Nice Ltd (NICE) 2024 Q3 法說會逐字稿

Welcome to the NICE conference call discussing third quarter 2024 results, and thank you all for holding. (Operator Instructions) As a reminder, this conference is being recorded, November 14, 2024. I would now like to turn this call over to Mr. Marty Cohen, VP, Investor Relations at NICE. Please go ahead.

歡迎參加討論 2024 年第三季業績的 NICE 電話會議，感謝大家的出席。（操作員說明）謹此提醒，本次會議將於 2024 年 11 月 14 日進行錄音。我現在想把這通電話轉給 NICE 投資者關係副總裁 Marty Cohen 先生。請繼續。

Thank you, operator. With me on the call today are Barak Eilam, Chief Executive Officer; and Beth Gaspich, Chief Financial Officer. Before we start, I'd like to point out that some of the statements made on this call will constitute forward-looking statements. In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, please be advised that the company's actual results could differ materially from these forward-looking statements.

謝謝你，接線生。今天與我一起參加電話會議的是執行長巴拉克·埃拉姆 (Barak Eilam)；和財務長 Beth Gaspich。在開始之前，我想指出，本次電話會議中所做的一些陳述將構成前瞻性陳述。根據 1995 年《私人證券訴訟改革法案》的安全港條款，請注意，公司的實際結果可能與這些前瞻性陳述有重大差異。

Additional information regarding the factors that could cause actual results or performance of the company to differ materially is contained in the section entitled Risk Factors in Item 3 of the company's 2023 Annual Report on Form 20-F, as filed with the Securities and Exchange Commission on March 27, 2024.

有關可能導致公司實際結果或業績出現重大差異的因素的更多信息，包含在公司2023 年年度報告20-F 表格第3 項中標題為“風險因素”的部分中，該報告已於2019 年向由美國證券交易委員會提交。

During today's call, we'll present a more detailed discussion of third quarter 2024 results and the company's guidance for the full year 2024. You can find our press release as well as PDFs of our financial results on NICE's Investor Relations website. Following our comments, there will be an opportunity for questions.

在今天的電話會議中，我們將更詳細地討論 2024 年第三季業績以及公司 2024 年全年指引。您可以在 NICE 投資者關係網站上找到我們的新聞稿以及財務表現的 PDF 檔案。在我們發表評論後，將有機會提問。

Let me remind you that unless otherwise noted on this call, we will be commenting on our adjusted results of operations, which differ in certain respects from generally accepted accounting principles as reflected mainly in accounting for share-based compensation, amortization of acquired intangible assets, acquisition-related and other expenses, amortization of discount on debt and loss from extinguishment of debt and tax effect of the non-GAAP adjustments.

讓我提醒您，除非本次電話會議另有說明，否則我們將對調整後的經營業績發表評論，這些業績在某些方面與公認的會計原則不同，主要體現在基於股份的薪酬、收購的無形資產的攤銷、收購相關費用和其他費用、債務折扣攤銷和債務清償損失以及非公認會計準則調整的稅務影響。

The differences between the non-GAAP adjusted results and the equivalent GAAP figures are detailed in today's press release. The information and some of our comments discussed on this call may contain forward-looking statements that are subject to risks, uncertainties, and assumptions.

今天的新聞稿詳細介紹了非 GAAP 調整後結果與同等 GAAP 數據之間的差異。本次電話會議中討論的資訊和我們的一些評論可能包含前瞻性陳述，這些陳述受到風險、不確定性和假設的影響。

And I'll now turn the call over to Barak.

我現在將把電話轉給巴拉克。

Thank you, Marty, and welcome, everyone. We are thrilled to announce yet another excellent quarter where we exceeded the high end of our expectations, beating the upper limits of our guidance on total revenue and earnings per share.

謝謝你，馬蒂，歡迎大家。我們很高興地宣布又一個出色的季度，超出了我們預期的上限，超出了我們對總收入和每股收益的指導上限。

This remarkable performance doesn't just highlight our competitive edge, it redefines it, propelling us leagues ahead of the industry and fortifying NICE as go-to partner for enterprises across the globe. Our success speaks cloud and clear: When businesses want excellence, they turn to NICE.

這一卓越的表現不僅凸顯了我們的競爭優勢，而且重新定義了競爭優勢，推動我們在行業中處於領先地位，並鞏固了 NICE 作為全球企業首選合作夥伴的地位。我們的成功顯而易見：當企業想要卓越時，他們會轉向 NICE。

We reported total revenue of $690 million in Q3, representing an increase of 15% compared to the same quarter last year, with cloud revenue growing 24% to $500 million, exceeding the $2 billion ARR mark, the highest cloud growth on the largest cloud revenue base in our industry.

我們報告第三季總營收為 6.9 億美元，較去年同期成長 15%，其中雲端收入成長 24%，達到 5 億美元，突破了 20 億美元的 ARR 大關，成為最大雲端收入中最高的雲端成長我們的行業基礎。

Our scale and superior platform architecture continues to drive outstanding profitability. The numbers speak volumes. Operating income surged 20% to reach $221 million, and operating margin climbed by 140 basis points to a record 32%. This resulted in an impressive 27% leap in EPS over last year's same quarter, hitting $2.88 for Q3. To top it off, we delivered exceptional cash flow, generating $159 million in operating cash, a 32% increase compared to Q3 last year and continuing the year-over-year trend to accelerating cash flow.

我們的規模和卓越的平台架構持續推動卓越的獲利能力。數字說明了一切。營業收入飆升 20%，達到 2.21 億美元，營業利益率攀升 140 個基點，達到創紀錄的 32%。這導致每股收益較去年同期大幅成長 27%，第三季達到 2.88 美元。最重要的是，我們實現了出色的現金流，產生了 1.59 億美元的營運現金，與去年第三季相比成長了 32%，並延續了同比加速現金流的趨勢。

This strong financial performance is a result of our continued excellent execution, showcasing just how far we are pulling ahead and reshaping the industry landscape. Year-to-date, we have displayed legacy on-prem competitors in over 100 large enterprises. Additionally, over 45 leading brands turned to NICE this year, following failed CCaaS deployments by other cloud vendors. Our partner ecosystem is flourishing with over 40 new partners joining our ranks from the beginning of the year, including over 20 international partners, all of which chose to join the success of NICE and our powerhouse CXone platform. These results are more than numbers. they’re a resounding testament to our industry-defining leadership.

如此強勁的財務表現是我們持續出色執行的結果，展示了我們在多大程度上領先並重塑行業格局。今年迄今為止，我們已經展示了 100 多家大型企業的傳統本地競爭對手。此外，在其他雲端供應商部署 CCaaS 失敗後，今年有超過 45 個領先品牌轉向 NICE。我們的合作夥伴生態系統正在蓬勃發展，從今年年初開始就有40 多個新合作夥伴加入我們的行列，其中包括20 多個國際合作夥伴，所有這些合作夥伴都選擇加入NICE 和我們強大的CXone 平台的成功。這些結果不僅僅是數字。它們有力地證明了我們在業界的領導地位。

We are on the precipice of the era of exponential impact, fundamentally reshaping the landscape of enterprise software. Artificial intelligence is cutting through the traditional distinction between systems of record, workflow, and intelligence. This paves the way for the creation of hyper platforms, within each market domain, serving as the comprehensive system of everything for the first time. Concurrently, we found ourselves in an effort where enterprise users and their desktops are rapidly being dethroned from their central positions in organizational workflows, replaced by alternative control points that are essential for delivering AI-driven automation. To navigate this tectonic shift, software leaders must swiftly master new capabilities. Just as the transition to the cloud a decade ago necessitated that software providers evolve from code builders to SaaS operators, this new era will demand that they excel as data curators. This transformative model will not only reshape monetization strategies, but also unlock unprecedented avenues for value creation.

我們正處於指數影響時代的邊緣，從根本上重塑企業軟體的格局。人工智慧正在打破記錄系統、工作流程和智慧之間的傳統區別。這為在每個市場領域創建超級平台鋪平了道路，首次成為所有事物的綜合系統。同時，我們發現企業用戶及其桌面正在迅速從組織工作流程中的中心位置被取代，取而代之的是對於提供人工智慧驅動的自動化至關重要的替代控制點。為了因應這一結構性轉變，軟體領導者必須迅速掌握新功能。正如十年前向雲端的過渡要求軟體供應商從程式碼建構者發展為 SaaS 營運商一樣，這個新時代將要求他們成為出色的資料管理者。這種變革性模式不僅將重塑貨幣化策略，也將開啟前所未有的價值創造途徑。

In the realm of customer service, this era of exponential impact is poised to be pivotal, propelling technology to assume a central role in service delivery. Historically, the customer service equation had been heavily skewed, with 90% reliance on human resources and nearly 10% on technological solutions. Today, we possess the tools to invert this equation, bringing us closer than ever to fully automated customer service that meets both precision and scale. Nevertheless, the journey towards attending automation in customer service is fraught with challenges. With significant barriers to domain expertise, only those vendors fortified with deep resources and a robust foundation in customer service, including agents, workflows and knowledge will successfully make this leap. At NICE, we possess all of that and an unrivaled advantage. Unlike CRM and generic Big Tech, we manage billions of customer service interactions every year, providing us exclusive unfettered access to customer intents at any given time, the most important ingredient for customer service automation. This, together with our vision, resources, and technological prowess, put us in a unique position to lead this transformation.

在客戶服務領域，這個指數級影響的時代將成為關鍵，推動科技在服務交付中扮演核心角色。從歷史上看，客戶服務方程式嚴重扭曲，90% 依賴人力資源，近 10% 依賴技術解決方案。如今，我們擁有扭轉這一方程式的工具，使我們比以往任何時候都更接近同時滿足精度和規模的全自動客戶服務。然而，實現客戶服務自動化的過程充滿了挑戰。由於領域專業知識存在巨大障礙，只有那些在客戶服務方面擁有深厚資源和堅實基礎（包括代理商、工作流程和知識）的供應商才能成功實現這一飛躍。在 NICE，我們擁有所有這些以及無與倫比的優勢。與 CRM 和一般大型科技公司不同，我們每年管理數十億次客戶服務交互，使我們能夠在任何特定時間不受限制地獨家了解客戶意圖，這是客戶服務自動化最重要的組成部分。這一點，加上我們的願景、資源和技術實力，使我們處於引領這項變革的獨特地位。

A few weeks ago, we unveiled our new mission for NICE, to spearhead the wave of customer service automation and scale and with the utmost precision. We're achieving this with the introduction of CXone Mpower, our market-leading hyper platform meticulously designed to facilitate end-to-end automation in customer service. CXone Mpower enables enterprises to design, build and operate their customer service framework from agents, to workflows, to knowledge management within a single integrated platform. With customer service-specific functional AI, CXone Mpower equips businsses to deliver orchestrated, intelligent customer service that addresses the needs of every B2C organization.

幾週前，我們公佈了 NICE 的新使命，即以最高精度引領客戶服務自動化和規模化浪潮。我們透過推出 CXone Mpower 來實現這一目標，這是我們市場領先的超級平台，經過精心設計，旨在促進客戶服務的端到端自動化。CXone Mpower 使企業能夠在單一整合平台內設計、建構和營運從代理商、工作流程到知識管理的客戶服務框架。借助特定於客戶服務的功能性 AI，CXone Mpower 使企業能夠提供精心策劃的智慧客戶服務，滿足每個 B2C 組織的需求。

CXone Mpower is the culmination of over a decade of relentless innovation, combined with NICE's unique set of assets and substantial investments. Today, I would like to share insights from our Q3 results that showcase how we are advancing the transformative capabilities for customer service workflows, agents, and knowledge.

CXone Mpower 是十多年來不懈創新的結晶，結合了 NICE 獨特的資產和大量投資。今天，我想分享我們第三季業績的見解，展示我們如何推進客戶服務工作流程、代理商和知識的變革能力。

In Q3, we continue to see an acceleration in our portfolio deals that demonstrate the desire of customers to master customer serve workflows by consolidating multiple disjointed solutions on to CXone. This included an impressive number of 8-digit TCV deals, 25% growth in the ACV of workflow-driven portfolio deals and 32% growth in the number of seven figure ARR customers. A large health care company embarked on a sweeping transformation uniting 20 separate operations under one roof, which resulted in a 7-digit ACV deal that displayed three legacy ACD providers. They chose CXone not only for its complete portfolio, but for its ability to automate and streamline customer service workflows within units and for the overall group.

在第三季度，我們繼續看到我們的投資組合交易加速，這表明客戶希望透過將多個脫節的解決方案整合到 CXone 上來掌握客戶服務工作流程。其中包括令人印象深刻的 8 位數 TCV 交易、工作流程驅動的投資組合交易的 ACV 成長 25% 以及 7 位數 ARR 客戶數量成長 32%。一家大型醫療保健公司開始了一項徹底的轉型，將 20 個獨立的業務合併在一個屋簷下，最終達成了一筆 7 位數的 ACV 交易，其中顯示了三個傳統的 ACD 提供者。他們選擇 CXone 不僅是因為其完整的產品組合，還因為它能夠自動化和簡化部門內和整個集團的客戶服務工作流程。

In yet another remarkable 7-digit ACV win, the power of CXone as a customer service orchestration platform captured the trust of a major medical technology giant. Frustrated by their cloud ACD provider, which had been in place for near two years and failed to deliver a true customer service transformation, they turned to NICE, showing once again why CXone is the clear choice for leading businesses.

在另一項令人矚目的 7 位數 ACV 勝利中，CXone 作為客戶服務編排平台的強大功能贏得了大型醫療技術巨頭的信任。他們對已經存在近兩年的雲端 ACD 供應商未能實現真正的客戶服務轉型感到失望，於是轉向 NICE，再次展示了為什麼 CXone 是領先企業的明確選擇。

Agents, whether human or AI, are the backbone of customer service workflows. An increasing number of leading enterprises are choosing NICE for agent augmentation and automation, recognizing that success requires specialized domain expertise, unique data and rich capabilities.

代理，無論是人類或人工智慧，都是客戶服務工作流程的支柱。越來越多的領先企業認識到成功需要專門的領域專業知識、獨特的數據和豐富的功能，因此選擇 NICE 進行代理增強和自動化。

CXone AI proficiency at an agent level goes well beyond slides and demos. The results are real and tangible proof of our speedy progress in this fast-growing area of customer service. In Q3, the ACV of CXone Copilot soared sixfold compared to the same period last year. Since launching, we have welcomed 140 AI agent Autosummary customers, 50 signing just this past quarter and a threefold increase in the ACV of Autosummary in Q3 compared to the same period last year, all demonstrating rapidly increasing momentum. These number speaks volumes about the explosive growth of our agent-assist AI solutions and the powerful energy behind our AI-driven deals with large enterprises.

座席級別的 CXone AI 熟練程度遠遠超出了幻燈片和演示。結果真實有力地證明了我們在這個快速成長的客戶服務領域的快速進展。第三季度，CXone Copilot 的 ACV 較去年同期飆升六倍。自推出以來，我們已經迎來了 140 家 AI 代理商 Autosummary 客戶，上個季度就有 50 家簽約，第三季 Autosummary 的 ACV 比去年同期成長了三倍，都呈現出快速成長的勢頭。這些數字充分說明了我們的代理輔助人工智慧解決方案的爆炸性成長，以及我們與大型企業的人工智慧驅動交易背後的強大能量。

In one such impressive 7-digit ACV deal, a major global payment technology company was looking to empower, augment and operate their customer service agents. They selected CXone with its full AI capabilities to replace their former cloud provider with solutions, including AI Autosummary and CXone Agent Copilot.

在一項令人印象深刻的 7 位數 ACV 交易中，一家大型全球支付技術公司希望增強、增強和營運其客戶服務代理。他們選擇了具有完整 AI 功能的 CXone，用包括 AI Autosummary 和 CXone Agent Copilot 在內的解決方案取代他們以前的雲端供應商。

In another 7-figure ACV deal, a leading financial advisory giant is also pushing AI to the forefront of their customer service strategy. With a powerful duo of Copilot and Autopilot on CXone, they are infusing their agents and operations with advanced intelligence. This innovation is set to provide dramatic ROI, while enriching the customer journey.

在另一筆價值 7 位數的 ACV 交易中，一家領先的金融諮詢巨頭也將人工智慧推向其客戶服務策略的最前沿。借助 CXone 上強大的 Copilot 和 Autopilot 組合，他們正在為代理商和營運注入先進的智慧。這項創新將提供巨大的投資報酬率，同時豐富客戶旅程。

Data is the new oil for enterprise software, but knowledge is what truly powers AI, like high octane fuel. In customer service, it is the essential energy source that enables seamless workflow management and powers agent automation. For over a decade, we have amassed an unparalleled mission-critical amount of depth of data and knowledge, positioning us to lead this wave of customer service automation. This foundation makes CXone the only platform capable of managing employing knowledge at scale for AI-powered customer service automation. It's also the first time that enterprises can centrally manage all their customer service AI knowledge assets, while applying enterprise-grade guardrails.

數據是企業軟體的新石油，但知識才是真正為人工智慧提供動力的東西，就像高辛烷值燃料一樣。在客戶服務中，它是實現無縫工作流程管理和支援座席自動化的重要能源。十多年來，我們累積了無與倫比的關鍵任務深度數據和知識，使我們能夠引領這波客戶服務自動化浪潮。這項基礎使 CXone 成為唯一能夠大規模管理人工智慧驅動的客戶服務自動化知識的平台。這也是企業第一次可以集中管理所有客戶服務人工智慧知識資產，同時應用企業級護欄。

In Q3 alone, the ACV of our foundational AI knowledge technology, powered by Enlighten, grew by an impressive 163% compared to the same period last year. This wave of interest has also driven a remarkable more than twofold ACV increase year-over-year in CXone Autopilot, our fully-automated AI agent that seamlessly powers end-to-end workflows on CXone, leveraging knowledge.

光是第三季度，由 Enlighten 提供支援的基礎人工智慧知識技術的 ACV 就比去年同期成長了 163%，令人印象深刻。這波興趣也推動 CXone Autopilot 的 ACV 年成長兩倍多，這是我們的全自動 AI 代理，可利用知識無縫地支援 CXone 上的端到端工作流程。

We signed a large 7-figure ACV deal with one of the top names in cruise lines, showcasing exactly how this organization is putting knowledge at the heart of the CXone strategy. Already a valued customer, they’re now going all in with CXone Autopilot to deliver full customer service automation, thanks to NICE's unique knowledge assets.

我們與郵輪公司的頂級品牌之一簽署了一項價值 7 位數的 ACV 協議，準確地展示了該組織如何將知識置於 CXone 策略的核心。由於 NICE 獨特的知識資產，他們已經是一位尊貴的客戶，現在全力支援 CXone Autopilot，以提供全面的客戶服務自動化。

In yet another large 7-digit ACV deal, a major Midwest health care provider also selected CXone for customer service automation, leveraging NICE's knowledge powered Autopilot. This is one example out of many where customers selected CXone, not only to replace legacy systems, but also as their AI automation partner instead of their CRM and other digital providers. It demonstrates the criticality of knowledge that uniquely exists in our leading interaction-centric platform, CXone.

在另一筆 7 位數的 ACV 大型交易中，一家主要的中西部醫療保健提供者也選擇 CXone 來實現客戶服務自動化，利用 NICE 的知識驅動的 Autopilot。這是客戶選擇 CXone 的眾多例子之一，不僅是為了替換舊系統，而且還是作為他們的 AI 自動化合作夥伴，而不是他們的 CRM 和其他數位提供者。它展示了我們領先的以互動為中心的平台 CXone 中獨特存在的知識的重要性。

These large enterprise deals represent just a glimpse into the deals we continue to sign quarter-after-quarter, showcasing the transformative capabilities of CXone as a platform that advances powerful, foundational intelligent AI for customer service agents, workflows and knowledge.

這些大型企業交易只是我們每季繼續簽署的交易的一瞥，展示了 CXone 作為一個平台的變革能力，為客戶服務代理、工作流程和知識推進強大的基礎智慧人工智慧。

Additional Q3 customer service automation deals, driven by AI, included one of the largest financial institutions in Canada, a very large regional health care company, a well-known construction service company, a giant online marketplace, one of the largest global telecom companies and many others.

由人工智慧推動的第三季客戶服務自動化交易包括加拿大最大的金融機構之一、一家非常大的地區醫療保健公司、一家知名的建築服務公司、一個巨大的線上市場、全球最大的電信公司之一以及還有很多其他的。

Our success story continues to gain recognition across the industry, with recent accolades from Gartner's prestigious annual report. Not only do we hold our strong leadership position in their major quadrant, but we are also the only vendor in the leader quadrant who advanced while others move downward. Even more exciting, Gartner highlighted our AI capabilities as a clear strength, an acknowledgment of our leadership in shaping the future.

我們的成功故事不斷獲得整個行業的認可，最近還獲得了 Gartner 享有盛譽的年度報告的讚譽。我們不僅在他們的主要像限中保持著強有力的領導地位，而且還是領導者象限中唯一一家在其他供應商下滑時取得進步的供應商。更令人興奮的是，Gartner 強調我們的人工智慧能力是一項明顯的優勢，這是對我們在塑造未來方面的領導地位的認可。

Our impressive financial results this quarter, alongside major deal signings, especially at the high end of the market, and our groundbreaking innovation like CXone Mpower, are just the tip of the iceberg. Beneath the surface we’re financially rock-solid, backed by a strong balance sheet, the industry's largest and most elite go-to-market team, a rapidly expanding partner network and the biggest R&D team in the business. With all this momentum, and the expected accelerated cloud growth in Q4, we are poised to charge ahead on an exciting path forward.

我們本季令人印象深刻的財務表現、重大交易簽署（尤其是在高端市場）以及 CXone Mpower 等突破性創新只是冰山一角。在表面之下，我們的財務狀況堅如磐石，有強大的資產負債表、業界最大、最精英的市場推廣團隊、快速擴張的合作夥伴網絡以及業界最大的研發團隊作為後盾。憑藉所有這些勢頭，以及預計第四季度雲端運算的加速成長，我們已準備好在令人興奮的前進道路上奮勇前進。

And finally, as this will be my last earnings call, I want to express my gratitude to each of you for the trust and support you have shown me over the years. Leading this company has been one of the greatest honors of my life. Together with 9,000 NICErs, we have built NICE into a multibillion-dollar global category leader. I have full confidence in NICE's continued leadership, due to the strength of our team, the resilience of our vision and the many opportunities ahead. I will continue to drive the company through the end of the year and ensure a smooth transition to Scott Russell, who will assume the CEO position on January 1.

最後，由於這將是我最後一次財報電話會議，我想對你們每一個人多年來對我的信任和支持表示感謝。領導這家公司是我一生中最大的榮譽之一。我們與 9,000 名 NICE 員工一起，將 NICE 打造成價值數十億美元的全球品類領導者。由於我們團隊的實力、我們願景的韌性以及未來的眾多機遇，我對 NICE 的持續領導地位充滿信心。我將繼續推動公司度過今年年底，並確保順利過渡到 Scott Russell，他將於 1 月 1 日就任執行長。

I will now turn the call over to Beth.

我現在將把電話轉給貝絲。

Thank you, Barak. I'm proud to report another quarter of excellent financial performance, with results in Q3 exceeding the high end of our guidance range, both total revenue and EPS. Our revenue grew 15% year-over-year, paired with impressive profitability as our operating margin reached an all-time high of 32%.

謝謝你，巴拉克。我很自豪地報告又一個季度的出色財務業績，第三季度的業績（總收入和每股收益）都超過了我們指導範圍的上限。我們的營收年增 15%，獲利能力令人印象深刻，營業利潤率達到 32% 的歷史新高。

We've continued to demonstrate our strong ability to unlock operating leverage, while we scale our business, which now exceeds $2 billion in cloud annual recurring revenue. This strength was also demonstrated, once again, by our robust last 12 months free cash flow margin, which exceeded 25% during the quarter.

我們繼續展示我們釋放營運槓桿的強大能力，同時擴大我們的業務，目前雲端年度經常性收入超過 20 億美元。我們過去 12 個月強勁的自由現金流利潤率（本季超過 25%）也再次證明了這一優勢。

Total revenue was a record $690 million, with total revenue growth of 15% in the quarter, comprised of healthy growth, both in the cloud and in our product revenue. Recurring revenue increased to nearly 90% of total revenue compared to 87% last year.

總收入達到創紀錄的 6.9 億美元，本季總收入成長 15%，其中包括雲端收入和產品收入的健康成長。經常性收入佔總收入的比例從去年的 87% 增加到近 90%。

Cloud revenue, which now represents 72% of our total revenue compared to 67% last year, increased 24% year-over-year to a record $500 million. Our cloud growth rate continues to outpace our industry even as we operate on a much larger revenue base and scale. Our third quarter cloud growth was driven predominantly by CXone, where we are displacing both on-premises legacy vendors as well as other CCaaS vendors.

雲端收入目前占我們總營收的 72%，而去年為 67%，年增 24%，達到創紀錄的 5 億美元。儘管我們的收入基礎和規模要大得多，但我們的雲端成長率仍持續超過產業。我們第三季的雲端成長主要由 CXone 推動，我們正在取代本地傳統供應商以及其他 CCaaS 供應商。

CXone's complete suite and unique ability to consolidate all CX needs of enterprise customers and our one-of-a-kind unified AI platform is driving our sales pipeline and superb win rates. That growth was evidenced in Q3 by the 33% year-over-year increase and the number of our greater than $1 million ARR CXone customers. Further, the attach rate for those customers was 100% in the quarter.

CXone 的完整套件和整合企業客戶所有 CX 需求的獨特能力以及我們獨特的統一人工智慧平台正在推動我們的銷售管道和卓越的獲勝率。第三季的同比增長 33% 以及我們價值超過 100 萬美元的 ARR CXone 客戶數量證明了這一增長。此外，本季這些客戶的附加率為 100%。

Our CXone backlog from signed deals have greatly expanded over the prior year, with two main changes in the mix. First, a much larger portion of it is coming from large enterprises; and second, a growing part of this backlog is to our AI solutions. This provides great potential for future revenue, but it does take longer to deploy and recognize. As such, we now expect year-over-year cloud growth for 2024, excluding LiveVox, to be 16% to 17%. The midpoint of this expectation implies an acceleration of growth in Q4, and we are already seeing positive seasonality momentum and healthy customer turnups in the first month of the fourth quarter.

我們簽署的 CXone 訂單積壓量比前一年大幅增加，其中有兩個主要變化。首先，很大一部分來自大企業；其次，積壓的訂單中越來越多的部分是我們的人工智慧解決方案。這為未來的收入提供了巨大的潛力，但部署和識別確實需要更長的時間。因此，我們現在預計 2024 年雲端運算將年成長（不包括 LiveVox）為 16% 至 17%。這一預期的中點意味著第四季度的成長加速，我們已經在第四季度的第一個月看到了積極的季節性勢頭和健康的客戶增加。

Services revenue, which was $150 million, represented 22% of total revenue and decreased 6% year-over-year as expected, mainly due to our transition to the cloud, where we are adding less new maintenance revenue associated with our premise-based solutions. Product revenue, which represented 6% of total revenue in the quarter, grew nicely year-over-year, stemming from some large on-premises enterprise deals and increased 6% year-over-year.

服務收入為 1.5 億美元，佔總收入的 22%，如預期同比下降 6%，這主要是由於我們向雲端轉型，與本地解決方案相關的新維護收入增加較少。產品收入佔本季總營收的 6%，年成長良好，這得益於一些大型本地企業交易，較去年同期成長 6%。

From a geographic breakdown, the Americas region, which represented 85% of total revenue in Q3, grew 17% year-over-year. The Americas region has continued to excel as we are consistently replacing competitors on-premises legacy solutions with CXone, in addition to further expansion of our existing CXone customer base.

從地理分佈來看，佔第三季總營收85%的美洲地區年增17%。美洲地區持續表現出色，除了進一步擴大現有 CXone 客戶群外，我們也持續以 CXone 取代競爭對手的本地遺留解決方案。

The EMEA region, which represented 10% of our total revenue, increased 14% year-over-year, driven by robust growth in cloud revenue. Over 50% of our EMEA total revenue was generated from the cloud in Q3, and we expect our growth in this region to continue to further shift to increasing recurring revenue as a result of cloud wins this year already in our backlog.

歐洲、中東和非洲地區占我們總營收的 10%，在雲端收入強勁成長的推動下，年增 14%。第三季度，我們 EMEA 總收入的 50% 以上來自雲，我們預計該地區的成長將繼續進一步轉向經常性收入的增加，因為今年的雲勝利已經在我們的積壓訂單中。

The APAC region, which represented 5% of total revenue, decreased 12% due to a larger amount of on-premise business with upfront recognition in the prior year versus strong cloud revenue growth this year, which is recognized over time.

佔總收入 5% 的亞太地區下降了 12%，原因是上一年預先確認的本地業務量較大，而今年雲端收入成長強勁（隨著時間的推移而得到確認）。

International cloud revenue from the combined EMEA and APAC regions now represents 10% of our total cloud revenue, and there remains enormous future growth potential in this highly underpenetrated customer experience market. We delivered strong results across both our segments.

來自歐洲、中東和非洲 (EMEA) 和亞太地區 (APAC) 地區的國際雲端收入目前占我們雲端總收入的 10%，而這個滲透率極低的客戶體驗市場未來仍存在巨大的成長潛力。我們在兩個領域都取得了強勁的業績。

Customer engagement revenues, which represented 84% of our total revenue in Q3, were a record $578 million, a 16% year-over-year increase. The growth in customer engagement was driven predominantly by the growth in CXone, particularly with our AI offerings that are being adopted by customers across all verticals.

客戶參與收入佔第三季總營收的 84%，達到創紀錄的 5.78 億美元，年增 16%。客戶參與度的成長主要是由 CXone 的成長所推動的，特別是我們的人工智慧產品已被所有垂直領域的客戶採用。

Revenues from financial [crime] and compliance, which represented 16% of our total revenue in Q3 and totaled a record $111 million, increased 8% year-over-year, driven primarily by an increase in cloud revenue. We are seeing continued positive traction selling our X-Sight and Xceed Cloud platforms across global financial institutions.

來自金融[犯罪]和合規的收入佔第三季總收入的 16%，總計達到創紀錄的 1.11 億美元，年增 8%，這主要是受到雲端收入成長的推動。我們看到，我們的 X-Sight 和 Xceed Cloud 平台在全球金融機構的銷售持續受到積極歡迎。

Moving to profitability. Our cloud gross margin totaled 69.7% in Q3 as we continue to scale and invest in international expansion in the cloud that is already bearing fruit. Additionally, unlike others in our industry, our CXone platform utilizes our proprietary AI solutions that don't rely on generic LLMs, and therefore, our AI is more accretive to our gross margin. We remain steadfast in our expectations to reach our 75% cloud gross margin target in the medium term.

轉向盈利。隨著我們繼續擴大規模並投資於已經取得成果的雲端國際擴張，第三季我們的雲毛利率總計為 69.7%。此外，與我們產業中的其他平台不同，我們的 CXone 平台利用我們專有的人工智慧解決方案，不依賴通用法學碩士，因此，我們的人工智慧更能增加我們的毛利率。我們仍然堅定地期望在中期達到 75% 的雲毛利率目標。

In Q3, operating income increased 20% year-over-year to $221 million, and our healthy operating margin expanded 140 basis points to a tremendous record of 32% compared to 30.6% last year. Our strong operating leverage, coupled with continued wins in the higher-margin large enterprise market, positions us well. And we are raising our expectations to finish the year at approximately $850 million of operating income and in excess of the 31% operating margin target we shared at our June Investor Day and to achieve our 35% operating margin target within the medium term.

第三季度，營業收入年增 20%，達到 2.21 億美元，我們健康的營業利潤率擴大了 140 個基點，達到 32%，創歷史新高，而去年為 30.6%。我們強大的營運槓桿，加上在利潤率較高的大型企業市場的持續勝利，使我們處於有利地位。我們提高了今年的預期，即營業收入約為 8.5 億美元，超過我們在 6 月投資者日分享的 31% 營業利潤率目標，並在中期實現 35% 營業利潤率目標。

Earnings per share for the third quarter far exceeded our expectations, coming in well above our guidance range at $2.88, a 27% increase compared to Q3 last year. The ongoing confidence in our business, combined with our commitment of returning value to our shareholders, was evident in our high-performing EPS results this quarter, which benefited from our strong profitability, combined with the accelerated buyback we have undertaken this year.

第三季每股收益遠超出我們的預期，遠高於我們 2.88 美元的指引範圍，比去年第三季成長 27%。我們對業務的持續信心，加上我們向股東回報價值的承諾，在本季度的高績效每股收益中得到了明顯體現，這得益於我們強勁的盈利能力以及我們今年加速的回購。

Cash flow from operations in Q3 was $159 million, an increase of 32% year-over-year. Over the last 12 months, we have generated free cash flow of $668 million, yielding a free cash flow margin of 25%, a level unrivaled in our industry.

第三季營運現金流為 1.59 億美元，年增 32%。在過去 12 個月中，我們產生了 6.68 億美元的自由現金流，自由現金流利潤率為 25%，這一水平在我們行業中是無與倫比的。

This exceptional financial profile enables us to expand our market leadership by reinvesting in innovative AI growth initiatives, pursue strategic M&A opportunities and enhance shareholder returns through our share buyback program.

這種卓越的財務狀況使我們能夠透過對創新的人工智慧成長計畫進行再投資來擴大我們的市場領導地位，尋求策略併購機會並透過我們的股票回購計畫提高股東回報。

In Q3, we repurchased shares totaling $86 million, completing our $300 million share buyback program and started implementing our larger $500 million share repurchase program. Total cash and investments at the end of September totaled $1.527 billion. Our debt stands at $458 million, resulting in net cash and investments exceeding $1.068 billion.

第三季度，我們回購了總計 8,600 萬美元的股票，完成了 3 億美元的股票回購計劃，並開始實施規模更大的 5 億美元的股票回購計劃。截至 9 月底，現金和投資總額為 15.27 億美元。我們的債務為 4.58 億美元，淨現金和投資超過 10.68 億美元。

In conclusion, our third quarter results stand out in our industry, demonstrating our proven ability to simultaneously drive strong growth in both total revenue and profitability. Our strong execution has resulted in excellent financial results across the board this quarter. And with great AI momentum, it's clear that we are poised for ongoing success.

總而言之，我們第三季的業績在業界脫穎而出，證明了我們有能力同時推動總收入和獲利能力的強勁成長。我們強大的執行力為本季帶來了出色的全面財務表現。憑藉著人工智慧的巨大發展勢頭，我們顯然已經做好了持續成功的準備。

Before I turn to guidance, I'd like to take a moment to address on behalf of the entire NICE team, our deepest gratitude to Barak. His leadership has been nothing short of extraordinary, and he's faltered a workplace culture that is inspired all of us.

在開始指導之前，我想花點時間代表整個 NICE 團隊向巴拉克致以最深切的謝意。他的領導力堪稱非凡，他也動搖了激勵我們所有人的職場文化。

Thanks to his vision and direction, we're primed and ready to see the many exciting opportunities that lie ahead. We are equally excited to start our next chapter with Scott Russell, joining us as a new CEO in January, and we look forward to deliver ongoing success for years to come.

由於他的遠見和指導，我們已做好準備並準備好迎接未來的許多令人興奮的機會。我們同樣很高興能與 Scott Russell 一起開啟我們的下一個篇章，他在一月份以新任執行長的身份加入我們，我們期待在未來幾年取得持續的成功。

Now I'll close with our total revenue and non-GAAP EPS guidance for the full year 2024. For the full year 2024, we are maintaining our previous total revenue guidance and raising our EPS guidance. We reiterate our full year 2024 total revenue guidance, which is expected to be in the range of $2.715 billion to $2.735 billion, an increase of 15% at the midpoint. We now expect full year 2024 fully diluted earnings per share to increase to a range of $10.95 to $11.15, which represents an increase of 26% at the midpoint.

現在，我將以 2024 年全年的總收入和非 GAAP 每股盈餘指引作為結束語。對於 2024 年全年，我們維持先前的總收入指引，並提高每股盈餘指引。我們重申 2024 年全年總收入指引，預計在 27.15 億美元至 27.35 億美元之間，中位數成長 15%。我們現在預計 2024 年全年完全攤薄每股收益將增至 10.95 美元至 11.15 美元，中間值將成長 26%。

I will now turn the call over to the operator for questions. Operator?

我現在將把電話轉給接線員詢問問題。操作員？

(Operator Instructions)

（操作員說明）

Tyler Radke, Citi.

泰勒·拉德克，花旗銀行。

Hi, good morning. Sorry, I was on mute. Good morning, everyone. Thanks for taking the questions. Could we just go back to the commentary around the revenue mechanics that you're seeing on cloud. You talked about some slower ramp-up. Was that more customer-driven? Or is it that the revenue recognition dynamics are different in cloud? And then as a follow-up, could you just talk about how that growth should trend in cloud heading into next year? Thank you very much.

嗨，早安。抱歉，我當時處於靜音狀態。大家早安。感謝您提出問題。我們可以回到您在雲端上看到的有關收入機制的評論嗎？您談到了一些較慢的增長。這是否更加以客戶為導向？還是雲端的收入確認動態有所不同？作為後續行動，您能否談談明年雲端運算的成長趨勢如何？非常感謝。

Good morning. So with respect to the commentary around cloud, I'll give you a little more color, which is, first, as you know, we delivered our best-ever CXone bookings quarter last quarter, and we now have the greatest backlog that we've had at record highs of CXone signed deals.

早安.因此，關於圍繞雲的評論，我將為您提供更多信息，首先，如您所知，上個季度我們交付了有史以來最好的 CXone 預訂量，現在我們的積壓量達到了歷史最高水平。 CXone 簽署的交易數量創歷史新高。

As we look in terms of the time line for the revenue recognition, there is no change in the accounting. AI does not change that. However, we are signing more and more 7-digit and 8-digit ACV deals with large enterprise customers. That, combined with the success we're having of our AI solutions, Copilot, Autopilot, Autosummary, bring more complexity into those deployments. And that is what we're seeing take hold in some of our revenue and changes in our estimates.

從收入確認的時間軸來看，會計處理沒有變化。人工智慧不會改變這一點。然而，我們正在與大型企業客戶簽署越來越多的7位和8位ACV協議。再加上我們的人工智慧解決方案（Copilot、Autopilot、Autosummary）所取得的成功，為這些部署帶來了更多的複雜性。這就是我們所看到的一些收入和預測變化的情況。

So what we do know is that those deployments, ultimately, result in very sticky customers that continue to increase their customer lifetime value with us. But again, it is not any kind of change in the accounting, it's really coming from the strength of the backlog we had, but more and more large enterprise customers.

因此，我們所知道的是，這些部署最終會帶來非常黏性的客戶，從而繼續增加我們的客戶終身價值。但同樣，這並不是會計方面的任何變化，它實際上來自我們積壓的力量，而是來自越來越多的大型企業客戶。

And just to add to that, about your second question, as we mentioned in the remarks, we are seeing acceleration in the cloud growth rate in the fourth quarter. Are you guys giving guidance for next year? You mentioned that. But we see from October billings and activity, both the turnup, as Beth mentioned, as well as the billing overall, a very good sign for the fourth quarter.

補充一點，關於你的第二個問題，正如我們在評論中提到的，我們看到第四季度雲端成長率加速。你們會給明年的指導嗎？你提到過這一點。但我們從 10 月的帳單和活動中看到，正如貝絲所提到的那樣，無論是成長還是整體帳單，都是第四季度的一個非常好的跡象。

Siti Panigrahi, Mizuho.

西蒂·帕尼格拉希，瑞穗。

Thank you. Thanks for taking my question. Just a follow-up to the earlier question. If you recall, one of the key driver for CCaaS is that 70% still on-prem and will move to cloud. But when you look at your growth and your competitor as well compared to last year, what sort of change are you seeing from customer moving to cloud -- on-prem to cloud? Do you see some kind of delay from their side in terms of evaluating AI or anything macro? Are you seeing anything of that measure? Any trend would be good.

謝謝。感謝您提出我的問題。只是之前問題的後續。如果你還記得的話，CCaaS 的關鍵驅動因素之一是 70% 仍在本地部署，並將遷移到雲端。但是，當您與去年相比，看看您的成長和競爭對手時，您會看到客戶遷移到雲端（本地部署到雲端）發生了什麼樣的變化？您是否認為他們在評估人工智慧或任何宏觀方面存在某種延遲？你有看到這樣的衡量標準嗎？任何趨勢都會很好。

I wouldn't say there is a change in all of that, but I'll go back to what we said already. We are winning the higher end of the market. As we mentioned earlier, year-to-date, we won and displaced more than 100 accounts. The legacy on-prem provider was the incumbent, and we're also starting to see a nice trend of displacing places where the customer already selected a cloud provider that failed to deliver.

我不會說所有這些都發生了變化，但我會回到我們已經說過的內容。我們正在贏得高端市場。正如我們之前提到的，今年迄今為止，我們贏得並取代了 100 多個帳戶。傳統的本地供應商是現任供應商，我們也開始看到一種良好的趨勢，即取代客戶已經選擇了無法交付的雲端供應商的地方。

We've signed more than 45 of those from the beginning of the year. So that's a positive momentum. Yes, it is about moving from legacy to the cloud, but these days, more so than not, it is about the notion of automating customer service. And we're very happy to see that in almost 100% of those deals are not just selling like-for-like, if you would like, just from on-prem to cloud, but other and many of our AI solutions that provide a significant acceleration in the footprint and the usage of solutions by our customers in the future.

從今年年初開始，我們已經簽署了超過 45 份合約。所以這是一個積極的勢頭。是的，它是關於從遺留系統遷移到雲，但如今，它更多的是關於自動化客戶服務的概念。我們非常高興地看到，幾乎 100% 的交易不僅是從本地到雲端的同等銷售，而且是我們的其他許多人工智慧解決方案，這些解決方案提供了未來我們的客戶的足跡和解決方案的使用將顯著加快。

Meta Marshall, Morgan Stanley.

梅塔‧馬歇爾，摩根士丹利。

Great. Thanks. I appreciate the commentary just about some of these deals taking kind of longer to get ramped. I guess I would think some of these large deals that would be coming revenue in the second half would have been kind of signed a year ago or so. And so is it that they're kind of going back and making sure that they have all of the AI tool kits and kind of revisiting and adding to what those implementations going to be and that some of the elongation?

偉大的。謝謝。我很欣賞關於其中一些交易需要更長的時間才能完成的評論。我想我認為其中一些將在下半年帶來收入的大型交易可能是在一年前左右簽署的。那麼他們是不是要回去確保他們擁有所有的人工智慧工具包，並重新審視並添加這些實現以及一些延伸？

I guess I just want to get a sense of are these older deals that are kind of impacting the second half of this year? Or how we should be thinking about that? And then second, just any commentary on LiveVox? And is it kind of performing as expected for now? Thanks.

我想我只是想了解一下這些較舊的交易是否會對今年下半年產生影響？或者說我們該如何思考這個問題？其次，對 LiveVox 有什麼評論嗎？目前的表現是否符合預期？謝謝。

Thank you for the questions, Meta. I'll start by talking about the deployments that we highlighted. First, we launched our AI solutions, Copilot and Autopilot, back in Investor Day of 2023. And generally, right out of the gate, we saw a great success and Barak just highlighted that we've seen that great success continuing on into this year.

謝謝你的提問，梅塔。我將首先討論我們強調的部署。首先，我們在 2023 年投資者日推出了人工智慧解決方案 Copilot 和 Autopilot。總的來說，我們一開始就看到了巨大的成功，巴拉克剛剛強調，我們看到這種巨大的成功將持續到今年。

So while customers are quite familiar with our traditional CXone platform, when it comes to our AI solutions, they are newer solutions for them. And they are more thoughtful as they consider how AI will be deployed within their organizations.

因此，雖然客戶對我們傳統的 CXone 平台非常熟悉，但當談到我們的 AI 解決方案時，它們對他們來說是較新的解決方案。當他們考慮如何在組織內部署人工智慧時，他們會更加深思熟慮。

So to your point about the timing of these deals, it really is kind of coming back to both the complexity that we see with the large enterprise deals. And of course, we've had more and more of those from last year coming into 2024 as well, inclusive of, as I said, the thoughtful deployment around the newer AI solutions that we offer.

因此，就您對這些交易的時間安排的觀點而言，這實際上是回到了我們在大型企業交易中看到的複雜性。當然，從去年到 2024 年，我們也有越來越多的此類舉措，其中包括，正如我所說，圍繞我們提供的更新的人工智慧解決方案進行深思熟慮的部署。

If I also comment on the question about LiveVox, so we continue to perform as expected for the LiveVox portion of the business. We are seeing that LiveVox business being more and more integrated into our CXone platform, our go-to-market across the Board.

如果我也評論有關 LiveVox 的問題，那麼我們的 LiveVox 業務部分將繼續按預期執行。我們看到 LiveVox 業務越來越多地整合到我們的 CXone 平台中，這是我們全面上市的平台。

Rishi Jaluria, RBC Capital Markets.

Rishi Jaluria，加拿大皇家銀行資本市場。

Wonderful. Thanks so much for taking my question. And then [Barak], it's been a pleasure working with you. And we look forward to seeing the next chapter in your career. Maybe just two quick ones from me. I want to continue thinking about kind of the ramps on the cloud side.

精彩的。非常感謝您提出我的問題。然後[巴拉克]，很高興與您合作。我們期待看到您職業生涯的新篇章。也許只是我的兩個快速的。我想繼續思考雲端的斜坡。

Maybe can you be explicit in terms of how has that ramp over time changed in terms of the lag from booking to when deals go live? And is that purely just a function of closing large deals and maybe they're more complex and that's why they're taking longer to ramp into live production? Or is there something else?

也許您可以明確說明隨著時間的推移，從預訂到交易生效的延遲時間是如何變化的？這純粹只是完成大型交易的功能嗎？或是還有別的什麼嗎？

And maybe related to that, if we take a step back and we think about the Analyst Day where you kind of laid out the long-term model and talking about getting to 80% cloud penetration over the next several years. Maybe can you walk us through from your perspective, as these deals start to ramp up, what's the kind of right organic cloud growth rate that you'd be happy with in terms of kind of going towards those long-term targets? Thanks.

也許與此相關，如果我們退後一步，我們想一下分析師日，您在會上製定了長期模型，並討論了在未來幾年內實現 80% 的雲端滲透率。也許您可以從您的角度向我們介紹一下，隨著這些交易開始增加，就實現這些長期目標而言，您滿意的正確有機雲成長率是多少？謝謝。

Sure. Thanks, Rishi. Let me start by saying that it's -- I don't want to repeat on what we have said already. But generally, we have numerous motions in our business. Obviously, there is the more midsized customers that we've always been signing. That doesn't change. We have great opportunity, and we're seeing it already where those customers and new ones easily adding a variety of capabilities because of the flexibility of CXone. Autosummary was a great example of that.

當然。謝謝，里希。首先我要說的是──我不想重複我們已經說過的話。但總的來說，我們的業務中有很多動議。顯然，我們一直在簽約更多的中型客戶。這並沒有改變。我們有很好的機會，而且我們已經看到，由於 CXone 的靈活性，這些客戶和新客戶可以輕鬆添加各種功能。自動摘要就是一個很好的例子。

But as we go into the more interesting part of the market and we need more and more large customers on our end from the technology side, the platform is ready to onboard those customers on day one. But the market of customer service automation is not just about the move from on-prem to cloud. That's the easy part if you would like. It is about, as I said before, reengineering workflows, taking out agents for the workflows and embedding AI instead.

但是，隨著我們進入市場中更有趣的部分，並且我們需要從技術方面獲得越來越多的大客戶，該平台已準備好在第一天就吸引這些客戶。但客戶服務自動化市場不僅涉及從本地到雲端的遷移。如果你願意的話，這是最簡單的部分。正如我之前所說，它是關於重新設計工作流程、取消工作流程代理並嵌入人工智慧。

So that for customers takes a bit longer. But when it happens, it happens at a massive scale and it's going to be there forever. Because it's going to replace people with our technology that has tremendous value. So it's a revenue that has a much higher profitability and a much higher customer -- lifetime customer value.

所以對於客戶來說需要更長的時間。但當它發生時，它會大規模發生並且將永遠存在。因為它將用我們具有巨大價值的技術取代人類。因此，這是一種具有更高盈利能力和更高客戶終身客戶價值的收入。

We see, as Beth said before, a significant backlog that we have for CXone. With that change of mix, it gives us optimism about the future. And as we mentioned before, in Q4, given what we've seen in October already, we are estimating acceleration in the cloud growth.

正如 Beth 之前所說，我們看到 CXone 的積壓量很大。隨著這種組合的變化，它讓我們對未來感到樂觀。正如我們之前提到的，在第四季度，鑑於我們在 10 月已經看到的情況，我們預計雲端成長將加速。

Jim Fish, Piper Sandler.

吉姆·菲什，派珀·桑德勒。

Thanks, guys. I do want to hit on that last point, Barak, that you just made. I mean you guys acquired PlayBox earlier in the quarter. I think it looks like $45 million of cash outflow here for it. Our math kind of points to about $20 million of contribution. So first, can you talk about what PlayBox gives you strategically when it closed? And what we're supposed to be affecting in terms of contribution kind of moving forward?

謝謝，夥計們。巴拉克，我確實想談談你剛才提出的最後一點。我的意思是你們在本季早些時候收購了 PlayBox。我認為這裡的現金流出似乎是 4500 萬美元。我們的計算顯示捐款額約為 2000 萬美元。首先，您能談談 PlayBox 關閉後帶給您的戰略意義嗎？我們應該在貢獻方面影響什麼？

Yes, I'll take that and then allow Barak to add any further commentary. I think, first of all, it's important to highlight that the playbox was a technology tuck-in acquisition with a purchase price around $40 million. We also saw some published articles that considerably exaggerated the revenue related to those deals. And again, I highlighted it's immaterial in terms of revenue contribution in our Q3 results.

是的，我會接受這一點，然後允許巴拉克添加任何進一步的評論。我認為，首先需要強調的是，Playbox 是一項技術性收購，收購價格約為 4,000 萬美元。我們也看到一些已發表的文章大大誇大了與這些交易相關的收入。我再次強調，就我們第三季業績的營收貢獻而言，這並不重要。

Samad Samana, Jefferies.

薩馬德·薩馬納，杰弗里斯。

Hey, everyone. Good morning. This is Billy [Fitzsimmons] on for Samad. Barak, we wish you best of luck in your new future endeavors. And in terms of the question, Barak, since NICE last reported several larger software vendors have introduced agentic autonomous AI solutions. How do you see the market position evolving as these companies that you partner with have competing solutions.

嘿，大家。早安.我是薩馬德的比利[菲茨西蒙斯]。巴拉克，我們祝福您在未來的新事業中一切順利。就問題而言，巴拉克，自從 NICE 上次報導以來，幾家較大的軟體供應商已經推出了代理自主人工智慧解決方案。隨著與您合作的這些公司擁有競爭性的解決方案，您如何看待市場地位的演變？

Appreciate the comment, Billy, and thanks for the question. as I mentioned before, I think we are -- although it's been two years since the launch, if you would like, of generative AI, the adoption cycle of enterprises, like many other technological sites, is much lower than our own adoption as individuals.

感謝您的評論，比利，並感謝您提出的問題。正如我之前提到的，我認為我們 - 儘管生成式人工智慧推出已經兩年了，如果你願意的話，企業的採用週期，就像許多其他技術網站一樣，遠低於我們個人的採用週期。

So I think we're over the hype into reality. And there is understanding that taking something generic doesn't work for enterprises. It might add you the ability to get further access to knowledge bases and others, but to make it functional, it takes something else.

所以我認為我們已經從炒作變成了現實。人們普遍認為，通用的東西對企業來說並不適用。它可能會增加您進一步存取知識庫和其他內容的能力，但要使其發揮作用，還需要其他東西。

We were talking about something called functional AI, and that's what happens when you take the right knowledge with the agents and workflow and connect it to all the back-end processes and back-end system of customer service. We have something, as I said before, that is critical and unparalleled when it comes to customer service automation.

我們正在談論一種稱為功能性人工智慧的東西，當您掌握代理商和工作流程的正確知識並將其連接到所有後端流程和客戶服務後端系統時，就會發生這種情況。正如我之前所說，我們擁有在客戶服務自動化方面至關重要且無與倫比的東西。

We have, at any given time, real time access to the customer intent. And without a real-time access to the customer intent, you can't really automate customer service. We have it in real-time and we have the historical tens of billions of interactions of customer intent. That allows us to provide not just a functional AI, but also one that works at scale and precision.

我們可以在任何給定時間實時了解客戶意圖。如果無法即時存取客戶意圖，您就無法真正實現客戶服務自動化。我們即時掌握它，並且我們擁有歷史上數百億次客戶意圖互動。這使我們不僅能夠提供功能性人工智慧，而且能夠提供大規模和精確的人工智慧。

So we're seeing a lot of those enterprises. After two years of trying something generic or small point solutions coming to us as, understand that in order to broaden it and to really think about customer service automation at scale and not just for a specific small use case, to take a much more strategic approach, and this is exactly what we see in our bookings, and the examples I gave in my earlier remarks were just a few of the many that we are seeing.

所以我們看到了很多這樣的企業。經過兩年的嘗試，我們發現了一些通用或小點解決方案，為了擴大它並真正考慮大規模的客戶服務自動化，而不僅僅是針對特定的小型用例，需要採取更具戰略性的方法，這正是我們在預訂中看到的情況，我在之前的評論中給出的例子只是我們看到的眾多例子中的一小部分。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞，威廉·布萊爾。

Thank you. Running back to the -- some of the long implementation times. I was hoping you could just maybe touch a little bit on how much longer we should expect some of these deals to take? Are we talking months? Are we talking quarters, given the increased complexity?

謝謝。回到一些漫長的實作時間。我希望您能談談我們預計其中一些交易需要多長時間？我們說的是幾個月嗎？鑑於複雜性的增加，我們是在談論季度嗎？

And then Barak would love to hear what about the CCaaS displacements that you're seeing. What is the main driver of those? I fully understand, I think, the on-prem wins, but what's driving to win over other CCaaS lenders that have already kind of gotten a foot in the door to some of your customers? Thank you.

Barak 很想聽聽您所看到的 CCaaS 替代情況。這些的主要驅動力是什麼？我認為，我完全理解本地部署會獲勝，但是什麼推動著贏得其他已經邁入部分客戶大門的 CCaaS 貸方呢？謝謝。

Arjun, thanks for the question. So as we mentioned before, it's the largest backlog, but it has a change of mix. It really depends, in many cases, on the customer. We are also working very closely with our partners to be able to drive this adoption by customers.

阿瓊，謝謝你的提問。正如我們之前提到的，這是最大的積壓，但它的組合發生了變化。在很多情況下，這實際上取決於客戶。我們也與合作夥伴密切合作，以推動客戶採用這種技術。

I can't really quantify it right now. but the beauty that as soon as it's up and running, will increase in both adoption, building and eventually, as I said before, the lifting the length of this customer, the time that they're going to stay with us is long as it's extremely sticky solution.

我現在還不能真正量化它。但其美妙之處在於，一旦它啟動並運行，採用率、建設量都會增加，最終，正如我之前所說，客戶的壽命會延長，他們在我們這裡待的時間也會越來越長。粘稠的溶液。

About the wins, as I mentioned before, we see an acceleration in the wins over legacy providers in the on-prem providers like the Cisco, Avaya, Genesys, all of those legacy providers. But we're seeing -- and maybe that's something you can easily see from the Gartner Magic Quadrant. We see that customers who signed up, especially when customer scale, sign up with a cloud provider and already moved kind of to the cloud coming a year or two after to us and move from their cloud provider to CXone.

關於勝利，正如我之前提到的，我們看到思科、Avaya、Genesys 等本地提供者對傳統提供者的勝利正在加速。但我們正在看到——也許您可以從 Gartner 魔力像限中輕鬆看到這一點。我們看到簽約的客戶，特別是當客戶規模擴大時，與雲端供應商簽約，並且在一兩年後就已經遷移到雲，並從他們的雲端供應商遷移到 CXone。

I gave you an example. We have many more of those in the backlog. And our ecosystem of partner actually help us with that. Many of those partners that work with those cloud providers turn to us because eventually, it's their reputation, their brand when it comes to the customer success.

我給你舉了一個例子。我們還有更多的積壓工作。我們的合作夥伴生態系統實際上幫助我們做到了這一點。許多與這些雲端供應商合作的合作夥伴都轉向我們，因為最終，客戶的成功取決於他們的聲譽和品牌。

Timothy Horan, Oppenheimer.

提摩西霍蘭，奧本海默。

Thanks, guys. So do you think the cloud acceleration can continue into next year? And the cloud gross margin ticked down a bit. Can you just talk about the trends there. And then just on this point on the workflow kind of reengineering by enterprises. Do you think you have a good handle on that now? Or are you at a stage where you can implement it relatively quickly? Thank you.

謝謝，夥計們。那麼您認為雲端加速能夠持續到明年嗎？雲毛利率略有下降。能簡單談談那裡的趨勢嗎？然後就在這一點上，企業重新設計了工作流程。你認為你現在能好好處理這件事嗎？或者說您正處於可以相對較快實施的階段嗎？謝謝。

Hi, Tim, I'll take the first half, and then hand it over to Barak. And as we highlighted earlier today, with respect to cloud growth, we're not commenting yet on 2025. Of course, we will provide an update on expectations as we provide our fourth quarter results. But again, well, just again, we are expecting an acceleration of our cloud revenue growth in the fourth quarter. And we've already completed the month of October, so we can see statistics of our customers. We can see that the seasonality kicking in, particularly in some of our retail customers.

嗨，蒂姆，我將主持上半場，然後將其交給巴拉克。正如我們今天早些時候強調的，關於雲端成長，我們尚未對 2025 年發表評論。當然，我們將在提供第四季度業績時提供最新的預期。但我們再次預期第四季雲端收入將加速成長。我們已經完成了 10 月份的工作，因此我們可以看到客戶的統計數據。我們可以看到季節性的影響，特別是在我們的一些零售客戶中。

Now it looks like it's going to be a nice season there, and that will help drive the seasonality and growth along with the healthy turnups, which happened in the first month as well. You also asked about our cloud gross margins.

現在看來，那裡將是一個美好的季節，這將有助於推動季節性和成長以及健康的增加，這也發生在第一個月。您也詢問了我們的雲毛利率。

And one of the things I highlighted earlier today was that we had really great growth in EMEA this quarter, 14%, that was underscored by our cloud growth. And it's really evidencing some initial very early positive signs that we're seeing great cloud traction internationally.

我今天早些時候強調的一件事是，本季度我們在 EMEA 地區實現了 14% 的巨大增長，我們的雲端成長凸顯了這一點。這確實證明了一些最初的非常早期的積極跡象，表明我們在國際上看到了巨大的雲端吸引力。

But we have made some significant investments outside of the Americas, both in the EMEA and APAC region. And that's what you're seeing is a bit of pressure on fixed cost in those regions associated with the cloud. But of course, as you know, cloud revenue is recognized over time. So we're going to see -- continue to see great economies of scale as we continue to deliver on the backlog and the pipeline that we're seeing in those regions.

但我們在美洲以外的歐洲、中東和非洲和亞太地區進行了一些重大投資。這就是您所看到的與雲端相關的區域的固定成本所面臨的一些壓力。但當然，如您所知，雲端收入會隨著時間的推移而得到確認。因此，隨著我們繼續交付這些地區的積壓訂單和管道，我們將繼續看到巨大的規模經濟。

And then I'll hand it over to Barak for the rest of the question.

然後我將把剩下的問題交給巴拉克。

Yes. Appreciate the question on the workflows, and I think that's key for the future of customer service automation. That's the reason we are spending so much time on that, and I've tried to give a bit more color on that.

是的。感謝有關工作流程的問題，我認為這是客戶服務自動化未來的關鍵。這就是我們在這方面花費大量時間的原因，我試圖對此提供更多的色彩。

The desire to automate customer service is not new. It exists for the last 30 years, with very poor results if you think about it. And there have been a few waves in the last few years of hopes to different technologies. If you remember the days of RPA, that was supposed to bring automation, we can make parallel between RPA and almost like prescriptive or predictive analytics, but it basically delivered automation at a task level, which is definitely not enough to drive for automation.

自動化客戶服務的願望並不新鮮。它已經存在了 30 年，仔細想想，結果非常糟糕。在過去的幾年裡，出現了一些對不同技術的希望浪潮。如果您還記得 RPA 時代，它應該帶來自動化，我們可以將 RPA 與規範性或預測性分析類似，但基本上它在任務層級提供自動化，這絕對不足以推動自動化。

And then the early days of GenAI augmented roles, specific roles in customer service but didn't touch the full workflow and didn't deliver the right gains or a full automation. We believe from what we're seeing that only functional with a system, a platform that oversees all customer service workflows including all different roles, all different functions is what will eventually deliver full customer service automation. And that's why we have launched CXone Mpower. It's the evolution of CXone.

然後，GenAI 的早期增加了客戶服務中的角色、特定角色，但沒有觸及完整的工作流程，也沒有提供正確的效益或完全自動化。我們相信，從我們所看到的情況來看，只有一個系統、一個監督所有客戶服務工作流程（包括所有不同角色、所有不同功能）的平台發揮作用，才能最終實現全面的客戶服務自動化。這就是我們推出 CXone Mpower 的原因。這是 CXone 的演進。

We have all the knowledge. We have all the agents. And now we have all workflows in order to design, build and of course, automate and operate all of those worlds moving forward. Any other tactical efforts to automate customer service we believe will result in what we've seen in the past 20-30 years, which is very small local automation versus what enterprises really want and need.

我們擁有所有的知識。我們有所有的代理。現在，我們擁有所有工作流程來設計、構建，當然還有自動化和運作所有這些向前發展的世界。我們相信，任何其他實現客戶服務自動化的戰術努力都將導致我們在過去 20-30 年中看到的結果，即與企業真正想要和需要的相比，本地自動化非常小。

Patrick Walravens, Citizens JMP.

Patrick Walravens，公民 JMP。

Great. Thank you. And Barak, we're going to miss you. I think one place where there's some investor confusion, and I'd love to hear your perspective on it, is who has the right to win when it comes to AI SKUs like Autosummary knowledge management? So if a big bank, for example, is using the Salesforce Service Cloud, and they're not using NICE CXone? Who has the right to win those AI SKUs and why?

偉大的。謝謝。巴拉克，我們會想念你的。我認為投資者感到困惑的一個地方是，在自動摘要知識管理等人工智慧 SKU 方面，誰有權獲勝，我很想聽聽您對此的看法？例如，如果一家大銀行正在使用 Salesforce Service Cloud，但他們沒有使用 NICE CXone？誰有資格贏得這些 AI SKU？

Good question. And we, as I mentioned before, find ourselves in many conversations with customers who are asking themselves the exact same question, who should automate my customer service? Should it come from NICE? Or should it come from a generic big tech? Or should it come from my CRM?

好問題。正如我之前提到的，我們發現自己在與客戶的許多對話中，他們都在問自己完全相同的問題，誰應該自動化我的客戶服務？它應該來自 NICE 嗎？還是它應該來自通用的大型科技公司？還是它應該來自我的 CRM？

And after they try a variety of angles, they understand what I mentioned before, you need the domain expertise. We understand customer service inside out. Actually through our partnerships with one of those big tech, we realized that their go-to-market team cannot talk or even they don't understand what customer service is all about.

在他們嘗試了各種角度之後，他們明白了我之前提到的，你需要領域專業知識。我們對客戶服務瞭如指掌。實際上，透過與其中一家大型科技公司的合作，我們意識到他們的行銷團隊無法交談，甚至他們不了解客戶服務的全部內容。

When it comes to the -- us versus the CRM, obviously, there is a room for CRM and customer service as a system of record. But when it comes to full automation, as I mentioned before, you can't automate something unless you have the customer intent. The analogy I'd like to give to that, Google is the best advertising platform in the world because they know what the consumer desires and intent at any given time, given what they're writing in their search.

當談到我們與 CRM 時，顯然，CRM 和客戶服務作為記錄系統有其發展空間。但當涉及完全自動化時，正如我之前提到的，除非您有客戶意圖，否則您無法實現自動化。我想打個比方，Google是世界上最好的廣告平台，因為他們知道消費者在任何特定時間的需求和意圖，考慮到他們在搜尋中寫的內容。

The customer intent only really exists in real time in the interaction itself. We are an interaction centric platform. Hence, we were the only ones that really have the ability to automate workflows end-to-end. And more and more customers understand that. We coexist with the CRM in those environments, but we see more and more of those assets from digital engagement and AI coming to the CXone direction instead of other either point solutions or the system of transaction record, which is the CRM.

客戶意圖僅即時存在於互動本身。我們是一個以互動為中心的平台。因此，我們是唯一一家真正有能力實現端到端工作流程自動化的公司。越來越多的客戶明白這一點。我們在這些環境中與 CRM 共存，但我們看到越來越多來自數位參與和人工智慧的資產轉向 CXone 方向，而不是其他單點解決方案或交易記錄系統（即 CRM）。

Michael Funk, Bank of America.

麥可‧芬克，美國銀行。

Great. Thank you all. Thank you for the questions this morning. I guess the first one is actually more of a request than a question -- part question, part I guess it kind of saw on the backlog, record levels of backlog also understand longer deployment times for the large enterprise and AI solutions? I think that what the bears are picking at though is the appearance that the organic cloud revenue growth is lower and no certainty around acceleration of that.

偉大的。謝謝大家。謝謝你今天早上提出的問題。我想第一個問題實際上更多的是一個請求而不是一個問題——部分是問題，部分是我想它在積壓中看到了，創紀錄的積壓水平也理解大型企業和人工智能解決方案更長的部署時間？我認為，看空者所關注的是有機雲收入成長較低的表象，並且加速成長的不確定性。

What would be helpful, I think, is if you could provide some commentary maybe today or in the future about the go-live timing expectations for that backlog? So we can actually bake that into our estimates in the future. That would be very helpful.

我認為，如果您能在今天或將來就該積壓的上線時間預期提供一些評論，會有幫助嗎？所以我們實際上可以將其納入我們未來的估計中。這將非常有幫助。

More details around that. The question for me is what competitive environment. And are you seeing any changes in win rates, execution, pricing pressure in the competitive environment? And if so, where regionally or is that upmarket or downmarket?

圍繞這方面的更多細節。我的問題是競爭環境是什麼。您是否發現競爭環境中的勝率、執行力、定價壓力有任何變化？如果是的話，在哪個地區，或是高端市場還是低端市場？

We are -- first of all, about the first one, we took a note and we'll, of course, consider it moving forward. So I appreciate the advice. On the second one, on the win rate, we feel that our win rate has been accelerating and growing in the last 18 months. We feel that when it comes to the large enterprises, some of the other players that wanted to go into this market aren't able to scale.

我們——首先，關於第一個，我們做了記錄，當然，我們會考慮繼續前進。所以我很感激你的建議。第二個，關於勝率，我們覺得我們的勝率在過去 18 個月裡一直在加速和成長。我們認為，對於大型企業來說，其他一些想要進入這個市場的參與者無法擴大規模。

We feel that some of our competitors are strategizing or taking short-term decisions because of certain financial structure or certain desire to exit of the company. And we feel that some of the big tech that wanted to get into this market and made big noise just six months ago, we haven't seen anything in the field. So we feel our win rate is going well and accelerating, and we are optimistic to continue in this market. And we are very happy to see that Gartner thinks the same with their recent MQ.

我們認為，我們的一些競爭對手由於某些財務結構或某些退出公司的願望而正在製定策略或做出短期決策。我們認為，一些想要進入這個市場並在六個月前發出巨大聲響的大型科技公司，我們在該領域還沒有看到任何東西。因此，我們覺得我們的勝率進展順利並且正在加速，我們對繼續留在這個市場持樂觀態度。我們很高興看到 Gartner 對他們最近的 MQ 也有同樣的想法。

And Michael, I do want to just quickly kind of address the comments you made about the request because first of all, I just want to state again that one of the things we had in the quarter is we saw a 33% year-over-year in the increase of the number of 1 million plus ARR CXone customers.

邁克爾，我確實想快速回應您對該請求提出的評論，因為首先，我想再次聲明，我們在本季度的情況之一是，我們看到同比增長了 33%——年增加了100 萬以上ARR CXone 客戶數量。

And again, it highlights the large number of enterprise customers that we're winning and we're seeing in the backlog. When we think about the timing, it's important to say that technically, with CXone in our platform, we have the ability to deploy our solution in a matter of days, and we have plenty of instances where we've shown that we have the capability to do that.

它再次強調了我們正在贏得的大量企業客戶以及我們在積壓中看到的大量企業客戶。當我們考慮時機時，重要的是從技術上講，透過我們平台中的 CXone，我們有能力在幾天內部署我們的解決方案，並且我們有大量實例表明我們有能力這樣做。

But as Barak highlighted earlier, especially as you're starting to consider about large organizations rethinking about how AI and how our Copilot and Autopilot will actually reenvision kind of seamless process workflow, it's a much more thoughtful deployment.

但正如巴拉克之前所強調的那樣，尤其是當你開始考慮大型組織重新思考人工智慧以及我們的副駕駛和自動駕駛如何真正重新構想某種無縫流程工作流程時，這是一個更深思熟慮的部署。

And so that's why we don't give specific the deployment time because we have customers, we continue to operate in all segments of the market that are deploying very, very quickly. But as we go into the large enterprise with customers that are buying a great amount of capabilities, it can take upwards 6 months, 9 months, even 12 months as they're deploying some of the AI-based solution. So that's just to give you a bit more color. It is something we've kind of shared a bit in the past. And just to give you a sense of what to expect in terms of timing.

這就是為什麼我們沒有給出具體的部署時間，因為我們有客戶，我們繼續在部署非常非常快的所有市場領域開展業務。但當我們進入擁有大量購買功能的客戶的大型企業時，他們部署一些基於人工智慧的解決方案可能需要長達 6 個月、9 個月甚至 12 個月的時間。所以這只是為了給你多一點色彩。這是我們過去分享過的一些東西。只是為了讓您了解在時間方面會發生什麼。

Catherine Trebnick, Rosenblatt.

凱瑟琳·特雷布尼克，羅森布拉特。

Hi, thank you for taking my question. And one of my questions is, of the new logos, what would be the attachment rate for one CX? Because you launched that product, I believe, last March, April, May time frame. It was announced but came in on the market before the Investor Day. And what types of trends are you seeing with the UC and CC attachment is really the question in the large enterprise? Thank you.

你好，謝謝你回答我的問題。我的問題之一是，在新標誌中，一位 CX 的附著率是多少？因為我相信你在去年三月、四月、五月的時間範圍內推出了這個產品。它已宣布，但在投資者日之前進入市場。您認為 UC 和 CC 附件的哪些類型的趨勢是大型企業中真正的問題？謝謝。

So thanks for the question. We launched 1CX, which is our UC solution, full-fledge UCaaS solution for $5 per channel. Earlier in the year, we saw tremendous traction and many deals are signing. Obviously, it's more applicable for the lower end of the market.

謝謝你的提問。我們推出了 1CX，這是我們的 UC 解決方案，是成熟的 UCaaS 解決方案，每個通道 5 美元。今年早些時候，我們看到了巨大的吸引力，許多交易正在簽署。顯然，它更適用於低端市場。

I think that UCaaS at the higher end of the market is boring and obsolete because it's being displaced by -- basically by Teams and completely separate from the CCaaS and the contact center solution, and there is no real need for future UCaaS in the higher end of the market. But for our customers, at any size, we make it available, but we see the demand mainly on the lower end of the market, and we're very happy with the traction that we get.

我認為高端市場的 UCaaS 是乏味且過時的，因為它正在被 Teams 取代，並且與 CCaaS 和聯絡中心解決方案完全分離，並且未來的高端市場沒有真正需要 UCaaS市場的。但對於我們的客戶，無論規模如何，我們都提供它，但我們看到需求主要集中在低端市場，我們對我們獲得的吸引力感到非常滿意。

Chris Reimer, Barclays.

克里斯·雷默，巴克萊銀行。

Hi, thanks for taking my question. I was wondering if you could comment on the traction -- well, the small uptick this quarter in the product. And what do you think is driving that -- the stickiness there? What kind of customers are on the product segment of the solutions?

您好，感謝您提出我的問題。我想知道您是否可以評論一下該產品的吸引力——嗯，本季產品的小幅增長。您認為是什麼推動了這一趨勢——黏性？解決方案的產品部分有哪些類型的客戶？

Yes. Thanks for the question, Chris. I think that if you look on our growth, you'll see that quarter after quarter, our overall revenue growth is being driven by the cloud. This quarter, we had a nice year-over-year growth in product as well.

是的。謝謝你的提問，克里斯。我認為，如果你觀察我們的成長，你會發現每季我們的整體營收成長都是由雲端推動的。本季度，我們的產品年比也出現了良好的成長。

And what you see is, from time to time, there are generally a select and a lesser and lesser number of large enterprise customers just haven't yet figured out exactly their road map to the cloud. It often occurs with organizations where cloud has not yet penetrated much of the market. They're in very early stages.

您會看到，有時，通常有一些精選的、數量越來越少的大型企業客戶還沒有準確地弄清楚他們的雲端路線圖。這種情況經常發生在雲端尚未滲透到大部分市場的組織。他們還處於非常早期的階段。

So generally, you'll see that tend to be more outside of the Americas. Also, we tend to see that from time to time in our FCC or Actimize business, where cloud is still more in the early days. And so you will have those customers, as you saw this quarter, elect to purchase our premise-based solutions.

一般來說，您會發現這種情況往往發生在美洲以外的地區較多。此外，我們經常在 FCC 或 Actimize 業務中看到這種情況，其中雲端仍處於早期階段。因此，正如您在本季看到的那樣，這些客戶將選擇購買我們的本地解決方案。

Michael Latimore, Northland Securities.

邁克爾·拉蒂摩爾，北國證券。

All right. Great. Thanks very much. Yes, when you talked about cloud accelerating in the fourth quarter, are you referring to a sequential change there or an improvement in the year-over-year growth rate? And if the year-over-year growth rate, do you expect it to be kind of above or below the guidance you've given for the year?

好的。偉大的。非常感謝。是的，當您談到第四季度雲端加速時，您指的是環比變化還是同比增長率的改善？如果同比成長率，您預計會高於還是低於您今年給予的指導？

So with respect to the fourth quarter, we do expect the year-over-year growth rate in Q4 to exceed the year-over-year growth rate in Q3. In addition, we expect the sequential contribution in cloud to exceed going from quarter-to-quarter this year relative to what we experienced one year ago.

因此，就第四季而言，我們確實預計第四季度的年成長率將超過第三季的年成長率。此外，我們預計今年雲端運算的環比貢獻將超過一年前的水平。

So what it means for the fourth quarter or for the full year, again, you can do the math, but it is showing that the expectation for Q4 is an acceleration increase. And as we've highlighted a few times on the call, we have our usage coming out of October, which gives us some nice confidence as we head into the end of the year.

那麼這對第四季度或全年意味著什麼，你可以再次計算一下，但它表明對第四季度的預期是加速成長。正如我們在電話會議中多次強調的那樣，我們的使用量將在 10 月結束，這給我們在進入年底時帶來了一些信心。

And that concludes our question-and-answer session. I will now turn the call back over to Barak Eilam, CEO, for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給執行長巴拉克·埃拉姆 (Barak Eilam) 致閉幕詞。

Thank you all for joining us today. And once again, thank you for the many years of partnership and we will continue to live the business to the end of the year, and handing over the company to Scott, with a great team over here, and NICE will continue to thrive. Thank you very much.

感謝大家今天加入我們。再次感謝你們多年來的合作夥伴關係，我們將繼續將業務發展到今年年底，並將公司移交給斯科特，這裡有一支優秀的團隊，NICE 將繼續蓬勃發展。非常感謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。