Nice Ltd (NICE) 2025 Q3 法說會逐字稿

Welcome to the NICE conference call discussing third quarter 2025 results, and thank you all for holding. [Operator Instructions]

歡迎參加 NICE 2025 年第三季業績電話會議，感謝各位的耐心等待。[操作說明]

As a reminder, this conference is being recorded, November 13, 2025. I would now like to turn this call over to Mr. Ryan Gilligan, VP, Investor Relations at NICE. Please go ahead.

提醒各位，本次會議正在錄製，2025年11月13日。現在我將把電話轉交給 NICE 的投資者關係副總裁 Ryan Gilligan 先生。請繼續。

Thank you, operator. I'm incredibly excited to join NICE as the company's new Vice President of Investor Relations, and I look forward to working closely with all of you in the investment community. With me on today's call are Scott Russell, Chief Executive Officer; and Beth Gaspich, Chief Financial Officer.

謝謝接線生。我非常興奮能夠加入 NICE 擔任公司新的投資者關係副總裁，並期待與投資界的各位密切合作。今天和我一起參加電話會議的有執行長史考特·羅素和財務長貝絲·加斯皮奇。

Before we start, I would 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.

在開始之前，我想指出，本次電話會議中所做的一些陳述將構成前瞻性陳述。根據 1995 年《私人證券訴訟改革法案》的安全港條款，請注意，公司的實際業績可能與這些前瞻性聲明有重大差異。

Additional information regarding the factors that could cause actual results or performance of the company to differ materially is contained in the section entitled Risk Factors in Item 3 of the company's 2024 annual report on Form 20-F as filed with the Securities and Exchange Commission on March 19, 2025. During today's call, we will present a more detailed discussion of third quarter 2025 results and the company's guidance for full year 2025. You can find our press release as well as PDFs of our financial results on NICE's Investor Relations website. Following our comments, there will be an opportunity for questions.

有關可能導致公司實際業績或表現與預期存在重大差異的因素的更多信息，請參閱公司於 2025 年 3 月 19 日向美國證券交易委員會提交的 20-F 表格 2024 年年度報告第 3 項“風險因素”部分。在今天的電話會議上，我們將更詳細地討論 2025 年第三季業績以及公司對 2025 年全年的業績展望。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。我們的演講結束後，將安排提問環節。

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 shar-based compensation, amortization of acquired intangible assets, acquisition-related expenses, amortization of discount on debt and loss from extinguishment of debt and the tax effect of the non-GAAP adjustments.

我要提醒各位，除非本次電話會議另有說明，否則我們將對調整後的經營績效進行評論。這些績效在某些方面與公認會計原則有所不同，主要體現在以下方面：基於股份的薪酬的會計處理、收購無形資產的攤銷、收購相關費用、債務折價攤銷和債務清償損失以及非公認會計原則調整的稅務影響。

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

今天的新聞稿詳細列出了非GAAP調整後結果與相應的GAAP數據之間的差異。本次電話會議中討論的資訊和我們的一些評論可能包含前瞻性陳述，這些陳述受風險、不確定性和假設的影響。現在我將把通話轉給史考特。

Thank you, Ryan, and we are thrilled to welcome you on board and have you join our team. Good morning, and welcome, everyone. Well, let me start by saying the renewed strategy that we laid out for NICE at the beginning of the year is now producing clear tangible results, reflected in both our financial performance and our growing market position.

謝謝你，瑞恩，我們非常高興歡迎你加入我們團隊。各位早安，歡迎各位。首先我想說的是，我們在年初為 NICE 制定的新策略現在正在產生清晰可見的成果，這體現在我們的財務表現和不斷增長的市場地位上。

We're seeing great momentum across our entire business, setting a solid foundation for sustained growth. We're pleased to report another strong quarter underlined by exceptional cloud and AI bookings, stemming from the continued expansion and execution of our AI-first strategy, our international expansion and our robust go-to-market performance.

我們看到公司整體業務發展勢頭強勁，為持續成長奠定了堅實的基礎。我們很高興地宣布，本季業績強勁，雲端和人工智慧預訂量表現優異，這得益於我們人工智慧優先策略的持續擴展和執行、我們的國際擴張以及我們強勁的市場推廣表現。

This quarter reinforced the strength of our AI solutions, driving real transformation for our customers with exceptional cloud bookings, driving a cloud backlog increase of 15% year-over-year and with our AI capabilities included in every new 7-figure CX deal. In Q3, total revenue was $732 million at the high end of our guidance range, with cloud revenue reaching $563 million, up 13% year-over-year.

本季度，我們的 AI 解決方案進一步鞏固了其優勢，透過卓越的雲端預訂量為客戶帶來真正的轉型，推動雲端積壓訂單同比增長 15%，並且我們的 AI 功能已融入到每一筆新的七位數 CX 交易中。第三季總營收為 7.32 億美元，達到我們預期的高端，其中雲端收入達到 5.63 億美元，年增 13%。

Our cloud revenue growth was primarily driven by our AI and self-service offerings, whose ARR accelerated to 49%, driven by sustained organic momentum and the contribution from NICE Cognigy, which closed in early September. This demand for our AI offering is reflected in strong bookings for Autopilot and Copilot deals more than tripling in Q3. We also achieved a higher win rate against our key CX competitors, underscoring the growing customer appetite of our AI-powered and domain-rich solutions.

我們的雲端收入成長主要得益於人工智慧和自助服務產品，其年度經常性收入 (ARR) 成長加速至 49%，這得益於持續的內生成長動能以及 9 月初完成收購的 NICE Cognigy 的貢獻。市場對我們人工智慧產品的需求體現在自動駕駛和輔助駕駛產品的強勁預訂量上，第三季預訂量成長超過三倍。我們在與主要 CX 競爭對手的較量中也取得了更高的勝率，這凸顯了客戶對我們基於人工智慧和領域知識豐富的解決方案日益增長的需求。

Furthermore, it reinforces our conviction that we operate in a vibrant growing market where organizations are showing robust demand for accelerating their AI transformation using our offerings. We at NICE perceive AI not only as a catalyst for our groundbreaking innovation, but more importantly, as a fundamental force for reinventing how business, technology and humans interact in each of our markets.

此外，這也進一步鞏固了我們的信念，即我們所處的市場充滿活力且不斷成長，各組織對使用我們的產品加速其人工智慧轉型表現出強勁的需求。NICE 認為，人工智慧不僅是我們突破性創新的催化劑，更重要的是，它是重塑我們每個市場中商業、技術和人類互動方式的根本力量。

In the world of customer experience, our leading CX AI platform, CXone, is using purpose-built AI to reshape customer journeys in exciting new ways. Our AI-powered orchestration allows us to perfectly blend human and AI agents, creating seamlessness in the end-to-end experiences that go well beyond the contact center, delivering automated workflows that move from accurately identified customer intent all the way to organizational fulfillment and resolution.

在客戶體驗領域，我們領先的 CX AI 平台 CXone 正在使用專門構建的 AI 以令人興奮的全新方式重塑客戶旅程。我們利用人工智慧驅動的編排，將人類代理和人工智慧代理完美融合，從而在端到端體驗中實現無縫銜接，遠遠超越聯絡中心，提供自動化工作流程，從準確識別客戶意圖一直到組織履行和解決問題。

We're also seeing increased demand for our leading NICE Cognigy conversational and agentic AI solutions, available for implementation on any technology environment, allowing companies to design, run and optimize AI agents quickly and simply with little to no code requirements and with specific CX-built functionality and vertical know-how.

我們還看到，市場對我們領先的 NICE Cognigy 對話式和代理式 AI 解決方案的需求不斷增長，這些解決方案可在任何技術環境下實施，使企業能夠快速、簡單地設計、運行和優化 AI 代理，幾乎不需要任何代碼，並且具備特定的 CX 構建功能和垂直行業專業知識。

There's tremendous added value that we're seeing for the powerful combination of CXone and NICE Cognigy together. Our ownership of the point of engagement awards us a distinct understanding of customer intent, sentiment, preference and context across literally billions of engagements. This distinct AI-ready foundational data then forms the basis for automated creation of smart agentic AI, turning this data into CX-built workflow intelligence.

我們看到 CXone 和 NICE Cognigy 的強大組合帶來了巨大的附加價值。我們對互動點的掌控，使我們能夠對數十億次互動中的客戶意圖、情緒、偏好和背景有獨特的理解。這種獨特的、適用於人工智慧的基礎數據隨後構成了自動創建智慧代理人工智慧的基礎，將這些數據轉化為以客戶體驗為導向的工作流程智慧。

The symbiosis of CX engagement data dynamically informing AI agent conversations and actions, all happening as a part of a single unified platform is at the core of our differentiation and what sets us apart in our markets. Our innovation road map is already well ahead with many NICE Cognigy integration capabilities already completed and many more underway.

CX互動數據與AI代理對話和行動之間的動態共生，所有這些都發生在一個統一的平台上，這是我們差異化的核心，也是我們在市場中脫穎而出的原因。我們的創新路線圖已經取得了長足的進步，許多 NICE Cognigy 整合功能已經完成，還有更多功能正在進行中。

NICE Cognigy drives further growth of the CXone platform and CXone accelerates the NICE Cognigy expansion in our customer base, particularly in the enterprise segment. Combining sophisticated agentic AI with engagement-based data also enables us to change the paradigm of customer engagement from a reactive to a proactive framework identifying business-initiated intents that can utilize human or AI agents to reach out to consumers, increasing sales, reducing effort, improving loyalty and trust. Our CX AI solutions are resonating with organizations of all sizes and verticals as evidenced by some of our key deals in the quarter.

NICE Cognigy 推動了 CXone 平台的進一步成長，而 CXone 則加速了 NICE Cognigy 在客戶群中的擴張，尤其是在企業領域。將先進的智慧體人工智慧與基於互動的數據相結合，使我們能夠將客戶互動模式從被動轉變為主動，識別企業發起的意圖，並利用人工或人工智慧代理與消費者互動，從而提高銷售額、減少工作量、提高忠誠度和信任度。我們的 CX AI 解決方案引起了各種規模和行業的組織的共鳴，本季的一些重要交易證明了這一點。

In Q3, one of the leading global auto manufacturers chose CXone to transform their customer experiences as part of an 8-figure ACV deal, underscoring NICE's continued leadership in the cloud contact center transformation and reinforcing the completeness of our CX AI platform. Their decision reflects the growing enterprise shift away from fragmented legacy systems towards a unified cloud and AI platform that enables modernization, agility and superior customer engagement.

第三季度，一家全球領先的汽車製造商選擇 CXone 來改變其客戶體驗，這是一筆價值數千萬美元的年度合約價值 (ACV) 交易的一部分，凸顯了 NICE 在雲端聯絡中心轉型方面的持續領先地位，並強化了我們 CX AI 平台的完整性。他們的決定反映了企業正在從分散的傳統系統轉向統一的雲端和人工智慧平台，從而實現現代化、敏捷性和卓越的客戶互動。

In another substantial Q3 deal, AI to cruises chose NICE Cognigy for their FAQ automation initiative, creating accurate dynamic responses to customer requests. Our integration with their existing environment allowed AI to cruises to capitalize on their existing data and workflows while modernizing the overall customer engagement experience.

在第三季的另一筆重大交易中，AI to cruises 選擇 NICE Cognigy 為其 FAQ 自動化計劃提供支持，從而為客戶請求創建準確的動態回應。我們與他們現有環境的整合使 AI 能夠利用郵輪公司現有的數據和工作流程，同時實現整體客戶互動體驗的現代化。

Our AI solutions are also generating strong upsell momentum. Consumer Cellular, an existing NICE customer added AI agent augmentation using our Copilot solution in a 7-digit ACV deal, enabling real-time proactive triggering of agent guidance, injection of knowledge and conversational suggestions and improving the ongoing customer engagement.

我們的人工智慧解決方案也帶來了強勁的追加銷售動能。Consumer Cellular 是 NICE 的現有客戶，他們在一筆 7 位數 ACV 的交易中使用了我們的 Copilot 解決方案，增加了 AI 代理增強功能，實現了代理指導的即時主動觸發、知識注入和對話建議，並改善了持續的客戶互動。

Q3 also saw continued momentum in our international business as an increasing number of organizations across the globe look to NICE for their CX transformation. DWP, U.K.'s Department of Work and Pensions, extended their CX sovereign cloud initiative with NICE's self-service solutions in another 7-digit ACV deal, modernizing citizen engagement through automation and digital self-service.

第三季度，我們的國際業務也持續保持成長勢頭，全球越來越多的組織尋求 NICE 來實現其客戶體驗轉型。英國就業與退休金部 (DWP) 與 NICE 的自助服務解決方案合作，進一步擴展了其 CX 主權雲端計劃，達成了一項價值 7 位數的年度合約價值 (ACV) 協議，透過自動化和數位化自助服務實現了公民參與的現代化。

They chose NICE for our compliance with sovereign cloud standards, proven public sector standards, platform scalability and our ability to execute on their AI and digital transformation road map. Our overall strong Q3 performance is further proof that our strategy is hitting the mark and that we're delivering across all our key focus areas. Our commitment to leading the AI revolution in all our markets and specifically in CX with CXone and our NICE Cognigy solutions.

他們選擇 NICE 是因為我們符合主權雲端標準、經過驗證的公共部門標準、平台可擴展性以及我們執行其人工智慧和數位轉型路線圖的能力。我們第三季整體強勁的業績進一步證明，我們的策略正在奏效，我們在所有重點領域都取得了成效。我們致力於引領所有市場（特別是客戶體驗領域）的人工智慧革命，為此我們推出了 CXone 和 NICE Cognigy 解決方案。

The emphasis on developing our ecosystem and strategic partnerships to scale our impact, leverage our collaboration with major technology and GSI partners and with many more to come. Our international expansion and cloud adoption acceleration in global markets and of course, maintaining our financial strength with both operational rigor and industry-leading profitability while thoughtfully deploying capital through acquisitions and share repurchases.

我們將專注於發展我們的生態系統和策略合作夥伴關係，以擴大我們的影響力，利用我們與主要技術和全球系統整合商合作夥伴以及未來更多合作夥伴的合作。我們致力於在全球市​​場進行國際擴張和加速雲端採用，當然，我們也透過嚴格的營運和業界領先的獲利能力來保持財務實力，同時透過收購和股票回購來謹慎地部署資本。

This is the perfect opportunity to remind everyone that our Capital Markets Day is coming up in just a few days on Monday, November 17 in New York City. The event will feature presentations from our executive management team covering in more detail our long-term strategy and the future of the CX market, our CX innovation road map with NICE Cognigy and our financial overview, including midterm outlook.

這是提醒大家的絕佳機會，我們的資本市場日將於幾天後的11月17日星期一在紐約市舉行。本次活動將由我們的執行管理團隊進行演講，更詳細地介紹我們的長期策略和 CX 市場的未來、我們與 NICE Cognigy 合作的 CX 創新路線圖以及我們的財務概覽（包括中期展望）。

If you've not registered yet and you'd like to attend, please contact our Investor Relations team at ir@nice.com. We look forward to seeing you all in person at this event. And with that, I will now turn the call over to Beth.

如果您尚未註冊但有意參加，請聯絡我們的投資者關係團隊，電子郵件地址為ir@nice.com。我們期待在本次活動中與您見面。接下來，我將把電話交給貝絲。

Thank you, Scott. I'm pleased to share another quarter of strong financial execution underscored by robust cloud revenue growth and continued positive momentum from our AI and self-service business. Our acquisition of Cognigy, the global leader in AI-driven customer service solutions closed in early September, earlier than originally anticipated, and Cognigy's performance is included in our third quarter financial results. Total revenue of $732 million came in at the high end of our guidance range, increasing 6% year-over-year for the third quarter.

謝謝你，斯科特。我很高興地宣布，本季財務業績表現強勁，這主要得益於雲端收入的強勁成長以及人工智慧和自助服務業務的持續良好勢頭。我們對人工智慧驅動型客戶服務解決方案的全球領導者 Cognigy 的收購於 9 月初完成，比原先預期的要早，Cognigy 的業績已計入我們第三季度的財務業績中。第三季總營收達到 7.32 億美元，處於我們預期範圍的高端，年增 6%。

Cloud revenue increased 13% year-over-year, contributing $563 million, representing a record 77% of our total revenue. Excluding Cognigy, cloud revenue increased 12% year-over-year, in line with our expectations. Our cloud revenue growth in the third quarter continued to be driven by the strong performance of our CX AI and self-service ARR, which totaled $268 million in Q3, increasing 49% year-over-year and 43% year-over-year, excluding Cognigy.

雲端業務營收年增 13%，貢獻了 5.63 億美元，占我們總營收的 77%，創歷史新高。剔除 Cognigy 的影響，雲端業務營收年增 12%，符合我們的預期。第三季度，我們的雲端營收成長持續受到 CX AI 和自助服務 ARR 強勁表現的推動，第三季總營收達到 2.68 億美元，年成長 49%，不包括 Cognigy 則較去年同期成長 43%。

This key growth driver in our business continues to expand and next-generation CX AI now represents 12% of our overall cloud revenue. Our fast-growing CX AI is expected to becoming more meaningful in the coming years, especially with the addition of Cognigy, which we expect will further augment our AI and self-service growth trajectory.

這項關鍵的成長驅動力在我們業務中持續擴大，下一代 CX AI 目前占我們整體雲端收入的 12%。我們快速成長的 CX AI 預計將在未來幾年變得更加重要，尤其是在 Cognigy 的加入之後，我們預計這將進一步增強我們的 AI 和自助服務成長軌跡。

Our cloud NRR for the trailing 12 months of Q3 was 109%, reflecting continued strength in customer loyalty and expansion activity as we scale across a larger base. Our NRR is reported on a last 12 months basis and naturally lags current trends as demonstrated by our consistent cloud revenue growth year-to-date and the strong 15% year-over-year growth in our cloud backlog, as highlighted by Scott, we're seeing positive underlying indicators that our healthy NRR can inflect upward over the next few quarters.

截至第三季末的過去 12 個月，我們的雲端業務淨經常性收入 (NRR) 為 109%，這反映出客戶忠誠度持續強勁，隨著我們在更大的客戶群中擴大規模，業務拓展活動也持續活躍。我們的 NRR 是按過去 12 個月的數據報告的，自然會滯後於當前的趨勢，正如我們今年迄今為止持續的雲端收入增長以及雲積壓訂單同比增長 15% 所表明的那樣。正如 Scott 所強調的，我們看到了一些積極的潛在指標，表明我們健康的 NRR 可能會在未來幾個季度內有所上升。

Our on-premises business performed in line with expectations as services revenue of $139 million represented 19% of total revenue and product revenue of $30 million represented the remaining 4% of total revenue. From a geographic breakdown, the Americas region, which represented 84% of revenue in Q3 increased 5% year-over-year with double-digit cloud revenue growth and strong product revenue, which was partially offset by a decrease in services-related revenue as our customers continue to migrate their maintenance to our cloud.

我們的本地部署業務表現符合預期，服務收入為 1.39 億美元，佔總收入的 19%；產品收入為 3,000 萬美元，佔總收入的 4%。從地理分佈來看，美洲地區在第三季佔總營收的 84%，年成長 5%，其中雲端收入實現了兩位數成長，產品營收也表現強勁。但由於客戶持續將維護工作遷移到我們的雲端，服務相關收入下降，部分抵銷了上述成長。

Our international business demonstrated strong revenue growth in the third quarter as our cloud business continues to drive momentum with our continued success of large enterprise scale wins in the international markets.

第三季度，我們的國際業務實現了強勁的收入成長，這得益於我們的雲端業務在國際市場上持續取得成功，贏得了許多大型企業級訂單，從而繼續推動業務發展。

Our international revenue contribution increased from last year, and we expect this trend to continue. EMEA revenue increased 7% year-over-year and APAC revenue increased 19% year-over-year. Together, our international revenue increased 11% year-over-year. Our international markets represent one of our most compelling growth opportunities. These regions remain relatively underpenetrated in terms of cloud adoption, creating a significant runway for expansion.

我們的國際收入貢獻較去年有所增長，我們預計這一趨勢將持續下去。歐洲、中東和非洲地區營收年增 7%，亞太地區營收年增 19%。我們的國際收入年增了 11%。我們的國際市場是我們最具吸引力的成長機會之一。這些地區在雲端採用方面仍然相對欠缺，為擴張創造了巨大的空間。

We're seeing tangible traction with large enterprise wins in both EMEA and APAC now going live and contributing to our revenue results. Our ongoing investments in sovereign cloud infrastructure are proving instrumental in securing these opportunities, offering local compliance, data residency and trust advantages that customers increasingly prioritize.

我們在 EMEA 和 APAC 地區都取得了顯著成效，大型企業客戶的訂單已經上線，並為我們的營收成長做出了貢獻。我們對自主雲端基礎架構的持續投資，在確保這些機會方面發揮了重要作用，提供了客戶越來越重視的本地合規性、資料駐留和信任優勢。

In addition, Cognigy's strong presence and brand recognition in EMEA, coupled with their growing presence in the Americas, further enhance our reach in the region, serving as a powerful catalyst for growth and enabling cross-selling of our complementary AI and self-service solutions.

此外，Cognigy 在歐洲、中東和非洲地區的強大影響力和品牌知名度，以及其在美洲地區不斷增長的影響力，進一步增強了我們在該地區的覆蓋範圍，成為增長的強大催化劑，並促進了我們互補的人工智能和自助服務解決方案的交叉銷售。

Turning to our business segments. Customer engagement revenue, which represented 84% of our total revenue in the quarter was $613 million, increasing 6% year-over-year, driven by the continued strength of our CXone AI cloud platform across all geographies, which more than offset the continued transition from our on-prem business. Revenues from financial crime and compliance, which represented 16% of our total revenue in Q3 and totaled $119 million increased 7% year-over-year.

接下來，我們來看看我們的業務板塊。客戶互動收入佔本季總營收的 84%，達到 6.13 億美元，年增 6%，這主要得益於 CXone AI 雲端平台在所有地區的持續強勁表現，足以抵消我們從本地部署業務持續轉型帶來的影響。第三季度，金融犯罪和合規收入占我們總收入的 16%，總計 1.19 億美元，年增 7%。

This was due primarily to strong cloud and product revenue growth. Moving to profitability. Our total gross margin was 69.9% compared to 71.7% last year, reflecting our deliberate investments to scale international operations and to continue to expand our global cloud footprint where we are already seeing dividends as highlighted in our strong international revenue growth. Our operating income in Q3 increased 5% year-over-year to $231 million, and our operating margin totaled 31.5%.

這主要歸功於雲端服務和產品收入的強勁成長。邁向盈利。我們的總毛利率為 69.9%，而去年為 71.7%，這反映了我們為擴大國際業務規模和繼續擴大全球雲端業務而進行的有意識投資，我們已經從強勁的國際收入成長中看到了回報。第三季度，我們的營業收入年增 5% 至 2.31 億美元，營業利潤率為 31.5%。

The impact of Cognigy on our profitability was immaterial on our gross margin and operating margin in the third quarter. Looking forward to the fourth quarter and beyond, we expect no significant impact to the gross margin from Cognigy. However, we do expect dilution to the operating margin, which we previously communicated and is factored into our updated guidance that I'll touch on in a moment.

Cognigy 對我們第三季的獲利能力影響不大，對我們的毛利率和營業利潤率影響甚微。展望第四季及以後，我們預期 Cognigy 不會對毛利率產生重大影響。不過，我們預期營業利潤率會下降，這一點我們之前已經溝通過，並且已經納入我們更新後的業績指引中，我稍後會詳細介紹。

Earnings per share for the third quarter were $3.18, a 10% increase compared to last year. Our cash flow from operations in Q3 was $191 million, up 20% year-over-year, underscoring strong operational execution and profitability. During the quarter, we deployed significant capital to advance our strategic priorities, repurchasing $41 million of shares, fully repaying $460 million of outstanding debt and funding the acquisition of Cognigy.

第三季每股收益為 3.18 美元，比去年同期成長 10%。第三季度，我們的營運活動現金流為 1.91 億美元，年增 20%，凸顯了我們強勁的營運執行力和獲利能力。本季度，我們投入了大量資金來推進我們的戰略重點，回購了價值 4,100 萬美元的股票，全額償還了 4.6 億美元的未償債務，並為收購 Cognigy 提供了資金。

We ended the quarter debt-free with total cash and short-term investments of $456 million, demonstrating both the strength of our balance sheet and our capacity to invest decisively in durable, profitable growth and create long-term shareholder value. In summary, we delivered another quarter of strong execution, driven by sustained cloud growth, accelerating AI and self-service adoption and disciplined financial management.

本季末，我們無負債，現金及短期投資總額為 4.56 億美元，這不僅體現了我們資產負債表的穩健性，也展現了我們果斷投資於持久盈利增長並創造長期股東價值的能力。總而言之，在持續的雲端業務成長、人工智慧和自助服務加速普及以及嚴格的財務管理的推動下，我們又實現了強勁的季度業績。

Our recent momentum, together with Cognigy now part of our portfolio and a debt-free balance sheet, we are entering the next phase of growth from a position of exceptional financial and operational strength focused on driving innovation, scale and long-term shareholder value. We're excited to share more financial details at our upcoming Capital Markets Day, including a 2026 and midterm outlook.

憑藉近期的發展勢頭，加上 Cognigy 現已成為我們投資組合的一部分，以及我們零負債的資產負債表，我們正從卓越的財務和營運實力出發，進入下一個增長階段，專注於推動創新、規模化和長期股東價值。我們很高興能在即將舉行的資本市場日上分享更多財務細節，包括 2026 年和中期展望。

Now I'll close with our guidance for total revenue and non-GAAP EPS for the full year 2025. Our updated guidance includes the expected results of Cognigy from the date of acquisition through year-end. We are increasing our full year 2025 total revenue guidance, which is now expected to be in the range of $2.932 billion to $2.946 billion, which represents a year-over-year increase of 7% at the midpoint.

最後，我將給出我們對 ​​2025 年全年總收入和非 GAAP 每股盈餘的預期。我們更新後的業績指引包括 Cognigy 從收購日起至年底的預期業績。我們將 2025 年全年總營收預期上調，目前預計在 29.32 億美元至 29.46 億美元之間，其中數值較上年同期成長 7%。

We are increasing our expected year-over-year cloud revenue growth to be in the range of 12% to 13% for the full year. Previously, we shared an expected year-over-year increase of 50 basis points to our operating margin. Our expectation for our organic operating margin, excluding the impact of Cognigy, remains unchanged.

我們將全年雲端業務營收年增率上調至 12% 至 13%。此前，我們曾預期營業利潤率將年增 50 個基點。不計 Cognigy 的影響，我們對有機營業利潤率的預期保持不變。

As a result of the acquisition of Cognigy, we now expect our operating margin to slightly contract. Previously, we shared an expected year-over-year growth in non-GAAP earnings per share of 12% at the midpoint. Our expectations for our organic non-GAAP earnings per share, excluding the impact of Cognigy, remain unchanged.

由於收購了 Cognigy，我們現在預計我們的營業利潤率將略有下降。此前，我們曾預測非GAAP每股盈餘年增12%（取中間值）。在我們對剔除 Cognigy 的影響後，非 GAAP 有機每股盈餘的預期保持不變。

As a result of the acquisition of Cognigy, we now expect the full year 2025 non-GAAP fully diluted earnings per share to be in the range of $12.18 to $12.32, which represents an increase of 10% at the midpoint. I will now turn the call over to the operator for questions.

由於收購了 Cognigy，我們現在預計 2025 年全年非 GAAP 完全稀釋每股收益將在 12.18 美元至 12.32 美元之間，其中點值增長 10%。現在我將把電話轉交給接線員，回答問題。

[Operator Instructions] Your first question comes from the line of Siti Panigrahi, Mizuho.

【操作員說明】您的第一個問題來自瑞穗的 Siti Panigrahi 一線。

I just wanted to ask about Cognigy. You closed in September. So what's your expectation of Q4 revenue contribution from Cognigy? And specifically, how are you planning to position Cognigy in terms of go-to-market? And any changes to the partnership they have with other CCaaS vendors?

我只是想問一下關於Cognigy的問題。你們九月關門了。那麼，您對 Cognigy 第四季的營收貢獻有何預期？具體來說，您計劃如何對 Cognigy 進行市場定位？他們與其他CCaaS供應商的合作關係是否有任何變化？

Yes. Thank you, Siti, for the question. So I'll start off with the financial aspect of the question. First, we are very pleased that we were able to close the acquisition of Cognigy earlier than originally anticipated. We originally anticipated a Q4 close, and we were very excited that we received the regulatory approvals earlier than originally anticipated.

是的。謝謝Siti的提問。那麼，我先從問題的財務面談起。首先，我們非常高興能夠比原計劃更早完成對 Cognigy 的收購。我們原本預計在第四季度完成，但我們非常高興地發現，我們比預期更早獲得了監管部門的批准。

What it means for our revenue contribution is that in the third quarter, it contributed roughly about 50 basis points to our cloud revenue growth from the inclusion of Cognigy. And what we've anticipated and that's included in our updated guidance for the full year is that it should include an increase about 150 basis point impact and increase to our cloud revenue growth during the fourth quarter. So those are the assumptions we've made on the financial inclusion and as a result of the Cognigy acquisition.

這意味著，在第三季度，Cognigy 的併入使我們的雲端收入成長貢獻了約 50 個基點。我們預計，並且在更新後的全年業績指引中也包含了這一點，那就是第四季度雲端收入成長將增加約 150 個基點。以上是我們對金融包容性以及收購 Cognigy 後所做出的假設。

And on the go-to-market side -- thanks, Beth. On the go-to-market, it is really clear that Cognigy is a world-class leading conversational agentic AI platform. And they are actively and we will expand and grow going after all of the CX market, whether NICE is the underlying CCaaS platform or not, but more importantly, going after that market because we know those companies who are running on other platforms don't have an integrated solution.

至於市場推廣方面——謝謝你，貝絲。從市場推廣的角度來看，Cognigy 顯然是一個世界一流的領先對話式智慧人工智慧平台。他們正在積極拓展和發展，目標是整個 CX 市場，無論 NICE 是否是底層 CCaaS 平台，但更重要的是，我們要進軍這個市場，因為我們知道那些在其他平台上運作的公司沒有整合解決方案。

They need an AI platform and the Cognigy solution is ready-made and we will go after that market. So we're excited about the potential that brings. And you can be assured that the Cognigy team are very excited to have the power of NICE behind them as we go pursue that. Sitikantha PanigrahiAnalyst And Scott, just a quick follow-up to that. We keep hearing from a lot of customers who are not yet in cloud or CCaaS. They use Cognigy for AI.

他們需要一個人工智慧平台，而 Cognigy 的解決方案是現成的，我們將進軍這個市場。因此，我們對它所帶來的潛力感到興奮。您可以放心，Cognigy 團隊非常高興能得到 NICE 的強大支持，繼續朝著這個目標努力。Sitikantha Panigrahi 分析師：Scott，我再補充一點。我們不斷收到很多客戶的回饋，他們還沒有使用雲端服務或 CCaaS 服務。他們使用 Cognigy 的人工智慧系統。

Do you see this is an opportunity now for you to even accelerate or reach out to those customers and move them to cloud as well? Scott RussellExecutive Yes, for sure. I mean if you think about it, we have 3 growth vectors for our Cognigy business that we're really excited about. First, a customer that is in the cloud that have already done the CCaaS migration, but they're looking to do their AI transformation, Cognigy is the market leader.

您是否認為這是一個機會，讓您可以加速或聯繫這些客戶，並將他們也遷移到雲端？Scott Russell 執行長：是的，當然。我的意思是，仔細想想，我們 Cognigy 業務有三個成長方向，我們對此感到非常興奮。首先，對於已經完成 CCaaS 遷移並正在尋求 AI 轉型的雲端客戶而言，Cognigy 是市場領導者。

They are fantastic at being able to provide that automation, that customer service experience. And so secondly, is the nice installed base and the tremendous opportunity in the enterprise customer base that we have, bringing Cognigy into that installed base. And then third, to your point, is we are the only company that has the combined world-leading AI platform and the world-leading CCaaS platform that we combine together.

他們在提供自動化和客戶服務體驗方面做得非常出色。其次，我們擁有良好的用戶基礎，並且在企業客戶群中擁有巨大的發展機遇，可以將 Cognigy 引入這個用戶基礎中。第三，正如您所說，我們是唯一一家將世界領先的人工智慧平台和世界領先的CCaaS平台結合在一起的公司。

And if they want to start with their on-premise, they want to start with AI transformation, they lead the way with NICE Cognigy. If they want to do their cloud migration on CXone, they start there. But either way, we can give them the end-to-end journey on a unified platform. So it does give us real optionality for our customers in terms of their transformation journey from their on-prem. And that's obviously very exciting.

如果他們想從本地部署開始，想從人工智慧轉型開始，那麼 NICE Cognigy 將引領他們走向成功。如果他們想在 CXone 上進行雲端遷移，他們就從那裡開始。但無論如何，我們都可以為他們提供統一平台上的端到端體驗。因此，這確實為我們的客戶提供了真正的選擇，讓他們能夠從本地部署轉型到本地部署。這顯然非常令人興奮。

Great and look forward to hearing more on Monday.

太好了，期待週一聽到更多消息。

Look forward to it.

敬請期待。

Your next question comes from the line of Patrick Walravens, Citizens.

你的下一個問題來自市民派崔克‧華拉文斯。

Great. Congratulations to you guys on all the momentum in the business. It's great to see. So Scott, with Cognigy, as you're getting deeper into all these sales cycles, can I ask if you're seeing Sierra? And I bring it, I'm sure you're getting this question a lot, but for anyone who doesn't know, they just raised $350 million in September at a $10 billion valuation. So it would be great to hear your thoughts in terms of what the competition looks like.

偉大的。恭喜你們在業務上取得如此強勁的發展勢頭。真是太好了。所以 Scott，Cognigy 的各位，隨著你們銷售週期的深入，我可以問一下你們是否見過 Sierra 嗎？我帶來這個消息，我知道你肯定經常被問到這個問題，但為了那些不知道的人，我還是說一下，他們剛剛在9月份以100億美元的估值籌集了3.5億美元。所以很想聽聽您對當前競爭狀況的看法。

Yes. Great question. So let me first say, the growth and the expansion of AI in the CX market is clearly evident. And we've been talking about this for a period of time. But when the introduction of new players, it's a validation of the attractiveness of the growth potential that this market brings. And I guess you can see our move of acquiring a proven market leader.

是的。問得好。首先我想說，人工智慧在客戶體驗市場的成長和擴張是顯而易見的。我們已經討論這個問題一段時間了。但新玩家的加入，正好驗證了該市場成長潛力的吸引力。我想你們也看到了我們收購一家市場領導者的舉措。

Cognigy is a proven market leader in conversational and agentic AI. They're already there. They're proven with some of the world's leading brands, and it's a testament of our leadership and our ability to capitalize on the opportunity. And just as a reminder and why we feel really strongly about our competitive positioning, Cognigy was specifically targeted because of its enterprise scale. It is already delivering at the enterprise, the top end of what organizations need of scale. It's easy to adopt.

Cognigy 是對話式和智能體人工智慧領域公認的市場領導者。他們已經在那兒了。這些成果已經透過與一些世界領先品牌的合作得到驗證，證明了我們的領導地位以及我們把握機會的能力。再次提醒大家，這也是我們對自己競爭地位充滿信心的原因，Cognigy 之所以成為重點目標，正是因為它的企業規模。它已經在企業級市場中展現出卓越的性能，滿足了組織對規模化的最高需求。它很容易被收養。

There's no words like forward deployed engineers by our Cognigy team. We don't need services surrounding. It's easy to adopt, and it's proven customer value that we can scale with both CXone and non-CXone customers.

Cognigy 團隊的「前沿部署工程師」這個詞簡直無可比擬。我們不需要周邊服務。它易於採用，並且已被證明具有客戶價值，我們可以將其擴展到 CXone 客戶和非 CXone 客戶。

So yes, we see new entrants in the market. It's a validation of the potential that market brings, but it also gives us renewed confidence about our ability to lead on an AI-only play, a CCaaS and then the combination of the 2 together. And I think we'll be able to share much more details, Patrick, in our Capital Markets Day on Monday, where we can really showcase that capability.

是的，我們看到市場上出現了新的競爭者。這既驗證了這個市場蘊藏的潛力，也讓我們重拾信心，相信我們有能力引領純人工智慧應用、CCaaS 以及將二者結合起來的發展。派崔克，我認為我們可以在周一的資本市場日上分享更多細節，屆時我們可以真正展示這種能力。

Your next question comes from the line of Elizabeth Porter, Morgan Stanley.

你的下一個問題來自摩根士丹利的伊麗莎白波特。

Now that we're a few months out from the renewed and expanded RingCentral partnership, are there any changes that you're seeing in pipeline velocity or average deal size through this channel? And understanding we're probably going to get a little bit more next week, but any context for how we should think about this as an incremental driver to fiscal '26 bookings?

距離我們與 RingCentral 續約並擴大合作關係已經過去幾個月了，您是否看到透過該管道達成的交易速度或平均交易規模有任何變化？我知道下周可能會有更多成長，但我們該如何看待這能對 2026 財年的預訂量產生增量影響呢？

Yes. Look, it's a great question. So first of all, Vlad and I and our teams have been in really tight collaboration with the renewed partnership. We've got an updated go-to-market. We've got the real potential to have an expansion. I'll give you 2 key levers. One is RingCentral were already an existing partner of Cognigy and a proven scalable partner of Cognigy.

是的。你看，這是一個很好的問題。首先，我和弗拉德以及我們的團隊在重新建立合作關係的過程中一直保持著非常緊密的合作。我們更新了市場推廣策略。我們有真正的擴張潛力。我會給你兩個關鍵的槓桿。其中一個原因是 RingCentral 已經是 Cognigy 的現有合作夥伴，並且是 Cognigy 經過驗證的可擴展合作夥伴。

So not only in the combined installed base that we have with RingCentral together, but as their go-to-market, as their agentic and conversational AI platform supporting their solutions, it is a great collaboration. We're doubling down on that super. And then secondly, as you rightly point out, with our renewed partnership commitment, we're able to give confidence to our customers across all segments around combining world-leading UCaaS platform with the best-in-class CCaaS and now agentic AI platform as a unified offering.

因此，不僅在我們與 RingCentral 共同擁有的龐大用戶群中，而且作為他們的市場推廣平台，作為支持其解決方案的代理和對話式 AI 平台，這是一次非常棒的合作。我們正在加大對超級基金的投入。其次，正如您所指出的，透過我們重新建立合作夥伴關係，我們能夠讓所有領域的客戶對將世界領先的 UCaaS 平台與一流的 CCaaS 以及現在的智慧 AI 平台相結合，作為一個統一的產品充滿信心。

So yes, identified leads, clear go-to-market momentum and collaboration between our 2 go-to-market organizations means that we do expect renewed growth, and I know that the RingCentral team feel the same way.

所以，是的，已確定的潛在客戶、清晰的市場推廣動能以及我們兩個市場推廣組織之間的合作意味著我們確實期待新的成長，而且我知道 RingCentral 團隊也有同樣的感受。

Your next question comes from the line of Samad Samana, Jefferies.

你的下一個問題來自薩馬德·薩馬納·傑弗里斯的行列。

Maybe one, just Beth as a housekeeping question. If I think about the guidance increase for the year, was any of that on the cloud side an organic increase as well? Or was it largely due to Cognigy? And then I have a follow-up.

也許只有一個，就貝絲問個家務方面的問題。如果我回顧今年的業績預期成長，其中雲端業務方面的成長是否也屬於自然成長呢？還是這主要歸功於 Cognigy？然後我還有一個後續問題。

Yes. Thank you. We have maintained our expectation of 12% growth in the cloud, excluding Cognigy for the course of 2025. So that is remaining unchanged. And so the increase that you're seeing in the range in the midpoint -- up to the 12.5% midpoint is predominantly coming from the inclusion of Cognigy.

是的。謝謝。我們維持先前對雲端運算領域（不包括 Cognigy）2025 年 12% 成長的預期。所以這一點保持不變。因此，您在中點範圍內看到的成長——最高達到 12.5% 的中點——主要來自 Cognigy 的加入。

Great. And then maybe just zooming out from that very specific question, Scott, and I don't want to front run the Capital Markets Day on Monday, where I'm sure you'll dig into this in detail. But as you think about the early days of Cognigy being folded in, and what they brought in the NICE team.

偉大的。然後，史考特，或許我們可以暫時拋開這個非常具體的問題，我不想搶在周一的資本市場日之前討論這個問題，我相信你會在會上詳細探討這個問題。但當你回想 Cognigy 被併入 NICE 團隊的早期情況，以及他們為 NICE 團隊帶來的東西時，你就會明白。

How are you thinking about the joint go-to-market effort right now? What have the early observations been? Is it better together? And are customers appreciating that better together story? Or is it still today CXone and Cognite maybe going a bit separately, but you'll fill that in over time?

您目前對聯合市場推廣工作有何看法？早期觀察結果如何？在一起會更好嗎？顧客是否認同這種「攜手共進」的理念？或者說，CXone 和 Cognite 如今可能仍然各自獨立發展，但隨著時間的推移，你會補充完整資訊？

Yes. Thanks, Samad. So a couple of observations. First of all, I was really pleased, and I talked about our cloud backlog growth and the growth of it. NICE Cognigy has already been an injection of positivity to our backlog. It's -- as a stand-alone business that has a really great pipeline that has a really great brand and recognition in the market. It has not been diluted.

是的。謝謝你，薩馬德。我有幾點看法。首先，我非常高興，我談到了我們的雲積壓訂單成長及其成長速度。NICE Cognigy 已經為我們積壓的工作注入了一劑強心針。它是一家獨立經營的企業，擁有非常優秀的業務管道，在市場上擁有非常優秀的品牌和知名度。它沒有被稀釋。

In fact, it's been enhanced. So that's exciting because it means the acknowledgment of the market that a leading conversational AI platform in its own right, competing head-to-head with competitors in that space, they stand really, really strong. We obviously have been really active in making sure that the NICE teams are fully up to speed.

事實上，它已經得到了增強。這令人興奮，因為這意味著市場承認，作為領先的對話式人工智慧平台，它在與該領域的競爭對手正面交鋒時，實力非常強勁。我們顯然一直非常積極地確保 NICE 團隊完全掌握最新情況。

So it was quite advantageous actually. We didn't expect the closing to happen in September. But because it did, we were able to get ahead of the enablement of our go-to-market, the large coverage we have, including our partners. Don't forget, our partners play a huge part of our go-to-market execution. And so through September, we really ramped that up, which means we're able to hit the ground running in Q4 and as we lead into '26, with the NICE team being really equipped about leading those conversations on the AI and the automation play that Cognigy brings.

所以其實這相當有利。我們沒想到交易會在九月完成。但正因為如此，我們才能搶得先機，實現我們的市場推廣，以及我們廣泛的覆蓋範圍，包括我們的合作夥伴。別忘了，我們的合作夥伴在我們市場推廣執行中發揮著至關重要的作用。因此，在整個 9 月份，我們真正加大了力度，這意味著我們能夠在第四季度迅速進入狀態，並朝著 2026 年邁進，NICE 團隊將真正有能力引領關於 Cognigy 帶來的 AI 和自動化方案的討論。

So those 2 are really good -- and the resonance that we're getting from the NICE customer base is also really strong. But the third part that I guess I want to just reiterate what I replied before to Patrick or Elizabeth when we're just talking about is there is a large -- it might have been Saudi actually.

所以這兩個都非常好——而且我們從 NICE 客戶群中獲得的反應也非常強烈。但我想重申我之前和派崔克或伊莉莎白談論過的第三點，那就是——實際上可能與沙烏地阿拉伯有關。

There's a large amount of market, both internationally and in the U.S., which are evaluating their transformation journey where they've got an on-prem suite, fragmented solutions and they're trying to figure out what's my transformation road map.

無論是國際市場還是美國市場，都有大量的企業正在評估他們的轉型之旅，他們擁有本地部署的套件和分散的解決方案，他們正在努力弄清楚他們的轉型路線圖是什麼。

And what it's meant for us is instead of saying you've got to do your CCaaS move to the cloud first and then do your AI, they love the optionality, "hey, I might lead with my AI, get some real productivity and automation savings that will drive through", but then the unified platform gives us that potential to have even higher. We've already increased our win rates, but we're looking at even higher win rates as a result of NICE Cognigy.

對我們來說，這意味著他們不必先將 CCaaS 遷移到雲端，然後再進行 AI 部署，他們喜歡這種選擇性，“嘿，我可能會先進行 AI 部署，獲得一些真正的生產力和自動化節省，這將推動整個流程”，而統一平台則賦予我們更大的潛力。我們已經提高了勝率，但隨著 NICE Cognigy 的推出，我們有望獲得更高的勝率。

So look, Samad, I guess it's -- you're right, we will share more on Monday, but we do expect that the benefits that we had planned for and expected through the acquisition, the early indicators are really positive, and that forms a big part of our growth potential not only in Q4 but 2026 and beyond.

所以，薩馬德，我想——你說得對，我們會在周一分享更多信息，但我們確實預計，我們通過此次收購計劃和預期的收益，早期跡象非常積極，這不僅構成了我們第四季度的增長潛力，而且構成了2026年及以後增長潛力的重要組成部分。

And one additional point that I would add to what Scott just said as well is when we think about the cloud backlog, of course, we're excited about the momentum Cognigy is bringing and what that means for us. But when we looked at the cloud backlog at the end of the third quarter, it's important to highlight that the growth, excluding Cognigy, also was increasing to 13%.

我還要補充一點，除了 Scott 剛才說的，當我們考慮雲端運算積壓專案時，我們當然對 Cognigy 帶來的發展勢頭以及這對我們意味著什麼感到興奮。但當我們查看第三季末的雲積壓訂單時，需要強調的是，如果排除 Cognigy，成長率也上升至 13%。

So when we look ahead to our expectations stepping into 2026, we see the positive sign there of the ability to inflect and see further growth in the cloud revenue, which is exactly what we'd like to see and we expect to see going forward.

因此，當我們展望 2026 年的預期時，我們看到了一個積極的信號，即雲端收入能夠實現轉變並進一步增長，這正是我們希望看到的，也是我們期望在未來看到的。

Yes. We got the organic, the inorganic and then the better together, so really positive effect.

是的。我們得到了有機物、無機物，然後將它們結合起來效果更好，所以產生了非常積極的效果。

Your next question comes from the line of Tyler M. Radke, Citi.

你的下一個問題來自花旗銀行的泰勒·M·拉德克。

So Scott, I think you talked about 15% cloud backlog growth. I know it's not a stat we get every quarter, but certainly 15% is higher than where you're getting -- where we're seeing cloud revenue. So could you just talk about, is there any Cognigy impact there or anything on duration? Or is that a good read for where perhaps cloud revenue growth could go going forward, perhaps into next year?

史考特，我記得你提到過雲端業務積壓訂單成長了 15%。我知道這不是我們每季都能獲得的數據，但 15% 肯定比你們看到的雲端收入比例還要高。那麼您能否談談，Cognigy 是否會對持續時間產生任何影響？或者說，這是否預示著雲端運算收入成長未來（或許到明年）的發展方向？

Yes. So Tyler, I'll take that question, and it's actually what I was trying to clarify after Scott made his comments in the prior question from Samad. With the cloud backlog that we referenced, so the 15% year-over-year growth, we did have inclusion of Cognigy.

是的。泰勒，我來回答這個問題，這實際上也是在斯科特對薩馬德之前提出的問題發表評論之後，我試圖澄清的事情。在我們提到的雲端業務積壓訂單中，年增 15%，其中確實包含了 Cognigy。

If you exclude the backlog of Cognigy, we had cloud growth of 13% year-over-year. So the 13% year-over-year backlog growth compares to our 12% growth expectation this year. So of course, that builds a lot of confidence for us as we look forward into 2026 in our ability to further accelerate our growth.

如果排除 Cognigy 的積壓訂單，我們的雲端業務年增了 13%。因此，13% 的年比積壓訂單成長率與我們今年 12% 的成長預期相比略有不同。當然，這讓我們對2026年進一步加速成長的能力充滿信心。

Which we'll share more details on Monday.

我們將在周一公佈更多細節。

Yes. Okay. So no duration impact, but 13% is what we should be thinking about. Okay. Perfect. And then just on the margin side, I mean, I know there's some moving pieces with the international expansion and bringing on Cognigy. But maybe just help us understand, are there additional sort of investments you're making that should pressure margins on a go-forward basis? Obviously, we can kind of see where margins are with the first full quarter of Cognigy here in Q4.

是的。好的。所以持續時間上沒有影響，但我們應該關注的是13%這個數字。好的。完美的。另外，就邊際方面而言，我知道國際擴張和收購 Cognigy 還有一些變動因素。但或許您可以幫我們了解一下，您是否還有其他類型的投資，這些投資可能會在未來對利潤率造成壓力？顯然，從 Cognigy 第四季的第一個完整季度來看，我們可以大致了解其利潤率。

But should we expect kind of additional pressure, additional kind of costs that are going to lead revenue, whether that's international expansion or AI beyond Q4?

但是，我們是否應該預期，在第四季之後，無論是國際擴張還是人工智慧，都會帶來額外的壓力和成本，進而影響收入？

Yes. So it's a great question, Tyler. And we'll talk a lot more deeply about this specifically on Monday as well as we start to talk more around what you should expect to see in 2026 and the midterm outlook, '27, '28. But in general, I think what you should expect is that this is an area of investment for us. When we think about this area, we've had great success internationally.

是的。泰勒，你問得好。我們將在周一更深入地討論這個問題，並開始更多地討論您應該對 2026 年以及 2027 年和 2028 年的中期前景抱有的期望。但總的來說，我認為你應該預料到，這將是我們投資的一個領域。就這個領域而言，我們在國際上取得了巨大的成功。

And often, that requires some sovereign cloud infrastructure. So you're building that infrastructure, putting it in place internationally ahead of the impact of the positive accretion that you get from natural growth in the cloud. So we still haven't seen all of the benefit from the great business we've been signing internationally that will continue to drive leverage in that margin.

而且，這通常需要一些自主雲端基礎架構。所以，你們正在建立基礎設施，並在雲端運算自然成長帶來的正面影響之前，先在國際範圍內部署這些基礎設施。因此，我們尚未完全看到我們在國際上簽署的那些優秀合約所帶來的好處，這些合約將繼續推動利潤率的成長。

But in the short term, we are going to continue to make those investments. We see tremendous opportunities internationally. We've been very successful there. And so yes, you should expect that you'll see in the near term a slight pressure that you're seeing during the course of Q4, and we'll talk more again about expectations for 2026 and beyond on this coming Monday.

但短期內，我們將繼續進行這些投資。我們看到了國際上巨大的機會。我們在那裡取得了巨大的成功。所以，是的，你應該預料到，在短期內你會看到第四季度期間出現的輕微壓力，我們將在下週一再次討論對 2026 年及以後的預期。

Your next question comes from the line of Jim Fish, Piper Sandler.

你的下一個問題來自吉姆·菲什和派珀·桑德勒的演藝生涯。

Appreciate the color on Cognigy and breaking it out. Beth, 50 basis -- I'm sorry, 1.5% impact for Q4 gets you to about $8 million. But some quick math after that would kind of point to a big ramp to get to that $85 million ARR exiting next year. I guess, how do you get there? And how should we think about the impact to expansion rate from here just because if you kind of look at that 111% last quarter that you had on cloud net retention rate, now we're talking 109%.

欣賞 Cognigy 的色彩運用和巧妙的搭配。Beth，以 50 的基準計算——抱歉，第四季 1.5% 的影響大約是 800 萬美元。但之後的簡單計算表明，要達到明年年底 8,500 萬美元的年度經常性收入 (ARR) 目標，還需要大幅提升。我想問的是，該如何到達那裡？我們該如何看待從現在開始的擴張速度的影響呢？因為如果你看看上個季度雲端淨留存率達到的 111%，現在我們說的是 109%。

You have the ability to cross-sell this into the base, but it did imply a fairly decent drop sequentially. So it's really 2 questions, and I'll be quiet. And it's essentially that how do you get to that big ramp? And secondly, what's going on with net retention rate? And how can Cognigy kind of fill that hole?

你可以將此產品交叉銷售到基礎產品中，但這確實意味著價格會逐期大幅下降。所以其實只有兩個問題，我先保持沉默。本質上來說，問題在於如何到達那個大坡道？其次，淨留存率的情況如何？Cognigy 又該如何填補這一空白呢？

Yes. Thank you, Jim. I'll try to break it down. Let's start with the $85 million because it's really important that we clarify that, first of all. The $85 million, we expect as our exit ARR for Cognigy at the end of December 2026 as we exit the year.

是的。謝謝你，吉姆。我試著把它解釋清楚。我們先從 8500 萬美元說起，因為先澄清這一點非常重要。我們預計，到 2026 年 12 月底，Cognigy 的年度經常性收入 (ARR) 將達到 8,500 萬美元。

That means that's the run rate coming out of the year. It does not mean that it represents the revenue contribution we expect from Cognigy during the course of 2026. So of course, the revenue is going to be distributed and ramping up through the course of that year. And so that is the exit point. So that's the first thing that I would clarify there.

這意味著這是本年度的平均勝率。這並不意味著它代表了我們預期 Cognigy 在 2026 年期間的收入貢獻。因此，收入當然會在這一年中逐步分配並成長。所以，這就是出口。所以這是我首先要澄清的一點。

I think that as you think about Q4 and what we're predicting for the fourth quarter, in particular, first, I would say it's a little bit of early days with this acquisition. So we are factoring that into our expectation in the near term, but we have already seen the positive momentum that's really exciting even out of the gate from the Cognigy business.

我認為，在考慮第四季以及我們對第四季的預測時，首先，我想說，這次收購還處於早期階段。因此，我們在短期內會將此因素納入預期，但我們已經看到 Cognigy 業務即使在起步階段也展現出了令人興奮的積極勢頭。

So we do expect to see that inflection continuing to happen throughout the course of 2026. And so I think that's built into everything that I've described.

因此，我們預計這種轉變將在 2026 年繼續發生。所以我覺得，我所描述的一切都包含了這一點。

Maybe let me just quickly add, Jim. I just want to reiterate our expectation of our -- of the exit 2026 ARR at the $85 million, we feel very comfortable that that's on track.

吉姆，或許我可以簡單補充一點。我只想重申我們對 2026 年底 ARR 達到 8,500 萬美元的預期，我們非常有信心這一目標正在按計劃實現。

The early indicators, as Beth mentioned, is very positive. That's not only on the revenue that you're seeing that you mentioned in Q4, but the momentum around backlog, bookings, pipeline that then generates into revenue or more importantly, into ARR by the end of next year.

正如貝絲所說，早期跡象非常積極。這不僅包括您在第四季度看到的營收，還包括積壓訂單、預訂和銷售管道的勢頭，這些都將轉化為營收，更重要的是，到明年年底將轉化為年度經常性收入 (ARR)。

Your next question comes from the line of Arjun Bhatia, William Blair & Company.

你的下一個問題來自 Arjun Bhatia、William Blair & Company。

I'm Willow Miller on for Arjun Bhatia. Can we get an update on LiveVox? Are you seeing stability in the business after seeing some elevated churn earlier this year?

我是 Willow Miller，代 Arjun Bhatia 為您報道。能否提供 LiveVox 的最新進展？今年稍早客戶流失率較高，現在您的業務是否趨於穩定？

Yes. Thank you for the question. I think it's -- first of all, you'll see that our cloud revenue growth during the quarter achieved exactly as expected. We achieved the 12%. And of course, LiveVox is a part of that. So really, what it emphasizes is that the core of our cloud business is growing even better than what you see externally.

是的。謝謝你的提問。我認為——首先，你會看到我們本季的雲端收入成長完全符合預期。我們達到了12%。當然，LiveVox也是其中的一部分。所以，這實際上強調的是，我們雲端業務的核心成長速度甚至比你從外部看到的還要好。

With respect to LiveVox, in particular, it has a positive outlook, and it's actually forecasting ongoing growth in cloud revenue. So all good and healthy signs that we're seeing in that part of the business.

特別是對於 LiveVox 而言，前景十分樂觀，並且預測其雲端收入將持續成長。所以，我們看到該業務領域出現了各種良好健康的跡象。

Your next question comes from the line of Michael Funk, Bank of America.

你的下一個問題來自美國銀行的麥可‧芬克。

Beth, earlier in the prepared remarks, you mentioned the NRR trends. And I think you commented some expectation or hope of positive inflection in NRR. So can you just talk through the NRR trends intra-quarter? I know your metric is a trailing 12 month. And then related, can you talk about your pipeline, the strength of the pipeline and quality of pipeline and overall feedback you're hearing from customers about their appetite for spending?

貝絲，你在先前的演講稿中提到了 NRR 趨勢。我認為你曾表達過對淨收益率出現正向轉折的期待或希望。能簡單介紹一下季度內的淨收入趨勢嗎？我知道你們的指標是過去 12 個月的數據。另外，您能否談談您的銷售管道、銷售管道的實力和質量，以及您從客戶那裡聽到的關於他們消費意願的整體反饋？

Yes. Thank you for the quarter -- I'm sorry, for the comment or the question. So for NRR, in particular, I did highlight in my comments, and it's important to highlight that NRR is not in-quarter specifically. That is looking at the trailing 12 months and of course, reflects some of the change that we saw in our cloud growth that was happening during 2024.

是的。感謝您這一季度的付出——對於您的評論或問題，我深表歉意。因此，對於 NRR，我特別在我的評論中強調了這一點，需要強調的是，NRR 並非特指季度內的 NRR。這是對過去 12 個月的觀察，當然也反映了我們在 2024 年期間雲端業務成長所看到的一些變化。

When you look at the current impact in quarter of the NRR, we see exactly what we would expect, which is stabilization that's consistent with the 12% growth that you've seen throughout the course of this year. And we talked about the ability to positively see that inflect in a positive manner looking ahead.

從當前季度的 NRR 影響來看，我們看到的情況正是我們所預期的，即趨於穩定，與今年以來 12% 的成長保持一致。我們討論瞭如何以積極的態度看待這種轉變，並展望未來。

And of course, we're looking at cloud backlog, but some other trends that we see as well that give that positive confidence in the growth and great cross-sell and upsell efforts we have with our existing installed base.

當然，我們也在關注雲端積壓訂單，但我們也看到了一些其他趨勢，這些趨勢讓我們對成長充滿信心，並且我們與現有客戶群開展了出色的交叉銷售和向上銷售工作。

Yes. Maybe I'll cover the pipeline question. So Michael, the pipeline is strong. And you can probably tell the sentiment that I'm sharing, it's based on not only execution of what we see and what we've experienced in Q3 and our execution against the strategy, but it's also based on what we're seeing in the market. I think the first thing that I will say is there is lots of questions about AI in the market, and I understand why that potentially is the case.

是的。或許我會談到管道問題。所以邁克爾，管道狀況良好。你大概能感受到我所表達的觀點，這不僅基於我們在第三季所看到和經歷的事情以及我們執行策略的情況，而且還基於我們在市場上看到的情況。我認為首先要說的是，市場上對人工智慧有很多疑問，我理解為什麼會發生這種情況。

That is not true for CX. In CX, the proven benefits that you -- with a world-class AI platform that drives automation, great experiences, reduced cost, increased loyalty, ability to be able to drive upsell and sales and benefits for your customers, we can prove that with real customer references today. So the demand of that to be able to improve customer experiences as an AI transformation initiative in the -- we -- it's positive momentum.

但對於客戶體驗（CX）而言，情況並非如此。在客戶體驗方面，我們擁有世界一流的人工智慧平台，能夠推動自動化、提供卓越的體驗、降低成本、提高忠誠度、促進追加銷售和提升銷售額，並為您的客戶帶來諸多益處，我們今天就可以用真實的客戶案例來證明這一點。因此，作為一項人工智慧轉型計劃，改善客戶體驗的需求——我們——這是一個積極的勢頭。

Whereas in other parts of AI, you can question, you don't question it here. But I would also add our growth drivers, and we'll talk more about this on Monday, but if you think about the growth drivers that we have, we've clearly got still a significant market on the jump balls of on-prem to cloud. We're improving our win rates. We see increased pipeline, very good.

在人工智慧的其他領域，你可以提出質疑，但在這裡你不能提出質疑。但我還要補充一點，我們的成長動力是什麼？我們將在周一詳細討論這個問題。但如果你想想我們擁有的成長動力，很明顯，從本地部署到雲端的過渡階段，我們仍然擁有相當大的市場。我們的勝率正在提高。我們看到項目儲備增加，非常好。

Our international expansion on the back of the investments, we see a lot more on the international side. We see that in our pipeline. And of course, I'm very optimistic on all the things that I talked before about NICE Cognigy inside of our business, whether it be the net new market where NICE doesn't have a role today, where we're going after that, the installed base where we're going after that and then an accelerated opportunity on those jump ball scenarios.

在投資的推動下，我們的國際擴張步伐加快，我們在國際方面看到了更大的發展空間。我們在生產線上看到了這一點。當然，我對先前提到的 NICE Cognigy 在我們業務中的所有方面都非常樂觀，無論是 NICE 目前還沒有涉足的全新市場，還是我們正在努力開拓的現有市場，以及在這些充滿變數的情況下加速發展的機會。

A lot of that pipeline, we haven't even put into -- we're in the early days of bringing that into our business. So I guess it's not only on the current pipeline that we see that is strong and the buying sentiment, but the potential that we have now that we've got the complete end-to-end capability.

很多相關流程，我們甚至還沒有投入使用——我們還處於將其引入我們業務的早期階段。所以我覺得，我們看到的強勁勢頭和強勁的市場情緒不僅體現在目前的產品線和市場需求上，也體現在我們擁有完整的端到端能力所帶來的巨大潛力上。

So yes, it is borne from the trends being in our favor, which we were predicting, but it's good to see that it's coming to life.

是的，這是由於趨勢對我們有利而產生的，正如我們預測的那樣，但很高興看到它正在變成現實。

Your next question comes from the line of Catharine Trebnick, Rosenblatt Securities.

你的下一個問題來自 Rosenblatt Securities 的 Catharine Trebnick。

I have one for Scott. Most of your Cognigy customers are using speech to text to LLM and back to speech. OpenAI and others have recently released direct real-time voice APIs. And are you seeing competition from these APIs? And why or why not? Sorry, that was more technical, but I had to ask...

我為史考特準備了一份。您的 Cognigy 客戶大多使用語音轉文字、LLM 和語音轉換功能。OpenAI 等公司最近發布了直接的即時語音 API。您是否感受到這些 API 的競爭？為什麼？或者為什麼不？抱歉，這個問題比較專業，但我不得不問…

No, no, no, very happy to answer the question, Catharine. Look, I think we've got to just pause a little bit and look at this market for the reality it is. Anyone can create a bot, anyone. I can do it myself in 10 minutes. But creating an AI agent, whether it's teach -- text to speech, speech to text and all the other capabilities, but creating an AI agent that delivers superior customer experience, exceptional customer experience, advanced from what a human does today.

不，不，不，我非常樂意回答這個問題，凱瑟琳。我覺得我們應該停下來，冷靜地檢視這個市場的真相。任何人都可以創建機器人，任何人都可以。我自己十分鐘就能搞定。但是，要創建一個人工智慧代理，無論是教授文字轉語音、語音轉文字以及所有其他功能，而是要創建一個能夠提供卓越客戶體驗、超越人類現有水平的人工智慧代理。

That takes a whole lot more than creating a bot with some simple capabilities. And so we actually don't see the LLM providers as competition in this space. In fact, we see them as partners within our ecosystems. Their models are really good.

這遠比創建一個具備一些簡單功能的機器人要複雜得多。因此，我們實際上並不認為LLM提供者是該領域的競爭對手。事實上，我們將他們視為生態系統中的合作夥伴。他們的模型真的很好。

They're general purpose, they've got an expanded capability, but with NICE and in particular, with our Cognigy, we provide the contextual CX-specific AI built, that's built on rich customer interaction data. It's built on the knowledge of what that data is, the sentiments, the context as well as the intents -- and that contextual knowledge, together with the guardrails, together with the regulations, together with the knowledge and the standards inside the enterprise, integrating those also with the legacy systems that you need to connect to, to make sure that you're delivering according to the standards that an enterprise needs. No simple bot does that. You need a complete platform.

它們是通用型的，功能更加強大，但藉助 NICE，特別是我們的 Cognigy，我們提供了基於豐富的客戶互動數據構建的、針對特定客戶體驗的上下文 AI。它建立在對數據的了解之上，包括數據的情感、背景和意圖——以及這種背景知識，連同護欄、法規、企業內部的知識和標準，並將這些與你需要連接的遺留系統整合起來，以確保你按照企業需要的標準交付成果。沒有哪個簡單的機器人能做到這一點。你需要一個完整的平台。

And so I guess we see the goodness of the demand because what happens is a customer often says, "Oh, I'll try to build it myself on this, on -- whether it would be OpenAI or Anthropic or other platforms, fantastic. But as soon as they see the reality of you need much more richness to be able to deliver a great consumer experience with that AI agent, it quickly comes straight to us, and we're able to leverage that.

所以我想我們看到了需求的良好之處，因為客戶經常會說：“哦，我會嘗試自己在這個平台上構建它，無論是 OpenAI、Anthropico 還是其他平台，太棒了。”但一旦他們意識到，要透過人工智慧代理提供卓越的消費者體驗，就需要更豐富的功能，他們很快就會找到我們，而我們也能夠利用這一點。

So we leverage the large language models. They're super. They're really important, but also the complementary of what we bring with the contextual intelligence means that it actually drives demand for us in a really positive way. So I love the question because we get it a lot, but it immediately then translates to validation of why the domain-specific capabilities that we have are really critical when you're in delivering to your consumers because no one is going to introduce inferior customer experience to their customers, no one.

因此，我們利用大型語言模型。他們太棒了。它們固然重要，但我們帶來的情境智慧與它們相輔相成，實際上以一種非常積極的方式推動了對我們的需求。所以我喜歡這個問題，因為我們經常被問到這個問題，但它立刻就驗證了為什麼我們擁有的特定領域能力對於向消費者提供服務至關重要，因為沒有人會給消費者帶來低劣的客戶體驗，絕對沒有人。

Your next question comes from the line of Tavy Rosner, Barclays.

你的下一個問題來自巴克萊銀行的 Tavy Rosner。

Most of my questions have been asked. I just wanted to touch on Actimize for a second. What's the competitive dynamic? It does feel like more players are trying to disrupt the market. Is there -- do you feel anything on your end?

我的大部分問題都已經被問過了。我只想簡單提一下 Actimize。競爭格局如何？確實感覺有越來越多的玩家試圖擾亂市場。你那邊有什麼感覺嗎？

Look, I guess I would say a couple of things. Obviously, we've put a lot of emphasis around the CX business. And it's obviously an exciting inflection point in the CX market with the AI potential momentum, everything that we've talked about. And we're clearly proactively positioning our leadership in that and winning, which is why we've emphasized that so heavily.

我想說幾句。顯然，我們非常重視客戶體驗業務。顯然，隨著人工智慧的潛在發展勢頭，以及我們之前討論的所有內容，這對客戶體驗市場來說是一個令人興奮的轉折點。我們顯然正在積極主動地鞏固我們在這一領域的領導地位並取得勝利，這就是為什麼我們如此重視這一點的原因。

But we have got a really strong business in Actimize. It's the market leader. There continues to be high demand. The regulatory environment around the standards and the expectations around compliance and avoiding financial crime and compliance continues to be a really important aspect for financial institutions. So that business is in a really positive place.

但我們在 Actimize 的業務非常強勁。它是市場領導者。需求依然旺盛。圍繞著合規和避免金融犯罪的監管環境和預期，對於金融機構仍然是一個非常重要的方面。所以這家公司目前發展動能非常好。

It's got a lot of cloud potential and momentum still to come. But the thing I love about the Actimize business, candidly, it is the retention rates and the -- it's -- we don't lose a customer because once it's implemented, it just provides an ongoing value and model that resonates to the largest financial institutions on the planet. So that industry definitely benefits from continued focus on compliance and financial crime, and that is a driver for us. And yes, we're positive about the outlook of that business.

它擁有巨大的雲端運算潛力，未來發展勢頭依然強勁。但坦白說，我最喜歡 Actimize 業務的一點是它的客戶留存率，而且——我們不會失去客戶，因為一旦實施，它就能持續提供價值，其模式能夠引起全球最大金融機構的共鳴。因此，該行業肯定會受益於對合規和金融犯罪的持續關注，這也是我們前進的動力。是的，我們對該業務的前景持樂觀態度。

That concludes our question-and-answer session. I will now turn the call back over to Scott Russell for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給史考特·羅素，請他作總結發言。

Thank you. Look, so first of all, I appreciate the time for everyone today. As you can clearly see, we're excited. We're excited about our ability to be able to execute on the strategy that we laid out, the renewed strategy that I've talked about on many times on these calls and seeing the results.

謝謝。首先，感謝大家今天抽空。正如你所看到的，我們非常興奮。我們很高興能夠執行我們所製定的策略，也就是我在這些電話會議上多次提到的新策略，並且看到了成果。

And frankly, the expectations is Q3 is a part of a proof point of a long journey in front of us to really lead and win in this market and be excited about it. We're also excited to be with you next Monday to join us.

坦白說，我們期望第三季能夠證明我們未來還有很長的路要走，才能真正在這個市場中領先並取得成功，我們對此感到非常興奮。我們也期待下週一能和大家見面。

I think it's really important that you can understand and see really the NICE Cognigy platform, how it then benefits with the CXone platform and how bringing the 2 together, the 1 plus 1 equals way more than 2, it's 5, it's 10 and the potential that brings, but also from Beth and I, the updated strategy, the midterm outlook and how that plays out. So I appreciate the time and look forward to seeing you all on Monday.

我認為，真正理解和看到 NICE Cognigy 平台、它如何與 CXone 平台結合以及如何將兩者結合起來（1 加 1 大於 2，而是 5、10）以及由此帶來的潛力，這一點非常重要。此外，我和 Beth 也將介紹更新後的策略、中期展望以及這些策略將如何實施。感謝大家抽出時間，期待週一與大家見面。

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

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。