Five9 Inc (FIVN) 2025 Q1 法說會逐字稿

Thank you for joining us today. Certain statements made during the course of this conference call that are not historical facts, including those regarding the future financial performance and cash position of the company, expected improvements in financial 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.

感謝您今天加入我們。本次電話會議期間所做的某些陳述並非歷史事實，包括關於公司未來財務業績和現金狀況的陳述、財務和相關指標的預期改善、某些客戶的預期 ARR、某些預期收入組合轉變客戶成長、預期客戶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擴展的程度以及我們利用任何此類擴展的能力、我們的人工智慧收入機會以及關於同一公司成長的當前估計、我們解決方案的增強和發展、市場規模和趨勢、我們對宏觀經濟狀況的預期、公司市場地位、舉措和預期技術和產品舉措（包括對研發的投資）和其他未來事件或前瞻性結果均為《1995 年私人證券訴訟法案》定義下的證券改革法案。

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. These statements are subject to substantial risks and uncertainties that can adversely affect Five9's future results and cause these forward-looking statements inaccurate.

此類聲明僅是預測，投資者不應過度依賴。實際事件或結果可能存在重大差異，本公司不承擔更新此類聲明中資訊的義務。這些聲明受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，並導致這些前瞻性聲明不準確。

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.

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、貨幣匯率的波動、我們已安裝的客戶群的增長率較低以及在“風險因素”標題下和 Five9 向美國證券交易委員會提交的年度和季度報告中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. 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.

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。關於我們為何使用非 GAAP 財務指標的討論以及有關 GAAP 與非 GAAP 結果和指導的調節信息，目前可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資料附錄中找到，該附錄可在 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, May 1, 2025, and may no longer be accurate at the time of a replay. Lastly, a reminder that unless otherwise indicated, financial figures discussed are non-GAAP.

另請注意，本次電話會議中提供的資訊僅代表管理層截至 2025 年 5 月 1 日的觀點，重播時可能不再準確。最後，提醒一下，除非另有說明，所討論的財務數據均為非 GAAP。

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. We are pleased with our first quarter results, which exceeded our guidance across all key metrics. Subscription revenue, which now makes up 80% of total revenue, grew 14% year-over-year. This was primarily driven by LTM enterprise subscription revenue growing 20% year-over-year.

謝謝艾米麗，也謝謝大家今天下午參加我們的電話會議。我們對第一季的業績感到滿意，所有關鍵指標都超出了我們的預期。訂閱收入目前佔總收入的 80%，較去年同期成長 14%。這主要得益於 LTM 企業訂閱收入年增 20%。

Adjusted EBITDA margin was 19% for the first quarter, helping drive a Q1 record operating cash flow of $48 million or 17% of revenue and an all-time record of free cash flow of $35 million or 12% of revenue.

第一季調整後的 EBITDA 利潤率為 19%，推動第一季營運現金流創下 4,800 萬美元的歷史新高，佔營收的 17%，自由現金流創下 3,500 萬美元的歷史新高，佔營收的 12%。

Today, I'd like to start off by providing key highlights of an extensive operational review we recently conducted across the company. We believe the transformation initiatives we are executing will help bolster our long-term competitive position and reestablish ourselves as a Rule of 40 coming as we continue to drive profitable growth.

今天，我想先介紹一下我們最近在全公司範圍內進行的廣泛營運審查的重點。我們相信，我們正在實施的轉型措施將有助於增強我們的長期競爭地位，並在我們繼續推動獲利成長的同時，重塑我們作為 40 規則的形象。

As we pursue this evolution, our goal is to deliver increased profitability while prioritizing investment in key strategic areas, including AI and go-to-market initiatives to drive revenue growth and capitalize on our massive TAM that we believe is significantly expanding with AI.

在我們追求這項變革的過程中，我們的目標是提高獲利能力，同時優先投資關鍵策略領域，包括人工智慧和上市計劃，以推動收入成長並利用我們認為隨著人工智慧而顯著擴大的龐大 TAM。

The transformation will take time, but we're moving quickly and driving cross-functional alignment across the entire organization to achieve our goals. As a result, in 2027, we are targeting to be above the Rule of 40 on an adjusted EBITDA basis and be approaching the Rule of 40 on a free cash flow basis. Bryan will provide more details on this in a moment.

轉型需要時間，但我們正在迅速採取行動，推動整個組織的跨職能協調，以實現我們的目標。因此，到 2027 年，我們的目標是在調整後的 EBITDA 基礎上達到 40 法則以上，並在自由現金流基礎上接近 40 法則。布萊恩稍後將提供更多有關此問題的詳細資訊。

Now I'd like to dive deeper into our AI-powered platform and how it's well positioned to empower brands to elevate their CX and how they're realizing meaningful benefits through our Genius AI suite of products. As I touched on last quarter, in order to deliver personalized and accurate self-service using Gen AI, you need four key ingredients.

現在，我想更深入地探討我們的人工智慧平台，以及它如何幫助品牌提升他們的 CX，以及他們如何透過我們的 Genius AI 產品套件實現有意義的利益。正如我在上個季度提到的，為了使用 Gen AI 提供個人化和準確的自助服務，您需要四個關鍵要素。

First, you need access to LLM and it's critical to enable brands to easily change the underlying engine to leverage the latest high-performing models. We believe our engine agnostic approach allows brands to future-proof their AI decision and our AI application layer above these engines acts as the key competitive advantage.

首先，您需要存取 LLM，這對於讓品牌輕鬆更改底層引擎以利用最新的高效能模型至關重要。我們相信，我們的引擎無關方法可以讓品牌為他們的 AI 決策提供面向未來的保障，而我們在這些引擎之上的 AI 應用層將成為關鍵的競爭優勢。

Second, you need contextual data, which includes consumer-specific and brand-specific information that is distributed across a large number of back-end systems. Our platform typically integrates into 20-plus systems which enables contextual data to be fed into the LLM in real time in order to provide true context around an interaction.

其次，您需要上下文數據，其中包括分佈在大量後端系統中的消費者特定資訊和品牌特定資訊。我們的平台通常整合到 20 多個系統中，從而能夠將上下文資料即時輸入到 LLM 中，以便提供有關互動的真實上下文。

Third, you need historical interaction data. Our CCaaS platform is the system of record for interactions between a consumer and a brand across all channels, including those handled by AI agents as well as human agents.

第三，你需要歷史互動數據。我們的 CCaaS 平台是消費者與品牌之間透過所有管道互動的記錄系統，包括由 AI 代理和人工代理處理的互動。

And fourth, you need a platform that provides all channels such as voice, text, e-mail, web chat and social to connect consumers to an AI agent as well as to provide a seamless escalation path to human agents. The market demands AI agents that work across all of these channels, but providing a voice channel globally at scale is a huge barrier to entry.

第四，您需要一個提供語音、文字、電子郵件、網路聊天和社交等所有管道的平台，以將消費者與人工智慧代理連接起來，並為人工代理提供無縫的升級路徑。市場需要能夠在所有這些管道上工作的人工智慧代理，但在全球範圍內大規模提供語音管道是一個巨大的進入障礙。

These are key reasons why AI point solutions and third-party AI vendors are strongly leaning in to partner with us and integrate to our platform. As a result, our platform acts as a control point where we are successfully monetizing that access through our voice stream and transcript stream APIs.

這些是 AI 點解決方案和第三方 AI 供應商強烈傾向於與我們合作並整合到我們的平台的關鍵原因。因此，我們的平台充當控制點，我們透過語音流和轉錄流 API 成功地將存取貨幣化。

To further enhance the value of our platform, we announced that Five9 is deepening our Salesforce partnership to launch of Five9 Fusion a best-in-class native integration with Salesforce to deliver better AI-powered customer experiences.

為了進一步提升我們平台的價值，我們宣布 Five9 將深化與 Salesforce 的合作夥伴關係，推出 Five9 Fusion，這是與 Salesforce 一流的原生集成，旨在提供更好的人工智慧客戶體驗。

With Five9 Fusion, we combined Five9's real-time system of interaction together with Salesforce system of customer record to create a fully integrated AI elevated solution for customer experience. With these new product bundles, which are available today, this enhanced integration helps businesses deliver better customer experience, hyper-personalized self-service, and achieve smarter results with a future-ready foundation to drive meaningful business outcomes for our joint customers.

透過 Five9 Fusion，我們將 Five9 的即時互動系統與 Salesforce 的客戶記錄系統結合，為客戶體驗創建了一個完全整合的 AI 提升解決方案。透過這些新今天推出的產品包，這種增強的整合可以幫助企業提供更好的客戶體驗、超個人化的自助服務，並以面向未來的基礎實現更智慧的結果，從而為我們的共同客戶帶來有意義的業務成果。

Also, we continue to see significant AI momentum driven by real ROI that we are delivering for our customers through our Genius AI suite of products. This, in turn, drives our subscription revenue growth as demonstrated by the following three customer examples. The first is a fast food chain with over 3,000 restaurants globally. Following the deployment of our AI agents, they experienced a nearly 40% improvement in containment rate. Concurrently, the implemented our agent assist solution, which reduced after-call work time by 35%.

此外，我們繼續看到由實際投資回報率 (ROI) 驅動的顯著人工智慧發展勢頭，我們透過 Genius AI 產品套件為客戶提供了這一投資回報率。這反過來又推動了我們的訂閱收入成長，如以下三個客戶範例所示。第一家是一家在全球擁有 3,000 多家餐廳的快餐連鎖店。在我們的人工智慧代理部署之後，他們的遏制率提高了近40％。同時，我們實施了代理協助解決方案，將後續工作時間減少了 35%。

As a result of these efficiency gains, they estimate their labor savings to be approximately $1.1 million per year. And since deploying our AI agents, their ARR with Five9 increased by 37%. The second example is a global payment processing provider in the UK. They deployed our AI agents and experienced a 10% increase in self-service in the first year as well as a 50% containment rate. They also recently deployed our AI Insights product in the first quarter of this year to identify even more use cases to generate additional ROI with our suite of AI products.

由於這些效率的提高，他們估計每年可以節省約 110 萬美元的勞動力。自從部署我們的 AI 代理以來，他們使用 Five9 的 ARR 增加了 37%。第二個例子是英國的全球支付處理提供者。他們部署了我們的人工智慧代理，第一年自助服務量增加了 10%，遏制率也達到了 50%。他們還在今年第一季部署了我們的 AI Insights 產品，以便識別更多用例，從而利用我們的 AI 產品套件產生額外的投資回報率。

Since deploying our AI agents, their ARR with Five9 increased by 49%. The third example is a personalized health care company that provides patients with easy access to medical equipment and supplies covered by insurance.

自從部署我們的 AI 代理以來，他們與 Five9 的 ARR 增加了 49%。第三個例子是一家個人化醫療保健公司，為病患提供便利的保險醫療設備和用品。

Following the deployment of our AI agents, they have driven a 15% reduction in call volume by automating common questions such as medical equipment delivery status and insurance guidelines. They also expanded the use of our AI solutions biting chat bots and agent assist to gain further efficiencies. Since deploying our AI agents, their ARR with Five9 has more than doubled.

在我們的人工智慧代理部署之後，他們透過自動回答醫療設備交付狀態和保險指南等常見問題，將呼叫量減少了 15%。他們還擴大了我們的人工智慧解決方案的使用範圍，包括聊天機器人和代理助手，以進一步提高效率。自從部署我們的 AI 代理以來，他們與 Five9 的 ARR 已經增加了一倍多。

Additionally, we continue to lead the CX market with key AI innovations as demonstrated by our recent announcement of a new offering called Spotlight for AI insights which is designed to help brands unlock the voice of their customers, hidden troves of interaction data.

此外，我們繼續透過關鍵的 AI 創新引領 CX 市場，正如我們最近宣布推出的一款名為 Spotlight for AI insights 的新產品所證明的那樣，該產品旨在幫助品牌解鎖客戶的聲音、隱藏的互動數據寶庫。

AI Insights leverages Gen AI to mine customer conversations at scale and understand emerging topics, top trends and root causes of issues through a powerful visualization interface. Spotlight takes AI insights to a whole new level by harnessing the power of Gen AI to discover specific trends and metrics that are typically very difficult to identify in an automated fashion.

AI Insights 利用 Gen AI 大規模挖掘客戶對話，並透過強大的視覺化介面了解新興主題、主要趨勢和問題的根本原因。Spotlight 利用 Gen AI 的力量來發現通常很難以自動化方式識別的特定趨勢和指標，從而將 AI 洞察提升到一個全新的水平。

We believe this will not only provide key insights for contact center operators but also empower lines of business leaders with valuable data and tailored intelligence to continuously improve their business through increased sales enhanced products, elevated CX and more.

我們相信，這不僅能為聯絡中心營運商提供關鍵見解，還能為業務線領導者提供有價值的數據和客製化情報，透過增加銷售增強型產品、提升 CX 等方式不斷改善業務。

Another AI capability that is becoming a key part of driving AI agent adoption is our dial of trust. This allows brands to scale the level of Gen AI that is incorporated into our AI-enabled solutions. Gen AI is becoming more powerful and more accurate by the day. However, there is a trust spectrum for brands that will vary by different topics and different industries when using AI to confidently provide customers with accurate information and answers.

另一個成為推動人工智慧代理採用的關鍵部分的人工智慧能力是我們的信任撥號。這使得品牌能夠擴展融入我們的 AI 解決方案中的 Gen AI 水平。人工智慧正變得越來越強大，越來越準確。然而，當使用人工智慧自信地為客戶提供準確的資訊和答案時，品牌的信任範圍會因不同主題和不同行業而異。

Our dial of trust enables brands to manage this risk through a continuum where the level of Gen AI infusion can be modified for various use cases. We believe that this tooling is essential for delivering trusted AI.

我們的信任撥號使品牌能夠透過一個連續體來管理這種風險，在這個連續體中，可以根據各種用例修改 Gen AI 注入的水平。我們相信，這種工具對於提供可信賴的人工智慧至關重要。

As a result of our leading position in AI, we continue to see significant momentum in our AI business as evidenced by virtually all of our $1 million-plus ARR new logos continuing to attach AI and AI making up more than 20% of enterprise new logo ACV bookings.

由於我們在人工智慧領域的領先地位，我們的人工智慧業務繼續保持強勁勢頭，幾乎所有 100 萬美元以上的 ARR 新標誌都繼續附加人工智慧，而人工智慧佔企業新標誌 ACV 預訂量的 20% 以上。

Additionally, our enterprise AI revenue grew 32% year-over-year in the first quarter, making up 9% of enterprise subscription revenue. We also continue to further penetrate our installed base by leveraging our revolutionary AI Blueprint program. It's still early days, but preliminary results are very promising.

此外，我們的企業AI營收在第一季年增32％，佔企業訂閱收入的9％。我們也利用革命性的 AI Blueprint 計畫繼續進一步滲透我們的安裝基礎。雖然現在還處於早期階段，但初步結果非常令人鼓舞。

For instance, in the last several months, we have been collaborating with a growing number of our customers to help them build their AI road map and identify use cases to generate significant ROI with our AI solutions. 50% of customers going through the AI Blueprint process have purchased our AI products.

例如，在過去的幾個月裡，我們一直在與越來越多的客戶合作，幫助他們建立他們的人工智慧路線圖並確定用例，以透過我們的人工智慧解決方案產生可觀的投資報酬率。 50% 經歷過 AI Blueprint 流程的客戶購買了我們的 AI 產品。

We're highly encouraged by these results, and we expect this momentum to accelerate throughout the year. In addition to our AI momentum and opportunity, there remains a significant opportunity in our core CCaaS market, with a $24 billion TAM as cloud migrations continue.

這些結果讓我們深受鼓舞，我們預計這股勢頭將在全年加速。除了我們的人工智慧發展動能和機會之外，隨著雲端遷移的持續，我們的核心 CCaaS 市場仍然存在重大機遇，其 TAM 價值將達到 240 億美元。

Therefore, we remain very optimistic about our long-term durable global opportunity, especially at the upper end of the market, which is the largest and least penetrated part of the market and the fastest-growing category of our business.

因此，我們對長期持久的全球機會仍然非常樂觀，特別是在高端市場，這是市場中最大、滲透率最低的部分，也是我們業務成長最快的類別。

Now I'd like to touch on the momentum we're seeing with some of our key partners. As we announced in November, Five9 and ServiceNow continue to execute on the goals of our strategic partnership. Later this quarter, Five9 transcript stream will integrate into ServiceNow interaction management, enabling agents to focus entirely on customer issues without the need for manual note taking.

現在我想談談我們與一些主要合作夥伴所看到的勢頭。正如我們在 11 月宣布的那樣，Five9 和 ServiceNow 將繼續執行我們戰略合作夥伴關係的目標。本季晚些時候，Five9 成績單串流將整合到 ServiceNow 互動管理中，使代理商能夠完全專注於客戶問題，而無需手動記錄。

ServiceNow now assist powered by Gen AI will leverage these real-time transcriptions to generate summaries and resolution notes significantly reducing call wrap-up activities and average handle times. Additionally, Five9's intelligent routing engine will soon route service out digital channels and cases, ensuring seamless and efficient case management. ServiceNow is also integrating its [Mata data] to enrich Five9's workforce engagement management solutions.

ServiceNow 現在由 Gen AI 提供支持，將利用這些即時轉錄來產生摘要和解決方案說明，從而顯著減少呼叫結束活動和平均處理時間。此外，Five9 的智慧路由引擎很快就會將服務路由到數位管道和案例，確保無縫且有效率的案例管理。ServiceNow 也整合了其 [Mata 資料] 來豐富 Five9 的員工參與管理解決方案。

This will reduce operational overhead for managers by streamlining routing management across both platforms. Making it easier to adjust staffing dynamically during peak demand periods.

透過簡化兩個平台的路由管理，這將減少管理人員的營運開銷。在需求高峰期更容易動態調整人員配置。

Additionally, last quarter, we announced our launch on the Google Cloud marketplace, both in the US and internationally and we saw more than $35 million in ACV pipeline added in the last two months. We're very pleased with the early traction and anticipate the strong momentum to continue. We also recently teamed with IBM to integrate [Watson X] into our Genius AI platform to bring customers the option to leverage [Watson X] as their preferred LLM when building AI-powered CX solutions.

此外，上個季度，我們宣佈在美國和國際上推出 Google Cloud 市場，並且在過去兩個月內，我們看到 ACV 管道增加了超過 3500 萬美元。我們對早期的進展感到非常滿意，並預計強勁勢頭將繼續下去。我們最近也與 IBM 合作，將 [Watson X] 整合到我們的 Genius AI 平台中，讓客戶在建立 AI 驅動的 CX 解決方案時可以選擇利用 [Watson X] 作為首選 LLM。

This collaboration is designed to enhance our platform's flexibility and help drive the next wave of innovation in AI-powered CX, enabling businesses to deliver more personalized, efficient and impactful customer experiences.

此次合作旨在增強我們平台的靈活性，並協助推動人工智慧 CX 的下一波創新，使企業能夠提供更個人化、高效和有影響力的客戶體驗。

In summary, we are pleased with our continued momentum in AI for CX and our execution against the massive core CCaaS market opportunity. We believe that our differentiated approach to accelerate AI adoption as well as ongoing innovation of new AI offerings to support the entire customer journey from self-service AI agents to agent augmentation to operational efficiency are key drivers fueling the momentum in this fastest-growing category of our business.

總而言之，我們對我們在 CX 人工智慧領域的持續發展勢頭以及我們在龐大的核心 CCaaS 市場機會中的執行情況感到滿意。我們相信，我們加速人工智慧應用的差異化方法以及不斷創新新的人工智慧產品以支援從自助服務人工智慧代理到代理增強到營運效率的整個客戶旅程是推動我們業務中這一成長最快類別發展勢頭的關鍵驅動力。

Additionally, I want to thank our team of Five9er's, whose passion and unwavering dedication continue to be the driving force behind transforming our business to strengthen our leadership position in the industry. We are off to a strong start in 2025, and I look forward to sharing our progress as the year unfolds.

此外，我還要感謝我們的 Five9er 團隊，他們的熱情和堅定不移的奉獻精神繼續成為我們業務轉型以加強我們在行業中的領導地位的驅動力。2025 年我們將迎來一個好的開端，我期待著在這一年中分享我們的進步。

And with that, I'll turn it over to our President, Andy Dignan, Andy, please go ahead.

現在，我將把發言權交給我們的總裁安迪·迪格南 (Andy Dignan)，安迪，請繼續。

Thank you, Mike, and good afternoon, everyone. In the first quarter, we continued to execute well against a strong pipeline, seeing an increased volume of new logo wins year-over-year despite some lengthening of sales cycles on larger deals, which we attribute to the macro backdrop. From a geopolitical perspective, we are starting to see some resistance in international regions to doing business with US vendors, but we are monitoring this very closely as we are operating in a very dynamic environment.

謝謝你，麥克，大家下午好。在第一季度，我們繼續在強大的管道下表現良好，儘管大宗交易的銷售週期有所延長，但新標誌中標數量同比增長，我們將其歸因於宏觀背景。從地緣政治角度來看，我們開始看到國際地區對與美國供應商開展業務存在一些阻力，但由於我們在一個非常動態的環境中運營，因此我們正在密切關注這一點。

For our installed base bookings, we had the highest year-over-year growth rate for any quarter in the last three years. This is a direct reflection of the investments we've made to drive upsell and cross-sell motions into our customer base. And now as we normally do, I will share some key examples of wins.

就我們的已安裝訂單量而言，我們的季度年增率是過去三年中最高的。這直接反映了我們為推動客戶群的追加銷售和交叉銷售活動所做的投資。現在，像往常一樣，我將分享一些成功的關鍵案例。

The first example is a new business unit of our Fortune 50 financial services customer. They show Five9 to replace legacy systems and enable scalable, compliant voice solutions integrated seamlessly with Salesforce.

第一個例子是我們財富 50 強金融服務客戶的新業務部門。他們展示了 Five9 如何取代傳統系統並實現與 Salesforce 無縫整合的可擴展、相容的語音解決方案。

The solution will improve customer outreach through click to call and sharing TCPA compliant call recording and reducing call abandonment by running branch calls to the right banking professionals. The solution aligns with their digital transformation goals enhances the customer and banker experience and positions Five9 as a trusted partner in secure enterprise scale voice modernization. We closed this deal in early April and anticipate this initial order to result in over $2.8 million in ARR to Five9.

此解決方案將透過點擊呼叫和分享符合 TCPA 的呼叫記錄來改善客戶拓展，並透過向合適的銀行專業人員撥打分行電話來減少呼叫放棄率。該解決方案符合他們的數位轉型目標，增強了客戶和銀行家的體驗，並使 Five9 成為安全企業規模語音現代化領域值得信賴的合作夥伴。我們在 4 月初完成了這筆交易，預計這筆初始訂單將為 Five9 帶來超過 280 萬美元的 ARR。

The second example is a leading vehicle mobility solutions provider that helps consumers with vehicle repair, replacement, fleet management, insurance and build services. They were using an on-prem solution that was difficult to manage and did not provide holistic visibility into all of their operations. As a result, as Five9 for our deep integrations into their ecosystem of applications, including Microsoft Dynamics and teams, they were also looking to maintain continuity with our partner, Verint, to avoid the retraining that would have been required on other platforms.

第二個例子是一家領先的車輛移動解決方案提供商，幫助消費者提供車輛維修、更換、車隊管理、保險和建造服務。他們使用的內部部署解決方案難以管理，並且無法提供對其所有操作的整體可見性。因此，由於 Five9 深度融入了他們的應用程式生態系統（包括 Microsoft Dynamics 和團隊），他們也希望與我們的合作夥伴 Verint 保持連續性，以避免在其他平台上所需的再培訓。

Most importantly, they selected Five9 for our extensive portfolio of Agentic AI solutions and the significant ROI they expect to generate by eliminating simple tasks with our AI agents and gain further efficiencies with our agent assist transcription and summary capabilities. We anticipate this initial order to result in over $1.7 million in ARR to Five9.

最重要的是，他們選擇 Five9 是因為我們擁有豐富的 Agentic AI 解決方案組合，並且他們期望透過我們的 AI 代理消除簡單任務來獲得可觀的投資回報，並透過我們的代理輔助轉錄和摘要功能獲得進一步的效率。我們預計該初始訂單將為 Five9 帶來超過 170 萬美元的 ARR。

The third example is a nonprofit health plan serving roughly 400,000 members in California. They were using an on-prem system that lacked key technology capabilities. They choose Five9 to modernize their customer experience by leveraging our comprehensive suite of AI solutions, including AI agents for self-service, agent assist for transcriptions and AI insights to identify new AI use cases and efficiency opportunities.

第三個例子是加州一個為大約 40 萬會員提供服務的非營利健康計劃。他們使用的內部部署系統缺乏關鍵技術能力。他們選擇 Five9 來利用我們全面的 AI 解決方案套件來實現客戶體驗的現代化，其中包括用於自助服務的 AI 代理、用於轉錄的代理協助和 AI 洞察，以識別新的 AI 用例和效率機會。

They are also looking to enhance customer experience across text, chat, e-mail and voice channels, integrating seamlessly with their [ Jiva ] patient record system and HSP claims solution for efficient call handling.

他們還希望透過文字、聊天、電子郵件和語音管道增強客戶體驗，並與他們的 [ Jiva ] 患者記錄系統和 HSP 索賠解決方案無縫集成，以實現高效的呼叫處理。

They also selected Five9 for our deep integration with Microsoft Teams, our WEM portfolio to optimize their operations and their analytics capabilities to fulfill their state compliant obligations. We anticipate this initial order to result in approximately $900,000 at ARR to Five9. And now I'd like to share an example of an existing customer who expanded their business with us.

他們還選擇了 Five9，因為我們與 Microsoft Teams 和我們的 WEM 產品組合進行了深度集成，從而優化了他們的營運和分析能力，以履行其國家合規義務。我們預計該初始訂單將為 Five9 帶來約 90 萬美元的 ARR。現在我想分享一個與我們一起擴展業務的現有客戶的例子。

This leading service provider of Medicaid and other government-funded self-directed care programs have been a Five9 customer for over 10 years. This customer partnered with us to win a major state contract resulting in a significant increase in the size of their contact center. Self-service is a major initiative with this expansion, which is why this customer selected our AI agents. With this add-on order, we anticipate the ARR to Five9 will increase from $1.5 million to over $5.5 million.

這家領先的醫療補助和其他政府資助的自我導向護理計劃服務提供者已成為 Five9 的客戶超過 10 年。該客戶與我們合作贏得了一份重要的政府合同，從而顯著擴大了他們的聯絡中心規模。自助服務是此次擴展的一項重要舉措，這也是該客戶選擇我們的 AI 代理的原因。透過這項附加訂單，我們預計 Five9 的 ARR 將從 150 萬美元增加到 550 萬美元以上。

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

現在我想讓布萊恩向大家介紹一下財務狀況。布萊恩？

Thank you, Andy. We're pleased to report Q1 revenue growth of 13% year-over-year, primarily driven by subscription revenue growing 14% year-over-year. Subscription revenue growth was driven by: first, strong revenue contributions from our backlog of new logos, which exceeded expectations; second, highest year-over-year growth rate in three years for installed base bookings, which tend to turn to revenue quickly. And third, 32% year-over-year growth in enterprise AI revenue, which continues to be the fastest-growing category of our product portfolio.

謝謝你，安迪。我們很高興地報告第一季營收年增 13%，主要得益於訂閱收入年增 14%。訂閱收入成長的推動因素包括：首先，我們積壓的新標誌帶來了強勁的收入貢獻，超出了預期；第二，已安裝訂單量同比增長率達到三年來最高，並且往往能迅速轉化為收入。第三，企業人工智慧收入年增 32%，這仍然是我們產品組合中成長最快的類別。

However, as anticipated, we experienced tough year-over-year comparisons due to a stronger downtick among seasonal customers in our consumer and health care verticals and significant revenue contributions from our largest customer, completing its ramp throughout last year.

然而，正如預期的那樣，由於我們的消費者和醫療保健垂直領域的季節性客戶出現更嚴重的下滑，以及我們最大的客戶在去年全年完成了收入增長，貢獻了顯著的收入，因此我們經歷了艱難的同比變化。

In the first quarter, subscription revenue made up 80% of revenue, while usage revenue accounted for 13% and professional services made up the remaining 7%. Enterprise revenue from subscription, usage and PS combined made up 90% of LTM revenue.

第一季度，訂閱收入佔營收的80%，使用收入佔13%，專業服務佔剩餘的7%。來自訂閱、使用和 PS 的企業收入合計佔 LTM 收入的 90%。

Our commercial business, which represents the remaining 10% decline in the single digits on an LTM basis. Like many software companies, our commercial business is more exposed to the macro environment. Also, as a reminder, this trend is partially by design, driven by our ongoing focus on larger customers. Additionally, as expected, our LTM dollar-based retention rate came in at 107% versus 108% last quarter, primarily driven by the two tough comparison factors IP previously mentioned.

我們的商業業務，以 LTM 計算，剩餘的 10% 降幅為個位數。與許多軟體公司一樣，我們的商業業務更容易受到宏觀環境的影響。另外，需要提醒的是，這種趨勢在某種程度上是經過設計的，是由我們對大客戶的持續關注所驅動的。此外，正如預期的那樣，我們的 LTM 美元留存率達到 107%，而上一季為 108%，這主要受到 IP 前面提到的兩個艱難的比較因素的影響。

Turning now to profitability. We continue to generate strong year-over-year margin expansions across the board, primarily due to our ongoing focus on disciplined expense management. As a result, Q1 adjusted gross margin increased approximately 160 basis points year-over-year to 62.4%, and adjusted EBITDA margin increased approximately 360 basis points year-over-year to 18.8%, which is a Q1 record.

現在談談獲利能力。我們的利潤率持續全面實現年比強勁成長，這主要歸功於我們持續注重嚴格的費用管理。因此，第一季調整後的毛利率年增約160個基點至62.4%，調整後的EBITDA利潤率年增約360個基點至18.8%，創下第一季的新高。

First quarter non-GAAP EPS was $0.62 per diluted share, up $0.14 or 29% year-over-year. Also, stock-based compensation decreased 12% year-over-year from $45 million to $39 million, which equated to 14% of revenue in the first quarter and we remain highly focused on continuing to moderate stock-based compensation over time.

第一季非公認會計準則每股收益為每股 0.62 美元，年增 0.14 美元，增幅為 29%。此外，股票薪酬年減 12%，從 4,500 萬美元降至 3,900 萬美元，相當於第一季營收的 14%，我們仍高度重視隨著時間的推移繼續調整股票薪酬。

Now I'd like to share some cash flow highlights. As Mike mentioned, I'm pleased to report that operating cash flow was a Q1 record of $48.4 million or 17.3% of revenue. This was primarily driven by our strong adjusted EBITDA and continued strength in DSO performance, which came in at 33 days. Also, free cash flow reached an all-time high at $34.9 million or 12.5% of revenue, achieving a free cash flow conversion rate of 66%.

現在我想分享一些現金流亮點。正如麥克所提到的，我很高興地報告，第一季的營業現金流創下了 4,840 萬美元的記錄，佔收入的 17.3%。這主要得益於我們強勁的調整後 EBITDA 和持續強勁的 DSO 表現（達到 33 天）。此外，自由現金流達到歷史最高水平，為 3,490 萬美元，佔收入的 12.5%，實現自由現金流轉換率 66%。

As a reminder, we're planning to retire the remaining $434 million principal balance of our 2025 convertible notes in cash when it matures in June. The next maturity of our convertible notes is 2029 so we feel comfortable with our cash position. In addition, we expect our free cash flow generation to improve meaningfully, putting us on a path to being net cash positive.

提醒一下，我們計劃在 6 月 2025 年可轉換票據到期時以現金形式贖回剩餘的 4.34 億美元本金餘額。我們的可轉換票據的下一個到期日是 2029 年，因此我們對我們的現金狀況感到滿意。此外，我們預計我們的自由現金流產生將顯著改善，使我們走上淨現金為正的道路。

Additionally, we've developed a holistic framework to evaluate our capital allocation alternatives. Therefore, going forward, we will have a balanced approach in assessing organic investments versus share repurchases versus opportunistic acquisitions.

此外，我們還開發了一個整體框架來評估我們的資本配置替代方案。因此，展望未來，我們將採取平衡的方法來評估有機投資、股票回購和機會性收購。

Before turning to guidance, I would like to provide more details on the financial impact of our transformation initiatives as well as share our perspectives on the latest macro condition and its impact on our outlook.

在轉向指導之前，我想提供有關我們的轉型舉措的財務影響的更多細節，並分享我們對最新宏觀狀況及其對我們前景的影響的看法。

As part of our extensive operational review, we announced a 4% reduction in our global workforce on April 3. This impacted most of our departments mainly in the US and it represented a net reduction of $20 million to $25 million in annualized compensation related non-GAAP expense.

作為我們廣泛的營運審查的一部分，我們於 4 月 3 日宣布全球員工人數將減少 4%。這影響了我們大部分部門，主要在美國，這意味著年度薪酬相關的非公認會計準則費用淨減少了 2000 萬至 2500 萬美元。

As Mike mentioned, our goal is to increase long-term profitable growth and surgically invest in key areas such as AI and go-to-market initiatives in order to capitalize on our massive TAM opportunity that is further expanding with AI.

正如 Mike 所提到的，我們的目標是提高長期獲利成長，並重點投資於人工智慧和市場進入計劃等關鍵領域，以利用隨著人工智慧進一步擴展的巨大 TAM 機會。

In combination with ongoing cost optimizations, we expect the net effect to drive at least a 2 percentage-point improvement in annual adjusted EBITDA margin in 2025 from the 18.8% we reported in 2024. As a reminder, we expect one-time cash expenditures associated with the RIF to range between $7 million to $9 million and noncash expenditures of approximately $1 million to $1.5 million both of which are not accounted for in the non-GAAP bottom line guidance I'll be providing shortly.

結合持續的成本優化，我們預期淨效應將使 2025 年年度調整後 EBITDA 利潤率從 2024 年報告的 18.8% 至少提高 2 個百分點。提醒一下，我們預計與 RIF 相關的一次性現金支出在 700 萬至 900 萬美元之間，非現金支出約為 100 萬至 150 萬美元，這兩項支出均未計入我將很快提供的非 GAAP 底線指導中。

With regard to the macro environment, I'd like to remind you that we started 2025 with what we believe to be conservative guidance based on the assumption that macro conditions would not change materially from what we were seeing at the beginning of the year. Given the recent heightened macro uncertainty, we believe it is important to take a slightly more prudent stance in terms of our guidance. As a result, we are keeping our full year 2025 revenue guidance unchanged at $1.14 billion. And for second quarter revenue, we are guiding to a midpoint of $275 million.

關於宏觀環境，我想提醒大家，我們在 2025 年開始就提出了我們認為是保守的指導方針，因為我們假設宏觀條件不會與年初的情況發生重大變化。有鑑於近期宏觀不確定性加劇，我們認為在指導方面採取略微更為審慎的立場十分重要。因此，我們將 2025 年全年營收預期維持在 11.4 億美元不變。對於第二季的收入，我們預計中間值為 2.75 億美元。

As for the second half of the year, we expect revenue to increase sequentially in the third quarter and slightly more in the fourth quarter. With regards to the bottom line, we are raising the midpoint of our 2025 non-GAAP EPS to $2.76, which is $0.16 higher than the guidance we provided during our last earnings call.

至於下半年，我們預計第三季營收將季增，第四季營收將略有增加。就底線而言，我們將 2025 年非 GAAP EPS 中點提高至 2.76 美元，比我們上次收益電話會議上提供的指引高出 0.16 美元。

For the second quarter, this is the first time we're guiding Q2 to a positive sequential growth for non-GAAP EPS at a midpoint of $0.65 per diluted share. This is reflective of the net savings from our recent RIP as well as disciplined ongoing expense management.

對於第二季度，這是我們首次預測非 GAAP 每股盈餘將實現連續正成長，中位數為每股攤薄收益 0.65 美元。這反映了我們最近的 RIP 帶來的淨節省以及嚴格的持續費用管理。

As for the second half of the year, we expect non-GAAP EPS to increase sequentially in the third quarter and slightly more in the fourth quarter. Please refer to the presentation posted on our Investor Relations website for additional estimates, including share count, taxes and capital expenditures as well as GAAP to non-GAAP reconciliations.

至於下半年，我們預計非公認會計準則每股收益在第三季將較上季成長，第四季將略有增加。請參閱我們投資者關係網站上發布的演示文稿，以了解更多估算，包括股份數量、稅金和資本支出以及 GAAP 與非 GAAP 的對帳。

In summary, we're pleased with our first quarter results. We will remain laser-focused on everything we can control in order to drive strong profitability while making strategic high-impact investments in key initiatives to further our leadership position.

總而言之，我們對第一季的業績感到滿意。我們將繼續專注於我們能夠控制的一切，以實現強勁的盈利能力，同時對關鍵舉措進行具有戰略意義的高影響力投資，以進一步鞏固我們的領導地位。

Operator, please go ahead.

接線員，請繼續。

(Operator Instructions) Scott Berg, Needham.

（操作員指示）斯科特·伯格，尼德姆。

This is Rob Morelli for Scott. Congrats on the quarter. I would like to just touch on the subscription revenue guide for the year. Do you believe 1Q is going to be the trough for the year. I just like to see how that's going to trend?

我是斯科特的羅布·莫雷利 (Rob Morelli)。恭喜本季取得佳績。我想簡單談談今年的訂閱收入指南。您是否認為第一季將成為今年的低谷？我只是想看看這會如何發展？

Yes. So I can help answer that. So we haven't given specifics around the subscription growth in terms of guidance. You have our annual total revenue guidance out there. We have an unchanged of $1.14 billion from what we guided to at the beginning of the year.

是的。所以我可以幫忙回答這個問題。因此，我們還沒有給出有關訂閱成長的具體指導資訊。您已獲得我們的年度總收入指導。與年初預測的金額相比，我們的預算金額保持不變，為 11.4 億美元。

And what's reflected in there is that -- if you kind of go back starting from Q1 throughout the year. In Q1, we saw relatively stable macro conditions, although we did see consumer and health care seasonal downtick being stronger, which was anticipated because of the strong uptick we saw in Q4. And then going into Q2, we saw the uncertainty in macro conditions increase a bit. So we are being slightly more prudent despite the fact that we're not actually seeing material changes in our business through April so far.

這其中反映的是——如果你回顧一下從第一季開始的全年情況。在第一季度，我們看到了相對穩定的宏觀環境，儘管我們確實看到消費者和醫療保健的季節性下滑趨勢更為強勁，這是預料之中的，因為我們在第四季度看到了強勁的上漲。進入第二季度，我們發現宏觀環境的不確定性增加。因此，儘管截至 4 月我們的業務實際上並未發生重大變化，但我們仍會更加謹​​慎。

So with the slight prudence built into Q2 and the rest of the year, that's what's reflected in total revenue and a similar type of assumption can be made for subscription.

因此，考慮到第二季度和今年剩餘時間的謹慎態度，這就是總收入所反映的，並且可以對訂閱做出類似的假設。

Got it. That's helpful. And then when it comes to the Rule of 40 target you guys outlined, can you provide any color on the breakdown that you're anticipating, which means either adjusted EBITDA and revenue growth or free cash flow and revenue growth?

知道了。這很有幫助。然後，當談到你們概述的 40 規則目標時，您能否提供您預期的細分情況，這意味著調整後的 EBITDA 和收入成長還是自由現金流和收入成長？

Yes. So the medium term, what we have assumed for revenue growth is 10% to 15%, and that's assuming a stable macro conditions similar to what we saw in Q1. Now from a bottom line perspective, we expect EBITDA margin in the 25% to 30% range. And if you kind of look at the different components there, the gross margin today, we reported 62.4% and we're expecting 66% to 68% in the medium-term model.

是的。因此，從中期來看，我們假設營收成長率為 10% 至 15%，這是假設宏觀條件穩定，類似於我們在第一季看到的狀況。現在從底線角度來看，我們預計 EBITDA 利潤率將在 25% 至 30% 之間。如果你看一下那裡的不同組成部分，今天的毛利率，我們報告為 62.4%，我們預計中期模型中的毛利率將達到 66% 至 68%。

And that's really driven by our subscription gross margin getting deep into the 70s driven by revenue scaling against fixed and semi-fixed costs. And also, we have mix shifts happening for our usage and professional services revenue into subscription. And those have lower gross margins in 50s and breakeven levels. So that's a mix shift that helps overall gross margin. And of course, we'll expect to continue to get operating expense leverage as well.

這實際上是由我們的訂閱毛利率推動的，該利率深入到 70 多，這是由固定和半固定成本的收入成長所推動的。此外，我們還將使用和專業服務收入轉變為訂閱收入。而這些公司的毛利率較低，在 50 左右，且處於損益兩平水準。因此，這是一種有助於提高整體毛利率的組合轉變。當然，我們也期望繼續獲得營運費用槓桿。

And that's coming from the RIP that we just recently did. And the transformation initiatives that Mike talked about, where we'll be focused on various areas like automation, process improvement percentage of our workforce, increasing in lower-cost offshore locations and so on and so forth. So we're confident that we'll get to target above Rule of 40 on an EBITDA basis and approach all of 40 on a free cash flow basis.

這就是我們最近完成的 RIP 的結果。至於麥克談到的轉型舉措，我們將重點放在各個領域，例如自動化、勞動力流程改善百分比、增加低成本離岸地點等等。因此，我們有信心在 EBITDA 基礎上實現 40 規則以上的目標，並在自由現金流基礎上接近 40 規則。

Siti Panigrahi, Mizuho.

瑞穗的 Siti Panigrahi。

I want to relate to the comment about longer sales cycle on the enterprise side, you talked about DT macro. Could you elaborate a bit on that? Is it particularly in the international region or US, when do you start seeing that? And is this only on the enterprise side or mid-market? Any color would be helpful.

我想談談關於企業方面更長的銷售週期的評論，您談到了 DT 巨集。能詳細說明一下嗎？特別是在國際地區或美國，您什麼時候開始看到這種情況？這僅僅是針對企業端或中階市場嗎？任何顏色都會有幫助。

Yes. Good question. So yes, it's really focused on the large end of the enterprise market, just the bigger deals, just a little bit longer sales cycles. The team is still focused on them, obviously, continuing to go forward, but it's really just in that space. International, different reason, right, a little bit what's going on in sort of the geopolitical landscape, some in business with US vendors. But we are focused on our installed base customers there, which as you heard had a good quarter.

是的。好問題。所以是的，它確實專注於企業市場的大型端，只是更大的交易，只是銷售週期稍微長一點。顯然，團隊仍然專注於他們，繼續前進，但實際上只是在那個空間。國際上，原因不同，對吧，有點是地緣政治格局方面發生的事情，有些是與美國供應商有生意往來。但我們專注於那裡的已安裝客戶群，正如您所聽到的，該季度我們的業績表現良好。

Just to try if I did it trigger any kind of deal slippage to next quarter or anything? Or is that ongoing trend you saw?

只是想試試這是否會導致交易推遲到下個季度或其他情況？或者您看到的是持續的趨勢？

Yes. So these deals just slipped into the next quarter, and the teams are still focused on those deals and things are looking good.

是的。因此，這些交易剛剛進入下個季度，團隊仍然專注於這些交易，情況看起來不錯。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Good to see you guys again. The quick question from me. Mike, you and I go way back, and we've seen uncertain times before, like how does Genius AI now play into kind of this environment and customers making a decision because it does feel like delaying it or kind of showing a lot of uncertainty might have been the old good reaction. But with AI now, it feels like we kind of actually need to move faster. Can you speak to what you're seeing in the field there?

很高興再次見到你們。我快速問一下這個問題。麥克，你和我相識已久，我們以前都見過不確定的時期，比如 Genius AI 現在如何在這種環境中發揮作用，客戶做出決定，因為感覺推遲或表現出很大的不確定性可能是以前的良好反應。但現在有了人工智慧，我們似乎確實需要加快腳步。您能說說您在那裡看到的情況嗎？

Yes. Well, it's great to see you, Raimo, and thanks for being back on the team, so to speak. Yes, you're right. I mean, look, uncertain times always impact decision-making of any kind, right? But I think we're also benefiting from this AI revolution that is really causing a rush in a lot of ways by a lot of these companies to figure out AI.

是的。嗯，很高興見到你，雷莫，可以這麼說，謝謝你回到團隊。是的，你說得對。我的意思是，不確定的時期總是會影響任何類型的決策，對吧？但我認為我們也受益於這場人工智慧革命，這場革命確實在許多方面引發了許多公司競相研究人工智慧。

Every CIO is being told by every CEO, go figure out AI. The good news is we've come up the learning curve as an industry, not the vendors necessarily because we've been at this for quite a long time, but I think the customers are coming up that learning curve.

每個 CEO 都告訴每個 CIO，去搞清楚 AI 的問題。好消息是，作為一個行業，我們已經走上了學習曲線，不一定是供應商，因為我們已經在這個行業工作了很長時間，但我認為客戶正在走上學習曲線。

And we're seeing great momentum in terms of decision-making. And it's not just in the 100% attach rate on new logo million dollar-plus deals that we're doing. It's also in our installed base. I mean, we have this AI Blueprint program, which we've been talking about and we came out with that a couple of quarters ago, and it's really, really working well, 50%, 5-0, 50% of the customers that go through this AI Blueprint program with us are purchasing our AI solutions.

我們在決策方面看到了巨大的勢頭。而且，我們所從事的不僅僅是價值數百萬美元的新標誌交易的 100% 附加率。它也在我們的安裝基礎上。我的意思是，我們有這個 AI 藍圖計劃，我們一直在談論它，我們在幾個季度前就推出了它，它確實運作良好，50%、50%、50% 與我們一起參與這個 AI 藍圖計劃的客戶都在購買我們的 AI 解決方案。

And so we're penetrating our installed base, excuse me, as well as attaching AI to new deals. It is -- I feel like we've unlocked the opportunity with AI. But at the same time, look, this -- the real scale of AI use does depend on the ROI that we're delivering. And you heard about those three, just three of many customer examples where we're delivering real tangible ROI, whether it's higher containment self-service or whether it's reduction in after call handling time, it's an exciting time in the industry.

因此，我們正在滲透我們的安裝基礎，同時將人工智慧附加到新的交易中。是的——我覺得我們已經利用人工智慧開啟了機會。但同時，你看，人工智慧的實際應用規模確實取決於我們提供的投資報酬率。您聽到的這三個只是我們眾多客戶案例中的三個，在這些案例中，我們實現了真正的有形投資回報率，無論是更高程度的自助服務，還是減少呼叫處理時間，這都是業界激動人心的時刻。

Okay. And then -- sorry. And then Bryan, one for you. Like if you think about the transformation you started following the review, if you think about it, how should we think about the impact on the organization in terms of the different divisions? Was that kind of and more like take underperformance out, think about more what is needed in the new AI world versus where we have people kind of working before.

好的。然後——抱歉。然後是布萊恩，給你一個。例如，如果您考慮在審查之後開始的轉變，如果您考慮一下，我們應該如何看待對不同部門的組織的影響？這是否更像是將表現不佳的情況排除在外，更多地思考在新的人工智慧世界中需要什麼，而不是我們以前人們所從事的工作。

Like how should we think about like the impact areas there, like -- is there going to be like a period where everyone adjusts or how should -- how is that going to play out for you.

例如，我們應該如何看待那裡的影響區域，例如——是否會有一段每個人都需要調整的時期，或者應該如何——這對你來說會有什麼影響。

Yes. So I can touch on it, and Mike, you can chime in. So it was across -- first of all, the reduction in force was across most departments and a majority of that was in the US. But what we made sure is that from a sales capacity basis, it's not impacted and we continue to reinvest in that area and our go-to-market initiatives as well as our AI initiatives as well. So that's where we're focused, and we'll continue to make sure that that's aligned internally strategically.

是的。所以我可以談談這個，麥克，你可以加入進來。所以，首先，裁員涉及大多數部門，其中大部分是在美國。但我們可以確定的是，從銷售能力的角度來看，它不會受到影響，並且我們將繼續對該領域以及我們的市場進入計劃以及人工智慧計劃進行再投資。這就是我們關注的重點，我們將繼續確保內部策略的一致性。

Terrell Tillman, Truist.

特雷爾·蒂爾曼，Truist。

Great. Mike, Andy, this is Robert Dee on for Terry. I wanted to double-click on the Five9 Fusion announcement with Salesforce, specifically, the press release mentioned that Five9 bring your own telephony adoption has doubled in 2025. What do you think is driving the growth in BYOT? And why now?

偉大的。麥克、安迪，這是羅伯特·迪，代替特里。我想雙擊 Five9 與 Salesforce 的 Fusion 公告，具體來說，新聞稿中提到 Five9 自帶電話的採用率到 2025 年將翻倍。您認為推動 BYOT 成長的因素是什麼？為什麼是現在？

Yes. I mean, I think as we -- we've long been partnered with Salesforce, obviously, Salesforce has been heavily investing and taking their customers on the AI journey and we've been on that journey with them collectively. And so they've been really driving the BYOT within their customer base within their sales teams.

是的。我的意思是，我認為我們——我們長期與 Salesforce 合作，顯然，Salesforce 一直在大力投資並帶領他們的客戶踏上人工智慧之旅，我們也一直與他們一起踏上這段旅程。因此，他們一直在銷售團隊的客戶群中大力推動 BYOT。

And so really the idea behind Five9 Fusion was to really simplify the go-to-market so that the sales force sellers, our sellers and then most importantly, the customers, they really understand the value proposition and what solutions you need on both sides. And certainly, with BIOT, when you get to the upper end of that offering, you need our voice -- or our transcript dream and voice stream to drive Einstein. And so that's really what's kind of driving a lot of the opportunities in the installed base with Salesforce and new logos.

因此，Five9 Fusion 背後真正的想法是真正簡化上市流程，以便銷售人員、我們的賣家，以及最重要的客戶，他們真正理解價值主張以及雙方需要什麼樣的解決方案。當然，有了 BIOT，當你達到該產品的高端時，你需要我們的聲音——或者我們的轉錄夢想和聲音流來驅動愛因斯坦。因此，這實際上是透過 Salesforce 和新標誌在現有客戶群中推動大量機會的因素。

Peter Levine, Evercore.

彼得‧萊文 (Peter Levine)，Evercore。

Maybe just to double down, Mike, on your earlier comments. Can you maybe just talk about the transformation you're going through internally. One of the things you mentioned on the call, go-to-market initiatives to drive revenue growth, maybe just share with us what does that entail? Is it more partners? Do you -- are you coming across new buyers given it's more of an AI kind of world?

麥克，也許只是為了加倍強調你之前的評論。您能否談談您內心正在經歷的轉變？您在電話中提到的一件事是，透過進入市場來推動收入成長，能否與我們分享一下這意味著什麼？是有更多的合作夥伴嗎？鑑於這個世界越來越像人工智慧，您是否遇到過新的買家？

I mean, is the sale -- again, you talked a lot about sales cycles, but just curious, maybe just talk about what the operational review looked like and then some of the initiatives, especially when go-to-market initiatives.

我的意思是，銷售——再說一次，你談了很多關於銷售週期的問題，但只是好奇，也許只是談談營運審查是什麼樣的，然後是一些舉措，特別是進入市場的舉措。

Yes. Great question, Peter. And again, transformational initiatives across top line and bottom line, right, to get on that path to Rule of 40 on a free cash flow basis. And if you think about the top line and the go to market, it really is I would say both product as well as go-to-market. And so we think about from a product standpoint, we're definitely investing much heavier into AI, showing in our innovation, some of the products we just announced are evidence of that, and there will be more.

是的。很好的問題，彼得。再次，我們在營收和利潤方面採取轉型舉措，以便在自由現金流的基礎上走上 40 規則的道路。如果你考慮營收和市場進入，那麼我想說這其實既是產品問題，也是市場進入問題。因此，我們從產品的角度考慮，我們肯定會在人工智慧方面投入更多，這體現在我們的創新上，我們剛剛發布的一些產品就是證據，而且還會有更多產品。

But it's also a continuation of some of the sales execution and sales work changes we've made. But it's also top of funnel initiatives, Peter. I mean, again, I've been here 17 years, and I can tell you right now, there is a science to sales and marketing that we've always employed, so to speak, and -- you know what, we hire sales capacity based on our ability to grow top of funnel leads and opportunities. We've got a number of really exciting top-of-funnel initiatives that we are investing in.

但這也是我們所做的一些銷售執行和銷售工作變革的延續。但這也是漏斗計劃的頂端，彼得。我的意思是，我在這裡已經 17 年了，我現在可以告訴你，銷售和行銷是一門科學，我們一直在使用它，可以這麼說，而且 - 你知道嗎，我們根據我們發展通路頂端線索和機會的能力來招募銷售人員。我們正在投資一些真正令人興奮的頂級漏斗計劃。

Again, we're being very surgical about it. We're being very scientific about it, but there are some really exciting marketing initiatives that we're in the midst of I would say piloting. Again, we're being careful in terms of how much we spend. But so far, the early signs are very good in terms of lead flow increases, which to me is the leading indicator that has to drive our bookings growth.

再次強調，我們對此採取了非常謹慎的態度。我們對此非常科學，但我們正在進行一些真正令人興奮的行銷計劃，我想說的是，我們正在進行試點。再次強調，我們在支出方面非常謹慎。但到目前為止，就潛在客戶流量增加而言，早期跡象非常好，對我來說，這是推動我們預訂量成長的領先指標。

So I would say it's everything from the investments in product top-of-funnel marketing initiatives as well as sales execution initiatives and some of the things we've been working on as well as I would say, upsell into our installed base as well.

所以我想說，這包括對產品漏斗頂端行銷計劃的投資以及銷售執行計劃，以及我們一直在努力的一些事情，還有我想說的，對我們已安裝基礎的追加銷售。

So when you think about new logos, that's really what I've already talked about. But if you think about penetrating our installed base, things like the AI Blueprint program as well as some of those changes we made to our CSM and AD or last year.

因此，當您考慮新標誌時，這實際上就是我已經談論過的內容。但是，如果您考慮滲透到我們的安裝基礎，那麼像是 AI Blueprint 程式以及我們去年對 CSM 和 AD 所做的某些更改。

We're really driving a lot of opportunities with our top partners. You've heard a continuous drumbeat on new partnerships, strengthening partnerships and so a lot of focus on area as well.

我們確實與頂級合作夥伴一起創造了很多機會。您已經聽到了關於建立新夥伴關係、加強夥伴關係以及對地區的大量關注的持續呼籲。

And for you, Bryan, can you maybe just share with us like how you stress tested the full year guide and I do know like the macro sensitive segments of the market that you guys are having in consumer, I mean, that drives a lot of upsell for you guys, and I think it's 3Q, 4Q, the back half. But again, there's still a lot of uncertainty, right? So if you think about what you're seeing today in the pipeline? Just walk us through like how you stress tested these numbers to kind of reinsure us that these are derisked?

布萊恩，您能否與我們分享一下您如何對全年指南進行壓力測試，我確實知道你們在消費者市場中擁有宏觀敏感的部分，我的意思是，這為你們帶來了大量的追加銷售，我認為這是第三季度、第四季度和下半年。但同樣，仍然存在著許多不確定性，對嗎？那麼，如果您想想今天在管道中看到了什麼？請向我們介紹一下您是如何對這些數字進行壓力測試以確保這些數字沒有風險的？

Yes, absolutely, Peter. So -- if you think about it at the beginning of the year when we set the guide, we mentioned that we were assuming the seasonal uptick in the second half of this year, to be more muted than the strong seasonality that we saw in the back half of 2024.

是的，絕對是，彼得。因此 - 如果您回想一下我們在年初制定指南時所提到的情況，我們假設今年下半年的季節性上升趨勢將比我們在 2024 年下半年看到的強勁季節性趨勢更為溫和。

Now given the increased uncertainty we have assumed that, that muted seasonality even slightly more muted than what we were originally assuming at the beginning of the year. And that's -- if we beat Q1 by $7.7 million against the midpoint of our guidance and essentially, we haven't put that through. So it gives us a little bit of that cushion.

現在，考慮到不確定性的增加，我們假設，季節性的減弱甚至比我們年初最初假設的還要輕微。那就是——如果我們第一季的業績比我們的預期中位數高出 770 萬美元，那麼從本質上講，我們還沒有實現這一目標。所以它給了我們一點緩衝。

Now on the headwind side, of course, we have the tough comparison of the largest customer that ran throughout, it's finishing its multiyear ramp throughout last year. So that still exists but there's also positive factors like our 32% enterprise AI revenue growth, and we expect that momentum to continue with some ebbs and flows throughout the year.

現在，在逆風方面，當然，我們要與最大的客戶進行艱難的比較，它在去年完成了多年的成長。所以這種情況仍然存在，但也有積極因素，例如我們的企業 AI 收入成長了 32%，我們預計這種勢頭將在全年持續下去，儘管會有一些起伏。

So -- and also, as Andy mentioned, enterprise installed base bookings coming in at the highest year-over-year growth rate in the last three years. So when you sort of net out all those positives and potential headwinds, that's how we landed at that unchanged midpoint of $1.14 billion.

所以 — — 而且，正如安迪所提到的，企業安裝基數預訂量在過去三年中實現了最高的同比增長率。因此，當我們將所有積極因素和潛在不利因素排除後，我們的中點就保持不變，即 11.4 億美元。

Arjun Bhatia.

阿瓊·巴蒂亞。

I'm [Will Miller] on for Arjun Bhatia. So maybe to double-click on is guidance derisked. In your prepared remarks, you talked about seeing some resistance of international companies using American vendors. How much of a risk is this? And in your conversations with these customers, are you able to reassure them enough that you can still win the deal?

我是 [威爾米勒]，代替阿瓊巴蒂亞。因此也許雙擊即可消除指導風險。在您準備好的演講中，您談到了國際公司在使用美國供應商時遇到的一些阻力。這有多大的風險？在與這些客戶的交談中，您是否能夠向他們保證您仍然可以贏得交易？

Start. I think -- I guess, if you want to call this a silver lining. International represents about 12% of our business. So it's -- again, it's not a large portion, but it is greater than zero, so to speak. And again, I think it --we're seeing it more on the net new side than we are on the installed base side.

開始。我想——我想，如果你想稱這為一線希望的話。國際業務約占我們業務的12%。所以 — — 再說一次，這不是很大一部分，但可以說大於零。而且，我認為——我們在新增網路方面看到的比在已安裝基礎方面看到的更多。

And Andy, you could speak a little bit to that.

安迪，你可以稍微談談這一點。

Yes. I mean I think it's not all deals. And again, I think I mentioned also in the installed base and international to our existing customers. There's still a lot of, obviously, confidence in us. And the other part is, I mean, we are a strong global company, right?

是的。我的意思是我認為這並不是全部交易。再次，我想我也提到了我們現有客戶的安裝基礎和國際情況。顯然，大家對我們仍然充滿信心。另一部分是，我的意思是，我們是一家強大的全球性公司，對嗎？

We have coworkers and customers across the globe. And so how we treat our data, how we treat their data in terms of our architecture, we're able to have that kind of level of conversation. It seems to be right now, just a little bit of a -- for lack of a better term emotional in terms of just wanting to make sure that they fully understand what's going on. But confident that as some of that starts to dissipate over time that we'll continue to execute on the international front.

我們的同事和客戶遍佈全球。因此，我們如何處理我們的數據，我們如何根據我們的架構處理他們的數據，我們能夠進行這種程度的對話。現在看來，只是有點——缺乏更好的詞來形容情緒，只是想確保他們完全理解正在發生的事情。但我相信，隨著時間的推移，其中一些因素會開始消散，我們將繼續在國際舞台上發揮作用。

And in terms of the guidance being derisked, whether domestically or internationally, another way to look at it is bringing down the business between new logos and installed base contribution to the incremental revenue that we're guiding right? So right now, in the last three quarters of 2025, our guidance implies $67 million of incremental revenue.

就降低風險的指導而言，無論是國內還是國際，另一種看待它的方式是降低新標誌和安裝基礎之間的業務對我們指導的增量收入的貢獻，對嗎？因此，目前，在 2025 年的最後三個季度，我們的預期意味著 6,700 萬美元的增量收入。

And if you look at just the recurring revenue side of that, that's 93% of it or $62 million. So if we assume that DBRR stays at 107%, which we just reported in Q1 that implies that $52 million of that $62 million incremental revenue comes from our existing base.

如果你只看經常性收入方面，這個數字就佔了 93%，也就是 6,200 萬美元。因此，如果我們假設 DBRR 保持在 107%，正如我們在第一季報告的那樣，這意味著 6,200 萬美元的增量收入中的 5,200 萬美元來自我們現有的基礎。

And then the remaining $10 million is coming from new logos, but a vast majority of that is from new logos that are already in our backlog. So we have good visibility into the ramp of those revenue throughout the rest of the year. And a very small portion would come from the new logo go gets that would happen in the next month or two because the rest of it will impact 2026 revenue.

剩下的 1000 萬美元來自新標識，但其中絕大部分來自我們積壓的新標識。因此，我們可以清楚地看到今年剩餘時間內這些收入的成長。其中很小一部分將來自未來一兩個月內推出的新標誌，其餘部分將影響 2026 年的收入。

Catharine Trebnick, Rosenblatt.

凱瑟琳·特雷布尼克（Catharine Trebnick），羅森布拉特（Rosenblatt）。

Pressing more on international. BT, that was a nice land you guys did over 1.5 years ago. How is that progressing now after this April 2 with the tariff announcement even though you're a software vendor, I'm just curious to see if there's any different interaction. The reason I bring it up is I spoke to a company in the UK that said their business really increased dramatically because they're a contact center based in the UK So I just wouldn't be helpful to get more color.

在國際上施加更大壓力。BT，你們一年半前建造的那塊土地真漂亮。儘管您是軟體供應商，但自 4 月 2 日發布關稅公告以來，情況如何？我只是好奇是否有任何不同的互動。我提起這個問題的原因是我與英國的一家公司進行了交談，他們說他們的業務確實大幅增長，因為他們是一家位於英國的聯絡中心，所以我不會幫助獲得更多的色彩。

Yes. I mean our relationship with BT continues to be strong. A lot of good activity continue to win deals. And certainly, we continue to lean heavily in international on our partners, right, because they sort of help balance out that story, BT making the investment with us. So I think they're -- we're just going to continue to execute with them and no real major change, I would say, in the business and the pipeline. We just got to keep executing together.

是的。我的意思是我們與 BT 的關係持續保持強勁。許多良好的活動不斷贏得交易。當然，我們在國際上仍然嚴重依賴我們的合作夥伴，因為他們在某種程度上有助於平衡這種情況，英國電信與我們一起進行投資。所以我認為我們只是會繼續與他們合作，在業務和通路方面不會發生真正的重大變化。我們只需要繼續共同執行。

Samad Samana, Jefferies.

薩瑪德·薩馬納（Samad Samana），傑富瑞集團。

Maybe first, just in terms of the partners that you guys mentioned, it's obviously like a really marquee list of great companies. I'm just curious, are any of these where there is a joint co-selling motion where the vendors are actually incentivizing their own sales organizations. Just trying to get a sense of how much distribution you're getting here beyond your own go-to-market efforts? And then I have one follow-up question.

首先，就你們提到的合作夥伴而言，這顯然是一個真正優秀的公司名單。我只是好奇，其中是否存在聯合銷售動議，供應商實際上正在激勵他們自己的銷售組織。只是想了解除了您自己的市場推廣努力之外，您在這裡獲得了多少分銷？然後我有一個後續問題。

Yes. I would say, Samad, that all of them have very, very healthy co-sell arrangements where we're just partnering so effectively in the field with our counterparts. I mean we've always been good at that, and we've always been great at that. And there are some incentives in some of those partnerships as well. But Andy, if you want to.

是的。薩馬德，我想說，他們都有非常非常健康的共同銷售安排，我們只是在該領域與我們的同行進行有效的合作。我的意思是我們一直擅長於此，而且我們一直都非常擅長於此。其中一些合作關係中也存在一些激勵措施。但是安迪，如果你想的話。

There is incentives and co-selling at both sides. I mean, each company kind of has a different approach in how they do these deals. But ultimately, across all of them, I can say there's incentive on both sides deliver. And a lot of times what comes with these partnerships is dedicated people on both sides working together to make sure that they're getting out in front of their -- obviously, these partners that we're talking about are very large sales forces. And so having dedicated people on their teams to make sure that they're out there pitching the joint value proposition. So yes, great relationships and incentives across the board.

雙方都有激勵和共同銷售。我的意思是，每家公司在處理這些交易時都有不同的方法。但最終，綜合考慮所有這些因素，我可以說雙方都有動力去實現目標。很多時候，這些合作關係都需要雙方的敬業人員共同努力，以確保他們能夠走在前面——顯然，我們談論的這些合作夥伴都是非常龐大的銷售團隊。因此，他們的團隊中要有專門的人員來確保他們能夠宣傳共同的價值主張。所以是的，各方面都有著良好的關係和激勵。

Very helpful. And then maybe just the medium-term operating model that's in the slide back, I think that's new, Bryan. I'm just curious what you're thinking about in terms of what the AI revenue contribution will look like as you march toward that? Maybe what assumption you've made? And the reason I'm asking is maybe how the gross margin of that revenue stream looks compared to the current gross margin stream and is that something that can maybe push gross margins even higher than where we are today?

非常有幫助。然後也許只是下滑中的中期營運模式，我認為這是新的，布萊恩。我只是好奇，在朝著這個目標邁進的過程中，您對人工智慧的收入貢獻有何看法？也許您做了什麼假設？我之所以問這個問題，可能是因為與目前的毛利率相比，該收入流的毛利率如何，這是否可能將毛利率推高至比現在更高的水平？

Yes. No, thanks, Samad. So for the medium-term target, the 10% to 15% revenue growth has sort of a general momentum of AI that we are seeing today. No. So there is further upside in terms of potential revenue growth if AI acceleration really takes off.

是的。不，謝謝，薩馬德。因此，對於中期目標而言，10% 至 15% 的收入成長具有我們今天看到的人工智慧的整體勢頭。不。因此，如果人工智慧加速真正起飛，潛在收入成長還有進一步上升的空間。

Now from the gross margin perspective, you're right in that AI gross margin -- and our AI agent portfolio is a good representation of this because when we acquired Inference five years ago, the gross margin of that business is in the high 70s and low 80s and we've maintained that, if anything, we've actually improved it further. So as AI becomes a bigger mix of revenue, that should have a tailwind to overall gross margin on the subscription margin side as well as the total gross margin.

現在從毛利率的角度來看，您對 AI 毛利率的判斷是正確的——我們的 AI 代理組合很好地體現了這一點，因為當我們五年前收購 Inference 時，該業務的毛利率在 70% 到 80% 之間，我們一直認為，如果有的話，我們實際上已經進一步提高了它。因此，隨著人工智慧成為收入的更大組成部分，這應該會對訂閱利潤率以及總毛利率產生順風作用。

Sammad I have one other data point just to considering the mix here relative to AI, again, 20%-plus of our ACV enterprise bookings were AI in the last few quarters, right? So just that's another good number to kind of be able to triangulate what you're asking.

Sammad，我還有另一個數據點，只是為了考慮與 AI 相關的組合，同樣，在過去幾個季度中，我們的 ACV 企業預訂中有 20％ 以上是 AI，對嗎？所以這只是另一個很好的數字，可以用來三角測量你所問的問題。

Tom Blakey, Cantor.

湯姆·布萊基，領唱者。

I think it's on the heels of maybe what Samad was just asking about what the kind of revenue looks like going further out. Obviously, no numbers or no kind of hard guidance here. But previously, Five9 is always kind of if you go back a couple of years, got it to 16%, that was the previous line, and then you beat that and grow in the 20s. Now we're 10% to 15%.

我認為這可能與薩馬德剛才問的有關進一步的收入情況的問題一致。顯然，這裡沒有數字或任何硬性指導。但以前，Five9 總是這樣，如果你回顧幾年前，它達到了 16%，這是之前的線，然後你超過了這個數字，並在 20 左右增長。現在這個比例是10%到15%。

So maybe talk about the level of kind of comfort you're in cushion you're putting into that 10% to 15% and what the revenue looks like today in the future from a consumption perspective, versus a [sell] perspective, from a partner perspective, like Samad just asked about AI.

所以也許可以談談您在投入 10% 到 15% 的緩衝中的舒適程度，以及從消費角度、[銷售] 角度和合作夥伴的角度來看，現在和未來的收入情況如何，就像 Samad 剛才問到的關於人工智慧的問題一樣。

So that's obviously going to go up as a percentage of revenue given its growth dynamic. But any of the type of color and what kind of cushion you're baking into that $10 million to $15 I think would be helpful.

考慮到其成長動力，這顯然會成為收入的百分比上升。但我認為，無論哪種顏色以及您在 1000 萬到 1500 萬美元中註入什麼樣的緩衝，都會有所幫助。

Yes. So this is a result of the operational review that we just completed. And as Mike and Andy mentioned, we will continue to invest on the curve for our sales capacity and drive go-to-market initiatives. So that is what's reflected in this. The 10% to 15%, obviously, is two years out.

是的。這是我們剛剛完成的營運審查的結果。正如 Mike 和 Andy 所提到的，我們將繼續增加對銷售能力的投資，推動行銷計畫。這就是這件事所反映的。顯然，10% 到 15% 還需要兩年。

We have been growing in the 13% in the most recent quarter. We're guiding to 10% with slightly more prudent than in our guide than what we were originally thinking. So you can kind of triangulate using that because we haven't given specifics around what the beat level would look like and things like that, but you can triangulate using those data points.

最近一個季度我們的成長率達到了 13%。我們將其指導為 10%，比我們最初設想的指導略微謹慎一些。因此，您可以使用它進行三角測量，因為我們沒有給出關於節拍水平的具體細節以及諸如此類的事情，但您可以使用這些數據點進行三角測量。

From a pricing perspective, of course, our AI portfolio is all based on some type of consumption-based pricing, and that's going to become a bigger mix of our overall revenue. And so that will be a nice driver going forward as well. And as I mentioned earlier with Samad, if there's acceleration in the adoption of AI, then that will become a much bigger driver.

當然，從定價的角度來看，我們的人工智慧產品組合都是基於某種類型的消費定價，這將成為我們整體收入的更大組成部分。因此這也將成為未來發展的良好推動力。正如我之前與薩馬德提到的那樣，如果人工智慧的採用加速，那麼它將成為更大的驅動力。

Tom to answer your last point there about partners, look, we continue to do more and more with partners. not just the strategic partners we're talking about, but also with just traditional channel partners, especially internationally, but even domestically. And so again, I think you'll continue to see us get more and more opportunities partners, but also just get more reach out of those partners.

湯姆，回答你關於合作夥伴的最後一點，看，我們繼續與合作夥伴做越來越多的事情。不僅是我們談論的策略夥伴，還包括傳統通路合作夥伴，尤其是國際合作夥伴，甚至是國內合作夥伴。所以，我想您會看到我們獲得越來越多的合作夥伴機會，同時也能從這些合作夥伴那裡獲得更多的影響力。

Okay. And just maybe just one quick follow-up on the transcript stream deal that you did there. And I know you've mentioned this a couple of times now, Mike, you seem awfully excited about it. I know you've given other color about the AI products sorry for the granular questions here. But IVA and Insights and [summaries] are still leading the way here. Is there an anticipation that this could uptick here in the second half of calendar '25, that's it for me.

好的。也許只是對您在那裡進行的轉錄流交易進行一次快速跟進。麥克，我知道你已經提到過幾次了，你似乎對此感到非常興奮。我知道您已經給出了有關 AI 產品的其他信息，對於這裡提出的細枝末節的問題，我深感抱歉。但 IVA、Insights 和 [摘要] 仍然在這裡處於領先地位。是否有人預計這個數字會在 2025 年下半年上升，對我來說就是這樣。

Yes. I think it's a good question, Tom. And again, when it comes to transcript stream and voice stream and those API layers, they're becoming much more important, especially in some of these partners partnerships. These strategic partnerships we've been enhancing and powering our partners to do more with our data but making sure we monetize that along the way, right? So again, we'll see it's a pretty small number today, but I do think -- that's another separate growth factor in a lot of ways.

是的。我認為這是個好問題，湯姆。再一次，當談到轉錄流和語音流以及那些 API 層時，它們變得更加重要，特別是在一些合作夥伴的合作關係中。我們一直在加強這些策略夥伴關係，並支持我們的合作夥伴利用我們的數據做更多的事情，但同時確保我們在過程中將其貨幣化，對嗎？所以，我們今天會看到這個數字相當小，但我確實認為——在很多方面，這是另一個獨立的成長因素。

And when we think about, again, the AI pie or the AI game, it's a team sport. We are going to be in accounts with Salesforce and ServiceNow and other CRM vendors, for example. And it's going to be some of ours, some of theirs, and we're going to monetize it when it's theirs.

當我們再次思考人工智慧蛋糕或人工智慧遊戲時，它是一項團隊運動。例如，我們將與 Salesforce、ServiceNow 和其他 CRM 供應商建立合作關係。有些是我們的，有些是他們的，當它們成為他們的，我們就會將其貨幣化。

Jim Fish, Piper Sandler.

吉姆·菲什、派珀·桑德勒。

I wanted to follow up on Peter's question. What are some of those top-of-funnel initiatives you're investing in? Is there a plan to change comp structures at all either?

我想繼續回答彼得的問題。您正在投資哪些頂級漏斗計畫？是否有徹底改變薪酬結構的計畫？

Yes. I mean, look, we're always -- thanks, Fish. We're always looking at comp structures and commission plans and making sure that we've got the right incentives to drive the right behavior in terms of our go-to-market teams. We're always fine-tuning those comp plans.

是的。我的意思是，你看，我們總是──謝謝你，菲什。我們始終關注薪酬結構和佣金計劃，並確保我們有正確的激勵措施來推動我們的行銷團隊採取正確的行為。我們始終在對這些補償計畫進行微調。

So on an absolute basis, there's not going to be a whole lot of change, but there may very well be new metrics or KPIs that get introduced, especially in areas like our installed base sellers, right? They're selling into our base. Doing certain spits around AI, for example, in large enterprise making sure that we're also incenting not just one whale per rep, but a bunch of dolphins, right? So there are ways that we can incent the right behavior across our sales organization based on where we see the market opportunity. I hope that addressed that.

因此，從絕對角度來看，不會有太大的變化，但很可能會引入新的指標或關鍵績效指標，特別是在我們的現有客戶群賣家等領域，對嗎？他們正在向我們的基地銷售。例如，在大型企業中對人工智慧進行某些嘗試，確保我們不只是激勵每個代表中的一隻鯨魚，而是激勵一群海豚，對嗎？因此，我們可以根據所看到的市場機會，採取一些方法來激勵整個銷售組織的正確行為。我希望這能解決這個問題。

That's helpful. And just a follow-up. Net retention rate slipped a little bit. I know it came in roughly where you were expecting, right? But for -- as we think about like the in-period number, it's down a little bit sequentially, and it seems as though the enterprise expansion rate was really the driver there.

這很有幫助。這只是後續行動。淨留存率略有下滑。我知道它大致達到了您所期望的水平，對嗎？但是，正如我們所想，期內數字環比略有下降，似乎企業擴張率才是真正的驅動因素。

So I guess what's given the confidence that we're going to start to see stability here that, that you walked through the guide, Bryan, of the $52 million out of $62 million and so forth that we've actually hit bottom. Is there a way to think about cross-sell, upsell mix there, even trying of [churn of seats].

所以我想，是什麼給了我們信心，讓我們開始看到這裡的穩定，布萊恩，你按照指南，6200 萬美元中的 5200 萬美元等等，我們實際上已經觸底。有沒有辦法考慮交叉銷售、追加銷售組合，甚至嘗試[席位流失]。

Yes, absolutely, Jim. So if you think about the DBRR coming down to 17%, that was actually anticipated at the beginning of the quarter. So we had those tough comparisons I talked about with the mega customer and the seasonal downtick. So those two were the key drivers. If you look forward into Q2 and the remainder of the year, those tough comparisons still exist, but we have positive offsets as well.

是的，絕對是，吉姆。因此，如果您認為 DBRR 會下降到 17%，那麼這實際上是本季初就預料到的。因此，我們對大客戶和季節性下滑進行了艱難的比較。所以這兩個是關鍵驅動因素。如果展望第二季和今年剩餘時間，那些艱難的比較仍然存在，但我們也有正面的抵銷。

The AI momentum and the 32% revenue growth that we just reported, Also, the 1 million-plus ARR customers have a much higher DBRR than the 107% that we just reported. And they're the fastest-growing category of our customer base. So those -- if you net it all out, we believe there will be fluctuations in either direction in small amounts throughout the year.

我們剛剛報告的 AI 勢頭和 32% 的收入成長，此外，100 多萬 ARR 客戶的 DBRR 遠高於我們剛剛報告的 107%。他們是我們客戶群中成長最快的群體。因此，如果將這些全部扣除，我們相信全年都會出現小幅波動。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Great. Just on the elongating deal cycle. I just wanted to see, were there initiatives that you guys were putting in place that were maybe helping kind of quicker time to ROI for customers to kind of help offset that or just kind of help them see that they can kind of take this in smaller bites to maybe shrink those deal sales evaluation cycles?

偉大的。交易週期正在延長。我只是想看看，你們是否正在實施一些舉措，這些舉措可能有助於客戶更快地獲得投資回報，從而幫助抵消這一影響，或者只是幫助他們看到他們可以以更小的程度來縮短交易銷售評估週期？

And then maybe second, just on the fusion announcement with Salesforce. It sounds like that's kind of step one and kind of multi product initiative kind of over time, just kind of how we should see that relationship evolving, particularly kind of as it relates to agent force?

然後也許第二個是關於與 Salesforce 的融合公告。這聽起來就像是第一步，也是隨著時間的推移而推出的多產品計劃，我們應該如何看待這種關係的發展，特別是與代理力量相關的關係？

Yes. We've deployed within the sales teams a lot of focus around delivering AI and the platform at the same time in the new logo business. That's continued to go well. Really, when we talk about the elongation of sales cycles, it's more around just a couple of extra signatures, right? They're just more focused on the spend by companies.

是的。我們在銷售團隊中部署了大量精力，在新標誌業務中同時提供人工智慧和平台。一切進展順利。確實，當我們談論銷售週期的延長時，更多的只是圍繞著幾個額外的簽名，對嗎？他們只是更關注公司的支出。

It's not really anything we changed in our go-to-market, and we're continuing to execute well there. On the Five9 Fusion, yes, really, the key focus right now with this is Salesforce, like we mentioned, is driving a lot of this BYOT opportunities to drive that into Einstein. If you think about further bring your own channel to be able to allow us to route all of the channels within the Salesforce platform and then certainly agent force. So that's kind of a journey as well. So this is kind of the start of that. We're excited about it, and this is only the beginning.

我們在進入市場的過程中並沒有做出任何改變，而且我們仍在那裡繼續表現良好。關於 Five9 Fusion，是的，現在的重點是 Salesforce，就像我們提到的那樣，正在推動大量 BYOT 機會並將其帶入 Einstein。如果您考慮進一步帶來自己的管道，以便我們能夠路由 Salesforce 平台內的所有管道，然後當然還有代理力量。這也是一種旅程。所以這就是事情的開始。我們對此感到興奮，這只是一個開始。

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

Wonderful. I had two questions I wanted to ask continuing on the theme of AI. First, look, I appreciate all the metrics and disclosures you've given us around AI. I think it really helps kind of bolster the case that you can be real AI beneficiary.

精彩的。關於人工智慧這個主題，我有兩個問題想問。首先，我很感謝您為我們提供有關人工智慧的所有指標和揭露。我認為這確實有助於證明你可以成為真正的人工智慧受益者。

Just for the sake of our own clarity and investor clarity, can you remind us what exactly is included in that bucket in terms of products and SKUs because the pushback I've always been getting from bears has been, "oh, there's a lot of basic automation included there. That's not truly AI." So I think a reminder there would be really helpful.

只是為了我們自己和投資者的清晰度，您能否提醒我們，就產品和 SKU 而言，該桶中到底包含哪些內容，因為我一直從熊市中得到的反擊是，「哦，其中包含很多基本的自動化功能。那不是真正的人工智慧。 」所以我認為提醒一下會很有幫助。

And then the second follow-on is, if we think about your medium-term target model, and again, I appreciate you putting that in the slide deck, you're guiding to a good amount of gross margin expansion, which is great to see. To what extent thinking about increased AI usage and adoption being a potential headwind to that gross margin number, just given how operatively expensive, these AI workloads are even post all the model efficiency that we've been seeing over the past six, nine months .

然後第二個後續問題是，如果我們考慮您的中期目標模型，再次感謝您將其放在幻燈片中，您正在引導大量的毛利率擴張，這很高興看到。考慮到營運成本高昂，這些人工智慧工作負載甚至已經達到了我們過去六到九個月所見的所有模型效率，那麼人工智慧的使用和採用率的提高在多大程度上會對毛利率產生潛在的阻力呢？。

Yes. I'll start with the first question, Rishi, thank you for these questions are very good. So in terms of which products are included in our AI revenue, Look, the -- I don't want -- I want there to be no confusion. And I've said this before, no confusion. This does not include simple automation and other things, including WEM functionality that is not included in that. These are just the AI products since we acquired inference and the new ones we've announced that go along with that.

是的。我先從第一個問題開始，Rishi，謝謝你，這些問題非常好。因此，就哪些產品包含在我們的 AI 收入中而言，你看，我不想——我不希望出現混淆。我之前就說過了，不要混淆。這不包括簡單的自動化和其他內容，包括其中未包含的 WEM 功能。這些只是我們獲得推理能力以來的人工智慧產品，以及我們宣布的與之相伴的新產品。

So whether it's AI self-service AI agents, as we call them today for either digital or voice, whether it's agent assist, summaries, transcriptions, it's all the new technologies and new products we've delivered that are AI focused. And it does not include any kind of simple automation that we had before that. So that's the best way I can answer that.

因此，無論是我們今天所稱的數位或語音的人工智慧自助服務人工智慧代理，還是代理協助、摘要、轉錄，我們提供的所有新技術和新產品都是以人工智慧為中心的。而且它不包括我們之前擁有的任何簡單的自動化。這就是我能回答這個問題的最好方式。

And when it comes to the medium-term model and our gross margin expansion and AI being a potential headwind as Bryan just said a few minutes ago, we actually see it just the opposite. We see AI as a tailwind. We talked about the gross margins in the rearview mirror back in the inference days, the model cost, the engine cost per interaction or cost per consumption has gone down dramatically. And again, we're pretty efficient at the way we develop the software. So we expect that to be a tailwind, not a headwind.

當談到中期車型以及我們的毛利率擴張和人工智慧成為潛在的阻力時，正如布萊恩幾分鐘前所說的那樣，我們實際上看到的情況恰恰相反。我們認為人工智慧是順風。我們在推理時代回顧毛利率，模型成本、​​每次互動的引擎成本或每次消費的成本都大幅下降。而且，我們開發軟體的方式非常有效率。因此我們預計這將是順風，而不是逆風。

I just want to say thank you for joining us. We look forward to keeping you apprised as we progress through the year and as we progress toward becoming a Rule of 40 company on a free cash flow basis. Again, in the future, but we're excited about the initiatives that are underway and the progress we're making. Thanks, everyone.r

我只是想說謝謝你加入我們。我們期待向您通報我們今年的進展情況，以及我們朝著成為自由現金流 40 條規則公司的目標邁進的進展。再次，在未來，但我們對正在進行的舉措和正在取得的進展感到興奮。謝謝大家。