Freshworks Inc (FRSH) 2023 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Freshworks Fourth Quarter and Full Year 2023 Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker for today, Joon Huh, VP of Investor Relations. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 Freshworks 2023 年第四季和全年電話會議。 （操作員指示）請注意，今天的會議正在錄製中。現在我想將會議交給今天的發言人，投資者關係副總裁 Joon Huh。請繼續。

Thank you. Good afternoon, and welcome to Freshworks Fourth Quarter and Full Year 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. The primary purpose of today's call is to provide you with information regarding our fourth quarter and full year 2023 performance and our financial outlook for our first quarter and full year 2024.

謝謝。下午好，歡迎參加 Freshworks 2023 年第四季和全年財報電話會議。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。今天電話會議的主要目的是向您提供有關我們第四季度和 2023 年全年業績以及我們第一季和 2024 年全年財務前景的資訊。

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.

我們對您問題的一些討論和答复可能包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。這些前瞻性陳述基於 Freshworks 目前對其業務和行業的預期和估計，包括我們的財務狀況前景、宏觀經濟的不確定性、管理階層的信念以及公司所做的某些其他假設都可能改變。

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 Form 10-Q from the quarter ended March 31, 2023, and our other periodic filings with the SEC. 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.

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、截至 2023 年 3 月 31 日的季度的 10-Q 表格以及我們向 SEC 提交的其他定期文件。 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。

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.

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發布中，可在我們的投資者關係網站 ir.freshworks.com 上查看。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、補充收益幻燈片、定期 SEC 報告、今天電話會議的重播或了解有關 Freshworks 的更多資訊。

And with that, let me turn it over to Girish.

接下來，讓我把它交給吉里什。

Thank you, Joon, and welcome, everyone, to Freshworks earnings call covering our fourth quarter and full year of 2023. A year ago, we laid out our growth strategies to focus on product innovation, winning in enterprise, landing and expanding to drive revenue growth and improving our operating efficiency.

謝謝 Joon，歡迎大家參加 Freshworks 的財報電話會議，涵蓋 2023 年第四季和全年。一年前，我們制定了成長策略，重點是產品創新、贏得企業、落地和擴張以推動收入成長並提高我們的營運效率。

Over the course of 2023, we launched the Freshworks customer service suite and a range of AI capabilities like Freddy Self-service, Copilot and Insights, all in pursuit of our mission to power businesses with AI-enabled software that helps customers optimize their work and boost productivity.

2023 年，我們推出了Freshworks 客戶服務套件以及Freddy 自助服務、Copilot 和Insights 等一系列AI 功能，所有這些都是為了實現我們的使命，即透過支援AI 的軟體為企業提供支持，幫助客戶優化他們的工作和提高生產力。

We landed or expanded with big brands like Big Lots, S&P Global, Fila, Cineworld, Forbes, L.A. Dodgers, Nucor, Giant Eagle and Johnsonville Sausage. We significantly improved our operating efficiency and inflected our financial model. We went from using cash for operations in 2022 to generating $78 million of free cash flow in 2023.

我們登陸或擴展了 Big Lot、S&P Global、Fila、Cineworld、Forbes、L.A. Dodgers、Nucor、Giant Eagle 和 Johnsonville Sausage 等大品牌。我們顯著提高了營運效率並改變了我們的財務模式。我們從 2022 年使用現金進行運營，到 2023 年產生了 7,800 萬美元的自由現金流。

Turning to the quarter. I would like to thank the entire Freshworks team for delivering a strong Q4 as we outperformed across our key business metrics. Our revenue exceeded the high end of our financial estimates coming in at $160.1 million for the quarter. We outperformed our non-GAAP operating margin and delivered a record amount of free cash flow, generating $28.6 million in Q4. For the full year 2023, we finished with revenue of $596.4 million and free cash flow margin of 13%.

轉向季度。我要感謝整個 Freshworks 團隊交付了強勁的第四季業績，因為我們在關鍵業務指標上表現出色。我們本季的營收達到 1.601 億美元，超出了財務預期的上限。我們的表現優於非 GAAP 營業利潤率，並創造了創紀錄的自由現金流，第四季度創造了 2,860 萬美元。 2023 年全年，我們的營收為 5.964 億美元，自由現金流利潤率為 13%。

During today's call, I want to highlight 3 of our key differentiators and how they help finish out the year with a strong Q4. The first is the power of our Neo platform, which underpins our product portfolio, giving us the ability to serve enterprise buyers and cross-sell into more departments with multiple products. Second is our AI innovations which are already helping customers achieve concrete productivity improvements. And third is our talented product development team in India that drives our innovation velocity and brings products to customers faster.

在今天的電話會議中，我想強調我們的 3 個關鍵優勢，以及它們如何幫助我們以強勁的第四季結束這一年。首先是 Neo 平台的強大功能，它支撐著我們的產品組合，使我們能夠為企業買家提供服務，並向更多部門交叉銷售多種產品。其次是我們的人工智慧創新，它已經幫助客戶實現了具體的生產力提高。第三是我們在印度的優秀產品開發團隊，他們推動了我們的創新速度並更快地將產品提供給客戶。

Our Neo platform is a critical component of our success and provides all the services that power our product analytics and Freddy AI, offers extensibility and interoperability for our customers through marketplace apps and offers a unified customer data model across our products. The development and launch of Customer Service Suite illustrates the power of our platform. Customer Service Suite combines 3 distinct Freshworks product capabilities, generative AI bot, conversational messaging and ticketing, in one integrated solution to meet the many needs of our customers.

我們的Neo 平台是我們成功的關鍵組成部分，它提供了為我們的產品分析和Freddy AI 提供支援的所有服務，透過市場應用程式為我們的客戶提供可擴展性和互通性，並在我們的產品中提供統一的客戶資料模型。客戶服務套件的開發和推出說明了我們平台的力量。客戶服務套件將 3 個不同的 Freshworks 產品功能、生成式 AI 機器人、對話式訊息傳遞和票務整合到一個整合解決方案中，以滿足客戶的多種需求。

For example, ClickFunnels, a provider of sales, marketing, e-commerce and analytics tools replaced their previous support solution with our Customer Service Suite. The long developer times required to make even the smallest change forced the Funnel marketing company to search for a more robust and agile solution. ClickFunnels chose CSS because of our integrated offering that is powered by AI capabilities, resulting in improved resolution rates.

例如，銷售、行銷、電子商務和分析工具提供商 ClickFunnels 用我們的客戶服務套件取代了先前的支援解決方案。即使進行最小的更改，開發人員也需要很長的時間，迫使漏斗行銷公司尋找更強大、更敏捷的解決方案。 ClickFunnels 選擇 CSS 是因為我們的整合產品由 AI 功能提供支持，從而提高了解析度。

According to our Forrester Total Economic Impact Report published in Q4, Freshworks CSS customers surveyed, could achieve over a 200% return on investment over 3 years. Our platform also helps us with rapid adoption of new technologies into all of our products. For example, we built generative AI capabilities across our products in just a few months. We started with Freddy Self-service through bots and later introduced Freddy Copilot, built for Freshchat first and then extended to Freshdesk and Freshservice. We are excited about the AI opportunity and potential monetization, as Copilot became generally available recently and we plan to launch Freddy Insights later this year.

根據我們在第四季度發布的 Forrester 總體經濟影響報告，受訪的 Freshworks CSS 客戶可以在 3 年內實現超過 200% 的投資回報。我們的平台也幫助我們在所有產品中快速採用新技術。例如，我們在短短幾個月內就在我們的產品中建立了生成式人工智慧功能。我們首先透過機器人提供 Freddy 自助服務，後來推出了 Freddy Copilot，它首先為 Freshchat 構建，然後擴展到 Freshdesk 和 Freshservice。我們對人工智慧的機會和潛在的貨幣化感到興奮，因為 Copilot 最近變得普遍可用，我們計劃在今年稍後推出 Freddy Insights。

With Freddy Copilot capabilities in the hands of our customers, we are encouraged by the early results. Several power user customers realized approximately 50% reduction in the resolution times for their customer service agents with the help of Freddy Copilot. As customers grow, many of them will use acquisitions as a part of the growth strategy. And when they do, they have a choice to either cobble together inherited disparate software solutions, or pick one unified solution that works for all like Freshworks.

隨著 Freddy Copilot 的功能掌握在我們的客戶手中，我們對早期結果感到鼓舞。在 Freddy Copilot 的幫助下，一些高級用戶客戶的客戶服務代理的解決時間縮短了約 50%。隨著客戶的成長，他們中的許多人會將收購視為成長策略的一部分。當他們這樣做時，他們可以選擇將繼承的不同軟體解決方案拼湊在一起，或者選擇像 Freshworks 這樣適用於所有人的統一解決方案。

For example, Frasers Group in the U.K. a retail customer that has grown over 4 decades and completed several acquisitions. It now represents 70 store brands, including sportswear, games, homeware, fashion and beauty. After they chose Freshdesk in 2022 to consolidate 16 customer support systems into one, the company saved over $1 million in software licensing costs. Then in recent months, Frasers Group added our AI-powered bot and can now deflect more than 1/4 of their customer interactions from human agents, saving more time and money for the company.

例如，英國輝盛集團（Frasers Group）是零售客戶，已發展超過 4 年並完成了多次收購。現在它代理 70 個商店品牌，包括運動服、遊戲、家居用品、時尚和美容。他們在 2022 年選擇 Freshdesk 將 16 個客戶支援系統整合為一個系統後，該公司節省了超過 100 萬美元的軟體授權成本。近幾個月來，星獅集團增加了我們的人工智慧機器人，現在可以將超過 1/4 的客戶互動從人工座席中轉移出來，為公司節省更多時間和金錢。

For our partners, we are seeing them utilize Freddy Copilot for developers to significantly accelerate the app development cycle. In Q4, one partner, Connectify, went from publishing 4 apps per month to building an average of 7 per month, a productivity improvement of 75% with the help of Copilot for developers. With the introduction of ChatGPT 4 last year, every company had the chance to reimagine its use of the latest AI technology. One of our strategic advantages in this moment was our access to high-quality talent in India.

對於我們的合作夥伴，我們看到他們利用 Freddy Copilot 為開發人員大幅加快了應用程式開發週期。第四季度，合作夥伴 Connectify 從每月發布 4 個應用程式增加到平均每月建立 7 個應用程序，在 Copilot for Developers 的幫助下，生產力提高了 75%。隨著去年 ChatGPT 4 的推出，每家公司都有機會重新設想其對最新人工智慧技術的使用。目前我們的戰略優勢之一是我們能夠在印度獲得高素質人才。

Our product and engineering teams were able to quickly innovate on our product roadmap. In 2023, this included integrating generative AI into our platform to leverage the latest large language model. This year, we plan to continue to advance our AI features across our products and platform. In CS, we expect to migrate more customers to our integrated customer service suite, which is designed to improve agent productivity.

我們的產品和工程團隊能夠在我們的產品路線圖上快速創新。 2023 年，這包括將生成式人工智慧整合到我們的平台中，以利用最新的大型語言模型。今年，我們計劃繼續在我們的產品和平台上推動我們的人工智慧功能。在客戶服務方面，我們希望將更多客戶遷移到我們的整合客戶服務套件，該套件旨在提高座席工作效率。

In Freshservice, we plan to enhance ESM, ITOM and verticalized offerings to fuel upmarket growth and expansion across departments. And we plan to make significant upgrades to our sales and marketing products to drive more inbound demand and cross-sell opportunities.

在 Freshservice 中，我們計劃增強 ESM、ITOM 和垂直化產品，以推動高端市場的成長和跨部門的擴張。我們計劃對我們的銷售和行銷產品進行重大升級，以推動更多的入境需求和交叉銷售機會。

Let me now turn it over to Dennis to share what we are seeing in the marketplace, how larger customers are driving our business growth and how companies are expanding the use of our products.

現在讓我把它交給丹尼斯來分享我們在市場上看到的情況、大客戶如何推動我們的業務成長以及公司如何擴大我們產品的使用。

Thank you, G, and congratulations to the team for our strong finish to 2023. G talked about our enterprise-grade platform, AI capabilities and the strategic advantage of our India teams. Now let me spend some time talking about how these played out for us in our go-to-market success.

謝謝 G，並祝賀我們的團隊在 2023 年取得了出色的成績。 G 談到了我們的企業級平台、人工智慧能力以及我們印度團隊的戰略優勢。現在讓我花一些時間談談這些如何幫助我們取得市場成功。

Macroeconomic pressures and a greater emphasis on fast time to value our leading enterprise companies to choose a smaller number of platform solutions to build their businesses. We believe Freshworks is well positioned to continue taking advantage of this trend. In 2023, we continued our progress in winning upmarket. In Q4, we closed the year by adding 229 more customers contributing more than $50,000 in ARR.

宏觀經濟壓力和更注重快速估值的領先企業公司選擇較少數量的平台解決方案來建立他們的業務。我們相信 Freshworks 處於有利地位，可以繼續利用這一趨勢。 2023年，我們在贏得高端市場方面繼續取得進展。在第四季度，我們又增加了 229 位貢獻超過 50,000 美元 ARR 的客戶，結束了這一年。

This represents the highest number of quarterly adds for this customer cohort ever. We also closed a record number of new deals over $100,000 in both IT and CS segments contributing to our strong quarter. These include a U.S.-based footwear and apparel company operating in over 120 countries and a leading wholesaler to millions of restaurants, hotels and catering firms.

這代表了該客戶群有史以來的最高季度新增數量。我們還在 IT 和 CS 領域完成了創紀錄數量的超過 100,000 美元的新交易，為我們強勁的季度做出了貢獻。其中包括一家在 120 多個國家/地區開展業務的美國鞋類和服裝公司，以及一家為數百萬家餐廳、酒店和餐飲公司提供服務的領先批發商。

As G said, we win with large businesses because of the power of our Neo platform underpinning our multiproduct offerings. This enables us to rapidly roll out new technologies like AI, all at 1/3 the cost of larger competitors. Customers across a variety of industries are quickly realizing the benefits. In the CPG sector, Tata Consumer Products is a prime example of our enterprise customers, leveraging improved automation workflows. As one of India's leading food and beverage companies, they are the world's second largest tea manufacturer, and operate Starbucks in India.

正如 G 所說，我們贏得了大型企業的青睞，因為我們的 Neo 平台的力量支撐著我們的多產品產品。這使我們能夠快速推出人工智慧等新技術，而成本僅為大型競爭對手的 1/3。各行業的客戶正迅速意識到這些好處。在消費品產業，塔塔消費品公司是我們企業客戶的典型例子，它利用了改進的自動化工作流程。作為印度領先的食品和飲料公司之一，他們是世界第二大茶葉製造商，並在印度經營星巴克。

Their legacy ITSM solution provided no control over admin configuration, making it difficult to create automation workflows. At the same time, the company faced an overwhelming volume of e-mail and phone calls. Since adopting Freshservice, e-mail quarries have fallen by 21% in 5 months. In addition, Tata Consumer Products is one of the highest users of Freddy Copilot.

他們的舊版 ITSM 解決方案無法控制管理配置，因此很難建立自動化工作流程。與此同時，該公司面臨大量的電子郵件和電話。自從採用 Freshservice 以來，電子郵件採石場在 5 個月內下降了 21%。此外，塔塔消費品公司是 Freddy Copilot 的最大用戶之一。

For industrials, Klockner & Company supplies more than 90,000 customers worldwide with steel and metal products. The company is also digitizing and largely automating its supply and service chain. They needed to find a new self-service tool that's easy to use, fast and a trustworthy daily assistant.

對於工業領域，Klockner & Company 為全球 90,000 多家客戶提供鋼鐵和金屬產品。該公司還對其供應和服務鏈進行數位化和很大程度上自動化。他們需要找到一個易於使用、快速且值得信賴的新自助服務工具。

Freshservice beat the competition, helping them optimize budget and repurpose funds for other IT initiatives. Shifting to expansion. We have several paths to grow our business with existing customers. These include agent seat additions, product cross-sells, addition upsells and enhanced pricing. Our recent introductions of AI capabilities, including bot sessions and Copilot add-ons, offer additional opportunities across our 67,100 customers.

Freshservice 擊敗了競爭對手，幫助他們優化預算並將資金重新用於其他 IT 計劃。轉向擴張。我們有多種途徑與現有客戶一起發展業務。其中包括增加代理席位、產品交叉銷售、額外追加銷售和提高定價。我們最近推出的人工智慧功能（包括機器人會話和 Copilot 附加元件）為我們的 67,100 名客戶提供了更多機會。

Digging into our Q4 numbers, we're pleased that our net dollar retention increased 1 percentage point quarter-over-quarter to 107% on a constant currency basis. We closed several large expansion deals in Q4 as growth expansion improved from the prior quarter. and reversed declining trends from earlier in the year. We also continued to improve our dollar-based churn incrementally from the prior quarter.

深入研究第四季度的數據，我們很高興看到，以固定匯率計算，我們的淨美元保留率環比增長了 1 個百分點，達到 107%。隨著成長擴張較上一季改善，我們在第四季完成了幾筆大型擴張交易。並扭轉了今年稍早的下降趨勢。我們也持續比上一季逐步改善以美元為基礎的客戶流失率。

Lastly, our multiproduct adoption increased to 26% of our customer base. For example, we saw higher adoption for Freshservice for business teams as accounts grew more than 50% quarter-over-quarter ending the year with more than 1,000 customers. One of these customers is Brunel University London, a college highly recognized for its research. They serve up to 18,000 students and more than 2,500 staff across the academic year. Already a Freshservice customer, they saw an opportunity to improve and provide a more consistent service experience to departments beyond IT. These include health and safety, campus service, the student center and student welfare.

最後，我們的多產品採用率增加到客戶群的 26%。例如，我們看到業務團隊對 Freshservice 的採用率更高，截至年底，客戶數量較上季成長超過 50%，客戶數量超過 1,000 名。這些客戶之一是倫敦布魯內爾大學，這是一所因其研究而受到高度認可的大學。他們整個學年為多達 18,000 名學生和超過 2,500 名教職員工提供服務。他們已經是 Freshservice 的客戶，他們看到了為 IT 以外的部門改進並提供更一致的服務體驗的機會。其中包括健康和安全、校園服務、學生中心和學生福利。

By adding business agent licenses and workspaces, they reduced the average ticket resolution time from a previous backlog of several weeks to around 4 hours and achieved over 85% positive customer feedback. We're also seeing expansion from early Freshdesk adopters to the newer Freshworks customer service suite. For example, Canadian-based CarltonOne made the switch and has since achieved a 2-hour first response SLA. They are resolving over 1,000 tickets daily and landing a 60% first contact resolution rate through AI and bots.

透過增加業務代理許可證和工作區，他們將平均工單解決時間從先前積壓的幾週縮短到大約 4 小時，並獲得了超過 85% 的正面客戶回饋。我們也看到從早期的 Freshdesk 採用者到較新的 Freshworks 客戶服務套件的擴展。例如，總部位於加拿大的 CarltonOne 進行了轉換，並實現了 2 小時第一響應 SLA。他們每天解決 1,000 多個問題，並透過人工智慧和機器人實現 60% 的首次聯繫解決率。

And finally, Freshworks interoperable products give us a natural expansion path across solutions. For example, Agiito, a mid-market travel management company in the U.K. first bought Freshdesk. This was to replace an on-premise customer support solution that couldn't deliver unified analytics and limited collaboration across teams. Later, they added Freshcaller and Freshchat to unify support channels and more recently, in Q4, they rolled out Freshsales to generate more qualified leads.

最後，Freshworks 可互通的產品為我們提供了跨解決方案的自然擴展路徑。例如，英國中端市場旅行管理公司 Agiito 首先收購了 Freshdesk。這是為了取代無法提供統一分析和跨團隊有限協作的本地客戶支援解決方案。後來，他們添加了 Freshcaller 和 Freshchat 以統一支援管道，最近在第四季度，他們推出了 Freshsales 以產生更多合格的潛在客戶。

In addition to our powerful platform and multiple expansion paths, what we believe makes Freshworks unique is our go-to-market motions, which include both inbound, product-led growth and field sales. Our inbound business is primarily marketing-led while our field business is sales-led. As our company matures, we have hired 2 proven leaders across these distinct go-to-market motions that can help us scale.

除了我們強大的平台和多種擴張路徑之外，我們相信 Freshworks 的獨特之處還在於我們的市場進入行動，其中包括入站、產品主導的成長和現場銷售。我們的入境業務主要以行銷為主導，而我們的現場業務以銷售為主導。隨著我們公司的成熟，我們聘請了兩位經過驗證的領導者來負責這些不同的上市行動，這可以幫助我們擴大規模。

In Q4, Mika Yamamoto joined us in the new role of Chief Customer and Marketing Officer to drive greater inbound activity, including responsibility for our customer support, SMB and commercial sales. Under her leadership, this team will drive our inbound product-led growth motion. Our field sales team will be led by Abe Smith, who I'm excited to announce has joined as our Chief of Global Field Operations this week. He's a sales executive with nearly 25 years of global experience at Zoom, Oracle and Cisco and will lead our talented field team to scale the business.

第四季度，Mika Yamamoto 加入我們，擔任首席客戶和行銷官，以推動更多入境活動，包括負責我們的客戶支援、中小企業和商業銷售。在她的領導下，該團隊將推動我們以產品為主導的成長動力。我們的現場銷售團隊將由 Abe Smith 領導，我很高興地宣布他本週已加入我們，擔任我們的全球現場營運主管。他是一名銷售主管，在 Zoom、Oracle 和 Cisco 擁有近 25 年的全球經驗，將領導我們才華橫溢的現場團隊擴大業務。

With these changes in the organization, Pradeep Rathinam, our CRO, will be departing Freshworks at the end of this month. Paddy stepped up to lead and stabilize our go-to-market teams during a transition period and delivered a strong Q4 to finish out the year. After joining us in 2020 through an acquisition, Paddy made countless contributions, first as our Chief Customer Officer and later as CRO. We thank him and wish him all the best in his future endeavors.

隨著組織的這些變化，我們的 CRO Pradeep Rathinam 將於本月底離開 Freshworks。在過渡期間，帕迪挺身而出，領導並穩定了我們的上市團隊，並在第四季度取得了強勁的業績，為今年畫上了圓滿的句號。 2020 年透過收購加入我們後，Paddy 做出了無數貢獻，首先擔任我們的首席客戶官，後來擔任 CRO。我們感謝他並祝福他在未來的工作中一切順利。

Now over to Tyler to go through the Q4 and full year financials and talk about how we're driving efficiency.

現在請泰勒回顧第四季和全年的財務狀況，並討論我們如何提高效率。

Thanks, Dennis, and thanks again to everyone for joining us. As I reflect on Q4 and 2023, I was really pleased with our ability to adapt to a changing macroeconomic environment to deliver durable revenue growth while also improving our operating efficiency throughout the year. Specifically, we continued our product innovation cycles, injecting generative AI capabilities into our offerings. We retooled our go-to-market approach to more efficiently serve our diverse customer base. We brought on new leaders and team members to help drive additional growth.

謝謝丹尼斯，再次感謝大家加入我們。當我回顧第四季和 2023 年時，我對我們適應不斷變化的宏觀經濟環境、實現持久收入成長、同時提高全年營運效率的能力感到非常滿意。具體來說，我們繼續我們的產品創新週期，將生成式人工智慧功能注入我們的產品中。我們重新調整了進入市場的方法，以更有效地為我們多元化的客戶群提供服務。我們聘請了新的領導者和團隊成員來幫助推動進一步成長。

At the same time, we significantly improved our full year non-GAAP operating and free cash flow margins by 12 percentage points and [16] percentage points, respectively, compared to the prior year. For our call today, I'll cover the Q4 and full year 2023 financial results, provide background on the key metrics and close with our forward-looking commentary and expectations for Q1 and the full year 2024.

同時，與前一年相比，我們全年非 GAAP 營運利潤率和自由現金流利潤率分別顯著提高了 12 個百分點和 [16] 個百分點。在今天的電話會議中，我將介紹第四季度和 2023 年全年財務業績，提供關鍵指標的背景信息，並以我們對第一季度和 2024 年全年的前瞻性評論和預期作為結尾。

I'll include constant currency comparisons for certain metrics to provide a better view of our business trends. 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.

我將包括某些指標的持續貨幣比較，以便更好地了解我們的業務趨勢。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上，其中不包括基於股票的薪酬費用和其他調整的影響。

Starting with the income statement. Q4 revenue grew 20% year-over-year to $160.1 million. Adjusting for constant currency, revenue growth was 19% as we saw the positive impacts from currency rates for the euro and pound against the U.S. dollar over the past year. Similar to prior quarters, ITSM continued to drive the majority of our growth in Q4. In addition, we were encouraged to see an improvement in our CS expansion activity quarter-over-quarter.

從損益表開始。第四季營收年增 20% 至 1.601 億美元。根據固定匯率調整後，營收成長了 19%，因為我們看到了過去一年歐元和英鎊兌美元匯率的正面影響。與前幾季類似，ITSM 繼續推動我們第四季的大部分成長。此外，我們欣喜地看到我們的客戶服務擴張活動環比有所改善。

Looking at our margins. Non-GAAP gross margin remained flat compared to Q3 at 84%, as we are efficiently scaling the business. Similarly, for the full year 2023, we achieved strong non-GAAP gross margins of 84%, which represents a 150 basis point improvement from the prior year.

看看我們的利潤率。由於我們正在有效擴展業務，非 GAAP 毛利率與第三季持平，為 84%。同樣，2023 年全年，我們實現了 84% 的強勁非 GAAP 毛利率，比前一年提高了 150 個基點。

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 1 percentage point benefit from FX and came in ahead of our previous estimates of 105%. In Q4, we saw improvements in both gross expansion and churn rates quarter-over-quarter. The higher expansion rate was mainly driven by strong execution from our field teams closing a number of large deals with existing customers. This was despite the overall macro demand continuing to feel pressure in Q4. Looking forward, we are planning for Q1 net dollar retention of 106%.

轉向我們的營運指標。我們有 2 個關鍵業務指標；淨美元留存率以及 ARR 貢獻超過 5,000 美元的客戶。本季美元淨保留率為 108%，其中包括外匯帶來的 1 個百分點的收益，高於我們先前預測的 105%。在第四季度，我們看到毛擴張和客戶流失率季比都有所改善。較高的擴張率主要是由於我們的現場團隊的強大執行力，與現有客戶達成了許多大宗交易。儘管第四季整體宏觀需求持續承受壓力，但情況仍然如此。展望未來，我們計劃第一季淨美元保留率為 106%。

Moving to our other key business metric of number of customers contributing more than $5,000 in ARR. This metric grew 14% year-over-year on an as-reported and constant currency basis, to 20,261 customers in the quarter and now represents 89% of our ARR. For our larger customer cohort contributing more than $50,000 in ARR, we saw strong growth in this cohort of 31% year-over-year to 2,497 customers, and it now represents 48% of our ARR. Adjusting for constant currency, this cohort 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。按報告和固定貨幣計算，該指標年增 14%，本季客戶數量達到 20,261 名，目前占我們 ARR 的 89%。對於貢獻了超過 50,000 美元 ARR 的較大客戶群體，我們發現該群體的客戶數量同比增長 31%，達到 2,497 名，目前占我們 ARR 的 48%。以固定匯率調整後，該群體的成長率為 30%。

As G and Dennis mentioned earlier, we're excited about our ongoing success in winning upmarket deals. For total customers, we added over 500 net customers and ended the quarter with over 67,100 customers. The lower net adds in the quarter was primarily impacted by higher logo churn from smaller customers in the customer service segment, but we continue to see improvement in ARPA as we focus on attracting higher-yielding, more profitable customers.

正如 G 和 Dennis 之前提到的，我們對贏得高端市場交易的持續成功感到興奮。就客戶總數而言，我們增加了 500 多個淨客戶，本季末客戶數量超過 67,100 個。本季淨增加量較低主要是受到客戶服務領域較小客戶的標誌流失率較高的影響，但我們繼續看到 ARPA 有所改善，因為我們專注於吸引收益更高、利潤更高的客戶。

Moving to calculated billings, balance sheet and cash items. Calculated billings grew 22% year-over-year to $180.4 million and 20% on a constant currency basis. Factors, including timing duration of contracts created a slight benefit of 2% to these growth numbers. Looking ahead to Q1 2024, our preliminary estimate for calculated billings growth is 16%. For the full year 2024, we expect calculated billings growth to be similar to our expected annual revenue growth rate of 18% to 19%.

轉向計算帳單、資產負債表和現金項目。計算帳單年增 22%，達到 1.804 億美元，以固定匯率計算成長 20%。包括合約期限在內的因素為這些成長數字帶來了 2% 的小幅收益。展望 2024 年第一季度，我們對計算出的帳單成長的初步估計為 16%。對於 2024 年全年，我們預計計算出的帳單成長將與我們預期的 18% 至 19% 的年收入成長率類似。

During the quarter, we generated $28.6 million in free cash flow. And for the full year, we generated $78 million in free cash flow. This annual figure was nearly $70 million above our initial estimates we provided at the start of the year as we realized efficiencies throughout the year. This improvement was driven by lower-than-expected headcount costs, improvements on our infrastructure spend and consolidation of vendor spend resulting in both ongoing efficiencies as well as some one-time benefits.

本季度，我們產生了 2860 萬美元的自由現金流。全年我們產生了 7800 萬美元的自由現金流。這一年度數字比我們年初提供的初步估計高出近 7000 萬美元，因為我們全年都實現了效率提升。這項改進是由低於預期的員工成本、基礎設施支出的改善以及供應商支出的整合所推動的，從而帶來了持續的效率以及一些一次性的好處。

For the full year 2024, we expect to generate approximately $110 million of free cash flow with approximately $26 million of that in Q1. We ended Q4 maintaining a similar balance to Q3 for cash, cash equivalents and marketable securities with $1.19 billion. We continue to net settle vested equity amounts using $16 million during the quarter and $68 million for the full year 2023. This activity is reflected in our financing activities and is excluded from free cash flow.

2024 年全年，我們預計將產生約 1.1 億美元的自由現金流，其中第一季約為 2,600 萬美元。我們第四季末的現金、現金等價物和有價證券餘額與第三季相似，為 11.9 億美元。我們繼續在本季使用 1,600 萬美元對既定股權進行淨結算，在 2023 年全年使用 6,800 萬美元進行淨結算。這項活動反映在我們的融資活動中，不包括在自由現金流中。

Since our IPO in 2021, we have used approximately $239 million in net settlement of vested equity. As we look forward to Q1, we plan to continue net settle vested equity amounts resulting in Q1 cash usage of approximately $21 million using current stock price levels. For the full year, we expect to use approximately $80 million to net settle vested equity amounts.

自 2021 年 IPO 以來，我們已使用約 2.39 億美元的既定股權淨額結算。當我們展望第一季時，我們計劃繼續淨結算既得權益金額，根據當前股價水平，第一季現金使用量約為 2,100 萬美元。我們預計全年將使用約 8000 萬美元來淨結算既得股權金額。

Turning to our share count for Q4. We had approximately 326 million shares outstanding on a fully diluted basis as of December 31, 2023, representing share growth of less than 1% from the prior year. The fully diluted calculation consists of approximately 297 million shares outstanding, 27 million related to unvested RSUs and PRSUs and 2 million shares related to outstanding options.

轉向我們第四季的股票計數。截至 2023 年 12 月 31 日，我們在完全稀釋的基礎上擁有約 3.26 億股已發行股票，較上年增長不到 1%。完全稀釋計算包括約 2.97 億股已發行股票、2,700 萬股與未歸屬 RSU 和 PRSU 相關的股票以及 200 萬股與已發行選擇權相關的股票。

Let me now provide our forward-looking estimates. For the first quarter of 2024, we expect revenue to be in the range of $162.5 million to $164.5 million growing 18% to 19% year-over-year. Non-GAAP income from operations to be in the range of $12.5 million to $14.5 million, and non-GAAP net income per share to be in the range of $0.07 to $0.08, assuming weighted average shares outstanding of approximately 305 million shares.

現在讓我提供我們的前瞻性估計。 2024 年第一季度，我們預計營收將在 1.625 億美元至 1.645 億美元之間，年增 18% 至 19%。假設加權平均已發行股數約為 3.05 億股，非 GAAP 營運收入將在 1,250 萬至 1,450 萬美元之間，非 GAAP 每股淨利潤將在 0.07 至 0.08 美元之間。

For the full year 2024, we expect revenue to be in the range of $703.5 million to $711.5 million, growing 18% to 19% year-over-year. Non-GAAP income from operations to be in the range of $52 million to $60 million and non-GAAP net income per share to be in the range of $0.29 to $0.31, assuming weighted average shares outstanding of approximately 306.1 million shares. We want to provide our best view of the business as we see it today. And as part of that, I want to call out a couple of assumptions in our financial model.

2024 年全年，我們預計營收將在 7.035 億美元至 7.115 億美元之間，年增 18% 至 19%。假設加權平均已發行股數約為 3.061 億股，非 GAAP 營運收入將在 5,200 萬至 6,000 萬美元之間，非 GAAP 每股淨利潤將在 0.29 至 0.31 美元之間。我們希望提供我們今天所看到的業務的最佳視圖。作為其中的一部分，我想指出我們財務模型中的一些假設。

First, our forward-looking estimates are based on FX rates as of February 2, 2024. So any future currency moves are not factored in. Second, we have seasonality in our business with expenses typically stepping up in Q2 as our annual merit increases come into effect. As a result, we anticipate non-GAAP operating income to be approximately $6 million in Q2 and $15 million in Q3 and the remainder coming in Q4 to add up to the full year amount.

首先，我們的前瞻性估計是基於截至2024 年2 月2 日的匯率。因此，任何未來的貨幣變動都不會被考慮在內。其次，我們的業務具有季節性，隨著我們的年度績效增長，費用通常會在第二季增加。生效。因此，我們預計第二季的非公認會計準則營業收入約為 600 萬美元，第三季為 1,500 萬美元，其餘部分將在第四季度實現，總計達到全年金額。

Let me close by saying, I'm pleased with all that we accomplished in 2023. We continued our rapid pace of innovation and enhance our go-to-market efforts, all while making meaningful improvements to our operational efficiency. As we look to 2024, we are focused on our growth initiatives, and we're excited for the many opportunities ahead.

最後我要說的是，我對我們在 2023 年取得的一切成就感到高興。我們繼續快速創新，加大市場推廣力度，同時對營運效率進行了有意義的改進。展望 2024 年，我們專注於成長計劃，並對未來的眾多機會感到興奮。

And with that, Let's take your questions. Operator?

接下來，讓我們回答您的問題。操作員？

(Operator Instructions) The first question that we have today is coming from Scott Berg of Needham.

（操作員說明）我們今天的第一個問題來自尼達姆的斯科特·伯格（Scott Berg）。

Really nice quarter on the sales side. I get a couple. G, I wanted to start with -- start with what you're seeing on some of the AI front with some of the functionality that you have in beta. I think one of the concerns amongst investors in enterprise software is the more prevalent these technologies become the more they have a chance to (inaudible) and a seat-based model like what Freshworks is.

銷售方面的季度非常好。我得到了一對。 G，我想從您在人工智慧方面看到的一些內容開始，以及您在測試版中擁有的一些功能。我認為企業軟體投資者的擔憂之一是，這些技術越普遍，他們就越有機會（聽不清楚）和像 Freshworks 這樣基於席位的模式。

And you had commented that in one of your beta customers made a 50% improvement in resolution timeframe. How do you think about the use or the impact of AI in terms of what your business looks like going forward? Is it just going to be a module that adds maybe some ARPU uplift for customers or is there some seat opportunity maybe on the positive or less positive side that might be impacted as well?

您曾評論說，您的一位測試客戶在解決時間方面取得了 50% 的改進。您如何看待人工智慧的使用或對您的業務未來的影響？它是否只是一個為客戶增加 ARPU 提升的模組，或者是否有一些可能受到影響的正面或負面方面的席位機會？

Yes. Thanks for the question, Scott. So let me start off by saying right from the very early days, even before AI. One of the goals for -- like for Freshworks and in particular, for most technology vendors in customer service or employee services, how can we help businesses drive more automation. Think about IVR driving automation in the call centers and things like that, right? So from 2018, we have been helping customers in the Freshdesk, Freshchat business to drive more automation, and that's always a business driver. So what we have with Gen AI and Freddy Self-service and bots is the opportunity to bring a natural language, conversational automation of customer service, and some of the largest B2C companies are using our Freddy AI today for customer service automation.

是的。謝謝你的提問，斯科特。首先，我要說的是，從很早的時候開始，甚至在人工智慧之前。對於 Freshworks，特別是對於大多數客戶服務或員工服務技術供應商來說，目標之一是我們如何幫助企業推動更多自動化。想想 IVR 在呼叫中心推動自動化以及類似的事情，對吧？因此，從 2018 年開始，我們一直在幫助 Freshdesk、Freshchat 業務的客戶推動更多自動化，這始終是業務驅動力。因此，我們透過 Gen AI 和 Freddy 自助服務和機器人獲得了帶來自然語言、對話式自動化客戶服務的機會，一些最大的 B2C 公司如今正在使用我們的 Freddy AI 來實現客戶服務自動化。

So we actually believe in this and it will actually help us -- help Freshworks be a beneficiary in driving better automation and with -- along with a seamless transfer to a live agent when the actual customer query goes beyond a simple automatable question. So I think overall, you have to look at it as how do we use -- how do businesses use automation as the first line of defense and then seamlessly hand over to a human and then handle all the complex workflows. We think we have the best omnichannel customer service product in the industry today, and we will be a big beneficiary of that.

因此，我們實際上相信這一點，它實際上會幫助我們 - 幫助 Freshworks 成為推動更好的自動化的受益者 - 以及當實際客戶查詢超出簡單的自動化問題時無縫轉移到現場代理。所以我認為總的來說，你必須把它看作我們如何使用——企業如何使用自動化作為第一道防線，然後無縫地移交給人類，然後處理所有複雜的工作流程。我們認為我們擁有當今業界最好的全通路客戶服務產品，我們將成為其中的一大受益者。

Got it. Helpful. And then from a follow-up, Dennis, you mentioned you have a new field sales that are starting. You've obviously helped enact in a number of changes to the organization since you came. But with this individual, are there a lot of moving parts that are going to be occurring here in terms of what your go-to-market strategy looks like in '24? Is this might be more of an opportunity to make some subtle adjustments?

知道了。有幫助。然後，丹尼斯，您在後續行動中提到您正在開始一項新的現場銷售。顯然，自從您來到公司以來，您已經幫助實施了許多組織變革。但是對於這個人來說，就您 24 年的市場進入策略而言，這裡是否會發生很多變化？這是否更像是進行一些微妙調整的機會？

Well, I would say this is more of an opportunity to make subtle adjustments. We announced in Q4 that we made a change to separate our inbound business from our field business, that's to create more focus on both that SMB primarily inbound business from field. Field, we've done quite well over the last year. We have some opportunity in that SMB inbound business. And that's why we brought [Meek] in. I think today's announcement with Abe is really the next step and creating focus on those 2 businesses as distinct. It's very different going out, negotiating big deals with large industrial customers, and on the other hand, managing a funnel that's generating thousands of leads every single week. So we want to bring focus to both of those businesses, and that's why we made the change.

嗯，我想說這更多的是一個做出微妙調整的機會。我們在第四季度宣布，我們做出了一項改變，將入境業務與現場業務分開，這是為了更加關注以中小企業為主的入境業務和現場業務。菲爾德，我們去年做得很好。我們在中小企業入境業務方面有一些機會。這就是我們引入 [Meek] 的原因。我認為今天與 Abe 的聲明確實是下一步，並將重點放在這兩項不同的業務上。一方面，出去與大型工業客戶談判大筆交易，另一方面管理每週產生數千條潛在客戶的漏斗，這是非常不同的。因此，我們希望將重點放在這兩個業務上，這就是我們做出改變的原因。

One moment for the next question. And our next question is coming from in Pinjalim Bora of JPMorgan.

請稍等一下，回答下一個問題。我們的下一個問題來自摩根大通的 Pinjalim Bora。

Good to hear about the improvement in the CX expansion side. I wanted to ask you if you can go a little bit deeper, are you seeing seats starts to grow and kind of accelerate there? Or is it -- is that expansion characteristic largely driven by the customer service suite or maybe the pricing changes around bots?

很高興聽到 CX 擴充方面的改進。我想問你是否可以更深入一點，你是否看到座位開始增加並加速？或者是——這種擴張特徵主要是由客戶服務套件驅動的，還是機器人的定價變化？

Pinjalim, this is Tyler. We actually -- in the quarter, we had strong expansion. We called out CX. It's a mix of all of the above, but we did have seat expansion specifically on that mid-market enterprise, which is driving a lot of it. Some of it was pull forward early renewals from Q1 with expansion, which I always see is a good sign, that they're coming a customer coming up in renewal and they're going to actually increase their ARR and renew early with us. And so that was encouraging. It's -- CX has seen pressure on [agents] for a couple of years. We've been calling that out. And so we thought it was a really good quarter of execution on that side.

平賈利姆，這是泰勒。實際上，在本季度，我們實現了強勁的擴張。我們呼叫了 CX。這是上述所有因素的混合體，但我們確實專門針對中端市場企業進行了席位擴張，這在很大程度上推動了這一成長。其中一些是從第一季開始透過擴展提前續訂，我一直認為這是一個好兆頭，他們即將成為續訂的客戶，他們將實際上增加他們的 ARR 並提前與我們續訂。這令人鼓舞。幾年來，CX 一直承受著[代理商]的壓力。我們一直在呼籲這一點。所以我們認為這是一個非常好的執行季度。

Understood. Tyler, another one for you. The guidance, can you maybe unpack some of the assumptions on guidance? What are you thinking from a net retention perspective for the whole year from a logo perspective? Are you thinking about macro to be kind of the same? What should we think about from a pricing leverage point of view in that guidance? Anything you can add will help.

明白了。泰勒，再給你一份。指導，您能否解開指導中的一些假設？從徽標的角度來看，您對全年的淨保留率有何看法？您是否認為宏觀也是如此？在該指南中，我們應該從定價槓桿的角度考慮什麼？您可以添加的任何內容都會有所幫助。

Yes. So I'll take that in a couple of different pieces. On guidance, you mentioned net dollar retention. We have been calling 105%, and we really didn't think it was going to hit 105% in Q4, and we had called that earlier in the year. And kind of coming into Q2, Q3, one of the reasons that we didn't get down to 105% because we're doing really, really well on churn.

是的。所以我會把它分成幾個不同的部分。在指導中，您提到了淨美元保留。我們一直呼籲實現 105%，但我們確實認為第四季不會達到 105%，而我們在今年稍早就曾呼籲這項目標。進入第二季、第三季度，這是我們沒有降至 105% 的原因之一，因為我們在客戶流失方面做得非常非常好。

In hitting our number for Q4, it was really a combination of churn still getting better as well as expansion kicking in a little bit. And now we're saying, hey, we're going to be at 106% in Q1. And we do think that's going to be the number. But previously, we thought we'd stabilize at 105%, and now we think we're going to stabilize at 106%. And it really is just a reflection of the health of the customer base.

在達到我們第四季度的數字時，實際上是客戶流失率仍在改善以及擴張開始一點點的結合。現在我們說，嘿，我們將在第一季達到 106%。我們確實認為這將是這個數字。但之前我們認為會穩定在105%，現在我們認為會穩定在106%。這確實只是客戶群健康狀況的反映。

On the other areas of guidance on revenue, we are -- it's our best estimate based on what we see today and that kind of 18%, 19% growth. And then billings for the year, we expect to actually track that, we did call out that Q1 just the way that renewals are kind of falling, and also, I just mentioned that we had some early renewals into Q4 that pulled some billings from Q1 into Q4 that, that number is going to be a little bit -- calculate -- we expect to be a little bit lower in Q1, but it really is just around timing. And for the year, we actually expect it to track revenue for the full year at 18% to 19%.

在收入指導的其他領域，我們是——根據我們今天看到的情況以及 18%、19% 的成長，這是我們的最佳估計。然後是今年的賬單，我們希望能夠真正跟踪這一點，我們確實指出了第一季度的續訂量有所下降，而且，我剛剛提到我們在第四季度進行了一些早期續訂，這從第一季度中拉出了一些賬單到第四季度，這個數字將會有點——計算——我們預計第一季會稍微低一些，但這確實是在時間上。對於今年，我們實際上預計其全年收入將成長 18% 至 19%。

Next. And our next question will be coming from Elizabeth Porter of Morgan Stanley.

下一個。我們的下一個問題將來自摩根士丹利的伊麗莎白波特。

First, I just wanted to ask on the AI monetization impacts. You have some of the usage-based revenue from bots coming in and the Copilot seat add-ons. I believe Freddy Insights, you mentioned is coming later this year. So what kind of attach or penetration rates are you assuming? Or is this more of an upside driver to guidance?

首先，我只是想問一下人工智慧貨幣化的影響。您有一些來自機器人的使用和副駕駛座位附加組件的基於使用的收入。我相信你提到的 Freddy Insights 將在今年稍後推出。那麼您假設的附著率或滲透率是多少？或者這對指導來說更像是一個上行驅動因素？

So thanks for the question. So first of all, I think in terms of adoption so far, we have thousands of customers that have opted into the beta programs for Freddy self-serve for Insights and for Copilot. And not only have they opted in, but the usage rates amongst those customers is quite high. So we track things like active usage and so forth.

謝謝你的提問。首先，我認為到目前為止，我們有數千名客戶選擇加入 Freddy 自助服務 Insights 和 Copilot 的測試版計畫。他們不僅選擇加入，而且這些客戶的使用率也相當高。因此，我們會追蹤活躍使用情況等。

We recently put those programs into GA. So you can purchase Insights -- or sorry, you can purchase Copilot and self-serve today on our website. If you're a new customer and then we're moving all the beta customers into pay programs over the next month or so. So we'll start to see the monetization flow through.

我們最近將這些程式放入了 GA 中。因此，您可以購買 Insights，或者抱歉，您可以立即在我們的網站上購買 Copilot 和自助服務。如果您是新客戶，那麼我們將在下個月左右將所有測試版客戶轉入付費方案。因此，我們將開始看到貨幣化的流程。

But for now, we're very much focused on adoption. We're very much focused on the value that those products are providing to our customers. That's a good leading indicator for us. In terms of how we're thinking about it for the full year, we haven't baked in a meaningful upside to the year from AI because we wanted to see how things play out before putting anything into our number.

但目前，我們非常關注採用。我們非常關注這些產品為客戶提供的價值。這對我們來說是一個很好的領先指標。就我們對全年的看法而言，我們還沒有從人工智慧中獲得有意義的好處，因為我們想在將任何內容放入我們的數字之前看看事情會如何發展。

Great. And then just as a follow-up, I wanted to hit on margin. You had some really impressive expansion over the last year. Looking ahead, guidance implies more minimal expansion despite still some upside solid topline growth. So first, just how should we think about the leverage in any incremental areas of investment in fiscal '24? And then second, should we just be thinking more about some back-end linearity to hit your fiscal '26 targets?

偉大的。然後作為後續行動，我想達到保證金。去年你們的擴張確實令人印象深刻。展望未來，儘管仍存在一些穩健的收入成長，但指引意味著擴張將更加小化。首先，我們該如何考慮 24 財年投資增量領域的槓桿作用？其次，我們是否應該多考慮一些後端線性以實現您的 26 財年目標？

Yes. So thanks, Elizabeth, this is Tyler. We did make some huge improvements last year. Some of those improvements were kind of one-time. And I think we've been pretty consistent. You don't kind of expect the same kind of stair step improvement coming into fiscal '24 here. The -- we are still very, very focused on efficiency, but we also think that there's some areas to invest. On the R&D side, it really is going to continue to invest in innovation, and we think that's a big advantage that we have.

是的。謝謝，伊莉莎白，這是泰勒。去年我們確實做了一些巨大的改進。其中一些改進是一次性的。我認為我們一直都非常一致。您不會期望 24 財年會出現同樣的階梯式改進。我們仍然非常非常注重效率，但我們也認為有一些領域需要投資。在研發方面，它確實將繼續投資於創新，我們認為這是我們擁有的一大優勢。

And on the sales and marketing side, we are going to continue to lean in where we see opportunities specifically in field -- in hiring there where we see appropriate. So we have built in some areas of investment, but while also focusing on driving margin, we're driving more dollars to the bottom line and driving more cash.

在銷售和行銷方面，我們將繼續依靠我們認為有機會的領域，特別是在我們認為合適的地方進行招募。因此，我們在某些​​領域進行了投資，但同時也專注於提高利潤率，我們正在推動更多的美元達到利潤並推動更多的現金。

And our next question will be coming from Brent Bracelin of Piper Sandler.

我們的下一個問題將來自 Piper Sandler 的 Brent Bracelin。

This is Hannah Rudoff on for Brent today. It's really encouraging to see you that record [50,000] net adds this past quarter. I guess, what do you attribute that to? I imagine a lot of it is ITSM, but some of it was probably driven by that new CS Suite as well. So wondering if you could just talk about the dynamics you witnessed in that cohort?

我是漢娜·魯道夫，今天為布倫特發言。看到上個季度淨增加人數創紀錄的 [50,000] 真的很令人鼓舞。我想，你把這歸因於什麼？我想其中很大一部分是 ITSM，但其中一些也可能是由新的 CS 套件驅動的。那麼想知道您是否可以談談您在該群體中目睹的動態？

Yes. You're correct. A lot of it is driven by ITSM, but we're seeing some promising results for CSS. One of the companies that I talked about in the prepared remarks, CarltonOne, that's a new CSS customer, they're a loyalty company up in Canada. Klockner, one of the larger steel companies in Europe, that's a new ITSM customer. Tata also another customer we talked about earlier, that's another ITSM customer.

是的。你是對的。其中很大一部分是由 ITSM 驅動的，但我們看到 CSS 取得了一些有希望的成果。我在準備好的演講中談到的公司之一 CarltonOne，是 CSS 的新客戶，他們是加拿大的忠誠公司。 Klockner 是歐洲較大的鋼鐵公司之一，它是 ITSM 的新客戶。塔塔也是我們之前談到的另一個客戶，也就是另一個 ITSM 客戶。

I think it's not just something that we've done in the last quarter, but the investment that we've made in the product over the last couple of years, where we built out an enterprise-grade ITSM suite, added on ITOM, ITAM, and then more recently, ESM with Freshservice for business teams. That really has driven growth of that product.

我認為這不僅僅是我們在上個季度所做的事情，而是我們在過去幾年中對產品的投資，我們建立了企業級 ITSM 套件，添加了 ITOM、ITAM ，以及最近為業務團隊提供的ESM 和Freshservice。這確實推動了該產品的成長。

And then with CSS, our customers have a best-in-class, fully integrated product that covers both conversational and traditional ticketing enhanced by AI. And that's something that really is unique in the marketplace where if I'm an agent in a single pane of glass, I can ingest and see comments from my customer coming in through WhatsApp, coming in through SMS or e-mail or phone and respond. And that is -- has had a lot of positive acceptance in the market so far.

然後，透過 CSS，我們的客戶擁有一流的完全整合產品，涵蓋人工智慧增強的對話式和傳統票務。這在市場上確實是獨一無二的，如果我是單一管理平台中的代理，我可以透過 WhatsApp、簡訊、電子郵件或電話獲取並查看客戶的評論並做出回應。也就是說，迄今為止，它已在市場上獲得了許多積極的認可。

Great. Super helpful. And then Dennis, what do you feel still needs to be done to continue to execute on this upmarket motion that you're on right now? And is it just execution? Or is there more that you still need to do?

偉大的。超有幫助。那麼丹尼斯，您認為還需要做什麼才能繼續執行您現在正在進行的這項高端動議？這只是執行嗎？或者您還需要做更多的事情嗎？

We're going to be making a meaningful investment in partners and partnerships. We announced a couple of weeks ago in a partnership with AWS, where -- they're bringing us into new deals. We're working with them on deals -- One of our largest deals with a large apparel maker this year was assisted by AWS. We -- our customers are able to retire AWS commitments in terms of credits that they've committed to spend over multiple years by buying our software. So that makes the buying process much easier for them and for us, it speeds the time to sale. So that's an example of a large partner that we think can help us accelerate growth over time.

我們將對合作夥伴和夥伴關係進行有意義的投資。幾週前，我們宣布與 AWS 合作，他們將與我們達成新的交易。我們正在與他們合作進行交易——今年我們與一家大型服裝製造商的最大交易之一得到了 AWS 的協助。我們—我們的客戶可以透過購買我們的軟體來兌現他們多年來承諾花費的 AWS 承諾。因此，這使他們和我們的購買過程變得更加容易，也加快了銷售時間。這是我們認為可以幫助我們隨著時間的推移加速成長的大型合作夥伴的一個例子。

I think just also getting better and better at execution. We had our best quarter ever in North America. Not surprisingly, about 6 months ago, we brought Will Anastas, who is leading our North America sales effort. So we're seeing the benefit of some of the big hires that we've made in the last year as well. And we think that will continue with Abe coming in. Abe is a tried and true field general and I think he's going to up our game even more as we go to market.

我認為執行力也越來越好。我們度過了北美有史以來最好的季度。毫不奇怪，大約 6 個月前，我們帶來了威爾·阿納斯塔斯 (Will Anastas)，他負責領導我們的北美銷售工作。因此，我們也看到了去年我們進行的一些大規模招募的好處。我們認為隨著 Abe 的加入，這種情況將會繼續下去。Abe 是一位久經考驗的真正的戰地將軍，我認為當我們進入市場時，他會進一步提高我們的水平。

Next. And our next question is going to be coming from Brian Peterson of Raymond James.

下一個。我們的下一個問題將來自雷蒙德詹姆斯的布萊恩彼得森。

(inaudible) question. So I wanted to follow up on the fee dynamics (inaudible) had improved. You also mentioned that the overall (inaudible) has been under pressure for a little bit. Do you think through that and the broader (inaudible) could expand going forward, (inaudible).

（聽不清楚）問題。因此，我想跟進費用動態（聽不清楚）的改善情況。您也提到整體（聽不清楚）已經承受了一點壓力。您是否認為透過這一點以及更廣泛的（聽不清楚）可以向前擴展，（聽不清楚）。

Brian, this is Tyler. You're breaking up a little bit, but I think you're asking about kind of seat (inaudible) or just expansion pressure and is whether it's over or not. Now -- we actually -- we saw really good expansion in Q4. And we -- you're right, we've been talking about kind of agent addition having kind of lower amounts over the last, call it, 1.5 years. That has not recovered from what it was several years ago, and we don't expect it to actually recover right away. There was good signs in Q4 but we're not planning on that just coming back.

布萊恩，這是泰勒。你有點分手了，但我認為你問的是座位類型（聽不清楚）或只是膨脹壓力，以及是否結束。現在——實際上——我們在第四季度看到了非常好的擴張。我們 - 你是對的，我們一直在討論過去 1.5 年中金額較低的代理添加。這還沒有從幾年前的水平恢復過來，我們也不認為它會立即恢復。第四季出現了良好的跡象，但我們不打算讓它回來。

Because at the same time, also SMB did see some pressure and continue to see pressure, and that's one of the reasons for the lower net adds is at a very long tail of SMB specifically, CX, we saw some little bit churn there. In general, what we've been talking about is focused on figuring out how to expand with our customer base outside of seat edition. In seat edition, an agent addition comes back, to the levels it was a couple of years ago, that would be fantastic. But we are very focused on introducing new products, introducing new feature functionality, moving customers up the edition stack and things like that as well as getting them to use more across other divisions. And so that's what our focus is right now. It's not all the way back, but we did have a good expansion quarter.

因為與此同時，SMB 也確實看到了一些壓力，並且繼續面臨壓力，這就是淨增加值較低的原因之一，因為SMB 的尾部特別長，特別是CX，我們在那裡看到了一些輕微的流失。總的來說，我們一直在討論的重點是弄清楚如何在座位版之外擴展我們的客戶群。在座位版中，特工的加入又回來了，回到了幾年前的水平，這真是太棒了。但我們非常專注於推出新產品、推出新功能、提升客戶的版本堆疊以及類似的事情，以及讓他們在其他部門更多地使用。這就是我們現在的重點。雖然還沒有完全回歸，但我們確實經歷了一個良好的擴張季度。

Nice to hear. Maybe a follow-up to this, just on the field build teams. Any update on how you're thinking about the pace of hiring in 2024. Any comments if you could make on (inaudible).

很高興聽到。也許是後續行動，只是在現場建立團隊。關於您對 2024 年招募速度的看法的任何更新。您可以發表的任何評論（聽不清楚）。

I think you're asking about the pace of hiring in field is what I heard. We have been hiring in the field and specifically in areas that we think there's opportunity, and we think there's areas to definitely lean in. We're going to continue to do that. Our regional leaders are in place and have been for a while, so Abe is coming in and he's taking that over, and he's going to work through. And part of the plan is to continue to hire and build out [quota] capacity because we think there's a big opportunity there.

我認為你問的是現場招募的速度，這是我所聽到的。我們一直在該領域進行招聘，特別是在我們認為有機會的領域，我們認為肯定有值得傾斜的領域。我們將繼續這樣做。我們的地區領導人已經就位，並且已經就位一段時間了，所以安倍晉三即將上任，他將接管這項工作，他將努力解決這一問題。該計劃的一部分是繼續僱用和擴大[配額]產能，因為我們認為那裡有很大的機會。

And our next question is coming from Alex Zukin of Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的亞歷克斯祖金。

Congrats on a solid quarter. Maybe just the first one, Dennis or Tyler, can you maybe just talk about the macro exiting Q4, like entering the year? Has it changed? Has it gotten better? Is it different by geography in terms of what you're seeing? And to what extent do you feel like this was you guys executing meaningfully better versus the macro changing to the positive? And then I got a quick follow-up.

恭喜季度業績穩健。也許只是第一個，丹尼斯或泰勒，你能談談退出第四季度的宏觀政策，例如進入今年嗎？它改變了嗎？情況好轉了嗎？就您所看到的而言，地理位置是否有所不同？相對於宏觀向積極的變化，您認為你們在多大程度上執行得更有意義？然後我得到了快速跟進。

Sure. So I think the trends we saw in Q4 were consistent with trends we saw earlier in the year. And that is that in enterprise and mid-market, we continue to see really solid traction. You see it in the [50,000 add] number. And part of that is because vendors are consolidating spend. They're looking for platforms they can do much more for them. They're looking to bring AI into their operations, their workflows, their help desks, and we can do that.

當然。因此，我認為我們在第四季度看到的趨勢與今年早些時候看到的趨勢一致。也就是說，在企業和中端市場，我們繼續看到真正堅實的吸引力。您可以在 [50,000 添加] 數字中看到它。部分原因是供應商正在整合支出。他們正在尋找可以為他們做更多事情的平台。他們希望將人工智慧引入他們的營運、工作流程和服務台，而我們可以做到這一點。

And they're excited about the AI roadmap and what we already have out there in beta and now in GA. So all those things help there. I think on SMB, SMB overall is a bit more challenged. I think the -- what we're hearing from our customers is the market is under a little bit more pressure if you're a smaller business. There are also things we can do better. And that's, again, going back to driving product-led growth to the next level, aligning marketing more tightly with our SMB efforts, all those things we think will pay off for us. So we think SMB is potentially a source of upside for us going forward. But what we saw in Q4 was consistent with prior quarters where that was the part of the business that was not growing quite as quickly as what we saw in the larger customer cohort.

他們對人工智慧路線圖以及我們已經在測試版和現在正式版中擁有的內容感到興奮。所以所有這些事情都有幫助。我認為在中小企業方面，中小企業整體上面臨的挑戰更大一些。我認為，我們從客戶那裡聽到的是，如果您的企業規模較小，那麼市場面臨的壓力會更大一些。還有一些事情我們可以做得更好。這又是回到將產品主導的成長推向新的水平，將行銷與我們的中小企業工作更緊密地結合起來，所有這些我們認為將為我們帶來回報。因此，我們認為中小企業是我們未來發展的潛在優勢來源。但我們在第四季度看到的情況與前幾季是一致的，這部分的業務成長速度不如我們在更大的客戶群中看到的那麼快。

Perfect. And then maybe just a follow-up for G. You've gotten the AI question a couple of times, but maybe just what are you seeing in terms of early adoption or learnings from either. Are you seeing more in SMB versus in mid-market enterprise or vice versa, faster versus slower? And what monetization motions because you have a number of different ones that you're doing in the field, which one of those are working the best early on and that you see potentially kind of getting escape velocity later in the year?

完美的。然後也許只是 G 的後續行動。您已經多次收到人工智慧問題，但也許您在早期採用或從中學到的東西方面看到了什麼。您是否在中小型企業和中端市場企業中看到更多，反之亦然，更快還是更慢？你在該領域正在做許多不同的事情，其中​​哪一個在早期效果最好，並且你認為在今年晚些時候可能會獲得逃逸速度，因此會產生什麼貨幣化動議？

Yes. So I would answer it in 2 parts. When you look at Freddy self-service, that is seeing -- like we are seeing success with larger B2C companies because B2C companies have like fewer use cases that are scaling across millions of customers, so it's ripe for automation. But if you look at our Copilot, that is seeing traction because it's helping agents get more productive, that we are seeing like excitement and adoption across thousands of customers, across customer sizes or segments, SMB as well as this mid-market.

是的。所以我會分兩部分來回答。當您查看 Freddy 自助服務時，您會發現，就像我們看到大型 B2C 公司的成功一樣，因為 B2C 公司在數百萬客戶中擴展的用例較少，因此自動化的時機已經成熟。但如果你看看我們的Copilot，你會發現它很受歡迎，因為它可以幫助座席提高工作效率，我們看到數千名客戶、不同規模或細分市場、中小企業以及中端市場的興奮和採用。

So again, where will we get escape velocity? I'm hopeful we'll get it in both, but we'll wait to see it's still early days. And so we will continue to put our heads down and execute and deliver more value for our customers and get escape velocity through both.

那麼，我們要從哪裡得到逃逸速度呢？我希望我們能同時實現這兩個目標，但我們會拭目以待，看看現在還為時過早。因此，我們將繼續埋頭苦幹，為客戶執行和提供更多價值，並透過兩者獲得逃逸速度。

Our next question will be coming from Ryan MacWilliams of Barclays.

我們的下一個問題將來自巴克萊銀行的瑞安·麥克威廉斯。

I guess I want to note your focus on upmarket customers. So it makes sense that much smaller customers below $5000 are churning in the customer service segment. But any reason why those customers are leaving now? Are they just looking for cheaper alternatives? Or is it some change in the competitive landscape?

我想我想指出您對高端客戶的關注。因此，5000 美元以下的小客戶在客戶服務領域流失是有道理的。但這些客戶現在離開的原因是什麼？他們只是在尋找更便宜的替代品嗎？還是競爭格局發生了一些變化？

Yes. I wouldn't say that they're necessarily looking for cheaper alternatives. I think we have a natural -- there's natural churn as businesses, frankly fail or shrink, and in SMB, you see quite a bit of that. I think we also have had customers who come in and try the product line, it doesn't fit for whatever reason, what they're looking for, maybe they're too small. So I wouldn't say there's any one competitor that we find those customers migrating to, if that's your question.

是的。我不會說他們一定在尋找更便宜的替代品。我認為我們有一種自然現象——坦白說，企業會自然流失，失敗或萎縮，在中小企業中，你會看到很多這樣的情況。我想我們也有顧客進來嘗試我們的產品線，但無論出於什麼原因，它都不適合他們正在尋找的東西，也許它們太小了。因此，如果這是您的問題，我不會說我們發現這些客戶會遷移到任何競爭對手。

Excellent. And then just for Tyler, please to see net retention come in better than expected. What are some of the things you would need to see that -- like call it trough? And do you think for Fresh to get back to 110% NRR, we would need to just see a step up in macro? That's like what we're waiting for here?

出色的。對於泰勒來說，請看到淨留存率比預期的要好。你需要看到哪些東西──例如稱之為低谷？您認為，為了讓 Fresh 恢復到 110% 的 NRR，我們是否需要看到宏觀的進步？這就是我們在這裡等待的嗎？

Ryan, so I think in terms of a trough, right now, we called 106% for Q1. We were previously calling 105%. We do think 106% is kind of from what we can see today is a low point now where I think we'll hit it and then possibly stabilize from there. In getting it back up to 110%, I think it's a combination of a couple of things. We're still going to make progress on churn that -- we had said, "Hey, we went public, we're kind of low 20s -- total kind of gross churn and now we're mid-teens". And I think we can continue to make subtle progress there, but it's going to be kind of like maybe 100 basis points, 200 basis points over a longer period of time. So it really is going to be up to the expansion motion.

Ryan，所以我認為就谷底而言，目前我們稱第一季為 106%。我們之前撥打的是 105%。我們確實認為 106% 從我們今天看到的情況來看是一個低點，我認為我們會達到這個低點，然後可能會從那裡穩定下來。為了讓它恢復到 110%，我認為這是多種因素共同作用的結果。我們仍然會在客戶流失方面取得進展，我們曾說過，「嘿，我們上市了，我們的客戶流失率還不到20 多歲，總體客戶流失率只有20 多歲，而現在我們已經達到了15多歲」。我認為我們可以繼續在這方面取得微妙的進展，但在較長一段時間內可能會上漲 100 個基點、200 個基點。所以這確實取決於擴張運動。

And we've got a lot of initiatives there that are in play. We kind of called out what some of those are. In our Investor Day, we actually called out 6 things that we're working on. The sixth one was kind of, hey, if macro comes back. And that would be a no-brainer. I think we would just get to ride that wave organically. We're not counting on that, and we don't expect that to happen overnight. And so we are very, very focused on other ways to grow the customer base outside of that. And we do think that eventually we can bring it back up to 110% based on that, but it's going to take a little bit of time.

我們在那裡有很多正在發揮作用的舉措。我們有點指出了其中的一些內容。在投資者日，我們實際上提出了我們正在努力的 6 件事。第六個是，嘿，如果巨集回來了。那是理所當然的。我認為我們可以有機地駕馭這股浪潮。我們並不指望這一點，也不期望這會在一夜之間發生。因此，我們非常非常關注除此之外擴大客戶群的其他方式。我們確實認為最終我們可以在此基礎上將其恢復到 110%，但這需要一點時間。

And our next question will come from Pat Walravens of JMP Securities.

我們的下一個問題將來自 JMP 證券的 Pat Walravens。

This is Austin Cole on for Pat. So I just wanted to kind of piggyback on the answer given to the incremental kind of operating efficiency guidance implied. And looking at the flip side of that on the topline, with all the kind of unlocks that you guys are discussing and the better-than-expected expansion, improving churn. Why might it not be at this point, prudent to say that this business could grow 20% next year?

這是奧斯汀·科爾（Austin Cole）替帕特發言。所以我只是想藉鏡對增量營運效率指導所暗示的答案。看看頂線的另一面，你們正在討論的所有類型的解鎖以及比預期更好的擴展，改善了客戶流失率。為什麼現在不能謹慎地說這項業務明年可能會成長 20%？

Well, our guide is to a little bit below that. We do build up that guide based on what we see right now. And what we've said is we have a lot of initiatives in play. And those specifically 6 things that we called out in our Investor Day that we said, hey, these are going to be upside to what is close to a 20% growth rate. But they have to play out, right?

嗯，我們的指南是稍微低於這個值。我們確實根據我們現在所看到的情況制定了該指南。我們已經說過，我們有很多措施正在實施。我們在投資者日特別指出了 6 件事，我們說，嘿，這些將帶來接近 20% 的成長率。但他們必須發揮出來，對吧？

And these aren't things that are going to happen overnight -- kind of like the AI monetization that we talk about that we said, in Q4 is like hopefully, we can come out in the middle of the year and give an update on what the early signs of monetization there are. I just -- we're very, very excited about the initiatives and what the longer-term results could be from those, but they're just going to take some time to play out. And thus, we can't build them in yet.

這些事情不會在一夜之間發生——有點像我們在第四季度談論的人工智慧貨幣化，希望我們可以在年中推出並提供最新資訊貨幣化的早期跡像已經出現。我只是——我們對這些舉措以及這些舉措可能帶來的長期結果感到非常非常興奮，但它們需要一些時間才能發揮作用。因此，我們還不能建造它們。

Our next question will be coming from Brent Thill of Jefferies.

我們的下一個問題將來自傑富瑞 (Jefferies) 的布倫特希爾 (Brent Thill)。

Tyler, I want to appreciates the margin you guys gave us last year, but a 50 basis point increase this year, I think many are scratching their heads. So just to push back a little bit. At your run rate $600 million. I think everyone's questioning where all these investments are going? Is this 80% of the field, 20% of the product? 50% field, 50% product? how would you characterize that because the natural margin trajectory should be, in my view, a lot better. And again, respect what you gave us last year. So maybe it's just -- that's it, you just gave us a big margin bump in -- but just trying to think I was trying to...

泰勒，我想感謝你們去年給我們的利潤，但今年增加了 50 個基點，我想很多人都摸不著頭緒。所以只是稍微推遲一下。以你的運行速度計算，是 6 億美元。我想每個人都在質疑所有這些投資都去哪了？這是80%的領域，20%的產品嗎？ 50% 現場，50% 產品？你會如何描述這一點，因為在我看來，自然邊際軌跡應該會好得多。再次，尊重你去年給我們的一切。所以也許只是——就是這樣，你剛剛給了我們一個很大的利潤——但只是想我想…

Totally get it, Brent. If you look at last year, we do -- we did get some one-time benefits, right? And so if you look at R&D stayed flat for the whole year, year-over-year compare. And then sales and marketing, slightly higher, but really only $10 million higher when you look at kind of '23 to '22. And we had said, "Hey, don't expect that same type of efficiencies driving into next year".

完全明白，布倫特。如果你看看去年，我們確實得到了一些一次性的好處，對嗎？因此，如果你看看研發全年同比持平。然後是銷售和行銷，略高一些，但從 23 年到 22 年的情況來看，實際上只增加了 1000 萬美元。我們說過，「嘿，不要指望明年會出現同樣的效率」。

Especially as we kind of -- last year going into sales and marketing, we really reshuffled a lot of stuff at the beginning of the year and let things settle. And now we feel like they are subtle it's going to be time to lean in a little bit and make some investments. We don't want the impression that we're moving away from thinking about efficiency.

尤其是當我們去年進入銷售和行銷領域時，我們在年初確實重新調整了很多東西，讓事情得到解決。現在我們覺得它們很微妙，是時候稍微傾斜並進行一些投資了。我們不希望給人留下我們正在放棄考慮效率的印象。

We are very focused on getting to the Rule of 40 by 2025, which we called out and specifically free cash flow margin and growth. If you look at what we're guiding to, we're just under 16% on free cash flow margin for the year and about 18%, 19% on revenue. And so I feel like that's a pretty good path or trajectory to get us to what we said we're going to be doing and we're not going to lose sight of that, and we're going to obviously be as efficient as possible while we're growing. But we do think that if we have the opportunity to grow a little bit faster, we're going to take that opportunity and we have to invest first to be able to do that.

我們非常注重到 2025 年實現 40 條規則，我們呼籲這項規則，特別是自由現金流利潤率和成長。如果你看看我們的指導方針，我們今年的自由現金流利潤率略低於 16%，營收約 18%、19%。因此，我覺得這是一條非常好的路徑或軌跡，可以讓我們實現我們所說的要做的事情，我們不會忽視這一點，而且我們顯然會盡可能高效當我們在成長的時候。但我們確實認為，如果我們有機會成長得更快一點，我們就會抓住這個機會，並且我們必須先進行投資才能做到這一點。

And our next question will be coming from Taylor McGinnis of UBS.

我們的下一個問題將來自瑞銀集團的泰勒·麥金尼斯。

If I look at the high end of the FY '24 revenue guide, it's only a point below the 4Q exit rev growth rate. So it implies some stability in topline growth. So can you talk about what gives you comfort that this outlook still embeds a level of conservatism? Or any change in the guidance framework.

如果我看一下 24 財年收入指南的高端，它只比第四季出口收入成長率低一個點。因此，這意味著收入成長具有一定的穩定性。那麼，您能談談是什麼讓您感到安慰，因為這種觀點仍然包含一定程度的保守主義嗎？或指導框架的任何變化。

I think even despite the pull forward you're expecting billings growth to remain more stable too. So maybe you can just comment on what you're seeing in the macro, what your assumptions are for ITSM versus CS growth that's supporting that outlook?

我認為，儘管有所推進，但您預計帳單成長也會保持更加穩定。因此，也許您可以評論一下您在宏觀方面看到的情況，以及您對支持這一前景的 ITSM 與 CS 增長的假設是什麼？

Taylor, this is Tyler. We -- on the guidance, I think we've tried to get to a cadence that you guys will recognize. We are guiding to what we see. And it's not like we're trying to be overly conservative. We are trying to call it as we see it, and then we will obviously update that every single quarter.

泰勒，這是泰勒。我們——在指導上，我認為我們已經努力達到你們會認可的節奏。我們正在引導我們所看到的。我們並不是想變得過於保守。我們試圖按照我們所看到的方式來稱呼它，然後我們顯然會每季更新它。

For the year, we do think in terms of the growth rate stabilization, we do think we're at a point right now where, okay, expansion, things like that. We don't expect those rates to get worse. We just talked about net dollar retention that we thought it was going to be 105%. We're actually calling 106% is kind of the bottom now. And we think we have a pretty good view of the business as it is in front of us.

今年，我們確實認為成長率穩定，我們確實認為我們現在正處於擴張之類的時刻。我們預計這些比率不會變得更糟。我們剛剛談到了淨美元保留率，我們認為它會達到 105%。我們實際上認為 106% 現在已經是底部了。我們認為我們對擺在我們面前的業務有很好的了解。

We -- again, I'm going to point to some of the initiatives we're working on and how we're going to grow faster. We just need to let these things play out, and we'll actually build those in, as we start to see returns on them. It's just too early to be able to do that. But in general, we feel really good about the business and we're coming off a really good quarter, and we're pretty positive.

我們——再次，我將指出我們正在進行的一些舉措以及我們將如何更快地發展。我們只需要讓這些事情發揮作用，當我們開始看到它們的回報時，我們就會真正建構它們。現在做到這一點還為時過早。但總的來說，我們對業務感覺非常好，我們的季度業績非常好，我們非常樂觀。

And the final question for today will be coming from David Hynes of Canaccord Genuity.

今天的最後一個問題將來自 Canaccord Genuity 的 David Hynes。

I'm going to pile on with another AI question. I don't know if it's for Dennis or G. But look, the value prop -- the customer examples are giving us early adoption seems very apparent. For the folks that aren't moving forward, yes. Is it a matter of organizational readiness? Are there price sensitivities in the market? I guess I'm particularly curious on the latter, just given some of the more advanced AI features are yet to come to market, how sensitive are buyers to price at this point? Any color there would be helpful.

我將繼續討論另一個人工智慧問題。我不知道它是給 Dennis 還是 G。但看，價值支柱——客戶範例讓我們儘早採用似乎非常明顯。對於那些沒有前進的人來說，是的。這是組織準備的問題嗎？市場是否存在價格敏感度？我想我對後者特別好奇，鑑於一些更先進的人工智慧功能尚未上市，買家目前對價格有多敏感？任何顏色都會有幫助。

Yes. So this is Dennis. So, so far, as I said earlier, there's like thousands of customers have opted into the beta. So I think to one degree or another, all of our customers have some level of interest. Now some of those customers are going to be a little more cautious if they have become reliant on a human-driven interaction or let's say, they have a very high value customer on the other end and they prefer to have a human involved, then they're going to be less likely to adopt Freddy self-serve, but they may adopt our Copilot product. So I think it's just a matter of time before all of these opt into some trial of sort.

是的。這就是丹尼斯。因此，到目前為止，正如我之前所說，已有數千名客戶選擇了測試版。所以我認為在某種程度上，我們所有的客戶都有一定程度的興趣。現在，如果其中一些客戶變得依賴人為驅動的交互，或者比方說，他們在另一端有一個非常高價值的客戶，並且他們更喜歡有人參與，那麼他們會更加謹慎。不太可能採用Freddy 自助服務，但他們可能會採用我們的Copilot 產品。所以我認為所有這些選擇進行某種試驗只是時間問題。

And then it's a question of whether or not they see value in the product. And if they do, that's when we get into a nice discussion about, well, what is the investment that they're going to be making in AI. They're going to provision all their agents or some of their agents and how does that work. So that's a huge opportunity for us this year.

然後是他們是否看到產品價值的問題。如果他們這樣做了，那就是我們開始好好討論他們將在人工智慧方面進行哪些投資的時候。他們將提供所有代理或部分代理，以及這是如何運作的。所以今年這對我們來說是一個巨大的機會。

And we're seeing with some of the resolution rates, the improvement in call quality and customer interaction, customer resolution, we're seeing a lot of value come from these AI products and customers are recognizing that value. So we're going to have to see how it all plays out, but I'm pretty optimistic that this is a huge opportunity for us that's going to really materialize over the course of the year.

我們看到，在一些解決率、通話品質和客戶互動、客戶解決率方面的改善，我們看到這些人工智慧產品帶來了許多價值，並且客戶正在認識到這種價值。因此，我們必須看看這一切會如何發展，但我非常樂觀地認為，這對我們來說是一個巨大的機會，將在今年真正實現。

Yes. Okay. That's helpful color. And then, Tyler, maybe a follow-up for you. I think it's been asked a couple of different ways, but you have this $1 billion target out there for '26. It implies some future acceleration in growth. Do we need to see the macro improve to hit that? Or do you think you can get there with the go-to-market enhancements, the enterprise push, AI, new products, all the stuff that you're doing today? Can you get there in the current environment?

是的。好的。這是有用的顏色。然後，泰勒，也許是你的後續行動。我認為有人以幾種不同的方式提出了要求，但 26 年的目標是 10 億美元。這意味著未來成長會加速。我們是否需要看到宏觀改善才能實現這一目標？或者你認為你可以透過市場改進、企業推動、人工智慧、新產品以及你今天所做的所有事情來實現這一目標嗎？在現在的環境下你能到達嗎？

Yes. Our plan is to be able to get there in the current environment. That's not based on macro coming back.

是的。我們的計劃是能夠在當前環境下實現這一目標。這並不是基於宏觀的回歸。

Alright guys, thank you.

好的，夥計們，謝謝你們。

Thanks, everybody.

謝謝大家。

This concludes today's conference call. Everyone may disconnect.

今天的電話會議到此結束。每個人都可能斷開連線。