Five9, Inc. (FIVN) 2026 Q1 法說會逐字稿

Good day, and thank you for joining us today. On the call from Five9 are Amit Mathradas CEO; Bryan Lee, CFO; and Andy Dignan, President.

大家好，感謝各位今天加入我們的電話會議。出席本次 Five9 電話會議的有執行長 Amit Mathradas；財務長 Bryan Lee；以及總裁 Andy Dignan。

During today's conference call, certain statements will be made that are not historical facts and are considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding our Q2 second half of 2026 and full year 2026 guidance, expected improvements in operating and financial metrics.

在今天的電話會議中，我們將發表若干非歷史事實之陳述，依據《1995 年私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）的定義，這些陳述屬於前瞻性陳述。這些前瞻性陳述包括但不限於：我們對 2026 年第二季、2026 年下半年以及 2026 全年之指引、以及營運與財務指標預期改善等相關陳述。

CCaaS and AI revenue growth trends, industry trends, including with respect to AI, our strategy, priorities and execution, our product road map and technology investment, our markets, customer demand trends, our market position and opportunity, our capital allocation strategy, including our share repurchase programs and other future events or results. Such statements are simply beliefs and 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.

CCaaS 與 AI 營收成長趨勢、產業趨勢（包括與 AI 相關者）、我們的策略、優先事項與執行、我們的產品藍圖與技術投資、我們的市場、客戶需求趨勢、我們的市場地位與機會、我們的資本配置策略（包括股票回購計畫）以及其他未來事件或結果。此類陳述僅為信念與預測，投資人不應過度依賴。實際事件或結果可能存在重大差異，公司亦無義務更新此類陳述中的資訊。

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 lower growth rates within our installed base of customers, failure to manage our technical operations infrastructure, unsuccessful development of our AI solutions, failure to maintain and develop our contact center solutions failure to achieve the anticipated benefits of our share repurchase activity and the other risks discussed under the caption Risk Factors and elsewhere in Five9's annual and quarterly reports filed with the Securities and Exchange Commission.

這些陳述受到重大風險與不確定性影響，可能對 Five9 未來業績造成不利影響並使上述前瞻性陳述不準確，包括：不利經濟情勢的影響、既有客戶基礎內較低的成長率、未能妥善管理技術營運基礎設施、AI 解決方案開發不成功、未能維持並發展我們的聯絡中心解決方案、未能達成股票回購活動的預期效益，以及 Five9 向美國證券交易委員會（SEC）提交之年度與季度報告中「風險因素」標題下及其他處所所討論的其他風險。

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 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 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.

此外，管理層在本次電話會議中將提及非 GAAP 財務衡量指標。我們使用非 GAAP 財務衡量指標的原因說明，以及 GAAP 與非 GAAP 結果與指引之調節表，目前可於我們今天下午稍早發布的新聞稿中取得，亦可於投資人簡報（investor deck）附錄中查閱；該簡報可在 Five9 官網的投資人關係（Investor Relations）專區 investors.five9.com 找到。另外請注意，本次電話會議所提供之資訊僅反映管理層截至今日的觀點，在重播時可能已不再準確。

Lastly, a reminder. Unless otherwise indicated, financial figures discussed are non-GAAP. And now I'd like to turn the call over to Five9's CEO. Please go ahead, Amit.

最後提醒一下。除非另有說明，所討論之財務數字均為非 GAAP。現在我想把電話會議交給 Five9 的執行長。Amit，請開始。

Thank you, Tony, and welcome, everyone, to our first quarter 2026 earnings call. We delivered an encouraging start to the year, and I am particularly pleased to report an acceleration in subscription revenue growth with top and bottom line results coming in above the high end of the guidance ranges. While we are still early in our work, this quarter marks an important step in showing that our actions are beginning to translate into better business performance with the indicators we care about moving in the right direction again.

謝謝你，Tony，也歡迎各位參加我們 2026 年第一季財報電話會議。我們在今年開局交出令人鼓舞的成績，我尤其高興地報告訂閱營收成長加速，且營收與獲利（上、下線）結果均高於指引區間的上緣。雖然我們的工作仍在早期階段，但本季是重要一步，顯示我們的行動正開始轉化為更佳的營運表現，而我們關注的指標也再次朝正確方向前進。

This is my first full earnings call as CEO. I want to frame our work around 4 priorities that I believe are essential to driving long-term value at Five9. First, building a performance-driven culture rooted in accountability and transparency; second, optimizing operations; third, stabilizing and strengthening the core business, and fourth, winning in AI empowered customer experiences. Let me start with our first priority, culture. Over the past 3 months, I've spent a significant amount of time with our teams and leaders across the company and had frank conversations with employees across functions and geographies.

這是我以執行長身分主持的第一場完整財報電話會議。我想以 4 項我認為對 Five9 長期價值至關重要的優先事項來框架我們的工作。第一，建立以問責與透明為根基、以績效為導向的文化；第二，優化營運；第三，穩定並強化核心業務；第四，在 AI 賦能的客戶體驗領域取得勝利。我先從第一項優先事項——文化——談起。過去 3 個月，我花了大量時間與公司各部門的團隊與領導者交流，並與跨職能、跨地區的員工進行坦誠對話。

What is clear to me is that Five9 has talented people highly strategic assets and a real desire to win. But winning also requires clarity of mission, high standard urgency and accountability. We need a culture where performance is measured rigorously decisions are made quickly and leadership is held to a high standard. That starts with me. Transparency with the investor community is equally important.

我清楚看到，Five9 擁有優秀人才、高度策略性的資產，以及強烈的求勝意志。但要贏，也需要清晰的使命、高標準、緊迫感與問責。我們需要一種文化：嚴謹衡量績效、快速做出決策，並對領導層設定高標準。這要從我做起。對投資人社群的透明度同樣重要。

Over time, our story has become harder for investors to underwrite than I believe it should be. Some of that was about how we executed, how we communicated and how clearly we translated our strategy into measurable progress. Going forward, we will demonstrate progress through clearer, relevant and trackable metrics that help investors assess the health of the business and hold management accountable. We understand that investors want evidence, not ambition. And our job is to convert our vision into results that are quantifiable. Turning to operations.

隨著時間推移，我們的故事對投資人而言變得比我認為應有的更難以評估與承作（underwrite）。其中一部分原因在於我們的執行方式、溝通方式，以及我們將策略轉化為可衡量進展的清晰度。展望未來，我們將透過更清楚、相關且可追蹤的指標來展現進展，協助投資人評估業務健康狀況並對管理層進行問責。我們理解投資人要的是證據，而不是雄心。而我們的工作，就是把願景轉化為可量化的成果。接著談營運。

Over the past year and with the support and oversight of the Board, Five9 has been executing a significant operational review designed to improve efficiency and simplify execution. This work, which was well underway before I joined, helped drive the 470 basis points increase in EBITDA margin from 2024 to 2025. This foundational work is crucial. But it is only the beginning. We are now in a better position to move faster and reinvest in critical areas. Building on this foundation and with the support of external advisers I am leading a series of deep dives across the product portfolio to align investments with our long-term competitive priorities.

過去一年，在董事會的支持與監督下，Five9 一直在進行一項重大的營運檢視，旨在提升效率並簡化執行。這項工作在我加入之前就已進行得相當深入，並促成 EBITDA 利潤率自 2024 年到 2025 年提升 470 個基點。這些基礎性工作至關重要。但這只是開始。我們現在處於更有利的位置，可以更快推進並在關鍵領域再投資。在此基礎上，並在外部顧問的支持下，我正主導針對產品組合的一系列深入檢視，以使投資與我們的長期競爭優先事項一致。

To help accelerate this effort, we are filling gaps and making changes in leadership, adjusting our organizational design, including reducing spans and layers to improve focus, speed and accountability.

為了加速這項工作，我們正在補足缺口並調整領導團隊，並調整組織設計，包括縮減管理幅度與層級，以提升聚焦度、速度與問責。

These changes will help us operate more efficiently and effectively and build more disciplined foundation for innovation, growth and continued operating leverage over time. An example of this was our recent hire of Jay Lee our new Chief Marketing and Growth Officer. In this newly created role, Jay will unify global marketing with revenue strategy and operations to build a more aligned insights-driven go-to-market engine that delivers a seamless experience for customers and partners. Let me shift to my point of view on the strategic outlook for our industry and our business specifically.

這些變革將幫助我們以更高效率與更佳效能運作，並為創新、成長以及隨時間推進的持續營運槓桿建立更具紀律的基礎。其中一個例子是我們近期聘任 Jay Lee 擔任新的行銷與成長長（Chief Marketing and Growth Officer）。在這個新設立的職位中，Jay 將整合全球行銷與營收策略及營運，打造更一致、以洞察驅動的市場進入（go-to-market）引擎，為客戶與合作夥伴提供無縫體驗。接下來我想談談我對產業以及我們業務本身的策略展望。

AI is one of the most important shifts underway in our industry. And customer experience is one of the most compelling application areas. In my conversation with customers, I'm consistently hearing that AI is fundamentally increasing the importance and value of every customer interaction. Historically, contact center spending has been overwhelmingly weighted towards labor, creating a difficult trade-off between lowering costs and delivering better experiences. AI is acting as a catalyst to change this.

AI 是我們產業正在發生的最重要變革之一。而客戶體驗是其中最具吸引力的應用領域之一。在我與客戶的對話中，我持續聽到：AI 正從根本上提升每一次客戶互動的重要性與價值。過去，聯絡中心支出絕大多數都集中在人力上，導致在降低成本與提供更佳體驗之間存在艱難取捨。AI 正扮演催化劑，推動這一點改變。

Customers now see the potential to reallocate a portion of their labor spend to fund the combination of AI and enhanced CX. Better addressing the trade-off between cost and quality. This makes the move to a modern cloud-based platform more urgent than ever. This shift is forcing a critical decision. Customers must now consider how AI is incorporated into their CCaaS platform because they want to avoid a sprawling collection of disparate tools that cannot seamlessly coordinate between their human agents. This means that AI point solutions are not enough because they only solve a fraction of the problem. Enterprises are looking for a complete customer experience platform, they can trust to handle the entire life cycle the orchestration, the data, the integrations and the governance needed to run reliably in production.

客戶現在看到潛力：可將部分人力支出重新配置，用於支持 AI 與強化客戶體驗（CX）的組合。從而更好地處理成本與品質之間的取捨。這使得轉向現代化雲端平台變得前所未有地迫切。這一轉變正迫使客戶做出關鍵決策。客戶現在必須思考如何將 AI 納入其 CCaaS 平台，因為他們希望避免形成龐雜、彼此分散的工具集合，且這些工具無法在其真人客服座席之間無縫協同。這意味著僅有 AI 單點解決方案並不足夠，因為它們只能解決問題的一小部分。企業正在尋找一個完整的客戶體驗平台，能夠信賴其處理整個生命週期——包含編排（orchestration）、資料、整合，以及在生產環境中可靠運行所需的治理。

This is precisely what Five9 provides. What's interesting is that AI handles a large share of routine customer requests. The role of agents is elevated, not eliminated. People become experts who manage complex escalations and provide essential oversight and necessity in several regulated industries. A platform infused with AI and CX technology empowers these agents with real-time guidance and suggested next steps, while simultaneously giving supervisors unprecedented visibility into every interaction, not just a sampling.

這正是 Five9 所提供的。有趣的是，AI 能處理大量例行性的客戶需求。座席的角色被提升，而非被消除。人員將成為專家，負責處理複雜升級案件，並在多個受監管產業中提供必要的監督與不可或缺的把關。一個注入 AI 與 CX 技術的平台，能以即時指引與建議下一步來賦能座席，同時也讓主管以前所未有的方式看見每一次互動，而不只是抽樣。

Importantly, human-based intelligence and case resolution provides a critical feedback loop for training AI agents, which in turn drives continuous performance improvements of the entire unified platform and further differentiates Five9. This evolution is about more than just efficiency. It's about value capture. As AI reduces the customer's traditional labor spend that budget shifts towards technology. We believe this fundamentally expands our monetizable service area.

重要的是，以人為基礎的情報與案件處理/結案為訓練 AI 代理提供了關鍵的回饋迴路，進而推動整個統一平台的持續效能提升，並進一步強化 Five9 的差異化優勢。這種演進不僅僅是效率的提升。更關乎價值的擷取。隨著 AI 降低客戶傳統的人力支出，該預算將轉向科技投入。我們相信，這將從根本上擴大我們可變現的服務範疇。

By enabling entirely new use cases and more differentiated customer experiences, our path to success is no longer about simply selling seats.

透過啟用全新的使用情境與更具差異化的客戶體驗，我們的成功之路不再只是單純銷售席位。

Instead, it's about selling a complete solution based on capabilities and consumption. This is where we believe our category is going, and we plan to lead it by pairing these and other powerful agent capabilities into a platform that has trust governance that enterprises seek. But we are not assuming success here. We must earn it, and we will measure ourselves not by demos, but by production, adoption and customer outcomes. We are seeing signs that our strategy is working.

相反地，重點在於依據能力與使用量（消費）來銷售完整解決方案。我們相信這正是本類別市場的發展方向，我們計畫透過將這些及其他強大的代理能力整合到一個具備企業所需信任治理的平台中來引領趨勢。但我們不會在此假設必然成功。我們必須靠自己贏得成功，我們衡量自己的標準不是看展示（demo），而是看實際上線（production）、採用率與客戶成果。我們已看到一些跡象顯示我們的策略正在奏效。

In the first quarter, we posted our second consecutive quarter of year-on-year accelerating subscription revenue growth, an important indicator that the core business is strengthening. We are also seeing customers adopt our AI solutions in production as an integrated part of our CX platform, leading to multiple quarters of strong AI revenue growth. This effort is amplified by the strength of our platform and our ecosystem. Our cloud-native CCaaS platform is built for high reliability and features open integrations which has allowed us to build an ecosystem of over 1,400 partners. Our deep strategic relationships with market leaders within this ecosystem are critical. Serving to validate our technology, strengthen our go-to-market reach and accelerate enterprise adoption.

在第一季，我們實現了連續第二季訂閱營收年增率加速成長，這是核心業務正在走強的重要指標。我們也看到客戶在生產環境中採用我們的 AI 解決方案，並將其作為我們 CX 平台的整合式一部分，帶動 AI 營收連續多季強勁成長。這項努力也因我們平台與生態系的強大而被放大。我們的雲原生 CCaaS 平台以高可靠性為設計重點，並具備開放式整合能力，使我們得以建立超過 1,400 家合作夥伴的生態系。在此生態系中，我們與市場領導者之間深度的策略關係至關重要。這些關係有助於驗證我們的技術、強化我們的市場推進（go-to-market）觸及範圍，並加速企業採用。

This is a large opportunity, and we believe Five9 is one of the few key players truly positioned to capture it. We intend to do so with both urgency and discipline. Before I hand it over to Bryan, let me say a few words about capital allocation. We take our role as stewards of shareholder capital seriously. Our approach will be disciplined, return oriented and balanced. This includes investing organically in our business, evaluating inorganic opportunities against a high strategic and financial bar. And when appropriate, returning capital to shareholders.

這是一個龐大的機會，我們相信 Five9 是少數真正具備條件把握此機會的關鍵玩家之一。我們將以兼具緊迫感與紀律的方式來達成。在我把時間交給 Bryan 之前，我想先談幾句資本配置。我們嚴肅看待作為股東資本管理者（stewards）的角色。我們的方法將保持紀律、以報酬為導向並兼顧平衡。這包括對業務進行有機投資，並以高標準的策略與財務門檻評估非有機機會。並在適當時機回饋資本給股東。

On the last point, reflecting our confidence in the company's intrinsic value, we intend to complete our remaining amount of $150 million share repurchase authorization by the end of Q3.In addition, our Board has authorized an additional $200 million share repurchase program. We see this as a compelling use of capital, and Bryan will provide more details in a moment. Since joining in February, it has become even clearer to me that Five9 has talented employees a portfolio of highly strategic assets and significant upside potential. It has also become clear to me that we must operate with greater urgency, better execution and higher accountability as we build towards an AI-driven future.

就最後一點而言，反映我們對公司內在價值的信心，我們打算在第三季末前完成剩餘 1.5 億美元的庫藏股回購授權額度。此外，我們的董事會已核准額外 2 億美元的股票回購計畫。我們認為這是極具吸引力的資本運用方式，Bryan 稍後會提供更多細節。自我在二月加入以來，我更加清楚地看到 Five9 擁有優秀的人才、極具策略性的資產組合，以及顯著的上行潛力。我也清楚地認知到，隨著我們邁向 AI 驅動的未來，我們必須以更高的緊迫感、更好的執行力與更高的問責來營運。

That work is underway, and I intend to drive meaningful change as we work to turn Five9 from a good company into a great business with a disciplined focus on creating long-term shareholder value. With that, I'll turn the call over to Bryan.

這項工作已在進行中；在我們努力將 Five9 從一家好公司打造為一家卓越企業的過程中，我打算推動具實質意義的改變，並以嚴謹的紀律聚焦於創造長期股東價值。接下來我把電話會議交給 Bryan。

Thank you, Amit, and good afternoon, everyone. I would like to begin by underscoring our commitment to transparency in our reporting. To that end, starting today, you will find the supplemental metric disclosure in the Investor Relations section of our website. While many of these metrics have been disclosed previously, we believe this new format will help simplify your modeling.

謝謝你，Amit，各位下午好。我想先強調我們對資訊揭露透明度的承諾。為此，自今天起，您可以在我們官網的投資人關係（Investor Relations）專區找到補充指標揭露。雖然其中許多指標先前已揭露過，但我們相信這種新格式將有助於簡化各位的模型建置。

As Amit noted, we have taken decisive action on returning capital to shareholders. After repurchasing $10 million of shares in the first quarter, we intend to enter into an accelerated share repurchase program for the remaining $90 million under the current authorization, which we expect to be completed by the end of Q3. The Board has also approved a new share repurchase program of $200 million, which we expect to execute opportunistically.

如 Amit 所提到，我們已就回饋資本給股東採取果斷行動。在第一季回購 1,000 萬美元股票後，我們打算就現有授權下剩餘的 9,000 萬美元進行加速股票回購（ASR）計畫，並預期於第三季末前完成。董事會也核准了一項新的 2 億美元股票回購計畫，我們預期將視機會彈性執行。

These actions reflect our deep conviction in our long-term opportunity and confidence in continuing to generate strong free cash flow, while also providing ample strategic flexibility. Now turning to our financials. Q1 revenue was $305 million, up 9% year-over-year. Of the total for the quarter, the contributions from subscription, telecom and professional services were approximately 82%, 12% and 6%, respectively. Our subscription revenue grew 13% year-over-year.

這些行動反映我們對長期機會的深度信念，以及對持續產生強勁自由現金流的信心，同時也提供充足的策略彈性。接著談我們的財務表現。第一季營收為 3.05 億美元，年增 9%。就本季總額而言，訂閱、電信與專業服務的貢獻占比分別約為 82%、12% 與 6%。我們的訂閱營收年增 13%。

This was driven by our CCaaS revenue, which grew 8% at our AI revenue, which grew 68% to an annual run rate of over $125 million. For clarity, please note that this AI revenue figure now includes both enterprise and commercial, providing a complete view of this growth driver. Our AI revenue now represents approximately 13% of total subscription revenue compared to approximately 8% a year ago, and the year-over-year growth rate accelerated from 49% in Q4 '25 to 68% in Q1 26 primarily driven by our backlog ramping earlier than anticipated.

這主要由我們的 CCaaS 營收所帶動，其成長 8%；以及我們的 AI 營收年增 68%，年化執行率（annual run rate）超過 1.25 億美元。為求清楚起見，請注意此 AI 營收數字現在同時包含企業與商業（commercial）客戶，能更完整呈現此成長動能。目前 AI 營收約占訂閱營收總額的 13%，高於一年前約 8%；其年增率也從 2025 年第四季的 49% 加速至 2026 年第一季的 68%，主要因我們的積壓訂單（backlog）爬坡（ramping）早於預期。

Looking ahead, we expect total subscription and CCaaS growth to trend with our overall revenue guidance. AI revenue growth is expected to fluctuate quarter-to-quarter given varying ramp schedules with full year 2026 growth anticipated to exceed 40% year-over-year. LTM dollar-based retention rate defined in our filings as the retention rate of recurring revenue from subscription plus telecom was 105%, which is the same as Q4 2025. Given our focus on subscription revenue going forward, we will transition our DBRR disclosure to LTM subscription DBRR, which came in at 107% in Q1 compared to 106% in Q4 '25.

展望未來，我們預期訂閱與 CCaaS 的整體成長趨勢將與我們的總營收指引一致。由於不同專案的爬坡時程不一，AI 營收成長預期將呈現季度間波動；但預期 2026 全年年增將超過 40%。我們在申報文件中所定義的 LTM（過去十二個月）美元基礎留存率（DBRR），即訂閱加上電信之經常性收入留存率，為 105%，與 2025 年第四季相同。鑑於我們未來將更聚焦於訂閱營收，我們將把 DBRR 的揭露轉為 LTM 訂閱 DBRR；第一季為 107%，相較 2025 年第四季的 106%。

Please refer to the previously mentioned supplemental metric disclosure on our Investor Relations and website with 9 quarters of historical dollar-based retention rates. As anticipated, both DBRR metrics stabilized in Q1 and we expect Q2 to be at relatively similar levels, plus or minus 1 percentage point before inflecting in the second half of the year. Adjusted gross margin in Q1 was 64% compared to 62% in Q1 last year. Adjusted EBITDA was $74 million or 24% of revenue compared to $53 million or 19% of revenue in the same quarter last year. In terms of cash flow, cash from operations was $64 million or 21% of revenue, and free cash flow was $49 million or 16% of revenue.

請參考前述在我們投資人關係網站上的補充指標揭露，其中包含 9 個季度的歷史美元基礎留存率。如預期，兩項 DBRR 指標在第一季皆趨於穩定，我們預期第二季將維持在相對類似水準，上下約 1 個百分點，之後在下半年出現拐點回升。第一季調整後毛利率為 64%，高於去年第一季的 62%。調整後 EBITDA 為 7,400 萬美元，約占營收 24%，相較去年同期為 5,300 萬美元、約占營收 19%。就現金流而言，營運活動現金流為 6,400 萬美元，約占營收 21%；自由現金流為 4,900 萬美元，約占營收 16%。

These profitability and cash flow margins benefited by slightly more than 1 percentage point in the first quarter from a onetime discount negotiated with a key vendor that we do not expect to recur in future periods. From a balance sheet perspective, we ended the quarter with $724 million in cash, cash equivalents and short-term investments. On to guidance. For the second quarter, we're guiding total revenue to a midpoint of $306 million with a range of $303 million to $309 million.

第一季的獲利能力與現金流利潤率，受惠於與一個關鍵供應商協商取得的一次性折扣，提升幅度略高於 1 個百分點；我們預期未來期間不會再發生。就資產負債表而言，本季末我們持有的現金、約當現金與短期投資為 7.24 億美元。接著談財測指引。針對第二季，我們指引總營收中位數為 3.06 億美元，區間為 3.03 億至 3.09 億美元。

For the same period, our guidance for non-GAAP EPS is a midpoint of [ $0.60 ] per diluted share with a range of $0.65 to $0.69. And the largest driver of the sequential decline is the onetime discount I mentioned a moment ago that benefited Q1. Additionally, this guidance includes an estimated 3.6 million shares being retired through our accelerated share repurchase. For the second half, we continue to expect total revenue growth to accelerate to double digits driven by our backlog of both new logo and installed base bookings. For non-GAAP EPS, we expect steady sequential increases in the second half.

在同一期間，我們對非 GAAP EPS 的指引為每股稀釋後 [ $0.60 ] 的中點，區間為 $0.65 至 $0.69。而造成環比下滑的最大因素，是我剛才提到、在第一季受惠的一次性折扣。此外，此指引包含透過我們的加速股票回購預計註銷約 360 萬股。對於下半年，我們仍預期在新客（new logo）與既有客戶（installed base）訂單積壓（backlog）的帶動下，總營收成長將加速至雙位數。就非 GAAP EPS 而言，我們預期下半年將呈現穩健的連續季度成長。

For the full year 2026, we're guiding total revenue to a midpoint of $1.26 billion with a range of $1.254 billion to $1.266 billion, which is up from our initial midpoint guidance of $1.254 billion.

針對 2026 全年，我們指引總營收中點為 12.6 億美元，區間為 12.54 億至 12.66 億美元，較我們最初的中點指引 12.54 億美元上調。

Our guidance for 2026 non-GAAP EPS is a midpoint of $3.26 per diluted share with the range of $3.22 to $3.30, which is up from our initial midpoint guidance of $3.18 per diluted share. Additionally, we continue to anticipate annual adjusted EBITDA margin to exceed 24% and annual free cash flow to be approximately $175 million. That said, our organizational design initiatives are expected to initially result in higher temporary expenses to provide longer-term cost efficiencies, along with improved focus, speed and effectiveness.

我們對 2026 年非 GAAP EPS 的指引中點為每股稀釋後 $3.26，區間為 $3.22 至 $3.30，較我們最初的中點指引每股稀釋後 $3.18 上調。此外，我們仍預期年度調整後 EBITDA 利潤率將超過 24%，年度自由現金流約為 1.75 億美元。不過，我們的組織設計（organizational design）計畫預期在初期會帶來較高的暫時性費用，以換取較長期的成本效率，同時提升專注度、速度與執行成效。

To assist with modeling, please note the following: purchase of PP&E is expected to be approximately 3.5% of revenue for 2026 due to a global data center refresh. Please refer to the presentation posted on our Investor Relations website for additional estimates, including share count and taxes as well as GAAP to non-GAAP reconciliations. With that, I would like to ask our President, Andy Dignan, to join us for Q&A and open the call. Operator, please go ahead.

為協助建模，請注意以下事項：由於全球資料中心汰換更新，2026 年 PP&E（不動產、廠房及設備）採購預計約為營收的 3.5%。更多估計值（包括股數與稅項，以及 GAAP 與非 GAAP 的調節）請參閱我們投資人關係網站上發布的簡報。接下來，我想請我們的總裁 Andy Dignan 加入問答環節並開放電話會議。接線員，請開始。

Okay. We will begin with Siti Panigrahi, Mizuho.

好的。我們將先從 Mizuho 的 Siti Panigrahi 開始。

Great. Thank you, and congrats on a good quarter. Amit, thanks for outlining all those 4 priorities. Just wondering, what are the 2, 3 most concrete measurable milestones you think investors should track over the next 12 months to assess the progress of each of those areas.

很好。謝謝，恭喜本季表現不錯。Amit，謝謝你概述那 4 項優先事項。我想請教，你認為投資人在未來 12 個月應該追蹤哪 2 到 3 個最具體、可衡量的里程碑，以評估各領域的進展？

Yes. Thank you, Siti, and thank you for the question. Look, one, I think as we are going through as I'm going through deeper into the business, I think the #1 thing that I mentioned in the script in the call is I'm spending time on really diving deep into the market, into our tech, into our products. And where Five9 should be positioned. So I think one of the benchmarks that I think you all should be looking for is in the near future of me coming out and laying that out to you all and being very clear with how that is progressing and where we are taking the business.

是的。謝謝你，Siti，也謝謝你的問題。你看，第一，當我更深入了解業務時，我認為我在電話會議講稿中提到的第一件事，就是我正在花時間真正深入市場、我們的技術與產品。以及 Five9 應該如何定位。因此，我認為你們應該關注的一個基準，是在不久的將來我會出面把這些內容清楚地向各位說明，並非常明確地交代進展情況以及我們將把業務帶往何處。

Two, I think there are 2 other -- 2 or 3 major other areas that I've been diving into. One is culture, like how do we actually drive more accountability, more ownership, more organizational design improvements within spans and layers within things like faster location strategy, and reducing a lot of the bureaucracy and processes internally. And I think the right measure of that should be reflected in the pace that we bring to the market in terms of delivery, in terms of delivery of some of these things that are underpinning such as margin improvements such as growth improvements. I think that's probably the best way to hold us accountable, and we'll be laying that out for you all.

第二，我認為還有另外 2 到 3 個我正在深入的主要領域。其中之一是文化：我們如何真正推動更高的問責、更強的主人翁意識，以及在管理幅度與層級（spans and layers）等方面進行更多組織設計改善，包括更快的據點策略，並在內部減少大量官僚作風與流程。我認為衡量這些的正確方式，應該反映在我們推向市場的速度上——包括交付速度，以及一些底層支撐項目的交付，例如利潤率改善、成長改善。我想這大概是讓我們負起責任的最佳方式，而我們也會向各位說明。

That's helpful. And then one more follow-up. You must have talked to customers and partners over this quarter. And AI is moving much faster than any other trend we have seen before. What are your customers doing in terms of adapting to this faster pace. And what's your assessment of Five9 opportunity there? And why you think Five9 is well positioned versus some of the other emerging vendors?

這很有幫助。另外再追問一個問題。你這一季應該和客戶與合作夥伴談過。AI 的發展速度比我們以前見過的任何趨勢都更快。你的客戶在適應這種更快節奏方面做了哪些事？你如何評估 Five9 在這方面的機會？以及你為什麼認為相較於其他新興供應商，Five9 的定位更有利？

Yes. Another good question. Thank you. So look, as I've been talking to customers, it is pretty obvious that everyone is excited about AI, what it can do and where it is going, particularly in the contact center. I think the one big thing that customers under realized is that AI is truly allowing for greater interactions to happen.

是的。又是一個好問題。謝謝。你看，當我與客戶交談時，很明顯每個人都對 AI、它能做什麼以及它將走向何處感到興奮，尤其是在聯絡中心領域。我認為客戶有一個很大的低估之處：AI 真的能讓更多互動得以發生。

And really driving an increase in their ability to connect with customers who are maybe Tier 2, Tier 3, who they had relegated into different channels because of OpEx. So customer experience, CX is a reflection of your OpEx. I know how to make call times go to 0 or hold time go to 0, double your OpEx, it's challenging. So as these -- as AI comes in, I think there is one big thing that is happening.

並且真正提升他們與可能屬於第二層級、第三層級（Tier 2、Tier 3）的客戶建立連結的能力；過去因為營運費用（OpEx）考量，他們把這些客戶分流到不同渠道。因此，客戶體驗（CX）其實反映了你的 OpEx。我知道如何讓通話時間降到 0 或等待時間降到 0——把你的 OpEx 加倍——這很具挑戰。所以當 AI 進來時，我認為有一件大事正在發生。

One, as AI replaces seats, those dollars are not leaving the contact center. It is actually getting reallocated towards software. And companies are looking to platforms like us that can actually marry voice, digital and AI and presented in a format where it is all connected under one roof and it actually allows them to get far larger outputs in increases in efficiency through that system. So that is really where AI is going. That is why I think Five9 is really well positioned because of the shift.

第一，當 AI 取代席位（seats）時，那些資金並不會離開聯絡中心。它其實會被重新分配到軟體上。企業正在尋找像我們這樣的平台，能把語音、數位與 AI 結合起來，並以一種在同一屋簷下全都連結的形式呈現，讓他們透過該系統在效率提升上獲得更大的產出。所以 AI 的走向正是如此。這也是我認為 Five9 因這個轉變而具備非常有利定位的原因。

And by the way, I think you all may know this, but the TAM for CCaaS plus support AI is nearly 2x the displacement of seats that will happen. And so we now get to play in a much larger market as we evolve and build into this platform.

順帶一提，我想各位可能知道，CCaaS 加上支援型 AI 的 TAM 幾乎是席位被取代規模的近 2 倍。因此，隨著我們演進並打造這個平台，我們現在得以在更大的市場中競爭。

Our next question will come from Terry Tillman, Truist.

下一個問題來自 Truist 的 Terry Tillman。

Giancarlo on for Terry. You mentioned seat counts. And we were wondering how has the end market been for contact center seat counts. Are we seeing it stay stable, growing or declining? And I guess what are customers sharing in terms of their plans for seats as we look into the next 6 to 12 months?

我是 Giancarlo，代 Terry 提問。你提到了席位數。我們想了解聯絡中心席位數的終端市場情況如何。我們看到它維持穩定、成長，還是下滑？另外，客戶對於未來 6 到 12 個月的席位規劃分享了什麼？

So let me start on the actual seat count, and then Amit can chime in as well. So we mentioned that the seat count continues to grow at a healthy rate, relatively in line with the CCaaS revenue growth that we had provided. And that was a commentary we provided last quarter, and it continues to be the case. And so from a -- if you look at the backlog of our customers that we've already won, there's actually a large portion that CCaaS oriented, a smaller portion but fast-growing portion that's AI.

我先從實際席位數開始回答，之後 Amit 也可以補充。我們提到席位數仍以健康的速度成長，整體大致與我們先前提供的 CCaaS 營收成長一致。這是我們上季給出的評論，而目前仍然如此。因此，從——如果你看我們已經贏得的客戶訂單積壓（backlog），其中其實有很大一部分是以 CCaaS 為主；另有一小部分但成長很快的部分是 AI。

So definitely, the seat growth from a customer perspective internally has been growing at a healthy rate.

所以，從客戶端的角度來看，席位成長確實一直以健康的速度增加。

And I think to the second part of your question around what customers are telling us, it's what I mentioned to Siti, which is as they see the ability for them to get more efficient, with their human agents. What they really want to do is start investing into software tools, platform tools, AI tools that allows for the overall efficiency to grow and for them to actually increase the overall interactions. And a number of customers that we are working with today is exactly in that use case.

至於你問題的第二部分——客戶告訴我們什麼——就是我對 Siti 提到的：當他們看到能讓人工座席更有效率的能力時，他們真正想做的是開始投資軟體工具、平台工具、AI 工具，以提升整體效率，並讓他們實際上能增加整體互動量。我們目前合作中的許多客戶，正是處在這樣的使用情境。

Our next question will come from Raimo Lenschow, Barclays.

我們的下一個問題將由 Barclays 的 Raimo Lenschow 提出。

Congrats, great start, Amit. Quick question. If you think about the industry at the moment, there's all this thing about AI disruption. But the 1 thing that we pick up when we talk with guys in the field is like how much still is in -- how many of the of the call centers are still actually on-premise and how we've actually kind of need to think about first cloud migrations. And then we can do AI.

恭喜，Amit，開局很棒。快速問一個問題。如果你看目前的產業，大家都在談 AI 顛覆。但我們在跟第一線的人聊時，觀察到的一件事是：仍有多少東西還在——有多少客服中心其實仍是地端部署（on-premise），而我們似乎得先思考雲端遷移。然後才能做 AI。

What have you picked up in your customer -- in your client conversations or the first 3 months on that whole dynamic? Because many years, you were the cloud provider that had the structural kind of tailwind in theory, that should be coming your way even more now given that people have to modernize finally.

在你與客戶——在你與客戶的對話中，或你上任的前三個月，你對這整個動態有什麼觀察？因為多年來，你們理論上一直是具備結構性順風的雲端供應商；而現在人們終於必須現代化，照理說這股趨勢應該更會朝你們而來。

Yes. Thank you for that question. And I'll chime in and let Andy add any additional color. Look, what we are seeing is there are a number -- there is still a vast majority of customers that are still on-prem and eventually we'll have to make that decision of moving to the cloud. A lot of them are actually testing out AI right now and saying, can we just go deploy AI on-prem.

是的。謝謝你的問題。我先回應，然後也讓 Andy 補充更多觀點。你看，我們看到的是：有相當多——其實絕大多數客戶仍在地端，最終都必須做出移轉到雲端的決策。其中很多客戶現在其實正在測試 AI，並且在問：我們能不能直接在地端部署 AI。

And candidly, it's been -- and we've seen a pickup of some of those requests where they want to come in and test AI first. But also, I can tell you that the results have been a little bit of a mixed bag, right? Because when you are on-prem, the Achilles' heel of AI working seamlessly is data and architecture and how it is connected to the rest of your ecosystem. And in some cases, it works. In some cases, it doesn't.

坦白說——我們確實看到這類需求有所增加，他們想先進來測試 AI。但我也可以告訴你，結果有點好壞參半。因為當你在地端時，AI 要順暢運作的致命弱點在於資料與架構，以及它如何與你其餘的生態系連結。有些情況可行。有些情況不可行。

And so I think you will see a lot more customers testing AI on-prem. My hunch is -- for some, it may be okay, but a lot of them will start realizing that you have to move to the cloud for this to be the best of breed and full adoption and the scalability that they want. And so that's my kind of first read into it. Andy, anything to add?

所以我認為你會看到更多客戶在地端測試 AI。我的直覺是——對某些人來說可能還可以，但很多人會開始意識到：若要做到最佳方案（best of breed）、全面採用，以及他們想要的可擴展性，就必須移到雲端。這是我目前的初步判讀。Andy，有什麼要補充的嗎？

Yes. The only thing I would add would be, yes, we're seeing more of those conversations. I think throughout the kind of process of working with on an opportunity, they realize that they can move -- there's this concern that you got to take a year to move to the cloud and then start getting AI. We've done a lot both within our product and our processes around how we deliver that we can deliver AI at the beginning, but also migrate them at the same time. So they can kind of get the best of both worlds is really what they're looking for.

有的。我唯一想補充的是：是的，我們看到更多這類對話。我認為在推進機會案（opportunity）的過程中，他們會意識到可以移轉——大家有個擔憂是：你得花一年搬到雲端，然後才能開始用 AI。我們在產品與交付流程上做了很多工作，使我們能在一開始就交付 AI，同時也一起幫他們遷移。所以他們可以某種程度上同時得到兩全其美，這正是他們在找的。

Okay. Perfect. That's very clear. And then, Bryan, first of all, thanks for the kind of tightening up disclosure, et cetera. That's really helpful.

好的。完美。這非常清楚。另外，Bryan，首先謝謝你把揭露（disclosure）等資訊收緊、整理得更清楚。這真的很有幫助。

Looking forward to working with that. The other thing is like if you think about guidance, it's Q1, usually people kind of think it's Q1, do I change my annual guidance or not. Can you talk a little bit about the puts and takes for you to change what -- to change annual guidance a little bit as well and about why you took that level?

也期待能以此方式來進行分析。另一件事是：如果你看財測指引（guidance），現在是 Q1，通常大家會想：到了 Q1，我要不要調整全年指引。你能不能談談你們調整——也就是調整全年指引的一些利多與利空（puts and takes），以及為什麼你們採取那個調整幅度？

Yes, absolutely, Raimo. Thank you. So let me take that in 2 parts. Let me actually talk a little bit about the first quarter, and then I'll talk about the annual guidance. So in Q1, subscription was the key driver of revenue growth.

好的，當然可以，Raimo。謝謝。我分兩部分回答。我先談一下第一季，然後再談全年指引。在 Q1，訂閱（subscription）是營收成長的關鍵驅動因素。

The second quarter of acceleration to 13%. And that was -- if you break that down between CCaaS and AI, CCaaS was stable at 8% and AI accelerated to 68%, primarily driven by backlog -- the strength of backlog converting to revenue. And then if you -- and by the way, before I go into guidance, for modeling purposes, I do want to point out something around the AI revenue because this time, the disclosure is different from the past periods in the sense that we're including enterprise and commercial to give you a full picture of our AI revenue as well as total subscription.

成長率連續第二季加速到 13%。如果你把它拆開看 CCaaS 與 AI：CCaaS 穩定在 8%，AI 則加速到 68%，主要由積壓訂單（backlog）——也就是積壓訂單強勁轉為營收所帶動。另外，在我進入指引之前，為了建模（modeling）目的，我想先指出 AI 營收揭露的一點：這次的揭露與過去期間不同，因為我們把企業（enterprise）與商業（commercial）都納入，以便讓你看到我們 AI 營收以及總訂閱的全貌。

And that AI as a percent of total subscription revenue going back a year ago for Q1 '25, it was approximately 8% of total subscription revenue, and it stepped up 1 percentage point each quarter to 9%, 10%, 11% in Q2, 3, 4. Until the most recent quarter was 13% of total subscription revenue. So I hope that helps from a modeling perspective. But now going forward into Q2 and the rest of the year, it's really driven by the backlog that we've been talking about. It's growing at a very healthy rate.

而回溯到一年前的 Q1 '25，AI 佔總訂閱營收約 8%，之後每季提高 1 個百分點，在 Q2、Q3、Q4 分別為 9%、10%、11%。直到最近一季，AI 佔總訂閱營收為 13%。希望這能在建模角度上有所幫助。但展望 Q2 與今年其餘時間，主要仍是由我們一直在談的積壓訂單所驅動。它正以非常健康的速度成長。

We have great visibility into it. It's comprised of both new logo and installed base bookings that are converting into revenue. And every customer has a unique ramp schedule, and it just happens to be back-end loaded, which is what's driving that acceleration into double-digit growth in the second half. But it's the visibility that we have that gives us that comfort to actually increase the midpoint of our annual guidance from $1.254 billion to $1.266 billion, which essentially covers all of the Q1 beat plus a little bit more.

我們對此有很高的能見度。它同時包含新客（new logo）與既有客戶（installed base）的訂單（bookings），並正在轉為營收。每位客戶都有獨特的爬坡（ramp）時程，而目前剛好是後段偏重（back-end loaded），這也是推動下半年加速至雙位數成長的原因。但正是我們所掌握的能見度，讓我們有信心把全年指引中位數從 12.54 億美元提高到 12.66 億美元，基本上涵蓋了 Q1 的超預期表現（beat）再加上一點點。

Our next question will come from Catharine Trebnick, Rosenblatt.

我們的下一個問題將由 Rosenblatt 的 Catharine Trebnick 提出。

Yes. Thank you very much. Nice quarter. You hired a new Chief Marketing Officer, it is really happy to see that Jay Lee. Can you explain -- I noticed you had a really strong data background, so it doesn't look like your typical branding type of marketing person and give us some details on why is a particular hire with that background?

是的。非常感謝。這一季表現不錯。你們聘請了一位新的行銷長（Chief Marketing Officer），很高興看到是 Jay Lee。你能否說明——我注意到他有非常強的資料背景，所以看起來不像典型偏品牌（branding）類型的行銷人，並請你提供一些細節：為什麼會聘用具有這種背景的人？

Yes. Thank you for that question. And yes, we're super excited to have Jay here. And as you rightfully called out, we also adjusted his title to reflect what he is here to do, which is Chief Marketing and Growth Officer. Look, Jay brings a tremendous amount of experience, not only in the marketing realm, but also in analytics, data and piecing those things together.

好的。謝謝你的問題。是的，我們非常興奮 Jay 能加入。而且如你所指出的，我們也調整了他的職稱，以反映他來這裡要做的事，也就是「行銷與成長長」（Chief Marketing and Growth Officer）。你看，Jay 帶來非常豐富的經驗，不僅在行銷領域，也包括分析、資料，以及把這些要素整合起來的能力。

And from my view, I think as we look at driving a unified go-to-market, as we look at driving improvements in efficiency and how we serve our customer, you have to look at the full life cycle. And that implies that you have to all be working off one sheet in terms of the data, in terms of the funnel, in terms of how it actually translates into revenue operations and all the strategies that ties to it. So this is one example of some of the changes that we are making, which is, I think, beneficial to the company where under one roof, you're going to have one go-to-market strategy, one go-to-market delivery mechanism and one go-to-market measurable data set that drives all of that.

從我的角度來看，當我們要推動一致的市場進入策略（go-to-market），要提升效率、改善我們服務客戶的方式時，你必須看完整的生命週期。這意味著：在資料、漏斗（funnel），以及它如何實際轉化為營收營運（revenue operations）與所有相關策略上，大家都必須依同一套資料與口徑運作。所以這就是我們正在做的一些改變的例子之一；我認為這對公司是有利的——在同一個架構下，你會有一套 go-to-market 策略、一套 go-to-market 交付機制，以及一套可衡量的 go-to-market 資料集，來驅動所有這些工作。

Our next question will come from Michael Funk of Bank of America. Michael, you can go ahead and unmute at this time. Okay.

我們的下一個問題將由美國銀行（Bank of America）的 Michael Funk 提出。Michael，你現在可以解除靜音並開始發問。好的。

Our next question will come from Scott Berg of Needham. Scott, you can go ahead and unmute at this time.

我們的下一個問題將由 Needham 的 Scott Berg 提出。Scott，你現在可以解除靜音並開始發問。

Hopefully, you can hear me. Nice quarter here. Amit, in your 4 priorities, one of them was winning in AI, your fourth one. It's obviously the key question most investors are asking on Five9, given what the state of the contact center environment is. But how do you see the company today?

希望你們聽得到我。這一季表現不錯。Amit，在你的四大優先事項中，其中之一是贏在 AI，也就是第四項。考量到目前聯絡中心環境的狀況，這顯然是多數投資人對 Five9 最關心的關鍵問題。但你如何看待公司目前的狀態？

And do you think you're winning effectively? Is this a product item? Do you think you need to lean into product or potentially lean into maybe distribution more to continue to drive and really capture what's a pretty interesting AI opportunity today?

你覺得你們正在有效地取勝嗎？這是產品面的問題嗎？你認為你們需要更著重在產品，或是可能更著重在通路/分銷，以持續推動並真正掌握當前相當有趣的 AI 機會？

Thank you, Scott. Look, I think the answer really is if I just start with the basics and say, how are we performing today with our AI capabilities. I think just looking at the performance of what we've delivered with 68% year-on-year growth acceleration and just a whole year view of where that's going. I feel like we've got some pretty good shops on what we are doing today. That being said, I do think the market is moving fast, and we have already announced some new products that are in beta that will be coming out in the next quarter or so into general availability.

謝謝你，Scott。我想答案其實是，如果我先從基本面談起：我們今天的 AI 能力表現如何。我認為只要看看我們已交付成果的表現——年增成長加速達 68%，以及整體一年期的走勢——我覺得我們目前做的事情相當不錯。不過我也確實認為市場變化很快，而我們已經宣布了一些正在 beta 測試的新產品，預計在下一季左右轉為正式全面上市（general availability）。

And so for me, the real viewpoint is how do we stay on top of that? How do we speed that up? And near term and long term, I do think at the end of the day, which I mentioned on my first call, look, to be disciplined, I cannot serve every piece of AI and CX. And we will have to be selective as to what the platform requires and where our advantages are and where -- whether that is done organic or inorganic and then where we partner with other players to fill gaps that we may not fill or things that are vertical or certain CX-centric that we may need. So I don't -- Scott, I don't think the answer is one or the other.

所以對我而言，真正的觀點是：我們如何保持領先？我們如何加快速度？而在短期與長期，我確實認為，歸根結底——我在第一次電話會議也提過——為了保持紀律，我不可能涵蓋 AI 與 CX 的每一個面向。我們必須有選擇性：平台需要什麼、我們的優勢在哪裡，以及——無論是透過內生成長（organic）或併購（inorganic）來完成——再者，我們在哪些地方要與其他業者合作，以補足我們可能不會補的缺口，或是一些垂直領域、特定以 CX 為核心的需求。所以我不——Scott，我不認為答案是二選一。

I think it's going to be a combination of how do we continue to deliver and build faster, bring more product side to where our platform is going and where we want to own the market and where partners play a role to fill gaps that would make it easier for end users to just say, "Hey, I'll work with Five9 because it's all available in one place."

我認為會是組合拳：我們如何持續交付並更快地建置；在產品面投入更多，讓平台朝我們要去的方向前進、在我們想要主導市場的領域加深布局；同時也讓合作夥伴在補缺口上扮演角色，讓終端用戶更容易直接說：「好，我就跟 Five9 合作，因為所有東西在同一個地方都能取得。」

Helpful there. And then my follow-up is actually for Andy as a follow-up to that question is, what are you seeing in the sales pipelines today? What's the team seeing in Q1 maybe versus a year ago on that fast-changing environment perspective? Is the composition of deals substantially different in terms of, I don't know, feature functionality, et cetera? Or I guess, is the stay pretty steady?

這很有幫助。那我的追問其實是給 Andy 的，延續剛才那個問題：你們現在在銷售管線（sales pipeline）看到什麼？從快速變動的環境角度來看，團隊在 Q1 看到的情況，相較一年前有什麼不同？交易的組成在功能特性等方面是否有顯著差異？還是說大致上維持穩定？

Yes. I mean, I think -- so we track, obviously, our RFP and pipeline levels. They've been at elevated levels that we've talked about for the last 2 years, and that continues forward. In terms of the makeup, I would say, similar to what we talked about earlier, we are seeing more conversations around that sort of AI first. And again, I think we have a strong go-to-market around that as well as a product strategy. So I think that's going to continue to play to our strength.

是的。我的意思是，我想——我們當然會追蹤 RFP 與管線水位。它們一直維持在較高水準，我們過去兩年也談過，而這個趨勢仍在延續。就組成而言，我會說，類似我們先前提到的，我們看到更多以「AI 優先」為主的對話。而且同樣地，我認為我們在這方面不論是 go-to-market 或產品策略都很強。所以我認為這會持續成為我們的優勢。

Our next question comes from Rishi Jaluria, RBC. Rishi, you can go ahead and you at this time.

我們的下一個問題來自 RBC 的 Rishi Jaluria。Rishi，你現在可以開始發問。

Wonderful. I'll keep it to just one. But look, great to see these continued results, continued AI momentum, and I appreciate the greater transparency. One thing we're all trying to figure out a little bit of is thinking about what exactly the impact of AI broadly, whether that's your portfolio, DIY, third party. And look, I appreciate that you're talking about you can't do everything yourselves and a partner where it makes sense.

太好了。我只問一題。不過，看到你們持續交出這些成果、AI 動能延續，而且也更透明，我很感謝。我們都在試著釐清的一點是：AI 廣泛而言的影響到底是什麼——不論是你們自家產品組合、DIY、或第三方。而且，我也理解你們提到不可能什麼都自己做，該合作的地方就合作。

But to what extent has that had an impact on the nature of conversations you're having with net new customers around migrating from on-premise to cloud?

但這在多大程度上，影響了你們與全新客戶（net new customers）就從地端（on-premise）遷移到雲端所進行的對話性質？

How has that changed maybe some of your competitive dynamics in the RFP process? Maybe just help us kind of understand all these pieces, how they're currently coming together and maybe is there a point at which AI and contact center starts to get not mature enough, but more widespread enough that it actually starts to speed up some of the sales cycles?

這又如何改變了你們在 RFP 流程中的競爭態勢？也許請幫我們理解這些環節目前如何整合在一起；以及是否會出現某個時間點，當 AI 與聯絡中心變得不是「成熟」，而是更普及時，反而會開始加速某些銷售週期？

Look, I'll take a stab at that question, and Andy may have more color. Look, I think in the on-prem solution or on-prem offerings, what we're getting a lot of requests for are AI apps that actually speed up a lot of the humans that are out there, things like Agent Assist, some of our AI agents to help as they are contemplating voice change-outs. That -- look, the whole view for me, and I'll say this when I think about my role as a new set of eyes on this business, what is happening in the CX space is as AI is replacing humans over time.

我先嘗試回答這個問題，Andy 可能可以補充更多細節。我想在地端解決方案或地端產品方面，我們收到很多需求是針對能夠加速現有人力作業的 AI 應用，例如 Agent Assist（坐席/客服助理），以及我們的一些 AI 代理（AI agents），用來協助他們在考慮語音系統汰換時的需求。那——對我而言的整體觀點是，我會這樣說：以我作為用新視角看這門生意的人來看，CX 領域正在發生的事情是，AI 正在隨時間逐步取代人力。

As I mentioned earlier, those dollars are going back into the software, going back to make all of these humans and AI itself more efficient. If you just fast forward to your question, even 6 months, even a year, I think people think about point solution AI as, hey, here's the solve. Most customers are basically saying, if I have humans that are going to be around, I need it all to be on one platform because there are certain functions I cannot do through point solutions. Agent Assist doesn't work unless it is in real-time conversations. If I'm even talking about AI voice like agentic, think about what a platform offers in the near future, right?

如我先前提到，這些節省下來的成本會回流到軟體上，用來讓所有這些人力以及 AI 本身更有效率。如果直接快轉回到你的問題，即便只看 6 個月、甚至 1 年，我認為人們把點狀解決方案（point solution）的 AI 視為「這就是解法」。但多數客戶基本上在說：只要還有人力會存在，我就需要所有東西都在同一個平台上，因為有些功能我無法透過點狀解決方案做到。Agent Assist 若不是在即時對話中運作，就無法發揮作用。如果我甚至談到像是具代理能力的 AI 語音（agentic），想想平台在不久的將來能提供什麼，對吧？

You are going to have -- as someone comes in and says, I want to speak to a human, you go into hold time. That hold time actually becomes a window in which AI agents actually perform maybe a check or get you ready for the human call. Those sorts of things cannot happen in point products working on -- working independently for our platform. As humans get elevated, the other big thing that will happen is you will start finding that human agents will start monitoring a bunch of AI agents. And if an AI agent is stuck on pronouncing Mathradas, my last name and does it 3 or 4 times, a human can see something go yellow and say, I'm directly stepping into that call and taking it over.

你將會有——當有人進來說「我想跟真人講」，你就會進入等待（hold time）。而那段等待時間其實會變成一個窗口，讓 AI 代理先做一些檢核，或讓你為接通真人通話做好準備。這類事情不可能靠點狀產品各自獨立運作來完成——它必須在平台上運作。隨著人力角色被提升，另一個會發生的大事是：你會開始看到真人坐席會去監控一群 AI 代理。如果某個 AI 代理在念「Mathradas」（我的姓氏）時卡住，念錯 3、4 次，真人可以看到某個指標變成黃色，然後說：我直接介入這通電話並接手。

That cannot happen with point products. That has to happen on a platform. So I think the one thing that everyone is talking about agentic. Here at Five9, we're talking about humantic, which is the combination of humans and agents doing things that have not been thought about before. And so that is the direction we're going, and that is where I see this all coming together.

這不可能用點狀產品做到。這必須在平台上發生。所以我認為大家都在談 agentic（代理式）。而在 Five9，我們在談的是 humantic，也就是把人類與代理（agents）結合起來，去做以前未曾被想像過的事情。因此，這就是我們前進的方向，也是我看到這一切如何整合在一起的方式。

So I hope that helps answer some of your questions.

所以我希望這能幫助回答你的一些問題。

Our next question comes from DJ Hynes, Canaccord. Okay. Our next question will come from Elizabeth Porter. Elizabeth, you can go ahead and unmute at this time.

我們的下一個問題來自 Canaccord 的 DJ Hynes。好的。我們的下一個問題將來自 Elizabeth Porter。Elizabeth，你現在可以解除靜音並開始提問。

Great. This is Jamie on for Elizabeth. Congrats on the strong results. I guess just going back to some of the earlier comments, I think I heard you guys say that some of the strength you saw this quarter was from more of that backlog coming in ahead of expectations. Just curious if you could unpack that a little bit more.

太好了。我是 Jamie，代 Elizabeth 提問。恭喜本季表現強勁。我想回到先前的一些評論，我認為我聽到你們說，本季部分強勁表現來自於更多積壓訂單的進度早於預期入帳。想請教你們能否再多拆解說明一下。

Was that more attributable to strong execution on your side? Was it customers looking to accelerate those deployment time lines? And then as a result, just how has that sort of influenced your thinking for the path of those deployments for the rest of the year for what's still in the backlog?

這主要是因為你們這邊執行力很強嗎？還是客戶希望加速那些部署時程？然後因此，這對你們對今年剩餘時間、仍在積壓訂單中的那些部署進度路徑的看法，有什麼影響？

Yes. So Jamie, it was a combination of a number of factors. So it wasn't just one customer. It was many customers. As you -- as I mentioned earlier in the year, we did have some contingencies built into our guidance as one part of it is that in terms of timing coming in earlier than anticipated.

是的。所以 Jamie，這是多項因素的組合。不只是單一客戶。而是很多客戶。正如我今年稍早提到的，我們在指引中確實納入了一些緩衝/應變假設，其中一部分就是時程可能會比預期更早入帳。

It's also -- we always say that our PS resource in terms of implementation is always there ready to deploy as quickly as the customer wants. So I think there are times when the customers align faster internally on their end and the deployment cycle actually speeds up. And I think we saw some of that. And the deployment was the strongest on the AI side this quarter, which is why you saw that acceleration from 49% to 68% year-over-year growth.

另外——我們也一直說，我們的 PS（專業服務）資源在實施部署方面，隨時都準備好依客戶需求盡快上線。所以我認為有些時候，客戶內部對齊更快，部署週期就會加速。我想我們確實看到了一些這樣的情況。而且本季部署最強的是 AI 端，這也是你看到年增成長率從 49% 加速到 68% 的原因。

Now going into Q2 and beyond, I'll give a little bit more color in terms of CCaaS versus AI because they're all coming from the backlog here, but you'll see that we have our total revenue guide where we reported 9% in Q1. We're guiding to 8% in Q2 and then double-digit growth acceleration in the back half. So the CCaaS portion in backlog will more or less mirror that shape. And then AI on the other side will actually fluctuate up and down because of the varying deployment schedules that our customers have. But at the end of the day, for the annual number, we're anticipating AI revenue growth to exceed at a minimum 40% year-over-year.

展望第二季及之後，我會就 CCaaS 與 AI 多補充一些說明，因為它們都來自這些積壓訂單；你會看到我們的總營收指引：第一季我們公布為 9%，第二季指引為 8%，下半年則會加速回到雙位數成長。

Our next question comes from Peter Levine, Evercore ISI. You can go ahead at this time.

我們的下一個問題來自 Evercore ISI 的 Peter Levine。你現在可以開始。

Maybe the first one, Amit, you made a comment in the prepared remarks, not really selling seats anymore more towards -- moving more towards the consumption model. So maybe just walk us through like what that progression looks like, what you're hearing from your customers? And then how does the model change over time if it does become more consumption? And second, Bryan, I know last quarter, we talked about the guide for '27 being anywhere from 10% to 15%. Is that still the path forward as you think about the business now and as you go into the second half?

第一個問題，Amit，你在事先準備的講稿中提到，你們不太再以「席位」來銷售，而是更朝向——轉向「用量/消耗」模式。所以能否帶我們走一遍這個轉變的進程大概長什麼樣子、你們從客戶那邊聽到什麼？然後如果真的變得更偏用量模式，這個商業模式會如何隨時間改變？第二個問題，Bryan，我知道上季我們談到 2027 年的指引可能在 10% 到 15% 之間。以你們現在對業務的看法、以及進入下半年之後，這仍然是前進路徑嗎？

Thank you, Peter. Look, just to start, what we have started to transition to with all our new logos and as well as with our existing customers as they renew is more to like a fixed revenue model where they are committing to a revenue number. And what that brings is predictability to them and predictability to us. And what the whole thesis there is that as seats compress over time potentially that our customers get the option to fill that revenue with our AI tools and others. And why they love it is because it brings predictability and they have a -- and they're also betting on our road map, which says, hey, as new products come in, we're backing that, and we will keep consuming those AI tools to make our humans and the combination more efficient.

謝謝你，Peter。先從一開始說起，我們已開始在所有新客戶（new logos）以及既有客戶續約時，轉向更像固定營收的模式，也就是他們承諾一個營收金額。這帶來的是對他們的可預測性，以及對我們的可預測性。其核心論點是：隨著席位數可能隨時間被壓縮，我們的客戶可以選擇用我們的 AI 工具及其他產品來填補這筆承諾營收。他們之所以喜歡，是因為這帶來可預測性；同時他們也是在押注我們的產品路線圖——也就是說，隨著新產品推出，他們支持這個方向，並會持續消耗/使用這些 AI 工具，讓人力與 AI 的組合更有效率。

And that is why -- and we're seeing that starting to happen. A lot of our business is starting to move. It's early days. So as I mentioned, that is starting to pick up. But what it goes towards, Peter, is the original comment I made that as seats compress, customers are saying, "Hey, those dollars aren't leaving the contact center," they will be utilized in other forms of AI and software tools, and that is what they're committing to. So I'll let Andy add in anything beyond that.

這也是為什麼——而且我們正開始看到這種情況發生。我們的很多業務正開始轉移。目前仍在早期階段。所以如我所說，這個趨勢正在加速。但它指向的就是我先前的原始評論：當席位被壓縮時，客戶會說：「這些預算不會離開聯絡中心」，而是會以其他形式用於 AI 與軟體工具，而這正是他們所承諾的。我讓 Andy 補充更多。

Yes. No, we've seen strong traction out of the gate customers have a great interest in sort of buying into that motion. And I think back to something that Amit said, the most important part is they're -- oftentimes, they're making 3- and 5-year decisions, right? And so their belief in that -- in the road map, what we have today and what we're going to be delivering is what gives them the confidence to sign up for 3 to 5 years and make these revenue commitments. And again, it helps sort of protect our downside as well as easier for Bryan to forecast.

是的。我們看到一開始就有很強的動能，客戶對於採用這種推進方式（motion）有很高的興趣。我想到 Amit 說的一點：最重要的是，他們往往是在做 3 年與 5 年的決策，對吧？因此，他們對路線圖的信心——包含我們今天已有的，以及我們將交付的——讓他們有信心簽下 3 到 5 年並做出這些營收承諾。同樣地，這也有助於保護我們的下行風險，並讓 Bryan 更容易做預測。

Thank you. And Peter, I'll just chime in with the last part of your question. So we're not going to be providing 2027 guidance today, but you have our 2026 guidance, which keeps us on the path toward double-digit growth exiting the year and expanding EBITDA margin. And as you know, we're in the middle of deep dive across the portfolio, and we have our new Chief Marketing and Growth Officer, and we want to let that process play out before revisiting the longer-range framework.

謝謝。Peter，我也補充你問題的最後一部分。我們今天不會提供 2027 年指引，但我們已給出 2026 年指引，這讓我們維持在年底以雙位數成長率收官、並擴大 EBITDA 利潤率的路徑上。如你所知，我們正在對整個產品組合進行深入檢視，同時我們也有新的首席行銷與成長長（Chief Marketing and Growth Officer），我們希望讓這個流程先走完，再重新檢視較長期的框架。

Our next question comes from Jim Fish, Piper Sandler. Jim, you could go ahead and you at this time.

我們的下一個問題來自 Piper Sandler 的 Jim Fish。Jim，你現在可以開始。

This is Ryan on for Jim Fish. Congrats on the quarter. One question I had was, as you guys think about the guide going forward and your backlog that's driving that guide, how much upside do you guys have and view into the pipeline through the end of the year? How much of that left is go get versus what you kind of already have in that pipeline?

我是 Ryan，代 Jim Fish 提問。恭喜本季表現。我有一個問題：當你們思考未來的指引，以及推動該指引的積壓訂單時，你們到年底對管線（pipeline）的可視度與上行空間有多大？剩下的部分有多少是還需要去爭取（go get），又有多少是你們其實已經在管線裡掌握到的？

Yes, Ryan. So if you look at -- I think the best way to look at that is if you break down our guide for the last 3 remaining quarters, it basically implies we need to get $80 million of incremental recurring revenue. And I would say about 2/3 of that roughly will be coming from our DBRR. As we said, it's going to stabilize in the first -- in the second quarter, plus or minus 1 percentage point and inflect upward in the second half. So about 2/3 of that $80 million comes from that portion.

是的，Ryan。我認為最好的看法是：如果你把我們對剩下 3 個季度的指引拆開來看，基本上意味著我們需要取得 8,000 萬美元的新增經常性收入。我會說其中大約 2/3 會來自我們的 DBRR。如我們所說，它會在第二季趨於穩定，上下約 1 個百分點，並在下半年向上拐點。所以那 8,000 萬美元中約 2/3 來自這一部分。

The remaining 1/3 is coming from new logos, but it's all new logos from our backlog that's converting to revenue. And as I mentioned earlier, there's different schedules for each customer, and it happens to be much more back-end loaded. So there's essentially no dependency on new logo go gets for the rest of the year.

剩下的 1/3 來自新客戶，但全部都是來自我們積壓訂單轉換為營收的新客戶。如我先前提到的，每位客戶的排程不同，而目前看起來更偏向在後段集中入帳。因此，今年剩餘時間基本上不依賴再去新增爭取新的新客戶訂單。

Our next question comes from Tom Blakey, Cantor.

我們的下一個問題來自 Cantor 的 Tom Blakey。

I just want to talk about that AI volatility. Bryan, thank you for all the extra color, by the way, covering you guys over the years is very helpful. I thought maybe just maybe start with question number one. Can you just double-click on what's driving that? Kind of volatility in terms of obviously a dynamic inflection in terms of AI usage across the space.

我想談談那個 AI 的波動性。順帶一提，Bryan，謝謝你提供這麼多額外的細節；這些年來追蹤你們非常有幫助。我想也許就從第一個問題開始。你能不能再深入說明一下是什麼在驅動這件事？也就是在整個產業中 AI 使用出現動態拐點所帶來的那種波動。

Yes, absolutely, Tom. So this is really the way the bookings have come into our backlog from 2025, and it's the deployment schedule of each of those customers. And because, yes, it's a fast-growing part of our business, but it's still small, right? It's still 13% of total subscription revenue. And so when you have these customers that are ramping at different times throughout the year, it does cause quite a bit of lumpiness.

當然可以，Tom。所以這其實是 2025 年的訂單如何進入我們的積壓訂單（backlog），以及每位客戶各自的部署時程所致。而且因為，沒錯，這是我們業務中成長很快的一部分，但它仍然很小，對吧？它仍然只占總訂閱營收的 13%。因此當這些客戶在一年中的不同時間點拉升（ramp）時，確實會造成相當程度的起伏不均。

And that's really all it is in terms of when we say it's going to fluctuate up and down throughout the year, we're really looking at bottoms up every customer that's in our backlog and look at the schedule of deployment, and that's just how it's playing out for the rest of the year.

而這就是全部原因。當我們說它會在一年中上下波動時，我們其實是以自下而上的方式檢視積壓訂單中的每一位客戶，並查看其部署時程；而這就是今年剩餘時間的實際呈現方式。

Was there an element? Just a follow-up to that. Was there an element of use cases or seasonality or like nonrecurring type of revenue in there on the AI line front?

其中是否有某種因素？就此再追問一下。在 AI 這條線上，是否有使用案例、季節性，或像是一次性（nonrecurring）收入之類的因素？

No, not at all. So there's no seasonality whatsoever. It was actually all just -- it was new -- more on the new logo AI backlog that was ramping.

沒有，完全沒有。所以完全不存在任何季節性。其實全部都只是——是新的——更多是新客戶（new logo）的 AI 積壓訂單在拉升。

Okay. And then just -- I think it was to Peter's question about -- or one of the prior questions about this, the high visibility in terms of the back half acceleration. I know we've asked about this in the past. I apologize to double-click here. But just conversions has been a bit of a sticking point as some of these deals have become increasingly more complex and expansion -- expansive in scope given the importance of CX and organizations.

了解。然後——我想這是針對 Peter 的問題，或之前某個問題提到的：關於下半年加速的高能見度。我知道我們過去也問過。抱歉我在這裡再深入追問。但隨著其中一些交易因 CX 對組織的重要性而變得越來越複雜、且擴張——範疇更廣，轉換（conversions）一直有點卡關。

Can you just maybe talk about how Five9 is executing, say, this year or in the recent quarters versus prior years in terms of ramping up these deals from backlog? That would be helpful.

你能否談談 Five9 在今年或最近幾季，相較於過去幾年，在把這些交易從積壓訂單拉升落地（ramping up these deals from backlog）方面的執行情況？這會很有幫助。

Absolutely. I mean we have a wide variety of customers that we are actually deploying. The Fortune 50 financial services company is one of them. They started ramping in 2025 and then they're ramping more so throughout 2026 as well. But that's just one example.

當然可以。我的意思是，我們實際上正在部署的客戶類型非常多元。其中之一是一家《財富》50 大的金融服務公司。他們在 2025 年開始拉升，並且在 2026 年也會持續更大幅度地拉升。但那只是其中一個例子。

There are many other customers in our backlog that are actually continuing to deploy throughout the year. And as I mentioned earlier, we do have really good visibility into those. We work extremely closely with our customers to make sure that we're deploying on schedule. And it's really about the customers that drive sometimes the fluctuations in that. But generally, the financial services organization forecast very well, and we continue to stay right on track on that front.

我們的積壓訂單中還有許多其他客戶也在全年持續部署。如我先前提到的，我們對這些部署確實有非常好的能見度。我們與客戶極為緊密合作，以確保按時程部署。而有時候造成波動的，確實主要是客戶端的因素。但整體而言，金融服務組織的預測非常準確，我們也持續在這方面保持完全按計畫推進。

Our next question comes from Jackson Ader, KeyBanc.

我們的下一個問題來自 KeyBanc 的 Jackson Ader。

Great. Just one question really for me. We've seen in some other areas of software that just the pace of AI innovation has maybe led to some spending paralysis on the behalf of customers, they just feel like it's too early on, things are changing too quickly. They're like nervous to pick a winner too early in the innovation cycle. And I'm curious, since customer experience was a relatively early environment for AI to kind of infiltrate, I guess it's 2 questions from the same thing.

很好。我這邊其實只有一個問題。我們在軟體的其他領域看到，AI 創新的速度可能導致客戶在支出上出現某種停滯（spending paralysis）：他們覺得現在還太早、變化太快。他們會擔心在創新週期太早就選定贏家。我很好奇，因為客戶體驗相對算是 AI 較早滲透的環境，所以我想其實是同一件事延伸出的兩個問題。

One is, Amit, do you feel like you saw that and that did play out in your market? And then second, if so, are we starting to get past that where there's no longer this uncertainty about picking winners and it's time to actually act and spend and deploy?

第一個是，Amit，你覺得你們市場中也有看到這種情況、而且確實發生了嗎？第二個是，如果有的話，我們是否開始走過那個階段——也就是不再對選擇贏家感到不確定，而是到了該真正行動、投入、部署的時候？

Thank you, Jackson. If I think I've got the question right, I think you're asking about our customers and saying, is it -- are they starting to move? Are they saying, "Hey, we sat on the sideline and it's now time to pick winners." Look, one thing I can tell you is, given the use case for CX and AI, the number of start-ups in this space is mind-boggling, is mind-boggling. And for our customers, you can imagine every single day, they're being inundated by here are 500 voice AI companies, here x amount doing something else. I think what we are seeing from our customers is, yes, there are some early adopters that go try a few things.

謝謝你，Jackson。如果我理解你的問題沒錯，我想你是在問我們的客戶：他們是否開始行動？是否在說「我們之前在場邊觀望，現在該選定贏家了」？他們是否在說：「嘿，我們一直在旁觀，現在是時候選贏家了。」你看，有一件事我可以告訴你：就 CX 與 AI 的使用案例而言，這個領域的新創數量多到令人難以置信，真的令人難以置信。你可以想像，對我們的客戶來說，他們每天都被大量資訊轟炸：這裡有 500 家語音 AI 公司，還有 x 家在做其他事情。我認為我們從客戶那裡看到的是：是的，確實有一些早期採用者會去嘗試幾種方案。

But what they start to really appreciate from companies like Five9, and I'm sure from others is, hey, what you are bringing us is tried and tested. What you are bringing us is now with the security and governance. What you are bringing us is things that may not be, hey, the bleeding edge of everything, but it is something that we know will work, and it is actually things that will drive meaningful and tested outcomes.

但他們開始真正重視的是，像 Five9 這樣的公司——我相信其他公司也是——所帶來的價值：也就是我們提供的是經過驗證、經過測試的方案。我們帶來的是具備安全性與治理（governance）的能力。我們帶來的東西也許不是每一項都站在最前沿（bleeding edge），但它是我們知道能運作的，而且確實能帶來有意義、且經過驗證的成果。

And I think that is why you are seeing a lot of customers pick us over time versus all the hundreds of options out there in the market. And my sense is I think you're going to see a lot more of this where the trust and governance, especially in large organizations becomes a more meaningful part of their decision-making.

我認為這就是為什麼你會看到，隨著時間推移，許多客戶會選擇我們，而不是市場上那數百種選項。而我的感覺是，你將會看到更多這種情況：信任與治理，特別是在大型組織中，會成為他們決策時更重要的一部分。

Our next question comes from Ryan MacWilliams, Wells Fargo. Okay. This concludes the Q&A portion of our call. I will now hand the call back over to CEO, Amit Mathradas, for closing remarks.

我們的下一個問題來自 Wells Fargo 的 Ryan MacWilliams。好的。以上為本次電話會議的問答環節。接下來我將把電話交回給執行長 Amit Mathradas 作結語。

Well, thank you all for participating in our Q1 earnings call. Like as you all can see, we've had a good start to the year. But there's obviously more work to be done, and we continue to build upon this momentum and look to capitalize on the larger market opportunity for AI and CX. We look forward to updating you all as the progress unfolds throughout the year. Thank you.

非常感謝各位參與我們的第一季財報電話會議。如各位所見，我們今年開局良好。但顯然還有更多工作要做；我們會持續在這股動能上再接再厲，並把握 AI 與 CX 更大的市場機會。我們期待在今年進展逐步展開之際，持續向各位更新。謝謝。