Nice Ltd (NICE) 2025 Q1 法說會逐字稿

Welcome to the NICE conference call discussing first quarter 2025 results, and thank you all for holding. (Operator Instructions) As a reminder, this conference is being recorded. May 15, 2025. I would now like to turn this call over to Mr. Marty Cohen, VP of Investor Relations at NICE. Please go ahead.

歡迎參加討論 2025 年第一季業績的 NICE 電話會議，感謝大家的出席。（操作員指示）提醒一下，本次會議正在錄音。2025年5月15日。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.

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。

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.

在我們開始之前，我想指出，根據 1995 年《私人證券訴訟改革法》的安全港規定，本次電話會議中的一些聲明將構成前瞻性聲明。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 cause actual results or performance of the company to differ materially is contained in the section Entitled Risk factors and Item 3 of the company's 2024 annual report on Form 20 has filed with the Securities Exchange Commission on March 19, 2025.

有關導致公司實際結果或業績出現重大差異的因素的其他信息，包含在公司 2024 年 3 月 19 日向證券交易委員會提交的 20 號表格 2024 年年度報告中題為“風險因素”的部分和第 3 項中。

During today's call, we present the more detailed discussion of first quarter 2025 results and the company's guidance for the second quarter in full year 2025. You can find our press releases as well as PDFs of our financial results on NICE's investor relations website. Following our comments, there'll be an opportunity for questions.

在今天的電話會議中，我們對 2025 年第一季的業績以及公司對 2025 年全年第二季的指導進行了更詳細的討論。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。在我們發表評論之後，將會有一個提問的機會。

Let me remind you that unless otherwise noted on this call, we will be commenting on adjusted results of operations, which differ in certain respects from the generally accepted accounting principles, as reflected mainly in accounting for share-based compensation, amortization of acquired intangibles, acquisition related and other expenses, amortization of discount on the debt, and the 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、債務折扣的攤銷以及非公認會計準則調整的稅收影響方面。

The differences between the non-gap 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差距調整結果與等效 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。

Before I turn over to Scott, I'd like to remind you that we're hosting our Investor Day on June 17 in conjunction with our Interactions User Conference in Las Vegas.

在交給斯科特之前，我想提醒您，我們將於 6 月 17 日在拉斯維加斯舉辦投資者日和互動用戶大會。

The program for analysts and investors will include presentations from NICE executives and access to the innovations hall, where you'll see plenty of demos. If you haven't received the registration email, please email us at ir@ice.com. I'll now turn you over to Scott.

針對分析師和投資者的計劃將包括 NICE 高管的演講和進入創新大廳的機會，在那裡您將看到大量的演示。如果您尚未收到註冊電子郵件，請發送電子郵件至ir@ice.com。現在我將把麥克風交給史考特。

Thank you, Marty, and welcome everyone. Over the past four months since joining NICE, I've had the opportunity to meet many of our stakeholders, customers, shareholders, and employees. These conversations have further elevated my confidence and excitement about our future. That confidence is demonstrated by our strong start to the year.

謝謝你，馬蒂，歡迎大家。加入 NICE 以來的四個月裡，我有機會見到了我們的許多利害關係人、客戶、股東和員工。這些對話進一步增強了我對我們的未來的信心和興奮。我們今年的強勁開局就體現了這種信心。

In the first quarter, we delivered total revenue of $700 million underscoring the strength of our business. Cloud revenue rose 12% year on year to $527 million led by the continued adoption of CXone Mpower, the industry's premier AI platform that's transforming customer experience at scale.

第一季度，我們的總營收達到 7 億美元，彰顯了我們業務的強勁實力。雲端運算營收年增 12% 至 5.27 億美元，這得益於 CXone Mpower 的持續採用，CXone Mpower 是業界首屈一指的 AI 平台，正在大規模改變客戶體驗。

We also extended our leadership and profitability. Operating margin expanded by 20 basis points to 30.5%, reflecting our disciplined execution and ongoing focus of operational efficiency. This translated into strong bottom line results, with earnings per share reaching $2.87, the high end of our guidance range, and 11% over the prior year.

我們也擴大了我們的領導地位和獲利能力。營業利潤率擴大了 20 個基點，達到 30.5%，這反映了我們嚴格的執行和對營運效率的持續關注。這轉化為強勁的底線業績，每股收益達到 2.87 美元，達到我們指導範圍的高端，比上一年增長 11%。

Our cash generation remains a core strength with operating cash flow up 12% year over year to $285 million. This robust profitability and cash flow not only differentiate us competitively, but also positions us to strategically reinvest in innovation and long-term growth.

我們的現金創造能力仍然是我們的核心優勢，經營現金流年增 12%，達到 2.85 億美元。強勁的獲利能力和現金流不僅使我們在競爭中脫穎而出，而且使我們能夠在策略上再投資於創新和長期成長。

Additionally, our strong financial position gives us significant flexibility in capital allocation. This was clearly demonstrated by the share repurchase we executed in Q1, the largest quarterly buyback in our company's history, reflecting the deep confidence we have in our long-term strategy and the value we're creating. Beth will provide more details in a moment.

此外，我們強大的財務狀況使我們在資本配置方面具有很大的靈活性。我們在第一季實施的股票回購清楚地證明了這一點，這是我們公司歷史上最大的季度回購，反映了我們對長期策略和正在創造的價值的堅定信心。Beth 稍後會提供更多詳細資訊。

When we last spoke, I emphasized the importance of moving quickly and in my first -- in my four months at NICE, that's exactly what we've done. We're operating at lightning speed, capitalizing on three key drivers, a relentless focus on execution, a great market in which we operate, and a deep commitment to ensuring our customers win with AI and agentic AI in particular.

上次我們談話時，我強調了快速行動的重要性，在我任職 NICE 的頭四個月裡，我們確實這麼做了。我們正以閃電般的速度運營，利用三個關鍵驅動因素、對執行的不懈關注、我們運營的廣闊市場，以及對確保我們的客戶透過人工智慧（尤其是代理人工智慧）取得成功的堅定承諾。

Our sharpened focus on execution is already yielding enhanced results. We recently signed the largest CXone Mpower deal in our company's history. We secured a landmark agreement with a major European government agency, home to the largest customer service operation in Europe, representing a total contract value exceeding $100 million.

我們對執行的高度重視已經取得了更好的成果。我們最近簽署了公司歷史上最大的 CXone Mpower 交易。我們與歐洲一家主要政府機構達成了一項具有里程碑意義的協議，該機構擁有歐洲最大的客戶服務業務，合約總價值超過 1 億美元。

This marks the second nine-figure government agency deal we closed in less than a year, underscoring the scalability and strength of CXone Mpower, empowering mission critical customer service at scale.

這是我們在不到一年的時間內達成的第二筆九位數的政府機構交易，凸顯了 CXone Mpower 的可擴展性和實力，能夠大規模地支援關鍵任務客戶服務。

We successfully displaced a long-standing incumbent and won against several direct competitors, a clear testament to the differentiated value our platform delivers. And the execution doesn't stop there. As mentioned in our last earnings call, we put an emphasis on strategic partnerships to help drive our future growth.

我們成功取代了長期主導的競爭對手，並擊敗了多個直接競爭對手，這充分證明了我們的平台所提供的差異化價值。但執行並未就此停止。正如我們在上次財報電話會議上提到的那樣，我們重視戰略合作夥伴關係，以幫助推動我們未來的成長。

Partnerships have always helped to scale, but today, our focus is sharper and our impact is deeper. We're forging high-value strategic alliances that deliver real measurable outcomes for our customers. I am especially proud to share two new milestone partnerships with ServiceNow and AWS.

合作夥伴關係始終有助於擴大規模，但今天，我們的重點更加清晰，影響力也更加深遠。我們正在建立高價值的策略聯盟，為我們的客戶帶來真正的可衡量的成果。我特別自豪地與 ServiceNow 和 AWS 分享兩個新的里程碑式的合作關係。

With ServiceNow we're bringing together the front and the back office. Like never before, this integration eliminates silos, accelerates resolution, and turns disconnected customer journeys into seamless loyalty building experiences, all on one unified platform.

透過 ServiceNow，我們將前台和後台整合在一起。與以往任何時候不同的是，這種整合消除了孤島，加速了解決問題，並將不連貫的客戶旅程轉變為無縫的忠誠度建立體驗，所有這些都在一個統一的平台上完成。

And with AWS we're taking our partnership to a whole new level. Together we're co-innovating to embed AI, automation and cloud at the core of customer service, helping organizations unlock the full power of their data across every interaction.

透過與 AWS 的合作，我們將把我們的合作關係提升到一個全新的水平。我們共同創新，將人工智慧、自動化和雲端嵌入客戶服務的核心，幫助組織在每次互動中充分釋放其資料的全部潛力。

We're also expanding our go to market strategy, and I'm pleased to share that CXone Mpower is now live on the AWS marketplace. These alliances with more on the horizon, combined with our continued investment in the deep relationships with leading systems integrators, is reinforcing our leadership position and our growth accelerators for our customers and for NICE.

我們也在擴大我們的市場策略，我很高興地告訴大家 CXone Mpower 現在已經在 AWS 市場上線了。這些聯盟以及即將建立的更多聯盟，加上我們對與領先系統整合商的深厚關係的持續投資，正在鞏固我們的領導地位以及為我們的客戶和 NICE 提供的成長加速器。

A second driver stems from the strength and the tremendous potential of the market that we operate in. Our market is undergoing accelerated transformation and AI is the driving force behind it. CX goes well beyond efficiently managing contact centers.

第二個驅動力源自於我們營運所在市場的實力和巨大潛力。我們的市場正在經歷加速轉型，而人工智慧是背後的驅動力。CX 的意義遠不止於高效管理聯絡中心。

It is becoming evident that the only way to do CX right is by delivering AI driven, intelligent end-to-end workflow orchestration. Agentic AI is redefining how consumers interact with service, demanding a new approach that goes beyond the contact center, unlocking new use cases, new workflows, and new adjacent markets.

越來越明顯的是，正確實現 CX 的唯一方法是提供 AI 驅動的智慧型端到端工作流程編排。Agentic AI 正在重新定義消費者與服務的互動方式，要求一種超越聯絡中心的新方法，解鎖新的用例、新的工作流程和新的鄰近市場。

When you include the transition from labor to technology, that shift is expanding our total addressable market to more than $330 billion, according to market analysts. NICE is uniquely positioned to lead this change. We're not just automating tasks, we're fulfilling entire customer intents with precision and intelligence.

市場分析師表示，如果算上從勞動力到技術的轉變，這一轉變將使我們的總目標市場擴大到 3,300 多億美元。NICE 具有獨特的優勢來引領這項變革。我們不僅實現任務自動化，我們還以精確和智慧的方式滿足所有客戶意圖。

With our category defining innovation, deep domain expertise, trusted customer relationships, and strong financial position, we are built to lead and win in the next chapter of AI-driven growth. And that brings me to our third key driver, our unwavering commitment to helping our customers win with AI.

憑藉我們定義類別的創新、深厚的領域專業知識、值得信賴的客戶關係以及強大的財務狀況，我們注定會在人工智慧驅動的成長的下一章中引領並獲勝。這就引出了我們的第三個關鍵驅動力，即我們堅定不移地致力於幫助我們的客戶利用人工智慧取得勝利。

At the heart of this is CXone Mpower, the industry's most complete AI-powered platform for customer experience. CXone Mpower goes beyond interaction management. It is a true AI engine for business execution.

其中的核心是 CXone Mpower，這是業界最完整的人工智慧客戶體驗平台。CXone Mpower 超越了互動管理。它是一個真正的業務執行人工智慧引擎。

We're automating end-to-end workflows on a unified intelligent platform where human agents and AI agents work side by side, seamlessly connecting data, systems and fulfillment in real time. This is more than automation, it's the rise of intelligent agents that can reason, decide, and act independently to drive faster outcomes and better experiences.

我們在統一的智慧平台上實現端到端工作流程的自動化，在這個平台上，人工代理和人工智慧代理並肩工作，即時無縫連接資料、系統和履行。這不僅僅是自動化，而是能夠獨立推理、決策和行動以推動更快的結果和更好的體驗的智慧代理的崛起。

We're not only -- we're no longer only orchestrating interactions, we're automating intent to resolution with agentic AI embedded across the entire service journey. This evolution is unlocking entirely new revenue streams, dramatically expanding the value we deliver, and further separating NICE from the rest of the market.

我們不僅——我們不再只是協調互動，我們還透過嵌入整個服務旅程的代理 AI 來實現意圖到解決方案的自動化。這種演變正在開啟全新的收入來源，大大擴展我們提供的價值，並進一步將 NICE 從市場中脫穎而出。

Customers are recognizing our competitive differentiation when it comes to CX AI, as witnessed by the strong CXone Mpower AI results. In Q1, CXone Mpower AI was included in 100% of our new Mpower deals over $1 million dollars in ACV.

客戶已經意識到我們在 CX AI 方面的競爭差異化，CXone Mpower AI 的強勁業績證明了這一點。在第一季度，CXone Mpower AI 被納入我們所有 ACV 超過 100 萬美元的新 Mpower 交易中。

We recently launched CXone Mpower orchestrator. This new solution seamlessly integrates AI-driven insights, third party applications, and enterprise-wide workflows into a unified and automated framework. This groundbreaking solution has earned NI top honors, being named overall best of Enterprise Connect 2025 and recognized for the most innovative use of AI at Enterprise Connect, both awards celebrating the power of CXone Mpower orchestrator.

我們最近推出了 CXone Mpower 編排器。這個新解決方案將人工智慧驅動的洞察力、第三方應用程式和企業範圍的工作流程無縫整合到一個統一的自動化框架中。這項突破性的解決方案贏得了 NI 的最高榮譽，被評為 Enterprise Connect 2025 最佳解決方案，並因其在 Enterprise Connect 上最具創新性的 AI 使用而獲得認可，這兩個獎項都表彰了 CXone Mpower 編排器的強大功能。

We're at a transformative moment in the evolution of CX AI. To unlock its potential, organizations must move beyond outdated, fragmented point solutions which have historically led to disjointed and frustrating customer experiences. As AI adoption accelerates, it's more important than ever to implement it on a unified single platform where AI can elevate consistency and enhance brand reputation.

我們正處於 CX AI 發展的變革時刻。為了釋放其潛力，組織必須超越過時、分散的點解決方案，這些解決方案歷來會導致脫節和令人沮喪的客戶體驗。隨著人工智慧的採用加速，在統一的單一平台上實施人工智慧比以往任何時候都更加重要，因為人工智慧可以提高一致性並增強品牌聲譽。

This is another reason why our unified AI powered platform CXone Mpower, is fundamental to provide exceptional customer experiences. We continue to see an increasing number of large enterprises cons consolidating disparate solutions onto CXone Mpower.

這也是為什麼我們的統一 AI 平台 CXone Mpower 對提供卓越客戶體驗至關重要的另一個原因。我們不斷看到越來越多的大型企業將不同的解決方案整合到 CXone Mpower 上。

The evidence of this is in the growth of our ACV in our portfolio deals, defined as consolidations of three or more vendor point solutions onto CXone Mpower. In Q1, the ACV of our portfolio deals grew by 26% compared to Q1 last year.

證據就是我們投資組合交易中 ACV 的成長，定義為將三個或更多供應商點解決方案整合到 CXone Mpower 上。第一季度，我們投資組合交易的 ACV 與去年第一季相比成長了 26%。

A standout example of this is a seven-figure deal with a Fortune 100 global sportswear company. By unifying multiple CX point solutions on CXone Mpower, they're reducing operational complexity through workflow automation while providing outstanding experiences for their consumers. With CXone Mpower they can seamlessly deploy AI across their customer service operation.

一個突出的例子是與財富 100 強全球運動服裝公司達成的七位數交易。透過在 CXone Mpower 上統一多個 CX 點解決方案，他們透過工作流程自動化降低了營運複雜性，同時為消費者提供了出色的體驗。透過 CXone Mpower，他們可以在客戶服務營運中無縫部署 AI。

In a similar seven-figure win with a leading non-profit health and well-being organization, we replaced solutions from four separate vendors onto CXone Mpower. We secured a significant seven-figure AI deal with a leading financial services organization by delivering AI powered solutions the client required to support their continued growth and elevate agent productivity.

在與一家領先的非營利健康和福利組織達成的類似的七位數合約中，我們將四家不同供應商的解決方案替換為 CXone Mpower。我們與一家領先的金融服務機構達成了一項重要的七位數人工智慧交易，為客戶提供所需的人工智慧解決方案，以支援其持續成長並提高代理商的生產力。

In another seven-digit AI led deal, an existing customer, a leading bank on the West Coast, is deepening its investment in CXone Mpower by adding advanced AI automation, enhancing self-service capabilities, unifying operations on a single platform, and driving greater ROI across the organization.

在另一筆七位數的人工智慧主導交易中，現有客戶（西海岸一家領先的銀行）正在深化對 CXone Mpower 的投資，透過添加先進的人工智慧自動化、增強自助服務功能、統一單一平台上的營運以及提高整個組織的投資回報率。

A premier service provider in the life sciences industry selected NICE in a significant seven-figure deal. We won the deal with our market leading AI roadmap and proven impact of our AI powered self-service solutions.

生命科學產業的一家頂級服務提供者與 NICE 達成了一項價值七位數的重要交易。我們憑藉市場領先的人工智慧路線圖和經過驗證的人工智慧自助服務解決方案的影響力贏得了這筆交易。

Beyond these headlines, the quarter saw a wave of additional leading companies, including [Gap, Inc.], Lloyds Banking Group, and Hunter Douglas, choosing to partner with NICE, underscoring the strong confidence the market has in our solutions. And there are many more marquee customers from which you will hear inspiring stories and interactions in June.

除了這些頭條新聞之外，本季還有一群其他領先公司選擇與 NICE 合作，包括 [Gap, Inc.]、勞埃德銀行集團和亨特道格拉斯，這凸顯了市場對我們解決方案的強大信心。六月份，您還會聽到更多重要客戶與我司的鼓舞人心的故事和互動。

You'll also receive exciting updates that reimagine the world of customer experience with NICE at the center. You'll see groundbreaking AI solutions, purpose-built and powered by the intelligence of CXone Mpower. I will now turn the call over to Beth.

您還將收到令人興奮的更新，以 NICE 為中心重新構想客戶體驗的世界。您將看到突破性的 AI 解決方案，這些解決方案專門構建並由 CXone Mpower 的智慧提供支援。現在我將把電話轉給貝絲。

Thank you, Scott. I'm pleased to report a strong start to the year reflecting solid execution across the board. Revenue in Q1 was $700 million increasing 6% year over year, driven by 12% growth in our cloud revenue, which totals $526 million and now represents a record 75% of our total revenue.

謝謝你，斯科特。我很高興地報告，今年開局強勁，全面體現了穩健的執行力。第一季的營收為 7 億美元，年增 6%，這得益於雲端收入成長 12%，總額達 5.26 億美元，占我們總營收的 75%，創歷史新高。

Our cloud revenue growth is predominantly driven by the growing adoption of our CXone Mpower platform, namely from our customer service AI solutions such as Autopilot, Copilot, and proactive AI agents.

我們的雲端收入成長主要得益於我們 CXone Mpower 平台的日益普及，即來自我們的客戶服務 AI 解決方案，例如 Autopilot、Copilot 和主動 AI 代理。

As part of our ongoing commitment to enhance transparency and provide greater insights into our cloud business, I'm excited to announce that we are introducing two new cloud metrics. The first is our CX AI and self-service cloud revenue, and the second is net revenue retention of our overall cloud revenue base.

作為我們持續致力於提高透明度和提供對雲端業務更深入的了解的一部分，我很高興地宣布我們將推出兩個新的雲端指標。第一個是我們的 CX AI 和自助服務雲端收入，第二個是我們整體雲端收入基礎的淨收入保留。

In the first quarter, our CX AI and self-service solutions annual recurring revenue exceeded $200 million. That increased an impressive 39% year over year. The strong momentum of empower AI is clear and demonstrates the successful delivery of our growth strategy.

第一季度，我們的 CX AI 和自助服務解決方案年經常性收入超過 2 億美元。與去年同期相比，這一數字成長了驚人的 39%。empower AI 的強勁勢頭顯而易見，證明了我們成長策略的成功實施。

Our business has transitioned from a contact center offering to become the end-to-end cloud platform of choice for organizations to manage both the external experience of the consumer while fulfilling the internal processes to fully complete and operationalize the customer experience journey. Further, with the introduction of new strategic partnerships, we expect Mpower AI to gain even further momentum as these relationships gain traction.

我們的業務已從提供聯絡中心轉變為組織首選的端到端雲端平台，用於管理消費者的外部體驗，同時完成內部流程以全面完成和實施客戶體驗之旅。此外，隨著新的策略合作夥伴關係的建立，我們預計 Mpower AI 將隨著這些關係的加強而獲得更大的發展動力。

Our cloud NRR represents the percentage of revenue retained from our existing customer base over the last 12 months, including expansion revenue from existing products, upselling and cross-selling. Our cloud NRR in the first quarter was 111%. This healthy NRR demonstrates the health and positive customer satisfaction of our customer base in the cloud and the breadth of our offering.

我們的雲端 NRR 代表過去 12 個月從現有客戶群中保留的收入百分比，包括現有產品的擴展收入、追加銷售和交叉銷售。我們第一季的雲端 NRR 為 111%。這一健康的 NRR 證明了我們雲端客戶群的健康和積極的客戶滿意度以及我們提供的產品的廣度。

Moving to our premise-based revenues, services and product revenue performed as expected this quarter. Service revenue, which represented 20% of our total revenue, declined 6%. Product revenue, which represented the remaining 5% of our total revenue, declined 20%. We are pleased with the pace of the ongoing increase of our cloud revenue to the record 75% composition of total revenue achieved this quarter.

轉向我們的基於前提的收入，本季服務和產品收入表現符合預期。服務收入占我們總收入的 20%，下降了 6%。產品收入占我們總收入的剩餘 5%，下降了 20%。我們很高興看到雲端收入持續成長，本季雲端收入佔總營收的比重達到創紀錄的 75%。

The shift to cloud reflects the ongoing broader market trend of increasing transformations from outdated legacy premise software to the cloud. We continue to prioritize cloud-first solutions and incentivize our customers, partners, and sales organizations to drive adoption of our cloud and AI offerings.

向雲端的轉變反映了更廣泛的市場趨勢，即從過時的傳統前提軟體向雲端的轉變日益增加。我們繼續優先考慮雲端優先解決方案，並激勵我們的客戶、合作夥伴和銷售組織推動採用我們的雲端和人工智慧產品。

From a geographic breakdown, the Americas region, which represented 84% of total revenue in Q1, grew 6% year over year, as strong cloud revenue growth was partially offset by a decrease in on-premises related revenue.

從地理分佈來看，美洲地區佔第一季總營收的 84%，年成長 6%，因為強勁的雲端收入成長被內部相關收入的減少部分抵消。

The EMEA and APAC regions, which represented 11% and 5% of our total revenue, respectively increased 10% and 9% year over year respectively driven by strong cloud revenue growth in both regions.

歐洲、中東和非洲地區 (EMEA) 和亞太地區 (APAC) 分別占我們總收入的 11% 和 5%，受這兩個地區雲端收入強勁成長的推動，這兩個地區分別年增 10% 和 9%。

While international revenue remains a smaller portion of our overall business, we continue to see a steady shift towards cloud adoption across global markets. This quarter, we reached an important milestone with 50% of international revenue now coming from cloud solutions driven by the strength of our go-to-market strategy, our expanding global presence, and the deep partnerships we've cultivated to accelerate adoption worldwide.

雖然國際收入在我們的整體業務中所佔比例仍然較小，但我們繼續看到全球市場向雲端運算採用的穩定轉變。本季度，我們達到了一個重要的里程碑，50% 的國際收入來自雲端解決方案，這得益於我們強大的市場進入策略、不斷擴大的全球影響力以及我們為加速全球採用而建立的深厚合作夥伴關係。

Moreover, at 50%, these less penetrated international markets provide a great growth opportunity for us to continue to drive cloud growth.

此外，這些滲透率較低的國際市場佔比 50%，為我們繼續推動雲端運算成長提供了巨大的成長機會。

Turning to our business segment, customer engagement revenue, which represented 85% of our total revenue in the quarter, was $592 million increasing 7% year over year, driven by the strong growth in our cloud business in all geographies which offset the continued transition of our premise-based business.

談到我們的業務部門，客戶參與收入佔本季總收入的 85%，為 5.92 億美元，同比增長 7%，這得益於我們所有地區的雲端業務的強勁增長，抵消了我們基於前提的業務的持續轉型。

Revenues from financial crime and compliance, which represented 15% of our total revenue in Q1 and total $108 million met our expectations. We delivered robust cloud revenue growth in the quarter. Consistent with our customer engagement business segments, our strategy in FCC is cloud first. We expect our full year FCC revenue to be flat to modest declines in 2025 as we further accelerate our intent to shift this market segment to the cloud.

金融犯罪和合規收入占我們第一季總收入的 15%，總額為 1.08 億美元，符合我們的預期。本季度，我們的雲端收入實現了強勁成長。與我們的客戶參與業務部門一致，我們在 FCC 的策略是雲端優先。隨著我們進一步加快將這一細分市場轉向雲端的步伐，我們預計 2025 年全年 FCC 收入將持平或略有下降。

Moving to profitability, our total growth margin was 69.9% compared to 70.9% last year, a slight decline primarily due to a decrease in higher margin on-premise based revenue and recognized in the prior year. Our cloud growth margin totaled an expected 69.4% in Q1.

談到獲利能力，我們的總成長利潤率為 69.9%，而去年為 70.9%，略有下降，主要是由於利潤率較高的內部部署收入減少，並已在上一年確認。我們第一季的雲端成長利潤率預計達到 69.4%。

During the quarter, we invested heavily in onboarding new and incremental service partner capacity to derive faster time to revenue of our cloud business. In addition, we continue to make strategic investments in expanding and scaling our cloud offerings internationally.

在本季度，我們投入大量資金引進新的和增量的服務合作夥伴，以加快雲端業務的收入實現時間。此外，我們將繼續進行策略性投資，擴大和擴展我們的國際雲端產品。

Our operating income in Q1 increased 7% year over year to $214 million and our healthy operating margin expanded 20 basis points year over year to 30.5%. With Scott's clear focus on driving long-term sustained growth in the cloud, we have already prioritized the key areas of focus spend additional R&D talent to continue to drive our AI innovation, expansion of our external service partners to drive a faster cloud adoption, and the creation of new centers of excellence to optimize full utilization of our platform capabilities by our customers.

我們第一季的營業收入年增 7%，達到 2.14 億美元，健康的營業利益率年增 20 個基點，達到 30.5%。由於 Scott 明確專注於推動雲端運算的長期持續成長，我們已經優先考慮重點領域，投入更多研發人才以繼續推動我們的人工智慧創新，擴大我們的外部服務合作夥伴以推動更快的雲端運算採用，並創建新的卓越中心以優化客戶對我們平台功能的充分利用。

Our continued prudent management of profitable growth has succeeded in our ability to confidently add these growth investments to yield higher future revenue growth while maintaining a healthy operating profile. Earnings per share for the first quarter were $2.87, an 11% increase compared to last year.

我們持續審慎地管理獲利性成長，使我們能夠自信地增加這些成長投資，以實現更高的未來收入成長，同時保持健康的經營狀況。第一季每股收益為 2.87 美元，比去年同期成長 11%。

Our cash flow from operations in Q1 delivered another exceptional performance this quarter, reaching an all-time high of $285 million and surpassing the previous record set just last quarter. Our free cash flow was $264 million increasing 16% year over year, and yielding outstanding 38% free cash flow margin.

我們第一季的經營現金流再次表現出色，達到 2.85 億美元的歷史新高，超過了上個季度創下的紀錄。我們的自由現金流為 2.64 億美元，年增 16%，並產生了 38% 的自由現金流利潤率。

Our conviction and the strength of our business and the opportunity ahead was demonstrated by our largest ever share quarterly buyback in Q1, which underscores our confidence in our market position, long-term strategy, and ability to drive sustained value for our shareholders. We repurchased shares for an all-time record high totaling $252 million. We've already executed more than 70% of our current $500 million buyback program.

我們第一季最大的股票回購證明了我們的信念、業務實力和未來的機遇，這凸顯了我們對市場地位、長期策略以及為股東創造持續價值的能力的信心。我們回購股票的總額達到了歷史最高水平，達到 2.52 億美元。我們已經執行了目前 5 億美元回購計畫的 70% 以上。

Following the accelerated buyback in the first quarter, we are pleased to announce the introduction of a new $500 million buyback program that we will begin implementing following the completion of the current plan.

繼第一季加速回購之後，我們很高興地宣布推出一項新的 5 億美元回購計劃，該計劃將在當前計劃完成後開始實施。

Total cash and investments at the end of March total $1,611 million. Our debt stands at $459 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 still to repay the debt at maturity.

截至三月底，現金及投資總額為16.11億美元。我們的債務為 4.59 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。目前，我們的預期仍然是到期償還債務。

Before I close with guidance and in conclusion, we are pleased with the strong start to the year. This momentum reflects the continued strength of our business and disciplined execution, but we view this as just the beginning.

在結束指導和總結之前，我對今年的強勁開局感到滿意。這一勢頭反映了我們業務的持續強勁和嚴格的執行，但我們認為這只是一個開始。

We are continuing to grow our team at NICE and forging new strategic partnerships to fuel ongoing growth. The investments in our AI innovation and strategic go to market strategy will begin to yield impact toward the end of this year and into 2026, positioning as well to further expand our leadership in this market.

我們正在繼續擴大 NICE 的團隊並建立新的策略合作夥伴關係以推動持續成長。我們對人工智慧創新和策略性市場進入策略的投資將在今年年底和 2026 年開始產生影響，這也將進一步擴大我們在該市場的領導地位。

We remain confident in our strategy and our ability to drive long-term value for our customers and shareholders. We look forward to seeing you at our upcoming investor day where we plan to share some exciting details of recent wins and new AI innovation launches in our CXone Mpower. Now I'll close with our guidance for total revenue and non-GAAP EPS for the second quarter and full year 2025.

我們對我們的策略以及為客戶和股東創造長期價值的能力充滿信心。我們期待在即將到來的投資者日見到您，我們計劃在 CXone Mpower 上分享最近的勝利和新推出的 AI 創新的一些令人興奮的細節。現在，我將以我們對 2025 年第二季和全年總收入和非 GAAP EPS 的預測作為結束。

For the second quarter of 2025, we expect total revenue to be in the range of $709 million and $719 million, representing 7% year-over-year growth at the midpoint. We expect the second quarter, 2025, fully diluted earnings per share to be in a range of $2.93 to $3.03 representing 13% year over year growth at the midpoint.

對於 2025 年第二季度，我們預計總營收將在 7.09 億美元至 7.19 億美元之間，中間值年增 7%。我們預計 2025 年第二季每股完全攤薄收益將在 2.93 美元至 3.03 美元之間，中位數為年增 13%。

For the full year, we are reaffirming our prior revenue guidance. While we do not anticipate a significant macro level impact at this time, we'll continue to monitor the situation and update as the year progresses.

對於全年，我們重申先前的收入預期。雖然我們目前預計不會產生重大的宏觀影響，但我們將繼續監測情況並隨著時間的推移進行更新。

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. We continue to expect our non-GAAP operating margin to increase an estimated 50 basis points year over year.

預計 2025 年全年總營收將在 29.18 億美元至 29.38 億美元之間，中間值成長 7%。我們繼續預期非公認會計準則營業利潤率將年增 50 個基點。

We are raising the full year 2025 non-GAAP fully diluted earnings per share guidance, which is now expected to be in a range of $12.28 to $12.48, which represents an increase of 11% at the midpoint. I will now turn the call over to the operator for questions. Operator?

我們上調了 2025 年全年非 GAAP 完全稀釋每股收益指引，目前預計在 12.28 美元至 12.48 美元之間，中間值增長 11%。我現在將把電話轉給接線員來回答問題。操作員？

(Operator Instructions)

（操作員指示）

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

A couple of questions. Just maybe first, kind of on the quarter-on-quarter step down in the cloud revenue, just kind of biggest reasons for that you guys haven't traditionally had a lot of seasonality, so if there's just kind of more seasonality coming into the business, that'd be helpful to determine.

有幾個問題。首先，也許雲端收入的環比下降是導致你們傳統上沒有太多季節性因素的最大原因，所以如果業務中出現了更多的季節性因素，這將有助於確定。

And then second, just, on the strategic partnerships and kind of the expansion of those, when would you expect for those to start to show more dividends? Thanks.

其次，關於策略夥伴關係及其擴展，您預計何時會開始帶來更多紅利？謝謝。

Thanks for the question, Meta. I think I'll start off with your question and hand it over to Scott. In terms of the quarter-on-quarter step down, we addressed that coming into the year, our cloud revenue was in line with our expectations in the first quarter, increasing at the 12.4% year-over-year growth.

謝謝你的提問，Meta。我想我會從你的問題開始，然後把它交給斯科特。關於季度環比下降，我們表示，進入今年以來，我們的雲端收入符合我們的預期，第一季年增 12.4%。

And the key reasons really for that change as we had highlighted last quarter where we saw some stronger than what we've typically seen seasonality that occurred in the fourth quarter that we correctly anticipated would not come into the first quarter and that really comes from a few key verticals that had some, I would say very strong seasonality in Q4.

而造成這種變化的主要原因正如我們在上個季度所強調的那樣，我們看到了第四季度出現的比通常更強勁的季節性因素，而我們正確地預測到這種季節性因素不會出現在第一季度，這實際上來自於一些關鍵的垂直行業，我想說第四季度的季節性因素非常強勁。

That includes some of our retail customer base as well as some of our healthcare and insurance related customers. So as I highlighted, it was as expected and we're pleased with the cloud performance in the first quarter. And with that I'll hand it over to Scott to address the second question.

其中包括我們的部分零售客戶群以及一些醫療保健和保險相關客戶。正如我所強調的，這是符合預期的，我們對第一季的雲端運算表現感到滿意。接下來我將把第二個問題交給史考特來回答。

Hey, thanks, Beth. So a couple of comments on the strategic partnerships. First of all, these partnerships are really important, and they're already getting feedback from customers literally as soon as we announced because customers are very clear that they have a landscape of different technology providers and they want to be a unified solution.

嘿，謝謝你，貝絲。我對策略夥伴關係有幾點評論。首先，這些合作關係非常重要，我們宣布後他們就立即收到了客戶的回饋，因為客戶非常清楚他們擁有不同的技術供應商，他們希望獲得統一的解決方案。

So we're already receiving questions, understanding roadmap, and secondly, the partnerships are both product-related, innovation-related, and also go to market as well. So the product work, there's obviously some work that we're doing to be able to build out those roadmap, and that's already underway.

因此，我們已經收到了問題，了解了路線圖，其次，合作夥伴關係既與產品相關，又與創新相關，也與市場相關。因此，對於產品工作，我們顯然正在做一些工作來建立這些路線圖，而這些工作已經在進行中。

What I expect to see is those customer conversations turning into growth opportunities for both ourselves and our key partners as we're able to bring a unified solution to our customers. I'd also just like to highlight, as I mentioned in my opening, we're not limited. We're -- there's more to come. We're really clear that these strategic partnerships, each providing unique value, enhances our differentiation, but also enhance value to the customers so they can get unlock more benefits for them. So -- and we'll see that come in the coming quarters.

我希望看到這些客戶對話轉化為我們自己和我們主要合作夥伴的成長機會，因為我們能夠為我們的客戶帶來統一的解決方案。我還想強調的是，正如我在開頭所提到的，我們不受限制。我們──還有更多。我們非常清楚，這些策略夥伴關係各自都提供了獨特的價值，增強了我們的差異化，同時也提升了客戶的價值，使他們能夠獲得更多的利益。所以——我們將在未來幾季看到這一點。

Tyler Radke, Citi.

花旗銀行的泰勒拉德克（Tyler Radke）。

Good morning. Thank you for taking the questions. And I appreciate the incremental disclosure on the ARR for the CX AI and self-service as well as the cloud NRR. As we think about that AI and Mpower self-service ARR, for customers that you see adopting that solution, can you just help us understand, is that all incremental spend?

早安.感謝您回答這些問題。我很欣賞 CX AI 和自助服務以及雲端 NRR 的 ARR 的增量披露。當我們考慮 AI 和 Mpower 自助 ARR 時，對於您看到採用該解決方案的客戶，您能否幫助我們理解，這些都是增量支出嗎？

Are you starting to see any cannibalization of kind of the core non-AI spend, whether that's fewer seats? Just help us understand, how additive that is, and then it sounded like you were optimistic that potentially the growth of that could accelerate or the momentum pick up and the later part of the year just as you see kind of more partnership leverage if you could just double click on that as well.

您是否開始看到核心非人工智慧支出的蠶食，無論是席位減少嗎？只是幫助我們理解，這有多麼具有附加性，然後聽起來你很樂觀，認為這種增長可能會加速，或者勢頭會增強，在今年下半年，你會看到更多的合作槓桿，如果你可以雙擊它的話。

Sure, I can do. So a couple of thoughts on this. First of all, on the seat-based revenue, we're not seeing any material change, any difference, which is positive. So, the AI based usage is largely Incremental and it's interesting how customers are deploying. Many are starting, they're sort of investing, and they're leading with the AI capabilities to be able to drive it, be able to then deliver more efficiency, more value, more insights, better customer service.

當然可以。對此我有一些想法。首先，就座位收入而言，我們沒有看到任何實質的變化或差異，這是正面的。因此，基於人工智慧的使用在很大程度上是增量的，客戶的部署方式很有趣。許多人剛起步，他們正在進行某種投資，並利用人工智慧能力來推動它，從而能夠提供更高的效率、更多的價值、更多的洞察力和更好的客戶服務。

Some are driving to automation. I mentioned on the call on my opening about disparate point solutions unified together. So we are confident as both our innovation roadmap continues to build out, nearly exclusively on the AI side, together with the innovation, it will both enhance the usage of our existing platform capabilities, which is deployed at scale. We're the largest provider at the contact centers. So it'll enhance that, but also discrete solutions that are incremental.

有些正在走向自動化。我在電話會議的開頭提到了將不同的點解決方案統一起來。因此，我們有信心，隨著我們的創新路線圖不斷構建，幾乎完全在人工智慧方面，加上創新，它將增強我們現有平台功能的使用，並大規模部署。我們是聯絡中心最大的提供者。因此，它不僅會增強這一點，還會提供增量的離散解決方案。

You mentioned about the partnerships, what's really important about the partnerships is it helps us fulfill the AI innovation that's happening with the technology partners and their innovation embedded on our platform.

您提到了合作夥伴關係，合作夥伴關係真正重要的是它可以幫助我們實現與技術合作夥伴一起發生的人工智慧創新以及他們嵌入我們平台的創新。

Ultimately that means customer service will be more automated, more integrated in the workflows from the customer contact all the way through to fulfilling their tasks and leveraging the innovations that our partners bring that we can put into our platforms.

最終，這意味著客戶服務將更加自動化，更加融入從客戶聯繫到完成任務的整個工作流程，並利用我們的合作夥伴帶來的創新，我們可以將其融入我們的平台。

So yeah, I'm excited and optimistic about the potential it brings, and I think we'll see that continue to be a transition as they deploy it at scale using AI. We'll obviously see how that then affects the seat-based, but right now there's it's only incremental.

所以是的，我對它帶來的潛力感到興奮和樂觀，我認為隨著他們使用人工智慧大規模部署它，我們會看到它繼續轉變。我們顯然會看到這對基於座位的影響，但目前它只是漸進的。

Thanks and just a quick follow up on the partnerships, you announced a partnership with ServiceNow recently out of their Knowledge Conference. One of the questions that We often get from investors is just how to think about where the NICE orchestration and kind of agentic AI ends and vice versa for ServiceNow, both companies have, AI workflow orchestration products, but where is kind of that overlap if there is any, and has that become any clearer in your mind with customers just post the partnership announcement?

謝謝，我想快速跟進合作關係，您最近在 ServiceNow 的知識會議上宣布了與 ServiceNow 的合作關係。我們經常從投資者那裡得到的一個問題是，如何看待 NICE 編排和代理 AI 的終結，反之亦然，對於 ServiceNow 來說，兩家公司都有 AI 工作流編排產品，但如果有的話，這種重疊在哪裡？在客戶發布合作公告後，您是否對這一點有了更清晰的認識？

Yeah, it's a great question and our customers often ask the same thing. So first of all, our partnership leverages the core deep strengths that we have. In our case, we understand, we know customer service best. We understand the interactions, the intents.

是的，這是一個很好的問題，我們的客戶也常問同樣的問題。首先，我們的合作關係充分利用了我們擁有的核心深厚優勢。就我們的情況而言，我們明白，我們最了解客戶服務。我們了解互動和意圖。

We know what consumers need, when they need it, why they need it, how they need it. We know which channel, we have the deepest knowledge of the industry, unique insights and needs between each of the industries. So our agentic AI very much is around what that intent is, how do we fulfill it, and then trying to orchestrate that with knowledge, with workflow, and with our service.

我們知道消費者需要什麼、何時需要、為什麼需要、如何需要。我們知道哪個管道，我們對該行業有最深的了解，對每個行業之間的需求有獨特的見解。因此，我們的代理 AI 很大程度上圍繞著這個意圖是什麼，我們如何實現它，然後嘗試利用知識、工作流程和我們的服務來協調它。

ServiceNow clearly bring the unified end to end workflows of the enterprise and being able to connect the front and the back office and helping our platform leveraging theirs. So the synergy, the overlap is very minimal. The advantage is our platform, whether it's an agent or an AI agent connecting with their AI assist and their AI platform to be able to fulfill those needs of consumers at the point of interaction, and that's the exciting part because we're able to bring not only efficiency, but a higher and better customer experience for consumers.

ServiceNow 顯然帶來了企業統一的端到端工作流程，能夠連接前台和後台，並幫助我們的平台利用他們的功能。因此，協同作用和重疊作用非常小。我們的優勢在於我們的平台，無論是代理還是 AI 代理，都可以與他們的 AI 助手和 AI 平台連接，從而能夠在交互點滿足消費者的需求，這是令人興奮的部分，因為我們不僅能夠帶來效率，還能為消費者帶來更高、更好的客戶體驗。

Michael Funk, Bank of America.

美國銀行的麥可‧芬克。

Yeah, thank you for the question this morning. Going back to the AI question and I think NICE's strategy has been slightly different given the amount of investment NICE has made in AI over the years. And so first of all, just thinking about, how that differentiates your AI strategy, and how it's driving maybe some of the deals.

是的，感謝您今天早上提出的問題。回到人工智慧問題，我認為考慮到 NICE 多年來在人工智慧領域的投資金額，其策略略有不同。因此，首先，請思考一下，這如何區分您的 AI 策略，以及它如何推動某些交易。

And then related, how these new partnerships might enhance or accelerate development of AI whether it's access to data, domain expertise partners might have that you don't, love to get a better feel for that.

然後相關的是，這些新的合作關係如何增強或加速人工智慧的發展，無論是獲取數據，還是合作夥伴可能擁有的領域專業知識，而您沒有，都希望更好地了解這一點。

So the investments, you're right, Michael, the investments, that NICE has put in AI really does set us up well. So if you think about the thousands of foundational models, what we've built on in our Enlighten platform and XO, we've been -- we're really strong at both the data, the intent data, the 15 billion interactions, and understanding what consumers need, and being able to then, respond and have a great customer service experience.

所以，邁克爾，您說得對，NICE 在人工智慧方面的投資確實為我們帶來了好處。因此，如果您考慮我們在 Enlighten 平台和 XO 中建立的數千個基礎模型，我們就會發現，我們在數據、意圖數據、150 億次互動方面都非常強大，並且能夠了解消費者的需求，然後做出回應並提供出色的客戶服務體驗。

That is an incredibly important foundation because no one else really has that capability, and it's a prerequisite for us to move into and expand. Into orchestration from intent to fulfillment, orchestrating workflows because we know what task needs to be done, and we know it at finite detail by industry, and by geography.

這是一個非常重要的基礎，因為沒有其他人真正擁有這種能力，這是我們進入和擴張的先決條件。從意圖到實現的協調，協調工作流程，因為我們知道需要完成什麼任務，並且我們按行業和地理位置詳細了解它。

So it's a really important prerequisite, and it's the foundation. Then you go forward and you think about our investments and you'll hear more about this in interactions. The agentic gives us the ability to be able to then automate through self-service like never before, but actually do task completion because the key with an AI agent is to be able to deliver what a human agent would have done.

所以這是一個非常重要的先決條件，也是基礎。然後你繼續思考我們的投資，你會在互動中聽到更多關於這方面的資訊。代理使我們能夠以前所未有的方式透過自助服務實現自動化，但實際上可以完成任務，因為人工智慧代理的關鍵是能夠完成人類代理所做的事情。

And so with our knowledge and our workflow all in that one platform, it becomes a really critical. But I think the most important part is the co-existence. And what we're seeing from customers is this.

因此，當我們將知識和工作流程集中在一個平台上時，它就變得非常關鍵。但我認為最重要的部分是共存。我們從客戶那裡看到的是這樣的。

They might use a self-service platform to do a couple of use cases, and they use their contact center to manage their agents, but the co-existence from a consumer standpoint, they want the knowledge, the data, the workflow to be able to interoperate in a seamless manner, and they, they've got a Frankenstein stack out there right now.

他們可能會使用自助服務平台來處理一些用例，並使用他們的聯絡中心來管理他們的代理，但從消費者的角度來看，他們希望知識、數據、工作流程能夠以無縫的方式進行互操作，而他們現在已經有一個弗蘭肯斯坦堆疊。

They've used different point solutions, and so we are seeing significant demand where they want to consolidate onto a platform that is able to orchestrate that interaction experience with the consumer when we're best-placed. Now that then leads to the partnerships.

他們使用了不同的點解決方案，因此我們看到了巨大的需求，他們希望整合到一個平台上，以便在我們處於最佳位置時協調與消費者的互動體驗。現在，這就引出了合作關係。

The partnerships give us an extended end to end capability that goes beyond the interaction. As we go deeper, so for example with AWS, our AWS partnerships, they have the insights and the access to all the data that sits into the Enterprise, all of the systems of record, all of the flows.

這些合作關係為我們提供了超越互動的端到端擴展能力。隨著我們進一步深入，例如與 AWS 合作，我們的 AWS 合作夥伴可以洞察並存取企業中的所有資料、所有記錄系統和所有流程。

And through their AI platform, we can then use that knowledge in our CXone Mpower platform and we can automate that something we've never really been able to unlock before. If you take ServiceNow, their orchestration of end to end workflows is superb, and what that means for us is that as we connect to their platform again, whether it be a human or an AI agent, we can then fulfill tasks for consumers way faster, way more effective than we've ever been able to achieve.

透過他們的人工智慧平台，我們可以在我們的 CXone Mpower 平台中使用這些知識，並且可以自動執行我們以前從未真正解鎖過的事情。如果您採用 ServiceNow，您會發現他們對端到端工作流程的編排非常出色，這對我們來說意味著，當我們再次連接到他們的平台時，無論是人類還是人工智慧代理，我們都可以比以往更快、更有效地為消費者完成任務。

So it opens up the power and the value that we can bring to our customers from an automation and also from a consumer's experience. And we're really excited about it because it brings the best of both. And I think you'll find that, that deep knowledge in CX, it is critically important, which is why we don't see any overlap in these partnerships. It really is complementary.

因此，它開啟了我們可以從自動化和消費者體驗中為客戶帶來的力量和價值。我們對此感到非常興奮，因為它融合了兩者的優點。我認為你會發現，對 CX 的深入了解至關重要，這就是為什麼我們在這些合作關係中沒有看到任何重疊。這確實是互補的。

And then I'll bite with one more quick question. The recent news coming out that [Clarida], which had leaned very heavily into replacing humans with AI, it is now backtracking in part, right, saying they actually want to backfill and add more human agents because AI was not satisfactory.

然後我再問一個簡單的問題。最近有消息稱，[Clarida] 曾非常傾向於用人工智慧取代人類，但現在它正在部分改變主意，說他們實際上想填補空缺並增加更多的人類代理，因為人工智慧並不令人滿意。

Are you hearing similar comments from customers when thinking about adopting AI, and I know you're more of a Copilot model or alongside the human model, and then how do you interpret those comments and what it means maybe for NICE and your own opportunity?

在考慮採用人工智慧時，您是否聽過客戶的類似評論，我知道您更像是一個副駕駛模型或與人類模型並行，那麼您如何解讀這些評論以及這對 NICE 和您自己的機會意味著什麼？

Yeah, so, look, a couple of comments. The first is, we truly believe that AI agents will be able to deliver a significant amount of what happens in customer service over time. We are investing in it, we're building it, we're partnering in it, and we think we can fulfill it. But most customers, are clear that their customer engagement is critical.

是的，那麼，看，有幾條評論。首先，我們堅信，隨著時間的推移，人工智慧代理將能夠提供大量客戶服務。我們正在對其進行投資、建設、合作，我們相信我們能夠實現它。但大多數客戶都清楚，客戶參與至關重要。

You think about the market right now. There's a lot of uncertainty. Consumers are interacting with their -- the enterprise with their companies more than ever, and often it's about knowledge or insights or wanting to get information. So the co-existence of a human and AI is really important.

你現在考慮一下市場。存在很多不確定性。消費者與企業之間的互動比以往任何時候都多，而且通常是為了獲取知識或見解或想要獲得資訊。因此，人類與人工智慧的共存非常重要。

So what we see for the majority of customers is they're not going to turn off the contact center tomorrow. But what they are doing is they're building that self-service. We've got Autopilot, which is a significant growth driver.

因此，我們看到大多數客戶明天不會關閉聯絡中心。但他們正在做的是建立自助服務。我們有自動駕駛儀，這是一個重要的成長動力。

It's a self-serviceability for consumers to interact. But when it doesn't quite fill the task, or there's a more complex question. Let's face it, as humans we have, spontaneous needs and questions and wants, and so when it does that, you have to have the ability to then switch and interact with a human agent and then maybe go back to AI.

這是消費者可以進行自助互動的服務。但當它不能完全完成任務，或有更複雜的問題時。讓我們面對現實吧，身為人類，我們有自發性的需求、問題和慾望，所以當它有這些的時候，你必須有能力切換到與人類代理人互動，然後再回到人工智慧。

Our platform brings that natively out of the box. What happens to these companies is, if they've got all these other point solutions, they have to put the connective tissue together and it's really hard. So the power of the platform to be able to manage that coexistence as self-service increases and scales, I think is going to be hugely, it's a huge differentiator for us. And frankly, most customers, are demanding that need and they look to us as a part of their platform requirement.

我們的平台原生實現了這項功能。這些公司的情況是，如果他們已經擁有了所有這些其他的點解決方案，他們就必須將結締組織整合在一起，這真的很難。因此，隨著自助服務的增加和擴展，平台能夠管理這種共存的能力將變得非常強大，這對我們來說是一個巨大的差異化因素。坦白說，大多數客戶都有這種需求，他們將我們視為其平台需求的一部分。

Oh, that was great. Thank you for the time and your comments.

噢，那太好了。感謝您的時間和評論。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞、威廉·布萊爾。

Perfect, thank you so much. Could you, just touch a little bit on some of the delays that we saw last quarter in terms of getting large customers deployed? I'm curious if that's improved at all and maybe the operational changes that you've made or are making to help remedy that this quarter going forward.

非常好，非常感謝。您能否稍微談談我們上個季度在部署大客戶方面遇到的一些延遲？我很好奇這種情況是否有所改善，也許您已經做出或正在進行的營運變革有助於在本季度解決這一問題。

Yeah, thanks for the question, Arjun. I'll start with that one. I think, right out of the gate this year, we've made some additional investments and capacity around the services organization and driving those large scale enterprise deployments faster, both internal as well as partnering with some additional services providers, and that's something we're going to continue to do as part of our focus around strategic partnerships.

是的，謝謝你的提問，Arjun。我先從那一個開始。我認為，今年一開始，我們就對服務組織進行了一些額外的投資和能力提升，並推動了大規模企業部署的加快，包括內部部署以及與一些其他服務提供者的合作，這是我們將繼續做的事情，作為我們戰略合作夥伴關係重點的一部分。

We're pleased to report that, of course, already we're seeing some NICE improvement. I think it's important to highlight that you know with large enterprise players you should expect a longer, deployment cycle relative to more of the SMB space. However, we are already seeing advancement and it's going to continue to be a focus for us looking ahead as well.

我們很高興地報告，當然，我們已經看到了一些 NICE 的改善。我認為需要強調的是，對於大型企業而言，與 SMB 領域相比，部署週期應該更長。然而，我們已經看到了進步，這也將繼續成為我們未來關注的重點。

Okay, got it. And then, maybe one for Scott, on Autopilot, how comfortable are customers at just unleashing AI on their customers through, agents? Are you seeing that just as more enterprises become more familiar with AI they're starting to do this more and more, or is there still some sort of hesitancy to say, hey, maybe we don't have the data, we don't have the right context, the agents aren't grounded enough. I'm curious where we are actually in that process right now.

好的，明白了。然後，也許可以問 Scott 一個問題，關於自動駕駛儀，客戶對於透過代理商向他們的客戶釋放人工智慧感到滿意嗎？您是否看到，隨著越來越多的企業越來越熟悉人工智慧，他們開始越來越多地這樣做，或者是否仍然猶豫不決地說，嘿，也許我們沒有數據，我們沒有正確的背景，代理不夠紮實。我很好奇我們現在處於這個過程的哪個階段。

Yeah, it's a great question because you definitely see differences by industry, even differences by geography on the speed of adoption. There's no doubt that our Autopilot platform already can deliver a significant amount of self-service with the knowledge that we have in the platform, let alone what we bring through these partnerships.

是的，這是一個很好的問題，因為你肯定會看到不同產業、甚至不同地區的採用速度有差異。毫無疑問，憑藉我們在平台上所掌握的知識，我們的 Autopilot 平台已經可以提供大量的自助服務，更不用說我們透過這些合作夥伴關係所帶來的服務了。

And so the adoption curve, some are quite aggressive, they're very optimistic about the potential and it's usually driven more from an automation standpoint. What we're seeing is it's now even more important from the customer engagement. They want to be able to answer queries, to be able to solve those intents really quickly.

因此，採用曲線有些相當激進，他們對潛力非常樂觀，而且通常更多地從自動化的角度來推動。我們看到，從客戶參與的角度來看，現在它變得更加重要。他們希望能夠回答問題，並且能夠快速解決這些問題。

An AI platform allows them to do that, so. The rollout is very much about the risk base and the driving forces. If it's an ROI based, usually it's more about the automation side. If it's in enhancing the customer, usually Copilot is the first area where they use and then they progressively roll out Autopilot. So it really does vary by industry.

人工智慧平台允許他們這樣做。此次推出主要關注的是風險基礎和驅動力。如果它是基於投資回報率 (ROI)，通常它更多地涉及自動化方面。如果是為了增強客戶體驗，通常 Copilot 是他們首先使用的領域，然後他們會逐步推出 Autopilot。所以它確實因行業而異。

What I would say is this. The acceptance across the customer base is universal that AI will be an entrenched part of customer experience, that there's no debate.

我想說的是這個。整個客戶群普遍接受這樣的觀點：人工智慧將成為客戶體驗中不可或缺的一部分，這一點毫無爭議。

There will be leaders and laggards in terms of the adoption curve, but no one is saying we're not going to do it. In fact, more the point is they work with us on how they can utilize the platform, and it's exciting because you look at our roadmap, more and more of our roadmap is about a click and use, so turning it on, so we're no longer as constrained about the time to roll out for the previous question. It's got to be more and more about being able to use and consume and progressively deploy that.

在採用曲線方面會有領先者和落後者，但沒有人說我們不會這樣做。事實上，更重要的是他們與我們合作如何利用該平台，這是令人興奮的，因為如果你看看我們的路線圖，我們的路線圖越來越多地涉及點擊和使用，因此將其打開，因此我們不再受到上一個問題推出時間的限制。它必須越來越多地關注使用、消費和逐步部署的能力。

So I'm optimistic that the growth will come, and I do think as customers become more comfortable, we're already seeing with existing customers, they're expanding their usage which comes to the guidance and the revenue that we gave earlier, the expansion of usage when they first deployed more and more use cases, we're seeing that as a part of our customer base. So it gives us confidence about the future rollout.

因此，我對成長的到來感到樂觀，我確實認為，隨著客戶變得更加舒適，我們已經看到現有客戶正在擴大使用範圍，這符合我們之前給出的指導和收入，當他們首次部署越來越多的用例時，使用範圍就會擴大，我們將其視為我們客戶群的一部分。因此，它讓我們對未來的推廣充滿信心。

Siti Panigrahi, Mizuho.

瑞穗的 Siti Panigrahi。

Thanks for taking my question and congratulations on one of the largest seven-figure deal. In fact, you guys had a few deals last year to this mega deals, so I'm wondering what's your expectation in terms of revenue contribution for from those deals and that what gives you the confidence to deliver the 12% cloud growth this year? I assume you still expect that 12% growth.

感謝您回答我的問題，並祝賀您達成了最大的七位數交易之一。事實上，你們去年達成了幾筆大型交易，所以我想知道你們對這些交易的收入貢獻有何預期，是什麼讓你們有信心在今年實現 12% 的雲端運算成長？我認為您仍然預期 12% 的增長。

A couple of things. I think first of all, we're really excited about the traction we're seeing internationally in our CX business, as you highlighted. This is now the second extremely large deal that we've signed in less than 12 months.

有幾件事。我認為首先，正如您所強調的，我們對 CX 業務在國際上取得的進展感到非常興奮。這是我們在不到 12 個月的時間內簽署的第二份巨額交易。

If we look back to the one that we announced last year, that is just now starting to gradually come into the revenue in the course of Q2, so we'll start to see that, contribution reflected in the current and upcoming quarter with Q2, and of course that will continue to gradually expand as they expand the adoption of the platform over time, but we'll start to see that happen.

如果我們回顧去年宣布的計劃，該計劃現在才剛開始在第二季度逐漸進入收入，所以我們將開始看到，該計劃的貢獻將反映在當前季度和即將到來的第二季度，當然，隨著平台的採用率隨著時間的推移，該計劃將繼續逐步擴大，但我們會開始看到這種情況發生。

With the new extremely large deal that we've just signed and we're really excited about out of the European region, that is another extremely large deal for us. We expect that you'll like to see that probably starting to come into the revenue in in early 2026, so you won't see revenue contribution from that this year. You should expect early 2026.

我們剛剛簽署了一份新的超大交易，我們對歐洲地區的交易感到非常興奮，這對我們來說是另一筆超大交易。我們預計，您可能會看到它在 2026 年初開始進入收入，因此今年您不會看到它帶來的收入貢獻。預計時間為 2026 年初。

And you still expect 12% growth on the cloud side.

而你仍然預期雲端的成長率為 12%。

On the 12% growth, we have confidence both in looking at the usage we're seeing in our customers, we're not seeing any impact from macro in any way. We're also looking at a large portion of our revenue is already set as we come into the year, so strong existing ARR as well as a backlog that we have coming into the year. So a combination of all of those factors gives us quite a bit of confidence looking forward for the rest of the year to be able to achieve 12% or more.

對於 12% 的成長率，我們有信心，從客戶的使用情況來看，我們沒有看到任何來自宏觀的影響。我們也看到，隨著新年的到來，我們的大部分收入已經確定，因此現有的 ARR 很強勁，今年我們還有大量積壓訂單。因此，所有這些因素的結合讓我們相當有信心，預計今年剩餘時間內的成長率將達到 12% 或更高。

That's great. And one quick follow-up with your cloud growth margin was slightly below. What are the factors impacting the cloud growth margin and how should we think about that?

那太棒了。您的雲端成長利潤率略低於預期。哪些因素影響雲成長率？我們該如何看待這個問題？

Yeah, I commented a little bit about that last quarter that both the cloud growth margin and the overall margin this year, we expect to be really flattish throughout the course of the year. It's expected, and for the cloud specifically, it's coming from really a couple of different factors.

是的，我對上個季度的情況做了一些評論，我們預計今年的雲端成長利潤率和整體利潤率將全年持平。這是意料之中的，特別是對於雲端運算而言，它實際上源自於幾個不同的因素。

The first is around the services that I highlighted. We are ramping up some of the capacity for the partners and that is driving through some of that services deployment that is capitalized in the cloud revenues. So we have a match in terms of some of the third party services vendors in that.

首先是關於我強調的服務。我們正在為合作夥伴提升部分產能，並透過部分服務部署來推動雲端收入的資本化。因此，我們在某些​​第三方服務供應商方面有匹配。

And in addition, we are seeing this great growth internationally. And that's where we're seeing investments. So we're also putting in infrastructure that flows through the cost of cloud line as we build up a lot of our cloud -- sovereign cloud deployments internationally. So it's coming from a combination of those two, and as I highlighted, you should expect more of that as we're investing for growth during the course of this year.

此外，我們在國際上也看到了這種巨大的成長。這就是我們看到的投資。因此，當我們在國際上建立大量雲端——主權雲端部署時，我們也投入了流經雲端線路成本的基礎設施。所以這是兩者結合的結果，正如我所強調的那樣，隨著我們今年為成長進行投資，你應該期待更多這樣的結果。

(Operator Instructions)

（操作員指示）

Jim Fish, Piper Sandler.

吉姆·菲什、派珀·桑德勒。

Hey guys, I appreciate the question here. Look, I know it's a small part of your business, but you guys acquired LiveVox, which was highly exposed to student loans with payments starting to resume. Is that what's driving some of the confidence that on the usage side underneath as collection agencies are starting to ramp and pick back up, how to think about that business? And then just as my follow up because I'm the only one getting one question apparently, billings grew about --

嘿夥計們，我很感謝你們提出這個問題。聽著，我知道這只是你們業務的一小部分，但是你們收購了 LiveVox，該公司在學生貸款方面風險很大，而且貸款還款已經開始恢復。這是否推動了人們對使用方面的一些信心，因為隨著收集機構開始增加和恢復，如何看待這項業務？然後，正如我接下來的提問，因為我顯然是唯一一個被問到這個問題的人，帳單增長了--

Jim, sorry about that. Everybody if you need to ask a follow-up question, yes, you can ask a follow-up question. Sorry about that.

吉姆，很抱歉。大家如果要問後續問題，是的，你可以問後續問題。很抱歉。

All right, I'll let you answer that one first.

好吧，我先讓你回答這個問題。

Yeah, sure, thanks for the question, Jim. I think let's start out with the question you had with respect to Live ox. So for LiveVox, we highlighted coming into the year actually the LiveVox growth is a bit of a headwind to our business overall. To your point, I think with the changing in the macro, there is certainly some opportunity as companies, given the overall environment.

是的，當然，謝謝你的提問，吉姆。我想讓我們從您關於 Live ox 的問題開始。因此，對於 LiveVox，我們強調，進入今年以來，LiveVox 的成長實際上對我們的整體業務來說有點逆風。關於你的觀點，我認為隨著宏觀情勢的變化，考慮到整體環境，企業肯定會面臨一些機會。

We're focused around credit, so I think there is some potential to really optimize that opportunity for us. We are seeing it sometimes also with other verticals, where for other organizations maybe it's a risk. There are certain verticals for us and I'll use the government as an example where sometimes we have upside opportunity just given the criticality of the nature of our of our platforms.

我們專注於信貸，因此我認為我們確實有潛力優化這一機會。我們有時也會在其他垂直產業看到這種情況，對其他組織來說，這可能是一種風險。對我們來說，存在某些垂直領域，我將以政府為例，有時，考慮到我們平台性質的關鍵性，我們會有上行機會。

Just working off of Arjun's question really as a follow-up, billings actually grew about 9% and your DSOs climbed again. Can you just talk about linearity in the quarter and whether you're seeing any sort of push out of timing in terms of closing some of these deals still and when we should start to expect to see enterprises really start moving their business over to the cloud because it seems like we've been on sort of a delay the last couple of years here? Thanks guys.

只是根據 Arjun 的問題進行後續跟進，帳單實際上增長了約 9%，並且您的 DSO 再次攀升。您能否談談本季度的線性情況，以及您是否看到在完成其中一些交易方面有任何時間上的推遲，以及我們什麼時候應該開始期待看到企業真正開始將其業務轉移到雲端，因為似乎過去幾年我們一直在延遲？謝謝大家。

So maybe I'll cover the question around the pace of the enterprise deals and when we can start to see that. So look, there's no doubt that in the first quarter there was a level of uncertainty for a period of time that I think on the macroeconomic side that we, that we all saw, but we're not seeing any significant impact of that or any impact of that really in terms of our about both our pipeline, which is at record levels, as well as our outlook in terms of the deals.

因此，也許我會回答有關企業交易的速度以及我們何時可以開始看到這一點的問題。所以，毫無疑問，在第一季度，在宏觀經濟方面，有一段時間存在一定程度的不確定性，這是我們大家都看到的，但我們並沒有看到它對我們處於創紀錄水平的管道以及交易前景產生任何重大影響。

I think what, so we do have confidence that as we move forward and as reflected in the, what I described in some of those landmark wins, that we've got the confidence that enterprises are investing in CX as a differentiator platform.

我認為，我們確實有信心，隨著我們不斷前進，正如我所描述的一些具有里程碑意義的勝利所反映的那樣，我們有信心企業正在投資 CX 作為差異化平台。

They see the automation opportunity, they're excited about AI. It's obviously one of the most logical, most understood use cases. They're also in an environment where the interaction and consumer retention, consumer -- the MPS, their engagement with their customers becomes even more critical because in market, times of uncertainty.

他們看到了自動化的機會，他們對人工智慧感到興奮。這顯然是最合乎邏輯、最容易理解的用例之一。他們所處的環境中，互動和消費者保留、消費者——MPS，他們與客戶的互動變得更加重要，因為在市場不確定的時期。

So it's interesting in some of our pipeline we've seen some customers look to accelerate because they're wanting to make sure that they've got a platform that can cater and fulfill their customers even better than what they've done before.

因此，有趣的是，在我們的某些管道中，我們看到一些客戶希望加速發展，因為他們希望確保他們擁有一個能夠比以前更好地滿足和滿足客戶需求的平台。

So it's interesting how it becomes a bit of a driver for us, and we're quite resilient in that way. So look, I'm very confident that as we look forward to customers' willingness to then move to -- the enterprises move to do these larger transformations, leveraging the AI, but also just driving the best of consumer experience, there's, we don't see any negative impact.

因此，有趣的是，它如何成為我們的一種驅動力，我們在這方面具有相當強的韌性。所以，我非常有信心，當我們期待客戶願意轉向——企業轉向進行這些更大的轉型，利用人工智慧，同時也推動最佳的消費者體驗時，我們不會看到任何負面影響。

With respect to kind of what you're asking around DSO and billing, I think generally, first of all I remind everyone that we are -- on our CX side of our business we do billing in arrears. So first of all, you see that coming into the DSO that that we report regularly, but also, of course, as we are dealing with large enterprise customers first of all we have great credit worthiness.

關於您所詢問的有關 DSO 和計費的問題，我認為一般來說，首先我提醒大家，在我們的 CX 業務方面，我們會進行欠款計費。首先，您會看到我們定期報告的 DSO，但當然，由於我們首先與大型企業客戶打交道，因此我們具有很高的信譽。

If I look at our customer base broadly at NICE, it's one of the things I think stands out about the overall health of who we're doing business with, and organizations. And so the DSO sometimes is going to be impacted by timing of collections, but we had a great cash quarter in Q1 and again I think our overall balance sheet is reflective of the health of the companies that we're dealing with as our customers.

如果我廣泛地看一下 NICE 的客戶群，我認為這是與我們有業務往來的客戶和組織的整體健康狀況最突出的一點。因此，DSO 有時會受到收款時間的影響，但我們在第一季的現金狀況非常好，而且我認為我們的整體資產負債表反映了我們作為客戶所打交道的公司健康狀況。

Samad Samana, Jefferies.

薩瑪德·薩馬納（Samad Samana），傑富瑞集團。

Maybe first that if I just think about the 111% NRR for cloud in one view and then that just north of 12% growth. It sounds like most of the growth in the quarter came from the install base. I'm just thinking how we should think about those two components as the year progresses. What's embedded in the 12% cloud growth outlook between NRR with existing customers and then new revenue for new customers and then I have a follow-up.

也許首先，如果我只考慮雲的 111% NRR，那麼成長率就剛好超過 12%。聽起來本季的大部分成長都來自於安裝基礎。我只是在思考隨著時間的推移我們應該如何看待這兩個組成部分。12% 的雲端成長前景中蘊含著什麼，現有客戶的 NRR 和新客戶的新收入之間又有何關係，然後我還有一個後續問題。

Yeah, thanks for the question, Samad. So the first thing I would highlight, as we've introduced NRR for the for the first time on a quarterly basis, it's important to highlight that that NRR is built on a trailing 12 months. So you have to take that into consideration when you're thinking about the breakdown of the existing revenue concentration. That's built into our guidance relative to the new logos.

是的，謝謝你的提問，薩馬德。因此，我要強調的第一件事是，由於我們首次按季度引入 NRR，因此必須強調的是，NRR 是建立在過去 12 個月的基礎上的。因此，當您考慮現有收入集中度的細分時，您必須考慮到這一點。這已融入我們有關新標誌的指導中。

And as I highlighted earlier in the call, when we step into the year, most broad portion of our revenue is already baked, right? We have a strong recurring revenue. We're stepping into the year that we've already addressed the seasonality that we highlighted in the fourth quarter.

正如我在電話會議早些時候強調的那樣，當我們進入新的一年時，我們的大部分收入已經實現，對嗎？我們有強勁的經常性收入。我們即將進入一個已經解決了第四季度強調的季節性問題的年份。

So a big portion of our revenue is coming from that existing customer base both in the existing revenue stream along with the backlog of deals that they've already executed last year. And again more and more of those customers of course are those large enterprise customers where we're gradually adding the revenue every quarter as well as expanding it as they further adopt the platform. So that's really what we're thinking.

因此，我們很大一部分的收入來自現有客戶群，包括現有收入流以及他們去年已經執行的積壓交易。當然，這些客戶中越來越多的是大型企業客戶，隨著他們進一步採用該平台，我們每季的收入都在逐漸增加，並且還在不斷擴大。這正是我們的想法。

I highlighted as well last quarter, which we haven't changed our outlook on is that as we look towards the end of Q4 this year, we had stripped out some of the seasonality, of course, that we had seen in Q4 of last year. So we do believe that as we go into the latter half of this year, there could be some upside from a seasonality perspective on that as well.

我上個季度也強調過，我們沒有改變我們的展望，因為當我們展望今年第四季末時，我們當然已經剔除了去年第四季所看到的一些季節性因素。因此，我們確實相信，隨著進入今年下半年，從季節性角度來看，這也可能會有一些好處。

Great, thank you. And then Scott, you've now been there for several months and it's still early in your tenure, but if you think about the growth versus margin expansion framework and if you think about some of the opportunities ahead, should we look at the making the 50 basis points as maybe incremental upside for now goes into growth investments or just based on what you've seen so far, how are you thinking about that balance?

太好了，謝謝。然後斯科特，您已經在那裡工作了幾個月，而且任期還很短，但如果您考慮增長與利潤率擴張框架，如果您考慮未來的一些機會，我們是否應該將 50 個基點視為目前的增量上行空間，用於增長投資，或者僅基於您目前所看到的情況，您如何看待這種平衡？

Yeah, great question, Samad. So first of all, it's been four months, feels, way longer than that. I feel very much a part of the NICE family for a long period of time, which is great. And I'm very proud of the execution speed on many of the things, and I'll just allude to what Beth mentioned earlier around the margin and the fact that we're investing in the services capabilities, our centers of excellence, being able to drive accelerated revenue adoption, as well as, an increased investment, in our AI capabilities as we look to be able to capitalize and be able to then differentiate ourselves in the market.

是的，薩馬德，這個問題問得很好。首先，感覺已經過了四個月，比這要長得多。長期以來，我都感覺自己是 NICE 大家庭的一份子，這真是太好了。我對許多事情的執行速度感到非常自豪，我只想提及 Beth 之前提到的利潤率，以及我們正在投資服務能力、卓越中心，能夠推動加速收入採用，以及增加對人工智慧能力的投資，因為我們希望能夠利用這些能力，然後在市場上脫穎而出。

So we were fast to move, fast to execute, and you can see that. So that's why we've guided on the full year, that a slight improvement on margin, because I really do believe that to win in this market, we need to use all of the levers available to us, organic investment into the differentiating capabilities, speed of adoption for our customers, partnerships, as well as the strength that we have to be able to look at other levers on an inorganic basis, but all under long-term growth for our business and driving shareholder value.

因此我們行動迅速，執行迅速，這一點您也看到了。這就是為什麼我們對全年利潤率做出略微改善的預測，因為我確實相信，要想在這個市場上取勝，我們需要利用所有可用的槓桿，對差異化能力進行有機投資，加快客戶的採用速度，建立合作夥伴關係，以及我們必須能夠在無機基礎上考慮其他槓桿的優勢，但所有這些都是為了我們業務的長期增長和股東價值的提升。

So I think we've guided correctly, but we're clearly looking to be able to accelerate, so that we not only differentiate, but we can create more value from existing customers, but then win over more and more new logos like the one in Europe, which are not only game changing for our customer, but also really enhance our capabilities to be the premier platform.

所以我認為我們的指導是正確的，但我們顯然希望能夠加速，這樣我們不僅可以實現差異化，還可以從現有客戶那裡創造更多價值，然後贏得越來越多的新標誌，例如歐洲的標誌，這不僅為我們的客戶改變了遊戲規則，而且還真正增強了我們成為首要平台的能力。

Patrick Walravens, Citizens.

帕特里克·沃爾拉文斯，公民。

This is Nick on for Pat. Scott if you look at something like summarizing contact center customer service sessions, who has the right to deliver the service? Like if you look at a lot of big enterprises, they use Salesforce Service cloud, but then there's also a C-CAS player like NICE. So the ROI on summarizing the caller providing basic knowledge management is off the charts. Why does NICE have the right to win there?

這是尼克 (Nick) 代替帕特 (Pat)。史考特，如果你看一下總結聯絡中心客戶服務會議的內容，誰有權利提供服務？例如，如果你看看很多大企業，他們使用 Salesforce 服務雲，但也有像 NICE 這樣的 C-CAS 播放器。因此，總結呼叫者提供的基本知識管理的投資報酬率是驚人的。為什麼NICE有權在那裡獲勝？

Yeah, it's actually, it's really simple. The interaction with the consumer is with us. That interaction, that critical first contact, no matter what channel they go through, no matter what other techno technology is used on fulfillment, that first interaction.

是的，事實上，這非常簡單。與消費者的互動就在我們身邊。那次互動，那次至關重要的第一次接觸，無論他們透過什麼管道，無論在實現過程中使用什麼其他技術，那都是第一次互動。

And the knowledge of what they want when they want, we know all of it at depth, industry deep with foundational models to be able to resolve that and then workflows to orchestrate the resolution or the fulfillment of the ask that starts with us. That is a point that is unavoidable and more importantly, the reason why enterprises keep coming to NICE is that platform of interaction is because they don't want disparate solutions in the interaction with their consumers. That's what drives frustration.

我們深入了解他們何時需要什麼，並利用行業深度的基礎模型來解決這個問題，然後透過工作流程來協調解決方案或滿足我們提出的要求。這是無法迴避的一點，更重要的是，企業不斷選擇NICE互動平台的原因是，他們不希望在與消費者的互動中看到千差萬別的解決方案。這就是讓人沮喪的原因。

They don't want different technologies, they want a unified platform. And then with our partnership, I mean, we work, for example, with Salesforce and their service cloud capabilities. We have more interactions with their platform than anybody else, and we've been doing that for many years.

他們不想要不同的技術，他們想要一個統一的平台。然後透過我們的合作，我的意思是，我們與 Salesforce 及其服務雲功能合作。我們與他們的平台的互動比任何人都多，而且我們已經這樣做了很多年。

So this isn't a case of it's either us or others, this is about using the strengths of where the players are deepest, and I do -- I'm firmly of the view that, as the CX leader, that not only provides the point of differentiation of the platform of interaction.

所以這不是我們或其他人的問題，而是利用參與者最深的優勢，我堅信——作為 CX 領導者，這不僅提供了互動平台的差異點。

But our opportunity is then to do the fulfillment of our platform better than we've ever done before, which, and that's what AI brings for us. So you don't need to then be able to swap across or have manual tasks or disparate solutions, points of integration, fragmented systems, different data sets. We can unify that on the system of interaction.

但我們的機會是比以前更好地實現我們的平台，這就是人工智慧為我們帶來的。因此，您不需要能夠切換或執行手動任務或不同的解決方案、整合點、分散的系統、不同的資料集。我們可以在互動系統上統一這一點。

So I do -- I'm obviously firmly of the view, and it's supported by our pipeline, it's supported by our customer feedback, it's supported by our innovation roadmap, that I think you'll find that in the CX space, this will be a key, way that AI is used and adopted as a part of the enterprise tech space that enterprises have.

所以我確實如此——我顯然堅定地持有這種觀點，而且它得到了我們的管道、客戶反饋和創新路線圖的支持，我認為你會發現在 CX 領域，這將是 AI 作為企業技術領域的一部分被使用和採用的關鍵方式。

Timothy Horan, Oppenheimer.

提摩西霍蘭，奧本海默。

So do you think enterprises now have the processes and the governance in place to really start using AI and replacing agents with, well, live agents with AI agents, and can you give us maybe what the relative ARPU is if you replace a union seat with an AI agent?

那麼，您是否認為企業現在已具備真正開始使用人工智慧並用人工智慧代理取代現場代理的流程和治理，並且您能否告訴我們，如果用人工智慧代理取代工會席位，相對 ARPU 是多少？

Thanks, Tim. So as I mentioned earlier, enterprises are very clear that in the world of customer service, the opportunity of both self-service, so the use of AI agents to fulfill, but also the complimentary platform. The beauty is the same data set, insights, knowledge, and platform that you're using for a self-service is also used for Copilot or Auto Summary, that when a human agent gets brought into the loop, so you're using the same unified platform, which means all the history, all the knowledge, all the interaction, we get it, and it's natively available.

謝謝，蒂姆。正如我之前提到的，企業非常清楚，在客戶服務領域，既有自助服務的機會，因此可以使用人工智慧代理來實現，也有互補平台。美妙之處在於，您用於自助服務的資料集、見解、知識和平台也用於 Copilot 或 Auto Summary，當人工代理加入循環時，您使用的是同一個統一平台，這意味著所有的歷史記錄、所有的知識、所有的互動，我們都能得到，並且它是原生可用的。

And so I think customers definitely see the benefits. There's no doubt, as I also mentioned before, the change journey and the adoption journey does vary. I mean, it's a very important area. They certainly don't want breaks of service. It's really critical for them, resilience and scalability. We don't talk about it much in these calls, but what I can tell you is the use of other platforms, they're very comfortable with NICE, we've been delivering a scalable, proven, resilient, mission-critical platform for decades.

所以我認為客戶肯定看到了好處。毫無疑問，正如我之前提到的，改變之旅和採用之旅確實有所不同。我的意思是，這是一個非常重要的領域。他們當然不希望服務中斷。對他們來說，彈性和可擴展性確實至關重要。我們在這些電話會議中沒有談論太多，但我可以告訴你的是，其他平台的使用，他們對 NICE 非常滿意，幾十年來我們一直在提供可擴展、成熟、有彈性、關鍵任務的平台。

And so they want their AI platform to have the same capabilities. It's got to have the inherent resilience and rigor, and I think it's those together with the change adoption in their contact centers, and that's where we're seeing that transition. And I think it will accelerate. I think as we bring it to scale, we drive these partnerships, you'll see more and more expansive adoption because it's a logical area. As it relates to ARPU, we probably, I'll hand to Beth to give a bit of that.

因此他們希望他們的人工智慧平台具有相同的功能。它必須具有固有的彈性和嚴謹性，我認為這些與聯絡中心的變革相結合，這就是我們所看到的轉變。我認為它將會加速。我認為，隨著我們擴大規模，推動這些合作關係，你會看到越來越廣泛的採用，因為這是一個合乎邏輯的領域。至於它與 ARPU 有關，我們可能會讓 Beth 來提供一些這方面的內容。

I can just say that, when you think about the comparison of an AI ARPU relative to a human agent, I think the opportunity is significantly greater right today we're already looking at a human agent and it does have a limited opportunity.

我只能說，當你考慮 AI ARPU 與人類代理的比較時，我認為機會要大得多，今天我們已經在關注人類代理，它的機會確實有限。

Now we're talking about having a single pane of glass for all the way from the interaction where we're already managing that interaction today, but going far beyond that and what Scott is talking about to extend all through fulfillment and using AI to handle and create this full seamless journey that's all the way to fulfillment as well. So really now you're greatly expanding the TAM opportunity and the APU opportunity as well for AI agent ARPU.

現在，我們正在討論從交互開始到整個過程都使用單一管理平台，我們今天已經在管理這種交互，但遠不止於此，斯科特所說的擴展到整個履行過程，並使用人工智能來處理和創建這個完全無縫的旅程，直到履行為止。因此，現在您實際上正在極大地擴展 TAM 機會和 APU 機會以及 AI 代理 ARPU。

Catharine Trebnick, Rosenblatt Securities Inc.

Catharine Trebnick，Rosenblatt Securities Inc.

One question on the partnerships for the AWS, are you trying to leverage that to go down market more? And then the follow-up question is on ServiceNow. There are several competitors that have also announced partnerships. Is there any type of incentive that you arrange with them that they would bring forth your opportunity over the others?

關於 AWS 合作夥伴關係的一個問題，您是否試圖利用它來進一步開拓低端市場？後續問題是關於 ServiceNow 的。有幾家競爭對手也宣佈建立合作關係。您是否與他們達成了某種形式的激勵措施，以便他們能夠優先考慮您的機會而不是其他人？

Yeah, great question. So on the AWS side, there's no doubt that AWS have a breadth and a market coverage, not only down market but across the entire market and. One of the advantages purely on a go to market side, but now that we've got CXone Mpower on the AWS marketplace, it becomes a lot easier for existing customers of AWS who use their capabilities for other areas to be able to then extend and use NICE.

是的，很好的問題。因此，就 AWS 方面而言，毫無疑問，AWS 具有廣泛的市場覆蓋範圍，不僅涵蓋下游市場，還涵蓋整個市場。其中一個優勢純粹是在市場方面，但現在我們已經在 AWS 市場上推出了 CXone Mpower，對於在其他領域使用其功能的 AWS 現有客戶來說，可以更輕鬆地擴展和使用 NICE。

So no doubt that we see the go to market advantage, but I just highlight on AWS partnership, we really are focusing on the joint product innovation, the inherent technology capabilities that they have to be able to enhance our, for example, access to data sets across the enterprise that that we can use in the fulfillment of our interactions so we can become even more value adding to our consumers and doing that in a native way. So -- and that's applicable for down market as much as it is for up market.

因此，毫無疑問，我們看到了進入市場的優勢，但我只想強調一下與 AWS 的合作夥伴關係，我們真正關注的是聯合產品創新，他們必須能夠增強我們的固有技術能力，例如，訪問整個企業的數據集，我們可以使用這些數據集來完成我們的互動，這樣我們就可以為消費者增加更多價值，並以原生的方式做到這一點。所以 — — 這既適用於低迷市場，也適用於上行市場。

On the Service now side, like, ServiceNow are clearly, working with us to be able to help fulfill the front office so that initial interaction and then fulfillment, which requires an end-to-end workflow that take you into other systems, being able to interact and do that at speed.

在 Service Now 方面，ServiceNow 顯然正在與我們合作，以幫助完成前台工作，以便進行初始互動和隨後的履行，這需要一個端到端的工作流程，將您帶入其他系統，能夠進行互動并快速完成。

And the advantage we see that differentiates us is through that partnership, we will be able to provide that at the point of interaction and automatic resolution. What's happened in the past is normally a, an agent would then go and interact and then kick off those workflows in those other back office systems. We'll be able to automate that either by a human agent or an AI agent. So that's a differentiator, and we're excited about how that really does reimagine the way customer service is being delivered.

我們看到的與眾不同的優勢在於，透過這種合作關係，我們將能夠在互動和自動解決時提供這種服務。過去通常發生的情況是，代理會去進行交互，然後在其他後台系統中啟動這些工作流程。我們可以透過人工代理或人工智慧代理自動完成這項任務。這就是差異化因素，我們很高興看到它確實重新構想了客戶服務的提供方式。

Chris Rhymer, Barclays.

巴克萊銀行的克里斯‧萊默 (Chris Rhymer)。

Actually, most of my questions have been answered already, but I thought I might get any comments you have on further M&A activity if it's still on your radar.

實際上，我的大部分問題都已經得到解答了，但如果您仍然關注進一步的併購活動，我想我可能會得到您對它的任何評論。

So I think I've mentioned before, and I'll probably repeat it. The beauty, one of the advantages of NICE is the operational rigor, that Beth and the team have delivered over a period of time, a long period of time, but also the strong balance sheet, the financial position really does give us flexibility and optionality.

我想我之前提到過，我可能會重複一遍。NICE 的優點之一是其營運嚴謹性，這是 Beth 和團隊在很長一段時間內實現的，而且其資產負債表強勁，財務狀況確實為我們提供了靈活性和可選性。

My focus, and I've mentioned this before, is very much around long-term growth, long-term shareholder value, and looking at inorganic. So we very much are looking at both return -- the share buyback is an indication of the, of, providing ongoing value to shareholders, but looking at inorganic moves that will enhance our value proposition and being able to do that and having the flexibility to do so. So it's very much on the horizon.

我之前提到過，我的重點主要集中在長期成長、長期股東價值以及無機關注方面。因此，我們非常關注回報——股票回購表明我們為股東提供了持續的價值，但我們也在關注能夠增強我們價值主張的無機舉措，並且能夠做到這一點，並具有這樣做的靈活性。所以它即將出現。

That concludes our Q&A session. I will now turn the call over to Scott Russell for closing remarks.

我們的問答環節到此結束。現在我將把電話交給 Scott Russell 來做結束語。

Thank you, operator. Well, thank you, everyone, I appreciate the questions. Beth and I appreciate the questions, but even more importantly, the opportunity to share what we saw was a really strong quarter. As I think I've mentioned, we've got -- we're executing fast.

謝謝您，接線生。好吧，謝謝大家，我很感謝你們的提問。貝絲和我都很感謝這些問題，但更重要的是，我們有機會分享我們所看到的這個季度的強勁表現。正如我所提到的，我們已經——我們正在快速執行。

We've got a lot of positive outlook in terms of the things to come, and we look forward to sharing more detail with you at interactions at our Investor Day, where we can share not only the product roadmap and the insights and what we're building, but how that fits into our financial outlook. And I look forward to seeing you there. Thank you, everyone.

我們對未來充滿樂觀，期待在投資者日的互動中與您分享更多細節，我們不僅可以分享產品路線圖、見解和我們正在建立的內容，還可以分享它們如何融入我們的財務前景。我期待在那裡見到您。謝謝大家。

Ladies and gentlemen, that concludes today's call. Thank you all for joining and 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，現在可以斷開連線了。