want to see a road map so they can believe in.

他們希望看到路線圖，以便他們能夠相信。

Do we have a I leadership, that sort of thing?

我們有領導力之類的嗎？

And of course, you know that it's not over checkbook, but it's still very responsible across the industry.

當然，你知道這並沒有超過支票簿，但它仍然是整個行業非常負責任的。

Great.

偉大的。

Thank you both.

謝謝你們倆。

Catharine Trebnick, Rosenblatt.

凱瑟琳·特雷布尼克，羅森布拉特。

Sorry, I was on another call.

抱歉，我正在接另一通電話。

One of the questions that I had is Verint.

我的問題之一是 Verint。

Do you have a partnership with Verint?

您與 Verint 有合作關係嗎？

And how is that progressing compared to the one that Ringcentral announced today?

與 Ringcentral 今天宣布的相比，這項進展如何？

And they announced $11 million deal for a voice spot?

他們還宣布了 1100 萬美元的配音合約？

And how does that play in with what you're working on?

這與你正在做的事情有何關係？

Thank you.

謝謝。

Yeah.

是的。

Great question, Catherine.

好問題，凱瑟琳。

I've already heard from Dan Bodner.

我已經收到丹·博德納的來信。

They're a key partner for us and the Verint that is, is the CEO at Varant.

他們是我們的重要合作夥伴，Verint 是 Varant 的執行長。

We continue to do a lot of business together.

我們繼續一起做很多生意。

We continue to do a lot of business together I think what -- again, if you think about what Verint does, they're WEM provider.

我們繼續一起做很多業務，我想再次強調一下，如果你想想 Verint 所做的事情，他們就是 WEM 提供者。

They partner with the entire market of CCaaS players.

他們與整個 CCaaS 參與者市場合作。

And I think it's important for their business for them to be open and partnering with more than just Five9.

我認為，開放並與 Five9 以外的公司合作對他們的業務非常重要。

We're their number one partner.

我們是他們的第一個合作夥伴。

We just won their partner of the year again.

我們剛剛再次贏得了他們的年度合作夥伴。

But we don't have any issue with them partnering with other players, and we get that.

但我們對他們與其他玩家合作沒有任何問題，我們明白這一點。

That interest expands their market opportunity.

這種興趣擴大了他們的市場機會。

And RingCentral is at the low end of the contact center market.

而RingCentral 則處於聯絡中心市場的低端市場。

They've been in the UC market for a long, long time.

他們已經進入統一通訊市場很久了。

They're building their own CCaaS solution and replacing over time, probably the nice CCaaS solution with their own.

他們正在建立自己的 CCaaS 解決方案，並隨著時間的推移用自己的解決方案替換可能不錯的 CCaaS 解決方案。

And just like we partner with Verint, they're going to be partnered with Verint.

就像我們與 Verint 合作一樣，他們也將與 Verint 合作。

So I think it's all good for the industry.

所以我認為這對這個行業來說都是好事。

And again, I know both Vlad and Ring and Dan at Verint.

再說一遍，我認識 Verint 的 Vlad、Ring 和 Dan。

They're both good leaders and quite frankly, good partners to us.

他們都是優秀的領導者，坦白說，也是我們的好夥伴。

So it's all good.

所以一切都很好。

And the only thing I would add would be, you've heard us launch the, the cloud to cloud integration with Verint's cloud portfolio.

我唯一要補充的是，您已經聽說我們推出了與 Verint 雲端產品組合的雲端到雲端整合。

We're building a strong pipeline there executing.

我們正在那裡建立一個強大的執行管道。

And so when you, we'll continue to see opportunities where, you know, our teams work closely together with our customers and you know, they have their bot portfolio and at the end of the day, we'll look at what's the best solution for the customer in terms of the ROI around AI use cases.

因此，當您，我們將繼續看到機會，您知道，我們的團隊與我們的客戶密切合作，您知道，他們擁有自己的機器人產品組合，最終，我們將看看什麼是最好的就人工智慧使用案例的投資報酬率而言，為客戶提供解決方案。

Thank you.

謝謝。

Well, and that does conclude today's Q&A session.

好了，今天的問答環節就到此結束了。

I'll turn it back to Mike for closing comments.

我會將其轉回給邁克以供結束評論。

Yeah, thanks, Kelsey.

是的，謝謝，凱爾西。

I just want to say thanks again for joining us.

我只想再次感謝您加入我們。

We're so excited about the momentum and the success we're having with our, you know, with helping our customers deliver AI powered, CX.

我們對幫助客戶提供由人工智慧驅動的 CX 所取得的勢頭和成功感到非常興奮。

And it's an exciting time in the industry.

這是業界中令人興奮的時刻。

And we also look forward to very optimistic about our opportunity to drive durable subscription revenue growth in the 20% to 30% growth range in the long run.

從長遠來看，我們也對推動訂閱收入持續成長 20% 至 30% 的機會感到非常樂觀。

So thanks again for joining us.

再次感謝您加入我們。