Nice Ltd (NICE) 2024 Q4 法說會逐字稿

Welcome to the NICE conference call discussing fourth quarter 2024 results, and thank you all for holding. (Operator Instructions) As a reminder, this conference is being recorded February 20, 2025.

歡迎參加討論 2024 年第四季業績的 NICE 電話會議，感謝大家的出席。（操作員指示）提醒一下，本次會議將於 2025 年 2 月 20 日錄製。

I would now like to turn this call over to Mr. Marty Cohen, Vice President, Investor Relations at NICE. Please go ahead.

現在，我想將這個電話轉給 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 Scott Russell, Chief Executive Officer; and Beth Gaspich, Chief Financial Officer. Before I begin, I would like to point out that some of the statements made on this call will constitute forward-looking statements.

謝謝您，接線生。今天與我一起參加電話會議的還有執行長 Scott Russell；以及財務長 Beth Gaspich。在我開始之前，我想指出，本次電話會議中的一些陳述將構成前瞻性陳述。

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. The 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.

根據 1995 年私人證券訴訟改革法的安全港規定，請注意，公司的實際結果可能與這些前瞻性聲明有重大差異。有關可能導致公司實際結果或業績發生重大差異的因素的資訊包含在公司 2024 年 3 月 27 日向美國證券交易委員會提交的 20-F 表 2023 年年度報告第 3 項中標題為「風險因素」的部分中。

During today's call, we will present a more detailed discussion of fourth quarter and full year 2024 results and the company's guidance for the first quarter and full year 2025. 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.

在今天的電話會議上，我們將更詳細地討論 2024 年第四季和全年業績以及公司對 2025 年第一季和全年的指導。您可以在 NICE 的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。在我們發表評論之後，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 the tax effect of the non-GAAP adjustments.

請容我提醒您，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進行評論，這些業績在某些方面與公認會計原則有所不同，主要體現在股權激勵的會計處理、收購無形資產的攤銷、收購相關費用和其他費用、債務折價攤銷和債務清償損失以及非公認會計準則調整的稅收影響等方面。

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.

今天的新聞稿詳細說明了非 GAAP 調整結果與等效 GAAP 數據之間的差異。本次電話會議中討論的資訊和一些評論可能包含前瞻性陳述，這些陳述受風險、不確定性和假設的影響。

I will now turn the call over to Scott.

現在我將電話轉給史考特。

Thank you, Marty, and welcome, everyone. I'm excited to be talking to you today for the first time as CEO of NICE. Before we dive into today's call, I want to take a moment to acknowledge Barak's strong leadership that brought NICE to where it is today. It is an honor to lead a company renowned for its relentless innovation, customer centricity and operational excellence. I joined NICE for its undisputed leadership and for its immense potential for growth.

謝謝你，馬蒂，歡迎大家。我很高興今天能夠作為 NICE 的首席執行官第一次與您交談。在我們深入討論今天的電話會議之前，我想花點時間感謝巴拉克的強大領導能力，而正是這種領導能力使 NICE 取得了今天的成就。我很榮幸能夠領導一家以不斷創新、以客戶為中心和卓越營運而聞名的公司。我加入 NICE 是因為其無可爭議的領導地位和巨大的發展潛力。

With a strong financial foundation, industry-leading solutions and 9,000 plus dedicated NICErs all around the world, we are poised to drive NICE into the next era of growth. On today's call, I want to focus on two key themes.

憑藉強大的財務基礎、業界領先的解決方案以及遍布全球的 9,000 多名敬業的 NICE 員工，我們已準備好推動 NICE 進入下一個成長時代。在今天的電話會議上，我想重點討論兩個關鍵主題。

First, NICE is the undisputed AI leader in customer service. We continue to redefine what's possible with the most advanced and comprehensive AI platform in the industry, purpose built for speed, agility and scale. I've spoken to a number of customers and partners already, and their feedback is unanimous. Enterprises turn to NICE because they trust that our AI platform, CXone Mpower, delivers real measurable outcomes.

首先，NICE 是客戶服務領域無可爭議的 AI 領導者。我們將繼續利用業內最先進、最全面的人工智慧平台重新定義一切可能，該平台專為速度、靈活性和規模而建置。我已經與許多客戶和合作夥伴進行了交談，他們的回饋是一致的。企業之所以選擇 NICE，是因為他們相信我們的 AI 平台 CXone Mpower 能夠帶來真正的可衡量的成果。

We're improving customer experiences for hundreds of millions of people worldwide, managing over 3.5 billion AI interactions annually while driving tangible value for our clients. Simply put, we are leading this market and we are doing so decisively.

我們正在改善全球數億人的客戶體驗，每年管理超過 35 億次 AI 交互，同時為我們的客戶創造有形價值。簡而言之，我們正在引領這個市場，而且我們正在果斷地這麼做。

Second, the opportunity ahead is extraordinary. Agentic AI is reshaping industries at an unprecedented pace. And with CXone Mpower, we are already ahead of this tectonic shift. Our AI powered agentic automation is setting the new standard, combining cutting-edge technology with our deep CX domain expertise, especially in the large enterprise market.

第二，機會不可多得。Agentic AI 正以前所未有的速度重塑產業。借助 CXone Mpower，我們已經領先於這一重大轉變。我們的人工智慧代理自動化正在製定新的標準，將尖端技術與我們深厚的 CX 領域專業知識相結合，尤其是在大型企業市場。

Our financial strength, our relentless innovation and international expansion uniquely positions us to capitalize on the opportunity ahead and accelerate into the future.

我們的財務實力、不懈的創新和國際擴張使我們能夠抓住未來的機遇，加速邁向未來。

Let me build upon my first point of undisputed leadership, which is exemplified by our outstanding fourth quarter and finish to the year. For the full year 2024, we exceeded the high end of our revenue guidance and came in at the high end of the range for EPS.

讓我先談談無可爭議的領導地位，我們出色的第四季和今年的收官表現就是明證。就 2024 年全年而言，我們的營收超出預期高端，每股盈餘也達到了區間高端。

For Q4, our cloud revenue grew 24% to $534 million, which is the highest cloud growth on the largest cloud revenue base in our industry. Moreover, quarter to quarter cloud growth from Q3 to Q4 accelerated to 6.8%. This excellent cloud revenue growth drove a healthy year over year increase in total revenue and reflects our strength at the high end of the market as we reached a milestone of over 400 enterprise cloud customers with over $1 million in ARR.

第四季度，我們的雲端營收成長 24%，達到 5.34 億美元，這是我們產業最大的雲端收入基數上最高的雲端收入成長率。此外，第三季至第四季雲端運算業務的環比成長率加速至 6.8%。出色的雲端收入成長推動了總收入的年比健康成長，並反映了我們在高端市場的實力，我們達到了超過 400 家企業雲端客戶的里程碑，ARR 超過 100 萬美元。

Our leadership also flows to the bottom line. Our exceptional profitability continues to set us apart from the rest of the industry. NICE's outstanding profitability metrics speak for themselves. Operating income increased by 22% to $227 million, driving further expansion in our operating margin by 150 basis points to 31.5%. This, in turn, fueled an impressive 28% surge in EPS compared to the same quarter last year, reaching $3.02 for Q4.

我們的領導力也延伸到了底線。我們卓越的盈利能力繼續使我們在業界脫穎而出。NICE 出色的獲利指標不言而喻。營業收入成長 22% 至 2.27 億美元，推動營業利潤率進一步擴大 150 個基點至 31.5%。這反過來又推動了每股收益與去年同期相比大幅成長 28%，第四季達到 3.02 美元。

We delivered stellar cash flow, generating $250 million in operating cash flow in Q4, bringing our total to $833 million for 2024, a remarkable nearly 50% over the prior year, further extending our strong track record of accelerating cash flow year after year. These exceptional results reinforce our position as the industry leader.

我們實現了出色的現金流，第四季度產生了 2.5 億美元的營運現金流，使我們 2024 年的總現金流達到 8.33 億美元，比上一年增長了近 50%，進一步延續了我們逐年加速現金流的良好記錄。這些卓越的成績鞏固了我們作為業界領導者的地位。

I'd like to elaborate further on our AI leadership. CXone Mpower is revolutionizing the way AI powers customer service. It is the only platform in the market that delights the consumer experience with speed and accuracy from intent to fulfilment. It does this through seamless orchestration of our voice, digital and AI interactions. CXone Mpower boosts productivity of both human and AI agents with a smart workforce augmentation.

我想進一步闡述我們的人工智慧領導。CXone Mpower 正在徹底改變人工智慧支援客戶服務的方式。它是市場上唯一一個從意圖到實現以速度和準確性滿足消費者體驗的平台。它透過無縫協調我們的語音、數位和人工智慧互動來實現這一點。CXone Mpower 透過智慧勞動力增強來提高人類和人工智慧代理的生產力。

At the heart of CXone Mpower is agentic AI, acting with autonomy by continually learning and making intelligent decisions to enhance customer interactions in real-time. CXone Mpower is a game changer in meeting customer needs at scale, encompassing the largest repository of CX labeled data, knowledge and thousands of AI models in one platform. CXone Mpower is setting a new industry standard.

CXone Mpower 的核心是代理 AI，它透過不斷學習和做出智慧決策來自主行動，以增強即時客戶互動。CXone Mpower 改變了傳統系統，能夠大規模滿足客戶需求，它在一個平台上涵蓋了最大的 CX 標記資料、知識庫和數千個 AI 模型。CXone Mpower 正在製定新的行業標準。

We are undeniably winning in the era of agentic AI. We go beyond the slideware. We are delivering real results. In 2024, our advanced AI solutions were included in 97% of our large enterprise CXone Mpower deals over $1 million ARR.

不可否認，我們在代理人工智慧時代取得了勝利。我們超越了幻燈片軟體。我們正在取得真正的成果。2024 年，97% 的 ARR 超過 100 萬美元的大型企業 CXone Mpower 交易都採用了我們先進的 AI 解決方案。

In one such seven digit ACV deal, one of the largest retailers in the world who are already relying on NICE to handle 75 million interactions annually, they chose CXone Mpower to differentiate through advanced AI capabilities, supporting their immediate and growing consumer needs.

在一項這樣的七位數 ACV 交易中，世界上最大的零售商之一已經依靠 NICE 處理每年 7500 萬次互動，他們選擇 CXone Mpower 透過先進的 AI 功能實現差異化，支持其當前和不斷增長的消費者需求。

A very large university in a seven digit ACV deal is going all in on AI with NICE after a diligent competitive process. They chose CXone Mpower, including autopilot and copilot, to significantly improve their student experience and expecting 30% ROI.

一所大型大學在經過嚴格的競爭過程後，決定與 NICE 達成七位數 ACV 協議，全力投入 AI 領域。他們選擇了 CXone Mpower（包括自動駕駛儀和副駕駛），以顯著改善學生體驗並期望獲得 30% 的投資回報率。

In another seven digit ACV deal, a large managed care organization decided to modernize and simplify their multi-vendor tech stack and add advanced CX AI capabilities to enhance their customer service. After being presented with generic AI from their CRM incumbent, they quickly realized that the only path forward was CXone Mpower.

在另一筆七位數的 ACV 交易中，一家大型管理式醫療機構決定對其多供應商技術堆疊進行現代化和簡化，並添加先進的 CX AI 功能以增強其客戶服務。在他們的 CRM 現任者向他們展示了通用 AI 之後，他們很快就意識到唯一的前進道路就是 CXone Mpower。

We signed a seven digit ACV deal with one of the nation's leading university medical centers. Driven by a strong commitment to maximize ROI from their CX operations and elevate the patient experience, they chose CXone Mpower to consolidate onto a single AI platform.

我們與美國領先的大學醫學中心之一簽署了一份七位數的 ACV 協議。在最大限度地提高 CX 營運的投資回報率和提升患者體驗的強烈承諾的推動下，他們選擇了 CXone Mpower 來整合到單一的 AI 平台上。

These are just a few examples of enterprises repeatedly choosing NICE because of CXone Mpower's ability to scale at unmatched levels, deliver proven AI innovation, eliminate complexity of fragmented multi-data solutions and provide seamless consumer experience across all channels. Other examples include seven digit ACV deals with a large furniture retailer, a well-known US regional bank and a leading health care outsourcer.

這些只是企業反覆選擇 NICE 的幾個例子，因為 CXone Mpower 具有無與倫比的擴展能力、提供成熟的 AI 創新、消除碎片化多數據解決方案的複雜性、以及在所有管道中提供無縫的消費者體驗。其他案例包括與大型家具零售商、知名的美國地區銀行以及領先的醫療保健外包商達成的七位數 ACV 交易。

I opened today's call discussing our proven leadership in AI and the immense growth opportunity in front of us. As I look to the future, the opportunity is clear, and let me explain why. Firstly, our market is growing. According to Gartner, by 2028 33% of enterprise software applications will include agentic AI, up from less than 1% in 2024. This bodes very well for NICE since one of the most impactful use cases for agentic AI is in customer service, where it's revolutionizing interactions and efficiency.

我在今天的電話會議上討論了我們在人工智慧領域公認的領導地位以及我們面臨的巨大成長機會。展望未來，機會顯而易見，讓我來解釋原因。首先，我們的市場正在成長。根據 Gartner 預測，到 2028 年，33% 的企業軟體應用程式將包含代理 AI，而 2024 年這一比例還不到 1%。這對 NICE 來說是個好兆頭，因為代理 AI 最有影響力的用例之一就是客戶服務，它正在徹底改變該領域的互動和效率。

We are at the forefront of this industry-wide transformation, uniquely positioned to drive and benefit from this shift. With our cutting-edge platform and seamless integration of both human and AI collaboration, we are setting the standard for the future of customer experience.

我們處於整個產業轉型的前沿，擁有獨特的優勢來推動這一轉變並從中受益。憑藉我們先進的平台以及人機協作的無縫集成，我們正在為未來的客戶體驗制定標準。

Secondly, alongside the tremendous market opportunity, NICE's unique strengths position us for unparalleled success. With our CX specialized AI, our industry-leading platforms and unwavering financial strength, we have all the assets needed to drive both organic and inorganic growth.

其次，除了巨大的市場機會之外，NICE 的獨特優勢也使我們獲得了無與倫比的成功。憑藉我們的 CX 專業 AI、我們行業領先的平台和堅定的財務實力，我們擁有推動有機和無機成長所需的所有資產。

Our proven profitability and rock solid balance sheet gives us the confidence to be bold, move fast, disrupt the status quo and think bigger than ever before. Now is the time to seize the moment and lead the future of CX with innovation and ambition.

我們已證明的盈利能力和堅如磐石的資產負債表使我們有信心大膽、快速行動、打破現狀並比以前有更大的想法。現在是抓住時機、以創新和雄心引領 CX 未來的時候了。

To capitalize on this market opportunity and leverage our strengths, we will unleash our market leadership by putting CXone Mpower in front of every organization possible to expand our market lead and set the benchmark for excellence.

為了利用這個市場機會並發揮我們的優勢，我們將透過將 CXone Mpower 放在每個可能的組織面前來釋放我們的市場領導地位，以擴大我們的市場領先地位並樹立卓越的標竿。

We will lead the CX AI revolution. Agentic AI is our super power, and we are embedding it in everything that we do, maximizing our innovation edge and reinforcing our position as the undisputed leader in AI-driven solutions.

我們將引領 CX AI 革命。Agentic AI 是我們的超能力，我們將其融入我們所做的每一件事中，最大限度地發揮我們的創新優勢，鞏固我們作為 AI 驅動解決方案無可爭議的領導者地位。

We will scale with a powerful ecosystem by aggressively expanding our strategic partnerships from technology partners to global systems integrators, turning collaboration into a force multiplier that accelerates growth and amplifies our impact worldwide.

我們將積極拓展策略夥伴關係，從技術合作夥伴到全球系統整合商，利用強大的生態系統實現擴大規模，將合作轉化為加速成長和擴大我們全球影響力的力量倍增器。

Finally, speed and precision matters. As you can see, we have the industry leadership, the AI assets and amazing market opportunity to capitalize on. We will move even faster with laser focus to win and invest for growth in 2025.

最後，速度和精度很重要。如您所見，我們擁有行業領導地位、人工智慧資產和令人驚嘆的市場機會。我們將更快速地集中精力贏得 2025 年的勝利並進行投資以實現成長。

The energy across NICE is undeniable, and we are all dedicated to driving our vision forward. We are finalizing our updated growth plan, and I'm looking forward to sharing more details with you in the near future. After 50 days as CEO, I'm even more excited about our potential and the journey ahead.

NICE 的活力是不可否認的，我們都致力於推動我們的願景向前發展。我們正在敲定更新後的成長計劃，我期待在不久的將來與您分享更多細節。在擔任執行長 50 天后，我對我們的潛力和未來之路感到更加興奮。

I will now turn the call over to Beth.

現在我將電話轉給貝絲。

Thank you, Scott. I'm proud to report a strong finish to the year with full year 2024 revenue exceeding the high end of our guidance range and EPS coming in at the high end. Our industry-leading cloud AI platforms and exceptional financial strength set us apart in the market. We deliver the ultimate trifecta profitable growth at scale, an iron clad balance sheet and best-in-class free cash flow generation.

謝謝你，斯科特。我很自豪地報告今年取得了強勁的成績，2024 年全年收入超過了我們預期範圍的高端，每股收益也達到了高端。我們業界領先的雲端 AI 平台和卓越的財務實力使我們在市場上脫穎而出。我們實現了規模化的獲利成長、穩固的資產負債表和一流的自由現金流產生。

Let me now share the details of our results that demonstrated this impressive performance. In Q4, our total revenue accelerated sequentially to 16% growth year over year on the largest revenue base in our market, and we generated a record $733 million in free cash flow for 2024, easily exceeding our $700 million target that we shared in June of last year.

現在讓我來分享一下體現這令人印象深刻的表現的結果細節。第四季度，我們的總收入在我們市場上最大的收入基數上環比增長 16%，並且我們在 2024 年創造了創紀錄的 7.33 億美元的自由現金流，輕鬆超過了我們去年 6 月設定的 7 億美元的目標。

Total revenue in Q4 was a record $722 million, increasing 16% year over year primarily driven by the strength of our cloud revenue and from strong product revenue performance in the financial crime segment. Our CXone Mpower platform is being rapidly adopted by our customers, and this success is reflected in our strong cloud revenue performance.

第四季的總營收達到創紀錄的 7.22 億美元，年增 16%，這主要得益於我們的雲端收入強勁以及金融犯罪領域強勁的產品收入表現。我們的 CXone Mpower 平台正被客戶迅速採用，這一成功反映在我們強勁的雲端收入表現上。

In the fourth quarter, we achieved a record $534 million in cloud revenue, delivering outstanding 24% year over year growth. Additionally, cloud revenue represented a record 74% of our total revenue. This milestone, combined with strong product revenue growth, showcases the exceptional fourth quarter performance of our business across all areas.

第四季度，我們的雲端運算收入達到了創紀錄的 5.34 億美元，年增 24%。此外，雲端收入占我們總收入的比例達到了創紀錄的 74%。這一里程碑，加上強勁的產品收入成長，展現了我們各個領域業務在第四季度的出色表現。

Our cloud revenue mix is increasingly shifting towards large enterprise customers who show a strong preference for our comprehensive suite of AI solutions on our cloud platform. We continue to see an increase in average deal size, reflecting the breadth of our portfolio, along with our strength and domain expertise in the large enterprise market.

我們的雲端收入結構正日益轉向大型企業客戶，這些客戶對我們雲端平台上全面的人工智慧解決方案套件表現出強烈的偏好。我們繼續看到平均交易規模的成長，這反映了我們投資組合的廣度，以及我們在大型企業市場的實力和領域專業知識。

As we highlighted last quarter, it's important to note that large enterprise cloud deals typically take longer to fully ramp up and be recognized in revenue. We may experience some short-term delays in revenue recognition, but this sets us up for stronger long-term growth and profitability from our loyal and sticky customer base.

正如我們上個季度所強調的那樣，值得注意的是，大型企業雲端交易通常需要更長的時間才能完全實現並確認為收入。我們可能會在收入確認方面遇到一些短期延遲，但這為我們從忠誠而黏性的客戶群中獲得更強勁的長期成長和獲利能力奠定了基礎。

Our services revenue continued to fuel our cloud revenue as our customers increasingly migrate to our cloud AI platforms. As anticipated, our services revenue, which is comprised primarily of maintenance, decreased year over year to $150 million with this ongoing transition of our large enterprise on-premise customers to the cloud.

隨著客戶越來越多地遷移到我們的雲端 AI 平台，我們的服務收入繼續推動我們的雲端收入。正如預期的那樣，隨著大型企業內部部署客戶不斷向雲端轉型，我們的服務收入（主要由維護組成）年減至 1.5 億美元。

Across all our business segments, our customers overwhelmingly prefer our cloud platforms, as demonstrated by our strong cloud revenue mix and robust pipelines. In the fourth quarter, in addition to our outstanding cloud growth, we also achieved excellent product revenue growth driven by the success of our on-premise solutions and our financial crime and compliance segment.

在我們所有的業務部門中，我們的客戶絕大多數更喜歡我們的雲端平台，這從我們強大的雲端收入組合和穩健的管道中可以看出。第四季度，除了我們出色的雲端運算成長之外，我們還實現了出色的產品收入成長，這得益於我們的內部部署解決方案和金融犯罪與合規部門的成功。

Product revenue, which represented 5% of total revenue in the quarter, grew 19% year over year as a result of several large FCC term deals. From a geographic breakdown, the Americas region, which represented 85% of total revenue in Q4, grew 17% year over year.

產品收入佔本季度總收入的 5%，由於幾項大型 FCC 定期交易，年增 19%。從地理分佈來看，美洲地區佔第四季總營收的 85%，較去年同期成長 17%。

The Americas region has continued to excel in both of our business segments and we are seeing great wins with new enterprise customers as well as expansion from within our large customer base. The EMEA region, which represented 10% of our total revenue, increased 11% year over year driven by strong cloud revenue growth.

美洲地區在我們的兩個業務領域繼續表現出色，我們在新企業客戶方面取得了巨大成功，並且在龐大的客戶群中實現了擴張。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，該地區年增 11%。

The APAC region, which represented 5% of our total revenue, delivered robust cloud revenue growth, which was partially offset by a decrease in the on-premise business, resulting in an increase of 4% year over year.

亞太地區占我們總收入的 5%，實現了強勁的雲端收入成長，但部分被內部部署業務的下降所抵消，導致同比增長 4%。

We are extremely pleased with the outstanding performance of our CX international business in 2024, achieving a record year in CXone Mpower new bookings and corresponding growth. Our exceptional performance is driving strong growth in our international cloud revenue with increasingly higher recurring revenue.

我們對 CX 國際業務在 2024 年的出色表現感到非常高興，CXone Mpower 新預訂量和相應增長創下了創紀錄的一年。我們出色的表現推動了我們的國際雲端收入強勁成長，經常性收入也不斷增加。

Our international cloud revenue from the combined EMEA and APAC regions now exceeds $230 million in ARR, and these two regions continue to represent excellent growth opportunities with impressive pipeline.

我們來自 EMEA 和 APAC 地區的國際雲端收入現已超過 2.3 億美元的 ARR，這兩個地區繼續代表著極好的成長機會和令人印象深刻的成長管道。

Turning to our business segments. We delivered strong results in both customer engagement and financial crime and compliance in the fourth quarter. Customer engagement revenues, which represented 83% of our total revenue in Q4, were a record $596 million, increasing 14% year over year as a result of a blend of much higher cloud revenue growth combined with the expected decline in our on-premise business.

轉向我們的業務部門。我們在第四季度的客戶參與度以及金融犯罪和合規性方面都取得了強勁的業績。客戶參與營收占我們第四季總營收的 83%，達到創紀錄的 5.96 億美元，年增 14%，這主要是由於雲端運算收入大幅成長與內部部署業務預期下滑共同作用的結果。

The growth in customer engagement was driven by the growth in our CXone Mpower platform. Revenues from financial crime and compliance, which represented 17% of our total revenue in Q4 and totaled a record $125 million, increased 24% year over year driven primarily by strong in quarter premise based sales. Additionally, we continue to see strong cloud revenue growth and increasing demand for and adoption of our Actimize cloud platforms.

客戶參與度的成長得益於我們 CXone Mpower 平台的成長。金融犯罪與合規收入占我們第四季總營收的 17%，總額達到創紀錄的 1.25 億美元，年增 24%，主要得益於季內銷售強勁成長。此外，我們繼續看到強勁的雲端收入成長以及對我們的 Actimize 雲端平台的需求和採用不斷增加。

Moving to profitability. Our cloud gross margin totaled an expected 70.6% in Q4 as we continue to strategically invest in international expansion and the scaling of our cloud business in the financial crime and compliance segment. These markets are still in the very early stages of cloud adoption, and while they present significant growth opportunities, the initial investments have led to a short-term impact on our margins.

走向盈利。由於我們繼續在國際擴張和金融犯罪與合規領域的雲端業務擴展方面進行策略性投資，我們的雲毛利率在第四季度達到預期的 70.6%。這些市場仍處於雲端運算採用的早期階段，雖然它們提供了巨大的成長機會，但初始投資已經對我們的利潤產生了短期影響。

Our top line outperformance carried through to our bottom line as evidenced by the strength of our operating income. Our operating income in Q4 increased 22% year over year to a record $227 million, and our healthy operating margin expanded 150 basis points year over year to 31.5%, the sixth consecutive quarter over 30%.

我們的營業收入強勁，這反映了我們的營收優異表現。我們第四季的營業收入年增 22%，達到創紀錄的 2.27 億美元，我們的健康營業利潤率年增 150 個基點至 31.5%，連續六個季度超過 30%。

I'm excited to share that we achieved both our annual operating income target of $850 million for the full year 2024 and our operating margin target of over 31%.

我很高興地告訴大家，我們實現了 2024 年全年 8.5 億美元的年度營業收入目標和超過 31% 的營業利潤率目標。

Given our strong profitability performance in the quarter, combined with the smart management of our investment portfolio, earnings per share for the fourth quarter were $3.02, an impressive 28% increase compared to Q4 last year.

鑑於我們本季強勁的獲利表現，加上我們投資組合的明智管理，第四季度每股收益為 3.02 美元，與去年第四季相比成長了 28%。

Cash flow from operations in Q4 was $250 million, an increase of 38% year over year. For the full year 2024, we have generated free cash flow of $733 million, surpassing our free cash flow target of $700 million set out in Q2, yielding an exceptional free cash flow margin of 27%, a level unrivaled in our industry.

第四季經營現金流為2.5億美元，較去年成長38%。2024 年全年，我們產生的自由現金流為 7.33 億美元，超過了第二季度設定的 7 億美元的自由現金流目標，並實現了 27% 的卓越自由現金流利潤率，這一水平在我們行業中無與倫比。

Our financial strength provides us with a powerful tailwind to see the opportunity in front of us. Further, our positive and growing free cash flow enables us to reinvest in our future growth, acquire strategic assets rapidly and reward our shareholders with our expanded buyback program, all while maintaining our rock solid financial foundation.

我們的財務實力為我們提供了強大的順風，讓我們看到眼前的機會。此外，我們不斷成長的正自由現金流使我們能夠對未來成長進行再投資，迅速收購策略性資產，並透過擴大的回購計畫回報股東，同時保持我們堅如磐石的財務基礎。

In Q4, we repurchased shares totaling $95 million and $369 million for the full year 2024, an increase of 28% year over year. We will continue executing our current $500 million share repurchase program throughout this year.

第四季度，我們回購了價值 9,500 萬美元的股票，2024 年全年回購價值 3.69 億美元，年增 28%。我們將在今年繼續執行目前的 5 億美元股票回購計畫。

Total cash and investments at the end of December totaled $1,622 million. Our debt stands at $450 million, resulting in net cash and investments of $1.2 billion. Our debt matures in mid-September of this year. At this time, our expectation is to repay the debt on maturity. Therefore, we expect less investment income to be generated in the second half of 2025.

截至 12 月底，現金和投資總額為 16.22 億美元。我們的債務為 4.5 億美元，淨現金和投資為 12 億美元。我們的債務將於今年九月中旬到期。此時，我們的預期是到期償還債務。因此，我們預計 2025 年下半年的投資收益將減少。

Before we turn to guidance, I'd like to connect how our plans to invest for growth translates into financial expectations for this year. As Scott shared, we have a tremendous growth opportunity ahead of us. In 2025, we will continue to invest in expanding our AI innovation and cloud platform capabilities while further broadening our ecosystem.

在我們談到指導之前，我想先談談我們的成長投資計畫如何轉化為今年的財務預期。正如斯科特所說，我們面臨著巨大的成長機會。2025年，我們將持續投入擴大我們的AI創新和雲端平台能力，同時進一步拓寬我們的生態系統。

As a result, we expect our strong cloud gross margin to remain flattish in the near term and we expect a modest 50 basis point expansion in our operating margin in 2025. The underlying financial strength of our business provides us with great flexibility and these shifts to advance investment into our business are expected to be achieved while delivering leverage in our model, resulting in a double-digit growth expectation in EPS.

因此，我們預計強勁的雲毛利率將在短期內保持平穩，我們預計 2025 年我們的營業利潤率將小幅擴大 50 個基點。我們業務的潛在財務實力為我們提供了極大的靈活性，這些對我們業務的投資轉變有望實現，同時在我們的模型中發揮槓桿作用，從而實現每股收益的兩位數增長預期。

Now I'll close with our total revenue and non-GAAP EPS guidance for the first quarter and full year 2025. For the first quarter of 2025, we expect total revenue to be in the range of $693 million to $703 million, representing 6% year over year growth at the midpoint.

現在，我將以我們的 2025 年第一季和全年總收入和非 GAAP EPS 指引作為結束。對於 2025 年第一季度，我們預計總營收在 6.93 億美元至 7.03 億美元之間，中位數為年增 6%。

We expect the first quarter 2025 fully diluted earnings per share to be in a range of $2.78 to $2.88, representing 10% year over year growth at the midpoint. Full year 2025 total revenue is expected to be in a range of $2,918 million to $2,938 million, which represents an increase of 7% at the midpoint. Our full year 2025 cloud revenue is expected to increase 12% year over year.

我們預計 2025 年第一季每股完全攤薄收益將在 2.78 美元至 2.88 美元之間，中位數年增 10%。預計 2025 年全年總營收在 29.18 億美元至 29.38 億美元之間，中間值成長 7%。我們預計 2025 年全年雲端收入將年增 12%。

We expect our effective tax rate throughout 2025 to be in the range of 19% to 20%. Full year 2025 fully diluted earnings per share is expected to be in a range of $12.13 to $12.33, which represents an increase of 10% at the midpoint.

我們預計 2025 年全年的有效稅率將在 19% 至 20% 之間。預計 2025 年全年每股完全攤薄收益在 12.13 美元至 12.33 美元之間，中間值成長 10%。

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來回答問題。操作員？

(Operator Instructions)

（操作員指令）

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Great. Thanks. Can you just maybe give a little bit of background into what went into the consideration of the cloud growth rate? And just if there's any way to differentiate either what LiveVox becoming organic, is this a headwind, would just be helpful. Thanks.

偉大的。謝謝。能否簡單介紹一下考慮雲端成長率的背景？如果有任何方法可以區分 LiveVox 是否變得有機，這是否是一種逆風，這將很有幫助。謝謝。

Sure. So first of all, thank you for the question. I do want to reiterate, as I spoke earlier and as Beth spoke, we are very positive about the market. And NICE is uniquely positioned to seize on that opportunity. We're providing a prudent guidance at this time of year and we'll continue to monitor as the year progresses.

當然。首先感謝您的提問。我確實想重申，正如我之前所說以及貝絲所說的，我們對市場非常樂觀。而 NICE 擁有獨特的優勢來抓住這個機會。我們每年這個時候都會提供審慎的指導，並且會隨著時間的推移繼續監控。

As I stepped into the leadership of NICE, it is also my desire to increase the transparency for our investors. Beth and I are looking at the best ways to enhance our financial disclosures and I look forward to sharing more details, as I mentioned earlier. But maybe, Beth, if you can share more detail on those expectations.

當我擔任 NICE 領導層時，我也希望提高我們投資者的透明度。正如我之前提到的，貝絲和我正在尋找加強財務揭露的最佳方法，我期待分享更多細節。但是，貝絲，也許你能夠分享更多關於這些期望的細節。

Of course, yeah. And thank you, Scott. And thanks for the question, Meta. So let me address your question a bit more and try to also help bridge from where our performance has been in the last quarter as well as full year 2024 to what we're guiding for the current year. First, I would start off by saying we're very pleased.

當然，是的。謝謝你，斯科特。感謝 Meta 提出這個問題。因此，讓我進一步回答您的問題，並嘗試幫助您將上個季度以及 2024 年全年的業績與我們對今年的預期聯繫起來。首先，我要說的是，我們非常高興。

We had a tremendous fourth quarter and full year in the cloud last year. So we're quite proud of the accomplishment we just stepped away from. As we step into 2025, Scott highlighted, first of all, that it is still early in the year. And so of course, we are considering prudence at this point in the year.

去年我們在雲端運算領域的第四季和全年表現十分出色。因此，我們對剛剛取得的成就感到非常自豪。當我們邁入 2025 年時，史考特首先強調，現在還處於年初階段。因此，當然，我們在今年這個時候正在考慮謹慎的做法。

There are several factors that we have taken into consideration as we've set this guidance. I think, first of all, even going into last quarter, we had highlighted that we expected and we were seeing some positive seasonality in the fourth quarter, which played out.

在製定此指導時我們考慮了幾個因素。我認為，首先，即使進入上個季度，我們就已經強調了我們的預期，並且我們看到第四季度出現了一些積極的季節性現象。

But certainly, seasonality is not something that you can always be confident around. And so we have taken that into consideration and have not assumed that we will have the same level of seasonality in the back half of this year given that it's still early in the year.

但可以肯定的是，季節性並不是你總是可以放心的。因此，我們已經考慮到了這一點，考慮到今年還處於初期，我們不會假設今年下半年會出現相同的季節性水準。

The second thing that I would call out and that Scott also highlighted in his remarks earlier today is that we do know that we are seeing more and more large enterprise deals, and these deals are taking us longer to deploy.

我要指出的第二件事，也是史考特在今天早些時候的演講中強調的，那就是我們確實知道我們看到越來越多的大型企業交易，而這些交易需要更長的時間來部署。

In the fourth quarter, we actually saw an improvement in the deployment time. But of course, it's something that we're continuing to be focused on and need to be confident that, that will be a recurring event.

在第四季度，我們實際上看到部署時間有所改善。但當然，這是我們將繼續關注的事情，並且需要相信，這將是一個重複的事件。

And then you mentioned LiveVox as well. So I think if we look back to last year, we had given some indication of what our expectations were for LiveVox, which they met and actually outperformed slightly as we looked in the end of the year.

然後您也提到了 LiveVox。因此，我認為，如果我們回顧去年，我們已經對 LiveVox 的期望做出了一些說明，正如我們在年底所看到的，他們達到了我們的期望，而且實際上表現得略好一些。

But to your point, we've known that the LiveVox growth rate does come with a bit of headwind. And of course, we are -- have that factored into the guidance as well. So I would say all of those are a combination of things that were considered as we thought about the guidance of the 12% on cloud for this year.

但正如您所說，我們知道 LiveVox 的成長率確實面臨一些阻力。當然，我們也已將此因素納入考慮了。所以我想說，所有這些都是我們在考慮今年雲端運算 12% 的指導方針時考慮的因素。

Great. I'll pass it on. Thanks.

偉大的。我會傳達的。謝謝。

Samad Samana, Jefferies.

薩馬納（Samad Samana），傑富瑞（Jefferies）。

Hi, good morning. Thanks for taking my question. Scott, welcome. Congrats on the new role. Maybe we'll start with just a big picture question. I understand more large enterprises adopting CXone, more full platform deals. I will say you guys have had a pretty strong pipeline for most of 2024.

嗨，早安。感謝您回答我的問題。斯科特，歡迎光臨。恭喜你獲得新職位。也許我們應該從一個大問題開始。我了解到越來越多的大型企業採用 CXone，並且有越來越多的全平台交易。我想說的是，你們在 2024 年的大部分時間裡都有相當強大的管道。

Just help us understand when the phenomenon that started delaying the rev rec started, and could that trend reverse? Are you baking that in as the baseline going forward? I guess what I'm trying to understand is, is there risk if enterprises further delay go lives or if they change the size and scope of deals? Just help us understand how much conservatism is baked into that.

只是幫助我們了解延遲轉速記錄的現像是從什麼時候開始的，以及這種趨勢是否會逆轉？您是否會將此作為今後的基礎？我想了解的是，如果企業進一步延後上線或改變交易規模和範圍，是否有風險？只是幫助我們理解其中有多少保守主義成分。

So first of all, thank you for the welcome, and thank you for the question. Let me start by saying I've got a lot of experience in large enterprise, large transformation, large scale deals in my past experience. And the one thing I know is that as you increase the capability that the solutions offer, that often results in the short term longer lead times in being able to deploy, to be able to take advantage, to be able to use the adoption and ultimately for our customers to benefit.

首先，感謝您的歡迎，也感謝您的提問。首先我要說的是，我過去在大型企業、大型轉型、大型交易方面擁有豐富的經驗。我知道的一件事是，隨著解決方案所提供的功能的增強，通常會導致短期內部署的準備時間更長，從而能夠利用、能夠採用，並最終使我們的客戶受益。

We all know the benefits of the AI capability of CXone Mpower. And as you rightly point out, the majority of our large deals are all with the embedded AI capability that CXone Mpower brings. But what it also means is that our customers are figuring out how to best exploit that capability, expand and deploy and use it in the most effective ways with us.

我們都知道 CXone Mpower 的 AI 功能帶來的好處。正如您正確指出的那樣，我們的大多數大型交易都與 CXone Mpower 帶來的嵌入式 AI 功能有關。但這也意味著我們的客戶正在想辦法最好地利用這種能力，並與我們一起以最有效的方式擴展、部署和使用它。

So I see a short-term opportunity to be able to accelerate that. There's no doubt that in 2024, the team here have already worked on ways to accelerate the ability to time the revenue from when we sign these deals to when they're able to utilize the value. That will continue. We will look at further ways to be able to accelerate it.

因此，我看到了一個能夠加速這一進程的短期機會。毫無疑問，在 2024 年，這裡的團隊已經開始研究如何加速從我們簽署這些交易到他們能夠利用價值的過程中的收入計時能力。這一趨勢將會持續下去。我們將尋找進一步的方法來加速這一進程。

But we also recognize the potential of an AI platform is exciting, and it means that you need to be constantly focused on the customers' outcome, delivering the excellence that they need, delivering the customer service efficiency that they are expecting but also delighting the consumer experience.

但我們也意​​識到人工智慧平台的潛力是令人興奮的，這意味著你需要始終關注客戶的結果，提供他們所需的卓越服務，提供他們期望的客戶服務效率，同時也取悅消費者體驗。

And I think sometimes that's underappreciated because ultimately agentic AI, together with our human agents, will make the consumer experience even more effective and businesses are sharp about this. They want to make sure that when they're deploying this, that it's going to work, it's going to scale, it's going to work in real-time. And so they're considered in that with partnership with us.

我認為有時這一點被低估了，因為最終代理人工智慧與我們的人類代理一起將使消費者體驗更加有效，企業對此非常敏銳。他們希望確保在部署時，它能夠正常工作、能夠擴展、能夠即時工作。因此他們考慮與我們合作。

So I see a short-term effect on the concern around the deployment. We will get better, we will get faster, we will get more agile as we do that, as we scale this business. And the good news is our customers will then get the benefit from that. And I'm not sure if Beth is there anything to add.

因此，我認為這對部署問題的擔憂會產生短期影響。隨著我們業務的擴大，我們會變得更好，更快，更敏捷。好消息是我們的客戶將從中受益。我不知道貝絲是否還有什麼要補充。

Yeah. No, I wouldn't add much. I think you've described it quite well, Scott. And the only other thing, bringing it kind of back more to where we've been with it, I think, Samad, you've heard us announce each and every quarter probably more and more large seven digit ACV deals.

是的。不，我不會添加太多。我認為你描述得很好，斯科特。而唯一的另一件事，讓我們回到剛才的話題，我想，薩馬德，你已經聽到我們每個季度都宣布越來越多的七位數 ACV 交易。

And so it's kind of been a -- we're succeeding in that part of the market, and therefore, we're having more of those deals that need to be deployed at the same time.

所以這有點像是——我們在該部分市場取得了成功，因此，我們有更多需要同時部署的交易。

So as Scott said, we're understanding challenges, we're certainly focused on broadening our capacity in terms of our deployment partners and our ecosystem. And so we will tackle that, but it is something that we're not yet over. And so of course, again, we have taken that into consideration as we look to the full year. And of course, we will continue to provide updates as we show improvement throughout the year.

正如斯科特所說，我們了解挑戰，我們當然專注於擴大我們的部署合作夥伴和生態系統的能力。因此，我們會解決這個問題，但這個問題尚未解決。當然，我們在展望全年時再次考慮到了這一點。當然，隨著我們全年取得進步，我們將繼續提供更新資訊。

Understood. And maybe just a follow-up on the 1Q guide. If I think about the midpoint, it implies a modest decline quarter over quarter. The last time you guys had a quarter over quarter decline was in March '20, if I'm looking correctly, So just what's changing there? I know you mentioned some of the seasonality in the prior question as well.

明白了。或許只是對第一季指南的後續。如果我考慮中點，則表示季度環比出現小幅下降。如果我沒記錯的話，你們上次出現季度環比下滑是在2020年3月，那麼那裡到底發生了什麼變化？我知道您在前面的問題中也提到了一些季節性因素。

But can you just help us think about maybe within the different line items, is there something in particular that's driving that quarter over quarter decline that's been atypical in recent years? Just help us contextualize that first quarter guidance.

但是，您能否幫助我們思考一下，在不同的專案中，是否有某些特定因素導致了近年來非典型的季度環比下滑？只需幫助我們了解第一季的指導內容即可。

Yeah, sure. And it's exactly what you highlighted, which is it's predominantly seasonality. We had some very healthy seasonality that we just came off of in the fourth quarter. When we looked across our verticals, we know our retail customers had strong usage that we saw uptick in the fourth quarter. And some of that is quite seasonal.

是的，當然。這正是您所強調的，即它主要是季節性。我們的第四季剛剛經歷了一段非常健康的季節性。當我們縱觀我們的垂直行業時，我們知道我們的零售客戶的使用率很高，並且在第四季度出現了上升趨勢。其中一些是相當季節性的。

It's in the retail sector. It's in some of the health care sector, especially with benefits renewals and things like that. So we are again taking that into consideration. We don't want to be overly assertive with an expectation around seasonality. And so that is baked into the expectation in the first quarter.

它屬於零售領域。它涉及一些醫療保健領域，特別是福利更新和類似的事情。因此我們再次考慮到這一點。我們不想對季節性抱持過度的期望。這與第一季的預期相符。

Siti Panigrahi, Mizuho Securities.

Siti Panigrahi，瑞穗證券。

Thank you. And Scott, congratulations on your role as CEO and look forward to working with you. I have a big picture question. We certainly agree that AI is a massive opportunity. How do you view in this like changing environment right now about investing more to capture this market at this point versus driving profitability?

謝謝。斯科特，祝賀您擔任首席執行官，並期待與您合作。我有一個大問題。我們確實同意人工智慧是一個巨大的機會。在目前這種不斷變化的環境下，您如何看待加大投資以佔領市場與提高獲利能力之間的矛盾？

Thank you, Siti, and look forward to working with you also. Look, I think there's a few variables to consider. The one is we in the industry, we're living with AI as though it's been for decades and generations, whereas the reality is agentic AI and the capabilities and what the potential it brings, it's still very much in exploration mode. It's in exploration mode from our customers but also from the providers in the market.

謝謝你，Siti，我也期待與你合作。看，我認為有幾個變數需要考慮。一方面，我們身處產業，與人工智慧共存，彷彿它已經存在了幾十年、幾代人，而現實是，代理人工智慧以及它帶來的能力和潛力，仍然處於探索模式。這是我們客戶的探索模式，也是市場供應商的探索模式。

And so that gives me immense confidence that when you think about customer service and you think about the needs of customer service, there's two critical things that we're trying to provide for.

因此，這給了我極大的信心，當你考慮到客戶服務並考慮客戶服務的需求時，我們會努力提供兩件關鍵的事情。

One is delight the consumer. They want to interact with a single platform, no matter what channel they use, no matter how they interact, no matter -- and they want it real-time. I really want to highlight this real-time matters. Some of the agentic AI and the AI applications out there in the enterprise plays are very much on a systems of record basis. We don't live in that world.

一是取悅消費者。他們希望與單一平台互動，無論他們使用什麼管道，無論他們如何互動，無論——他們都希望即時互動。我確實想強調這個即時問題。企業中的一些代理人工智慧和人工智慧應用在很大程度上是基於記錄系統運行的。我們並不生活在那個世界。

We live in the real-time world. And when a consumer interacts with our platform, it's got to work. And so our focus is making sure that, that's seamless. It's responsive with speed. They're able to get fulfilment with speed.

我們生活在即時的世界。當消費者與我們的平台互動時，它就必須發揮作用。因此，我們的重點是確保無縫銜接。其反應速度極快。他們能夠快速獲得滿足。

And we see the AI capability, combined with our existing strengths, our voice and workforce management as well as our digital and analytical stack being the prerequisites to be able to take advantage of the agentic AI possibility, because you then can have a real-time experience fulfilling the customers need in a seamless and a synchronous asynchronous way.

我們認為，人工智慧能力與我們現有的優勢、語音和勞動力管理以及數位和分析堆疊相結合，是利用代理人工智慧可能性的先決條件，因為這樣您就可以獲得即時體驗，以無縫和同步異步的方式滿足客戶的需求。

So the first is we're looking at it very much on investment of how we can make that consumer experience the most positive, the most benefit, and they're fulfilled at speed. The second is when you look at then the orchestration and the fulfilment of it, there's a lot of different data points.

因此，首先，我們非常重視投資，如何讓消費者獲得最積極的體驗和最大的利益，並讓他們快速得到滿足。第二，當你觀察它的編排和執行情況時，會發現很多不同的數據點。

And so we want to be the centerpiece of how we fulfil the consumers need and automate that drive efficiency so you can rely more on AI, less on human agent. But it's not going to be a replacement completely, it's the interaction between and then a deeper fulfilment through the back office. And that's where partnerships and when I think about our ability to be able to deliver that, we will deliver at the front ourselves.

因此，我們希望成為滿足消費者需求的核心，並實現自動化，提高效率，以便您可以更多地依賴人工智慧，而不是人工代理。但它不會完全取代傳統部門，而是透過後台辦公室之間的互動以及更深層的滿足。這就是合作關係，當我想到我們能夠實現這一目標的能力時，我們自己就會走在前面。

But we will obviously work with the technology partners, which I highlighted earlier, to be able to ensure that the customer gets the end outcome, which gets our innovation together with our partners to fulfil the best response.

但我們顯然會與我之前強調過的技術合作夥伴合作，以確保客戶獲得最終結果，這將使我們的創新與合作夥伴一起實現最佳回應。

The last but not least -- sorry, if I just finish it out. The last thing that I would say is this. Agenetic AI or the AI platform is not new for NICE. I actually joined and I spent a lot of time researching the capability that we have.

最後但同樣重要的一點是——如果我就此結束的話，請原諒。我最後要說的是這個。Agenetic AI 或 AI 平台對 NICE 來說並不是什麼新鮮事。我確實加入了並且花了很多時間研究我們的能力。

We've got a proven platform already, and we've been investing in it for many years, credit to Barak and the team. So we're not starting from zero. We're starting from a mature platform already. Now yes, there's more to do and we want to invest further, but we can invest in profitable growth.

我們已經擁有一個經過驗證的平台，我們已經對它投資了很多年，這要歸功於巴拉克和他的團隊。因此我們並不是從零開始。我們已經從一個成熟的平台開始。是的，現在還有很多事情要做，我們也想進一步投資，但我們可以投資於獲利性成長。

That's super helpful. And Scott, as you bring a lot of experience, enterprise and go-to-market, how are you thinking about the changes you're going to bring here in the go-to-market side? And specifically on the partnership side, what changes you can see? And especially, if you can talk about some of the partners now, and turning into competitor, how are you going to address those.

這非常有幫助。史考特，您帶來了豐富的經驗、企業和行銷經驗，您如何看待在行銷方面將帶來的改變？具體在合作方面，您看到什麼改變？特別是，如果您可以談談現在的一些合作夥伴，以及他們如何變成競爭對手，您將如何解決這些問題。

So thank you for the question. And look, I do have a lot of experience. I've got a lot of experience in my background being able to take a strong asset, being able to leverage partnerships together with a really, really strong go-to-market capability and being able to turn that into value for customers and growth for the company.

感謝您的提問。你看，我確實有很多經驗。我擁有豐富的經驗，能夠利用強大的資產，能夠利用合作夥伴關係以及非常強大的市場進入能力，並將其轉化為客戶價值和公司成長。

And we will do that here. To answer your question explicitly, there's no doubt that systems integrators, technology partners, and I would also highlight strategic advisors, they're a force multiplier when you partner well.

我們將在這裡這樣做。明確回答您的問題，毫無疑問，系統整合商、技術合作夥伴，以及我還要強調的策略顧問，當您與合作夥伴建立良好的關係時，他們就會成為力量倍增器。

So strategic partnerships is the word that I would like to highlight. It's not partnerships with everyone because we already partner really well today. It's really zeroing in on the strategic partnerships that we'll be able to expand the end to end value proposition for our customer to be able to give them the best outcome.

因此，我想強調的是戰略夥伴關係這個詞。我們並非與所有人建立合作關係，因為我們今天已經建立了非常好的合作關係。這實際上集中在策略夥伴關係，我們將能夠為客戶擴展端到端的價值主張，以便能夠為他們提供最好的結果。

And that means the reach of global systems integrators is important because they have the expertise, the industry domain around the world. It means technology partnerships because we know what we're really strong at, but we also know who we need to work with to be able to give end to end solution for our customers.

這意味著全球系統整合商的影響力很重要，因為他們擁有專業知識和遍布全球的行業領域。這意味著技術合作夥伴關係，因為我們知道我們真正的優勢是什麼，但我們也知道我們需要與誰合作才能為我們的客戶提供端到端的解決方案。

And the advisory is more about what are the trends, what's coming and how do we then take advantage of that to give more value to our customers? So you can expect a lot of emphasis around strategic partnerships in the short term because I do see it as a real opportunity for us to expand our reach and deliver to a wider customer base than even we do today.

而諮詢更多的是關於趨勢是什麼、會發生什麼以及我們如何利用這些來為我們的客戶提供更多價值？因此，你可以預期短期內我們會非常重視策略夥伴關係，因為我確實認為這是我們擴大影響力並涵蓋比現在更廣泛的客戶群的真正機會。

Rishi Jaluria, RBC Capital Markets.

Rishi Jaluria，加拿大皇家銀行資本市場。

All right. Wonderful. Scott, looking forward to working with you in the new role. Maybe two for me. First, I want to start by thinking about just kind of CXone bookings. What have you been seeing? I know there's been a little bit of discussion about kind of ramp rev rec.

好的。精彩的。斯科特，期待在新的職位上與您合作。對我來說也許有兩個。首先，我想先考慮一下 CXone 的預訂。你看到了什麼？我知道已經有一些關於 ramp rev rec 的討論。

But in prior quarters, you've talked about record CXone bookings. To my knowledge, I didn't hear that comment again on the prepared remarks. Maybe can you just give us a color in terms of what you're seeing in terms of overall CXone bookings. And then I've got a follow-up.

但在前幾個季度，您曾談到創紀錄的 CXone 預訂量。據我所知，我沒有在準備好的演講中再次聽到該評論。您能否就 CXone 整體預訂情況提供給我們具體情況？然後我有一個後續行動。

So first of all, Rishi, great to connect, and thank you for the question. So as you rightly point out, CXone, and I mentioned in today's call a number of seven digit ACV CXone Mpower deals. The majority of our large deals, as I talked about, the $1 million ARR plus, are embedded with CXone Mpower.

首先，Rishi，很高興與你聯繫，謝謝你的提問。正如您正確指出的那樣，CXone，我在今天的電話會議中提到了一些七位數的 ACV CXone Mpower 交易。正如我所說，我們的大多數大額交易，即 100 萬美元以上的 ARR，都嵌入了 CXone Mpower。

So the growth and the expansion of the platform that not only includes AI, by the way, it includes core capabilities to be able to provide the contact center, the customer service at scale for our customers. And that is growing. And that was reflected, I believe, in 2024, where we've mentioned several times about strong bookings performance and growth in that area.

因此，平台的成長和擴展不僅包括人工智慧，還包括核心功能，能夠為我們的客戶提供聯絡中心和大規模客戶服務。而且這數字還在增加。我相信，這一點將在 2024 年得到體現，我們曾多次提到該領域強勁的預訂表現和成長。

My expectation is we continue on that trend. And I see obviously the potential for even further expansion, and look forward to sharing those details as the year progresses, how we exploit the opportunity and drive that into not only bookings growth but ultimately turn into revenue growth as we look to the future. Beth, is there anything to add on the guidance?

我的期望是我們能夠繼續保持這一趨勢。我顯然看到了進一步擴張的潛力，並期待在今年內分享這些細節，我們如何利用這個機會，不僅推動預訂量成長，而且最終轉化為未來的收入成長。貝絲，關於指導還有什麼需要補充的嗎？

No. I think that you've highlighted the strength that we saw, and we've talked and as I highlighted earlier, many quarters about the number of large enterprise deals we're winning as well as tremendous year in international with record growth there and the record largest international deal that we announced in the second quarter of last year.

不。我認為您已經強調了我們所看到的優勢，正如我之前強調的那樣，我們已經談論過很多季度，我們贏得的大型企業交易數量，以及國際業務創紀錄的增長以及我們在去年第二季度宣布的創紀錄的最大國際交易。

All right. Wonderful. And then, Beth on your prepared remarks, you talked about cloud gross margins being relatively flat in 2025. Is -- maybe what are you contemplating in terms of the impact of GenAI? Because we all know these GenAI workloads can be really compute and resource intensive.

好的。精彩的。然後，Beth，在您準備好的發言中，您談到了 2025 年雲端運算的毛利率將相對持平。是的——也許您正在考慮 GenAI 的影響是什麼？因為我們都知道這些 GenAI 工作負載確實需要大量運算和資源。

And so if you are landing all these large deals with AI, what sort of impact is that having on your overall cloud gross margins this year and maybe even in the medium term? As we think about uptake of AI, what should we be thinking about that impact there on gross margins? Thanks.

那麼，如果您與 AI 達成了所有這些大型交易，這會對您今年乃至中期的整體雲端運算毛利率產生什麼樣的影響？當我們考慮人工智慧的採用時，我們應該考慮它對毛利率的影響嗎？謝謝。

Yeah, sure. Let me first explain a bit more about my comment around flattish gross margins this year. And I would say you've seen a little bit of that playing out in 2024 as well. This was less related to AI and more about our investments that we've talked about, both internationally on the CXone Mpower power platforms as well as in the FCC business where they're still less mature.

是的，當然。首先，讓我進一步解釋一下我對今年毛利率持平的評論。我想說，你在 2024 年也已經看到了一些這樣的情況。這與人工智慧關係不大，而與我們談到的投資關係更大，包括國際上對 CXone Mpower 電源平台的投資以及在尚不成熟的 FCC 業務的投資。

We have some fixed and we're still scaling and ramping up the customers and the revenue on the other side of that. So that's really the nature of my remarks as it pertains to really the more current year.

我們已經解決了一些問題，並且仍在擴大規模並增加客戶和收入。所以這實際上就是我的言論的本質，因為它實際上與當前的情況有關。

As we look forward, however, we all are seeing that AI is becoming more cost effective as well as compute specifically. And so we expect that to play out in our margins. Regardless of the flattish tone for the current year, that is due to investment, and we certainly remain highly confident in our ability to scale to continually to expand our cloud gross margin. And of course, the cost of compute in AI specifically will help us drive that even at a greater clip.

然而，展望未來，我們都將看到人工智慧正變得更具成本效益，並且運算能力更強。因此我們預計這將在我們的利潤中發揮作用。無論今年的基調如何平淡，那都是由於投資所致，而且我們對我們的擴展能力以及持續提高雲端業務毛利率的能力仍然充滿信心。當然，人工智慧的運算成本將幫助我們以更快的速度推動這項進程。

Tyler Radke, Citi.

花旗銀行的泰勒拉德克（Tyler Radke）。

Hi, this is Kylie on for Tyler. Thanks for taking the questions. You all saw a good product beat this quarter. Can you talk about why customers may be choosing to stay on-premise for longer? And what are your embedded assumptions around conversions and migrations for 2025? And how does that compare with '24?Thanks. And I have one follow-up.

大家好，我是 Kylie，代替 Tyler。感謝您回答這些問題。大家都看到了本季的好產品表現。您能談談為什麼客戶可能選擇在現場停留更長時間嗎？您對 2025 年的轉換和遷移有何假設？那和 24 年相比怎麼樣？謝謝。我還有一個後續問題。

Yeah. Thanks, Kylie. I'll start with that. I think with respect to product, if you looked on our performance in 2024 and notably in the fourth quarter as well, what we're seeing is that there are certain segments in our business which tend to be financial crime and compliance and sometimes our international regions where cloud is in its more early stages of adoption by customers and either as a result of the newness of the cloud into those segments as well as sometimes customers simply prefer to deploy our premise software in their own environment. Sometimes it's a cultural thing.

是的。謝謝，凱莉。我先從那裡開始。我認為就產品而言，如果您查看我們 2024 年的業績，尤其是第四季度的業績，我們會發現我們業務中的某些細分市場往往是金融犯罪和合規性，有時在我們的國際地區，雲還處於客戶採用的早期階段，這要么是由於雲在這些細分市場中的新穎性，要么是客戶有時只是更喜歡在本地的環境中部署我們的軟體。有時這是一種文化現象。

I think with FCC and particularly we see that more so, certainly, than the CXone Mpower business where we have very few premise deployments at this stage, and again occasionally internationally. But we see that more so in the FCC business.

我認為，對於 FCC 來說，尤其是對於 CXone Mpower 業務，我們更是如此，因為在現階段，我們在 CXone Mpower 業務中的現場部署非常少，而且偶爾也會在國際上部署。但我們在FCC業務中看到的情況更是如此。

And again, it tends to be a cultural approach to financial institutions where they have a history of managing the software within their own data centers and their own environments. In general, it still tends to be not the norm.

而且，對於金融機構來說，這往往是一種文化方法，他們有在自己的資料中心和自己的環境中管理軟體的歷史。整體來說，它仍然趨向於不常態。

If we look at the pipeline across all of our businesses, including financial crime and compliance, they are still cloud-centric. That is still the way that we are predominantly going to market and incenting our sales and our customers. But we do see those from time to time. And again, that is what we experienced in the fourth quarter.

如果我們審視所有業務（包括金融犯罪和合規業務）的管道，它們仍然以雲端為中心。這仍然是我們進入市場並刺激銷售和客戶的主要方式。但我們確實時不時會看到這些情況。這正是我們在第四季所經歷的。

I will add that as it relates to guidance and our expectation around that, in general, we are a cloud first company. And so as we have considered what that means into our guidance for next year, we have assumed that our business continues to increase on the cloud and that in relation to that, the premise business continues to decline.

我要補充一點，因為它與指導和我們的期望有關，總的來說，我們是一家雲端優先公司。因此，當我們考慮到這對我們明年的指導意味著什麼時，我們假設我們的業務在雲端繼續成長，而與此相關的是，前提業務繼續下滑。

In terms of the pace of that transition, as you've asked, we expect the pace in 2025 to be more or less the same and assumed in the guidance. However, we -- Scott and I both see that as a wonderful opportunity for us to actually accelerate that. And Scott, I'll let you talk about that more.

至於轉變的速度，正如您所問的，我們預計 2025 年的速度將與指導意見中假設的速度大致相同。然而，我們——斯科特和我都認為這是一個讓我們真正加速這一進程的絕佳機會。史考特，我讓你進一步談論這個問題。

Yeah. Thanks, Beth. So I think just to reiterate, so our guidance has assumed a consistency from what we've had in the past. But I do want to highlight, and I guess again I have a lot of real experience this at scale, not only do we want to accelerate time to revenue from our point of view, but it's time to value for our customers. And so there is going to be a great emphasis on that transition path.

是的。謝謝，貝絲。因此，我認為只是重申一下，我們的指導與過去的指導保持一致。但我確實想強調的是，我想我在這方面有很多實際經驗，從我們的角度來看，我們不僅希望加快實現收入的時間，而且還希望為我們的客戶創造價值。因此，我們將非常重視這條過渡路徑。

They are loyal, long-term existing customer of ours, whether it be on the CX side or on the FCC side. But either way, they do actually want to exploit the benefits of the cloud and AI. It's more to how to get there that is the critical point.

他們是我們忠誠的長期現有客戶，無論是 CX 還是 FCC。但無論如何，他們確實希望利用雲端和人工智慧的優勢。如何到達那裡才是關鍵。

And so we're going to be putting more emphasis on how to transition, do so cost effectively in a risk managed way, in a way that they can get the benefits but not introduce concerns or risks within that will then give us the potential upside that we all see, and Beth and I are obviously very excited about.

因此，我們將更加重視如何轉型，以風險管理的方式高效地實現轉型，使他們能夠獲得利益，但不會引入擔憂或風險，這將為我們帶來我們都看到的潛在上升空間，貝絲和我顯然對此感到非常興奮。

Thank you. That was super clear. And then if I could squeeze in one more. On the 12% cloud growth guide, could you just talk about the macro assumptions that you're embedding and maybe the customer ramps as it compares to '24? Thank you.

謝謝。那非常清楚。然後如果我可以再擠一點的話。關於 12% 的雲端成長指南，您能否談談您所嵌入的宏觀假設，以及與 24 年相比客戶的成長情況？謝謝。

So maybe I'll start and then, Beth, I'll hand you on the ramp side. But on the macro assumptions, look, we're positive. And we're positive because the buying sentiments in the market particularly in SaaS, you look at what's happened with the GenAI market, a lot of it initially went to the LLMs at the infrastructure layer, at the compute layer.

所以也許我先開始，然後，貝絲，我會把你帶到坡道那邊。但從宏觀假設來看，我們是樂觀的。我們之所以持正面態度，是因為市場購買情緒，尤其是 SaaS 領域的購買情緒，看看 GenAI 市場的情況，許多資金最初都流向了基礎設施層和計算層的 LLM。

But it's very quickly moving to the SaaS layer. Companies are looking for exploiting the benefits in the way they run their processes, their workflow, their tasks, their customer service.

但它正在迅速轉向 SaaS 層。公司正在尋求在其流程、工作流程、任務和客戶服務的運作方式中發揮優勢。

And so at a macro level, we are actually optimistic about the landscape, about the potential for us. I don't see any concerns from a headwind from that point of view. And the real opportunity for us is to initially put that into bookings. And then ultimately, that will then convert into revenue as time goes as we deliver the value for them. And that's where our emphasis is. Beth?

因此，從宏觀層面來看，我們實際上對前景和潛力感到樂觀。從這個角度來看，我沒有看到任何逆風的擔憂。對我們來說，真正的機會是首先將其投入預訂中。然後最終，隨著時間的推移，隨著我們為他們提供價值，它將轉化為收入。這正是我們的重點。貝絲？

Yeah. I don't know that there's much more to add. I think you've explained the opportunity ahead of us. And we've already said that essentially, we expect that the 12% growth is that going to be equally distributed across each quarter in terms of that 12%. So we believe we have an opportunity to revisit that, and we'll obviously update throughout the course of the year because there is a great opportunity.

是的。我不知道還有什麼可以補充。我想你已經解釋了我們面臨的機會。我們已經說過，本質上，我們預計 12% 的成長率將均勻分佈在各個季度。因此，我們相信我們有機會重新審視這一點，而且我們顯然會在全年進行更新，因為這是一個很好的機會。

And with those customers that are deploying, what we see in practice is that they do not turn everything on day one. There is a gradual ramp. And then the consumption and usage benefits us. So again, we will continue to monitor all of those. And that is what we've seen in practice from our customers as they drive ROI in their organization, and it enhances and increases our ARR as a result.

對於那些正在部署的客戶，我們在實踐中看到的情況是，他們不會在第一天就完成所有事情。有一個逐漸上升的坡道。然後消費和使用使我們受益。因此，我們將繼續監控所有這些情況。這就是我們在實踐中從客戶身上看到的，他們在其組織中推動投資回報率，並因此提高和增加了我們的 ARR。

(Operator Instructions)

（操作員指令）

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Hey guys, This is Quinton on for Jim Fish. Thanks for taking the question. Beth, maybe my one for you. In the Analyst Day earlier in the year, I think we highlighted a 113% net retention rate for CXone customers. Obviously, you talked about some slower revenue recognition that probably declined that a little bit.

大家好，我是 Jim Fish 的 Quinton。感謝您回答這個問題。貝絲，也許這是我給你的一個。在今年稍早的分析師日上，我們強調了 CXone 客戶的淨留存率為 113%。顯然，您談到了收入確認速度變慢的問題，這可能會略微導致收入確認速度下降。

But any color you can give us to where we're at exiting the year for net retention rate, how you think about expansion for customers in '25? Is this the main weakness as we think about the forward guide or the kind of the balance of net new? Any color there would be helpful. Thank you.

但是，您能否告訴我們今年的淨留存率是多少，您如何看待 25 年的客戶擴張？當我們考慮前瞻性指引或淨新增平衡時，這是主要的弱點嗎？任何顏色都有幫助。謝謝。

Yeah. Thank you for the question, Quinton. And as you highlighted, NRR is something that we shared at our Investor Day. It continues to remain healthy and it's not a factor that we've considered of any expectation that we'll have any deterioration in that.

是的。謝謝你的提問，昆頓。正如您所強調的，NRR 是我們在投資者日分享的內容。它繼續保持健康狀態，我們沒有考慮到它會出現任何惡化的因素。

In fact, as we talked about, we see that more as an opportunity ahead of us as customers really fully ramp some of the portfolio on CXone Mpower that we have been deploying and will continue to deploy.

事實上，正如我們所談到的，我們認為這更多是我們面前的一個機遇，因為客戶確實全面提升了我們已經部署並將繼續部署的 CXone Mpower 上的一些產品組合。

So I would just highlight one of the other things that Scott and I have spent a lot of time talking about is the opportunity for us to kind of provide some additional disclosures from time to time around some of these metrics.

因此，我只想強調斯科特和我花了很多時間討論的另一件事，那就是我們有機會不時就這些指標提供一些額外的披露。

So while that hasn't been our practice in the past, I think certainly it's something that -- Scott, will let you speak too, I know you desire. And -- but in short, I do want to ensure that it's understood that we see --continue to see a healthy NRR and don't expect deterioration as being a part of the guide.

因此，雖然這不是我們過去的做法，但我認為這肯定是——斯科特，我們也會讓你發言，我知道你希望如此。並且 — — 但簡而言之，我確實想確保大家明白我們看到的 — — 繼續看到健康的 NRR，並且不要期望惡化成為指南的一部分。

Yeah. So just on -- there's no doubt that we see upside on that, and that would be our expectation going forward. And I don't see any concern there. But to Beth's point, there's no doubt that in our business, there are a lot of different factors that lead ultimately to the revenue growth, retention of customers, expansion of customers, being able to improve, reduce compression and, more importantly, expand the usage, speed up deployments. There's a lot of different factors.

是的。所以，毫無疑問，我們看到了它的好處，這也是我們對未來的期望。我並不擔心這一點。但正如 Beth 所說，毫無疑問，在我們的業務中，有許多不同的因素最終會導致收入成長、客戶保留、客戶擴大、能夠改善、減少壓縮，更重要的是，擴大使用範圍、加快部署。有很多不同的因素。

So I've definitely got the desire and the intent to increase the transparency for our investors. So as we move forward, your understanding and the explanation of how we're driving the business, how we're driving the growth opportunity that we've talked about can be understood and then shared to the investor base.

因此我確實希望並有意提高我們投資者的透明度。因此，隨著我們不斷前進，您對我們如何推動業務、如何推動我們所談論的成長機會的理解和解釋能夠被理解，然後與投資者群體分享。

Arjun Bhatia, William Blair and Company.

阿瓊‧巴蒂亞 (Arjun Bhatia)，威廉‧布萊爾公司。

Thank you so much. Scott, maybe one for you. Can you just talk a little bit about agentic AI? And I certainly see that as an important trend going forward here. But when you think about how customers reviewing agentic AI versus copilot versus human agents, how do you see this kind of a balance from those three playing out?

太感謝了。斯科特，也許有一個適合你。能簡單談談代理 AI 嗎？我當然認為這是未來的重要趨勢。但是，當您考慮客戶如何評價代理人工智慧、副駕駛和人類代理時，您如何看待這三者之間的平衡？

Is agentic really making it that much easier for you to maybe sell into the customer base as the (inaudible) is much more evident? Just talk a little bit about what you're seeing in sales cycles and demand on the agentic side.

由於（聽不清楚）更加明顯，agentic 是否真的能讓您更輕鬆地向客戶群銷售產品？請稍微談談您在銷售週期和代理商方面看到的情況。

Great question, Arjun. And I need to be -- I need to highlight. I'm only 50 days and so be aware, although I have obviously interacted with a lot of customers and partners already. So I feel like I've got a good understanding not only of the market but also the needs. There's a few factors that we see.

很好的問題，阿瓊。我需要——我需要強調。我才 50 天，所以要注意，儘管我顯然已經與許多客戶和合作夥伴進行了互動。因此我覺得我不僅對市場有了很好的了解，而且對需求也有了很好的了解。我們看到了一些因素。

The first is agentic AI and the capability and the possibility, it's clear. And I think all of our customers see that. They see the potential of a continuous learning platform being able to interact and being able to drive productivity, to drive efficiency.

首先是代理人工智慧，其能力和可能性是明確的。我想我們所有的客戶都看到了這一點。他們看到了持續學習平台的潛力，即能夠互動、能夠提高生產力和效率。

But in customer service, there's a few variables that are really loud and clear for our customers. First, when they interact, it's got to work. Why human agents? Because the human agent can interact with complex or simple tasks, and they need to make sure that intent that consumer requests gets fulfilled.

但在客戶服務中，有一些變數對我們的客戶來說是非常明顯的。首先，當它們互動時，就必須發揮作用。為什麼是人類代理？因為人類代理人可以與複雜或簡單的任務進行交互，並且他們需要確保消費者請求的意圖得到滿足。

And so when they're deploying agent AI in a consumer context, they have the same expectation, real-time, real-time capability, high-quality response speed of resolution. Now we see that as an advantage for us because we obviously understand, with our knowledge, with our platform, with our models already about how we use that to help the agents be able to serve those consumers and our self-service platform.

因此，當他們在消費者環境中部署代理 AI 時，他們具有相同的期望、即時、即時能力、高品質的回應解決速度。現在我們認為這對我們來說是一個優勢，因為我們顯然已經了解如何利用我們的知識、我們的平台和我們的模型來幫助代理商為那些消費者和我們的自助服務平台提供服務。

So for us, it's an extension on a single platform to be able to fulfil that. And a lot of our customers are not looking for generic platforms when it comes to consumers experience. So I think what you'll see as we look forward is the context sensitivity, the domain knowledge on the data and the interaction, who the actual user is. Is it an employee, a supplier? In our case, a consumer, it does matter.

所以對我們來說，這是一個單一平台的擴展，能夠實現這一目標。當談到消費者體驗時，我們的許多客戶並不尋求通用平台。因此，我認為，當我們展望未來時，您會看到上下文敏感性、數據和互動的領域知識以及實際用戶是誰。是員工還是供應商？就我們身為消費者而言，這確實很重要。

The second is, I'm always intrigued when I spoke to a number of customers, that they're trialing agentic AI in the back but they're leveraging a single platform at the front. So they don't want to be able to trial in front of their customers.

第二，當我與許多客戶交談時，我總是很好奇，他們在後台試用代理 AI，但在前台利用單一平台。所以他們不想在客戶面前試用。

They're not going to take that risk. They're looking at a single platform. And that's why, for us, the platform -- that unified platform of voice, digital, AI becomes really important because they're not looking for breakpoints on the interaction. That will deliver to poor customer service, poor efficiency. They don't want that fractured, lots of breakpoints between tech.

他們不會冒這個險。他們正在關註一個單一平台。這就是為什麼對我們來說，語音、數位、人工智慧的統一平台變得非常重要，因為他們不會在互動中尋找斷點。這會導致糟糕的客戶服務和低下的效率。他們不希望科技之間出現那麼多斷裂點。

So it's interesting how it will play out. I am very optimistic about customer service being a really -- I think it's going to be one of the use cases that will be proven, agentic AI to be able to deliver on the ROI. I do believe firmly that we will see, over time a reduction in human agents and increase of AI agents.

因此其結果將會如何十分有趣。我非常看好客戶服務——我認為它將成為經過驗證的代理人工智慧能夠實現投資回報的用例之一。我堅信，隨著時間的推移，我們會看到人類代理的減少和人工智慧代理的增加。

But the combination and the interactability is going to be the key rather than you go to one channel or the other. You need to have a unified platform to be able to fulfil a consumer who, frankly, doesn't really care about how -- who they're interact. They just want their service requests fulfilled. And that's what we're zeroed in on.

但組合和互動性才是關鍵，而不是只選擇某一個管道。您需要有一個統一的平台來滿足消費者的需求，坦白說，消費者並不真正關心他們如何與誰互動。他們只是希望他們的服務請求能夠被滿足。這正是我們所關注的重點。

Michael Funk, Bank of America.

美國銀行的麥可‧芬克（Michael Funk）。

Great. Thanks for the question. This is Matt on for Mike. Maybe can you help us frame the expectations for contribution from the RingCentral partnership to revenue, I think, into 2025 relative to the 2024 run rate? Is that a headwind we should be considering in the context of the 12% organic cloud revenue growth guidance?

偉大的。謝謝你的提問。這是馬特 (Matt) 代替邁克 (Mike)。或許您可以幫我們制定一下 RingCentral 合作關係對收入的貢獻預期，相對於 2024 年的運作率，預計到 2025 年會怎麼樣？在 12% 的有機雲收入成長預期背景下，我們是否應該考慮這個不利因素？

Yeah. Thank you for the question. Ring is one of many, many partners that is part of our ecosystem. We have many different partners that are actually working with us, tending to be at the SMB area of the market. So we don't expect to have any kind of negative impact to our revenue and that is not a consideration. And Scott, maybe you can.

是的。感謝您的提問。Ring 是我們生態系中眾多合作夥伴之一。實際上，我們有許多不同的合作夥伴與我們合作，他們往往位於市場的中小型企業領域。因此，我們預計這不會對我們的收入產生任何負面影響，這不是考慮因素。斯科特，也許你可以。

Yeah. Look, all I'll say is, I mean, I've interacted on a pretty regular basis with Vlad and the team. I mean, we see the potential of the partnership being able to drive value, particularly for our SMB customers. It's one of our many partners that are able to deliver an end to end proposition to serve our customers. So certainly no negative impact when it comes to our full year outlook.

是的。聽著，我要說的是，我與 Vlad 和團隊保持相當定期的互動。我的意思是，我們看到了合作關係能夠創造價值的潛力，特別是對於我們的中小企業客戶而言。它是我們的眾多合作夥伴之一，能夠提供端到端服務來服務我們的客戶。因此，對於我們的全年展望來說，肯定不會產生負面影響。

Yeah. At the end of the day, we still have the best-in-class CXone Mpower platform, and that's the customers are looking to get.

是的。最終，我們仍然擁有一流的 CXone Mpower 平台，而這正是客戶所希望獲得的。

Patrick Walravens, Citizens JMP.

Patrick Walravens，公民 JMP。

Oh, great. Thank you and Scott, welcome. It's great to have you here. I was wondering if you could share your thoughts in terms of M&A for NICE now that you're here. And two sides to that question. The first side is what you might consider acquiring, and the other side is how you feel about like the financial crime and compliance business and the public safety and justice business and whether it might make more sense to divest those over time and focus on the core opportunity around customer experience and customer engagement.

噢，太好了。謝謝你，歡迎斯科特。非常高興您能來。我想知道您現在是否可以分享您對 NICE 併購的想法。這個問題有兩個面向。第一個方面是您可能會考慮收購什麼，另一個方面是您對金融犯罪和合規業務以及公共安全和司法業務的看法，以及隨著時間的推移剝離這些業務並專注於圍繞客戶體驗和客戶參與的核心機會是否更有意義。

Thank you, Pat, for the question, and thank you for the warm welcome. Look, there's no doubt. I mentioned in the opening comments that I provided, NICE has a -- it's a remarkable financial position that we're in. We've got obviously a very strong balance sheet. We generate cash and we're able to, from our operations, exceptionally well.

謝謝帕特提出的問題，也謝謝你們熱烈的歡迎。瞧，毫無疑問。我在開場白中提到，NICE 的財務狀況非常好。我們的資產負債表顯然非常強勁。我們能夠從我們的營運中創造現金，而且我們做得非常好。

And that gives us optionality. There is no doubt that when I look forward and our ability to be able to fulfil what we believe our customers need not only on the AI side, but that platform to be able to deliver the outcome that they need, we're looking at organic growth for sure, because we've got a great platform already.

這給了我們選擇權。毫無疑問，當我展望未來時，我們不僅能夠在人工智慧方面滿足客戶的需求，而且能夠在平台上提供他們需要的結果，我們肯定會實現有機成長，因為我們已經擁有了一個很好的平台。

But it does give us optionality on the inorganic side. But it's got to be driving value that will deliver long-term growth for our business and for our customers. And that is where my head space is at, but also what I think the needs of this business is. And that's true not only on the CXone side, that's all parts of the business. As it relates to FCC, all I can say is it is a vital part of our business.

但它確實為我們提供了無機方面的選擇權。但它必須能夠推動價值，為我們的業務和客戶帶來長期成長。這就是我的想法，也是我認為這個行業的需求。這不僅適用於 CXone 方面，也適用於所有業務部分。就其與 FCC 的關係而言，我只能說它是我們業務的重要組成部分。

It's a well-performed business. And I think what I can say is when we get together, as I shared earlier, I'm looking forward to sharing more details about our strategy. How that will put into a growth plan and the details behind it, I'll be more than happy to share more on what those expectations are for both organic and inorganic moves.

這是一項業績出色的業務。我想說的是，當我們聚在一起時，正如我之前所分享的，我期待分享更多關於我們策略的細節。這將如何融入成長計畫以及背後的細節，我非常樂意分享更多對有機和無機舉措的期望。

Catharine Trebnick, Rosenblatt.

凱瑟琳·特雷布尼克（Catharine Trebnick），羅森布拉特（Rosenblatt）。

Well, thank you taking my question. And welcome, Scott. So just you've talked a lot about your going upmarket, large deals bookings, et cetera. What's the strategy for the mid-market? Because it seems to me that the mid-market customers that you deploy have a faster turn to revenue. So could you explain to us your thoughts on the mid-market? Thank you.

好吧，感謝您回答我的問題。歡迎你，斯科特。您剛才談了很多關於進軍高端市場、大宗交易預訂等等的事情。中階市場的策略是什麼？因為在我看來，您部署的中端市場客戶的收入轉換速度更快。那麼您能向我們解釋一下您對中端市場的看法嗎？謝謝。

Yeah. So first, you're right. We've talked a lot about the upper end. And there's no doubt that we've got a platform that caters for the scale and the real-time needs at the upper end. But that's also true for the mid-market. The mid-market also needs scale in real-time. I firmly believe that our platform and our capability can serve the mid-market really well, a simpler deployment time frame.

是的。首先，你是對的。我們已經討論了很多有關高端的問題。毫無疑問，我們已經擁有一個能夠滿足高端規模和即時需求的平台。但對於中階市場來說也是如此。中端市場也需要即時擴大規模。我堅信我們的平台和能力可以很好地服務中端市場，部署時間更簡單。

That comes back to partnerships, by the way, because our deployment partners to be able to in an agile, sharp way of being able to quick deployment, being able to serve that for the mid-market. Because they're looking to grow their business. They're looking for high NPS of their customers. They want to fulfil it in a more efficient way. And I do think that capability goes to the mid-market.

順便說一下，這又回到了合作夥伴關係，因為我們的部署合作夥伴能夠以敏捷、敏銳的方式快速部署，能夠為中端市場提供服務。因為他們希望擴大業務。他們希望客戶擁有較高的 NPS。他們希望以更有效的方式實現這一目標。我確實認為這種能力已經進入中端市場。

And then clearly, at the small end, that's obviously through partnerships through distribution means to be able to bring our platform, our capability, which is the best in the market and then do that into the small end as well.

顯然，在小端，這顯然是透過合作夥伴關係、透過分銷手段，能夠帶來我們的平台、我們的能力，這是市場上最好的，然後也將其帶到小端。

So I know I've highlighted a lot on the enterprise side because, clearly, we know that's a strength of ours. But I also see a tremendous growth opportunity to mid-market. I will highlight that I mentioned international expansion.

所以我知道我在企業方面強調了很多，因為很明顯，我們知道這是我們的優勢。但我也看到中端市場存在著巨大的成長機會。我要強調的是，我提到了國際擴張。

I've got a lot of experience in growing businesses and scaling them around the world. Quite often, that starts in the mid-market and goes up because the US is clearly a large enterprise market. But around the world, you've got a much bigger mid-market space. And I think we're well set up to be able to capitalize on that opportunity given that we've already got presence in most of those markets globally.

我擁有豐富的發展業務和在全球範圍內擴大業務的經驗。通常，這種趨勢始於中端市場，然後逐漸上升，因為美國顯然是一個龐大的企業市場。但在世界各地，中端市場空間大得多。我認為我們已經做好了充分的準備來利用這個機會，因為我們已經在全球大多數市場佔有一席之地。

Thomas Blakey, Cantor.

湯瑪斯·布萊基，領唱者。

Hi, good morning, everyone. Good afternoon, Israel, and thank you for squeezing me in here. I just wanted to double-click on agentic AI and kind of better understand in terms of the 12% guide how much uptake is kind of embedded in that guide.

大家早安。下午好，以色列，感謝你抽空邀請我來這裡。我只是想雙擊 agentic AI，以便更好地了解 12% 指南中包含了多少吸收量。

From our checks, and you talked about increased complexity and elongated sales cycles, this is certainly a cutting-edge technology. And I just wanted to maybe just circle back there. And if -- for Beth, it's related to that question, a longer one-part question, what kind of pricing uplift could you assume from a subscription basis, even if it is consumption-based?

根據我們的檢查，以及您談到的複雜性增加和銷售週期延長的情況，這無疑是一項尖端技術。我只是想回到那裡。如果 - 對於 Beth 來說，這與那個問題相關，那麼一個較長的單部分問題，您可以從訂閱基礎上假設什麼樣的價格上漲，即使它是基於消費的？

Overall, any type of pricing commentary as that agentic AI is consumed, what that would manifest itself from a like-for-like customer. That would be helpful.

整體而言，任何類型的定價評論都會隨著代理 AI 的消費而變化，其會從同類客戶身上體現出來。那將會很有幫助。

Yeah, great question. And I'll start, and then, Beth, I'll hand over to you on the second part. So I want to reiterate again, and I know we've mentioned it a couple of times. We've taken a prudent guidance. We've taken a prudent guidance because whilst we're super optimistic about the potential, when you win these large or these enterprise deals, and agentic AI with its capabilities and also the deployment time frames, we want to be really clear that we're trying to accelerate it but also that takes time for that to ultimately convert into revenue.

是的，很好的問題。首先我先開始，然後，貝絲，我將把第二部分交給你。因此我想再次重申，我知道我們已經提到過幾次了。我們採取了審慎的指導。我們採取了審慎的指導，因為雖然我們對潛力非常樂觀，但當你贏得這些大型或企業交易以及代理人工智慧及其能力以及部署時間框架時，我們希望非常清楚我們正在嘗試加速它，但這也需要時間才能最終轉化為收入。

And you understand the operating model that we run. So I believe agentic AI will be a cornerstone of our growth. As you look forward into the midterm, the growth will come from our AI platform to be able to deliver that. But it's the current run rate of our business is obviously factored into the 12% revenue. And maybe, Beth you can comment a little bit.

並且您了解我們的營運模式。因此我相信代理人工智慧將成為我們成長的基石。展望中期，成長將來自於我們的人工智慧平台，以實現這一目標。但我們業務的當前運行率顯然已計入 12% 的收入。也許，貝絲，你可以發表一點評論。

Yeah, sure. In terms of the pricing uptick, first, I would highlight that AI is embedded across really everything that we do when you consider our platform. So our AI is advancing both agents as well as, of course, its agentless as well.

是的，當然。就價格上漲而言，首先，我想強調的是，當你考慮我們的平台時，人工智慧實際上已經融入我們所做的一切事情中。所以我們的人工智慧正在推動代理和無代理的共同發展。

So we are still continuing to have AI that's embedded on the pricing side as part of the agent based pricing. But we're turning more and more towards a consumption-based model on the agentless side because that is the way of the future.

因此，我們仍將繼續在定價方面嵌入人工智慧，作為基於代理的定價的一部分。但我們越來越多地轉向無代理的基於消費的模式，因為這是未來的發展方向。

So when we look at that, we have multiple examples, where we see customers with -- receiving great ROI from the adoption. They're able to (technical difficulty) costs, they're able to increase their spend in technology in our AI platform.

因此，當我們查看這一點時，我們會有多個範例，其中我們看到客戶透過採用獲得了巨大的投資回報。他們能夠（技術難度）成本，他們能夠增加在我們的人工智慧平台上的技術支出。

And on the other side of that, for us, again, the uptick that we received is a broad range depending on what level of AI that the customer is adopting. But as we've described, 97% of our large enterprise deals last year included our AI offerings. And so they are -- we're consistently seeing that, that is driving a nice average increase in our deal size.

另一方面，對我們來說，我們收到的上漲幅度很大，取決於客戶所採用的人工智慧等級。但正如我們所描述的，去年我們 97% 的大型企業交易都包含我們的 AI 產品。事實也是如此——我們不斷看到，這推動了我們的交易規模平均大幅成長。

And so as I said, it's a broad range. But we see that playing out. And of course, as the customers continue to further adopt and continue to ramp up usage on those platforms, that will play out over time and as part of the growth acceleration we expect to see in the future.

正如我所說，它的範圍很廣。但我們看到了這一情況的發生。當然，隨著客戶繼續進一步採用並繼續增加這些平台的使用率，這將隨著時間的推移而發揮作用，並成為我們預計未來成長加速的一部分。

Timothy Horan, Oppenheimer.

提摩西霍蘭，奧本海默。

Thanks a lot guys. The 7% revenue growth you're guiding to, what do you think the industry is growing at overall? And can you talk about maybe the competitive impact or any changes that you're seeing? I guess, particularly from salesforce and their partnerships out there and the other cloud providers, any change out there?

非常感謝大家。您預期的收入成長率為 7%，您認為整個產業的成長速度是多少？您能談談競爭影響或您所看到的任何變化嗎？我想，特別是從銷售人員和他們的合作夥伴以及其他雲端供應商的角度來看，有什麼改變嗎？

And I guess, ultimately, is AI going to be accretive to the overall industry revenue growth? Or will it hurt overall industry revenue growth? Thank you.

我想，最終人工智慧是否會促進整個產業的收入成長？還是會損害整個產業的收入成長？謝謝。

Thanks for the questions, Tim. And I think you asked a few, so let us try to address them and we can circle back and make sure we've covered everything. First, with respect to the total revenue growth, I think it's important to highlight that you can't always put us side-by-side with some of the other players because we are still a hybrid of both the cloud company and a premise based business.

謝謝你的提問，提姆。我想您問了幾個問題，所以讓我們嘗試解決它們，然後我們可以回頭確保我們已經涵蓋了所有內容。首先，關於總收入成長，我認為必須強調的是，你不能總是把我們與其他一些參與者並列，因為我們仍然是雲端運算公司和基於本地業務的混合體。

Of course, the cloud mix is changing and continuing to expand further and further. And in fact, we reached 74% of our overall revenue in last quarter coming from the cloud. And of course, that's the trend we continue to expect.

當然，雲端組合正在改變並繼續進一步擴展。事實上，我們上個季度的總收入中有 74% 來自於雲端運算。當然，這也是我們持續期待的趨勢。

But certainly, the total revenue is taking into consideration that transition of the premise customers, and that's a declining part of the business. When you think about the premise, that offsets the real potential and growth that we see in the cloud. That's specifically why we call out our expectation in the cloud, which is really where we're focused.

但可以肯定的是，總收入已經考慮到了前提客戶的轉變，而這是業務中正在下降的一部分。當你考慮這個前提時，它抵消了我們在雲端中看到的真正潛力和成長。這就是為什麼我們在雲端提出我們的期望，這才是我們真正關注的重點。

We are continuing to drive that acceleration. And again, it's more about us driving the cloud growth faster, even though it may and sometimes come at the expense in a near-term quarter, because that is consistent with our overall strategy and direction as a company. And Tim, was there again, I don't know if you had other questions we didn't get to.

我們將繼續推動這項加速進程。再說一次，這更重要的是我們要更快地推動雲端運算成長，儘管有時這可能會在近期帶來一些損失，但這與我們作為一家公司的整體策略和方向是一致的。提姆，我不知道你是否還有其他我們沒有回答到的問題。

Just the competitive intensity. Has it changed much out there? It seems like salesforce and some of the cloud providers have ramped up their offerings.

只是競爭激烈。那裡有很大變化嗎？看起來銷售人員和一些雲端提供者已經加強了他們的產品供應。

Yeah. Let me cover that. So first of all, there is -- it's a dynamic market. I will say that, Tim. There is no doubt that there is. And there's a lot of hype. There's a lot of slideware. There's a lot of noise that you can easily see.

是的。讓我來介紹一下。首先，這是一個充滿活力的市場。我會這麼說，提姆。毫無疑問是有的。並且有很多炒作。有很多幻燈片。您可以輕鬆看到很多噪音。

What we see in customer service is that to deliver the efficiency and the automation that our customers need in customer service and the real-time that I mentioned before, needs to be -- and the agentic AI opportunity, it's got to be on a single platform. They're not interested in how their consumers using different platforms, differing interactions without it being unified under and the orchestration being.

我們在客戶服務中看到的是，為了提供客戶在客戶服務中所需的效率和自動化，以及我之前提到的即時性，以及代理人工智慧的機會，必須在單一平台上。他們不關心他們的消費者如何使用不同的平台、如何在沒有統一和編排的情況下進行不同的互動。

So whilst, yes, we see others that have got a capability that, I would argue, that is really good for interactions, that are static or more systems of record where you're, it makes the marketing AI or other things that CRMs can provide.

因此，雖然我們看到其他人擁有某種能力，但我認為，這種能力對於互動非常有用，這些互動是靜態的或更多的記錄系統，它可以形成行銷 AI 或 CRM 可以提供的其他東西。

As it relates to customer service, that real-time interaction between digital, human and AI agent becomes the critical factor. And I'm convinced that the market will continue to go that way. There will be generic AI players out there that will have -- they will have standard platforms. But the value will come from the ones that really understand the data, be able to apply that data and deliver it and that is NICE.

對於客戶服務而言，數位、人類和人工智慧代理之間的即時互動成為關鍵因素。我確信市場將繼續這樣發展。將會有通用的 AI 玩家，他們將擁有標準平台。但價值來自於真正理解數據、能夠應用和傳遞數據的人，這很好。

I will now turn the call back over to Scott Russell for closing remarks.

現在我將電話轉回給史考特·拉塞爾，請他作最後發言。

So first of all, thank you, everyone, for the kind words of welcome in my first earnings call. I look forward to working with you as we go forward, and have a wonderful day ahead. Thank you so much.

首先，感謝大家在我的第一次財報電話會議上對我的熱情歡迎。我期待與您繼續合作，並祝您度過美好的一天。太感謝了。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。