Freshworks Inc (FRSH) 2024 Q4 法說會逐字稿

Hello, and welcome to Freshworks Fourth Quarter and Full Year 2024 Earnings Conference Call.

您好，歡迎參加 Freshworks 2024 年第四季和全年財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker, Joon Huh, Head of Investor Relations.

現在，我想將會議交給第一位發言者，投資者關係主管 Joon Huh。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good afternoon, and welcome to Freshworks' Fourth Quarter and Full Year 2024 Earnings Conference Call.

下午好，歡迎參加 Freshworks 2024 年第四季和全年財報電話會議。

Joining me today are Dennis Woodside, Freshworks' Chief Executive Officer and President; and Tyler Sloat, Freshworks' Chief Operating Officer and Chief Financial Officer.

今天與我一起的還有 Freshworks 的執行長兼總裁 Dennis Woodside；以及 Freshworks 營運長兼財務長 Tyler Sloat。

The primary purpose of today's call is to provide you with information regarding our fourth quarter and full year 2024 performance and our financial outlook for our first quarter and full year 2025.

今天電話會議的主要目的是向您提供有關我們 2024 年第四季和全年業績以及 2025 年第一季和全年財務展望的資訊。

Some of our discussions and responses to your questions may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

我們對您的問題的一些討論和回應可能包含 1995 年私人證券訴訟改革法案所定義的前瞻性陳述。

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 the timing of future repurchases of our Class A common stock, and certain other assumptions made by the company, all of which are subject to change.

這些前瞻性陳述是基於 Freshworks 對其業務和行業的當前預期和估計，包括我們的財務前景、宏​​觀經濟不確定性、管理層的看法、未來回購 A 類普通股的時間，以及公司做出的某些其他假設，所有這些都可能發生變化。

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.

這些聲明受風險、不確定性和假設的影響，可能導致實際結果與前瞻性聲明中的預測有重大差異。

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 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 表格以及向美國證券交易委員會提交的其他定期文件。

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.

Freshworks 不承擔更新任何前瞻性陳述以反映本次電話會議召開之日後可能出現的事件或情況的義務，除非法律另有規定。

During the course of today's call, we will refer to certain non-GAAP financial measures.

在今天的電話會議中，我們將參考某些非公認會計準則財務指標。

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.

我們的收益報告包含歷史期間的 GAAP 和非 GAAP 財務指標之間的對賬，您可在我們的投資者關係網站 ir.freshworks.com 上查閱。我鼓勵您訪問我們的投資者關係網站，以查看我們的收益報告、補充收益幻燈片、定期的 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 Dennis.

現在，讓我把話題交給丹尼斯。

Thanks, Joon, and thank you, everyone, for joining us today on the call.

謝謝，Joon，也謝謝大家今天參加我們的電話會議。

Q4 was another great quarter across the board for Freshworks.

對於 Freshworks 來說，第四季又是一個全面且出色的季度。

We outperformed all our key metrics and exceeded our previously provided estimates for growth and profitability, finishing the year on a high note.

我們超越了所有關鍵指標，也超越了我們先前提供的成長和獲利預期，以高調結束了這一年。

We ended the year with over 72,200 customers who've chosen Freshworks' CX and EX software to transform their business.

今年，我們有超過 72,200 名客戶選擇了 Freshworks 的 CX 和 EX 軟體來轉型他們的業務。

Time and again, overpriced legacy software vendors with overcomplicated products drive customers directly into our hands.

一次又一次，定價過高且產品過於複雜的傳統軟體供應商將客戶直接推到我們手中。

Customers choose Freshworks' uncomplicated software to deliver powerful productivity gains for IT, customer support, and other business teams.

客戶選擇 Freshworks 的簡單軟體為 IT、客戶支援和其他業務團隊帶來強大的生產力提升。

In Q4, revenue grew 22% year-over-year to $194.6 million, beating our previously provided estimates.

第四季度，營收年增 22% 至 1.946 億美元，超過了我們先前提供的預期。

We delivered a non-GAAP operating margin of 21% and generated adjusted free cash flow of $41.7 million, resulting in an adjusted free cash flow margin of 21% for the quarter, also outperforming expectations.

我們實現了非公認會計準則下的營業利潤率 21%，並產生了 4,170 萬美元的調整後自由現金流，導致本季調整後的自由現金流利潤率為 21%，也超出預期。

We added over 2,600 net customers in Q4, representing the largest quarterly increase in four years.

我們在第四季新增了超過 2,600 名淨客戶，這是四年來最大的季度增幅。

We welcomed and onboarded notable customers, including Mesa Airlines, retailers like New Balance and Rawlings Sporting Goods, and software companies like Sophos.

我們歡迎並接納了包括梅薩航空、New Balance 和 Rawlings Sporting Goods 等零售商以及 Sophos 等軟體公司在內的知名客戶。

We saw healthy expansion activity and maintained a similar net dollar retention of 105% on a constant currency basis compared to the prior quarter.

我們看到了健康的擴張活動，與上一季相比，以固定匯率計算，淨美元保留率維持在 105% 左右。

We also succeeded in expanding our business with many existing large customers, including Amex GBT, Coherent, Klarna, EDF Renewables, and UCLA.

我們也成功擴大了與許多現有大客戶的業務往來，包括 Amex GBT、Coherent、Klarna、EDF Renewables 和 UCLA。

Our strategy to drive durable and profitable growth is working.

我們推動持久獲利成長的策略正在發揮作用。

Our first imperative is investing in EX.

我們的首要任務是投資 EX。

We are doubling down on our largest, fastest-growing employee experience business, which includes ITSM, ITAM, ITOM, and ESM.

我們正在加倍投入規模最大、成長最快的員工體驗業務，其中包括 ITSM、ITAM、ITOM 和 ESM。

Our second imperative is delivering AI capabilities across our products and platform.

我們的第二個要務是在我們的產品和平台上提供人工智慧功能。

We are driving productivity improvements for our customers in both employee experience and customer experience.

我們正在從員工體驗和客戶體驗兩個方面幫助客戶提高生產力。

Our third imperative is accelerating growth for our customer experience solutions, including our customer service and sales and marketing products.

我們的第三個要務是加速我們的客戶體驗解決方案的成長，包括我們的客戶服務和銷售和行銷產品。

Now I'll share exactly how our execution against our strategy led to the strong Q4 results.

現在我將具體分享我們如何根據策略執行並在第四季度取得強勁業績。

First, our investments in EX are paying off as we continue to drive upmarket momentum.

首先，隨著我們繼續推動高端市場的發展，我們對 EX 的投資正在獲得回報。

Q4 was another strong quarter for our EX business.

第四季對於我們的 EX 業務來說又是一個強勁的季度。

We surpassed $400 million in ARR and grew 35% year-over-year on a constant currency basis.

我們的 ARR 超過 4 億美元，以固定匯率計算年增 35%。

Our underlying business fundamentals continue to be strong.

我們的基本業務基礎持續保持強勁。

We did see meaningful FX impact on our reported numbers, which Tyler will cover in greater detail later in the call.

我們確實看到外匯對我們報告的數字產生了重大影響，泰勒將在稍後的電話會議中更詳細地介紹這一點。

We ended the quarter with 18,300 customers in EX.

截至本季度，我們在 EX 擁有 18,300 名客戶。

Several trends within our business are driving growth, continued upmarket success, expansion with ESM, attaching Device42 to new and existing accounts, and building a leadership position in specific industries.

我們業務中的幾個趨勢是推動成長、繼續在高端市場取得成功、透過 ESM 擴張、將 Device42 附加到新舊帳戶、以及在特定行業中建立領導地位。

First, more and more mid-market and enterprise customers are turning to Freshworks as they leave behind our largest IT competitors.

首先，越來越多的中型市場和企業客戶將我們最大的 IT 競爭對手拋在身後，轉向了 Freshworks。

We believe that's because big SaaS vendors are overcharging and underserving their customers, particularly in the mid-market.

我們認為，這是因為大型 SaaS 供應商向客戶收費過高且服務不足，尤其是在中端市場。

We offer the alternative, software that's enterprise-grade without unnecessary complexity.

我們提供替代方案，即企業級軟體，沒有不必要的複雜性。

Over 75% of the ARR in our EX business comes from mid-market and enterprise companies, which we define as organizations with 250 or more employees.

我們的 EX 業務中超過 75% 的 ARR 來自中型市場和企業公司，我們將其定義為擁有 250 名或更多員工的組織。

Iconic companies, major city governments, and manufacturers are turning their backs on legacy SaaS vendors and coming to Freshworks.

標誌性公司、主要城市政府和製造商正在拋棄傳統的 SaaS 供應商，轉而選擇 Freshworks。

Recently, a multibillion-dollar hard drive manufacturer dropped ServiceNow after a 13-year relationship to embrace Freshservice.

最近，一家價值數十億美元的硬碟製造商結束了與 ServiceNow 長達 13 年的合作關係，轉而採用 Freshservice。

The city and county of San Francisco and Mesa Airlines also chose us over ServiceNow in Q4.

舊金山市和縣以及梅薩航空也在第四季度選擇了我們而不是 ServiceNow。

Universities and health care providers are choosing Freshservice over others, too.

大學和醫療保健提供者也選擇了 Freshservice。

Denver Health, a leading provider of hospitals, emergency care and community health centers, needed to modernize its IT operations.

丹佛健康是一家領先的醫院、急救護理和社區健康中心提供商，需要實現其 IT 營運的現代化。

By replacing its legacy ITSM tool with Freshservice, Denver Health can protect the security and privacy of patient data while automating important tasks so that employees can provide patient care.

透過以 Freshservice 取代其傳統的 ITSM 工具，丹佛健康中心可以保護病患資料的安全和隱私，同時自動執行重要任務，以便員工能夠為病患提供護理。

The second big trend driving our EX business is our ongoing success in ESM with Freshservice for Business Teams.

推動我們 EX 業務的第二大趨勢是我們透過 Freshservice for Business Teams 在 ESM 中取得的持續成功。

ESM is a key lever for expansion and in new deals, the attach rate increased to 25% in Q4.

ESM 是擴張的關鍵槓桿，在新的交易中，附加率在第四季度上升到了 25%。

Monetization momentum continued to build with ESM ARR growing 2.5 times in 2024, and one out of five eligible customers utilizing Freshservice for Business Teams.

貨幣化勢頭持續增強，ESM ARR 將在 2024 年成長 2.5 倍，五分之一的合格客戶使用 Freshservice for Business Teams。

Alterra Mountain Company, TeamViewer, Wake Forest University, and Coherent are all using Freshservice in other areas of their businesses, including HR, marketing and finance to deliver amazing service experiences.

Alterra Mountain Company、TeamViewer、維克森林大學和 Coherent 均在其業務的其他領域（包括人力資源、行銷和財務）使用 Freshservice 來提供出色的服務體驗。

Alterra Mountain Company, owner of the popular Ikon ski pass, operates 18 year-round resorts.

Alterra Mountain Company 是廣受歡迎的 Ikon 滑雪通行證的擁有者，經營著 18 個全年開放的度假村。

They wanted a single technology solution to enable smoother collaboration between departments and locations.

他們想要一個單一的技術解決方案來實現部門和地點之間更順暢的協作。

After seeing success with Freshservice in their IT environment, Alterra expanded its use of Freshservice across more departments, including HR, facilities, finance, sales and marketing.

在其 IT 環境中看到 Freshservice 取得成功後，Alterra 將 Freshservice 的使用範圍擴展到更多部門，包括人力資源、設施、財務、銷售和行銷。

Coherent, a global manufacturer of industrial and laser equipment, transitioned 500 internal agents and all ITSM workflows from multiple tools including ServiceNow, to Freshservice.

Coherent 是一家全球工業和雷射設備製造商，它將 500 名內部代理商和所有 ITSM 工作流程從 ServiceNow 等多種工具過渡到 Freshservice。

Coherent recently expanded its use of Freshservice beyond IT to their HR department, supporting 25,000 employees.

Coherent 最近將 Freshservice 的使用範圍從 IT 部門擴展到人力資源部門，為 25,000 名員工提供支援。

They have plans to expand Freshservice to additional teams such as facilities and procurement.

他們計劃將 Freshservice 擴展到設施和採購等其他團隊。

In Q4, we made product improvements to further strengthen our offering for teams outside of IT.

在第四季度，我們對產品進行了改進，以進一步加強我們為 IT 非團隊提供的服務。

We launched new connectors for major human capital management tools like UKG and Personio and have a strong pipeline of integrations with more HR apps, including ADP and Paylocity going live in the coming months.

我們為 UKG 和 Personio 等主要人力資本管理工具推出了新的連接器，並建立了與更多人力資源應用程式的強大整合管道，包括將在未來幾個月上線的 ADP 和 Paylocity。

The third EX growth driver is our advanced ITAM offering with Device42.

第三個 EX 成長動力是我們與 Device42 合作提供的先進 ITAM 產品。

In Q4, we launched a new integration to create a more seamless experience for customers using Freshservice with Device42.

在第四季度，我們推出了新的整合功能，為使用 Freshservice 和 Device42 的客戶創造更無縫的體驗。

Companies can enhance their operations with comprehensive infrastructure auto-discovery and dependency mapping, delivering deeper, more actionable insights to power their IT operations.

公司可以透過全面的基礎設施自動發現和依賴關係映射來增強其運營，提供更深入、更可操作的見解來支援其 IT 運營。

The combined offering is easier to configure than the competition, which contributed to an increase in upsell of advanced ITAM capabilities into existing Freshservice customers.

組合產品比競爭對手的產品更容易配置，這有助於增加現有 Freshservice 客戶的高級 ITAM 功能的追加銷售。

Three of the top 10 deals we closed in Q4 included a Device42 attach element, and Q4 represented the highest net new ARR quarter ever for the Device42 business.

我們在第四季度達成的十大交易中，有三筆涉及 Device42 附加元素，第四季度是 Device42 業務有史以來淨新 ARR 最高的季度。

Major sportswear brand, New Balance is experiencing rapid growth and posted record sales in 2024.

主要運動服飾品牌 New Balance 正在經歷快速成長，並在 2024 年創下了創紀錄的銷售額。

They utilized Freshservice Enterprise and Device42 to offer a global online portal for all internal support needs.

他們利用 Freshservice Enterprise 和 Device42 為所有內部支援需求提供全球線上入口網站。

The integration of Device42 for advanced asset management and its CMDB gives New Balance an accurate view of its IT infrastructure across locations.

透過與 Device42 進行高級資產管理及其 CMDB 的集成，New Balance 可以準確了解其各個地點的 IT 基礎設施。

AI-powered self-service capabilities accessible through the portal, Microsoft Teams and e-mail will empower associates with an intuitive and modern support experience.

透過入口網站、Microsoft Teams 和電子郵件存取的人工智慧自助服務功能將為員工提供直覺和現代化的支援體驗。

We continue to attract education and sports organizations, solidifying our leadership position in these industries.

我們不斷吸引教育和體育組織，鞏固我們在這些行業的領導地位。

In education, Wake Forest University, UCLA, and Manchester Metropolitan University use Freshservice for digital transformation.

在教育領域，維克森林大學、加州大學洛杉磯分校和曼徹斯特城市大學使用 Freshservice 進行數位轉型。

In professional sports, almost 1/3 of the National Football League and Major League Baseball teams use Freshservice.

在職業運動領域，幾乎 1/3 的國家美式足球聯盟和美國職棒大聯盟球隊都使用 Freshservice。

The San Francisco 49ers, Kansas City Chiefs, Indianapolis Colts, and Arizona Cardinals are just a few of our NFL customers.

舊金山 49 人隊、堪薩斯城酋長隊、印第安納波利斯小馬隊和亞利桑那紅雀隊只是我們的部分 NFL 客戶。

In Major League Baseball, the San Francisco Giants, Cleveland Guardians, Minnesota Twins, and Houston Astros are customers.

在美國職棒大聯盟中，舊金山巨人隊、克里夫蘭衛隊、明尼蘇達雙城隊和休士頓太空人隊都是客戶。

We also have a number of European football clubs such as Perry Everton and South Hampton as customers and multiple F1 teams like McLaren Racing.

我們的客戶還包括佩里埃弗頓和南安普敦等多家歐洲足球俱樂部，以及麥克拉倫車隊等多支 F1 車隊。

We believe that companies that care about their employee experience choose Freshservice, software that's enterprise-grade without enterprise complexity.

我們相信，關心員工體驗的公司會選擇 Freshservice，這是企業級且沒有企業複雜性的軟體。

On to our second imperative, AI.

接下來是我們的第二個要務：人工智慧。

We expect AI to be a tailwind for our business as customers are realizing tangible business value.

隨著客戶意識到有形的商業價值，我們預期人工智慧將成為我們業務的順風。

After launching Freddy Copilot in February, we ended the year with more than 2,200 customers, reflecting quarterly net adds of more than 500 or 30% growth quarter-over-quarter.

自二月推出 Freddy Copilot 以來，我們在年底擁有超過 2,200 名客戶，這意味著季度淨增加超過 500 名，環比增長 30%。

We're seeing monetization payoffs for Copilot in its first year, ending with ARR ahead of our internal targets.

我們在第一年就看到了 Copilot 的貨幣化回報，最終 ARR 超過了我們的內部目標。

In a world of hype and jargon, we are successfully taking customers from AI experimentation to execution.

在充滿炒作和行話的世界裡，我們成功地帶領客戶從人工智慧實驗走向執行。

Take the Kansas City Chiefs, for example.

以堪薩斯城酋長隊為例。

The Chiefs used Freddy AI Copilot with Freshservice to improve productivity across IT and finance departments.

酋長隊使用 Freddy AI Copilot 和 Freshservice 來提高 IT 和財務部門的工作效率。

For several years, Freshworks has been helping them find ways to win off the field.

多年來，Freshworks 一直在幫助他們尋找場外獲勝的方法。

In Q4, we maintained over 50% Copilot attach rates for new deals of $30,000 or more.

在第四季度，我們對於 30,000 美元或以上的新交易保持了 50% 以上的 Copilot 附加率。

Attach rates for SMB continued to be double digits and increased quarter-over-quarter.

中小企業的附加率持續保持兩位數，且較上季成長。

With the launch of Freddy AI Agent for CX, we combined our Freddy AI self-service features into this new product.

隨著 Freddy AI Agent for CX 的推出，我們將 Freddy AI 自助服務功能整合到這個新產品中。

By the end of the year, over 1,300 customers were using Freddy AI Agent, including 100 customers testing the latest beta version.

截至年底，已有超過 1,300 名客戶使用 Freddy AI Agent，其中包括 100 名測試最新測試版本的客戶。

As our AI agents improve, more customers are using them and seeing positive results.

隨著我們的人工智慧代理的改進，越來越多的客戶正在使用它們並看到了積極的結果。

Freshworks is committed to turning AI into ROI for businesses of all sizes.

Freshworks 致力於將 AI 轉化為各種規模企業的投資回報。

Take AdaptHealth, for example, a home health care company that serves 4 million patients.

以 AdaptHealth 為例，這是一家為 400 萬名患者提供服務的家庭保健公司。

The IT team uses Freddy AI Agent to speed resolution times and deflect tickets.

IT 團隊使用 Freddy AI Agent 來加快解決時間並轉移票證。

This frees up time for the team to focus on improving patient outcomes.

這使得團隊有時間專注於改善患者的治療效果。

We are excited about the progress we've made and expect to see meaningful progress on AI monetization in 2025 with anticipated widespread adoption of Freddy AI.

我們對所取得的進展感到非常興奮，並預計隨著 Freddy AI 的廣泛採用，AI 貨幣化將在 2025 年取得有意義的進展。

Finally, I'll cover CX, our flagship business that's been paving a better way forward for service software for over a decade.

最後，我將介紹我們的旗艦業務 CX，十多年來它一直為服務軟體的發展鋪平道路。

This is another area where we see strong momentum, especially in the SMB segment and was a significant contributor to our net new customer adds this quarter.

這是我們看到強勁勢頭的另一個領域，特別是在中小型企業領域，並且是本季淨新增客戶的重要貢獻者。

We ended the quarter for CX with over 58,200 customers, generating over $360 million in ARR, growing at 7% year over year on a constant currency basis, similar to the constant currency growth rate in Q3.

截至本季度，CX 擁有超過 58,200 名客戶，創造了超過 3.6 億美元的 ARR，以固定匯率計算年增 7%，與第三季的固定匯率成長率相似。

With an initiative that we started mid-Q3, we're seeing ongoing conversion of free-to-paid customers, largely in the SMB segment.

透過我們在第三季中期啟動的一項計劃，我們看到免費客戶不斷轉變為付費客戶，主要是在中小企業領域。

This initiative benefited the CX business and significantly contributed to the customer net adds for CX, which was more than 2,000 for the quarter.

這項舉措使 CX 業務受益匪淺，並為 CX 的客戶淨增做出了重大貢獻，本季 CX 的客戶淨增量超過 2,000 家。

We are largely through the vast majority of conversions so expect to see a smaller benefit in Q1.

我們基本上已經完成了絕大多數轉換，因此預計第一季的收益會較小。

Amazing large organizations are choosing Freshdesk, including Airbus and AMC Networks.

令人驚嘆的大型組織正在選擇 Freshdesk，包括空中巴士和 AMC 網路。

Satair, a wholly owned subsidiary of Airbus, adopted Freshdesk to effectively communicate and resolve tickets from customers, suppliers, and employees.

空中巴士的全資子公司 Satair 採用 Freshdesk 來有效溝通並解決來自客戶、供應商和員工的問題。

They have seen a 40% reduction in average ticket handling time and a dramatic reduction in onboarding time from 1 month previously to two to four days with Freshdesk.

使用 Freshdesk 後，他們發現平均票務處理時間減少了 40%，入會時間也從先前的 1 個月大幅減少到 2 到 4 天。

In Q4, we made updates to Freshdesk's support admin features as well as our supervisor experience, which delivers advanced analytics to our customers.

在第四季度，我們更新了 Freshdesk 的支援管理功能以及我們的主管體驗，為我們的客戶提供了高級分析。

We also launched integrations with PlayBox Workforce Management, an important feature for customers like Stitch Fix.

我們還推出了與 PlayBox Workforce Management 的集成，這對於 Stitch Fix 等客戶來說是一項重要功能。

It is clear to us that these product improvements contributed to solid retention rates which remained stable from Q3.

我們清楚地看到，這些產品改進有助於固體保留率從第三季開始保持穩定。

We believe our CX products have several strong expansion paths; first, CX customers are leading the charge in adopting our AI products; second, we saw growth in our total agent count across the business as seats increased quarter-over-quarter; third, CX customers are also buying EX and vice versa.

我們相信我們的 CX 產品有幾條強勁的擴展路徑；首先，CX 客戶在採用我們的 AI 產品方面處於領先地位；第二，隨著席次數量逐季增加，我們整個業務的代理總數也隨之成長；第三，CX 客戶也在購買 EX，反之亦然。

For example, Dune London, a growing footwear and accessory retailer, wanted a unified solution to support customer inquiries and manage internal IT processes.

例如，不斷發展的鞋類和配件零售商 Dune London 想要一個統一的解決方案來支援客戶查詢並管理內部 IT 流程。

Dune first had success with Freshdesk and Freddy AI, which deflected 40% of tickets.

Dune 首次與 Freshdesk 和 Freddy AI 合作取得了成功，解決了 40% 的故障單。

They recently added Freshservice with Freddy AI Copilot to assist their IT team. iPostal1 is the largest provider of digital mailbox services and has been using Freshdesk for years as a scalable solution to manage its expanding customer base of over 1 million.

他們最近新增了 Freshservice 和 Freddy AI Copilot 來協助他們的 IT 團隊。 iPostal1 是最大的數位郵箱服務供應商，多年來一直使用 Freshdesk 作為可擴展的解決方案來管理其不斷增長的超過 100 萬的客戶群。

After seeing the value of Freshdesk in their business, they adopted Freddy AI and Freshservice to streamline internal operations.

在看到 Freshdesk 在其業務中的價值後，他們採用了 Freddy AI 和 Freshservice 來簡化內部營運。

Freddy AI Agents are saving their agents time and resolving 54% of their queries. iPostal1 has also expanded their use of Freshservice to legal, product management, operations and HR.

Freddy AI 代理商節省了代理商的時間並解決了 54% 的查詢。 iPostal1 也將 Freshservice 的使用範圍擴展到法律、產品管理、營運和人力資源領域。

In Q4, we welcomed our new Chief Product Officer, Srini Raghavan, to the Freshworks executive leadership team.

在第四季度，我們歡迎新任首席產品長 Srini Raghavan 加入 Freshworks 執行領導團隊。

Srini, who brings extensive experience leading AI and automation initiatives at RingCentral, Five9, and Cisco will shape the next chapter of innovation at Freshworks and will play a key role in shaping our CX and EX products going forward.

Srini 在 RingCentral、Five9 和思科領導人工智慧和自動化計劃方面擁有豐富的經驗，他將塑造 Freshworks 創新的下一篇章，並在塑造我們未來的 CX 和 EX 產品方面發揮關鍵作用。

Last week, we also welcomed Venki Subramanian, SVP of Product Management, to the CX leadership team.

上週，我們也歡迎產品管理資深副總裁 Venki Subramanian 加入 CX 領導團隊。

Venki has held leadership roles at SAP and ServiceNow where he launched and scaled their customer experience and CRM products.

Venki 曾在 SAP 和 ServiceNow 擔任領導職務，推出並擴展了他們的客戶體驗和 CRM 產品。

We continue to attract world-class talent in every function, all focused on delivering for our customers' uncomplicated solutions.

我們持續在各個職能領域吸引世界級的人才，致力於為客戶提供簡單的解決方案。

Looking ahead, we're driving new avenues of growth through strategic partnerships that are unlocking a more diverse pool of customers.

展望未來，我們將透過策略夥伴關係開拓新的成長途徑，進而吸引更多樣化的客戶群。

Today, we have more than 500 active partners globally from large value-added resellers, solution providers, system integrators, distributors and sales consultants.

今天，我們在全球擁有超過 500 個活躍合作夥伴，包括大型加值經銷商、解決方案供應商、系統整合商、經銷商和銷售顧問。

Our partners touched one-third of our ARR in 2024 and many more customers through sales and service implementations.

我們的合作夥伴在 2024 年佔據了我們 ARR 的三分之一，並且透過銷售和服務實施覆蓋了更多的客戶。

We are excited to announce a new strategic agreement with Unisys, a leading global SI partner.

我們很高興地宣布與全球領先的 SI 合作夥伴 Unisys 達成新的策略協議。

Unisys was looking for a modern IT solution to deliver for their large and mid-market customers.

Unisys 正在尋找一種現代化的 IT 解決方案來為其大中型市場客戶提供服務。

And after completing a competitive review process, they chose Freshservice.

在完成競爭性評審流程後，他們選擇了 Freshservice。

Initially, Unisys will partner as a reseller of our products with future plans of leveraging our solutions for an MSP offering.

最初，Unisys 將作為我們產品的經銷商進行合作，未來計劃利用我們的解決方案來提供 MSP 產品。

We're excited to work with Unisys, and this partnership highlights our strong momentum with mid-market and enterprise companies.

我們很高興與 Unisys 合作，此次合作凸顯了我們在中型市場和企業公司領域的強勁發展勢頭。

As we evolve and execute on our partner strategy, we expect to see increased efficiencies in our go-to-market efforts, leading to additional margin improvements in the business.

隨著我們合作夥伴策略的不斷發展和執行，我們期望看到我們的市場進入效率提高，從而進一步提高業務利潤率。

I am incredibly excited about the opportunity ahead and in 2025.

我對未來以及 2025 年的機會感到無比興奮。

We have a competitive advantage with our enterprise-grade software that delivers results fast.

我們擁有能夠快速提供成果的企業級軟體，從而具有競爭優勢。

We have an experienced and talented leadership team.

我們擁有一支經驗豐富且才華洋溢的領導團隊。

We are focused on efficiently scaling and are well positioned to be a leading enterprise software company.

我們專注於高效擴展，並致力於成為領先的企業軟體公司。

Thank you to our customers, partners, employees, and shareholders for your ongoing support.

感謝我們的客戶、合作夥伴、員工和股東的持續支持。

Now let me turn it over to Tyler to go through the operational and financial details.

現在，讓我將話題交給泰勒，讓他介紹營運和財務細節。

Thanks, Dennis, and thanks, everyone, for joining on the call and via webcast today.

謝謝丹尼斯，也謝謝大家今天的電話會議和網路直播。

For our call today, I'll cover the Q4 and full year 2024 financial results, provide background on the key metrics, and close with our forward-looking commentary and expectations for Q1 and full year 2025.

在今天的電話會議上，我將介紹 2024 年第四季度和全年的財務業績，提供關鍵指標的背景信息，最後給出我們對 ​​2025 年第一季度和全年的前瞻性評論和預期。

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

提醒一下，我們的大部分討論將集中在非 GAAP 財務結果上，這些結果不包括股票薪酬費用、重組費用和其他調整的影響。

We will also talk about adjusted free cash flow, which excludes the cash outlay related to restructuring costs in Q4.

我們還將討論調整後的自由現金流，其中不包括第四季度與重組成本相關的現金支出。

We are pleased to report another outstanding quarter and a strong finish to the year as we surpassed both our previously provided top line and bottom line estimates in Q4.

我們很高興地報告，我們又一個季度表現優異，並以強勁的勢頭結束了這一年度，因為我們在第四季度的營收和利潤均超出了我們之前提供的預期。

We made significant improvements to our overall cost structure, expanding our non-GAAP operating margin by 800 basis points quarter-over-quarter to 21% as well as growing our adjusted free cash flow 46% year-over-year to $41.7 million, which resulted in a strong adjusted free cash flow margin of 21%.

我們對整體成本結構進行了重大改進，非公認會計準則營業利潤率環比增長 800 個基點至 21%，同時調整後自由現金流同比增長 46% 至 4,170 萬美元，調整後自由現金流利潤率強勁達到 21%。

These results reflect the successful execution of our strategic initiatives as we remain confident in our ability to drive profitable growth for our business.

這些結果反映了我們策略性舉措的成功執行，我們對於推動業務獲利成長的能力充滿信心。

Let me first start with FX as this had a meaningful impact on our reported numbers in Q4.

讓我先從外匯開始，因為這對我們第四季報告的數字產生了重大影響。

We observed a notable shift in FX rates throughout the quarter, driven by the strengthening of the U.S. dollar.

我們觀察到，受美元走強的推動，整個季度外匯匯率發生了顯著變化。

Q4 revenue impact was minimal but this resulted in a 3 percentage point negative impact to our ARR growth or $17.5 million reduction to our ARR.

雖然第四季的收入影響很小，但這對我們的 ARR 成長產生了 3 個百分點的負面影響，或導致我們的 ARR 減少 1,750 萬美元。

As such, I'll include constant currency comparisons for many of the metrics to provide a better view of our underlying business trends.

因此，我將對許多指標進行恆定貨幣比較，以便更好地了解我們的潛在業務趨勢。

Starting with the income statement.

從損益表開始。

Total revenue in Q4 increased to $194.6 million, growing 22% on a reported basis and 21% on a constant currency basis.

第四季總營收增至 1.946 億美元，按報告基礎計算成長 22%，以固定匯率計算成長 21%。

Professional services revenue contributed $2.4 million in the quarter as we continued to shift services revenue to our growing partner network.

由於我們繼續將服務收入轉移到不斷增長的合作夥伴網絡，專業服務收入在本季度貢獻了 240 萬美元。

Device42 revenue contribution was approximately $10.3 million for the quarter.

Device42 本季的營收貢獻約為 1,030 萬美元。

Half of the net new ARR for Device42 originated from the Freshworks field team as we realized cross-sell synergies from the acquisition.

Device42 淨新 ARR 的一半源自 Freshworks 現場團隊，因為我們透過收購實現了交叉銷售協同效應。

Our EX business remains our primary driver of overall growth for the business, which as Dennis noted, has now surpassed $400 million in ARR, growing 33% year over year on an as-reported basis and 35% on a constant currency basis.

我們的 EX 業務仍然是推動整體業務成長的主要動力，正如丹尼斯所說，該業務的 ARR 現已超過 4 億美元，按報告計算同比增長 33%，按固定匯率計算增長 35%。

Excluding Device42, EX growth was 22% year-over-year on an as-reported basis and 25% on a constant currency basis.

不包括 Device42，以報告基礎計算，EX 成長率為年成長 22%，以固定匯率計算，成長率為 25%。

Our CX business is at over $360 million in ARR and continues to perform well, growing at 6% year-over-year on an as-reported basis and 7% year-over-year on a constant currency basis.

我們的 CX 業務的 ARR 超過 3.6 億美元，並且繼續表現良好，按報告基礎計算同比增長 6%，按固定匯率計算同比增長 7%。

Moving to margins.

移至邊緣。

We improved our strong non-GAAP gross margin for Q4 to over 86% as we continued to efficiently deliver our solutions and support our customers.

由於我們繼續有效率地提供解決方案並為客戶提供支持，我們將第四季度的非 GAAP 毛利率提高至 86% 以上。

This represents an improvement of approximately 200 basis points compared to the prior year.

與前一年相比，這提高了約 200 個基點。

Our non-GAAP operating income for Q4 came in at $40.3 million, representing a non-GAAP operating margin of approximately 21% and ahead of prior expectations.

我們第四季的非 GAAP 營業收入為 4,030 萬美元，非 GAAP 營業利潤率約為 21%，高於先前的預期。

The strong performance is driven by a combination of revenue outperformance as well as cost benefits from lower personnel-related expenses in the quarter.

強勁的業績表現得益於本季營收的優異表現以及人員相關費用降低所帶來的成本效益。

As a reminder, our non-GAAP results do not include a onetime restructuring expense of $9.7 million.

提醒一下，我們的非 GAAP 結果不包括 970 萬美元的一次性重組費用。

Moving to operating metrics.

轉向營運指標。

Our two key business metrics are net dollar retention and customers contributing more than $5,000 in ARR.

我們的兩個關鍵業務指標是淨美元保留率和貢獻超過 5,000 美元的 ARR 的客戶。

As a result of the FX impact, net dollar retention was 103% on a reported basis.

由於外匯的影響，報告顯示淨美元保留率為 103%。

And we performed slightly better than our expectations at 105% on a constant currency basis.

以固定匯率計算，我們的業績略優於預期，為 105%。

Looking forward and based on expected pressure on expansion, we estimate net dollar retention of approximately 103% on an as-reported basis and 104% on a constant currency basis for Q1.

展望未來，基於預期的擴張壓力，我們預計第一季的淨美元保留率將按報告基礎計算約為 103%，以固定匯率計算約為 104%。

For our second key business metric of number of customers contributing more than $5,000 in ARR, as of the end of Q4, this metric grew 11% year over year on an as-reported basis and 13% year over year on a constant currency basis to 22,558 customers.

我們的第二個關鍵業務指標是 ARR 貢獻超過 5,000 美元的客戶數量，截至第四季度末，該指標按報告基礎同比增長 11%，按固定匯率計算同比增長 13%，達到 22,558 名客戶。

This customer cohort continues to represent 90% of our ARR.

該客戶群繼續占我們 ARR 的 90%。

For our larger customer cohort contributing more than $50,000 in ARR, as of the end of Q4, we saw growth of 22% year over year on an as-reported basis and 24% year over year on a constant currency basis to 3,053 customers.

對於我們較大的客戶群，其 ARR 貢獻超過 50,000 美元，截至第四季度末，按報告基礎計算，同比增長 22%，按固定匯率計算，同比增長 24%，達到 3,053 名客戶。

This cohort represents 50% of our ARR.

這個群體占我們 ARR 的 50%。

For total customers, we added over 2,600 net customers in the quarter and ended with over 72,200 customers.

就總客戶數而言，我們本季新增了 2,600 多名淨客戶，最終客戶總數超過 72,200 名。

Approximately 2,000 of the customers are the results of our recent initiatives to improve free-to-paid conversions.

其中約 2,000 名客戶是我們近期改善免費到付費轉換率措施的成果。

We expect these conversions to have a slight benefit to Q1 as the majority of the conversions occurred in Q4.

我們預計這些轉換將對第一季產生輕微的好處，因為大多數轉換發生在第四季。

Now let's turn to calculated billings, balance sheet and cash items.

現在讓我們來計算帳單、資產負債表和現金項目。

Our calculated billings grew approximately 23% year-over-year on both an as-reported and constant currency basis to $222.5 million in Q4.

我們計算的帳單按報告和固定匯率計算年增約 23% 至第四季的 2.225 億美元。

Excluding the impact of Device42, calculated billings grew 17% year-over-year.

不包括 Device42 的影響，計算帳單年增 17%。

As we discussed last quarter, our calculated billings include the reported revenue plus the change in the total deferred revenue in the quarter.

正如我們上個季度所討論的那樣，我們計算的帳單包括報告的收入加上該季度總遞延收入的變化。

In Q4, this includes a long-term deferred revenue increase of around $600,000 that is included in other liabilities on the balance sheet.

在第四季度，這包括約 60 萬美元的長期遞延收入增加，該增加包含在資產負債表的其他負債中。

Looking ahead to Q1 2025, our initial estimate for calculated billings growth is 13% and 14% on a constant currency basis.

展望 2025 年第一季，我們初步估計計算帳單成長率為 13%，以固定匯率計算為 14%。

For the full year 2025, we expect calculated billings growth to be approximately 13% year-over-year on an as-reported basis and 14% on a constant currency basis.

對於 2025 年全年而言，我們預計計算出的帳單成長率按報告基礎計算約為同比增長 13%，按固定匯率計算約為同比增長 14%。

We want to call out a few factors for the Q1 billings growth rate comparison quarter-over-quarter.

我們想指出第一季帳單成長率與上一季相比的幾個因素。

This includes 2 percentage points from early renewal activity pulled into Q4, 1.5 percentage points from FX, and 1 percentage point from onetime free-to-pay conversion subsiding in Q1.

這包括第四季度早期續訂活動帶來的 2 個百分點、外匯帶來的 1.5 個百分點以及第一季一次性免費轉換減少帶來的 1 個百分點。

Moving to our cash items.

轉向我們的現金物品。

We generated $41.7 million in adjusted free cash flow for Q4, outperforming our estimates, thanks to strong collection activities and continued improvements in our operational efficiencies.

由於強勁的收款活動和營運效率的持續提高，我們第四季度的調整後自由現金流為 4,170 萬美元，超出了我們的預期。

This resulted in an adjusted free cash flow margin of 21%, which represents an 800 basis point improvement year-over-year.

調整後的自由現金流利潤率為 21%，較上年同期提高了 800 個基點。

As a reminder, these results do not include a onetime use of cash of $7.3 million related to restructuring costs.

提醒一下，這些結果不包括與重組成本相關的 730 萬美元一次性現金使用。

For the full year 2024, we nearly doubled our adjusted free cash flow to $153.3 million compared to the prior year.

2024 年全年，我們的調整後自由現金流與前一年相比幾乎翻了一番，達到 1.533 億美元。

For the full year 2025, we expect to generate approximately $210 million of free cash flow, with approximately $50 million in Q1 and Q2 and slightly higher amounts in Q3 and Q4.

就 2025 年全年而言，我們預計將產生約 2.1 億美元的自由現金流，其中第一季和第二季約為 5,000 萬美元，第三季和第四季的金額略高。

Pursuant to our previously announced program to repurchase up to $400 million of our common stock that was approved by our Board in November 2024, we repurchased $15.5 million of our shares in Q4 at an average price of $15.77 per share.

根據我們先前宣布的回購高達 4 億美元普通股的計畫（該計畫已於 2024 年 11 月獲得董事會批准），我們在第四季以每股 15.77 美元的平均價格回購了 1550 萬美元的股票。

As a general practice, we will update our repurchase activity at the end of each quarter.

按照慣例，我們將在每個季度末更新我們的回購活動。

We remain committed to executing on an appropriate capital allocation strategy and delivering long-term value to our shareholders.

我們將繼續致力於執行適當的資本配置策略並為股東提供長期價值。

We continue to manage and offset share count dilution by net-settling vested equity amounts by using approximately $11 million during the quarter and $60 million for the full year 2024.

我們將繼續透過淨結算既得股權金額來管理和抵銷股份數量稀釋，本季使用約 1,100 萬美元，2024 年全年使用約 6,000 萬美元。

Since our IPO, we have used nearly $300 million to net-settle approximately 17.5 million shares.

自首次公開募股以來，我們已使用近 3 億美元淨結算約 1,750 萬股股票。

This activity is reflected in our financing activities and is excluded from our free cash flow.

此活動反映在我們的融資活動中，不包括在我們的自由現金流中。

Looking ahead, we will continue to net-settle vested equity amounts and expect Q1 cash usage of approximately $18 million using current stock price levels.

展望未來，我們將繼續對既得股權金額進行淨結算，並預計以當前股價水準計算第一季的現金使用量約為 1,800 萬美元。

For the full year, we expect to use approximately $71 million to net-settle vested equity amounts.

就全年而言，我們預計將使用約 7,100 萬美元來淨結算既得股權金額。

We ended the quarter with cash, cash equivalents, and marketable securities of $1.07 billion.

截至本季末，我們的現金、現金等價物及有價證券總額為 10.7 億美元。

Turning to our share count for Q4.

談到我們第四季的股票數量。

We had approximately 328 million shares outstanding on a fully diluted basis as of December 31, 2024, representing share growth of less than 1% from the prior year.

截至 2024 年 12 月 31 日，以全面攤薄基礎計算，我們擁有約 3.28 億股流通股，較前一年增長不到 1%。

The fully diluted calculation consists of approximately 303 million shares outstanding, which grew less than 3% year-over-year, 22 million related to unvested RSUs and PRCUs, and 3 million shares related to outstanding options.

完全稀釋計算包括約 3.03 億股流通股，較上年同期成長不到 3%，其中 2,200 萬股與未歸屬的 RSU 和 PRCU 有關，300 萬股與未償還選擇權有關。

We are mindful of share count dilution and plan to continue managing this thoughtfully with net-settle activities and share repurchases into the future.

我們注意到股票數量的稀釋，並計劃在未來繼續透過淨結算活動和股票回購來慎重管理這個問題。

Now on to our forward-looking estimates.

現在來談談我們的前瞻性估計。

For the first quarter of 2025, we expect; revenue to be in the range of $190 million to $193 million, growing 15% to 17% year over year.

對於 2025 年第一季度，我們預計；營收在 1.9 億美元至 1.93 億美元之間，年增 15% 至 17%。

Adjusting for constant currency using FX rates from Q1 of last year, this reflects growth of 16% to 18% year-over-year; non-GAAP income from operations to be in the range of $32.5 million to $34.5 million; and non-GAAP net income per share to be in the range of $0.12 to $0.14, assuming weighted average shares outstanding of approximately 307.3 million shares.

根據去年第一季的外匯匯率進行固定匯率調整，較去年同期成長 16% 至 18%；非公認會計準則營業利潤在 3,250 萬美元至 3,450 萬美元之間；假設加權平均流通股數約為 3.073 億股，非 GAAP 每股淨利將在 0.12 美元至 0.14 美元之間。

For the full year 2025, we expect revenue to be in the range of $809 million to $821 million, growing 12% to 14% year-over-year.

我們預計 2025 年全年營收將在 8.09 億美元至 8.21 億美元之間，年增 12% 至 14%。

Adjusting for constant currency using FX rates from Q1 of last year, this reflects growth of 13% to 15% year-over-year.

根據去年第一季的外匯匯率進行固定匯率調整後，年增 13% 至 15%。

Since our Q3 earnings call in November, FX rates have also changed meaningfully, impacting our financial estimates.

自 11 月我們召開第三季財報電話會議以來，外匯匯率也發生了重大變化，影響了我們的財務估算。

Applying currency rates from November, our full year 2025 revenue estimate would be $5.6 million higher or 1 percentage point higher in growth.

根據 11 月的匯率，我們預計 2025 年全年營收將增加 560 萬美元，或成長 1 個百分點。

Non-GAAP income from operations to be in the range of $131 million to $139 million, and non-GAAP net income per share to be in the range of $0.52 to $0.54, assuming mean weighted average shares outstanding of approximately 306.4 million shares.

假設平均加權平均流通股數約為 3.064 億股，非公認會計準則下的營業利潤將在 1.31 億美元至 1.39 億美元之間，非公認會計準則下的每股淨利潤將在 0.52 美元至 0.54 美元之間。

Our financial outlook is based on a couple of assumptions that we would like to call out.

我們的財務前景是基於我們想指出的幾個假設。

First, our forward-looking estimates are based on FX rates as of February 7, 2025, so any future currency moves are not factored in.

首先，我們的前瞻性估計是基於 2025 年 2 月 7 日的外匯匯率，因此不考慮任何未來的貨幣變動。

Second, as we look to 2025 by quarter, we expect to see higher revenue growth rates in the first half of the year compared to the second half as we anniversary the Device42 acquisition.

其次，展望 2025 年，我們預計上半年的營收成長率將高於下半年，因為我們將迎來 Device42 收購週年紀念日。

As such and using the midpoint of the range for Q1 estimates, we expect revenue growth rates of approximately 16% and 14% in Q1 and Q2, respectively, and 11% in Q3 and Q4.

因此，使用第一季預估範圍的中點，我們預期第一季和第二季的營收成長率分別約為 16% 和 14%，第三季和第四季的營收成長率約為 11%。

For non-GAAP operating margin by quarter and using the midpoint for Q1, we expect approximately 17%, 13%, 16%, and 19% for Q1, Q2, Q3, and Q4, respectively, in 2025.

對於按季度計算的非 GAAP 營業利潤率，使用第一季的中點，我們預計 2025 年第一季、第二季、第三季和第四季的營業利潤率分別約為 17%、13%、16% 和 19%。

This reflects an increase in cost base starting in Q2 in connection with our annual merit cycle, followed by margin improvements as we scale the business.

這反映了從第二季開始隨著我們的年度績效週期而導致的成本基礎增加，隨後隨著業務規模的擴大利潤率隨之提高。

Our results from last quarter demonstrate the strength of our business and our effective execution against our strategic priorities.

我們上季的業績證明了我們業務的實力和我們針對策略重點的有效執行。

We are proud of the progress we've made in driving growth and innovation while also maintaining a disciplined approach in improving our profitability.

我們為在推動成長和創新方面取得的進步感到自豪，同時我們也保持了嚴謹的態度來提高獲利能力。

We're excited about the opportunities ahead as we position Freshworks for long-term success.

我們對未來的機會感到非常興奮，因為我們將 Freshworks 定位為長期成功。

And with that, let us take your questions.

現在，讓我們來回答您的問題。

Operator?

操作員？

(Operator Instructions)

（操作員指令）

Brent Bracelin, Piper Sandler.

布倫特·布雷斯林，派珀·桑德勒。

Thanks for taking the question.

感謝您回答這個問題。

I guess the first one here, I wanted to double-click into EX.

我想是這裡第一個，我想雙擊進入 EX。

This is now a $400 million ARR business, 20%-plus organic growth rate.

現在這是一項價值 4 億美元的 ARR 業務，有機成長率超過 20%。

How are you thinking about the growth potential here as you start to anniversary Device42?

當您開始慶祝 Device42 週年紀念日時，您如何看待這裡的成長潛力？

Do you think you could sustain 20%-plus?

您認為您能維持20%以上嗎？

What's the opportunity here in EX?

EX 中有什麼機會？

Double-click there, if you could.

如果可以的話，請雙擊那裡。

Thanks.

謝謝。

Thanks, Brent, so it's Dennis.

謝謝，布倫特，原來是丹尼斯。

We think the opportunity is huge.

我們認為這個機會是巨大的。

And that -- our EX business is squarely focused on the mid-market and lower end of enterprise.

而且我們的 EX 業務主要集中在中端市場和低階企業。

Our ICP is a company with anywhere from 250 to 20,000 employees.

我們的 ICP 是一家擁有 250 至 20,000 名員工的公司。

And that part of the market, if you think about the IT department, you have sophisticated demands.

如果你考慮 IT 部門，你會發現該部分市場有複雜的需求。

Typically, these businesses are global.

通常，這些業務都是全球性的。

They need ITAM, they need ITOps.

他們需要 ITAM，他們需要 ITOps。

They need what we have.

他們需要我們所擁有的東西。

And the biggest competitor, obviously, ServiceNow, that product is very complex and requires a lot of work to get up and running, a lot of work to get value from.

而最大的競爭對手顯然是 ServiceNow，該產品非常複雜，需要大量工作才能啟動和運行，需要大量工作才能獲得價值。

We hear this all the time.

我們常聽到這種說法。

So those companies in that segment, they're looking for something that's enterprise-grade without the enterprise complexity, and that's fast time to value and overall lower total cost.

因此，該領域的公司正在尋找企業級的產品，但不需要企業複雜性，並且可以快速實現價值並降低整體成本。

So the reason that we had, I think it was 40-plus $100,000 wins last quarter is because that mid-market is responding.

所以我認為上個季度我們之所以能獲得 40 多筆 10 萬美元的收益是因為中階市場做出了反應。

And we're starting to get a flywheel of customers that are switching or if they were coming off of a legacy provider like Ivanti or Cherwell, they're choosing us over a ServiceNow.

我們開始獲得大量客戶的青睞，如果他們之前使用過 Ivanti 或 Cherwell 等傳統供應商，那麼他們會選擇我們而不是 ServiceNow。

So we think that market is huge.

因此我們認為這個市場非常巨大。

Just in the US.

就在美國。

alone, the mid-market, as we define it, account for about $10 trillion in economic activity.

光是我們定義的中端市場就佔了約 10 兆美元的經濟活動。

So we think we can build a very big business there.

因此我們認為我們可以在那裡建立一個非常大的企業。

In terms of the product, I think Device42, we've only really been selling it with a real effort behind it in Q4.

就產品而言，我認為 Device42 我們只是在第四季度才真正開始銷售它，並且付出了巨大的努力。

Q3 was spent building the pipeline and kind of getting all the post-merger stuff out of the way.

第三季主要用來建造管道以及處理所有合併後的事情。

But now we enter Q1 with a pipeline that's roughly double what we entered Q4 with.

但現在我們進入第一季時的業務管道大約是第四季時的兩倍。

And there's a lot of interest from companies because companies need to get a better handle on their assets.

企業對此很感興趣，因為企業需要更好地管理他們的資產。

They are looking for a tool to help them on the security side as well.

他們正在尋找一種可以在安全方面為他們提供幫助的工具。

We think that's going to be an accelerant.

我們認為這將會成為一種加速劑。

And we think AI is absolutely an accelerant to that IT business as well.

我們認為人工智慧絕對也是 IT 業務的加速器。

So a lot of good levers to pull going into 2025, and I'm very proud of the performance in Q4.

因此，進入 2025 年，有很多好的槓桿可以發揮，我對第四季的表現感到非常自豪。

It puts us in a good place going into this year.

這為我們今年的順利發展奠定了良好的基礎。

Absolutely.

絕對地。

And then Tyler, one quick follow-up for you if I could.

然後泰勒，如果可以的話，我還有一個快速的後續問題想問你。

Great to see the 20%-plus op margin milestone this quarter even with the acquisition.

儘管進行了收購，但很高興看到本季的營業利潤率仍達到 20% 以上的里程碑。

How are you thinking about balancing where you invest?

您如何考慮平衡您的投資？

I know the guide implies 16% op margin next year, that looks conservative.

我知道指南暗示明年的營業利潤率為16%，看起來很保守。

But with over $1 billion in cash, would you consider more M&A to complement and help accelerate the product road map while still maintaining prudent and efficient growth model here in margins?

但是，有了超過 10 億美元的現金，您是否會考慮進行更多併購來補充和幫助加速產品路線圖，同時仍保持審慎、高效的利潤成長模式？

Walk us through the thought process around the cash, use of some of the investments going forward now that you've crossed over that 20% op margin milestone?

您能向我們介紹一下您在現金方面的思考過程嗎？

Thanks, Brent.

謝謝，布倫特。

Yes, you're right.

是的，你說得對。

I think we're doing really, really well on an efficiency perspective.

我認為從效率角度來看我們做得非常非常好。

This past year, just free cash flow as well as operating margin, we're going to really continue to have that theme in terms of efficiency.

過去的一年，無論是自由現金流還是營業利潤率，我們在效率方面都會繼續堅持這個主題。

But we've also been really clear, we will look at opportunities, inorganic opportunities as they come up.

但我們也非常清楚，我們會留意出現的機會，無機機會。

Device42 is the first deal we've done in, I think, six years and the first substantial one, and we'll continue to look at those.

我認為，Device42 是我們六年來完成的第一筆交易，也是第一筆重大交易，我們將繼續關注該交易。

We're clearly digesting Device42 and really trying to optimize what we can get for that.

我們顯然正在消化 Device42，並真正嘗試優化我們可以獲得的效果。

At the same time, we're going to exercise, continue to execute on our share repurchase and continue to do the net-settles, which we use a good portion of cash this year.

同時，我們將行使、繼續執行股票回購並繼續進行淨結算，今年我們將使用相當一部分現金。

And we also said when we went through kind of our restructuring in Q4 that we were planning to reinvest a lot of that into the business, really focused on making sure that we have the right people in the right places and investing for growth in a lot of areas.

我們也說過，當我們在第四季度進行重組時，我們計劃將其中的大部分資金重新投資到業務中，真正專注於確保我們在合適的地方擁有合適的人才，並在許多領域進行成長投資。

So I think we can do both.

所以我認為我們可以同時做到這兩點。

I think we can kind of make prudent investments and really kind of invest where we feel like we're going to get the biggest returns while also bringing better bottom line performance.

我認為我們可以進行審慎的投資，真正投資於我們認為能夠獲得最大回報的地方，同時帶來更好的底線表現。

David Hynes, Canaccord Genuity.

Canaccord Genuity 的 David Hynes。

Hey, good evening, guys.

嘿，大家晚上好。

Dennis, can you touch on the [$50,000-plus] customer adds and the kind of the slowdown in the metric there.

丹尼斯，你能否談談 [50,000 美元以上] 的客戶增加以及那裡的指標放緩的情況？

I mean, it makes me feel like maybe the IT ESM business didn't have the best net new quarter.

我的意思是，這讓我感覺 IT ESM 業務可能沒有實現最好的淨新季度。

But I realize also that metric doesn't capture upsell, cross-sell of customers that may already be ahead of that threshold.

但我也意識到，該指標並不能捕捉到可能已經超過該門檻的客戶的追加銷售和交叉銷售。

So just help me kind of interpret that data point relative to the bookings that you saw on the IT side of the business.

因此，請幫我解釋與您在業務 IT 方面看到的預訂相關的數據點。

Yes, so thanks for the question.

是的，謝謝你的提問。

First of all, remember, we had a disproportionate FX impact in Q4.

首先，請記住，我們在第四季度受到了不成比例的外匯影響。

We're more FX exposed than a lot of other players because we've got around 40% of our revenue coming from Europe and about 15% from rest of world.

我們比許多其他公司更常接觸外匯市場，因為我們約 40% 的收入來自歐洲，約 15% 來自世界其他地區。

So that's one -- that affected that $50,000 number.

所以這就是影響 5 萬美元這個數字的原因。

The second is we were lapping in Q4 against a pretty strong prior year Q4, and that had an effect as well.

第二個原因是，我們在 Q4 的表現與去年同期相比非常強勁，這也產生了影響。

And the other thing is that we are landing more larger deals but fewer of them.

另一件事是，我們達成的交易規模越來越大，但數量卻越來越少。

So we had, in Q4, our most deals over $200,000.

因此，在第四季度，我們的大多數交易額都超過 20 萬美元。

We had a large number of deals over $100,000, and those are both expansion and renewals.

我們有大量超過 10 萬美元的交易，其中既有擴張交易，也有續約交易。

So all those things affect just the absolute number of customers with over $50,000 in revenue.

因此，所有這些因素只會影響收入超過 50,000 美元的客戶的絕對數量。

So if you look at the ARPA for that cohort, that's actually up and that's also something that we look at closely.

因此，如果你查看該群體的 ARPA，它實際上是上升的，這也是我們密切關注的事情。

So I think that this time through, that metric definitely was affected by some other factors.

所以我認為這一次，該指標肯定受到了其他因素的影響。

But we're pretty comfortable with our upmarket momentum.

但我們對我們的高端市場發展勢頭感到非常滿意。

You just look at the stable of customers that we're gathering, that are sophisticated global players, like a New Balance, and we continue to see opportunities to press upmarket.

只要看看我們聚集的穩定客戶群，他們都是像 New Balance 這樣成熟的全球性企業，我們就會繼續看到向高端市場進軍的機會。

Yes.

是的。

Yes, that makes sense.

是的，這很有道理。

That's a helpful explanation.

這是一個很有幫助的解釋。

Maybe as a follow-up, you mentioned the Unisys partnership and maybe the opportunity to evolve that to an MSP opportunity over time.

也許作為後續，您提到了 Unisys 合作夥伴關係，以及隨著時間的推移將其發展為 MSP 機會的機會。

Maybe you could just broadly touch on kind of the MSP opportunity, how meaningful that could be on the IT side of the business?

也許您可以廣泛地談談 MSP 機會，它對於業務的 IT 方面有多大意義？

And are you there from a product perspective today to support that type of customer?

您今天從產品角度來支持這類顧客嗎？

Yes.

是的。

So we're really excited about Unisys.

所以我們對 Unisys 感到非常興奮。

I had a chance to go out and meet with their CEO in Q4.

我有機會在第四季出去與他們的執行長會面。

And they are a GSI.

他們是 GSI。

They have a large cohort of companies that are right in our sweet spot, right in that mid-market, lower end of enterprise space.

他們擁有一大批正好處於我們的最佳位置、即中端市場和低端企業領域的公司。

And those companies were coming to them looking for an alternative.

這些公司來找他們是為了尋求替代方案。

And Unisys spent a year evaluating every product in the market because they wanted to be able to build a service line around an IT product and bring it to market, and they chose us.

Unisys 花了一年時間評估市場上的每種產品，因為他們希望能夠圍繞 IT 產品建立一條服務線並將其推向市場，最終他們選擇了我們。

And what we're doing now is working on a co-sell motion.

我們現在正在進行的是共同出售動議。

We've already had our first couple of deals that we've developed and landed with Unisys, as well as building -- they're going to be building an MSP around our Freshservice product.

我們已經與 Unisys 達成了首幾筆交易，他們將圍繞我們的 Freshservice 產品建立 MSP。

And we've been investing for a while now in the MSP functionality of our product.

我們已經對我們產品的 MSP 功能進行了一段時間的投資。

We have a set of releases that are coming out in May that will enhance the functionality for an MSP, things like multi-account management and so forth.

我們將於 5 月發布一系列版本，這些版本將增強 MSP 的功能，例如多帳戶管理等等。

We already have over 1,000 MSPs using the product even though we haven't really, up until recently, been building functionality that's specific for MSP.

儘管直到最近我們才開始建立特定於 MSP 的功能，但我們已經擁有超過 1,000 個 MSP 使用該產品。

So we think the opportunity there is quite large, and I'm pretty excited about it.

因此我們認為這個機會很大，我對此感到非常興奮。

Excellent.

出色的。

Thank you very much.

非常感謝。

Elizabeth Porter, Morgan Stanley.

摩根士丹利的伊麗莎白波特。

Great, thank you so much for the question.

太好了，非常感謝您的提問。

On the NRR side, the outlook still seems a little bit pressured from expansion.

從 NRR 方面來看，前景似乎仍因擴張而承受一點壓力。

And just given it's been a few years that we've had that expansion pressure, I wanted to get a sense for at what point are customers kind of running lean enough that they could start to re-expand?

鑑於我們已經面臨擴張壓力好幾年了，我想了解客戶何時能夠精簡到可以開始重新擴張？

And also, what's the opportunity for the innovation cycle that we're seeing with AI and AI also shifting more towards monetization become a lever to drive that expansion guide to start to recover?

此外，我們看到人工智慧和人工智慧正更多地轉向貨幣化，成為推動擴張指南開始復甦的槓桿，這對創新週期有什麼機會？

Maybe I'll take the second.

也許我會選擇第二個。

So Elizabeth, it's Dennis.

伊莉莎白，我是丹尼斯。

I'll take the second part and then we'll talk about NRR.

我將負責第二部分，然後我們將討論 NRR。

I think that, that innovation cycle is really just starting to play out.

我認為，創新周期才剛開始發揮作用。

We're seeing very healthy double-digit attach rates of our Freddy AI products in our SMB segment.

我們看到 Freddy AI 產品在 SMB 領域的銷售率達到了非常健康的兩位數。

And you saw the growth in total net adds for the quarter, best quarter in four years.

您將看到本季淨增量總額的成長，這是四年來最好的季度。

A large part of those conversations now involve AI.

目前，很大一部分對話都涉及人工智慧。

And then we're systematically going into our customer base of 70,000 customers and selling in AI, both Freddy AI Agent and Freddy Copilot to those customers as well.

然後，我們將有系統地進入我們的 70,000 名客戶群，並向這些客戶銷售 AI 產品，包括 Freddy AI Agent 和 Freddy Copilot。

So we think that there's a big opportunity there to drive growth from that segment going forward.

因此我們認為未來該領域存在巨大的成長機會。

And also, we do feel we're still really early in the AI adoption cycle.

而且，我們確實感覺到我們仍處於人工智慧採用週期的早期階段。

But this year is the year when we're going to see that continue to accelerate.

但今年我們將看到這一趨勢持續加速。

And Tyler can talk about NDR.

泰勒可以談談 NDR。

So yes, we came in at 105% for net dollar retention on constant currency so it's actually a little bit better than what we thought.

所以是的，以固定匯率計算，我們的淨美元保留率為 105%，所以實際上比我們想像的要好一點。

We've been talking about how we've been doing really well on churn and churn for -- across all products is now in the kind of solid mid-teens.

我們一直在談論我們在客戶流失方面做得非常好——所有產品的客戶流失率現在都穩定在十幾歲的水平。

That being said, we had also talked about, hey, we've been seeing pressure on our largest expansion motion, which is still agent addition.

話雖如此，我們也談到了，嘿，我們看到我們最大的擴張動議面臨的壓力，這仍然是代理商的增加。

We have pressure on that for years.

多年來我們一直面臨著這項壓力。

Now we did see the decline in the expansion rate for kind of agent addition start to kind of stop in kind of the back half of the year, but we still have a decline from a year-over-year compare.

現在我們確實看到代理商增加的擴張率的下降在下半年開始停止，但與去年同期相比仍然有所下降。

So that's kind of why we're still calling 104% for Q1.

這就是我們仍然預測第一季業績將達到 104% 的原因。

That's kind of what we see right now if expansion and churn comes in, what we see -- the way we see it.

這有點像我們現在所看到的，如果擴張和客戶流失出現，我們所看到的——我們所看到的方式。

So obviously, Dennis just mentioned on the Freddy products, those are doing really well.

顯然，丹尼斯剛才提到的 Freddy 產品表現非常好。

From a monetization perspective, we still need to do some work on getting them to our existing installed base, but on attach rate for new business are really, really healthy.

從貨幣化角度來看，我們仍需要做一些工作來將它們納入我們現有的安裝基礎，但新業務的附加率確實非常健康。

Device42, we think, has a lot of capacity to go into our existing Freshservice base.

我們認為，Device42 有很大潛力進入我們現有的 Freshservice 基地。

And then our ESM offering for business agents for our Freshservice customers, these are the kind of add-on products that we're really focused on going into '25 that are going to be the supplement to agent addition.

然後，我們為 Freshservice 客戶提供的業務代理提供的 ESM，這些是我們真正關注的'25 年附加產品，它們將成為代理商增值的補充。

Great.

偉大的。

And just as a follow-up, I wanted to double click on the SMB side.

作為後續行動，我想雙擊 SMB 端。

It sounds like the improvement in net adds was a lot of execution on the free-to-paid conversion.

聽起來，淨增加價值的提高在很大程度上得益於免費到付費轉換的執行。

So I was hoping to get just an update on the broader SMB demand environment.

所以我希望獲得有關更廣泛的中小企業需求環境的最新消息。

Is the improvement that we started to hear about last quarter something that's continuing?

我們上個季度聽到的改善情況會持續下去嗎？

And kind of what's your outlook into 2025?

您對 2025 年的展望如何？

Yes.

是的。

I would say, Elizabeth, that the demand is stable to improving.

伊莉莎白，我想說的是，需求穩定且不斷改善。

And I think you see that in the ARR figure for CX where we've seen, on a constant currency basis, two quarters of around 7% year over year.

我想您可以在 CX 的 ARR 數據中看到這一點，按固定匯率計算，兩個季度的同比增長率約為 7%。

So I think that SMBs still are constrained in that rates for them, interest rates are quite high relative to history.

因此我認為中小企業仍然受到利率限制，相對於歷史水準而言，利率相當高。

But on the other side of it, they are starting to realize that AI can help.

但另一方面，他們開始意識到人工智慧可以提供幫助。

And AI can help them be more efficient, more effective, especially the SMBs that are a little bit larger in the 100- to 200-employee range where they have an IT department and they have a customer support team.

人工智慧可以幫助他們提高效率、提高效力，特別是那些規模較大、擁有 100 到 200 名員工、擁有 IT 部門和客戶支援團隊的中小型企業。

And that's really where our business is focused.

這確實也是我們業務的重點。

So I'm optimistic for 2025.

所以我對 2025 年充滿樂觀。

I can't give you like a completely clear single one way or the other, but we definitely were happy with the progress that we made in Q4.

我無法給你一個完全明確的答案，但我們對第四季的進展感到非常滿意。

Great, thank you so much.

太好了，非常感謝。

(Operator Instructions)

（操作員指令）

Pinjalim Bora, JPMorgan.

摩根大通的 Pinjalim Bora。

Hey guys, This is Noah on for Pinjalim.

大家好，我是 Pinjalim 的 Noah。

Can you just maybe provide a little bit more color around what you're embedding in the 2025 guidance as we look at both the CX business as well as the Freshservice side of the business as well?

當我們同時關注 CX 業務和 Freshservice 業務時，您能否更詳細地介紹一下您在 2025 年指引中嵌入的內容？

Thank you.

謝謝。

Yes.

是的。

Noah, this is Tyler.

諾亞，這是泰勒。

We didn't break out between the two different products.

我們沒有在兩種不同的產品之間進行區分。

We've been talking about EX is still doing really well.

我們一直在談論 EX 仍然表現良好。

We had a question earlier on what is the sustainability of kind of 20% growth there, and we think that's a huge market.

我們之前曾問過一個問題，那裡 20% 的成長率能否持續，我們認為這是一個巨大的市場。

And CX has kind of stabilized.

CX 已趨於穩定。

We're at that kind of 7% growth is what we said it was in Q4.

正如我們在第四季度所說的那樣，我們的成長達到了 7%。

And that's 1 that we've been very open about what we're doing there in terms of very focused efforts on an ICP.

這是我們非常公開地談論我們在 ICP 上所做的努力。

When we look at the guidance for the year, the revenue guidance, clearly, this is the first guidance for the year.

當我們查看今年的指引、收入指引時，顯然，這是今年的第一個指引。

We do -- we have a lot more fidelity into Q1 than we do for the full year, and we'll clearly update it as we go throughout the year.

我們確實對第一季的業績非常看重，而不是全年業績，而且我們會在全年過程中不斷更新它。

I think the one thing that we did call out is that we are going to be annualizing the Device42 acquisition, so the compares from a revenue perspective do get tougher in the back half of the year than they are in the front.

我認為我們確實指出的一件事是，我們將對 Device42 收購進行年度化，因此從收入角度來看，下半年的比較確實比上半年更加困難。

We also noted that there are some nuances to the operating margin really around our merit cycle in Q2.

我們也注意到，第二季的績效週期內，營業利潤率確實存在一些細微差別。

And we would expect to continue to drive efficiencies to the back half of the year, and that's why we expect that to go up.

我們預計將在今年下半年繼續提高效率，這就是我們預期效率會上升的原因。

So we called out as much nuance as we know about right now.

因此，我們盡可能指出目前所了解的細微差別。

Clearly, as we get to the end of this quarter and can reflect performance from this quarter.

顯然，隨著本季的結束，我們可以反映出本季的表現。

For the year, we will update guidance for the rest of the year after this quarter.

對於今年，我們將在本季度之後更新今年剩餘時間的指導。

Patrick Walravens, Citizens JMP.

Patrick Walravens，公民 JMP。

Oh great, thank you.

噢，太好了，謝謝你。

And let me add my congratulations.

請容許我向您表示祝賀。

Dennis, I'm curious, with sort of the recent advances that we've seen on the AI front with DeepSeek and then today, Mistral, all of a sudden, is ramping up to the top of the App Store list.

丹尼斯，我很好奇，我們看到人工智慧領域最近取得了一些進展，例如 DeepSeek，而今天，Mistral 突然間就躍居 App Store 榜首。

Have you guys had time to sort of wrap your arms around what that means in terms of what you could maybe do for your customers, which you did think you could do before?

你們有沒有時間仔細考慮一下這意味著什麼，也就是你們能為客戶做些什麼？

And also what the implications are for the cost that you guys incur when you deliver across the base?

而且這對你們在基地交付貨物時所產生的成本有何影響？

Definitely, Pat.

當然，帕特。

Thank you.

謝謝。

So look, competition is good for us in -- among LLMs, and competition has already driven pricing down and will continue to drive pricing down.

所以，在法學碩士 (LLM) 領域中，競爭對我們來說是有利的，而且競爭已經壓低了價格，並將繼續壓低價格。

We've built our tech stack so that we can and already do look at and test various LLMs as the space continues to innovate.

我們已經建立了我們的技術堆疊，以便隨著該領域的不斷創新，我們能夠並且已經確實在研究和測試各種 LLM。

So we rely today for conversational capability on Azure OpenAI.

因此，我們今天依靠 Azure OpenAI 實現對話功能。

And that's because there are certain protections that are built in with respect to data with respect to hallucinations that Microsoft provides that we find a value, and then we have our own protections on top of that.

這是因為微軟針對幻覺資料內建了某些保護措施，我們可以找到其價值，然後在此基礎上採取自己的保護措施。

But we also have tested Anthropic.

但我們也測試了 Anthropic。

We have tested Google's AI for, in particular, image.

我們已經測試了谷歌的人工智慧，特別是圖像人工智慧。

And we're always looking at other models that are out there.

我們也一直在關注現有的其他模型。

We're going to balance cost, performance, data security, all of those things are important to our customers.

我們將平衡成本、效能和資料安全，所有這些對我們的客戶都很重要。

And the competition is overall just something that's going to help us deliver a better product at a lower cost over time.

整體來說，競爭能夠幫助我們隨著時間的推移，以更低的成本提供更好的產品。

So, so far, all of that is good for us, all of the developments are good, and we're constantly evaluating all the models that are coming out.

所以，到目前為止，所有這一切對我們來說都是有利的，所有的發展都是好的，我們正在不斷評估所有即將推出的模型。

All right, super helpful.

好的，非常有幫助。

Scott Berg, Needham & Company.

斯科特·伯格，Needham & Company。

This is Rob Morelli on for Scott Berg.

這是 Scott Berg 的 Rob Morelli。

Congrats on the quarter.

恭喜本季取得佳績。

Great to hear about some of the momentum with the SMB and CX.

很高興聽到有關 SMB 和 CX 的一些發展勢頭。

With this in mind, how do you think about your go-to-market investments for 2025?

考慮到這一點，您如何看待 2025 年的市場投資？

Is the large proportion still going towards ITSM or are there opportunities to license CX with this recent momentum?

是否大部分仍將轉向 ITSM，或者是否有機會利用最近的勢頭來獲得 CX 許可？

Yes.

是的。

So we balance our investments across CX and EX depending on where we see the opportunity.

因此，我們根據看到的機會平衡 CX 和 EX 之間的投資。

For the CX business, that today is about two-third SMB, and so we continue to invest against marketing, in particular, to drive demand among the SMB community into CX.

對於 CX 業務而言，目前約有三分之二是中小企業，因此我們將繼續在行銷方面進行投資，特別是為了推動中小企業社群對 CX 的需求。

And the EX business tends to be more of a mid-market and lower end of enterprise business.

而EX業務則更傾向於中端市場和低階企業業務。

So those investments are going into field and the like.

所以這些投資將投入到實地等領域。

So I think the way we look at the business, we're going to allocate investment where we see momentum, where we see opportunity, and continually adjust throughout the year depending on what kind of results we're seeing.

因此，我認為，我們看待業務的方式是，我們將在看到動力、看到機會的地方分配投資，並根據我們看到的結果在全年不斷進行調整。

And over the course of the last year, we've been very mindful about both the payback and the economics of all those investments to make sure that it makes sense.

在過去的一年裡，我們一直非常關注所有這些投資的回報和經濟效益，以確保它是合理的。

And you see that in terms of the sales and marketing as a percentage of revenue coming down and us continuing to drive efficiency in that sales and marketing line item.

您會發現，就銷售和行銷佔收入的百分比而言，我們正在繼續提高銷售和行銷項目的效率。

Got it.

知道了。

Brent Thill, Jeffreys.

布倫特·蒂爾，傑弗里斯。

The 50% attach for Freddy Copilot is very impressive.

Freddy Copilot 的 50% 附加價值非常令人印象深刻。

Is there any way to quantify the ACV uplift, what you're seeing on these on average?

有什麼方法可以量化 ACV 提升，您看到的平均值是多少？

We have not broken out the dollars yet on the attach rate in terms of quantification.

我們還沒有從量化角度公佈附加率的具體金額。

And the attach rate really is to new business on the larger deals, the double-digit attach rate for the SMB deals.

對於較大交易而言，附加率實際上針對的是新業務，對於中小企業交易而言，附加率達到了兩位數。

As we go through this year, specifically probably in our Investor Day, which is going to be at the beginning of the back half of the year, we can look to provide more kind of the monetization strategy for our Freddy products.

隨著我們今年的進展，具體來說可能是在我們的投資者日，也就是今年下半年初，我們可以考慮為我們的 Freddy 產品提供更多類型的貨幣化策略。

As a reminder, we have the Copilot, which is an add-on price to our agents, which is at $29, but we also have our Freddy AI Agent, which is more of a consumption-based model.

提醒一下，我們有 Copilot，這是我們代理商的附加價格，價格為 29 美元，但我們還有 Freddy AI Agent，它更像是一種基於消費的模型。

And that 1 gets monetized more as our customers use it.

隨著我們的客戶使用它，它將獲得更多的貨幣化。

We also talked about how many of those customers are actually now paying customers, which is over 1,300 customers that are now paying for additional bot sessions.

我們還討論了其中有多少客戶實際上是付費客戶，目前有超過 1,300 名客戶正在為額外的機器人會話付費。

So again, we haven't broken out the actual dollars.

因此，我們還沒有公佈實際金額。

I think it's still a little bit early, but the progress is really, really positive.

我認為現在還為時過早，但進展確實非常積極。

Yes.

是的。

Just one thing to add there.

只需添加一件事。

If you are selling CX today, you have a number of options to drive expansion or to drive a bigger sale.

如果您現在銷售 CX，則您可以透過多種選擇來推動擴張或實現更大的銷售。

You can add Freddy AI Agent to solve L1 support problems.

您可以新增 Freddy AI Agent 來解決 L1 支援問題。

You can add Freddy AI Copilot, the per seat license, to improve the productivity of the agents that you're serving.

您可以新增 Freddy AI Copilot（每個座位許可證）來提高您所服務的代理商的工作效率。

You can -- if you're selling IT, you can provision our ESM product, Freshservice for Business Teams, to address a broader set of employees within the company, or you can bring Device42 in.

你可以－如果你銷售 IT，你可以提供我們的 ESM 產品 Freshservice for Business Teams，以滿足公司內更廣泛的員工需求，或者你可以引入 Device42。

So there's a lot of expansion options that we have at our fingertips now that frankly, two years ago, we didn't have that are helping us drive the business forward and helping us drive consistent growth.

因此，現在我們手頭上有很多擴張選擇，坦白說，兩年前我們沒有這些選擇，這些選擇正在幫助我們推動業務向前發展，並幫助我們實現持續成長。

Rob Oliver, Baird.

羅伯奧利弗，貝爾德。

Great, thank you.

太好了，謝謝。

Dennis, I wanted to ask on Device42 as well after your comment and maybe a follow-up to Brent's question earlier.

丹尼斯，在你發表評論之後，我也想在 Device42 上提問，也許可以跟進一下布倫特之前提出的問題。

But are you seeing in the market sort of improvement in win rates now that you guys have the opportunity to come to the table with an ITAM solution?

但是，既然您現在有機會提出 ITAM 解決方案，那麼你們是否看到市場上的勝率增加？

What has that done to the competitive opportunity for you guys in ITSM?

這對你們在 ITSM 領域的競爭機會有何影響？

And how does that help that?

這有什麼幫助呢？

And then can you just remind us of what other deadlines or milestones we have this year to look forward for Device42?

然後您能否提醒我們今年 Device42 還有哪些其他的截止日期或里程碑值得期待？

I know Tyler mentioned the anniversarying of it but I think there's also some technological or financial milestones that we should be aware of as well.

我知道泰勒提到了周年紀念，但我認為我們也應該了解一些技術或財務里程碑。

Thank you.

謝謝。

Yes.

是的。

So let me start with the milestones.

那麼就讓我從里程碑開始說起。

The first one was met in -- earlier in January.

第一次會議是在一月初召開的。

We launched a revamped integration between Freshservice and Device42 that allows for more seamless synchronization of data across those two platforms.

我們推出了 Freshservice 和 Device42 之間改進的集成，以實現這兩個平台之間資料的更無縫同步。

So I can be working in Freshservice and see data that's being pulled from Device42, which you couldn't do before.

因此我可以在 Freshservice 中工作並查看從 Device42 提取的數據，這是以前無法做到的。

You needed to switch applications and so forth.

您需要切換應用程式等等。

So that was the first milestone.

這就是第一個里程碑。

The second milestone is a cloud version of Device42, which we're slating for late this year, early next year, and that's on track as well.

第二個里程碑是 Device42 的雲端版本，我們計劃在今年年底或明年年初推出，目前一切進展順利。

Those are the two technical milestones to keep in mind.

這是需要牢記的兩個技術里程碑。

In terms of the competitive dynamics, the reason that we went out and looked for an IT asset management solution was that we were losing deals in the mid-market and lower end of enterprise over functionality for IT asset management.

就競爭動態而言，我們出去尋找 IT 資產管理解決方案的原因是，由於 IT 資產管理功能的原因，我們在中階市場和低階企業中失去了交易。

A lot of companies, when they're buying their ITSM, want to buy their asset manager along with it.

許多公司在購買 ITSM 時，也希望同時購買資產管理器。

And what we've seen is that we're able to move into these larger and larger deployments.

我們看到，我們能夠進入越來越大的部署。

A good example is New Balance.

一個很好的例子就是新百倫（New Balance）。

And New Balance came to us when we had a partnership with Device42 but we hadn't initially purchased the company.

當我們與 Device42 建立合作關係時，New Balance 找到了我們，但我們最初並沒有收購該公司。

And then during the course of the kind of discussions with them, we did and now they're implementing Device42 as part of their global solution.

然後在與他們的討論過程中，我們這樣做了，現在他們正在實施 Device42 作為其全球解決方案的一部分。

And that's the kind of customer that we want and that we're consistently winning now.

這就是我們想要的客戶，而且我們現在不斷贏得這樣的客戶。

Another 1 was the hard drive manufacturer that I referenced, 13-year customer of ServiceNow.

另一家是我提到的硬碟製造商，ServiceNow 的 13 年客戶。

A big component of that sale is Device42.

此次銷售的一個重要組成部分是 Device42。

So we're absolutely seeing it as essential for our growth and for us to make that upmarket motion.

因此，我們絕對認為它對於我們的成長和我們實現高端市場舉措至關重要。

And again, it's only been -- remember, it's only been one quarter when we've been fully selling together, but the fact that three of our largest 10 deals involved Device42 is a real positive.

再說一次，記住，我們全面合作銷售才一個季度，但事實上，我們最大的 10 筆交易中有 3 筆涉及 Device42，這是一個真正的積極因素。

The fact that we entered this quarter with twice the pipeline we had last quarter and last quarter was pretty good just for Device42 is that's positive.

事實上，本季我們的管道數量是上一季的兩倍，而上一季對於 Device42 來說已經相當不錯了，這是積極的一面。

And then just the -- I would say the buzz among the sales team about Device42 and the ability to bring that to market has been super positive as well.

然後——我想說的是，銷售團隊對 Device42 的評價以及將其推向市場的能力也非常積極。

That's great color.

顏色真棒。

Okay, thanks a lot.

好的，非常感謝。

I appreciate it.

我很感激。

Ryan MacWilliams, Barclays.

巴克萊銀行的瑞安‧麥克威廉斯 (Ryan MacWilliams)。

Hey guys, a new question.

嘿大家，有一個新問題。

Tyler, how should we think about the shape of net retention for this year as implied by the guide?

泰勒，我們該如何看待指南中所暗示的今年的淨留存形態？

And how should we think about the Device42 revenue contribution for 2025?

我們該如何看待 Device42 對 2025 年的營收貢獻？

Thanks.

謝謝。

Yes.

是的。

So we talked about net dollar retention for kind of Q1 is 104%, and we didn't really talk -- give guidance for the full year.

因此，我們談到第一季的淨美元保留率為 104%，但我們實際上並沒有談論——給出全年的指導。

But right now, we don't see anything different for the full year.

但目前，我們認為全年情況並沒有什麼不同。

And so we think it's going to be relatively consistent.

因此我們認為它將相對一致。

Clearly, as we get more fidelity on that number each quarter, as expansion rates and churn rates, as we see that, we will update that.

顯然，隨著我們每季對該數字的準確性越來越高，隨著擴張率和客戶流失率的提高，我們將對其進行更新。

But right now, I would just model it out as we get them out for Q1.

但現在，我只是想在我們為第一季推出它們時對其進行建模。

In terms of Device42, we actually do not plan to break out the Device42 number.

就 Device42 而言，我們實際上並不打算公佈 Device42 的數字。

As we indicated in the script, right, three of the top 10 deals in Q4 included Device42, and half of the net new Device42 deals were actually sold by Freshworks teams, which means that they're sold in bundle with Freshservice.

正如我們在腳本中所指出的，第四季度的前 10 筆交易中有 3 筆涉及 Device42，而 Device42 新增淨交易中有一半實際上是由 Freshworks 團隊銷售的，這意味著它們是與 Freshservice 捆綁銷售的。

And as such, that's a really positive indicator that the reason we did the deal is starting to come to fruition.

因此，這是一個非常積極的指標，表明我們達成這筆交易的目的開始取得成果。

It's all starting to be included as 1 product, 1 united product, and it's going to be very difficult to kind of disassociate revenue from 1 to the other as we go through that.

一切都開始被包含在 1 種產品、1 種聯合產品中，當我們經歷這一過程時，將收入從一種產品分離到另一種產品將會非常困難。

So if there's any huge anomalies, we'll call them out, but in general, we don't plan to distinguish.

因此，如果出現任何重大異常，我們就會將其指出，但一般來說，我們不打算區分。

Makes sense, thanks for the color.

有道理，謝謝你的顏色。

Thanks Ryan.

謝謝瑞安。

Thank you, and this concludes our Q&A session and program for today.

謝謝大家，今天的問答環節和節目到此結束。

Thank you all for participating, and you may now disconnect.

感謝大家的參與，現在您可以斷開連線了。