Five9 Inc (FIVN) 2024 Q4 法說會逐字稿

(audio in progress) Future financial performance and cash position of the company; expected improvements in financial and related metrics; expected ARR from certain customers; 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; our AI revenue opportunities and current estimations regarding same; 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.

（音訊正在播放）公司未來的財務表現和現金狀況；預計財務和相關指標將有所改善；來自某些客戶的預期 ARR；某些預期的收入組合變化、客戶成長；預期客戶將從我們的解決方案中獲得的利益，包括來自人工智慧的利益；預期 TAM 擴張的程度以及我們利用此類擴張的能力；我們的人工智慧收入機會以及目前對此的估計；公司成長；我們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；公司的市場地位、措施和期望；技術和產品計劃，包括對研發的投資和其他未來事件或結果都是 1995 年私人證券訴訟改革法案所定義的前瞻性陳述。

Such statements are simply predictions, should not be unduly relied upon by investors, actual events or results may differ materially, and the company undertakes no obligation to update the information in such statements.

此類聲明僅供預測，投資者不應過度依賴，實際事件或結果可能存在重大差異，且公司不承擔更新此類聲明中資訊的義務。

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 the impact of macroeconomic challenges, including continuing inflation, uncertainty regarding consumer spending, high interest rates, 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.

這些聲明受到重大風險和不確定因素的影響，可能會對 Five9 的未來結果產生不利影響並導致這些前瞻性聲明不准確，包括不利經濟條件的影響，可能會對 Five9 的未來結果產生不利影響並導致這些前瞻性聲明不准確，包括不利經濟條件的影響，包括宏觀經濟挑戰的影響，包括持續的通貨膨脹、消費者支出的不確定性、高利率、貨幣匯率波動、客戶群的標題下降，以及 Five9 向美國證券交易委員會提交的年度和季度報告中其他風險因素的年度和季度報告。

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.

有關我們使用非 GAAP 財務指標的原因以及有關我們的 GAAP 與非 GAAP 結果和指引的調節信息，目前已在我們今天下午早些時候發布的新聞稿中以及我們的投資者手冊附錄中提供，該手冊可在 Five9 網站 investors.five9.com 的投資者關係部分找到。

Also, please note that the information provided on this call speaks only to management's views as of today, February 20, 2025, and may no longer be accurate at the time of a replay.

另請注意，本次電話會議中提供的資訊僅代表管理階層截至今天（2025 年 2 月 20 日）的觀點，重播時可能不再準確。

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

最後，提醒一下，除非另有說明，所討論的財務數據都是非 GAAP 的。

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.

謝謝，艾米麗。

And thanks, everyone, for joining our call this afternoon.

感謝大家參加我們今天下午的電話會議。

I'm pleased to share that we finished the year strong with annual revenue exceeding $1 billion.

我很高興地告訴大家，我們以超過 10 億美元的年收入強勁結束了這一年。

This was driven by fourth-quarter revenue growth accelerating to 17% year over year, primarily due to our subscription revenue growing 19%.

這是由於第四季營收成長加速至年增 17%，這主要是由於我們的訂閱收入成長了 19%。

Adjusted EBITDA margin for the fourth quarter reached a record 23%, helping drive record operating cash flow of $50 million, or 18% of revenue, and record-free cash flow of 33 million or 12% of revenue.

第四季調整後 EBITDA 利潤率達到創紀錄的 23%，幫助推動創紀錄的 5,000 萬美元營業現金流（佔營收的 18%）以及創紀錄的 3,300 萬美元自由現金流（佔營收的 12%）。

As you all know, we take a balanced approach to delivering top-line growth and bottom-line profitability.

眾所周知，我們採取平衡的方法來實現營收成長和利潤獲利。

I'm highly encouraged by the execution and bookings momentum being delivered by our sales organization, especially in the $1 million-plus ARR part of our business.

我們的銷售部門的執行和預訂勢頭令我深受鼓舞，特別是在我們業務中 100 萬美元以上的 ARR 部分。

Andy will provide more color on this in a moment.

安迪稍後會對此提供更多詳細資訊。

Also, we recently held our global sales kickoff, and the passion, energy, and excitement were unparalleled as we all aligned on our formula to drive success for our customers and continue building upon our momentum in 2025 and beyond.

此外，我們最近舉行了全球銷售啟動會，我們都一致同意為客戶帶來成功並在 2025 年及以後繼續保持良好勢頭，我們的熱情、活力和興奮是無與倫比的。

On today's call, I will spend much of my time covering our progress in AI and how we believe platforms like Five9 are uniquely positioned when it comes to AI for customer experience.

在今天的電話會議上，我將花大量時間介紹我們在人工智慧方面的進展，以及我們認為 Five9 等平台在客戶體驗人工智慧方面的獨特優勢。

We continue to extend our leadership position in AI as demonstrated by our enterprise AI revenue growth accelerating to 46% in the fourth quarter.

我們繼續擴大在人工智慧領域的領導地位，這一點從第四季度企業人工智慧收入成長加速至 46% 可以看出。

AI has now grown to 9% of enterprise subscription revenue.

人工智慧目前已成長至企業訂閱收入的 9%。

We believe AI revenue momentum will continue as AI bookings for enterprise new logos grew nearly 50% year over year in Q4, again making up more than 20% of enterprise new logo ACV bookings with 100% attach rate on $1 million-plus ARR deals.

我們相信，人工智慧收入動能將持續下去，因為第四季度企業新標誌的人工智慧預訂量年增近 50%，再次佔企業新標誌 ACV 預訂量的 20% 以上，100 萬美元以上的 ARR 交易的附加率為 100%。

We are also successfully penetrating our enterprise install base with AI bookings growing 50% year over year in Q4.

我們也成功滲透到企業安裝基礎，第四季 AI 預訂量年增 50%。

And now I'd like to spend a few minutes talking about how we believe platforms like Five9 are uniquely positioned when it comes to AI for CX and why we are winning in AI and why we expect to continue winning.

現在，我想花幾分鐘談談為什麼我們認為 Five9 等平台在 CX AI 領域具有獨特優勢，以及我們為何能在 AI 領域獲勝以及我們為何期望繼續獲勝。

Of course, you're all aware that we have a broad portfolio of AI solutions, but I'm going to focus today on self-service and AI agents.

當然，大家知道我們擁有廣泛的人工智慧解決方案，但今天我將專注於自助服務和人工智慧代理。

As consumers, we all know AI agents will only be used by consumers if they are accurate and personalized.

身為消費者，我們都知道，只有準確且個人化的人工智慧代理才會被消費者使用。

When we say accurate, I think that's pretty obvious to everyone.

當我們說準確時，我想這對每個人來說都是很明顯的。

And when we say personalized, we mean that the AI agent knows enough about you as the consumer, such as who you are, what products and services you've purchased from the brand, the details of your recent interactions with that brand, including recent problems or issues you've had, and so on.

當我們說個人化時，我們的意思是人工智慧代理商對您作為消費者有足夠的了解，例如您是誰、您從該品牌購買了哪些產品和服務、您最近與該品牌互動的詳細信息，包括您最近遇到的問題，等等。

And brands are learning that if they want to offer AI-driven self-service, these AI agents need to be accurate and personalized.

品牌商正在認識到，如果他們想要提供由人工智慧驅動的自助服務，這些人工智慧代理商需要準確且個人化。

And like I said, if they're not, consumers will not use them.

正如我所說的，如果不是這樣，消費者就不會使用它們。

CCaaS platforms like Five9 are uniquely positioned to deliver these accurate and personalized AI agents.

Five9 等 CCaaS 平台具有獨特的優勢，可以提供這些準確且個人化的 AI 代理。

This is our moat, and this is why we believe we will continue to win in AI for customer experience.

這是我們的護城河，這也是我們相信我們將在客戶體驗人工智慧領域繼續獲勝的原因。

Let me explain further.

讓我進一步解釋一下。

Four key ingredients are required to deliver this accurate and personalized self-service using GenAI.

使用 GenAI 提供這種準確、個人化的自助服務需要四個關鍵要素。

First, you need access to LLMs.

首先，您需要獲得法學碩士學位。

Second, you need real-time contextual data about the consumer and the brand.

其次，您需要有關消費者和品牌的即時背景數據。

Third, you need historical interaction data specific to the consumer and their interactions with that brand.

第三，您需要特定於消費者及其與該品牌的互動的歷史互動數據。

And fourth, you need channels to connect consumers to that self-service application as well as provide an escalation path to a human agent when needed.

第四，您需要管道將消費者與自助服務應用程式連接起來，並在需要時提供通往人工代理的升級路徑。

So let's take these one at a time.

因此讓我們逐一解決這些問題。

The first ingredient, access to LLMs, has become commoditized now, and all vendors have the ability to use a mix of open-source and hyperscaler-provided models.

第一個要素，即獲得 LLM 的途徑，現在已經商品化，並且所有供應商都可以使用開源模型和超大規模提供的模型的混合。

Five9, however, has been at the forefront of engine-agnostic AI for many years, ensuring that brands can easily change the underlying engine quickly to leverage the latest, greatest, and highest-performing models.

然而，Five9 多年來一直處於與引擎無關的 AI 領域的前沿，確保品牌能夠輕鬆快速地更改底層引擎，以利用最新、最強大和性能最高的車型。

Our strategy of being engine agnostic continues to be validated with every new engine that emerges, and as everyone knows, this is happening almost on a weekly basis.

我們的引擎無關策略隨著每種新引擎的出現而不斷得到驗證，眾所周知，這種做法幾乎每週都在發生。

Additionally, we have a team of AI experts benchmarking these engines to ensure our customers can leverage the best engine for a given use case.

此外，我們還有一個人工智慧專家團隊對這些引擎進行基準測試，以確保我們的客戶能夠針對特定用例利用最佳引擎。

On the other hand, solutions that are built on proprietary models will not be able to leverage these new innovations that are rapidly coming to market.

另一方面，基於專有模型建構的解決方案將無法利用這些迅速進入市場的新創新。

Therefore, we believe Five9's approach allows our customers to future-proof their AI decision.

因此，我們相信 Five9 的方法可以讓我們的客戶為他們的 AI 決策做好面向未來的準備。

And when it comes to our competitive moat, it's clear that the layer above these engines is what matters.

當談到我們的競爭護城河時，很明顯這些引擎之上的層才是最重要的。

And that layer includes our AI applications that require business logic, that require workflows, that require important data, and integrations to backend systems.

此層包括需要業務邏輯、需要工作流程、需要重要資料以及與後端系統整合的 AI 應用程式。

The second ingredient, contextual data, is what is fed into the LLM in real time and provides true context around an interaction.

第二個要素是背景數據，它是即時輸入到 LLM 的數據，可以提供有關互動的真實背景。

This includes customer-specific details as well as brand-specific knowledge, both of which are often distributed across many back-end systems.

這包括客戶特定詳細資訊以及品牌特定知識，這些資訊通常分佈在許多後端系統中。

Unlike AI point solutions that require costly one-off integrations to access contextual data in real time, our platform typically is integrated into more than 20 back-end systems during the initial customer deployment.

與需要昂貴的一次性整合才能即時存取情境資料的 AI 點解決方案不同，我們的平台通常在初始客戶部署期間整合到 20 多個後端系統中。

This means that when a brand adopts AI with Five9, they can immediately leverage our seamless integrations, which are designed to reduce cost, accelerate time to value, and deliver accurate and personalized experiences at scale.

這意味著，當品牌採用 Five9 的 AI 時，他們可以立即利用我們的無縫集成，旨在降低成本、加快價值實現時間並大規模提供準確和個性化的體驗。

The third ingredient is historical interaction data, for which Five9 is the system of record.

第三個要素是歷史互動數據，Five9 是其記錄系統。

Historical interaction data is comprised of voice calls, texts, emails, web chats, and social interactions between a consumer and that brand, including interactions handled by human agents, as well as handled by AI agents.

歷史互動數據包括消費者與該品牌之間的語音通話、簡訊、電子郵件、網路聊天和社交互動，包括由人工代理處理的互動以及由人工智慧代理處理的互動。

This historical interaction data is a significant requirement for personalization.

這些歷史交互數據是實現個人化的重要要求。

In other words, the AI agent knows not only who you are and what products and services you've purchased, but it also knows every detail of your prior interactions with that brand, including what problems or issues you had.

換句話說，人工智慧代理商不僅知道您是誰、您購買了哪些產品和服務，而且還知道您之前與該品牌互動的每個細節，包括您遇到了哪些問題。

The fourth ingredient is channels, such as voice, text, email, web chat, and social.

第四個要素是管道，例如語音、文字、電子郵件、網路聊天和社交。

You need these channels to connect consumers to an AI agent as well as provide a seamless escalation path to a human agent when needed.

您需要這些管道將消費者與 AI 代理連接起來，並在需要時為人工代理提供無縫的升級路徑。

The market demands AI agents that work across all these channels.

市場需要能夠跨所有這些管道運作的人工智慧代理。

However, providing the voice channel globally at scale with reliability is a huge barrier to entry.

然而，在全球範圍內大規模地提供可靠的語音管道是一個巨大的進入障礙。

We have invested hundreds of millions of dollars over two decades to build that globally connected platform optimized for CX across these channels.

二十年來，我們投資了數億美元來建立針對這些管道上的 CX 進行最佳化的全球互聯平台。

AI point solution vendors entering the contact center market have not made that significant investment, nor are they likely to, which is why they prefer to integrate to our platform.

進入聯絡中心市場的 AI 點解決方案供應商尚未進行那麼重大的投資，也不太可能這樣做，這就是他們更願意整合到我們的平台的原因。

We believe these AI point solutions, as well as other third party AI, will continue to integrate to our platform to gain access to these channels from us.

我們相信這些人工智慧點解決方案以及其他第三方人工智慧將繼續融入我們的平台，以從我們這裡獲得這些管道的存取權限。

That positions our platform as a control point in the AI-driven CX ecosystem, enabling us to monetize that access, which we are successfully doing through voice stream and transcript stream.

這將我們的平台定位為 AI 驅動的 CX 生態系統中的控制點，使我們能夠將該訪問貨幣化，我們已經透過語音流和轉錄流成功做到了這一點。

So to summarize, the last three of these four key ingredients are unique to platforms like Five9.

總而言之，這四個關鍵要素中的最後三個是 Five9 等平台所獨有的。

In addition, our AI experts act as a force multiplier, working closely with our customers to tailor an AI blueprint for their business and help them deploy our AI solutions to deliver real business impact.

此外，我們的人工智慧專家還充當力量倍增器，與我們的客戶密切合作，為他們的業務量身定制人工智慧藍圖，並幫助他們部署我們的人工智慧解決方案，以產生真正的業務影響。

We not only have the talent to ensure success, but we also provide products like AI Insights to identify high ROI opportunities to deploy AI to enhance CX and drive operational efficiency, as well as our studio products that provide the ability to build these self-service applications, workflows, integrations, and business logic.

我們不僅擁有確保成功的人才，而且還提供 AI Insights 等產品來識別高投資回報率機會，以部署 AI 來增強 CX 並提高營運效率，以及提供構建這些自助服務應用程式、工作流程、整合和業務邏輯的能力的工作室產品。

And as a result, we believe our comprehensive AI suite combined with our deep AI expertise will enable us to continue winning in AI.

因此，我們相信，全面的人工智慧套件加上我們深厚的人工智慧專業知識將使我們能夠在人工智慧領域繼續獲勝。

Our differentiated approach to AI is being validated by the industry, where we were once again ranked as having the best AI solutions in the semi-annual Baird survey that was recently conducted in December.

我們對人工智慧的差異化方法正在得到業界的認可，在最近於 12 月進行的半年度 Baird 調查中，我們再次被評為擁有最佳人工智慧解決方案。

Additionally, industry analysts continue to recognize our innovation, with Five9 recently winning the 2024 Aragon Research Innovation Award for AI Contact Centers.

此外，產業分析師繼續認可我們的創新，Five9 最近贏得了 2024 年阿拉貢人工智慧聯絡中心研究創新獎。

Five9 was positioned as the most strategic vendor, reinforcing our leadership in AI-driven CX and our long-term vision for the CX market.

Five9 被定位為最具戰略意義的供應商，鞏固了我們在人工智慧驅動的 CX 領域的領導地位以及我們對 CX 市場的長期願景。

Now I'd like to touch on the momentum we are seeing with our ecosystem of partners.

現在我想談談我們在合作夥伴生態系統中看到的發展勢頭。

Our partners have been an important part of our success here at Five9.

我們的合作夥伴是 Five9 成功的重要組成部分。

We have significant opportunities in 2025 to continue our momentum following announcements we've made over the last few months with partners such as Salesforce, ServiceNow Microsoft, Verint, and Google.

繼過去幾個月我們與 Salesforce、ServiceNow、Microsoft、Verint 和 Google 等合作夥伴宣布合作後，我們在 2025 年有很大機會延續這一發展勢頭。

The partnership between Salesforce and Five9 continues to gain momentum, driving alignment across go-to-market strategies, product innovation, and customer acquisition.

Salesforce 和 Five9 之間的合作持續獲得發展勢頭，推動市場進入策略、產品創新和客戶獲取方面的協調。

Salesforce and Five9 share a vision where AI agents and human agents work together to elevate customer experiences.

Salesforce 和 Five9 擁有共同的願景，即 AI 代理和人類代理人共同努力提升客戶體驗。

We are strengthening the integration between Five9 and AgentForce to develop industry-specific AI agents, including patient-scheduling agent and a collections agent.

我們正在加強 Five9 和 AgentForce 之間的整合，以開發行業特定的 AI 代理，包括患者安排代理和收款代理。

Furthermore, we are harnessing customer interaction data such as real-time voice across sales, service, and marketing clouds to create a seamless and unified customer journey for brands.

此外，我們也運用銷售、服務和行銷雲端中的即時語音等客戶互動數據，為品牌打造無縫統一的客戶旅程。

In numerous recent wins, we've been able to work with Salesforce to deliver a unified CRM and CCaaS platform for customers to deliver AI-elevated CX in industries including telecommunications, financial services, software, life science, and other industries.

在最近的眾多合作中，我們與 Salesforce 合作，為客戶提供統一的 CRM 和 CCaaS 平台，為電信、金融服務、軟體、生命科學和其他產業等提供 AI 提升的 CX。

In November, Five9 and ServiceNow jointly announced an expanded partnership to bring AI-powered solutions for unified employee experiences and customer experiences.

11 月，Five9 和 ServiceNow 共同宣布擴大合作夥伴關係，以提供人工智慧解決方案，實現統一的員工體驗和客戶體驗。

By enhancing our integration, we're streamlining self-service and assisted service, creating more efficient support processes that reduce cost, boost agent productivity, and elevate customer satisfaction.

透過加強我們的整合，我們正在簡化自助服務和輔助服務，創建更有效率的支援流程，從而降低成本，提高代理商的工作效率並提升客戶滿意度。

Via this expanded integration, Five9 and ServiceNow are redefining the next generation of CX, expanding beyond our history of ITSM integration and into integrated CRM experiences.

透過這種擴展的集成，Five9 和 ServiceNow 正在重新定義下一代 CX，超越我們 ITSM 整合的歷史並擴展到整合 CRM 體驗。

Customers gain single-agent experiences for voice and digital interactions and a unified routing engine to streamline engagement.

客戶可獲得語音和數位互動的單一代理體驗以及統一的路由引擎以簡化參與。

Additionally, in December, we announced the latest release of our Microsoft Teams UC integration, Enterprises are constantly bringing the unified employee communications platforms closer to the customer services platforms to enhance employee efficiency and productivity.

此外，12 月，我們宣布了最新版本的 Microsoft Teams UC 集成，企業不斷將統一的員工通訊平台與客戶服務平台拉近，以提高員工效率和生產力。

Five9's integration with Microsoft Teams brings this to life and enhances employee productivity by delivering our game-changing, bi-directional presence between Five9 agents and Microsoft Teams users to simultaneously view each other's real-time availability.

Five9 與 Microsoft Teams 的整合使這一點成為現實，並透過在 Five9 代理程式和 Microsoft Teams 使用者之間提供改變遊戲規則的雙向存在來同時查看彼此的即時可用性，從而提高了員工的工作效率。

This empowers agents and experts to collaborate internally with confidence.

這使代理商和專家能夠充滿信心地進行內部協作。

And we are pleased with the momentum we're seeing as we have had several new customer wins during the fourth quarter using this enhanced integration.

我們對所看到的勢頭感到滿意，因為我們在第四季度透過這種增強的整合贏得了幾個新客戶。

And with Verint, we've made a key announcement in late Q3 regarding our strengthened partnership announcing a new native cloud-to-cloud platform integration, which includes Variant bots.

我們與 Verint 在第三季末發布了一項重要聲明，宣布加強合作夥伴關係，推出全新的原生雲端到雲端平台集成，其中包括 Variant 機器人。

During the fourth quarter, we saw an acceleration of opportunities, validating demand for our integrated value proposition.

在第四季度，我們看到了機會的加速，驗證了對我們綜合價值主張的需求。

And finally, we're so excited to announce Five9's global availability on Google Cloud Marketplace, including the full Five9 AI-powered CX platform, plus the release of a standalone Five9 AI agent designed for Google Cloud.

最後，我們非常高興地宣布 Five9 將在 Google Cloud Marketplace 上全球發售，包括完整的 Five9 AI 驅動的 CX 平台，以及專為 Google Cloud 設計的獨立 Five9 AI 代理的發布。

Businesses can now quickly activate Five9 seamlessly through Google Cloud Marketplace, a universal catalog of enterprise-grade, pre-validated solutions that run on or integrate with Google Cloud.

企業現在可以透過 Google Cloud Marketplace 快速無縫地啟動 Five9，Google Cloud Marketplace 是一個在 Google Cloud 上運行或與 Google Cloud 整合的企業級、預先驗證的解決方案的通用目錄。

This simplifies the procurement, billing, and deployment of our joint solution to deliver AI-elevated CX.

這簡化了我們的聯合解決方案的採購、計費和部署，以提供 AI 提升的 CX。

Our innovative solutions, which leverage Google Cloud technology, can enable organizations to create exceptional customer experiences while leveraging their Google Cloud credits to drive loyalty and business success.

我們的創新解決方案利用 Google Cloud 技術，可以幫助組織創造卓越的客戶體驗，同時利用他們的 Google Cloud 積分來推動忠誠度和業務成功。

We're excited about this new route to market and look forward to bringing on more mutual customers with Google.

我們對這條新的市場途徑感到非常興奮，並期待與 Google 帶來更多共同客戶。

In summary, our record results and strong traction in our AI business continue to demonstrate the power of our platform in enabling brands to elevate their CX in this rapidly evolving world of AI.

總而言之，我們在人工智慧業務中創紀錄的業績和強勁的吸引力繼續證明了我們平台的強大力量，使品牌能夠在這個快速發展的人工智慧世界中提升其 CX。

At Five9, we've always been ahead of the curve.

在 Five9，我們始終走在時代的前端。

Just as we paved the way for the cloud revolution in CX, we are now leading the charge in delivering the new CX powered by our suite of AI solutions.

正如我們為 CX 的雲端革命鋪平了道路一樣，我們現在正引領由我們的 AI 解決方案套件驅動的全新 CX 交付。

I also want to take a moment to thank our amazing team of Five9-ers whose relentless dedication and passion empower us to continue to lead this market.

我還想花點時間感謝我們出色的 Five9 團隊，他們的不懈奉獻和熱情使我們能夠繼續引領這個市場。

We believe we are well-positioned with our AI-powered platform and trusted AI experts to continue driving durable long-term growth, and we look forward to building on our momentum in 2025.

我們相信，憑藉我們的人工智慧平台和值得信賴的人工智慧專家，我們有能力繼續推動長期持久的成長，我們期待在 2025 年繼續保持這一勢頭。

Before I turn it over to Andy, I'd like to comment on one more topic.

在將其交給安迪之前，我想對另一個主題發表一些評論。

As many of you have probably seen, earlier today we issued a press release announcing Barry's retirement as CFO, effective March 31, as well as his providing assistance with the transition for six months.

大家可能已經看到了，今天早些時候，我們發布了一份新聞稿，宣布巴里將於 3 月 31 日起退休擔任首席財務官，同時他將在六個月內提供過渡協助。

Barry, I just want to express my deepest gratitude to you for your exceptional leadership, partnership, and unwavering commitment to Five9 these last 13 years.

巴里，我只想向您表達最深切的謝意，感謝你過去 13 年裡對 Five9 的卓越領導、合作和堅定承諾。

You have played a pivotal role in shaping our company's growth, financial strength, and company culture.

您在塑造我們公司的發展、財務實力和公司文化方面發揮了關鍵作用。

Your contributions have been invaluable.

您的貢獻非常寶貴。

It has been an honor to work alongside you, Barry.

能夠與您共事是我的榮幸，巴里。

And on behalf of the entire Five9 team, I wish you the very best in your well-earned retirement.

我代表整個 Five9 團隊，祝福您在退休後生活一切順利。

I'm also pleased to announce the appointment of Brian Lee, our long-term EVP of Finance, to the role of Interim CFO.

我還很高興地宣布任命我們的長期財務執行副總裁 Brian Lee 為臨時財務長。

Brian will be joining us on the call today.

布萊恩 (Brian) 今天將參加我們的電話會議。

As many of you know, he has gained an extremely deep understanding of our business over the last 11 years.

大家可能都知道，過去 11 年裡，他對我們的業務有了極為深入的了解。

Having worked closely with Brian during his tenure here at Five9, I'm excited to have him step in as Interim CFO, and I'm confident in his ability to excel.

在 Brian 任職 Five9 期間，我曾與他密切合作，我很高興他能擔任臨時財務官，而且我對他出色的能力充滿信心。

We will be kicking off a CFO search with Brian as an internal candidate.

我們將啟動財務長搜尋，以 Brian 作為內部候選人。

And with that, I will now turn it over to our COO, Andy Dignan.

現在，我將把話題交給我們的營運長安迪‧迪格南 (Andy Dignan)。

Andy, please go ahead.

安迪，請說。

Thank you, Mike.

謝謝你，麥克。

And good afternoon, everyone.

大家下午好。

As Mike mentioned, we had another strong quarter of sequential bookings growth that exceeded expectations.

正如麥克所提到的，我們又迎來了一個強勁的季度，連續預訂量成長超出了預期。

We are pleased with the early results we are seeing from the realignment of our resources and enhancements to our sales motion.

我們對資源重新調整和銷售計劃改進所取得的早期成果感到滿意。

For instance, we had strong enterprise new logo bookings in Q4, driven by the highest number of $1 million-plus ARR new logo wins in any quarter of 2024.

例如，我們在第四季度獲得了強勁的企業新標誌預訂量，這得益於 2024 年任何一個季度中 100 萬美元以上的 ARR 新標誌中標數量最多。

Additionally, Q4 install-based bookings came in at the highest level we've seen in eight quarters.

此外，第四季度的安裝預訂量達到了八個季度以來的最高水準。

We also continued to experience heightened levels of RFP volume in the fourth quarter.

我們在第四季的 RFP 數量也持續增加。

And our pipeline remains robust as we enter 2025, in part driven by our Acqueon pipeline increasing 4x sequentially.

進入 2025 年，我們的產品線仍然保持強勁，部分原因是我們的 Acqueon 產品線連續成長 4 倍。

And now, as we normally do, I'll share some of the examples of key wins for the quarter.

現在，像往常一樣，我將分享本季的一些關鍵勝利的例子。

The first example is a leading real estate investment company focused on healthcare infrastructure, senior housing operators, post-acute care providers, and health systems.

第一個例子是一家領先的房地產投資公司，專注於醫療保健基礎設施、老年住房運營商、急性後護理提供者和醫療系統。

Their contact center manages urgent service requests from existing residents and various inquiries from potential residents.

他們的聯絡中心負責管理現有居民的緊急服務請求和潛在居民的各種詢問。

They were limited by their on-premise system as they struggled with operational inefficiencies and quality.

由於營運效率低下和品質不佳，他們受到了內部部署系統的限制。

They chose Five9 for our industry-leading omnichannel capabilities across voice, text, chat, and email, as well as our agent assist to transcribe summaries into the CRM and AI insights to gain visibility into interaction trends, identify opportunities, deliver high ROI AI-powered outcomes.

他們選擇 Five9 是因為我們擁有業界領先的語音、文字、聊天和電子郵件全通路功能，以及我們的代理商協助將摘要轉錄到 CRM 和 AI 洞察中，以了解互動趨勢、發現機會、提供高投資回報率的 AI 驅動成果。

We anticipate this initial order to result in over 3.1 million in ARR to Five9.

我們預計該初始訂單將為 Five9 帶來超過 310 萬的 ARR。

Now the second example is a non-profit health system with nine hospitals and hundreds of primary specialty and urgent care clinics.

第二個例子是一個非營利醫療系統，擁有九家醫院和數百家主要專科和緊急護理診所。

They had been using a premise-based solution, which was very limited.

他們一直在使用基於前提的解決方案，但其功能非常有限。

They chose Five9 for our comprehensive platform that includes our Acqueon solution, allowing the healthcare provider to manage voice, chat, and email, and improve the experience for agents and patients through our key integrations, including Epic, ServiceNow, and Salesforce.

他們選擇 Five9 是因為我們的綜合平台包含 Acqueon 解決方案，讓醫療保健提供者管理語音、聊天和電子郵件，並透過我們的關鍵整合（包括 Epic、ServiceNow 和 Salesforce）改善代理商和患者的體驗。

Additionally, they leverage our quality assurance and automated scheduling through our WEM powered by Verint, while Five9 Agent Assist transcribes conversations and standardizes responses.

此外，他們還透過由 Verint 提供支援的 WEM 利用我們的品質保證和自動調度，而 Five9 Agent Assist 可以轉錄對話並標準化回應。

We anticipate this initial order to result in approximately $3 million in ARR to Five9.

我們預計該初始訂單將為 Five9 帶來約 300 萬美元的 ARR。

The third example is one of the largest credit union service organizations in the country that selected Five9 to replace multiple on-premise solutions that were causing inefficiencies, missed SLAs, and poor CX.

第三個例子是全國最大的信用合作社服務機構之一，它選擇了 Five9 來取代導致效率低下、錯過 SLA 和 CX 不佳的多個內部部署解決方案。

By consolidating onto Five9, they now benefit from streamlined operations, seamless integration with multiple third-party systems, and our WEM solution powered by Verint.

透過整合到 Five9，他們現在可以受益於精簡的營運、與多個第三方系統的無縫整合以及由 Verint 提供支援的 WEM 解決方案。

Additionally, they adopted our IBA platform to enable self-service for account inquiries, fund transfers, payments, and more.

此外，他們還採用了我們的IBA平台，實現了帳戶查詢、資金轉帳、付款等自助服務。

We anticipate this initial order to result in approximately $2.4 million in ARR to Five9.

我們預計該初始訂單將為 Five9 帶來約 240 萬美元的 ARR。

Now I'd like to highlight a Q4 expansion and one of our largest customers, a parcel delivery company where we expanded into a new business unit that was running on an on-premise solution.

現在，我想重點介紹第四季度的擴張和我們最大的客戶之一，一家包裹遞送公司，我們將其擴展到一個採用內部部署解決方案的新業務部門。

This business unit provides customer support for global documentation, taxation, customs, and regulatory requirements.

該業務部門為客戶提供全球文件、稅務、海關和監管要求的支援。

This was implemented in live within 60 days and represents over $1.2 million in additional ARR to Five9.

該計劃在 60 天內正式實施，為 Five9 帶來了超過 120 萬美元的額外 ARR。

With that, I'd like to turn it over to Barry to take you through the financials.

現在，我想讓 Barry 向您介紹財務狀況。

But before doing so, I'd like to echo Mike's comments and extend my gratitude to you, Barry, for your leadership and your commitment to Five9.

但在此之前，我想同意麥克的評論，並向你巴里表示感謝，感謝你的領導和對 Five9 的承諾。

Barry?

巴里？

Thank you, Andy and Mike, for your kind words.

謝謝安迪和麥克的善意言辭。

And thank you both for your leadership and support through my tenure at Five9.

也感謝你們在我任職 Five9 期間的領導與支持。

It has been an incredible privilege to work alongside you and the outstanding Five9 team over the years.

多年來，能夠與您和出色的 Five9 團隊一起工作是我的榮幸。

I have been working uninterrupted for 50 years, including 13 deeply rewarding years here at Five9.

我已經連續工作了 50 年，其中包括在 Five9 工作的 13 年，收穫豐富。

That's a lot of early morning alarms, working through vacations, and time away from family.

這意味著很多早上鬧鐘響起、假期還要工作，並且遠離家人。

Now it's time to rebalance and focus on my personal journey.

現在是時候重新平衡並專注於我的個人旅程了。

As I step away, I do so with immense confidence in Brian's leadership.

當我卸任時，我對布萊恩的領導能力充滿信心。

He is more than just a safe pair of hands.

他不僅僅是一雙安全的手。

He is a natural leader, a strategic thinker, and someone deeply respected both within the company and by many of you who have worked with him over the years.

他是一位天生的領導者、策略思想家，在公司內部以及多年來與他共事的許多人中都深受尊敬。

Few understand Five9's financial engine better than he does.

很少有人比他更了解 Five9 的財務引擎。

I will be cheering this remarkable company on from the sidelines as it seizes opportunities of an AI-driven future, backed by an exceptional leadership team and a culture that continues to inspire.

我將在場外為這家卓越的公司加油，希望它能抓住人工智慧驅動的未來的機遇，並擁有一支傑出的領導團隊和不斷激勵人心的企業文化。

Thank you again for the incredible journey, and now to business.

再次感謝您參加這次不可思議的旅程，現在開始工作。

We are pleased to report fourth-quarter revenue growth of 17% year over year, primarily driven by subscription revenue growing 19% year over year in Q4.

我們很高興地報告第四季營收年增 17%，主要得益於第四季訂閱營收年增 19%。

Subscription revenue growth was driven by, first, as Andy mentioned, strong install-based bookings; second, continued strength of market, where our $211 million-plus ARR customers made up 56% of subscription revenue, growing 26% year on year; and third, by the significant traction we are seeing with our enterprise AI revenue, which grew 46% year over year.

訂閱收入成長的推動因素首先是安迪提到的強勁的安裝預訂量；第二，市場持續保持強勁，我們 2.11 億美元以上的 ARR 客戶佔訂閱收入的 56%，較去年同期成長 26%；第三，我們的企業 AI 收入取得了顯著的成長，年增了 46%。

In the fourth quarter, subscription revenue made up 79% of revenue, while usage revenue accounted for 14%, and professional services made up the remaining 7%.

第四季度，訂閱收入佔營收的79%，使用收入佔14%，專業服務佔剩餘的7%。

Enterprise revenues from subscription, usage and PS combined made up 89% of LTM revenue.

來自訂閱、使用和 PS 的企業收入合計佔 LTM 收入的 89%。

Our commercial business, which represented the remaining 11%, grew in the low single digits on an LTM basis.

我們的商業業務佔剩餘的 11%，以 LTM 計算，成長率為個位數。

Our LTM dollar-based retention rate remained the same as last quarter at 108%.

我們的 LTM 美元保留率與上季保持不變，為 108%。

Turning now to profitability, we are pleased to again report strong margin expansions across the board, driven by the increase in revenue, scaling against fixed and semi-fixed costs, a full-quarter impact of the RiF, and an ongoing focus on tight expense control.

現在談到獲利能力，我們很高興再次報告，利潤率全面強勁擴張，這得益於收入的增長、固定和半固定成本的擴大、RiF 對整個季度的影響，以及對嚴格費用控制的持續關注。

As a result, Q4 adjusted gross margins increased approximately 220 basis points year over year to 63.5%, and adjusted EBITDA margins increased approximately 290 basis points year over year to 23.1%, an all-time record.

因此，第四季調整後毛利率年增約220個基點至63.5%，調整後EBITDA利潤率年增約290個基點至23.1%，創歷史新高。

I'd like to point out that stock-based compensation again decreased year over year from $50 million to $38 million, an improvement of 7 percentage points to 14% of revenue in the fourth quarter.

我想指出的是，股票薪酬再次同比下降，從第四季度的 5,000 萬美元降至 3,800 萬美元，佔收入的比重上升了 7 個百分點，達到 14%。

As a result of both the improved adjusted EBITDA margin and significant improvement in stock-based compensation, we are very pleased to report GAAP operating income of $4.2 million and GAAP net income of $11.6 million in the fourth quarter.

由於調整後的 EBITDA 利潤率提高和股票薪酬顯著改善，我們非常高興地報告第四季度的 GAAP 營業收入為 420 萬美元，GAAP 淨收入為 1,160 萬美元。

Fourth-quarter non-GAAP EPS was $0.79 per diluted share, up $0.18 year over year.

第四季非公認會計準則每股收益為每股 0.79 美元，年增 0.18 美元。

And now for a closer look at the key full-year 2024 income statement metrics, as Mike mentioned, 2024 revenue exceeded $1 billion, growing 14.4% year over year. 2024 adjusted gross margin expanded by approximately 70 basis points year over year to 61.7%, while 2024 adjusted EBITDA margin expanded by approximately 50 basis points to 18.8%. 2024 non-GAAP EPS came in at $2.47, a year-over-year increase of $0.42 per diluted share.

現在仔細看看 2024 年全年關鍵損益表指標，正如 Mike 所提到的，2024 年的營收超過 10 億美元，較去年同期成長 14.4%。 2024 年調整後毛利率較去年同期擴大約 70 個基點至 61.7%，而 2024 年調整後 EBITDA 利潤率較去年同期擴大約 50 個基點至 18.8%。 2024 年非 GAAP 每股盈餘為 2.47 美元，較去年同期增加每股收益 0.42 美元。

Now I'd like to share some cash flow highlights.

現在我想分享一些現金流亮點。

I'm pleased to report that LTM operating cash flow reached an all-time high at $143 million, or 14% of revenue.

我很高興地報告，LTM 營運現金流達到了歷史最高水平，達到 1.43 億美元，佔收入的 14%。

This is primarily driven by a record-adjusted EBITDA and continued strength in DSO performance, which came in at 34 days.

這主要得益於創紀錄的調整後 EBITDA 和持續強勁的 DSO 表現（達到 34 天）。

LTM free cash flow also came in strong at $79 million, or 8% of revenue.

LTM 自由現金流也強勁成長，達到 7,900 萬美元，佔營收的 8%。

As Mike mentioned, our fourth-quarter operating and free cash flow both hit all-time records of 50 million and 33 million, respectively.

正如麥克所提到的，我們第四季的營運現金流和自由現金流分別創下了 5,000 萬和 3,300 萬的歷史新高。

Before turning to guidance, I would like to comment on seat count.

在提供指導之前，我想對席位數量發表評論。

As our business has evolved, the seat count metric we have been providing annually in the fourth quarter has become less relevant as a growing number of our products are no longer priced on a perceived basis.

隨著我們業務的發展，我們每年第四季度提供的座位數指標變得越來越不重要，因為越來越多的產品不再以感知為基礎定價。

Subscription revenue is the most meaningful metric for our business as it reflects the growth in customers coming onto our platform as well as the products they are purchasing.

訂閱收入是我們業務中最有意義的指標，因為它反映了進入我們平台的客戶數量的成長以及他們購買的產品的成長。

We are mindful, though, that we need to close this reporting chapter properly, and we are therefore sharing that the average seat counts totaled 432,818 in the fourth quarter, including Acqueon.

不過，我們謹記，我們需要妥善結束本報告篇章，因此我們分享第四季度包括 Acqueon 在內的平均席位總數為 432,818。

Going forward, we will not be providing our seat count metric given it is no longer a meaningful performance indicator.

展望未來，我們將不再提供座位數指標，因為它不再是一個有意義的績效指標。

One more item before guidance.

指導之前還有一件事。

Given the CFO transition, we will not be hosting an Analyst Day in the first half of this year.

考慮到財務長的變動，今年上半年我們將不會舉辦分析師日。

Please stay tuned for an update on timing.

請繼續關注時間更新。

Turning now to our full-year 2025 and first-quarter guidance, for the full year, we are guiding annual revenue to a midpoint of $1.14 billion, which is $11.5 million higher than the high-level outlook we provided last quarter.

現在談談我們對 2025 年全年和第一季的預期，對於全年，我們預計年收入中位數為 11.4 億美元，比我們上個季度提供的高水準預期高出 1,150 萬美元。

This, of course, is a starting point, and we will update our outlook as the year progresses.

當然，這是一個起點，隨著時間的推移，我們將更新我們的展望。

With regards to the bottom line, we are guiding 2025 non-GAAP EPS to a midpoint of $2.60 per diluted share, which is $0.08 higher than the high-level outlook we provided during our last earnings call.

關於底線，我們預計 2025 年非 GAAP 每股盈餘中位數為每股稀釋 2.60 美元，比我們在上次財報電話會議上提供的高層預期高出 0.08 美元。

Please note that this guidance reflects our assumption that we will use cash to retire the remaining $434.4 million principal balance on our 2025 convertible notes, which will be maturing in June.

請注意，該指引反映了我們的假設，即我們將使用現金償還 2025 年可轉換票據的剩餘 4.344 億美元本金餘額，該票據將於 6 月到期。

Also, we expect annual adjusted gross margins and adjusted EBITDA margins to improve further year over year.

此外，我們預計年度調整後毛利率和調整後 EBITDA 利潤率將逐年進一步提高。

As for the first quarter, we are guiding revenue to a midpoint of $272 million.

至於第一季度，我們預計營收中位數為 2.72 億美元。

This represents a 2% sequential decline, which is similar to our typical guidance pattern in the first quarter.

這代表著連續下降 2%，與我們第一季的典型指導模式相似。

As for the remainder of the year, we expect a very small sequential growth in the second quarter and larger sequential increases in the second half.

至於今年剩餘時間，我們預計第二季的環比成長將非常小，下半年的環比成長將更大。

We expect first quarter non-GAAP EPS to come in at $0.48 per diluted share at the midpoint, a decline of $0.31 sequentially.

我們預計第一季非 GAAP 每股盈餘中位數為每股攤薄 0.48 美元，季減 0.31 美元。

As a reminder, our first-quarter non-GAAP EPS is always the weakest of the year, and the $0.31 quarter-over-quarter decrease is similar to our typical guidance pattern in Q1.

提醒一下，我們的第一季非 GAAP EPS 始終是一年中最弱的，環比下降 0.31 美元與我們第一季的典型指導模式相似。

For the remainder of the year, we expect non-GAAP EPS to increase slightly in Q2 and further improve in the second half.

今年剩餘時間，我們預計非 GAAP 每股盈餘將在第二季小幅成長，並在下半年進一步改善。

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.

請參閱我們投資者關係網站上發布的簡報以了解更多估算，包括股份數量、稅金和資本支出以及 LTM 企業訂閱收入。

In summary, we are very pleased with our fourth-quarter performance.

總而言之，我們對第四季的表現非常滿意。

We accelerated revenue growth and we demonstrated, as the metrics make clear, superb execution on our winning AI strategy.

我們加快了收入成長，正如指標所表明的那樣，我們成功實施了 AI 策略，並取得了卓越的成績。

And we were efficient.

而且我們的效率很高。

We achieved record highs for adjusted EBITDA, GAAP net income, and for operating and free cash flow.

我們的調整後 EBITDA、GAAP 淨收入以及營運和自由現金流均創下歷史新高。

In 2025, we will remain laser-focused on driving higher profitability while investing surgically in key strategic areas to further position as a leader in AI for CX.

2025 年，我們將繼續專注於提高獲利能力，同時對關鍵策略領域進行大力投資，進一步鞏固我們作為 CX AI 領域的領先地位。

Operator, please go ahead.

接線員，請繼續。

(Operator Instructions) Ryan Macwilliams, Barclays.

（操作員指示）巴克萊銀行的 Ryan Macwilliams。

Excellent.

出色的。

Barry, man, congrats on the career.

巴里，哥們，恭喜你的職業生涯。

This is tough, but it's been great working with you.

這很艱難，但與您合作很愉快。

And I'm going to have some Captain Crunch in your honor this weekend.

這個週末我將為你準備一些 Captain Crunch。

And for that reason, I'll say my first question from Mike.

因此，我要問麥克第一個問題。

Mike, how have the conversations with your customers been since the election?

麥克，自從選舉以來，你和客戶的對話怎麼樣？

Has there been any changes?

有什麼變化嗎？

Any changes to start this year?

今年開始有什麼改變嗎？

And as you think about potential upside drivers for 2025, what gets you most excited?

當您思考 2025 年的潛在上行驅力時，什麼讓您最興奮？

Is it potential improvements in cloud conversions for larger contact centers?

對於大型聯絡中心來說，雲端轉換是否有潛在的改善？

Is it AI upsells?

這是人工智慧追加銷售嗎？

Is it adding more usage receipts?

是否增加了更多使用收據？

What could improve in 2025?

2025 年哪些方面會有所改善？

Yes, great questions, Ryan.

是的，很棒的問題，Ryan。

Look, our conversations with customers continue to be very focused around leveraging AI, and frankly, we're investing a lot in enabling our go-to-market teams to be the AI experts and help guide our customers in this new world.

你看，我們與客戶的對話繼續非常集中在利用人工智慧上，坦白說，我們正在投入大量資金，使我們的市場團隊成為人工智慧專家，並幫助引導我們的客戶在這個新世界中。

You know, our results are showing our progress with AI, not just technically, but in our business, right?

你知道，我們的成果顯示了我們在人工智慧方面的進步，不僅在技術上，而且在業務上，對吧？

Up to 9% of our revenue mix, 46% growth in enterprise AI revenue.

我們收入結構的 9% 來自於企業 AI 收入的成長，成長了 46%。

So it's a new world and the customers all want to talk about the new world, but you heard a lot of my comments were kind of nuts and bolts around self-service.

所以這是一個新世界，所有的顧客都想談論這個新世界，但是你們聽到的我的許多評論都是關於自助服務的具體內容。

And we could spend a lot of time talking about agentic and other very advanced things that we're obviously delivering as an industry, but today our customers, they want to deliver self-service and they want to deliver it accurately. in a personalized way.

我們可以花很多時間談論我們作為一個行業顯然正在提供的代理商和其他非常先進的事物，但今天我們的客戶希望提供自助服務，並且希望準確地提供自助服務。以個性化的方式。

And that is so important to them.

這對他們來說非常重要。

And that's why I really spent a lot of time today talking about that.

這就是為什麼我今天花了很多時間討論這個問題。

In terms of upside drivers for us in 2025, obviously, look, AI is growing faster than the rest of our business, but our core business is growing very, very nicely.

就我們 2025 年的上行動力而言，顯然，人工智慧的成長速度快於我們其他業務，但我們的核心業務成長非常非常好。

Subscription revenue is the key metric. 19% this last quarter.

訂閱收入是關鍵指標。上個季度成長了 19%。

We're very excited about the pipeline we've got.

我們對已擁有的管道感到非常興奮。

Andy and Matt and the rest of the sales organization are executing in just a great way.

Andy、Matt 和銷售組織的其他成員都表現出色。

And I think we've still got upside on that, but we're just getting to that level where I feel like we're optimized, but I think we've still got a little headroom there too.

我認為我們在這方面仍然有上升空間，但我們才剛剛達到我覺得已經優化的水平，但我認為我們仍然有一點上升空間。

So I think there's upside there. as well as obviously we've talked about macro and the impact of a better macro is going to be significant as well.

所以我認為這裡還有好處。顯然，我們已經討論過宏觀經濟，更好的宏觀經濟的影響也將是巨大的。

But again, we're delivering this growth that we delivered in Q4 in arguably a sideways macro, a little bit better in Q4.

但是，我們再次實現了與第四季度相同的成長，可以說，從宏觀橫向來看，第四季度的成長略有好轉。

It was a little bit better and we'll talk about that, I'm sure.

我確信情況會好一些，我們會談論這件事。

Appreciate the color.

感謝色彩。

Thanks, Mike.

謝謝，麥克。

Thanks, Ryan.

謝謝，瑞安。

DJ Hynes, Canaccord.

DJ Hynes，Canaccord。

Hey, guys.

嘿，大家好。

First question is for Barry.

第一個問題是問巴里的。

What are you going to do with all those ties?

你打算用這些領帶做什麼？

I saved the special one for today.

我把這個特別的留到今天了。

Yes, good.

是的，很好。

Hey, Mike, one for you.

嘿，麥克，給你一個。

So I think one of the questions that I think investors are wrestling with is, If it's not the CCaaS vendors whose AI or agents that end up winning in this space, maybe that business gets cut off at the pass by Salesforce or ServiceNow or whoever that third party might be.

因此，我認為投資者正在思考的一個問題是，如果不是 CCaaS 供應商的 AI 或代理商最終在這個領域獲勝，那麼這項業務可能會被 Salesforce 或 ServiceNow 或任何第三方切斷。

Obviously, those other systems still need access to that contextual data that you highlighted as being so important today.

顯然，其他系統仍然需要存取您今天所強調的非常重要的上下文資料。

All that resides inside of Five9.

Five9 內部的所有內容。

Can you talk about how you monetize that data access and what that could mean for your financial model, just given there's still some uncertainty about kind of who wins in the end with AI?

鑑於誰將在人工智慧領域最終取勝仍存在一些不確定性，您能否談談如何將這些數據存取權貨幣化以及這對您的財務模型意味著什麼？

Yes, really good question, DJ.

是的，這個問題問得真好，DJ。

And again, you're spot on, right?

再說了，您說得對，對吧？

It's about contextual data.

它與上下文數據有關。

AI is only as good as the data it has access to.

人工智慧的優劣取決於其所掌握的數據。

And our platform is a control point for a lot of that contextual data.

我們的平台是大量上下文資料的控制點。

Not just information about the customer and about the brand, but also about recent interactions between that consumer and the brand.

不僅包括有關客戶和品牌的訊息，還包括有關消費者和品牌之間最近互動的訊息。

It's absolutely critical to delivering AI-driven self-service, as I said in my remarks.

正如我在發言中所說，提供由人工智慧驅動的自助服務絕對至關重要。

And the good news is, as you stated, look, we're a winner either way.

好消息是，正如你所說，無論如何我們都是贏家。

We are a great partner to Salesforce, a great partner to ServiceNow.

我們是 Salesforce 的優秀合作夥伴，也是 ServiceNow 的優秀合作夥伴。

You know, we are in the market together, and look, we're in the business of winning the CCaaS platform.

你知道，我們一起進入市場，看，我們的業務是贏得 CCaaS 平台。

We know that Salesforce, for example, is in the business of winning the CRM platform.

例如，我們知道 Salesforce 的業務就是贏得 CRM 平台。

The question at hand is, who's AI?

目前的問題是，誰是人工智慧？

Is the customer going to choose?

顧客會選擇嗎？

It's going to be a mix.

這將是一場混合。

We're very convinced of that.

我們對此深信不疑。

And the good news for us is, even if in a given use case for a given business unit, that organization wants to use Salesforce, for their AI.

對我們來說，好消息是，即使在特定業務部門的特定用例中，該組織也希望將 Salesforce 用於其 AI。

The good news is they still need access for that AI to do its job.

好消息是他們仍然需要存取權限才能讓人工智慧完成其工作。

They need access to all the contextual data in our platform, and that's why we're great partners.

他們需要存取我們平台上的所有上下文數據，這就是我們成為優秀合作夥伴的原因。

They know they need us, and we're very welcoming to that relationship.

他們知道他們需要我們，我們非常歡迎這種關係。

We want to do what's best for the customer.

我們希望為客戶提供最好的服務。

At the end of the day, we monetize that through voice stream and transcript stream.

最終，我們透過語音流和文字記錄流將其貨幣化。

Think of that as a pipe or an API where Essentially, we're charging on a per-minute consumption basis.

可以將其視為一個管道或 API，本質上我們按每分鐘的消費量收費。

That adds up to somewhere between $40 and $50 per month in recurring revenue to us just for that connection per AI agent, say, on that third party's part.

這意味著，僅從第三方的角度來看，每個 AI 代理的連結就能為我們帶來每月 40 到 50 美元的經常性收入。

And again, that can actually scale up even higher than that on a monthly revenue basis for us if those AI agents are more efficient than, say, a human agent.

而且，如果這些人工智慧代理比人類代理更有效率，那麼我們每個月的收入實際上還可以更高。

So I hope that's helpful.

我希望這會有所幫助。

Yes.

是的。

No, it makes perfect sense.

不，這很有道理。

Thank you, guys.

謝謝你們。

Thanks, DJ.

謝謝，DJ。

Michael Turrin, Wells Fargo.

富國銀行的邁克爾·圖林。

I'll echo.

我會附和的。

Barry, congrats.

巴里，恭喜你。

We'll all miss you sitting in front of the fern, but I appreciate you being here today.

我們都會想念你坐在蕨類植物前，但我很感激你今天能來這裡。

I wanted to ask about 4Q specifically and just on seasonality, if there's anything you'd call out in terms of seasonal expansion or overall deal cadence of what you're seeing in enterprise. and as a second part, Barry, I'd be remiss if I didn't ask just on your prudent guidance if there's anything else you're contemplating given the transition there as well.

我想具體問一下第四季的情況以及季節性，您是否會提到季節性擴張或企業整體交易節奏方面的情況？第二部分，巴里，如果我不問一問，除了你的審慎指導之外，考慮到那裡的過渡，你是否還有其他考慮，那我就是失職了。

Thanks very much.

非常感謝。

Yes, so let me start with the fourth quarter.

是的，那麼讓我從第四季開始。

We look at it by vertical, and it is clear that for the consumer in particular, but healthcare as well, it was better than we originally anticipated and better than last year.

我們從垂直角度來看，很明顯，特別是對於消費者而言，以及醫療保健領域，情況都比我們最初預期的要好，也比去年好。

I know that a number of you have rolled your eyes when we keep talking about the JPMorgan data, especially if you don't work at JPMorgan.

我知道，當我們繼續談論摩根大通的數據時，很多人都會翻白眼，特別是如果你不在摩根大通工作的話。

But at the end of the day, the numbers are clear.

但最終結果還是很清楚的。

If you look at Q3, the numbers are 1, 1, 2.

如果你看 Q3，數字是 1、1、2。

That was a percentage increase in July, August, and September.

七月、八月和九月的百分比均有所增長。

And then for this last quarter, October, November, December, it was 3, 4, 4.

而對於最後一個季度，即 10 月、11 月、12 月，數字分別是 3、4、4。

So for the first time in a long time, we've had actually positive real growth as opposed to just nominal growth.

因此，這是我們很長一段時間內第一次真正實現了實際成長，而不是名義成長。

And that showed up in the numbers.

這已在數字上體現出來了。

Interestingly, in the consumer side, there was actually more use, both healthcare and consumer actually, there was more usage, telephony usage, that's why it went from 13% in total up to 14%.

有趣的是，在消費者方面，實際上有更多的使用，實際上包括醫療保健和消費者，有更多的使用，電話使用，這就是為什麼它從總計 13% 上升到 14%。

You just can't hire an agent that quickly, you might have this longer hold time or whatever, you just can't fix that quickly.

你根本沒辦法那麼快就僱用經紀人，你可能需要更長的等待時間或其他什麼，你根本沒辦法那麼快就解決這個問題。

And with respect to 2025, Look, we're not macroeconomists.

對於 2025 年，你看，我們不是宏觀經濟學家。

We don't know exactly what's going to happen.

我們不知道到底會發生什麼事。

What we do know is that there's a lot of uncertainty out there.

我們確實知道，存在著許多不確定性。

January retail sales were the weakest in two years almost.

一月份零售額幾乎是兩年來最弱的。

And you're talking about tariffs, you're talking about deportations, you're talking about wars and so on.

你在談論關稅、在談論驅逐出境、在談論戰爭等等。

And we compensate for that by being more prudent.

為了彌補這一點，我們採取了更謹慎的態度。

And we've layered that prudence into 2025.

我們已經將這種謹慎延續到 2025 年了。

And by the way, you should be hearing these financial answers in serials because the guy actually is doing it is Brian.

順便說一句，您應該在連續劇中聽到這些財務答案，因為真正做這件事的人是布萊恩。

And lastly, we took an extra layer of proportion in the seasonality for the second half of the year because of this massive uncertainty we're facing.

最後，由於我們面臨的巨大不確定性，我們對下半年的季節性進行了額外的考慮。

Okay.

好的。

You asked about expansion, and as you heard Mike talk about in our install-based bookings teams, we made some changes in Q2, and this is really starting to accelerate.

您問到擴張的問題，正如您所聽到的麥克談到的基於安裝的預訂團隊，我們在第二季度做出了一些改變，而且這確實開始加速。

And so having the largest install-based bookings quarters in eight quarters with 50% year over year growth and AI driving that gives us a lot of confidence on the expansion side that the teams are really executing on what we're asking them to do.

因此，我們擁有八個季度以來最大的基於安裝的預訂量，同比增長 50%，並且由人工智慧驅動，這讓我們在擴張方面充滿信心，相信團隊確實在按照我們的要求執行。

Perfect.

完美的。

Thanks very much.

非常感謝。

Siti Panigrahi, Mizuho.

瑞穗的 Siti Panigrahi。

Thank you, and very congrats on your retirement.

謝謝您，恭喜您退休。

Certainly, it was great working with you.

當然，與您合作非常愉快。

And Brian, congrats on your new role.

布萊恩，恭喜你獲得新的職位。

So Mike, I want to keep it at a high level.

所以麥克，我想保持高水準。

I mean, we keep hearing about how AI is going to replace human agents.

我的意思是，我們不斷聽到關於人工智慧將如何取代人類的說法。

Even we saw last year when Klarna announced that they're going to full-on on AI for customer support.

我們甚至在去年就看到 Klarna 宣布他們將全力投入人工智慧來提供客戶支援。

And then we recently -- I don't know if you have seen.

然後我們最近——我不知道你是否看到了。

They talked about reversing the course now to include even human agents.

他們談到現在要扭轉局面，甚至將人類代理人也納入其中。

So my question is, as AI is becoming more mainstream, what are you hearing from your customer when they are thinking about their AI strategy for customer service?

所以我的問題是，隨著人工智慧變得越來越主流，當您的客戶考慮他們的客戶服務人工智慧策略時，您聽到了什麼？

What's your view on seed reduction?

您對種子減量有何看法？

We should expect how that's upset by AI.

我們應該預料到人工智慧會如何打破這一現狀。

Yes, thank you, Siti, a great question, and thank you for citing that quote by the Klarna CEO.

是的，謝謝你，Siti，這是一個很好的問題，也謝謝你引用了 Klarna 執行長的那句話。

It's amazing how, look, we all get out ahead of ourselves sometimes when there are innovations like this, right?

令人驚訝的是，當有這樣的創新時，我們有時都會超越自己，對吧？

And I'm not surprised at all.

我一點也不驚訝。

We've been saying that, look, that was, and over-rotation, to say the least.

我們一直在說，看，那是，至少可以說過度旋轉。

Our customers are doing what we've been saying for quite some time.

我們的客戶正在按照我們長期以來所說去做。

What they're trying to do is deflect to self-service on the margins some small percentage of their interactions 5%, 10% in the near term.

他們試圖做的是，在短期內將一小部分互動轉向自助服務，例如 5%、10%。

Eventually, it'll be a little more than that if we're all successful in delivering agentic and personalized and accurate AI. which we're well on our way to doing.

最終，如果我們都能成功提供代理性、個人化和準確的人工智慧，那麼這一切將會更加美好。我們正在順利地實現這一目標。

But at the same time, our customers are being very calculated around how fast they try and push automation upon their consumer.

但同時，我們的客戶也精心計算他們試圖以多快的速度將自動化推向消費者。

It's so important to deliver a great customer experience.

提供良好的客戶體驗非常重要。

At the end of the day, we're still getting tremendous ROI, even if they're able to shave 5% of those interactions and put them through self-service.

最終，即使他們能夠減少 5% 的互動並採用自助服務，我們仍然會獲得巨大的投資回報。

It's usually resulting in just less growth in human agents as opposed to a true reduction.

這通常只會導致人類代理的增長減少，而不是真正的減少。

But sometimes, again, they're striving to get that labor arbitrage ROI in the long run for sure.

但有時，他們也會努力確保從長遠來看獲得勞動力套利投資回報。

And we're helping them deliver that very tangible ROI.

我們正在幫助他們實現非常實際的投資回報。

So it's a real thing, but it's not anywhere near what I think people were concerned about.

所以這是真實存在的事情，但是它與我認為人們所擔心的情況還相去甚遠。

Great.

偉大的。

Thanks for that color.

謝謝你這個顏色。

Thank you, Siti.

謝謝你，Siti。

Scott Berg, Needham.

史考特·伯格，尼德姆。

Hi, everyone.

大家好。

First of all, can you hear me okay?

首先，你聽得到我說話嗎？

Yes, we got you, Scott.

是的，我們抓到你了，史考特。

Great.

偉大的。

Nothing like being in an airport lounge right now, but all good there.

沒有什麼比現在在機場休息室更棒的了，但那裡一切都很好。

So Mike, I wanted to just talk about the bookings, or maybe Andy wants to take this.

所以麥克，我只想談談預訂事宜，或者也許安迪想接手這個。

You seem pretty happy with the quarter bookings.

您似乎對本季的預訂情況非常滿意。

Are they as you're seeing pipelines and booking the activity actually hit, is it truly in kind of a normalized environment today relative to what you saw in Q2 and the improvement that you saw in Q3?

正如您所看到的，頻道和預訂活動是否真的受到了影響，相對於您在第二季度看到的情況和在第三季度看到的改善，它是否真的處於正常化的環境中？

Just trying to help understand where we are in that trajectory, if that's still to come, or you think we're squarely there today?

只是想幫助我們了解我們處於這個軌蹟的哪個階段，是否還會到達這個軌跡，或者您認為我們今天就已經到達那裡了？

I'll start, and Andy, please chime in.

我先開始，安迪，請加入討論。

Scott, it's a very good question.

斯科特，這是一個非常好的問題。

We've talked about this in the past, right?

我們以前討論過這個問題，對吧？

Q2 was kind of the pinnacle of the AI fog, as I call it, the distraction factor, right?

Q2 是人工智慧迷霧的頂峰，我稱之為幹擾因素，對嗎？

Where everybody was just really trying to figure out AI.

每個人都在努力弄清楚人工智慧。

Q3 got better, Q4 got even better on top of that, and again, I wouldn't necessarily say we're all the way back to normal because there is still uncertainty.

第三季的情況好轉，第四季的情況甚至更好，不過，我不會說我們已經完全恢復正常，因為仍然存在不確定性。

There's still kind of this in the macro side of things.

從宏觀層面來看，這種情況仍然存在。

Our bookings were strong on both net new and install base.

我們的淨新增訂單和安裝基數均表現強勁。

But again, I do believe in an even healthier macro, there's upside there.

但是，我確實相信，更健康的宏觀經濟還有上行空間。

Andy?

安迪？

Yes, I mean, the only thing I would add, Scott, would be just, yes, the execution of the team, right?

是的，我的意思是，史考特，我唯一想補充的就是，是的，團隊的執行力，對吧？

It's in terms of we got, we were focusing on mega deals and when I look at the largest number of million-dollar-plus ARR deals in 2024 and just look what the team's executing on, we're getting more of the dolphins, right?

就我們所獲得的交易而言，我們專注於大型交易，當我看到 2024 年百萬美元以上的 ARR 交易數量最多，並且看看團隊正在執行什麼時，我們會得到更多的海豚，對吧？

More of the size of the customers that we, which is the engine of the company, which is the biggest part of the market.

我們客戶的規模越大，客戶就是公司的引擎，也是市場的最大組成部分。

And that's good to see.

我很高興看到這一點。

Got it helpful.

覺得有幫助。

And then, Mike, in your pre-scripted comments, you'd spoken about some agents that you're building in conjunction with Salesforce in a couple of different areas.

然後，Mike，在您預先準備好的評論中，您談到了您在幾個不同領域與 Salesforce 合作建立的一些代理商。

What does the monetization of that look like relative to your own agents?

相對於您自己的代理商來說，其貨幣化情況是什麼樣的？

Help us understand that economic model, it kind of looks like for Five9.

幫助我們理解這個經濟模型，它看起來有點像 Five9。

Yes, and it relates to my earlier comments, Scott.

是的，這與我之前的評論有關，斯科特。

Again, we're monetizing third-party AI in some of these cases.

再次，在某些情況下我們正在將第三方人工智慧貨幣化。

But again, when it comes to Salesforce, a lot of times it's our AI, not theirs.

但是，對於 Salesforce 來說，很多時候是我們的 AI，而不是他們的 AI。

Sometimes it's going to be their AI, but we monetize it if it is their AI. through transcript stream and voice stream.

有時會是他們的人工智慧，但如果是他們的人工智慧，我們就會將其貨幣化。透過文字流和語音流。

And again, it's a win-win no matter what between Five9 and Salesforce.

無論如何，Five9 和 Salesforce 之間都是雙贏的。

We like to say we're better together and we're out winning joint accounts, especially in some of these vertical markets like healthcare, where we're actually delivering vertical AI agents like patient scheduling agent, which AI agent, which is, again, If you think about it as a consumer, wouldn't it be great to be able to schedule a healthcare appointment with AI instead of a human agent?

我們想說，團結一致才能事半功倍，我們贏得了共同賬戶，特別是在醫療保健等一些垂直市場，我們實際上正在提供垂直人工智能代理，例如患者安排代理，這種人工智能代理，再說一次，如果你從消費者的角度考慮，能夠用人工智能而不是人工代理來安排醫療保健預約，那不是很好嗎？

That's a perfect transaction for AI to handle, and we're doing it with Salesforce through some deep integration.

這是一個由 AI 來處理的完美交易，我們正在與 Salesforce 透過深度整合來實現這一目標。

It's pretty cool.

這非常酷。

Awesome.

驚人的。

Then lastly, Barry, it's been a really fun 10 years.

最後，巴里，這十年真的很有趣。

Thanks for all the old time.

感謝你們一直以來的陪伴。

Thanks, Scott.

謝謝，斯科特。

Peter Levine, Evercore.

彼得‧萊文 (Peter Levine)，Evercore。

Thank you, guys, for my question.

謝謝大家回答我的問題。

I'll let go.

我就放手。

Congrats, Barry, on your retirement.

巴里，恭喜你退休。

Maybe a two-part question.

這可能是一個由兩部分組成的問題。

What is on the AI trajectory the 9%, which is up from 7%, I think, Q4 of last year, maybe help us understand what's the trajectory of that look like?

我認為，人工智慧發展軌跡上的 9% 比去年第四季的 7% 有所上升，這也許可以幫助我們了解其發展軌跡？

Is it steady state or is there an inflection point where we can really see that ramp?

它是穩定狀態嗎，還是存在著一個拐點，我們可以真正看到這種上升？

And then the second question would be, Barry, you talked about seat count not being the right metric anymore.

那麼第二個問題是，巴里，你說席位數不再是正確的衡量標準。

Customers are moving more from a seat basis to more of a consumption token-based model.

顧客逐漸從座位為基礎的模式轉向基於消費代幣的模式。

So maybe help us understand, you guys used to talk about a metric where the seat price was 150 for the core, and then there was a three to 4x uplift.

所以也許可以幫助我們理解，你們曾經談論過一個指標，其中核心座位價格為 150 美元，然後上漲了 3 到 4 倍。

Is that still the case with a fully autonomous agent today, if the seat count metric necessarily isn't the right metric?

如果席次數量指標不一定是正確的衡量標準，那麼對於今天完全自主的代理人來說，情況是否仍然如此？

Yes, let me start, Barry, and feel free to chime in.

是的，巴里，讓我先開始，歡迎大家加入。

Peter, great questions.

彼得，很棒的問題。

The trajectory out of our AI revenue is again, it was 46% year over year growth in AI revenue.

我們的 AI 收入軌跡再次顯示，AI 收入年增 46%。

This is the enterprise part of our SMB or commercial business.

這是我們的 SMB 或商業業務的企業部分。

There's not a lot of AI there.

那裡沒有太多的人工智慧。

So where AI exists for us is in our enterprise business.

所以對我們來說，人工智慧存在於我們的企業業務中。

It grew 46% year over year in terms of the trajectory.

從軌跡來看，年增46%。

That's up from, I believe, 40% last quarter.

我認為，這一數字比上一季的 40% 有所上升。

And again, we talked about kind of our bookings as a leading indicator, and that's what I said.

我們再次討論了預訂量作為領先指標的問題，這就是我所說的。

I said, we feel very good about AI revenue growth in the future, given the bookings growth that we're seeing for AI.

我說過，考慮到我們看到的人工智慧訂單量成長，我們對未來人工智慧收入的成長非常樂觀。

Net New Attach, as well as in the install base.

Net New Attach，以及安裝基礎。

So again, we're very pleased with the fact that it's growing in the mid-40s, and that's obviously growing a lot faster than the rest of our business, albeit it's only 9% today.

因此，我們非常高興看到它的成長率達到 40% 左右，這顯然比我們其他業務的成長速度要快得多，儘管目前的成長率只有 9%。

But again, a growing percentage of the mix.

但再次，混合比例不斷增加。

We're excited about that.

我們對此感到非常興奮。

And Barry, if you want to start on the seat count side of things, I may add a little bit, but I'll let you.

巴里，如果你想從座位數方面開始說，我可能會加一點，但我會讓你說的。

Well, it's very straightforward, Peter.

嗯，這很簡單，彼得。

There's a huge ROI to our customers from this.

這為我們的客戶帶來了巨大的投資回報。

We're going to be able to charge for that on a consumption basis, as we currently are.

我們將能夠根據消費量收取費用，就像現在一樣。

And the number that you cited, the 3x, when you do compare it to the historic CPACE, which is still, of course, the majority of our business, it is in the order of 3x, particularly on IVAs.

您引用的數字是 3 倍，當您將其與歷史 CPACE 進行比較時，當然 CPACE 仍然是我們業務的主要部分，它的增長量大約是 3 倍，特別是在 IVA 方面。

But you heard Michael talk about the voice stream and transcript stream adding another $50. and there's more than enough to go around for our customer and for Five9.

但你聽到麥可談到語音流和成績單流又增加了 50 美元。對於我們的客戶和 Five9 來說，這已經足夠了。

Yes, I think you said it.

是的，我想你這麼說過。

It's good.

很好。

Thank you, Peter.

謝謝你，彼得。

Thank you, guys.

謝謝你們。

Taylor McGinnis, UBS.

瑞銀的泰勒麥金尼斯。

Okay, can you guys hear me?

好的，你們聽得到我的聲音嗎？

Perfect.

完美的。

Barry, congrats on retirement.

巴里，恭喜你退休。

Sad to see you go, but I'm very happy for you as you take that next chapter.

很遺憾看到你離開，但我很高興你能開啟新的篇章。

Thank you.

謝謝。

Barry, maybe for you and Brian too, when you talked a little bit about the usage trends earlier and it was clear like in the results that there definitely was a big acceleration in that piece.

巴里，也許對你和布萊恩來說也是如此，當你早些時候談到使用趨勢時，很明顯，從結果來看，這部分確實有一個很大的加速。

So as we get into 1Q, can you just talk about the trends that you're seeing?

那麼當我們進入第一季時，您能談談您看到的趨勢嗎？

Are you seeing maybe a little bit of a reversal from what you saw in 4Q?

與第四季度相比，您是否看到了一些逆轉？

Can you remind us maybe what verticals have greater exposure in 1Q?

您能否提醒我們哪些垂直產業在第一季的曝光率會更高？

And maybe as like a second part to that question, how we should think about the trajectory of NRR from here?

也許就像問題的第二部分一樣，我們應該如何看待 NRR 的發展軌跡？

Got it.

知道了。

So I'm happy to answer the first part and then I'll pass it on to Barry.

我很高興回答第一部分，然後我會把它轉交給巴里。

But before I do, Taylor, I just want to say to Barry, it's been truly an honor and a career highlight for me to have worked with you.

但在此之前，泰勒，我只想對巴里說，能與您共事對我來說真的是一種榮幸，也是職業生涯的亮點。

And I just want to thank you for everything you've done for Five9 and for me personally.

我只想感謝您為 Five9 和我個人所做的一切。

And I hope you love retirement as much as you love being CFO of Five9.

我希望您熱愛退休，就像熱愛擔任 Five9 的財務長一樣。

And so to get back to your question, Taylor, in terms of the Q1 guide, you'll see that we're implying a 2% quarter-over-quarter decline.

回到你的問題，泰勒，就第一季指南而言，你會看到我們暗示環比下降 2%。

And that is right within the range of 0% to negative 4% that we typically guide to for Q1.

這正好在我們通常預測的第一季 0% 到-4% 的範圍內。

But if you compare it to last year, you'll notice that we actually guided to sequential flatness quarter over quarter in Q1.

但如果與去年相比，您會注意到，我們實際上預計第一季將環比持平。

And that reflects what Barry said earlier.

這反映了巴里之前所說的話。

We had a stronger than expected seasonal uptick in consumer and healthcare in Q4.

第四季度，消費和醫療保健領域的季節性成長強於預期。

So we're expecting the downtick to be stronger than what we saw last year.

因此，我們預計此次下滑的幅度將比去年更為強勁。

And there's actually one more component there from a tough comparison perspective.

從嚴格的比較角度來看，實際上還有一個組成部分。

So one of our biggest mega customers was going through a significant growth phase in the ramp throughout 2024, who've ended the ramp.

因此，我們的一個最大的大客戶在 2024 年經歷了一個顯著的成長階段，但現在這個成長階段已經結束。

But if you kind of look at these multi-year ramps, it's usually small contributions in the beginning and much more in the latter part.

但如果你看一下這些多年的成長歷程，你會發現，通常一開始的貢獻很小，而後期的貢獻則大得多。

So that Q4 to Q1 transition last year compared to this year, it creates a little bit of a tough comparison.

因此，將去年第四季至第一季的過渡與今年進行比較，會有些困難。

So that's what's in the 2% guide, a quarter-to-quarter decline.

這就是 2% 指南中所指的環比下降。

But I do want to emphasize the fact that you know we have a prudent guidance philosophy, and that hasn't changed.

但我想強調的是，我們有一個審慎的指導理念，而且這一點沒有改變。

Yes, and in terms of the DBRR on the surface, it'll look like it's quite placid.

是的，從 DBRR 表面來看，它看起來很平靜。

We've had three quarters at 108, but there's actually significant cross currents underway.

我們已經有三個季度達到 108 個，但實際上正在發生重大的逆流。

On the headwind side, if you will, working against us is the fact that we have a sharper downtick that Brian just mentioned, but also on top of that, just the muted seasonal uptick that we're assuming for the time being.

就不利因素而言，如果你願意的話，對我們不利的事實是，我們有一個布萊恩剛才提到的更急劇的下滑趨勢，但除此之外，我們暫時假設季節性上漲趨勢較為溫和。

On the positive side, we have the AI momentum.

從正面的一面來看，我們擁有人工智慧的發展動能。

We have the million-dollar-plus customers that have a dollar-based retention rate that is meaningfully higher than 1.8, which are growing faster.

我們擁有百萬美元以上的客戶，其美元保留率明顯高於 1.8，而且成長速度更快。

They're growing this last quarter at 26%.

上個季度他們的成長率達到了 26%。

I believe, yes.

我相信，是的。

And so we don't quite know how to handicap that.

所以我們不太清楚該如何阻止這種情況發生。

What we can say is that whether it goes up slightly or down slightly over the upcoming quarters, that fluctuation is likely to be extremely minor.

我們可以肯定地說，無論未來幾季它是小幅上漲還是小幅下跌，波動都可能非常小。

And that's the best we can say at the moment.

這是我們目前能說的最好的話。

Perfect.

完美的。

Thank you guys so much.

非常感謝你們。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Great, thanks, and I'll echo the congrats, Barry.

太好了，謝謝，我也向你表示祝賀，巴里。

A couple of questions.

幾個問題。

You know, I know you guys kind of made an across-the-board riff that has been kind of flowing through results this year.

你知道，我知道你們已經做出了全面的改進，並且在今年取得了成果。

Just how do you think about kind of where investments, as you kind of ramp up again, will kind of be most focused particularly given the riff?

當您再次加大投資時，您如何看待最集中的投資領域，特別是考慮到當前的情況？

And then maybe just second, just any disruption from Dan's kind of upcoming departure, Dan Berglund's kind of upcoming departure?

然後也許只是第二點，丹即將離職，丹·伯格倫德即將離職，會造成什麼影響？

Thanks.

謝謝。

Yes, thanks, Meta.

是的，謝謝，Meta。

I'll talk about Dan first.

我先談談丹。

Again, look, we promoted Matt to EVP of sales.

再說一遍，我們將馬特提升為銷售執行副總裁。

Andy has all of sales and go-to-market functions rolling up to him now, and as Both Matt and Andy have kind of solidified in their seats.

現在，安迪 (Andy) 已承擔起所有的銷售和市場推廣職能，而馬特 (Matt) 和安迪 (Andy) 都已在自己的崗位上站穩腳跟。

Dan will be less involved in the day-to-day and moving to a consultant role.

丹將減少參與日常事務，轉而擔任顧問角色。

And again, we've been extremely lucky to not have disruption.

而且，我們非常幸運，沒有受到干擾。

We've been a team forever.

我們永遠是一個團隊。

We're still a team.

我們仍然是一個團隊。

And that's just kind of the Five9 way, and that's part of our culture.

這就是 Five9 的方式，也是我們文化的一部分。

I would say very, very little disruption, if any.

我想說，如果有的話，幹擾是非常非常小的。

And in terms of where we're investing, it is look, we believe in this market so much, and we obviously are going to continue to put the pedal down a little bit on R&D investments, specifically in AI, to extend our leadership position there.

就我們的投資領域而言，我們非常相信這個市場，而且我們顯然會繼續增加對研發的投資，特別是在人工智慧領域，以擴大我們在那裡的領導地位。

It will probably not probably, but we are also pretty focused on Our go-to-market team and our sales capacity and our quota capacity.

這可能不會，但我們也非常關注我們的市場團隊、銷售能力和配額能力。

Again, the way we grow our business, the way we've been growing for 17 years I've been here, is bookings growth, right?

再說一遍，我們發展業務的方式，我在這裡 17 年裡我們一直發展的方式，就是預訂量增長，對嗎？

And the only there's a formula there.

那裡只有一個公式。

Obviously, we got to grow the top of the funnel, but we have to increase our quota capacity along with that.

顯然，我們必須擴大漏斗頂部，但同時，我們也必須增加我們的配額容量。

And we're very careful about not getting out ahead of ourselves, but you'll see us continue to add quota capacity through the year as well.

我們非常小心，不會超越自己，但你會看到我們全年都在繼續增加配額容量。

So it's really building product and selling product, and those will be the priority areas for us.

因此這實際上是製造產品和銷售產品，這些將是我們的重點領域。

Great, thanks.

太好了，謝謝。

Thanks, Meta.

謝謝，Meta。

Jim Fish, Piper Sandler.

吉姆·菲什，派珀·桑德勒。

Hey, guys, this is Quinton on for Jim Fish.

嘿，大家好，我是 Quinton，代替 Jim Fish 發言。

Thanks for taking our question and also wanted to add our congrats to both Barry and Brian here.

感謝您回答我們的問題，我也想在這裡向 Barry 和 Brian 表示祝賀。

Mike or Andy, maybe questions for either of you.

麥克 (Mike) 或安迪 (Andy)，也許有人想問你們兩個問題。

Avaya recently announced a change to their platform that kind of forces some customers away.

Avaya 最近宣布對其平台進行更改，這在某種程度上迫使一些客戶離開。

I know it's still really early here, but as you've kind of seen this announcement, any change in the pipeline or customers coming to you, basically any early indication of the donation that you expect from that competitor, or is this just they've been donating for a while and so you expect that to be more steady from here?

我知道現在還為時過早，但正如您所看到的這個公告，頻道或客戶是否有任何變化，基本上有沒有跡象表明您預計競爭對手會進行捐贈，或者他們只是已經捐贈了一段時間，所以您預計從現在開始捐贈會更加穩定？

Thanks.

謝謝。

I can take that.

我可以接受。

Yes, I mean, obviously, they've been donating for a while, to use your term.

是的，我的意思是，顯然，用你的話來說，他們已經捐款有一段時間了。

But yes, we obviously noticed that.

但是是的，我們顯然注意到了這一點。

We do have a lot of good processes in place to make these migrations from Avaya pretty straightforward.

我們確實已經制定了許多良好的流程，使得從 Avaya 進行的這些遷移變得非常簡單。

Now it was their Avaya experience platform public, right, for 200 seats and below.

現在是他們的 Avaya 體驗平台公開，對，200 個座位及以下。

So kind of one piece of the puzzle.

這有點像拼圖中的一塊碎片。

And yes, we're focused on that part of the market.

是的，我們專注於這一部分市場。

What I would be interested in seeing would be as customers that are higher than 200 seats, right, which is another big engine for us, Do they see sort of a lack of commitment for the future from that?

我感興趣的是，對於擁有超過 200 個座位的客戶來說，這也是我們的另一個重要動力，他們是否因此而看到了對未來缺乏承諾？

So something we're keeping an eye on and we're focused on and we're good at those migrations.

因此，我們一直密切關注並專注於某些事情，而且我們擅長這些遷移。

And yes, we'll keep an eye on it.

是的，我們會密切注意。

Got it.

知道了。

Thank you.

謝謝。

Tom Blakey, Cantor.

湯姆·布萊基，領唱者。

Thank you for taking the call.

感謝您接聽電話。

And Barry, congratulations.

祝賀巴里。

It's been great working and dining with you.

與您一起工作和共進晚餐非常愉快。

And best wishes to you and your family.

並向您和您的家人致以最良好的祝愿。

Just maybe a two-parter.

也許只是兩個部分。

First, we've been hearing from yourself throughout last year and from some of your peers about slowdown and close rates and elongated sales cycles related to the increased complexity of large deals and layering in AI and making these things harder to implement.

首先，去年我們從您本人和您的一些同事那裡聽說了由於大型交易的複雜性增加和人工智慧的分層而導致的交易放緩和成交率增加以及銷售週期延長的問題，這些都使這些事情更難實施。

I'd love to get your update there and what you're seeing, Andy and Mike, in terms of visibility on those types of deals.

安迪和麥克，我很想了解你們的最新進展，以及你們對這些類型的交易的了解。

And then, Barry, on the model and these partnerships.

然後，巴里，談談模型和這些合作關係。

We're picking this up from our checks too.

我們也將從支票中剔除這一點。

Congratulations on this new channel.

恭喜這個新頻道的開通。

I'd love any color if you can maybe extend the type of color you normally give us in terms of what you believe partnerships could be over time and any impact of the model.

如果您可以擴展您通常提供的顏色類型，說明您認為合作關係隨著時間的推移會變成什麼樣子以及模型會產生什麼影響，我會很樂意接受。

To meet his question about investing, maybe there could be some leverage here or leveraging these huge partners.

為了回答他關於投資的問題，也許這裡可以有一些槓桿作用或利用這些巨大的合作夥伴。

That'd be helpful.

那將會很有幫助。

Yes, I'll start with the last question, Tom.

是的，我將從最後一個問題開始，湯姆。

Look, the partnership ecosystem is driving a lot of our business already.

你看，合作夥伴生態系統已經推動了我們的許多業務。

We expect that to continue to increase.

我們預計該數字還將繼續增長。

When you think about that Google Cloud Marketplace announcement that we made, that's a game changer for us.

當你想到我們發布的 Google Cloud Marketplace 公告時，這對我們來說是一個改變遊戲規則的事情。

And again, something that opens up new avenues and an easier procurement process and into the Google customer base.

這也為 Google 客戶群開闢了新的途徑和更簡單的採購流程。

And these are the types of partnerships, quite frankly, that to me are so important to us to continue to move the needle in terms of our penetration into this market.

坦白說，這些類型的合作對於我們繼續推動這個市場的滲透非常重要。

So again, whether it's deeper integration with Salesforce or ServiceNow or continuations with Variant or its Google Cloud Marketplace announcement.

再次強調，無論是與 Salesforce 或 ServiceNow 的更深層整合，或是與 Variant 或其 Google Cloud Marketplace 公告的延續。

We're going to continue to leverage the ecosystem in this new world of CX.

我們將繼續利用這個新的 CX 世界中的生態系統。

It's a wonderful time to be in this space, and it's a big driver of our growth in the future.

現在處於這個領域是一個美好的時光，這也是我們未來成長的一大動力。

And again, we'll continue to aim to find additional leverage points like this. that allow us to get, again, just like I said, leverage, right?

我們會繼續努力尋找像這樣的額外槓桿點。就像我說的，這讓我們能夠獲得槓桿作用，對吧？

And again, we're going to continue to build out our quota capacity, but we're also going to continue to get leverage from partners in the channel.

再次強調，我們將繼續擴大我們的配額容量，但我們也將繼續從通路合作夥伴那裡獲得槓桿作用。

And then, Tom, the other part of the question was, are we still seeing elongated sales cycles?

然後，湯姆，問題的另一部分是，我們是否仍然看到銷售週期延長？

Mike talked about the AI fog being lifted, and we're seeing a little bit of that.

麥克談到人工智慧迷霧正在消散，我們也看到了一些這樣的情況。

We're cautiously optimistic about that, and obviously macro as well.

我們對此持謹慎樂觀的態度，顯然宏觀層面也是如此。

But when I look at the sales cycles, our teams are doing an excellent job really focusing on the ROI part of AI, which is we launched our AI blueprint.

但當我查看銷售週期時，我們發現我們的團隊做得非常出色，他們真正專注於人工智慧的投資報酬率部分，而這就是我們推出的人工智慧藍圖。

So leveraging our teams to go in and really identify those ROI use cases that helps in these customers that are going in.

因此，利用我們的團隊來真正識別那些可以幫助這些客戶的 ROI 用例。

I'm going to make my CX decision, but the AI part of it is going to really drive it.

我將做出我的 CX 決策，但其中的 AI 部分將真正推動它。

And so I think we're executing well there.

所以我認為我們在這方面表現良好。

And again, cautiously optimistic that those very, very long sales cycles shorten.

再次，我們謹慎樂觀地認為這些非常非常長的銷售週期將會縮短。

Thank you very much.

非常感謝。

Thanks, Tom.

謝謝，湯姆。

Michael Funk, Bank of America.

美國銀行的麥可‧芬克（Michael Funk）。

Yes, great.

是的，太棒了。

Thank you for fitting me in.

謝謝你幫我安排。

And Barry, congratulations to you.

巴里，恭喜你。

Mike, I wanted to dig into a comment you made with prepared remarks about your AI strategy relative to some of the proprietary models that are out there, how that advantages Five9.

麥克，我想深入探討你在準備好的評論中提到的你的人工智慧策略相對於現有的一些專有模型如何為 Five9 帶來優勢。

Any more color on how that does advantage you during negotiations, during the RFP process?

您能詳細說明一下這在談判和 RFP 過程中會為您帶來什麼好處嗎？

I think I know what you're talking about, but love to hear more detail on how that differentiates.

我想我知道你在說什麼，但我想聽更多關於如何區分的細節。

Yes, great question, Michael.

是的，邁克爾，這個問題問得很好。

And again, our engine agnostic strategy from literally day one, even before we acquired Inference, is playing out so nicely, no pun intended.

再說一次，從第一天起，甚至在我們收購 Inference 之前，我們的引擎不可知策略就發揮得非常好，這不是雙關語。

And I really mean that, there was nothing intended there.

我確實是這麼想的，那裡沒有任何意圖。

We started out I think with the right strategy.

我認為我們一開始就採取了正確的策略。

Others are now following this strategy.

如今，其他國家也正在效法這項策略。

So again, everyone's going to have access to these LLMs.

所以再說一次，每個人都可以獲得這些法學碩士學位。

That's not going to be a differentiator.

這不會成為差異化因素。

What is a differentiator is everything that we built on top of those engines.

差異化因素在於我們在這些引擎之上所建構的一切。

And the good news for us is we didn't waste a lot of time and energy trying to build our own engines.

對我們來說好消息是我們沒有浪費大量的時間和精力去製造我們自己的引擎。

Again, able to leverage the latest and greatest for our customers to leverage the latest and greatest engines as they come to market.

再次，我們能夠為客戶提供最新和最好的產品，以便在最新和最好的引擎進入市場時能夠利用它們。

We just plug them in.

我們只需將其插入即可。

It's easy to do through our AI Studio framework.

透過我們的 AI Studio 框架可以輕鬆實現。

And it is a real advantage in, again, in the RFP process.

這在 RFP 流程中再次體現出真正的優勢。

We get a lot of questions around our AI strategy, including the architecture of it, including which engines we're leveraging, and customers really do appreciate the way we've approached it, and we're winning because of that.

我們的人工智慧策略受到許多質疑，包括它的架構、我們正在利用哪些引擎，客戶確實很欣賞我們處理這個問題的方式，我們也因此而取得了成功。

Great.

偉大的。

Thank you, Mike.

謝謝你，麥克。

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。

Barry, since this is your last call here, one for you to end it maybe.

巴里，因為這是你在這裡的最後一個電話，也許你應該結束它了。

I think this is maybe the most optimistic I've heard you sounding on some of the forward-looking trends like bookings, AI traction, pipeline, et cetera, in several quarters here, and yet the guidance for next year I think still suggests sub-10% growth.

我認為這可能是我聽過的您對幾個季度的預訂量、人工智慧牽引力、管道等一些前瞻性趨勢最樂觀的評價，但我認為明年的指引仍然表明增長率低於 10%。

When we're trying to reconcile those two, can you just give us a sense for where there is kind of the most conservatism?

當我們試圖調和這兩者時，您能否告訴我們哪裡是最保守的？

I know you mentioned Q4 seasonality, but how are you thinking about turn-ups?

我知道您提到了第四季度的季節性，但是您是如何看待出現率的？

How are you thinking about cloud migrations, AI bookings converting into revenue?

您如何看待雲端遷移、AI 預訂轉化為收入？

If you could just give us a little bit more detail there, that would be super helpful.

如果您能向我們提供更多細節，那將會非常有幫助。

Thank you.

謝謝。

And I'm happy to answer that.

我很樂意回答這個問題。

So Arjun, the way we think about the annual guide, I want to point out first, when we had our earnings call emphasize the point that our guidance philosophy is always prudent, and that has not changed.

因此，阿瓊，我對年度指南的看法是，我首先要指出的是，當我們的財報電話會議強調我們的指導理念始終是審慎的，這一點沒有改變。

And Barry mentioned the seasonal uptake in Q4.

巴里提到了第四季的季節性成長。

We have to be prudent.

我們必須謹慎行事。

There's a lot of uncertainty out there in terms of macro, so we have to be prudent that there's another layer of conservatism there in the back half of 2025 for seasonal assumptions.

宏觀方面存在著許多不確定性，因此我們必須謹慎，因為 2025 年下半年的季節性假設還會出現另一層保守性。

And of course, the mega customer ramp that I talked about, that would be a tough comparison.

當然，我談到的大型客戶成​​長，這將是一個艱難的比較。

So at the end of the day, It's prudent, and it's a starting point, and we'll continue to update you as the year progresses.

所以總而言之，這是謹慎的，這是一個起點，我們會隨著時間的推移繼續向您更新最新情況。

All right.

好的。

Perfect.

完美的。

Thank you.

謝謝。

Thanks, Arjun.

謝謝，阿瓊。

All right.

好的。

Well, thanks, everyone, for joining us.

好吧，感謝大家加入我們。

Barry, we're going to miss you.

巴里，我們會想念你的。

Congratulations, and thank you.

恭喜你，謝謝你。

But thank you to all of you for joining us, and we'll look forward to keeping you updated as we progress through the year.

但感謝大家加入我們，我們期待今年內向您通報最新情況。

And thanks again.

再次感謝。

That concludes today's call.

今天的電話會議到此結束。

Thank you, everyone, and have a good evening.

謝謝大家，祝大家晚上愉快。