Five9 Inc (FIVN) 2025 Q3 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 benefit 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 our CCaaS revenue opportunities and current estimations regarding same, including the ability to leverage data in support of AI revenue opportunities, company growth, enhancements to and development of our solution, statements regarding our share purchase program, market size and trends, our expectations regarding macroeconomic 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.

感謝您今天蒞臨。本次電話會議期間所作的某些陳述並非歷史事實，包括有關公司未來財務業績和現金狀況、財務及相關指標的預期改善、某些客戶的預期年度經常性收入 (ARR)、某些預期收入結構變化、季節性預期、客戶增長、預期客戶從我們的解決方案（包括人工智能解決方案）中獲得擴張的收益、預期潛在市場規模 (TAM) 利用收入機會以及對此的當前估計（包括利用數據支持人工智慧收入機會的能力）、公司成長、我們解決方案的改進和開發、有關我們股份購買計劃、市場規模和趨勢、我們對宏觀經濟狀況的預期、公司市場和領導地位、舉措、產品線、技術和產品舉措（包括對研發和前瞻性的投資）以及其他未來事件或結果的目標

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 could adversely affect Five9's future results and cause these forward-looking statements to be inaccurate, including the impact of adverse economic conditions, including the impact of macroeconomic challenges, including continuing inflation, uncertainty regarding consumer spending, high interest rates, fluctuations in currency exchange rates, lower growth rates within our installed base of customers and the other risks discussed under the caption Risk Factors and elsewhere in Five9's annual and quarterly reports filed with the Securities and Exchange Commission.

此類說法只是預測，投資人不應過度依賴。實際事件或結果可能與上述內容有重大差異，本公司不承擔更新此類聲明中資訊的義務。這些聲明受到重大風險和不確定性的影響，這些風險和不確定性可能會對 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，包括不利的經濟狀況的影響，包括宏觀經濟挑戰的影響，例如持續的通貨膨脹、消費者支出的不確定性、高利率、匯率波動、現有客戶群增長率降低以及 Five9 向美國證券交易委員會的年度證券交易委員會的年度和其他季度報告。

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 Relations deck that can be found in the Investor Relations section of Five9's website at investors.five9.com. Also, please note that the information provided on this call speaks only to management's views as of today 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.

此外，管理階層將在本次電話會議中提及非GAAP財務指標。關於我們為何使用非GAAP財務指標以及GAAP與非GAAP績效和指引的調節信息，請參閱我們今天下午早些時候發布的新聞稿，以及Five9網站投資者關係頁面（investors.five9.com）的投資者關係資料附錄。此外，請注意，本次電話會議中提供的資訊僅代表管理層截至今日的觀點，在重播時可能不再準確。最後提醒大家，除非另有說明，否則所討論的財務數據均為非公認會計準則資料。

And now I'd like to turn the call over to Five9's Chairman and CEO, Mike Burkland.

現在我想把電話交給 Five9 的董事長兼執行長麥克伯克蘭。

Thanks, Tony. And thanks, everyone, for joining our call this afternoon. We're pleased to report a solid Q3 with continued momentum in bookings, highlighted by enterprise AI bookings growing more than 80% year-over-year, contributing to healthy improvements in backlog. Subscription revenue, which makes up 81% of total revenue, grew 10% year-over-year, primarily driven by enterprise AI revenue growing 41% year-over-year in the third quarter. In terms of profitability, adjusted EBITDA grew 37% year-over-year to a margin of 25%. We also generated record free cash flow, which grew 84% year-over-year to a margin of 13%.

謝謝你，托尼。感謝各位今天下午參加我們的電話會議。我們很高興地報告，第三季業績穩健，預訂量持續成長，其中企業人工智慧預訂量年增超過 80%，為積壓訂單的健康改善做出了貢獻。訂閱營收佔總營收的 81%，年增 10%，主要得益於企業 AI 營收在第三季年增 41%。從獲利能力來看，調整後的 EBITDA 年成長 37%，利潤率為 25%。我們也創造了創紀錄的自由現金流，年增 84%，利潤率為 13%。

The meaningful increase in profitability and cash flow is driven by the transformation initiatives we announced earlier this year.

獲利能力和現金流的顯著增長得益於我們今年稍早宣布的轉型計劃。

We continue to take action to drive operational improvements while investing in AI and go-to-market initiatives, maintaining a line of sight to our 2027 medium-term targets as we work toward the Rule of 40 and beyond.

我們將繼續採取行動，推動營運改進，同時投資人工智慧和市場推廣計劃，在努力實現 40 法則及更遠目標的同時，保持對 2027 年中期目標的關注。

Turning now to our business updates. Today, I'd like to focus my commentary on three key areas. First, our significant and evolving market opportunity ahead. Second, how we believe we're uniquely positioned to win in this new market of AI-powered CX; and third, our momentum with strategic partners.

接下來是我們的近期業務更新。今天，我想重點談談三個關鍵領域。首先，我們面前有著巨大且不斷變化的市場機會。其次，我們相信我們在這個人工智慧驅動的客戶體驗新市場中擁有獨特的優勢，能夠贏得勝利；第三，我們與策略夥伴的合作勢頭。

We are in the early innings of an industry shift in CX, where our market opportunity is being driven by multiple growth vectors. For instance, Gartner forecasts the market for traditional CCaaS to grow at a 9% CAGR and the GenAI customer service market to grow at a 34% CAGR through 2029 to a combined annual spend of $48 billion. We believe this growth will create a powerful tailwind for category leaders like Five9 as we continue to execute against this durable multiyear opportunity.

我們正處於客戶體驗產業變革的初期階段，我們的市場機會正由多個成長點驅動。例如，Gartner 預測，到 2029 年，傳統 CCaaS 市場將以 9% 的複合年增長率成長，而 GenAI 客戶服務市場將以 34% 的複合年增長率增長，兩者的年支出總額將達到 480 億美元。我們相信，隨著我們繼續掌握這一可持續的多年發展機遇，這種成長將為 Five9 等行業領導者帶來強勁的順風。

Furthermore, we believe Five9 is uniquely positioned to be the platform for orchestrating end-to-end customer experience across both AI agents and human agents. At the heart of our advantage is data. The contact center holds a brand's richest customer data, the full conversation history across every channel and every interaction. Our platform essentially remembers everything a customer has said, whether they spoke with a live agent or an AI agent through voice or digital. This creates what we call a relationship-based experience like when your favorite app [reaches] you by name, remembers your preferences and picks up exactly where you left off.

此外，我們相信 Five9 擁有獨特的優勢，可以成為協調人工智慧代理和人工代理之間端到端客戶體驗的平台。我們優勢的核心在於數據。聯繫中心擁有品牌最豐富的客戶數據，包括所有管道和每次互動的完整對話歷史記錄。我們的平台基本上會記住客戶所說的一切，無論他們是與真人客服還是人工智慧客服透過語音或數位方式交談過。這創造了我們所說的基於關係的體驗，就像你最喜歡的應用程式透過你的名字聯繫你，記住你的偏好，並從你上次離開的地方繼續一樣。

Every engagement feels personal, contextual and connected. AI point solutions can't replicate that because they only see isolated transactions, not the full relationship.

每一次互動都讓人感覺個人化、貼合情境且相互關聯。AI 點解決方案無法複製這一點，因為它們只能看到孤立的交易，而看不到完整的關係。

At its core, our platform is a real-time orchestration engine for every interaction across all channels, whether handled by a human agent or an AI agent. In addition to our suite of AI products, which you're all familiar with, we also infuse AI within our core platform. For example, we now have AI-based routing, which leverages AI to dynamically manage and route every interaction with context to the best human agent or AI agent regardless of channel. Additionally, our platform is uniquely positioned to deliver experiences that will allow human agents and AI agents to collaborate in real time. This can include experiences such as in queue self-service, where during a time a customer waits in queue for a live agent, an AI agent can proactively help resolve the issue, turning hold time into resolution time.

我們的平台的核心是一個即時編排引擎，用於協調所有管道的每一次互動，無論是由人工代理還是人工智慧代理處理。除了大家都很熟悉的AI產品套件之外，我們還將AI融入我們的核心平台。例如，我們現在有了基於人工智慧的路由，它利用人工智慧動態地管理和路由每一次交互，無論透過何種管道，都能將交互與上下文關聯起來，並分配給最合適的人工客服或人工智慧客服。此外，我們的平台具有獨特的優勢，能夠提供讓人類代理和人工智慧代理即時協作的體驗。這可以包括諸如排隊自助服務之類的體驗，當客戶排隊等待人工客服時，人工智慧客服可以主動幫助解決問題，將等待時間轉化為解決問題的時間。

Also, agent sidebar, where AI agents can quietly consult a human agent mid conversation to get help without interrupting the customer and AI barge-in, where a human can seamlessly step into an AI interaction to ensure the issue is resolved and the experience remains positive. These experiences showcase what only an end-to-end AI-powered CX platform can deliver. A continuous collaboration between human agents and AI agents, where each interaction enriches the next. That feedback loop compounds over time, creating a powerful data flywheel that strengthens performance, accuracy and personalization.

此外，還有代理側邊欄功能，人工智慧代理可以在對話過程中悄悄地諮詢人類代理以獲得幫助，而不會打斷客戶；以及人工智慧介入功能，人類可以無縫地介入人工智慧交互，以確保問題得到解決，並保持積極的體驗。這些經驗充分展現了只有端到端人工智慧驅動的客戶體驗平台才能提供的功能。人類代理與人工智慧代理之間持續協作，每一次互動都會豐富下一次互動。隨著時間的推移，這種回饋循環會不斷累積，形成強大的資料飛輪，從而增強效能、準確性和個人化。

In addition, we're being recognized by industry analysts for our platform-driven approach. For example, Five9 was named a leader in the 2025 Gartner Magic Quadrant for CCaaS for the eighth year, and we were also named a leader in IDC's inaugural MarketScape for European CCaaS. Analysts are recognizing us for strengths in our AI capabilities, cloud-native architecture, global scalability and strong European market presence. This dual recognition validates our strong market position, innovation and consistent customer satisfaction.

此外，我們的平台驅動型方法也得到了產業分析師的認可。例如，Five9 連續第八年被評為 2025 年 Gartner CCaaS 魔力像限的領導者，我們也被評為 IDC 首屆歐洲 CCaaS MarketScape 的領導者。分析師們認可我們在人工智慧能力、雲端原生架構、全球可擴展性和強大的歐洲市場地位方面的優勢。這項雙重認可證明了我們強大的市場地位、創新能力和始終如一的客戶滿意度。

These platform advantages are also driving momentum with our strategic partner ecosystem, including a major milestone we achieved in the third quarter. In September, we launched Five9 Fusion for ServiceNow, a turnkey AI-powered integration that unifies voice and digital interactions through real-time transcription and intelligent routing. This launch delivers two key capabilities. First, our transcript stream integrates directly with ServiceNow Workspace, enabling Now Assist to generate AI-powered summaries and resolution notes that dramatically reduce handle times. And second, our routing engine now directs ServiceNow digital channels and cases alongside Five9 channels for true omnichannel orchestration.

這些平台優勢也推動了我們與策略夥伴生態系統的發展勢頭，包括我們在第三季度取得的重大里程碑。9 月，我們推出了 Five9 Fusion for ServiceNow，這是一個開箱即用的 AI 驅動整合方案，它透過即時轉錄和智慧路由將語音和數位互動統一起來。此次發布帶來了兩項關鍵功能。首先，我們的轉錄流直接與 ServiceNow Workspace 集成，使 Now Assist 能夠產生 AI 驅動的摘要和解決方案說明，從而大幅縮短處理時間。其次，我們的路由引擎現在可以引導 ServiceNow 數位管道和案例與 Five9 管道一起進行管理，從而實現真正的全渠道協調。

This represents a significant milestone in our 8-year partnership with ServiceNow, and they're leaning in stronger than ever, demonstrated by our year-to-date ACV bookings with ServiceNow quadrupling with even greater acceleration in this third quarter.

這標誌著我們與 ServiceNow 8 年合作關係中的一個重要里程碑，他們比以往任何時候都更加積極地投入其中，這從我們今年迄今為止與 ServiceNow 的 ACV 預訂量翻了四倍，並在第三季度加速增長就可以看出。

We are also seeing strong traction with other key technology partners, including Salesforce, where year-to-date ACV bookings grew more than 60% and Google Marketplace, where our pipeline has tripled since the announcement of that partnership in Q1.

我們也與其他主要技術合作夥伴取得了強勁的進展，包括 Salesforce（今年迄今的 ACV 預訂量成長了 60% 以上）和 Google Marketplace（自第一季宣佈建立合作夥伴關係以來，我們的銷售管道成長了兩倍）。

Our strategy of building meaningful partnerships remains a key strength as our long-standing alliances with key partners continue to differentiate us in the market. Additionally, we're seeing ongoing momentum, particularly upmarket, where enterprises are looking to create holistic customer experience strategies that seamlessly integrate with their core business systems.

我們建立有意義的合作夥伴關係的策略仍然是我們的關鍵優勢，我們與主要合作夥伴的長期聯盟繼續使我們在市場上脫穎而出。此外，我們看到持續的成長勢頭，尤其是在高端市場，企業正在尋求創建能夠與其核心業務系統無縫整合的整體客戶體驗策略。

In conclusion, we're optimistic about the foundation we are building for the next decade. At our upcoming CX Summit, we will be announcing new innovations that we believe will set the stage for the next wave of growth as we continue to lead the AI-powered CX revolution with our end-to-end platform to orchestrate interactions across the continuum of AI agents and human agents to deliver what we call the New CX. Importantly, we're doing so with a balanced approach by driving operating leverage and investing in what we believe are the highest return opportunities to drive innovation and durable growth for our business.

總之，我們對未來十年正在奠定的基礎感到樂觀。在即將舉行的 CX 峰會上，我們將宣布一些新的創新，我們相信這些創新將為下一波增長奠定基礎，我們將繼續引領 AI 驅動的 CX 革命，透過我們的端到端平台協調 AI 代理和人類代理之間的互動，從而提供我們所謂的新 CX。重要的是，我們採取平衡的方法，透過提高營運槓桿和投資我們認為回報最高的機會來推動創新，並實現業務的可持續成長。

I want to thank our team of Five9ers for their unwavering dedication to strengthening our leadership position. I'm extremely excited about the future of Five9 and confident we have the platform and the expertise to drive long-term growth.

我要感謝 Five9ers 團隊的全體成員，感謝他們為鞏固我們的領導地位所做的不懈努力。我對 Five9 的未來充滿信心，並相信我們擁有推動長期成長的平台和專業知識。

Before turning it over to Andy, I'd like to provide a quick update on our CEO search. As you know, we're focused on identifying a leader with experience and a proven track record in product innovation, a commitment to operational excellence at scale and a growth mindset to further capture market share in this expanding TAM driven by AI. I'm pleased to report that the search is progressing well with our ongoing goal of announcing a successor by year-end.

在把發言權交給安迪之前，我想先簡單匯報一下我們尋找執行長的最新進展。如您所知，我們致力於尋找一位在產品創新方面擁有經驗和成功記錄、致力於大規模卓越運營並具有增長思維的領導者，以進一步在這個由人工智能驅動的不斷擴大的TAM市場中獲取市場份額。我很高興地報告，遴選工作進展順利，我們將繼續朝著年底前宣布繼任者的目標努力。

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

接下來，我將把發言權交給我們的主席安迪·迪格南。安迪，你繼續。

Thank you, Mike, and good afternoon, everyone. We were pleased to deliver another solid bookings quarter in Q3. We won the highest number of $1 million-plus ARR new logos in two years, and our installed base bookings hit another all-time high, driven by ongoing strength in upsell and cross-sell activities. For example, a major U.S. card servicer chose Five9 in a $3.7 million ARR deal.

謝謝你，麥克，大家下午好。我們很高興第三季再次取得了穩健的預訂業績。我們贏得了兩年內最多的年經常性收入超過 100 萬美元的新客戶，並且我們的安裝基礎預訂量也達到了歷史新高，這得益於追加銷售和交叉銷售活動的持續強勁增長。例如，美國大型信用卡服務商選擇 Five9 作為其價值 370 萬美元的年度經常性收入 (ARR) 服務商。

A multistate hospital system selected Five9 in a $2.7 million ARR deal. A leading European mobile and broadband provider partnered with Five9 in a $1.3 million ARR deal. And a global parcel delivery leader expanded their relationship with Five9 in a $3.5 million ARR deal.

一家跨州醫院系統選擇 Five9，達成了一項價值 270 萬美元的年度經常性收入 (ARR) 協議。歐洲領先的行動和寬頻供應商與 Five9 達成了一項價值 130 萬美元的年度經常性收入 (ARR) 協議。全球領先的包裹遞送公司與 Five9 達成了一項價值 350 萬美元的年度經常性收入 (ARR) 協議，擴大了雙方的合作關係。

Looking ahead, we remain encouraged by the momentum of our business, fueled by pipeline and RFP activities sustaining elevated levels. In addition, we are increasingly winning competitive evaluation against AI point solution providers as enterprises recognize the value of our unified platform where AI is natively embedded across the entire customer journey.

展望未來，我們仍對業務發展動能感到鼓舞，這得益於專案儲備和招標活動持續保持高位。此外，隨著企業意識到我們統一平台（人工智慧原生嵌入整個客戶旅程）的價值，我們在與人工智慧單點解決方案供應商的競爭評估中也越來越佔上風。

I'd like to talk about four examples of customers experiencing AI elevated CX because of the Five9 platform advantages. The first example is the global parcel delivery leader already on our core platform who is moving off an AI point solution in order to take advantage of our contextual data for hyper-personalization plus our deep integrations to their third-party systems. In addition, the efficiency gain for being able to have real-time insights across human agents and AI agents was another key reason they selected our AI-powered platform.

我想談談四個客戶如何透過 Five9 平台的優勢體驗到 AI 帶來的卓越客戶體驗的例子。第一個例子是全球包裹遞送領導者，他們已經在我們的核心平台上，現在正從 AI 點解決方案轉向利用我們的上下文資料進行高度個人化，以及我們與第三方系統的深度整合。此外，能夠即時洞察人類代理和人工智慧代理之間的訊息，從而提高效率，這也是他們選擇我們人工智慧驅動平台的另一個關鍵原因。

The second example is a commercial vehicle financing provider who uses Five9 AI to support multilingual F&I servicing across North America, orchestrating seamless journeys from AI agents to human agents with deep CRM integration and omnichannel visibility.

第二個例子是一家商用車融資提供商，該公司使用 Five9 AI 為北美地區的多語言 F&I 服務提供支持，透過深度 CRM 整合和全通路可見性，協調從 AI 代理到人工代理的無縫流程。

The third example is a regional digital bank who monetized their services with Five9 AI-powered routing, Agent Assist for banking integrations, enabling real-time orchestration of financial interactions while preserving full customer context across channels. And the last example is a major academic health system who replaced legacy IVRs with Five9 AI to improve patient access and scheduling, using our end-to-end platform to orchestrate voice and digital journeys with shared context between AI agents and human agents.

第三個例子是一家區域性數位銀行，它利用 Five9 AI 驅動的路由和 Agent Assist 進行銀行集成，實現了服務貨幣化，從而能夠實時協調金融互動，同時在各個渠道保留完整的客戶上下文。最後一個例子是一家大型學術醫療系統，該系統使用 Five9 AI 取代了傳統的 IVR，以改善患者就診和預約流程。他們利用我們的端到端平台，在 AI 代理和人類代理之間共享上下文，協調語音和數位旅程。

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

接下來，我會把發言權交給布萊恩，讓他為大家介紹財務狀況。布萊恩？

Thank you, Andy. Before we dive into our quarterly results, I'm excited to announce our inaugural $150 million share repurchase program, which is an important milestone that reflects a deep conviction in our long-term growth opportunity. We believe Five9's current valuation does not reflect our intrinsic value, particularly when considering the total platform opportunity for both our core CCaaS and AI-driven growth. The structure of the program includes an allocation of $50 million through an accelerated repurchase program, which we expect to complete before the end of Q1 2026 and the remaining $100 million balance open for up to two years. This program underscores our commitment to a disciplined and balanced approach to capital allocation and delivering strong returns to shareholders.

謝謝你，安迪。在深入探討季度業績之前，我很高興地宣布我們首個 1.5 億美元的股票回購計劃，這是一個重要的里程碑，體現了我們對長期成長機會的堅定信念。我們認為 Five9 目前的估值未能反映其內在價值，尤其是在考慮到我們核心 CCaaS 和 AI 驅動成長的整體平台機會時。該計劃的結構包括透過加速回購計畫分配 5,000 萬美元，我們預計將在 2026 年第一季末之前完成，剩餘的 1 億美元餘額將開放至多兩年。該計劃彰顯了我們對資本配置採取嚴謹平衡的方式，並為股東帶來豐厚回報的承諾。

Now turning to our financial update for the third quarter. Q3 revenue came in at $286 million, representing 8% growth year-over-year. Subscription revenue grew above total revenue at 10% year-over-year, driven by enterprise AI revenue growing 41% year-over-year, now making up 11% of enterprise subscription revenue. As anticipated, revenue growth was negatively impacted by approximately 5 percentage points due to a tough compare from our largest customer completing its multiyear ramp throughout 2024 and from minimal seasonal uptick compared to Q3 '24. As a reminder, subscription revenue reflects both customer growth and product expansion, including our AI solutions.

現在來看我們第三季的財務更新。第三季營收為 2.86 億美元，年增 8%。訂閱收入年增 10%，高於總收入，主要得益於企業 AI 收入年增 41%，目前佔企業訂閱收入的 11%。正如預期的那樣，由於我們最大的客戶在 2024 年完成了多年的成長計劃，以及與 2024 年第三季相比季節性成長微乎其微，導致收入成長受到約 5 個百分點的負面影響。需要提醒的是，訂閱收入反映了客戶成長和產品擴張，包括我們的人工智慧解決方案。

Subscription revenue represented 81% of total revenue, up from 79% a year ago. And we expect this mix shift to continue as we focus on high-margin subscription dollars increasingly led by our AI solutions.

訂閱收入佔總收入的 81%，高於一年前的 79%。我們預計這種組合轉變將會持續下去，因為我們將越來越專注於以人工智慧解決方案為主導的高利潤訂閱收入。

Telecom usage represented 12% of revenue and professional services made up the remaining 7%. By design, these two categories are not growth drivers and steadily becoming a smaller percentage of total revenue. On an LTM basis, enterprise contributed approximately 91% of total revenue with the subscription portion growing 18% year-over-year.

電信業務收入佔總收入的 12%，專業服務收入佔剩餘的 7%。從設計上講，這兩個類別並非成長驅動因素，並且正在穩步減少其在總收入中所佔的比例。從過去 12 個月的數據來看，企業收入約佔總收入的 91%，訂閱收入較去年同期成長 18%。

Our commercial business represented the remaining 9% and declined in the teens year-over-year as we continue to focus upmarket, which has better unit economics. The year-over-year decline in commercial is more pronounced than anticipated, but we're in the process of recalibrating and expect to get to historical year-over-year trends within the next couple of quarters.

我們的商業業務佔剩餘的 9%，比去年同期下降了十幾個百分點，因為我們繼續專注於高端市場，因為高端市場的單位經濟效益更好。商業收入同比下降幅度比預期更為明顯，但我們正在進行調整，預計將在未來幾季內恢復到歷史同比趨勢水準。

LTM dollar-based retention rate came in at 107% in the third quarter, down sequentially from 108% in Q2, which is within the small band we spoke about last quarter. This was driven by the tough compare I mentioned a moment ago regarding subscription revenue growth. In Q4, we anticipate DBRR to continue to be range bound, but expect upside in 2026.

第三季的 LTM 美元留存率為 107%，較第二季的 108% 有所下降，但仍處於我們上個季度討論的較小範圍內。這是由於我剛才提到的訂閱收入成長方面存在嚴峻的對比所致。我們預計第四季 DBRR 將繼續在區間內波動，但預計 2026 年將出現上漲。

Turning now to profitability. Q3 adjusted gross margin was 63%, up approximately 100 basis points year-over-year, while adjusted EBITDA margin reached a record of 25%, up approximately 530 basis points year-over-year. This marks our fifth consecutive quarter of year-over-year expansion in both metrics. The consistent improvement is driven by our revenue mix shift toward higher-margin subscription revenue, combined with operating leverage as we scale and achieve cost efficiencies from our transformation initiatives. Additionally, we continue to boost productivity as demonstrated by our revenue per employee increasing 12% year-over-year.

現在來談談獲利能力。第三季調整後毛利率為 63%，年成長約 100 個基點；調整後 EBITDA 利潤率達到創紀錄的 25%，較去年同期成長約 530 個基點。這標誌著我們連續第五個季度在這兩項指標上都實現了同比增長。持續改善的驅動力在於我們收入結構向利潤率更高的訂閱收入轉變，以及隨著我們規模擴大和轉型舉措帶來的成本效益提升而產生的營運槓桿效應。此外，我們的生產力持續提高，員工人均收入年增 12% 就證明了這一點。

Q3 GAAP EPS was $0.21 per diluted share, representing four consecutive quarters of positive GAAP earnings, while non-GAAP EPS came in at $0.78 per diluted share. In terms of cash, both operating and free cash flow reached record highs. We generated $59 million or 21% of revenue in operating cash flow and $38 million or 13% of revenue in free cash flow.

第三季 GAAP 每股收益為 0.21 美元（稀釋後），連續四個季度實現 GAAP 盈利；非 GAAP 每股收益為 0.78 美元（稀釋後）。現金方面，經營現金流量和自由現金流均創歷史新高。我們透過經營活動創造了 5,900 萬美元的收入（佔總收入的 21%），透過自由現金流創造了 3,800 萬美元的收入（佔總收入的 13%）。

Turning now to guidance for the fourth quarter and full year 2025. For Q4 revenue, we're guiding to a midpoint of $297.7 million, which represents sequential growth of 4%. Despite our ongoing expectations of minimal seasonality, the 4% sequential growth is higher than our typical guidance pattern for Q4 due to revenue contributions from the backlog driven by both new logo and installed base bookings from past quarters that are starting to ramp. For full year 2025 revenue, we're maintaining our guidance at $1.146.5 billion, which represents double-digit growth for the full year. For Q4 non-GAAP EPS, we're guiding to a midpoint of $0.78 per diluted share, which reflects our ongoing disciplined cost management and an estimated 1.7 million shares being retired through our accelerated share repurchase, offset by lower interest income.

接下來展望2025年第四季和全年業績。對於第四季營收，我們預計中位數為 2.977 億美元，季增 4%。儘管我們一直預期季節性影響最小，但由於過去幾季積壓訂單（包括新客戶訂單和現有客戶訂單）開始加速成長，導致第四季環比成長 4%，高於我們通常的第四季指導水準。對於 2025 年全年營收，我們維持先前 11.465 億美元的預期，這意味著全年將實現兩位數成長。對於第四季度非GAAP每股收益，我們預計中位數為每股攤薄收益0.78美元，這反映了我們持續嚴格的成本管理以及透過加速股票回購計畫註銷的約170萬股股票，但被較低的利息收入所抵銷。

For full year 2025 non-GAAP EPS, we're raising the midpoint by $0.06 to $2.94 per diluted share. Additionally, we're raising our full year 2025 adjusted EBITDA margin expectations to approximately 23% compared to our prior outlook of 22%.

我們將 2025 年全年非 GAAP 每股盈餘的中點值上調 0.06 美元至每股攤薄收益 2.94 美元。此外，我們將 2025 年全年調整後 EBITDA 利潤率預期從先前的 22% 上調至約 23%。

In summary, 2025 has been a year of transition, shaped by multiple financial and operational dynamics. However, I'd like to provide some perspectives on how we expect the business to inflect as we progress throughout 2026. It's important to understand the evolution we are seeing in how bookings convert to revenue, particularly for our recent installed base expansions, including more AI products. Deployment of these AI solutions and expansions into additional departments within existing customers have longer implementation cycles, typically converting to revenue over multiple quarters. This translates to a meaningful portion of the strong installed base bookings we've been achieving layering into revenue progressively throughout 2026 with the most significant impact in the second half of the year.

總而言之，2025 年是充滿變革的一年，受到多種金融和營運因素的影響。不過，我想就我們預計 2026 年業務將如何變化提供一些看法。了解預訂轉化為收入的演變過程非常重要，特別是對於我們最近擴大的安裝基礎，包括更多的人工智慧產品。這些人工智慧解決方案的部署以及向現有客戶的其他部門的擴展，實施週期較長，通常需要多個季度才能轉化為收入。這意味著我們一直以來所取得的強勁的安裝基礎預訂量中，相當一部分將在 2026 年逐步轉化為收入，其中下半年的影響最為顯著。

And this is in addition to our new logos in the backlog ramping throughout 2026.

此外，我們的新商標也已列入 2026 年的待發布清單中。

Given these factors, we expect the sequential change in Q1 '26 revenue to be relatively flat, followed by momentum building quarter-over-quarter throughout the year. From a year-over-year perspective, we expect revenue to return to double-digit growth in the second half of 2026. As a result, we're comfortable with the current Street consensus revenue of $1.254 billion for 2026. On the bottom line, our historical pattern is for Q1 to step down sequentially, representing our lowest quarterly EPS of the year. And we expect that same pattern to continue in 2026.

鑑於這些因素，我們預計 2026 年第一季的營收季減將相對平穩，隨後全年將逐季成長。從年比來看，我們預計 2026 年下半年營收將恢復兩位數成長。因此，我們對華爾街目前普遍預測的 2026 年營收 12.54 億美元感到滿意。總而言之，根據我們以往的經驗，第一季業績通常會逐季下滑，這代表我們全年最低的季度每股收益。我們預計2026年也會出現同樣的趨勢。

We anticipate sequential improvement in Q2 with more meaningful acceleration in the second half, particularly Q4.

我們預計第二季業績將逐步改善，下半年，特別是第四季度，業績將加速成長。

For the full year 2026, we expect to exceed the current Street consensus non-GAAP EPS of $3.14 per diluted share. Also, we expect annual adjusted EBITDA margin to expand by at least 100 basis points year-over-year to 24% plus in 2026. Lastly, we expect annual free cash flow to be approximately $175 million in 2026.

我們預計 2026 年全年非 GAAP 每股盈餘將超過目前華爾街普遍預期的 3.14 美元（稀釋後）。此外，我們預計到 2026 年，年度調整後 EBITDA 利潤率將年增至少 100 個基點，達到 24% 以上。最後，我們預計 2026 年的年度自由現金流約為 1.75 億美元。

In closing, Q3 reflects strong execution on our transformation initiatives, which are driving bookings momentum and meaningful operating leverage. We remain laser-focused on achieving the Rule of 40 in 2027 with a return to double-digit total revenue growth, driven by bookings strength in both core CCaaS and AI, coupled with ongoing margin expansion. The share repurchase program we announced today demonstrates our confidence in the team's ability to execute and create long-term shareholder value.

總而言之，第三季反映了我們轉型計畫的強勁執行，這些計畫正在推動預訂量成長和顯著的營運槓桿作用。我們將繼續全力以赴，力爭在 2027 年實現 40 法則，恢復兩位數的總收入成長，這主要得益於核心 CCaaS 和 AI 業務的強勁預訂量，以及利潤率的持續擴張。我們今天宣布的股票回購計畫顯示了我們對團隊執行能力和創造長期股東價值的信心。

Operator, please open the line for questions.

接線員，請開通提問線。

(Operator Instructions) DJ Hynes, Canaccord.

（操作說明）DJ Hynes，Canaccord。

Bryan, I'm going to start with you and just what happened in the quarter. I mean, look, Five9 has generally been known for being pretty measured with its guidance. I look at Q1 of this year, you beat the high end by $7.2 million. Q2, you beat it by $7.8 million. This quarter, we're only at the high end of the guidance range. So I guess it begs the question like what changed? What happened in the quarter?

布萊恩，我先從你開始，問問這季到底發生了什麼事。我的意思是，你看，Five9 通常以其穩健的指導風格而聞名。我看了今年第一季的業績，你們比預期高出720萬美元。第二季度，你比它多賺了780萬美元。本季度，我們僅達到預期範圍的高端。所以，這就引出了一個問題：究竟發生了什麼變化？本季發生了什麼事？

Yes, DJ, thanks for the question. So just a couple of points I want to make there. First of all, we're in the current growth environment that we're transitioning through. We do not expect big beats, number one. And then if you think about the quarter, I'm going to stick with subscription revenue that represents 81% of our revenue.

是的，DJ，謝謝你的提問。所以，我只想提幾點。首先，我們正處於當前的成長環境轉型期。第一，我們並不期待會有大的起伏。如果從季度來看，我還是會堅持訂閱收入，它占我們總收入的 81%。

There are two components. So it grew 10% year-over-year in Q3 versus 16% in the quarter before. So that 6 percentage point differential, 5 percentage point of those 6 percentage point is made up by the tough compares that we've been talking about all year long, right? We have the headwind from our largest customer who is finishing its multiyear ramp throughout 2024, making a tough comparison as well as our seasonal uptick that was very strong last year, that was very minimal at this time in Q3.

它由兩個部分組成。因此，第三季年增10%，而上一季年增16%。所以，這 6 個百分點的差距中，有 5 個百分點是由我們全年都在討論的那些艱難的比較所造成的，對吧？我們面臨著來自最大客戶的不利因素，該客戶將在 2024 年完成其多年增長計劃，這將導致今年的業績與去年同期相比大幅下滑；此外，我們去年強勁的季節性增長在第三季度此時也微乎其微。

And then there's a third component that was unanticipated in the sense that earlier, I mentioned the commercial revenue declining year-over-year in the teens. So that was more than what we anticipated. And there are really two key drivers there. One was we underallocated demand gen spend toward commercial during the quarter. And the other piece is that we had a gap in sales capacity as we promoted more commercial reps to enterprise than normal.

此外，還有第三個出乎意料的因素，正如我之前提到的，商業收入比去年同期下降了十幾個百分點。這比我們預期的還要多。實際上，這其中有兩個關鍵驅動因素。其中一個問題是，本季我們對商業需求產生支出的分配不足。另一方面，由於我們提拔了比平常更多的商業代表到企業銷售部門，導致我們的銷售能力出現了缺口。

So we're in the process of recalibrating that, and we anticipate over the next couple of quarters to kind of return the commercial revenue growth -- revenue year-over-year trends back to the historical norms. But those are kind of the puts and takes that went through the quarter.

因此，我們正在重新調整，預計在接下來的幾個季度裡，商業收入成長——年比收入趨勢將恢復到歷史正常水平。但這些就是本季發生的買賣交易。

And DJ, I'll just add, promoting those reps from our commercial team to our enterprise team, that happens naturally. That's our farm system for talent internally. So again, from time to time, we get a lot of promotions that happen. And then what you have is in commercial, you've got reps that are ramping, right? So that was part of it.

DJ，我還要補充一點，將我們商業團隊的代表提拔到企業團隊，這是自然而然發生的。這是我們內部培養人才的體系。所以，我們時不時會有很多促銷活動。然後，在商業領域，你會看到一些銷售代表正在逐步增加收入，對吧？所以，那是其中的一部分。

Siti Panigrahi, Mizuho.

Siti Panigrahi，瑞穗銀行。

I just wanted to ask about this -- your installed base booking. Last quarter, it was record bookings. Again, another quarter of record bookings. Why it's taking so long to translate that to revenue? I understand it takes maybe a couple of quarters.

我只是想問一下關於你們的預訂量的問題。上季預訂量創下紀錄。又一個季度預訂量創下新高。為什麼需要這麼長時間才能將這些轉化為收入？我知道可能需要兩枚硬幣。

But Bryan, based on your guidance, it appears now a little bit more like a year, like Q2 when we'll start seeing that. Can you help us understand and what can you do to further accelerate that?

但是布萊恩，根據你的指導，現在看來更像是需要一年時間，大概在第二季我們才能開始看到這種情況。您能否幫助我們理解這一點，以及您可以採取哪些措施來進一步加快這一進程？

Yes, absolutely. So Siti, the installed base bookings, as you've heard in the last two quarters, have hit all-time highs, which is great. And a lot of that is through upsell, cross-sell of software, including AI and new business units that we're discovering within our existing customer base. So these kind of bookings, and we're having more and more of those each quarter, they have a ramp converting from bookings to revenue, very similar to new logos essentially.

是的，絕對的。所以Siti，正如你在過去兩個季度所聽到的，已安裝基礎預訂量已達到歷史最高水平，這很棒。其中許多是透過軟體的追加銷售和交叉銷售實現的，包括人工智慧和我們在現有客戶群中發現的新業務部門。所以這類預訂，而且我們每季都會收到越來越多的這類預訂，它們從預訂到收入的轉換過程與新客戶非常相似。

So that's why our Q4 guide, if you look at it, the sequential growth there is rounding up to 4%, which is higher than the typical guidance that we give for Q4. And that reflects the backlog of not just new logos, but installed base bookings that are starting to convert into revenue. And then not just Q4, but into 2026 as well. So this is a new dynamic, but one that we have taken into consideration for our guidance.

所以這就是為什麼我們的第四季業績指引，如果你看一下，你會發現環比成長約為 4%，高於我們通常給出的第四季業績指引。這反映出積壓的訂單不僅包括新客戶，還包括已安裝客戶的預訂，這些預訂正開始轉化為收入。而且不僅是第四季度，一直到 2026 年也是如此。所以這是一種新的動態，但我們在製定指導方針時已將其考慮在內。

Ryan MacWilliams, Wells Fargo.

瑞安‧麥克威廉斯，富國銀行。

And look, we'd love to hear about what the bookings environment in the third quarter was like and how that's evolved with all the attention on AI now. And I know this is less a part of your business at this point, but I still have to check in just on the holiday season usage in terms of how we could see seasonal hiring for seats there, both for open enrollment and retail customers.

我們很想了解第三季的預訂情況，以及隨著現在對人工智慧的關注，預訂情況發生了怎樣的變化。我知道這在目前來說與您的業務關係不大，但我仍然需要了解一下假期期間的使用情況，看看我們是否需要招聘季節性員工來填補空缺，包括面向公開註冊和零售客戶的席位。

I'll start, Andy, feel free to chime in and Bryan, too. But good to see you, Ryan. Look, some highlights for the quarter. AI bookings up 80% year-over-year. We're really, really pleased with that.

我先來，安迪，布萊恩也歡迎你隨時補充。很高興見到你，瑞恩。以下是本季的一些亮點。人工智慧預訂量較去年同期成長 80%。我們對此非常非常滿意。

And again, the momentum in AI is continuing. But I'll add that our non-AI bookings in enterprise was actually a Q3 record as well. And again, as these worlds come together over time, we're still breaking out kind of our AI products from our non-AI products for you all in terms of revenue and bookings commentary. But look, it's a good bookings environment. As we just talked about, there's a little lag in the engine given the character of the bookings.

人工智慧的發展勢頭依然強勁。但我還要補充一點，我們在企業領域的非人工智慧預訂量實際上也創下了第三季的紀錄。再次強調，隨著這些領域逐漸融合，我們仍在為大家區分人工智慧產品和非人工智慧產品在收入和預訂方面的差異。但是，你看，這是一個不錯的預訂環境。正如我們剛才討論的那樣，考慮到預訂的特殊性，引擎會有一些延遲。

But look, highest number of $1 million-plus logos in two years, that's great and an all-time record for installed base bookings. So all in all, we're really pleased with the bookings momentum, but didn't mean to steal your thunder.

但你看，這是兩年來單筆超過 100 萬美元的廣告數量最多的一次，這很棒，也是已安裝客戶群預訂量的歷史最高紀錄。總而言之，我們對預訂勢頭非常滿意，但無意搶了你們的風頭。

No, no, that's fully...

不，不，那完全是…

Let me touch on seasonality real quick, Ryan. So -- it was actually quite a few interesting dynamics that we saw. And I'm going to focus -- if you recall, we surveyed our top seasonal customers back in July, and I'm going to stick with the consumer vertical with those customers because it's a good proxy. So on the subscription side, we saw that it was minimal seasonality as they had anticipated. But on the telecom usage side, we did see a slight uptick.

瑞恩，我簡單談談季節性問題。所以——我們確實看到了一些很有趣的動態。我將重點放在——如果你還記得的話，我們在7月份調查了我們最重要的季節性客戶，我將繼續關注這些消費者垂直領域的客戶，因為這是一個很好的代表。因此，在訂閱方面，我們看到季節性影響很小，正如他們預期的那樣。但在電信使用方面，我們確實看到略有上升。

And so we went back to those customers, and they actually observed the same in terms of volume of interactions coming into their contact center where they saw a small uptick.

因此，我們再次聯繫了這些客戶，他們也觀察到了同樣的情況，他們的呼叫中心互動量略有上升。

So they're in the process of monitoring that really closely to see if in the back part of November and December, we see a much stronger uptick then, in which case, they will, to the extent possible, expand their seasonal business with us. So right now, the way the guide is set up, we're still expecting minimal seasonality, but there is -- if there is that uptick, then that would be potentially a small upside for us.

所以他們正在密切關注，看看在 11 月下旬和 12 月是否會出現更強勁的成長，如果出現成長，他們將在可能的情況下擴大與我們之間的季節性業務。所以就目前的情況來看，根據指南的設置，我們仍然預計季節性影響很小，但是——如果出現這種增長，那麼對我們來說可能會有一個小小的好處。

Catharine Trebnick, Rosenblatt.

Catharine Trebnick，Rosenblatt。

Andrew King here on for Catharine Trebnick. Just wanted to double-click on the international really quickly. Good to see that IDC report out. Just wanted to hear what you see your differentiator as over in that market? And how is that BT relationship helping you progress over there?

安德魯金代替凱瑟琳特雷布尼克為您報道。我只是想快速雙擊國際漫遊圖示。很高興看到IDC發布了這份報告。只是想聽聽您認為您在那個市場上的差異化優勢是什麼？那麼，你與英國電信的合作關係對你在那邊的發展有何幫助？

Yes. The BT relationship continues to be strong for us. I mean, obviously, they bring to bear sort of the reseller type market. They bring their services to bear. And so we continue to have a lot of success there.

是的。我們與BT的合作關係依然穩固。我的意思是，很顯然，他們引入了某種經銷商市場。他們發揮了各自的作用。因此，我們在那裡持續取得了巨大的成功。

And look, we've been saying it, international has a lot of upside for us, and we continue to lean heavily on the partner go-to-market. We still have direct business. And so we feel good about how that's tracking and again, continue to invest in that space, both obviously, in our core business, but then AI and digital as well. As many of you might know, in the international space, digital is sort of a key technology area. So if we continue to expand that business, it's going to pay off for us.

而且，我們一直都說，國際市場對我們來說有很多發展潛力，我們將繼續大力依靠合作夥伴的市場拓展策略。我們仍然有直接業務往來。因此，我們對目前的進展感到滿意，並將繼續投資於該領域，不僅包括我們的核心業務，還包括人工智慧和數位領域。正如你們許多人可能知道的那樣，在國際領域，數位化是一個關鍵的技術領域。所以如果我們繼續拓展這項業務，最終會為我們帶來回報。

Terry Tillman, Truist.

Terry Tillman，Truist。

This is Connor Passarella on for Terry. Just wanted to kind of follow up on the Salesforce relationship, particularly on the drivers of the booking strength that you called out there. Is there a way to maybe frame the performance across the two opportunities that you have within that ecosystem being Agentforce and Service Cloud?

這是康納·帕薩雷拉替補特里上場。我只是想跟進一下 Salesforce 的合作關係，特別是您剛才提到的促成預訂量成長的因素。是否有辦法從 Agentforce 和 Service Cloud 這兩個生態系統中的機會來評估其績效？

Yes. What I would say would be -- so Service Cloud is obviously a key focus for Salesforce and us. We have over 1,000 joint customers, and we partner in every opportunity together with Salesforce to make sure that we're moving that forward. That's really why we came up with sort of the Fusion framework, which that Fusion framework is just sort of our framework for how we integrate the CRM, whether that's Salesforce, ServiceNow or others. And so we're having a lot of success in that route to market sort of the self-service arena. Sorry, the Agentforce is the second opportunity.

是的。我想說的是——顯然，Service Cloud 是 Salesforce 和我們關注的重點。我們擁有超過 1000 個共同客戶，我們與 Salesforce 攜手合作，把握每一個機會，確保我們持續向前發展。這就是我們提出 Fusion 框架的原因，Fusion 框架是我們用於整合 CRM 的框架，無論是 Salesforce、ServiceNow 或其他 CRM。因此，我們在自助服務領域這種市場推廣方式上取得了巨大的成功。抱歉，Agentforce 是第二次機會。

Look, I think it's still early days for Agentforce. And when we go into an opportunity, we want to win the core CCaaS. Obviously, Salesforce has CRM and like the best solution for the customers where we align on. And again, back to that Fusion, it's really about customers wanting to understand what they get, what's the benefit out of us coming together. And I think that's been -- has helped drive opportunity because our sales teams and Salesforce sales teams are all essentially saying the same thing in terms of the benefits to the customer.

我認為Agentforce現在還處於早期階段。當我們抓住機會時，我們希望贏得核心 CCaaS 市場。顯然，Salesforce擁有CRM系統，並且是我們認同的、最適合客戶的解決方案。再說一遍，回到融合的話題，這實際上是客戶想要了解他們能得到什麼，我們走到一起有什麼好處。我認為這有助於推動機會，因為我們的銷售團隊和 Salesforce 銷售團隊在客戶利益方面基本上都表達了相同的觀點。

And I'll just add that the momentum with Salesforce and our joint customers is very, very strong. I talked about the 60% year-over-year growth in bookings year-to-date.

我還要補充一點，Salesforce 和我們的共同客戶的發展勢頭非常強勁。我談到了今年迄今為止預訂量同比增長 60% 的情況。

Raimo Lenschow, Barclays.

雷莫·倫肖，巴克萊銀行。

A question from me. If I look into the data -- the call center space, sorry, there's a lot of -- there seems to be -- especially on the higher end, there seems to be still a lot of like on-premise old technology stuff. And I know everyone is focused on AI at the moment, but it does feel almost like we're doing step two before we do step 1. Can you see a little bit what you see in your conversations? Does that kind of -- are people realizing they actually need to move and you guys obviously have been moving kind of higher, you were a cloud vendor from the very beginning. Can you see that in the conversation and in the pipeline?

我有個問題。如果我查看數據——呼叫中心領域，抱歉，有很多——似乎有很多——尤其是在高端領域，似乎仍然有很多類似本地部署的舊技術。我知道目前大家都在關注人工智慧，但感覺我們好像在做第二步，而不是第一步。你能從對話中看出一些端倪嗎？這是否意味著人們意識到他們實際上需要轉型，而你們顯然已經走上了更高的發展道路，你們從一開始就是一家雲端供應商。你能從對話和流程中看出這一點嗎？

Yes, for sure, Raimo. And again, I'll let Andy kind of chime in after me. But look, at a high level, you're right on. I mean, look, we're still 40-plus percent cloud, and that means 60%-ish on-premise. You're right on.

是的，當然，雷莫。然後，我再請安迪在我之後插幾句。但從宏觀層面來看，你的觀點是對的。我的意思是，你看，我們仍然有 40% 以上的業務是雲端部署，這意味著大約 60% 的業務是本地部署。你說得對。

There's still a ton of kind of core contact center that's on-premise that has to move to the cloud. But as you know, I mean, AI has become so front and center for every CEO. And therefore, all their CIOs are out looking at AI and sometimes AI first is the way they're making decisions. And we're -- we've now adjusted our go-to-market motions to actually be part of those discussions with an AI-first go-to-market motion where we may start a sales cycle with AI and then pull the CCaaS through as a second decision. It's just an evolving market.

目前仍有大量核心聯絡中心部署在本地，需要遷移到雲端。但如你所知，人工智慧已經成為每位CEO的焦點。因此，他們的資訊長們都在關注人工智慧，有時人工智慧甚至會成為他們做決策的首要依據。我們現在已經調整了我們的市場推廣策略，以便真正參與到這些討論中來，採取以人工智慧為先的市場推廣策略，我們可能會先用人工智慧啟動銷售週期，然後再將 CCaaS 作為第二個決策推出。這是一個不斷變化的市場。

But in the end of the day, look, these enterprise brands know that they've got to go to the cloud to get all the benefits of AI, right? And so they go hand-in-hand. But in some cases, the order of the decisions might change. And it's playing out just pretty much as we expected and very favorable for us.

但歸根究底，這些企業品牌都知道，他們必須遷移到雲端才能獲得人工智慧的所有好處，對吧？因此，它們是相輔相成的。但在某些情況下，決策順序可能會改變。事情的發展基本上符合我們的預期，對我們非常有利。

Yes. I mean I think if you look at -- it's kind of like there's customers in three camps. You've got the ones who are already made the shift to cloud and they're looking at AI, then you have the customers that are -- they have an RFP from prem to cloud, looking at doing both, AI and CCaaS. And then some of the customers that we're seeing is they know they have to move to the cloud. But if they're looking to get that immediate benefit, to Mike's point, we do have an AI-first sort of strategy for those customers.

是的。我的意思是，我覺得如果你仔細觀察──就好像顧客可以分成三個陣營一樣。有些客戶已經遷移到雲端，並且正在考慮人工智慧；還有一些客戶——他們收到了從本地部署到雲端的 RFP，希望同時採用人工智慧和 CCaaS。我們也發現，有些客戶意識到他們必須遷移到雲端。但如果他們想要立即獲得好處，正如麥克所說，我們確實為這些客戶制定了人工智慧優先的策略。

Sometimes those customers go down that path and ultimately, they go, hey, look, it's just better to do this all at once. But again, we're starting to see more customers kind of lean in to say, hey, let's do AI first and we support that motion with a fast follow with CCaaS. And I think that's an exciting time for us because, again, we can support all three of those routes to market.

有時，這些客戶會走這條路，但最終他們會想，嘿，你看，最好還是一次把所有事情都做完。但是，我們再次看到越來越多的客戶傾向於說，嘿，讓我們先做人工智慧，而我們透過 CCaaS 快速跟進來支持這一趨勢。我認為這對我們來說是一個令人興奮的時刻，因為我們再次能夠支援這三個市場管道。

And I'll add one more thing. We're winning because of that end-to-end platform. It's not like these are two separate things. We talk about them separately as AI and core CCaaS. But look, we've got one platform that orchestrates interactions, whether they're handled across -- it's across the continuum of AI agents and human agents, for example, right?

我還要補充一點。我們之所以能取得勝利，是因為我們有了這個端到端的平台。這並非兩件毫不相干的事情。我們將它們分別稱為人工智慧和核心 CCaaS。但是你看，我們有一個平台可以協調交互，無論這些交互是在人工智慧代理還是人類代理之間進行處理，例如，對吧？

So it's not a separate thing. It's really one platform that most enterprise brands are looking for. And that's why we're winning. That's why we're winning in this market right now, and it's why we believe we'll continue to win in AI.

所以這不是一件獨立的事情。這確實是大多數企業品牌都在尋找的平台之一。這就是我們獲勝的原因。這就是我們目前在這個市場中獲勝的原因，也是我們相信我們會在人工智慧領域繼續獲勝的原因。

And sorry, to add one more. It's just like that parcel delivery company, right, that we -- they're a core CCaaS customer of ours, right? They chose a couple of years ago to go with an AI point solution. Here we are three years from now, replacing that solution. And that's again because they've got to the point where they see the value of, obviously, our AI kind of stand-alone.

抱歉，我還要補充一點。就像那家包裹遞送公司一樣，對吧？他們是我們的核心 CCaaS 客戶，對吧？幾年前，他們選擇採用人工智慧解決方案。三年後的今天，我們將替換掉那個解決方案。這主要是因為他們已經認識到我們人工智慧獨立運作的價值。

But to Mike's point, having that continuum of AI agents and human agents is the end-to-end platform that they're looking for.

但正如麥克所說，擁有人工智慧代理和人類代理的這種連續體正是他們所尋求的端到端平台。

Elizabeth Porter, Morgan Stanley.

伊莉莎白‧波特，摩根士丹利。

I was hoping to get an update on just the competitive environment. I think we've seen Zoom up a little bit more in our mid-market checks and Amazon Connect reportedly just crossed $1 billion of ARR. We've seen several splashy headlines around AI native companies. So curious if you're seeing any sort of change in behavior or win rates or buyer dynamics as these players start to get more headlines?

我原本希望能了解一下競爭環境的最新情況。我認為我們在對中端市場進行調查時發現 Zoom 的股價略有上漲，而據報導 Amazon Connect 的 ARR 剛剛突破 10 億美元。我們已經看到不少關於人工智慧原生公司的引人注目的新聞標題。所以，隨著這些玩家開始獲得更多關注，你是否觀察到他們的行為、勝率或購買動態發生了任何變化？

Yes. I mean in terms of the competitive dynamic, I mean, just pure CCaaS, it still continues to be us and our two biggest competitors. You mentioned the hyperscaler. We do see them. We like to say sometimes if we're in the same deal, one of us is probably in the wrong deal.

是的。我的意思是，就競爭格局而言，就純粹的CCaaS而言，目前仍然是我們和我們最大的兩個競爭對手。你提到了超大規模資料中心。我們確實看到了。我們常說，如果我們參與了同一筆交易，那麼我們之中可能有一個人做錯了交易。

Just two different kind of solutions customers are looking for. So not a huge change there. We do see Zoom in the mid-market, but our win rates continue to be strong, and we feel really good about where we're at in the core CCaaS platform. And obviously, when you look at both CCaaS and AI together and certainly our AI-first go-to-market, I think, we continue to have success. So not -- I wouldn't say any major changes in the competitive dynamic.

客戶尋求的解決方案只有兩種類型。所以這方面並沒有太大變化。我們確實在中階市場看到了 Zoom 的身影，但我們的成交率依然強勁，我們對自身在核心 CCaaS 平台領域所處的地位感到非常滿意。顯然，當你把 CCaaS 和 AI 結合起來看，尤其是我們以 AI 為先的市場策略時，我認為我們將繼續取得成功。所以，我不會說競爭格局發生了任何重大變化。

Jackson Ader, KeyBanc.

Jackson Ader，KeyBanc。

I had a question on the layering in, in of some of these -- of some of the -- either the enterprise deals or the AI deals. Is there anything that you can do? Is there anything within either your control or maybe partners' controls that you would say, all right, can we accelerate the time to actually get some of these products implemented and generating not just bookings, but revenue ahead of what's happening right now?

我有一個關於分層的問題，關於其中一些——一些——無論是企業交易還是人工智慧交易。你能做些什麼嗎？在您或合作夥伴的控制範圍內，是否有任何可以加快這些產品實際部署速度，並使其不僅產生預訂，而且產生收入，從而超越目前情況的措施？

Yes. So as Bryan mentioned and Mike, we have this situation where a lot of the changes we've made in our installed base, we're selling two quarters in a row of record bookings. There is still that lag, right? And I think we've -- and we talked about this previously, we've added some new functionality certainly within our AI products where you're leveraging generative AI to deliver faster, right? It's less about the work -- building the workflows and more about just doing essentially prompt engineering.

是的。正如布萊恩和麥克提到的那樣，我們現在的情況是，我們對現有客戶群進行了許多改變，連續兩個季度都創下了預訂記錄。仍然存在延遲，對吧？我認為我們已經——我們之前也討論過這個問題——在我們的 AI 產品中確實添加了一些新功能，利用生成式 AI 來更快地交付成果，對吧？重點不在於建立工作流程，而在於進行必要的快速工程。

And so we can move faster, and we're certainly doing that. We're seeing that within our customer base.

因此我們可以加快步伐，而且我們也確實在這樣做。我們在客戶群中看到了這種情況。

A lot of times, though, we're part of kind of an overall AI transformation across the company. A lot of times they're doing -- they have to get their data to a good spot. And again, companies have gotten much better there. But we still see some of that dynamic where it is kind of like a new implementation. But I do think that as we get further into this, more and more customers are going to be more comfortable leaning further into that true GenAI agent versus some of the markets like health care and financial services that are still a little bit behind.

不過，很多時候，我們都是公司整體人工智慧轉型的一部分。很多時候，他們要做的是──他們必須把資料整理到一個適當的位置。而且，這方面的公司已經做得好多了。但我們仍然可以看到一些這種動態，它有點像是一種新的實現方式。但我認為，隨著我們深入研究，越來越多的客戶會更樂於接受真正的 GenAI 代理，而不是像醫療保健和金融服務等一些市場那樣仍然稍微落後。

But the good thing is we can service -- we talk about our trust and governance that the dial of trust. Some customers want to do just purely sort of workflow driven. We are seeing companies go faster towards the, let's go all in with generative AI.

但好消息是我們能夠提供服務——我們談論我們的信任和治理，這是信任的調節器。有些客戶只想做純粹的工作流程驅動專案。我們看到越來越多的公司加速邁向「讓我們全面擁抱生成式人工智慧」的階段。

So I think we're well positioned for it, but that's going to be the #1 thing is sort of adoption of customers wanting to go faster and have trust in the platform. And we've done a lot of things within the platform sort of reducing hallucinations and things like that. The team has done a great job. And so that will demonstrate customers starting to move faster in terms of deployments. But we always hit those challenges and customers just aren't ready to fully ramp yet.

所以我認為我們已經做好了充分的準備，但首要任務是讓客戶接受並加快速度，並信任該平台。我們在平台內做了很多事情，例如減少幻覺等等。團隊做得非常出色。這將表明客戶在部署方面開始加快步伐。但我們總是會遇到這些挑戰，客戶還沒準備好全面擴大規模。

Samad Samana, Jefferies.

薩馬德·薩馬納，傑富瑞集團。

This is Billy Fitzsimmons on for Samad. Obviously, the business is still growing at a good clip. You're adding revenue. You called out record enterprise bookings. If we go back a handful of quarters ago, there was a period where you had a string of kind of several quarters where you announced a variety of mega deals.

這裡是比利·菲茨西蒙斯，他正在為薩馬德報道。顯然，該業務仍在快速成長。你正在增加收入。你提到了創紀錄的企業預訂量。如果回顧幾個季度前，曾有一段時間，你們連續幾個季度宣布了一系列巨額交易。

There's the health care one, the logistics one. And correct me if I'm wrong, but now it's been kind of another handful of quarters since that $50 million ARR financial services deal. And just wanted to get your view on why you think that is.

一個是醫療保健方面的，一個是物流方面的。如果我沒記錯的話，距離那筆價值 5000 萬美元的 ARR 金融服務交易已經過去好幾個季度了。我想聽聽你對此有何看法。

Is there any impact at all from maybe like slower on-prem conversions or maybe even like decision fatigue because of AI? Or is this more just a function? I know there were some sales org changes about a year ago where -- and I'm paraphrasing here, there was more incentivization. You were incentivizing kind of dolphin sized deals over, call it, like the whales. And is it a function of, hey, we're just going after more dolphins now?

人工智慧是否會對本地部署轉換率降低，甚至導致決策疲勞等產生任何影響？或者這更像是一種功能？我知道大約一年前銷售組織進行了一些調整，當時——我在這裡是轉述——激勵機制更加完善了。你鼓勵的是像海豚一樣大小的交易，而不是像鯨魚一樣大的交易。難道是因為我們現在要捕獵更多的海豚嗎？

Yes. Billy, I'll start. Look, the pipeline for megas is still very, very good. These take time. I mean that's the answer.

是的。比利，我先來。你看，巨型專案的開發流程仍然非常非常順利。這些都需要時間。我的意思是，這就是答案。

They just -- the sales cycles are long, and it's really a function of that. We've said this all along that it's going to be lumpy. And therefore, let's make sure that we have this flywheel of dolphins that are coming through our sales funnel. And we talked about it. It was the record -- not record, but highest in two years number of $1 million-plus new logo wins.

他們的銷售週期很長，這確實是銷售週期長的原因。我們一直都說了，這肯定會不盡人意。因此，我們要確保銷售漏斗中有一個像海豚一樣源源不絕的飛輪。我們討論過這件事。這是兩年來獲得價值超過 100 萬美元的新標誌訂單數量最多的一次，雖然不是歷史最高紀錄，但也創下了紀錄。

So again, the dolphins continue to be the more important metric, I guess, is the way for us to think about it. But look, there's a nice pipeline of megas out there, and we're very well positioned, in some cases, with very, very strategic partners of ours, too.

所以，我想，海豚仍然是更重要的衡量標準。但你看，市場上有很多大型專案正在籌備中，在某些情況下，我們與一些非常有戰略意義的合作夥伴也處於非常有利的地位。

And in terms of the sales changes, we didn't make any -- we put focus back on to the dolphins, but we kept a dedicated team. It's actually even bigger than it was before with not just salespeople, but solution consultants and experts and services team. So we continue to double down on the market. But to Mike's point, it's just lumpy and takes time. But we feel good about that space.

至於銷售方面的變化，我們沒有做任何調整——我們把重點重新放在了海豚身上，但我們保留了一支專門的團隊。實際上，它的規模比以前更大了，不僅有銷售人員，還有解決方案顧問、專家和服務團隊。因此，我們繼續加大對市場的投資。但正如麥克所說，它質地粗糙，需要時間。但我們對這個空間感覺很好。

Will Power, Baird.

威爾鮑爾，貝爾德。

Yanni Samoilis for Will Power. So I noticed that Q4 revenue guidance is a $6 million range top to bottom, which is a bit wider than the range that you normally give or guide to for a given quarter. And I was just curious if there's anything that might be driving the wider range of outcomes that you're forecasting there. And then on the flip side, I appreciate the color on your early expectations for 2026. But what's giving you the confidence to comment on next year with that level of precision giving the wider guidance range for Q4? If you could just help juxtapose that for us.

Yanni Samoilis 為《意志力》我注意到，第四季度營收預期範圍為 600 萬美元，這比你們通常給出的季度營收預期範圍要寬一些。我只是好奇，是否有任何因素導致了您預測的更廣泛的結果。另一方面，我很欣賞你對 2026 年的早期展望。但鑑於您對第四季的預期範圍較廣，是什麼讓您有如此信心對明年做出如此精準的預測呢？如果你能幫我們把它們並列起來就太好了。

Yes, absolutely, Yanni. So the $6 million range for Q4 is mainly based on the fact that we beat Q3 by $1.3 million, and we actually held that back because of the commercial revenue decline that was bigger than what we anticipated. And so that was for prudent reasons. And while we're recalibrating and we expect the normalcy to happen over the next couple of quarters, and we're expecting some partial recovery in Q4, we just wanted to have a little bit of a wider range there to allow for that.

是的，當然，雅尼。因此，第四季度 600 萬美元的預期主要是基於我們比第三季多賺了 130 萬美元這一事實，而我們實際上因為商業收入下降幅度大於預期而保留了這一數字。所以，這樣做是出於謹慎考慮。雖然我們正在重新調整，預計未來幾季情況會恢復正常，並且預計第四季度會出現一些部分復甦，但我們只是想留出更寬的預期範圍，以便應對這種情況。

Now going into 2026, we have built contingencies into our outlook there. But if you think about 2025, there's -- it's been a year of transitions and a lot of operational and financial changes, a lot of tough compares that we were going through, which we expect to lap fully by the end of the year. But then we're starting out with a strong backlog of not just new logos, but installed base bookings that Mike and Andy talked about as well. So with those ramping starting in Q4, but mostly in 2026, that gives us that comfort around that Street consensus of $1.254 billion. But we'll provide more details next quarter when we give formal guidance for next year.

展望 2026 年，我們已經在預期中加入了因應措施。但展望 2025 年，那一年是充滿變革和許多營運及財務變化的一年，我們經歷了許多艱難的比較，我們預計到年底將完全克服這些挑戰。但是，我們不僅有大量的新標誌訂單，還有麥克和安迪提到的現有訂單，這些都是我們積壓的訂單。因此，隨著這些項目從第四季度開始逐步推進，但主要集中在 2026 年，這讓我們對華爾街普遍預期的 12.54 億美元充滿信心。但我們將在下個季度發布明年的正式業績指引時提供更多細節。

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

Nice to see continued AI adoption. Maybe I want to think a little bit one step deeper and think about kind of the current state of enterprise adoption. Look, I get that you have a lot of the tools to be the trusted AI partner in terms of governance and security and data privacy, and you've been a trusted partner with critical data over the years. So I totally understand your positioning. What we've been seeing, and I'd be curious to hear what you're seeing is a lot of enterprises are maybe slowing down the rate of AI adoption as they try to figure out the right use cases and one of those being customer support.

很高興看到人工智慧持續得到應用。或許我想更深入思考一下，企業目前採用該技術的現況。我知道你們在治理、安全和資料隱私方面擁有許多成為值得信賴的人工智慧合作夥伴的工具，而且多年來你們一直是關鍵數據方面值得信賴的合作夥伴。所以我完全理解你的立場。我們觀察到的情況是（我很想知道你們觀察到的情況是），很多企業可能正在放慢人工智慧的採用速度，因為他們正在努力尋找合適的用例，其中之一就是客戶支援。

But maybe just any color you can give in terms of what you're seeing broadly within your base of kind of the state of enterprise AI demand today versus how it had been maybe, call it, six months ago. And as we think going forward, right, getting that greater uptick in AI throughout your customer base, what are things that you have in your power and your control to work with those customers to just kind of get over a lot of those hurdles that are holding back AI demand in the enterprise?

但或許你可以用任何顏色來描述一下，你目前在你的客戶群中看到的，企業人工智慧需求現狀與六個月前相比發生了怎樣的變化。展望未來，為了讓您的客戶群更廣泛地採用人工智慧，您可以利用哪些能力和控製手段與這些客戶合作，克服阻礙企業人工智慧需求的許多障礙？

Yes, I'll start, Rishi. Look, the AI demand is so strong. I think what we're seeing is just a continued improvement, quite frankly, in appetite and demand and willingness by the larger brands out there to do more than proof of concepts to actually deploy AI. It's being proven. And there -- again, their appetite is also shifting toward the platform players like Five9 for that AI.

好的，我先來，里希。你看，人工智慧的需求非常強勁。坦白說，我認為我們現在看到的只是大型品牌對人工智慧的興趣、需求和意願的持續提升，他們不僅願意進行概念驗證，更願意真正部署人工智慧。這一點正在被證實。而且，他們對人工智慧的需求也再次轉向了像 Five9 這樣的平台玩家。

I think they're realizing the limitations of these point solutions in some respects, right?

我認為他們在某些方面已經意識到這些點解決方案的局限性，對吧？

So that's the flip side. But what they're seeing, and it's why Andy talked about that one case where one of our largest customers that had a point solution for AI basically is replacing it with our AI because it's all part of our platform. So I think there are two very different things happening here. I think the demand is very high across the brands for AI. They're getting more comfortable with it, but they're getting more comfortable with it from platform players like Five9, and that is a good thing for us.

這是事情的另一面。但他們看到的是，這也是安迪談到的案例：我們最大的客戶之一，之前有一個獨立的 AI 解決方案，現在基本上用我們的 AI 取代了它，因為這一切都是我們平台的一部分。所以我認為這裡發生了兩件截然不同的事情。我認為各大品牌對人工智慧的需求都非常高。他們越來越習慣這種方式，但他們越來越習慣這種方式，這主要是因為像 Five9 這樣的平台玩家，這對我們來說是件好事。

And in terms of what's in our control, we've talked about in the past our AI blueprint strategy. So we have the ability to go into our installed base, right? We're having a ton of success, right, as you see in the numbers in terms of installed base. We know the types of calls they have. They have their recordings, right?

至於我們能夠控制的方面，我們過去曾討論過我們的人工智慧藍圖策略。所以，我們有能力進入我們已安裝的用戶群，對吧？我們取得了巨大的成功，對吧，從安裝基數來看就是明證。我們知道他們接到的電話類型。他們有錄音，對吧？

We're working with the customers. Obviously, they have access to all of this. So our teams can come in and take a very data-driven approach on, hey, here's the use cases that we see that would have high ROI upside. And we've done a lot of work on the back end to have essentially prebuilt type both go-to-market and implementations to deliver on those quickly, right?

我們正在與客戶合作。顯然，他們能夠獲取所有這些資訊。因此，我們的團隊可以採取非常數據驅動的方法，來分析哪些用例具有很高的投資報酬率。我們在後端做了很多工作，基本上已經預先建立了上市策略和實施方案，以便快速交付這些方案，對吧？

So I think that's an area where we continue to double down on. And we're -- the other thing is our product team and engineering team in terms of AI, they work closely with our services teams and our sellers and our customers to say, Hey, like what are you seeing out of these blueprints? What are the things that we could build into the product to even accelerate some of that demand. So it kind of gets that flywheel going on the opportunity that we have the customers' data, right? Obviously, their data is their data, but we have the knowledge and working with them to be able to deliver that. So that's what we can control.

所以我認為這是我們繼續加大投入的領域。還有一點，我們的產品團隊和人工智慧工程團隊與我們的服務團隊、銷售人員和客戶密切合作，詢問他們：“嘿，你們從這些藍圖中看到了什麼？”我們可以在產品中加入哪些功能，以進一步加速滿足部分需求？所以，這就像是利用我們擁有客戶數據的機會，啟動了良性循環，對吧？顯然，他們的數據是他們的數據，但我們擁有相關的知識，並且正在與他們合作，能夠提供這些數據。所以這是我們能控制的。

Peter Levine, Evercore.

Peter Levine，Evercore。

Maybe to piggyback off of an earlier question around the competitive landscape is, I mean, are you seeing any pricing pressure on your core live agent seats at renewal, meaning as you see some of these competitors come in, trying to gain share, are your customers at renewal perhaps maybe fighting or pushing back for higher discounts? So maybe the question is just like what's your discipline on pricing for core agent seats given just the escalation in terms of the competitive landscape? And then second, can you just remind us how you charge for AI and the revenue recognition behind that?

或許可以藉用先前關於競爭格局的問題，我的意思是，您是否看到核心客服席位在續約時面臨任何價格壓力？也就是說，當您看到一些競爭對手進入市場，試圖搶佔市場份額時，您的客戶在續約時是否會爭取更高的折扣？所以問題可能就變成了：考慮到競爭格局的不斷升級，你們在核心代理席位的定價方面有什麼原則？其次，您能否提醒我們貴公司如何對人工智慧收費以及相關的收入確認方式？

Yes. So I'll take the front part of that. So what we're seeing at renewal time is we aren't seeing pricing pressure on our core business. What we are seeing with customers is they want to make sure that they -- that we have pricing models built in for them to take advantage of AI. Last quarter, we talked about a couple of big expansions to health care companies.

是的。所以我來負責前面那部分。因此，我們在續約時發現，我們的核心業務並沒有面臨價格壓力。我們發現客戶希望確保我們內建了定價模型，以便他們能夠利用人工智慧。上個季度，我們討論了醫療保健公司的幾項重大擴張計劃。

And that was that renewal time where they said, Hey, look, we've been leveraging our platform for multiple years, and we were able to renew at a higher level and then build into that renewal both AI and agents. So we don't see that kind of pricing pressure. But I don't know, Bryan, if you want to comment on the revenue side.

就在那時，他們說：“嘿，你看，我們已經利用我們的平台多年了，我們能夠以更高的水平進行續約，然後在續約過程中加入人工智慧和代理。”因此，我們沒有看到那種價格壓力。但是布萊恩，我不知道你是否願意就收入方面發表評論。

Yes. Definitely on the revenue side, the pricing model for our AI products is either capacity or consumption-based. And whichever model it is, it's usually a block of units that you're getting and then overage if you go beyond that. So it works pretty much like a commitment model plus overage charges.

是的。在收入方面，我們人工智慧產品的定價模式要么是基於容量，要么是基於消耗量。無論採用哪種模式，通常都是先購買一定數量的單元，如果超出數量限制，則會產生額外費用。所以它的運作方式基本上類似於合約模式加上超額費用。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞，威廉·布萊爾。

Okay. Perfect. Just took some time. Can we just go back to the commercial business for a second? Obviously, it seems like that caught you off guard a bit.

好的。完美的。只是花了一些時間。我們能稍微回到商業話題上來嗎？顯然，這似乎讓你有點措手不及。

What is sort of the remedy? Is it just allocating more sales and marketing spend? And then how do you think that might evolve next year? Like can that get back to growth? Or is that a little bit too ambitious for 2026?

有什麼補救措施嗎？只是增加銷售和行銷方面的支出嗎？那你認為明年情況會如何發展呢？這樣能恢復成長嗎？或者說，對於 2026 年來說，這個目標有點太雄心勃勃了？

Yes, Arjun, I'll start. Look, we did over rotate in terms of demand gen allocation to enterprise and majors, which, again, we're always trying to crack the code there because, look, it's 91% of our revenue is enterprise, and it's the bigger market opportunity and so forth. But I've encouraged the team to just be careful not to over rotate. We've already corrected some of that allocation of demand gen spend back to commercial. And the good news about commercial is it's kind of a real-time indicator, right?

好的，阿俊，我先來。你看，我們在需求產生方面過度轉向了企業和大型客戶，而我們一直在努力破解這方面的難題，因為你看，我們91%的收入都來自企業客戶，這是更大的市場機會等等。但我已經鼓勵團隊注意不要過度輪替。我們已經將部分需求產生支出重新分配回商業領域。好消息是，商業數據可以算是即時指標，對吧？

I mean it's -- things move -- deals move through the funnel quickly and they turn to revenue quickly.

我的意思是，事情進展很快——交易在銷售漏斗中快速推進，並很快轉化為收入。

So while we had the impact of that in Q3, we've rectified that, and I believe we'll be right back to where we have been in commercial within the next quarter or 2. Now at the same time, just keep in mind, that is not a growth vector overall for the business. But at the same time, we don't want it to become a headwind like it was in the quarter. And this sales capacity that we talked about earlier in commercial is also something that we've got to just anticipate. Again, sometimes it's going to be a little lumpy.

雖然我們在第三季受到了影響，但我們已經糾正了這個問題，我相信在接下來的一個或兩個季度內，我們的商業業績就會恢復到之前的水平。但同時，請記住，這並不是企業整體的成長方向。但同時，我們也不希望它像上個季度那樣成為阻礙。我們之前在商業領域討論過的銷售能力，也是我們必須預料到的。同樣，有時候表面會有點凹凸不平。

In this case, it was lumpy where we had several promotions. We just got to manage that a little bit better. So in our control.

在這種情況下，由於我們進行了多次促銷活動，因此情況比較複雜。我們只需要在這方面做得更好。所以，一切都在我們的掌控之中。

Tom Blakey, Cantor.

湯姆·布萊基，領唱。

Just wanted to maybe talk a little bit more about competition. I think there was a question earlier. Just looking at the dynamic growth of some of these conversational names like Sierra and Decagon. I mean, are you seeing these guys currently in the market? Are they disrupting in any way?

我想再多談談競爭方面的事情。我想之前好像有個問題。看看像 Sierra 和 Decagon 這樣一些具有對話性的名稱的蓬勃發展就知道了。我的意思是，你現在在市場上看到這些人了嗎？他們是否以任何方式造成乾擾？

I think just given the dynamic growth there, I think, we should address that. And just maybe a housekeeping item for Bryan. Was the 5-point headwind from the large customer from 3Q '24 like different from where you implied in the guide? Was it more of a surprise or kind of in line, that will be great?

我認為，鑑於那裡的快速發展，我們應該解決這個問題。或許布萊恩還需要準備一些家事。2024 年第三季大客戶帶來的 5 個百分點的不利影響，是否與您在指南中暗示的情況有所不同？這更像是個驚喜，還是在意料之中？如果是這樣，那就太好了！

No, the 5 points, that was in line. So that was exactly expected. But I'll turn it over to Mike.

不，是那5分，那是正常的。這完全在意料之中。但我會把它交給麥克。

Yes. And you can talk to Sierra and Decagon. I mean they're getting a lot of limelight these days, right? And limelight, they're not very large companies yet. But look, they're getting a lot of press.

是的。你可以和 Sierra 和 Decagon 談談。我的意思是，他們最近很受關注，對吧？而且，它們目前還不是一家規模很大的公司。但是你看，他們獲得了大量的媒體關注。

And this gets back to what I said earlier about kind of point solutions versus platforms. And most of these large brands, they want to look at the hot stuff, so to speak. They want to take a look. But in the end of the day, a lot of these decisions are made based on the end-to-end platform capabilities because providing that connected contextual personalized experience between AI agents and human agents is only possible. It's only possible if you have an end-to-end platform like ours.

這就回到了我之前提到的點解決方案與平台的問題。而且，大多數大品牌都想關注熱門產品。他們想看看。但歸根究底，許多這類決策都是基於端到端平台的功能做出的，因為只有這樣才能在人工智慧代理和人類代理之間提供互聯的、情境化的、個人化的體驗。只有擁有像我們這樣的端到端平台，才有可能實現這一點。

So again, I'll let Andy chime in, you want to talk about...

所以，我還是讓安迪插嘴吧，你想聊聊…

I mean we see them, I wouldn't say consistently, but we come across them. A lot of times, there's pilots. And certainly, we're in there, like it could be in one of our own customers, right? They've just made their way in. Obviously, they're getting a lot of publicity in the market.

我的意思是，我們確實見過他們，雖然不能說經常見到，但我們確實會遇到他們。很多時候，都會有飛行員。當然，我們也身處其中，就像它也可能發生在我們自己的客戶身上一樣，對吧？他們剛剛進來。顯然，他們在市場上獲得了很高的知名度。

But this is where we lean into what we've been talking about, right? It's that sort of continuum of being able to deliver to both AI agents and human agents. And if you look at where they've started, and again, I'm sure they'll comment on they're going to go down the voice path. It's largely been digital, right? That's been the focus of a lot of these point solutions.

但這不正是我們一直在討論的內容嗎？它是一種能夠同時服務於人工智慧代理和人類代理的連續性過程。如果你看看他們從哪裡起步，而且我確信他們會評論說他們將走語音這條路。基本上都是數位化的，對吧？這正是許多針對性解決方案的重點所在。

Voice, as we've talked about, is a strength for us, right, and a very big strength for us that's hard to replicate. So you add those things together, we feel strong about where we're competing on those use cases, and we're going to continue to get better.

正如我們之前討論過的，嗓音是我們的一大優勢，而且是很難複製的一大優勢。綜上所述，我們對自身在這些應用場景中的競爭優勢充滿信心，我們將繼續進步。

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

本次電話會議的問答環節到此結束。現在我將把電話交還給執行長麥克·伯克蘭，請他作總結發言。

Thanks, everyone, for joining us. We look forward to keeping you updated as we close out the year and enter into 2026. Exciting times. Thank you very much for joining us.

謝謝大家的參與。我們期待在年末之際，並隨著2026年的到來，繼續向您報告最新情況。激動人心的時刻。非常感謝您的參與。