Five9, Inc. (FIVN) 2026 Q2 法說會逐字稿

Good afternoon and welcome to Five9's second quarter 2026 earnings conference call. I am Tony Righetti, Senior Vice President of Investor Relations. With me today are Amit Mathradas, Chief Executive Officer; and Bryan Lee, Chief Financial Officer.

下午好，歡迎參加 Five9 2026 會計年度第二季財報電話會議。我是投資人關係資深副總裁 Tony Righetti。今天與我一同出席的有執行長 Amit Mathradas，以及財務長 Bryan Lee。

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 quarterly and full year 2026 guidance, expected improvements in operating and financial metrics, 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 and other future events or results.

在今天的電話會議中，我們將發表若干非歷史事實之陳述，並依據 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）之定義，構成前瞻性陳述。這些前瞻性陳述包括但不限於：關於我們 2026 會計年度季度與全年指引、營運與財務指標預期改善、產業趨勢（包括與 AI 相關者）、我們的策略、優先事項與執行、產品藍圖與技術投資、市場、客戶需求趨勢、市場地位與機會、資本配置策略，以及其他未來事件或結果的陳述。

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

此類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，公司亦不承擔更新此類陳述中資訊之任何義務。

These statements are subject to substantial risks and uncertainty 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 or market acceptance of our AI solutions, failure to maintain and develop our contact center solutions and 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前瞻性陳述不準確，包括：不利經濟情勢之影響、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或未獲市場接受、未能維持並發展我們的聯絡中心解決方案，以及 Five9 向美國證券交易委員會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 refer 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 view as of today and may no longer be accurate at the time of the replay. Lastly, a reminder, unless otherwise indicated, financial figures discussed are non-GAAP.

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 財務衡量指標之原因說明，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 Five9 官網 investors.five9.com 之投資人關係（Investor Relations）專區所提供的投資人簡報附錄中查閱。同時請注意，本次電話會議所提供之資訊僅代表管理層截至今日之觀點，於重播時點可能已不再準確。最後提醒，除非另有說明，所討論之財務數字均為非 GAAP。

And now I'd like to turn the call over to Five9's CEO. Please go ahead, Amit.

接下來我想把電話會議交給 Five9 的執行長。Amit，請開始。

Thank you, Tony, and good afternoon, everyone. We delivered another solid quarter and I am pleased to report that our Q2 revenue was $312 million, above the high end of our guidance and subscription revenue grew 14% year-on-year, marking a third consecutive quarter of acceleration. AI revenue grew 78% year-on-year and we are increasing our full year AI growth outlook from more than 40% to at least 60% year-on-year. Together with the significant enterprise win, which I will discuss in more detail shortly, these results provide tangible evidence of the progress we are making against our priorities and are an indicator of what Five9 can look like with greater focus, speed and operating discipline.

謝謝你，Tony，各位下午好。我們再度交出穩健的一季，我很高興報告第二季營收為 3.12 億美元，高於指引區間上緣；訂閱營收年增 14%，並連續第三季呈現加速成長。AI 營收年增 78%，我們也將全年 AI 成長展望由「超過 40%」上調至「至少 60%」年增。結合我們取得的重要企業級客戶勝利（我稍後會更詳細說明），這些成果提供了具體證據，顯示我們在優先事項上的推進進展，也反映出在更聚焦、更快速與更具營運紀律之下，Five9 可以呈現的樣貌。

Last quarter on my first earnings call as CEO, I laid out four priorities for Five9. Building a performance-driven culture, optimizing operations, strengthening the core business and winning in AI-powered customer experience. This quarter, we made progress against each of those priorities, measured by the operating indicators we are focused on. The most important point is this. Five9 is sharpening its position around the opportunity we are built to lead.

上季在我擔任執行長後的首次財報電話會議上，我為 Five9 提出了四項優先事項。建立以績效為導向的文化、優化營運、強化核心業務，以及在 AI 驅動的客戶體驗領域取勝。本季，我們在上述每一項優先事項上皆取得進展，並以我們所關注的營運指標加以衡量。最重要的一點是：Five9 正在圍繞我們天生具備領先優勢的機會，進一步強化自身定位。

We are a voice-led enterprise platform for customer experience. And when we say voice-led, we do not mean voice limited to human agents. Voice is the most natural, highest context interface for most customer interactions. And increasingly, those voice interactions can be handled by AI agents, human agents or both working together. Our customers rely on us for complex high-value integrations where reliability, governance, AI, digital workflows, data, integrations and human agents all need to work together in production. That is where our strategy is focused and that is where Five9 has the clearest right to win.

我們是一個以語音為核心（voice-led）的企業級客戶體驗平台。而當我們說「以語音為核心」時，並不代表語音僅限於真人客服人員。對多數客戶互動而言，語音是最自然、情境資訊最豐富的介面。而且愈來愈多的語音互動可以由 AI 代理、真人客服，或兩者協作來處理。我們的客戶仰賴我們在複雜且高價值的整合情境中提供能力，這些情境要求可靠性、治理、AI、數位工作流程、資料、整合以及真人客服必須在正式生產環境中共同運作。這正是我們策略聚焦之處，也是 Five9 最具勝出把握的領域。

Let me start with updates on culture and operations. Last quarter, I said we needed to move with greater urgency, sharper discipline and higher accountability. That work is underway. Our review of the market, product portfolio and go-to-market priorities has reinforced where we should concentrate resources. Complex businesses, especially financial services, health care, insurance and other regulated industries where voice, compliance, integrations, governance and human-in-the-loop workflows are not just essential but required.

我先從文化與營運的最新進展談起。上季我提到，我們需要以更高的急迫感、更嚴謹的紀律與更強的當責來推進。這項工作已經展開。我們對市場、產品組合與市場進入（go-to-market）優先事項的檢視，進一步確認了資源應該集中投入的方向。也就是複雜型企業，特別是金融服務、醫療保健、保險及其他受監管產業；在這些產業中，語音、合規、整合、治理以及人機協作（human-in-the-loop）工作流程不僅重要，更是必須具備。

These are environments where Five9's platform depth is critical. The customer interactions are complex, the cost of failure is high and the buyer needs technology that works reliably in production, not just in a demo. We are aligning our resources behind this view and we are allocating resources towards the customers, verticals and use cases where Five9's opportunity is greatest while being more disciplined in other areas.

在這些環境中，Five9 平台的深度至關重要。客戶互動高度複雜，失敗成本很高，買方需要的是能在正式生產環境中可靠運作的技術，而不只是展示（demo）中的效果。我們正依此觀點調整資源配置，將資源投入到 Five9 機會最大的客戶、垂直產業與使用情境，同時在其他領域採取更嚴謹的紀律。

I want to acknowledge that transparency with the investor community remains a central obligation. That means less narrative, more evidence. I believe Q2 continues to demonstrate that. On operations, we announced a significant set of organizational changes during the second quarter. These changes reflect a deliberate effort to mature our organization and put leaders in place to execute on what lies ahead.

我想強調，對投資人社群保持透明仍是我們的核心責任。這意味著少一些敘事，多一些證據。我相信第二季持續展現了這一點。在營運方面，我們於第二季宣布了一系列重要的組織調整。這些調整反映出我們有意識地推動組織成熟化，並配置領導團隊以執行未來的工作。

Let me take you through each area. Starting with R&D, for the first time, we are bringing our product engineering, product management, AI, automation, architectural organizations together under a single leadership structure, creating cleaner ownership across the full product life cycle and faster delivery. To lead this unified organization, I am pleased that Niranjan Vijayaragavan joined Five9 as our new Chief Technology Officer to lead this unified organization.

我逐一說明各個領域。首先是研發（R&D）。我們首次將產品工程、產品管理、AI、自動化與架構等組織整合至單一的領導架構之下，讓整個產品生命週期的權責更清晰，並加快交付速度。為了領導這個整合後的組織，我很高興 Niranjan Vijayaragavan 加入 Five9，擔任我們的新任技術長（CTO），帶領此一統一組織。

Turning to sales. Rob Hornish was appointed Chief Sales Officer to lead our global sales organization with a focus on strengthening go-to-market execution and driving disciplined revenue performance. As we accelerate our transformation, we have recognized the need for a dedicated function to connect our strategy to execution. Sven Linsmaier joined as EVP, Transformation and Strategy, responsible for our highest priority transformation initiatives, disciplined execution across the organization and corporate development, including M&A. Each of these hires brings experience building modern enterprise platforms across AI, automation, digital workflow and go-to-market execution.

接著談銷售。Rob Hornish 已被任命為首席銷售長（Chief Sales Officer），領導我們的全球銷售組織，重點在於強化市場進入執行力並推動具紀律的營收表現。隨著我們加速轉型，我們也認知到需要一個專責職能，將策略與執行連結起來。Sven Linsmaier 加入擔任執行副總裁（EVP）—轉型與策略，負責我們最高優先級的轉型計畫、推動全組織的紀律化執行，以及公司發展（corporate development），包括併購（M&A）。這些新加入的主管皆具備打造現代企業平台的經驗，涵蓋 AI、自動化、數位工作流程與市場進入執行。

This is relevant because, in our opinion, the next phase of customer experience will require more than maintaining a traditional contact center. It will require bringing voice, digital, AI, data and human workflows together into one platform.

之所以提到這點，是因為我們認為，客戶體驗的下一階段將不僅是維持傳統聯絡中心。而是需要把語音、數位、AI、資料與人工工作流程整合到同一個平台之中。

On the core business, we continue to see healthy indicators. Subscription revenue was strong, growing 14% year-on-year in Q2, driven by AI revenue growth acceleration to 78% year-on-year. Our LTM subscription dollar-based retention rate remained steady at 107%. Customers with complex needs are looking for a reliable, cloud-native CX platform that delivers the best-of-breed technologies, coupled with an open ecosystem, a CX platform that seamlessly connects with other critical systems, offering large regulated enterprises a trusted platform that can support customer experience at scale, not a sprawl of point solutions.

在核心業務方面，我們持續看到健康的指標。第二季訂閱營收表現強勁，年增 14%，主要受 AI 營收成長加速至年增 78% 所帶動。我們過去十二個月（LTM）的訂閱美元基礎留存率（dollar-based retention rate）維持在 107%。具備複雜需求的客戶正在尋找可靠的雲端原生（cloud-native）CX 平台：能提供最佳同級（best-of-breed）技術並結合開放式生態系，且可與其他關鍵系統無縫連結；為大型受監管企業提供可被信賴、可支援規模化客戶體驗的平台，而不是一堆分散的點狀解決方案。

A powerful example is our recent win with a Fortune 100 financial services customer, representing approximately $100 million of total contract value. This was a competitive process against a select group of enterprise-grade CX providers and we earned it on the strength of our proof of concept and our delivery and execution capabilities, working as one team with Google and a leading global systems integrator.

一個強而有力的例子是我們近期拿下的一家《財富》100 大金融服務客戶，合約總價值約 1 億美元。這是一個在少數企業級 CX 供應商之間進行的競爭流程；我們憑藉概念驗證（POC）的實力，以及交付與執行能力勝出，並與 Google 及一家領先的全球系統整合商以「一個團隊」的方式合作。

Notably, it is one of the first large deals transacted through the Google Cloud Marketplace and our joint go-to-market motion with Google was a key driver of this customer's decision. Five9 was selected as a core CX platform, supporting the customer's broader cloud migration strategy. We expect the current five-year agreement will ramp to approximately $25 million of ARR when fully deployed.

值得注意的是，這是透過 Google Cloud Marketplace 成交的首批大型交易之一，而我們與 Google 的聯合市場推進（go-to-market）模式是促成該客戶決策的關鍵驅動因素。Five9 被選為核心 CX 平台，以支援該客戶更廣泛的雲端遷移策略。我們預期目前這份為期五年的協議在全面部署後，ARR 將提升至約 2,500 萬美元。

Now let's turn to why we believe AI is strengthening our platform. Contact centers are going through a major transformation. Service is no longer viewed only as a cost center to contain. Increasingly, enterprises see customer experience as a lever for loyalty, retention and growth. They want to resolve more issues, respond faster, personalize more interactions and create better outcomes for customers at scale.

接下來談談我們為何認為 AI 正在強化我們的平台。聯絡中心正經歷重大轉型。服務不再僅被視為需要控制的成本中心。企業愈來愈將客戶體驗視為提升忠誠度、留存與成長的槓桿。他們希望能解決更多問題、更快速回應、讓更多互動個人化，並以規模化方式為客戶創造更好的成果。

AI is enabling that shift by automating routine work and improving the economics of service. In many customer conversations, the ROI is becoming clearer, better service, more capacity, faster response times and stronger customer outcomes.

AI 透過自動化例行工作並改善服務的經濟效益，正在促成這樣的轉變。在許多與客戶的對話中，投資報酬率（ROI）愈來愈清晰：更好的服務、更大的產能、更快的回應時間，以及更強的客戶成果。

That makes the move to a modern cloud-based CX platform more urgent, not less and is driving a reallocation of contact center spend away from labor and towards the type of mission-critical software that Five9 provides. Voice is central to that opportunity. It remains one of the most important channels in customer engagement. And as AI handles more interactions, delivers more insights and improves agent quality, the value of a voice platform increases. It is no longer just about routing calls to people. It is about orchestrating the handoff between people, AI voice agents, AI digital agents, data, compliance, security and governance inside one production environment.

這使得轉向現代化、雲端式 CX 平台變得更迫切而非更不迫切，並推動聯絡中心支出從人力轉向 Five9 所提供的這類關鍵任務軟體。語音是這個機會的核心。它仍是客戶互動中最重要的通路之一。而隨著 AI 處理更多互動、提供更多洞察並提升座席品質，語音平台的價值也隨之提高。它不再只是把電話轉接給人。而是在同一個生產環境中，協調人員、AI 語音座席、AI 數位座席、資料、合規、安全與治理之間的交接。

That is why voice is the starting point for our strategy. The question is not whether AI will penetrate the voice channel. It already has. The question is whether enterprises deploy voice AI as a disconnected point product or inside a trusted CX platform that already manages voice, routing, data, governance and human handoffs. We believe the enterprise answer favors Five9.

因此，語音是我們策略的起點。問題不在於 AI 是否會滲透語音通路。它已經滲透了。問題在於企業是將語音 AI 以彼此割裂的單點產品部署，還是部署在一個可信賴、且已管理語音、路由、資料、治理與人工交接的 CX 平台之內。我們相信企業的答案會偏向 Five9。

That is why we believe AI can be a catalyst for CCaaS growth. It increases the importance of the platform as critical infrastructure that connects all these elements that enterprises require. To be clear, AI point solution companies will continue to bring useful features to market quickly and some will solve real problems in the simpler CX environments. But in complex enterprise environments, being early with a feature is not the same as being trusted as an operating platform. These customers need AI embedded into the platform they already depend on. That is why our focus is not AI in isolation. It is AI agents and human agents working together across voice and digital channels inside one trusted platform to deliver humantic CX.

因此我們相信 AI 能成為推動 CCaaS 成長的催化劑。它提升了平台作為關鍵基礎設施的重要性，因為平台能把企業所需的所有要素連結起來。需要說明的是，AI 單點解決方案公司仍會持續快速把有用的功能帶到市場上，其中一些也會在較簡單的 CX 環境中解決真實問題。但在複雜的企業環境中，搶先推出某個功能，並不等同於被信任作為營運平台。這些客戶需要把 AI 內嵌到他們已經仰賴的平台之中。因此我們的重點不是孤立的 AI。而是 AI 座席與人工座席在同一個可信賴的平台內，跨語音與數位通路協同運作，提供「humantic CX」。

Over time, AI agents will handle a larger share of customer interactions, including many routine and multistep service requests. Human agents will remain essential for complexity, judgment, empathy, escalation and oversight. The value comes from orchestrating both together, so that customer experience is seamless and the platform learns from every interaction. This is where we believe the category is going and Five9 is built for that future. We are also delivering new products that directly support this strategy.

隨著時間推移，AI 座席將處理更大比例的客戶互動，包括許多例行且多步驟的服務請求。人工座席在處理複雜性、判斷、同理心、升級處理與監督方面仍不可或缺。價值來自於把兩者協同編排，讓客戶體驗無縫銜接，並讓平台從每一次互動中學習。我們相信這就是產業類別的發展方向，而 Five9 正是為這樣的未來而打造。我們也正在推出直接支援此策略的新產品。

In June, we advanced our AI-powered CX initiative with the release of the next-gen Five9 Voice AI Agents, a rearchitecture of our voice AI capabilities built from the ground up for the humantic world, we believe, is upon us. Voice AI agents are designed to reason, act, resolve customer requests with seamless handoffs to human agents when needed. What sets us apart is that it is built natively into Five9's carrier-grade telephony, where data, knowledge and orchestration are shared across the entire platform.

在 6 月，我們發布了新一代 Five9 Voice AI Agents，推進我們的 AI 驅動 CX 計畫；這是對我們語音 AI 能力的全面重構，從零開始打造，以因應我們認為即將到來的 humantic 世界。語音 AI 座席的設計目標是能推理、採取行動、解決客戶請求，並在需要時與人工座席無縫交接。我們的差異化在於：它原生建置於 Five9 的電信業者等級（carrier-grade）語音系統之中，資料、知識與編排能力可在整個平台上共享。

Enterprise voice AI is not just about answering customer questions. It is about knowing when to act, when to escalate and how to bring in humans with context. It is also about operating inside governed workflows where reliability, control and oversight are essential. Customer engagement is not an open-ended chatbot environment. It is rules-driven, operationally sensitive and tied to real workflows.

企業級語音 AI 不只是回答客戶問題。它關乎知道何時該採取行動、何時該升級處理，以及如何在具備脈絡的情況下引入人員。它也關乎在受治理的工作流程中運作，在那裡可靠性、控制與監督至關重要。客戶互動並不是一個無邊界的聊天機器人環境。它是規則驅動、對營運高度敏感，並與真實工作流程緊密相連。

These are the problems we can solve. We are seeing evidence of this strategy working in the quarter. Customers are adopting AI capabilities at an accelerating pace and we are seeing continued demand from enterprises that need trusted AI infrastructure as they modernize customer experience in the cloud. In closing, we have a strategy that is progressing and a sharper operating focus. The work is not complete but the progress is real.

這些正是我們能解決的問題。我們在本季看到了這項策略奏效的證據。客戶正以加速的速度採用 AI 能力，而我們也持續看到企業端的需求：在雲端現代化客戶體驗的同時，需要可信賴的 AI 基礎設施。最後總結，我們的策略正在推進，營運聚焦也更為明確。工作尚未完成，但進展是真實存在的。

We are concentrating our resources where Five9 has the strongest right to win. We believe AI strengthens the value of our core platform, expands our monetization opportunity and accelerates the need for a trusted cloud CX infrastructure.

我們正把資源集中在 Five9 最具勝出優勢的領域。我們相信 AI 強化了核心平台的價值、擴大了我們的變現機會，並加速市場對可信賴雲端 CX 基礎設施的需求。

With that, I'll turn the call over to Bryan.

接下來，我把電話會議交給 Bryan。

Thank you, Amit. Good afternoon, everyone. I'll take you through our Q2 financial results and then walk through our updated guidance. Q2 revenue was $312 million, up 10% year-over-year. Of the total for the quarter, contributions from subscription, telecom and professional services were approximately 83%, 11% and 6%, respectively.

謝謝你，Amit。各位下午好。我將帶各位回顧我們第二季（Q2）的財務結果，接著說明我們更新後的財測指引。Q2 營收為 3.12 億美元，年增 10%。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 83%、11% 與 6%。

Our subscription revenue grew 14% year-over-year, made up of two components. First, our CCaaS revenue grew a stable 7% year-over-year as expected. And second, our AI revenue accelerated to 78% year-over-year growth. This acceleration in AI revenue was driven by several customers in our backlog ramping earlier than forecasted, pulling forward the deployment time line rather than reflecting an increase in deal scope. As a result, AI revenue reached approximately $39 million in Q2, representing an annual run rate revenue of over $150 million.

我們的訂閱營收年增 14%，由兩個部分構成。第一，我們的 CCaaS 營收如預期維持穩定，年增 7%。第二，我們的 AI 營收加速至年增 78%。AI 營收的加速，主要是由於我們待履行訂單（backlog）中的數位客戶比預期更早進入爬坡期，將部署時程提前，而非反映交易範圍的擴大。因此，Q2 AI 營收約達 3,900 萬美元，折算年化執行率營收超過 1.5 億美元。

Additionally, AI revenue now makes up approximately 15% of total subscription revenue, up from approximately 9% a year ago. Also, I'd like to point out that our concurrent seat count grew in line with our CCaaS revenue growth.

此外，AI 營收目前約占訂閱總營收的 15%，高於一年前約 9% 的水準。另外我也想指出，我們的同時在線座席數（concurrent seat count）成長與 CCaaS 營收成長一致。

Looking ahead, we continue to expect CCaaS revenue growth to generally track the sequential progression of total revenue growth in our guidance for the remainder of the year, driven by the timing of backlog converting to revenue. For AI revenue, we now anticipate full year 2026 growth to be at least 60% year-over-year, up from our prior outlook of more than 40%, reflecting the earlier than forecasted ramps I mentioned a moment ago. LTM subscription dollar-based retention rate was 107% in Q2, in line with our expectations. We anticipate this key metric to increase in Q3 by approximately 1-percentage-point, driven by existing backlog.

展望未來，我們仍預期在今年剩餘期間，CCaaS 營收成長大致會跟隨我們財測指引中總營收成長的逐季推進，主要由待履行訂單轉為營收的時點所驅動。至於 AI 營收，我們目前預期 2026 全年年增至少 60%，高於先前「超過 40%」的展望，反映我剛才提到的、比預期更早的爬坡。Q2 過去十二個月（LTM）訂閱美元基礎留存率為 107%，符合我們的預期。我們預期這項關鍵指標在 Q3 將提升約 1 個百分點，主要由既有待履行訂單所帶動。

Now turning to profitability. Adjusted gross margin in Q2 was 61% compared to 63% in Q2 '25. Adjusted EBITDA in Q2 was $70 million or 22% of revenue compared to $68 million or 24% of revenue in Q2 '25. Both metrics were impacted by a temporary expansion of professional services capacity, enabling us to address customer demand to deploy their AI solutions earlier than anticipated. We expect adjusted gross margin to ramp through the second half of the year.

現在轉向獲利能力。第二季的調整後毛利率為 61%，相較於 25 年第二季的 63%。第二季調整後 EBITDA 為 7,000 萬美元（占營收 22%），相較於 25 年第二季的 6,800 萬美元（占營收 24%）。這兩項指標都受到專業服務產能短期擴張的影響，使我們能因應客戶需求，較原先預期更早部署其 AI 解決方案。我們預期調整後毛利率將在下半年逐步回升。

Please note that the sequential comparison of Q2 '26 versus Q1 '26 for both adjusted gross margin and adjusted EBITDA margin was also affected by a previously disclosed onetime vendor discount of slightly more than 1-percentage-point of margin that benefited Q1 '26 and did not recur in Q2 '26.

請注意，26 年第二季相較於 26 年第一季在調整後毛利率與調整後 EBITDA 利潤率的連續比較，也受到先前已揭露的一次性供應商折扣影響；該折扣使 26 年第一季的利潤率受惠約略超過 1 個百分點，但在 26 年第二季未再發生。

In terms of cash flow, cash from operations was $42 million or 13% of revenue, and free cash flow was $15 million or 5% of revenue. Please note that in addition to Q2 cash flow being seasonally the lowest quarter of each year, there are two nonrecurring items, including variability from our transition to annual customer payments and a pull forward of some capital expenditures from the second half of the year into Q2. We ended the quarter with approximately $654 million in cash, cash equivalents and short-term investments. We continue to be on track for purchase of PP&E to come in at approximately 3.5% of revenue for 2026.

就現金流而言，營運活動現金流為 4,200 萬美元（占營收 13%），自由現金流為 1,500 萬美元（占營收 5%）。請注意，除了第二季現金流通常是每年季節性最低的季度之外，還有兩項非經常性因素，包括我們轉換為年度客戶付款所帶來的波動，以及將原本預計在下半年發生的部分資本支出提前至第二季。本季末我們持有約 6.54 億美元的現金、約當現金及短期投資。我們仍按計畫推進，預期 2026 年 PP&E（不動產、廠房及設備）採購約為營收的 3.5%。

As a reminder, this is temporarily elevated at approximately 1-percentage-point above last year's rate in order to support our global data center refresh in 2026. On share repurchase, the $90 million ASR is well underway. We received an initial delivery of 3.1 million shares, representing approximately 80% of the total shares expected to be purchased under the program. The remainder is expected before September 30. The new $200 million Board authorization we announced last quarter continues to be available and we will deploy it opportunistically.

提醒一下，為了支援我們在 2026 年的全球資料中心汰換更新，該比率暫時較去年水準高出約 1 個百分點。關於庫藏股回購，9,000 萬美元的 ASR（加速股票回購）正在順利進行中。我們已收到初始交割 310 萬股，約占本計畫預期回購總股數的 80%。其餘部分預計在 9 月 30 日前完成。我們上季宣布新增的 2 億美元董事會授權仍可使用，並將視情況把握機會執行。

Before moving to guidance, I would like to touch on the Fortune 100 financial services customer win that Amit highlighted. This is a five-year contract with total contract value of approximately $100 million, comprised of both subscription and professional services and we expect this customer to reach approximately $25 million in subscription ARR once fully deployed. Currently, we're in the initial planning phase and we expect a negligible subscription revenue contribution in 2026, followed by a gradual ramp in 2027 and more meaningful increases thereafter, similar to ramp schedules of prior deals of comparable magnitude.

在進入財測之前，我想先談一下 Amit 提到的《財富》100 大金融服務客戶的得標。這是一份為期五年的合約，總合約價值約 1 億美元，包含訂閱與專業服務；我們預期該客戶在全面部署後，訂閱 ARR 將達到約 2,500 萬美元。目前我們正處於初期規劃階段，預期 2026 年訂閱營收貢獻可忽略不計，之後在 2027 年逐步爬坡，並在其後出現更顯著的增長，節奏與過往規模相近的交易爬坡時程類似。

Moving to our outlook. For total revenue in the third quarter, we're guiding to a midpoint of $319 million with a range of $316 million to $322 million. For the full year 2026, we're guiding total revenue to a midpoint of $1.266 billion with a range of $1.26 billion to $1.272 billion, which is up from our prior midpoint guidance of $1.26 billion. Consistent with what we said last quarter, conversion of backlog to revenue is the key driver of our revenue guidance for the remainder of the year with essentially no dependency on go-get of new business. For non-GAAP EPS in the third quarter, we're guiding to a midpoint of $0.79 per diluted share with a range of $0.77 to $0.81 per diluted share. Our guidance for 2026 non-GAAP EPS is unchanged with a midpoint of $3.26 per diluted share and range of $3.22 to $3.30 per diluted share.

接著談我們的展望。第三季總營收指引中位數為 3.19 億美元，區間為 3.16 億至 3.22 億美元。2026 全年總營收指引中位數為 12.66 億美元，區間為 12.60 億至 12.72 億美元，較先前中位數 12.60 億美元上調。如同我們上季所說，全年剩餘期間營收指引的關鍵驅動因素是將在手訂單（backlog）轉換為營收，基本上不依賴新增業務的「go-get」。第三季非 GAAP EPS 指引中位數為每股稀釋後 0.79 美元，區間為每股稀釋後 0.77 至 0.81 美元。我們對 2026 年非 GAAP EPS 的指引維持不變，中位數為每股稀釋後 3.26 美元，區間為每股稀釋後 3.22 至 3.30 美元。

We continue to anticipate annual adjusted EBITDA margin to exceed 24% and annual free cash flow to be approximately $175 million. Please keep in mind that our organizational design initiatives, including recent appointments to our leadership team, are expected to generate higher temporary expenses in 2026 but provide longer-term cost efficiencies, along with improved focus, speed and effectiveness. 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. Finally, I'm pleased to announce that we're finalizing the date of Investor Day in the fourth quarter of 2026 and we look forward to sharing additional details in the coming months. With that, I'd like to open the call for Q&A.

我們仍預期全年調整後 EBITDA 利潤率將超過 24%，全年自由現金流約為 1.75 億美元。請記得，我們的組織設計計畫（包括近期對領導團隊的任命）預期將在 2026 年帶來較高的短期費用，但可在長期提供成本效率，同時提升聚焦度、速度與效能。更多估計（包括股數與稅務）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。最後，我很高興宣布，我們正在敲定 2026 年第四季投資人日（Investor Day）的日期，並期待在未來幾個月分享更多細節。接下來，我想開放問答。

Operator, please go ahead.

接線員，請開始。

(Operator Instructions)

(接線員指示)

DJ Hynes, Canaccord.

DJ Hynes，Canaccord。

Congrats on a nice quarter and especially the large deal. That's super exciting. Amit, I have a high-level AI question for you. So as AI agents increasingly operate across the contact center, CRM systems, back-office systems, which platform ultimately owns the orchestration layer? And what does Five9 need to control directly? Where do partnerships make more sense? Does it matter to your financial profile? Just walk me through your thinking there.

恭喜本季表現亮眼，尤其是那筆大型交易。這真的非常令人振奮。Amit，我有一個高層次的 AI 問題想請教你。當 AI 代理（AI agents）愈來愈多在聯絡中心、CRM 系統、後台系統之間運作時，最終是哪一個平台會擁有協同編排層（orchestration layer）？Five9 需要直接掌控哪些部分？哪些地方透過合作夥伴更合理？這會影響你們的財務輪廓（financial profile）嗎？請帶我們了解一下你的思考。

Yes. Thank you for the question, DJ. Look, I think one of the things that I wanted to set out by just defining is, our belief is that humans and AI are going to come together to really start delivering new economics in the contact center as well as improved experiences and new ways of doing business. I think we're starting to see that. I think to your question on AI agents.

好的。謝謝你的問題，DJ。我想我首先要先界定的是，我們相信人類與 AI 將結合起來，真正開始在聯絡中心帶來新的經濟效益，同時也能改善體驗並帶來新的營運方式。我認為我們已開始看到這樣的趨勢。回到你關於 AI 代理的問題。

So the one thing that I would say we have that is very powerful is the fact that we built this business with the heritage of voice. We understand telephony. We own the routing. And I think that is a key differentiator when you think about point solutions or other players on how they service their customers. Let me give you an example.

我想說的一點是，我們擁有一項非常強大的優勢：我們是以語音（voice）的傳承建立起這門生意。我們理解電話通訊（telephony）。我們掌握路由（routing）。而我認為，當你比較點狀解決方案（point solutions）或其他業者如何服務客戶時，這是一個關鍵差異化。我舉個例子。

Today, DJ, you come in, you are a customer which has a very specific need around a billing issue and you are infuriated because you're frustrated with the outcome. What would happen in -- as you talk to an AI agent, if you are a point solution or outside the routing engine, what happens is when the AI agent identifies you and says, hey, you have a problem, it will send you to the billing queue.

今天，DJ，你進線，你是一位客戶，對帳單問題有非常明確的需求，而且你因為結果不如預期而非常憤怒、很挫折。如果你在和一個 AI 代理對話時，假設你使用的是點狀解決方案或是在路由引擎之外，那麼當 AI 代理辨識到你並說「嘿，你有個問題」時，它會把你送到帳單佇列。

What a company like Five9 can do is because we have run agentic quality management on all your agents, I've already identified which agents are best-of-breed to handle that question, which agents have a high empathy score. And now with my agentic routing, I can send that call specifically to that one agent that has high empathy and high ability to answer that question. I think the way I think about it is, look, as a point solution, you are the hammer. You can come in and give a 50% containment rate. A company like Five9 that is built around voice is the entire toolbox, right?

像 Five9 這樣的公司能做的是：因為我們已對你所有客服人員執行代理式品質管理（agentic quality management），我已經辨識出哪些客服是處理該問題的最佳人選、哪些客服具有高同理心分數。接著透過我的代理式路由（agentic routing），我可以把這通電話精準轉接給那位同理心高、且最有能力回答該問題的客服。我的看法是：如果你是點狀解決方案，你就是那把槌子。你可以進來並提供 50% 的自助解決/攔截率（containment rate）。而像 Five9 這種以語音為核心打造的公司，則是整套工具箱，對吧？

And we can drive the next set of resolution and containment. Every single point of resolution and containment that we can drive on top because of these capabilities is millions of dollars to the end user. So that's where I think about how AI and voice AI fits in, why I think companies that are built around voice, own the routing and other capabilities are best suited to service this customer across the stack.

而我們可以推動下一階段的解決與攔截（resolution and containment）。憑藉這些能力，我們在既有基礎上每多推進一個解決與攔截的提升點，對終端使用者而言就是數百萬美元的價值。因此，這就是我如何看待 AI 與語音 AI 的契合點，也就是為什麼我認為以語音為核心打造、掌握路由與其他能力的公司，最適合在整個技術堆疊（stack）上服務這類客戶。

Siti Panigrahi, Mizuho.

Siti Panigrahi，瑞穗。

Great. It's great to see the double-digit growth earlier than your second half plan. So I want to ask you about your conviction on the second half, double-digit growth, especially as you see the momentum in the business. What gives you that kind of confidence? And any color on that large -- other large financial deal that you signed in terms of deployment?

很好。很高興看到雙位數成長比你們原先規劃的下半年更早出現。所以我想請教你們對下半年維持雙位數成長的信心，特別是在你們看到業務動能的情況下。是什麼讓你們有這樣的信心？另外，關於你們簽下的那筆大型——另一筆大型金融交易，在部署方面能否提供一些補充說明？

Yes, absolutely. So I'll walk you through that, Siti and please chime in, Amit, if you have any additional points. But if you look at our -- I'm going to start with our Q2 results. So as you said, total revenue growth guiding to the double digits, growing from 9% in Q1 to 10% in Q2. And that was primarily driven by our subscription revenue.

是的，當然。我來帶你梳理一下，Siti，也請 Amit 若有補充重點隨時加入。不過如果你看我們——我先從我們第二季（Q2）的結果談起。如你所說，總營收成長指引為雙位數，從第一季（Q1）的 9% 成長到第二季的 10%。而這主要是由我們的訂閱營收所帶動。

And if you kind of break that down between CCaaS and AI, CCaaS revenue was stable at 7% year-over-year, which is exactly what we anticipated. Now AI revenue did accelerate to 78% from 68% the prior quarter and that was primarily driven by several customers who are ready to deploy faster than what we forecasted. And as we've always said, we have the PS resources to throttle up and down to meet whatever the customer demands are. Now even if you exclude those customers, by the way, our AI revenue growth still would have been in and around that 68% that we reported in Q1.

如果你把它在 CCaaS 與 AI 之間拆開來看，CCaaS 營收年增率穩定在 7%，這正是我們預期的。AI 營收則從前一季的 68% 加速到 78%，主要是因為有幾位客戶準備以比我們預測更快的速度進行部署。而我們一直以來都說過，我們有專業服務（PS）資源可以依客戶需求彈性擴縮。順帶一提，即使排除那些客戶，我們的 AI 營收成長仍會大約落在我們第一季所報告的 68% 左右。

Now fast forwarding to the second half, the shape of the curve there and the confidence that we get is all around the backlog. So every customer in that backlog has a unique schedule of ramp that we have great visibility into and we'll continue to execute against that and that's what's underlying it. And I just -- as a reminder, I want to let everyone know that we have no -- essentially no dependency on new logo go-gets to get to that guidance in the second half of the year. And then just from a ramp perspective for the Fortune 100 financial services company that we just won, Amit mentioned during the call, it's $100 million approximately in TCV that has both subscription and PS. It's a five-year contract on our new revenue model.

接著快轉到下半年，那條曲線的形狀以及我們的信心，完全來自於積壓訂單（backlog）。積壓訂單中的每一位客戶都有其獨特的上線爬坡（ramp）時程，我們對此有很高的能見度，並會持續依此執行，這就是背後的基礎。我也——提醒大家一下，我們在達成今年下半年指引方面，基本上不依賴新增客戶（new logo）的取得。另外，就我們剛拿下的那家《財富》100 大金融服務公司而言，Amit 在電話會議中提到，該案約有 1 億美元的合約總價值（TCV），包含訂閱與 PS。這是一份採用我們新營收模式的五年合約。

And if you look at the ramp of it, it's going to be immaterial contributions in 2026 to subscription revenue and ramp more so in '27 and meaningfully bigger increases thereafter. And it will mirror a lot of the shape of the curve of ramps that other customers of this magnitude had in the past.

如果看它的爬坡節奏，2026 年對訂閱營收的貢獻將不具重大性，會在 2027 年更明顯地爬坡，之後的增幅會顯著更大。而它的曲線形狀會與過去其他同等規模客戶的爬坡曲線非常相似。

Arjun Bhatia, William Blair.

Arjun Bhatia，William Blair。

Yes. Perfect. Bryan, if I can just keep going on that sort of line of questioning. The large financial services customer, was there a change in that time line? I don't know why I thought maybe there was supposed to be more meaningful contribution in 2026.

是的。很好。Bryan，如果我可以沿著這個提問方向繼續問。那位大型金融服務客戶的時程是否有變動？我不確定為什麼我原本以為 2026 年應該會有更顯著的貢獻。

I guess part of what I'm trying to get to is, you had a great quarter, it seems like AI revenues are accelerating. But I think the full year guide maybe kept to the back half outlook the same despite the sort of the strong performance in Q2.

我想釐清的是，你們這一季表現很強，看起來 AI 營收正在加速。但我認為全年指引可能仍維持下半年展望不變，儘管第二季表現相當強勁。

Yes, Arjun, so great point. I want to clarify one thing. When I talk about the Fortune 100 financial services company, that's the new logo win that we had in Q2. The -- I believe the financial services company you're referring to is the Fortune 50 services company that we won a couple of years ago and that started ramping in 2025. And it is in our backlog and that's been ramping more so throughout 2026.

是的，Arjun，這點很好。我想先澄清一件事。我提到的《財富》100 大金融服務公司，是我們在第二季拿下的新客戶（new logo）案。而——我認為你指的那家金融服務公司，是我們在幾年前拿下的《財富》50 大服務業公司，並且在 2025 年開始爬坡。它在我們的積壓訂單中，並且在 2026 年會更明顯地持續爬坡。

And it will be a multiyear journey beyond that as well. Now to answer your point about keeping the second half guidance the way it was, is because if you think about the AI revenue growth acceleration that I mentioned earlier, essentially, what we did was their ramps were supposed to happen in Q3, Q4 and they're ready to move faster with the deployment. So we essentially increased our PS capacity to bring that ramp forward into Q2. So essentially, Q3, Q4 remains the same and still very strong in that double-digit growth is what we're guiding to. But we pulled that forward to accelerate in Q2.

而且之後也會是一段跨多年的旅程。至於你提到為何下半年指引維持原樣，是因為如果你回想我先前提到的 AI 營收成長加速，本質上，我們原本預期那些爬坡會發生在第三季、第四季，而他們現在準備更快推進部署。因此我們實際上是提高了 PS 產能，把那段爬坡提前到第二季。所以第三季、第四季基本上維持不變，仍然非常強勁，我們指引仍是雙位數成長。只是我們把一部分提前到第二季，讓第二季加速。

Raimo Lenschow, Barclays.

Raimo Lenschow，Barclays。

I wanted to stay on that Fortune 100 customer. I wanted to make it slightly more bigger for you, as an industry theme, though. The idea of large customers moving to cloud-based data center -- sorry, call centers has been like a theme for a while but it was always like kind of can you handle as a cloud provider, can you handle the size of the seats, et cetera?

我想繼續追問那位《財富》100 大客戶。不過我想把它拉高一點，作為產業主題來看。大型客戶轉向雲端資料中心——抱歉，是雲端聯絡中心（call centers）一直是個主題，但過去總是會有疑問：作為雲端供應商，你能否承載這麼大的席位數（seats）等等？

This is now like the second big kind of reference customer for you coming up. Kind of what does it do -- what do you see in terms of industry and the industry realizing that if you want to do AI, you need to be in the cloud and voice doesn't work. And what does it also tell us about customers being comfortable of you being able to handle these larger seat numbers?

這現在看起來是你們第二個大型的參考客戶出現。你們如何看待產業面的變化，以及產業是否正在意識到：如果你想做 AI，你就需要在雲端，而語音在（非雲端的）環境下行不通？另外，這也代表客戶對於你們能處理更大席位數的能力，是否更有信心、更感到安心？

Yes. Thank you for the question. I'll start, Bryan, feel free to chime in. Look, just as you said, this was a migration for this customer from their on-prem to cloud. And we are starting to see some of that shift happening.

是的。謝謝你的問題。我先回答，Bryan 也歡迎補充。你說得沒錯，這位客戶是從自建（on-prem）遷移到雲端。而我們開始看到這樣的轉移正在發生。

It's always been in the backlog and there are a number of deals that sit there that we're keeping an eye on as they progress. But the one thing I think you called out, which is really is, look, when customers come to us and they deploy AI, particularly voice AI on-prem, the architecture of on-prem is not specifically built to go run agentic voice at its best output. And so in some cases, that actually forces customers to start taking a look at migrating to cloud and moving in that direction. This is one of the -- I wouldn't say the only reason but this is one of the reasons why this large customer started looking at, hey, how do we actually start making this jump so we can start taking advantage of these new technologies that are available.

它一直都在積壓訂單中，還有一些交易也在那裡，我們會隨著其進展持續關注。但我認為你點出的關鍵是：當客戶來找我們部署 AI，尤其是在自建環境部署語音 AI 時，自建架構並不是為了讓代理式（agentic）語音在最佳輸出下運行而特別打造的。因此在某些情況下，這反而會促使客戶開始評估遷移到雲端、朝那個方向前進。這是這家大型客戶開始思考「我們要如何真正跨出這一步，才能開始利用這些可用的新技術」的原因之一——我不會說是唯一原因，但確實是原因之一。

Talking about Five9, look, I think you just mentioned it. We have now proven over and over again and this is really exciting that we have the right to go win these sorts of customers. On the -- our technology is reliable and useful and customers are going into it. Our delivery is another big capability. And so that is one big proof point that is great for us to see and great for the market to see as well.

談到 Five9，你剛剛也提到了。我們現在已經一次又一次證明——這真的令人振奮——我們有資格（right）去贏得這類客戶。我們的技術可靠且有用，客戶也正在採用。我們的交付能力（delivery）也是另一項重要能力。因此，這是一個很重要的驗證點，對我們而言很棒，對市場而言也很棒。

The other piece that I wanted to flag is this is also a major win for our partnership with Google, right? One of the reasons we won this deal is we went in with them and showcased the strength of our joint platform and integration and the ability for us to solve this large customer's needs across all different facets. And as called out in the script, this was the first full-size deal that we transacted through the Google Marketplace. And so really excited about that and what comes next with that.

另外我想強調的是，這同時也是我們與 Google 合作夥伴關係的一個重大勝利，對吧？我們能贏下這筆交易的原因之一，是我們與他們一起進場，展示我們聯合平台與整合的強大，以及我們能在各個面向滿足這家大型客戶需求的能力。而且如講稿所提到，這是我們透過 Google Marketplace 成交的第一筆完整規模（full-size）交易。因此我們對此非常興奮，也很期待接下來會帶來的發展。

Scott Berg, Needham.

Scott Berg，Needham。

Amit and Bryan, nice quarter. I wanted to follow up on Raimo's question there on the large Fortune 100 won through the Google marketplace. Is -- Amit, you just mentioned it's the first kind of full size deal that you won through that channel opportunity. I guess, how do you make that be repeatable? Because if you told me you had a new channel through the Google marketplace, I would have thought you're going to get a lot of these kind of dolphin deals of $1 million plus that the company has historically signed.

Amit 和 Bryan，這一季表現不錯。我想延續 Raimo 剛才關於透過 Google Marketplace 贏下那家大型《財富》100 強客戶的問題。Amit，你剛提到這是你們透過該通路機會贏下的第一筆真正完整規模的交易。我想問的是，你們要如何讓這件事變得可複製、可重複發生？因為如果你告訴我你們在 Google Marketplace 有一個新通路，我原本會以為你們會拿到很多這種公司過去歷來簽下的、100 萬美元以上的「海豚型」交易。

Something that can ramp to $25 million seems like a much larger deal than I would have thought about of that marketplace. So how do you make this repeatable? What type of resources is Google may be helping throw at this with you to get involved with more of these?

能夠爬坡到 2,500 萬美元的案子，看起來比我原先對那個 Marketplace 的想像要大得多。所以你們要怎麼讓這件事可重複？Google 可能會提供哪些資源、和你們一起投入，來參與更多這類案子？

Yes. Thank you, Scott, for the question. Look, there's -- when I look at the pipeline with them, there's a variety of deals. So it's not just one size fits all. So I just wanted to flag that. And obviously, we will keep working them. But in some of these cloud migrations, especially the ones from on-prem to cloud, they tend to be the larger customers and this is one that came through first. Talking about the resources and working together with them, look, we've always said this wasn't just a signature deal in terms of signing a joint agreement and selling. This was hands on keyboard, right? Putting the -- driving better integrations, driving the solution is one.

是的。謝謝你，Scott，這個問題。你看，當我看我們和他們一起的 pipeline 時，裡面有各式各樣的交易。所以並不是一種規模就適用所有情況。我只是先提醒這一點。當然，我們會持續和他們合作推進。但在某些雲端遷移案中，特別是從地端（on-prem）到雲端的遷移，通常會是較大型的客戶，而這一筆是第一個從那邊進來的。至於資源以及如何一起合作，你看，我們一直說這不只是簽個聯合協議、然後就開始賣的「簽字型」交易。這是要實際動手做的（hands on keyboard），對吧？推動更好的整合、推動解決方案落地，這是一個面向。

And those are investments that have already been made from us and we will continue to make them with Google as the needs evolve and we play in different parts of the ecosystem. So I'll leave it at that. Hope that answers your question.

而這些投資我們已經做了，並且會隨著需求演進、以及我們在生態系不同環節的參與，持續與 Google 一起投入。我先說到這裡。希望有回答到你的問題。

Elizabeth Porter, Morgan Stanley.

Elizabeth Porter，Morgan Stanley。

I wanted to follow up on the comment about the AI deals ramping faster than expected. I was just curious what's driving that faster time to production. Is there any sort of improvements in Five9's ability to implement greater customer readiness, data maturity or just buyers becoming more comfortable? And really importantly, how repeatable is that improvement across the broader pipeline?

我想追問你剛才提到 AI 交易的爬坡速度比預期更快。我想了解是什麼在推動更快的上線到量產（production）時間？是 Five9 在導入能力上有所改善、讓客戶準備度更高、資料成熟度更好，還是買方只是變得更有信心？以及很重要的是，這種改善在更廣泛的 pipeline 裡有多可複製？

Yes. So Elizabeth, thanks for the question. What we always say is that we have the resources to drive deployments as quickly as the customer needs. And in this situation, especially with larger customers, there are many different business units and different players with different needs that have to all align and come together. And our professional services organization builds a bottoms-up forecast with the customer to figure out exactly what that ramp schedule is going to look like.

是的。Elizabeth，謝謝你的問題。我們一直說，我們有資源可以依照客戶需求的速度來推動部署。而在這種情況下，特別是大型客戶，會有很多不同的事業單位與不同的利害關係人，各自有不同需求，必須先對齊並整合在一起。我們的專業服務（PS）組織會和客戶一起自下而上建立預測，釐清實際的爬坡時程會長什麼樣子。

This was one of those situations where the customer aligned really quickly internally on their end and they came to us and said, let's go, we can move much faster. We want to get this up and running. And as I said, we can ramp up our PS resources to meet that demand on the spot and that's exactly what happened with several of our customers. We are, of course, continuing to get more and more efficient in the way we implement, especially as we get experience with these larger customers and the backlog that we continue to ramp. But it's really more a function of the alignment that the customer finds on their end.

這次就是其中一種情況：客戶在他們內部很快就完成對齊，然後來找我們說，開始吧，我們可以快很多。我們希望把它上線並跑起來。如我所說，我們可以即時擴增 PS 資源來滿足需求，而這正是我們幾位客戶所發生的情況。當然，隨著我們在這些大型客戶上的經驗累積，以及我們持續爬坡的 backlog，我們也在導入方式上變得越來越有效率。但這更多是取決於客戶端內部對齊的程度。

Yes. I'll add one piece to that. I think one part of your question was what's happening for this level of acceleration. Look, even if we remove the ramps for these large customers, our AI growth this quarter would have mimicked last quarter. So pretty sizable net of pulling all these deals forward.

是的。我再補充一點。我想你問題的一部分是：這種加速的程度是怎麼來的。你看，即便把這些大型客戶的爬坡因素拿掉，我們本季的 AI 成長也會和上季相仿。所以在把這些交易提前認列的影響扣除後，成長仍然相當可觀。

What is happening is we are seeing customers across the stack starting to call us for AI, whether it is new logos where we have a high attach, in fact, every $1 million deal that goes out the door has 100% attach of AI. Our base is reacting very positively and taking us up on our AI solutions. What really is a unifying theme is it's the human in the middle. And the Five9 stack is really what -- whether it is being purchased today in terms of CCaaS or later is what customers are coming to us for and saying, we want your solutions to solve the human in the middle component and how do we expand from what we have or maybe in some cases, even start with AI and follow up with CCaaS. So I just wanted to share with you what we see happening around the business.

正在發生的是，我們看到各層級的客戶開始因為 AI 而主動找上我們，不論是新客戶（new logos），我們的 AI 附加率（attach）都很高；事實上，每一筆 100 萬美元的交易，AI 的附加率都是 100%。我們的既有客戶群反應非常正面，也願意採用我們的 AI 解決方案。真正貫穿其中的主題是「人介於其中」（human in the middle）。而 Five9 的整體技術堆疊——不管今天是以 CCaaS 的形式購買，或是之後才買——都是客戶來找我們的原因；他們會說，我們希望你們的解決方案能解決「人介於其中」這個環節，那我們要如何從既有部署擴大？或者在某些情況下，甚至先從 AI 開始，之後再接著導入 CCaaS。所以我想跟你分享我們在業務上看到的趨勢。

Catharine Trebnick, Rosenblatt.

Catharine Trebnick，Rosenblatt。

Nice quarter. Can you unpack a little on the -- what was the pipeline win rate trend through the quarter versus 90 days ago? And then add into it, you added some new leadership in and how has that changed the execution and enthusiasm of your sales force?

這一季表現不錯。你能否多拆解一下——本季期間的 pipeline 贏單率（win rate）趨勢，相較於 90 天前是怎麼變化的？另外，你們也加入了一些新的領導層，這對你們銷售團隊的執行力與士氣／熱情帶來了哪些改變？

Catharine, I'll take the first part and then hand it over to Amit. So in terms of our pipeline and conversion, everything is running on track overall and we're pleased with the momentum that we're seeing in the business. So nothing substantial to note on that front. Of course, we shared with you the large customer win that was a very good momentum that we're seeing in the business.

Catharine，我先回答第一部分，然後再交給 Amit。就我們的 pipeline 與轉換率而言，整體都按計畫推進，我們也對目前在業務上看到的動能感到滿意。所以這方面沒有什麼重大變化值得特別指出。當然，我們也跟你分享了那筆大型客戶的勝利，這是我們在業務上看到的一個非常好的動能。

Yes. Look, when you asked around the leadership, particularly around sales, look, first of all, I am super excited to welcome Niranjan, Sven and Rob to the company. They bring a tremendous amount of experience. And in my opening remarks, I said that my job was to move this business faster, remove roadblocks, find synergy points. This is what some of this hiring was about.

是的。你提到領導層，特別是銷售方面——首先，我非常興奮歡迎 Niranjan、Sven 和 Rob 加入公司。他們帶來非常豐富的經驗。我在開場致詞中提到，我的工作是讓這個業務跑得更快、移除障礙、找出協同點。這些招募有一部分就是為了這個目的。

In particular to the sales team, look, as we transition to winning more enterprise-level deals, as we transition from CCaaS and AI sales to selling platforms and outcomes and solutions, we needed to shift how we approach our market, how we work, with Jay Lee, our new Chief Marketing and Growth Officer.

特別就銷售團隊而言，你看，當我們轉向贏得更多企業級（enterprise-level）交易，當我們從銷售 CCaaS 與 AI，轉向銷售平台、成果（outcomes）與解決方案時，我們需要改變我們切入市場的方式、以及我們的工作方式；並與我們新的行銷與成長長（Chief Marketing and Growth Officer）Jay Lee 一起推動。

And Rob brings the perfect set of experience working with mid-market, enterprise, bringing the next level of discipline, transparency and shift from product to solution selling within the business. And our sales teams and as a matter of fact, all the teams that -- where these new leaders have come in, there's a new pep in the step, right? People are excited by what is happening in the business, some of the progress we're making, some of the wins we're getting and now a new horizon of leadership that can take us from $1.3 billion to $3 billion and what that does for the business. So I'll pause there but I think people are generally excited about it.

而 Rob 帶來的經驗組合非常到位：涵蓋中型市場（mid-market）與企業客戶，能帶來更高一層的紀律、透明度，並推動公司從產品銷售轉向解決方案式銷售。我們的銷售團隊，事實上所有新領導加入的團隊，都有一種新的步伐與幹勁，對吧？大家對公司正在發生的事情、我們取得的一些進展、拿下的一些勝利感到興奮；而且新的領導視野能把我們從 13 億美元帶到 30 億美元，這對業務意味著什麼。我先說到這裡，但我認為大家整體上都很振奮。

Terry Tillman, Truist.

Terry Tillman，Truist。

Giancarlo on for Terry. Congrats on the quarter. Just wanted to ask how the end market health has been based on contact center seats. Are we seeing it stable or growing? And what are the customers sharing as we move out to the next 6 to 12 months?

我是 Giancarlo，代 Terry 提問。恭喜這一季的表現。我想問一下，從聯絡中心座席（contact center seats）的角度來看，終端市場的健康狀況如何？我們看到是穩定還是在成長？另外，展望未來 6 到 12 個月，客戶都在分享些什麼？

Yes. So Giancarlo, we mentioned that if you look at our concurrent agent seat count, it's growing at a healthy rate that's relatively in line with our CCaaS subscription revenue growth rate. And we continue to see subscription revenue per seat increasing in the single digits, very consistent to what we've seen in the past as well. If you look forward, I mean, we really have not seen that seat compression nor have our customers.

是的。所以 Giancarlo，我們提到過，如果你看我們的同時在線客服座席數量，它正以健康的速度成長，且相對與我們的 CCaaS 訂閱營收成長率大致一致。而且我們持續看到每席位的訂閱營收以個位數百分比成長，這也與我們過去看到的情況非常一致。展望未來，我的意思是，我們確實沒有看到那種席位壓縮，我們的客戶也沒有。

But what's been resonating really well with our customers is the fact that we're going to this revenue commit model, which gives them the flexibility between -- in the next three to five years, the mix between human agent seats versus AI agents, it gives them a lot of flexibility in terms of changing that mix. So the predictability and the flexibility has been resonating well while giving us that visibility into revenue, too. So for instance, the Fortune 100 financial services company is on that model as well.

但真正讓我們客戶很有共鳴的是，我們正在轉向這種營收承諾（revenue commit）模式，這讓他們在未來三到五年之間，能在人工客服座席與 AI 代理之間的組合上更有彈性，讓他們在調整該組合方面有很大的靈活度。因此，可預測性與彈性引起了良好反響，同時也讓我們對營收有更高的能見度。例如，那家《財富》100 大的金融服務公司也採用這個模式。

Will Power, Baird.

Will Power，Baird。

This is Ioannis Samoilis, on for Will Power. Just maybe one more on the Fortune 100 financial services win. I was hoping you could just talk a bit more about that bake-off. Were any of the smaller voice AI players in the mix? Or just curious if it was more of a traditional bake-off.

我是 Ioannis Samoilis，代替 Will Power 提問。再追問一個關於那筆《財富》100 大金融服務客戶的勝利。我希望你能再多談一點那次評選（bake-off）。當時有任何較小的語音 AI 業者也在競爭名單中嗎？或者我只是好奇，這是否更像是一場傳統的評選。

And then I think you alluded to it a second ago but it sounds like that customer might be deploying some of your AI products but just wondering if that's IVAs or if there's other vendors that you're planning to integrate with -- for some of the AI solutions.

另外，我想你們剛才也提到了一點，但聽起來那位客戶可能會部署你們的一些 AI 產品；我只是想確認那是 IVAs，還是你們計畫與其他供應商整合——用於某些 AI 解決方案。

Thank you for the question. Look, from -- given the size of deal and what was going down, it was really some of the known names that you would expect that would play in this space. And at this point, the award has been for the CCaaS portion of the business. And of course, as the conversations continue with the customer and new facets emerge, we will bring you along for that. But I hope that gives you the color of what was happening with the deal, who was in it and what this piece is about.

謝謝你的問題。你看，從——考量交易規模以及當時的情況，參與的確實是你會預期在這個領域出現的一些知名廠商。而目前的得標範圍是業務中的 CCaaS 部分。當然，隨著我們與客戶的對話持續進行、並出現新的面向，我們也會同步向各位更新。希望這能讓你更了解這筆交易當時的情況、有哪些競爭者，以及這一部分的重點。

Jackson Ader, KeyBanc.

Jackson Ader，KeyBanc。

This is Jack on for Jackson Ader. Could you talk a little bit about the source of revenue upside we could see relative to the incremental go-get and that cross-sell for the rest of the year?

我是 Jack，代替 Jackson Ader 提問。你能否談談，今年剩餘時間裡，相較於新增的主動拓展（go-get）與交叉銷售（cross-sell），我們可能看到的營收上行空間來源？

Yes. So Jack, for the rest of the year, I think this is the way I would break it down. So first of all, let me talk about it from a CCaaS versus AI perspective and also bring in some of the DBRR points as well. So first of all, I mentioned earlier that we're not -- we're not depending on any new logo go-gets to meet the guidance, incremental revenue in the guidance for the rest of the year. And if you break it down between CCaaS and AI, we're expecting CCaaS revenue to mirror the shape of the curve of our total revenue guide.

好的。所以 Jack，針對今年剩餘時間，我會這樣拆解來看。首先，我會從 CCaaS 相對於 AI 的角度來談，並把一些 DBRR 的重點也帶進來。首先，我先前提到過，我們——我們不需要依賴任何新的客戶標誌（new logo）的主動拓展，就能達成指引；指引中今年剩餘時間的增量營收也不依賴這些。如果你把它拆成 CCaaS 與 AI，我們預期 CCaaS 營收的走勢會與我們總營收指引的曲線形狀一致。

And then for AI, we just reported 78% in Q2 and we're saying for the annual number in 2026, the year-over-year growth will be more than 60% and that's up from the more than 40% comment that we made as an outlook last quarter. And then finally, from a DBRR perspective, we've been saying all along that we expect inflection in the second half of the year. So we just reported 107% in LTM subscription DBRR in Q2 and we're expecting that to inflect up by 1-percentage-point in Q3.

至於 AI，我們剛公布 Q2 年增 78%，而我們對 2026 全年數字的說法是：年增將超過 60%，這也高於我們上季展望時提到的「超過 40%」。最後，從 DBRR 的角度來看，我們一直都在說，我們預期今年下半年會出現拐點。我們剛在 Q2 公布 LTM 訂閱 DBRR 為 107%，並預期 Q3 會上升 1 個百分點。

That's helpful. And then maybe as a quick follow-up. Can you talk about where you are seeing strongest customer demand for voice AI agents? Is it in the self-service, agent assist and in automation? Kind of can you help frame where the demand is there for the use cases?

很有幫助。再快速追問一下。你能談談你們在哪些地方看到客戶對語音 AI 代理的需求最強嗎？是在自助服務、坐席輔助（agent assist）還是自動化？能否幫我們框架一下這些使用情境的需求分布？

Yes, sure. Look, we're fortunate that we're seeing demand in multiple use cases, whether it is simple or complex. But as -- I'll give you an example as we've launched our new voice AI agent. We are already seeing customers deploy them. One of them has started deploying it in a simple use case like password reset and next has gone into a complex use case, which we're already working in deployment with them right now.

好的，當然。你看，我們很幸運看到多種使用情境都有需求，不論是簡單或複雜。不過——我舉個例子，隨著我們推出新的語音 AI 代理，我們已經看到客戶在部署它們。其中一位客戶先在像密碼重設這樣的簡單使用情境開始部署，接著又進入一個更複雜的使用情境，而我們目前正與他們一起進行部署。

So I think in a lot of these cases, our last-gen AIVA was being used in high complex areas, especially in regulated industries. The new product has started off in easy use cases but have already started to work their way into more complex scenarios. And we're seeing the pipeline for those kind of use cases build. So excited about that.

所以我認為在很多案例中，我們上一代的 AIVA 主要用在高複雜度領域，特別是在受監管的產業。新產品一開始從較容易的使用情境切入，但已經開始逐步進入更複雜的場景。而且我們也看到這類使用情境的管線正在建立。所以我們對此感到很興奮。

Our next question comes from Samad Samana of Jefferies. Our next question comes from Tom Blakey at Cantor. Our next question comes from Rishi Jaluria of RBC. 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 Jefferies 的 Samad Samana。我們的下一個問題來自 Cantor 的 Tom Blakey。我們的下一個問題來自 RBC 的 Rishi Jaluria。問答環節到此結束。我現在把電話交回給執行長 Amit Mathradas，請他做結語。

Thank you, everyone, for your questions and for joining us today. We are moving very quickly to position Five9 for a strong 2026, building directly on the speed, discipline and focus of our first half results. At the same time, we continue to execute on our vision for humantic CX. By coordinating human agents and AI in real time, we are positioned to deepen our competitive advantage. We look forward to speaking with you all on our next quarterly call. Have a great day.

謝謝各位今天的提問，也謝謝大家參與。我們正以非常快的速度，讓 Five9 為強勁的 2026 做好定位，並直接建立在我們上半年成果所展現的速度、紀律與專注之上。同時，我們也持續執行我們對 humantic CX 的願景。透過即時協調人工客服與 AI，我們有望進一步深化我們的競爭優勢。期待在下一次季度電話會議再與各位交流。祝大家有美好的一天。