Freshworks Inc (FRSH) 2025 Q1 法說會逐字稿

Welcome to Freshworks first-quarter 2025 earnings conference call.

歡迎參加 Freshworks 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Joon Huh, Head of Investor Relations. Please go ahead.

請注意，今天的會議正在錄音。現在，我想將會議交給今天的第一位發言者，投資者關係主管 Joon Huh。請繼續。

Thank you. Good afternoon, and welcome to Freshworks first-quarter 2025 earnings conference call. Joining me today are Dennis Woodside, Freshworks' Chief Executive Officer and President; and Tyler Sloat, FreshWorks' Chief Operating Officer and Chief Financial Officer.

謝謝。下午好，歡迎參加 Freshworks 2025 年第一季財報電話會議。今天與我一起出席的還有 Freshworks 執行長兼總裁 Dennis Woodside 和 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 first quarter 2025 performance and our financial outlook for our second quarter and full year 2025. 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.

今天電話會議的主要目的是向您提供有關我們 2025 年第一季業績以及 2025 年第二季和全年財務展望的資訊。我們對您的問題的一些討論和回答可能包含 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 our management's beliefs about our business and industry, including our financial expectations and estimates, uncertainties in the macroeconomic environment in which we operate and market volatility, 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我們管理層對我們的業務和行業的信念，包括我們的財務預期和估計、我們經營的宏觀經濟環境中的不確定性和市場波動、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. Such risks include, but are not limited to, our ability to sustain our growth rate to innovate, to reach our long-term revenue goals, to meet customer demand and to control costs and improve operating efficiency.

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預測的結果有重大差異。這些風險包括但不限於我們維持創新成長率、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. 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、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 不承擔更新任何前瞻性陳述以反映本次電話會議日期後可能出現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，我們將參考某些非公認會計準則財務指標。我們的收益報告包含歷史期間 GAAP 和非 GAAP 財務指標之間的對賬，您可以造訪我們的投資者關係網站 ir.freshworks.com 取得。歡迎造訪我們的投資者關係網站，查看我們的收益報告、補充收益幻燈片、定期 SEC 報告、今日電話會議重播，或了解更多關於 Freshworks 的資訊。

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

現在，讓我把麥克風交給丹尼斯。

Thank you, Joon. Freshworks had another fantastic quarter. We outperformed all our financial metrics for growth and profitability in Q1. We continue to see that our uncomplicated customer and employee service solutions are winning against outdated legacy software vendors. Companies are choosing our AI-powered solutions to remove complexity, improve efficiency and unlock growth.

謝謝你，俊。Freshworks 又度過了一個精彩的季度。我們第一季的所有成長和獲利財務指標均超出預期。我們不斷看到，我們簡單的客戶和員工服務解決方案正在克服過時的傳統軟體供應商。公司正在選擇我們的人工智慧解決方案來消除複雜性、提高效率和釋放成長潛力。

We continue to demonstrate our ability to drive growth and profitability for the business. In Q1, revenue grew 19% year over year to $196.3 million, and we delivered a non-GAAP operating margin of 24% and adjusted free cash flow margin of 28%, beating our financial estimates once again. Adding our revenue growth and adjusted free cash flow margin for Q1, we achieved a Rule of 47 in the quarter.

我們繼續展示推動業務成長和獲利的能力。第一季度，營收年增 19% 至 1.963 億美元，非 GAAP 營業利潤率為 24%，調整後自由現金流利潤率為 28%，再次超出我們的財務預期。加上第一季的營收成長和調整後的自由現金流利潤率，我們在本季實現了 47 法則。

In driving profitability, we significantly expanded our non-GAAP operating margin by more than 10 percentage points compared to last year. We added over 1,000 net customers in the quarter, including large customers such as Freudenberg Group and All3Media.

在提高獲利能力方面，我們的非公認會計準則營業利潤率與去年相比大幅提高了 10 個百分點以上。本季我們新增了 1,000 多名淨客戶，其中包括 Freudenberg Group 和 All3Media 等大客戶。

We also expanded with our customers as we maintained a net dollar retention of 105% on a constant currency basis, in line with the last two quarters. We ended the quarter with over 73,300 customers. We've continued to deliver strong revenue growth each quarter and drive profitability as we execute on our strategy.

我們還與客戶一起擴大了業務，以固定匯率計算，我們的淨美元保留率維持在 105%，與過去兩個季度持平。本季結束時，我們擁有超過 73,300 名客戶。隨著我們策略的實施，我們每個季度都繼續實現強勁的收入成長並提高獲利能力。

As a reminder, our three strategic imperatives are: one, investing in employee experience, or EX, which is our largest, fastest-growing business in ITSM, ITAM, ITOM, and ESM. Two, delivering AI capabilities across our products and platform that drive productivity improvements for our customers. Three, accelerating growth for our customer experience or CX solutions.

提醒一下，我們的三大策略要務是：一是投資員工體驗（EX），這是我們在 ITSM、ITAM、ITOM 和 ESM 領域規模最大、成長最快的業務。二、在我們的產品和平台上提供人工智慧功能，進而提高客戶的生產力。三、加速我們的客戶體驗或 CX 解決方案的成長。

Here's how ongoing execution of our strategy led to strong Q1 results. First, on employee experience, our focus to drive upmarket growth is paying off. Q1 was another strong quarter for our EX business. We surpassed $420 million in ARR and grew 33% year over year on a constant currency basis. We ended the quarter with approximately 18,700 customers in EX. We believe that several factors are driving growth in EX.

以下是我們持續執行策略如何帶來強勁的第一季業績。首先，在員工體驗方面，我們致力於推動高端市場成長，並且取得了成效。第一季對於我們的 EX 業務來說又是一個強勁的季度。我們的 ARR 超過 4.2 億美元，以固定匯率計算年增 33%。本季結束時，EX 的客戶數量約為 18,700 名。我們認為，有幾個因素正在推動 EX 的成長。

Our continued upmarket success, our expansion with employee service management, the ongoing demand for Device42 from our accounts, and our success in specific industry verticals, such as professional sports and educational institutions.

我們在高端市場的持續成功、員工服務管理的擴展、客戶對 Device42 的持續需求以及我們在特定行業垂直領域（如職業運動和教育機構）的成功。

More than 75% of the ARR in our EX business comes from mid-market and enterprise companies. Large companies and organizations like Dave & Buster's, ITV in Europe, the state of Hawaii, and Dynatrace have cited the fast time to value that our Freshservice products deliver.

我們的 EX 業務中超過 75% 的 ARR 來自中型市場和企業公司。Dave & Buster's、歐洲 ITV、夏威夷州和 Dynatrace 等大型公司和組織都稱讚了我們的 Freshservice 產品能夠快速實現價值。

New mid-market and enterprise companies like Travis Perkins and the largest homebuilding supply wholesaler in the UK are turning to Freshworks and leaving our IT competitors on a regular basis. Sophos, All3Media, Nexstar Media Group, Kayak, all chose Freshworks over legacy solutions.

新興的中型市場和企業公司（如 Travis Perkins 和英國最大的房屋建築供應批發商）正在轉向 Freshworks，並定期離開我們的 IT 競爭對手。Sophos、All3Media、Nexstar Media Group 和 Kayak 均選擇了 Freshworks 而非傳統解決方案。

For example, cybersecurity leader, Sophos, needed a user-friendly ITSM solution with less complexity and a lower total cost of ownerships. These differentiators, coupled with the ability to procure via AWS Marketplace, made switching from the legacy provider to our uncomplicated solution an easy decision.

例如，網路安全領導者 Sophos 需要一種使用者友好的 ITSM 解決方案，該解決方案複雜性更低、整體擁有成本更低。這些差異化因素，加上透過 AWS Marketplace 採購的能力，使得從傳統供應商轉換到我們簡單的解決方案成為一個輕鬆的決定。

Another example, the largest title company in the US chose Freshservice to replace ServiceNow, which was their legacy provider of nearly a decade. Frustrated with poor user experience, low adoption, and manual inefficiencies, they opted for our uncomplicated intuitive solution that could be easily managed and trusted by internal teams. Since switching to Freshworks, they have noted achieving faster ticket resolution, improved SLA compliance through modular workflows, and significant cost savings.

另一個例子是，美國最大的產權公司選擇 Freshservice 取代他們近十年來的傳統供應商 ServiceNow。由於對糟糕的用戶體驗、低採用率和手動效率低下感到沮喪，他們選擇了我們簡單直觀的解決方案，該解決方案可以輕鬆管理並獲得內部團隊的信任。自從轉向 Freshworks 以來，他們注意到實現了更快的票證解決速度、透過模組化工作流程提高了 SLA 合規性，並顯著節省了成本。

The second factor driving our EX business is success in enterprise service management. ESM has become a key lever for expansion and an important component in new and existing deals. Customer adoption for Freshservice for business teams has nearly doubled over the past 12 months.

推動我們 EX 業務的第二個因素是企業服務管理的成功。ESM 已成為擴張的關鍵槓桿，也是新舊交易的重要組成部分。在過去 12 個月中，企業團隊採用 Freshservice 的客戶數量幾乎翻了一番。

Customers are using Freshservice in other areas of their businesses, including HR, marketing and finance to deliver amazing service experiences.

客戶正在其業務的其他領域使用 Freshservice，包括人力資源、行銷和財務，以提供出色的服務體驗。

For example, EDF Renewables, a leading power provider with more than 35 years in renewable energy and nearly 5,000 employees in over 20 countries wanted to streamline their IT service management, asset management and change management processes. EDF chose Freshservice because of its ease of use, seamless integrations and codeless customization.

例如，EDF Renewables 是一家領先的電力供應商，在再生能源領域擁有 35 年以上的經驗，在 20 多個國家/地區擁有近 5,000 名員工，希望簡化其 IT 服務管理、資產管理和變更管理流程。EDF 選擇 Freshservice 是因為它易於使用、無縫整合且無代碼自訂。

They are leveraging workspaces within Freshservice to manage different departments outside of IT like facilities, ensuring that each department has a tailored environment to operate in. The integration with Microsoft Teams and the use of AI Agents reduce manual intervention in like routine tasks, resulting in higher employee satisfaction. The third EX growth driver is our advanced ITAM offering with Device42.

他們利用 Freshservice 內的工作空間來管理 IT 設施以外的不同部門，確保每個部門都有量身定制的營運環境。與 Microsoft Teams 的整合和 AI 代理的使用減少了類似日常任務中的人工幹預，從而提高了員工滿意度。第三個 EX 成長動力是我們與 Device42 合作推出的先進 ITAM 產品。

In Q1, two of the top five largest deals had a Device42 component. For example, a large multinational tech company recently chose Device42 with Freshservice for business teams and Freddy AI Agent over ServiceNow. They wanted a scalable, agile AI-native offering that would deliver faster time to value. Our integrated platform, powered by Freshservice and Device42 provides a unified modern experience for IT and employees. Our EX success is also being driven by our momentum in specific industries.

在第一季度，五大交易中有兩筆都涉及 Device42 的組成部分。例如，一家大型跨國科技公司最近選擇了 Device42 及其 Freshservice 為業務團隊提供服務，並選擇了 Freddy AI Agent 而不是 ServiceNow。他們想要一種可擴展、敏捷的 AI 原生產品，以更快實現價值。我們的整合平台由 Freshservice 和 Device42 提供支持，為 IT 和員工提供統一的現代體驗。我們在 EX 方面的成功也受到我們在特定產業中發展勢頭的推動。

We're expanding our professional sports leadership position outside of the US to include top Bundesliga football clubs in Germany, VfB Stuttgart, VfL Bochum and TSG Hoffenheim.

我們正在擴大美國以外的職業運動領導地位，包括德國頂級德甲足球俱樂部、斯圖加特足球俱樂部、波鴻足球俱樂部和霍芬海姆足球俱樂部。

In education, we added Kent State, who has achieved a 95% CSAT with Freshservice and D'Youville University, who has seen improved asset management accuracy and reduced average resolution times to under 24 hours since using our solutions.

在教育領域，我們增加了肯特州立大學，該校透過 Freshservice 實現了 95% 的 CSAT，而迪尤維爾大學自從使用我們的解決方案以來，資產管理準確性有所提高，平均解決時間縮短至 24 小時以內。

Simply put, Freshworks help midsized and larger enterprise organizations scale and compete at a global level. Next, on AI adoption. Customers have moved from AI experimentation to realizing tangible business value and returns on their investments. Freddy Copilot was included in three of the top 10 new deals in Q1.

簡而言之，Freshworks 幫助中型和大型企業組織擴大規模並在全球競爭。接下來是關於人工智慧的採用。客戶已經從人工智慧實驗轉向實現有形的商業價值和投資回報。Freddy Copilot 在第一季十大新交易中佔據三席。

Nearly half of all new large deals over $30,000 ARR had Copilot attached in Q1. For new SMB customers, we continue to see double-digit attach rates with increases quarter over quarter. We ended the quarter with more than 2,700 Copilot customers, reflecting quarterly net adds of more than 500 or 23% growth quarter over quarter.

第一季度，所有超過 30,000 美元 ARR 的新大額交易中，近一半都使用了 Copilot。對於新的中小企業客戶，我們繼續看到兩位數的附加率，並且逐季度增加。本季結束時，我們擁有超過 2,700 名 Copilot 客戶，這意味著季度淨增客戶超過 500 名，環比成長 23%。

Organizations are adopting Freddy AI because they see Freshworks successfully taking customers from AI experimentation to execution. Bensons for Beds, which uses Copilot with both Freshdesk and Freshservice saw a 54% improvement in resolution times.

各組織正在採用 Freddy AI，因為他們看到 Freshworks 成功地將客戶從 AI 實驗帶入了執行階段。Bensons for Beds 將 Copilot 與 Freshdesk 和 Freshservice 結合使用，解決問題的時間縮短了 54%。

Our AI offering has proven to be rapid, measurable and transformative for a business balancing growth with seamless customer and employee experiences. In education, school administrations are increasingly using AI to handle repetitive tasks and streamline operations so that they can improve student outcomes.

事實證明，我們的人工智慧產品能夠快速、可衡量且具有變革性，幫助企業平衡成長與無縫的客戶和員工體驗。在教育領域，學校管理部門越來越多地使用人工智慧來處理重複性任務和簡化操作，以便提高學生的成績。

San Ramon Valley High, for example, uses Copilot with Freshservice to save 50% of their IT management time every year. Freddy AI Agent became generally available for CX customers in Q1 and represents the next generation of self-service capabilities. We added approximately 250 customers and finished the quarter with over 1,600 customers using Freddy AI Agent.

例如，聖拉蒙谷高中 (San Ramon Valley High) 使用 Copilot 和 Freshservice 每年可節省 50% 的 IT 管理時間。Freddy AI Agent 於第一季向 CX 客戶全面開放，代表了下一代自助服務功能。我們增加了約 250 名客戶，本季使用 Freddy AI Agent 的客戶數量超過 1,600 名。

In CX, AI Agents were instrumental in the deflection of L1 queries and creating triage of multiple issues to help improve overall customer service operations for our customers. As Freddy AI Agents became generally available for EX customers in Q2, we expect to see improved momentum in these numbers going forward. We already have approximately 1,000 customers using Freddy AI Agent for EX needs.

在 CX 中，AI 代理在轉移 L1 查詢和對多個問題進行分類方面發揮了重要作用，有助於改善我們客戶的整體客戶服務營運。隨著 Freddy AI Agents 在第二季向 EX 客戶全面開放，我們預計未來這些數字將會有更好的發展動能。我們已經有大約 1,000 名客戶使用 Freddy AI Agent 滿足 EX 需求。

A leader from a top health care company shared that AI Agents cut response times in half from 4 minutes to just two minutes, while autonomously handling over 70% of inquiries. This allowed human agents to focus on complex issues, boosting first call resolution by 30% and raising CSAT from 82% to 94%, all while cutting operational costs by 25%.

一家頂級醫療保健公司的領導分享道，人工智慧代理商將回應時間縮短了一半，從 4 分鐘縮短到僅 2 分鐘，同時自主處理 70% 以上的查詢。這使得人工代理能夠專注於複雜問題，將首次呼叫解決率提高了 30%，CSAT 從 82% 提高到 94%，同時將營運成本降低了 25%。

Finally, for managers, we launched Freddy AI Insights into public beta at the end of Q1. Freddy AI Insights is an AI-powered intelligence partner for leaders delivering fast, proactive and actionable insights, enabling smarter decisions, agility and sustained growth. I look forward to sharing more in upcoming quarters. Here at Freshworks, we use AI to drive performance and accelerate results across our own business. Our finance team uses AI to analyze our cloud infrastructure spend and identify savings opportunities.

最後，對於管理人員，我們在第一季末推出了 Freddy AI Insights 的公開測試版。Freddy AI Insights 是一家由人工智慧驅動的智慧合作夥伴，為領導者提供快速、主動和可操作的洞察，從而實現更明智的決策、敏捷性和持續成長。我期待在接下來的幾季分享更多內容。在 Freshworks，我們使用人工智慧來推動績效並加速我們自身業務的成果。我們的財務團隊使用人工智慧來分析我們的雲端基礎設施支出並找出節省成本的機會。

Our billing team uses Freddy Copilot to summarize billing inquiries. Our engineering teams have developed an AI Agent specifically for highly technical escalations. We continue to push the boundaries on what's possible today because AI is delivering results and driving efficiency, and we were recently recognized by Gartner once again as an emerging leader in their innovation guide for generative AI.

我們的計費團隊使用 Freddy Copilot 來彙總費用查詢。我們的工程團隊專門為高度技術性的升級開發了 AI 代理。我們繼續突破當今可能實現的界限，因為人工智慧正在帶來成果並提高效率，我們最近再次被 Gartner 評為生成人工智慧創新指南中的新興領導者。

We are in the next stage of generative AI and have moved from output to outcome. While some other vendors may sell vaporware, Freshworks is the ROI-driven AI solution, turning AI hype into real results.

我們正處於生成人工智慧的下一階段，並已從輸出轉向結果。雖然其他一些供應商可能會出售虛擬軟體，但 Freshworks 是 ROI 驅動的 AI 解決方案，可將 AI 炒作轉化為實際成果。

Turning to CX. We saw growth and retention in our flagship business in one of our two core offerings. We ended the quarter with approximately 59,000 CX customers, generating over $370 million in ARR, reflecting 7% year-over-year growth on a constant currency basis, similar to the prior two quarters. Our CX win rate against competitors like Zendesk increased sequentially over the prior quarter. We know that exceptional customer experiences drive loyalty, while complexity drives them away.

轉向 CX。我們的兩大核心產品之一的旗艦業務實現了成長和保留。本季結束時，我們擁有約 59,000 名 CX 客戶，產生了超過 3.7 億美元的 ARR，以固定匯率計算年增 7%，與前兩個季度相似。與上一季相比，我們與 Zendesk 等競爭對手的 CX 勝率環比上升。我們知道，卓越的客戶體驗可以提升忠誠度，而複雜性則會讓他們望而卻步。

Customers are choosing Freshdesk over others because our product is easy to use, provides a lower total cost of ownership and delivers new AI features to improve productivity and efficiency. Companies of all sizes, such as Tucows, Maisons du Monde, Landmark Group, and Cineworld are leaving legacy software competitors and coming to us.

客戶選擇 Freshdesk 而不是其他產品，因為我們的產品易於使用、整體擁有成本更低，並提供新的 AI 功能來提高生產力和效率。Tucows、Maisons du Monde、Landmark Group 和 Cineworld 等各種規模的公司都在拋棄傳統的軟體競爭對手，轉而加入我們。

Nasdaq Europe has relied on Freshdesk for over four years to deliver high-quality support to clients across multiple countries. With several Freshdesk instances, their teams depend on the core automation features and SLA policies to consistently meet their high customer service standards. In 2024, Nasdaq Europe achieved a 97% resolution SLA and a 93% CSAT.

四年多來，納斯達克歐洲一直依賴 Freshdesk 為多個國家的客戶提供高品質的支援。透過多個 Freshdesk 實例，他們的團隊依靠核心自動化功能和 SLA 策略來始終如一地滿足其高客戶服務標準。2024 年，納斯達克歐洲實現了 97% 的 SLA 解決率和 93% 的 CSAT。

Freshdesk's uncomplicated and efficient platform continues to be a critical part of their support infrastructure as they scale and serve complex cross-border markets. Our CX products are expanding in numerous ways. First, CX customers are adopting our AI products. Customers have seen a 40% to 45% productivity improvement due to reduction in ticket resolution and response times from Freddy AI Agents.

Freshdesk 簡單且有效率的平台持續成為其擴展和服務複雜的跨境市場支援基礎設施的關鍵部分。我們的 CX 產品正在以多種方式擴展。首先，CX 客戶正在採用我們的 AI 產品。由於 Freddy AI 代理減少了票證解決時間和回應時間，客戶的生產力提高了 40% 至 45%。

For example, Panasonic North America chose Freshworks as part of their strategy to drive continuous improvement. Freddy AI Agent handles over 75% of their customer queries, a path to reduce customer effort scores and increase customer satisfaction.

例如，松下北美公司選擇 Freshworks 作為其推動持續改善策略的一部分。Freddy AI Agent 處理超過 75% 的客戶查詢，這是減少客戶努力分數並提高客戶滿意度的途徑。

Another CX customer, Drive, uses Freddy AI Agents to deliver detailed explanations, relevant article links and clear and actionable information to their customers, which has significantly reduced response times. Another expansion path is CX customers also buying our CX solutions and vice versa.

另一個 CX 客戶 Drive 使用 Freddy AI Agents 向其客戶提供詳細的解釋、相關文章連結以及清晰可操作的信息，從而大大縮短了響應時間。另一個擴展途徑是 CX 客戶也購買我們的 CX 解決方案，反之亦然。

We continued to see cross-sell success with customers like Trinity College; finance company, PremFina and the popular German football club, VfB Stuttgart, who initially used Freshdesk to provide stellar customer experiences then expanded to EX. On the product front, we launched several improvements to Freshchat in Q1, including enhanced integration with Apple messaging for business.

我們繼續看到與三一學院、金融公司 PremFina 和德國著名足球俱樂部 VfB Stuttgart 等客戶的交叉銷售成功，他們最初使用 Freshdesk 提供一流的客戶體驗，後來擴展到 EX。在產品方面，我們在第一季對 Freshchat 進行了多項改進，包括增強與 Apple 商業訊息傳遞的整合。

Customers can now use Apple messaging for business as a support channel and provide exceptional customer service with Freshchat, Freshdesk, and Freddy AI Agents.

客戶現在可以使用 Apple 商務訊息作為支援管道，並透過 Freshchat、Freshdesk 和 Freddy AI Agents 提供卓越的客戶服務。

We also released the Freshchat OAuth authorization, which makes it easy to integrate apps and reduces security risks. We believe these product improvements drive improved customer experience and retention. We recently announced enhancements to our global partner program with expanded reseller and services offerings designed to give partners more predictability in building long-term Freshworks practices.

我們還發布了 Freshchat OAuth 授權，這使得應用程式整合變得容易，並降低了安全風險。我們相信這些產品的改進可以提高客戶體驗和保留率。我們最近宣布增強我們的全球合作夥伴計劃，擴大經銷商和服務產品，旨在讓合作夥伴在建立長期 Freshworks 實踐方面更具可預測性。

We have more than 500 transacting partners, including global partners such as Gorilla Services, SHI International, Unisys, Xcession and Climb. In recognition of our growth and innovation, Climb recently named Freshworks its Strategic vendor of the Year.

我們擁有超過 500 個交易夥伴，包括 Gorilla Services、SHI International、Unisys、Xcession 和 Climb 等全球合作夥伴。為了表彰我們的成長和創新，Climb 最近將 Freshworks 評為年度策略供應商。

We're leveraging partners at every step of the customer relationship. For example, we teamed up with a preferred partner to help one of our long-time EX customers drive a major IT operations initiative. Our collaborative approach helped reduce our customers' resolution times by 30%.

我們在客戶關係的每個階段都利用合作夥伴。例如，我們與優先合作夥伴聯手，幫助我們的一位長期 EX 客戶推動一項重大 IT 營運計畫。我們的協作方式幫助客戶的解決時間縮短了 30%。

As partners become a larger part of our business, we expect to see increased efficiencies in our go-to-market efforts and overall business. Once again, I'm excited to capture the opportunity in front of us.

隨著合作夥伴成為我們業務中更重要的組成部分，我們期望看到我們的市場推廣工作和整體業務的效率得到提高。我很高興再次抓住我們面前的機會。

Particularly in the current economic environment, we expect our enterprise-grade software to be a strong competitive advantage because it delivers results fast and has a lower total cost of ownership.

特別是在當前的經濟環境下，我們預計我們的企業級軟體將具有強大的競爭優勢，因為它可以快速提供結果並具有較低的總體擁有成本。

We'll provide more product updates at our Virtual Refresh Summit in June and updates to our long-term strategic plan at Investor Day in September, where we will expound on our vision to help customers realize their full potential with the transformative power of AI. Thank you to our customers, partners, employees and shareholders for your ongoing support.

我們將在 6 月的虛擬更新高峰會上提供更多產品更新，並在 9 月的投資者日上更新我們的長期策略計劃，屆時我們將闡述我們的願景，幫助客戶利用人工智慧的變革力量充分發揮他們的潛力。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，讓我將問題交給泰勒，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. As you just heard, we had a strong start to the year in Q1 with robust financial performance that reflects our operational discipline and focused execution of our strategic initiatives.

謝謝丹尼斯，也謝謝大家今天參加電話會議和網路直播。正如您剛才聽到的，我們今年第一季開局強勁，財務業績強勁，這反映了我們的營運紀律和對策略舉措的專注執行。

We once again exceeded our revenue growth estimates and improved our profitability measures as we expanded our non-GAAP operating margin nearly 300 basis points quarter-over-quarter to 24% and grew our adjusted free cash flow 43% year over year to $55.4 million, which resulted in a strong adjusted free cash flow margin of 28%.

我們再次超越了營收成長預期，並提高了獲利指標，因為我們的非 GAAP 營業利潤率比上一季擴大了近 300 個基點，達到 24%，調整後的自由現金流同比增長 43%，達到 5540 萬美元，從而實現了 28% 的強勁調整後自由現金流利潤率。

For our call today, I'll cover the Q1 2025 financial results, provide background on the key metrics and close with our forward-looking commentary and expectations for Q2 and full year 2025. 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.

在今天的電話會議上，我將介紹 2025 年第一季度的財務業績，提供關鍵指標的背景信息，最後給出我們對 2025 年第二季度和全年的前瞻性評論和預期。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 the restructuring costs. First, in contrast to the prior quarter, FX changes were a tailwind in the quarter, driven by a weaker US dollar. While Q1 revenue impact was minimal, there was a 1 percentage point positive impact to ARR growth or a $7 million increase to ARR. During the call today, we will include constant currency comparisons to provide a clear view of our underlying business trends.

我們還將討論調整後的自由現金流，其中不包括與重組成本相關的現金支出。首先，與上一季相比，受美元走弱的推動，本季外匯變動呈現順風態勢。雖然第一季的收入影響很小，但對 ARR 成長產生了 1 個百分點的正面影響，或使 ARR 增加了 700 萬美元。在今天的電話會議中，我們將進行持續的貨幣比較，以清楚了解我們的基本業務趨勢。

Starting with the income statement. Q1 total revenue increased to $196.3 million, growing 19% on an as reported and constant currency basis. Professional services revenue contributed $2.1 million in the quarter, reflecting the ongoing shift of services revenue to our growing partner network.

從損益表開始。第一季總營收增至 1.963 億美元，按報告和固定匯率計算成長 19%。本季專業服務收入貢獻了 210 萬美元，反映了服務收入正在向我們不斷增長的合作夥伴網路轉移。

Our EX business has increased to over $420 million in ARR, representing growth of 33% year over year for both as-reported and constant currency and as we continue to drive our upmarket strategy. Our CX business increased to over $370 million in ARR, reflecting growth of 8% on an as-reported basis and 7% year over year on a constant currency basis, in large part due to steady execution and positive momentum from our SMB customers to start the year.

我們的 EX 業務的 ARR 已增至 4.2 億美元以上，按報告和固定匯率計算，年增 33%，並且我們將繼續推動高端市場策略。我們的 CX 業務的 ARR 增長至 3.7 億美元以上，按報告基礎計算增長 8%，按固定匯率計算同比增長 7%，這在很大程度上歸功於我們 SMB 客戶在年初的穩定執行和積極勢頭。

Moving to margins. We maintained a strong non-GAAP gross margin in Q1 of 86% as we made ongoing improvements in delivering our solutions efficiently and scaling our business. This represents an improvement of approximately 100 basis points compared to the prior year.

移至邊緣。由於我們在高效交付解決方案和擴展業務方面不斷取得進步，我們在第一季保持了 86% 的強勁非 GAAP 毛利率。與前一年相比，這提高了約 100 個基點。

Our non-GAAP operating income for Q1 came in at $46.4 million, representing a non-GAAP operating margin of 24% and ahead of prior expectations. The improvement in profitability was driven by our top line outperformance as well as lower personnel-related expenses as some of these costs moved to future quarters.

我們第一季的非公認會計準則營業收入為 4,640 萬美元，非公認會計準則營業利潤率為 24%，高於先前的預期。獲利能力的提高得益於我們的營收表現優異以及人員相關費用的降低，因為部分成本轉移到了未來幾季。

We also had favorable timing of expenses with specific spend expected for later this year. Moving to operating metrics. Our two key business metrics are net dollar retention and customers contributing more than $5,000 in ARR. Net dollar retention performed better than our expectations coming in at 105% on both an as reported and constant currency basis. Looking ahead, we estimate our net dollar retention of approximately 105% on an as-reported basis and 104% on a constant currency basis for Q2.

我們的支出時機也十分有利，預計具體支出將在今年稍後進行。轉向營運指標。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。淨美元留存率表現優於我們的預期，按報告和固定匯率計算均達到 105%。展望未來，我們估計第二季的淨美元保留率按報告計算約為 105%，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 Q1, this metric grew 13% year over year on both an as-reported basis and constant currency basis to 23,275 customers. This customer cohort continues to represent 90% of our ARR.

我們的第二個關鍵業務指標是截至第一季末貢獻超過 5,000 美元 ARR 的客戶數量，以報告基礎和固定匯率計算，該指標同比增長 13%，達到 23,275 名客戶。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 Q1, we saw growth of 24% year over year on both an as-reported and constant currency basis to 3,217 customers. This cohort represents 50% of our ARR.

對於截至第一季末貢獻超過 50,000 美元 ARR 的較大客戶群，我們看到按報告和固定匯率計算同比增長 24%，達到 3,217 名客戶。該群體占我們 ARR 的 50%。

For total customers, we added over 1,000 net new customers in the quarter as we saw a partial benefit from our free-to-paid initiatives that we began towards the end of last year. We ended Q1 with over 73,300 customers.

就總客戶數而言，我們在本季增加了超過 1,000 名淨新客戶，因為我們從去年年底開始的免費轉付費方案中獲得了部分收益。我們在第一季結束時擁有超過 73,300 名客戶。

Now let's turn to calculated billings, balance sheet and cash items. Our calculated billings grew to $203.3 million in Q1, representing an as-reported growth of 16% year over year and 17% growth on a constant currency basis. We saw higher bookings performance and increased pull-in activity that contributed approximately 2 percentage points of growth in Q1.

現在讓我們來看看計算的帳單、資產負債表和現金項目。我們計算的帳單金額在第一季成長至 2.033 億美元，年增 16%，以固定匯率計算成長 17%。我們看到預訂業績有所提高，吸引活動也有所增加，這為第一季的成長貢獻了約 2 個百分點。

Looking ahead to Q2 2025, our initial estimate for calculated billings growth is 11% to 12% on both an as reported and constant currency basis. 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, which is in line with our expectations from last quarter.

展望 2025 年第二季度，我們初步估計，以報告和固定匯率計算，計算的帳單成長率將達到 11% 至 12%。對於 2025 年全年，我們預計計算出的帳單成長率將按報告基礎同比增長約 13%，按固定匯率計算同比增長 14%，這與我們上個季度的預期一致。

Moving to our cash items. We generated $55.4 million in adjusted free cash flow in Q1, outperforming our estimates, thanks to strong collection activities and continued improvements in our operational efficiencies. This resulted in an adjusted free cash flow margin of 28%, which represents a 5-percentage-point improvement year over year.

轉向我們的現金項目。由於強勁的收款活動和營運效率的持續提高，我們在第一季產生了 5,540 萬美元的調整後自由現金流，超出了我們的預期。調整後的自由現金流利潤率為 28%，較去年同期提高了 5 個百分點。

As a reminder, these results do not include a onetime use of cash of $1.5 million related to restructuring costs. For the full year 2025, we are expecting to generate approximately $210 million of adjusted free cash flow with approximately $50 million in Q2 and slightly higher amounts in Q3 and Q4.

提醒一下，這些結果不包括與重組成本相關的 150 萬美元的一次性現金使用。就 2025 年全年而言，我們預計將產生約 2.1 億美元的調整後自由現金流，其中第二季約為 5,000 萬美元，第三季和第四季的金額略高。

In Q1, we repurchased an additional $111.8 million of our shares at an average price of $16.60 per share. Since the beginning of the program, we have repurchased more than 7.7 million shares using $127.3 million through Q1. We remain committed to executing on an appropriate capital allocation strategy and delivering long-term value for our shareholders.

第一季度，我們以平均每股 16.60 美元的價格回購了價值 1.118 億美元的股票。自該計劃開始以來，截至第一季度，我們已斥資 1.273 億美元回購了超過 770 萬股股票。我們將繼續致力於執行適當的資本配置策略並為股東創造長期價值。

In addition to the repurchase program, we continue to manage and offset share count dilution by net settling invested equity amounts by using approximately [$17 million] during the quarter. This activity is reflected in our financing activities and is excluded from our free cash flow calculations.

除了回購計畫外，我們還在本季繼續使用約 [1,700 萬美元] 淨結算投資股權金額來管理和抵銷股份數量稀釋。此活動反映在我們的融資活動中，但不包括在我們的自由現金流計算中。

Looking ahead, we will continue to net settle vested equity amounts and expect Q2 cash usage of approximately $13 million at current stock price levels. For the full year, we expect to use approximately $55 million to net settle vested equity amounts.

展望未來，我們將繼續淨結算既得股權金額，並預計以當前股價水準計算，第二季現金使用量約為 1,300 萬美元。就全年而言，我們預計將使用約 5,500 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 billion. Turning to our share count as of March 31, 2025. We had approximately 325 million fully diluted shares, which represents growth of less than 1% year over year.

本季結束時，我們的現金、現金等價物和有價證券總額為 10 億美元。截至 2025 年 3 月 31 日的股票數量。我們擁有約 3.25 億股完全稀釋股份，較去年同期成長不到 1%。

The fully diluted calculation includes 298 million shares outstanding, which is a slight reduction compared to the prior year and quarter. This calculation also includes 24 million shares related to unvested RSUs and PRSUs and 2 million shares related to outstanding options.

完全稀釋計算包括 2.98 億股流通股，與去年同期相比略有減少。這項計算還包括與未歸屬 RSU 和 PRSU 相關的 2,400 萬股股票以及與未行使選擇權相關的 200 萬股股票。

We plan to thoughtfully manage share count dilution with net total activities and share repurchases into the future. Now on to our forward-looking estimates. For the second quarter of 2025, we expect revenue to be in the range of $197.3 million to $200.3 million, growing 13% to 15% year over year on an as-reported and constant currency basis.

我們計劃在未來透過淨總活動和股票回購來周密地管理股票數量稀釋。現在來談談我們的前瞻性估計。對於 2025 年第二季度，我們預計營收將在 1.973 億美元至 2.003 億美元之間，按報告和固定匯率計算，年增 13% 至 15%。

We expect non-GAAP income from operations to be in the range of $27.8 million to $29.8 million and non-GAAP net income per share to be in the range of $0.10 to $0.12, assuming weighted average shares outstanding of approximately 299.7 million shares. For the full year 2025, we are raising our revenue expectations to be in the range of $815.3 million to $824.3 million, growing 13% to 14% year over year.

我們預計非公認會計準則營業收入將在 2,780 萬美元至 2,980 萬美元之間，非公認會計準則每股淨收入將在 0.10 美元至 0.12 美元之間，假設加權平均流通股數約為 2.997 億股。對於 2025 年全年，我們將營收預期上調至 8.153 億美元至 8.243 億美元，年增 13% 至 14%。

Adjusting for constant currency using FX rates from Q2 of last year, this reflects growth of 13% to 15% year over year. We expect non-GAAP income from operations to be in the range of $139.5 million to $147.5 million and non-GAAP net income per share to be in the range of $0.56 to $0.58, assuming weighted average shares outstanding of approximately 299.1 million.

根據去年第二季的外匯匯率進行固定貨幣調整，這反映出年增 13% 至 15%。我們預計非公認會計準則營業收入將在 1.395 億美元至 1.475 億美元之間，非公認會計準則每股淨收入將在 0.56 美元至 0.58 美元之間，假設加權平均流通股數約為 2.991 億股。

Our financial outlook is based on a few assumptions that we would like to call out. First, our forward-looking estimates are based on FX rates as of April 25, 2025. So any future currency moves are not factored in. Second, as a reminder, we will anniversary the Device42 acquisition in early June. As such, we anticipate revenue growth rates will be higher in the first half of the year compared to the second half. For operating metrics, including customer numbers and net dollar retention, we will anniversary these comparisons in our Q2 results.

我們的財務前景是基於我們想指出的幾個假設。首先，我們的前瞻性估計是基於截至 2025 年 4 月 25 日的外匯匯率。因此，任何未來的貨幣變動均不被考慮在內。其次，提醒一下，我們將在六月初慶祝 Device42 收購週年紀念日。因此，我們預計上半年的營收成長率將高於下半年。對於營運指標，包括客戶數量和淨美元保留率，我們將在第二季業績中對這些比較進行週年紀念。

In addition and consistent with prior years, we expect Q2 expenses to increase in connection with our annual merit cycle as well as shifting of investments in sales and marketing, which will impact our operating margin quarter over quarter.

此外，與往年一樣，我們預計第二季的支出將隨著我們的年度績效週期以及銷售和行銷投資的轉變而增加，這將對我們的營業利潤率產生逐季度影響。

Lastly, we acknowledge that we're in a period of market volatility and economic uncertainty. While we have not seen meaningful impact to our business from these factors to date, we continue to monitor things closely. If parts of the economy do turn worse, we believe we are well positioned given our value proposition to customers.

最後，我們承認我們正處於市場波動和經濟不確定的時期。雖然到目前為止我們還沒有看到這些因素對我們的業務產生重大影響，但我們會繼續密切關注事態發展。如果部分經濟情勢確實惡化，我們相信，憑藉我們向客戶提出的價值主張，我們將處於有利地位。

To summarize, we are pleased with our strong performance in Q1, which reflects effective execution of our strategic initiatives and the dedication of our teams. We are focused on creating uncomplicated and innovative products for our customers while driving long-term profitable growth for the business. Thank you for your continued support, and we look forward to updating you on our progress for the rest of the year.

總而言之，我們對第一季的強勁表現感到滿意，這反映了我們策略舉措的有效執行和我們團隊的奉獻精神。我們專注於為客戶創造簡單而創新的產品，同時推動業務的長期獲利成長。感謝您一直以來的支持，我們期待在今年剩餘時間向您通報我們的進展。

And with that, let us take your questions. Operator?

現在，讓我們來回答您的問題。操作員？

(Operator Instructions) Rob Oliver, Baird.

（操作員指示）羅布·奧利弗，貝爾德。

Great. Thank you. Good afternoon. I appreciate it. Dennis, it seems like from the early software reports here that the resiliency of software as a business model, but also as adding efficiency here in tough times is playing out. And it sounds like that's really playing out for you guys. So a couple of parts to my question. One is that Device42.

偉大的。謝謝。午安.我很感激。丹尼斯，從早期的軟體報告來看，軟體作為一種商業模式的彈性，以及在困難時期提高效率的作用正在發揮作用。聽起來這對你們來說確實發生了作用。我的問題分為幾個部分。一個是那個Device42。

It seems that's now really driving platform wins. Last quarter, you said that the pipeline there had doubled sequentially. And I don't know if I caught a comment relative to pipeline, so I would love to get an update there.

看來這才是真正推動平台勝利的因素。上個季度，您說那裡的管道數量連續翻了一番。我不知道我是否看到了與管道相關的評論，所以我很想在那裡得到更新。

And then on CX, I know you made some changes in CX as well, and it sounds like that's really starting to pick up also. And I'd be curious if you are still seeing in that business, both growth in agents as well as seats or if you're starting to see some of the efficiency created by the agent purchases start to offset some of the seat purchases. I realize that's a lot. Thanks, guys. I appreciate it.

然後在 CX 上，我知道您也對 CX 做了一些改變，聽起來這也確實開始有所改善。我很好奇，您是否仍然看到該業務中的代理商和座位數量都在增長，或者您是否開始看到代理商購買所產生的部分效率開始抵消部分座位購買。我意識到那太多了。謝謝大家。我很感激。

Thanks, Rob. So let me just go tick through those. I think first of all, in terms of the overall demand and our positioning, we did not see any material change in demand in Q1 from Q4. Trend is pretty much the same. I would say, beginning part of the quarter, this quarter, same thing.

謝謝，羅布。那麼讓我來看一下這些內容。我認為首先，就整體需求和我們的定位而言，我們沒有看到第一季的需求與第四季相比有任何實質的變化。趨勢幾乎相同。我想說，本季初，本季也發生同樣的事情。

And if you think about our value proposition and what customers need in tighter times, businesses are going to get -- need to get more efficient and our AI solutions absolutely help them do that. We've got over 30% improvement in productivity from Copilot. We're seeing deflection rates of 50% to 70% from AI Agents. So that's a positive for us. They want lower cost overall.

如果你考慮我們的價值主張以及客戶在緊張時期的需求，企業就會變得——需要提高效率，而我們的人工智慧解決方案絕對可以幫助他們做到這一點。透過 Copilot，我們的生產力提高了 30% 以上。我們發現人工智慧代理的偏轉率為 50% 至 70%。這對我們來說是積極的。他們希望整體成本更低。

And if you look at our positioning, our products in general are about half the total cost of a ServiceNow deployment or a Zendesk deployment or a Salesforce deployment. And that's when you take into consideration the time it takes to get the value, consultants you need to get a product up and running and then maintaining the product over time. So as those deployments come up for renewal, we're seeing it in our big wins. Customers are looking for an alternative. They're looking to bring us in, and we're winning our fair share of deals there.

如果你看看我們的定位，我們的產品整體成本大約是 ServiceNow 部署、Zendesk 部署或 Salesforce 部署總成本的一半。當您考慮到獲取價值所需的時間時，您需要顧問來啟動和運行產品，然後隨著時間的推移維護產品。因此，隨著這些部署的更新，我們將看到巨大的勝利。客戶正在尋找替代方案。他們希望引進我們，而且我們也在那裡贏得了公平的份額。

And they want uncomplicated solutions that scale and that are enterprise grade, and we've clearly built that. So regardless of the demand environment, we think we're going to be in good shape. On Device42, we had a great quarter for Device42. I would say that the majority of the business there is coming from us selling Device42 into our existing base at renewal for upsell as well as new deals. It's helping -- we did the -- we bought the company to help us win new business, and we're seeing that.

他們想要可擴展且企業級的簡單解決方案，而我們已經明確地建立了這一點。因此，無論需求環境如何，我們認為我們都會處於良好狀態。關於 Device42，我們為 Device42 度過了一個非常出色的季度。我想說的是，那裡的大部分業務都來自於我們在續約時向現有客戶群銷售 Device42，以進行追加銷售以及達成新交易。這很有幫助——我們確實這麼做了——我們收購了這家公司來幫助我們贏得新業務，而且我們也看到了這一點。

Two of our top five deals were Device42 deals and to enhance the value proposition for our existing customers. So really the best quarter in terms of number of deals that we've seen. We've really only been selling together for 2 quarters, 2.5. But increasingly, it's an integrated sale, which is why, going forward, we're not really going to be speaking about it as a completely separate business.

我們的五大交易中有兩項是與 Device42 達成的交易，旨在增強我們現有客戶的價值主張。就交易數量而言，這確實是我們所見過的最好的季度。我們實際上只合作銷售了兩個季度，也就是兩個半季度。但隨著銷售規模的擴大，我們越來越傾向於整合銷售，因此，未來我們不會再將其視為一項完全獨立的業務。

And then on the third point, CX, we continue to see agent count go up. We continue to see adoption of our AI solutions increase both for Copilot and for AI Agent. We're very optimistic about where AI Agent is going. Insights, as I mentioned, has over 500 customers in the beta. I think we had close to 1,000 customers at the latest point. So we're pretty excited about how those products are going to continue to add value for us.

然後在第三點，CX，我們繼續看到代理數量上升。我們持續看到我們的 AI 解決方案在 Copilot 和 AI Agent 中的採用率不斷增加。我們對 AI Agent 的發展方向非常樂觀。正如我所提到的，Insights 測試版擁有超過 500 名客戶。我認為我們最新的客戶數量接近 1,000 名。因此，我們對這些產品將如何繼續為我們增加價值感到非常興奮。

And I'm really proud about the investment that we've made and the results we're seeing in AI.

我對我們在人工智慧領域所做的投資和所取得的成果感到非常自豪。

Thank you. Great. Really appreciate it. Thanks, guys.

謝謝。偉大的。真的很感激。謝謝大家。

Elizabeth Porter, Morgan Stanley.

摩根士丹利的伊麗莎白波特。

Great. Thank you so much. You mentioned some interesting OpEx efficiencies driven by some of the internal use of AI. I was wondering if you could provide more granular color on what you're seeing and how you might be changing your own internal spending plans, if at all, based on what you're -- on the efficiencies you're seeing today? And then just lastly, just confidence in expanding the margin in that uncertain macro?

偉大的。太感謝了。您提到了一些由內部使用人工智慧推動的有趣的營運支出效率。我想知道您是否可以更詳細地說明您所看到的情況，以及根據您今天看到的效率，您可能會如何改變自己的內部支出計劃（如果有的話）？最後，您是否有信心在不確定的宏觀環境中擴大利潤率？

Sure. Thanks, Elizabeth. So we've been on an AI journey for a number of years now. And today, we have over 70 instances of AI products, our own products, third-party products that are enhancing our team's productivity and helping drive productivity and margin. I mean, if you look back at the last -- we were looking at this earlier, last two years in terms of our cash flow margin, we've gone from mid-single digits to where we are today over the last 18 to 24 months.

當然。謝謝，伊麗莎白。我們已經踏上人工智慧之旅好幾年了。今天，我們擁有超過 70 個 AI 產品實例，包括我們自己的產品和第三方產品，它們正在提高我們團隊的生產力並幫助提高生產力和利潤率。我的意思是，如果你回顧一下——我們之前就現金流利潤率而言，過去兩年，我們已經從中等個位數增長到了過去的 18 到 24 個月裡的今天。

And if you look at headcount in aggregate, headcount has actually come down by close to 20%. Now none of that's explicitly driven from any single project. It's really about optimizing the business overall, but AI plays a huge part in that. We're using AI and engineering for coding or using it all throughout our support operations.

如果從總體來看，員工人數實際上已經下降了近 20%。現在，這些都不是明確由任何單一項目推動的。這實際上是為了優化整體業務，但人工智慧在其中發揮著巨大的作用。我們正在使用人工智慧和工程進行編碼或在整個支援操作中使用它。

We're seeing the high deflection rate in the 80%-plus range for certain classes of queries. We're seeing our Copilot product assist us in areas like billing and customer support. So we're going to continue to press AI across our entire operation, and we think that, that will continue to drive margin expansion, and you see that in the guide. And Tyler, anything else that you would add on that?

我們發現某些類別的查詢的偏轉率高達 80% 以上。我們發現 Copilot 產品在計費和客戶支援等領域為我們提供協助。因此，我們將繼續在整個營運中推行人工智慧，我們認為，這將繼續推動利潤率的擴大，您可以在指南中看到這一點。泰勒，您還有什麼要補充的嗎？

Yeah. I think your second part of your question, Elizabeth, was just spending in general. We've always prided ourselves on being relatively efficient. In fact, we took actions last year to really drive a lot of efficiency into the business. And we're going to continue to do that.

是的。伊莉莎白，我認為你問題的第二部分只是一般支出。我們一直對自己的相對高效感到自豪。事實上，我們去年採取的行動確實大大提高了業務效率。我們將繼續這樣做。

I think we might be a little bit of an anomaly that we said, hey, we expect some increases in spend and some timing into Q2 and Q3 and Q4. And part of the reason for that is we actually think when times get really uncertain, we actually -- that might be an advantage for us. And we will lean into opportunities to try to grow faster, specifically investing in sales and marketing.

我認為我們可能有點異常，我們說，嘿，我們預計第二季、第三季和第四季的支出和時間會增加。部分原因是我們實際上認為，當情況變得非常不確定時，這實際上可能對我們來說是一個優勢。我們將抓住機遇，努力實現更快的成長，特別是在銷售和行銷方面的投資。

Great. Thank you so much.

偉大的。太感謝了。

Scott Berg, Needham & Company.

伯格（Scott Berg），Needham & Company。

Hi, everyone. Thanks for taking my questions. Really nice quarter. I have two. I don't know if Dennis or Tyler want to take it, but there was a quote in your press release talked about new global -- have a new global partner program with expanded offerings for resellers. I didn't hear much on the commentary on that. Can you help us understand maybe what changes you're making to your partner program and any potential impacts for fiscal '25 here? Thank you.

大家好。感謝您回答我的問題。真是一個美好的季度。我有兩個。我不知道丹尼斯或泰勒是否願意接受它，但您的新聞稿中有一段引文談到了新的全球——有一個新的全球合作夥伴計劃，為經銷商提供擴展的產品。我沒有聽到太多關於此的評論。您能否幫助我們了解您對合作夥伴計劃所做的更改以及對 25 財年的潛在影響？謝謝。

Yeah, I'll take it. So we made a change to the program overall at the request of the vast majority of our partners, where we're moving to something that's much more industry standard where we have -- we basically have a transfer pricing model for our resellers and then they can build services around that. They can price as they wish. If they want to price on a per seat basis, they can. If they want to add services into that, they can.

是的，我會接受的。因此，應絕大多數合作夥伴的要求，我們對整個計劃進行了更改，我們正在轉向更符合行業標準的計劃——我們基本上為經銷商提供了一個轉讓定價模型，然後他們可以圍繞該模型構建服務。他們可以按自己的意願定價。如果他們想按座位定價，他們可以。如果他們想添加服務，他們可以。

And that's what we were hearing that we needed to do across the board to create more opportunities for our partners to build businesses on an ongoing basis around our products. I think the things that we're seeing, we continue to see a lot of interest from partners across the board that are bringing us into mid-market companies.

我們聽到的是，我們需要全面採取行動，為我們的合作夥伴創造更多機會，並圍繞我們的產品持續開展業務。我認為，我們看到的是，各合作夥伴對我們進入中型市場公司表現出濃厚興趣。

So in Q1, we signed a deal with Unisys, which we've already been working with them throughout the quarter. We've got a nice pipeline of mid-market customers for our EX set of solutions there. And so I think we have a lot of opportunity in partners. I'm excited about where that's going, and we'll continue to invest there.

因此，在第一季度，我們與 Unisys 簽署了一項協議，並且我們已經在整個季度與他們合作。我們的 EX 解決方案系列在那裡擁有一批優質的中端市場客戶。因此我認為我們在合作夥伴方面有很多機會。我對此感到非常興奮，我們將繼續在那裡投資。

Got it. Very helpful. And then your operating margin guidance, Tyler, I know you talked about timing of some expenses was favorable in the quarter, moving to the back half of the year. The operating margin step down in Q2 is, I guess, a little bit more significant than anything we've seen in the model the last several years. Is it purely just based on timing? Or are there some other maybe investments going on in the model that's maybe worth noting in the quarter? Thank you.

知道了。非常有幫助。然後是您的營業利潤率指導，泰勒，我知道您談到了本季度一些費用的時機是有利的，移至下半年。我認為，第二季的營業利潤率下降比過去幾年我們在模型中看到的任何下降都要顯著一些。這純粹只是基於時間嗎？或者該模型中是否存在其他可能值得本季關注的投資？謝謝。

Yeah. It's a combination of both, Scott. I think there's always timing from Q1 to Q2, but mainly changes in our compensation. So our annual focal process hits at the end of Q1. So we get a an uplift. And so that happens every single year.

是的。這是兩者的結合，斯科特。我認為從第一季到第二季總是有時間變化的，但主要是我們的薪資發生了變化。因此，我們的年度焦點流程在第一季末開始。因此我們得到了提升。每年都會發生這樣的事。

Secondarily, we did have some timing just on spend and some expenses that just got pushed out of Q1 into Q2 in the back half. Some of those are related to sales and marketing. And so it's nothing -- we're really actually quite pleased with how we're doing from the efficiency perspective. We had a really significant beat against what our forecast was for Q1, but some of that was timing.

其次，我們確實在支出方面有一些時間安排，一些費用從第一季推遲到下半年的第二季。其中一些與銷售和行銷有關。所以這沒什麼——從效率的角度來看，我們實際上對我們的表現非常滿意。我們第一季的業績確實比預期有大幅超出，但部分原因是時機問題。

Excellent. Thank you. Next quarter, again

出色的。謝謝。下個季度，

Thanks, Scott.

謝謝，斯科特。

Pinjalim Bora, JPMorgan.

摩根大通的 Pinjalim Bora。

Great. Thanks for taking the question. Congrats on the quarter. Dennis, maybe talk about the -- I think I heard you launched Freddy Insights at the end of Q1. I don't think we are -- at least I'm not aware of the pricing for that product.

偉大的。感謝您回答這個問題。恭喜本季取得佳績。丹尼斯，也許可以談談——我想我聽說你在第一季末推出了 Freddy Insights。我認為我們不知道——至少我不知道該產品的定價。

Maybe talk about how you're thinking about pricing and monetizing Freddy Insights. And overall, if you take a step back, it seems like you're being successful fairly on the AI side. When do we start hearing the contribution from AI to the business overall to the the growth of the -- growth in ARR or any of the business metrics? And I have a follow-up for Tyler.

也許可以談談您對 Freddy Insights 的定價和貨幣化的看法。總的來說，如果你退一步來看，你似乎在人工智慧方面取得了相當大的成功。我們什麼時候才能開始聽到人工智慧對整體業務成長的貢獻——ARR 的成長或任何業務指標的成長？我還要跟進泰勒的情況。

Thanks, Pinjalim. So let me just refresh you on the overall pricing model for AI that we have today. So we have AI Agent and AI Agent, most of the queries today are coming on the CX side. And for CX, we monetize on a consumption basis. Remember, you buy session packs, 100 session packs and you -- or 1,000 session packs, and you buy -- and as you consume them, you purchase more.

謝謝，Pinjalim。因此，讓我向您重新介紹我們今天的人工智慧整體定價模型。所以我們有 AI Agent 和 AI Agent，今天的查詢大多來自 CX 端。對於 CX，我們根據消費情況進行貨幣化。請記住，您購買會話包，100 個會話包，或 1,000 個會話包，然後您購買 - 當您使用它們時，您會購買更多。

For AI Agent, that's an adder, a seat adder, the sticker price is $29 a seat per month on top of the regular license price. And then for AI Insights, we're incorporating that -- today, that's available in beta for EX. We're incorporating that into our enterprise plan to encourage adoption of the enterprise plan, which, of course, is the highest price plan. So we expect that we'll have a mix of monetization methods for different aspects of AI. We also expect that we'll experiment with different methods as we hear feedback from customers.

對於 AI Agent 來說，這是一個加法器，一個座位加法器，價格為每月每個座位 29 美元，高於常規許可證價格。然後對於 AI Insights，我們將其納入其中——今天，它已在 EX 的測試版中提供。我們將其納入我們的企業計劃中，以鼓勵採用企業計劃，當然，這是價格最高的計劃。因此，我們期望針對人工智慧的不同方面採用多種貨幣化方法。我們也希望在聽取客戶的回饋後嘗試不同的方法。

Some customers appreciate the certainty of a seat license model. Others are much more -- are comfortable with consumption because they are used to that in other services. I think in terms of when will we be able to talk about it separately -- right now, AI is such an integral part of our sale.

有些客戶很欣賞座位授權模式的確定性。其他人則對消費更加滿意，因為他們已經習慣了其他服務的消費。我認為我們什麼時候才能單獨討論這個問題——現在，人工智慧是我們銷售中不可或缺的一部分。

People are buying or making decisions on switching from a legacy provider without really having a good understanding of the AI road map and AI capabilities. So it's really driving the business overall. And I think we'll have to give some thought into how we -- if we do break it out, how we talk about it. And we'll have more to say in September at the Investor Day.

人們在購買或決定從傳統供應商轉換時，並沒有真正了解人工智慧路線圖和人工智慧能力。因此它確實推動了整體業務的發展。我認為我們必須認真思考——如果我們真的解決這個問題，我們該如何談論它。我們將在九月的投資者日上透露更多消息。

Understood. Tyler, on the NRR dynamic, it seems like it's been stable. That's great to see. But when I think about the four-quarter average calculation on that, you're giving up some of the higher numbers, but still able to maintain a stable NRR, which makes me feel like your in-quarter probably is expanding faster than your reported number. Any way to understand what is that in-quarter at this point?

明白了。泰勒，就 NRR 動態而言，它似乎一直穩定。很高興看到這一點。但是當我考慮對此進行四個季度的平均值計算時，您會放棄一些較高的數字，但仍然能夠保持穩定的 NRR，這讓我覺得您的季度內增長速度可能比您報告的數字更快。有什麼方法可以了解此時的季度情況嗎？

Or am I theoretically correct in that direction? And ITSM, I think you talked about 110% a couple of quarters back. Has that been holding up in that general zone?

或者我在這個方向上理論上是正確的？至於 ITSM，我想您在幾個季度前談到了 110%。那個大致區域一直是這樣嗎？

Yeah. So Pinjalim, yeah. So we obviously -- well, you know how it's calculated, right? It's a four-quarter look back on the net dollar retention. We continue to make really good progress on churn, and that's just been steady.

是的。是的，Pinjalim。所以我們顯然——嗯，你知道它是如何計算的，對吧？這是對四個季度的淨美元保留情況的回顧。我們在客戶流失方面持續取得良好進展，而且一直很穩定。

You're right. On net dollar retention, we have seen at level. 105 was a little bit better than what we had forecasted. We had said 104 -- we're saying 104 to Q2. Again, it's an estimate of -- we know the churn.

你說得對。在淨美元留存率方面，我們看到 105 的水平比我們預測的要好一些。我們說過 104 — — 我們說 Q2 是 104。再次強調，這是一個估計值－我們知道客戶流失率。

We have three quarters of data, but the expansion rates and churn are just the ones we have to wait for in the quarter to get to. But in general, we're actually pleased with the progress that we've made, and we see some good results.

我們有三個季度的數據，但擴張率和客戶流失率只是我們必須等待本季才能得到的數據。但總的來說，我們對所取得的進展感到滿意，並且看到了一些很好的結果。

Expansion motion on agent addition, we've been talking about that for years in terms of that coming down. And we're starting to see offsets in terms of the other products that we have to bring to our customers to offset the agent addition expansion, which is also going positive.

關於代理添加的擴展動議，我們多年來一直在討論這個問題。我們開始看到，我們必須向客戶提供其他產品來抵消代理商增加擴張的影響，這也是正面的。

The second piece of your question, Pinjalim, can you remind me?

Pinjalim，您問題的第二部分，您能提醒我嗎？

The ITSM --

ITSM——

I'm sorry, the byproduct. We haven't updated that in the last couple of quarters. That's again something we will talk about at Investor Day in terms of looking deeper into the byproduct information, both and net dollar retention will be part of that.

抱歉，這只是副產品。過去幾季我們還沒有更新過。這也是我們將在投資者日討論的內容，深入研究副產品訊息，淨美元保留將是其中的一部分。

Understood. Thank you.

明白了。謝謝。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯·祖金（Alex Zukin）。

Hey, guys. Thanks for taking the question. I guess, Dennis, I mean, outside of the mentioning maybe some pull forwards in billings or pull-ins in billings that you saw, you really aren't seeing any of the macro changes yet. So I guess why is that. How do you see that playing out? What are you maybe hearing in conversations around macro for the full year?

嘿，大家好。感謝您回答這個問題。我想，丹尼斯，我的意思是，除了提到你可能看到的賬單中的一些向前拉動或向內拉動之外，你實際上還沒有看到任何宏觀變化。所以我猜這是為什麼呢？您認為結果會怎樣？您在有關全年宏觀經濟的討論中可能聽到了什麼？

And Tyler, maybe just go a bit deeper on those pull-ins in -- were they from Q2? Were they from later in the year? And maybe just qualify how, if at all, you've included more risk adjustment around macro uncertainty in the guidance?

泰勒，也許您可以更深入地探討一下這些吸引力——它們來自 Q2 嗎？它們是今年晚些時候的嗎？也許只是限定一下，如果有的話，您是否在指導中包含了更多關於宏觀不確定性的風險調整？

Thanks, Alex. So look, first of all, we operate in a must-have categories. If you have a customer support team, if you have an IT team, you have to automate their operations. You have to bring AI in and get as much out of the people as you can. And it's just not optional.

謝謝，亞歷克斯。首先，我們經營的是必備類別。如果您有一個客戶支援團隊，如果您有一個 IT 團隊，您就必須實現他們的營運自動化。你必須引入人工智慧並盡可能地利用人類的力量。這不是可選的。

So a lot of software categories are optional. And so it's easier to defer decisions or not have something or survive with whatever old legacy system you have. So I'd say that's one. I think the second is, a lot of our competitors are way more expensive. And you see that with these big wins that we have like Travis Perkins, which is equivalent to the Home Depot of the UK.

所以很多軟體類別都是可選的。因此，延遲決策、不做某件事或繼續使用現有的舊有系統就變得更容易了。所以我會說這是其中之一。我認為第二個原因是，我們的許多競爭對手的價格要高得多。您可以看到，我們取得了這些重大勝利，例如特拉維斯·珀金斯 (Travis Perkins)，它相當於英國的家得寶 (Home Depot)。

It's a big, sophisticated customer. They were a customer of ServiceNow for 10 years plus. And they are looking for something that's easier for them to manage themselves without having experts on staff that just understand the system and can baby sit it. And that's what our product does. You can manage it without the overhead that other systems require.

這是一個規模大、經驗豐富的客戶。他們是 ServiceNow 的客戶，已有 10 多年了。他們正在尋找一種更容易自我管理的方法，而不需要雇用那些只了解系統並能照顧系統的專家。這就是我們的產品的作用。您可以管理它，而無需其他系統所需的開銷。

So when they're looking to save money, when they're looking to become more efficient, of course, they're going to look at alternatives to their existing providers. And three years ago, two years ago, maybe when they signed their renewal, our product was not as robust and mature as it is today. So we actually think that, that's a great position to be in going into a tighter time. And I think that, that's just true across the business. Now that can change.

因此，當他們想要省錢、想要提高效率時，他們當然會尋找現有供應商的替代方案。三年前，或者兩年前，也許當他們簽署續約協議時，我們的產品還沒有像今天這樣強大和成熟。所以我們實際上認為，在進入更緊張的時期時，這是一個很好的位置。我認為，對於整個產業來說，這都是事實。現在這種情況可以改變。

But as of now, we really didn't see anything that's recognizable that indicates that the macro is having a big effect on us so far.

但截至目前，我們確實沒有看到任何可識別的跡象表明宏觀經濟對我們產生了重大影響。

Yeah. And the question on the timing of billings, Alex, we say, hey, we got about 2% benefit in Q1 from both overperformance, but also pull-in and that pull-in really is from Q2. Some of that stuff happens every quarter. It really has to do with when expansions are happening during contract terms and things like that, and that is relatively unpredictable and then sometimes early renewals. And that takes away from a little bit of the forecast from Q2.

是的。關於帳單時間的問題，亞歷克斯，我們說，嘿，我們在第一季度獲得了大約 2% 的收益，既有超額表現，也有拉動，而這個拉動實際上來自第二季度。有些事情每季都會發生。這實際上與合約期限內的擴張等情況有關，而且這相對難以預測，有時還會提前續約。這與第二季的預測有一點出入。

But for the full year, we're still seeing the same. We guided to the same number in terms of the billings forecast that we had already done coming into the year. The second part of that question is what's derisked. We're really -- everything that we're talking about is based on the full information that we have today, and that would include any of the uncertainty that's out there. Now if things get considerably worse or buying behaviors change from anything new, then obviously, we'll update that, but we're not seeing that right now.

但就全年而言，我們仍然看到同樣的情況。就今年的營業額預測而言，我們給出的數字與之前的數字相同。這個問題的第二部分是去風險化。我們確實——我們所談論的一切都是基於我們今天所掌握的全部信息，其中包括存在的任何不確定性。現在，如果情況變得更糟或購買行為發生任何新變化，那麼顯然，我們會更新，但我們現在還沒有看到這種情況。

Perfect. Thank you, guys.

完美的。謝謝你們。

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞集團。

Thanks, Dennis. Can you address the market strength? You called out a number of these enterprise wins. What are you seeing? How would you characterize the pipeline? And just give us an overall sense of what you're seeing, and I had a quick follow-up.

謝謝，丹尼斯。能談談市場實力嗎？您列舉了許多這樣的企業勝利。你看到了什麼？您如何描述該管道？請讓我們大致了解您所看到的情況，然後我會快速跟進。

So the pipeline looks good. Again, you see it in the numbers from last quarter or just some of the examples in terms of our wins. Kayak, they replaced Jira. Kent State, big public university, they came in with Freshservice. As I said, Travis Perkins replaced ServiceNow.

所以管道看起來不錯。再次，您可以從上個季度的數據或我們獲勝的一些例子中看到這一點。Kayak，他們取代了 Jira。肯特州立大學是一所大型公立大學，他們與 Freshservice 合作。正如我所說，Travis Perkins 取代了 ServiceNow。

We had a big US technology player, 10-year customer of ServiceNow. They replaced them. AMEX Business Travel upgraded to D42. Coherent, Alterra Mountain Company, ChampionX, all these are replacing legacy players with our products.

我們有一家美國大型科技公司，也是 ServiceNow 的 10 年客戶。他們替換了它們。AMEX 商務旅行升級至 D42。Coherent、Alterra Mountain Company、ChampionX，它們都在用我們的產品取代傳統的播放器。

So we've got great momentum. And if I look at our pipeline, it looks like the last quarter, right? It's strong both on the upsell and on the new business side. So -- again, I'm not really seeing much change from what we started seeing Q3, Q4 last year. It's just building.

因此，我們擁有巨大的發展動能。如果我看一下我們的管道，它看起來就像上個季度，對嗎？它在追加銷售和新業務方面都表現強勁。所以——我再說一次，與去年第三季和第四季相比，我並沒有看到太大的變化。這只是建築。

And I think for that mid-market customer, like the ideal is 5,000 person, but it ranges up to 20,000 people. That segment is not well served by the big enterprise players or the legacy players. They haven't historically had a choice. Now they do. And I think that momentum is starting to build.

我認為對於中端市場客戶來說，理想的人數是 5,000 人，但最高可達 20,000 人。大型企業或傳統企業並未很好地服務於這一領域。從歷史上看，他們沒有選擇。現在他們有了。我認為這種勢頭正在開始增強。

The customers are starting to talk to one another. They're starting to recognize that there is a choice out there and that we're it. And so that's fantastic on that side of the business, and we look to continue that.

顧客們開始互相交談。他們開始體認到，存在著一種選擇，而我們就是這種選擇。這對於業務的這個方面來說非常棒，我們希望繼續保持下去。

Okay. Great. And then just a quick follow-up. Some of your partners have called out some changes in the sales team with Abe departing. Can you just refresh us on what is happening there? Is this a distraction? How do you think about managing that transition?

好的。偉大的。然後只是快速的跟進。隨著阿部離職，你們的一些合作夥伴呼籲銷售團隊做出一些變動。您能簡單告訴我們一下那裡發生的情況嗎？這是否分散了注意力？您認為該如何管理這項轉變？

Sure. So Abe left the company earlier this month for personal reasons, and we respect that. And throughout the -- he landed the quarter, obviously, we did well in Q1. Ian Tickle, who is our Head of International, he has stepped in on an interim basis and has picked up the mantle with no real loss. He's been a fantastic leader who joined us last year.

當然。因此，安倍本月初因個人因素離開公司，我們對此表示尊重。在整個——他獲得了本季度的成績，顯然，我們在第一季表現良好。我們的國際部主管伊恩·蒂克爾 (Ian Tickle) 臨時接任了這一職務，並且沒有造成任何實際損失。他是一位出色的領導者，去年加入我們。

He was the CRO of Domo and has had a long career in enterprise sales. So we continue to see the progress that we've made in the go-to-market motion across the board. And we really didn't see any disruption, and I don't anticipate any.

他曾擔任 Domo 的 CRO，在企業銷售領域擁有長期的職業生涯。因此，我們繼續看到我們在全面進入市場的過程中所取得的進展。我們確實沒有看到任何中斷，而且我也不預期會出現任何中斷。

Okay. Dennis, I just want to clarify, this change, this is an interim change and you're looking for a full-time head of sales. Is that correct?

好的。丹尼斯，我只是想澄清一下，這個變化是一個臨時變化，你正在尋找全職銷售主管。對嗎？

That's correct. That's correct.

沒錯。沒錯。

Okay. Great. Thank you.

好的。偉大的。謝謝。

David Hynes, Canaccord Genuity.

Canaccord Genuity 的 David Hynes。

Hey. Thank you, guys. Dennis, AI touch on new deals is obviously doing really well based on the stats you've shared. Maybe you could touch on the strategy for driving even better adoption in the installed base, particularly on the CX side and just how you think you're positioned for that opportunity?

嘿。謝謝你們。丹尼斯，根據您分享的數據，AI 對新交易的觸動顯然做得很好。也許您可以談談推動安裝基礎更好採用的策略，特別是在 CX 方面，以及您認為您如何把握這一機會？

Yeah. So I think it's -- on the one hand, we can look at the business and say, hey, 2,700 customers, up 500 year over year for Copilot, 1,500-plus per AI Agent. But what I say, I keep reminding the team, we've got 73,000 customers. So there's a long way to go. I think part of that is just how businesses are adopting AI.

是的。所以我認為——一方面，我們可以看看業務，嘿，2,700 名客戶，Copilot 的客戶比去年同期增加了 500 名，每個 AI 代理的客戶增加了 1,500 多名。但我不斷提醒團隊，我們有 73,000 名客戶。所以還有很長的路要走。我認為部分原因在於企業如何採用人工智慧。

It's very similar to any other new technology where you're going to have the early adopters who are comfortable experimenting and they're comfortable trying new technology. Also, those that have a bigger opportunity are the ones to jump in first. Like PhonePe is a big customer of ours in India that's a big early adopter of all things AI. And then you're going to have other customers that have other issues, regulatory issues. They want to get comfortable with how we're treating information.

它與任何其他新技術非常相似，你都會擁有願意進行實驗並樂於嘗試新技術的早期採用者。此外，擁有更大機會的人會率先加入。就像 PhonePe 是我們在印度的大客戶一樣，它是所有 AI 產品的早期採用者。然後你還會遇到其他有其他問題的客戶，例如監管問題。他們希望了解我們處理資訊的方式。

They want to test the product. They want to deploy in a POC before rolling out more broadly. So we're working through all that with our customers. And where they're seeing success, they're broadening out and broadening their deployments, and that's really the work that's ahead of us as a team. So I think that adoption curve, we're going to continue to work on.

他們想測試該產品。他們希望在更廣泛地推廣之前先在 POC 中部署。因此，我們正在與客戶一起努力解決所有這些問題。在他們看到成功的地方，他們正在不斷擴大部署範圍，而這正是我們作為一個團隊所面臨的工作。所以我認為我們將繼續努力提高採用曲線。

We've got several exciting products that are coming out in June at our June 11 Refresh Event. There will be a virtual -- for those who can't attend, the event is going to occur in London, but there'll be a virtual version of it on the 12th, where we'll share our -- a bunch of new products introductions, which we think will accelerate AI adoption even further across that base.

我們將在 6 月 11 日的更新活動中推出幾款令人興奮的產品。對於那些無法參加的人來說，該活動將在倫敦舉行，但 12 日將有一個虛擬版本，我們將在會上分享我們的一系列新產品介紹，我們認為這將進一步加速整個基礎上人工智慧的採用。

And then every quarter, we're getting better at selling in AI, at demonstrating success. We have more and more success stories to talk about with prospects and with our existing customers who haven't yet adopted. So I think it's really just a matter of time before we continue to drive those numbers up and see broader and broader adoption of our AI products.

每個季度，我們在人工智慧銷售方面都會做得更好，並取得成功。我們有越來越多的成功案例可以與潛在客戶以及尚未採用的現有客戶討論。因此，我認為，繼續提高這些數字並看到我們的人工智慧產品得到越來越廣泛的應用只是時間問題。

Yeah. Okay. Makes sense. And then, Tyler, a follow-up for you. Do you have an organic growth rate on that EX ARR number? I think you've shared that with us in the past. I'm not sure I caught it this quarter.

是的。好的。有道理。然後，泰勒，我要跟進一下你的情況。您是否有 EX ARR 數字的有機成長率？我想您以前曾與我們分享過這一點。我不確定我是否在本季度抓住了它。

Yeah, David. Coming into the year, we actually said we're not going to be breaking out organic and inorganic. And the main reason is actually a positive reason that the Device42 co-sell motion has been doing really, really well.

是的，大衛。進入今年，我們實際上說過我們不會突破有機和無機的界限。主要原因實際上是 Device42 共同出售動議一直進展順利的積極原因。

And so a majority of the business that we're closing now is all combined. And so some of those numbers don't make sense to break out anymore. We called that out coming into the year that Q4 was the last time we're going to do that.

因此，我們現在關閉的大部分業務都是合併的。因此，其中一些數字不再具有意義。我們在今年第四季就表示，這是我們最後一次這樣做。

Thank you, guys.

謝謝你們。

Patrick Walravens, Citizens.

帕特里克·沃爾拉文斯，公民。

Great. Thank you. And let me add my congratulations. So Dennis, I had another CEO yesterday, tell me something, I'd love to hear your reaction to it and see if this is similar for you. He said he's never seen anything go as fast in technology as AI.

偉大的。謝謝。請容許我向您表示祝賀。所以丹尼斯，昨天我遇到了另一位首席執行官，告訴我一些事情，我很想聽聽你的反應，看看這對你來說是否有類似的情況。他說他從未見過任何技術能像人工智慧一樣發展得如此之快。

And four months ago, a lot of the functionality was served like science fiction, but now it's table stakes. And in particular, he said the RFPs that are coming through now have got all these AI functionality requirements in the RFPs that weren't there four months ago. Are you seeing the same thing in your space? Do you even have RFPs?

四個月前，許多功能還像科幻小說一樣，但現在卻已成為現實。他特別指出，現在提交的 RFP 已經包含了所有這些 AI 功能要求，而四個月前這些要求是沒有的。您在自己的空間中也看過同樣的事情嗎？你們有 RFP 嗎？

We absolutely do have RFPs. So typically, in CX or in EX, any customer that's looking for a new solution to replace their existing solution or maybe they don't have a solution, every customer is asking about AI because they understand it's integral to what these platforms need to deliver.

我們確實有 RFP。因此，通常情況下，在 CX 或 EX 中，任何正在尋找新解決方案來替代現有解決方案的客戶，或者他們可能沒有解決方案，每個客戶都會詢問 AI，因為他們明白這是這些平台需要交付的功能不可或缺的一部分。

And yes, we do have lots of RFPs all the time. And I don't know the exact number, but I would hazard a guess that 80% plus, AI is a consideration. I can't remember a conversation I've had in a sales situation or an upsell where AI is not a topic that our customers want to understand.

是的，我們確實一直收到很多 RFP。我不知道確切的數字，但我猜測 80% 以上的人都會考慮人工智慧。我不記得在銷售或追加銷售中，我曾經進行過任何一次談話，其中人工智慧不是我們的客戶想要了解的話題。

They want to understand the road map. They want to understand what we're going to be offering and how we can help benefit their business over time. It's absolutely table stakes. And that's why I'm excited about how we've been able to monetize it here and how we've been able to drive from a year, 1.5 years ago where we first launched that Copilot SKU into GA, we've been able to drive pretty broad adoption. So it's totally table stakes in this space, and I suspect most of the software.

他們想了解路線圖。他們想了解我們將提供什麼以及我們如何能夠幫助他們的業務長期受益。這絕對是賭注。這就是為什麼我很高興我們能夠在這裡將其貨幣化，以及我們如何能夠從一年前，也就是一年半前我們首次將 Copilot SKU 推向 GA 時，推動它得到相當廣泛的採用。因此，這完全是這個領域的賭注，我懷疑大多數軟體都是如此。

All right. Great. And then the follow-up is I had a different CEO tell me that one thing that's made life more difficult for him is that he used the word vaporware from his competitors. Obviously, they're pitching his own book a little bit there. But he's like, it's just gotten so noisy because everyone is using the same words, everyone is talking about Agentic AI and Agentic Workflows.

好的。偉大的。接下來的問題是，另一位執行長告訴我，有一件事讓他的生活變得更加困難，那就是他使用了競爭對手的「vaporware」這個詞。顯然，他們正在那裡推銷他自己的書。但他說，現在變得太吵了，因為每個人都在使用同樣的詞語，每個人都在談論 Agentic AI 和 Agentic Workflows。

And we really have it, but other people don't really have it, but it's just gotten hard because it's really noisy. It sounds like you guys are managing through that. But are you seeing the same thing in terms of the noisiness? And how do you get through it?

我們確實有，但其他人並沒有，只是因為太吵，所以變得困難了。聽起來你們正在設法解決這個問題。但是從噪音角度看，你看到的是同樣的事情嗎？您是怎樣度過這難關的？

Well, I think a couple of things. So for our existing customers, we are one of the first places that they're going to turn for AI related to service automation. And that's the job of our teams to make sure that they understand what solutions they already have, or they already have access to, in some cases, they're already paying for that they can get value from.

嗯，我想了幾點。因此，對於我們現有的客戶來說，我們是他們尋求與服務自動化相關的人工智慧的首選之一。我們團隊的工作就是確保他們了解他們已經擁有哪些解決方案，或者他們已經可以使用哪些解決方案，在某些情況下，他們已經為可以從中獲得價值而付費。

And so there, we have an unfair advantage in that noisy environment. For a new customer coming in, again, think about the motivation for a new customer coming to us today, whether it's CX or EX, they're not satisfied with their existing platform typically for some reason.

因此，在吵雜的環境中，我們擁有不公平的優勢。對於新客戶，再次思考今天新客戶來找我們的動機，無論是 CX 還是 EX，他們通常由於某種原因對現有平台不滿意。

And they're looking for a modern AI-first platform that is going to help them scale. Typically, these decisions are multiyear decisions. You're not going to want to switch your ITSM or your customer support platform every year. And so they want to understand what's the history of innovation, what innovation should I expect going forward? Do I believe in the road map?

他們正在尋找一個能夠幫助他們擴大規模的現代化 AI-first 平台。通常，這些決定都是多年的決定。您不會想每年都更換您的 ITSM 或客戶支援平台。因此他們想了解創新的歷史，以及未來該期待什麼樣的創新？我相信路線圖嗎？

Do I believe they can deliver. They're going to talk to customers that are seeing real value from the AI. And that's why the fact that we've got 1,500 on AI Agent, close to 1,000 on Insights and 2,700 on Copilot. That is a huge advantage for us now because we have real customers with real value, tons of case studies that we can point them to.

我相信他們能夠實現目標嗎？他們將與那些看到人工智慧真正價值的客戶交談。這就是為什麼我們在 AI Agent 上擁有 1,500 個，在 Insights 上擁有近 1,000 個，在 Copilot 上擁有 2,700 個。這對我們來說是一個巨大的優勢，因為我們擁有真正有價值的真實客戶，以及大量的案例研究可以提供給他們。

And what I do is I just connect them with the CIO. Don't take my word for it, but to talk to our customers because they're seeing the value. So we think we're at that point in terms of our scale where we have a real advantage over some start-up coming in that has, like you said, one or two customers and a demo. And that's where we have a real advantage, and we're seeing it.

我所做的就是將他們與 CIO 聯繫起來。不要輕信我的話，而是要與我們的客戶交談，因為他們看到了價值。因此，我們認為，就規模而言，我們比一些只有一兩個客戶和一個演示的新創公司具有真正的優勢。這就是我們真正的優勢所在，而且我們已經看到了它。

Awesome. All right. Thank you.

驚人的。好的。謝謝。

Brent Bracelin, Piper Sandler.

布倫特布雷斯林、派珀桑德勒。

Thank you. Good afternoon, Dennis. New customer logos, I think, more than doubled what you saw during Q1 last year. You've had now three quarters where the net retention trailing metrics stabilized in period improved.

謝謝。下午好，丹尼斯。我認為，新客戶的數量是去年第一季的兩倍多。現在，已經有三個季度了，淨留存率追蹤指標在期間內保持穩定並有所改善。

How much of the strength that you're seeing here would you attribute to the external environment getting better versus maybe some internal things, company-specific things that you're doing around go-to-market, new product, AI? Just trying to better understand the strength that you saw the last two quarters? And how much of it is external versus internal?

您在這裡看到的優勢有多少是歸因於外部環境的改善，還是一些內部因素，例如公司在行銷、新產品、人工智慧等方面的具體舉措？只是想更了解過去兩季所看到的實力？其中有多少是外在的，有多少是內在的？

Yeah. So I've been CEO now for a little under a year. And I wouldn't -- I think the external environment has been somewhat constant, if not maybe there's -- if you just read the headlines, negativity in the last couple of months.

是的。我擔任執行長還不到一年。我不會——我認為外部環境一直比較穩定，如果不是的話，也許有——如果你讀一下頭條新聞，你會發現過去幾個月出現了消極情緒。

But I don't think it's the external environment that's changed. We've very much been focused on continuing to move the company upmarket and to build products that appeal to that mid-market customer, again, 5,000 to 20,000 employees, not well served by the existing incumbents.

但我不認為外在環境發生了改變。我們一直致力於繼續推動公司向高端市場發展，並打造能夠吸引中端市場客戶的產品，這些客戶有 5,000 到 20,000 名員工，而現有的公司無法很好地為他們提供服務。

We built the go-to-market to go after that, build partner network to go after that. That's paying off. If you see it in ARPA, which is up meaningfully year over year as well as customer count. So that's one. And I think the second focus internally that we've had is on creating AI products that actually work out of the box, easy to use, easy to deploy and fast time to value, consistent with our overall value proposition.

我們建立了行銷策略來實現這一目標，並建立了合作夥伴網絡來實現這一目標。這是有回報的。如果你在 ARPA 中看到它，你會發現它和客戶數量都比去年同期有顯著增長。這就是其中之一。我認為我們內部的第二個重點是創造開箱即用、易於使用、易於部署、快速實現價值的人工智慧產品，與我們的整體價值主張保持一致。

And that's resonating as well. You see it in all the monetization metrics that I was sharing before -- the customer count that I was sharing before. So those two things, I think, matter more than the environment. I don't think the environment has gotten better in the last 12 months. And there are signs that going forward, it might get worse.

這也引起了共鳴。您可以在我之前分享的所有貨幣化指標（即我之前分享的客戶數量）中看到這一點。所以我認為這兩件事比環境更重要。我認為過去 12 個月環境並沒有變得更好。而且有跡象表明，未來情況可能會變得更糟。

Very clear there. And then, Tyler, just a quick follow-up for you. OpEx has actually been down on an absolute basis for two consecutive quarters that helped push margins above 20% here for two quarters. But you did mention the change and appetite to maybe lean in as this external environment maybe gets a little more challenging, try to accelerate share gains. Walk me through how closely you're going to be managing expenses.

那裡非常清楚。然後，泰勒，我只想快速跟進一下你的情況。實際上，營運支出已連續兩季絕對下降，這有助於推動利潤率連續兩季超過 20%。但您確實提到了變化和意願，因為外部環境可能會變得更具挑戰性，試圖加速市場份額的成長。請告訴我您將如何嚴格管理開支。

It sounds like you have an appetite to lean in, but also an appetite to watch things closely. Are you watching things on a monthly basis or weekly basis? Just walk me through where you're going to lean in and how closely you're watching it?

聽起來你有一種傾向，那就是傾向於傾聽，但也有傾向去密切觀察事物。您是按月還是按週觀察事物？請告訴我您將要靠近哪裡以及您將以多近的距離觀察它？

Yeah, we are watching pretty closely. I think some of the bets that we plan to make, they don't have overnight returns. So those are things we're laying a groundwork versus some of the pipeline things we can do actually have pretty near-term returns. And so we'll place bets across the field. Now I said there's -- hey, there's two things happening.

是的，我們正在密切關注。我認為我們計劃進行的一些賭注不會在一夜之間帶來回報。因此，這些都是我們正在奠定基礎的事情，而我們所能做的一些管道工作實際上會在短期內帶來回報。因此我們將在整個領域下注。現在我說——嘿，有兩件事發生。

One is timing, right? So we had some expenses that are just getting pushed, but we're still going to make them. The other is that we have our annual compensation uplift that kicks in, in Q2. The lean-in part that I was talking about is, yes, we do think that when times are volatile and then companies are really looking to have the must-have products, but at a great value, this is our opportunity to lean in.

一是時機，對吧？因此，我們的一些開支只是被推遲了，但我們仍然會支付這些費用。另一個是，我們的年度薪資上漲將在第二季開始生效。我所說的「向前一步」部分是，是的，我們確實認為，當時代動盪時，公司確實希望擁有必備產品，但要具有很高的價值，這是我們向前一步的機會。

And so we will continue to invest in sales and marketing, but we do look at making sure we're trying to make efficient investments, and we'll be monitoring that on a regular basis.

因此，我們將繼續在銷售和行銷方面進行投資，但我們確實會確保我們正在努力進行有效的投資，並且我們會定期監控這一點。

Got it. Great to hear. Thank you.

知道了。很高興聽到這個消息。謝謝。

Thanks.

謝謝。

Great. Thank you so much, everybody, for joining us, and we'll see you next time. Thanks.

偉大的。非常感謝大家的參與，我們下次再見。謝謝。

Thank you. This concludes the question-and-answer session. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

謝謝。問答環節到此結束。感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。