Five9 Inc (FIVN) 2025 Q2 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; expectations regarding seasonality, 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 and CCaaS revenue opportunities and current estimates regarding same company growth, enhancements to and development of our solution; market size and trends, our expectations regarding macro conditions, company market and leadership positions, initiatives, pipeline, technology and product initiatives, including investment in R&D and AI; and other future events or results are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are simply predictions should not be unduly relied upon by investors. Actual events or results may differ materially and the company undertakes no obligation to update the information in such statements.

感謝您今天加入我們。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；某些預期收入組合變化；關於季節性、客戶增長、客戶預期從我們的解決方案（包括 AI）中獲得的利益的預期；預期 TAM 擴展的擴展程度以及我們利用任何此類擴展的能力；收入機會以及關於同一公司成長、我們解決方案的增強和發展的當前估計；市場規模和趨勢、我們對宏觀條件、公司市場和領導地位、計劃、渠道、技術和產品計劃（包括對研發和 AI 的投資）的預期；以及其他未來事件或結果均為《1995 年私人證券訴訟改革法案》界定的前瞻性陳述。這些聲明僅是預測，投資人不應過度依賴。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。

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, global tariff increases, and potential increases in announcements regarding the same 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，包括持續通貨膨脹、全球關稅上調，以及有關消費者支出、高利率、貨幣匯率波動、客戶群增長率下降等不確定性公告的潛在增加，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 a 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 on the Investor Relations section of 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我們的 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, July 31, 2025. It may no longer be accurate at the time of replay. Lastly, a reminder that unless otherwise indicated, financial figures discussed are non-GAAP.

另請注意，本次電話會議提供的資訊僅代表管理階層截至 2025 年 7 月 31 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. Please go ahead.

現在我想將電話轉給 Five9 的董事長兼執行長 Mike Burkland。請繼續。

Thanks, Lauren, and thanks, everyone, for joining our call this afternoon. I'm very pleased to report strong second-quarter results.

謝謝勞倫，也謝謝大家今天下午參加我們的電話會議。我很高興地報告第二季的強勁業績。

But before we go into our results, as you may have seen in the press release we issued earlier today, I've made the decision to retire from the CEO role here at Five9. The Board has kicked off a comprehensive search for our next CEO. Meanwhile, I will continue to serve as CEO until my successor has been appointed. And then I look forward to continuing my service on the Board as Executive Chairman at Five9 to ensure a smooth transition.

但在我們公佈業績之前，正如您可能在我們今天早些時候發布的新聞稿中看到的那樣，我已決定辭去 Five9 首席執行官一職。董事會已開始全面尋找下一任執行長。同時，我將繼續擔任首席執行官，直到我的繼任者被任命。然後，我期待繼續擔任 Five9 董事會執行主席，以確保順利過渡。

It has been a privilege and an honor to lead this amazing team of Five9ers. While my cancer treatments continue to be effective, I recognize that it's not likely to continue indefinitely. After giving it a lot of thought, I believe it's time for me to pass the baton and get back to a more balanced lifestyle. That said, until we appoint my successor, I'm committed to working my tail off as we continue to transform Five9 to drive top line growth and bottom line profitability.

能夠領導這支出色的 Five9ers 團隊是我的榮幸。雖然我的癌症治療仍然有效，但我認識到它不太可能無限期地持續下去。經過深思熟慮後，我認為是時候交出接力棒並回歸更平衡的生活方式了。話雖如此，在我們任命我的繼任者之前，我將竭盡全力繼續改造 Five9，以推動營收成長和利潤獲利。

As you know, we have made a series of changes over the past several quarters to position the company for the future and we are beginning to see the positive impact of those changes in our results, including strong bookings, AI momentum and increased profitability.

如您所知，我們在過去幾個季度中做出了一系列變革，為公司的未來做好準備，我們開始看到這些變革對業績的積極影響，包括強勁的預訂量、人工智慧發展勢頭和盈利能力的提高。

So now, let's dive into our Q2 results. As I mentioned earlier, we had a very strong second quarter, which exceeded our guidance across all key metrics. Subscription revenue, which now makes up 81% of total revenue, accelerated to 16% year-over-year growth. This was primarily driven by Enterprise AI revenue growth accelerating to 42% year over year in the second quarter, now representing 10% of Enterprise subscription revenue. Additionally, we were very pleased to see strong momentum in our sales execution as we had the highest quarterly total ACV bookings in two years, excluding the one financial services mega deal we did in Q1 of last year and Enterprise AI bookings more than tripled year over year in the second quarter.

現在，讓我們深入了解第二季的業績。正如我之前提到的，我們第二季的表現非常強勁，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 81%，年增 16%。這主要得益於第二季企業 AI 營收年增 42%，目前佔企業訂閱收入的 10%。此外，我們很高興看到銷售執行勢頭強勁，因為我們的季度 ACV 總訂單量是兩年來最高的（不包括去年第一季達成的一筆金融服務大交易），而第二季度企業 AI 訂單量同比增長了兩倍多。

In terms of profitability, adjusted EBITDA grew 63% year over year, reaching an all-time record margin of 24% in the second quarter, helping drive Q2 records for both operating and free cash flow. Our increased profitability is a direct result of our execution against transformation initiatives as we work toward the Rule of 40 and beyond. And now I'd like to spend a few minutes on our AI success and innovation.

獲利能力方面，調整後EBITDA年增63%，第二季利潤率達到歷史最高水準的24%，協助推動第二季營運現金流量和自由現金流量均創下紀錄。我們的獲利能力提高直接得益於我們實施轉型舉措，努力實現「40 規則」及更高目標。現在我想花幾分鐘談談我們的人工智慧的成功和創新。

Let's start with the three key drivers underlying our strong momentum in AI. First, enterprises continue to see Five9 as their core CX platform, including AI. For instance, two large health care customers extended their contracts with us during the second quarter to five-year terms, with one expanding its anticipated ARR with us by nearly 40% to over $11 million, and the other expanding its anticipated ARR with us by more than 2x to over $5 million. Both enterprises decided to continue their partnership with us long term as they view Five9 as their single comprehensive platform provider for CX.

讓我們先來看看推動我們在人工智慧領域強勁發展勢頭的三個關鍵驅動因素。首先，企業持續將 Five9 視為其核心 CX 平台，包括 AI。例如，兩家大型醫療保健客戶在第二季將與我們的合約延長至五年，其中一家將其與我們的預期 ARR 擴大近 40%，達到 1,100 多萬美元，另一家將其與我們的預期 ARR 擴大 2 倍以上，達到 500 多萬美元。兩家企業都決定與我們繼續長期合作，因為他們將 Five9 視為其 CX 的唯一綜合平台提供者。

Second, enterprises are turning to Five9 as they make their long-term decisions around AI, given that we are the core CX platform and we have the AI expertise, products, and integrations. For instance, one of our customers in the airline industry worked with our AI experts to evaluate the potential ROI of increasing their self-service capabilities. As a result, they decided to expand their AI portfolio with us in the second quarter, increasing their anticipated ARR with Five9 by more than 2x to over $7 million.

其次，鑑於我們是核心 CX 平台，並且擁有 AI 專業知識、產品和集成，企業在圍繞 AI 做出長期決策時會轉向 Five9。例如，我們的一位航空業客戶與我們的人工智慧專家合作，評估提高自助服務能力的潛在投資報酬率。因此，他們決定在第二季與我們一起擴大他們的 AI 產品組合，將他們與 Five9 的預期 ARR 提高 2 倍以上，達到 700 多萬美元。

Similarly, one of our customers in the pest control industry decided to add new AI capabilities on our platform in Q2, increasing their anticipated ARR with Five9 by more than 30% to over $4 million. And third, enterprises are achieving significant and tangible ROI with our AI solutions. For instance, a customer in the health care industry who deployed our AI solutions a year ago has been achieving significant improvements, including an 80% reduction in abandonment rate, a 50%-plus increase in containment rate and a 60%-plus improvement in post interaction work time.

同樣，我們害蟲防治行業的一位客戶決定在第二季度在我們的平台上添加新的 AI 功能，這使其與 Five9 的預期 ARR 增長了 30% 以上，達到 400 多萬美元。第三，企業透過我們的人工智慧解決方案實現了顯著且切實的投資回報。例如，一家醫療行業的客戶在一年前部署了我們的人工智慧解決方案，目前已經取得了顯著的改進，包括放棄率降低了 80%，遏制率提高了 50% 以上，互動後工作時間提高了 60% 以上。

Another example is a digital health company focused on simplifying medical data to improve patient care outcomes who deployed our AI solutions four months ago. In this short period, they've already realized a 19% improvement in self-service containment. Not only was self-service improved, but critical CSAT metrics were improved as well, driven by a 50% reduction in abandonment rate and nearly a 50% reduction in hold time.

另一個例子是一家專注於簡化醫療數據以改善患者護理結果的數位健康公司，該公司四個月前部署了我們的人工智慧解決方案。在這短短的時間內，他們已經實現了自助服務遏制率提高 19%。不僅自助服務得到改善，而且關鍵的 CSAT 指標也得到了改善，放棄率降低了 50%，等待時間減少了近 50%。

As you can see, we are well positioned to enable enterprises to unlock real value with AI, and we expect to build on this momentum as we continue to invest in driving innovation within our Genius AI suite. For example, we made big news at CCW in Las Vegas in June, where we launched Agentic CX with AI Agents that can reason, decide, and take action. We also launched AI Trust & Governance, our solution to make AI enterprise ready.

如您所見，我們已做好準備，幫助企業利用人工智慧釋放真正的價值，並且我們期望在這一勢頭的基礎上繼續投資，推動 Genius AI 套件的創新。例如，我們在 6 月拉斯維加斯 CCW 上發布了重大新聞，推出了具有可推理、決策和採取行動的 AI 代理的 Agentic CX。我們也推出了 AI Trust & Governance，這是我們為 AI 企業做好準備的解決方案。

Let's first discuss our new Agentic AI Agents. With this launch, the Five9 Intelligent CX platform now delivers Agentic AI Agents to drive CX and AI at scale. With powerful new capabilities designed to reason, decide and take action, Five9 ushers in a new era of Agentic CX for our customers.

讓我們先討論一下我們的新 Agentic AI 代理程式。透過此次發布，Five9 Intelligent CX 平台現在可以提供 Agentic AI 代理來大規模推動 CX 和 AI。Five9 憑藉其旨在推理、決策和採取行動的強大新功能，為我們的客戶開創了 Agentic CX 的新時代。

Part of our Genius AI suite, AI Agents provide accurate hyper-personalized experiences for consumers that are secure, seamless and context-aware. Our Agentic AI Agents can do so much more than prior generations because they have flexible, advanced self-service capabilities that adapt at any stage of AI maturity through five key features, including: AI Summary node, which auto summarizes voice and digital interactions with language selectable summaries; intent detection and entity extraction, which enables seamless natural dialogues, ensuring the quickest path to resolution; Knowledge Node, which uses retrieval augmented generation, or RAG, to generate contextual answers based on enterprise knowledge; prebuilt templates, which make it easy to deploy with starter kits that allow customers to quickly build new AI Agents for their specific needs; and lastly, Code Crafter, which leverages the capabilities of LLMs to generate high-quality JavaScript functions, reducing development and implementation effort from weeks to hours.

作為我們 Genius AI 套件的一部分，AI Agents 為消費者提供安全、無縫且情境感知的準確超個人化體驗。我們的 Agentic AI 代理可以比前幾代產品做得更多，因為它們具有靈活、先進的自助服務功能，可以透過五個關鍵功能適應 AI 成熟的任何階段，包括：AI 摘要節點，可使用可選語言摘要自動總結語音和數字交互；意圖檢測和實體提取，可實現無縫的自然對話，確保最快的解決問題的途徑；知識節點，使用檢索增強生成 (RAG)根據企業知識產生上下文答案；預建模板，可輕鬆與入門套件一起部署，使客戶能夠根據其特定需求快速構建新的 AI 代理；最後，Code Crafter，利用 LLM 的功能生成高品質的 JavaScript 函數，將開發和實施工作量從數週縮短到數小時。

Additionally, our Agentic AI Agents are able to provide context and facilitate handoffs to human agents for those cases where it may be required. They can be configured to transfer to a human agent and quickly summarize the conversation in real time to promote a seamless handoff. This reduces handle time and is designed to eliminate the need for consumers to repeat themselves, reducing frustration and improving the experience.

此外，我們的 Agentic AI 代理能夠在需要的情況下提供背景資訊並協助向人工代理交接。它們可以配置為轉移到人工代理並即時快速總結對話以促進無縫交接。這減少了處理時間，旨在消除消費者重複的需要，減少挫折感並改善體驗。

Also, as our customers are learning how to operationalize AI within their CX solutions, we're developing new practices to serve as their trusted expert in building their agent ops capabilities. Agent Ops is an emerging discipline for managing the deployment, monitoring, and optimization of AI Agents, and a critical component of deploying AI Agents is to provide granular guardrails for Agent Ops personnel to tailor AI models and outputs for different use cases, keeping AI-powered consumer experiences reliable and safe.

此外，隨著我們的客戶學習如何在其 CX 解決方案中實施 AI，我們正在開發新的實踐，以成為他們建立代理商操作能力的值得信賴的專家。Agent Ops 是一門管理 AI 代理部署、監控和優化的新興學科，部署 AI 代理程式的關鍵組成部分是為 Agent Ops 人員提供細粒度的防護，以針對不同的用例自訂 AI 模型和輸出，確保 AI 驅動的消費者體驗可靠且安全。

This is where Five9 AI Trust & Governance comes into play. As we enter this new era of agentic CX, agentic AI is continuing to shape the entire customer journey from accurate and personalized self-service to agent assistance, process automation, and managerial insights, and it is essential for agentic AI to behave ethically and consistently. With our Five9 AI Trust & Governance suite, enterprises are scaling AI safely with capabilities such as granular guardrails to better customize AI behavior across channels, proactive monitoring and response to risks such as prompt injection attacks, better AI observability with comprehensive reporting and dashboards, and hallucination detection to easily detect incorrect AI behavior if needed.

這就是 Five9 AI Trust & Governance 發揮作用的地方。隨著我們進入代理 CX 的新時代，代理 AI 將繼續塑造整個客戶旅程，從準確和個性化的自助服務到代理協助、流程自動化和管理洞察，並且代理 AI 必須以道德和一致的方式行事。借助我們的 Five9 AI 信任與治理套件，企業可以安全地擴展 AI，其功能包括細粒度的護欄，可以更好地跨渠道定制 AI 行為，主動監控和應對快速注入攻擊等風險，透過全面的報告和儀表板實現更好的 AI 可觀察性，以及幻覺檢測，以便在需要時輕鬆檢測不正確的 AI 行為。

As you can see, our ongoing investments in our Genius AI suite continue to fuel innovation and strengthen our leading position as a trusted partner to help enterprises navigate through this rapidly evolving world of AI. This is also why we're once again ranked as having the best AI solutions in the semi-annual Baird survey that was recently conducted in July.

如您所見，我們對 Genius AI 套件的持續投資不斷推動創新，並加強我們作為值得信賴的合作夥伴的領先地位，幫助企業在這個快速發展的人工智慧世界中導航。這也是為什麼我們在 7 月最近進行的半年一次的 Baird 調查中再次被評為擁有最佳 AI 解決方案的原因。

Now I'd like to touch on the momentum we are seeing with some of our key partners. In the second quarter, we had very strong performance across multiple routes to market. We also continued to gain significant traction with technology partners during the quarter. For example, with Salesforce, we're having a lot of success in the field working hand in hand with the Salesforce sales teams, through joint selling and value positioning. As a result, we saw a significant increase in bookings as well as a meaningful increase in the pipeline for Five9 Fusion for Salesforce.

現在我想談談我們與一些主要合作夥伴所看到的勢頭。在第二季度，我們在多種市場管道上都表現非常強勁。本季度，我們也持續與技術合作夥伴取得顯著進展。例如，透過與 Salesforce 合作，我們與 Salesforce 銷售團隊攜手合作，透過共同銷售和價值定位，在該領域取得了巨大成功。結果，我們看到 Five9 Fusion for Salesforce 的預訂量顯著增加，管道數量也顯著增加。

With Google Cloud Marketplace, pipeline once again doubled this quarter and we closed multiple $1 million-plus ARR deals through this partnership. With ServiceNow, we doubled our bookings quarter over quarter and we also published our certification and alignment to their Yokohama release, their most recent platform update focusing on AI, showcasing our deep partnership.

透過 Google Cloud Marketplace，本季通路數量再次翻倍，我們透過此次合作達成了多筆 100 萬美元以上的 ARR 交易。透過 ServiceNow，我們的預訂量較上季翻了一番，我們也發布了對其橫濱版本的認證和一致性，這是他們最新的專注於人工智慧的平台更新，展示了我們之間的深厚合作夥伴關係。

And lastly, with regard to Epic, we are excited to share that Five9 is now listed in the Epic showroom as a toolbox solution. Epic is one of the largest health care CRM providers and is a key partner for us as we continue to deepen our health care vertical integrations. We are offering a digital patient experience solution embedding our capabilities into Epic. And this is one of the many planned native integrations with them as we continue progressing our joint road map, which includes AI Agents, Agent Assist, and other AI solutions.

最後，關於 Epic，我們很高興地告訴大家，Five9 現已作為工具箱解決方案列入 Epic 展廳。Epic 是最大的醫療保健 CRM 提供者之一，也是我們持續深化醫療保健垂直整合的重要合作夥伴。我們提供將我們的能力嵌入 Epic 的數位化患者體驗解決方案。這是我們繼續推進聯合路線圖時計劃進行的眾多本地整合之一，其中包括 AI 代理、Agent Assist 和其他 AI 解決方案。

In summary, we are very pleased with the momentum in our business and the progress we're making on our transformation initiatives for both top and bottom line. We remain at the forefront of developing leading Agentic CX solutions to help reshape the AI-driven customer journey and experience and I'm extremely excited about the future of Five9. I'm confident that we have the platform and the experts to drive long-term durable growth as we continue to capitalize on our massive market opportunity.

總而言之，我們對業務的發展勢頭以及我們在營收和利潤轉型計劃方面取得的進展感到非常滿意。我們始終處於開發領先的 Agentic CX 解決方案的前沿，以幫助重塑人工智慧驅動的客戶旅程和體驗，我對 Five9 的未來感到非常興奮。我相信，隨著我們繼續利用巨大的市場機遇，我們擁有平台和專家來推動長期持久的成長。

And before I turn it over to our President, Andy Dignan, I would like to discuss some changes in our leadership team. For starters, following a comprehensive CFO search, I'm thrilled to congratulate Bryan Lee on his appointment. Bryan has been a key member of the finance organization at Five9 for 11 years and he has been instrumental in helping us achieve our operational and financial goals, and I have so much confidence in Bryan.

在將權力移交給總裁安迪·迪格南 (Andy Dignan) 之前，我想討論一下我們領導團隊的一些變動。首先，經過全面的財務長搜索，我很高興祝賀 Bryan Lee 的任命。布萊恩 (Bryan) 擔任 Five9 財務部門關鍵成員已有 11 年，在幫助我們實現營運和財務目標方面發揮了重要作用，我對布萊恩非常有信心。

In addition to Bryan's appointment to CFO, we made additional changes to our leadership team by realigning our executive org structure in order to maximize alignment, ownership, and operational efficiency. As part of these changes, we promoted Tiffany Meriweather from Chief Legal Officer to Chief Administrative and Legal Officer, where she will now also lead HR. In addition, we promoted Matt Tuckness to Chief Revenue Officer. Matt is a 12-year veteran at Five9 who has risen through the sales ranks, leading various sales orgs, and has had a significant impact on our go-to-market organization and our bookings reacceleration. In this role, Matt will also lead our marketing team.

除了任命布萊恩為財務長之外，我們還對領導團隊進行了其他調整，重新調整了執行組織結構，以最大限度地提高協調性、所有權和營運效率。作為這些變革的一部分，我們將蒂芙尼·梅里韋瑟 (Tiffany Meriweather) 從首席法律官提升為首席行政和法律官，她現在還將領導人力資源。此外，我們也將 Matt Tuckness 晉升為首席營收長。Matt 在 Five9 工作了 12 年，在銷售團隊中不斷晉升，領導多個銷售組織，對我們的行銷組織和預訂量重新加速產生了重大影響。在這個職位上，馬特也將領導我們的行銷團隊。

And with that, I will turn it over to Andy.

說完這些，我會把麥克風交給安迪。

Thank you, Mike, and good afternoon, everyone. As Mike mentioned, we are very pleased to see strong bookings across the board in the second quarter, reaching the highest quarterly total ACV bookings in two years, excluding the one financial services mega deal we did in Q1 of last year. Most importantly, we had triple-digit, year-over-year Enterprise AI bookings growth in Q2, with Enterprise AI new logo bookings more than doubling year over year, and our Enterprise AI installed base bookings more than quadrupling year over year.

謝謝你，麥克，大家下午好。正如麥克所提到的，我們很高興看到第二季度各方面的訂單量都很強勁，達到了兩年來最高的季度總 ACV 訂單量（不包括去年第一季我們完成的一筆金融服務大型交易）。最重要的是，第二季度我們的企業 AI 預訂量同比增長了三位數，其中企業 AI 新標誌預訂量同比增長了一倍多，我們的企業 AI 安裝基數預訂量同比增長了四倍多。

Once again, AI bookings made up more than 20% of Enterprise new logo ACV bookings and we attached AI to virtually all of our $1 million-plus ARR new logos. Also, we continue to see significant momentum with our AI Blueprint program, which is helping us accelerate expansion within our Enterprise installed base. And outside of AI, our non-AI bookings grew significantly for both new logos and installed base. Additionally, we had a healthy mix of $1 million-plus ARR new logo wins along with robust channel activity both domestically and internationally.

再次，AI 預訂佔企業新標誌 ACV 預訂的 20% 以上，我們將 AI 附加到幾乎所有 100 萬美元以上的 ARR 新標誌。此外，我們的 AI Blueprint 計劃繼續呈現強勁發展勢頭，這有助於我們加速企業安裝基礎的擴張。除了人工智慧之外，我們的非人工智慧訂單量也顯著成長，無論是新標誌還是安裝基數。此外，我們還獲得了超過 100 萬美元的 ARR 新標誌以及強勁的國內外通路活動。

That drove strong new logo bookings during the second quarter and installed base bookings hit an all-time high driven by continued momentum in upsell and cross-sell initiatives. Looking ahead, we remain optimistic about the future as our pipeline and RFPs continue to remain at elevated levels.

這推動了第二季新標誌預訂量的強勁成長，並且在追加銷售和交叉銷售舉措持續推動下，安裝基礎預訂量創下歷史新高。展望未來，我們仍然對未來持樂觀態度，因為我們的管道和 RFP 將繼續保持在較高水平。

And now as we normally do, I will share some examples of key wins during the quarter, in addition to the $2.8 million new logo we won in April which we discussed during our last earnings call. The first example is a global data-and-analytics company who selected Five9 through a reseller to modernize from a rigid legacy platform that had stalled prior transformation efforts. They needed a scalable AI-powered CX solution to elevate customer engagement and drive operational efficiency.

現在，像往常一樣，除了我們在上次財報電話會議上討論過的 4 月份贏得的價值 280 萬美元的新標誌之外，我將分享本季度的一些關鍵勝利的例子。第一個例子是一家全球數據和分析公司，該公司透過經銷商選擇了 Five9，以從阻礙先前轉型工作的僵化傳統平台進行現代化改造。他們需要一個可擴展的人工智慧 CX 解決方案來提升客戶參與度並提高營運效率。

With Five9, they're activating all digital channels along with intelligent routing and post-call surveys to capture real-time customer sentiment. Agent Assist will empower their team with contextual guidance and automated conversation summaries. Deep CRM integrations including Salesforce, ServiceNow, and a proprietary CRM system are designed to ensure voice and digital AI Agents as well as human agents have instant access to the contextual data they need, reducing friction and improving resolution times.

借助 Five9，他們啟動了所有數位管道以及智慧路由和通話後調查，以捕捉即時客戶情緒。Agent Assist 將為他們的團隊提供上下文指導和自動對話摘要。深度 CRM 整合（包括 Salesforce、ServiceNow 和專有 CRM 系統）旨在確保語音和數位 AI 代理以及人工代理能夠即時存取他們所需的上下文數據，從而減少摩擦並縮短解決時間。

They will also use AI Insights to uncover key trends, optimize both AI Agent and human agent staffing and drive smarter business decisions. We anticipate this initial order to result in approximately $3.3 million in ARR to Five9.

他們還將使用 AI Insights 來發現關鍵趨勢，優化 AI 代理和人工代理人員配置並推動更明智的業務決策。我們預計該初始訂單將為 Five9 帶來約 330 萬美元的 ARR。

The second example is a national mortgage services provider who selected Five9 through a reseller to modernize from an inflexible on-prem system that was limiting agility and contributing to client churn. They needed a cloud platform that could support inbound and outbound engagement, integrate with a complex CRM stack, and elevate their customer experience. With Five9, they're enabling all digital channels and voice, integrating with both Salesforce and their proprietary mortgage platform to service customer data instantly.

第二個例子是一家全國性抵押貸款服務提供商，該公司透過經銷商選擇了 Five9，以實現對不靈活的內部部署系統的現代化改造，該系統限制了靈活性並導致客戶流失。他們需要一個能夠支援入站和出站參與、與複雜的 CRM 堆疊整合並提升客戶體驗的雲端平台。透過 Five9，他們可以啟用所有數位管道和語音，並與 Salesforce 及其專有抵押貸款平台集成，以即時提供客戶資料服務。

Microsoft Teams gives agents real-time access to subject matter experts, while Agent Assist transcribes and summarizes conversations for continuity across interactions. They'll also use WFA to automate tasks like sending mortgage payoff statements, streamlining operations and improving both agent productivity and customer satisfaction. We anticipate this initial order to result in approximately $1.2 million in ARR to Five9.

Microsoft Teams 讓代理商能夠即時聯繫主題專家，而 Agent Assist 則可以轉錄和總結對話以確保互動的連續性。他們還將使用 WFA 自動執行發送抵押貸款還款報表等任務，簡化操作並提高代理商的生產力和客戶滿意度。我們預計該初始訂單將為 Five9 帶來約 120 萬美元的 ARR。

The third example is a global veterinary services provider with over 2,000 locations across 20 countries who selected Five9 through a reseller to consolidate fragmented on-prem systems and elevate both the customer and agent experience. Rapid growth through acquisition had left them with no visibility into the full customer journey and no ability to proactively engage clients with reminders for appointments or refills resulting in missed revenue opportunities.

第三個例子是一家全球獸醫服務提供商，在 20 個國家/地區擁有 2,000 多個分支機構，他們透過經銷商選擇了 Five9，以整合分散的內部部署系統並提升客戶和代理商的體驗。透過收購實現的快速成長使他們無法了解完整的客戶旅程，也無法主動提醒客戶預約或補充，從而錯失了創收機會。

With Five9, they're unifying their contact center on a modern cloud platform, activating voice in all digital channels. Voice and digital AI Agents will now handle common tasks like appointment rescheduling and prescription refills, while post-call summaries and Zendesk integration help both AI Agents and human agents understand context and continue conversations seamlessly.

借助 Five9，他們在現代雲端平台上統一了聯絡中心，並在所有數位管道中啟動語音。語音和數位 AI 代理現在可以處理諸如重新安排預約和補充處方等常見任務，而通話後摘要和 Zendesk 集成可幫助 AI 代理和人類代理理解上下文並無縫地繼續對話。

Microsoft Teams integration gives agents real-time access to noncontact center experts like clinic staff when a call requires specialized input. With AI Insights, they'll now have a clear visibility into performance trends, training needs, and AI Agent and human agent staffing, turning insights into action across the organization. We anticipate this initial order to result in over $1.1 million in ARR to Five9.

當通話需要專門輸入時，Microsoft Teams 整合可讓代理商即時存取非接觸中心專家（例如診所工作人員）。借助 AI Insights，他們現在可以清楚地了解績效趨勢、培訓需求以及 AI 代理和人工代理人員配備，從而將洞察轉化為整個組織的行動。我們預計該初始訂單將為 Five9 帶來超過 110 萬美元的 ARR。

And now I'd like to share an example of an existing customer who expanded their business with us. A leading academic health system significantly expanded its partnership with Five9 by signing a new five-year agreement. The organization initially deployed Five9 to support its patient access team, improving the patient experience using our AI Agents.

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。一家領先的學術健康系統透過簽署新的五年協議顯著擴大了與 Five9 的合作夥伴關係。該組織最初部署 Five9 來支援其患者存取團隊，並使用我們的 AI 代理來改善患者體驗。

After three years of success, they committed to a long-term strategy built on flexibility, integration, and scalability. This expansion is comprised of new business units and an increase in our AI Agents, including the use case where Five9 and Epic are integrated to streamline clinical workflows as well as additional AI Agent use cases. Additionally, they are leveraging Five9 Fusion for Salesforce.

經過三年的成功，他們致力於建立基於靈活性、整合性和可擴展性的長期策略。此次擴展包括新的業務部門和 AI 代理的增加，包括整合 Five9 和 Epic 以簡化臨床工作流程的用例以及其他 AI 代理用例。此外，他們也利用 Five9 Fusion 為 Salesforce 提供支援。

They also expanded their use of technical account management to include specialized AI expertise. This extended agreement reflects a deeper value-based partnership focused on expanding patient access, improving operational efficiency, and supporting long-term growth. With this add-on order, we anticipate the ARR to Five9 will increase from approximately $2 million to over $5 million.

他們也擴大了技術帳戶管理的使用範圍，納入了專業的人工智慧專業知識。此次延長的協議體現了更深層的基於價值的合作夥伴關係，重點是擴大患者就醫機會、提高營運效率和支持長期成長。透過這項附加訂單，我們預計 Five9 的 ARR 將從約 200 萬美元增加到 500 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. It's an incredible honor to take on the role of CFO. I'm deeply grateful to Mike and the Board for the opportunity, and I'm excited to continue working with the team to drive the company's next chapter of success.

謝謝你，安迪。擔任財務長一職是一項無比的榮譽。我非常感謝麥克和董事會給我這個機會，我很高興能繼續與團隊合作，推動公司邁向新的成功篇章。

Now turning to financial results for the second quarter. We're pleased to report Q2 revenue growth of 12% year over year primarily driven by subscription revenue growth accelerating to 16% year over year. Subscription revenue growth is driven by first, Enterprise AI revenue growth accelerating to 42% year over year, which continues to be the fastest-growing category of our product portfolio. Second, strong revenue contributions from our backlog of new logos, which exceeded expectations. And third, as Andy mentioned, the highest ever installed base bookings.

現在來看看第二季的財務表現。我們很高興地報告，第二季營收年增 12%，主要原因是訂閱營收年增率加速至 16%。訂閱收入成長的推動因素首先是企業 AI 收入成長加速至 42%，這仍然是我們產品組合中成長最快的類別。其次，我們積壓的新標誌為收入做出了強勁貢獻，超出了預期。第三，正如安迪所提到的，這是有史以​​來最高的安裝基數預訂量。

As a reminder, subscription revenue is the most meaningful metric for our business, as it reflects the growth in the number of customers coming onto our platform as well as the increase in the number of products they're purchasing, including our AI solutions, which are sold on a capacity or consumption-based pricing model. While our seat count continues to grow at a healthy rate, we're laser-focused on driving high-margin subscription revenue dollars increasingly led by our AI solutions.

提醒一下，訂閱收入是我們業務最有意義的指標，因為它反映了進入我們平台的客戶數量的增長以及他們購買的產品數量的增長，包括我們的人工智慧解決方案，這些解決方案以容量或基於消費的定價模式出售。雖然我們的座位數量繼續以健康的速度成長，但我們仍專注於推動高利潤的訂閱收入，而我們的人工智慧解決方案將日益主導。

I'd also like to remind you that we are strategically deemphasizing telecom usage and Professional Services and we expect both to have growth rates lower than total revenue. For example, when it comes to telecom usage, larger customers tend to bring their own telephony and channel partners like BT and AT&T offer their own telephony. For Professional Services revenue, our strategy is to enable our partners to take on more deployments.

我還想提醒您，我們在策略上不再強調電信使用和專業服務，我們預計這兩者的成長速度都會低於總收入。例如，在電信使用方面，大客戶傾向於自備電話，而 BT 和 AT&T 等通路合作夥伴則提供自己的電話。對於專業服務收入，我們的策略是讓我們的合作夥伴承擔更多的部署。

In the second quarter, subscription revenue made up 81% of revenue, while usage revenue accounted for 12% and Professional Services made up the remaining 7%. Enterprise revenue from subscription, usage, and PS combined made up 90% of LTM revenue. Our commercial business, which represented the remaining 10%, declined in the single digits on an LTM basis. Also, as a reminder, this trend is by design driven by our ongoing focus on large customers.

第二季度，訂閱收入佔營收的81%，使用收入佔12%，專業服務收入佔剩餘的7%。企業來自訂閱、使用和 PS 的收入合計佔 LTM 收入的 90%。我們的商業業務佔剩餘的 10%，以 LTM 計算則下降了個位數。另外，提醒一下，這趨勢是由我們持續關注大客戶而設計的。

Additionally, our LTM dollar-based retention rate increased to 108% versus 107% last quarter driven in part by our AI revenue acceleration. For the remainder of the year, we expect LTM dollar-based retention rate to fluctuate within a small band reflecting a combination of factors such as our AI momentum and expansions of larger customers being offset by tough year-over-year comparisons due to significant revenue contributions from our largest customer completing its ramp throughout last year and our assumption that second half seasonality will be minimal this year due to macro uncertainty.

此外，我們的 LTM 美元留存率從上一季的 107% 上升至 108%，部分原因是我們的 AI 收入加速成長。對於今年剩餘時間，我們預計 LTM 美元留存率將在小幅波動，這反映了多種因素，例如我們的人工智慧發展勢頭和大客戶的擴張被同比艱難的比較所抵消，因為我們最大的客戶去年全年完成了增長，貢獻了巨額收入，而且我們假設由於宏觀不確定性，今年下半年的季節性將很小。

Turning now to profitability. We continue to generate strong year-over-year and quarter-over-quarter margin expansion across the board in the second quarter primarily due to our ongoing commitment to increase profitability and drive operational excellence. Q2 adjusted gross margin increased approximately 250 basis points year over year and 60 basis points quarter over quarter to 63%. This was primarily driven by subscription gross margin expansion and subscription revenue growth accelerating to become a bigger part of the mix.

現在談談獲利能力。我們在第二季度繼續實現全面強勁的年比和環比利潤成長，這主要歸功於我們持續致力於提高獲利能力和推動卓越營運。第二季調整後的毛利率年增約 250 個基點，較上季增加 60 個基點，達到 63%。這主要是由於訂閱毛利率擴大和訂閱收入成長加速成為業務組合中更重要的組成部分。

As a reminder, the revenue mix shift towards subscription from telecom usage and PS provides an uplift to total adjusted gross margin since subscription gross margin is in the 70s. Q2 adjusted EBITDA margin increased approximately 740 basis points year over year and 520 basis points quarter over quarter to 24%, which is an all-time record. Second quarter non-GAAP EPS grew 45% year over year to $0.76 per diluted share.

提醒一下，由於訂閱毛利率在 70% 左右，收入結構從電信使用和 PS 轉向訂閱，提高了總調整後毛利率。第二季調整後的 EBITDA 利潤率年增約 740 個基點，較上季成長 520 個基點，達到 24%，創歷史新高。第二季非公認會計準則每股收益年增 45%，達到每股 0.76 美元。

Now I'd like to share some cash flow highlights. As Mike mentioned, I'm pleased to report that both operating cash flow and free cash flow represented Q2 records. We generated $35.1 million or 12.4% of revenue in operating cash flow, and $21.6 million or 7.6% of revenue in free cash flow, despite incurring $7.8 million in onetime restructuring costs for the April RIF.

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，經營現金流和自由現金流都創下了第二季的記錄。儘管 4 月 RIF 產生了 780 萬美元的一次性重組成本，但我們的營運現金流量仍為 3,510 萬美元，佔收入的 12.4%，自由現金流為 2,160 萬美元，佔收入的 7.6%。

As a reminder, we also paid off the remaining $434 million principal balance of our 2025 convertible notes in cash when it matured on June 1. 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 more meaningfully, putting us on a path to being net cash positive near term.

提醒一下，我們還在 6 月 1 日到期的 2025 年可轉換票據中以現金償還了剩餘的 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得到更有意義的改善，使我們在短期內走上淨現金為正的道路。

And now I'd like to finish today's prepared remarks with a discussion of our guidance for the third quarter and full-year 2025. For revenue, we're guiding Q3 to a midpoint of $284.5 million, and we're increasing the midpoint of our annual guidance by $5 million to $1.1465 billion, representing double-digit consolidated growth for the full year.

現在，我想透過討論我們對 2025 年第三季和全年的指導來結束今天的準備好的發言。對於收入，我們預計第三季營收中位數為 2.845 億美元，而我們將年度收入中位數提高 500 萬美元，達到 11.465 億美元，這意味著全年將實現兩位數的綜合成長。

Please note the following items which are reflected in our guidance. First, we're prudently assuming minimal seasonality for the remainder of the year starting in Q3 based on discussions with our top seasonal customers who are anticipating continued macro uncertainty. Second, as we mentioned earlier, we have been successful in upselling and cross-selling more software into our base, which drove the highest ever installed base bookings in Q2, but there's a longer ramp associated with these types of bookings, which will layer into revenue during the fourth quarter and next year.

請注意我們的指導中反映的以下事項。首先，根據與預計宏觀不確定性將持續存在的頂級季節性客戶的討論，我們謹慎地假設從第三季開始的今年剩餘時間的季節性將很小。其次，正如我們之前提到的，我們成功地向我們的客戶群追加銷售和交叉銷售了更多的軟體，這推動了第二季度安裝基數預訂量創下歷史新高，但這些類型的預訂量還需要更長的時間才能增長，這將在第四季度和明年轉化為收入。

For non-GAAP EPS, we're guiding Q3 to a midpoint of $0.73 or a $0.03 sequential decline, which is in line with our typical guidance pattern for the third quarter and reflects lower interest income given the $434 million payoff of the 2025 convertible notes in cash as well as the reinvestments we're starting to make in AI and go-to-market initiatives. For the full year, we're raising the midpoint of our non-GAAP EPS guidance by $0.12 to $2.88. Additionally, we are raising our full-year 2025 adjusted EBITDA margin expectations to now be at least 22% compared to our previous expectations of approximately 21%.

對於非 GAAP 每股收益，我們預計第三季的中點為 0.73 美元或環比下降 0.03 美元，這與我們對第三季度的典型指導模式一致，並反映了較低的利息收入，因為 2025 年可轉換票據以現金形式支付了 4.34 億美元，以及我們開始對人工智慧和上市計劃進行再投資。我們將全年非公認會計準則每股收益預測中位數上調0.12美元至2.88美元。此外，我們將2025年全年調整後EBITDA利潤率預期上調至至少22%，先前預期約為21%。

Beyond 2025, we remain committed to our medium-term operating model and achieving the Rule of 40 plus in 2027 driven by both double-digit revenue growth and continued margin expansion. 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.

2025 年後，我們仍將致力於我們的中期營運模式，並在兩位數收入成長和利潤率持續擴大的推動下，於 2027 年實現 40 法則。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 very pleased with the progress we're making and the momentum we're seeing across the business. We will continue to be very disciplined in managing our expenses and allocate capital to opportunities that we believe offer the highest impact on both top and bottom line growth.

總而言之，我們對所取得的進展和整個業務的發展勢頭感到非常滿意。我們將繼續嚴格管理我們的開支，並將資金分配給我們認為對營收和利潤成長影響最大的機會。

Operator, please go ahead.

接線員，請繼續。

(Operator Instructions) Terry Tillman, Truist.

（操作員指示）Terry Tillman，Truist。

Yeah, sorry about that. Hopefully, you can hear me okay. First of all, Mike, congratulations on being able to get to a more balanced life. That's awesome and good luck with everything in the future. And Bryan, congratulations as well.

是的，很抱歉。希望您能聽到我的聲音。首先，麥克，恭喜你能夠過著更平衡的生活。這太棒了，祝你未來一切順利。還有布萊恩，我也向你表示祝賀。

So my question is, and it's a tough question to answer, but the stats on your Enterprise AI business are impressive. So for me, a thought is the sustainability of this goodness. And so what kind of visibility do you have in your pipeline? And just whether it's the new logos that are attaching well your AI capabilities or the installed base and now you have the AI Agent stuff, just how should we think about the sustainability of well-above corporate average growth for just the whole portfolio of AI products?

所以我的問題是，這是一個很難回答的問題，但您的企業 AI 業務的統計數據令人印象深刻。所以對我來說，思想就是這種善良的可持續性。那麼，您的管道具有什麼樣的可見性？無論是新標誌很好地體現了您的 AI 功能，還是已安裝的基礎，以及現在您擁有的 AI 代理產品，我們該如何看待整個 AI 產品組合遠高於企業平均水平的增長的可持續性？

Terry, thank you very much. Look, the AI bookings numbers were obviously very, very strong. The good news is, it's on net new bookings as well as installed base bookings. So our Enterprise AI bookings for the net new side of our business, right, net new logos doubled year over year and for the installed base, it quadrupled. So again, this is the result of a lot of things.

特里，非常感謝你。看，AI 預訂數量顯然非常非常強勁。好消息是，這是淨新預訂量以及已安裝基礎預訂量。因此，我們業務的淨新增方面的企業 AI 預訂量，對吧，淨新增標識同比增長了一倍，而安裝基數則增長了四倍。所以，這又是多種因素共同作用的結果。

Our AI platform being ahead of the competition, a lot of the enablement that we've been doing in our go-to-market motion and things like our Blueprint program. So we've actually deployed some strategies that are designed to help penetrate our installed base with our AI solutions, and that's what this is showing. So again, we're really, really bullish on keeping that momentum. Again, it's -- these are big numbers, but look, we're really pleased with it.

我們的人工智慧平台在競爭中處於領先地位，我們在上市計劃和藍圖計劃等方面做了很多支援工作。因此，我們實際上已經部署了一些策略，旨在幫助我們的人工智慧解決方案滲透到我們的安裝基礎，這就是我們所展示的。所以，我們真的非常看好保持這種勢頭。再說一次，這些數字很大，但是你看，我們對此真的很高興。

Siti Panigrahi, Mizuho.

瑞穗的 Siti Panigrahi。

Great. I also echo my congrats to both Bryan and Mike, our best wishes for your good health and retirement, Mike.

偉大的。我還要向布萊恩和麥克表示祝賀，我們祝福你身體健康，退休後生活愉快，麥克。

Just looking at beyond AI momentum, it's good to see all the momentum you talked about -- last quarter, you talked about some kind of deal elongation on the Enterprise side and slowdown in international market. How is that momentum going this quarter? And what's your assumption for the second half? Especially when I look at your guidance, second half implies 7% to 8% growth. And Bryan, if you could cover your assumption on the subscription side, that would be great, and especially Q4.

僅從人工智慧的發展勢頭來看，很高興看到您談到的所有發展勢頭——上個季度，您談到了企業方面的某種交易延長和國際市場的放緩。本季的勢頭如何？您對下半年有何預測？特別是當我看到你的指導時，下半年意味著7%到8%的成長。布萊恩，如果您能涵蓋訂閱方面的假設，那就太好了，尤其是在第四季度。

Andy, do you want to take the first part?

安迪，你想參加第一部嗎？

Yes. So on the Enterprise side, we didn't see the same kind of elongation we saw last time. There's always deals that slip at the end of the quarter, but nothing like we saw last quarter. And on the international side, we didn't see the same thing either. We saw strong growth through our partners internationally, which is the goal. And we didn't see the same things we saw last quarter, so I feel really good about where we're at.

是的。因此，在企業號方面，我們沒有看到上次那樣的伸長。總是有一些交易在季度末出現下滑，但不像上個季度那樣。在國際方面，我們也沒有看到同樣的情況。我們透過國際合作夥伴看到了強勁的成長，這就是我們的目標。我們沒有看到與上一季相同的情況，所以我對目前的狀況感到非常滿意。

Yeah. And Siti, in terms of guidance, let me start off by making an overarching comment about it. So if you look at our Q2 revenue, it came in approximately $8 million above the midpoint of our guidance. And we put through $5 million of that to the annual guide.

是的。西蒂，就指導而言，我首先要對此做出總體評論。因此，如果你看一下我們的第二季收入，它比我們的預期中位數高出約 800 萬美元。我們把其中的 500 萬美元投入年度指南中。

Now, we kept $3 million back to be slightly more conservative given our assumption that we're expecting seasonality in the second half to be minimal, and that's based on our conversations with top seasonal customers who we survey at this time of the year generally. And they've all said that they're expecting minimal seasonality given the ongoing macro uncertainty. So that's one factor.

現在，我們保留了 300 萬美元，以便更保守地估計下半年的季節性因素將很少，這是基於我們與每年這個時候調查的頂級季節性客戶的對話。他們都表示，鑑於持續存在的宏觀不確定性，他們預計季節性的影響將很小。這是一個因素。

The other factor that I want to point out is we mentioned how we have the highest installed base bookings in Q2. Well, a large portion of that was through upselling and cross-selling software, and that comes with longer ramps. So those will typically turn into revenue in Q4 and into 2026 as well.

我想指出的另一個因素是，我們曾提到我們在第二季擁有最高的安裝基數預訂量。嗯，其中很大一部分是透過追加銷售和交叉銷售軟體來實現的，而且這需要更長的時間。因此，這些通常會在第四季和 2026 年轉化為收入。

So if you kind of look at it, when you net all that out and you look at the sequential pattern of the guide, Q3 you'll see that the sequential growth is similar to how we guided last year. And then Q4 will actually show sequential growth that's slightly higher than what we guided to last year, and that's driven primarily by the installed base bookings piece of it that I just talked about.

因此，如果您看一下，當您將所有這些都考慮進去並查看指南的連續模式時，您會發現第三季度的連續增長與我們去年指導的類似。然後，第四季度實際上將顯示比我們去年預期略高的連續成長，這主要受到我剛才談到的安裝基數預訂部分的推動。

And then to your point about the year-over-year growth in terms of 8% for Q3 and 7% for Q4, there's one additional factor beyond the tough comparison of the seasonality because we had strong seasonal uptick last year and then we're now expecting minimal seasonality. But then there's the other factor, which is our largest customer who is finishing its ramp throughout last year and has significant growth. That also creates a layer of tough comparison.

然後，關於您提到的第三季度同比增長 8% 和第四季度同比增長 7% 的問題，除了嚴格的季節性比較之外，還有一個額外的因素，因為去年我們經歷了強勁的季節性上漲，而現在我們預計季節性的影響很小。但還有另一個因素，那就是我們最大的客戶去年完成了產能提升，並實現了顯著的成長。這也造成了一層艱難的比較。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Perfect. Thank you. Congrats from me as well, Mike and Bryan. I hope me rejoining didn't cause Mike to kind of say, I'm out of here.

完美的。謝謝。我、麥克和布萊恩也向你們表示祝賀。我希望我的重新加入不會導致麥克說「我要離開這裡」。

Nothing to do with it.

與此無關。

I wanted to more -- ask a topical question. We just saw a news flow of investment of some of the guys that you work with, like a salesperson CRM, one of the players in your market. You could see it as a very nice strong endorsement of your industry because there's a lot of questions about it. Like those who invest in come that's kind of a strong endorsement. How do you see it in terms of like -- but also still partnering with the other players as well? So maybe just kind of frame it more from a bigger picture perspective?

我想要更多——問一個熱門問題。我們剛剛看到了一些與您合作的人的投資新聞，例如銷售人員 CRM，他們是您所在市場的參與者之一。您可以將其視為對您所在行業的有力支持，因為對此存在許多疑問。就像那些投資的人一樣，這是一種強而有力的支持。您如何看待這一點——同時仍然與其他玩家合作？那麼也許只是從更大的角度來看這個問題？

Yeah, great question, Raimo. Yeah, again, we saw the same rumor if you want to call it that or print. Again, we'll see if it's real. And look --

是的，很好的問題，Raimo。是的，我們再次看到了同樣的謠言，如果你想這樣稱呼它或印刷它的話。再次，我們將看看它是否真實。看看--

They just announced it, I think, yes.

是的，我想他們剛剛宣布了這一點。

They did announce it. Okay, good. Look, it's a great endorsement of our space. Especially Salesforce, they've invested across our competitive set for quite a while. We're a public company, so they really can't do similar things with us, and they can buy our stock if they want. But that's really not their business, right? They tend to invest in private companies.

他們確實宣布了這一點。好的，很好。看，這是對我們空間的極大認可。尤其是 Salesforce，他們已經在我們的競爭對手中投資了相當長一段時間。我們是一家上市公司，所以他們真的不能對我們做類似的事情，如果他們願意，他們可以買我們的股票。但這真的不關他們的事，對吧？他們傾向於投資私人公司。

So look, it's nothing new in some respects. But look, it's -- they're going to continue to play the field. Our momentum with Salesforce and ServiceNow is stronger than ever. And quite frankly, our co-development work, our co-road map work, our co-selling efforts are working better than ever. So I don't think it'll change anything in terms of our go forward.

所以看起來，從某些方面來說這並不是什麼新鮮事。但你看，他們將繼續這場遊戲。我們與 Salesforce 和 ServiceNow 的合作勢頭比以往任何時候都更強勁。坦白說，我們的共同開發工作、共同路線圖工作和共同銷售工作比以往任何時候都更有效。因此我認為這不會改變我們前進的任何事情。

DJ Hynes, Canaccord.

DJ Hynes，Canaccord。

Good to see everyone. Congrats on all the milestones and the nice print. So look, Mike, you gave some great examples of customers kind of leaning in on AI. Those that are further along, what's happening with their human agent seat count, right? I mean, I think that's the million-dollar question that everyone's trying to figure out. Are you seeing those seat count reductions that the market seems to be expecting? Are you able to make up for that with incremental AI spend? Like how is this all shaking out?

很高興見到大家。恭喜您取得的所有里程碑和出色的成績。所以，麥克，你看，你給了一些客戶傾向於人工智慧的很好的例子。那些走得更遠的人，他們的人工代理席位數量怎麼樣了，對嗎？我的意思是，我認為這是每個人都在試圖弄清楚的價值百萬美元的問題。您是否看到了市場預期的座位數減少？您能透過增加人工智慧支出來彌補這項缺陷嗎？這一切進展得怎麼樣？

Yeah, great question, DJ. Look, I mean, we've talked about this a little bit. Our non-AI business continues to grow nicely. You can do the math. You can figure it out based on the percentages we've given, our overall blended growth and the AI growth. So there's a good data point for you.

是的，很好的問題，DJ。看，我的意思是，我們已經討論過這個問題了。我們的非人工智慧業務持續良好成長。你可以算一下。您可以根據我們給出的百分比、我們的整體混合成長和 AI 成長來計算。所以這對你來說是一個很好的數據點。

Customers in general are -- what they're trying to, for the most part, the strategy that they're taking is leveraging our AI agents and self-service to minimize the growth in their agents or potentially keep them flat. We just haven't seen a lot of our customers that are reducing agents. And again, it very much lines up with what we've been saying, which is they're trying to deflect a small percentage of interactions to self-service powered by AI. And they're doing it really, really successfully.

一般來說，客戶正在嘗試的大多數策略是利用我們的人工智慧代理和自助服務來最大限度地減少代理的成長或潛在地保持代理數量的平穩。我們只是沒有看到很多客戶使用還原劑。再說一次，這與我們所說的非常一致，他們正試圖將一小部分互動轉移到由人工智慧驅動的自助服務上。而且他們做得非常非常成功。

You heard some of the ROI stats that I gave. And these are customers that have been at the AI game, so to speak, for a while. There was one that I mentioned that just joined us recently and also had great ROI right out of the gate. But for the most part, we're not seeing that movie play out as the AI bear thesis as we've been talking about.

您已經聽到了我給出的一些投資回報率統計數據。可以說，這些客戶已經參與人工智慧遊戲有一段時間了。我提到有一家公司最近剛加入我們，而且一開始就獲得了很高的投資報酬率。但在大多數情況下，我們並沒有看到電影按照我們一直在談論的人工智慧熊市論那樣上演。

So again, I do believe that there's a little bit of a revelation that's still to come. And -- but again, the proof in the pudding. And if you look at our numbers, our core business, our non-AI business is growing, and our AI business is growing faster. And that is the best data point.

所以，我再次確信，還有一些新的發現尚未揭曉。但同樣，事實勝於雄辯。如果你看看我們的數據，我們的核心業務、非人工智慧業務正在成長，而人工智慧業務成長更快。這就是最好的數據點。

Yeah. I mean, we've heard some of the like digital channel native vendors talk about 70% deflection rates. I assume it's different in voice, right? It's got to be a lot lower. Like what is that percentage that they can deflect the agent seating today?

是的。我的意思是，我們聽到一些類似的數位頻道原生供應商談論 70% 的偏轉率。我猜是聲音不同吧？它肯定會低很多。例如，他們今天可以轉移代理座位的百分比是多少？

Yeah. They're looking at 5%, 10% of their voice interactions. And again, digital can be higher, but again, I think that's what we're hearing from our customers and that's what we're seeing from our customers, too. So again, as AI gets better, that could go up, but that's their goal at this point.

是的。他們正在關注 5% 到 10% 的語音互動。再次強調，數位化程度可以更高，但我認為這就是我們從客戶那裡聽到的，也是我們從客戶那裡看到的。因此，隨著人工智慧的進步，這個數字可能會上升，但這是他們目前的目標。

Jackson Ader, KeyBanc.

傑克遜·阿德（Jackson Ader），KeyBanc。

Good to see you. So Mike, the last time that we brought in, I guess, an outside CEO, it came from a communications competitor, right, like in the space. So I'm just curious, is that something that's going to be high on the priority list? Like what type of background are you really looking for?

很高興見到你。麥克，我想，上次我們聘請了一位外部首席執行官，他來自通訊行業的競爭對手，就像在這個領域一樣。所以我很好奇，這是否是優先考慮的事情？您真正在尋找的是哪種類型的背景？

And then I've got a quick follow-up.

然後我有一個快速的跟進。

Yeah, it's a great question, Jackson. Look, we're kicking off the search. We've formally announced it, and we have a search firm retained and we're excited to go attract the best CEO in the market. And again, it's going to be someone that has a great track record and experience of innovation, including AI. So it's going to be much more, I would say, AI and innovation focused as opposed to comms. It'd be great if they also understand the core comms space, too, but you can't have everything. And so again, it's about innovation, including AI, number one.

是的，這是一個很好的問題，傑克森。瞧，我們正在開始搜尋。我們已經正式宣布了這一消息，並且已經聘請了一家獵人頭公司，我們很高興能夠吸引市場上最優秀的執行長。再次強調，這個人必須是在創新領域（包括人工智慧領域）有著出色記錄和經驗的人。所以我想說，它將更加重視人工智慧和創新，而不是通訊。如果他們也了解核心通訊領域，那就太好了，但你不可能擁有一切。所以，這又是關於創新，包括人工智慧，這才是最重要的。

Number two is someone with a track record of delivering operational excellence at scale. We're a growth company. We're $1 billion in revenue today. I want to bring on a CEO here that can take us to $2 billion and $5 billion and $10 billion and beyond over time. And so we want someone that's growth-oriented and has a growth mindset as well.

第二位是具有大規模卓越營運記錄的人。我們是一家成長型公司。我們今天的收入是 10 億美元。我希望聘請一位能夠帶領我們實現 20 億美元、50 億美元、100 億美元甚至更高的收入的執行長。因此，我們需要一個以成長為導向並具有成長心態的人。

So those are kind of some of the high-level characteristics and experience sets we're looking for. But again, we're going to go find the best CEO we can.

這些就是我們正在尋找的一些高級特徵和經驗。但我們會再次尋找最好的執行長。

Got it. Makes sense. And then I guess following up on AI, when I hear about, you rattle off all these different AI capabilities, right? And some of them sound not like CCaaS, right, or like not like communications, like code generation, AI ops, right? So how much do you feel like you need to compete on a much broader set of AI capabilities versus like, hey, we're a contact center software company and we're going to develop AI for contacts?

知道了。有道理。然後我想談談人工智慧，當我聽到時，你會滔滔不絕地說出所有這些不同的人工智慧功能，對嗎？其中一些聽起來不像 CCaaS，對吧，或者不像通信，例如程式碼生成、AI 操作，對吧？那麼，您覺得您需要在更廣泛的人工智慧功能上進行多大程度的競爭，而不是像「嘿，我們是一家聯絡中心軟體公司，我們將為聯絡人開發人工智慧」這樣的說法？

Yeah, I would say think of us as AI for CX, customer experience, today. Now again, we can go beyond that potentially, but look, we want to go deep and be the best of breed, the best solution in customer experience. So think about that as kind of contact center plus other parts of the customer journey.

是的，我想說，今天就把我們視為 CX（客戶體驗）的人工智慧。現在，我們有可能超越這一點，但是，我們想深入研究，成為同類產品中最好的，提供客戶體驗方面的最佳解決方案。所以可以將其視為一種聯絡中心加上客戶旅程的其他部分。

And obviously, part of what we do is going to be automation around processes in the back office related to customer experience. So it may not be just real-time communication driven by AI, but it's also process automation that would fulfill a customer experience situation, right? And so it does span beyond just the comms and the real-time contact center interactions into the back office in those cases.

顯然，我們所做的工作之一就是實現與客戶體驗相關的後台流程的自動化。因此，它可能不僅僅是由人工智慧驅動的即時通信，而且它還是能夠滿足客戶體驗情況的流程自動化，對嗎？因此，在這些情況下，它確實超越了通訊和即時聯絡中心互動的範圍，並延伸到後台辦公室。

And I think, too, if you look at some of these things are becoming table stakes to deliver AI, right, enterprise software companies and brands are looking for companies that deliver things like agent ops and Code Crafter. I mean, these things allow you to simply deliver AI, and obviously, we're focused on the CX space.

而且我也認為，如果你看看其中一些東西，它們正在成為實現人工智慧的賭注，對吧，企業軟體公司和品牌正在尋找能夠提供代理操作和 Code Crafter 等產品的公司。我的意思是，這些東西讓你可以簡單地提供人工智慧，顯然，我們專注於 CX 領域。

Peter Levine, Evercore.

彼得‧萊文 (Peter Levine)，Evercore。

I’ll echo my congrats, Mike and Bryan. I mean, I guess, Mike, how would you access, I think, the general level of like AI readiness across like your customer base, right? Is it technical? Is it organizational? Is it security that's maybe holding some of these customers back?

我要再次向麥克和布萊恩表示祝賀。我的意思是，麥克，我認為，您如何評估您的客戶群的 AI 準備程度的整體水平，對嗎？這是技術性的嗎？它是有組織的嗎？是不是因為安全問題導致一些顧客不願意光顧？

It's clear there's an ROI that's been demonstrated, shown. So maybe just one is just help us understand like what the hurdle is to get you from 10% of Enterprise revenue to 20%? Is that four quarters? Is that two years? Just help us understand like the ramp and maybe what's holding customers back.

顯然，已經證明了並展示了投資回報率。所以也許只有一個可以幫助我們理解將企業收入從 10% 提高到 20% 的障礙是什麼？那是四個季度嗎？那是兩年嗎？只需幫助我們了解坡道以及阻礙客戶前進的因素。

Yeah. Great question, Peter. Look, a number that I think everyone should kind of pay attention to is the mix of our bookings that are AI, right? So again, 10% of revenue, subscription revenue in Enterprise today is AI, but over 20%, over 20% of our ACV bookings for Enterprise are AI. So that's a leading indicator for what that mix shift can do over time.

是的。很好的問題，彼得。看，我認為每個人都應該關注的一個數字是我們的 AI 預訂組合，對嗎？所以，今天企業訂閱收入的 10% 來自人工智慧，但企業 ACV 預訂的 20% 以上來自人工智慧。因此，這是預測混合變化隨時間推移能產生何種影響的領先指標。

And look, this is new territory for a lot of customers. We're helping them through that process. But the adoption, you can see in our numbers, right? I mean, net new logo bookings doubling, installed base AI bookings quadrupling. There's great momentum picking up in our ability and in these customers' ability to actually make decisions around AI.

瞧，這對許多顧客來說都是新領域。我們正在幫助他們完成這個過程。但是您可以從我們的數據中看到採用情況，對嗎？我的意思是，新標誌淨預訂量翻了一番，已安裝的 AI 預訂量翻了兩番。我們以及這些客戶在人工智慧方面做出實際決策的能力正在大幅提升。

And we're not talking about -- it used to be stick their toe in the water, try this stuff out. Now, it's scaling. And you saw it in our AI revenue growth acceleration based on our prior bookings, it went from 32% revenue growth to 42% revenue growth. So there's a lot of, I would say, a lot of momentum picking up in terms of these customers being ready.

我們不是在談論──以前人們都是先把腳伸進水里，試試看這些東西。現在，它正在擴大規模。您可以看到，根據我們先前的預訂，我們的 AI 收入成長加速，從 32% 的收入成長到 42% 的收入成長。因此，我想說，從這些客戶的準備來看，有很大的動力正在增強。

I would say the one thing that we see as a common thread across most prospects and customers is they've got to get their data in order. AI is only as good as the data it has access to. And we have a lot of huge customers that, frankly, they're very disciplined. Some of the CIOs that are on our Customer Advisory Board talk about this a lot, which is we've got to be sure that we've got our data in order.

我想說，我們看到大多數潛在客戶和客戶的共同點是他們必須整理好他們的資料。人工智慧的優劣取決於其所獲得的數據。我們有很多大客戶，坦白說，他們都非常自律。我們的客戶顧問委員會中的一些資訊長經常談論這一點，即我們必須確保我們的數據井然有序。

That'll allow us to really deploy AI and get the ROI out of it. And if you don't have your data in order, it's a little more difficult. But again, we're helping a lot of customers figure out -- figure that out, too.

這將使我們能夠真正部署人工智慧並從中獲得投資回報。如果你的數據沒有按順序排列，事情就會變得更加困難。但同樣，我們正在幫助許多客戶弄清楚——也弄清楚這一點。

If you can, can you provide some color? I know there's a lot of mixed messaging in terms of pricing that we hear from your competitors. Is it on a per seat basis, usage basis, token basis? Given where you are in this journey, like what model is working best for your customers where you actually go into a sales cycle and it's accelerating? It's not as complex in terms of what customers are willing to pay and how they're willing to pay for it.

如果可以的話，您能提供一些顏色嗎？我知道我們從你們的競爭對手那裡聽到了很多關於定價的混合訊息。它是基於每個座位、基於使用量還是基於代幣？考慮到您目前所處的階段，哪種模式最適合您的客戶，您實際上已經進入了銷售週期並且正在加速？就客戶願意支付多少錢以及他們願意如何支付而言，這並不那麼複雜。

Yeah. Well, look, when it comes to AI, we've talked about this. Our AI solutions are mostly consumption-based pricing or capacity-based pricing. And the traditional products that we've been selling for years and years, the pricing model hasn't really changed. And frankly, our customers aren't looking for that to change. They really appreciate the simplicity of our pricing model.

是的。好吧，看，當談到人工智慧時，我們已經討論過這個問題了。我們的AI解決方案大多是基於消費的定價或基於容量的定價。我們多年來一直銷售的傳統產品的定價模式實際上並沒有改變。坦白說，我們的客戶並不希望這種狀況改變。他們非常欣賞我們定價模式的簡單性。

So the good news is I think we're in an evolving market and we'll continue to evolve our pricing as necessary. And you'll see some small players in certain parts of our space try to break in with disruptive pricing schemes and outcome-based pricing. But again, as a large company, you don't typically see companies of our size change their pricing to that kind of model.

因此，好消息是，我認為我們正處於一個不斷發展的市場，我們將根據需要繼續調整我們的定價。你會看到，我們領域某些部分的一些小參與者試圖透過顛覆性的定價方案和基於結果的定價來打入市場。但是，作為一家大公司，你通常不會看到我們這種規模的公司將其定價改為那種模式。

Samad Samana, Jefferies.

薩瑪德·薩馬納（Samad Samana），傑富瑞集團。

This is Billy Fitzsimmons on for Samad. First, from a vertical perspective, anything to call out there in terms of strength or weakness and any verticals growing faster in terms of AI adoption at this point?

這是 Billy Fitzsimmons 取代 Samad 演繹的。首先，從垂直角度來看，目前有哪些優勢或劣勢值得關注，哪些垂直產業在人工智慧應用方面成長更快？

Yeah. So I'll take the verticals from a financial perspective, and I'll turn it over to Andy from an AI perspective. So if you look at our – overall, the 17 verticals that we typically track, there really wasn't anything substantial to note. The sequential growth there was pretty similar to what we saw in Q2 of last year. And then consumer specifically, that also was growing slightly sequentially and that's relatively in line with the historical trends that we've seen.

是的。因此，我將從財務角度來考慮垂直行業，然後從人工智慧的角度將其交給安迪。因此，如果你看一下我們的整體情況，也就是我們通常追蹤的 17 個垂直產業，你會發現其實並沒有什麼實質的東西值得注意。那裡的連續成長與去年第二季的情況非常相似。然後具體到消費者方面，也出現了環比略微的增長，這與我們觀察到的歷史趨勢相對一致。

I'll turn it over to Andy.

我將把它交給安迪。

Yeah. On the customer side and bookings, I mean, ultimately, what we're seeing is financial services, health care and retail are really where the opportunities have been. I mean, there's others, but when you look at those companies, back to what Mike said, it's all about the data and many of those companies in those spaces have really been -- they've leaned into self-service for quite some time and so their data tends to be in a better spot. So I think it's allowing them to go much faster, but those are the top verticals that we're seeing.

是的。在客戶方面和預訂方面，我的意思是，最終，我們看到的是金融服務、醫療保健和零售真正存在機會。我的意思是，還有其他公司，但是當你看看這些公司時，回到麥克所說的，一切都與數據有關，而且這些領域的許多公司確實已經 - 他們已經傾向於自助服務很長一段時間了，因此他們的數據往往處於更好的位置。所以我認為這讓他們能夠發展得更快，但這些是我們目前看到的頂級垂直領域。

Okay. And then if I could expand a little bit, anything to call out in terms of commercial customers? I know you guys give us the Enterprise's percent of revenue on a trailing 12-month basis. If we kind of back that out and apply as commercial has been down kind of the last three quarters on a rolling basis, and obviously it's a smaller piece of the business, less important, Enterprise is growing faster, but just want to better understand what's kind of happening there.

好的。然後，如果我可以稍微擴展一下的話，對於商業客戶來說有什麼需要注意的嗎？我知道你們向我們提供了企業過去 12 個月的收入百分比。如果我們回顧一下，商業業務在過去三個季度一直處於下滑狀態，顯然它是業務中較小的一部分，不那麼重要，而企業業務增長更快，我們只是想更好地了解那裡發生的事情。

Yeah, Billy, good question. Look, as you know, commercial is becoming less and less of our mix over time. It has not been a strategic investment area for us, but we actually do pretty well there still. And you got to understand, too, we have graduations that occur. So some of our small commercial customers graduate into our Enterprise category and that gets picked up in Enterprise revenue as opposed to commercial revenue.

是的，比利，問得好。你看，如你所知，隨著時間的推移，商業在我們的業務組合中變得越來越少。這對我們來說不是一個戰略投資領域，但實際上我們在那裡做得仍然很好。而且你也必須明白，我們也有畢業典禮。因此，我們的一些小型商業客戶逐漸進入我們的企業類別，這體現在企業收入中，而不是商業收入。

So there's a little bit of that going on, too, and it's a good seeding -- it's a way for us to seed the market for some of these growth companies. But we also, I think, do a very good job still of executing against that market opportunity with a pretty low cost of acquisition of those customers, too.

所以也有一點這樣的情況發生，這是一個很好的播種——這是我們為一些成長型公司播下市場種子的一種方式。但我認為，我們仍然能夠很好地抓住這一市場機遇，而且獲取這些客戶的成本也相當低。

So anyway, again, we don't expect it to be a growth driver for us over time, but we also believe it's still a good business to be in.

所以無論如何，我們並不期望它會隨著時間的推移成為我們的成長動力，但我們也相信這仍然是一項值得從事的好業務。

Taylor McGinnis, UBS.

瑞銀的泰勒麥金尼斯。

Hi. This is Seth Gilbert on for Taylor. The acceleration in subscription revenue and inflection in NRR was solid. Maybe can you walk us through kind of what drove the upside and what the trend line in subscription revenue growth has been excluding AI?

你好。這是塞思吉爾伯特 (Seth Gilbert) 代替泰勒 (Taylor)。訂閱收入的成長和 NRR 的變化都很穩健。您能否向我們介紹一下推動這一成長的因素以及不包括人工智慧的訂閱收入成長趨勢是什麼？

And then maybe I'll press a little bit on some of the earlier questions on the AI side. Can you touch on what AI could scale to as a percentage of Enterprise subscription revenue growth over, say, the next year or two?

然後我可能會稍微詢問一下人工智慧方面的一些早期問題。您能否談談在未來一兩年內人工智慧在企業訂閱收入成長中所佔的百分比是多少？

Yeah. So I can start. So in terms of subscription revenue acceleration, it went from 14% in Q1 to 16%, and then Enterprise AI, as Mike mentioned earlier, went from 32% to 42%. So the key driver of that subscription revenue acceleration was the Enterprise AI piece of it.

是的。這樣我就可以開始了。因此，就訂閱收入加速而言，它從第一季的 14% 成長到 16%，然後企業 AI，正如 Mike 之前提到的，從 32% 成長到 42%。因此，訂閱收入加速成長的關鍵驅動力是企業人工智慧部分。

And if you -- even if you take out that Enterprise AI piece, there was still acceleration in the non-AI subscription revenue.

即使你去掉企業人工智慧部分，非人工智慧訂閱收入仍然會加速成長。

And then if you look at the Enterprise AI revenue growth accelerating, we have our top three products, which are AI Agents, Agent Assist, and Workflow Automation. And across the board for all three of those, they accelerated. So it was a really strong quarter.

然後，如果您看一下企業 AI 收入成長加速，我們有三大產品，分別是 AI 代理、代理助理和工作流程自動化。而這三個領域的發展都呈現加速態勢。所以這是一個非常強勁的季度。

And in terms of percent of revenue, what it can get to, Mike mentioned earlier that our -- AI continues to make up more than 20% of Enterprise net new ACV bookings. So today, we're at 10% of Enterprise subscription revenue. So you can kind of assume that's the path that it's going to. But we haven't given specifics around exactly what it'll get to in the next year or two.

就收入百分比而言，Mike 之前提到過，我們的 AI 繼續佔企業淨新 ACV 預訂量的 20% 以上。所以今天，我們的企業訂閱收入是 10%。所以你可以假設這就是它要走的路徑。但我們還沒有具體說明未來一兩年內的具體進展。

Scott Berg, Needham.

史考特·伯格，尼德姆。

Everyone, really nice quarter. Mike, 3x. That's what I heard a few years ago, 3x.

各位，這真是個美好的季度。麥克，3x。這是我幾年前聽到的，3x。

You got it. I'm going back there, Scott, but not right away. We got a lot of work to do and we got to find the right next person.

你明白了。我要回去，史考特，但不是馬上。我們有很多工作要做，我們必須找到合適的下一個人選。

Agreed. And Bryan, it's been like 10 or 11 years looking forward to the next 10 or 11 or whatever the number is.

同意。布萊恩，我已經盼望了 10 年或 11 年，期待著接下來的 10 年或 11 年，無論這個數字是多少。

Thank you, Scott.

謝謝你，斯科特。

I guess my question is probably directed a little bit towards Andy. You made the comments, I think pipelines are at elevated levels right now. But I think one of the questions I get frequently from shareholders and others is talking about the overall industry kind of pipeline activity. It's been a little on the light side or maybe a lot on the light side at different periods over the last one, two, or three years. But how does activity really kind of compare to maybe what you saw in '21 or early '22 before the industry saw some slowdown? Are we back at a normal cadence? And obviously, AI is part of that. Or are we still trying to build up to those levels?

我想我的問題可能有點針對安迪。您發表了評論，我認為管道現在處於較高水平。但我認為股東和其他人經常問我的一個問題是有關整個行業的管道活動。在過去的一、二或三年裡，在不同時期，情況有輕微的改善，也有非常明顯的改善。但是，與 2021 年或 2022 年初行業放緩之前的情況相比，目前的活動究竟如何呢？我們恢復正常節奏了嗎？顯然，人工智慧是其中的一部分。或者我們仍在努力達到這些水準？

Yeah. I mean, no, we've seen those levels consistently going back two years and they've kind of stayed at the same level. Obviously, AI, as we've been talking about, does continue to be a tailwind. I think you're seeing obviously that play out this quarter. And so we feel good about where we're at, and obviously as well, that's on the new logo side, we feel really good about the changes we made on the installed base side as well, both in the AI side as well as the non-AI side, we saw significant growth there.

是的。我的意思是，不，我們看到這些水平一直持續回落兩年，並且基本上保持在同一水平。顯然，正如我們一直在談論的，人工智慧確實繼續成為一種順風。我想您已經明顯地看到了本季的這種情況。因此，我們對目前的狀況感到滿意，顯然，這也是在新標誌方面，我們對在安裝基礎方面所做的改變也感到非常滿意，無論是在人工智慧方面還是非人工智慧方面，我們都看到了顯著的成長。

So I think we're, like I said, we're in a growth business both for our core business as well as AI. And so again, we feel good about the pipeline in the future.

所以我認為，就像我說的，我們的核心業務和人工智慧都在成長。因此，我們對未來的管道充滿信心。

Excellent. Congrats again.

出色的。再次恭喜。

Our next question will come from Rishi Jaluria from RBC.

我們的下一個問題來自 RBC 的 Rishi Jaluria。

Our next question will come from Catharine Tremblant from Rosenblatt.

我們的下一個問題來自 Rosenblatt 的 Catharine Tremblant。

Hi. Thank you for taking my question, and it's Trebnick, but who's keeping score. Congratulations to both of you. I hope you enjoy your retirement, looking forward to working with you, Bryan.

你好。感謝您回答我的問題，我是 Trebnick，但是誰來記錄分數呢？祝賀你們倆。我希望您享受退休生活，並期待與您合作，布萊恩。

So my question has to go back to the decision you made regarding the three executives who let go on Monday. What went into that methodology and why at this point in time?

所以我的問題必須回到你對週一解僱三位高階主管的決定。該方法論包含哪些內容？為什麼選擇在此時採用？

Yeah. Catharine, really good question. Look, we've really realign our executive team. We've had multiple promotions which we talked about, right, with Bryan and Tiffany Meriweather and then Matt Tuckness becoming Chief Revenue Officer. So look, we've had some people moving up and some people moving out if you want to think about it that way. We're trying to get efficient at the top.

是的。凱瑟琳，這個問題問得真好。瞧，我們確實重新調整了我們的執行團隊。我們討論過多次晉升，布萊恩和蒂芙尼·梅里韋瑟，然後馬特·塔克內斯成為首席營收官。所以，如果你願意這樣想的話，我們這裡有一些人晉升，也有一些人離開。我們正在努力提高頂層效率。

And look, combining marketing and sales under a Chief Revenue Officer created an opportunity for us to do that, right? So we just -- it's a bit about cost efficiency, but it's also about creating better ownership and alignment across these critical functions.

你看，在首席營收長的領導下將行銷和銷售結合起來為我們創造了這樣做的機會，對嗎？所以我們只是——這有點關於成本效率，但也是為了在這些關鍵功能之間建立更好的所有權和協調性。

So again, we were very thoughtful about this, and it really positions us for the future. And that was part of the reason we made all these changes at once, to really put the executive team in a structure, in my opinion, that we've got the best players in the best positions, so to speak, or the right players in the right positions for the future growth of this company. And that was one of my goals when I came back almost three years ago, Catharine, was to set this company up for the future. And I think that's what -- that was a big part of what we did here.

所以，我們對此進行了深思熟慮，這確實為我們的未來做好了準備。這也是我們一次做出所有這些改變的原因之一，在我看來，為了真正將管理團隊置於一個結構中，讓我們將最好的人安排在最好的位置，或者說將合適的人安排在合適的位置，以促進公司未來的發展。凱瑟琳，這是我三年前回國時的目標之一，就是為公司的未來做好準備。我認為這就是我們在這裡所做工作的很大一部分。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

And I'll echo my congrats. Maybe just wanted to spend a second on, you guys had mentioned Professional Services becoming a smaller portion of the revenue. I know you guys had put an emphasis on kind of building out that channel and kind of utilizing them for Professional Services. But just any update on that, particularly since you noted that customers are starting to ramp faster than expected, just kind of what traction are you seeing there and are there levers that could still be pulled to kind of speed implementations?

我也會再次表示祝賀。也許只是想花一點時間，你們提到專業服務在收入上所佔的比例越來越小。我知道你們非常重視建立該管道並利用它們提供專業服務。但是，關於這一點有什麼更新嗎？特別是您注意到客戶的成長速度比預期的要快，您看到了什麼樣的進展，是否還有可以加速實施的手段？

Yeah, great question, Meta. I'll start, and Andy, you can pile on. But we instituted Project Pull-Through, almost coming up on 2.5 years ago, and it's working really, really well in terms of the percentage of our implementations being done by third parties, and that means we're not having to grow our Professional Services capacity, and therefore we won't necessarily grow our PS revenue anywhere near as fast as we grow our subscription revenue.

是的，Meta，這個問題問得很好。我先開始，安迪，你也可以加入。但是我們在大約兩年半前啟動了“Pull-Through 專案”，從我們由第三方完成的實施比例來看，這個專案確實非常有效，這意味著我們不必擴大我們的專業服務能力，因此我們的 PS 收入的增長速度不一定會像我們的訂閱收入那樣快。

And look, it continues to increase internationally. It's a big mix of our implementations. And domestically, it's a growing percentage of those implementations, but we still got a lot of headroom in that regard. And look, we're getting, I think, a lot of contribution in terms of speed of deployment from our technology. So -- and when you start to leverage -- when we start to leverage our own technology, GenAI, these Agentic AI Agents are a perfect example.

看看吧，它在國際上還在持續成長。這是我們實施的一個大組合。在國內，這些實施的比例正在成長，但我們在這方面仍有很大的發展空間。而且我認為，就部署速度而言，我們的技術做出了巨大貢獻。所以——當你開始利用——當我們開始利用我們自己的技術 GenAI 時，這些 Agentic AI 代理就是一個完美的例子。

We can deploy them much faster. Then we could deploy an AI Agent even six months ago or a year ago. But Andy?

我們可以更快地部署它們。那麼我們甚至可以在六個月或一年前部署人工智慧代理。但是安迪？

Yeah. The last thing I'd say, too, I mean, you saw three of the new logos we announced. I mentioned that they were through a reseller. A lot of those partners that deliver those services are resellers. So I think our kind of overall balanced route to market strategy and our partner business is doing really, really well and that's kind of hand-in-hand, right, driving top line opportunities as well as helping us on the bottom line with the services.

是的。我最後要說的是，您看到了我們宣布的三個新標誌。我提到他們是透過經銷商購買的。許多提供這些服務的合作夥伴都是經銷商。因此，我認為我們整體平衡的市場策略路線和合作夥伴業務做得非常好，這是一種相輔相成的，既推動了營收機會，又幫助我們透過服務實現了盈利。

Mike Latimore, Northland.

麥克·拉蒂莫爾，北國。

Congrats on the strong quarter and the new roles. On agentic AI, can you talk a little bit about the potential ARPU impact there relative to kind of what you've had to date and maybe more traditional conversational AI? And then just clarify what percent of AI is usage based. I know you said it's a strong portion, but is it 90% or the 51%? Maybe a little bit more ballpark on that would be great.

恭喜本季取得的強勁業績以及新職位的順利完成。關於代理人工智慧，您能否談談相對於您迄今為止所擁有的技術以及更傳統的對話式人工智慧，其對 ARPU 的潛在影響？然後澄清一下人工智慧中有多少百分比是基於使用情況的。我知道您說這是一個很大的比例，但它是 90% 還是 51%？也許對此有更多的了解會更好。

Yeah. Mike, thank you for the questions. Look, I think from an agentic AI perspective and relative to ARPU, look, we're going to continue to deliver more advanced AI Capabilities and with that comes a slightly higher price point. I think we're 25% higher for our advanced AI agent than we were for our core AI Agent. So ARPU should trend north on that. No pun intended, Northland. And look, we haven't really projected what percentage exactly.

是的。麥克，謝謝你的提問。看，我認為從代理 AI 的角度來看，相對於 ARPU，我們將繼續提供更先進的 AI 功能，隨之而來的是略高的價格點。我認為我們的高級 AI 代理比核心 AI 代理高出 25%。因此，ARPU 應該呈現上升趨勢。北國，這不是雙關語。而且，我們還沒有真正預測出具體的百分比。

But look, a lot of our -- we talked about the top three products in AI being our AI Agent, what we used to call IVA, right, Agent Assist, as well as Workflow Automation. The first is capacity pricing. The second and third are pretty much consumption-based. And again, it's prepackaged consumption commitments. So it's not like our usage revenue that's kind of billed in arrears and you kind of -- we don't know what's coming.

但是看看，我們討論的許多人工智慧產品是我們的人工智慧代理，我們以前稱之為 IVA，對吧，代理助手，以及工作流程自動化。首先是容量定價。第二和第三基本上是基於消費的。再次強調，這是預先制定的消費承諾。因此，這不像我們的使用收入那樣是拖欠計費的，而且你有點——我們不知道會發生什麼。

These are pre-committed blocks of consumption, so you can really think of them as subscription kind of predefined from a sizing perspective with some overage charges for those other two products. So hopefully that gives you a sense. But again, our top three products, two of the three are consumption-based. One is capacity-based.

這些是預先承諾的消費區塊，因此您實際上可以從規模角度將它們視為預先定義的訂閱類型，並對其他兩種產品收取一些超額費用。希望這能給你一些啟發。但同樣，我們的前三種產品中有兩種是基於消費的。一是能力導向。

This concludes the Q&A portion of our call. I will now hand it back over to Mike for closing remarks.

我們的電話問答部分到此結束。現在我將把發言權交還給麥克，請他作最後發言。

All right. Well, thank you, everyone, for joining us today. Thanks to our employees, our customers, our shareholders, our partners. We're excited about the future. I'm excited about the future for Five9, and we look forward to keeping you up to date as we progress through the year. Thanks so much.

好的。好吧，謝謝大家今天加入我們。感謝我們的員工、我們的客戶、我們的股東、我們的合作夥伴。我們對未來充滿期待。我對 Five9 的未來充滿期待，我們期待今年內向您通報最新進展。非常感謝。