Freshworks Inc (FRSH) 2025 Q3 法說會逐字稿

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

您好，感謝您的耐心等待。歡迎參加 Freshworks 2025 年第三季財報電話會議。（操作員說明）請注意，今天的電話會議正在錄音。

I would now like to hand the conference over to your first speaker today, Brian Lan, Director of Investor Relations. Please go ahead.

現在我謹將會議交給今天的第一位發言人，投資者關係總監布萊恩·蘭。請繼續。

Thank you. Good afternoon, and welcome to Freshworks third-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 年第三季財報電話會議。今天與我一同出席的有 Freshworks 的執行長兼總裁 Dennis Woodside，以及 Freshworks 的營運長兼財務長 Tyler Sloat。

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

今天電話會議的主要目的是向您提供有關我們 2025 年第三季業績以及我們對 2025 年第四季和全年財務展望的資訊。

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 and certain other assumptions made by the company, all of which are subject to change.

我們的一些討論和對您問題的回答可能包含 1995 年《私人證券訴訟改革法案》意義上的前瞻性陳述。這些前瞻性聲明是基於我們管理層對公司業務和行業的看法，包括我們的財務預期和估計、我們所處宏觀經濟環境的不確定性、市場波動以及公司做出的其他一些假設，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. 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.

這些聲明存在風險、不確定性和假設，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、控製成本和提高營運效率的能力。有關其他重大風險和可能影響我們業績的其他重要因素的討論，請參閱我們今天發布的收益報告、我們最近提交的 10-K 表格以及向美國證券交易委員會提交的其他定期文件。

Freshworks assumes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this call, except as required by law. 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.

除法律要求外，Freshworks 不承擔更新任何前瞻性聲明以反映本次電話會議日期之後可能發生的事件或情況的義務。在今天的電話會議中，我們將提及一些非GAAP財務指標。我們已在盈利報告中公佈了歷史期間的 GAAP 和非 GAAP 財務指標之間的調整情況，該報告可在我們的投資者關係網站 ir.freshworks.com 上查閱。

I'd 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.

我建議您訪問我們的投資者關係網站，以獲取我們的收益報告、補充收益幻燈片、定期提交給美國證券交易委員會的報告以及今天電話會議的錄音，或了解更多關於 Freshworks 的資訊。

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

那麼，接下來就交給丹尼斯吧。

Thank you, Brian. Freshworks delivered an outstanding Q3, marking the third consecutive quarter this year that we surpassed our estimates across growth and profitability metrics.

謝謝你，布萊恩。Freshworks 第三季業績表現出色，這是今年連續第三個季度在成長和獲利能力指標方面超出預期。

We grew Q3 revenue 15% year over year to $215.1 million on both an as-reported and constant currency basis, approximately 3 points above the high end of our previously issued estimates. Non-GAAP operating margin expanded to 21%, 5 points above our estimate. Our free cash flow margin was 27%, and we added a fifth straight quarter of Rule of 40 plus. We ended the quarter with nearly 75,000 customers, including new logos such as global auto manufacturer, Stellantis; multinational bank, Societe Generale; the Pennsylvania Gaming Control Board; and Travis Perkins plc, the UK's leading distributor of building materials.

第三季營收年增 15%，達到 2.151 億美元（以報告匯率和固定匯率計算），比我們先前發布的預期上限高出約 3 個百分點。非GAAP營業利潤率擴大至21%，比我們的預期高出5個百分點。我們的自由現金流利潤率為 27%，並且連續第五個季度實現了 40 倍以上的成長。本季末，我們擁有近 75,000 名客戶，其中包括全球汽車製造商 Stellantis、跨國銀行法國興業銀行、賓州博彩控制委員會以及英國領先的建築材料分銷商 Travis Perkins plc 等新客戶。

Our positive results also reflect significant expansion deals with existing customers like Wiley, The Access Group and iRhythm Technologies. In Q3, we saw a more than 40% year-over-year increase in the number of new and expansion deals with greater than $50,000 in ARR. Our strategy has focused on three key growth drivers: investing in Employee Experience, delivering AI capabilities across our products and accelerating adoption and driving continued expansion in customer experience.

我們的正面表現也反​​映了我們與現有客戶（如 Wiley、The Access Group 和 iRhythm Technologies）達成的重大擴張協議。第三季度，年度經常性收入超過 5 萬美元的新交易和擴展交易數量年增超過 40%。我們的策略重點在於三個關鍵成長驅動因素：投資員工體驗、在我們的產品中提供人工智慧功能、加速採用並推動客戶體驗的持續擴展。

At our Investor Day in September, we outlined our path to $1.3 billion in ARR in the next three years, and we continue to make progress towards our goal of ESM, AI and ITAM, each generating over $100 million in ARR.

在 9 月的投資者日上，我們概述了未來三年實現 13 億美元 ARR 的路徑，並且我們繼續朝著 ESM、AI 和 ITAM 各自產生超過 1 億美元 ARR 的目標取得進展。

Before we dive into the results, I want to speak to the transformative AI opportunity ahead for Freshworks. We have over 50 AI-driven applications in the hands of customers right now, and the direct monetization of these products demonstrates that we are driving incremental growth and that customers are realizing tangible outcomes from our AI. The headline here is that businesses need the right foundation, workflow, data, and security that all work together, and that's what we provide.

在深入探討結果之前，我想先談談人工智慧為 Freshworks 帶來的變革性機會。目前，我們有超過 50 款 AI 驅動的應用程式已交付給客戶，這些產品的直接盈利表明，我們正在推動穩步增長，客戶也從我們的 AI 中獲得了切實可見的成果。關鍵在於，企業需要正確的基礎架構、工作流程、資料和安全保障，而這正是我們所提供的。

Companies will continue to rely on us because we have the operational context, data connections and governance needed to manage full-service functions like customer support and IT service at scale. Security, privacy and compliance are already built into our architecture. That's what makes our AI enterprise-ready compared to general purpose AI.

企業將繼續依賴我們，因為我們擁有管理客戶支援和 IT 服務等全方位服務職能所需的營運環境、資料連接和治理能力，能夠大規模地開展業務。安全性、隱私性和合規性已經融入我們的架構中。這使得我們的人工智慧能夠滿足企業級應用需求，而通用人工智慧則無法做到這一點。

Employee Experience continues to lead in durable growth, achieving over $480 million in ARR. That represents 24% year-over-year growth on an as-reported basis and 23% year-over-year growth on a constant currency basis, an acceleration from Q2. Three primary growth drivers that contributed to these results include expansion into departments outside of IT, continued growth upmarket and deepening our foothold in IT asset management with Device42.

員工體驗持續保持強勁成長勢頭，年度經常性收入 (ARR) 超過 4.8 億美元。以報告數據計算，年增 24%；以固定匯率計算，年增 23%，較第二季增速加快。促成這些結果的三大主要成長動力包括：向 IT 以外的部門擴張、持續向高端市場成長以及透過 Device42 加深我們在 IT 資產管理領域的地位。

Enterprise service management continues to be an important expansion lever as customers increasingly use Freshservice in areas of their business outside of IT. Our ESM solution, Freshservice for Business Teams has doubled its annual recurring revenue in the past year and exceeded $35 million in ARR in Q3. Customers like Databricks, RingCentral, and Qualcomm are using our ESM offering to automate workflows and deliver more personalized Employee Experiences at scale.

企業服務管理仍然是重要的擴張槓桿，因為客戶越來越多地在 IT 以外的業務領域使用 Freshservice。我們的企業服務管理 (ESM) 解決方案 Freshservice for Business Teams 在過去一年中實現了年度經常性收入翻番，並在第三季度實現了超過 3500 萬美元的 ARR。Databricks、RingCentral 和 Qualcomm 等客戶正在使用我們的 ESM 產品來自動化工作流程，並大規模地提供更個人化的員工體驗。

As of Q3, one in every four eligible Freshservice customers are using Freshservice for business teams. To meet this surging customer demand, today, we announced that we are expanding enterprise service management access by making Freshservice for Business Teams available as an independent product for non-ITT functions. With a standalone product, we are no longer limited to using IT as our entry point, and we can now sell directly to HR, finance, facilities and legal, even if an organization is already locked into another ITSM tool.

截至第三季度，每四個符合資格的 Freshservice 客戶中就有一位正在使用 Freshservice for business teams。為了滿足不斷增長的客戶需求，今天我們宣布，我們將擴大企業服務管理存取權限，使 Freshservice for Business Teams 作為一款獨立產品提供給非 ITT 功能部門。有了獨立產品，我們不再局限於以 IT 作為切入點，現在我們可以直接向人力資源、財務、設施和法律部門銷售產品，即使組織已經鎖定在其他 ITSM 工具中。

Second, we continue to move upmarket with midsized and enterprise customers. In Q3, ARR from customers who spend more than $100,000 with us grew 25% year over year. The steady flow of new product innovations like employee journeys, our AI-powered onboarding and offboarding capability and increased adoption of business teams contributed to the momentum of these larger customers. Freshworks is positioned as a clear alternative to legacy players, and we continue to displace incumbents.

其次，我們持續向高端市場拓展，爭取中型和企業客戶。第三季度，消費超過 10 萬美元的客戶帶來的年度經常性收入年增 25%。員工旅程等新產品創新源源不斷，我們的人工智慧驅動的入職和離職功能以及業務團隊的日益普及，都為這些大型客戶的蓬勃發展做出了貢獻。Freshworks 的定位是傳統企業的明確替代方案，我們將持續取代現有企業。

In Q3, we delivered our highest ITSM competitive win rates in two years as customers selected Freshservice for its ease of use, fast deployment and lower total cost of ownership. Freshworks has an established track record in ITSM. Mid-market and enterprise organizations want speed and simplicity and Freshworks delivers. One example is HOLT CAT, the largest US dealer of Caterpillar equipment, who saw significant improvement in efficiency and productivity as agents were able to handle nearly 10,000 tickets within six months and bring their average ticket resolution time to under five hours.

第三季度，我們取得了兩年來最高的 ITSM 競爭中標率，客戶選擇 Freshservice 是因為它易於使用、部署速度快且整體擁有成本更低。Freshworks 在 ITSM 領域擁有良好的業績記錄。中型和大型企業組織需要速度和簡單性，而 Freshworks 正好滿足了這些需求。例如，美國最大的卡特彼勒設​​備經銷商 HOLT CAT 的效率和生產力得到了顯著提高，代理商在六個月內處理了近 10,000 個工單，並將平均工單解決時間縮短到 5 小時以內。

The third growth lever in EX is our advanced IT asset management offering expansion with Device42. In Q3, we closed our biggest Device42 new deal to date with the largest US-based sporting goods retailer. Device42's deep integration with Freshservice and its differentiated discovery engine made it the clear choice for enterprises that are seeking real-time visibility and control. The momentum is evident as half of our top 10 largest deals in the quarter included a Device42 component.

EX 的第三個成長槓桿是我們與 Device42 合作，擴展了我們先進的 IT 資產管理產品。第三季度，我們與美國最大的體育用品零售商達成了迄今為止 Device42 最大的新交易。Device42 與 Freshservice 的深度整合及其差異化的發現引擎，使其成為尋求即時可見性和控制的企業的首選。從本季我們十大交易中有一半都包含 Device42 的產品來看，這股勢頭顯而易見。

In addition to these three growth drivers, we're deepening our presence across key verticals. For example, in Q3, we doubled our law firm customer count reaching over 1,000. In sports, we want to congratulate the Los Angeles Dodgers, one of several Major League Baseball teams that rely on Freshservice on winning back-to-back World Series and also the McLaren Formula 1 team for winning back-to-back constructors championships.

除了這三大成長驅動因素外，我們還在關鍵垂直領域深化佈局。例如，在第三季度，我們的律師事務所客戶數量翻了一番，超過 1,000 家。在運動方面，我們要祝賀洛杉磯道奇隊（美國職棒大聯盟中眾多依靠 Freshservice 服務贏得連續兩屆世界大賽冠軍的球隊之一）以及麥克拉倫一級方程式車隊（F1 車隊）連續兩年贏得車隊總冠軍。

Finally, we continue to drive greater efficiency and focus on our go-to-market motion. On the leadership front, we welcomed Enrique Ortegon as Senior Vice President and General Manager of Americas Field Sales. Enrique's experience leading high-performing sales organizations will help sharpen our execution, accelerate growth and strengthen our GTM discipline across North and South America.

最後，我們將繼續提高效率，並專注於我們的市場推廣策略。在領導階層方面，我們迎來了 Enrique Ortegon 擔任美洲地區銷售資深副總裁兼總經理。Enrique 在領導高績效銷售團隊方面的經驗將有助於提高我們的執行力，加速成長，並加強我們在北美和南美的市場推廣策略。

Now let's talk about our AI tailwind. Freddy AI continues to be a growth driver and expansion opportunity across EX and CX and is delivering exceptional results for thousands of customers who are seeing tangible business value and returns quickly after adoption. As we stated before, we believe this can be a $100 million stand-alone revenue stream over the next three years. AI is becoming a core productivity engine for every team, not just for IT.

現在我們來談談人工智慧帶來的利好因素。Freddy AI 繼續成為 EX 和 CX 領域的成長驅動力和擴張機會，並為數千名客戶帶來了卓越的成果，這些客戶在採用後很快就看到了切實的業務價值和回報。正如我們之前所說，我們相信這在未來三年內可以成為一項獨立的收入來源，金額達 1 億美元。人工智慧正在成為每個團隊（而不僅僅是IT團隊）的核心生產力引擎。

And here's why Freshworks is winning. Our products sit where real work happens in customer support, IT, HR and operations, helping businesses automate tasks, resolve issues faster and deliver better experiences with less effort. Our AI is deeply embedded in how our customers work every day. It's writing replies, classifying tickets, generating insights and increasingly taking action on behalf of employees and customers.

這就是 Freshworks 獲勝的原因。我們的產品應用於客戶支援、IT、人力資源和營運等實際工作環節，幫助企業將任務自動化、更快地解決問題，並以更少的精力提供更好的體驗。我們的人工智慧已經深度融入客戶的日常工作中。它負責撰寫回應、對工單進行分類、產生洞察，並且越來越多地代表員工和客戶採取行動。

The results speak for themselves. AI ARR has doubled year over year. Customers are now using Freddy AI to resolve millions of problems every week. And our new AI agents are performing real work across industries from handling returns in e-commerce to managing employee requests in HR. As a testament to our AI momentum, we have seen AI Agent usage expand more than sixfold in the past seven months, while our existing AI Copilot solutions continue to double in usage year over year.

結果不言而喻。AI ARR年增了一倍。現在，客戶每週都在使用 Freddy AI 解決數百萬個問題。我們的新型人工智慧代理商正在各行各業執行實際工作，從處理電子商務中的退貨到管理人力資源中的員工請求。為了證明我們在人工智慧領域的強勁發展勢頭，在過去的七個月裡，人工智慧代理的使用量增長了六倍多，而我們現有的人工智慧副駕駛解決方案的使用量也逐年翻番。

Freddy Copilot's ARR grew 160% year over year and was included in over 60% of our new customer deals over $30,000, a 5-point increase from the prior quarter. We also saw double-digit attach rates again for new SMB customers in Q3. The number of customers using Copilot grew significantly, too, by over 130% year over year. Travis Perkins plc upgraded from legacy complexities to service efficiency with Freshservice and Freddy AI Copilot. Travis Perkins is now able to provide best-in-class IT service management to 17,000 employees across 1,400 locations while improving operational execution, optimizing costs and increasing productivity for HR and IT teams.

Freddy Copilot 的 ARR 年增 160%，並且被納入超過 60% 的 30,000 美元以上的新客戶交易中，比上一季度增長了 5 個百分點。第三季度，我們再次看到中小企業新客戶的附加率達到了兩位數。使用 Copilot 的客戶數量也顯著增長，較去年同期成長超過 130%。Travis Perkins plc 透過 Freshservice 和 Freddy AI Copilot 實現了從傳統複雜性到服務效率的轉變。Travis Perkins 現在能夠為遍佈 1400 個地點的 17,000 名員工提供一流的 IT 服務管理，同時提高營運執行效率，優化成本，並提高人力資源和 IT 團隊的生產力。

These Freddy Copilot customers stick with us. Their net retention rate is 112% in Q3 for both CX and EX, higher than our overall base and a tangible sign that AI is driving deeper engagement and long-term value. We believe this tailwind will continue to strengthen our growth trajectory. The number of Freddy AI Agent sessions grew over 70% in Q3, and we have seen 650,000 sessions per month since launch.

這些 Freddy Copilot 的客戶一直支持我們。第三季度，CX 和 EX 的淨留存率均為 112%，高於我們的整體基數，這切實表明人工智慧正在推動更深層的參與和長期價值。我們相信，這股順風將繼續增強我們的成長勢頭。Freddy AI Agent 的會話數在第三季度增長了 70% 以上，自推出以來，我們每月已看到 650,000 次會話。

Freddy AI Agent deflected more than 50% of tickets for CX and EX customers. Those who had early access to Agentic workflows that we launched in June are seeing their average deflection rate jump to 65% with a handful of customers seeing 80% of service issues resolved by AI Agent.

Freddy AI Agent 為 CX 和 EX 客戶處理了超過 50% 的工單。那些在 6 月率先體驗了我們推出的 Agentic 工作流程的用戶，他們的平均故障轉移率躍升至 65%，少數客戶甚至發現 80% 的服務問題都由 AI Agent 解決了。

We're seeing positive feedback from customers who have had early access in Q3 to several products we announced at our June refresh event. For example, GAIL's Bakery, a midsized UK cafe chain with over 170 locations used Freddy AI Agent Studio for Freshdesk to build AI agents. These Freddy AI agents now handle 1,000 inquiries per month to deflect more than one-third of total volume. Employees are freed from repetitive work and can dedicate more time to more complex customer cases like allergies, ingredients or complaints that require personal care.

我們從第三季提前體驗過我們在六月新品發布會上推出的幾款產品的客戶那裡獲得了積極的回饋。例如，英國一家擁有 170 多家分店的中型連鎖咖啡店 GAIL's Bakery 使用 Freddy AI Agent Studio for Freshdesk 建置了 AI 代理程式。這些 Freddy AI 代理現在每月處理 1000 個查詢，可以處理超過三分之一的查詢總量。員工從重複性工作中解放出來，可以投入更多時間處理更複雜的客戶案例，例如過敏、成分或需要個人化服務的投訴。

Next week, we'll share new product announcements across our entire portfolio at Refresh North America on November 13 in San Francisco and at our Virtual Summit on November 18. This includes new vertical Agentic AI agents that bring our growth strategy to life, demonstrating how we're executing through AI innovation that expands our addressable market and deepens customer value.

下週，我們將於 11 月 13 日在舊金山舉行的北美創新大會 (Refresh North America) 和 11 月 18 日舉行的虛擬高峰會上，發布我們全線產品的新產品。這包括新的垂直領域智慧人工智慧代理，它們將我們的成長策略變為現實，展示了我們如何透過人工智慧創新來擴大我們的目標市場並加深客戶價值。

Our third imperative, Customer Experience, grew to over $390 million in ARR, representing 8% growth year over year on an as-reported basis and 7% on a constant currency basis. Q3 growth was driven by deeper product adoption and customer sentiment that Freshdesk is easier to implement and use than the legacy alternatives.

我們的第三項要務——客戶體驗，年度經常性收入 (ARR) 增長超過 3.9 億美元，按報告基準計算同比增長 8%，按固定匯率計算同比增長 7%。第三季成長得益於產品更深入的普及以及客戶普遍認為 Freshdesk 比傳統替代方案更容易實施和使用。

To build momentum, we refocused our CX products and we'll be announcing a new unified experience at Refresh next week, a single workspace that consolidates Freshdesk, Freshchat and all of our Freddy AI products for customer support teams. This hub centralizes all conversations, context and tools to help agents resolve inquiries and get work done more efficiently. This will be a force multiplier for frontline support teams, helping them improve the speed and quality of customer service. Freddy AI continues to be an expansion driver for CX with measurable impact for customers using Freddy AI agents in Freshdesk.

為了積蓄力量，我們重新調整了 CX 產品，並將於下週在 Refresh 大會上宣布推出全新的統一體驗，這是一個整合了 Freshdesk、Freshchat 和我們所有 Freddy AI 產品（面向客戶支援團隊）的單一工作空間。該中心集中了所有對話、上下文和工具，以幫助客服人員更有效率地解決諮詢和完成工作。這將大大提升第一線支援團隊的能力，幫助他們提高客戶服務的速度和品質。Freddy AI 持續推動 CX 的擴展，對在 Freshdesk 中使用 Freddy AI 代理商的客戶產生了可衡量的影響。

For example, BirdsEye, a leading German outdoor retailer uses Freddy AI agents to automatically retrieve real-time order data and provide status updates, return label and invoices with customers in seconds. This has significantly reduced ticket volume and improved response times, driving higher satisfaction and greater trust in the Birds Eye brand. The potential of Agentic workflows is tremendous.

例如，德國領先的戶外零售商 BirdsEye 使用 Freddy AI 代理自動檢索即時訂單數據，並在幾秒鐘內向客戶提供狀態更新、退貨標籤和發票。這顯著減少了工單數量，提高了反應速度，從而提高了客戶滿意度，增強了客戶對 Birds Eye 品牌的信任。智能體工作流程的潛力巨大。

Traditionally, building AI agents like this took months, designing customer support workflows, training data and endless testing. Our prebuilt AI agents help our customers deploy on day one to handle tasks like expediting orders, processing returns or checking delivery status. That means faster setup, faster results and a better customer experience from the start.

傳統上，建立這樣的 AI 代理需要數月時間，包括設計客戶支援工作流程、訓練資料和無休止的測試。我們預先建立的 AI 代理可以幫助我們的客戶在第一天就部署，以處理諸如加快訂單處理、處理退貨或檢查交付狀態等任務。這意味著更快的設定、更快的結果以及從一開始就更好的客戶體驗。

While SMB and commercial segments continue to turn to Freshdesk, we are also seeing larger implementations with midsized and enterprise organizations like the University of Pennsylvania, who consolidated its finance support into a single hub with Freshworks. In just six months, the university processed more than 30,000 service tickets, streamlining workflows and improving stakeholder satisfaction. We believe customers of all sizes continue to choose Freshworks CX solutions for its AI-driven efficiency and uncomplicated customer support experience.

雖然中小企業和商業領域繼續轉向 Freshdesk，但我們也看到像賓州大學這樣的中型和企業組織也在進行更大規模的實施，他們將其財務支援整合到一個使用 Freshworks 的中心。短短六個月內，大學處理了超過 30,000 個服務工單，簡化了工作流程，提高了利害關係人的滿意度。我們相信，各種規模的客戶都會繼續選擇 Freshworks CX 解決方案，因為它具有人工智慧驅動的效率和簡單的客戶支援體驗。

Around the world, businesses are choosing software that delivers real outcomes, speed, simplicity and measurable ROI, and that's exactly where we stand out. Our enterprise-grade products deliver faster time to value and lower total cost of ownership, aligning perfectly with what today's buyers demand. With solid momentum behind us, we're leaning into the global opportunity ahead to expand our pipeline, acquire new customers and fuel durable growth.

世界各地的企業都在選擇能夠帶來實際成果、速度快、操作簡單且投資報酬率可衡量的軟體，而這正是我們的優勢所在。我們的企業級產品能夠更快地實現價值並降低整體擁有成本，完美契合當今買家的需求。憑藉著強勁的發展勢頭，我們正積極掌握未來的全球機遇，拓展業務管道，獲取新客戶，並推動永續成長。

Thank you to our customers, partners, employees and shareholders for your ongoing support. Now let me turn it over to Tyler to go through the operational and financial details.

感謝我們的客戶、合作夥伴、員工和股東們一直以來的支持。現在我把麥克風交給泰勒，讓他來詳細介紹營運和財務方面的情況。

Thanks, Dennis, and thanks, everyone, for joining on the call and via webcast today. We are very pleased that we continued our streak of outperforming across both growth and profitability during the third quarter. We once again exceeded our revenue, non-GAAP operating income and adjusted free cash flow expectations. This strong overperformance reflects the continued demand for our AI-powered and uncomplicated EX and CX solutions. Our consistent execution and financial discipline position us well to capture the significant long-term opportunities ahead.

謝謝丹尼斯，也謝謝大家今天參加電話會議和網路直播。我們非常高興地看到，在第三季度，我們在成長和獲利能力方面都繼續保持了優異的表現。我們再次超越了營收、非GAAP營業收入和調整後自由現金流的預期。這一強勁的超額業績反映了市場對我們基於人工智慧且簡單易用的EX和CX解決方案的持續需求。我們始終如一的執行力和財務紀律使我們能夠更好地掌握未來重要的長期機會。

For our call today, I'll cover the Q3 2025 financial results, provide background on the key metrics and close with our forward-looking commentary and updated expectations for Q4 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. We will also talk about our adjusted free cash flow, which excludes the cash outlay related to restructuring costs.

在今天的電話會議上，我將介紹 2025 年第三季度的財務業績，提供關鍵指標的背景信息，並最後對 2025 年第四季度和全年業績進行前瞻性評論和更新預期。提醒一下，我們的大部分討論將集中在非GAAP財務表現上，這些業績不包括股票選擇權費用、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。

To provide greater transparency into our underlying business performance, we will also include constant currency comparisons throughout today's call. Starting with the income statement. Q3 total revenue increased to $215.1 million, growing 15% year over year on both an as-reported and constant currency basis. Revenue outperformance includes a onetime $1 million contribution coming from our on-premise Device42 business.

為了提高我們業務基本面的透明度，我們將在今天的電話會議中持續提供匯率比較數據。首先來看損益表。第三季總營收增至 2.151 億美元，按報告匯率和固定匯率計算均較去年同期成長 15%。營收超預期包括我們本地部署的 Device42 業務的一次性 100 萬美元貢獻。

Professional Services revenue modestly declined quarter over quarter to just over $2 million, consistent with our ongoing shift in leveraging our partner network as we scale our business. In 2025, we saw partner involvement expand significantly across our largest deals. Partners helped to lead implementations for over half of our ARR deals greater than $50,000, a notable increase from last year, underscoring the success of our robust and growing partner ecosystem.

專業服務收入較上季略有下降，略高於 200 萬美元，這與我們不斷擴大業務規模、利用合作夥伴網路的趨勢一致。2025年，我們看到合作夥伴在我們最大的交易中參與度顯著提高。合作夥伴協助領導了超過一半年經常性收入超過 5 萬美元的交易的實施，與去年相比有顯著增長，這凸顯了我們強大且不斷發展的合作夥伴生態系統的成功。

Our EX business accelerated in Q3, growing to over $480 million in ARR, representing growth of 24% year over year on an as-reported basis and 23% year over year on a constant currency basis. Our faster growth was driven by strength across our entire EX portfolio as we saw positive momentum in not only ITSM, but also meaningful progress in ESM, advanced ITAM and AI, each of which we believe can eventually be $100 million ARR businesses.

我們的 EX 業務在第三季加速成長，年度經常性收入 (ARR) 超過 4.8 億美元，按報告基準計算年增 24%，以固定匯率計算年增 23%。我們更快的成長得益於我們整個 EX 投資組合的強勁表現，我們不僅在 ITSM 領域看到了積極的勢頭，而且在 ESM、高級 ITAM 和 AI 領域也取得了實質性進展，我們相信這些領域最終都能成為年收入達 1 億美元的業務。

Our CX business increased to over $390 million in ARR, reflecting growth of 8% on an as-reported basis and 7% year over year on a constant currency basis. We continue to see healthy and predictable demand for our Freshdesk products.

我們的 CX 業務年度經常性收入 (ARR) 成長至超過 3.9 億美元，按報告基準計算成長 8%，以固定匯率計算年增 7%。我們持續看到市場對 Freshdesk 產品的健康且可預測的需求。

Moving to margins. We maintained a non-GAAP gross margin of 86% in Q3 as we continue to scale our business efficiently. Our non-GAAP operating income for Q3 came in at $45.2 million, representing a non-GAAP operating margin of 21% and ahead of our prior expectations, reflecting our continued top line momentum and effective cost management.

移至邊緣。第三季度，我們維持了 86% 的非 GAAP 毛利率，同時我們繼續有效率地擴大業務規模。第三季非GAAP營業收入為4,520萬美元，非GAAP營業利潤率為21%，高於我們先前的預期，反映了我們持續的營收成長動能和有效的成本管理。

Moving to operating metrics. Our net dollar retention came in at 105% on an as-reported basis and 104% on a constant currency basis, both in line with our expectations. Just like last quarter, Device42 represented a small drag of 60 basis points to net dollar retention. We expect Device42 retention to improve gradually as we continue to scale the business with our ITSM offering. Looking ahead, we estimate net dollar retention of approximately 105% on an as-reported basis and 104% on a constant currency basis for Q4.

接下來討論營運指標。以報告基準計算，我們的美元淨留存率為 105%；以固定匯率計算，我們的美元淨留存率為 104%，均符合我們的預期。與上個季度一樣，Device42 對淨美元留存率造成了 60 個基點的輕微拖累。我們預計隨著我們不斷擴大 ITSM 服務業務規模，Device42 的用戶留存率將逐步提高。展望未來，我們預期第四季以報告基準計算的淨美元留存率約為 105%，以固定匯率計算的淨美元留存率約為 104%。

As of the end of Q3, the number of customers contributing more than $5,000 in ARR grew 9% year over year on both an as-reported and constant currency basis to 24,377 customers. This customer cohort continues to represent over 90% of our ARR. For our larger customer cohort, as of the end of Q3, the number of customers contributing more than $50,000 in ARR grew 20% year over year on an as-reported basis and 19% on a constant currency basis to 3,612 customers.

截至第三季末，以報告匯率和固定匯率計算，年度經常性收入超過 5,000 美元的客戶數量年增 9%，達到 24,377 人。這個客戶群仍然占我們年度經常性收入的 90% 以上。對於我們較大的客戶群，截至第三季末，年度經常性收入超過 5 萬美元的客戶數量按報告基準同比增長 20%，按固定匯率基準同比增長 19%，達到 3,612 家客戶。

This cohort represents over 50% of our ARR if we have continued to move upmarket successfully. For total customers, we added over 260 net new customers in the quarter and have nearly 75,000 customers as of the end of September 30. Given the continued success of our upmarket strategy and our focus on mid-market and enterprise customers, we believe total customer count is no longer a meaningful indicator of our performance.

如果我們繼續成功地向高端市場擴張，那麼這群人將占我們年度經常性收入的 50% 以上。本季我們新增淨客戶超過 260 人，截至 9 月 30 日，客戶總數接近 75,000 人。鑑於我們高端市場策略的持續成功以及我們對中端市場和企業客戶的關注，我們認為客戶總數不再是衡量我們績效的有效指標。

Starting with the release of Q1 results next year, we will discontinue reporting this metric on a quarterly basis and shift our focus to larger customer measures that better reflect how we manage the business and its trajectory.

從明年第一季業績發布開始，我們將停止按季度報告該指標，並將重點轉移到更能反映我們如何管理業務及其發展軌蹟的大型客戶指標上。

Now let's turn to calculated billings, balance sheet and cash items. Our calculated billings grew to $224 million in Q3, representing growth of 14% year over year on both an as-reported and constant currency basis, matching our prior expectation on an as-reported basis and coming in ahead of our constant currency forecast of 13%. Looking ahead to Q4 2025, our initial estimate for calculated billings growth is 17.5% year over year on an as-reported basis and 14% on a constant currency basis.

現在讓我們來看看計算出的帳單、資產負債表和現金項目。第三季度，我們計算出的帳單金額成長至 2.24 億美元，按報告匯率和固定匯率計算，年成長 14%，與我們先前按報告匯率計算的預期相符，並且高於我們按固定匯率計算的 13% 的預測。展望 2025 年第四季度，我們初步估計，按報告基準計算，帳單收入年增 17.5%，以固定匯率計算，年增 14%。

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, both of which are in line with our expectations from last quarter.

預計 2025 年全年，按報告基準計算的帳單收入年增約 16%，以固定匯率計算的帳單收入年增約 14%，這兩項數據均與我們上個季度的預期相符。

Moving to our cash items. We generated $57.2 million in adjusted free cash flow in Q3, driven by continued operational discipline and strong collections. This resulted in an adjusted free cash flow margin of 27%, which represents an over 5 percentage point improvement year over year. For the full year 2025, we now expect to generate approximately $222 million of adjusted free cash flow with approximately $55 million in Q4.

接下來是現金項目。第三季度，我們實現了 5,720 萬美元的調整後自由現金流，這得益於持續的營運紀律和強勁的收款情況。這使得調整後的自由現金流利潤率達到 27%，比上年同期提高了 5 個百分點以上。我們現在預計，到 2025 年全年，調整後的自由現金流將達到約 2.22 億美元，其中第四季約為 5,500 萬美元。

As a reminder, we successfully completed our inaugural $400 million share repurchase program after buying back an additional 12 million shares in Q3 at an average price of $13.28 per share. In total, we repurchased approximately 27.9 million shares at an average price of $14.35. We continue to manage and offset share count dilution by net settling vested equity amounts.

提醒大家，我們在第三季以每股 13.28 美元的平均價格額外回購了 1,200 萬股股票，成功完成了首個 4 億美元的股票回購計畫。我們總共回購了約 2,790 萬股股票，平均價格為每股 14.35 美元。我們繼續透過淨結算已歸屬權益金額來管理和抵銷股份數量稀釋。

During Q3, we used approximately $15 million for that purpose. This activity is reflected in our financing activities and is excluded from our adjusted free cash flow calculations. Looking ahead, we will continue to net settle vested equity amounts and expect Q4 cash usage of approximately $12 million at current stock price levels.

第三季度，我們為此花費了約 1500 萬美元。這項活動反映在我們的融資活動中，並且不計入我們調整後的自由現金流計算中。展望未來，我們將繼續淨額結算已歸屬的股權金額，預計以當前股價水準計算，第四季現金使用量約為 1,200 萬美元。

For the full year, we expect to use approximately $58 million to net settle vested equity amounts. We ended the quarter with cash, cash equivalents and marketable securities of approximately $813 million.

預計全年將使用約 5,800 萬美元來結算已歸屬的股權金額。本季末，我們持有的現金、現金等價物和有價證券約為 8.13 億美元。

Turning to our share count as of September 30, 2025. We had approximately 309 million fully diluted shares, which represents a decrease of 7% year over year. The fully diluted calculation includes 282 million basic shares outstanding, which represents a decrease compared to both the prior year and quarter. It also includes 24.5 million shares related to unvested RSUs and PRSUs and over 2 million shares related to outstanding options. We remain committed to thoughtfully managing our share count dilution over time.

接下來來看看我們截至 2025 年 9 月 30 日的股份數。我們擁有約 3.09 億股完全稀釋後的股份，年減 7%。完全稀釋後的計算包括 2.82 億股流通在外的基本股份，與去年同期和上一季相比均有所減少。其中包括與未歸屬的限制性股票單位 (RSU) 和增資股票單位 (PRSU) 相關的 2,450 萬股，以及與未行使選擇權相關的 200 多萬股。我們將繼續致力於隨著時間的推移，謹慎地管理我們的股份數量稀釋。

Now on to our forward-looking estimates. For the fourth quarter of 2025, we expect revenue to be in the range of $217 million to $220 million, growing 12% to 13% year over year. Adjusting for constant currency using FX rates from Q4 of last year, this reflects growth of 11% to 13% year over year, non-GAAP income from operations to be in the range of $30.6 million to $32.6 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 284.5 million shares.

接下來是我們的前瞻性預測。我們預計 2025 年第四季的營收將在 2.17 億美元至 2.2 億美元之間，年增 12% 至 13%。在以去年第四季的匯率進行固定匯率調整後，年增 11% 至 13%，非 GAAP 營業收入預計在 3,060 萬美元至 3,260 萬美元之間，非 GAAP 每股淨收入預計在 0.10 美元至 0.12 美元之間（假設加權平均流通數約為 2.845 億股）。

For the full year 2025, we expect revenue to be in the range of $833.1 million to $836.1 million, growing approximately 16% year over year on both an as-reported and constant currency basis. Non-GAAP income from operations to be in the range of $167 million to $169 million and non-GAAP net income per share to be in the range of $0.62 to $0.64, assuming weighted average shares outstanding of approximately 293.9 million shares. 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 October 31, 2025, and do not take into account any impact from currency moves.

預計 2025 年全年營收將在 8.331 億美元至 8.361 億美元之間，按報告匯率和固定匯率計算，年增約 16%。假設加權平均流通股約為 2.939 億股，則非 GAAP 營業收入將在 1.67 億美元至 1.69 億美元之間，非 GAAP 每股淨收入將在 0.62 美元至 0.64 美元之間。我們的財務展望是基於一些假設，我們想在此提出這些假設。首先，我們的前瞻性估計是基於截至 2025 年 10 月 31 日的外匯匯率，並未考慮貨幣波動帶來的任何影響。

As a reminder, we had a $1 million revenue benefit in Q3 related to a large Device42 deal that we would not expect to repeat in Q4. Secondly, given our strong operating and go-to-market execution this year, we are strategically reinvesting a portion of our earnings outperformance to further build on that momentum. As such, we anticipate a onetime increase in spending during Q4 to expand our pipeline and drive customer acquisition with a modest corresponding impact on operating margins.

提醒一下，我們在第三季度因與 Device42 達成的一筆大額交易而獲得了 100 萬美元的收入收益，我們預計第四季度不會再出現這種情況。其次，鑑於我們今年強勁的營運和市場推廣執行力，我們將策略性地將部分超額收益再投資，以進一步鞏固這一勢頭。因此，我們預計第四季度支出將出現一次性成長，以擴大我們的銷售管道並推動客戶獲取，這對營運利潤率的影響不大。

These planned investments are reflected in our financial outlook and position us well for continued growth. Looking beyond Q4, we are reaffirming the long-term model we outlined at our Investor Day in September. Based on our current forecast, we continue to expect full year 2026 revenue growth of 13% to 14%, and we remain on track to achieve GAAP profitability by end of year.

這些計劃中的投資已反映在我們的財務展望中，並為我們持續成長奠定了良好的基礎。展望第四季之後，我們將重申我們在9月份投資者日上概述的長期模式。根據我們目前的預測，我們仍然預計 2026 年全年營收將成長 13% 至 14%，並且我們仍有望在年底前實現 GAAP 獲利。

As a reminder, the fourth quarter has historically been our largest bookings quarter and a good indicator for us. So we will follow our typical cadence of providing a more detailed outlook for 2026 on our next earnings call. With that said, let me provide some additional color on our operating margin linearity for the full fiscal year 2026. We anticipate that our Q1 2026 operating margin will be slightly better than Q4 2025 and represent the low point for next year. This is driven by the strategic decision to move the timing of our annual merit increase process from April to January as well as the reset of US payroll taxes and the start of new benefit plans.

需要提醒的是，第四季歷來是我們預訂量最大的季度，也是我們業績的一個很好的指標。因此，我們將按照慣例，在下次財報電話會議上提供更詳細的 2026 年展望。綜上所述，讓我再補充一些關於我們 2026 財年全年營業利益率線性成長的資訊。我們預計 2026 年第一季的營業利潤率將略好於 2025 年第四季度，並將代表明年的最低點。這是由於策略決策將年度績效加薪流程的時間從 4 月推遲到 1 月，以及美國工資稅的重置和新的福利計劃的開始。

Following this Q1 low point, we project a subsequent linear ramp-up throughout the remainder of fiscal year 2026, culminating in an operating margin exiting Q4 2026 at over 23%. Our results underscore the exceptional execution and financial discipline our global team has demonstrated throughout the year.

繼第一季低點之後，我們預計在 2026 財年剩餘時間內將呈線性增長，最終在 2026 年第四季末實現超過 23% 的營業利潤率。我們的業績凸顯了我們全球團隊在過去一年中展現出的卓越執行力和財務紀律。

As we get ready to close out 2025, we remain focused on continuing that momentum and thoughtfully reinvesting in our growth to capture the multitude of significant opportunities ahead. We appreciate your continued confidence in Freshworks as we execute on our strategy to deliver long-term profitable growth.

2025 年即將結束，我們將繼續專注於保持這一發展勢頭，並深思熟慮地對自身成長進行再投資，以抓住未來眾多重大機會。感謝您對 Freshworks 的持續信任，我們將繼續執行策略，實現長期獲利成長。

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

那麼，接下來就讓我們來回答各位的問題。操作員？

(Operator Instructions) Scott Berg, Needham & Company.

（操作說明）斯科特·伯格，尼德姆公司。

Really nice results here in the quarter. Dennis, I wanted to talk about the announcement today, you're selling ESM as a stand-alone solution. That's certainly not news to us that we're paying attention at the Analyst Day. I just want to hear kind of, I guess, how you're thinking about that solution. Is this going to be sold with a, I guess, a separate sales force now as you're selling it stand-alone, it's going to be sold with the same sales folks that you're using?

本季業績非常不錯。丹尼斯，我想談談今天發布的公告，你們將ESM作為獨立解決方案來銷售。當然，我們關注分析師日這件事早已不是什麼新鮮事了。我只是想聽聽你對這個解決方案的看法。我猜，現在你們是獨立銷售這款產品，所以會組成單獨的銷售團隊嗎？還是會繼續使用你們現在的銷售人員？

And any changes to, I don't know, pricing or I guess, whatever the marketing message looks like around that in the stand-alone environment?

那麼，在定價方面，或者說在獨立銷售環境下，圍繞定價的營銷訊息方面，會有任何變化嗎？

Yes. Thanks, Scott. So first of all, we launched Freshservice for Business Teams in 2022. We had a lot of demand outside of core IT departments for a service desk solution. And that, as you know, has been a huge driver for us. We crossed $35 million in ARR. That business has doubled year over year. About 1/4 of our customers now for -- Freshservice customers now are using Freshservice for business teams in some way, shape or form. So it's a really strong value proposition.

是的。謝謝你，斯科特。首先，我們在 2022 年推出了企業團隊的 Freshservice。除了核心 IT 部門之外，我們還收到了許多關於服務台解決方案的需求。正如你所知，這一直是推動我們前進的巨大動力。我們的年度經常性收入突破了3500萬美元。該業務同比增長了一倍。現在，大約有 1/4 的 Freshservice 客戶正在以某種方式或形式使用 Freshservice for business teams。所以它的價值主張非常強。

And what we've seen is some prospects where they might be locked into a contract for their Core ITSM with a larger incumbent, they don't necessarily want to increase their vendor dependency on that incumbent. They want to preserve optionality to potentially move to us at a later date. But they need a solution now for the teams outside of IT, and that's why we launched this. In those cases, we can sell to them now. We can preserve that optionality, get to know them a little bit.

我們看到，有些客戶可能已經與規模較大的現有供應商簽訂了核心 ITSM 合同，他們可能希望增加對該現有供應商的依賴。他們希望保留未來可能加入我們公司的選擇權。但他們現在需要一個適用於 IT 部門以外團隊的解決方案，這就是我們推出這款產品的原因。在這種情況下，我們現在就可以賣給他們。我們可以保留這種選擇權，並對他們有所了解。

So when that contract does come up for renewal for Core ITSM, we were there, and they've had a positive experience with us. There's no new sales force around this. We already have a pretty well-worn try-to-buy way of getting a lot of customers started. So all of our typical outbound and inbound marketing methodologies apply here. It's going to be the same sales force we have. So we think we'll get a lot of scale out of that.

所以當核心 ITSM 合約需要續約時，我們參與其中，他們對我們的服務體驗非常積極。這方面沒有新增銷售團隊。我們已經有相當成熟的「先試後買」模式，可以幫助許多客戶入門。因此，我們所有典型的對外行銷和對內行銷方法都適用於這裡。銷售團隊將保持不變。所以我們認為這將帶來很大的規模效益。

And this is on top of the Core ESM business that we have, the product that is attached to Freshservice. We think that alone -- when we talked about this at Analyst Day, that alone has a path to $100 million. This is additive to that. So we're launching it today. We'll have more next quarter in terms of early traction, but we're pretty positive about where this is going to go just given the success of the products that we've had in the market already.

而且這還是在我們現有的核心 ESM 業務（即 Freshservice 的配套產品）之外的。我們認為，僅此一項——我們在分析師日上討論過這個問題——就足以達到 1 億美元。這是在此基礎上疊加的。所以我們今天正式發布。下個季度我們會取得更多早期進展，但鑑於我們已在市場上推出的產品的成功，我們對未來的發展方向非常樂觀。

Excellent. And then from a follow-up perspective, maybe this is for Tyler, is it's around your buyback program expired in the quarter. You've certainly been buying back some shares at higher levels. I didn't see that repeated here, which I kind of almost expected, I guess, in the quarter or at least an expansion of those efforts.

出色的。然後從後續的角度來看，也許這是針對泰勒的，因為你的股票回購計畫在本季到期了。你肯定在高點回購了一些股票。我在這裡沒有看到這種情況重現，我原本以為會在本季看到這種情況，或至少會擴大這些努力的規模。

Should we take that as maybe an indication or a shift in your capital allocation strategy? Or maybe there's something more just on a timing basis there? Any details there would be great.

這是否意味著貴公司資本配置策略的轉變？或許這其中還有時間的考量？如果能提供更多細節就太好了。

Yes. Thanks, Scott. Yes, so we finished the inaugural buyback in Q2. So we just finished it 1.5 months ago. That was authorized a year ago for $400 million, and we completed that and we were happy to get that done. I think the weighted average price is just over $14. We are committed to working with the Board on a continued capital allocation strategy. We've always said we've been open to M&A, if that come forward.

是的。謝謝你，斯科特。是的，我們在第二季完成了首次股票回購。我們大約一個半月前完成了這個計畫。一年前，我們批准了4億美元的撥款，我們已經完成了這項工作，我們很高興能夠完成這項工作。我認為加權平均價格略高於 14 美元。我們致力於與董事會合作，制定持續的資本配置策略。我們一直都表示，如果出現併購機會，我們會持開放態度。

We're obviously going to invest in the business where that's needed, but we're producing a lot of cash flow now. And we'll continue to talk about the Board -- about other uses of capital, including other buybacks. We are still doing our net settles, and we provide the data there. And so we're still spending money every single quarter on net settlements, and that's been outside of the buyback. So that will be a continual discussion that we will have with the Board.

我們顯然會在需要的地方進行投資，但我們現在正在產生大量的現金流。我們將繼續討論董事會—討論資本的其他用途，包括其他股票回購。我們仍在進行淨額結算，並將數據提供在那裡。因此，我們每季仍然要花錢進行淨結算，而這還不包括回購。因此，這將是我們與董事會持續討論的問題。

Alex Zukin, Wolfe Research.

Alex Zukin，Wolfe Research。

This is Mark Heatzig, on for Alex Zukin at Wolfe. Congrats on great results. Can you just give us a little bit more color on how you're balancing the monetization versus adoption play with the Freddy AI suite of tools? Any way we should think about how that might change with the new agent capabilities?

這是馬克希茨格，他代替亞歷克斯祖金在沃爾夫隊上場。恭喜取得如此優異的成績！您能否詳細介紹一下，您是如何利用 Freddy AI 工具套件來平衡獲利和用戶採納這兩方面的？我們應該如何考慮隨著代理功能的增強，這種情況可能會發生哪些變化？

Yes. So just to recap our strategy, we have Freddy AI agent, which is a consumption-based model for CX, where our customers pay us on a per session basis. We have Freddy Copilot, which is a per seat license adder. And then we have our Freddy Insights, which is only available in the enterprise plan. So different products have different monetization levers and paths.

是的。簡單回顧我們的策略，我們有 Freddy AI 代理，它是一種基於消費的客戶體驗模型，我們的客戶按會話付費。我們有 Freddy Copilot，這是一個按座位計費的許可證添加程式。此外，我們還有 Freddy Insights，該功能僅在企業版計劃中提供。因此，不同的產品有不同的獲利手段和途徑。

For AI agents, we've historically priced those based on sessions with our Agentic AI agents coming out in a matter of weeks. We have revisited pricing. We're not revealing that now, but we are going to be more in line with industry pricing, which is considerably higher than where our pricing historically has been. We think that the market will support that based on what we've seen in early access with some customers seeing up to 80% deflection rates based on their use of AI agents.

對於 AI 代理，我們歷來都是根據幾週內即可完成的 Agentic AI 代理會話來定價的。我們重新審視了定價策略。我們現在不會透露具體價格，但我們的價格將更加符合行業標準，這比我們以往的價格要高得多。我們認為，根據我們在早期體驗階段所看到的，市場會支持這一點，有些客戶在使用人工智慧代理後，轉換率高達 80%。

What's coming in a couple of weeks are agents that are focused on very specific verticals like fintech, like travel, logistics, e-commerce that take action on behalf of the end customer, and we know that those interactions are quite valuable. We're not quite at the point to move to full resolution-based pricing and frankly, neither are our customers.

幾週後，我們將看到一些專注於特定垂直領域（如金融科技、旅遊、物流、電子商務）的代理商，他們代表終端客戶採取行動，我們知道這些互動非常有價值。我們還沒有完全過渡到基於解析度的定價模式，坦白說，我們的客戶也沒有這個意願。

So the session-based pricing makes a lot of sense for where we are now, but we're always open to evolving that as our customers ask us to and as customer demand warrants, but you will see a meaningful price change with the launch of those products, which will allow us to monetize it quite well.

因此，按會話計費對於我們目前的情況來說非常合理，但我們始終樂於根據客戶的要求和需求進行調整，但隨著這些產品的推出，您將會看到價格的顯著變化，這將使我們能夠很好地實現盈利。

Patrick Walravens, Citizens Bank.

派崔克·瓦爾拉文斯，公民銀行。

Congratulations on the third quarter in a row this year. So the big question I still get, Dennis, believe it or not, is for investors who are just looking at Freshworks, they still want to know, is it an AI winner or an AI loser. And I see lots of evidence that it should be in the winner's camp, including your $100 million target and what you just talked about actually is really interesting about the specific verticals for agents.

恭喜你們今年連續第三個季度取得佳績。所以，丹尼斯，信不信由你，我仍然經常被問到的一個問題是，對於那些正在關注 Freshworks 的投資者來說，他們仍然想知道，它是人工智慧領域的贏家還是輸家。我看到很多證據表明它應該屬於贏家陣營，包括你設定的 1 億美元目標，以及你剛才談到的關於特定垂直領域經紀人的內容，這些都非常有趣。

But just to make it easier for people, if you're going to boil it down to two or three key points that you would make on that topic, why Freshworks is an AI winner? What are they? What would you lay out?

但為了方便大家理解，如果你要用兩三個關鍵點來概括這個主題，你會怎麼說？為什麼 Freshworks 是人工智慧領域的贏家？這些是什麼？你會如何佈置？

So first of all, look, we are the system of record for our customers in IT and in customer support. We have the native workflows that they're running their business off of. And that is super important for all of what we're focused on. The products that we ship have ready-made skills, guardrails, governance, things that our customers all need in order to run their support and IT departments, and that's what they demand.

首先，我們作為 IT​​ 和客戶支援部門的客戶記錄系統。我們擁有他們賴以開展業務的原生工作流程。這對我們所關注的一切都至關重要。我們提供的產品具備現成的技能、保障措施、管理機制，這些都是我們的客戶經營其支援和 IT 部門所需要的，而這正是他們所要求的。

So there's a meme that, oh, everybody is going to go directly to OpenAI or to Anthropic to build their solutions. That's just not going to happen in such complex environments as Seagate's IT department or some of these others. The customers need the AI to be integrated into their workflow. They need the security.

所以現在有個說法，認為大家都會直接去找 OpenAI 或 Anthropic 來建構他們的解決方案。在像希捷IT部門或其他一些公司這樣複雜的環境中，這種情況是不可能發生的。客戶需要將人工智慧整合到他們的工作流程中。他們需要安全保障。

And we can tap into the best-of-breed models as the LLMs evolve by tapping into Anthropic for coding or Gemini for image and so forth. So we think that we're actually really well positioned as the market evolves and as customers continue to adopt AI to succeed there.

隨著 LLM 的發展，我們可以利用最好的模型，例如利用 Anthropic 進行編碼，或利用 Gemini 進行影像處理等等。因此，我們認為，隨著市場的發展以及客戶不斷採用人工智慧來取得成功，我們實際上已經處於非常有利的地位。

Elizabeth Porter, Morgan Stanley.

伊莉莎白‧波特，摩根士丹利。

This is Oscar on for Elizabeth. Congrats on the great quarter. I wanted to ask in terms of government exposure for Freshworks tends to be more state and local. But I just wanted to check if you have seen any impact from the government shutdown, either in the form of longer sales cycles or smaller deals and either directly or indirectly, if it has pressured any small businesses within CX?

這是奧斯卡為伊莉莎白頒獎。恭喜你們本季業績出色。我想問的是，Freshworks 在政府領域的曝光度似乎更集中在州和地方層級。但我只是想確認一下，政府停擺是否對您造成了任何影響，例如銷售週期延長或交易規模縮小，以及是否直接或間接地給客戶體驗領域的任何小型企業帶來了壓力？

Yes, it's Dennis. So we've seen no impact whatsoever. We do not have large federal government exposure. Our government business comes from state and local entities, municipalities, universities, none of which we've seen at least any kind of change. We actually landed quite a few governments and universities this last quarter, and we've seen quite a bit of expansion there. So we really just have not seen any impact at all from the shutdown or any of the federal issues.

是的，是丹尼斯。所以，我們沒有看到任何影響。我們沒有大量聯邦政府投資。我們的政府業務來自州和地方實體、市政當局、大學，但我們至少沒有看到這些方面有任何變化。上個季度我們成功拿下不少政府機構和大學客戶，業務也因此有了相當大的成長。所以，我們真的沒有看到政府停擺或任何聯邦問題對我們造成任何影響。

Brent Thill, Jefferies.

布倫特‧蒂爾，傑富瑞集團。

Tyler, I apologize if you covered this, but this onetime investment you're talking about in Q4, can you articulate a little in more detail what that is?

泰勒，如果你已經講過了，我先道個歉。但你提到的第四季的一次性投資，你能更詳細地解釋一下嗎？

Yes. This is really -- Brent, this is kind of reflecting on the fact that we've now strung together four really, really good quarters and really see a very strong demand environment for our EX products in the field specifically. And so because we've also done really, really well on our efficiencies this year, where we beat our operating kind of margin goals and consistently every quarter said, hey, part of it is timing, we're going to reinvest.

是的。布倫特，這其實反映了這樣一個事實：我們已經連續四個季度業績都非常出色，並且確實看到了我們 EX 產品在實際應用中非常強勁的需求環境。所以，因為我們今年在效率方面也做得非常好，我們超額完成了營運利潤率目標，並且每個季度都持續表示，嘿，部分原因是時機，我們將進行再投資。

But just keep beating, we actually, at the beginning of this quarter, did release spend specific to building pipe for EX in the field because the market opportunity is there. And we're still beating our goals, but we actually decided to release that spend for the year. It's more onetime just for Q4, not repeated. That's why we also kind of give the linearity for operating margins for next year as well.

但只要堅持不懈，實際上，在本季度初，我們確實撥出了專門用於現場建造EX管道的資金，因為市場機會就在那裡。我們仍然超額完成了目標，但我們決定公佈今年的支出狀況。這更像是第四季的一次性活動，不會重複。所以，我們也對明年的營業利益率給了線性預測。

And I'm sorry, where does that go into reps, marketing? Like what's the --

請問，這跟銷售代表、行銷有什麼關係？例如，什麼是--

Yes. Majority of it is marketing, and it's really pipe and demand gen efforts.

是的。大部分是行銷，實際上是通路建立和需求開發工作。

Okay. I got some good ideas. We can talk later about the campaign. It has to do with Rogers. Freddy Fresh. The -- and just for Dennis, when you talk about that 25% growth above $100,000, it seems like the referenceability is building really well. Like what do you -- what are kind of the next milestones? It's been going well. It seems like it's headed in the right direction.

好的。我想到了一些好主意。我們可以稍後再談競選的事情。這跟羅傑斯公司有關。弗雷迪·弗雷什。——還有，就丹尼斯而言，當你談到超過 10 萬美元的 25% 的成長時，似乎參考價值正在穩步提升。例如，你們接下來的目標是什麼？一切進展順利。看起來正朝著正確的方向發展。

But what are the next kind of hurdle that you'd like to see cross where you're like, okay, we're clearly on a continued trajectory and -- not that you aren't. It's just like what's the next stop, if you will?

但你希望看到的下一個障礙是什麼？你會覺得，好吧，我們顯然正處於持續發展的軌道上——並不是說我們沒有。這就像是在問：下一站在哪裡？

Yes. Look, I think we've got a really good sweet spot in customers ranging from 5,000 to 20,000 employees. That's where there's a ton of business out there that's looking for a solution, that is enterprise grade, that is faster time to value, that's got AI built in, and we're going to continue focusing there. I think in terms of where we're headed, we talked in the Analyst Day about continuing to drive our EX business in the low to mid-20s in terms of growth.

是的。我認為，我們目前在員工人數為 5,000 至 20,000 的客戶群中找到了一個非常好的目標市場。市場上有許多企業正在尋找企業級解決方案，能夠更快地實現價值，並且內建人工智慧，我們將繼續專注於此。我認為就我們未來的發展方向而言，我們在分析師日上討論過，要繼續推動我們的 EX 業務實現 20% 到 50% 的成長。

You saw a slight tick up in growth on a constant currency basis this quarter. We're going to keep pressing these larger and larger deals every single quarter. For us, the attach rate for D42, that's an important metric that we look at, how many of our larger deals are including Device42. We have a big milestone coming up in Q1, where we expect to release Device42 on cloud. Once we do that, we'll be able to tap into another segment of the market that doesn't want to go on-prem with any solution.

本季以固定匯率計算，成長率略有上升。我們將繼續每季努力達成規模越來越大的交易。對我們來說，D42 的附加率是一個重要的指標，我們會關注有多少大額交易包含了 Device42。第一季我們將迎來一個重要的里程碑，我們預計將在雲端發布 Device42。一旦我們做到這一點，我們就能開拓另一個不願採用任何本地部署解決方案的市場區隔領域。

They want everything to be in cloud. It will also make it easier for us to upsell our existing customers into Device42 as a product. That's going to be another accelerant to growth. So we've got a lot of positive, I would say, momentum and positive accelerants to that business. And Tyler was just talking about the demand gen investment we're making in Q4.

他們希望所有東西都放在雲端。這將使我們更容易向現有客戶推銷 Device42 產品。那將成為另一個成長加速器。所以，我認為，我們有很多積極的勢頭和加速因素推動著這項業務的發展。泰勒剛才還在談論我們在第四季進行的需求產生投資。

That's all going into the EX business and into AI, but that really is a huge driver for us as well. So I think EX has a lot of kind of positive momentum behind it, and we're just going to keep leaning into it every single quarter.

所有這些都將投入員工體驗（EX）業務和人工智慧（AI）領域，而這對我們來說也是一個巨大的驅動力。所以我認為EX現在勢頭強勁，我們每季都會繼續加大投入。

(Operator Instructions) Brian Peterson, Raymond James.

（操作說明）布萊恩彼得森，雷蒙德詹姆斯。

This is Johnathan McCary, on for Brian. So I wanted to ask on some of the AI deployments in your customer base. Can you talk about the appetite for that and how that may differ between the SMB and then the more mid-market enterprise customers? I'm curious specifically if you're seeing that it's more important piece of the conversation in certain parts of the customer base or SMBs versus enterprises are moving from pilots to kind of forward deployments quickly. Just I'd be curious how that differs across the different customer sizes?

這裡是約翰遜·麥卡里，替布萊恩發言。所以我想了解一下貴公司客戶群中一些人工智慧部署的情況。您能否談談市場對這類產品的需求，以及中小企業客戶和中型企業客戶的需求有何不同？我特別想知道，您是否注意到，在某些客戶群或中小企業中，這比大型企業更受關注，因為大型企業正在迅速從試點階段過渡到正式部署階段。我只是好奇不同規模的客戶群在這方面有何不同？

Yes. So as we look at our AI paid footprint, it's actually pretty even across SMB, mid-market and enterprise. We've seen traction across all three. And different companies are in different stages of understanding AI and adopting. In terms of products, the product that clearly is leading for us has been Copilot. That's the product that for us is both most mature functionally. And if you think from a customer standpoint, that's the first port of call where you still have a human in the loop, they still have some control, so they feel more comfortable going there first.

是的。因此，當我們審視人工智慧付費業務時，會發現它在中小企業、中型市場和大型企業之間的佔比其實相當均衡。我們看到這三方面都取得了進展。不同的公司對人工智慧的理解和應用處於不同的階段。就產品而言，我們目前領先的產品顯然是 Copilot。對我們來說，這款產品在功能上是最成熟的。從客戶的角度來看，這是他們首先會聯繫的管道，因為在那裡仍然有人參與決策，他們仍然有一定的控制權，所以他們會更願意先去那裡。

But what we've seen in the last couple of months is really an uptick in AI agent. And we think with the launch of our Agentic capabilities in CX in particular, that's really going to take off, and we're going to lean into it heavily. That plus the fact that we're going to monetize at a much higher rate than we have before. We've been, I would say, quite underpriced relative to the market when it comes to our AI agent capabilities. That we think is going to create a big opportunity for us going into next year.

但我們在過去幾個月看到的是人工智慧代理的真正成長。我們認為，隨著我們在客戶體驗 (CX) 領域推出 Agentic 功能，這項功能將會真正起飛，我們將大力發展這項功能。除此之外，我們的獲利速度也將比以前快得多。我認為，就我們的人工智慧代理能力而言，我們的定價相對於市場來說相當低。我們認為這將為我們明年創造一個巨大的機會。

So I think overall, the customers, there's not one vertical. It's not an SMB or mid-market enterprise issue. It's relatively even across CX and EX in terms of the monetization opportunities today. And we just think every one of our customers over time is going to need the AI that we offer. We're a little over 5,000 customers that are paying for AI now. That's just going to continue to grow. It's a core part of how we're selling now.

所以我覺得整體而言，客戶群並不局限於某個特定產業。這不是中小企業或中型企業的問題。就目前的獲利機會而言，CX 和 EX 之間的差距相對較小。我們認為，隨著時間的推移，我們的每一位客戶都會需要我們提供的人工智慧。目前我們有超過 5,000 家客戶付費使用人工智慧技術。這種情況還會繼續增長。這是我們目前銷售方式的核心部分。

Very helpful. And then maybe one for Tyler here. It's good to see the continued strength in EX, the slight acceleration there. Just hoping, can you unpack the growth a little bit in terms of what's trending, how NRR is trending there versus net new and kind of where you think that should head longer term as you look to continue the low 20s growth profile?

很有幫助。然後，也許還可以給泰勒一個。很高興看到EX系列繼續保持強勁勢頭，並且略有加速成長。希望您能稍微分析一下成長情況，例如目前的趨勢是什麼，淨經常性收入 (NRR) 的趨勢如何，以及在您希望繼續保持 20% 左右的成長勢頭的情況下，長期來看 NRR 的發展方向是什麼？

Yes. I mean we're growing across all segments of the business, right? We talked about how ITSM core is strong, but also ESM that we gave out the number of over $35 million now. Device42, we've talked about as well and then the Copilot components within there. If you look at how that's going to trend, you asked about NRR. Our EX products have always had strong NRR.

是的。我的意思是，我們公司各個業務領域都在成長，對吧？我們討論了ITSM核心業務的實力，以及ESM業務，我們給出的數字現在已經超過3500萬美元。我們也討論過 Device42 以及其中的 Copilot 組件。如果你看看它的趨勢，你問的是淨收益率（NRR）。我們的EX產品一直具有很高的淨再生率（NRR）。

Device42 is a little bit of a drag because of the stuff we inherited when we made that acquisition. But we also said, hey, we expect that to actually start coming up. And we've also said that EX has kind of always had enterprise-grade net dollar retention numbers -- I'm sorry, churn numbers, which is single -- high single digits, and that continues, and it's just a very, very strong product.

Device42 有點拖後腿，因為我們在收購時繼承了一些東西。但我們也說過，嘿，我們預期這種情況真的會開始出現。我們也說過，EX 一直以來都擁有企業級的淨美元留存率——抱歉，是流失率，一直保持在個位數以上，而且這種情況還在持續，它真是一款非常非常強大的產品。

Rob Oliver, Baird.

羅布·奧利弗，貝爾德。

Dennis, I wanted to go back to the ITSM win rates that you called out, I think the best in two years, and that's also coming, I think, as you've really pivoted the business up towards that mid-market or upper end of mid-market. And just wanted to get a sense from you for kind of what the biggest key differentiators have been there in terms of repositioning for that opportunity?

丹尼斯，我想回到你提到的 ITSM 勝率，我認為這是兩年來最好的，而且我認為，隨著你真正將業務轉向中端市場或中端市場的高端，這個數字還會繼續增長。我想了解一下，在重新定位以抓住這個機會方面，最大的關鍵差異化因素是什麼？

And then as you look at kind of your pipeline today, how you feel about the pipeline as it sets up relative to the competition and kind of what's winning when you go head-to-head with some potentially bigger players at the low end of their stack? And then I had a quick follow-up question.

然後，當你審視你目前的通路時，你覺得它相對於競爭對手的建構方式如何？當你與一些潛在的大玩家在其技術棧的低端進行正面交鋒時，什麼因素會勝出？然後我還有一個後續問題。

Yes, sure. So look, what we've built over the last couple of years is a complete enterprise-grade solution for -- that helps an IT department drive their operations, power their operations and deliver great employee service, and that's what we're selling. That's what's working in the marketplace. So enterprise-grade product that has the kind of security and extensibility that you'd expect and that can work in a large account. The kind of extensibility outside of Core ITSM. That's why Device42 is super important for us.

當然可以。所以你看，我們在過去幾年裡打造的是一個完整的企業級解決方案，它可以幫助 IT 部門推動營運、增強營運能力並提供優質的員工服務，而這正是我們所銷售的。這就是市場上行之有效的方法。因此，這是一款企業級產品，具備您所期望的安全性和可擴展性，並且可以在大客戶環境中運作。核心 ITSM 之外的那種可擴展性。這就是為什麼 Device42 對我們非常重要。

Typically, buyers are looking for their ITSM and their asset management solution all in one. That's what we provide now. The functionality outside of IT, that's also something that everybody looks for when they're making these decisions. And two years ago, 2.5 years ago, the product wasn't there. So a lot of this momentum has happened relatively recently.

通常情況下，買家希望將IT服務管理（ITSM）和資產管理解決方案整合到一個系統中。這就是我們現在提供的服務。IT 以外的功能，也是每個人在做這些決定時都會考慮的因素。兩年前，或者說兩年半前，這款產品還沒上市。所以，這種發展勢頭很大程度上是近幾年才出現的。

A lot of customers are looking for choice in that market. There hasn't been a lot of choice. The largest provider is very focused on the biggest customers in the market or the biggest companies in the market. And that leaves a lot of room for us to compete in that kind of lower end of enterprise, upper end of mid-market. Think of New Balance with 5,000 or 6,000 employees or Seagate with 20,000 employees or we had a customer this time through Flowserve with about 20,000 employees.

很多顧客都希望在這個市場上有更多選擇。選擇並不多。最大的供應商非常注重市場上最大的客戶或最大的公司。這給我們留下了很大的競爭空間，讓我們能夠在低端企業市場和高端中端市場中競爭。想想擁有 5000 或 6000 名員工的新百倫，或者擁有 20000 名員工的希捷，或者我們這次透過福斯公司遇到的擁有大約 20000 名員工的客戶。

These are sophisticated customers. They've got sophisticated IT departments, but they're looking for something that's more modern, more flexible, enterprise-grade AI built in, and that's what we have. So I think we're just going to continue to invest in our capabilities and functionality there. We've got our Customer Advisory Board next week. We've got 40 customers coming in, and we're going to hear from them on what -- share our road map, talk about what can we do to move faster to solve more of their needs.

這些都是眼光獨到的顧客。他們擁有先進的IT部門，但他們正在尋找更現代化、更靈活、內建企業級人工智慧的產品，而這正是我們所提供的。所以我認為我們將繼續加大對該領域能力和功能的投入。下週我們將召開客戶顧問委員會會議。我們有 40 位客戶要來，我們將聽取他們的意見——分享我們的路線圖，討論我們可以做些什麼來更快地滿足他們更多的需求。

We got a lot of ideas last year at our cab that we put into practice and launched an innovation that has delivered and that has helped us continue to move upmarket. And then at the same time, the whole go-to-market side of things has matured as well. That's why we're confident in investing more in Q4 in demand gen because we have a much better sense for how investment in demand gen connects to actual return.

去年我們在計程車上獲得了許多想法，我們付諸實踐，推出了一項創新，這項創新取得了成功，並幫助我們繼續向高端市場邁進。同時，整個市場推廣方面也日趨成熟。這就是為什麼我們有信心在第四季度加大對需求創造的投資，因為我們對需求創造投資與實際回報之間的關聯有了更清晰的認識。

And we feel if we do that now, we'll just get a head start on Q1 because we've got a really good pipeline going into the last quarter. In terms of the pipeline, I would say that when we look at -- when I looked at pipeline, let's say, 18 months ago, $100,000 deal was a big deal and we made a big deal about it. Now we have tons of $100,000 deals. That's not an unusual deal anymore.

我們覺得，如果我們現在這樣做，就能在第一季搶得先機，因為我們在最後一個季度擁有非常好的儲備。就管道而言，我想說，當我們回顧——比如說，18 個月前我回顧管道時，10 萬美元的交易是一件大事，我們對此非常重視。現在我們有很多價值 10 萬美元的交易。這已經不是什麼稀奇事了。

The bigger deals are $0.5 million lands. And the other thing is that we would be invited into those $0.5 million RFPs two years ago, and we would often lose. And we'd win the $100,000 deal or the $30,000 deal, we lose to $500,000 deal. This last quarter, I can't recall a deal over $200,000 that were involved in that loss. Now it may have happened, but nothing that I was involved in was a loss. So I think we're just getting better at competing and winning for those larger deals and the capability is there, the functionality is there. All that's a winning combination for us.

較大的交易是價值 50 萬美元的土地。還有一點是，兩年前我們也會收到價值 50 萬美元的招標邀請，但我們經常落敗。我們能拿下 10 萬美元或 3 萬美元的交易，但輸給 50 萬美元的交易。上個季度，我記不起有任何超過 20 萬美元的交易導致了那次虧損。雖然事情已經發生了，但我參與的任何事情都沒有造成損失。所以我覺得我們只是在競爭和贏得這些大單方面做得越來越好，我們有能力，也具備相應的功能。這對我們來說是一個制勝的組合。

Great. That's really helpful. And then, Tyler, I apologize if you touched on this at all, but that net revenue retention number is kind of really stabilized in that kind of 104% to 105% range on a constant currency basis for the last three quarters, and you guys are getting some market momentum. I realize a trailing indicator, but how you think about that kind of leveling off and potentially starting to improve and what kind of visibility you have into that?

偉大的。這真的很有幫助。泰勒，如果你之前提到過這一點，我先道個歉，但是過去三個季度，以固定匯率計算的淨收入留存率已經穩定在 104% 到 105% 的範圍內，你們也獲得了一些市場動力。我知道這是一個滯後指標，但是您如何看待這種趨於平穩並可能開始好轉的情況，以及您對這種情況的了解程度如何？

Yes. We're pleased with the progress we've made there, both on the expansion products we've introduced, and we think ESM is going to be a new land, but then have a much bigger expansion opportunity once we start landing with that if we can bring in Freshservice, but obviously, with Device42 and others and on what we've been doing on churn.

是的。我們對所取得的進展感到滿意，無論是我們推出的擴展產品，還是我們認為 ESM 將會是一片新天地，一旦我們開始站穩腳跟，如果我們能引進 Freshservice，那麼我們將擁有更大的擴展機會，當然，還有 Device42 和其他公司，以及我們在客戶流失方面所做的工作。

We've been talking about churn for a year now, how we've just been getting a little bit better incrementally, and that's not something that moves really quickly. We guided to essentially the same amount for Q4, which is stable. And obviously, at the end of the year, based on what we learned this quarter in terms of expansion in the pipe, we'll guide for next year. But yes, I feel like it's heading in the right direction.

我們已經討論客戶流失問題一年了，我們只是在逐步改善，但這並不是一個能很快取得進展的事情。我們預期第四季業績將基本保持不變，處於穩定狀態。顯然，在年底，根據我們本季了解到的在建擴張項目情況，我們將對明年做出預測。是的，我覺得它正朝著正確的方向發展。

And then we've been talking about this. As the mix shift of our business continues to move more towards EX, and that is the majority of our business now, the attributes of that business are much better, and we will get a tailwind from that at some point.

然後我們就一直在討論這件事。隨著我們業務的組合轉變繼續向 EX 方向發展，而 EX 現在已成為我們業務的大部分，該業務的特性要好得多，我們將在某個時候從中獲得順風。

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

今天的電話會議到此結束。您可以斷開連線。