NICE Ltd. (NICE) 2026 Q2 法說會逐字稿

Welcome to the NiCE conference call discussing second quarter 2026 results, and thank you all for holding. (Operator Instructions) As a reminder, this conference is being recorded August 5, 2026.

歡迎參加 NiCE 2026 年第二季業績電話會議，感謝各位耐心等候。(接線員指示) 提醒各位，本次會議於 2026 年 8 月 5 日錄音。

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

現在我想將電話交給 NICE 投資人關係副總裁 Ryan Gilligan 先生。請開始。

Thank you, operator. With me on today's call are Scott Russell, Chief Executive Officer; and Beth Gaspich, Chief Financial Officer.

謝謝，接線員。今天與我一同出席電話會議的有執行長 Scott Russell，以及財務長 Beth Gaspich。

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，本次電話會議中的部分陳述將構成前瞻性陳述。依據 1995 年《私人證券訴訟改革法案》的安全港條款，請注意，公司實際結果可能與這些前瞻性陳述存在重大差異。

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 2025 annual report on Form 20-F as filed with the Securities and Exchange Commission on February 26, 2026.

有關可能導致公司實際結果或表現與前述前瞻性陳述存在重大差異之因素的更多資訊，載於公司於 2026 年 2 月 26 日向美國證券交易委員會提交之 2025 年度 Form 20-F 年報第 3 項「風險因素」章節。

During today's call, we will present a more detailed discussion of second quarter 2026 results and the company's guidance for the third quarter and full year 2026. A copy of today's press release and investor presentation can be found on NiCE's Investor Relations website.

在今天的電話會議中，我們將更詳細地討論 2026 年第二季業績，以及公司對 2026 年第三季與 2026 全年的財測指引。今日新聞稿與投資人簡報可於 NiCE 投資人關係網站查閱。

Following our comments, there will be an opportunity for questions. 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 and divestiture related expenses, gains on intercompany foreign currency transactions, amortization of deferred financing costs, amortization of discount on debt, the tax effect of the non-GAAP adjustments and the tax rate impact resulting from the non-US intercompany transaction.

在我們發言之後，將開放提問。提醒各位，除非本次電話會議另有說明，我們將評論經調整後的營運結果（非 GAAP），其在若干方面不同於一般公認會計原則（GAAP）下的結果，主要差異包括：股份基礎給付之會計處理、取得之無形資產攤銷、併購與處分相關費用、公司間外幣交易收益、遞延融資成本攤銷、債務折價攤銷、非 GAAP 調整項目的稅務影響，以及因非美國公司間交易所產生的稅率影響。

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.

非 GAAP 經調整結果與對應 GAAP 數字之差異，已於今日新聞稿中詳列。本次電話會議所提供的資訊及我們部分評論可能包含前瞻性陳述，並受風險、不確定性與假設影響。

I will now turn the call over to Scott.

現在我將電話交給 Scott。

Thank you, Ryan, and good morning, everyone.

謝謝你，Ryan，各位早安。

I'm encouraged by our execution in the second quarter as we continue to strengthen our leadership position in the CX AI market. We're still in the early stages of our growth opportunity and our second quarter results reinforce that underlying demand trends in our business continue to build strong momentum.

我們在第二季的執行表現令我備受鼓舞，因為我們持續強化在 CX AI 市場的領導地位。我們的成長機會仍處於早期階段，而第二季的業績再次印證，我們業務的底層需求趨勢持續累積強勁動能。

In Q2, we delivered total revenue of $782 million above the high end of our guidance range. And non-GAAP EPS of $2.70 at the high end of the range. Cloud revenue grew 12.6% year-over-year as customers increasingly consolidate around a single enterprise CX AI platform that powers seamless experiences across every channel. That trend reflects a broader reality.

第二季我們的總營收達 7.82 億美元，高於財測區間上緣。非 GAAP 每股盈餘（EPS）為 2.70 美元，亦位於區間上緣。雲端營收年增 12.6%，因客戶日益整合至單一企業級 CX AI 平台，以在各個通路提供無縫體驗。這一趨勢反映了更廣泛的現實。

Customer engagement is a category in its own right. It connects with broader enterprise workflows, but it remains a distinct system of engagement where every interaction happens in real time, and every customer experience matters. It requires a different level of specialization than enterprise workflow automation or AI-only interaction models, and that's exactly where NiCE has built its leadership.

客戶互動（Customer engagement）本身就是一個獨立類別。它可與更廣泛的企業工作流程相連結，但仍是一個獨特的互動系統：每一次互動都即時發生，每一段客戶體驗都至關重要。相較於企業工作流程自動化或僅以 AI 為主的互動模型，它需要更高程度的專業化，而這正是 NiCE 建立領導地位之所在。

As customer interactions continue to grow, with AI interactions growing even faster, customer engagement is becoming a more strategic capability for the enterprise. That shift is driving enterprises to scale customer engagement and AI across their organizations, expanding their investment in NiCE. This is reflected in continued CXone seat growth, a record Q2 for new cloud ACV bookings, including another record quarter for AI bookings.

隨著客戶互動持續成長，且 AI 互動成長更快，客戶互動正成為企業更具策略性的能力。這一轉變正推動企業在組織內擴大客戶互動與 AI 的規模，並增加對 NiCE 的投資。這反映在 CXone 席位（seat）持續成長、第二季雲端新增 ACV 訂單創新高，以及 AI 訂單再度創下單季新高。

A strong cloud backlog growth of 19% and AI backlog growth of 72%. One additional point, these backlog metrics do not include our recently signed HMRC deal. Had HMRC been included, cloud backlog growth would have been similar to last quarter, while AI backlog growth would have accelerated above Q1.

雲端待履約訂單（backlog）強勁成長 19%，AI 待履約訂單成長 72%。另外補充一點，這些 backlog 指標未包含我們近期簽署的 HMRC 合約。若納入 HMRC，雲端 backlog 成長將與上季相近，而 AI backlog 成長則將較第一季進一步加速。

In Q2, nearly every CXone enterprise deal included AI. Customers are choosing NiCE Cognigy because of its proven success operating at enterprise scale. AI deal volumes and average deal sizes continue to grow substantially. And we're seeing our install base increasingly choose NiCE Cognigy. Win rates are very high with existing CXone customers as these enterprises view NiCE as a trusted partner and see the benefit of a single CX AI platform. And the beauty of NiCE Cognigy is it also continues to compete well on a standalone basis.

第二季，幾乎每一筆 CXone 企業級交易都包含 AI。客戶選擇 NiCE Cognigy，是因其在企業級規模運作方面已證明成功。AI 交易量與平均交易規模持續大幅成長。我們也看到既有客戶基礎愈來愈多選擇 NiCE Cognigy。在既有 CXone 客戶中，我們的得標率非常高，因為這些企業將 NiCE 視為值得信賴的合作夥伴，並看見單一 CX AI 平台的效益。而 NiCE Cognigy 的優勢在於，它也持續能以獨立產品的形式具備強勁競爭力。

AI ARR increased 52% year over year, and AI now represents 15% of cloud revenue. Within that, our agentic AI solutions grew even faster.

AI 年度經常性收入（ARR）年增 52%，AI 現已占雲端營收的 15%。其中，我們的代理式 AI（agentic AI）解決方案成長更快。

As enterprises scale AI across their organizations, adoption naturally ramps over time. While the technology can be implemented quickly, customers are preparing their data, governance, and operating models before scaling AI across mission-critical workflows. Our forward-deployed engineers and NiCE Labs engagement models proactively help our customers accelerate that journey. Importantly, virtually all of our AI revenue already comes from production deployments rather than pilots where customers are achieving meaningful results at scale.

當企業在組織內擴大 AI 規模時，採用率會隨時間自然提升。雖然技術可快速導入，但客戶在將 AI 擴展至關鍵任務工作流程之前，會先準備其資料、治理與營運模式。我們的前線部署工程師（forward-deployed engineers）與 NiCE Labs 的合作模式，會主動協助客戶加速這段旅程。重要的是，我們幾乎所有 AI 營收都已來自正式上線（production）的部署，而非試點（pilot），客戶正以規模化方式取得具實質意義的成果。

International is another area of strength. In Q2, international revenue increased 22% year-over-year, and our recently announced HMRC win is another example of the large-scale enterprise transformations we're increasingly winning. Cloud migrations, our expanding partner ecosystem, and growing demand for sovereign cloud deployments, particularly in Europe, are creating multiple durable drivers of international growth.

國際市場也是另一個強項。第二季國際營收年增 22%，而我們近期宣布的 HMRC 得標案，亦是我們愈來愈常贏得的大型企業轉型專案的另一例證。雲端遷移、持續擴大的合作夥伴生態系，以及對主權雲（sovereign cloud）部署日益增加的需求（尤其在歐洲），正形成多項具持久性的國際成長動能。

Broadly speaking, our Q2 results reinforce what we recently discussed with customers and partners at NiCE World Orlando and NiCE World London. Attendance at both events increased more than 20% year-over-year, evidence of the growing interest in our fully AI-native CX platform.

整體而言，我們第二季的業績再次印證了我們近期在 NiCE World Orlando 與 NiCE World London 與客戶及合作夥伴所討論的內容。兩場活動的出席人數皆較去年同期成長超過 20%，顯示市場對我們完全 AI 原生（AI-native）的 CX 平台興趣日益升溫。

It is clear enterprises are no longer evaluating AI based on what it can demonstrate. They're evaluating it based on what it can deliver in production. Accuracy, governance, scalability, measurable business outcomes are now the criteria that matter. As a result, customers are moving away from fragmented point solutions towards a single platform that orchestrates every customer experience across voice, digital, human, and AI. That plays directly to NiCE's leadership with a unified operating platform.

很明顯，企業已不再以 AI「能展示什麼」來評估它。他們改以 AI「能在正式環境交付什麼」來評估。準確性、治理、可擴展性、可衡量的商業成果，已成為關鍵評估標準。因此，客戶正從零散的點狀解決方案轉向單一平台，以協調語音、數位、人員與 AI 的每一段客戶體驗。這正好直接呼應 NiCE 以統一營運平台所建立的領導地位。

And we're continuing to strengthen that platform advantage through innovation. At NiCE World, we announced that Cognigy is now fully native to CXone ahead of schedule, making it the platform's foundational conversational and agentic AI engine. One application, one shared data layer, one deployment experience. Customers can activate AI faster, eliminate integration complexity, and build AI agents directly on CXone data.

我們也持續透過創新強化這項平台優勢。在 NiCE World 上，我們宣布 Cognigy 已提前完成、現已完全原生整合至 CXone，使其成為平台的基礎對話式與代理式 AI 引擎。一個應用程式、一個共享資料層、一致的部署體驗。客戶可更快啟用 AI、消除整合複雜度，並直接在 CXone 資料之上建置 AI 代理。

The native integration of Cognigy is also accelerating innovation across CXone in ways that simply aren't possible when AI and customer engagement sit on separate platforms. At NiCE World, we showcased Agentic Analytics, which continually analyzes data across the platform to identify new automation opportunities and improve existing automations.

Cognigy 的原生整合也正以在 AI 與客戶互動分屬不同平台時根本無法實現的方式，加速 CXone 全平台的創新。在 NiCE World，我們展示了 Agentic Analytics，其會持續分析平台各處的資料，以識別新的自動化機會並改善既有自動化。

We also introduced the Agentic engagement plane, purpose-built for an emerging hybrid workforce, enabling human and AI agents to operate together seamlessly. This capability is unique to NiCE and our single natively integrated platform.

我們也推出了 Agentic engagement plane，專為新興的混合型勞動力打造，使人類與 AI 代理能夠無縫協作運作。此能力為 NiCE 及我們單一、原生整合平台所獨有。

Combined with learning loops and Guardian AI, these innovations continually improve AI performance while giving enterprises the governance, control, and operational confidence required to scale AI across every customer interaction.

結合學習迴圈與 Guardian AI，這些創新可持續提升 AI 表現，同時為企業提供在每一次客戶互動中擴大 AI 規模所需的治理、控制與營運信心。

To sustain that pace of innovation, we also launched NiCE Labs, our dedicated AI lab focused on furthering agentic customer experience through advanced research, rigorous benchmarking, and rapid prototyping. Working closely with customers and partners, NiCE Labs is designed to help close the gap between what's possible with AI and what enterprises can reliably deploy in production.

為了維持這樣的創新速度，我們也成立了 NiCE Labs——專注於透過先進研究、嚴謹基準測試與快速原型開發，推進 agentic 客戶體驗的專屬 AI 實驗室。NiCE Labs 與客戶及合作夥伴緊密合作，旨在縮小「AI 能做到什麼」與「企業能在正式環境中可靠部署什麼」之間的落差。

Importantly, we built that innovation without sacrificing flexibility for our customers. Our platform is model agnostic, allowing enterprises to take advantage of proprietary open weight and future models as they evolve without locking themselves into a single LLM. That gives customers the freedom to adopt the best models for each use case while protecting long-term flexibility and cost efficiency.

重要的是，我們在打造這些創新時，並未犧牲客戶所需的彈性。我們的平台採模型不可知（model agnostic）設計，讓企業可隨著專有、開放權重及未來模型的演進加以運用，而不會被鎖定在單一 LLM。這讓客戶能針對各使用情境採用最佳模型，同時維持長期彈性與成本效率。

Ultimately, our strategy is delivering measurable results for our customers. Tripadvisor, an existing CXone customer, deployed NiCE Cognigy AI agents, moving from concept to its first live automated voice calls in just two and a half months. Today, its AI agent delivers a 90% customer sentiment score well above the 71% achieved by human agents.

最終，我們的策略正為客戶帶來可衡量的成果。Tripadvisor 作為既有 CXone 客戶，部署了 NiCE Cognigy AI 代理，從概念到首次上線的自動化語音通話僅用兩個半月。如今，其 AI 代理的客戶情緒（sentiment）評分達 90%，顯著高於人類代理達成的 71%。

GXBank, Malaysia's first operational digital bank with over 1 million customers, built its customer experience operation on CXone, where the platform now delivers 95% customer satisfaction and 95% first contact resolution, while AI autonomously resolves 70% of customer chat interactions.

GXBank——馬來西亞第一家正式營運、擁有超過 100 萬名客戶的數位銀行——在 CXone 上建立其客戶體驗營運；目前平台帶來 95% 的客戶滿意度與 95% 的首次聯絡解決率（first contact resolution），同時 AI 可自主解決 70% 的客戶聊天互動。

These outcomes are not isolated success stories. They reflect a broader pattern that we're seeing across our customer base, enterprises achieving measurable business outcomes with AI in production. We're translating these outcomes into continued competitive momentum. Our CCaaS win rates remained strong in Q2 and improved year over year as more enterprises selected NiCE to modernize customer engagement with AI.

這些成果並非零星的成功案例。它們反映了我們在客戶群中看到的更廣泛趨勢：企業在正式環境（production）中以 AI 達成可衡量的商業成果。我們正將這些成果轉化為持續的競爭動能。我們的 CCaaS 得標率在第二季仍維持強勁，且年增改善，因為越來越多企業選擇 NiCE 以 AI 現代化客戶互動。

In Q2, we secured an eight-digit ACV win with HMRC, making it the largest CXone deal and largest Cognigy deal ever. Delivered in partnership with Capgemini, HMRC selected NiCE's unified CX AI platform to help modernize and enhance citizen engagement at scale.

在第二季，我們與 HMRC 拿下八位數 ACV 的訂單，成為史上最大的 CXone 交易與最大的 Cognigy 交易。HMRC 與 Capgemini 合作交付，選擇 NiCE 的統一 CX AI 平台，以協助大規模現代化並提升公民互動。

We also secured another eight-digit ACV win with one of the largest healthcare organizations in the US, which selected NiCE CXone and Cognigy to advance customer engagement on a unified AI platform. Working together with Accenture, the customer chose NiCE to accelerate AI adoption at scale while enhancing member experiences and driving greater operational efficiency.

我們也與美國最大型的醫療保健機構之一拿下另一筆八位數 ACV 訂單；該客戶選擇 NiCE CXone 與 Cognigy，以在統一的 AI 平台上推進客戶互動。在與 Accenture 的合作下，客戶選擇 NiCE 以加速大規模 AI 導入，同時提升會員體驗並推動更高的營運效率。

Standalone Cognigy also continues to compete favorably, recent wins including displacing an AI-native point solution at a large multinational utility, where our platform delivered stronger automation performance while giving the customer greater flexibility and faster time to market for new use cases.

獨立版 Cognigy 也持續展現有利的競爭力；近期的勝出案例包括在一家大型跨國公用事業公司取代一個 AI 原生的點狀解決方案，我們的平台提供更強的自動化效能，同時讓客戶在新使用情境上擁有更高彈性與更快上市時間。

We also replaced an incumbent AI-native solution at a large insurance company after winning a competitive evaluation against an AI-native solution and a large enterprise software platform. Together, these wins across both our unified platform and standalone AI offerings underscore the strength of our strategy, the competitive differentiation of NiCE Cognigy and the growing leverage of our global partner ecosystem in driving large-scale enterprise transformation.

我們也在一家大型保險公司取代既有的 AI 原生解決方案，該案是在與一個 AI 原生解決方案及一個大型企業軟體平台的競爭評估中勝出後取得。綜合而言，這些在統一平台與獨立 AI 產品上的勝利，凸顯我們策略的強勁、NiCE Cognigy 的競爭差異化，以及我們全球合作夥伴生態系在推動大規模企業轉型上的日益槓桿效應。

Speaking of our partners, our partner ecosystem continues to be an increasingly important driver of our success. ACV booked through our GSI partners in Q2 was multiples higher than the prior year. With AWS, customers are leveraging AWS Marketplace and committed cloud spend programs as a part of their procurement processes with NiCE. Making it easier to adopt our platform while expanding our commercial reach across both new customer deployments and renewals.

談到合作夥伴，我們的合作夥伴生態系持續成為日益重要的成功驅動力。第二季透過我們 GSI 合作夥伴所簽訂的 ACV，較去年同期成長數倍。在 AWS 方面，客戶正將 AWS Marketplace 與承諾雲端支出（committed cloud spend）方案納入其與 NiCE 的採購流程。這讓採用我們平台更容易，同時擴大我們在新客戶部署與續約上的商業觸及。

And we've also expanded our long standard partnership with RingCentral. Building on nearly a decade of collaboration, NiCE will now offer RingCentral's UCaaS solution while RingCentral continues to offer NiCE's CXone platform. This gives organizations that prefer an integrated UCaaS and CCaaS deployment the flexibility to choose a unified solution without compromising on the capabilities of either platform.

我們也擴大了與 RingCentral 長期以來的合作夥伴關係。在近十年的合作基礎上，NiCE 現在將提供 RingCentral 的 UCaaS 解決方案，而 RingCentral 也將持續提供 NiCE 的 CXone 平台。這讓偏好整合式 UCaaS 與 CCaaS 部署的組織，能在不犧牲任一平台能力的前提下，彈性選擇統一解決方案。

And we've also strengthened our position in healthcare through our recent Epic integration by embedding patient engagement into the clinical workflow, we've made it easier for healthcare providers to adopt the NiCE platform, positioning us for additional growth in this strategic vertical. Collectively, these partnerships make it easier for customers to buy, deploy, and expand their investments in NiCE, while expanding outreach into new industries and buying centers.

此外，透過近期與 Epic 的整合，我們將病患互動嵌入臨床工作流程，強化了我們在醫療保健領域的地位，並讓醫療服務提供者更容易採用 NiCE 平台，使我們在此策略性垂直領域具備進一步成長的有利定位。整體而言，這些合作夥伴關係讓客戶更容易採購、部署並擴大對 NiCE 的投資，同時也將觸角延伸至新產業與新的採購決策單位。

Before I turn it over to Beth, I'd like to leave you with one final point. The future of customer engagement is on a single platform, delivering production at scale. That's where NiCE is uniquely differentiated, and it's why we continue to win enterprise transformation deals, large ones. That differentiation compounds as customers expand their usage of the platform because our capabilities are natively integrated. Customers can activate AI solutions quickly without the complexity of deploying separate platforms. We are incredibly excited by the accelerating momentum we're seeing in product innovation and customer demand. These trends continued with our expanding partner ecosystem reinforce our confidence in the significant opportunity ahead.

在我把時間交給 Beth 之前，我想留下最後一點。客戶互動的未來是在單一平台上，以大規模在正式環境中交付。這正是 NiCE 的獨特差異化所在，也是我們持續贏得企業轉型大型交易的原因。隨著客戶擴大平台使用，這種差異化會進一步累積，因為我們的能力是原生整合的。客戶可以快速啟用 AI 解決方案，而無需部署多個平台的複雜性。我們對於產品創新與客戶需求所呈現的加速動能感到非常振奮。這些趨勢，加上我們不斷擴大的合作夥伴生態系，進一步強化我們對未來重大機會的信心。

With that, I'll turn the call over to Beth.

接下來，我把電話會議交給 Beth。

Thank you, Scott. We continue to execute on the strategic priorities we outlined earlier this year with second quarter revenue coming in above the high end of our guidance range and non-GAAP EPS delivered at the high end of our expectations.

謝謝你，Scott。我們持續執行今年稍早所提出的策略優先事項；第二季營收高於我們指引區間的上緣，非 GAAP EPS 也達到我們預期的上緣。

Let me now turn to our second quarter results. Total revenue for the second quarter was $782 million, up 8% year-over-year. The outperformance relative to our guidance was primarily driven by stronger-than-expected product revenue, while cloud revenue performed in line with our expectations. Foreign exchange provided a modest benefit of 40 basis points to revenue growth in the quarter, lower than the approximately 1 point tailwind experienced in the first quarter.

接著我說明第二季業績。第二季總營收為 7.82 億美元，年增 8%。相較於我們的指引，本季優於預期主要由強於預期的產品營收所帶動，而雲端營收表現符合我們的預期。外匯對本季營收成長帶來小幅 40 個基點的正面貢獻，低於第一季約 1 個百分點的順風。

Starting with revenue by business line, cloud revenue totaled $609 million, representing 78% of total revenue and growing 12.6% year-over-year, including approximately 250 basis points of contribution from Cognigy. Cloud growth was driven by the successful expansion of CX AI offerings into our existing installed base, new CXone logos and strong international performance, partly offset by the strategic renewals we completed.

先看依業務線別的營收：雲端營收合計 6.09 億美元，占總營收 78%，年增 12.6%，其中約 250 個基點的成長貢獻來自 Cognigy。雲端成長主要來自我們成功將 CX AI 產品擴展至既有裝機客戶、新增 CXone 客戶（logos）以及強勁的國際表現；部分被我們完成的策略性續約所抵銷。

Within cloud, CX AI and self-service ARR reached $362 million, growing 52% year-over-year and now representing 15% of our cloud revenue. As we continue to move further up market and win larger enterprise AI opportunities, many customers remain in the early stages of deployment, creating a lag between the strong bookings momentum we see and timing of customer adoption. Customer demand remains strong. And we continue to see significant momentum across our AI business.

在雲端業務中，CX AI 與自助服務的 ARR 達 3.62 億美元，年增 52%，目前占雲端營收的 15%。隨著我們持續往更高端市場推進並贏得更大型的企業 AI 機會，許多客戶仍處於部署初期，因而在我們看到的強勁訂單動能與客戶實際採用時點之間形成時間落差。客戶需求仍然強勁。我們也持續看到 AI 業務的顯著動能。

Looking ahead, we're encouraged by the continued strength of our land and expand strategy. We delivered a record quarter for AI bookings with approximately 75% of NiCE Cognigy bookings attached to CXone. This reinforces our strategy to deliver the market-leading end-to-end CX AI platform. These leading indicators, combined with the continued ramp in existing deployments, reinforce our. And our long-term AI expansion opportunity.

展望未來，我們對持續強勁的 land and expand（先落地再擴張）策略感到振奮。我們在 AI 訂單（bookings）方面交出創紀錄的季度表現，其中約 75% 的 NiCE Cognigy 訂單與 CXone 綁定。這進一步強化了我們提供市場領先端到端 CX AI 平台的策略。這些領先指標，加上既有部署持續放量，進一步強化了我們的。以及我們長期的 AI 擴張機會。

As Scott mentioned, cloud backlog increased 19% year-over-year. Our cloud backlog at the end of Q2 does not include our recently signed nine-digit TCV HMRC deal due to customer and public sector contractual agreement requirements. As anticipated, cloud net revenue retention remained healthy at 106%.

如 Scott 所提到，雲端待履約訂單（cloud backlog）年增 19%。由於客戶與公部門合約協議要求，我們在第二季末的雲端待履約訂單未包含近期簽署、TCV 達九位數的 HMRC 交易。如預期，雲端淨營收留存率（cloud net revenue retention）維持健康水準，為 106%。

Turning to our premise-based revenue streams, services revenue was $125 million, representing 16% of total revenue and declining 11% year-over-year. This reflects the migration of customers from on-premise deployments to cloud, which naturally reduces the services activity associated with legacy implementations.

轉向我們的本地部署（on-premise）營收來源，服務營收為 1.25 億美元，占總營收 16%，年減 11%。這反映客戶從本地部署遷移至雲端；此一轉移自然會降低與傳統（legacy）導入相關的服務活動。

Product revenue was $49 million, representing 6% of total revenue, an increase 7% year-over-year, primarily driven by greater than expected term renewals in our non-CX businesses.

產品營收為 4,900 萬美元，占總營收 6%，年增 7%，主要由非 CX 業務中高於預期的定期（term）續約所帶動。

Turning to our geographic performance, the Americas region, which represented 82% of total revenue, grew 5% year-over-year, supported by healthy cloud growth and continued adoption of our CXone platform, partly offset by anticipated decline in services revenue.

就地區表現而言，美洲地區占總營收 82%，年增 5%；在健康的雲端成長與 CXone 平台持續採用的支撐下成長，部分被如預期的服務營收下滑所抵銷。

International remained an important contributor to growth during the quarter. EMEA revenue, representing 13% of total, grew 30% year-over-year or 28% on a constant currency Basis. APAC revenue, representing 5% of total revenue, grew 8% year-over-year or 5% on a constant currency basis, reflecting the lapping of a large public sector cloud deployment that began in the second quarter of last year.

國際市場在本季仍是成長的重要貢獻者。EMEA 營收占總營收 13%，年增 30%，或以固定匯率計年增 28%。APAC 營收占總營收 5%，年增 8%，或以固定匯率計年增 5%；此反映去年第二季開始的一項大型公部門雲端部署所形成的高基期影響。

International cloud revenue increased 34% year-over-year on a constant currency basis, reflecting continued adoption of our cloud and AI solutions across under-penetrated international markets, supported by an expanding partner ecosystem and the ramp of recently secured strategic wins. We remain confident that international expansion will continue to be a durable long-term growth driver for NiCE.

國際雲端營收以固定匯率計年增 34%，反映我們的雲端與 AI 解決方案在滲透率仍偏低的國際市場持續被採用；並受惠於不斷擴大的合作夥伴生態系，以及近期取得的策略性勝利逐步放量。我們仍有信心，國際擴張將持續成為 NiCE 長期且具韌性的成長動能。

Turning to our business segments, customer engagement revenue totaled $645 million, representing 82% of total revenue and increased 8% year-over-year. Growth was driven by continued double-digit cloud revenue expansion from both our large installed base as well as new logos, which more than offset the expected decline in maintenance revenue.

轉向業務部門表現，客戶互動（Customer Engagement）營收合計 6.45 億美元，占總營收 82%，年增 8%。成長動能來自雲端營收持續以雙位數擴張，來源包括龐大的既有客戶基礎以及新客戶（new logos），其增長幅度足以抵銷如預期的維護營收下滑。

Financial Crime and Compliance revenue totaled $137 million, representing 18% of total revenue and increased 6% year-over-year, driven by continued demand for our financial crime prevention solutions.

金融犯罪與合規（Financial Crime and Compliance）營收合計 1.37 億美元，占總營收 18%，年增 6%，主要由市場對我們金融犯罪防制解決方案的需求持續所帶動。

Turning to profitability, gross margin for the quarter was 68.4%, in line with our expectations. Cloud gross margin improved 40 basis points year-over-year to 69%, reflecting improvements in the efficiency and scale of our cloud operations while continuing to support growing AI adoption across the platform.

就獲利能力而言，本季毛利率為 68.4%，符合我們的預期。雲端毛利率年增 40 個基點至 69%，反映我們雲端營運效率與規模提升，同時持續支援平台上日益成長的 AI 採用。

Operating income was $198 million, resulting in an operating margin of 25.3%. Consistent with the investment framework we outlined earlier this year, we continue to invest in AI innovation, go-to-market initiatives, and our partner ecosystem. The second quarter also included elevated marketing investments associated with our annual customer conferences, resulting in some quarterly variability within our target operating margin range as we continue to support our long-term growth strategy.

營業利益為 1.98 億美元，營業利益率為 25.3%。依照我們今年稍早所說明的投資框架，我們持續投資於 AI 創新、上市推廣（go-to-market）計畫，以及合作夥伴生態系。第二季亦包含與年度客戶大會相關的較高行銷投資，導致在我們目標營業利益率區間內出現一定的季度波動；我們仍持續支持長期成長策略。

Earnings per share for the second quarter were $2.70, coming in at the high end of our guidance range due to outperformance in total revenue and in-line operating margin.

第二季每股盈餘（EPS）為 2.70 美元；由於總營收優於預期且營業利益率符合預期，結果落在我們財測區間的高端。

Turning to cash flow, operating cash flow for the quarter was $123 million and free cash flow totaled $93 million. Cash generation during the quarter reflected the timing of working capital movements, including prepaying certain expenses and capital expenditures, which can create variability from quarter to quarter. We remain confident in our full year free cash flow outlook and continue to expect to finish the year at the higher end of the 18% to 19% free cash flow margin range. We ended the quarter with $355 million in cash and short-term investments.

就現金流而言，本季營運現金流為 1.23 億美元，自由現金流合計 9,300 萬美元。本季的現金創造反映營運資金變動的時點，包括預付部分費用與資本支出，這可能造成各季之間的波動。我們對全年自由現金流展望仍具信心，並持續預期全年將落在 18% 至 19% 自由現金流利潤率區間的較高端。本季末我們持有 3.55 億美元的現金與短期投資。

Turning to capital allocation, we repurchased $58 million of our shares during the second quarter. Shares outstanding at the end of June were approximately 58.1 million shares, a decline of 6% year-over-year. Year-to-date, we have executed $311 million of share repurchases, representing 5% of our market capitalization with our purchases increasing approximately 10% from the first half of 2025, reflecting our continued commitment to returning capital to shareholders.

就資本配置而言，我們在第二季回購 5,800 萬美元自家股票。截至 6 月底，流通在外股數約 5,810 萬股，年減 6%。年初至今，我們已執行 3.11 億美元的股票回購，約占我們市值的 5%；相較 2025 年上半年，我們的回購金額增加約 10%，反映我們持續致力於回饋股東。

Turning to guidance. For the full year 2026, we are reiterating our total revenue guidance and raising our EPS guidance to reflect an expected operating margin at the higher end of the 25% to 26% range we've previously shared. Full-year 2026 total revenue is expected to be in the range of $3,170 million to $3,190 million, which represents an increase of 8% at the midpoint.

接著談財測。針對 2026 全年，我們重申總營收指引，並上調 EPS 指引，以反映我們預期營業利益率將落在先前所分享之 25% 至 26% 區間的較高端。2026 全年總營收預期介於 31.70 億至 31.90 億美元，中位數代表年增 8%。

We continue to expect 2026 cloud revenue growth to be in the range of 13% to 15%, with Q3 cloud growth expected to be similar to Q2.

我們仍預期 2026 年雲端營收成長將落在 13% 至 15% 區間，且第三季雲端成長預期與第二季相近。

As we look to the second-half, demand across our cloud and AI portfolio remains very strong. At the same time, many customers are still in the early stages of AI adoption and the pace at which they move into production can influence the timing of monetization. We also continue to see stronger than expected on-premise demand within our non-CX business from several large financial institutions.

展望下半年，我們的雲端與 AI 產品組合需求仍非常強勁。同時，許多客戶仍處於 AI 採用的早期階段，而其導入至正式上線（production）的速度會影響變現時點。我們也持續看到在非 CX 業務中，來自數家大型金融機構的本地部署需求強於預期。

While we remain confident in the long-term cloud migration opportunity there, the timing of these migrations can affect the mix between Product and cloud revenue. These factors may influence the timing of cloud revenue growth and where we land within our guidance range, but they do not change our confidence in the business. Our strong H1 bookings and continued backlog growth reinforced the healthy demand environment we see for our cloud and AI portfolio.

雖然我們對該領域的長期雲端遷移機會仍具信心，但這些遷移的時點可能影響產品與雲端營收之間的組合。這些因素可能影響雲端營收成長的時點，以及我們在指引區間內的落點，但不會改變我們對業務的信心。我們上半年強勁的訂單（bookings）與持續成長的待履約訂單（backlog），進一步印證我們在雲端與 AI 產品組合所見的健康需求環境。

Full year fully diluted earnings per share are now expected to be in the range of $11.06 to $11.26. For the third quarter of 2026, we expect total revenue to be in the range of $780 million to $790 million, representing 7% year-over-year growth at the midpoint. We expect third quarter fully diluted earnings per share to be in the range of $2.73 to $2.83.

全年完全稀釋後每股盈餘目前預期介於 11.06 至 11.26 美元。2026 年第三季，我們預期總營收介於 7.80 億至 7.90 億美元，中位數代表年增 7%。我們預期第三季完全稀釋後每股盈餘介於 2.73 至 2.83 美元。

In summary, we are pleased with our execution in Q2. As we look ahead, we are encouraged by the strength of our cloud and AI bookings, backlog, and pipeline, which continue to support our long-term growth outlook. Combined with disciplined execution, strong cash generation, and a healthy balance sheet, we remain confident in our ability to capitalize on the significant opportunities ahead.

總結而言，我們對第二季的執行成果感到滿意。展望未來，我們對雲端與 AI 訂單、待履約訂單與銷售管線（pipeline）的強勁表現感到鼓舞，這些因素持續支撐我們的長期成長展望。再加上嚴謹的執行、強勁的現金創造能力與健康的資產負債表，我們仍有信心把握未來龐大的機會。

With that, I'll turn the call back to the operator for questions.

那麼，我把電話交回給接線員進行問答。

(Operator Instructions) Siti Panigrahi, Mizuho.

(接線員指示) Mizuho 的 Siti Panigrahi。

You guys talked about that concept of offering those legacy product discount to large customer in extents of multiyear commitment. And how is that impact, are you seeing the same trend continues after that in Q2 and second-half, similar kind of trend from other market customers that's going to coming up for renewal in the second-half? And how confident are you on your second-half cloud growth as you guided, do you expect that to re-accelerate?

你們談到針對大型客戶，在多年期承諾的範圍內提供那些傳統產品折扣的概念。那這對你們有什麼影響？你們是否看到在第二季以及下半年仍延續相同趨勢——也就是其他市場客戶在下半年到期續約時，會出現類似的趨勢？另外，對於你們所指引的下半年雲端成長，你們有多大信心？你們預期會重新加速嗎？

Yes, thanks. Let me take these questions. So first of all, on the renewals. The renewals we've completed have gone exactly as we've expected. And just as a reminder, this was not a large scale. This was more about smart commercial decisions that we designed and worked with our strategic customers to accelerate AI adoption and secure long-term commitments. And so none of those changes reflects any deterioration or concern about the underlying demand.

是的，謝謝。我來回答這些問題。首先談續約。我們已完成的續約結果完全符合我們的預期。也提醒一下，這並不是大規模的作法。這更多是我們與策略性客戶共同設計並推動的精準商務決策，用以加速 AI 採用並鎖定長期承諾。因此，這些變動並不反映任何基本需求的惡化或疑慮。

In fact, the underlying CCaaS market is really strong, the AI market is really strong, customer interaction volumes grow, and the voice channel is really critical. So these were very targeted strategic decisions, not a broad change in commercial approach. And we completed those as we expected with no further concern for the remainder of the year.

事實上，底層的 CCaaS 市場非常強勁，AI 市場也非常強勁，客戶互動量持續成長，而語音通路非常關鍵。所以這些都是非常有針對性的策略決策，而不是廣泛性的商務策略改變。我們也如預期完成了這些，對今年剩餘期間沒有進一步的疑慮。

As it relates to our cloud revenue growth, of course, we continue to guide within the range. And as Beth mentioned, we feel really -- we feel great about the backlog. We've got record backlog. We've got record bookings. Our AI backlog continues to expand. And if you include HMRC, our backlog is actually accelerating in AI compared to where it was in Q1. It's a great problem to have.

至於我們的雲端營收成長，當然我們仍維持在指引區間內。如 Beth 提到的，我們對積壓訂單（backlog）感覺非常——我們對此非常有信心。我們有創紀錄的 backlog。我們有創紀錄的訂單（bookings）。我們的 AI backlog 持續擴大。而且如果把 HMRC 納入，我們的 backlog 在 AI 方面相較第一季其實是在加速。這是個很好的煩惱。

Now we've got work to do with our customers to take that backlog and put it into deployments and ultimately convert it to revenue. And the reality is, and you can see it with our wins that we talk to, we're dealing with some of the largest enterprise deployments that are on the planet. And they take some work to be able to deploy them at scale.

現在我們需要與客戶一起努力，把這些 backlog 轉化為部署，最終轉為營收。而現實是——從我們談到的那些贏單也看得出來——我們面對的是全球最大型的一些企業級部署。要能以規模部署，確實需要一些工作。

So customers are taking measured approach as they prepare their data, the governance, the operating models before they scale AI across all the use cases of which they've signed up to. So it's not a challenge from a NiCE perspective.

因此，客戶在把 AI 擴展到他們已簽約的所有使用情境之前，會採取較為審慎的方式，先準備資料、治理（governance）與營運模式。所以這並不是 NiCE 這邊的挑戰。

We've got all the capabilities. We've launched NiCE Labs. We've got great examples and customers like Tripadvisor and others that are able to deploy quickly. But the reality is we're dealing with complex, not simple use cases, and those ones require a measured deployment approach, which does have some impact on the revenue in the short-term, but in the long-term, it's very secure.

我們具備所有能力。我們推出了 NiCE Labs。我們也有很好的案例，例如 Tripadvisor 等客戶能夠快速部署。但現實是，我們處理的是複雜而非簡單的使用情境，而這些需要更審慎的部署方式；短期內會對營收有些影響，但長期而言非常穩健。

Rishi Jaluria, RBC.

RBC 的 Rishi Jaluria。

Maybe just start with, look, I get the AI story, obviously, good to see some of these large deals and backlog building. Maybe I want to understand, as we're talking to a lot of customers, the AI decision is not an all or nothing, right? It's not, hey, we need to buy everything from one vendor. In a lot of cases, you have these high-profile AI native companies out there that might be on call deflection, voice AI agents, et cetera.

也許先從這裡開始：我理解 AI 的故事，顯然也很高興看到一些大型交易與 backlog 的累積。我想了解的是，當我們與許多客戶交流時，AI 的決策並不是全有或全無，對吧？不是說「我們必須向同一家供應商買齊所有東西」。很多情況下，市場上有一些知名的 AI 原生公司，可能專注在來電分流（call deflection）、語音 AI 代理等。

And to a certain extent, you're competing with them, but to a certain extent, it feels like there's maybe partnership opportunities where you can maybe cede certain parts of the market but still have the connectivity, still have the hooks, still kind of integrate. Maybe can you talk us through your philosophy as it pertains to either working with or integrating with some of those AI native so that it becomes less of a factor of maybe crowding out or delaying some of these decisions? Just help understand that and I've got a quick follow-up.

某種程度上你們在與他們競爭，但某種程度上也感覺存在合作機會：你們或許可以讓出市場的某些部分，但仍保有連結性、仍有掛鉤（hooks）、仍能整合。能否談談你們的理念：在與這些 AI 原生公司合作或整合方面，你們如何看待，讓它不至於成為擠出或延後部分決策的因素？請協助我們理解這點，我還有一個簡短的追問。

Sure, it's a great question. So you're right that it is a highly competitive market. And in some respects, when you take just the pure AI story alone, everyone sounds pretty similar.

當然，這是個很好的問題。你說得對，這是一個競爭非常激烈的市場。而且在某些層面上，如果只看純 AI 的敘事，每家公司聽起來都很相似。

I find it remarkable. And part of it is because creating voice agents and creating agents. Look on Cognigy, all I can say is it literally takes seconds, this is not a difficult activity.

我覺得這很值得注意。部分原因是因為打造語音代理、打造代理。以 Cognigy 來說，我只能說真的只要幾秒鐘，這不是一件困難的事。

So we really focus on our competitive positioning on what makes us unique. What makes NiCE unique? Well, it's the only platform that can run a hybrid workforce at scale. It's the only platform that has a best in class AI capability if you want to do that independent, but when you want to orchestrate it with the millions of voice interactions, the digital channels, the human workforce, you can do it in an interoperable way without any lag, without any integration, without any latency.

所以我們非常聚焦在我們的競爭定位，也就是我們的獨特之處。NiCE 的獨特之處是什麼？它是唯一能以規模運行混合型勞動力（hybrid workforce）的平台。如果你想獨立使用，它也是唯一具備同級最佳 AI 能力的平台；但當你要把它與數以百萬計的語音互動、數位通路與人工團隊協同編排（orchestrate）時，你可以以可互通（interoperable）的方式做到，沒有任何延遲、沒有任何整合負擔、沒有任何時延（latency）。

We also focus on mission critical scale. I think a lot of these companies are realizing, these AI native companies are realizing that when you get to mission critical scale. It can't drop. It can't fail. Quality matters. And we've been doing this for decades in our voice and digital and in the CXone platform.

我們也聚焦在任務關鍵（mission critical）的規模。我想很多這些公司——這些 AI 原生公司——正在意識到，當你達到任務關鍵的規模時，系統不能掉線。不能失敗。品質很重要。而我們在語音、數位以及 CXone 平台上，已經做了數十年。

So taking those same capabilities and doing it in the AI space really does differentiate us. And I think that's why you can understandably see large companies, complex transformational engagements around the world really are where those companies are looking for that capability.

因此，把同樣的能力帶到 AI 領域，確實讓我們形成差異化。我想這也是為什麼你可以理解地看到，全球大型企業、複雜的轉型型專案，正是那些公司在尋找這種能力的地方。

Now, to your second part of your question, which is a great one. We very much -- their philosophy is very much being a company that is able to interoperate within a competitive ecosystem. Our CCaaS platform, of course, integrates beautifully with other AI solutions. We operate with open LLMs, different LLMs, open source, open weight models. We offer our own speech transcription, text to speech service. That all we offer others that can be integrated into our platform.

接著談你問題的第二部分，這也很棒。我們非常——我們的理念非常明確：成為一家能在競爭生態系中互通運作的公司。我們的 CCaaS 平台當然能與其他 AI 解決方案完美整合。我們支援開放式 LLM、不同的 LLM、開源、開放權重模型。我們也提供自家的語音轉錄（speech transcription）與文字轉語音（text to speech）服務。而我們也把這些提供給其他人，讓其能整合進我們的平台。

And if you think of it from our point of view, NiCE Cognigy works beautifully with every other CCaaS platform. It works beautifully with other enterprise workflow solutions. So we very much look at an interoperable way and then really zero in on the value drivers that we can bring.

如果從我們的角度來看，NiCE Cognigy 與所有其他 CCaaS 平台都能很好地協作。它也能與其他企業工作流程解決方案良好協作。所以我們非常強調以可互通的方式運作，並真正聚焦在我們能帶來的價值驅動因素。

And then last but not least, the thing that we have the most that everybody needs that is native to our platform is our data. You can't run an AI platform without all the knowledge of all of the intent, the interactions, all the things that happens on voice is a requirement for any of those AI natives to be able to have an insightful way of being able to do containment, deflection, and others.

最後但同樣重要的是，我們擁有每個人都需要、且原生於我們平台的東西：我們的資料。沒有所有意圖（intent）、互動，以及語音上發生的一切知識，你就無法運行 AI 平台；而對任何 AI 原生公司而言，若要以有洞見的方式做到自助解決（containment）、分流（deflection）等，這些都是必要條件。

So our advantage is we can provide that natively with AI agents, human agents, interoperable platform, all within the one data platform that is easy for our customers to use and deploy. So we take an open approach. We back ourselves with our competitive differentiation, but we also look at ways that we can collaborate with both AI native players and even other CX players because we know that we've got value to provide, even if it's not the full suite. There are parts of our portfolio that are evaluating to our customers, and we don't limit ourselves with that opportunity.

因此，我們的優勢在於能以原生方式提供：AI 代理、人類代理、可互通的平台，全部都在同一個資料平台內，且讓客戶易於使用與部署。因此我們採取開放式的方法。我們以自身的競爭差異化作為後盾，但也會尋找與 AI 原生業者，甚至其他 CX 業者合作的方式，因為我們知道即使不是提供完整套件，我們仍能提供價值。我們產品組合中有些部分對客戶而言正在被評估，我們不會因此限制自己把握這個機會。

And then maybe just on the long-term cloud outlook, if we rewind nine months ago at your Analyst Day. Back in November, you talked about kind of this glide path to accelerating organic cloud growth, obviously, with Cognigy being a big driver of that. Given where numbers have settled out and with some of the changes in buying behavior, are those targets still on the table? Is the timeline still the same? Maybe just help us understand your confidence in that reacceleration story back to what you told us nine months ago?

接著可能談一下長期雲端展望，如果我們回到九個月前你們的分析師日。回到 11 月，你們談到一條讓有機雲端成長加速的「滑行路徑」，顯然 Cognigy 是其中的重要驅動因素。考量目前數字落點以及購買行為的一些變化，這些目標仍然有效嗎？時間表還是一樣嗎？也請協助我們理解，你們對於重新加速的敘事，是否仍有九個月前所說的那樣的信心？

Sure, great. I'll let Beth add to anything that I -- from an opening point of view. So when we got together in November last year, I talked a lot about the growth opportunity of both the CX market and the emerging AI opportunity. And I mentioned that we would need to invest in both the native capabilities and all the things that I described about Cognigy being integrated into the CX platform, being able to provide that transformation.

當然，好的。我先從開場角度說明，之後再請 Beth 補充我可能遺漏的部分。去年 11 月我們聚在一起時，我談了很多關於 CX 市場的成長機會，以及新興 AI 機會。我也提到我們需要投資於原生能力，以及我所描述的所有事項：把 Cognigy 整合進 CX 平台，並能提供那樣的轉型。

We knew that our differentiation was the combined platform, not just having pieces that could compete head-to-head on an isolated case. So that's been a large focus.

我們知道我們的差異化在於整合式平台，而不只是一些零散的組件，能在單一孤立情境下做一對一競爭。因此這一直是我們的重點。

And candidly, my main emphasis has been on winning the AI market, winning the CCaaS market, growing our backlog and bookings, completing the investments, which we're ahead of schedule on that then gives us confidence in we go into the out years of the mid-term guidance with confidence around our cloud revenue and our operating margins.

坦白說，我主要的重點一直放在贏下 AI 市場、贏下 CCaaS 市場、擴大我們的積壓訂單（backlog）與訂單（bookings）、完成相關投資；而我們在這些投資上進度超前，這也讓我們對於進入中期指引的後續年度時，能對雲端營收與營業利潤率更有信心。

So as of the first half of this year, I feel good about that midterm. What we've got to keep on doing is expand our international, expand with the strategic ecosystem, continue to book strongly on both AI and in the CX market.

因此截至今年上半年，我對那個中期目標感覺良好。我們必須持續做的是擴大國際市場、擴大策略生態系合作，並在 AI 與 CX 市場兩方面持續強勁接單。

And clearly, our opportunity now, based on all of the bookings, is converted into revenue. So look, we look at that outlook in a positive way, and we will continue to execute against the strategy. I'm feeling good about that.

而且很明確地，我們現在的機會在於把所有這些訂單轉換為營收。所以你看，我們以正面的方式看待這個展望，並會持續執行這項策略。我對此感覺良好。

Beth, anything you want to add?

Beth，你有想補充的嗎？

Yes, I think you've done a great job of covering it, Scott. I think one of the things that's important is we've really done well on executing on the strategic priorities that you highlighted, really driving the international growth, putting in play the ecosystem, more business with partners and opening that distribution network. So I think we're well positioned. We feel well on track in those medium-term targets. We've already. Executed.

有的，我認為你已經把重點講得很完整了，Scott。我覺得重要的一點是，我們在你強調的策略優先事項上執行得非常好，確實推動國際成長、啟動生態系布局、與合作夥伴做更多業務並打開那個分銷網路。所以我認為我們的定位很好。我們覺得在那些中期目標上進展順利。我們已經。執行到位。

And when we see both the backlog that we've had in the first half of this year, combined with some of the largest deals ever that we've seen, both internationally as well as for Cognigy, that gives us really the confidence that we're still on track for that medium-term outlook.

而當我們看到今年上半年累積的積壓訂單，再加上我們看到的一些史上最大型的交易（無論是國際市場或 Cognigy 方面），這讓我們非常有信心，我們仍然在那個中期展望的軌道上。

Samad Samana, Jefferies.

Samad Samana，Jefferies。

This is Joey on for Samad. Thank you for taking our questions. To start, it's great to see the strong results on the product side and the greater-than-expected term renewals in the non-CX business. As we think through the back half as we model product for the rest of the year, are you thinking about what your expectation as it relates to the on-prem strength? Thank you.

我是 Joey，代 Samad 提問。謝謝你們回答我們的問題。首先，很高興看到產品端的強勁表現，以及非 CX 業務中高於預期的定期續約。當我們思考下半年並為今年剩餘時間建立產品端模型時，你們對於地端（on-prem）強勢表現的預期是什麼？謝謝。

Thank you for the question. As you highlighted, I think we had as expected cloud growth in Q2 and really phenomenal growth in the product in the non-CX businesses in the second quarter. It really speaks to the durability of our ongoing business.

謝謝你的提問。如你所指出，我們在第二季的雲端成長符合預期，而在第二季非 CX 業務的產品端則有非常亮眼的成長。這確實反映了我們既有業務的韌性。

When you look at the back half, our strategy remains the same that our expectation is that we continue to drive and. Our customers, our legacy customers in those non-CX businesses over to the cloud. And that is what we factored into our expectation for the back half.

當你看下半年時，我們的策略維持不變：我們的預期是持續推動並。把我們那些非 CX 業務的既有客戶移轉到雲端。這也已納入我們對下半年的預期之中。

We do have opportunity and we may potentially see that some of those same financial institutions may opt to actually continue to stay with us durably on a term basis. But as of now, our expectation is that we'll continue to see that shift and that's certainly what we promote to our customers as well as internally to our internal go-to-market teams as well.

我們確實有機會，也可能會看到其中一些金融機構選擇以定期合約（term）的方式，持續長期穩定地與我們合作。但截至目前，我們的預期仍是會持續看到那樣的轉移；這也是我們對外向客戶、以及對內向我們的市場推進團隊所倡導的方向。

James Fish, Piper Sandler

James Fish，Piper Sandler

Ryan on for James Fish. So you guys talked about the renewed partnership with RingCentral. How does this impact your UCaaS offering you released and why the decision to renew here?

我是 Ryan，代 James Fish 提問。你們提到與 RingCentral 重新建立合作夥伴關係。這會如何影響你們已發布的 UCaaS 產品？以及為什麼決定在此時續約？

I think the reality is we've got a wonderful relationship and partnership with Ring we've had for over a decade and it's mutually beneficial not for just each other but also for our customers.

我想現實是，我們與 Ring 的關係與合作非常好，已經超過十年，這不僅對彼此互利，對我們的客戶也同樣有利。

And what we realize is back to the earlier question about our strategic partnership, is strategic partnerships don't mean exclusivity. So we have many customers that would like a capability that we can provide from NiCE, but it's also recognition that many customers want a world-class UCaaS platform and coexist and buy that in coexistence with their CCaaS or their CX AI platform.

而我們意識到，回到先前關於策略合作夥伴的問題：策略合作夥伴關係不代表排他性。因此，我們有許多客戶希望使用我們 NiCE 能提供的能力，但同時也認知到，許多客戶想要世界級的 UCaaS 平台，並希望在與其 CCaaS 或 CX AI 平台共存的情境下，同步採購與使用。

And we want to be active in promoting that, just as Ring actively promotes and drives the CX capabilities that we have, not only of our CCaaS, but also of Cognigy as well. So it's a win-win for both organizations, and it's an opportunity for our customers to have better choice, deployment flexibility, and it is accretive to what we can offer to our customers. Hence, we leant into that, and we look forward to continuing to build it out.

我們希望積極推動這件事；同樣地，Ring 也會積極推廣並帶動我們的 CX 能力，不僅是我們的 CCaaS，也包括 Cognigy。因此這對兩個組織是雙贏，也讓客戶擁有更好的選擇、部署彈性，並且能增厚（accretive）我們可提供給客戶的整體方案。因此我們加大投入，並期待持續把這項合作做大。

A quick follow-up too. So ARR is still growing over 50%, but if we back out Cognigy here, it seems that AI grew sub-30% compared to 40% last quarter. What's going on with that organic AI offering slowing down?

再快速追問一下。ARR 仍然成長超過 50%，但如果把 Cognigy 扣除，看起來 AI 的成長率低於 30%，相較上一季的 40%。你們的有機 AI 產品成長放緩是怎麼回事？

Yeah. I think, listen, first of all, you can't really look at organic versus inorganic with respect to Cognigy. At the time we made the acquisition of Cognigy, it meant that we discontinued selling the other comparable solutions we had previously. So you must look at it in consolidation. It doesn't really pertain to look at it in a segmented way at this point.

是的。我想，首先，你其實不能用「有機」對「無機」的方式來看 Cognigy。在我們收購 Cognigy 的時候，就代表我們停止銷售先前其他可比的解決方案。所以你必須用合併口徑來看。在這個時間點，用分拆的方式來看其實不太適用。

Tyler Radke, Citi.

Tyler Radke，花旗。

Just going back to some of the comments about the lag of bookings to revenue. And I guess related to the prior question, if I just compare your net new AI ARR, just taking the sequential AI ARR addition, it looks like Q2 was below Q2 of last year. You're calling out record bookings. So I'm curious, is there an offset whether it's churn or consolidation of other existing cloud revenue or is there a duration impact or is there some timing impact just because it does seem like you called out record strength in bookings, but as we look at that sequential ARR, it's not exactly showing up in terms of net new? Thank you.

我想回到先前一些關於「預訂（bookings）到營收」之間落後期的評論。我想也和上一題有關：如果我把你們的 AI ARR 淨新增，只看連續季度的 AI ARR 增量來比較，看起來今年 Q2 低於去年 Q2。你們又提到預訂創下紀錄。所以我很好奇，是否有一些抵銷因素——不論是流失（churn）或是其他既有雲端營收的整併，或是合約期間長短的影響，或是單純的時點影響——因為你們強調預訂創紀錄的強勁，但我們看那個連續季度 ARR，淨新增似乎沒有完全反映出來？謝謝。

Thank you for the question, Tyler. And it's spot on to what Scott and I both have been talking about earlier today, that it's simply related to the conversion of timing. We see the strength in our backlog, and you may see variability from quarters in terms of how that shakes out. Again, we expect to see that expansion coming more so you'll see in the forward-looking ARR in the back half.

謝謝你的提問，Tyler。而且你問得非常到位，正如 Scott 和我今天稍早都談到的，這純粹與轉換時點有關。我們看到積壓訂單（backlog）的強勁，而你可能會看到各季度之間在落地節奏上有所波動。再次強調，我們預期那個擴張會更明顯地體現在後半年的前瞻性 ARR 上。

Arjun Bhatia, William Blair and Company.

Arjun Bhatia，William Blair and Company。

I'm Willow on for Arjun Bhatia. Thanks for taking your question. I appreciate your comments about the targeted renewals and how they were thoughtful and extended to certain marquee customers. But if the strategy plays out how you expect it to, would you consider extending these strategic renewals to customers beyond this first group?

我是 Willow，代 Arjun Bhatia 提問。謝謝讓我提問。我很感謝你們談到這些「目標式續約」以及你們如何審慎地把它延伸到某些指標性（marquee）客戶。但如果這個策略如你們預期般發展，你們會考慮把這些策略性續約延伸到第一批客戶以外的其他客戶嗎？

It's a good question. So as you can appreciate, we look at this really closely and if you think about the strengths of NiCE, many of them are around our product, our history, our capability, but one of our biggest strengths is our customer base and our install base.

這是個好問題。如你所理解的，我們會非常仔細地看這件事；如果你想想 NiCE 的優勢，很多來自於我們的產品、歷史與能力，但我們最大的優勢之一是我們的客戶基礎與裝機基礎（install base）。

So we have a very clear view about our renewals, our outlook, not only for 2026, 2027, and even into 2028, we've got a very clear view of what customers, what they're using, where they're at, and having proactive conversations about their deployment journeys.

因此，我們對續約與展望有非常清楚的掌握，不僅是 2026、2027，甚至到 2028；我們很清楚哪些客戶、他們在用什麼、目前處於什麼階段，並且就他們的部署旅程進行前瞻性的對話。

So I think what you can interpret is based on the signals and the buying behavior of our customers that we clearly saw in Q1, we're way further in front of being able to engage our customers around how to best deploy AI and leverage that within their CXone environment. The beauty is now that Cognigy is integrated into CXone completely, they can literally click a button. And they can start activating some of those AI capabilities that Cognigy provides, which wasn't available to us, obviously, at the beginning of the year.

所以我認為你可以這樣解讀：基於我們在 Q1 清楚看到的客戶訊號與採購行為，我們在與客戶互動、討論如何最佳部署 AI 並在其 CXone 環境中加以運用方面，已經走在更前面。而且最棒的是，現在 Cognigy 已經完全整合進 CXone，他們真的只要按一下按鈕。他們就能開始啟用 Cognigy 所提供的一些 AI 能力；這在年初顯然還不是我們能做到的。

So I'm not expecting any adverse impacts in terms of our overall growth or revenue outlooks as we look at those renewals, in fact, quite the opposite. As we look at the opportunity with those customers, well in advance of renewal events that we can then seamlessly be able to bring in those AI capabilities, do it in an enhanced way and then obviously make it a creative for our growth overall as a company.

因此，當我們看這些續約時，我不預期會對整體成長或營收展望造成任何不利影響，事實上恰恰相反。我們在續約事件發生之前很早就能看到與這些客戶的機會，屆時我們可以無縫導入這些 AI 能力，以更強化的方式落地，並且顯然讓它成為推動公司整體成長的動能。

Patrick Walravens, Citizens.

Patrick Walravens，Citizens。

And congratulations, you guys on the biggest deal in your history. So, Scott, who -- when you're doing these eight-figure deals, can you just talk to us a little bit about who you're competing against and how that dynamic works? I mean, is it Genesys? Is it Sierra/Decagon? Does the new Agentforce contact center product from Salesforce show up? Who do you end up at the end of the day having to beat out to win these deals?

恭喜你們拿下公司史上最大的一筆交易。Scott，當你們在做這種八位數金額的交易時，能否跟我們談談你們主要在跟誰競爭，以及那個競爭態勢是怎麼運作的？是 Genesys 嗎？是 Sierra/Decagon 嗎？Salesforce 的新 Agentforce 聯絡中心產品會出現嗎？到最後你們通常需要擊敗哪些對手才能贏下這些案子？

Yeah, it's a good question, Patrick. The answer is probably all of the above. I mean, the reality is it is a competitive environment. And let's face it, we fully acknowledge that all customers have choice of approach. We believe firmly that the system of engagement and the customer engagement platform in a united manner will be the preeminent way large enterprise and medium for that matter will be able to deliver their customer experience.

是的，這是個好問題，Patrick。答案大概是以上皆是。現實是，這是一個競爭激烈的環境。坦白說，我們完全承認所有客戶都有不同的選擇與做法。我們堅信，「互動系統（system of engagement）」與「客戶互動平台」以統一的方式結合，將會是大型企業（以及中型企業）交付客戶體驗的最主要方式。

It takes a bit of time because what they're evaluating is not only who is the best vendor or who's the best partner, but how to achieve their business outcomes. Companies don't want to be integrating different technologies. So what they're doing is they're looking at AI-native solutions, but then they have to figure out how to integrate it and how to maintain that integration.

這需要一些時間，因為他們評估的不只是誰是最好的供應商或最好的合作夥伴，還包括如何達成他們的業務成果。企業不想整合各種不同的技術。所以他們會去看 AI 原生（AI-native）的解決方案，但接著又必須弄清楚要如何整合，以及如何維持那個整合。

If they then look at a unified platform like us, then they look at our direct peers in historical CCaaS space and says, who's got the end-to-end capability that provides voice, digital, human, AI agent, all in a complete and has an innovation roadmap. So we're clearly in front there.

如果他們轉而看像我們這樣的統一平台，他們就會拿我們與歷史上 CCaaS 領域的直接同業相比，並問：誰具備端到端能力，能提供語音、數位、人力、AI 代理（AI agent）等完整能力，並且有創新路線圖。在這方面我們顯然領先。

We see that with our win rates and that's where customers like HMRC who clearly chose to go onto our platform going from a legacy on-prem platform that was not NiCE. So it is very competitive in those different scenarios. And the way we feel good about it, Patrick, is this. If a customer chooses to break it apart and then they're going to choose their CCaaS as distinct from their AI platform, as distinct from their workforce management, we stand up really well.

我們從勝率中也看得到這點；像 HMRC 這樣的客戶，明確選擇從一個並非 NiCE 的傳統地端（on-prem）平台轉到我們的平台。所以在不同情境下競爭確實非常激烈。而我們之所以有信心，Patrick，是因為這樣：如果客戶選擇把方案拆開，分別選 CCaaS、分別選 AI 平台、分別選人力管理（workforce management），我們也能有很好的競爭力。

But when they look at the combined offer of a unified platform and the benefits of it, we stand apart. And that's the way that we go to market and compete on those. But I would highlight NiCE Cognigy, I mentioned it earlier, but I just want to reiterate it, on a standalone basis, head-to-head against these AI players, it stacks up really well and we compete favorably. So we have confidence that we have different buying behaviors and we're able to compete on those, but clearly the unified platform is our sweet spot and one that really does drive the large enterprise.

但當他們看的是「統一平台」的組合式方案及其帶來的效益時，我們就更能脫穎而出。這也是我們進入市場並在這些案子上競爭的方式。另外我想特別強調 NiCE Cognigy——我先前提過，但我想再重申一次——即使以獨立產品來看，與這些 AI 業者正面對決，它的表現也非常出色，我們的競爭態勢也相當有利。因此，我們有信心面對不同的採購行為都能競爭；但很明顯，統一平台是我們的甜蜜點，也確實能驅動大型企業客戶。

Great. And then Beth, if I could do, thank you for that, Beth, if I could do a follow-up for you. Just on the whole bookings versus rev rec, I mean, is it, are you comfortable saying that you're reiterating the $3.5 billion in 2028? Because that would kind of answer all the questions.

很好。然後 Beth，如果可以的話——謝謝你剛才的說明，Beth——我想再追問你一題。就「預訂」對比「營收認列（rev rec）」這整件事而言，你們是否可以有把握地說，你們重申 2028 年 35 億美元的目標？因為那樣基本上就能回答所有問題。

That's correct, Pat. We're standing with the expectation of the to continue to meet all of the guidance on the topline that we've already communicated as well as the other targets that we communicated last November as well, yes.

沒錯，Pat。我們維持先前已經對外溝通的營收（topline）指引預期，並且也維持去年 11 月所溝通的其他目標，是的。

Elizabeth Porter, Morgan Stanley.

Elizabeth Porter，摩根士丹利。

Thank you so much. I had a question just on the cloud NRR number, which took down a little bit versus Q1 and appreciate you guys cited some compression in certain CX components, but clearly highlighting this longer-term opportunity, especially, as customers scale with AI. So could you just kind of frame the near-term proportion of cloud ARR that is exposed to some of this compression and maybe some of those milestones that would indicate that NRR has reached a trough before we can get to the opportunity to start to re-improve?

非常感謝。我想問一下雲端 NRR 的數字，相較於 Q1 有小幅下滑；也理解你們提到某些 CX 組件有一些壓縮（compression），但你們也清楚強調了較長期的機會，尤其是當客戶隨著 AI 擴大規模時。所以你們能否說明一下，短期內雲端 ARR 中有多少比例暴露在這類壓縮之下？以及有哪些里程碑可以用來判斷 NRR 已經觸底，之後我們才有機會看到它開始回升、重新改善？

Thank you for the question. The cloud NRR and the NRR generally was as anticipated for the quarter. It was really just a modest change from what we saw in the first quarter at 106% NRR. It's really directly tied to what you started your question with, which was the strategic renewal opportunities that we addressed last quarter, and that was expected and really anticipated in what we've shown here.

感謝您的提問。本季雲端 NRR 與整體 NRR 大致符合預期。相較於第一季 106% 的 NRR，實際上只是小幅變動。這與您提問一開始提到的內容直接相關，也就是我們在上季所處理的策略性續約機會；這是預期之內的，也已反映在我們此處所呈現的結果中。

Catharine Trebnick, Rosenblatt Securities.

Catharine Trebnick，Rosenblatt Securities。

You mentioned the ACV from the GSI partners was multiple times higher year over year, and you featured Gemini, which I think is a new GSI partner. And then at NiCE International, you had two GSI sponsors that you hadn't had in the past. So the question is, what are they offering with NiCE that can't be replicated from competing platforms, and then is that a durable differentiation. Anything else we can unpack about how these partnerships are really helping you out with the larger opportunities? Thank you.

您提到來自 GSI 合作夥伴的 ACV 年增為數倍，並且您特別提到 Gemini，我認為這是一家新的 GSI 合作夥伴。另外在 NiCE International，您有兩家過去沒有的 GSI 贊助商。所以問題是，他們透過 NiCE 提供了哪些競爭平台無法複製的東西？以及這是否是可長期維持的差異化。關於這些合作夥伴關係如何在更大型的機會上真正幫助你們，還有什麼可以進一步拆解說明的嗎？謝謝。

Yes, it's a great question. So maybe just a bit of context and history. If you remember, I guess last year, I spoke a lot about the importance of strategic partnerships. and you probably would have noticed they placed an enormous amount of attention on technology partnerships.

是的，這是個很好的問題。我先補充一些背景與歷史。如果您還記得，我想在去年我談了很多策略性合作夥伴的重要性，而您可能也注意到我們把非常多的注意力放在技術合作夥伴關係上。

So whether it be with AWS, with ServiceNow, with Salesforce, with RingCentral and many other technology partners. And I indicated that we were also now really leaning into our GSI partnerships. It takes a bit of time for that to bear fruit. Why? Because we have to invest in a lot of effort. We've got a record number of certified and trained NiCE Cognigy and NiCE Consultants now within our GSI partner ecosystem. We built a go-to-market platform which we can now really target and pursue and build out. They see a durable growth opportunity for them because they see the same demand signals as we do. We put in place a new Chief Partner Officer under our COO, Arun, to really drive this engagement.

無論是與 AWS、ServiceNow、Salesforce、RingCentral，以及許多其他技術合作夥伴。我也提到我們現在確實正加大投入我們的 GSI 合作夥伴關係。這需要一些時間才能開花結果。為什麼？因為我們必須投入大量努力。目前在我們的 GSI 合作夥伴生態系中，已擁有創紀錄數量通過認證並受訓的 NiCE Cognigy 與 NiCE 顧問。我們建立了一個 go-to-market 平台，現在可以真正鎖定、追求並擴展。他們看到對他們而言具可持續性的成長機會，因為他們看到與我們相同的需求訊號。我們在 COO Arun 之下新設了首席合作夥伴長（Chief Partner Officer），以真正推動這項合作。

So a lot of work and effort has been building upon this, which has led to the results that you saw in Q2, which was. Wins, whether it be at the HMRC with Capgemini, the healthcare opportunity with Accenture and many others.

因此，許多工作與努力一直在此基礎上累積，進而帶來您在第二季看到的成果，也就是：各項勝出案例，不論是與 Capgemini 在 HMRC 的案子、與 Accenture 的醫療保健機會，以及其他許多案例。

So what do we expect from here? The beauty of the GSI ecosystem is once they've got scale of capability and they've got repeatable assets they build around our technology stack. They will then scale it both from a go-to-market and from an execution. I see multiple advantages and I'm excited about it as you can probably hear in my voice.

那麼我們接下來預期會如何？GSI 生態系的美妙之處在於，一旦他們具備規模化的能力，並且圍繞我們的技術堆疊建立可重複使用的資產，他們就會在 go-to-market 與交付執行兩方面同步擴大規模。我看到多重優勢，也對此感到非常興奮，您大概也能從我的語氣聽得出來。

The first is they expand our reach into the market without being dependent on our own go-to-market sellers. So we get a better reach into because they have relationships beyond the CX space in all of these enterprise customers. Secondly, they have deep industry expertise that really complement our strong technology stack, so we get win-win, and that's why healthcare, public sector, insurance, banking were able to provide a more nuanced and detailed capability that combines those together.

第一，他們在不依賴我們自有 go-to-market 銷售團隊的情況下，擴大我們的市場觸及。因此我們能有更好的市場覆蓋，因為他們在這些企業客戶中，除了 CX 領域之外也擁有更廣泛的人脈關係。第二，他們具備深厚的產業專業，能與我們強大的技術堆疊形成互補，因此是雙贏；這也是為什麼在醫療保健、公部門、保險、銀行等領域，我們能提供更細緻、更深入的能力，把兩者結合起來。

And then last but not least is they help us innovate because what they were able to do is the speed of innovation that we now see with our forward deployed engineers combined with our GSO partners is we're able to innovate with rapid prototyping that we can do, we bring that back into product. So they really do give us expansion and scale. We've only scratched the surface. I think you'll continue to see the impact of that. Ultimately, it's a key driver for us on that long-term growth and the outlook that we've provided, which is exciting. Hopefully, that gives some context.

最後但同樣重要的是，他們也幫助我們創新；因為他們能做到的是：我們現在看到的創新速度，結合我們的前線部署工程師（forward deployed engineers）與我們的 GSO 合作夥伴，我們能以快速原型（rapid prototyping）進行創新，並把成果回饋到產品中。所以他們確實帶給我們擴張與規模化。我們目前只是略窺門徑。我認為您會持續看到其影響。最終，這是我們長期成長以及我們所提供展望中的關鍵驅動因素，令人振奮。希望這些能提供一些背景脈絡。

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

問答環節到此結束。我現在把電話交回給 Scott Russell 作結語。

Thank you, operator. Look, I think as closing, I just want to recap on where we see the quarter end and where we see the outlook. The beginning of the year, as was referenced on this call, we talked about investing in international markets. It's a winner. We invested in strategic partnerships. It's a winner. We invested in an AI capability that is best in class. It's a winner. We talked about integrating into a single native platform on CXone. It's a winner. It's ahead of schedule.

謝謝，接線員。我想在結語中，我只想回顧一下我們如何看待本季收官，以及我們如何看待未來展望。年初時，如同本次電話會議所提到的，我們談到投資國際市場。這是成功的。我們投資策略性合作夥伴關係。這是成功的。我們投資同級最佳的 AI 能力。這是成功的。我們談到在 CXone 上整合為單一原生平台。這是成功的。而且進度超前。

And we talked about then driving durable growth and then starting to reaccelerate margins as we are able to then capitalize on this opportunity. We're on track and we feel really good about what we delivered, but more importantly, where we're going. Yes, it's a competitive, interesting market, but we're well positioned and we have a unique strategy compared to others. So I appreciate the time today and look forward to further engagement. Thanks, everybody.

我們也談到推動可持續的成長，並在我們能夠把握這個機會時，開始讓利潤率重新加速提升。我們進展如期，對我們所交出的成果感到非常滿意，但更重要的是對我們要前往的方向更有信心。是的，這是一個競爭激烈且有趣的市場，但我們具備良好定位，且相較於其他公司，我們有獨特的策略。因此感謝各位今天撥冗參與，也期待後續更多交流。謝謝大家。

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

各位女士先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。