Freshworks Inc (FRSH) 2023 Q3 法說會逐字稿

Hello, and welcome to the Freshworks Third Quarter 2023 Earnings Conference Call. (Operator Instructions). Please be advised that today's conference is being recorded. It is now my pleasure to introduce Vice President, Investor Relations, Joon Huh.

您好，歡迎參加 Freshworks 2023 年第三季財報電話會議。 （操作員說明）。請注意，今天的會議正在錄製中。現在我很高興向大家介紹投資者關係副總裁 Joon Huh。

Thank you. Good afternoon, and welcome to Freshworks Third Quarter 2023 Earnings Conference Call. Joining me today are Girish Mathrubootham, Freshworks Chief Executive Officer; Dennis Woodside, FreshWorks President; and Tyler Sloat, Freshworks Chief Financial Officer.

謝謝。下午好，歡迎參加 Freshworks 2023 年第三季財報電話會議。今天和我一起來的還有 Freshworks 執行長 Girish Mathrubootham； Dennis Woodside，FreshWorks 總裁；和 Freshworks 財務長 Tyler Sloat。

The primary purpose of today's call is to provide you with information regarding our third quarter 2023 performance and our financial outlook for our fourth quarter and full year 2023. Some of our discussion and responses to your questions may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on Freshworks' current expectations and estimates about its business and industry, including our financial outlook, macroeconomic uncertainties, management's beliefs and certain other assumptions made by the company, all of which are subject to change.

今天電話會議的主要目的是向您提供有關我們2023 年第三季度業績以及第四季度和2023 年全年財務前景的信息。我們對您問題的一些討論和答复可能包含前瞻性陳述，其含義如下： 1995 年《私人證券訴訟改革法案》。這些前瞻性陳述是基於Freshworks 目前對其業務和行業的預期和估計，包括我們的財務前景、宏​​觀經濟不確定性、管理層的信念以及公司做出的某些其他假設，所有這些假設這些可能會改變。

These statements are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those projected in the forward-looking statements. Such risks include, but are not limited to, our ability to sustain our growth, to innovate, to reach our long-term revenue goals, to meet customer demand and to control costs and improve operating efficiency.

這些陳述受到風險、不確定性和假設的影響，可能導致實際結果與前瞻性陳述中的預測有重大差異。這些風險包括但不限於我們維持成長、創新、實現長期收入目標、滿足客戶需求以及控製成本和提高營運效率的能力。

For a discussion of additional material risks and other important factors that could affect our results, please refer to today's earnings release, our most recently filed Form 10-K and Form 10-Q, our Form 10-Q for the quarters ended March 31, 2023 and June 30, 2023, and our other periodic filings with the SEC.

有關可能影響我們業績的其他重大風險和其他重要因素的討論，請參閱今天的收益報告、我們最近提交的 10-K 表格和 10-Q 表格、截至 3 月 31 日的季度的 10-Q 表格， 2023 年和2023 年6 月30 日，以及我們向SEC 定期提交的其他文件。

FreshWorks assumes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this call, except as required by law. During the course of today's call, we will refer to certain non-GAAP financial measures. Reconciliations between GAAP and non-GAAP financial measures for historical periods are included in our earnings release which is available on our Investor Relations website at ir.freshworks.com. I encourage you to visit our Investor Relations site to access our earnings release, supplemental earnings slides periodic SEC reports, a replay of today's call or to learn more about FreshWorks. And with that, let me turn it over to Girish.

FreshWorks 不承擔更新任何前瞻性聲明以反映本次電話會議之後可能發生的事件或情況的義務，除非法律要求。在今天的電話會議中，我們將提及某些非公認會計準則財務指標。歷史時期的 GAAP 和非 GAAP 財務指標之間的調整包含在我們的收益報告中，該報告可在我們的投資者關係網站 ir.freshworks.com 上取得。我鼓勵您訪問我們的投資者關係網站，以訪問我們的收益發布、定期 SEC 報告的補充收益幻燈片、今天電話會議的重播或了解有關 FreshWorks 的更多資訊。接下來，讓我把它交給吉里什。

Thank you, Joon, and welcome, everyone. Thank you for joining us today on Freshworks Earnings Call covering our third quarter of 2023. We delivered another solid quarter of execution as we outperformed our previously disclosed estimates across our key financial metrics. Our revenue exceeded the high end of our financial outlook range, coming in at $153.6 million for the quarter. We surpassed our estimates for free cash flow with $22.1 million in Q3, and we improved our free cash flow margin to 14%.

謝謝你，瓊，歡迎大家。感謝您今天參加 Freshworks 的 2023 年第三季財報電話會議。我們在關鍵財務指標上的表現超出了先前揭露的預期，因此我們又實現了穩健的季度執行。我們本季的營收達到 1.536 億美元，超出了財務展望範圍的上限。第三季我們的自由現金流超出了我們的預期，達到 2,210 萬美元，我們將自由現金流利潤率提高到了 14%。

We also held our first Investor Day in September, where we showcased our products and outlined a path that we believe will drive us towards becoming a $1 billion company and beyond. Freshworks continues to reap the benefits of 3 industry standards. Businesses of all phases are having to transform to compete digitally. expectations for customer and employee experience are evolving to center around modern messaging and AI is breaking down silos, offering richer insight to help businesses understand much more about their customers and employees.

我們還在 9 月舉辦了首屆投資者日，展示了我們的產品，並概述了一條我們相信將推動我們成為一家價值 10 億美元甚至更高的公司的道路。 Freshworks 繼續受益於 3 個行業標準。各個階段的企業都必須轉型以進行數位競爭。對客戶和員工體驗的期望正在演變為以現代訊息為中心，而人工智慧正在打破孤島，提供更豐富的洞察力，幫助企業更多地了解客戶和員工。

This quarter, in particular, we added new generative AI capabilities across products and opened up our Freddy Insights beta program. following Freddy Self-service and Freddy Copilot in Q2. which is intended to unlock more value out of our existing product suite. You will hear me talk about AI quite a bit today, starting with customer support. I'm really excited by the traction we have been seeing since launching our customer service suite in August. It's our all-in-one solution to combine bots, modern messaging and ticketing. In the first 2 months, our sales team signed on more than 200 customer service suite customers from new and existing customers. And we are seeing higher levels of engagement with the product than with Freshchat alone. The suite not only saw great traction with new customers, but also with long-standing ones, including a large U.S. TV network and a high fashion jewelry company who decided to migrate to help them scale self-service features with our bot capability.

特別是本季度，我們在各個產品中添加了新的生成式人工智慧功能，並開放了 Freddy Insights 測試版計畫。繼第二季的 Freddy Self-service 和 Freddy Copilot 之後。旨在從我們現有的產品套件中釋放更多價值。今天你會聽到我大量談論人工智慧，從客戶支援開始。自從八月推出客戶服務套件以來，我們所看到的吸引力讓我感到非常興奮。這是我們將機器人、現代訊息傳遞和票務相結合的一體化解決方案。前 2 個月，我們的銷售團隊與新舊客戶簽約了 200 多個客戶服務套件客戶。我們發現該產品的參與度比單獨使用 Freshchat 更高。該套件不僅吸引了新客戶，也吸引了長期客戶，包括一家大型美國電視網絡和一家高級時尚珠寶公司，他們決定遷移以幫助他們利用我們的機器人功能擴展自助服務功能。

An early adopter of the customer service suite, Fastway Couriers in South Africa delivered over 16 million parcels annually to an area nearly twice the size of Texas. The company is growing, but found its previous provider, offering a disjointed customer service experience across different channels.

南非的 Fastway Couriers 是客戶服務套件的早期採用者，每年向幾乎德克薩斯州兩倍的地區運送超過 1,600 萬件包裹。該公司正在不斷發展，但發現其以前的供應商在不同管道提供脫節的客戶服務體驗。

Now with the customer service suite, agents are able to better address this issue, can handle live chats with automation and gain deep insights into ticket trends. We continue to invest in cutting-edge AI capabilities for our customer support users. In our initial beta for Freddy Copilot, we were predominantly focused on driving agent productivity. We have heard great feedback from our customers, including monos, a luxury luggage brand, we featured during our Investor Day.

現在，借助客戶服務套件，客服人員能夠更好地解決這個問題，可以自動化處理即時聊天，並深入了解工單趨勢。我們持續為客戶支援用戶投資尖端人工智慧功能。在 Freddy Copilot 的初步測試版中，我們主要專注於提高客服人員的工作效率。我們從客戶那裡得到了很好的回饋，其中包括我們在投資者日期間重點介紹的豪華箱包品牌 Monos。

Thomas Cook, a popular global travel company in the U.K. using Freshdesk since 2021, and iQor, a business process outsourcing company with 40,000 employees are beta-testing copilot features to further enhance agent productivity.

Thomas Cook 是英國一家受歡迎的全球旅遊公司，自2021 年以來一直在使用Freshdesk，而iQor 是一家擁有40,000 名員工的業務流程外包公司，它們正在對副駕駛功能進行Beta 測試，以進一步提高客服人員的工作效率。

Freddy Copilot adoption and usage among customer service customers increased meaningfully from Q2. In Q3, we continue to see growing demand for our IT product with mid-market and enterprise customers. We win with a unified service operations platform that enables customers to improve service reliability. Our customers, including Chalhoub Group, Valley Children's Health care and Travelopia see great value in our unified product. ITOM in particular, is gaining traction with momentum for Freshservices, major incident management feature.

從第二季開始，Freddy Copilot 在客戶服務客戶中的採用和使用量顯著增加。在第三季度，我們繼續看到中階市場和企業客戶對我們的 IT 產品的需求不斷增長。我們以統一的服務營運平台取勝，使客戶能夠提高服務可靠性。我們的客戶，包括 Chalhoub Group、Valley Children's Health care 和 Travelopia 都看到了我們統一產品的巨大價值。尤其是 ITOM 憑藉著 Freshservices（重大事件管理功能）的勢頭而獲得關注。

We added new capabilities to this feature and the customer base is growing. Almost 1,500 customers now take advantage of post-incident reports, automated major incident creation via alerts and organizational updates through a branded status page.

我們為此功能添加了新功能，客戶群正在不斷增長。現在，近 1,500 名客戶利用事件後報告、透過警報自​​動建立重大事件以及透過品牌狀態頁面進行組織更新。

We continue to harness the power of generative AI to enable IT and other business users to focus on high-value work by using auto-generated ticket summary and ticket response addition. Our newest beta release includes Gen AI power virtual agents that eliminate forms to create a more conversational experience for employees. Early adopters of these new AI features for Freshservice include existing customers, Restaurant 365 and Confluent Health.

我們繼續利用生成式人工智慧的力量，透過使用自動生成的工單摘要和工單響應添加，使 IT 和其他業務用戶能夠專注於高價值工作。我們最新的測試版包括 Gen AI 強大的虛擬代理，可以消除表單，為員工創造更具對話性的體驗。 Freshservice 這些新人工智慧功能的早期採用者包括現有客戶、Restaurant 365 和 Confluence Health。

Freshservice customer adoption of these features has more than doubled since Q2. Through our continued innovation to meet the IT needs of large enterprises in the mid-market, we believe we are increasing mindshare with CIO and anticipate that this will enable us to execute on the broader ITSM opportunity.

自第二季以來，Freshservice 客戶對這些功能的採用率增加了一倍以上。透過我們不斷的創新來滿足中階市場大型企業的 IT 需求，我們相信我們正在提高與 CIO 的關注度，並預計這將使我們能夠抓住更廣泛的 ITSM 機會。

On to sales and marketing. We continue to execute on our vision of delivering an easy-to-use, quick-to-set-up smart CRM, that [other] sales teams in generating leads, increasing conversion and accelerating revenue. In Q3, we made improvements to the inbound experience in our sales and marketing products. We revamped the UI of Freshsales to improve user efficiency, productivity and data accessibility.

關於銷售和行銷。我們繼續履行我們的願景，即提供易於使用、快速設定的智慧 CRM，幫助[其他]銷售團隊產生潛在客戶、提高轉換率並加速收入。第三季度，我們改進了銷售和行銷產品的入境體驗。我們改進了 Freshsales 的 UI，以提高用戶效率、生產力和資料可存取性。

The upgraded interface for sellers helps boost context, AI-powered action and team collaboration for faster deal closure. For example, a local cabinet maker in Georgia, named Click Studio, uses both Freshsales and Freshdesk to help support it's sales teams to collaborate better, which has helped Click Studios improve its sales cycle by up to 35%.

升級後的賣家介面有助於增強背景、人工智慧驅動的行動和團隊協作，從而更快地完成交易。例如，喬治亞州當地一家名為 Click Studio 的櫥櫃製造商使用 Freshsales 和 Freshdesk 來幫助支援其銷售團隊更好地協作，這幫助 Click Studios 將其銷售週期縮短了高達 35%。

We also continued to strengthen our AI capabilities for marketers to improve campaign creation while boosting efficiency, conversion rates and customer satisfaction.

我們也持續增強行銷人員的人工智慧能力，以改善行銷活動的創建，同時提高效率、轉換率和客戶滿意度。

In summary, Q3 innovation was centered around unlocking more productivity for our customers. through AI-powered customer service, IT and sales and marketing products. And we will continue building and offering future insights to help businesses understand their customers and employees.

總之，第三季創新的重點是為我們的客戶釋放更高的生產力。透過人工智慧驅動的客戶服務、IT 以及銷售和行銷產品。我們將繼續建立和提供未來的見解，以幫助企業了解其客戶和員工。

Now over to Dennis. who will give more detail on the opportunities we are realizing with customers and the ongoing impact of changes we are making to our GTM operations.

現在輪到丹尼斯了。他將更詳細地介紹我們與客戶一起實現的機會以及我們對 GTM 營運所做的變革所產生的持續影響。

Thanks, G, and thank you, everyone. We appreciate you joining us for today's call. As we talked about at our Investor Day, on top of product innovation, a few key growth drivers are helping us deliver on our targets for revenue, operating profit and free cash flow. Let me provide some highlights from Q3.

謝謝，G，謝謝大家。我們感謝您參加今天的電話會議。正如我們在投資者日談到的那樣，除了產品創新之外，一些關鍵的成長動力正在幫助我們實現收入、營業利潤和自由現金流的目標。讓我提供第三季的一些亮點。

Firstly, our unique go-to-market approach efficiently serves the Fortune 5 million, combining an efficient inbound sales motion, growing field sales presence and a partner ecosystem that's built to scale. Large customers like TRI Pointe Homes and [Qualfon] turned to Freshworks, along with mid-market customers like Salvation Army Australia, ASPCA and Jackson family wines.

首先，我們獨特的市場進入方法結合了高效的入站銷售活動、不斷增長的現場銷售業務以及規模化的合作夥伴生態系統，有效地為財富 500 萬人提供服務。 TRI Pointe Homes 和 [Qualfon] 等大型客戶以及澳洲救世軍 (Salvation Army Australia)、ASPCA 和 Jackson family wines 等中端市場客戶轉向 Freshworks。

We added nearly 1,000 net customers in the quarter, resulting in a total of over 66,600. While we're addressing companies of all sizes, we're also targeting larger, higher-yielding customers. In Q3, Freshworks customers paying us over $50,000 in ARR, grew 32% year-over-year or 30% on a constant currency basis. This cohort continues to represent 46% of our ARR as larger customers fuel the growth of our business.

本季我們增加了近 1,000 名淨客戶，總數超過 66,600 名。在我們面對各種規模的公司的同時，我們也瞄準規模更大、收益更高的客戶。第三季度，Freshworks 客戶向我們支付的 ARR 超過 50,000 美元，年增 32%，以固定匯率計算成長 30%。隨著更大的客戶推動我們業務的成長，該群體繼續占我們 ARR 的 46%。

One example, a national homebuilder has $4 billion in annual sales and 6,000 employees. They needed a consolidated platform that manages ticketing, ITSM and asset management to improve their efficiency, given each of those was previously managed in disparate systems. They chose Freshservice and added marketplace integrations to help them scale their global service management needs.

例如，一家全國性住宅建築商的年銷售額為 40 億美元，擁有 6,000 名員工。他們需要一個統一的平台來管理票務、ITSM 和資產管理，以提高效率，因為之前這些都是在不同的系統中進行管理的。他們選擇了 Freshservice 並添加了市場集成，以幫助他們擴展全球服務管理需求。

Another large company using Freshservice is Qualfon , a leading business processing outsourcer with 15,000 employees. They use the legacy provider's ITSM tool for years but it never delivered on automation. Qualfon chose Freshservice because it is easy to use and supports employee needs right out of the gate. They can now automate over 2,000 requests per month and saw an average resolution time improvement of 70%.

另一家使用 Freshservice 的大公司是 Qualfon，這是一家領先的業務處理外包商，擁有 15,000 名員工。他們使用傳統提供者的 ITSM 工具多年，但從未實現自動化。 Qulfon 選擇 Freshservice 是因為它易於使用，並且可以立即滿足員工的需求。他們現在每月可以自動處理 2,000 多個請求，平均解決時間縮短了 70%。

Looking at our opportunity for expansion, higher rates of multiproduct adoption with larger customers are contributing to this growth driver. In Q3, 25% of our total customers used more than 1 product. In our larger customers, we're finding more than half of our $50,000 plus ARR customers are using multiple products.

著眼於我們的擴張機會，大客戶對多產品採用率的提高正在推動這一成長動力。第三季度，25% 的客戶使用了超過 1 種產品。在我們的大客戶中，我們發現超過一半的 ARR 超過 50,000 美元的客戶正在使用多種產品。

One example is Giant Eagle, a retailer with more than 470 stores and approximately 36,000 team members. Giant Eagle chose Freshservice for its user-friendly results-driven platform, and this summer introduced Freshchat to better measure employee engagement. Building off an encouraging increase in self-service among team members, Giant Eagle is now eager to integrate other communication platforms like text.

Giant Eagle 就是一個例子，這是一家擁有 470 多家商店和大約 36,000 名團隊成員的零售商。 Giant Eagle 選擇 Freshservice 是因為其用戶友好的結果驅動平台，今年夏天引入了 Freshchat 以更好地衡量員工敬業度。隨著團隊成員自助服務的不斷增加，Giant Eagle 現在渴望整合文字等其他通訊平台。

Western Financial Group is another great example of Freshservice to Freshchat expansion. The Canadian insurer needed an enterprise tool to allow support teams to collaborate and respond effectively to frontline teams keeping data and reporting separate. Moreover, they wanted to unlock tools for change, problem and asset management and CMDB. They chose Freshservice because of its vast automation opportunities, ease of use and clean interface.

西方金融集團是Freshservice向Freshchat擴張的另一個很好的例子。這家加拿大保險公司需要一種企業工具，讓支援團隊能夠協作並有效回應第一線團隊，將數據和報告分開。此外，他們希望解鎖用於變更、問題和資產管理以及 CMDB 的工具。他們選擇 Freshservice 是因為它具有巨大的自動化機會、易用性和簡潔的介面。

Most recently, they have expanded and begun using Freshchat.

最近，他們擴大並開始使用 Freshchat。

Turning to our SMB opportunity. This remains large. As G mentioned earlier, we're taking advantage of that by enhancing our inbound motion with a view to driving higher conversions and attracting stickier customers. We saw encouraging signs in the SMB segment in Q3 as the churn rate improved year-over-year and also quarter-over-quarter. Millions of SMBs need to adopt AI and automation now to stay competitive and we believe AI can greatly simplify customer and employee experiences.

轉向我們的中小企業機會。這仍然很大。正如 G 之前提到的，我們正在利用這一點，加強我們的入境活動，以推動更高的轉換率並吸引更具黏性的客戶。我們在第三季的中小企業領域看到了令人鼓舞的跡象，客戶流失率年比和季比都有所改善。數以百萬計的中小企業現在需要採用人工智慧和自動化來保持競爭力，我們相信人工智慧可以極大地簡化客戶和員工的體驗。

Underscoring this, many of our AI beta customers today are SMB and mid-market companies including Ultra Fabrics, an early pioneer of socially conscious fabric manufacturing, Jacob Stern & Sons, a distributor of specialty agricultural products since 1850 and virtual identity, a digital creative agency. Each of these customers uses Freddy self-service to automate Level 0 and Level 1 support with modern virtual agent conversations. We're embedding AI capabilities across our products as this is a critical growth driver for us. New features include contact scenario for Freddy Insights, which analyzes top contact scenarios in tickets and conversations and helps deploy bots for them. This is just one of many enhancements we released with Freddy AI to deliver more value to our customers in Q3.

強調這一點的是，我們今天的許多AI 測試版客戶都是中小型企業和中端市場公司，包括具有社會意識的面料製造的早期先驅Ultra Fabrics、自1850 年以來專業農產品分銷商Jacob Stern & Sons以及數位創意產品virtual Identity機構。這些客戶中的每一個都使用 Freddy 自助服務透過現代虛擬代理對話來自動化 0 級和 1 級支援。我們正在將人工智慧功能嵌入我們的產品中，因為這是我們的關鍵成長動力。新功能包括 Freddy Insights 的聯繫場景，它可以分析工單和對話中最常見的聯繫場景，並幫助為它們部署機器人。這只是我們與 Freddy AI 一起發布的眾多增強功能之一，旨在為我們的客戶在第三季度提供更多價值。

Our plan is to monetize increased automation through bot sessions in a consumption or usage-based model. As automation frees up agents to focus on higher-value work, we can also assist with our copilot add-on that helps them be more productive.

我們的計劃是透過基於消費或使用的模型中的機器人會話來提高自動化程度。由於自動化使客服人員能夠專注於更高價值的工作，我們還可以透過我們的副駕駛附加元件來幫助他們提高工作效率。

Our continued traction with larger customers over $50,000 in ARR, combined with our expansion motion and large SMB opportunity, create a go-to-market motion unique to Freshworks. We believe it is this combination of growth levers that gives us confidence in our ability to reach our goal of $1 billion in revenue in the next 3 years.

我們對 ARR 超過 50,000 美元的大客戶的持續吸引力，加上我們的擴張行動和大型中小企業機會，創造了 Freshworks 獨特的進入市場行動。我們相信，正是這種成長槓桿的組合讓我們對在未來 3 年內實現 10 億美元收入的目標充滿信心。

I'm also excited to announce the upcoming appointment of a new management team member who will be crucial in helping us reach that big goal. Mika Yamamoto will join us as Chief Customer and Marketing Officer on November 20. Mika has proven executive leadership experience at large public tech companies with deep technology, sales and marketing experience serving multiple buyers that are relevant to Freshworks. She was most recently the Chief Customer Experience and Marketing Officer of F5 and was previously the President of Marketo, Chief Digital and Marketing Officer at SAP and held senior roles at Amazon, Gartner and Microsoft.

我還很高興地宣布即將任命一位新的管理團隊成員，他對於幫助我們實現這一宏偉目標至關重要。 Mika Yamamoto 將於11 月20 日加入我們，擔任首席客戶和行銷長。Mika 在大型上市科技公司擁有豐富的執行領導經驗，擁有深厚的技術、銷售和行銷經驗，為與Freshworks 相關的多個買家提供服務。她最近擔任 F5 首席客戶體驗和行銷官，此前曾擔任 Marketo 總裁、SAP 首席數位和行銷官，並在亞馬遜、Gartner 和 Microsoft 擔任高階職位。

Now over to Tyler to go through the Q3 financials and talk about how we're driving efficiency.

現在請泰勒瀏覽第三季的財務狀況，並討論我們如何提高效率。

Thanks, Dennis, and thanks again to everyone for joining us. Before I get started, I want to thank you once again to everyone who attended our first Investor Day. It was great to spend time with many of you in person and to provide an update on the Freshworks story.

謝謝丹尼斯，再次感謝大家加入我們。在開始之前，我想再次感謝參加我們第一屆投資者日的所有人。很高興能與你們中的許多人面對面交流並提供 Freshworks 故事的最新資訊。

Once again, we had another quarter of good execution in Q3. We beat our revenue growth estimates and continue driving additional leverage in the business to expand both non-GAAP operating and free cash flow margins quarter-over-quarter. We continue to realize the financial benefits resulting from the operational changes made earlier in the year, and we're creating a healthier position to drive profitable long-term growth for the business.

我們在第三季再次取得了良好的執行力。我們超越了營收成長預期，並繼續提高業務槓桿率，以季度環比擴大非公認會計準則營運利潤率和自由現金流利潤率。我們繼續實現今年稍早進行的營運變革所帶來的財務效益，並且我們正在創造更健康的地位，以推動業務獲利的長期成長。

For our call today, I'll cover the Q3 financial results, provide background on the key metrics and close with our forward-looking commentary and expectations for Q4 and the full year 2023. We'll also include constant currency comparisons for certain metrics to provide a better view of our business trends.

在今天的電話會議中，我將介紹第三季度的財務業績，提供關鍵指標的背景信息，並以我們對第四季度和2023 年全年的前瞻性評論和預期作為結尾。我們還將包括某一些指標的持續貨幣比較，以供參考。更了解我們的業務趨勢。

As a reminder, most of our discussion will be focused on non-GAAP financial results. which exclude the impact of stock-based compensation expenses and other adjustments.

提醒一下，我們的大部分討論將集中在非公認會計準則財務表現。其中不包括股票補償費用和其他調整的影響。

Starting with the income statement. Revenue grew 19% year-over-year to $153.6 million on a reported basis and 18% adjusted for constant currency as we're beginning to see the positive impacts on currency rates for the euro and pound against the dollar over the past year. ITSM deal activity continued to drive much of the growth in Q3. While expansion rates ticked down slightly in the quarter.

從損益表開始。根據報告，營收年增 19% 至 1.536 億美元，按固定匯率調整後營收成長 18%，因為我們開始看到過去一年歐元和英鎊兌美元匯率受到的正面影響。 ITSM 交易活動持續推動第三季的成長。雖然擴張率在本季略有下降。

Turning to margins. We had another strong quarter of non-GAAP gross margin of 84% as we efficiently scale the business. In Q3, we achieved a non-GAAP operating margin of 11%, which represents a 3 percentage point improvement quarter-over-quarter. This was driven by lower-than-expected headcount-related costs, some delays in spend and ongoing improvements on operating expenses.

轉向邊緣。隨著我們有效擴展業務，我們的非 GAAP 毛利率又實現了 84% 的強勁季度表現。第三季度，我們的非 GAAP 營業利潤率為 11%，比上一季提高了 3 個百分點。這是由於與員工人數相關的成本低於預期、支出有所延遲以及營運費用的持續改善。

Turning to our operating metrics. We have 2 key business metrics: net dollar retention and customers contributing more than $5,000 in ARR. Net dollar retention was 108% in the quarter, which includes a 2 percentage point benefit from FX. In Q3, our overall churn came in better than our initial estimates, slightly improving from the prior quarter.

轉向我們的營運指標。我們有 2 個關鍵業務指標：淨美元留存率和 ARR 貢獻超過 5,000 美元的客戶。本季美元淨留存率為 108%，其中包括外匯帶來的 2 個百分點的收益。第三季度，我們的整體客戶流失率優於我們最初的估計，比上一季略有改善。

Looking ahead, we are planning for the lower net expansion trends to persist for the remainder of the year as we expect net dollar retention to be approximately 105% for both constant currency and as reported in Q4.

展望未來，我們計劃在今年剩餘時間內持續較低的淨擴張趨勢，因為我們預計以固定匯率計算和第四季度報告的淨美元保留率約為 105%。

Moving to our other key business metric of number of customers contributing more than $5,000 in ARR. This metric grew 17% year-over-year to 19,551 customers in the quarter and continues to represent 88% of our ARR. On a constant currency basis, this customer metric grew 16% year-over-year. For our larger customer cohort contributing more than $50,000 in ARR, this cohort grew 32% year-over-year to 2,268 customers and represents 46% of our ARR. Adjusting for constant currency, this core grew at 30%.

轉向我們的另一個關鍵業務指標，即 ARR 貢獻超過 5,000 美元的客戶數量。該指標在本季年增 17%，達到 19,551 名客戶，並繼續占我們 ARR 的 88%。以固定匯率計算，此客戶指標較去年同期成長 16%。對於貢獻了超過 50,000 美元 ARR 的較大客戶群體，該群體同比增長 32%，達到 2,268 名客戶，占我們 ARR 的 46%。以固定匯率調整後，此核心成長率為 30%。

We added nearly 1,000 net customers in the quarter, which was an increase from Q2. We ended the quarter with a customer count of approximately 66,600 and as we continued our focus on attracting higher-yielding customers and building a healthier base and driving the higher ARPA.

本季我們增加了近 1,000 個淨客戶，比第二季度增加。本季結束時，我們的客戶數量約為 66,600 名，我們繼續專注於吸引更高收益的客戶、建立更健康的基礎並推動更高的 ARPA。

Moving to calculated billings, balance sheet and cash items. Calculated billings grew 21% year-over-year to $165.3 million and 19% on a constant currency basis. Factors including timing duration of contracts and revenue reserves in the quarter created a slight benefit of 1% to these growth numbers.

轉向計算帳單、資產負債表和現金項目。計算帳單年增 21% 至 1.653 億美元，以固定匯率計算成長 19%。合約期限和本季收入儲備等因素為這些成長數字帶來了 1% 的小幅收益。

Looking ahead to Q4 2023, our preliminary estimate for calculated billings growth is 18% as reported and 17% on a constant currency basis. For the full year 2023, we expect calculated billings growth to be similar to our expected annual revenue growth of approximately 20% for both as reported and constant currency.

展望 2023 年第四季度，我們對計算出的帳單成長的初步估計為報告中的 18%，以固定匯率計算為 17%。對於 2023 年全年，我們預計計算的帳單成長將與我們預期的年收入成長（按報告和固定貨幣計算約 20%）相似。

During the quarter, we generated $22.1 million in free cash flow, ahead of our estimates and reflective of the efficiency improvements we are making in the business. We ended the quarter with a similar balance for cash, cash equivalents and marketable securities of $1.16 billion. We continue to net settle vested equity amounts using $24 million during the quarter, which is reflected in financing activities, and this activity is excluded from free cash flow.

本季度，我們產生了 2,210 萬美元的自由現金流，超出了我們的預期，也反映了我們在業務中所取得的效率改進。本季末，我們的現金、現金等價物和有價證券餘額類似，為 11.6 億美元。本季我們繼續使用 2,400 萬美元對既得權益進行淨額結算，這反映在融資活動中，且該活動不包括在自由現金流中。

As we look forward to Q4, we plan to continue net selling invested equity amounts resulting in Q4 cash usage of approximately $18 million using current stock price levels. For the year, we expect to use approximately $70 million to net settle invested equity amounts. Given the meaningful operational efficiencies we've realized so far this year, we are raising our free cash flow estimates for the full year 2023 by $15 million to $75 million.

展望第四季度，我們計劃繼續淨出售投資股權金額，根據當前股價水平，第四季度現金使用量約為 1800 萬美元。今年，我們預計將使用約 7,000 萬美元來淨結算投資股權金額。鑑於今年迄今為止我們已經實現了有意義的營運效率，我們將 2023 年全年的自由現金流預估提高 1,500 萬美元，達到 7,500 萬美元。

Turning to our share count for Q3. We had approximately 327 million shares outstanding on a fully diluted basis as of September 30, 2023. The fully diluted calculation consists of approximately 295 million shares outstanding. $29 million related to unvested RSUs and PRSUs and 3 million shares related to outstanding options.

轉向我們第三季的股票計數。截至 2023 年 9 月 30 日，我們在完全稀釋的基礎上擁有約 3.27 億股已發行股票。完全稀釋計算包括約 2.95 億股已發行股票。 2900 萬美元與未歸屬的 RSU 和 PRSU 相關，300 萬股與未行使選擇權相關。

Let me now provide our forward-looking estimates. For the fourth quarter of 2023, we expect revenue to be in the range of $156.7 million to $159.3 million, growing 18% to 20% year-over-year. Adjusting for constant currency, this reflects growth of 17% to 19% year-over-year. Non-GAAP income from operations to be in the range of $5.5 million to $8.5 million and non-GAAP net income per share to be in the range of $0.04 to $0.06, assuming weighted average shares outstanding of approximately 303.3 million shares.

現在讓我提供我們的前瞻性估計。 2023 年第四季度，我們預計營收將在 1.567 億美元至 1.593 億美元之間，年增 18% 至 20%。以固定匯率調整後，年增 17% 至 19%。假設加權平均已發行股數約為 3.033 億股，非 GAAP 營運收入將在 550 萬至 850 萬美元之間，非 GAAP 每股淨利潤將在 0.04 至 0.06 美元之間。

For the full year 2023, we expect revenue to be in the range of $593 million to $595.5 million, growing 19% to 20% year-over-year. Adjusting for constant currency, this reflects growth of 19% to 20% year-over-year. Non-GAAP income from operations in the range of $38.5 million to $41.5 million. And non-GAAP net income per share to be in the range of $0.23 to $0.25, assuming weighted average shares outstanding of approximately $30.1 million.

2023 年全年，我們預計營收將在 5.93 億美元至 5.955 億美元之間，年增 19% 至 20%。以固定匯率調整後，年增 19% 至 20%。非 GAAP 營運收入在 3,850 萬美元至 4,150 萬美元之間。假設加權平均流通股約為 3,010 萬美元，非 GAAP 每股淨利潤將在 0.23 美元至 0.25 美元之間。

Given the U.S. dollar trends over the past year, we saw a slight positive impact to our growth rates in Q3. Our forward-looking estimates are based on FX rates as of October 27, 2023. So any future currency moves are not factored in.

考慮到過去一年的美元走勢，我們看到第三季的成長率受到了輕微的正面影響。我們的前瞻性預測是基於截至 2023 年 10 月 27 日的匯率。因此，任何未來的貨幣變動均未考慮在內。

Let me close by saying we continue to execute on our goals in Q3. We maintained our rapid pace of product innovation, realize the benefits of operational changes made earlier this year, and remain focused on the growth initiatives to help drive momentum into 2024. We're excited and look forward to our many opportunities ahead.

最後我要說的是，我們將繼續執行第三季的目標。我們保持產品創新的快速步伐，認識到今年早些時候進行的營運變革的好處，並繼續專注於成長計劃，以幫助推動 2024 年的發展勢頭。我們感到興奮並期待未來的許多機會。

And with that, let's take your questions.

接下來，讓我們回答您的問題。

And our next question comes from the line of Ryan MacWilliams with Barclays.

我們的下一個問題來自巴克萊銀行的瑞安·麥克威廉斯 (Ryan MacWilliams)。

Pleased to see the continued work to improve profitability here. Just asking about kind of how things moved through the third quarter. Like how would you say your new business did in the month of September? And how has October been so far?

很高興看到這裡繼續努力提高獲利能力。只是詢問第三季的情況如何。您認為您的新業務在 9 月的表現如何？十月到目前為止怎麼樣？

Sorry about that, Ryan. Thanks, I think the question is around linearity. And so as we went through September, kind of played out as we expected. meaning that we've been dealing with larger companies and larger deals and over the last, let's call it, a year become a little bit more back-end loaded. So that was expected. October, the guidance that we just gave out takes into account everything you see, we're trying to call it as we see it. So October is going as we expected as well.

很抱歉，瑞安。謝謝，我認為問題在於線性。就這樣，我們度過了九月，事情的發展正如我們所預期的。這意味著我們一直在與更大的公司和更大的交易打交道，在過去的一年中，我們稱之為後端負載增加了一點。所以這是預料之中的。十月，我們剛剛發布的指導考慮了你所看到的一切，我們試圖按照我們所看到的方式來稱呼它。所以十月也正如我們預期的那樣進行。

Appreciate that. And I know it's early, but we've heard a lot of customer interest around Freddy AI. So any more detail on the timing of the rollout there? And any early expectations or any -- just any more additional commentary around how that can be initially adopted within your customer base, like maybe a penetration rate? Or what kind of customer you can see that first...

感謝。我知道現在還為時過早，但我們已經聽到很多客戶對 Freddy AI 感興趣。那麼有關在那裡推出的時間的更多詳細資訊嗎？以及任何早期的期望或任何 - 只是關於如何在您的客戶群中最初採用的任何更多附加評論，例如滲透率？或是你會先看到什麼樣的客戶......

Sure, Ryan. I'll take that. This is Girish. So we have -- actually, if you remember last quarter during Investor Day, we actually said that several of our customers were beta-testing our Freddy AI, specifically, Freddy Self-service, which is the self-service automation capability for customer service and employee service. That is being used by our customers, we are monetizing it through our bots and the customer service platform. And Freddy Copilot and Freddy Insights, this quarter, we have actually put it in, when I say this quarter, I mean Q3, we have actually put it in beta and told our customers, thousands of customers are using it. Our plans for monetizing Freddy Copilot would be we are thinking of Q1, 2024 is when we would start charging for Copilot,and that's an add-on to agency licenses. We are still working with customers on insights. We have not finalized the pricing for Insights yet.

當然，瑞安。我會接受的。這是吉里什。所以，實際上，如果你還記得上個季度投資者日期間，我們實際上說過，我們的一些客戶正在測試我們的Freddy AI，特別是Freddy 自助服務，這是用於客戶服務的自助服務自動化功能和員工服務。我們的客戶正在使用它，我們正在透過我們的機器人和客戶服務平台將其貨幣化。 Freddy Copilot 和Freddy Insights，本季度，我們實際上已經將其投入使用，當我說本季度時，我的意思是第三季度，我們實際上已將其投入測試版，並告訴我們的客戶，成千上萬的客戶正在使用它。我們的 Freddy Copilot 貨幣化計劃是，我們正在考慮 2024 年第一季度，我們將開始對 Copilot 收費，這是代理許可證的附加費用。我們仍在與客戶合作以獲得見解。我們尚未最終確定 Insights 的定價。

Our next question comes from the line of Scott Berg with Needham & Company.

我們的下一個問題來自尼達姆公司的 Scott Berg。

Hopefully, everyone can hear me this time. Congrats on the strong quarter. I guess a couple Dennis, I wanted to start with you. Sales in quarter, you seemed quite pleased with them. One of the trends I've noticed over the last couple of years as your third quarter kind of customer adds are you always have a seasonal dip versus the second quarter kind of results. And this year, it looks like it's very much the same.

希望這次大家都能聽到我的聲音。恭喜季度表現強勁。我想是丹尼斯夫婦，我想從你開始。季度銷售情況，您似乎對它們相當滿意。過去幾年，隨著第三季客戶的增加，我注意到的趨勢之一是，與第二季的結果相比，您的結果總是出現季節性下降。而今年，情況看起來也非常相似。

Can you help remind us what you see internationally that might be causing a little bit of that change from Q2 to Q3? My guess is it has something to do with just the European sales cycles. But I don't know if there's anything more nuance to call out there in particular?

您能否協助提醒我們您在國際上看到的情況可能會導致第二季到第三季的一些變化？我的猜測是這與歐洲的銷售週期有關。但我不知道是否還有什麼更細微的差別需要特別指出？

Yes. Thanks, Scott. Yes, nothing really nuanced there. I don't think we had anything this quarter related to European sales cycles. We continue to see strength in the larger accounts, continue to see strength in IT. And we did see an uptick in net adds to around 1,000 net adds for the quarter from last quarter. So we didn't see the kind of dip that perhaps we've seen in the past.

是的。謝謝，斯科特。是的，那裡沒有什麼真正微妙的地方。我認為本季我們沒有任何與歐洲銷售週期相關的資訊。我們繼續看到大客戶的實力，繼續看到 IT 領域的實力。我們確實看到本季的淨新增人數較上季增加至 1,000 人左右。因此，我們沒有看到過去可能看到的那種下跌。

Remember, last quarter, we had -- in Q2, we had a free offering for our fresh sales product that we then pulled back, and that has resulted in the increase in the overall net adds for Q3.

請記住，上個季度，我們在第二季度免費提供了我們的新鮮銷售產品，然後我們撤回了該產品，這導致了第三季度總體淨增加的增加。

Got it. Helpful. And then I wanted to follow up on the question on improving win rates -- or excuse me, improving churn down market. I think that's always super interesting because a point improvement there makes a big difference, both on the top line and bottom line profitability.

知道了。有幫助。然後我想跟進有關提高勝率的問題——或者對不起，改善客戶流失率市場。我認為這總是非常有趣，因為每個點的改進都會對​​頂線和底線盈利能力產生很大的影響。

How should we think about your opportunity to improve that, churn in that segment? SMB churn across software is always notoriously low, I know you all have had some success improving that number. But how do we think about what that kind of runway for improvement looks like maybe over the next several quarters?

我們應該如何看待您改善該細分市場的機會？眾所周知，中小企業跨軟體的流失率總是很低，我知道你們都在改善這個數字方面取得了一些成功。但我們如何看待未來幾季的改進跑道？

Scott, this is Tyler. You're right. We've actually done a really good job on churn just as a company over the last, call it, a year plus where we've had quarters where it's kind of remained stable and then other quarters where we actually made some good improvement on it. This past quarter was a company best for us in terms of churn in general. And that's across the board, across the products.

斯科特，這是泰勒。你說得對。事實上，作為一家公司，我們在過去的一年裡，在客戶流失方面做得非常好，我們有幾個季度保持穩定，然後在其他幾個季度，我們實際上在客戶流失方面做出了一些很好的改進。就整體流失率而言，上個季度是對我們來說最好的公司。這是全面的、跨產品的。

On the SMB side, I think it's more characteristic that the products are getting better, and we're getting also better at kind of focusing on the right ICPs for ideal customer profiles for our customers, even on SMB, which has led to maybe slightly lower total number of customers, which we've seen in the last couple of quarters but better customers in some cases.

在中小型企業方面，我認為更重要的是產品正在變得更好，而且我們也越來越擅長專注於正確的ICP，為我們的客戶提供理想的客戶檔案，即使是在中小型企業上，這可能會稍微導致客戶總數減少，這是我們在過去幾季看到的，但在某些情況下客戶數量增加。

So I do think that going forward, the improvements are going to be more subtle, but I do think that we do have a little bit of room to go in terms of improving churn over the next year, 1.5 years.

因此，我確實認為，展望未來，改進將會更加微妙，但我確實認為，在明年（1.5 年）改善客戶流失率方面，我們確實還有一點空間。

Congrats on the strong quarter again.

再次恭喜季度表現強勁。

our next question comes from the line of Pinjalim Bora with JPMorgan.

我們的下一個問題來自 Pinjalim Bora 與摩根大通的對話。

Congrats on the quarter.I want to ask you on the bot side. Can you help us maybe understand what portion of the overall ARR today is driven by bot-based pricing?

恭喜本季。我想問一下機器人方面的問題。您能否幫助我們了解當今整體 ARR 的哪一部分是由基於機器人的定價所驅動的？

And how should we think about kind of the changes in the pricing and packaging that went into effect in August. How is that going to be layered into the model?

我們應該如何考慮八月生效的定價和包裝方面的變化。它將如何分層到模型中？

Yes, I'll start with that, talk about the financial parts, Pinjalim. This is Tyler. We changed the pricing at the end of Q2 in terms of our chat pricing, which then the bots are kind of embedded in that, which would also embed the Freddy Self-service capabilities. it's really, really new. And so we don't have that much embedded in terms of the new feature functionality. We do have a decent amount of chat revenue and we would expect that to continue to kind of increase as we progress here.

是的，我將從這個開始，談談財務部分，Pinjalim。這是泰勒。我們在第二季末改變了聊天定價的定價，然後機器人就嵌入其中，這也將嵌入 Freddy 自助服務功能。這真的非常非常新。因此，我們沒有嵌入太多新功能。我們確實擁有可觀的聊天收入，隨著我們的進展，我們預計這筆收入將繼續增加。

The other AI capabilities, right, we haven't started charging for it. They're still in beta, and they will be coming out kind of Q1, and that's where the Copilot will be the next 1 that's coming out. And so every quarter, we expect to have a little bit more increase on Freddy Self-service. Again, that's going to be reflected more in chat usage.

其他的AI能力，對吧，我們還沒開始收費。它們仍處於測試階段，將在第一季發布，而 Copilot 將是下一個發布的版本。因此，每個季度，我們預計 Freddy 自助服務都會有更多的成長。同樣，這將更多地反映在聊天的使用中。

Yes. Understood. And Tyler, on that topic then, it seems like you have a few tailwinds like going into next year, the bot-based pricing, the AI SKUs that I think Girish said will be monetizing in Q1, maybe potential stabilization on the NDR metric? Obviously, macro and geopolitical climate is a wildcard. But help us understand how are you thinking about 2024? What are the puts and takes as we look forward?

是的。明白了。泰勒，關於這個主題，似乎你有一些順風車，例如進入明年、基於機器人的定價、我認為 Girish 所說的人工智慧 SKU 將在第一季度貨幣化，也許 NDR 指標可能會穩定？顯然，宏觀和地緣政治氣候是一個通配符。但請幫助我們了解您如何看待 2024 年？我們展望未來的看跌期權和看跌期權是什麼？

Yes. So -- so we haven't guided to anything for 2024 yet. At our Investor Day, we kind of talked about 2025 in terms of getting to rule of 40 and then we talked about some revenue numbers 2026.

是的。所以，我們還沒有為 2024 年制定任何指導方針。在投資者日，我們從 40 法則的角度討論了 2025 年，然後我們討論了 2026 年的一些收入數據。

We'll give out the 2024 numbers at the end of this quarter. I do think you're right. In terms of churn, I just said I think we can make some slight improvements there, but it's definitely heading in the right direction.

我們將在本季末公佈 2024 年的數字。我確實認為你是對的。在客戶流失方面，我只是說我認為我們可以在這方面做出一些細微的改進，但它肯定是朝著正確的方向前進。

In terms of the AI SKUs, it's so new. We'll have to wait and see on those things. And -- the one other comment you made on macro, we don't expect macro to immediately turn around. And for us, that would be reflected in our expansion motion increasing with agent addition, meaning companies are going back to hiring and we expect that to see continued pressure for a while. So we've kind of built that into our expectations.

就 AI SKU 而言，它非常新。我們必須等等看這些事情。而且—您對宏觀經濟的另一項評論是，我們預計宏觀經濟不會立即改善。對我們來說，這將反映在我們的擴張行動隨著代理商的增加而增加，這意味著公司將重新開始招聘，我們預計這將在一段時間內持續面臨壓力。所以我們已經將其納入了我們的期望中。

And our next question comes from the line of Rob Oliver with Baird.

我們的下一個問題來自 Rob Oliver 和 Baird 的對話。

Great. Dennis, one for you just on the comment around more than half of the 50,000-plus customers now using 2 products. clearly, great progress on that front for you guys. I think you said overall, it's at 25%, which is kind of what you had said at the Analyst Day, which is great.

偉大的。丹尼斯（Dennis），剛剛為您介紹了目前使用 2 種產品的 50,000 多名客戶中超過一半的評論。顯然，你們在這方面取得了巨大進步。我想你說總體來說是 25%，這有點像你在分析師日所說的，這很棒。

Just curious, as you make that move sort of upmarket, are you seeing more multiproduct lands? Or are these still largely expands? And then can you talk a little bit about what you see in the pipe and if there's a mix of those? And then I had a quick follow-up.

只是好奇，當你將這項舉措推向高端市場時，你是否會看到更多的多產品土地？或者這些仍然在很大程度上擴展？然後您能談談您在管道中看到的情況以及這些情況是否混合？然後我進行了快速跟進。

Yes. sure. Yes. So thanks, Rob. We do see multiproduct lands. They tend to be multiproducts within the same family. So an example would be a customer taking IT plus ESM or Freshchat and Freshdesk. Now most of our expansion in those larger accounts tends to go across TruePersona, so from IT to CS.

是的。當然。是的。所以謝謝，羅布。我們確實看到了多種產品的土地。它們往往是同一系列中的多種產品。例如，客戶採用 IT 加 ESM 或 Freshchat 和 Freshdesk。現在，我們在這些較大客戶中的大部分擴張都傾向於跨越 TruePersona，從 IT 到 CS。

In fact, if we look at our largest expansions, those are true cross-product expansion. Some of them, I think we talked about in the prepared remarks like Giant Eagle and Western Financial. So as we continue to move upmarket, that expansion motion is becoming more and more important for us, and that's going to be a big emphasis for us going into next year.

事實上，如果我們看看我們最大的擴張，這些都是真正的跨產品擴張。其中一些，我想我們在準備好的發言中談到過，例如巨鷹和西方金融。因此，隨著我們繼續向高端市場發展，擴張行動對我們來說變得越來越重要，這將成為我們明年的重點。

Great. That's really helpful. Yes. And then just on the macro, Tyler, appreciate your comments in response to the last question, just about how you're thinking about macro and around agent count where you kind of reiterated what you said at the Analyst Day, which is, hey, we're not really counting on those agent additions. And that sounds like that's a pressure that's likely going to remain here.

偉大的。這真的很有幫助。是的。然後就宏觀而言，泰勒，感謝您對最後一個問題的評論，關於您如何看待宏觀和座席數量，您重申了您在分析師日所說的話，那就是，嘿，我們並不真正指望增加這些代理。聽起來這種壓力可能會持續存在。

But on the other hand, it does seem like you guys -- I mean, you delivered tremendous value for the price. So I'm just a bit curious to get a sense as the execution has been strong here, what -- is there a flip side to the sort of macro headwinds where some of those mid-market customers are feeling like maybe upper end can get a lot more value with you guys? Are you seeing some of that as well?

但另一方面，你們似乎確實——我的意思是，你們提供了巨大的價值。因此，我只是有點好奇，因為這裡的執行力一直很強，所以，宏觀逆風是否存在另一面，其中一些中端市場客戶感覺也許高端可以得到和你們在一起更有價值嗎？你也看到其中的一些嗎？

Rob, I'll take that. This is Girish. So first of all, I would like to say that from a macro standpoint, we are not seeing any significant change in Q3 compared to Q2. And 1 of this, clearly, when companies are still carefully considering their spends, we are a vendor of choice because of our affordable pricing and lower total cost of ownership. So that may be in play, but not -- that's not specific to Q3. That's pretty much our promise to our customers.

羅布，我會接受的。這是吉里什。首先，我想說，從宏觀角度來看，我們沒有看到第三季與第二季相比有任何重大變化。其中之一，顯然，當公司仍在仔細考慮其支出時，我們是首選供應商，因為我們負擔得起的價格和較低的總擁有成本。所以這可能會發揮作用，但不會——這不是第三季特有的。這幾乎就是我們對客戶的承諾。

And as we see continued demand for AI and even to offset, moving forward, we hope that hey, our AI strategy will help us make money when businesses are not hiring agents, that we'll make money when businesses are hiring agents by making them more productive and also our Insights product helping open up a new SKU for leaders.

當我們看到對人工智慧的持續需求，甚至抵消、向前發展時，我們希望，嘿，我們的人工智慧策略將幫助我們在企業不僱用代理人時賺錢，當企業僱用代理人時，我們將透過讓他們賺錢提高生產力，我們的 Insights 產品也有助於為領導者開闢新的 SKU。

Our next question comes from the line of Brett Knoblauch with Cantor Fitzgerald.

我們的下一個問題來自布雷特·諾布勞赫（Brett Knoblauch）和康托·菲茨杰拉德（Cantor Fitzgerald）的對話。

Congrats on the quarter. I guess first for me, you guys talked about your AI products. And it seems like that maybe SMEs might be the biggest early adopters of this, is that how you're thinking about it? And do you think that could help maybe drive a step function improvement in churn at the lower end of the market?

恭喜本季。我想首先，你們談到了你們的人工智慧產品。看起來中小企業可能是最大的早期採用者，您是這麼想的嗎？您認為這是否有助於推動低階市場客戶流失的階梯功能改善？

So yes, I'll take that. So, first of all, if you look at the 3 pillars of our AI strategy, Freddy Self-service I think, will be really, really useful and adopted by larger customers because they are the ones who have a large volume of support like millions of customers coming in for support. So that's where the scope for automation is much higher.

所以是的，我會接受的。因此，首先，如果你看看我們人工智慧策略的三大支柱，我認為 Freddy 自助服務將非常非常有用，並被大客戶採用，因為他們擁有數百萬的大量支援前來尋求支援的客戶。所以這就是自動化範圍更大的地方。

On the other hand, Freddy Copilot, would probably be like more universally applicable to SMBs and mid-market customers because every user can now become more productive and SMBs really want to do more with less. So and -- Freddy Insights is for leaders, again, larger companies may benefit more because their needs for data from different teams could be larger.

另一方面，Freddy Copilot 可能更普遍適用於中小型企業和中端市場客戶，因為每個用戶現在都可以提高工作效率，而中小型企業確實希望用更少的資源做更多的事情。所以，Freddy Insights 是針對領導者的，同樣，規模較大的公司可能會受益更多，因為他們對來自不同團隊的數據的需求可能更大。

So -- and specifically on AI, helping us deal with the macro, I think we said this in the last earnings call. So we are focused -- we are not waiting for the macro to improve. We are focused on controlling the variables that we can, like our focus on 4 growth pillars, like how can we use product innovation in AI. How can we cross-sell more into our existing base? How can you focus on larger deals and drive more operational efficiency. So that is our plan to keep executing as while we wait for the macro to turn.

因此，特別是在人工智慧方面，幫助我們應對宏觀問題，我想我們在上次財報電話會議上說過這一點。所以我們很專注——我們不是等待宏觀經濟改善。我們專注於控制我們能夠控制的變量，例如我們對 4 個成長支柱的關注，例如我們如何在人工智慧中利用產品創新。我們如何才能向現有基地進行更多交叉銷售？如何專注於更大的交易並提高營運效率。這就是我們在等待宏觀調控期間繼續執行的計畫。

And just -- it's Dennis. Just to add some color there. Today, we're seeing -- even though our products are still in beta, we're seeing pretty broad adoption across all customer sizes for our AI product. So we have over 2,500 customers in beta using Freddy Copilot to improve agent productivity. We have over 4,000 customers using some aspect of Freddy Insights. And those range the gamut from our largest to our smallest customers.

只是——這是丹尼斯。只是為了在那裡添加一些顏色。今天，我們看到—儘管我們的產品仍處於測試階段，但我們的人工智慧產品在所有客戶規模中都得到了相當廣泛的採用。因此，我們有超過 2,500 名測試版客戶使用 Freddy Copilot 來提高客服人員的工作效率。我們有超過 4,000 名客戶在使用 Freddy Insights 的某些功能。這些客戶涵蓋了從最大到最小的客戶。

So I think AI is -- it's on the agenda for every CEO. They're all looking for improved outcomes. They're looking for improved efficiency in their operations. And all of our customers, whether you're a customer support leader, an IT leader, you have to have an AI strategy. So that's provoking a lot of discussions. And we're very optimistic about how this is going to play out over the next year.

所以我認為人工智慧已經被提上了每位執行長的議程。他們都在尋求更好的結果。他們正在尋求提高營運效率。我們所有的客戶，無論您是客戶支援領導者還是 IT 領導者，都必須制定人工智慧策略。所以這引發了很多討論。我們對明年的情況非常樂觀。

Our next question comes from the line of Nick Altmann with Scotia Bank.

我們的下一個問題來自豐業銀行的尼克·阿爾特曼（Nick Altmann）。

Awesome. I think earlier you had noted that churn has improved in SMB both year-over-year and quarter-over-quarter. I was wondering if you can maybe talk about the expansion side and how that's trended?

驚人的。我想您之前已經注意到，中小型企業的客戶流失率年比和季比都有所改善。我想知道您是否可以談談擴張方面以及其趨勢如何？

And then just as a follow-up, were any of the changes that you've made to pricing earlier this year, has that been sort of a tailwind to NRR? And if you could quantify that? If you're willing to disclose that, that would be helpful.

作為後續行動，你們今年早些時候對定價所做的任何改變是否對 NRR 起到了推動作用？如果你能量化這一點？如果你願意透露這一點，那將會很有幫助。

Nick, this is Tyler. I'll take that one. So yes, in churn, we're just doing better, kind of didn't happen for a while just because these are subtle improvements and I just mentioned, we made kind of a company best ever in churn this past quarter. And it goes from SMB all the way up. I mean part of that is because we have been moving to larger customers, they're signing annual deals. So the mix shift of our customer base is changing part of it our Freshservice in general, which plays in the larger markets, that is growing faster and has great characteristics.

尼克，這是泰勒。我會接受那個。所以，是的，在客戶流失方面，我們只是做得更好，只是因為這些是微妙的改進而暫時沒有發生，我剛才提到，我們在上個季度打造了一家在客戶流失方面表現最好的公司。它從中小企業一直向上。我的意思是，部分原因是我們一直在轉向更大的客戶，他們正在簽署年度協議。因此，我們客戶群的混合轉變正在改變我們的整體生鮮服務，該服務在更大的市場中發揮作用，成長速度更快，並且具有出色的特點。

When -- on the flip side of the question, you asked about expansion. Expansion is -- it really hasn't changed, and it's still a pretty tough environment for expansion and specifically around Asian addition. And so what we have been doing is looking at other ways to expand with our customer base.

當——在問題的另一面，你問了擴張的問題。擴張確實沒有改變，而且擴張的環境仍然相當艱難，特別是在亞洲擴張方面。因此，我們一直在尋找其他方法來擴大我們的客戶群。

One of those, which you've alluded to is that we did do some price changes on our Freshservice product, we did get some benefit from that so far this year. And so that has helped our net dollar retention slightly. And so even though on one side, the expansion motion overall is coming down, we did get some expansion benefit from price a little bit, but also benefit from churn. So hopefully, that breaks it down for you.

您提到的其中之一是我們確實對 Freshservice 產品進行了一些價格調整，今年到目前為止我們確實從中受益。因此，這對我們的淨美元保留略有幫助。因此，儘管一方面擴張勢頭總體下降，但我們確實從價格中獲得了一些擴張收益，但也從客戶流失中受益。希望這能為您解決問題。

And our next question comes from the line of Brent Thill with Jefferies.

我們的下一個問題來自布倫特·希爾和傑弗里斯的對話。

Tyler, on NRR, you mentioned it is going to moderate more in Q4. Is Q4 going to be a bottom for that moderation in NRR?

泰勒，在 NRR 上，您提到第四季度將進一步放緩。第四季是否會成為 NRR 放緩的底部？

And maybe for Dennis, U.S. and EMEA held up really well, but the APAC showed a pretty big slowdown. Anything going on in APAC that would describe what happened there?

也許對丹尼斯來說，美國和歐洲、中東和非洲地區的表現確實不錯，但亞太地區卻表現出相當大的放緩。亞太地區發生的任何事情可以描述那裡發生的事情嗎？

Brent, I'll take the first part of it. So we have been calling kind of coming out of Q1 even that we thought Q2 was going to go to 105, 106 range. And we've been doing a little bit better and part of the reasons because churn has been doing better because we've kind of -- the expansion has kind of come through as we expect. We're calling the kind of 105 for Q4. And based on what we see right now, we do hope that, that's kind of the floor going and we'll obviously update that going into next year, if anything changes. That kind of assumes that we'll be able to maintain the levels of churn and expansion is not going to get dramatically worse. And so that's obviously the assumptions going into that number.

布倫特，我先講第一部分。因此，我們一直在呼籲第一季的表現，即使我們認為第二季將達到 105、106 的範圍。我們做得更好了，部分原因是客戶流失率做得更好，因為我們的擴張已經按照我們的預期實現了。我們稱第四季為 105。根據我們現在所看到的情況，我們確實希望這就是基礎，如果有任何變化，我們顯然會在明年進行更新。這種假設是我們能夠維持客戶流失和擴張的水平，並且不會變得更糟。這顯然是該數字的假設。

Yes. Just on the geography question, we really didn't see a slowdown in Asia Pac. We have pretty consistent performance across our 3 big geos. So no -- I would say no appreciable trend to call out there.

是的。僅就地理問題而言，我們確實沒有看到亞太地區出現放緩。我們在 3 個大地理區域的表現相當一致。所以不——我想說沒有明顯的趨勢可以指出。

Our next question comes from the line of Alex Zukin with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Alex Zukin。

This is Ethan Bruck on for Alex Zukin. Congrats on the results. I have 2 quick questions. Just first, one of your peers early in the month noted that there's some growth slowdown in September? So I'm just curious like what you're seeing in the environment just given the solid results and like based on early customer conversations.

我是伊森布魯克 (Ethan Bruck) 替補亞歷克斯祖金 (Alex Zukin)。祝賀結果。我有兩個簡單的問題。首先，您的一位同行在本月初指出 9 月的成長放緩？所以我只是好奇你在環境中看到的是什麼，只是給了可靠的結果，以及基於早期客戶對話的結果。

And budgets, like where is that discussion than like for 2024? We've heard a lot around our true consolidation. So just curious how you guys solve them across the front office stack, helping driving some larger strategic deals?

還有預算，例如 2024 年的討論在哪裡？我們已經聽到了很多關於我們真正的整合的消息。所以只是好奇你們如何在前台堆疊中解決這些問題，並幫助推動一些更大的策略交易？

Ethan, I'll take that. So in terms of the first part of the question is around September, I already mentioned, hey, we've become a little bit more back-end loaded as we've been dealing with larger customers, but it kind of came through as we expected. And it wasn't -- there was no real surprise there. And we expect that kind of that back-end loaded nature of the quarters to continue as we are kind of doing that more of that field motion.

伊森，我會接受的。因此，就問題的第一部分而言，大約是在 9 月，我已經提到過，嘿，隨著我們一直在與較大的客戶打交道，我們的後端負載已經增加了一些，但這在我們預期的。但事實並非如此——這並沒有什麼真正令人驚訝的地方。我們預計季度的這種後端負載性質將繼續下去，因為我們正在做更多的現場活動。

As we look into next year and you asked about, hey, in terms of budgets, are we seeing anything different? we're not seeing anything different. And part of our play is, as G just mentioned is to be a great kind of a great cost alternative. And we're going to continue to try to flex that muscle as we go engage with customers, especially if they're seeing budget pressures. We feel that we can be a great alternative to some of their big heavy software that they might have.

當我們展望明年時，您問，嘿，在預算方面，我們看到了什麼不同嗎？我們沒有看到任何不同。正如 G 剛才提到的，我們的策略之一是成為偉大的成本替代方案。當我們與客戶接觸時，我們將繼續努力發揮這種力量，特別是在他們面臨預算壓力的情況下。我們認為我們可以成為他們可能擁有的一些大型重型軟體的絕佳替代品。

Yes. And then just a quick follow-up around the AI suite. So hearing Copilot coming in 1Q is [constructive]. I'm just curious and based on the early traction you're seeing in beta. And just how would you stack rank? what you guys would expect to be the most impact in the '24 numbers? If you think about impact from new spend on just the Gen AI SKUs or through uplift just improving gross retention, surely directly how you guys are thinking about this.

是的。然後是圍繞人工智慧套件的快速跟進。因此，聽到 Copilot 在第一季到來是[建設性的]。我只是很好奇，並且基於您在測試版中看到的早期吸引力。那你會如何排列排名呢？你們認為 24 年數字中影響最大的是什麼？如果您考慮僅對 Gen AI SKU 進行新支出的影響，或者透過提高總保留率來提高總保留率，那麼您肯定會直接想到這一點。

There's a question on monetization. Yes. I mean we -- it's so early, Ethan, right? We have our -- the monetization that's just starting essentially in Freddy Self-service, which is, again, going to be reflected in chat. We talked about Q1 being kind of rolling out GA CoPilot, which we'd start selling it. I think Dennis just mentioned, we've got a lot of customers across the 3 different AI plates that we have that are in beta right now, and we're planning to learn as we go and then start to roll the stuff out. So I think the first time we're really going to have anything that we would talk about probably the first half of next year.

有一個關於貨幣化的問題。是的。我的意思是我們——現在還太早了，伊森，對吧？我們的貨幣化剛剛開始，主要是在 Freddy 自助服務中，這將再次反映在聊天中。我們談到 Q1 即將推出 GA CoPilot，我們將開始銷售它。我想丹尼斯剛剛提到，我們在 3 個不同的人工智慧板塊上有很多客戶，這些板塊目前處於測試階段，我們計劃邊走邊學習，然後開始推出這些東西。所以我認為我們第一次真正討論的事情可能是在明年上半年。

Congrats again on the results.

再次恭喜結果。

Our next question comes from the line of Brent Bracelin with Piper Sandler.

我們的下一個問題來自布倫特·布雷斯林（Brent Bracelin）和派珀·桑德勒（Piper Sandler）的對話。

Thank you. G, I'll start with you here. It sounds like you're excited by the CSS Suite product, a couple of hundred customers deploying that this quarter. What is the ACV uplift as you think about a customer that moves to CS Suite? Is there an ASP uplift when customers move? Or should we think about this more of a modernized stack and with no uplift.

謝謝。 G，我就從這裡開始吧。聽起來您對 CSS Suite 產品感到很興奮，本季已有數百名客戶部署了該產品。當您考慮遷移到 CS Suite 的客戶時，ACV 提升是多少？當顧客搬家時，平均售價是否會提高？或者我們應該更多地將其視為現代化的堆疊並且沒有任何提升。

Okay. Thanks, Brent. And so first of all, yes, there is an uplift. I probably have to get back to you with the exact numbers. But because the pricing is slightly higher for the CSS suite than standard Freshdesk or Freshchat alone, I would think it's probably, I would say, 10% to 20% higher, but actual realizations could be different. So -- but yes, in principle, there is an ASP uplift because the customer is getting bot and conversational agent experience as well as ticketing all in 1 package. So it's higher than Freshdesk stand-alone and Freshchat stand-alone and bots will add on usage-based pricing as well.

好的。謝謝，布倫特。首先，是的，有一個提升。我可能必須回覆你確切的數字。但由於 CSS 套件的定價比標準 Freshdesk 或 Freshchat 單獨定價略高，我認為可能高出 10% 到 20%，但實際實現可能會有所不同。所以，但是，原則上，ASP 會有所提升，因為客戶可以獲得機器人和對話代理體驗以及票務服務，這一切都在一個軟體包中。因此，它比 Freshdesk 獨立版和 Freshchat 獨立版要高，機器人也會添加基於使用情況的定價。

Got it. Helpful color there. And then Dennis, just as you think about the business here, are there some moving parts? You guys are doing a good job of navigating a challenging environment. One of the things that stood out to me is clearly, you're talking about strength on the enterprise, strength in ITSM. We are looking across the industry seeing some weakness on the SMB side. But If I look at [NetLogo] adds, it did look like enterprise was down slightly and the SMB space was up.

知道了。那裡有有用的顏色。然後丹尼斯，正如您思考這裡的業務一樣，是否有一些活動部件？你們在應對充滿挑戰的環境方面做得很好。對我來說最突出的一件事顯然是，您談論的是企業的實力、ITSM 的實力。我們縱觀整個產業，發現中小企業方面存在一些弱點。但如果我看看 [NetLogo] 的補充，看起來企業確實略有下降，而中小企業空間則有所上升。

Maybe if you could just give us an update on what you saw overall in the quarter relative to larger customer demand, SMB and update that PLG 2.0 initiative, is that starting to have a little bit of an impact here on net adds?

也許您可以向我們提供本季整體情況的最新情況（相對於更大的客戶需求、中小企業）並更新 PLG 2.0 計劃，這是否開始對淨增加產生一點影響？

Yes. So just to back up a bit, remember, the markets that we're competing in are massive between sales and marketing, customer support and IT and any business of any size needs what we provide, needs an IT solution, needs a customer support solution, need a sales and marketing solutions. So the market is massive. And still, when you get into SMB, still relatively underpenetrated, about 40% of our revenue is from SMB today.

是的。因此，請記住，我們競爭的市場在銷售和行銷、客戶支援和 IT 之間是巨大的，任何規模的任何企業都需要我們提供的產品、需要 IT 解決方案、需要客戶支援解決方案，需要銷售和行銷解決方案。所以市場很大。儘管如此，當你進入中小企業時，滲透率仍然相對較低，我們今天大約 40% 的收入來自中小企業。

We -- in any given quarter, we're going to see fluctuations across SMB versus our large account acquisition. Also, if you think about like in enterprise, in particular, you tend to have a lot of buying cycles that take place at the end of the year as opposed to in the third quarter. So that potentially played into it for Q3.

在任何特定季度，我們都會看到中小企業與大客戶收購之間的波動。此外，如果您考慮企業，尤其是在企業中，您往往會在年底而不是第三季發生很多購買週期。因此，這可能會影響第三季。

But -- But in SMB, in particular, we've started to do some of the things that I talked about at the Analyst Day to improve the efficiency of our -- and the scale of our SMB business. We've spent this past quarter, Q3, diversifying some of the sources of leads in -- before the funnel.

但是，特別是在中小型企業中，我們已經開始做我在分析師日談到的一些事情，以提高中小型企業業務的效率和規模。在過去的第三季度，我們在通路之前實現了一些潛在客戶來源的多樣化。

So early, think about like going into affiliate marketing and investing more in SEO to drive organic leads into our trial funnel. What we're doing this quarter is focusing on improving the efficiency of that funnel itself. And that's through things like creating more personalized journeys for a prospect that's in the trial itself using chat and other means to communicate to that trial is to help them get educated on the product and get to value faster. And we know if you get to value faster ideally in the first day or 2 of trying the product, you're much higher -- much more likely to convert.

所以儘早考慮進入聯盟行銷並在搜尋引擎優化上投入更多，將有機線索引入我們的試用管道。我們本季所做的重點是提高該通路本身的效率。這是透過諸如為試用中的潛在客戶創建更個性化的旅程等方式，使用聊天和其他方式與試用進行溝通，以幫助他們了解產品並更快地獲得價值。我們知道，如果您在嘗試該產品的第一天或第二天就能更快地實現價值（理想情況下），那麼您的轉換率就會更高。

So -- we think there's a lot of levers that we haven't really pulled there in optimizing that funnel, which will play out over the course of the next year.

因此，我們認為在優化該漏斗方面，我們還沒有真正使用很多槓桿，這將在明年發揮作用。

So I think we've got very broadly speaking, continue to be pushing into mid-market customers, lower end of enterprise, in particular, with our IT products, more and more emphasis on cross-sell and expansion of our existing base and then getting that SMB funnel humming through what we're calling PLG 2.0. Those are the 3 big levers we're really going to be playing with over the course of the next year and with that we'll be talking about on our calls.

因此，我認為，從廣義上講，我們繼續向中端市場客戶、低階企業進軍，特別是透過我們的 IT 產品，越來越重視交叉銷售和擴大我們現有的基礎，然後讓SMB 漏斗通過我們所說的PLG 2.0 運作起來。這些是我們在明年真正要使用的三大槓桿，我們將在電話會議中討論這些槓桿。

And our next question comes from the line of Brian Schwartz with Oppenheimer & Company.

我們的下一個問題來自奧本海默公司的布萊恩‧施瓦茲 (Brian Schwartz)。

Tyler, just to button up the NRR guidance and the compression. I think you called out ITSM kind of being the expansion is weaker than expected in your introductory commentary. But then in the Q&A, it sounds like maybe it was a little more broad-based.

Tyler，只是負責 NRR 引導和壓縮。我認為您在介紹性評論中指出 ITSM 的擴張比預期要弱。但在問答中，聽起來可能範圍更廣一些。

So just wanted to get maybe some clarity on that if it's constrained to the ITSM business? Or you're seeing it across the product set.

那麼只是想弄清楚這一點是否僅限於 ITSM 業務？或者您在整個產品集中都看到了它。

And then Dennis, one question for you just on the new customer adds. Can you shed any light on what you're seeing across industries? We heard about some weakness in automotive and suppliers. And just wondering if you're seeing any strength there or weaknesses across industries, given how horizontal the solution is?

然後丹尼斯補充道，有一個關於新客戶的問題。您能透露一下您在各行業中看到的情況嗎？我們聽說汽車和供應商存在一些弱點。只是想知道，考慮到該解決方案的橫向程度，您是否看到了跨行業的優勢或劣勢？

Brian, I'll take the first part. No, I don't think -- we didn't need to call out ITSM expansion in particular seen pressure, mainly just saying the expansion motion in general continues to see pressure, which it has for over a year now, really the agent addition part of that.

布萊恩，我來聽第一部分。不，我不認為 - 我們不需要特別指出 ITSM 擴張所面臨的壓力，主要只是說擴張行動總體上繼續面臨壓力，這種壓力已經持續了一年多，實際上是代理的增加其中一部分。

I think what we called out is that on ITSM, we actually had a little bit of price leverage this year and so that kind of offset a little bit of the agent additions that might have slowed. And so that was kind of more of a positive to ITSM in general, ITSM also has better churn characteristics as it's dealing with larger customers. So hopefully, that clarifies. We weren't trying to call out expansion pressure on ITSM specifically.

我認為我們指出的是，在 ITSM 上，我們今年實際上有一點價格槓桿，因此這抵消了一點可能放緩的代理增加。因此，總體而言，這對 ITSM 來說更加積極，ITSM 在與更大的客戶打交道時還具有更好的客戶流失特徵。希望這能夠澄清。我們並不是想專門指出 ITSM 面臨的擴張壓力。

I think -- so just on the industry question, for the reasons that I was just talking about the fact that we address such a broad market, the fact that the market is very horizontal. If you have an IT department or a customer support department, you need to automate it.

我認為，就行業問題而言，我剛才談到的原因是我們面對如此廣闊的市場，市場是非常水平的。如果您有 IT 部門或客戶支援部門，則需要自動化。

We don't have any single industry that really drives a lot of concentration for us today. we tend to get -- I would say, on the larger accounts, we tend to get a nice reference cycle where we get 2 or 3 travel companies. Next thing, we've got 10 travel companies, we've seen that with industrial recently where we had a handful of industrial companies, some in steel, some in manufacturing, all of a sudden, we've got a lot going on there.

今天，我們沒有任何一個產業能夠真正讓我們高度集中。我們傾向於——我想說，在較大的帳戶上，我們傾向於得到一個很好的參考週期，其中有 2 或 3 家旅遊公司。接下來，我們有 10 家旅遊公司，我們看到最近在工業領域，我們有一些工業公司，有些是鋼鐵業，有些是製造業，突然之間，我們那裡發生了很多事情。

And then the other area that we have seen, I would say, fairly continued strength over the course of the last several quarters is in higher ed and education where lots of universities are trying to automate all aspects of their business. They're trying to become more efficient as well, typically have very fragmented IT stacks across different departments, University of Pennsylvania is an example of one that we referred to where that was an expansion of an existing account where they're trying to put everybody on the school and the same platform.

我想說，在過去幾個季度中，我們看到的另一個領域相當持續的實力是在高等教育和教育領域，許多大學正在嘗試實現其業務的各個方面的自動化。他們也在努力提高效率，通常在不同部門擁有非常分散的 IT 堆棧，賓州大學就是我們提到的一個例子，他們試圖將現有帳戶擴展為每個人在學校和同一個平台上。

So those are the kinds of things that we're seeing in -- across the board. But I wouldn't say that there's any specific industry that showed particular strength or weakness given the broad base of customers that we have.

這些就是我們所看到的全面的事情。但鑑於我們擁有廣泛的客戶基礎，我不會說有任何特定行業表現出特定的優勢或劣勢。

Our next question comes from the line of Pat Walravens with JMP Securities.

我們的下一個問題來自 JMP 證券的 Pat Walravens。

Great. Congratulations on the results. So billings growth was 19% in constant currency in Q3 versus 21% in Q1 and Q2. So Dennis, is it fair for us to assess that sales attainment was good in Q3, but maybe not quite as good as in the first half?

偉大的。祝賀結果。因此，以固定匯率計算，第三季的帳單成長率為 19%，而第一季和第二季的成長率為 21%。那麼丹尼斯，我們評估第三季的銷售業績良好，但可能不如上半年好，這樣公平嗎？

So overall, look, we are pleased with the quarter in terms of where we landed. Of course, we kind of -- we set high goals for ourselves. And I think we said this at the at the Investor Day, we're not satisfied with growth rates that we're seeing now. We think we can do much better. We've got a lot going on to get there. I think the addition of Mika Yamamoto as our new Chief Customer Marketing Officer, that's a big add for us because a lot of what we need to do also is in that marketing space.

總的來說，我們對本季的成績感到滿意。當然，我們為自己設定了很高的目標。我想我們在投資者日說過，我們對現在看到的成長率不滿意。我們認為我們可以做得更好。為了實現這一目標，我們還有很多工作要做。我認為山本 Mika 擔任我們新的首席客戶行銷官，這對我們來說是一個很大的補充，因為我們需要做的很多事情也在行銷領域。

So yes, I mean our aspiration, our goals are to continue to grow the business at rates that are higher than what we're seeing now, and that's what we're going to continue to do.

所以，是的，我的意思是我們的願望和目標是繼續以高於我們現在看到的速度發展業務，這就是我們將繼續做的事情。

All right. Great. That's helpful. And then at the Analyst Day, you guys -- and I know you're very specifically not breaking out by segment. But at the Analyst Day, IT was growing in the low 40s and customer service in the low to mid-teens and sales less than 10. Is that still like overall or roughly accurate assessment of the business? Or was there some change?

好的。偉大的。這很有幫助。然後在分析師日，你們——我知道你們非常明確地沒有按細分市場進行劃分。但在分析師日，IT 的成長速度在 40 左右，客戶服務的成長速度在 10 左右，銷售額不到 10。這仍然是對業務的整體或大致準確的評估嗎？或有什麼變化嗎？

Yes. So we shared that data at the Analyst Day, specifically to give investors some sense as to the size and scale of the different parts of our business. We don't intend to update those numbers on a quarterly basis, potentially at a future Investor Day.

是的。因此，我們在分析師日分享了這些數據，特別是為了讓投資者了解我們業務不同部分的規模和規模。我們不打算每季更新這些數字，也可能在未來的投資者日更新。

But broadly speaking, the trends that we -- and the data that we shared back in September, the trends that we shared are consistent with what we've seen this quarter in Q3 as well.

但從廣義上講，我們的趨勢以及我們在 9 月分享的數據，我們分享的趨勢也與我們在第三季度看到的趨勢一致。

And our next question comes from the line of Adam Bergere with Bank of America.

我們的下一個問題來自美國銀行的 Adam Bergere。

So with the focus on cross-sell, what are some of the biggest initiatives or investments there? And naturally, what products have you found to be more common pairings that you're kind of pushing for?

那麼，隨著對交叉銷售的關注，最大的舉措或投資有哪些？當然，您發現哪些產品是您所推崇的更常見的搭配？

Yes, I'll take that. So I think one of the motions that we highlighted last quarter that started to really help is that IT and ESM. So we're finding more and more customers are looking to provision a single workflow engine for all of their departments. And often we can turn an IT only discussion into an IT plus, finance plus legal department discussion or we can go back to our customers that are just on ITSM and broaden the discussion to include other departments because we've proven that we've conserved their IT department. So that's a real clear motion for us that we're just making part of how we go to market.

是的，我會接受的。因此，我認為我們在上季度強調的開始真正發揮作用的動議之一是 IT 和 ESM。因此，我們發現越來越多的客戶希望為其所有部門提供單一的工作流程引擎。通常，我們可以將僅 IT 的討論轉變為 IT 加、財務加法律部門的討論，或者我們可以回到僅關注 ITSM 的客戶並將討論範圍擴大到包括其他部門，因為我們已經證明我們已經保留了他們的IT 部門。因此，這對我們來說是一個真正明確的動議，我們只是進入市場的一部分。

You're seeing on the customer support side, moving customers into bots who previously may not have tried to automate their interactions with their customers. So we have a natural upsell for customers or that maybe they have fairly rudimentary bots that are just handling a small fraction of their inbound inquiry. There's an opportunity there to educate them on how to automate more and more interactions with their customers, how to apply AI to those interactions to build bots and that's actually an upsell opportunity for us because it creates this consumption revenue stream.

您會在客戶支援方面看到，將客戶轉移到機器人中，而這些機器人以前可能從未嘗試過自動化與客戶的互動。因此，我們對客戶進行了自然的追加銷售，或者他們可能擁有相當初級的機器人，僅處理其入站查詢的一小部分。那裡有機會教育他們如何自動化與客戶的越來越多的互動，如何將人工智慧應用到這些互動中來建立機器人，這對我們來說實際上是一個追加銷售的機會，因為它創造了這種消費收入流。

That's really where we're going to be spending a lot of time this quarter and then next year because we have a lot of customers that have sizable consumer bases in particular -- this is -- in particular B2C, it does apply to B2B as well, but particularly B2C who have not automated as many workflows as they can or they've automated only the rudimentary workflows. AI allows you to automate a lot more. And that, in turn, creates a revenue stream for us.

這確實是我們本季和明年將花費大量時間的地方，因為我們有很多客戶，特別是擁有相當大的消費者基礎——這就是——特別是 B2C，它確實適用於 B2B，因為好吧，但特別是B2C，他們沒有盡可能自動化工作流程，或是只自動化了基本的工作流程。人工智慧可以讓您實現更多自動化。這反過來又為我們創造了收入來源。

So that's a little bit of a flavor of the big motions that we're focused on.

這有點像是我們關注的大動作。

And our final question comes from the line of Taylor McGinnis with UBS.

我們的最後一個問題來自瑞銀集團 (UBS) 的泰勒麥金尼斯 (Taylor McGinnis)。

Just a question on -- you kept the median -- the median of the constant currency revenue guide for 4Q unchanged, but you lowered the high end of the range. So is that a reflection of at all of any areas being a tad softer than expected? Perhaps maybe there was something at the end of the quarter.

只是一個問題 - 您保持了第四季度固定貨幣收入指南的中位數不變，但您降低了該範圍的高端。那麼，這是否反映出所有領域都比預期的要軟？也許季度末發生了一些事情。

And if you look at the upside of billings, it was a bit lighter than what we saw last quarter. So maybe that header? I know earlier you mentioned things being more back-end loaded, but maybe you can help us bridge those 2 metrics.

如果你看看比林斯的上行空間，你會發現它比我們上個季度看到的要輕一些。那麼也許那個標題呢？我知道您之前提到過後端負載更多的事情，但也許您可以幫助我們彌補這兩個指標。

Taylor, this is Tyler. I wouldn't read too much into it. I think in general, yes, I mean, there is still macro pressures on expansion, right? So we are cautious still. And we -- every quarter, we've kind of been like that as we go in as we want to see things play out. In terms of the guidance, we are just trying to call it as we see it.

泰勒，這是泰勒。我不會對此進行太多解讀。我認為總的來說，是的，我的意思是，宏觀擴張壓力仍然存在，對吧？所以我們還是持謹慎態度。每個季度，當我們進入時，我們都會像這樣，因為我們希望看到事情的發展。就指導而言，我們只是試著按照我們的看法來稱呼它。

On the billing side, we have had this shift to kind of slightly larger deals, but those tend to play annual in advance, which does help your billing cycle. But then again, we still do have a really decent expansion motion and a lot of that's unpredictable as it comes through based on the proration of those contracts.

在計費方面，我們已經轉向規模稍大的交易，但這些交易往往每年提前進行，這確實有助於您的計費週期。但話又說回來，我們仍然有一個非常好的擴張動議，其中許多都是不可預測的，因為它是根據這些合約的按比例分配而實現的。

So I wouldn't read in too much on the midpoints and whatnot. But going into Q4, I mean, we're still going to be cautious on the expansion side of it, but new businesses. It came in Q3, the numbers that net adds were good. and we just need to execute this quarter.

所以我不會讀太多關於中點之類的內容。但進入第四季度，我的意思是，我們仍然會對擴張方面持謹慎態度，但新業務除外。它出現在第三季度，淨增加的數字很好。我們只需要在本季執行即可。

Thank you. Ladies and gentlemen, thank you for participating. This concludes today's program. You may now disconnect.

謝謝。女士們、先生們，感謝您的參與。今天的節目到此結束。您現在可以斷開連線。