Freshworks Inc. (FRSH) 2026 Q2 法說會逐字稿

Hello everyone, thank you for joining us and welcome to Freshworks second-quarter 2026 earnings conference call. (Operator Instructions) I will now hand the conference over to Kate Scolnick, VP of Investor Relations. Kate, please go ahead.

各位好，感謝各位加入我們，歡迎參加 Freshworks 2026 會計年度第二季財報電話會議。（接線員指示）現在我將把會議交給投資人關係副總裁 Kate Scolnick。Kate，請開始。

Thank you. Good afternoon, and welcome to Freshworks second-quarter 2026 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。各位午安，歡迎參加 Freshworks 2026 會計年度第二季財報電話會議。今天與我一同出席的有 Freshworks 執行長兼總裁 Dennis Woodside，以及 Freshworks 營運長兼財務長 Tyler Sloat。

The primary purpose of today's call is to provide you with the information regarding our second quarter 2026 performance and our financial outlook for our third quarter and full year 2026. 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 macroconomic environment in which we operate and market volatility, and certain other assumptions made by the company, all of which are subject to change. 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.

今天電話會議的主要目的，是向各位提供我們 2026 會計年度第二季的表現資訊，以及我們對 2026 會計年度第三季與全年財務展望。我們部分討論內容與對各位提問的回覆，可能包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。這些前瞻性陳述係基於管理團隊對本公司業務與產業的信念，包括我們的財務預期與估計、我們所處宏觀經濟環境的不確定性與市場波動，以及公司所作的其他若干假設；上述事項均可能變動。這些陳述受到風險、不確定性與假設影響，可能導致實際結果與前瞻性陳述中所預測者出現重大差異。

Such risks include, but are not limited to, our ability to sustain 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.

此類風險包括但不限於：我們維持成長、持續創新、達成長期營收目標以滿足客戶需求、以及控管成本並提升營運效率的能力。如需了解其他重大風險與可能影響我們業績的其他重要因素，請參閱今日的財報新聞稿、我們最近提交的 Form 10-K，以及向美國證券交易委員會（SEC）提交的其他定期申報文件。

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. 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 to learn more about Freshworks.

除法律另有要求外，Freshworks 不承擔更新任何前瞻性陳述以反映本次電話會議日期之後可能發生之事件或情況的義務。在今天的電話會議中，我們將提及若干非 GAAP 財務衡量指標。歷史期間 GAAP 與非 GAAP 財務衡量指標之調節表已包含於我們的財報新聞稿中，並可於我們的投資人關係網站 ir.freshworks.com 取得。我鼓勵各位造訪投資人關係網站，以取得財報新聞稿、補充財報簡報投影片、定期 SEC 報告，以及今日電話會議的重播，以進一步了解 Freshworks。

I will now turn the call over to Dennis. Please go ahead.

接下來我將把電話會議交給 Dennis。請開始。

Good afternoon, everyone, and thank you for joining us. Freshworks is the AI-powered unified service operations platform for the modern agile enterprise. In Q2, we delivered another quarter of strong growth and profitability. Revenue was $237.4 million, up 16% year-over-year. Our non-GAAP operating margin was 24%. We have now achieved Rule of 40 for eight straight quarters. We are growing our business with discipline quarter after quarter.

各位午安，感謝各位加入我們。Freshworks 是面向現代敏捷企業、以 AI 驅動的統一服務營運平台。在第二季，我們再次交出強勁成長與獲利的一季。營收為 2.374 億美元，年增 16%。非 GAAP 營業利益率為 24%。我們已連續八個季度達成「40 法則」（Rule of 40）。我們以紀律性逐季推動業務成長。

In Q2, we also achieved a meaningful financial milestone. We reported positive GAAP net income ahead of our previously given expectations. GAAP profitability is no longer just a goal. It is here, and it is funding our investments in EX and AI.

在第二季，我們也達成一項重要的財務里程碑。我們在早於先前所給出的預期下，公布了正向的 GAAP 淨利。GAAP 獲利不再只是目標。它已經實現，並正在為我們在 EX 與 AI 的投資提供資金。

And we expect to sustain our GAAP profitability. At our investor event during Refresh in May, we laid out five key messages about the durability of our business. Before I get into the quarter, I want to remind everybody of those messages.

我們也預期將維持 GAAP 獲利能力。在 5 月 Refresh 期間的投資人活動上，我們提出了關於我們業務韌性的五項關鍵訊息。在我進入本季細節之前，我想提醒大家這些訊息。

First, we are an EX first company. When Freshworks went public, 35% of our total ARR came from our employee experience business. By year-end 2026, we expect EX ARR will exceed 60%. Now the market opportunity in EX is significant. The total addressable market we are pursuing spans ITSM, ITAM, ITOM and ESM and is roughly $45 billion, growing 13% a year. We are focused on businesses with up to 20,000 employees, which represent about 60% of that overall total addressable market. It's large, fragmented and no single player in this segment holds more than a 20% share. That leaves plenty of room for Freshworks to win.

第一，我們是一家以 EX（員工體驗）為先的公司。Freshworks 上市時，我們總 ARR（年度經常性收入）中有 35% 來自員工體驗業務。到 2026 年底，我們預期 EX ARR 將超過 60%。目前 EX 的市場機會相當可觀。我們所追求的總可服務市場涵蓋 ITSM、ITAM、ITOM 與 ESM，規模約 450 億美元，年成長率約 13%。我們聚焦於員工數最多 20,000 人的企業，這些企業約占整體總可服務市場的 60%。該市場規模大且高度分散，在此區隔中沒有任何單一業者的市占率超過 20%。這為 Freshworks 的勝出留下了充足空間。

Second, we are a category leader with agile enterprises and in the mid-market. Freshservice has over 20,000 customers globally with EX ARR up 5 times from where we started at the beginning of 2021 just five years ago. Freshservice serves companies that carry the complexity of an enterprise but require the speed and agility of a modern platform. Recently, Gartner named Freshworks a leader in the 2026 Magic Quadrant for IT service management platforms. We feel our positioning as a leader by Gartner highlights a clear shift in the market. We're focused on giving agile enterprises the depth and scale they need alongside domain-specific AI so that they can move at the speed of their business while staying firmly in control.

第二，我們在敏捷企業與中型市場（mid-market）是類別領導者。Freshservice 在全球擁有超過 20,000 家客戶，EX ARR 較 2021 年初（也就是五年前）起點成長超過 5 倍。Freshservice 服務的公司具備企業級的複雜度，但同時需要現代化平台的速度與敏捷性。近期，Gartner 將 Freshworks 評為 2026 年 IT 服務管理平台魔力象限（Magic Quadrant）領導者。我們認為 Gartner 對我們領導地位的定位，凸顯市場正在發生明確轉變。我們專注於為敏捷企業提供其所需的深度與規模，並結合領域專屬 AI，使其能以業務所需的速度前進，同時保持穩健掌控。

Third, AI is a tailwind, enabling growth in our business. Over 7,000 customers are paying for an AI SKU. Our Copilot attach rate on larger deals exceeds 70%, our products allow customers to adapt to an agentic world quickly and achieve measurable IT efficiencies faster. Fourth, we are profitable and scaling. We're demonstrating operating leverage and purposefully concentrating our investment to expand our EX business.

第三，AI 是順風因素，正在推動我們業務成長。已有超過 7,000 家客戶付費購買 AI SKU。在較大型的交易中，我們的 Copilot 搭售率（attach rate）超過 70%；我們的產品讓客戶能快速適應代理式（agentic）世界，並更快達成可衡量的 IT 效率提升。第四，我們具備獲利能力且正在擴張。我們展現營運槓桿，並有意識地集中投資以擴大 EX 業務。

And our fifth key message, we are committed to capital efficiency and prudent capital management. Tyler will cover this in more detail as we bring together how Q2 delivered on all five of these key objectives.

第五項關鍵訊息是：我們致力於資本效率與審慎的資本管理。Tyler 將更詳細說明，並整合第二季如何在這五項關鍵目標上交出成果。

Now let's look at the results from the quarter, starting with EX. Our EX business demonstrated continued growth and large deal traction. EX ARR grew 24% on a constant currency basis, ending the quarter at $567 million, and representing approximately 59% of total ARR.

現在讓我們看看本季的結果，先從 EX 開始。我們的 EX 業務展現持續成長，並在大型交易上取得進展。以固定匯率計算，EX ARR 成長 24%，季末達 5.67 億美元，約占總 ARR 的 59%。

Why are we able to consistently grow EX? Two reasons. First, large customers are actively choosing Freshworks to displace incumbents that no longer serve them. Take Seagate, a global leader in hard drives with 30,000 employees. After 14 years with a legacy provider, they struggled to extract value from AI, were unable to adapt workflows as the business evolves, and were paying for dedicated specialists just to manage the complex system. They evaluated the market, they chose Freshservice and were live in three months, that speed to value is what Freshworks delivers.

為什麼我們能夠持續推動 EX 成長？有兩個原因。第一，大型客戶正積極選擇 Freshworks，以取代不再能滿足其需求的既有供應商。以 Seagate 為例，這是一家全球硬碟領導廠商，擁有 30,000 名員工。在使用某家傳統供應商 14 年後，他們難以從 AI 中取得價值、無法隨著業務演進調整工作流程，且僅為管理複雜系統就必須支付專職專家費用。他們評估市場後選擇了 Freshservice，並在三個月內上線；這種快速實現價值的能力正是 Freshworks 所提供的。

Another example is American Oncology Network, a nationwide cancer care network supporting over 140 clinic locations. They implemented Freshservice for IT, Freshservice for business teams and Freddy AI Copilot in under 30 days. Today, their EX platform has expanded to seven business departments beyond IT, and it takes just 1 administrator less than two hours per week to manage the entire environment. That upmarket momentum shows in our numbers. Customers contributing more than $100,000 in ARR, grew 25% year-over-year and now represent roughly 40% of total ARR.

另一個例子是 American Oncology Network，這是一個全國性的癌症照護網路，支援超過 140 個診所據點。他們在 30 天內導入 Freshservice for IT、Freshservice for business teams，以及 Freddy AI Copilot。如今，他們的 EX 平台已從 IT 擴展到另外七個業務部門，而管理整個環境每週只需要 1 名管理員、花不到兩小時。這股向上市場（upmarket）動能也反映在我們的數字上。ARR 貢獻超過 10 萬美元的客戶年增 25%，目前約占總 ARR 的 40%。

We believe that's the clearest evidence our enterprise motion is working and it's accelerating, not slowing down. Second, we are expanding our right to win by broadening our EX platform. Freshservice ITAM makes infrastructure visible and actionable giving IT teams the context they need for unified service operations. Our offering is powered by Device42, a company we acquired a little over two years ago. And today, we offer both on-prem and cloud native advanced ITAM products. About a-third of large new EX lands now include ITAM. And in Q2, we had the strongest new logo quarter for this business yet. We are actively serving new Freshservice ITAM cloud customers on our platform, such as DriveTime and Radio France.

我們相信，這是最清楚的證據，證明我們的企業動能正在奏效，而且是在加速，而不是放緩。第二，我們正透過擴展我們的 EX 平台來擴大我們的致勝範圍。Freshservice ITAM 讓基礎架構變得可視且可採取行動，為 IT 團隊提供其進行統一服務營運所需的情境脈絡。我們的產品由 Device42 驅動，這家公司是我們在兩年多前收購的。而今天，我們同時提供地端部署與雲端原生的進階 ITAM 產品。目前，大型新 EX 導入案中約有三分之一包含 ITAM。而在第二季，我們在這項業務上創下迄今最強的新客戶（new logo）季度表現。我們正積極在平台上服務新的 Freshservice ITAM 雲端客戶，例如 DriveTime 與法國廣播電台（Radio France）。

Our enterprise service management crossed $50 million in ARR this quarter growing 67% year-over-year. ESM continues to be a major long-term growth vector for Freshworks as one-fifth of new EX seats are coming from outside IT. Our investment in fire hydrant showed results this quarter. FireHydrant generated its first six-figure expansion deal since joining Freshworks and was one of our top three largest deals of the quarter. This customer is a global cybersecurity leader that chose to consolidate their alerting and incident management on to FireHydrant.

本季我們的企業服務管理（ESM）ARR 突破 5,000 萬美元，年增 67%。ESM 仍是 Freshworks 重要的長期成長動能之一，因為新 EX 席位中有五分之一來自 IT 以外的部門。我們對 FireHydrant 的投資在本季展現成果。FireHydrant 自加入 Freshworks 以來首次達成六位數的擴張交易，並成為本季我們前三大交易之一。該客戶是一家全球資安領導者，選擇將其告警與事件管理整合至 FireHydrant。

Stepping back, Freshworks EX business is in the strongest position in the company's history. We are winning against incumbent and legacy providers expanding our customer base with new platform offerings, growing deal sizes and strengthening our market leadership.

回過頭來看，Freshworks 的 EX 業務正處於公司史上最強的位置。我們在與既有與傳統供應商競爭中持續勝出，透過新的平台產品擴大客戶基礎、提升交易規模，並強化我們的市場領導地位。

Now let's talk about how we are innovating with AI. Freddy AI continues to be embedded throughout our platform, delivering real value for customers while building towards the long-term monetization opportunity. At Refresh, we launched 2 new AI products for Freshservice. Freddy AI agent studio, a no-code environment for rapidly building domain-specific AI agents, and MCP Gateway, which connects Freshservice intelligence to AI tools customers already use, including Claude and Microsoft's Copilot.

接下來談談我們如何以 AI 推動創新。Freddy AI 持續深度嵌入我們的平台，在為客戶帶來實質價值的同時，也為長期的變現機會奠定基礎。在 Refresh 大會上，我們為 Freshservice 發布了 2 款新的 AI 產品。分別是 Freddy AI agent studio（可快速建置特定領域 AI 代理的無程式碼環境），以及 MCP Gateway（可將 Freshservice 的智慧能力連接到客戶既有使用的 AI 工具，包括 Claude 與微軟 Copilot）。

Despite being available for a short time, we have hundreds of customers using both products in our early access program today. The productivity gains our customers are experiencing with AI are substantial and real. Agents using Freddy AI Copilot handle 50% more tickets. That means they are 50% more productive. That's huge for customers. Freddy AI Agent deflection rates averaged 50% and reach as high as 80% for mature deployments. With Freddy AI, customers are changing the economics of how they run service operations. And we are monetizing AI, Copilot attach rate for new deals above $30,000 exceeded 70%.

儘管推出時間不長，目前已有數百家客戶在我們的搶先體驗計畫中使用這兩款產品。客戶透過 AI 所獲得的生產力提升是顯著且真實的。使用 Freddy AI Copilot 的客服專員可處理多 50% 的工單。這代表他們的生產力提升了 50%。這對客戶而言意義重大。Freddy AI Agent 的分流率平均為 50%，在成熟部署中最高可達 80%。透過 Freddy AI，客戶正在改變其服務營運的成本結構。而我們也正在將 AI 變現：在超過 30,000 美元的新交易中，Copilot 的附加採用率（attach rate）超過 70%。

Eligible EX customers paying for Copilot increased to 22% of our installed base in the quarter. And EX customers with AI continue to carry higher NDR well above total company NDR. iQor demonstrates what Freddy AI can do at enterprise scale, a global BPO with more than 40,000 employees, iQor had a mandate to modernize and automate. They replaced a legacy on-premise system with Freshservice and Freddy AI, now they have an agentic AI solution that is fully automated 35% of their IT service delivery and cut monthly ticket volume by 39%.

本季，符合資格且付費使用 Copilot 的 EX 客戶占我們既有客戶基礎的比例提升至 22%。而採用 AI 的 EX 客戶，其淨美元留存率（NDR）持續更高，明顯高於公司整體 NDR。iQor 展示了 Freddy AI 在企業規模下的能力；iQor 是一家全球 BPO，員工超過 40,000 人，並肩負現代化與自動化的任務。他們以 Freshservice 與 Freddy AI 取代了傳統的地端系統，如今擁有一套代理式 AI 解決方案，將其 IT 服務交付中 35% 的流程完全自動化，並將每月工單量降低 39%。

Turning to the results and highlights of our CX business in Q2. We're seeing steady ARR growth and significant progress on our platform migration. CX ARR grew 4% on a constant currency basis, ending the quarter at $400 million. As of Q2, over 90% of Freshdesk customers have migrated to the new platform. Freshdesk Omni is delivering measurable value for our mid-market customers. They are reporting real efficiency gains, including up to 97% first contact resolution, 60% higher agent productivity and 95% CSAT.

接著看我們第二季 CX 業務的成果與重點。我們看到 ARR 穩健成長，且平台遷移取得顯著進展。CX ARR 以固定匯率計年增 4%，季末達到 4 億美元。截至第二季，超過 90% 的 Freshdesk 客戶已遷移至新平台。Freshdesk Omni 正為我們的中型市場客戶帶來可衡量的價值。他們回報了實質的效率提升，包括最高達 97% 的首次聯絡解決率、客服專員生產力提升 60%，以及 95% 的客戶滿意度（CSAT）。

These customers are benefiting from an AI-ready platform that provides the unified context needed to deliver better AI outcomes. In Q2, CX AI agent sessions and conversations on Freshdesk Omni were both up 60% quarter-over-quarter and more than fivefold year-over-year.

這些客戶受益於一個 AI 就緒的平台，能提供交付更佳 AI 成效所需的統一情境脈絡。在第二季，Freshdesk Omni 上的 CX AI 代理工作階段與對話量皆較前一季成長 60%，且較去年同期成長超過五倍。

Take Fleet Claims, a UK-based motor fleet accident management company. They have reported that they have been able to use our Email AI to resolve about 10% of their tickets without any agent involvement and amplified the importance of being able to respond faster than ever, especially outside business hours.

以 Fleet Claims 為例，這是一家位於英國的車隊事故管理公司。他們表示，已能使用我們的 Email AI 在無需任何客服專員介入的情況下解決約 10% 的工單，並強調能比以往更快回應的重要性，尤其是在非營業時間。

Our CX organization is now fully aligned to drive efficiency and customer value. As of July 1, we've consolidated our CX organization in India. Our GTM product and engineering teams are all co-located in driving that business.

我們的 CX 組織現在已全面對齊，以推動效率與客戶價值。自 7 月 1 日起，我們已將 CX 組織整併至印度。我們的 GTM、產品與工程團隊皆共同設點，以推動該業務。

Looking ahead, we're encouraged by our Q2 CX developments and have a positive outlook on our ongoing growth opportunities for this business. Taken together, our EX momentum and a more disciplined CX business confirmed that Freshworks is delivering on our mission while investing in our future. As we announced last week, I'm pleased to welcome Ryan Manning to Freshworks as Chief Product and Technology Officer. Ryan will bring deep product and engineering leadership, having built and scaled category-leading platforms across service management and CRM. He joins us from BMC Helix, where he served as Chief Product Officer, with prior leadership roles at Coupa and ServiceNow.

展望未來，我們對第二季 CX 的進展感到鼓舞，並對該業務持續的成長機會抱持正向看法。綜合而言，我們的 EX 動能與更具紀律的 CX 業務，證實 Freshworks 在投資未來的同時，也正在實現我們的使命。如同我們上週宣布的，我很高興歡迎 Ryan Manning 加入 Freshworks，擔任首席產品與技術長。Ryan 在產品與工程領導方面具備深厚經驗，曾在服務管理與 CRM 領域打造並擴展類別領先的平台。他加入我們之前任職於 BMC Helix，擔任首席產品長，並曾在 Coupa 與 ServiceNow 擔任領導職務。

Our platform is stronger and broader than ever. AI monetization is taking shape, and our financial model is delivering solid results. We are the AI-powered unified service operations platform for the modern agile enterprise and Q2 delivered on that.

我們的平台比以往任何時候都更強大且更廣泛。AI 變現正在成形，而我們的財務模型也交出穩健成果。我們是面向現代敏捷企業、由 AI 驅動的統一服務營運平台，而第二季也印證了這一點。

I'll now turn it over to Tyler to discuss our financials.

接下來我把時間交給 Tyler，請他說明我們的財務表現。

Thanks, Dennis, and thanks, everyone, for joining on the call today. We had a strong second quarter, our seventh consecutive quarter exceeding revenue expectations, and we achieved positive GAAP net income ahead of plan. For our call today, I'll cover the Q2 2026 financial results provide context on key metrics and close with our updated outlook for Q3 and the full year 2026. As a reminder, most of my discussion will be focused on non-GAAP financial results. I will provide comparisons on both an as reported and at constant currency basis where available.

謝謝 Dennis，也謝謝各位今天加入電話會議。我們第二季表現強勁，已連續第七季超越營收預期，並且提前達成計畫、實現 GAAP 淨利為正。在今天的電話會議中，我將說明 2026 年第二季財務結果，提供關鍵指標的背景脈絡，並以我們更新後的 2026 年第三季與全年展望作結。提醒各位，我的討論將主要聚焦於非 GAAP 財務結果。在可取得的情況下，我也會同時提供按揭露口徑（as reported）與固定匯率口徑（constant currency）的比較。

Starting with the income statement. Total revenue reached $237.4 million in Q2, up 16% year-over-year as reported and up 15% on a constant currency basis, above the high end of our estimates range. Professional services revenue was approximately $3 million, slightly higher than prior quarters. EX continues to be our primary growth engine. EX ARR ended Q2 at $567 million, growing 23% year-over-year as related and 24% on a constant currency basis.

先從損益表開始。第二季總營收達 2.374 億美元，按揭露口徑年增 16%，以固定匯率計年增 15%，高於我們預估區間的上緣。專業服務營收約為 300 萬美元，略高於前幾季。EX 仍是我們主要的成長引擎。EX ARR 於第二季末達 5.67 億美元，按揭露口徑年增 23%，以固定匯率計年增 24%。

As Dennis covered, the growing breadth of our platform that covers ESM, ITAM and ITOM is enabling us to win business well beyond core ITSM, and is broadening the EX growth base. Looking ahead, we continue to expect EX ARR to grow in the mid-20s and to exceed $600 million exiting 2026.

如 Dennis 所述，我們平台涵蓋 ESM、ITAM 與 ITOM 的廣度持續擴大，使我們得以在核心 ITSM 之外贏得更多業務，並擴大 EX 的成長基礎。展望未來，我們仍預期 EX ARR 將以 20% 中段的增速成長，並在 2026 年底時超過 6 億美元。

Turning to our CX business. CX ARR ended Q2 at $400 million, growing 3% year-over-year as reported and 4% on a constant currency basis. This performance reflects the deliberate operating plan we have in place to run CX with a focus on profitability and for steady-state growth. The actions we took in May have facilitated better efficiency and focus in our CX business and the Freshdesk Omni platform is demonstrating strong market fit for our mid-market ICPs. We continue to expect CX ARR to grow in the low single digits for the full year 2026.

接著談我們的 CX 業務。CX ARR 於第二季末達 4 億美元，按報告口徑年增 3%，按固定匯率口徑年增 4%。此表現反映我們既定且審慎的營運計畫：以獲利能力為重點來經營 CX，並追求穩態成長。我們在 5 月採取的行動提升了 CX 業務的效率與聚焦，而 Freshdesk Omni 平台也展現出與我們中型市場 ICP 的強勁產品市場契合度。我們仍預期 2026 全年 CX ARR 將以低個位數成長。

Moving to margins. Non-GAAP gross margin at 86% remains consistent with prior quarters. Non-GAAP operating income for Q2 reached $55.9 million, well above estimates. This performance reflects continued top line leverage as well as the partial impact of restructuring savings. Most notably, we achieved positive GAAP net income this quarter.

接著談毛利與利潤率。非 GAAP 毛利率為 86%，與前幾季一致。第二季非 GAAP 營業利益達 5,590 萬美元，明顯高於預估。此表現反映營收端持續的規模槓桿效益，以及重組節省成本的部分影響。最值得注意的是，我們本季達成 GAAP 淨利轉正。

Q2 GAAP net income was $3.2 million, with GAAP EPS of $0.01 and non-GAAP EPS of $0.17. We set a goal to reach GAAP profitability by the end of 2026, and we achieved this ahead of schedule. To be clear about how we're allocating the benefit of operating leverage in our model. As organic growth remains our top capital priority, our first use is continued investment in EX sales capacity and AI R&D. We invested in both of these areas in the first half of the year, and we intend to continue to invest in the second half to support our accelerating growth opportunities in EX.

第二季 GAAP 淨利為 320 萬美元，GAAP 每股盈餘（EPS）為 0.01 美元，非 GAAP EPS 為 0.17 美元。我們原先設定在 2026 年底前達成 GAAP 獲利的目標，而我們已提前達成。為了清楚說明我們如何在模型中分配營運槓桿帶來的效益。由於有機成長仍是我們資本配置的首要優先事項，我們的第一順位用途是持續投資於 EX 銷售產能與 AI 研發。我們在上半年已投資這兩個領域，並計畫在下半年持續投入，以支持 EX 加速成長的機會。

Turning to operating metrics. Net dollar retention was 104% as reported and 105% on a constant currency basis in Q2. Excluding the legacy Device42 customers, Net dollar retention was 106% constant currency, exceeding expectations. Within this, EX NDR, excluding legacy Device42 customers, was over 111% on a constant currency basis. Looking ahead, we expect NDR and EX NDR on a constant currency basis to be roughly the same for Q3.

接著談營運指標。第二季淨美元留存率（NDR）按報告口徑為 104%，按固定匯率口徑為 105%。若排除既有的 Device42 客戶，淨美元留存率按固定匯率口徑為 106%，高於預期。其中，排除既有 Device42 客戶後的 EX NDR 按固定匯率口徑超過 111%。展望未來，我們預期第三季按固定匯率口徑的 NDR 與 EX NDR 將大致相同。

Moving on to customer cohorts. Customers contributing more than $50,000 in ARR and grew 18% year-over-year as reported 19% on a constant currency basis. This cohort now represents over 55% of our total ARR. Customers contributing more than $100,000 in ARR, grew 25% year-over-year as reported and 26% on a constant currency basis. This cohort represents approximately 40% of total ARR.

接著看客戶分群。ARR 貢獻超過 5 萬美元的客戶，按報告口徑年增 18%，按固定匯率口徑年增 19%。此客群目前占我們總 ARR 的 55% 以上。ARR 貢獻超過 10 萬美元的客戶，按報告口徑年增 25%，按固定匯率口徑年增 26%。此客群約占總 ARR 的 40%。

The growth rate of this cohort and mix of total ARR reflects the sustained upmarket shift in our business and validates our strategy of concentrating our ICP in mid-market and agile enterprise customers, and driving an EX multiproduct motion across core ITSM, ITAM, ITOM and ESM improving win rates and deal sizes and new business across the EX portfolio and creating a flywheel for expansion opportunities gives us confidence in sustaining the mid-20s EX growth trajectory.

該客群的成長率與其在總 ARR 中的占比，反映我們業務持續向上移動市場（upmarket）的趨勢，並驗證我們的策略：將 ICP 聚焦於中型市場與敏捷型企業客戶，並在核心 ITSM、ITAM、ITOM 與 ESM 上推動 EX 的多產品銷售動能，以提升勝率與交易規模、帶動 EX 產品組合的新業務，並形成擴張機會的飛輪，讓我們對維持 EX 20% 中段的成長軌跡更具信心。

Now on to billings, balance sheet and cash. Calculated billings reached $245.8 million in Q2, growing 15% year-over-year as reported and 16% on a constant currency basis. For Q3, we estimate billings growth of approximately 13% as reported and 14% on a constant currency basis.

接著談帳單、資產負債表與現金。第二季計算帳單（calculated billings）達 2.458 億美元，按報告口徑年增 15%，按固定匯率口徑年增 16%。對第三季，我們估計帳單成長約為按報告口徑 13%，按固定匯率口徑 14%。

Looking ahead, we expect billings growth to be in line with revenue growth for 2026. Adjusted free cash flow was $57.7 million in Q2, which was above our previously given estimates. Q2 adjusted free cash flow margin was approximately 24% and adjusted free cash flow per share was $0.21. We remain on track to meet or exceed our full year adjusted free cash flow per share target of $0.94.

展望未來，我們預期 2026 年帳單成長將與營收成長一致。第二季調整後自由現金流為 5,770 萬美元，高於我們先前提供的預估。第二季調整後自由現金流利潤率約為 24%，調整後每股自由現金流為 0.21 美元。我們仍按計畫達成或超越全年調整後每股自由現金流目標 0.94 美元。

On capital allocation, our framework is to invest in high-return EX growth first, and return excess capital to shareholders second. Year-to-date, we have deployed over $200 million toward our stock repurchase program and reduced shares outstanding by 7%. In Q2, we repurchased approximately 18.3 million shares for $159 million, while utilizing an additional $10 million to offset dilution through our net cash settlement of equity. We ended Q2 with approximately 296 million fully diluted shares and approximately 263 million basic shares outstanding.

在資本配置方面，我們的框架是：優先投資於高報酬的 EX 成長，其次將多餘資本回饋股東。年初至今，我們已投入超過 2 億美元於股票回購計畫，並將流通在外股數減少 7%。第二季我們以 1.59 億美元回購約 1,830 萬股，同時額外使用 1,000 萬美元，透過以淨現金結算股權來抵銷稀釋。第二季末，我們約有 2.96 億股完全稀釋股數，以及約 2.63 億股基本流通在外股數。

At the time of our IPO in 2021, we had approximately 323 million fully diluted shares outstanding. We have reduced our fully diluted share count by 8.3% over the past five years. We ended the quarter with $665 million in cash and investments with no debt, providing ample financial capacity to continue our repurchase program while still prioritizing investments in future growth.

在 2021 年 IPO 時，我們約有 3.23 億股完全稀釋流通在外股數。過去五年，我們已將完全稀釋股數減少 8.3%。本季末我們持有 6.65 億美元的現金與投資，且無負債，提供充足的財務能力，使我們在持續優先投資未來成長的同時，也能延續回購計畫。

Now on to our forward-looking estimates. Our non-GAAP net income projections for 2026 assume a tax rate of 24%. For the third quarter of 2026, we expect revenue in the range of $244.5 million to $245.5 million growing approximately 14% year-over-year on an as-reported basis and approximately 14% to 15% on a constant currency basis.

接著是我們的前瞻性預估。我們對 2026 年非 GAAP 淨利的預測假設稅率為 24%。對 2026 年第三季，我們預期營收介於 2.445 億至 2.455 億美元之間，按報告口徑年增約 14%，按固定匯率口徑年增約 14% 至 15%。

Within this, we are including a $0.5 million headwind from FX, compared to our initial estimates at the beginning of the year. Non-GAAP income from operations in the range of $59 million to $61 million and non-GAAP net income per share of approximately $0.18 assuming weighted average shares outstanding of approximately 266 million shares. For the full year 2026, we expect revenue in the range of $963.5 million to $966.5 million, growing approximately 15% year-over-year or 14% to 15% on a constant currency basis.

其中，我們納入相較於年初初始預估、由外匯（FX）帶來的 50 萬美元不利影響。非 GAAP 營業利益預期介於 5,900 萬至 6,100 萬美元之間，非 GAAP 每股淨利約為 0.18 美元，假設加權平均流通在外股數約為 2.66 億股。對 2026 全年，我們預期營收介於 9.635 億至 9.665 億美元之間，按年增約 15%，或按固定匯率口徑為 14% 至 15%。

Within this, we are including a $2 million FX headwind compared to our initial estimates at the beginning of the year. Non-GAAP income from operations in the range of $222 million to $228 million, and non-GAAP income per share to be in the range of $0.66 to $0.68, assuming a weighted average shares outstanding of approximately 273 million shares. We expect to generate approximately $265 million in adjusted free cash flow. This resulted in adjusted free cash flow margin target of 27.5% for the full year of 2026.

其中，我們納入相較於年初初始預估、由外匯帶來的 200 萬美元不利影響。非 GAAP 營業利益預期介於 2.22 億至 2.28 億美元之間，非 GAAP 每股淨利預期介於 0.66 至 0.68 美元之間，假設加權平均流通在外股數約為 2.73 億股。我們預期將產生約 2.65 億美元的調整後自由現金流。因此，我們設定 2026 全年調整後自由現金流利潤率目標為 27.5%。

We remain on track to meet or exceed our full year adjusted free cash flow per share target of $0.94, up 24% from fiscal 2025. As a reminder, cash used for stock repurchases is reflected in our financing activities and is excluded from our adjusted free cash flow calculations. Our forward-looking estimates are based on FX rates as of August 1, 2026, and do not take into account any impact from currency moves. Our full year 2026 revenue estimates include $2 million FX headwind.

我們仍按計畫達成或超越全年調整後每股自由現金流目標 0.94 美元，較 2025 會計年度成長 24%。提醒一下，用於股票回購的現金列示於我們的籌資活動中，並排除在調整後自由現金流的計算之外。我們的前瞻性預估係以 2026 年 8 月 1 日的匯率為基礎，且未納入任何匯率變動的影響。我們對 2026 全年營收的預估包含 200 萬美元的外匯不利影響。

In closing, we delivered strong top line and bottom line performance in Q2, and we remain confident in our ability to achieve our 2026 financial and operational plans. EX remains our primary and largest growth opportunity. Our AI monetization strategy is on track and our CX business is now best positioned for steady-state growth. We are profitable and have the operating leverage to fund our EX platform growth and AI expansion to meet the demand momentum driving us into the second half of the year.

最後總結，我們在第二季於營收與獲利（top line 與 bottom line）都交出強勁表現，並且我們仍對達成 2026 年的財務與營運計畫充滿信心。EX 仍是我們最主要、也是最大的成長機會。我們的 AI 變現策略進展如期，而我們的 CX 業務如今也處於最有利的位置，可實現穩態成長。我們已實現獲利，並具備營運槓桿，可為 EX 平台成長與 AI 擴張提供資金，以滿足推動我們進入下半年之需求動能。

Operator, let's open it up to Q&A.

接線員，讓我們開放進入問答（Q&A）。

(Operator Instructions) David Hynes, Canaccord Genuity.

(接線員指示) David Hynes，Canaccord Genuity。

Great. This is Luke on for DJ. So I'm curious, you guys have always won on the on the enterprise grade without the costs without the complexity of the bigger guys in the space. I'm curious, as you think about layering in -- you've layered in Device42, you have FireHydrant now, maybe you have some security ops down the road. Like how do you think about keeping the product in the implementation experience of that product from getting too complex and potentially weakening that differentiation over time?

很好。我是 Luke，代 DJ 發問。我很好奇，你們一直以來都能在企業級市場勝出，提供企業級能力，但不需要承擔這個領域那些大型廠商的成本與複雜度。我想問的是，當你們逐步疊加——你們已經加入了 Device42，現在也有 FireHydrant，未來可能還會有一些資安營運（security ops）。你們如何確保產品以及產品的導入／實作體驗不會變得過於複雜，進而隨時間推移削弱這項差異化優勢？

Yes. Thanks for the question. It's Dennis. That's one of the key areas that our engineering and product teams really, really focus on, it's how to -- how we maintain that usability, easy to use, fast time to value, intuitiveness of the product that got us to where we are as we continue to expand the capability of the platform, the enterprise readiness of the platform and so forth. And we work really hard at making that work. We pride ourselves in the focus that we have on design and UX. We've made a lot of strides in unifying our overall design language across all of our products.

是的。謝謝你的問題。我是 Dennis。這正是我們工程與產品團隊非常、非常專注的關鍵領域之一：也就是在我們持續擴展平台能力、提升平台的企業就緒度等同時，如何維持那種可用性、易用性、快速實現價值（time to value）以及產品的直覺性——這些正是帶領我們走到今天的核心。我們為此投入非常多努力，確保它能運作得很好。我們以對設計與使用者體驗（UX）的專注為傲。我們也在統一所有產品的整體設計語言方面取得了很大進展。

For Device42, for example, that product today is now fully available in the cloud. If you go into Freshservice and you're an admin, it appears as a tab as other product would, the design language is the same as what Freshservice is all about. It's -- the way you navigate through the product is the same. Data is pulled seamlessly from the asset management capabilities and the CMDB into the Freshservice module. And so the admin can see all that in one place. So that's really important. And that approach that we're going to take to FireHydrant as well later this year. So I think it's something that is critical for us. It's going to remain critical for us to continue to focus on that usability as we broaden the platform.

以 Device42 為例，該產品目前已可在雲端完整使用。如果你進入 Freshservice 且你是管理員，它會像其他產品一樣以分頁（tab）的形式呈現，設計語言也與 Freshservice 一致。你在產品中的導覽方式也是相同的。資料會從資產管理能力與 CMDB 無縫匯入 Freshservice 模組。因此管理員可以在同一個地方看到所有內容。這點非常重要。而我們也會在今年稍晚以同樣的方法導入 FireHydrant。所以我認為這對我們至關重要。隨著我們擴大平台版圖，持續聚焦於可用性也將一直是我們的關鍵。

Yes, super helpful. And maybe just a follow-up. One thing that our team has been hearing more of with this new wave of AI native or at least potential new wave of AI native service management vendors they're positioning as an intelligent layer that maybe sits on top of whatever ITSM vendor a customer has already. The pitch there is basically you can modernize the employee experience without ripping out something like, say, a ServiceNow, for example. I'm curious, are you starting to hear discussions around that? And how do you think about competing against that approach?

是的，非常有幫助。我再追問一點。我們團隊最近聽到更多聲音：隨著這一波新的 AI 原生（AI native）——或至少可能是新一波 AI 原生——服務管理供應商出現，他們把自己定位成一個智慧層，可能疊在客戶既有的任何 ITSM 供應商之上。他們的主張基本上是：你可以在不汰換（rip out）例如 ServiceNow 這類系統的情況下，讓員工體驗現代化。我想問，你們是否開始聽到這類討論？你們又如何看待與這種做法競爭？

Yes. We're cognizant of the startups out there. We have not seen them competitively that much, if at all. And our -- what we're seeing customers want is a system of record that has the kind of control and security that they need that has AI integrated into it in a way that's usable, that's easy for them to get up and running, that's easier for them to configure. And that's consistent with what we've been building all along in the core Freshservice products.

是的。我們確實留意到市場上的新創。但我們在競爭上其實還沒有太常遇到他們，甚至幾乎沒有。而我們看到客戶想要的是一個「記錄系統」（system of record）：具備他們所需的控制與安全性，並且以可用、容易上手、也更容易設定的方式把 AI 整合進去。這也與我們一路以來在 Freshservice 核心產品中所打造的方向一致。

So our AI agent studio, which we launched in May for EX, already has over 1,000 customers on it. You might remember, we launched that product into EA, and we have not priced it yet. The intention is to price that fall. That will be a session-based pricing model. But that is an example of customers getting value out of our product immediately and really looking to us to provide that experience layer.

因此，我們在 5 月為 EX 推出的 AI agent studio，目前已經有超過 1,000 家客戶在使用。你可能記得，我們先以 EA（早期存取）形式推出該產品，而且目前尚未定價。我們的計畫是在今年秋季定價。那會採用以工作階段（session）為基礎的定價模式。但這就是一個例子：客戶能立即從我們的產品中獲得價值，並且確實期待由我們來提供那個體驗層（experience layer）。

So I understand, of course, we're very well aware of the startups coming into the space. But as of yet, we have not seen them make a lot of traction. I think it's going to be hard because to do AI well, you need to understand the operating environment. You need to understand the workflows that already exist, the controls that already exist in the operating environment. That's what we've spent over a decade building.

所以我理解，當然，我們非常清楚有哪些新創正在進入這個領域。但截至目前，我們還沒有看到他們取得很大的進展。我認為這會很難，因為要把 AI 做好，你必須理解營運環境。你必須理解既有的工作流程，以及營運環境中已存在的控制機制。而這正是我們花了十多年打造的東西。

Patrick Walravens, Citizens.

Patrick Walravens，Citizens。

Congratulations to you guys on the results. Dennis, I saw that Gartner came out with their new Magic Quadrant, I mean, just like a week ago, and it was nice to see Freshworks in this quadrant. I think it's been a long time since they've had one of these for ITSM. Does that -- how much does that help? Does that help with lead generation? And does -- I saw Ian posted it? I'm just wondering what that actually ends up doing for you guys?

恭喜你們的業績表現。Dennis，我看到 Gartner 大概就在一週前發布了新的魔力象限（Magic Quadrant），很高興看到 Freshworks 進入這個象限。我覺得他們很久沒有針對 ITSM 做這樣的報告了。這——這能帶來多大幫助？這會有助於名單／線索開發（lead generation）嗎？另外——我看到 Ian 也發文分享了？我只是想了解，這最終實際上會為你們帶來什麼？

So look, we think it helps a lot now. In part, the reason we're in the Magic Quadrant is because Gartner has gone out and talked to a lot of customers and understands the value that we've been able to provide for those customers, the capabilities of the product and how that's evolved over time. But we're quite happy with that result.

你看，我們認為現在這幫助很大。某種程度上，我們之所以能進入魔力象限，是因為 Gartner 去訪談了很多客戶，並理解我們為這些客戶提供的價值、產品能力，以及這些能力如何隨時間演進。我們對這個結果非常滿意。

Look, I think -- we've got a lot of ways of driving interest in the business. We've seen a lot more large accounts come in the door that are referred by analysts, referred by other customers. We've got a large cohort now of bigger customers that are on our side and helping us recruit the next generation of customers. You see that in the numbers. You see that in the number of $100,000 accounts growing 26% year-over-year. 40% of our business is now coming from those customers spending over $100,000.

你看，我認為——我們有很多方式可以推動市場對我們業務的興趣。我們看到更多大型客戶上門，來源包括分析師推薦、以及其他客戶轉介。我們現在也有一大群更大型的客戶站在我們這邊，協助我們招募下一代客戶。你可以從數字中看到這點。你也可以從年營收 10 萬美元（$100,000）等級客戶數年增 26% 看出來。現在我們有 40% 的業務來自於年支出超過 10 萬美元的客戶。

We closed our first $1 million deal back in Q1. We continue to see a lot of momentum among much larger deals. And those are the kind of -- that's the kind of evidence, I think that shows that the work that we put into building this complete platform that can handle service operations from frontline employee questions to solving problems when they arise through FireHydrant and our advanced asset management.

我們在第一季完成了第一筆 100 萬美元（$1 million）的交易。我們也持續看到更大型交易的強勁動能。而我認為，這些就是——這類證據顯示我們投入打造一個完整平台的成果：它能處理服務營運，從第一線員工的問題，到透過 FireHydrant 在問題發生時進行處置與解決，再到我們的進階資產管理。

So all those things are what IT departments want in particular in the segment that we're focused on which is those agile enterprises up to 20,000 employees. They don't have the resources necessarily or want to be spending the time and money on managing a more complicated system. They want something that's going to work for them that they're going to be able to modify, that's modern and that's what we provide. So I think the Gartner validates all of that, and we're very happy about that, very proud of that, but we have a lot of work ahead of us, too.

因此，所有這些都是 IT 部門特別想要的，尤其是在我們所聚焦的區隔，也就是員工數最多到 20,000 人的敏捷型企業。他們未必有資源，或想要花時間與金錢去管理更複雜的系統。他們想要的是一個能為他們運作、他們能夠修改、而且是現代化的方案，而這正是我們所提供的。所以我認為 Gartner 驗證了這一切，我們對此非常高興、也非常自豪，但我們前方也還有很多工作要做。

Tamjid Chowdhury, Guggenheim Securities.

Tamjid Chowdhury，Guggenheim Securities。

I guess, the first one, it seems like there's a strong momentum in EX from ITAM and ESM cross-sell. That's good to see. Can you talk about how much runway remains for those products within your existing EX customer base? And what penetration looks like today versus where you think it can go?

我想先問第一個，看起來 EX 在 ITAM 與 ESM 交叉銷售帶動下有很強的動能。這很高興看到。你能談談在你們既有的 EX 客戶基礎中，這些產品還剩下多少成長跑道嗎？以及目前的滲透率大概如何，相較於你認為未來可以達到的水準？

Yes. So we outlined at our investor event almost a year ago. We believe both of those businesses will be $100 million businesses in the course of the next two years. We've got every single quarter, proof points that we're gaining momentum there. ESM grew 67% in the quarter. Our ITAM products that were attached in over a-third of our larger deals. Often, ITAM is a quick follow-on after an ITSM land. So it's a good upsell once you've got the customer in the door. And really with where we're going with our IT operations, that intersection between ITAM and ops is really important because to do -- to respond to incidents as well, you need to understand the asset base.

可以。我們在將近一年前的投資人活動上就已經說明過。我們相信這兩項業務在未來兩年內都會成為 1 億美元規模的業務。我們每一季都有證據顯示我們在那裡持續累積動能。ESM 本季成長 67%。我們的 ITAM 產品在超過三分之一的大型交易中被搭售。很多時候，ITAM 會在 ITSM 成功導入後很快跟進。所以一旦把客戶帶進門，這就是很好的加購（upsell）。而且就我們 IT 營運的發展方向而言，ITAM 與營運（ops）的交集非常重要，因為要處理事件（incidents）等情況，你需要了解資產基礎。

So we think that those are actually self-reinforcing. And as we get more momentum with FireHydrant, we integrate that product. We put more and more focus behind that as well. That's going to help even more that ITAM business. ITAM actually accelerated this past quarter. I think we had our best quarter ever for asset management. We launched the new -- the cloud-based version of Asset Management last quarter. And we already are tapping into a whole slew of customers that otherwise would not have bought an on-prem product.

因此我們認為這兩者其實會相互強化。而隨著我們在 FireHydrant 上取得更多動能、並整合該產品，我們也會投入越來越多的資源與聚焦。這將進一步帶動 ITAM 業務。ITAM 在上一季其實加速成長。我想我們資產管理（asset management）創下史上最佳單季表現。我們在上一季推出了新版——雲端版的 Asset Management。而我們已經開始觸及一大批客戶，這些客戶原本不會購買地端（on-prem）產品。

So the hypothesis there was that there were lots of customers, some of which were smaller than the typical Device42 customer that would be interested in the product. That turned out to be true. We beat our internal goals by wide margin. So we think there's a long way to go. And if we look at the penetration of the existing base for ESM in particular, we're really, really early in driving that business overall. So we're going to continue to stay focused there. We're going to continue to invest in capability for teams outside of IT.

所以當時的假設是：有很多客戶，其中一些規模比典型的 Device42 客戶更小，但仍會對這個產品有興趣。結果證明確實如此。我們大幅超越內部目標。因此我們認為還有很長的路要走。而如果我們看既有客戶基礎中、特別是 ESM 的滲透率，我們在推動整體業務上其實還非常、非常早期。所以我們會持續聚焦在那裡。我們也會持續投資於 IT 以外團隊的能力。

A lot of our focus has been in HR capabilities, things like onboarding and offboarding, workflows out of the box. We're facing more on teams like facilities, teams like finance. Those teams also have lots of internal employee service needs, and we can build capabilities out of the box that are agentic that expand and allow us to tap into another team. So those are huge areas for us. We're very excited about both.

我們很多的重點放在 HR 能力上，例如到職（onboarding）與離職（offboarding）、開箱即用的工作流程。我們也更聚焦在像是總務／設施（facilities）團隊、財務團隊等。這些團隊同樣有大量內部員工服務需求，而我們可以打造開箱即用、具代理式（agentic）的能力來擴展，讓我們能切入另一個團隊。所以這些對我們而言是非常大的領域。我們對兩者都非常興奮。

And then one quick follow-up. Constant currency NDR has been stable sequentially at about 105%. While it seems like Freddy AI Copilot attach rate is strong. I think you mentioned over 71% of new enterprise deals. While we understand that it doesn't directly -- the attach rate doesn't directly flow to NDR. It likely reflects broader product demand that should also drive Freddy expansion into your existing base? Are you seeing that translate into upsell activity yet? And when should we expect it to show up in NDR?

接著一個快速追問。以固定匯率計算的 NDR（淨美元留存率）連續幾季都穩定在約 105%。同時看起來 Freddy AI Copilot 的搭售率很強。我想你提到新企業級交易中有超過 71%。我們理解搭售率不會直接——不會直接反映到 NDR。但它可能反映更廣泛的產品需求，也應該會推動 Freddy 在既有客戶中的擴張？你們是否已經看到這轉化為加購活動（upsell activity）？以及我們應該何時預期它會在 NDR 中顯現？

Yes. So you're right, the NDR has been pretty consistent from a constant currency basis. And slightly improving in some cases. The Freddy attach rates for new deals, as you indicated, but absolutely, it is one of our strong expansion motions. Now it is harder to get existing customers to adopt Copilot because they have existing way to work.

是的。所以你說得對，以固定匯率來看 NDR 一直相當一致。而且在某些情況下還略有改善。如你所指出，Freddy 在新交易的搭售率很高；而且毫無疑問，它是我們強勁的擴張動能之一。不過，要讓既有客戶採用 Copilot 會比較困難，因為他們已經有既有的工作方式。

But we have kind of prescriptive sales plays around it. And we do expect that to continue to be one of our larger expansion motions going forward. I can't say when the impact to NDR is there, but as a percentage of expansion, it is actually increasing.

但我們針對此有一套相對制式化（prescriptive）的銷售打法。我們也預期未來它會持續成為我們較大的擴張動能之一。我無法說它對 NDR 的影響何時會出現，但就擴張收入的占比而言，確實正在提高。

Taylor McGinnis, UBS.

Taylor McGinnis，UBS。

I'd love to ask on the EX business. So a slight decel in 2Q to 24% constant currency. So Tyler, could you just maybe talk about, as we look into the back half and the comfort in sustaining mid-20s growth, what some of the drivers are there? Are there any incremental growth opportunities that could potentially lead to an acceleration in that business? Maybe you could just help us unpack the confidence there?

我想問一下 EX 業務。第二季以固定匯率計算略為放緩到 24% 的成長。Tyler，你能否談談，展望下半年以及你們對維持 20% 中段成長的信心，背後有哪些驅動因素？是否有任何額外的成長機會，可能讓這項業務重新加速？也許你可以幫我們拆解一下你們的信心來源？

Taylor. So 25% in Q1, 24% constant currency. This is up from 22% at the end of the year. We had a really good quarter, and EX continues to be the driver of growth. And so I just think that the 25% to 24%, there's a little bit of noise there, but it's nothing outside of what we expected and we're very confident still on mid-20s growth.

Taylor。第一季 25%，第二季以固定匯率計算 24%。這比去年年底的 22% 有所提升。我們這一季表現非常好，而 EX 仍然是成長的驅動引擎。所以我認為 25% 到 24% 之間有一些雜訊，但沒有超出我們的預期，我們對維持 20% 中段成長仍然非常有信心。

As Dennis has mentioned, like we're seeing larger and larger deals, and the pipeline is reflecting that. That's on the new business side. On the expansion side, we just talked about the attach rates on kind of ITAM and ESM where about 20% of seats are ESM and about 1/3 of the lands include ITAM, but that means still 2/3 still have Device42 as the potential to sell. We just kind of went live last quarter with what we call Advanced ITAM Cloud, which is Device42 on the cloud, which really opens up the potential for our entire existing base that wasn't using asset management previously.

如 Dennis 提到的，我們看到交易規模越來越大，而銷售管線也反映了這點。這是在新業務方面。在擴張方面，我們剛剛談到 ITAM 與 ESM 的搭售率：大約 20% 的席次是 ESM，而約三分之一的導入（lands）包含 ITAM，但這也意味著仍有三分之二還有 Device42 的潛在銷售空間。我們在上一季剛正式上線我們稱為 Advanced ITAM Cloud 的產品，也就是雲端版的 Device42，這確實為我們整個既有客戶基礎打開了可能性，特別是那些先前沒有使用資產管理的客戶。

FireHydrant is a brand new product for us. We haven't talked about when the full integration is going to be done, but we have been selling it. And one of our biggest lands in Q2 was a FireHydrant stand-alone. And that's just going to open up opportunities to kind of cross-sell ITSM, ESM and others into that account, but also as that muscle build is just another way that we can go land with another EX product with kind of a different buying segment. So yes, we're confident on the mid-20s growth, and EX continues to be a driver of that growth for the whole company.

FireHydrant 對我們來說是全新的產品。我們還沒有談到完整整合何時完成，但我們已經在銷售它。而我們第二季最大的導入案之一，就是 FireHydrant 的單獨銷售（stand-alone）。這將為我們帶來機會，在該帳戶中交叉銷售 ITSM、ESM 以及其他產品；同時，隨著這套能力逐步建立，這也成為另一種方式，讓我們能以另一個 EX 產品切入，並觸及略有不同的採購族群。所以是的，我們對 20% 中段成長有信心，而 EX 仍將是推動全公司成長的動力來源。

And just to add something to that. Look, if the market itself, the market that we're focused on, that mid-market, lower end of the enterprise, that's about 60% of the overall market, and it's still fairly fragmented. No single competitor have more than 20% share. So that's a big opportunity for us. we're seeing the momentum.

再補充一點。你看，如果就市場本身而言，也就是我們聚焦的那個市場——中端市場、企業市場的較低端——大約占整體市場的 60%，而且仍然相當分散。沒有任何單一競爭對手的市占率超過 20%。所以這對我們來說是個很大的機會。我們看到動能正在形成。

Obviously, Gartner validates, we've got the product. We've got the customers saying good things about us, all that's good. And now we have this platform where there's multiple ways to win, right? So we land with ITSM, expand with -- into ITAM, into ops, in the ESM and AI. All those things are really building momentum. So you're seeing a lot of that come together. And I think all of that gives a lot of optimism to the team here about the second half.

顯然，Gartner 也驗證了我們的產品。客戶也對我們給予正面評價，這些都很好。而現在我們有這個平台，有多種取勝方式，對吧？我們以 ITSM 切入，再擴展到——ITAM、營運（ops）、ESM 與 AI。這些都在真正累積動能。所以你會看到很多因素正在匯聚。我認為這一切都讓這裡的團隊對下半年充滿信心。

Perfect. And then my next question is one, just to look at the performance in the quarter. There was a nice 1 point acceleration on a constant currency basis for revenue. So maybe you could just unpack what drove to the upside there? And then secondly, as we look into the back half, the guide is really strong on a revenue basis. So any bigger drivers of that in the second half compared to what you guys saw in the first half?

很好。那我下一個問題是，先看一下本季的表現。以固定匯率計算，營收有不錯的 1 個百分點加速。所以你能否拆解一下，是什麼因素帶來了超預期的表現？其次，展望下半年，你們在營收面向的指引非常強。那下半年相較於上半年，你們看到的更大驅動因素有哪些？

Yes. Let me start and then, Tyler jump in. I would just echo what I said, which is we just see a lot of momentum on the EX side given that the product strategy, the go-to-market strategy are all kind of coming together. We also have confidence in that. We've cracked the code on pipeline. I mean, a year ago, we were a little bit more challenged, I would say, around pipeline.

是的。我先說，然後 Tyler 再補充。我想重申我剛才說的：我們在 EX 端看到很強的動能，因為產品策略與 go-to-market（市場進入）策略都在逐步整合到位。我們對此也很有信心。我們已經把管線（pipeline）的打法摸透了。我的意思是，一年前我們在管線方面可以說還比較吃力。

But we entered the year and first -- right out of the gate first quarter, second quarter did really well in generating new pipeline. So that pipeline is maturing and is kind of coming due, so to speak, in the second half of the year. So that gives us confidence. And this was the second order actually in a row that we accelerated revenue slightly. I think we were -- went from 13% to 14%, 14% to 15%. So yes, so far so good this year, and we're optimistic about back half and Tyler maybe talk about the (technical difficulty) .

但我們進入今年後，第一——一開始第一季、第二季在新增管線的產生上表現得非常好。因此這些管線正在成熟，並且可以說在今年下半年開始進入收成期。這讓我們更有信心。而且這其實是我們連續第二季營收略有加速。我記得我們——從 13% 到 14%，再從 14% 到 15%。所以是的，今年到目前為止進展不錯，我們對下半年也很樂觀。Tyler 也許可以談談(technical difficulty)。

Yes, I think just about everything that Dennis just said, Taylor. We talked about in the beginning of the year that kind of record pipe building, but it's really -- again, a lot of the momentum we're seeing on the EX side in that kind of what we call agile enterprise and the high mid-market. And we're quickly becoming the product of choice for those companies, and it's just starting to build on its own.

是的，我想 Dennis 剛才說的幾乎都涵蓋了，Taylor。我們在年初談到那種創紀錄的管線建置，但實際上——再說一次，我們在 EX 端看到的很多動能，來自我們所稱的敏捷企業（agile enterprise）以及高端中型市場（high mid-market）。我們正快速成為這些公司的首選產品，而這股動能也開始自我強化、自然累積。

Patrick Schulz, Baird.

Patrick Schulz，Baird。

Maybe could you just touch on the linearity of demand throughout the quarter? How does the demand environment and pipeline build compare versus last quarter? Are you seeing any impact on sales cycles as customers maybe cut back and reassess where their AI investments are going?

能否請你們談一下本季需求在季度內的線性（linearity）表現？需求環境與管線建置相較於上一季如何？客戶可能縮減並重新評估其 AI 投資去向時，你們是否看到對銷售週期有任何影響？

No, we're not seeing any impact on sales cycles or decisions or anything like that in terms of AI. Like I know you're referring to some things that happened, I guess, with some other vendors, but that's -- we're not seeing that at all. I would say the linearity is pretty similar to what we've been seeing in prior quarters where as we go up market more of the -- more of the deals going in at the back half of the quarter, but nothing unusual.

沒有，我們沒有看到 AI 在銷售週期或決策等方面帶來任何影響。我知道你指的是我想某些其他供應商發生的一些事情，但——我們完全沒有看到那種情況。我會說線性表現和我們前幾季看到的很類似：隨著我們更往上打市場，更多交易會在季度後半段進來，但沒有什麼異常。

And I wouldn't say that the buying cycles are unusual, considering that we -- again, we're moving upmarket. AI actually is more of a motivator for people to think about their vendor and most of our business is coming from another vendor. It could be a small player, but often it's a very large player.

而且我也不會說採購週期有什麼不尋常，考量到我們——再說一次——正在往更高端市場移動。AI 其實更像是一個促使人們重新思考其供應商的動因，而我們的大多數業務都是從其他供應商那裡轉過來的。可能是小型業者，但很多時候是非常大型的業者。

So they are faced with a decision often as to, okay, what are we going to do about AI, we're going to migrate to the incumbent vendors platform. Sometimes that requires an upgrade in plan. It certainly requires cost. So it often provokes a discussion as to, well, maybe we should go to market and see what else is out there. And again, a lot of times, you talk about that Seagate, 14-year customer or a competitor, 14 years ago we didn't do this.

所以他們常常面臨一個決策：好，那我們要怎麼做 AI？我們要遷移到既有供應商（incumbent）的平台嗎？有時候那需要升級方案。當然也需要成本。因此這往往會引發討論：那我們是不是應該去市場上看看還有什麼其他選擇？再說一次，很多時候，你提到那個 Seagate——14 年的客戶——或某個競爭對手；14 年前我們還做不到這些。

So they're going out to market now and they're seeing -- they're calling Gartner, they're calling their peers and they're hearing about us, and that's how we're getting in the mix. So I think that, that's driving more of our business than anything else is that customers are saying we need to do something on AI, that's leading to a discussion, do we stick with the incumbent, and that's leading to us to get a shot at winning. So all that's been pretty good for us.

所以他們現在走向市場，然後看到——他們會打給 Gartner、打給同業，聽到關於我們的消息，這就是我們如何被納入評估名單。所以我認為，推動我們業務成長的主要因素是：客戶說我們需要在 AI 上做點什麼，這引發了討論——我們要繼續用既有供應商嗎——而這讓我們有機會參與競標並爭取勝出。所以這一切對我們來說都相當不錯。

Okay. Yes, yes. That's very helpful. And I appreciate the commentary you guys provided around ITAM this quarter. I wanted to dive a little bit deeper there and maybe better understand how important it is that an enterprise-grade ITAM solution as you move further out market? Did you expect that ITAM and Device42 will become a leading driver of new logos? Or is it still more of a cross-sell opportunity? And then just as we think about Device42, maybe just give an update on the cloud transition and how much of that business is still on-prem license?

了解。是的，是的。這非常有幫助。也感謝你們本季對 ITAM 的評論。我想再深入一點，並更好地理解：當你們進一步往更高端市場拓展時，具備企業級（enterprise-grade）的 ITAM 解決方案有多重要？你們是否預期 ITAM 與 Device42 會成為帶來新客戶（new logos）的主要驅動因素？還是它仍然更偏向交叉銷售（cross-sell）的機會？另外，談到 Device42，能否更新一下雲端轉型的進度，以及那塊業務目前仍有多少是 on-prem 授權？

You want to take the second part, Tyler? I'll take the first.

Tyler，你要回答第二部分嗎？我來回答第一部分。

Yes. So I think the -- for the on-prem business is part of the reason we're still calling out some of that legacy churn. The migration of those customers, there is no actual purposeful migration. We're not forcing customers to migrate over to the cloud. In fact, there's a lot of customers who want an on-prem version, and we're going to continue to sell that for the foreseeable future. The new ITAM cloud version, which is advanced ITAM, is essentially at parity with the on-prem version. That was the whole goal and point. And that's now available to the existing installed base and any new customer who doesn't want the on-prem. So we kind of offer both now.

好的。所以我認為——on-prem 業務也是我們仍然提到部分既有流失（legacy churn）的原因之一。這些客戶的遷移並不是一種有意推動的遷移。我們沒有強迫客戶遷移到雲端。事實上，有不少客戶想要 on-prem 版本，而在可預見的未來我們也會持續銷售。新的 ITAM 雲端版本，也就是進階 ITAM（advanced ITAM），基本上已與 on-prem 版本功能對等。這就是整個目標與重點。而它現在已可提供給既有安裝基礎（installed base）以及任何不想要 on-prem 的新客戶。所以我們現在等於同時提供兩種選項。

So on the first part of the question, customers aren't buying just an ITSM. They're buying the full capability to power their IT department, especially upmarket. And asset management, ESM, ops, all that -- that's -- those are table stakes. You have to have that. And if you look at our larger deals, typically, it's multiple components right out of the box. And so I think it's less about -- is it something that you land with and helps you compete? It's absolutely essential for us to continue to move up market. Customers are coming off products that have those capabilities, and they expect that. And that's why we've invested in those areas to build a complete solution, a complete platform. And again, you see it in the numbers, it's working.

所以就問題的第一部分而言，客戶買的不只是 ITSM。他們買的是能夠驅動其 IT 部門的完整能力，尤其是在中大型企業市場。而資產管理、ESM、營運（ops）等等——那是——那些都是基本門檻。你必須具備那些。而如果你看我們較大型的交易，通常一開始就會直接包含多個元件。因此我認為重點比較不是——它是不是你用來切入、並幫助你競爭的東西？它對我們持續往中大型企業市場推進而言是絕對必要的。客戶原本使用的產品就具備那些能力，他們也期待我們同樣具備。這也是為什麼我們在那些領域投入，打造一個完整解決方案、完整平台。而且你也從數字上看得到，它正在奏效。

Scott Berg, Needham & Company.

Scott Berg，Needham & Company。

Nice quarter. Apologies I did jump on late, I hope this wasn't asked at least. But I attended the Refresh event in May. And one of the things I thought was interesting is some of the commentary around partners and those individuals that are involved in your partner program and how it's maturing really evolving into more of a long-term account ownership kind of strategy instead of just something that was more transactional in nature. I guess as that structure continues to evolve, do you see that driving, I guess, better retention, better expansion opportunities with your customers if those partners do maintain that ownership more? Or should we see some other benefit to come from that program?

這一季表現不錯。抱歉我晚了一點才加入，希望這個問題之前沒有被問過。不過我在 5 月參加了 Refresh 活動。我覺得有趣的一點是，你們談到合作夥伴，以及參與你們合作夥伴計畫的那些人員，這個計畫如何逐漸成熟，真的在演進成一種更偏向長期帳戶經營／所有權的策略，而不只是較偏交易型的做法。我想問的是，隨著這個架構持續演進，你是否看到這會帶來——我想——更好的留存、更好的客戶擴張機會，因為那些合作夥伴更能維持那種「所有權」？或者我們應該期待這個計畫帶來其他方面的效益？

So I would say it's both new business, retention and expansion, those things benefit when we have a partner. We know when we have partners involved, our retention rates are higher, for sure. We know when we have partners involved, the expansion happens faster. And we know in the sales cycle, when we have a partner involved, the close rates are higher. So all of those things are really important for us. We've been purposeful about cultivating a select group of partners that can help us and have the expertise to actually manage our business, which is a little different than some of our competitors in terms of what's required on an ongoing basis, what's required for migration.

我會說兩者都有：新業務、留存與擴張，當我們有合作夥伴參與時，這些都會受益。我們知道只要有合作夥伴參與，我們的留存率確實更高。我們也知道只要有合作夥伴參與，擴張會更快發生。而在銷售週期中，只要有合作夥伴參與，成交率也更高。所以這些對我們都非常重要。我們一直有意識地培養一小群精選合作夥伴，他們能協助我們，並具備專業能力去實際管理我們的業務；這點與部分競爭對手不同，因為我們在持續營運、以及遷移所需的要求上，確實有些不一樣。

And a lot of our focus has been fewer but higher leverage partners, especially on the EX side. Partners like Unisys, which we talked about in the past, CGI, which we've talked about in the past. So those are -- that's where we're really focused in making sure that those partners that are really investing in the capabilities to serve our customers well, are continuously kept up to speed on our products and that we're collaborating in those customer situations, both to help them grow their business and they can help us grow our business.

而我們的重點很大一部分是：合作夥伴數量更少，但槓桿更高，尤其是在 EX 這一側。像 Unisys（我們過去談過）、CGI（我們也談過）。所以——我們真正聚焦的是，確保那些確實投入能力、能把客戶服務好的合作夥伴，能持續掌握我們產品的最新進展，並且在客戶情境中與我們協作；一方面幫助他們成長其業務，同時也能幫助我們成長我們的業務。

That's helpful, Dennis. And then from a follow-up perspective, the partners that we had a chance to speak with seem to be very positive. I don't know, what you guys are doing product-wise and win rate wise, you certainly are making an impact up there. I guess, how do you think about that partner impact on that business today? And where should that be if you look out maybe 12 or 24 months as you lean into this more? Is this more than 50% of your business, 75% of maybe some of your leads and interactions? Or is it maybe having a more muted impact longer term?

這很有幫助，Dennis。接著追問一下，我們有機會與一些合作夥伴交流，他們看起來都非常正面。不管是你們在產品上的作為，或是贏單率，你們顯然在那邊產生了影響。我想問，你們如何看待合作夥伴對目前這塊業務的影響？如果往前看 12 或 24 個月，當你們更用力推進這件事時，這個占比應該會到什麼程度？會不會超過你們業務的 50%，或是 75%（例如在部分線索與互動上）？還是長期來看影響會比較溫和？

I think It will continue to grow as we continue to grow up market because you get into these larger companies where they do have -- they're coming off of a deployment that's been around for a while, often, their partner understands that deployment quite well if they have an existing partner or they need somebody to help them move off and configure the new system in the way that they want it. That does take work. And that does take expertise.

我認為它會持續成長，因為我們持續往中大型企業市場推進時，你會進到這些更大的公司；他們通常——他們是從一個已經運行一段時間的部署環境轉換過來的，很多時候，如果他們原本就有合作夥伴，那個合作夥伴對既有部署非常了解；或者他們需要有人協助他們遷移、並依照他們想要的方式配置新系統。那確實需要工作量。也確實需要專業能力。

So -- and then they want that system to continue grow with them over time. So I think that does create a greater opportunity for partners. It's hard to say whether that's 50%, 60% down the road. I think right now, about 40% of our business is partner influence in some way, shape or form. But we're investing there. We have a new -- relatively newer head of our partner team, who's done a great job of building that -- starting to kind of build out that I would say, next level of partner program, and we're going to continue to invest there.

而且他們也希望那套系統能隨著時間持續跟著他們一起成長。所以我認為這確實為合作夥伴創造了更大的機會。很難說未來會是 50%、60% 之類的占比。我想目前大約有 40% 的業務在某種形式上受到合作夥伴影響。但我們正在那方面投資。我們有一位新的——相對較新的合作夥伴團隊負責人，他在建立——我會說，開始打造下一階段的合作夥伴計畫方面做得很棒，而我們也會持續在那裡投入。

Matt VanVliet, Cantor.

Matt VanVliet，Cantor。

I guess, first, if we think about the magnitude of either expansion or just deal size growth when Freddy is attached, where do those sit today and now with a couple of more products and more along the way, what should we expect over the next couple of years in terms of deal size growth just from adding those extra capabilities through Freddy?

我想先問，如果我們思考 Freddy 綁定時，無論是擴張幅度或單筆交易規模成長的量級，目前大概落在哪裡？而現在又多了幾個產品、未來還會有更多，接下來幾年，僅就透過 Freddy 增加那些額外能力而言，我們應該期待交易規模成長到什麼程度？

Yes, that's a great question. I think -- in terms of the 1 metric you can look -- we look at is ARPA, ARPA growth. That's been double digit for some time now. We look at the attach rate on new deals internally. We look at attach rate overall. We have over 7,000 accounts paying for a SKU for AI today. As AI infuses itself across the platform the pricing model is going to continue to evolve.

是的，這是個很好的問題。我想——就一個你可以看的指標而言——我們會看的是 ARPA，也就是 ARPA 的成長。這段時間以來一直是雙位數成長。我們內部也會看新交易的綁定率（attach rate）。我們也會看整體的綁定率。目前有超過 7,000 個帳戶在為 AI 的某個 SKU 付費。隨著 AI 持續滲透到整個平台，定價模式也會持續演進。

So today,. there are elements of our AI capabilities that are embedded into our higher-priced plans like Insights is available for our enterprise plans. There are elements that are add-ons. So copilot today is an add-on. And then there are elements that are consumption-based. AI agent is a consumption-based product. There are elements that we've introduced that we haven't yet monetized. So for EX we introduced AI Agent Studio in May, and we've chosen not to monetize it because we want to get a lot of customers on it, using it. We want to keep building the capabilities and at some point in the fall, we will monetize it on a usage basis.

所以在今天，我們的 AI 能力有一些元素是內嵌在較高價的方案中，例如 Insights 在企業方案中可用。也有一些元素是加購項。例如 Copilot 目前就是加購。另外也有一些元素是按用量計費。AI Agent 是一個按用量計費的產品。還有一些我們已經推出、但尚未變現的元素。例如在 EX 方面，我們在 5 月推出了 AI Agent Studio，而我們選擇暫時不對它收費，因為我們希望讓大量客戶先上線使用。我們希望持續打造能力，並在今年秋季某個時間點，會以使用量為基礎對它進行變現。

And so I think the models are going to continue to evolve. What's most important for us is, is it helping us win. That's what we really look at. And in every competitive situation, whether it's an upsell just retaining the customers that you have or expanding, AI is essential to the RFP. It's not the only thing that you need in order to win. You need a lot more than that. But you absolutely need to have AI game. And that's why we've been investing so much in AI. And these bigger customers would never come us if they didn't both believe in what we delivered today and believe in where the road map is going. That's super important for them.

因此我認為這些模式會持續演進。對我們來說最重要的是：它是否在幫助我們贏單。這才是我們真正關注的。而在每一個競爭情境中，不論是加購、只是留住既有客戶，或是擴張，AI 都是 RFP 中不可或缺的一部分。它不是你贏單所需的唯一要素。你還需要更多其他能力。但你絕對必須具備 AI 的競爭力。這也是為什麼我們在 AI 上投入這麼多。而這些大型客戶如果不相信我們今天交付的內容、也不相信我們產品路線圖的方向，他們根本不會來找我們。這對他們來說非常重要。

So yes, I think it's hard to say like, okay, how much is going to be AI-driven. We have a lot of confidence in the overall business. We have a lot of -- we put the number out there, $1.4 billion ARR in the next couple of years. That's up from where we thought we would be a year ago. We wouldn't have done that if we did think we had confidence. We see it in the pipeline numbers. We see it in these large customers who are super happy with us. So all of that gives us confidence that the plan is working, and AI is an important part of it, but there's a lot more than just AI.

所以是的，我覺得很難說，例如，好吧，有多少會是由 AI 驅動的。我們對整體業務非常有信心。我們也很有——我們把數字公開了，未來幾年 ARR 將達到 14 億美元。這比我們一年前原本預期的水準更高。如果我們沒有信心，我們不會這麼做。我們從銷售管線數據中看得到。我們也從這些對我們非常滿意的大型客戶身上看得到。所以這一切都讓我們有信心，計畫正在奏效，而 AI 是其中重要的一部分，但不僅僅只有 AI。

Very helpful. And then I guess as you look at maybe the CX business, you talked about a lot more efficiencies there and consolidating some of the organization around India. Curious how much internal usage of AI is driving that efficiency? And how much more can be unlocked as that becomes maybe a little bit more of a on cruise control of running that business and having a little bit more customer-led growth.

非常有幫助。接著我想，當你看 CX 業務時，你提到那裡有更多效率提升，並且把部分組織整合到印度。我很好奇，內部使用 AI 在多大程度上推動了這些效率？以及當這項業務的運作更像進入「巡航控制」狀態、並且有更多由客戶帶動的成長時，還能再釋放出多少空間？

Yes. So it sounds like two questions really, it's kind of our internal use, but also the CX business. CX business, the big change we made this quarter at the end of last quarter is we consolidated the teams that are driving CX into India. Most of that business is SMB. Most of that business was inbound. So most of the team was already there. But now there's a single go-to-market team that is driving that business.

是的。所以聽起來其實是兩個問題：一個是我們的內部使用，另一個是 CX 業務本身。就 CX 業務而言，我們在本季、也就是上季末做出的重大改變，是把推動 CX 的團隊整合到印度。那塊業務大多是 SMB（中小企業）。那塊業務大多是入站（inbound）。所以大部分團隊原本就已經在那裡。但現在有一個單一的 go-to-market 團隊在推動這項業務。

And that's going to create a lot more focus around retention, in particular, around ensuring that we're focused on the right customers in the past, any customer was a good enough customer and that results in us acquiring a lot of smaller customers that churn. We're not doing that anymore. So the new business acquisition motion is focused very much on, call it, the higher end of SMB and mid-market. And we would expect, over time, that will help our retention rates.

而這將在留存方面帶來更多聚焦，特別是確保我們把重點放在正確的客戶上；過去任何客戶都算是夠好的客戶，結果就是我們獲得了很多較小、但會流失的客戶。我們現在不再這麼做了。因此新的獲客動作非常聚焦在——可以說——較高端的 SMB 與中型市場（mid-market）。我們預期隨著時間推進，這將有助於提升我們的留存率。

We've made a big investment in the CX product in moving to our new Freshdesk Omni. We have multiple products in the past. Now a customer can get onto one product and seamlessly migrate -- or sorry, seamlessly upgrade from a e-mail-based ticketing experience to one involving chat and conversational and voice and one involving AI. That's important for upsell and for retention as well.

我們在 CX 產品上做了很大的投資，轉向我們新的 Freshdesk Omni。過去我們有多個產品。現在客戶可以使用單一產品，並且無縫遷移——或抱歉，無縫升級——從以電子郵件為主的工單體驗，升級到包含聊天、對話式與語音的體驗，以及包含 AI 的體驗。這對加購（upsell）與留存也同樣重要。

So we're optimistic about the fact that we've got 90% of our customers now on that new platform, we've got the go-to-market motion much more focused that we're going to be able to get some goodness out of that CX business. And then from an internal standpoint, AI has been suffused across every part of our business. Our entire product development life cycle has changed. We now have designers who can work in Figma, create a product in Figma Make, push it directly to code, we built the hooks between our production environment in Figma, so the code comes out, it's compliant with our internal coding requirements. The process for doing QA is highly automated with AI now.

所以我們對這點感到樂觀：目前已有 90% 的客戶在這個新平台上，而且我們的 go-to-market 動作更聚焦，我們將能從 CX 業務中取得一些正向成果。而從內部角度來看，AI 已經滲透到我們業務的每一個部分。我們整個產品開發生命週期都改變了。我們現在有設計師可以在 Figma 裡工作，在 Figma Make 建立產品，直接推送到程式碼；我們在 Figma 的製作環境與我們的生產環境之間建立了串接（hooks），因此輸出的程式碼符合我們內部的程式碼規範。現在 QA 的流程也透過 AI 高度自動化。

And so that's resulted in a meaningfully shorter cycle times, about 30% faster we're shipping on basically a two week cycle now, which we were not doing before for AI products in particular. It's changed our support business as well. We've implemented our AI Email agent internally to handle the questions that we get from our own customers about billing, and we saw about 30% of those questions were completely handled through AI in -- when we turned it on.

因此這讓週期時間明顯縮短，我們的出貨速度快了約 30%，現在基本上以兩週為一個週期在交付，而以前並不是這樣，尤其是對 AI 產品而言。這也改變了我們的支援業務。我們在內部導入了 AI Email agent，用來處理我們從自家客戶收到的關於帳務（billing）問題；我們啟用後看到其中約 30% 的問題完全由 AI 處理完成。

So I think it's transforming many businesses. It's certainly transforming us. It's helped us drive our overall profitability of the business. GAAP profitable this quarter. That's ahead of where we thought we would be. Cash flow looks good. And so all of that, I think, is good for us. And I make sure that my team is using AI and everything we do, whether it's preparing for this call or doing a presentation to the company, AI's front and center. So I think it's just a part of how we're doing business now. It's maybe a little less dramatic than it was a year ago because it now is how people are used to working.

所以我認為它正在改變許多業務。它當然也正在改變我們。它幫助我們提升了整體業務的獲利能力。本季達成 GAAP 獲利。這比我們原先預期的更早。現金流看起來也不錯。因此我認為這一切對我們都是好事。我也確保我的團隊在我們做的每件事上都使用 AI，不論是為這通電話做準備，或是對公司做簡報，AI 都是核心重點。所以我認為它現在就是我們做生意方式的一部分。相較一年前可能沒那麼戲劇化，因為現在人們已經習慣以這種方式工作了。

Alex Zukin, Wolfe Research LLC.

Alex Zukin，Wolfe Research LLC。

Most of mine have been asked, but I want to double down on Taylor's question because I actually think it's really important. If you look at the net new ARR growth for the EX business, in the first half. It looks like it's about 14%. I think the guide for the second half implies 16% -- or sorry, 18%. So if I think about -- Tyler, you mentioned some noise on why net new ARR for that business was down year-over-year, but I just want to better understand that a little bit? And like what are you seeing in the pipeline to give you the confidence to guide for acceleration of net new ARR in that business for the second half?

我大部分的問題都已經被問到了，但我想加強追問 Taylor 的問題，因為我其實覺得這非常重要。如果你看 EX 業務在上半年的淨新增 ARR 成長。看起來大約是 14%。我認為下半年的指引暗示是 16%——或抱歉，18%。所以如果我想——Tyler，你提到一些雜訊，解釋為什麼該業務的淨新增 ARR 年對年下降，但我想更清楚理解一下？以及你在銷售管線中看到了什麼，讓你有信心指引該業務下半年淨新增 ARR 會加速？

So we -- so Alex, thanks for the question. So back to what I said to Taylor, right, like she was asking about, hey, '25 versus '24, and I said, hey, there's -- we're really confident on mid-20s growth for EX. And we just talked about that at our Refresh in April there's a little bit of nuances like in terms of quarter-to-quarter, but the EX business is doing really, really well. And we wouldn't keep repeating that if we didn't think we had that strength.

所以我們——所以 Alex，謝謝你的問題。回到我對 Taylor 說的，對吧，她在問例如「25 年對比 24 年」，而我說，嘿，我們對 EX 的 20% 中段（mid-20s）成長非常有信心。我們在四月的 Refresh 也談過，按季度來看會有一些細微差異，但 EX 業務表現真的、真的很好。如果我們不認為自己有那樣的實力，我們不會一直重複這件事。

I think there's a whole end of avenues to grow outside of new logo, which we talked about the pipes that were already growing, that we -- coming into Q1, we said the strongest pipe kind of ever. but really the expansion products that we're bringing to fruition. Again, FireHydrant, brand new on the ITOM side and Device42 advanced cloud version now being available. So we're very confident what we've seen in the first half of the year, and we expect to continue to see that through the back half of the year. We -- as a whole, we had already talked about what we're seen for the backside. We just rolled through our $4 million beat, and that already encompassed a $2 million FX headwind. So it would have been a $6 million beat for the back half of the year if we didn't see that FX. So again, we're super confident EX is still the driver of growth. CX is stable at 4% right now.

我認為除了新客（new logo）之外，還有很多成長途徑；我們談過那些已經在成長的管線——我們在進入 Q1 時就說過，那是史上最強的管線——但更重要的是我們正在落地的擴展型產品（expansion products）。再說一次，FireHydrant，在 ITOM 端是全新產品，而 Device42 的進階雲端版本現在也已經可用。所以我們對上半年看到的表現非常有信心，並且預期下半年也會延續。我們——整體而言，我們之前也談過我們對下半年的看法。我們剛剛交出 400 萬美元的超預期（beat），而其中已經包含 200 萬美元的外匯（FX）逆風。所以如果沒有看到那個 FX，本來下半年會是 600 萬美元的超預期。因此再說一次，我們非常有信心，EX 仍然是成長的驅動引擎。CX 目前穩定在 4%。

Yes. Just to emphasize, like this is a beat and raise quarter. I know we didn't emphasize that, but you count that FX headwind, and we rolled that beat in and we raised by an additional $2 million.

是的。再強調一下，這是一個超預期並上調指引的季度。我知道我們沒有特別強調，但把外匯逆風算進去後，我們把那個超預期也納入，並且另外再上調了200萬美元。

Got it. Helpful. And then the other thing that we noticed is -- and again, I think you talked about this, but stock-based comp 16% of revenues down from 19% in Q1. What's driving that strong decline? And how do we think about the outlook for the rest of the year and really beyond and any changes that you're making there, it would be good to unpack.

了解。很有幫助。另外我們注意到的一點是——而且我想你也談到過——以股票為基礎的薪酬（SBC）占營收比重從第一季的19%降到16%。是什麼驅動了這麼明顯的下降？以及我們該如何看待今年剩餘時間、甚至更長期的展望，以及你們在這方面做了哪些調整，也希望能再拆解說明一下。

I'll start with, and Dennis can add to it. So I think this is not something new for us, right? We've been talking for a couple of years now about how we were going to be looking at our total P&L from a GAAP perspective and the biggest component of that -- the hurdle we had to get to, to get to GAAP profitability, which we hit this quarter, which is a couple of quarters earlier than we expected was going to be SBC.

我先說，Dennis 也可以補充。我認為這對我們來說不是新鮮事，對吧？我們過去幾年一直在談，我們會從GAAP角度檢視整體損益表，而其中最大的組成——也是我們要跨過、才能達到GAAP獲利的門檻——就是SBC。我們本季達成GAAP獲利，而且比原先預期早了幾個季度。

Some of the bigger drops in SBC is that we've kind of -- we've gone through all of the IPO grants now and like we've taken off that tail. And so really, what we're flowing through on the SBC is like our ongoing kind of new grants and focal.

SBC 出現較大幅度下降的一些原因是，我們基本上——已經把IPO授予的股票都走完了，等於把那段尾巴去掉了。因此，現在SBC 主要反映的是我們持續性的新增授予，以及重點（focal）授予。

And that's the place that we've had added a lot of the discipline under Dennis' leadership, and we're going to continue to do that. We're constantly looking -- working with our total benefits folks, making sure that we are being, number one, really competitive, so we can bring on the best but number two, using equity really prudently as we go forward. At the same time, we're just looking at total equity, we want everybody focused on free cash flow per share. And that's kind of the North Star metric that we talked about. And in the call, we talked about how we've reduced that considerably in terms of fully diluted shares since we've gone public. But Dennis, if you want to --

而在Dennis的領導下，我們在這一塊加強了很多紀律性，並且會持續下去。我們一直在檢視——並與我們的整體福利團隊合作——確保第一，我們具備很強的競爭力，能招募到最好的人才；第二，在往前走的過程中，更審慎地使用股權。同時，我們也在看整體股權結構，希望大家都聚焦在「每股自由現金流」。這就是我們談到的北極星指標。而在電話會議中我們也提到，自從上市以來，我們在完全稀釋股數方面已大幅降低。不過Dennis，如果你想要--

Yes, I just -- look, I'd pay attention to it, it's important. I think it's important internally that we reward performance with equity but at the same time, in the past, we've been, I would say, a little bit broad in how we thought about it. And we've put in place basically performance managed process to make sure that we're using that. We're thinking of that equity as a really scarce resource, and we're making sure that the people have the biggest impact, see the biggest grants.

是的，我只是——你看，我會特別關注這點，這很重要。我認為在內部，用股權獎勵績效表現很重要，但同時，過去我們在思考這件事時，我會說，範圍有點太廣。我們已經建立了基本上以績效管理為核心的流程，確保我們以這種方式來使用。我們把股權視為非常稀缺的資源，並確保影響最大的人，能獲得最大的授予。

And that, by definition, is going to create a more, I would say, a more prudent approach to how we're managing things. And Tyler shared where we think we'll be in the next couple of years, and we take that very seriously, and that's what we're going to do. So I think it's a continuation of a trend that we've put in place for a while now.

而這在定義上，會讓我們在管理方式上更——我會說——更審慎。Tyler 也分享了我們認為未來幾年會達到的水準，我們非常認真看待，這就是我們要做的。所以我認為這只是我們已經推動一段時間的趨勢延續。

We have reached the end of the Q&A session. I will now turn the call back to Dennis Woodside's CEO, for closing remarks.

問答環節到此結束。接下來我將把電話會議交回給執行長Dennis Woodside，請他做結語。

All right. I just want to thank everybody for joining the call today. And just to emphasize, Q2 overall for us, reinforced every one of the five priorities that we laid out of a Refresh. We demonstrated that EX first momentum that category leadership for the mid-market and the agile enterprise. I think we showed that AI is an expanding tailwind to our growth. And that we've been disciplined around profitability and how we're managing capital. So thanks, everybody. Look forward to speaking to everybody next quarter. Bye.

好的。我只想感謝大家今天參加電話會議。再強調一下，對我們而言，第二季整體表現強化了我們在「Refresh」中提出的五項優先事項中的每一項。我們展現了EX第一的動能，以及在中型市場與敏捷型企業領域的品類領導地位。我認為我們也顯示AI正在成為推動我們成長的擴大順風。而且我們在獲利能力以及資本管理上一直保持紀律。所以謝謝大家。期待下個季度再與各位交流。再見。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。