Freshworks Inc (FRSH) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Freshworks second-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Freshworks 2025 年第二季財報電話會議。（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 speaker today, Brian Lan, Director of Investor Relations. Please go ahead.

現在，我想將會議交給今天的發言人，投資者關係總監 Brian Lan。請繼續。

Thank you. Good afternoon, and welcome to Freshworks' second-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. The primary purpose of today's call is to provide you with information regarding our second-quarter 2025 performance and our financial estimates for our third quarter and full year 2025.

謝謝。下午好，歡迎參加 Freshworks 2025 年第二季財報電話會議。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。今天電話會議的主要目的是向您提供有關我們 2025 年第二季業績以及 2025 年第三季和全年財務預測的資訊。

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

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。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, 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. 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, and 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。歡迎您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、定期提交給美國證券交易委員會 (SEC) 的報告、今日電話會議的重播，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, Brian. Freshworks delivered an outstanding Q2, surpassing expectations across growth and profitability. We grew Q2 revenue 18% year over year to $204.7 million, expanded our non-GAAP operating margin to 22%, and delivered a strong adjusted free cash flow margin of 27%. Collectively, these results clearly illustrate our ability to balance strong growth with profitability.

謝謝你，布萊恩。Freshworks 在第二季表現出色，成長和獲利能力均超乎預期。我們第二季的營收年增 18%，達到 2.047 億美元，非 GAAP 營業利潤率擴大至 22%，調整後自由現金流利潤率達到 27%。總的來說，這些結果清楚地表明了我們平衡強勁成長與獲利的能力。

We ended the quarter with over 74,600 customers, including leading global storage provider, Seagate, leading international law firm, Covington & Burling LLP, leading recruitment experts, Reed, and retail energy supplier, AEP Energy.

本季結束時，我們擁有超過 74,600 名客戶，其中包括全球領先的儲存供應商 Seagate、領先的國際律師事務所 Covington & Burling LLP、領先的招聘專家 Reed 和零售能源供應商 AEP Energy。

In Q2, we held our very successful Refresh Europe customer event where we introduced product innovations within the Freddy Agentic AI platform and across our EX and CX portfolio, which I'll talk about throughout this call.

在第二季度，我們舉辦了非常成功的 Refresh Europe 客戶活動，在會議中我們介紹了 Freddy Agentic AI 平台以及我們的 EX 和 CX 產品組合中的產品創新，我將在本次電話會議中討論這些產品創新。

Our strategy has focus on three key growth drivers, investing in Employee Experience, or EX, delivering AI capabilities across our products and accelerating adoption and driving continued expansion in customer experience, or CX.

我們的策略重點是三個關鍵成長動力：投資員工體驗（EX）、在我們的產品中提供人工智慧功能以及加速採用並推動客戶體驗（CX）的持續擴展。

On the first strategic imperative, Employee Experience. EX continues to lead in growth, achieving over $450 million in ARR, which represents 24% year-over-year growth on an as-reported basis and 22% on a constant currency basis. With over 19,000 customers, our first lever in this area is growth in the mid-market and enterprise, together representing more than 3/4 of ARR in EX.

第一個策略要點是員工體驗。EX 持續引領成長，ARR 超過 4.5 億美元，以報告計算年增 24%，以固定匯率計算成長 22%。我們擁有超過 19,000 名客戶，在這一領域，我們的第一個槓桿是中端市場和企業的成長，總計佔 EX 中 ARR 的 3/4 以上。

Our IT momentum underscores the value Freshworks brings to our customers. We continue to displace legacy competitors as organizations choose Freshservice because we reduce complexity, accelerate efficiency, and enable tangible growth through our AI-powered platform.

我們的 IT 發展動能凸顯了 Freshworks 為客戶帶來的價值。隨著各組織選擇 Freshservice，我們不斷取代傳統競爭對手，因為我們透過人工智慧平台降低了複雜性、提高了效率並實現了實際的成長。

As an example, Steel Dynamics, one of the largest and most diversified US steel producers replaced ServiceNow with Freshservice. Another example is Kayak, a leading global travel search engine who chose Freshservice to replace Jira Service Management. Since implementation, Kayak has reported improved ticket volume, productivity, and visibility. Kayak has also been using Freddy AI features like ticket summary generator and ticket field suggestions to help agents work faster with greater accuracy.

例如，美國最大、最多元化的鋼鐵生產商之一 Steel Dynamics 用 Freshservice 取代了 ServiceNow。另一個例子是全球領先的旅遊搜尋引擎 Kayak，它選擇 Freshservice 取代 Jira Service Management。自實施以來，Kayak 報告票務量、生產力和可見性都有所提高。Kayak 也一直在使用 Freddy AI 的功能，例如票證摘要產生器和票證欄位建議，以幫助代理商更快、更準確地工作。

The second EX growth driver and expansion lever is our enterprise service management solutions. Our customers are increasingly using Freshservice in other areas of their businesses outside of IT. For example, Nexstar Media Group, one of the largest local broadcasting companies in the US, streamlined its employee support experience by migrating to Freshservice.

第二個 EX 成長動力和擴展槓桿是我們的企業服務管理解決方案。我們的客戶越來越多地在 IT 以外的其他業務領域使用 Freshservice。例如，美國最大的本地廣播公司之一 Nexstar Media Group 透過遷移到 Freshservice 簡化了其員工支援體驗。

Nexstar went live across three distinct workplaces, consolidating IT, digital, HR, payroll and legal into a single unified platform in weeks. Freshservice reduced complexity for the employees and over 200 support agents and Nexstar achieved a 35% cost savings.

Nexstar 在三個不同的工作場所上線，在幾週內將 IT、數位、人力資源、薪資和法律整合到一個統一的平台。Freshservice 降低了員工和 200 多名支援代理的複雜性，而 Nexstar 則節省了 35% 的成本。

Another customer, Michaels Stores, the leading creative destination in North America with over 1,300 locations, chose Freshservice to modernize IT and business operations as part of a strategic initiative to streamline operations and drive scalable growth. Michaels has onboarded 900 agents, migrated over three years of ticket history, and deployed fresh service across IT, HR, and facilities to streamline incident management, asset tracking, employee journeys, and vendor risk.

另一位客戶 Michaels Stores 是北美領先的創意目的地，擁有 1,300 多家門市，該公司選擇 Freshservice 來實現 IT 和業務運營的現代化，這是簡化營運和推動可擴展增長的戰略計劃的一部分。Michaels 已吸收了 900 名代理，遷移了三年多的票務歷史記錄，並在 IT、人力資源和設施方面部署了新服務，以簡化事件管理、資產追蹤、員工旅程和供應商風險。

At the end of Q2, we released Freshservice Journeys, a powerful new tool designed to help HR teams automate and streamline the cumbersome process of managing employee transitions, including onboarding, offboarding, promotions and relocations. Qualfon VP of IT operations, said Freshservice has completely transformed their onboarding process.

在第二季末，我們發布了 Freshservice Journeys，這是一款功能強大的新工具，旨在幫助人力資源團隊自動化和簡化管理員工過渡的繁瑣流程，包括入職、離職、晉升和調動。Qualfon 的 IT 營運副總裁表示，Freshservice 已經徹底改變了他們的入職流程。

What used to take days can now be done in hours. He also said it has enabled him to reduce risk and deliver a more secure compliant offboarding experience at scale. We believe that our ESM solutions could be a $100 million-plus opportunity for us and a meaningful long-term way to grow EX beyond IT.

過去需要幾天才能完成的工作現在只需幾小時即可完成。他還表示，這使他能夠降低風險並大規模提供更安全合規的離職體驗。我們相信，我們的 ESM 解決方案可以為我們帶來超過 1 億美元的機會，並且是讓 EX 在 IT 領域之外發展的有意義的長期途徑。

Our third growth driver in EX is our advanced ITAM offering with Device42. Two of the top five deals in the quarter included Device42. Customers like Seagate deployed Freshservice to modernize IT operations and later expanded to Device42, tapping into the seamless integrations between the two products to unify asset discovery and service management.

我們在 EX 領域的第三個成長動力是我們與 Device42 合作提供的先進 ITAM 產品。本季五大交易中有兩筆涉及 Device42。希捷等客戶部署了 Freshservice 來實現 IT 營運的現代化，後來擴展到 Device42，利用兩種產品之間的無縫整合來統一資產發現和服務管理。

Finally, we introduced Freshservice for MSPs, a new ITSM product for small managed service providers. This solution is built on the core Freshservice foundation and is designed to help growing MSPs seamlessly manage multiple clients without adding complexity or overhead.

最後，我們推出了 Freshservice for MSP，這是一款針對小型託管服務提供者的新型 ITSM 產品。此解決方案建立在核心 Freshservice 基礎之上，旨在協助成長中的 MSP 無縫管理多個客戶端，而不會增加複雜性或開銷。

In addition to these two product innovations, we released key features for Freshservice that are designed to improve productivity and reduce mean time to resolution, like the ability to make parallel approvals in a workflow.

除了這兩項產品創新之外，我們還發布了 Freshservice 的關鍵功能，旨在提高生產力並減少平均解決時間，例如在工作流程中進行並行審批的能力。

Now on to our second imperative, delivering AI capabilities and driving adoption of AI. Customers are no longer just experimenting with AI. They're moving beyond the pilot phase fund in practical applications that drive measurable transformative results. Over 5,000 customers are now paying for our copilot and AI agent products and ARR from these two SKUs crossed $20 million in Q2, more than doubling ARR from a year ago.

現在我們來談談我們的第二個要務，即提供人工智慧能力並推動人工智慧的應用。客戶不再只是嘗試人工智慧。他們正在超越試點階段基金，在實際應用上推動可衡量的變革成果。目前，已有超過 5,000 名客戶購買我們的副駕駛和 AI 代理產品，這兩個 SKU 的 ARR 在第二季度超過了 2,000 萬美元，是去年同期的兩倍多。

In Q2, Freddy Copilot was included in more than 55% of our new large customer deals over $30,000. And we saw double-digit attach rates for new SMB customers. We ended the quarter with over 3,300 customers, a sequential growth of 21% quarter over quarter.

在第二季度，Freddy Copilot 參與了我們 55% 以上的超過 30,000 美元的新大客戶交易。我們發現新的中小企業客戶的購買率達到了兩位數。本季結束時，我們擁有超過 3,300 名客戶，季增 21%。

One such customer, a global offer with nearly 50 offices in 20 countries and thousands of employees replace ServiceNow with Freshworks and is using Freddy Copilot to drive efficiency and accelerate time to value. Freddy AI customers are realizing tangible business value. Our recent annual Freshservice benchmark report revealed that organizations using Freddy Copilot reduced resolution time by 76% and first response time by 41%.

其中一位客戶是一家在 20 個國家/地區擁有近 50 個辦事處和數千名員工的全球性公司，它用 Freshworks 取代了 ServiceNow，並使用 Freddy Copilot 來提高效率並加快價值實現時間。Freddy AI 客戶正在實現切實的商業價值。我們最近的年度 Freshservice 基準報告顯示，使用 Freddy Copilot 的組織將解決時間縮短了 76%，首次回應時間縮短了 41%。

With Freddy AI agent, organization saw a ticket deflection rate of 65% and over 400,000 hours of agent time saved across IT and ESM.

借助 Freddy AI 代理，組織的票務偏轉率達到 65%，並且在 IT 和 ESM 方面節省了超過 400,000 小時的代理時間。

Now in June, we launched several Agentic AI innovations. First, we introduced Freddy AI agent Studio for Freshdesk, a powerful platform to build and manage AI agents that take autonomous actions like issuing refunds, checking order statuses, and updating customer records. Organizations can build dozens of agentic workflows, define business rules, and connect to external systems all using a visual no-code intuitive interface.

現在是六月，我們推出了幾項 Agentic AI 創新。首先，我們為 Freshdesk 推出了 Freddy AI 代理 Studio，這是一個強大的平台，用於建立和管理可自主執行操作（例如發放退款、檢查訂單狀態和更新客戶記錄）的 AI 代理。組織可以使用視覺化的無程式碼直覺式介面來建立數十個代理程式工作流程、定義業務規則並連接到外部系統。

Secondly, we launched Freddy AI agent for e-mail in Freshdesk designed for organizations where e-mail is the primary support channel. The agent reads the request, finds the right answer, responds and closes the ticket entirely on its own.

其次，我們在 Freshdesk 中推出了 Freddy AI 電子郵件代理，專為以電子郵件為主要支援管道的組織而設計。代理人完全自行閱讀請求、找到正確答案、回應並關閉票證。

Third, we added Freddy AI agent for unified search in Freshservice designed to connect to systems like Microsoft SharePoint and teams so that employees can receive faster and more accurate answers.

第三，我們在 Freshservice 中新增了 Freddy AI 代理程式進行統一搜索，旨在連接到 Microsoft SharePoint 和團隊等系統，以便員工更快、更準確地獲得答案。

And finally, Freddy AI insights for Freshservice became generally available in Q2. It provides proactive, actionable intelligence to IT teams about the operational health of their IT service footprint. We're pleased with the early signals we're seeing from customers and look forward to providing updates on customer use cases in the coming months.

最後，Freshservice 的 Freddy AI 洞察於第二季全面上市。它為 IT 團隊提供有關其 IT 服務足跡營運健康狀況的主動、可操作的情報。我們對從客戶那裡看到的早期訊號感到滿意，並期待在未來幾個月內提供有關客戶使用案例的更新。

Our third strategic imperative, customer experience, saw meaningful improvements. CX grew to over $380 million in ARR, which represents 11% growth year over year on an as-reported basis and 8% on a constant currency basis. We believe this acceleration in growth reflects customer sentiment that Freshdesk is easier to implement and use than the legacy competitors.

我們的第三個策略要點——客戶體驗——得到了顯著改善。CX 的 ARR 成長至超過 3.8 億美元，以報告計算年增 11%，以固定匯率計算成長 8%。我們相信，這種成長加速反映了客戶的情緒，即 Freshdesk 比傳統競爭對手更易於實施和使用。

While our small business customers continue to represent over half of our CX ARR, in Q2, we saw strong momentum with large organizations turning to Freshdesk for our powerful uncomplicated customer experience software.

雖然我們的小型企業客戶仍然占我們 CX ARR 的一半以上，但在第二季度，我們看到了強勁的發展勢頭，大型組織紛紛轉向 Freshdesk 尋求我們強大而簡單的客戶體驗軟體。

We also secured a substantial cross-sell opportunity spanning both employee and customer experience with a leading science and engineering research center. Our AI products continue to be an expansion driver for CX.

我們還與一家領先的科學和工程研究中心獲得了涵蓋員工和客戶體驗的大量交叉銷售機會。我們的 AI 產品繼續成為 CX 的擴張動力。

[Honda Motor Europe] selected Freshdesk to modernize its customer support operations across 36 countries, deploying 220 agents with Freddy AI Copilot. The team needed a solution that could scale across the region and provide real-time auto translation to serve a multilingual dealer and technician network. By replacing its legacy Java-based system, Honda now delivers faster, more consistent support experiences through Freshdesk.

[本田汽車歐洲公司] 選擇 Freshdesk 來實現其在 36 個國家/地區的客戶支援營運的現代化，並部署了 220 名配備 Freddy AI Copilot 的代理商。該團隊需要一種能夠擴展到整個地區並提供即時自動翻譯的解決方案，以服務多語言經銷商和技術人員網路。透過取代其傳統的基於 Java 的系統，本田現在可以透過 Freshdesk 提供更快、更一致的支援體驗。

With Freddy Copilot, agents can streamline communication deflect tickets via multilingual self-service and work more efficiently, all on a flexible, secure, and AI-powered platform built with a strong focus on supporting European operations.

借助 Freddy Copilot，代理商可以透過多語言自助服務簡化溝通、轉移工單並更有效率地工作，所有這些都可以在一個靈活、安全且由人工智慧驅動的平台上進行，該平台的重點是支援歐洲業務。

Freddy AI agents are driving measurable results for Freshdesk customers. One example is a healthcare provider who reduced response times by 35%, improved first contact resolution by 40%, and saw a 25% boost in CSAT, all while scaling support and containing costs with AI now handling 35% of quarries autonomously.

Freddy AI 代理商正在為 Freshdesk 客戶帶來可衡量的成果。一個例子是，一家醫療保健提供者將回應時間縮短了 35%，將首次聯繫解決率提高了 40%，並且 CSAT 提高了 25%，同時擴大了支援規模並控制了成本，因為現在 AI 可以自主處理 35% 的採石場。

In addition to the new AI capabilities for Freshdesk that I mentioned earlier, we released significant product updates such as CSAT versioning and analytics. This feature is designed to give supervisors deeper insights into customer satisfaction drivers by connecting CSAT scores to specific operational behaviors and performance indicators. They can then make data-driven coaching decisions and identify which agent actions and ticket handling patterns correlate with higher customer satisfaction scores.

除了我之前提到的 Freshdesk 的新 AI 功能之外，我們還發布了重要的產品更新，例如 CSAT 版本控制和分析。此功能旨在透過將 CSAT 分數與特定的營運行為和績效指標連結起來，讓主管更深入地了解客戶滿意度驅動因素。然後，他們可以做出數據驅動的指導決策，並確定哪些代理行為和票務處理模式與更高的客戶滿意度分數相關。

Another expansion path in CX is customers adopting EX products after having a positive experience with Freshdesk. A recent example of a customer using Freshworks products to drive efficiency across both customer and employee experiences is Momentum Software, a cloud-based provider serving nonprofits and mission-driven organizations.

CX 的另一個擴展路徑是客戶在使用 Freshdesk 獲得正面體驗後採用 EX 產品。最近的客戶範例是 Momentum Software，這是一家為非營利組織和使命驅動型組織提供服務的基於雲端的供應商，它使用 Freshworks 產品來提高客戶和員工體驗的效率。

After successfully deploying Freshdesk for customer support, Momentum expanded to Freshservice, replacing ServiceNow. Within weeks of launch, Momentum reported measurable efficiency gains, including fewer ticket reassignments and stronger SLA performance, early validation of improved efficiency and user satisfaction. We're pleased with the results in our CX business underscored by the improved growth rate during the second quarter.

在成功部署 Freshdesk 為客戶提供支援後，Momentum 擴展到 Freshservice，取代了 ServiceNow。在推出後的幾週內，Momentum 報告了可衡量的效率提升，包括更少的票證重新分配和更強的 SLA 性能，以及對效率和用戶滿意度提高的早期驗證。我們對 CX 業務的業績感到滿意，第二季成長率的提升尤其突出。

Now across both EX and CX, our momentum in specific industry verticals continues. We are privileged to serve 2025 sports champions, including NBA Champions, Oklahoma City Thunder, European football champions, Paris Saint-Germain, and Scottish Football Champions, Celtic Football Club.

現在，在 EX 和 CX 領域，我們在特定垂直產業的勢頭仍在繼續。我們很榮幸能為2025年體育冠軍提供服務，其中包括NBA冠軍俄克拉荷馬城雷霆隊、歐洲足球冠軍巴黎聖日耳曼隊和蘇格蘭足球冠軍凱爾特人足球俱樂部。

I'm also excited about the partnership we announced earlier this month with the McLaren Formula 1 team, the 2024 Constructors Champions. Freshworks branding appeared on both McLaren cars last weekend at the Belgian Grand Pre where the McLaren team finished 1, 2 on top of the podium. We anticipate that this multiyear partnership with McLaren will build further brand awareness and engagement with CIOs.

我也很高興我們在本月初宣布與麥克拉倫一級方程式車隊（2024 年車隊冠軍）建立合作夥伴關係。上週末在比利時大獎賽上，兩輛麥克拉倫賽車上都出現了 Freshworks 品牌標識，麥克拉倫車隊在該賽事中分別獲得第一、第二名，並登上頒獎台。我們預計與麥克拉倫的多年合作將進一步提高品牌知名度和與 CIO 的互動。

These sports organizations trust us to power their world-class operations behind the scenes so that they can power greatness on the track, court, and field. We're honored that Freshworks plays a part in their historic runs.

這些體育組織信任我們，讓我們在幕後為他們的世界級運作提供動力，以便他們在田徑、球場和運動場上取得偉大的成就。我們很榮幸 Freshworks 能夠參與他們的歷史性進程。

In the public sector, more than 1,000 local state and national government entities trust Freshworks, including the State of California Franchise Tax Board, Maryland Department of General Services, and the State of Oregon's Department of Forestry.

在公共部門，超過 1,000 個地方、州和國家政府實體信任 Freshworks，其中包括加州特許經營稅委員會、馬裡蘭州總務部和俄勒岡州林業部。

Finally, in Q2, we saw momentum in the new global partner program that we announced earlier in the year. Our partners touched more than one-third of our ARR in Q2, and we have onboarded over 130 new partners to our ecosystem this year. Additionally, we signed a deal with another global service integrator. This partnership will help us reach more midsized companies and entities in higher education, local government, and other public sectors in the UK market.

最後，在第二季度，我們看到了今年稍早宣布的新的全球合作夥伴計畫的發展勢頭。我們的合作夥伴在第二季度貢獻了我們 ARR 的三分之一以上，今年我們的生態系統中又吸收了 130 多個新夥伴。此外，我們也與另一家全球服務整合商簽署了協議。此次合作將幫助我們接觸英國市場上更多高等教育、地方政府和其他公共部門的中型公司和實體。

I'm energized by the opportunity ahead to serve businesses that demand speed, simplicity, and value. Our enterprise-grade software delivers faster time to value and a lower total cost of ownership, which is what thousands of businesses want today. Thank you to our customers, partners, employees, and shareholders for your ongoing support.

我對未來為追求速度、簡單和價值的企業提供服務的機會感到振奮。我們的企業級軟體可更快地實現價值並降低整體擁有成本，這正是當今成千上萬的企業所希望的。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. We are pleased to report another quarter of strong results at Freshworks. Our Q2 performance reflects continued momentum across the business with solid revenue growth, margin expansion, and disciplined execution of our strategy. We're seeing healthy demand for our easy-to-use innovative solutions to help businesses of all sizes improve productivity and deliver exceptional customer experiences.

謝謝丹尼斯，也謝謝大家今天參加電話會議和網路直播。我們很高興地報告 Freshworks 又一個季度取得了強勁的業績。我們第二季的業績反映了整個業務的持續成長勢頭，包括穩健的收入成長、利潤率的擴大以及我們策略的嚴格執行。我們看到，市場對我們易於使用的創新解決方案的需求十分旺盛，這些解決方案可以幫助各種規模的企業提高生產力並提供卓越的客戶體驗。

We exceeded our top line growth estimates and improved our non-GAAP operating margin to 22%, an increase of over 14 percentage points compared to a year ago. We grew our adjusted free cash flow 65% year over year to $54.3 million, which resulted in an adjusted free cash flow margin of 27%, also ahead of our previously provided estimates.

我們超越了我們的營收成長預期，並將非公認會計準則營業利潤率提高至 22%，比去年同期成長了 14 個百分點以上。我們的調整後自由現金流年增 65% 至 5,430 萬美元，調整後的自由現金流利潤率為 27%，也高於我們先前提供的預期。

For our call today, I'll cover the Q2 2025 financial results, provide background on the key metrics, and close with our forward-looking commentary and updated expectations for Q3 and full year 2020. 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. We will also talk about adjusted free cash flow, which excludes the cash outlay related to the restructuring costs.

在今天的電話會議上，我將介紹 2025 年第二季度的財務業績，提供關鍵指標的背景信息，最後發表我們的前瞻性評論以及對 2020 年第三季度和全年的最新預期。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。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。

We continue to benefit from foreign exchange tailwinds this quarter, providing a modest uplift to our Q2 revenue, while contributing over 2 percentage points of ARR growth, translating to a nearly $18 million increase to ARR. To provide greater transparency into our underlying business performance, we will include constant currency comparisons throughout today's call.

本季我們繼續受益於外匯順風，為我們第二季的營收帶來了小幅提升，同時為 ARR 成長貢獻了超過 2 個百分點，相當於 ARR 增加了近 1,800 萬美元。為了使我們的基礎業務表現更加透明，我們將在今天的電話會議中持續進行貨幣比較。

Starting with the income statement. Q2 total revenue increased to $204.7 million, growing 18% year over year on an as-reported basis and 17% year over year on a constant currency basis. Professional services revenue contributed $2.7 million in the quarter, driven by strong bookings as well as several early project kickoffs and completions that led to onetime increases.

從損益表開始。第二季總營收增至 2.047 億美元，按報告計算年增 18%，以固定匯率計算年增 17%。專業服務收入在本季度貢獻了 270 萬美元，這得益於強勁的訂單以及幾個早期項目的啟動和完成，從而帶來了一次性增長。

Our EX business grew to over $450 million in ARR, representing growth of 24% year over year on an as-reported basis and 22% year over year on a constant currency basis. As expected, growth moderated this quarter as we lapped the anniversary of the Device42 acquisition from last June. Adjusting for this, we're encouraged by the strong underlying performance across our EX portfolio, which continues to deliver our highest area of growth.

我們的 EX 業務的 ARR 成長至超過 4.5 億美元，按報告計算年增 24%，以固定匯率計算年增 22%。正如預期的那樣，由於自去年 6 月以來我們已迎來收購 Device42 的周年紀念日，本季度的增長有所放緩。經過調整後，我們對 EX 投資組合的強勁表現感到鼓舞，該投資組合繼續為我們帶來最高的成長領域。

Our CX business increased to over $380 million in ARR, reflecting growth of 11% on an as-reported basis and 8% year over year on a constant currency basis. The growth acceleration versus recent quarters was driven by healthy momentum in our Freshdesk business and stronger execution across the board.

我們的 CX 業務的 ARR 成長至 3.8 億美元以上，按報告計算成長 11%，以固定匯率計算年增 8%。與最近幾季相比，成長加速得益於 Freshdesk 業務的健康發展動能和全面更強勁的執行力。

Moving to margins. We maintained a strong non-GAAP gross margin in Q2 of 86%, reflecting our continued progress in scaling our business efficiently. This represents an improvement of approximately 100 basis points compared to the prior year.

移至邊緣。我們在第二季維持了 86% 的強勁非 GAAP 毛利率，這反映了我們在有效擴展業務方面不斷取得進展。與前一年相比，這提高了約 100 個基點。

Our non-GAAP operating income for Q2 came in at $44.8 million, representing a non-GAAP operating margin of 22%, which was ahead of prior expectations. This reflects strong revenue outperformance and disciplined expense management, including lower-than-anticipated personnel-related costs, some of which will be shifted into future quarters.

我們第二季的非 GAAP 營業收入為 4,480 萬美元，非 GAAP 營業利潤率為 22%，高於先前的預期。這反映了強勁的收入表現和嚴格的費用管理，包括低於預期的人員相關成本，其中一些將轉移到未來幾季。

Moving to operating metrics. Our two key business metrics are net dollar retention and customers contributing more than $5,000 in ARR. While gross expansion trends remain pressured, we're encouraged by the steady improvements in our overall churn rate. Net dollar retention came in stronger than expected at 106% on an as-reported basis and was in line with our expectations on a constant currency basis at 104%.

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。儘管總擴張趨勢仍然面臨壓力，但我們對整體流失率的穩定改善感到鼓舞。以報告計算，淨美元留存率高於預期，為 106%，以固定匯率計算，也符合我們的預期，為 104%。

Retention was modestly affected by Device42, primarily due to churn in its partner business that we had anticipated following our acquisition last year. As expected, this represented a headwind to net dollar retention of just over two-thirds of a percentage point. We expect Device42 retention to improve gradually as we continue to integrate the Device42 products with our ITSM offering.

保留率受到 Device42 的輕微影響，主要是因為我們在去年收購後預計其合作夥伴業務將會流失。正如預期的那樣，這對淨美元留存率造成了略高於三分之二個百分點的阻力。我們預計，隨著我們繼續將 Device42 產品與我們的 ITSM 產品相集成，Device42 的保留率將逐步提高。

Looking ahead, we estimate net dollar retention of approximately 105% on an as-reported basis and 104% on a constant currency basis for Q3.

展望未來，我們估計第三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, the number of customers contributing more than $5,000 in ARR as of the end of Q2 grew 10% year over year on an as-reported basis and 9% year over year on a constant currency basis to 23,975 customers. This customer cohort continues to represent 90% of our ARR.

對於我們的第二個關鍵業務指標，截至第二季末，貢獻超過 5,000 美元 ARR 的客戶數量按報告計算同比增長 10%，按固定匯率計算同比增長 9%，達到 23,975 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 Q2, we saw growth of 22% year over year on an as-reported basis and 19% on a constant currency basis to 3,460 customers. This cohort represents over 50% of our ARR.

對於截至第二季末貢獻超過 50,000 美元 ARR 的較大客戶群，我們看到其同比增長 22%（按報告基礎計算），按固定匯率計算增長 19%（按固定匯率計算），達到 3,460 名客戶。該群體占我們 ARR 的 50% 以上。

For total customers, we added over 1,300 net new customers in the quarter, which also includes contributions from our ongoing free to paid initiatives. We ended the quarter with over 74,600 customers.

就總客戶而言，本季我們增加了超過 1,300 名淨新客戶，其中還包括我們正在進行的免費到付費方案的貢獻。本季結束時，我們擁有超過 74,600 名客戶。

Now let's turn to calculated billings, balance sheet, and cash items. Our calculated billings grew to $213.1 million in Q2, representing growth of 15% year over year on an as-reported basis and 13% growth on a constant currency basis, driven primarily by stronger-than-expected booking performance in the quarter.

現在讓我們來看看計算的帳單、資產負債表和現金項目。我們計算的帳單在第二季度增長至 2.131 億美元，按報告計算同比增長 15%，按固定匯率計算增長 13%，這主要得益於本季度強於預期的預訂業績。

Looking ahead to Q3 2025, our initial estimate for calculated billings growth is 14% year over year on an as-reported basis and 13% on a constant currency basis. For the full year 2025, we expect calculated billings growth to be approximately 16% year over year on an as-reported basis and 14% on a constant currency basis, the latter of which is in line with our expectations from last quarter.

展望 2025 年第三季度，我們初步估計計算出的帳單成長率為按報告基礎計算年增 14%，以固定匯率計算年增 13%。對於 2025 年全年，我們預計計算出的帳單成長率按報告基礎計算約為 16%，以固定匯率計算約為 14%，後者與我們上個季度的預期一致。

Moving to our cash items. We generated $54.3 million in adjusted free cash flow in Q2 with outperformance driven by strong collections and continued operational discipline. This resulted in an adjusted free cash flow margin of 27%, which represents over 7 percentage point improvement year over year. As a reminder, these results do not include a one-time use of cash of related to restructuring costs.

轉向我們的現金項目。我們在第二季度產生了 5,430 萬美元的調整後自由現金流，強勁的收款業績和持續的營運紀律推動了這一優異表現。調整後的自由現金流利潤率為 27%，較去年同期提高了 7 個百分點。提醒一下，這些結果不包括與重組成本相關的一次性現金使用。

For the full year 2025, we are expecting to generate approximately $215 million of adjusted free cash flow with approximately $55 million in Q3 and $50 million in Q4.

就 2025 年全年而言，我們預計將產生約 2.15 億美元的調整後自由現金流，其中第三季約為 5,500 萬美元，第四季約為 5,000 萬美元。

In Q2, we repurchased an additional 8.2 million shares at an average price of $13.89 per share. We have now repurchased nearly 15.9 million shares using over $240 million through Q2. In addition to the repurchase program, we continue to manage and offset share count dilution by net settlement invested equity amounts. We used approximately $14 million during the quarter for that purpose. This activity is reflected in our financing activities and is excluded from our free cash flow calculations.

第二季度，我們以每股 13.89 美元的平均價格回購了 820 萬股。截至第二季度，我們已耗資超過 2.4 億美元回購了近 1,590 萬股股票。除了回購計劃外，我們還繼續透過淨結算投資股權金額來管理和抵銷股份數量稀釋。本季我們為此目的使用了約 1400 萬美元。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 invested equity amounts and expect Q3 cash usage of approximately $17 million at current stock price levels. For the full year, we expect to use approximately $64 million to net settle invested equity amounts. We ended the quarter with cash, cash equivalents and marketable securities of approximately $926 million.

展望未來，我們將繼續淨結算投資股權金額，並預計以當前股價水準計算，第三季現金使用量約為 1,700 萬美元。就全年而言，我們預計將使用約 6,400 萬美元來淨結算投資股權金額。本季結束時，我們的現金、現金等價物和有價證券約為 9.26 億美元。

Turning to our share count as of June 30, 2025. We had approximately 320 million fully diluted shares which represents a decline of 2% year over year. The fully diluted calculation includes 292 million basic shares outstanding, which represents a reduction compared to both the prior year and quarter. It also includes 25 million shares related to unvested RSUs and PRCs, 2 million shares related to outstanding options. We expect to thoughtfully manage share count dilution with net settlement activities and share repurchases into the future.

截至 2025 年 6 月 30 日的股票數量。我們擁有約 3.2 億股完全稀釋股份，年減 2%。完全稀釋計算包括 2.92 億股基本流通股，與去年同期和本季相比均有所減少。其中還包括 2,500 萬股與未歸屬 RSU 和 PRC 相關的股票，以及 200 萬股與未行使選擇權相關的股票。我們希望透過未來的淨結算活動和股票回購來周全地管理股票數量的稀釋。

Now on to our forward-looking estimates. For the third quarter of 2025, we expect revenue to be in the range of $207 million to $210 million, growing 11% to 12% year over year on an as-reported and constant currency basis. Non-GAAP income from operations to be in the range of $31.2 million to $33.2 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 294.2 million shares.

現在來談談我們的前瞻性估計。對於 2025 年第三季度，我們預計營收將在 2.07 億美元至 2.1 億美元之間，按報告和固定匯率計算，年增 11% 至 12%。非公認會計準則營業利潤將在 3,120 萬美元至 3,320 萬美元之間，非公認會計準則每股淨利潤將在 0.12 美元至 0.14 美元之間（假設加權平均流通股數約為 2.942 億股）。

For the full year 2025, we expect revenue to be in the range of $822.9 million to $828.9 million, growing 14% to 15% year over year. Adjusting for constant currency using FX rates from Q3 of last year, this reflects growth of 14% to 16% year over year.

我們預計 2025 年全年營收將在 8.229 億美元至 8.289 億美元之間，年增 14% 至 15%。根據去年第三季的外匯匯率進行固定貨幣調整，反映出年增 14% 至 16%。

Non-GAAP income from operations to be in the range of $153 million to $157 million, a non-GAAP net income per share to be in the range of $0.56 to $0.58, assuming weighted average shares outstanding of approximately 296.9 million.

非公認會計準則營業利潤將在 1.53 億美元至 1.57 億美元之間，非公認會計準則每股淨利潤將在 0.56 美元至 0.58 美元之間，假設加權平均流通股數約為 2.969 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 July 25, 2025, and do not take into account any benefit from currency moves, which we estimate could be $1.5 million to $2.5 million increase to our full year 2025 revenue.

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 7 月 25 日的外匯匯率，並未考慮貨幣變動帶來的任何好處，我們估計這可能會使我們 2025 年全年收入增加 150 萬至 250 萬美元。

In addition, we expect spending to increase in the second half of the year, driven by the timing of certain personnel and brand-related expenses, along with incremental investments in sales and marketing to capture the growth opportunities ahead, all while remaining focused on driving operational efficiencies in the business. This increase is reflected in our financial outlook.

此外，我們預計下半年支出將會增加，這受到某些人員和品牌相關費用時機的推動，以及對銷售和行銷的增量投資，以抓住未來的成長機會，同時仍專注於提高業務營運效率。這一增長反映在我們的財務前景中。

In closing, we are pleased with our strong Q2 execution, which reflects the strength of our business, the growing demand for our products, and the incredible dedication of our global team. We are excited about the opportunities ahead as we continue to innovate, delight our customers, and deliver sustainable, profitable growth.

最後，我們對第二季度的強勁表現感到滿意，這反映了我們業務的實力、對我們產品不斷增長的需求以及我們全球團隊的非凡奉獻精神。我們對未來的機會感到興奮，因為我們將繼續創新，取悅我們的客戶，並實現可持續的獲利成長。

We also look forward to sharing more about our long-term vision and strategic priorities at our Investor Day, which will be held in San Francisco on September 11. We will send out more details regarding the event in the coming days. Thank you for your continued support, and we look forward to keeping you updated on our progress.

我們也期待在 9 月 11 日於舊金山舉行的投資者日上分享更多關於我們的長期願景和策略重點的資訊。我們將在未來幾天發送有關該活動的更多詳細資訊。感謝您一直以來的支持，我們期待隨時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) David Hynes, Canaccord Genuity.

（操作員指示）Canaccord Genuity 的 David Hynes。

Congrats on the quarter. I don't know if this is a better question for Dennis or Tyler, but specifically with AI agent, right? You're selling session packs. From a forecasting perspective, I'm sure you have to make some assumptions around the pace at which those are consumed and presumably re-upped.

恭喜本季取得佳績。我不知道對於 Dennis 或 Tyler 來說這個問題是否更好，但具體來說對於 AI 代理來說，對嗎？您正在銷售會話包。從預測的角度來看，我相信你必須對這些消耗和可能重新增加的速度做出一些假設。

What does that consumption look like relative to your expectations? Is it happening as expected, faster than you thought, slower? Any color there would be interesting.

與您的預期相比，這種消費情況如何？它是否如預期那樣發生，比你想像的還要快，還是慢？任何顏色都會很有趣。

Yes. So thanks for the question. Overall, AI is pacing at or slightly ahead of what our internal expectations have been. On AI agent, remember, we introduced an agentic platform just in June. So it's pretty early days for that product. The AI agent that we've had previously is more of a question-and-answer product that does not take action on behalf of the user.

是的。感謝您的提問。整體而言，人工智慧的發展速度達到或略高於我們的內部預期。關於 AI 代理，請記住，我們剛剛在六月推出了一個代理平台。所以該產品現在還處於早期階段。我們之前擁有的人工智慧代理商更像是一種問答產品，它不會代表用戶採取行動。

We're seeing good traction with all the AI products we announced in June. We've got hundreds of customers that are in the early access programs for products like AI insights and so forth. So I think we'll get better fidelity on the on the AI agent product as the second half of the year rolls through.

我們看到，我們在六月發布的所有人工智慧產品都獲得了良好的發展勢頭。我們有數百名客戶參與 AI 洞察等產品的早期訪問計劃。因此我認為隨著下半年的到來，我們將在人工智慧代理產品上獲得更好的保真度。

On Copilot, we've got a pretty solid motion. That's been the product that is now attached to over 55% of our larger deals. That's the product that is of interest to pretty much all of our customers. Customers are really ready to adopt Copilot. It takes some of them a little bit longer to be willing to hand off an interaction with an employee or an end customer to an AI agent.

在 Copilot 上，我們得到了相當穩定的動作。目前，該產品已與我們超過 55% 的大宗交易掛鉤。這是我們幾乎所有客戶都感興趣的產品。客戶確實已經準備好採用 Copilot。他們中的一些人需要更長的時間才願意將與員工或最終客戶的互動交給人工智慧代理。

So Copilot, I think we've got a really good read on, and I think it's going to take a little bit more time for us to get that same read on the agentic products.

因此，我認為我們已經對 Copilot 有了很好的了解，而且我認為我們還需要更多時間才能對代理商產品獲得相同的了解。

Yes. Makes sense. And then, Tyler, if I could ask you one on Q3 guidance, so it's 12% growth at the high end. If I do the math, CX is 46% of the business growing steadily, kind of 7%, 8%, that gives you like 3.5 points of growth, right? So the balance comes from EX.

是的。有道理。然後，泰勒，如果我可以問你一個關於第三季指引的問題，那麼最高成長率是 12%。如果我算一下，CX 佔業務穩定成長的 46%，也就是 7%、8%，這會為你帶來 3.5 個百分點的成長，對嗎？所以平衡來自於EX。

If my math is right, to get the 12% growth in Q3, it implies about 16% growth in EX in Q3, which that seems lower than I would have expected. It's, I think, 6 points lower than what you just reported. Am I missing something? Is that math correct? Are we just being conservative? Any color there would be helpful.

如果我的計算正確的話，要實現第三季 12% 的成長率，就意味著第三季 EX 的成長率為 16% 左右，這似乎低於我的預期。我認為，這比您剛才報告的低了 6 個百分點。我遺漏了什麼嗎？這個數學計算正確嗎？我們只是保守嗎？任何顏色都會有幫助。

Yes. We haven't broken out the exact revenue impacts of each product, right? We're kind of giving a greater than ARR numbers, DJ. And then there's other components to revenue in there, right? We have some usage components you have professional services that enter a little bit. We also have a revenue reserve that we take every single quarter.

是的。我們還沒有詳細列出每種產品的特定收入影響，對嗎？我們給出的數字比 ARR 數字大，DJ。然後還有其他收入組成部分，對嗎？我們有一些使用組件，您可以輸入一些專業服務。我們還有每季提取的收入儲備。

And so the growth rate that we're seeing for EX is strong, right? And the growth rates of the ARR, the greater the ARR numbers, we can kind of use those, and so I wouldn't try to round out too much from it. In general, everything is kind of going according to our plan. We did anniversary the Device42 acquisition, and that has a different compare now, but we've been talking about that and kind of preparing the market for that for the last six months.

那麼，我們看到的 EX 成長率是強勁的，對嗎？ARR 的成長率越高，ARR 數字就越大，我們就可以使用它們，因此我不會嘗試從中得出太多結論。整體來說，一切都按照我們的計劃進行。我們確實對 Device42 進行了收購，現在情況有所不同，但在過去的六個月裡，我們一直在談論這個問題，並為此做好市場準備。

Right. So you feel like the EX business is a durable 20% grower for now?

正確的。所以您覺得 EX 業務目前能夠持續維持 20% 的成長速度嗎？

We think the EX is going really well. And we view like that there's a ton of potential upside even there. We are very encouraged with Device42 and how it's going and the whole thesis of that purchase is playing out kind of as we planned. We obviously have our Freddy AI products as upsells to EX as well as our ESM business team product. And then the market for EX, we're just continuing to see larger and larger customers come to us trying to switch off of legacy players, and we're just going to continue to execute there.

我們認為 EX 進展非常順利。我們認為，即使在那裡，也存在著巨大的潛在上升空間。我們對 Device42 感到非常鼓舞，它的進展以及收購的整個主題都按照我們的計劃進行。顯然，我們的 Freddy AI 產品是 EX 和 ESM 業務團隊產品的追加銷售產品。然後是 EX 市場，我們不斷看到越來越多的客戶來找我們，試圖關閉傳統播放器，我們將繼續在那裡執行。

(Operator Instructions) Scott Berg, Needham & Company.

（操作員指示）斯科特·伯格（Scott Berg），Needham & Company。

Really nice quarter here. I guess for my one question, Dennis, in your prescriptive remarks, you talked about how your global partner program can contribute at, I believe, it was over one-third of ARR in the second quarter. I guess, it's still early in that program. You talked about signing another SI with, I guess, a higher add in government focus there.

這裡真是個好地方。我想就我的一個問題而言，丹尼斯，在你的指導性發言中，你談到了你的全球合作夥伴計劃如何做出貢獻，我相信，它佔第二季度 ARR 的三分之一以上。我猜，該計劃還處於早期階段。您談到簽署另一份 SI，我猜，它將更加重視政府的關注。

But how do we think about the right long-term contribution of that partner channel in general for you? Are you seeing the best strength out of the EX side or maybe the CX side? And then, I don't know, anything different in terms of like deal size or composition of those deals coming out of those partner-related transactions we should be aware of?

但是，我們如何看待該合作夥伴管道對您做出的正確的長期貢獻呢？您是否看到了 EX 方面或 CX 方面的最佳實力？然後，我不知道，在交易規模或與合作夥伴相關的交易的組成方面，我們應該注意什麼不同嗎？

Yes, sure. So we've had -- our network of partners continues to expand. We added over 130 new partners to the ecosystem in the first half of the year. And as you mentioned, about 1/3 of our bookings are impacted in some way, shape or form by partners. It's pretty equally distributed across CX and EX. What I'm expecting is as we move into these larger partners like Unisys, like this new one that we just signed, we are seeing that the pipeline that they're able to generate tend to be larger deals, tend to be more mature companies with a lot greater expansion opportunity over time.

是的，當然。因此我們的合作夥伴網絡不斷擴大。今年上半年，我們生態系統新增了 130 多家合作夥伴。正如您所說，我們的大約三分之一的預訂以某種方式受到合作夥伴的影響。它在 CX 和 EX 上的分佈相當均勻。我期望的是，隨著我們與 Unisys 等更大的合作夥伴（例如我們剛剛簽署的這個新合作夥伴）合作，我們會看到他們能夠產生的管道往往是更大的交易，往往是更成熟的公司，隨著時間的推移，它們擁有更大的擴張機會。

But at the same time, it's still pretty early. We signed the Unisys deal in Q1. We've seen some really promising results there. And then we just signed our second real GSI and that is going to be focused on the UK market to start with this past quarter. So I think if I look longer term, we would expect a greater percentage of our business is touched by partners for certain over the course of the next couple of years.

但同時，現在還為時過早。我們在第一季簽署了與 Unisys 的協議。我們在那裡看到了一些非常有希望的成果。然後我們剛剛簽署了第二個真正的 GSI，從上個季度開始將重點放在英國市場。因此，我認為，如果從長遠來看，我們預計未來幾年內我們的業務中很大一部分肯定會受到合作夥伴的影響。

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞集團。

This is Ria Naidu on for Brent Thill. Regarding Ian officially stepping in as the new CRO, just wondering how much change is left in sales work going forward and how the new team is settling in as well?

這是 Ria Naidu 為 Brent Thill 報道的。關於 Ian 正式出任新任 CRO，我只是想知道未來銷售工作會有多少變化，以及新團隊的適應情況如何？

Sure. Just as a reminder, we have two revenue leaders, Mika Yamamoto leads the SMB and commercial business, which is an inbound business and serviced entirely out of India and through partners. And then Ian leads our field business which is focused on eight countries around the world. He also has the partner side of things as well.

當然。提醒一下，我們有兩位收入負責人，Mika Yamamoto 領導中小企業和商業業務，這是一項入境業務，完全在印度境外並透過合作夥伴提供服務。然後伊恩領導我們的現場業務，專注於全球八個國家。他也有合作夥伴的一面。

Ian was our Head of International and had done a really good job over the course of the last year. He's got a long history in enterprise sales. He was at Domo prior to joining us, he was a CRO there. And he stepped into the role in April. And partway through the quarter, we decided to make a change from an interim status to permanent status.

伊恩 (Ian) 是我們的國際主管，在過去一年中做得非常出色。他在企業銷售方面有著豐富的經驗。在加入我們之前，他在 Domo 擔任 CRO。他於四月開始擔任這一職位。在本季中期，我們決定將臨時狀態變更為永久狀態。

And I think the results really speak for themselves. We did really well in our field sales team in Q2. All of our regions exceeded their internal targets. Obviously, it shows up in the numbers. So pretty happy with how he's been driving things. He's been able to build his bench. He just brought on a new leader for Europe. I brought in a new leader for sales engineering overall.

我認為結果不言而喻。我們的現場銷售團隊在第二季表現非常出色。我們所有地區都超額完成了內部目標。顯然，這體現在數字上。我對他推動事情的方式非常滿意。他已經能夠建立自己的替補席了。他剛剛為歐洲帶來了一位新領導人。我為整個銷售工程引入了一位新的領導。

And we're pretty happy with where we're headed there. I don't anticipate major changes going forward.

我們對於未來的發展方向感到非常滿意。我預計未來不會有重大變化。

Patrick Walvervans, Citizens Bank.

派崔克‧沃爾弗萬斯 (Patrick Walvervans)，公民銀行。

I don't think we've really hit on the macro yet, Dennis. So this time last quarter, we were all really worried about international exposure and tariffs and uncertainty and decision-making. What did you see in your customer conversations, and if you can maybe comment on how this month has gone to, that would be really helpful?

丹尼斯，我認為我們還沒有真正觸及宏觀層面。因此，上個季度的這個時候，我們都非常擔心國際風險、關稅、不確定性和決策。您在與客戶的對話中看到了什麼？如果您能評論一下這個月的情況，那將會非常有幫助嗎？

Look, overall, we saw really strong demand across the board. I think there's a couple of things going on. First of all, we start from a really diversified base with a little less than half of our revenue in North America, a little over half international. There's no specific industry that's overrepresented in our portfolio. So we don't have big exposure to industries that are particularly hit by tariffs.

整體而言，我們看到各方面的需求都非常強勁。我認為有幾件事正在發生。首先，我們從一個真正多元化的基礎開始，其中略少於一半的收入來自北美，略多於一半的收入來自國際。我們的投資組合中沒有哪個特定產業佔比過高。因此，我們對受到關稅特別打擊的產業沒有太大的投資。

And the software that we're providing for customer support and IT teams, it must have software. Every team every company in the world needs to automate those operations needs to bring AI into those operations, become more efficient, more effective or drive growth faster. So we really have not seen -- it's been a really good first half of the year for us. And if I look at kind of what the pipeline looks like, what the second half looks like, you see it in the guide, we're pretty bullish on where the business is going to go and being able to continue that momentum.

我們為客戶支援和 IT 團隊提供的軟體必須有軟體。世界上每家公司的每個團隊都需要將這些操作自動化，並將人工智慧引入這些操作中，以提高效率、提高效力或推動更快的成長。所以我們真的沒有看到——今年上半年對我們來說真的是一個好半年。如果我看一下管道的情況，下半年的情況，你可以在指南中看到，我們對業務的發展方向和能夠繼續保持這種勢頭非常樂觀。

Elizabeth Porter, Morgan Stanley.

摩根士丹利的伊麗莎白波特。

I wanted to come back to the AI copilot and agents revenue, $20 million ARR. I think it's impressive just given how recently many of these solutions have gone GI. So curious if you're thinking about any stakes in the ground for how ARR evolves through the year or next, just especially as the agent capabilities expand? And when we think about this incremental kind of ARR, is it kind of truly incremental? Or do we think about any puts and takes on the core side of the business?

我想回到 AI 副駕駛和代理商的收入，即 2000 萬美元的 ARR。我認為這令人印象深刻，因為最近許多解決方案都已實現 GI。所以我很好奇，您是否正在考慮 ARR 今年或明年將如何發展，尤其是隨著代理商能力的擴展？當我們考慮這種增量式 ARR 時，它是真正的增量式嗎？或者我們是否考慮過業務核心方面的任何利弊？

Yes. So on AI, while we have 5,000 paying customers for those two SKUs, we have 73,000 customers. So it's still pretty early in the overall adoption of AI by our customer base. And we're continuing to add well over 1,000 of those customers every quarter that are paying for those two SKUs. Remember, we have AI in other parts of our product.

是的。因此，在人工智慧方面，雖然這兩個 SKU 有 5,000 名付費客戶，但我們有 73,000 名客戶。因此，我們的客戶群對人工智慧的整體採用仍處於早期階段。而且我們每季都會持續增加超過 1,000 位購買這兩位 SKU 的客戶。請記住，我們產品的其他部分也有人工智慧。

So if you buy the enterprise plan for EX, you have access to AI insights and you also have access to AI agents for EX, but you have to buy the enterprise plan, which is priced higher. So there are different ways that we're monetizing over on CX where the volume is greater, we monetize based on usage for that AI agent.

因此，如果您購買 EX 的企業計劃，您就可以訪問 AI 洞察，也可以訪問 EX 的 AI 代理，但您必須購買企業計劃，其價格更高。因此，我們可以透過不同的方式在 CX 上實現盈利，當 CX 的數量較大時，我們根據該 AI 代理的使用情況來實現盈利。

Now for the new agentic agents that we just released into early access, we've not settled on the final pricing for them. So they're in early access now, we'll be pricing them out later in the fall. And most likely, those will be based on something along the lines of resolution, and we'll look at competitive pricing there to see where that lands out.

現在，對於我們剛發佈到早期版本的新型代理，我們還沒有確定它們的最終定價。因此，它們現在處於早期訪問階段，我們將在秋季晚些時候定價。最有可能的是，這些將基於某種解決方案，我們將研究有競爭力的定價，看看最終結果如何。

But that is something that we're going to watch closely. I think that's a big catalyst for growth, especially on that CX side, where we are going to be taking, and we see this already in the early access program, affecting labor directly. And you simply don't need as many people answering questions as you have before when you're relying on an AI agent that can take actions on behalf of the company.

但這是我們將密切關注的事情。我認為這是成長的一大催化劑，特別是在我們將要採取的 CX 方面，我們已經在早期訪問計劃中看到這一點，它直接影響著勞動力。當您依靠能夠代表公司採取行動的人工智慧代理時，您根本不需要像以前那樣多的人來回答問題。

So that, we think, is going to be a big couch for growth, mostly in the course of 2026 as we move out of the EA sometime later this year and as we settle on a final pricing there.

因此，我們認為，這將是一個巨大的成長機會，主要是在 2026 年期間，因為我們將在今年稍後退出 EA，並在那裡確定最終價格。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯·祖金（Alex Zukin）。

Maybe, I guess, to Elizabeth's question, is the thought process that in some time in '26, we're going to start to see AI become a growth catalyst for the business where it's driving higher ASPs, it's driving higher NRRs where that trajectory kind of inflect? Is that the right way to think about the business from here?

我想，對於伊莉莎白的問題，也許這樣的思考過程是，在 26 年的某個時候，我們將開始看到人工智慧成為業務成長的催化劑，它將推動更高的 ASP，推動更高的 NRR，這種軌跡會發生怎樣的變化？從現在起，這是思考業務的正確方式嗎？

So there's multiple levers of growth in the business. And if we just look at the EX side to start with. So first, there's the share growth that we're seeing. And we're seeing every quarter more and more of these large customers like Seagate, like Steel Dynamics, like Michaels and Qualfon, a bunch of customers moving over from -- it could be Atlassian or ServiceNow or some of the older players. So that's one driver.

因此，業務中存在多個成長槓桿。如果我們先看一下 EX 方面。首先，我們看到了份額的成長。我們每季都會看到越來越多的大客戶，例如 Seagate、Steel Dynamics、Michaels 和 Qualfon，這些客戶都是從 Atlassian 或 ServiceNow 或一些老牌公司轉移過來的。這就是一個驅動因素。

The second driver is ESM. So ESM, we think, has the potential to be a really large business for us. We launched a deeper workflow for onboarding and offboarding into EA this past quarter. We're seeing good traction of that in the early program as well. A lot of customers have been asking for something like that to help them handle the mundane tasks of onboarding and offboarding their people.

第二個驅動因素是 ESM。因此，我們認為 ESM 有潛力成為我們的一項真正大的業務。我們在上個季度推出了更深入的 EA 入職和離職工作流程。我們在早期計劃中也看到了良好的進展。許多客戶一直在要求類似的東西來幫助他們處理員工入職和離職的日常任務。

The third -- or the next growth driver really is Device42. And Device42, we beat our expectations this past quarter. We're right on track for the business plan that we laid out when we acquired the company. And that continues to be a big driver in larger and larger deals, both winning new deals and then selling into our base.

第三個或下一個成長動力實際上是 Device42。對於 Device42 來說，我們上個季度的表現超出了我們的預期。我們正按照收購該公司時所製定的商業計劃進行。這將繼續成為越來越大交易的巨大推動力，既能贏得新交易，又能將產品銷售給我們的客戶。

And then you have AI. So we'll talk about this at Investor Day, but between ESM, AI, and Device42, they all could easily be $100 million ARR business for us relatively quickly. And those are the big growth levers on that side of the business that we're driving.

然後你就有了人工智慧。因此，我們將在投資者日討論這個問題，但在 ESM、AI 和 Device42 之間，它們都可能相對較快地為我們帶來 1 億美元的 ARR 業務。這些就是我們正在推動的業務方面的巨大成長槓桿。

AI also positively affects the CX business as well. And there, a lot of our effort from a product standpoint in terms of driving growth is consolidating functionality into Freshdesk, especially the conversational capability that previously was in other products. So we have a single product that any customer can use, it's easier to sell, easier to consume, easier to buy, and then over time, easier to upgrade. So I think we've got multiple paths to growth. AI is certainly an important part of it, but there's a lot more than just AI.

人工智慧也對 CX 業務產生了正面影響。從產品角度來看，為了推動成長，我們付出了很多努力，將功能整合到 Freshdesk 中，尤其是先前在其他產品中存在的對話功能。因此，我們擁有任何客戶都可以使用的單一產品，它更容易銷售、更容易消費、更容易購買，並且隨著時間的推移，更容易升級。所以我認為我們擁有多種成長途徑。人工智慧當然是其中一個重要的組成部分，但它的意義遠不止於人工智慧。

Got it. And then, Tyler, maybe for you on the billings side, was there any kind of pull-ins or push-outs for last quarter that maybe it's worthwhile to call out? Clearly strong kind of constant currency billings growth in the quarter, but you're also guiding for that kind of be stable for the second half of the year on tougher comps. I just wanted to make sure I understood where the confidence is coming from.

知道了。然後，泰勒，也許對於您來說，在賬單方面，上個季度是否有任何值得關注的拉動或推遲的情況？本季的固定匯率帳單成長顯然很強勁，但您也預計下半年在更艱難的競爭環境下，這種成長將保持穩定。我只是想確保我明白信心從何而來。

Yes. I mean, we usually do a kind of a much deeper reconciliation. We kind of had 1% pull-in, which wasn't super significant. We have pull-ins every single quarter. So there wasn't anything that we felt like we had to call out. That was like a big reconciling item. We're actually really pleased with how we did in the quarter. And from the guide, you can see when we're looking at for the back half, we actually expect to continue to do well.

是的。我的意思是，我們通常會進行更深層的和解。我們的吸引力大概是 1%，但這並不是特別大。我們每季都會進行拉攏活動。所以我們覺得沒有什麼需要大聲疾呼的。這就像是一個重大的和解事項。事實上，我們對本季的表現感到非常滿意。從指南中您可以看到，當我們展望後半部分時，我們實際上預計會繼續表現良好。

Brian Schwartz, Oppenheimer & Company.

布萊恩·施瓦茨，奧本海默公司。

Tyler, I wanted to ask you about NRR trends. Your guidance, clearly, you're not ready to call a bottom, but that is a lagging metric. I was wondering if you could shed light on what you're seeing in terms of in-period NRR in comparison to that metric?

泰勒，我想問你有關 NRR 趨勢的問題。您的指導顯然還沒有準備好稱之為底部，但這是一個滯後指標。我想知道您是否可以解釋一下，與該指標相比，您在期間 NRR 方面看到了什麼？

Yes. Thanks, Brian. So yes, net dollar retention, we come into the quarter saying it was going to be 104%. We came in at 104%. It was 106% as reported. The Device42 business actually had, let's call it, a negative impact on net dollar retention. One we expected, right? When we bought the company, we talked about how we expected some churn to be out of that their existing base because they're with competitors we did see some of that.

是的。謝謝，布萊恩。是的，對於淨美元保留率，我們在本季預計它將達到 104%。我們的完成率是 104%。據報道，這一比例為106%。實際上，Device42 業務對淨美元保留產生了負面影響。這是我們預料到的，對吧？當我們收購這家公司時，我們談到我們預計他們的現有客戶群會出現一些客戶流失，因為他們與競爭對手在一起，我們確實看到了一些這種情況。

And so about two-thirds of a point pressure on net dollar retention. We're calling 104% for Q3 on a constant currency basis. And it's really -- again, you're right, it's a look back. We look at the prior ARR based from a year ago and kind of look at the activity.

因此，淨美元保留的壓力約為三分之二個百分點。以固定匯率計算，我們預期第三季的成長率為 104%。這確實——再說一次，你是對的，這是一次回顧。我們查看了一年前的 ARR 並觀察了相關活動。

The expansion motion, we had really good expansion in Q2. So that was very positive for us. And we still continue to do well on churn, making kind of subtle progress, but we've been doing well on churn for a while now, and we're very kind of optimistic on continuing to make progress there. So in general, it happened just as expected. There's no big surprises on that dollar retention.

擴張行動，我們在第二季取得了非常好的擴張。這對我們來說非常有利。我們在客戶流失方面仍然做得很好，取得了一些微妙的進展，但我們在客戶流失方面已經做得很好一段時間了，我們對繼續在那裡取得進展非常樂觀。所以總的來說，事情正如預期的那樣。美元保留情況沒有什麼大的意外。

Brent Bracelin, Piper Sandler.

布倫特布雷斯林、派珀桑德勒。

Tyler, second consecutive quarter that Freshworks has maintained a rule of 40 model on an organic basis guidance implies that won't be the case in the second half. Can you just maybe frame what is the appetite and maybe longer-term kind of goal to drive efficient growth and maybe drive a sustainable return to a Rule of 40?

泰勒 (Tyler) 表示，Freshworks 連續第二季維持 40 模式規則的有機基礎指引意味著下半年不會出現這種情況。您能否明確一下推動高效成長和實現 40 規則永續回報的意願和長期目標是什麼？

And then Dennis, if you could just remind us on the AI opportunity, triple-digit growth here, 2% of ARR I think you did mention larger deals, you're seeing like a 25% attach rate, pretty big delta there, 2% versus -- so what's the line of sight to sustaining the triple-digit growth in that AI business? I know small but certainly growing very fast.

然後丹尼斯，如果你可以提醒我們一下人工智慧的機會，這裡的三位數成長，2%的ARR，我想你確實提到了更大的交易，你看到的附加率是25%，那裡的增量相當大，2%對比——那麼維持人工智慧業務三位數成長的視線是什麼？我知道規模雖小，但肯定成長很快。

Yes. I can take the first part, Brent. We're really pleased with how we've been doing on the efficiency perspective, specifically on free cash flow. We talked that we are going to make some investments in the back half of the year but those investments are all taken into account. From a free cash flow perspective, we kind of called out what we expect Q3 and Q4 to be in for the full year, which is well above what we did kind of coming into the year.

是的。我可以負責第一部分，布倫特。我們對效率方面的表現感到非常滿意，特別是在自由現金流方面。我們說過我們將在下半年進行一些投資，但這些投資都已被考慮在內。從自由現金流的角度來看，我們對全年第三季和第四季的自由現金流進行了預測，遠高於我們今年年初的預測。

In fact, I think it's $12 million more for the full year than what we said we're going to do coming into the year. This is a growth business. And we've always said that we want to make sure that we are not sacrificing bottom line for growth. And as we look in front of us, there's investments we want to make on the go-to-market side.

事實上，我認為全年的支出比我們今年承諾的要多 1,200 萬美元。這是一項成長型業務。我們一直說，我們要確保不會為了成長而犧牲底線。放眼未來，我們想要在市場進入方面進行投資。

All of those investments are taken into account in our guidance, but there were some that was timing and others that we're going to lean into. But in general, we're very pleased with how we're doing kind of on the balance of growth and free cash flow, and we will lean into growth where we have the opportunities.

所有這些投資都已在我們的指導中考慮在內，但有些投資與時機有關，有些投資我們將予以考慮。但總的來說，我們對成長和自由現金流的平衡表現非常滿意，我們將在有機會的時候努力成長。

Yes. So on AI, just to clarify, these I'm not sure it came through. Our attach rate for large deals for copilot was over 55%, and that's up from the prior quarter. So the AI opportunity is huge. I mean, we have -- while we've had quite a bit of success in going from GA with copilot just in Q1 of last year, to where we are now. We have 5,000 customers paying for the two AI SKUs that we monetize, but we've got 73,000 customers. So there's a very long way to go.

是的。因此，關於人工智慧，只是為了澄清一下，我不確定它是否能夠實現。我們對 Copilot 大型交易的附加率超過 55%，高於上一季。因此，人工智慧的機會是巨大的。我的意思是，我們已經——雖然我們在從去年第一季的 GA 到現在的水平取得了相當大的成功。我們有 5,000 名客戶為我們貨幣化的兩個 AI SKU 付費，但我們已經有 73,000 名客戶了。所以，我們還有很長的路要走。

And we do believe that every one of our customers should be using AI in both the IT space and the CX space, and our customers are starting to kind of come around to that point of view as well. So that's a very big opportunity. That's a multiyear opportunity to sustain growth for. And that's just those two SKUs that we're monetizing today.

我們確實相信，我們的每位客戶都應該在 IT 領域和 CX 領域使用 AI，我們的客戶也開始接受這種觀點。所以這是一個非常大的機會。這是一個維持多年成長的機會。這只是我們今天要貨幣化的兩個 SKU。

We also indirectly monetize through inclusion of AI functionality like AI insights into the higher paid plans like enterprise on the EX side. So there's a long way to go. We're just getting started with Agentic, just releasing our first true Agentic capabilities into EA in June. That's another lever of growth. That pricing model will be slightly different than our current AI agent without actions.

我們也透過將 AI 功能（例如 AI 洞察）納入 EX 端的企業等更高付費方案來間接實現獲利。所以還有很長的路要走。我們剛開始使用 Agentic，並在 6 月向 EA 發布了我們的第一個真正的 Agentic 功能。這是另一個成長槓桿。該定價模型與我們目前沒有動作的 AI 代理略有不同。

We'll be pricing closer to what you see some of our competitors pricing for their Agentic products. And that could be a meaningful driver for us because for our customers, they're going to be able to take costs out. We're going to share a fraction of that cost reduction. They can redeploy people to do other things and answer road questions or take road actions.

我們的定價將更接近一些競爭對手的 Agentic 產品定價。這對我們來說可能是一個有意義的驅動力，因為對於我們的客戶來說，他們將能夠降低成本。我們將分享降低成本的一小部分。他們可以重新部署人員去做其他事情，回答道路問題或採取道路行動。

And that, we think, is a big driver for us as well. So more to come there, but we're pretty optimistic about how we're going to be able to continuously monetize AI over the course of the next several years.

我們認為，這也是我們前進的一大動力。因此，未來還會有更多，但我們對未來幾年如何持續將人工智慧貨幣化感到非常樂觀。

Rob Oliver, Baird.

羅伯奧利弗，貝爾德。

My question is on Device42. Dennis, you talked about some of the strength there. And I was wondering if you could give us a sense for -- particularly with those larger deals where it sounds like it's impactful. Like what kind of uplift you guys are seeing in the device product relative to core EX?

我的問題是關於 Device42 的。丹尼斯，你談到了那裡的一些力量。我想知道您是否可以給我們介紹一下——特別是那些聽起來很有影響力的大型交易。與核心 EX 相比，你們在設備產品中看到了什麼樣的提升？

And then could you just remind us as to -- and I'm sure we'll get more on this in September, but as to kind of what the timeline is relative to both full product integration and business model integration transition as well?

然後您能否提醒我們——我相信我們會在 9 月對此有更多了解，但對於完整產品整合和業務模式整合轉型的時間表是怎樣的？

Yes. So thanks, Rob. I'll start with the second part of the question. So the timeline that we're operating on and that we're on is to release a cloud version of Device42 in the first quarter of -- and that will roll out over time in phases in terms of the functionality that we embed into the first release versus where we'll be down the road, but that's when we'll get a cloud version that we can sell alongside Freshservice.

是的。所以謝謝你，羅布。我先從問題的第二部分開始。因此，我們目前的時間表是在第一季發布 Device42 的雲端版本 - 並將分階段推出我們在第一個版本中嵌入的功能，而不是我們將來會推出的功能，但那時我們將獲得可以與 Freshservice 一起銷售的雲端版本。

In terms of the impact on the business at the deal level, we see deals where the device recurring revenue is one-third of the total bill for a customer at a multi-hundred thousand dollar -- we're doing multi-hundred thousand dollar deals in that space. So it can be very meaningful. If you have a few of the business with a lot of mix of on-prem and cloud assets.

就交易層面對業務的影響而言，我們看到設備經常性收入佔客戶總帳單的三分之一，金額高達數十萬美元——我們在該領域正在進行數十萬美元的交易。所以它非常有意義。如果您的業務中有一些混合了大量本地資產和雲端資產。

We price Device42 on a per asset basis and the larger your device footprint, the higher the bill over time. And it's worth it for the customer because they get visibility into their assets in a way that they didn't have before. It's well integrated into fresh service today. So if there are any issues, they can do root cause analysis, all that stuff.

我們根據每項資產對 Device42 進行定價，設備佔用空間越大，隨著時間的推移，費用就越高。這對客戶來說是值得的，因為他們可以以以前沒有的方式了解自己的資產。它已很好地融入當今的新鮮服務。因此，如果出現任何問題，他們可以進行根本原因分析等等。

So it can be quite meaningful. We have had success in bringing Device42 into these new larger deals, so it's helping us move up market. We've also had success in selling it into our current account base. So overall, we're on track for, like I said earlier, the business plan that we put together before we acquired the company. We're pretty pleased with how the whole thing is working out.

所以它非常有意義。我們已成功將 Device42 引入這些新的更大的交易，因此這有助於我們提升市場。我們也成功地將其銷售給了我們的現有帳戶基礎。所以總的來說，就像我之前說的，我們正在按照收購公司之前製定的商業計劃進行。我們對整件事的進展非常滿意。

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

So I just wanted to follow up on the comments on AI kind of going beyond experimentation. I'm curious, is that something you're seeing with existing customers where that's really driving the expansion, or are you also seeing that with new customers? I know you referenced the 55% attach rates, but I'm curious, how are the sizes of those initial lands with AI versus your expectations?

所以我只是想跟進關於人工智慧超越實驗的評論。我很好奇，您是否在現有客戶身上看到了這種現象，從而真正推動了擴張，還是在新客戶身上也看到了這種現象？我知道您提到了 55% 的附加率，但我很好奇，這些初始擁有 AI 的土地的面積與您的預期相比如何？

So yes, we're seeing adoption across both new business and our expansion motion. And that's for both SMB and our larger accounts. SMB attach rates are in the double-digit range. And for those larger deals, it's north of 55%. If you are evaluating an IT solution or a customer support solution, you are going to be evaluating AI for the most part now.

是的，我們看到新業務和擴張行動都採用了這種做法。這適用於 SMB 和我們的大型帳戶。中小企業的附加率處於兩位數範圍內。對於那些較大的交易，這一比例甚至超過 55%。如果您正在評估 IT 解決方案或客戶支援解決方案，那麼您現在將主要評估 AI。

And our customers typically are going to want to make the decision to build in the AI capabilities when they're making the overall decision to switch from another vendor or to move from some legacy platform. So I wouldn't say that there's any trend specifically to point to. It's not like it's a specific industry or specific size customer that's driving the adoption. It's pretty broad.

當我們的客戶決定從其他供應商轉換或從某些傳統平台轉移時，他們通常會決定建立人工智慧功能。所以我不會說有任何特別值得指出的趨勢。這並不是說某個特定產業或特定規模的客戶在推動採用。它的範圍相當廣泛。

And I think that we really saw the momentum in the first half of this year across both the copilot products and AI agent. And like I said, AI agent is just getting better with true agentic capability now available.

我認為我們在今年上半年確實看到了副駕駛產品和人工智慧代理的發展勢頭。正如我所說的，人工智慧代理正在變得越來越好，現在已經具備了真正的代理能力。

Matt VanVliet, Cantor Fitzgerald.

馬特‧範弗利特 (Matt VanVliet)、康托‧費茲傑拉 (Cantor Fitzgerald)。

You highlighted a handful of deals that smaller CX customers were now buying EX. So curious on what changes or programs have you been putting in place for your go-to-market team to improve that cross-sell into the CX base? And then kind of a separate question. Can we go the other direction? Are you implementing anything to help drive more CX penetration into the larger enterprise, mid-market EX customer base?

您強調了一些較小的 CX 客戶現在正在購買 EX 的交易。那麼好奇您為您的行銷團隊實施了哪些變革或計劃來改善向 CX 基礎的交叉銷售？這是一個單獨的問題。我們可以往另一個方向走嗎？您是否正在實施任何措施來幫助推動 CX 更多地滲透到更大的企業、中型市場 EX 客戶群中？

Sure. So on CX, there are really three drivers of growth over the last couple of quarters. One is just improved rigor in the sales and marketing motion in driving growth. The second is we made some product changes that encouraged customers that were on free plans to convert to paid plans. Now these are relatively small customers but we did have a large free user base that we changed the plans on so that we used to have -- be able to have a fairly large number of free users on a given plan.

當然。因此，就 CX 而言，過去幾個季度實際上有三個成長動力。一是銷售和行銷活動在推動成長方面的嚴謹性有所提升。第二，我們對產品進行了一些改動，鼓勵使用免費方案的客戶轉為使用付費方案。現在這些都是相對較小的客戶，但我們確實擁有龐大的免費用戶群，我們改變了計劃，以便我們能夠在給定的計劃中擁有相當多的免費用戶。

We limited the number of users because it ought to be more of a trial, not a perpetual free product. We limited the time that they can use the product for it. That led to a bunch of conversions from free to paid plans. And then the third lever is AI, where AI is part of every discussion and is motivating conversations with us. So all that's great.

我們限制了用戶數量，因為它應該更像是試用版，而不是永久免費的產品。我們限制了他們使用該產品的時間。這導致了大量從免費計劃到付費計劃的轉變。第三個槓桿是人工智慧，人工智慧是每一次討論的一部分，並激發我們之間的對話。一切都很棒。

On the larger account side, when we last -- I think we talked about this in the past, but about half of our top 50 accounts are using both CX and EX roughly half. So at the large end of the space, we've got pretty good cross-sell. It's kind of the the mid-tier and the long tail where we need to do a better job of driving that cross-sell over time. And that's really a program that we have ongoing. So we do think that there's opportunity there as well.

在較大的帳戶方面，當我們上次 - 我想我們過去討論過這個問題，但我們的前 50 個帳戶中大約有一半同時使用 CX 和 EX。因此，在較大的領域，我們獲得了相當不錯的交叉銷售。這有點像中端和長尾，我們需要更好地推動交叉銷售。這確實是我們正在進行的一個項目。所以我們確實認為那裡也有機會。

Taylor McGinnis, UBS.

瑞銀的泰勒麥金尼斯。

Tyler, if I look at the midpoint of the 4Q guide, it implies about a 130 basis points or so acceleration in revs growth on a constant currency basis. So just curious what are the drivers behind improving growth in 4Q? And then similarly, if I look at the implied operating margin guide for 4Q, it looks a bit lower than what you were previously expecting. So can you provide any additional color there? And what these exit rates potentially mean for 2026?

泰勒，如果我看一下第四季指南的中點，它意味著以固定匯率計算的營收成長將加速約 130 個基點。所以我很好奇第四季成長改善的驅動因素是什麼？同樣，如果我看一下第四季度的隱含營業利潤率指南，它看起來比你之前預期的要低一些。那麼您能提供任何額外的顏色嗎？這些退出率對於 2026 年來說意味著什麼？

Sure. So on the second one on the operating margin, yes, we brought through $12 million from our beat, but we also called out in the call that we are going to make some investments in the back half of the year. Some of it is timing, some of it is headcount related, things that hires that we didn't get the full quarter of expense and things like that.

當然。因此，關於營業利潤率的第二個問題，是的，我們從我們的業績中獲得了 1200 萬美元，但我們在電話會議中也表示，我們將在今年下半年進行一些投資。有些是時間問題，有些是與員工人數有關，有些是我們沒有得到整個季度的僱用費用等等。

So some of the brand stuff that we just mentioned and in general, investments in the go-to-market side that we think are the right thing to do because we see there's a huge opportunity. And so from an operating margin perspective, yes, we said there's going to be a little bit of spend increase in the back half.

因此，我們剛才提到的一些品牌以及總體而言，對市場進入方面的投資我們認為是正確的做法，因為我們看到其中存在巨大的機會。因此，從營業利潤率的角度來看，是的，我們說下半年的支出將會略有增加。

Going into next year, we haven't given any kind of vision into next year. But I hope you guys can see we've been running the business very efficiently. We're going to continue to do so, but we will invest in growth. On the revenue side, I mean, our forecast for the remainder of the year are reflective of everything we see right now, and we actually have had a really good Q1 and Q2 -- and from a pipeline perspective and expectations for Q3 and Q4, we built all of that in. And we're positive on the business right now and both on the CX and on the EX side.

展望明年，我們還沒有給出任何關於明年的展望。但我希望你們能看到我們一直在非常有效率地經營業務。我們將繼續這樣做，但我們將投資於成長。在收入方面，我的意思是，我們對今年剩餘時間的預測反映了我們目前看到的一切，而且我們實際上在第一季度和第二季度表現都很好——從渠道角度和對第三季度和第四季度的預期來看，我們已經將所有這些都考慮在內了。我們對目前的業務以及 CX 和 EX 方面都持樂觀態度。

And just on that, just remember, Q4 is our biggest quarter for EX and for field where the business is skewing more and more towards EX, towards field and we've got some visibility into the pipeline for Q4. We certainly know where we are in this quarter. So all that's reflected in the guide and that there is a bit of acceleration from a billing standpoint in there.

就這一點而言，請記住，第四季度是我們 EX 和領域業務最大的季度，業務越來越傾向於 EX 和領域，我們對第四季度的銷售管道有了一些了解。我們當然知道本季我們處於什麼位置。因此，所有這些都反映在指南中，並且從計費的角度來看，其中有一些加速。

And I'm currently showing no further questions at this time. Thank you all for your participation. This does conclude today's conference call. You may now disconnect.

目前我沒有其他問題。謝謝大家的參與。今天的電話會議到此結束。您現在可以斷開連線。