Nice Ltd (NICE) 2025 Q2 法說會逐字稿

Hello and welcome to the NiCE conference call discussing second-quarter 2025 results, and thank you all for holding. As a reminder, this conference is being recorded August 14, 2025.

您好，歡迎參加討論 2025 年第二季業績的 NiCE 電話會議，感謝大家的出席。提醒一下，本次會議將於 2025 年 8 月 14 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 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.

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 和財務長貝絲‧加斯皮奇 (Beth Gaspich)。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。

Please be advised that the company's actual results could differ materially from these forward-looking statements. Additional information regarding the factors that could cause actual results or performance of the company to differ materially is contained in the section entitled Risk factors in Item 3 of the company's 2024 annual report on Form 20-F as follows the Securities and Exchange Commission on March 19, 2025.

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。有關可能導致公司實際結果或業績出現重大差異的因素的其他信息，請參閱公司 2024 年 20-F 表年度報告第 3 項“風險因素”部分，該部分內容遵循美國證券交易委員會於 2025 年 3 月 19 日發布的規定。

During today's call, we will present a more detailed discussion of second quarter 2025 results and the company's guidance for the third quarter in full year 2025. You can find our press release as well as PDFs of our financial results on NiCE's Investor Relations website. Following the comments, there'll be an opportunity for questions.

在今天的電話會議中，我們將更詳細地討論 2025 年第二季的業績以及公司對 2025 年全年第三季的指導。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。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.

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 risk, 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。

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

現在我將把電話轉給史考特。

Thank you, Marty, and welcome everyone this morning. We're proud to report another strong quarter, with total revenue exceeding our high end of our guidance range and earnings per share coming in at the high end of that range. In Q2, total revenue reached $727 million driven by 12% year over year growth in our cloud business, as expected with an NRR of 111%.

謝謝你，馬蒂，歡迎大家今天早上的光臨。我們很自豪地報告本季又取得強勁成長，總收入超出了我們預期範圍的高端，每股收益也達到了預期範圍的高端。第二季度，總營收達到 7.27 億美元，得益於雲端業務年增 12%，符合預期，NRR 達到 111%。

AI is the heart of our strategy, and we are leading the AI first transformation in the customer experience market. While others focus on consolidating legacy CCaaS platforms, we're accelerating in a different AI future focused direction. This commitment is reflected in our exceptional 42% year over year growth in AI and self-service ARR, which grew to $238 million in the second quarter.

人工智慧是我們策略的核心，我們正在引領客戶體驗市場的人工智慧優先轉型。當其他人專注於整合傳統的 CCaaS 平台時，我們正朝著不同的 AI 未來方向加速發展。這項承諾體現在我們人工智慧和自助服務 ARR 年比成長 42% 的卓越表現上，第二季則成長至 2.38 億美元。

Our AI automation and augmentation solutions embedded in CXone in power are the catalysts behind this momentum. Enterprises understand that providing a seamless customer experience results in the ultimate reward, loyal and repeat customers.

我們嵌入在 CXone 中的 AI 自動化和增強解決方案是這一勢頭背後的催化劑。企業明白，提供無縫的客戶體驗會帶來最終的回報、忠誠和回頭客。

Our one of a kind platform has reimagined this harmonious customer journey and is fueling our outstanding performance in AI, evidenced by our strong Q2 AI bookings, including a six-fold year-over-year increase in Copilot deals, and this is just the beginning.

我們獨一無二的平台重新構想了這種和諧的客戶旅程，並推動了我們在人工智慧領域的出色表現，這從我們強勁的第二季度人工智慧訂單中可見一斑，其中包括 Copilot 交易量同比增長了六倍，而這僅僅是個開始。

Our momentum will only accelerate as we integrate Cognigy's industry-leading CX AI conversational energetic capabilities upon the closing of the transaction to deliver human-like AI first customer experiences.

隨著我們在交易完成後整合 Cognigy 業界領先的 CX AI 對話能量功能以提供類似人類的 AI 優先客戶體驗，我們的發展勢頭只會加速。

Our ability to rapidly innovate and bring industry leading CX AI quickly to market, both organically and through acquisitions is a direct result of our continued financial strength, a strong profitability and rock solid balance sheet.

我們能夠快速創新，並透過有機成長和收購將業界領先的 CX AI 迅速推向市場，這直接得益於我們持續的財務實力、強勁的盈利能力和穩固的資產負債表。

The core value of CXone Mpower platform can be explained in two simple ways. First, we make customer engagement simple and intuitive with a single pane of glass that lets our customers manage all interactions across every point of engagement. Second, the platform intelligently orchestrates across agents, automation, and systems of record in real time.

CXone Mpower平台的核心價值可以用兩種簡單的方式來解釋。首先，我們透過單一管理平台使客戶參與變得簡單、直觀，讓客戶能夠管理每個參與點的所有互動。其次，該平台可以即時智慧地協調代理、自動化和記錄系統。

Cognigy will act as a force multiplier to significantly advance and accelerate the capabilities of CXone Mpower. On the customer engagement side, Cognigy's AI agents will be orchestrated natively within AI platform, reasoning and responding in real time to make consumer experiences faster, more human and more personal.

Cognigy 將充當力量倍增器，顯著提升並加速 CXone Mpower 的功能。在客戶參與方面，Cognigy 的 AI 代理將在 AI 平台內進行本地協調，即時推理和回應，以使消費者體驗更快、更人性化、更個性化。

And on the orchestration side, Cognigy becomes a part of a fully connected platform, gaining access to richer data, more expansive workflows and shared knowledge and models. This is an environment where Cognigy's AI will thrive, growing smarter with every interaction. It's truly a compounding advantage as more organizations adopt CXone Mpower, both our platform and Cognigy's capabilities grow stronger together.

在編排方面，Cognigy 成為一個完全連接平台的一部分，可以存取更豐富的數據、更廣泛的工作流程以及共享的知識和模型。在這個環境中，Cognigy 的 AI 將會蓬勃發展，並在每次互動中變得更加聰明。隨著越來越多的組織採用 CXone Mpower，我們的平台和 Cognigy 的功能都會一起變得更強大，這確實是一個複合優勢。

With this bold step, we are clearly poised to expand our leadership in the AI first evolution in customer experience. Some examples of our AI success in Q2 include a standout seven digit ACV AI win which came from a major electric utility that chose CXone Mpower replacing two incumbents.

透過這項大膽的舉措，我們顯然已準備好擴大我們在客戶體驗人工智慧首次演進中的領導地位。我們在第二季 AI 領域取得成功的一些例子包括一項突出的七位數 ACV AI 勝利，這來自一家大型電力公司，該公司選擇 CXone Mpower 取代兩家現有公司。

They sought a seamless customer experience and a stronger self-service needs directly aligned with our strengths. With CXone Mpower, they're gaining a unified end to end platform and an AI powered tools like Copilot, Auto summary and other self-service solutions which are significantly enhancing their customer service.

他們尋求無縫的客戶體驗和更強大的自助服務需求，與我們的優勢直接相關。借助 CXone Mpower，他們獲得了統一的端到端平台和 AI 驅動的工具，如 Copilot、Auto summary 和其他自助服務解決方案，從而顯著增強了他們的客戶服務。

In another notable seven digit ACV AI driven win, a leading global medical device company is using CXone Mpower to boost call containment, enable intelligent routing and enhance agent support. Already a strong advocate for a unified approach, they chose Mpower for its ability to extend AI across the customer journey, highlighting how enterprises are leveraging the platform to elevate self-service and drive measurable ROI.

在另一個值得注意的七位數 ACV AI 驅動力勝利中，一家全球領先的醫療設備公司正在使用 CXone Mpower 來增強呼叫控制、實現智慧路由並增強代理支援。他們已經是統一方法的堅定倡導者，他們選擇 Mpower 是因為它能夠將 AI 擴展到整個客戶旅程，突出了企業如何利用該平台來提升自助服務並推動可衡量的投資回報率。

In another AI driven deal, a major financial services provider, SS&C Technologies, and a longtime NiCE customer is adding Copilot after a successful autopilot deployment to meet boost efficiency and enhance agent and customer experiences. This deepening investment reflects growing trust in NIcE's AI portfolio and its impact on building a more agile intelligent workforce.

在另一筆由人工智慧驅動的交易中，大型金融服務供應商 SS&C Technologies 和長期 NiCE 客戶在成功部署自動駕駛儀後添加了 Copilot，以提高效率並增強代理商和客戶體驗。這項不斷深入的投資反映了人們對 NIcE 的 AI 產品組合及其對建立更敏捷的智慧勞動力的影響的日益增長的信任。

Partnerships have always been a cornerstone of our growth strategy, and this year we're proud to welcome exciting new alliances with industry leaders like ServiceNow, AWS, and Snowflake. We're also thrilled to extend and reinvigorate our long-standing partnership with RingCentral.

合作夥伴關係一直是我們成長策略的基石，今年我們很榮幸與 ServiceNow、AWS 和 Snowflake 等行業領導者建立令人興奮的新聯盟。我們也很高興能夠延長並重振與 RingCentral 的長期合作關係。

Together, we'll continue to collaborate on go to market initiatives, leveraging the strength of RingCentral contact center, powered by NiCE CXone Mpower.

我們將繼續合作進行行銷計劃，利用由 NiCE CXone Mpower 提供支援的 RingCentral 聯絡中心的優勢。

We're also excited to announce our deepened strategic partnership with Salesforce through an enhanced integration between NiCE CXone Mpower and Salesforce Service Cloud. Together, we're investing in expanding support for bring your own contact center, including customer managed channels and NiCE's industry leading capabilities.

我們也很高興地宣布，透過 NiCE CXone Mpower 和 Salesforce Service Cloud 之間的增強集成，我們與 Salesforce 的策略合作夥伴關係得到了深化。我們共同投資擴大對自備聯絡中心的支持，包括客戶管理管道和 NiCE 的行業領先功能。

This strength and collaboration unlocks powerful new functionality and sets the stage for continued joint innovation and growth. At interactions, the power of our ecosystem was on full display. The energy from our partners, customers and industry analysts was extremely positive. Customer and partner attendance surged 33% year over year. Fee level engagement increased 41%, clear evidence that key decision makers are leaning in with us.

這種實力和合作釋放了強大的新功能，並為持續的聯合創新和成長奠定了基礎。在互動中，我們的生態系統的力量得到了充分展示。我們的合作夥伴、客戶和產業分析師都表現出極為積極的態度。客戶和合作夥伴的出席率年增了 33%。費用水準參與度提高了 41%，這清楚地表明關鍵決策者正在向我們靠攏。

The momentum from interactions is already directly translating into pipeline impact and confirming what we already knew, interactions is a catalyst for growth and provides a clear validation of our business momentum. Another area where we see significant and accelerating growth potential is across our international markets.

互動帶來的動力已經直接轉化為通路影響，並證實了我們已經知道的事實，互動是成長的催化劑，並為我們的業務動能提供了明確的驗證。我們看到的另一個具有巨大且加速成長潛力的領域是國際市場。

Enterprises are increasingly adopting end-to-end solutions with AI adoption gaining momentum, the demand for comprehensive and intelligent AI platform like CXone Mpower is growing rapidly. We're also seeing strong traction with our sovereign cloud deployment of our platform, particularly in countries like Germany and France.

隨著人工智慧應用的勢頭強勁，企業越來越多地採用端到端解決方案，對 CXone Mpower 等全面智慧的人工智慧平台的需求正在快速成長。我們也看到我們平台的主權雲端部署獲得了強大的吸引力，特別是在德國和法國等國家。

These dynamics play directly to NiCE's strengths, and are fueling continued international growth as reflected in the large-scale deals we're now closing in these regions. As we shared last quarter, together with our partner Route 101, we secured a landmark agreement with the Department of Work and Pensions or DWP, home to one of the European continent's largest customer service operations with total contract value exceeding $100 million.

這些動態直接發揮了 NiCE 的優勢，並推動了持續的國際成長，這反映在我們目前在這些地區達成的大規模交易中。正如我們上個季度所分享的，我們與合作夥伴 Route 101 一起與工作和退休金部（DWP）達成了一項具有里程碑意義的協議，DWP 是歐洲大陸最大的客戶服務機構之一，合約總價值超過 1 億美元。

These major wins saw us successfully displace two key competitors as the organization selects the CXone Mpower to support tens of thousands of agents. In a seven figure plus ACV international win, with a leading German health insurer, AOK PLUS choose CXone Mpower over an incumbent citing our unified platform and sovereign cloud as the key differentiators.

這些重大勝利使我們成功取代了兩個主要競爭對手，因為該組織選擇 CXone Mpower 來支援數萬名代理商。在與德國一家領先的健康保險公司合作的七位數以上的 ACV 國際勝利中，AOK PLUS 選擇了 CXone Mpower，而不是現有公司，並指出我們的統一平台和主權雲是關鍵的區別因素。

The deal included a fundamental for future AI adoption and marked a major competitive displacement with our seamless end-to-end solution standing out against rivals fragmented third-party approach. And we also signed a significant seven figure ACV deal with a leading UK-based insurance company displacing three legacy vendors as a part of a major transformation to modernize their customer service operations.

該交易為未來人工智慧的應用奠定了基礎，標誌著我們無縫的端到端解決方案在與競爭對手分散的第三方方法的競爭中脫穎而出，實現了重大的替代方案。我們還與一家英國領先的保險公司簽署了一項重要的七位數 ACV 協議，取代三家傳統供應商，這是其實現客戶服務營運現代化重大轉型的一部分。

They selected CXone Mpower as the foundation for this initiative and adopted both Autopilot and Copilot as they embark on their AI journey.

他們選擇 CXone Mpower 作為該計劃的基礎，並在踏上 AI 之旅時採用了 Autopilot 和 Copilot。

In summary, I joined NiCE at the beginning of 2025, which I'm sure everyone remembers, and I was truly excited about the immense opportunity in the coming years. As I outlined at the beginning of this year, I've been keenly focused on specific strategic focus areas to drive NiCE forward.

總而言之，我是在 2025 年初加入 NiCE 的，我相信大家都記得這一點，我對未來幾年的巨大機會感到非常興奮。正如我在今年年初所概述的那樣，我一直專注於特定的策略重點領域，以推動 NiCE 向前發展。

And I'm really pleased to report we are making strong progress across the board. I'm committed to leading the AI revolution, and we've delivered both organically with 42% growth in AI and off service revenue, or ARR and inorganically through our acquisition of Cognigy.

我很高興地報告，我們在各方面都取得了長足的進步。我致力於引領人工智慧革命，我們透過收購 Cognigy 實現了人工智慧和非服務收入（ARR）的有機成長和無機成長。

We emphasized the importance of strategic partnerships to scale our impact. And in a short time, we've launched collaborations with ServiceNow, AWS, Snowflake and Salesforce with more to come, while also deepening our relationship with RingCentral.

我們強調策略夥伴關係對於擴大我們的影響力的重要性。在短時間內，我們與 ServiceNow、AWS、Snowflake 和 Salesforce 建立了合作關係，未來也將與更多公司合作，同時也加深了與 RingCentral 的關係。

International expansion was another key priority. And this year, we've signed one of the largest deal in our history, alongside accelerating cloud adoption in international markets which Beth will iterate on shortly. Importantly, we're achieving all of this with disciplined operating rigor, maintaining industry-leading profitability while thoughtfully deploying capital through acquisitions and share repurchases.

國際擴張是另一個重點。今年，我們簽署了史上最大的交易之一，同時加速了國際市場的雲端運算應用，Beth 很快就會對此進行重申。重要的是，我們透過嚴謹的營運實現了所有這些目標，保持了行業領先的盈利能力，同時透過收購和股票回購精心部署資本。

Before I hand it over to Beth, painting the closing of Cognigy, I want to remind you that we're planning our Capital Markets Day in New York in October. We're looking forward to sharing a deeper look at what lies ahead for NiCE as we head into 2026 and beyond, including mid-term financial targets and the latest development surrounding the Cognigy acquisition.

在我把它交給貝絲，描繪 Cognigy 的結束之前，我想提醒你，我們計劃在 10 月在紐約舉辦資本市場日。我們期待更深入了解 NiCE 在 2026 年及以後的發展前景，包括中期財務目標和收購 Cognigy 的最新進展。

I'll now hand the call over to Beth.

我現在將電話交給貝絲。

Thank you, Scott. I'm pleased to share another quarter of strong financial execution. Total revenue of $727 million increased 9% year-over-year, resulting from a combination of healthy growth in the cloud paired with strong product revenue contribution stemming from the Financial Crime and Compliance segment.

謝謝你，斯科特。我很高興與大家分享本季強勁的財務執行情況。總收入 7.27 億美元，年增 9%，這得益於雲端運算業務的健康成長以及金融犯罪和合規部門強勁的產品收入貢獻。

Cloud revenue performed in line with our expectations with 12% year-over-year growth, contributing $541 million and representing 74% of our total revenue. Our solid cloud growth in the second quarter was driven by our CX AI and self-service ARR, which increased 42% year-over-year to $238 million and now represents 11% of our Cloud revenue.

雲端收入符合我們的預期，年增 12%，貢獻 5.41 億美元，占我們總營收的 74%。我們第二季雲端業務的穩健成長得益於我們的 CX AI 和自助服務 ARR，其年增 42% 至 2.38 億美元，目前占我們雲端收入的 11%。

This strong momentum highlights the underlying strength of core Mpower AI offering, which we believe will be further amplified with expected acquisition of Cognigy. The growth is primarily driven by the strong momentum seen with our key AI solutions, including Autopilot, Copilot, Knowledge Management and Proactive AI, which are predominantly built on a consumption model.

這一強勁勢頭凸顯了核心 Mpower AI 產品的潛在實力，我們相信，隨著預期收購 Cognigy，這一實力將進一步增強。成長主要得益於我們主要人工智慧解決方案的強勁發展勢頭，包括自動駕駛儀、副駕駛、知識管理和主動人工智慧，這些解決方案主要建立在消費模式之上。

Our Cloud NRR for the trailing 12 months of Q2 remained at a healthy level of 111%, highlighting durability of our customer relationships and ongoing cross-sell and upsell momentum. Our expertise in delivering scalable enterprise-ready software continues today in both our cloud and premise offerings demonstrated in our Q2 results.

我們第二季度過去 12 個月的雲端 NRR 保持在 111% 的健康水平，突顯了我們客戶關係的持久性以及持續的交叉銷售和追加銷售勢頭。我們在第二季的業績中證明了我們在提供可擴展企業級軟體方面的專業知識，這在我們的雲端和本地產品中得到了延續。

In addition to the solid performance of our cloud business, product revenue outperformed in Q2. Increased 29% year-over-year driven by successful pull-forward of term renewal activity that was originally anticipated in the third quarter and included in our third quarter expectations and successfully pulled into Q2 stemming from our Financial Crime and Compliance segment.

除了雲端業務表現穩健之外，第二季產品收入也表現出色。年增 29%，這得益於成功提前定期續保活動，該活動最初預計在第三季度進行，並包含在我們的第三季度預期中，並成功進入第二季度，源於我們的金融犯罪和合規部門。

Services revenue, which represented 19% of our total revenue, declined 5%, in line with our expectations. From a geographic breakdown, the Americas region, which represented 84% of revenue in Q2 increased 9% year-over-year with double-digit cloud revenue growth and strong product revenue, which was partially offset by a decrease in services related revenue.

服務收入占我們總收入的 19%，下降了 5%，符合我們的預期。從地理分佈來看，美洲地區佔第二季度營收的 84%，年成長 9%，其中雲端收入實現兩位數成長，產品收入強勁，但服務相關收入的下降部分抵消了這一增長。

Our International business demonstrated strong revenue growth in the second quarter as our cloud business continues to drive this expansion with our demonstrated success of large enterprise scale wins.

我們的國際業務在第二季度實現了強勁的收入成長，因為我們的雲端業務憑藉我們在大型企業規模上的成功繼續推動這一擴張。

In the Asia Pacific region, one major deal signed in Q2 of last year with Services Australia has successfully ramped and is now contributing to our quarterly cloud results. Meanwhile, we're excited about a second significant win with DWP in the EMEA region where we expect revenue contribution to begin ramping in Q2 of 2026.

在亞太地區，去年第二季與 Services Australia 簽署的一項重大交易已成功推進，目前正在為我們的季度雲端運算業績做出貢獻。同時，我們很高興看到 DWP 在 EMEA 地區取得第二次重大勝利，我們預計該地區的收入貢獻將在 2026 年第二季開始增加。

Our international revenue contribution increased from last year, and we expect this trend to continue. EMEA revenue increased 11% and 15% on a constant currency year-over-year. APAC revenue increased 17% year-over-year and similarly on a constant currency basis. Together, our international revenue increased 13% year-over-year and 16% on a constant currency basis.

我們的國際收入貢獻比去年有所增加，我們預計這一趨勢將會持續下去。歐洲、中東和非洲地區營收以固定匯率計算年增 11% 和 15%。亞太地區營收年增 17%，以固定匯率計算也成長相同。整體而言，我們的國際營收年增 13%，以固定匯率計算成長 16%。

Our international business continues to represent significant long-term growth opportunities for us. These regions remain under-penetrated in terms of cloud adoption, and now we're seeing tangible traction as investments in sovereign cloud and strategic partnerships become more meaningful in our results.

我們的國際業務持續為我們帶來重要的長期成長機會。這些地區在雲端運算採用方面仍然滲透不足，現在我們看到了切實的牽引力，因為對主權雲端和策略合作夥伴關係的投資對我們的業績變得更有意義。

Turning to our business segments. Customer engagement revenue, which represented 82% of our total revenue in the quarter was $597 million, increasing 8% 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.

轉向我們的業務部門。客戶參與營收佔本季總營收的 82%，達到 5.97 億美元，年增 8%，這得益於我們在所有地區的雲端業務的強勁成長，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 18% of total revenue in Q2 and totaled $130 million performed well ahead of our expectations, growing to 19% year-over-year. This was due primarily to a significant increase in product revenue that I previously highlighted as well as continued strong cloud revenue growth.

金融犯罪與合規業務的收入佔第二季總收入的 18%，總額為 1.3 億美元，表現遠超出我們的預期，年增 19%。這主要是由於我之前強調的產品收入大幅增加以及雲端收入持續強勁成長。

Moving to profitability. Our total gross margin was 69.3% compared to 70.7% last year, a slight decline primarily due to increased cloud spend. In tandem with the success of our international business, we are increasingly investing in our cloud infrastructure across multiple regions.

轉向盈利。我們的總毛利率為 69.3%，去年同期為 70.7%，略有下降，主要原因是雲端運算支出增加。隨著我們國際業務的成功，我們正在增加對多個地區的雲端基礎設施的投資。

Our operating income in Q2 increased 9% year-over-year to $220 million, and our best-in-class operating margin totaled 30.2%. Earnings per share for the second quarter was $3.01, a 14% increase compared to last year.

我們第二季的營業收入年增 9%，達到 2.2 億美元，營業利益率達到業界最佳的 30.2%。第二季每股收益為 3.01 美元，比去年同期成長 14%。

Our cash flow from operations in Q2 was $61 million. The decrease year-over-year is due primarily from a non-recurring tax expense in the quarter and timing of some large anticipated customer collections, which shifted to receipt a few days post quarter-end. Following our largest ever quarterly share repurchase in the first quarter, we repurchased shares totaling $31 million in Q2 in line with our repurchase plan for the year.

我們第二季的經營現金流為 6,100 萬美元。年比下降主要由於本季度的非經常性稅費以及一些預期大額客戶收款的時間，這些收款在季度末幾天后才到達。繼第一季完成史上最大規模的季度股票回購後，我們在第二季度按照年度回購計畫回購了總額達 3,100 萬美元的股票。

Our balance sheet remains robust with total cash and investment at the end of June totaling $1.632 billion, while total debt stood at $460 million, resulting in net cash and investments of $1.2 billion. We expect to repay this debt at maturity in mid-September.

我們的資產負債表依然強勁，6 月底的現金和投資總額為 16.32 億美元，而總債務為 4.6 億美元，淨現金和投資為 12 億美元。我們預計九月中旬到期償還這筆債務。

In summary, we are pleased with the strong first half to 2025, marked by solid exclusion and continued momentum across our key strategic growth catalysts, rapid AI adoption, embracing both automation and augmentation, continued cloud adoption in the large enterprise and international market segments and expansion opportunities within our large installed base.

總而言之，我們對 2025 年上半年的強勁表現感到滿意，其特點是主要戰略增長催化劑的穩固排除和持續發展勢頭、人工智能的快速採用、自動化和增強、大型企業和國際市場領域雲的持續採用以及我們龐大安裝基數內的擴展機會。

These results, along with our strong balance sheet and cash generation provides the financial flexibility to invest decisively in innovation, both organic and through acquisitions. Looking ahead, we're excited about the opportunity to share more financial details with the anticipated acquisition of Cognigy, including our general mid-term outlook at our upcoming Capital Markets Day.

這些業績，加上我們強勁的資產負債表和現金產生能力，為我們提供了財務靈活性，可以果斷投資於創新，包括內部創新和透過收購進行的投資。展望未來，我們很高興有機會在即將舉行的資本市場日上分享更多有關預期收購 Cognigy 的財務細節，包括我們的中期整體展望。

Now I will close with guidance for total revenue and non-GAAP EPS for the third quarter and full year 2025. It's important to note that our planned acquisition of Cognigy is expected to close during the fourth quarter of 2025, subject to regulatory approval and therefore, this guidance excludes any planned impact from this proposed transaction.

現在，我將以 2025 年第三季和全年總收入和非 GAAP EPS 的指導作為結束。值得注意的是，我們計劃對 Cognigy 的收購預計將於 2025 年第四季度完成，但需獲得監管部門的批准，因此本指南不包括該擬議交易的任何計劃影響。

For the third quarter of 2025, we expect total revenue to be in the range of $722 million to $732 million, representing 5% year-over-year growth at the midpoint. We expect the third quarter 2025 fully diluted earnings per share to be in the range of $3.12 to $3.22, representing 10% year-over-year growth at the midpoint.

對於 2025 年第三季度，我們預計總營收將在 7.22 億美元至 7.32 億美元之間，中位數年增 5%。我們預計 2025 年第三季每股完全攤薄收益將在 3.12 美元至 3.22 美元之間，中間值年增 10%。

For the full year, we are reaffirming our prior revenue guidance. Full year 2025 total revenue is expected to be in a range of $2.918 billion to $2.938 billion which represents an increase of 7% at the midpoint. We continue to expect year-over-year Cloud revenue of growth of 12% for the full year.

對於全年，我們重申先前的收入預期。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%。我們繼續預計全年雲端收入將年增 12%。

We also continue to expect our non-GAAP operating margin to an increase in estimated 50 basis points year-over-year. 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 $12.33 to $12.53 which represents an increase of 12% at the midpoint.

我們也繼續預期我們的非公認會計準則營業利潤率將年增 50 個基點。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 12.33 美元至 12.53 美元之間，中間值增長 12%。

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) Meta Marshall, Morgan Stanley.

（操作員指示）Meta Marshall，摩根士丹利。

Great. Thanks. Maybe a couple of questions. Just how are you guys thinking about the level of investment or what is the correct appropriate level of investment to make right now? You've clearly talked about a lot of new burgeoning partnerships and exciting things with AI.

偉大的。謝謝。也許有幾個問題。你們對於投資水準有什麼看法，或現在正確的適當投資水準是多少？您顯然已經談到了許多與人工智慧相關的新興合作夥伴關係和令人興奮的事情。

Just looking to get a little bit more commentary on how you're thinking about operating margins and just the put and takes there in the near term? And then just second, what gives you confidence in that 12% growth target for the year on cloud just given what you've seen in the first half? Thanks.

我只是想了解更多關於您對營業利潤率的看法以及短期內的收益和投入？其次，鑑於上半年的表現，您如何對今年雲端運算 12% 的成長目標充滿信心？謝謝。

Thanks, Meta. So I'll start addressing your question. In terms of the level of investment, you can see the level of investment we've made around the cost of cloud that we've highlighted now and that you see in our gross margin in the first half of this year. And we're really pleased with how that's paying off.

謝謝，Meta。那我將開始回答你的問題。就投資水平而言，您可以看到我們圍繞現在強調的雲端成本所做的投資水平，以及您在今年上半年的毛利率中看到的。我們對於這項措施帶來的回報感到非常滿意。

We're already seeing the international revenue expansion there, much of that additional investment was made to really invest in that international business that we have. And so, we're seeing great momentum there.

我們已經看到了國際收入的擴張，大部分額外投資都用於我們現有的國際業務。因此，我們看到了巨大的發展動能。

With respect to what it means in terms of operating margins in the near term, as I shared, we still expect to see a 50 basis point year-over-year increase over last year's results in the current year of 2025. And of course, as we step into 2026, that's part of what we plan and look forward to sharing more in terms of level of investment at our Capital Markets Day that we're looking forward to.

至於這對短期營業利潤率意味著什麼，正如我所分享的，我們仍然預計 2025 年的業績將比去年同比增長 50 個基點。當然，隨著我們步入 2026 年，這也是我們計劃的一部分，我們期待在資本市場日分享更多有關投資水平的信息。

With respect to your other question around the cloud revenue expectation, we came into the year saying we see a comfort to deliver on the 12%. We have successfully done that, solid performance with 12% in both Q1 and Q2. And I'll add that we expect that 12% to continue to be delivered in the third quarter as well.

關於您關於雲端收入預期的另一個問題，我們今年表示，我們預計將實現 12% 的成長。我們成功做到了這一點，第一季和第二季均取得了 12% 的穩健表現。我還要補充一點，我們預計第三季的增幅仍將達到 12%。

We have a good line of sight on our business in the Q3. And so, as we look on the fourth quarter, and I've highlighted in prior calls, we had a higher level of seasonality than what we've typically seen in the quarter of last year. So we're keeping that in mind that we have this higher baseline for comparison.

我們對第三季的業務有良好的預期。因此，當我們回顧第四季度時，正如我在先前的電話會議中所強調的那樣，我們的季節性水平比去年同期更高。因此，我們記住，我們有這個更高的基準來進行比較。

But overall, we're very pleased. I think you can also see the great growth that we're experiencing in the AI with the increase to the 42% year-over-year growth in our AI and self-service ARR. And so, that we expect to continue to contribute as well.

但總體而言，我們非常高興。我想您還可以看到我們在人工智慧領域經歷的巨大成長，我們的人工智慧和自助服務 ARR 年比增長了 42%。因此，我們也希望繼續做出貢獻。

There are other areas of our business where we have not seen the same level of strong performance this year. One of those that we would just call out is around LiveVox. During the course of 2024, LiveVox was performing in line with our expectations.

我們業務的其他領域今年並沒有看到同樣強勁的表現。我們要提到的其中之一就是 LiveVox。在 2024 年期間，LiveVox 的表現符合我們的預期。

As we stepped into this year, we are seeing some softness in that business. We're still very excited about it as an asset, but it is creating a bit more a weight on the 12% expectation for the year, which is why we're maintaining again, full confidence around it and optimism looking toward to 2026, but that does create a little more uncertainty in terms of the fourth quarter.

進入今年以來，我們發現該業務出現了一些疲軟跡象。我們仍然對它作為一項資產感到非常興奮，但它對今年 12% 的預期產生了更大的壓力，這就是為什麼我們再次對它保持充分的信心並對 2026 年保持樂觀，但這確實為第四季度帶來了一些不確定性。

The only thing what I would add to that is on the cloud revenue growth. Look, our core platform, CXone Mpower is really strong so is AI. You can see that in the ARR numbers. And so, when you think about the backlog, you think about the pipeline, you think about the way forward, we have confidence with that. But no doubt, some short-term challenges around the headwinds that Beth mentioned around LiveVox, but that doesn't change the outlook that we have.

我唯一想補充的是雲端收入的成長。看，我們的核心平台 CXone Mpower 非常強大，AI 也是如此。您可以在 ARR 數字中看到這一點。因此，當您考慮積壓問題、考慮管道、考慮前進的道路時，我們對此充滿信心。但毫無疑問，Beth 提到的 LiveVox 存在一些短期挑戰，但這不會改變我們的前景。

Siti Panigrahi, Mizuho.

瑞穗的 Siti Panigrahi。

Thank you. Congrats in a good quarter. Just wanted to dig into the margin side, mainly your cloud gross margin has come down below 70%. And I assume that's the AI investment. How should we think about the gross margin going forward for Cloud? And in the same context, could you help us understand the 50 bps margin expansion, where do you see most of the leverage this year?

謝謝。恭喜您度過了一個美好的季度。只是想深入了解利潤方面，主要是你的雲毛利率已經降到了 70% 以下。我認為這就是人工智慧投資。我們該如何看待雲端運算未來的毛利率？在同樣的背景下，您能否幫助我們理解 50 個基點的保證金擴張，您認為今年大部分槓桿率在哪裡？

Yeah. Thanks for the question, Siti. So in terms of the margin, you'll see that we were a little bit sub 70% both in Q1 and Q2 of this year. And I've actually remarked previously that was expected. It is intentional. We are investing to drive accelerated growth, and that is the plan. And a lot of that was focused in the first quarter a bit more in some areas around acceleration of our go-live time frame that we had highlighted.

是的。謝謝你的提問，Siti。因此，就利潤率而言，您會發現今年第一季和第二季的利潤率都略低於 70%。我之前確實說過這是意料之中的。這是故意的。我們正在投資以推動加速成長，這就是計劃。其中許多都集中在第一季我們強調的加速上線時間的一些領域。

And so, some of that came into play in the first quarter, as well as, again, really a focus on the international momentum and business there where we're putting in certain infrastructure that's necessary to drive that growth in those regions. So as we look on the back half of this year, first of all, we did have some -- there's always some timing difference, meaning that we had some large spend, I would say, on the marketing side in the first half of this year, around our annual interactions conference. We also had our re-branding exercise.

因此，其中一些因素在第一季發揮了作用，而且，我們再次真正關注國際發展勢頭和業務，我們正在投入必要的某些基礎設施來推動這些地區的成長。因此，當我們回顧今年下半年時，首先，我們確實有一些——總是存在一些時間差異，這意味著我們在今年上半年的營銷方面，圍繞我們的年度互動會議，投入了大量資金。我們也進行了品牌重塑活動。

And so, as we look at the back half, we should see some leverage in terms of the OpEx around some of those things with a bit less spend as we've spent more in the first half and then also is the gross margin. So while we don't expect the gross margin to change dramatically, and you should expect in the coming quarters to see that flattish overall cloud gross margin profile.

因此，當我們展望下半年時，我們應該看到在營運支出方面有一些槓桿作用，因為我們在上半年花費了更多，所以支出會少一些，而且毛利率也提高了。因此，雖然我們預計毛利率不會發生巨大變化，但您應該預期未來幾季整體雲毛利率將保持穩定。

We do believe that there's some opportunity to see some elevation that will lead to that higher operating margin in the second half of this year. And I think the other thing we would highlight is if you look on our historic results, one of the things we are very strong around is our muscle in driving operating leverage. So we've intentionally made these investments now, but we fully expect to use that muscle to drive margin expansion in the gross margin over time as well.

我們確實相信，有機會實現一些提升，從而在今年下半年實現更高的營業利潤率。我認為我們要強調的另一件事是，如果你回顧我們的歷史業績，你會發現我們非常強大的一個方面就是我們在推動經營槓桿方面的能力。因此，我們現在有意進行這些投資，但我們也完全希望利用這些力量來推動毛利率的長期成長。

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

Wonderful. Thanks so much for taking my question. Maybe I want to start with the expanded or renewed RingCentral partnership, definitely was very pleased to see that. Can you expand a little bit in terms of what led to that, especially with RingCentral.

精彩的。非常感謝您回答我的問題。也許我想從擴大或更新 RingCentral 合作夥伴關係開始，我確實很高興看到這一點。您能否稍微解釋一下導致這種情況的原因，尤其是 RingCentral。

They came out their own CCaaS solution or signaling themselves as being a competitor and this seemed like a little bit of a reversal from that. Maybe you could talk about how the deal came together and if there's been any changes in revenue share or royalty or anything like that? And then I've a quick follow-up.

他們推出了自己的 CCaaS 解決方案或表明自己是競爭對手，而這似乎與之前的情況有點相反。也許您可以談談這筆交易是如何達成的，以及收入分成或特許權使用費或類似的東西是否有任何變化？然後我有一個快速的跟進。

Sure. Thanks Rishi. I'll take this one. So look, it was really pleasing that our organizations that had a long-standing successful partnership that we were able to renew with renewed focus. First of all, I think it's an acknowledgment that -- and I know that the Ring team also spoke about this.

當然。謝謝 Rishi。我要這個。所以，我們非常高興我們的組織之間有著長期成功的合作關係，我們能夠以新的重點來重建這種合作關係。首先，我認為這是一種承認——而且我知道 Ring 團隊也談到了這一點。

We've got the leading CXone Mpower CCaaS platform in the enterprise segment. We are the market leader. And with our AI capabilities and the strength that we're building in that portfolio, combined with RingCentral's market-leading UCaaS capabilities and communication capabilities, it's a natural partnership.

我們在企業領域擁有領先的 CXone Mpower CCaaS 平台。我們是市場領導者。憑藉我們的 AI 能力和我們在產品組合中累積的優勢，再加上 RingCentral 市場領先的 UCaaS 能力和通訊能力，這是一種自然的合作。

So I think once we work through how we were going to collaborate, make it effective and combined together, it was obvious that a collaboration was in benefit not only to our two organizations for our customers.

因此，我認為，一旦我們確定瞭如何合作，使合作更加有效、更加緊密地結合起來，很明顯，合作不僅對我們兩個組織有益，也對我們的客戶有益。

The second thing that I would highlight is partnerships in the enterprise technology space are not always about exclusivity of -- there is always going to be areas where there's overlaps of portfolio and capabilities. And so, between our two organizations, we took a mature approach to this.

我要強調的第二件事是，企業科技領域的合作並不總是排他性的──總是會有產品組合和能力重疊的領域。因此，我們兩個組織對此採取了成熟的方法。

What brings us together and the combined value is tremendous for customers. And yes, while they have certain capabilities, and frankly, we do a bit overlap with some of theirs, our combined proposition to the enterprise segment is a no-brainer. So I think what it can do is give confidence to our existing customers as well as future customers that want to leverage the combined portfolio that we both bring and that gives us confidence in the way forward.

我們的聯合以及共同創造的價值對客戶來說是巨大的。是的，雖然他們具備某些能力，而且坦白說，我們確實與他們的一些能力有一點重疊，但我們對企業部門的聯合主張是顯而易見的。因此，我認為它可以為我們現有的客戶以及想要利用我們雙方帶來的組合產品組合的未來客戶帶來信心，這讓我們對未來充滿信心。

And then Beth, I appreciate the color you've given in terms of cloud growth and some of the underperformance in LiveVox. Maybe can you expand a little bit on what is causing that underperformance? And if we look forward, obviously, the Cognigy deal has yet to close, as you said, closing at some point during Q4.

然後，貝絲，我很欣賞你對雲端成長和 LiveVox 的一些表現不佳的描述。您能否稍微解釋一下導致業績不佳的原因？如果我們展望未來，顯然，Cognigy 交易尚未完成，正如您所說，將在第四季度的某個時候完成。

Are there any takeaways or things that we should maybe think about as that deal closes to maybe prevent underperformance that can do just drive better performance or prevent something like what's happening with LiveVox from happening there? Thanks.

在交易完成之際，我們是否應該考慮一些事情或要點，以防止業績不佳，從而提高業績，或防止類似 LiveVox 發生的事情發生？謝謝。

Yeah. Thank you for the question. So with respect to LiveVox, I think there's always certain assumptions you're making around the retention of your customer base and the ongoing health of some of those relationships. What we've seen this year is some churn in some of the customers that was larger than anticipated.

是的。謝謝你的提問。因此，就 LiveVox 而言，我認為您總是會對客戶群的保留以及某些關係的持續健康狀況做出某些假設。我們今年發現有些客戶流失的幅度比預期的還要大。

So the momentum that we had expected, combined with the new business is not getting the same level of uptick in the growth as anticipated. So overall, it is creating some dilution in our organic growth that we expected to see in the cloud. We're certainly really excited about the upcoming acquisition of Cognigy, of course, pending to regulatory approval.

因此，我們預期的發展勢頭，加上新業務，並沒有達到預期的成長水準。因此總體而言，這會對我們預期在雲端運算領域看到的有機成長造成一定程度的稀釋。我們對即將進行的對 Cognigy 的收購感到非常興奮，當然，這還需獲得監管部門的批准。

And it's something that we anticipate will create momentum not only from just the integration of their capabilities into CXone Mpower, but also what that means for driving a pause momentum along with the rest of our business, which will be sold together with that as part of the overall platform.

我們預計，這不僅會透過將其功能整合到 CXone Mpower 中來創造動力，而且還意味著推動暫停勢頭以及我們其他業務的動力，這些業務將作為整體平台的一部分一起出售。

So I think pending the timing and the close of that acquisition, that should again give us some potential upside opportunity that we could see that during the course of this year.

因此，我認為，等待收購時機和完成情況，這應該會再次為我們帶來一些潛在的上行機會，我們可以在今年看到這一點。

The thing that I would add to what Beth mentioned, Rishi, is two things. First of all, LiveVox's capability notwithstanding the short-term challenges and slight headwinds that we saw in 2025 in the first half as an assets around outbound capabilities strategic for us to be able to deliver full scope of customer experience for our customers, it's a really important asset.

Rishi，對於 Beth 所提到的內容，我想補充兩點。首先，儘管我們在 2025 年上半年看到了短期挑戰和輕微阻力，但 LiveVox 的能力作為一項圍繞出站能力的資產，對於我們能夠為客戶提供全方位的客戶體驗具有戰略意義，是一項非常重要的資產。

And so, the way we view it is, okay, we've got an integral capability that will be architected and is in the process of being built into the core CXone Mpower platform with both our world-class inbound capabilities, with LiveVox's outbound capabilities, that's a strategic advantage. So short-term hit, long-term gain is the way that we're viewing that.

因此，我們的看法是，好的，我們已經擁有了一項將被構建的完整功能，並且正在將其構建到核心 CXone Mpower 平台中，該平台既具有我們世界一流的入站功能，又具有 LiveVox 的出站功能，這是一個戰略優勢。因此，我們看待這個問題的方式是短期打擊，長期收益。

And then the only thing that I would say is back to the Cognigy point that Beth made is subject to closing, of course, we very much look at that in a long-term strategic growth. This is not about short-term revenue quarter-on-quarter. This is about long-term sustained growth for our company and for value for our customers.

然後我想說的唯一一件事就是回到 Beth 提出的 Cognigy 觀點，當然，我們非常重視從長期策略成長的角度看待這個問題。這與短期季度營收無關。這關係到我們公司的長期持續成長以及我們客戶的價值。

Tyler Radke, Citi.

花旗銀行的泰勒拉德克（Tyler Radke）。

Hopefully you can hear me now. I appreciate you taking the question. First question for you, Beth. I just wanted to follow up on some of the LiveVox commentary, and specifically, how to think about the puts and takes of those headwinds on the business in Q3, Q4. So I certainly understand there's some unanticipated churn that's impacting the model.

希望你現在能聽到我的聲音。感謝您回答這個問題。第一個問題，貝絲。我只是想跟進 LiveVox 的一些評論，特別是如何看待第三季和第四季這些不利因素對業務的影響。所以我當然知道有一些意外的流失正在影響該模型。

But are you saying that the 12% may not be achievable now by Q4 or potentially, there's some offsets to that? Obviously, AI revenue did accelerate this quarter. So just help us understand, like do you think the 12% is no longer a good target each quarter for the full year? Or are you able to offset that churn with strength in the rest of the business?

但您是說到第四季可能無法實現 12% 的目標，還是說可能會有一些抵銷？顯然，本季人工智慧收入確實加速成長。所以請幫助我們理解，您是否認為全年每季的 12% 不再是一個好的目標？或者您能夠透過其他業務的實力來抵消這種客戶流失？

Yeah. So let me start by saying I've reiterated or we've reiterated our expectation. We're fully confident that we will achieve 12% year-over-year growth for the full year. As you've seen, we have delivered that in Q1. We delivered on that in Q2. We delivered on that as well -- we're expecting to deliver on that as well in Q3. We're very confident around our ability to achieve that benchmark as well.

是的。首先我要說的是，我已經重申或者我們已經重申了我們的期望。我們完全有信心全年實現年增12%。如您所見，我們已經在第一季實現了這一目標。我們在第二季度實現了這一目標。我們也實現了這一點——我們預計在第三季也能實現這一點。我們對於達到這基準的能力非常有信心。

As we look in the fourth quarter, if you do the math, obviously, because we've had 12.4% growth in Q1, 12.3% in Q2, expect 12% in Q3, that would expect a slightly lighter growth in the fourth quarter. So the comments that I made about LiveVox, by the way, are not specific to Q3 and Q4, that is something that has already been embedded really in the quarter that we're sitting in now in terms of the growth.

當我們回顧第四季時，如果你算一下，顯然，由於第一季成長率為 12.4%，第二季成長率為 12.3%，預計第三季成長率為 12%，因此預計第四季度的成長率會略低。順便說一下，我對 LiveVox 的評論並不針對第三季和第四季度，從成長角度來看，這些評論已經真正融入我們目前這個季度。

So I think the point being is, one, we're completely confident and very highly staying with 12% confidence level for the full year in delivery. With LiveVox, we're calling it out is something that we came into the year also with the expectation. We'd be able to potentially outperform higher than the 12% and highlighting LiveVox is one of the reasons that we are seeing some pressure on the overall Cloud growth.

所以我認為重點是，第一，我們完全有信心，並且對全年交付量保持 12% 的信心水平。透過 LiveVox，我們可以知道，這也是我們今年所期待的事情。我們有可能實現高於 12% 的業績，而強調 LiveVox 是我們看到整體雲端成長面臨一些壓力的原因之一。

Great. And then a follow-up for Scott. Just on the large deal front, I think last quarter, you announced a nine figure deal with a large European customer. What are you seeing just on the large deal pipeline is the sales cycles remained consistent.

偉大的。然後是史考特的後續行動。僅在大型交易方面，我想上個季度，您宣布與一位歐洲大客戶達成了一項九位數的交易。您在大型交易管道中看到的是銷售週期保持一致。

Do you have additional nine figure stuff in the pipe for the second half? And how are you just thinking about the revenue ramp from some of these large deals that you signed over the past year?

下半年您還有九位數的額外方案嗎？您如何看待過去一年簽署的一些大型交易帶來的收入成長？

Yeah. It's a great question. So first and foremost, we do see large deals, larger deals in our pipeline going forward, not only in the second half of this year, but also into 2026. In terms of the buying behavior, I think there's two comments that I would make. The market is definitely moving.

是的。這是一個很好的問題。因此，首先，我們確實看到大宗交易，更大的交易正在我們的籌備中，不僅在今年下半年，而且在 2026 年。就購買行為而言，我認為有兩點看法。市場肯定在變動。

There's been a lot of discussion in the CX market and in the CCaaS market about the on-prem shift to the cloud, and there are some vendors that are only running that playbook. What is clear is large organizations need to know that when they shift that they are enabling AI capability, they've got to be able to have self-service. They've got to be able to have augmented service.

CX 市場和 CCaaS 市場已經就從本地遷移到雲端進行了大量討論，並且有些供應商只運行該劇本。顯然，大型組織需要知道，當他們轉變以啟用人工智慧功能時，他們必須能夠提供自助服務。他們必須能夠獲得增強服務。

They've got to be able to then have a combination of capabilities that are delivering the enterprise scale the reliability that you get with a large contact center on these nine digit deals, but you've also got the ability to co-exist and do that seamlessly with an AI platform and only where the ones who are able to do that.

他們必須能夠擁有多種功能，為企業提供大型聯絡中心在這些九位數交易中獲得的可靠性，但同時還要能夠與人工智慧平台共存並無縫地做到這一點，而且只有那些能夠做到這一點的人。

So what we're seeing is that buying shift is involving more and more insights around the AI capabilities of the core platform and how they are able to leverage those as a part of their transition and their move of increasing demands from consumers that have got an expectation of instantaneous response instantaneous resolution and an ability to be able to do so through their interaction with their brands.

因此，我們看到的是，購買轉變越來越多地涉及對核心平台的人工智慧功能的洞察，以及他們如何能夠利用這些功能作為其轉型的一部分，以及他們滿足消費者日益增長的需求，這些消費者期望即時響應、即時解決，並能夠透過與品牌的互動來實現這一點。

That comes into the deal mix. It's not delaying cycle, but it is certainly a bigger part of the evaluation as they're considering their entire CX platform. And we definitely have a strong pipeline of large deals with major customers that fits our strength in the enterprise segment, not just internationally, but also in North America.

這涉及到交易組合。這不是延遲週期，但由於他們正在考慮整個 CX 平台，因此這肯定是評估中更重要的一部分。我們確實擁有與主要客戶達成的強大大額交易管道，這符合我們在企業領域的優勢，不僅在國際上，而且在北美也是如此。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞、威廉·布萊爾。

Hi, I'm [Lia Miller]. I'm for Arjun Bhatia. Thanks for taking your question. As your AI portfolio evolves, have you noticed a change in the pace of migration of on-prem contact into solutions to the Cloud? In other words, curious to hear if you're seeing increased demand for being on the cloud and preparation for AI and agentic AI?

你好，我是[莉亞·米勒]。我支持阿瓊·巴蒂亞。感謝您提出這個問題。隨著您的 AI 產品組合的發展，您是否注意到將本地聯絡人遷移到雲端解決方案的速度發生了變化？換句話說，您是否好奇地想知道，對於雲端運算和人工智慧及代理人工智慧的準備的需求是否正在增加？

Great question. It links a little bit to what I mentioned before, but let me give a little bit more color. When customers are evaluating, they're sitting on legacy on-prem platforms, and we've talked about this -- you can determine whether it's 35%, 40% of the market from on-prem moving to the cloud.

好問題。它與我之前提到的有一點聯繫，但請允許我再多解釋一下。當客戶進行評估時，他們使用的是傳統的內部部署平台，我們已經討論過這個問題——您可以確定是否有 35%、40% 的市場從內部部署轉移到雲端。

But there is still a significant customer base that are on-prem platform that are moving to the cloud. What is clear is that they are evaluating the AI capabilities of that platform as a part of that move. That is different than 12, 18 months ago. 12, 18 months ago, they were looking at the cloud move.

但仍有相當一部分客戶群正在從本地平台轉向雲端。很明顯的是，作為這項舉措的一部分，他們正在評估該平台的人工智慧能力。這與 12 到 18 個月前不同。 12 到 18 個月前，他們正在關注雲端運算的發展。

Now, they're looking at a move that leverages cloud capabilities, but the AI capabilities are part of that platform is essential, which is why our existing investments around on CXone Mpower, our foundational data models, the amazing label data and the assets that we already have, which how was our Copilot, powers our Autopilot. It's driving that 42% year-on-year growth that we saw in ARR in the second quarter.

現在，他們正在考慮利用雲端功能，但人工智慧功能是該平台必不可少的一部分，這就是為什麼我們現有的投資集中在 CXone Mpower、我們的基礎數據模型、驚人的標籤數據和我們已經擁有的資產上，我們的 Copilot 為我們的 Autopilot 提供動力。它推動了第二季度 ARR 同比增長 42%。

But also a recognition that self-service through a conversational AI and agentic AI platform that we're obviously looking forward to subject to closing with Cognigy is a key element of what customers are looking at. So the buying behavior is definitely becoming more detailed around the AI capabilities as well as historic CCaaS capabilities.

但我們同時也意識到，透過對話式人工智慧和代理人工智慧平台進行自助服務是客戶關注的關鍵要素，我們顯然期待與 Cognigy 達成合作。因此，購買行為肯定會圍繞 AI 功能以及歷史 CCaaS 功能變得更加詳細。

And that's why we're very confident that we're leading the way. We are the company that has the most complete AI platform together with our existing strength in CCaaS. And that's what the market are expecting. They don't want fragmented solutions anymore. They want a unified platform.

這就是為什麼我們非常有信心我們處於領先地位。我們是擁有最完整的AI平台以及我們在CCaaS方面現有實力的公司。這正是市場所期待的。他們不再需要零散的解決方案。他們想要一個統一的平台。

Jim Fish, Piper Sandler.

吉姆·菲什、派珀·桑德勒。

Hey, guys. Thanks for the question. What are you guys hearing from customers on net agent growth versus deployment of AI, particularly given the recently introduced US regulation that's being discussed about mandating AI versus human disclosure at the beginning of an interaction and within the United States itself? And I've got a follow-up to that.

嘿，大家好。謝謝你的提問。你們從客戶那裡聽到了什麼關於淨代理增長與人工智慧部署的意見，特別是考慮到最近美國出台的法規，該法規正在討論在互動開始時以及在美國境內強制披露人工智能與人類的信息？我對此進行了跟進。

So in simple terms, our customers are clearly trying to leverage AI capabilities, Autopilot for self-service, Copilot for augmented service and Auto Summary and those capabilities and the movement of the agents moving to a AI agents is clearly planned. It's not happening faster or slower than our anticipation. It's happening in line with what we're expecting.

簡單來說，我們的客戶顯然正在嘗試利用 AI 功能、用於自助服務的 Autopilot、用於增強服務的 Copilot 和 Auto Summary，並且這些功能以及代理轉向 AI 代理的舉措都有明確的計劃。它的發生速度不會比我們預期的更快或更慢。事情的發展正如我們所預期的。

But what I find interesting is the contact centers and the human agents are doing more. They're able to handle the increased volume of interactions. And I think this gets lost sometimes in the view about, well, how many AI agents versus human agents?

但我發現有趣的是聯絡中心和人工代理做得更多。他們能夠處理日益增多的互動。我認為這一點有時會在關於人工智慧代理與人類代理的數量的觀點中被忽視。

The amount of interactions that brands are receiving is double-digit growth in terms of the volume. So they're having an increased demand from their customers and their consumers, and they need to be able to do that seamlessly and inter-operate between AI agent and human agent. And that means that they're able to serve that as that growth of demand increases.

就數量而言，品牌所獲得的互動量呈現兩位數成長。因此，他們的客戶和消費者的需求不斷增加，他們需要能夠無縫地做到這一點，並在人工智慧代理和人類代理之間進行互通。這意味著隨著需求的成長，他們能夠滿足這項需求。

And then the second thing that I would say is an increasing number of our customers are doing revenue orientated activities, value-generating activities on top of delivering customer service. And I would highlight the outbound capability that I mentioned before of LiveVox is just a good example of a really critical capability that we can not only help our customers perform a service task from intent to fulfillment.

我想說的第二件事是，越來越多的客戶除了提供客戶服務之外，還在進行以收入為導向的活動和創造價值的活動。我想強調我之前提到的 LiveVox 的出站功能，它是一個非常關鍵的功能的一個很好的例子，我們不僅可以幫助我們的客戶執行從意圖到實現的服務任務。

But as there is a revenue or a sales opportunity that requires outbound, it comes on the same platform. So that's what we're seeing, but there's no dramatic shift in the number of human agents, but we clearly expect that over time, more and more self-service will drive that.

但由於存在需要外撥的收入或銷售機會，因此它會出現在同一平台上。這就是我們所看到的，但人工代理的數量並沒有發生巨大的變化，但我們清楚地預計，隨著時間的推移，越來越多的自助服務將推動這一變化。

Yeah. And just to follow up on the numbers side of that, Beth. It's nice to see the stability of NRR. Is there a way to think about the expansion level that's coming from cross-selling core solutions versus the AI solutions versus the upsell of net agent growth of your installed base? Thanks guys.

是的。貝絲，我們來跟進一下數字方面的問題。很高興看到 NRR 的穩定性。有沒有辦法考慮交叉銷售核心解決方案與人工智慧解決方案以及安裝基礎的淨代理商成長的追加銷售所帶來的擴展水平？謝謝大家。

Yeah. Thanks for the question, Jim. I would say you've seen that our NRR has remained healthy at 111%, and it really reinforces the health of our existing customer base. I mean, we're on a more than $2 billion-plus Cloud ARR. And so, a large portion of our revenue is continuing to come from our cross-sell and upsell efforts.

是的。謝謝你的提問，吉姆。我想說，你已經看到我們的 NRR 一直保持在 111% 的健康水平，這確實增強了我們現有客戶群的健康。我的意思是，我們的雲端 ARR 已超過 20 億美元。因此，我們的收入很大一部分仍然來自於交叉銷售和追加銷售。

So the AI is really a key growth driver for us, and I highlighted earlier, (inaudible) [11%] of our cloud revenue when you look at the CX AI and self-service contribution. So that is certainly a key growth driver as we look to our customers and what we're selling to our customers, both with our existing installed base as well as the new logos that we're bringing on.

因此，人工智慧確實是我們成長的關鍵動力，我之前強調過，如果從 CX AI 和自助服務的貢獻來看，我們的雲端收入 (聽不清楚) 佔比為 11%。因此，當我們專注於客戶以及我們向客戶銷售的產品時，這無疑是一個關鍵的成長動力，包括我們現有的安裝基礎以及我們帶來的新標誌。

So we're continuing to focus on a combination of all of those with the largest portion coming from the existing installed base. And as I said, I think what we're also seeing around that is the opportunity of international expansion.

因此，我們將繼續關注所有這些的組合，其中最大部分來自現有的安裝基礎。正如我所說，我認為我們也看到了國際擴張的機會。

So the combination of the healthy NRR at the 111%, which is already embedding the effectiveness we're seeing in the cross-sell, upsell and bringing on the new logos like some of the big deals that we've just recently announced, including the one with DWP in the international region.

因此，健康的 NRR 達到 111%，這已經反映了我們在交叉銷售、追加銷售和推出新標誌方面看到的有效性，就像我們最近宣布的一些大交易一樣，包括與國際地區的 DWP 達成的交易。

Pat Walravens, Citizens.

帕特·沃爾拉文斯（Pat Walravens），公民。

Great. Thank you. Scott, to you first, I love the willingness and focus on a mature approach around partnerships. And I would like to get a little more of the detail and background on the expansion of the partnership with Salesforce.

偉大的。謝謝。史考特，首先，我喜歡你願意並專注於以成熟的方式建立合作關係。我想了解更多與 Salesforce 擴大合作關係的細節和背景。

This is an area where investors have a ton of questions, which is when both Salesforce and NiCE are in the same account, and they have agent force and you have your AI solutions that are growing so fast. Who has the right to deliver which parts of AI where? And how do you guys figure that out?

這是投資者有很多疑問的一個領域，當 Salesforce 和 NiCE 在同一個帳戶中時，他們有代理力量，而你擁有成長如此迅速的 AI 解決方案。誰有權利決定人工智慧的哪些部分交付到哪裡？你們是怎麼知道這一點的？

Yeah. So I appreciate the feedback on the strategic partnerships. And I think as mentioned before, there is a lot of -- for enterprises, they're trying to figure out who are the major organizations they partner with as they deliver business outcomes, whether it be for their employees, for their partners and in out situation for their customers.

是的。因此，我很感謝有關策略夥伴關係的回饋。我認為，正如之前提到的，對於企業來說，他們試圖弄清楚在實現業務成果時與哪些主要組織合作，無論是為他們的員工，為他們的合作夥伴，還是為他們的客戶。

And these partnerships matter because it is clear that you need not only the capabilities that NiCE brings, our market-leading AI capabilities,; the power of the CCaaS platform, the understanding at real detail the interactions, the intense the nuances of the consumers, the billions of interactions, but also how that seamlessly integrates into the data and insights of not only CRM platforms such as Salesforce but also other mid-office and back office platforms. So how do we navigate this?

這些合作關係很重要，因為很明顯，您不僅需要 NiCE 帶來的能力、我們市場領先的人工智慧能力、CCaaS 平台的強大功能、對交互的真實細節的理解、對消費者細微差別的深刻理解、數十億次交互，而且還需要如何將其無縫集成到不僅是 Salesforce 等 CRM 平台，還有其他中洞察台和後台平台的數據和後台平台。那我們該如何解決這個問題呢？

Well, there's a couple of really important principles. Number one, it is our belief, and it is strong belief, validated by the market's response to us that when it comes to customer service, you need an integrated single pane of glass. Companies do not want fragmentation in front of their customers. They just do not. And when you think about AI, it brings enormous opportunity, but it also brings the potential for fragmentation.

嗯，有幾個非常重要的原則。首先，我們堅信，市場對我們的反應也證實了這一點：當涉及客戶服務時，您需要一個整合的單一管理平台。公司不希望在客戶面前出現分裂的情況。他們就是不這麼做。當你想到人工智慧時，它帶來了巨大的機遇，但也帶來了分裂的可能性。

So they do not want fragmentation between their different vendors as they deliver customer service. It needs to be orchestrated. And that means leveraging the strengths of the single pane of glass where we handle all types of interactions at huge volumes but also the interoperability with enterprise platforms such as Service Cloud Voice that Salesforce brings that deliver other capabilities and system of record and updating CRM and sales and other capabilities as they're fulfilling those customer needs.

因此，他們不希望在提供客戶服務時不同的供應商之間出現分裂。它需要精心策劃。這意味著我們要利用單一管理平台的優勢，處理大量各類交互，同時還要利用與企業平台（如 Salesforce 提供的 Service Cloud Voice）的互通性，這些平台可提供其他功能和記錄系統，並更新 CRM 和銷售以及其他功能，以滿足客戶需求。

So what we're really doing is through product engineering together, building new capabilities where we're able to do that more seamlessly, which removes the friction point to our customers. And there are overlaps in portfolio and I need to be candid with every one of our partners, we have overlaps in portfolio. It's okay.

因此，我們真正要做的是透過共同進行產品工程，建立新的功能，以便我們能夠更無縫地完成這些工作，從而消除客戶的摩擦點。投資組合中存在重疊，我需要對我們的每個合作夥伴坦誠，我們的投資組合中存在重疊。沒關係。

We rely on the strength of what we are focused on, which is being the best CX AI platform to deliver that single pane of glass system of engagement for our customers. But we're also saying, we know that we're going to co-exist, and we're going to proactively do so with the other companies that are in your enterprise tech space.

我們依靠我們專注的領域的優勢，即成為最好的 CX AI 平台，為我們的客戶提供單一玻璃參與系統。但我們也要說，我們知道我們將共存，我們將積極與企業科技領域的其他公司共存。

And I think when you do that, it gives companies our customers' confidence. They now have confidence that when I choose NiCE and I choose Salesforce, I've got a seamlessly integrated platform, but I also have the same flexibility if I choose ServiceNow or I choose Amazon and the others, and that's the approach that we're taking to this to reduce the friction or the uncertainty for our customers. And I'm very confident that will result in not only improved sales but improved collaboration between our companies delivering value for our joint customers.

我認為當你這樣做時，它會給公司帶來客戶的信心。他們現在有信心，當我選擇 NiCE 和 Salesforce 時，我擁有一個無縫整合的平台，但如果我選擇 ServiceNow 或選擇亞馬遜和其他公司，我也擁有相同的靈活性，這就是我們為減少客戶的摩擦或不確定性而採取的方法。我非常有信心，這不僅會提高銷售額，還會改善我們公司之間的合作，為我們的共同客戶創造價值。

That's super helpful. Thank you. And Beth, as a follow-up, when did you guys know that LiveVox was becoming a drag on the cloud growth?

這非常有幫助。謝謝。還有 Beth，接下來請問，你們什麼時候知道 LiveVox 正在成為雲端運算成長的拖累因素？

So Pat, I think that throughout the course of last year, (technical difficulty) in line with our expectations, and we were pleased with what we were doing there in the business. As we stepped into this year, we started to see some signs of softness and that has started to play out.

所以帕特，我認為在去年全年，（技術難度）符合我們的預期，我們對我們在業務中所做的工作感到滿意。隨著我們步入今年，我們開始看到一些疲軟跡象，這種跡像已經開始顯現。

So of course, that's taken into consideration when we reiterate the topline expectation and the cloud growth. So yeah, we've started to see some softness. And obviously, we're taking a lot of actions to correct that because we do feel really excited about the opportunity and the potential to turn that around. So there is the ability to change that trajectory. But yeah, we've seen it in the last several months.

因此，當我們重申營收預期和雲端業務成長時，當然會考慮到這一點。是的，我們已經開始看到一些疲軟跡象。顯然，我們正在採取許多措施來糾正這種狀況，因為我們對扭轉這種狀況的機會和潛力感到非常興奮。因此，我們有能力改變這一軌跡。但是是的，我們在過去幾個月裡已經看到了它。

Michael Funk, Bank of America.

美國銀行的麥可‧芬克。

Yeah. Thank you for the questions. So Beth, one of your competitors has mentioned that they are hearing from their customers that the customers expected less strength in 4Q. So softer seasonality than in previous years. Wondering if you're hearing similar comment then I have one follow-up, please.

是的。謝謝您的提問。貝絲，你的一個競爭對手提到，他們從客戶那裡聽說，客戶預計第四季的實力會下降。因此，季節性比前幾年弱。想知道您是否聽過類似的評論，請跟進一下。

Yeah. Thanks for the question. We're not seeing that. I mentioned the high bar that we had last year, which we've taken into consideration. But as we look across our customer base, no, we're not hearing that. And in fact, we know that some competitors in our arena actually have concentrated positions in terms of industry verticals, which we don't have.

是的。謝謝你的提問。我們沒有看到這一點。我提到了我們去年設定的高標準，我們已經考慮到了這一點。但當我們縱觀我們的客戶群時，我們並沒有聽到這樣的聲音。事實上，我們知道，我們這個領域的一些競爭對手實際上在行業垂直領域佔據著集中地位，而我們沒有。

So one of the strengths that we've had at NiCE is when we look at our customers is we're well diversified as well across multiple different verticals. And so, that always gives us that less exposure to anything that would potentially have a macro impact. But we don't see anything like that. We're not expecting it, and we expect -- there's no signs of any softness in seasonality expected.

因此，NiCE 的優勢之一是，當我們看到我們的客戶時，我們在多個不同的垂直領域也實現了多元化。因此，這總是會減少我們對可能產生宏觀影響的事物的接觸。但我們並沒有看到這樣的事情。我們並沒有預料到這一點，而且我們預計——預計沒有任何季節性疲軟的跡象。

I need to reiterate, we don't see that softness.

我需要重申，我們沒有看到這種疲軟。

Great. Thank you for the clarification. And then a bit of a higher-level question. I understand you're hoping you do better than 12% this year. LiveVox is maybe impacting that a bit. But is there a tipping point that you expect or something we can be watching from the outside to signal accelerating growth in cloud revenue, while a lot of investors are focused on that moving back higher hopefully into the teens, mid-teens over time.

偉大的。感謝您的澄清。接下來是一些更高層次的問題。我知道您希望今年的業績超過 12%。LiveVox 可能對此有一點影響。但是，您是否預期會出現一個臨界點，或者我們可以從外部觀察到一些跡象，表明雲端收入正在加速成長，而許多投資者都關注雲端收入隨著時間的推移有望回升至十幾歲、十幾歲的水平。

Yeah. I think at Capital Markets Day, that's where we're looking forward to get into some further detail and granularity of what to see both organically as we look ahead, but also the impact that we'll see from Cognigy that we integrated into Mpower.

是的。我認為在資本市場日，我們期待進一步詳細了解未來的發展趨勢，以及我們將從整合到 Mpower 的 Cognigy 中看到的影響。

So that's the point of really when we're looking to give more clarity. But as I highlighted earlier, I think we're very excited about this acquisition, and we believe that this will also be yet another reason that we can further increase the positive momentum and the growth that we're seeing in our Cloud business.

所以這正是我們想要提供更多清晰度的真正目的。但正如我之前強調的那樣，我認為我們對此次收購感到非常興奮，我們相信這也將是我們可以進一步增強雲端業務的積極勢頭和成長的另一個原因。

So quickly one more, if I could. So the LiveVox churn, is that primarily competitive churn? Or is that LiveVox customers retrenching and pulling back their total spend?

如果可以的話，我再快一點。那麼 LiveVox 的客戶流失主要是競爭性流失嗎？還是 LiveVox 客戶正在縮減開支並減少總支出？

It was not competitive at all. It was more so a couple of handful of organizations that actually had decided to create some of their own capabilities in-house predominantly. So it wasn't going to a competitor. It was them looking for other options to try and bring those capabilities in-house.

根本就沒有什麼競爭力。實際上，只有少數幾個組織決定主要在內部創造一些自己的能力。所以它不會落入競爭對手手中。他們正在尋找其他選擇，嘗試將這些能力帶入公司內部。

I will say that in other scenarios like that, where we've seen customers attempt to do that, it will often come back to us at a later point when they find out that they aren't able to effectively do that. So these are couple of handful of customers that we're talking about there. So that's been the experience in it, but it's not competitive. It's really these one-off scenarios.

我想說的是，在其他類似的情況下，我們看到客戶嘗試這樣做，但當他們發現無法有效地做到這一點時，往往會在稍後的時間點回到我們身邊。我們正在談論的就是這幾個客戶。這就是其中的經驗，但它並不具有競爭力。這確實都是一次性的情況。

Tim Horan, Oppenheimer.

提姆霍蘭，奧本海默。

I think that just two clarifications for you, Beth and a question. What was the equipment revenue or product revenue go through this quarter? I think you're saying gross margin should be relatively stable now?

我認為這只需要向您澄清兩點，貝絲，並提出一個問題。本季的設備收入或產品收入是多少？我認為您說的是毛利率現在應該相對穩定？

Yeah. Thank you for the question. So with respect to the product revenue, the contribution that we were able to successfully pull from the third quarter and our expectation there shifted into Q2, and that was contributing about $13 million in terms of revenue contribution, somewhere between $13 million to $14 million additional revenue that we pulled from Q3 into Q2.

是的。謝謝你的提問。因此，就產品收入而言，我們能夠從第三季度成功獲得的貢獻以及我們的預期轉移到了第二季度，這為收入貢獻了約 1,300 萬美元，從第三季度到第二季度的額外收入約為 1,300 萬至 1,400 萬美元。

With the gross margin again, I think you should expect that you'll continue to see in that 69% to 70% more or less cloud gross margin in the near term. And as we step into 2026 and of course with these deals, these large deals that we've signed continuing to ramp like Services Australia, that's a good example where that customer and the revenue contribution has really just started to trickle into the quarter.

再次談到毛利率，我想您應該預期短期內雲毛利率將繼續保持在 69% 至 70% 左右。隨著我們進入 2026 年，當然隨著這些交易的進行，我們簽署的這些大型交易繼續增加，例如 Services Australia，這是一個很好的例子，客戶和收入貢獻實際上才剛開始流入本季度。

So we'll also see the benefit where we've made those investments. We'll start to see the cumulative impact of the cloud on the other side of that will pull up the gross margin in the future quarters.

因此，我們也將看到我們進行這些投資所帶來的好處。我們將開始看到雲端運算的累積影響，這將拉高未來幾季的毛利率。

And then on AI, where are you seeing the most adoption at this point and the most productivity improvements? And can you talk about what is impacting ARPU. I'm sure there's pluses and minuses, like I'm sure the IVR is getting replace by some IVAs, but there's a whole bunch of other products that are upcoming. Can you just talk about that balance there of ARPU increases versus declines?

那麼在人工智慧方面，您認為目前哪些領域應用最多，生產力提高最多？能談談哪些因素影響了 ARPU 嗎？我確信它有優點也有缺點，例如我確信 IVR 會被一些 IVA 取代，但還有一大堆其他產品即將推出。您能談談 ARPU 增加與減少之間的平衡嗎？

Yeah. So I'll cover that one. Look, the growth in our AI is across the portfolio, if I just summarize our three key capabilities Autopilot, which is our self-service capability, Copilot which is obviously augmented and then Auto Summary, which is also part of augmenting and supporting our live agents, human agents.

是的。所以我會講到這一點。你看，我們的人工智慧的成長是遍布整個產品組合的，如果我總結一下我們的三個關鍵功能：自動駕駛儀，這是我們的自助服務功能，Copilot 顯然是增強的，然後是自動摘要，這也是增強和支援我們的現場代理、人工代理的一部分。

I think I mentioned in the opening, we had a six-fold increase in Copilot deals. So we're seeing obviously strong momentum. And if you think about it, it's a pretty natural extension or upsell for our customers where they're leveraging CXone Mpower. They use the platform really successfully. They're looking to introduce those AI capabilities. So Copilot is a key part of that growth.

我想我在開頭提到過，我們的 Copilot 交易量增加了六倍。所以我們顯然看到了強勁的勢頭。如果你仔細想想，你會發現對於利用 CXone Mpower 的客戶來說，這是一種非常自然的延伸或追加銷售。他們確實成功地利用了這個平台。他們正在尋求引入這些人工智慧功能。因此，Copilot 是這一成長的關鍵部分。

Autopilot also really strong, but that's where we're very excited about what Cognigy will bring going forward because they are the market-leading conversational AI platform and their ability to be able to provide that in a seamless and an integrated way with our data becomes very exciting.

自動駕駛儀也非常強大，但我們對 Cognigy 未來將帶來的變化感到非常興奮，因為它們是市場領先的對話式人工智慧平台，而且它們能夠以無縫和整合的方式提供與我們的數據相關的功能，這非常令人興奮。

As it relates to ARPU, Tim, actually, no real change. So I guess the good news is it's incrementality because we're not seeing an erosion on the ARPU was the result of the introduction of the AI capabilities. I don't expect that to change. In fact, if anything, the value of our platform in serving agents continues to increase with capabilities such as LiveVox and others, let alone the AI capabilities, which we're able to monetize independently and very successfully.

至於與 ARPU 相關，Tim，實際上，並沒有真正的改變。因此，我認為好消息是它是增量的，因為我們沒有看到 ARPU 的下降是引入 AI 功能的結果。我並不認為這種情況會改變。事實上，如果有什麼不同的話，那就是我們的平台在服務代理方面的價值隨著 LiveVox 等功能而不斷增加，更不用說人工智慧功能了，我們能夠獨立且非常成功地將其貨幣化。

Thomas Blakey, Cantor.

湯瑪斯·布萊基，領唱者。

Hey, guys. Thanks for squeezing me in here. Just wanted to maybe unpack a lot of the details here. And Beth, thank you for providing the details you did especially on the AI and self-service numbers. If we look into the half, I just wanted to again take apart the assumptions in core CCaaS and AI themselves.

嘿，大家好。謝謝你把我擠到這裡。只是想在這裡解開很多細節。Beth，感謝您提供的詳細信息，尤其是有關人工智能和自助服務號碼的信息。如果我們看一下這一半，我只是想再次拆開核心 CCaaS 和 AI 本身的假設。

I know you don't guide by product. But just if you unpack the numbers that you've given at Analyst Day and here, there seems to be a little bit of a decel like in this call it core. And maybe that's all LiveVox is the answer, but I'd love to just unpack that.

我知道您不以產品為指導。但是，如果你分析分析師日和這裡給出的數字，你會發現似乎有一點點減速，就像我們所說的核心一樣。也許 LiveVox 就是答案，但我只是想解開這個謎團。

And on the second question, was LiveVox impact enough to maybe be a headwind to NRR 111%, anything you want to call out there? Thank you very much for taking my questions.

第二個問題，LiveVox 的影響是否足以對 NRR 111% 造成阻礙，您有什麼要說的嗎？非常感謝您回答我的問題。

Yeah. Thank you for the question. In terms of unpacking the second half and the different pieces of the cloud. AI, as you can see, continues to be really the key growth driver of our Cloud. We went from 39% year-over-year growth in the ARR in the first to 42% in this quarter. So it's demonstrating the strength and momentum we're seeing there in the sales cycle and those customers coming into the revenue stream.

是的。謝謝你的提問。關於解開後半部和雲的不同部分。如您所見，人工智慧仍然是我們雲端運算的關鍵成長動力。我們的 ARR 年成長率從第一季的 39% 上升至本季的 42%。因此，它展示了我們在銷售週期中看到的實力和勢頭，以及那些進入收入流的客戶。

With respect to outside of the AI specific solutions that are part of the Mpower, you really have a portion of the organic CX business. You also obviously have some FCC business. Both of those businesses continue to be healthy. We're happy with their performance and in line with our expectations.

對於 Mpower 中的 AI 特定解決方案之外的部分，您實際上擁有一部分有機 CX 業務。顯然，您也有一些 FCC 業務。這兩項業務均持續保持健康發展。我們對他們的表現感到滿意，並且符合我們的期望。

So it is, as we've highlighted predominantly the LiveVox business as well as a few other legacy more hosted cloud. It's very immaterial overall, but that are out there in terms of underperforming that contribute that piece to the overall.

確實如此，正如我們主要強調的 LiveVox 業務以及其他一些傳統的託管雲端業務。總體而言，這並不重要，但就表現不佳而言，這部分對整體有所貢獻。

But we're very pleased with looking at the core of what we're offering into the market and leading the market and our Mpower platforms and also the platforms we see in our FCC and public safety businesses as well.

但我們非常高興地看到我們向市場提供的產品的核心以及引領市場和我們的 Mpower 平台以及我們在 FCC 和公共安全業務中看到的平台。

With respect to your second question around our NRR, there's always a potential for the NRR to move from quarter-to-quarter. We don't expect it to have a material change. But again, we don't really forecast NRR. So we'll continue to keep you posted. We expect to keep it healthy and certainly comparable to the levels you've seen.

關於您關於我們的 NRR 的第二個問題，NRR 總是有可能在每個季度之間發生變化。我們預計它不會發生重大變化。但同樣，我們並沒有真正預測 NRR。因此我們會繼續向您通報最新情況。我們希望保持其健康，並且肯定能達到您所看到的水平。

Catharine Trebnick, Rosenblatt Securities.

羅森布拉特證券公司的 Catharine Trebnick。

Thanks for squeezing me in also. So quick question on what kinds of benefits do you expect to see from ServiceNow, AWS and Snowflake? I know you covered Salesforce from some extent. But to also, when would we see incremental revenue from some of these newer partnerships? Thank you.

也謝謝你擠進來。那麼，快速問一下，您期望從 ServiceNow、AWS 和 Snowflake 中獲得哪些好處？我知道您在某種程度上涵蓋了 Salesforce。但是，我們什麼時候才能從這些較新的合作關係中看到增量收入？謝謝。

Yeah. So all of these partnerships have both elements from a go-to-market point of view as well as but more importantly, from a product and an integration. So taking engineering work. So in the case of AWS and ServiceNow, in particular, our engineering and our product teams are working together in collaboration, building out the orchestration capabilities.

是的。因此，所有這些合作關係都既有從市場進入角度考慮的要素，更重要的是，還有從產品和整合角度考慮的要素。因此承擔工程工作。因此，就 AWS 和 ServiceNow 而言，我們的工程團隊和產品團隊正在合作建立編排功能。

And so, for customers, second half more importantly in Q4 is when we'll be able to then bring those and make them available to market. We are already seeing pipeline and demand that gives us confidence that, that will start turning into revenue opportunities and growth. But I think it's more in 2026 when we'll see that. As it relates to the go to market, the only other comment I would make is that we often see where customers will ask about the collaboration.

因此，對於客戶來說，更重要的是在第四季度下半年，我們將能夠將這些產品推向市場。我們已經看到了管道和需求，這讓我們有信心，這將開始轉化為收入機會和成長。但我認為我們大概要到 2026 年才能看到這一點。至於進入市場，我唯一想說的是，我們經常看到客戶詢問合作事宜。

So whilst they understand that the deeper integration between our portfolio is coming, and it's a part of the cloud road map of both companies, they want to know what that road map looks like because they're building it into their long-term buying decisions. It's not just about [short term] integration. So again we're already seeing the indications on pipeline even if revenue is in '26.

因此，雖然他們明白我們的產品組合之間即將進行更深層的整合，而且這是兩家公司雲端路線圖的一部分，但他們想知道該路線圖是什麼樣的，因為他們正在將其納入長期購買決策中。這不僅是（短期）整合的問題。因此，即使收入是在 26 年，我們也已經看到了有關管道的跡象。

This concludes the question and answer session. I'll turn the call to Scott Russell for closing remarks.

問答環節到此結束。我將請斯科特·拉塞爾 (Scott Russell) 致閉幕詞。

Look, thank you, everyone, for joining this morning. I guess I just wanted to reiterate our confidence in not only our performance in Q2, but our outlook for the full year as we had stated at the beginning of the call, reiterating our full year guidance, reiterating the strength of our business that is powered by AI, but also no matter what the puts and takes are, we're in a position of strength, and you can expect that going forward.

瞧，謝謝大家今天早上的參加。我想我只是想重申我們不僅對第二季度的業績有信心，而且對全年的展望也充滿信心，正如我們在電話會議開始時所說的那樣，重申我們的全年指導，重申由人工智能驅動的業務實力，但無論付出和收穫如何，我們都處於強勢地位，你可以期待這種情況繼續下去。

And last but not least, I want to thank Marty and the team for an incredible tenure in leading out of the Investor Relations for NiCE. I've been the beneficiary of his leadership in over the last six months and wishing him the very best in the future. I know he's been a strong allied friend for many of you. So congrats, Marty, and we wish you the very best.

最後但同樣重要的一點是，我要感謝 Marty 和他的團隊在領導 NiCE 投資者關係方面所做的出色貢獻。在過去的六個月裡，我一直受益於他的領導，並祝他未來一切順利。我知道他是你們許多人堅定的盟友。所以恭喜你，馬蒂，我們祝你一切順利。

Thank you, Scott.

謝謝你，斯科特。

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

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。