UiPath Inc (PATH) 2023 Q2 法說會逐字稿

Greetings. Welcome to the UiPath Second Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎參加 UiPath 2023 年第二季度收益電話會議。 （操作員說明）請注意此會議正在錄製中。

I will now turn the conference over to your host, Kelsey Turcotte, Senior Vice President of Investor Relations. You may begin.

我現在將把會議轉交給您的主持人，投資者關係高級副總裁凱爾西·特科特（Kelsey Turcotte）。你可以開始了。

Good afternoon, and thank you for joining us today to review UiPath's second quarter fiscal 2023 financial results, which we announced in our earnings press release issued after the close of the market today. On the call with me are Daniel Dines, UiPath Co-Founder and Co-Chief Executive Officer; Rob Enslin, Co-Chief Executive Officer; and Ashim Gupta, Chief Financial Officer. Rob will start the discussion and then turn the call over to Daniel. After that, Ashim will review our results and provide guidance. Then we will open the call for questions.

下午好，感謝您今天加入我們，回顧 UiPath 的 2023 財年第二季度財務業績，我們在今天收盤後發布的收益新聞稿中宣布了這一結果。與我通話的是 UiPath 聯合創始人兼聯合首席執行官 Daniel Dines； Rob Enslin，聯合首席執行官；和首席財務官 Ashim Gupta。 Rob 將開始討論，然後將電話轉給 Daniel。之後，Ashim 將審查我們的結果並提供指導。然後我們將打開問題的電話。

Our earnings press release and financial supplemental materials are posted on the UiPath Investor Relations website, ir.uipath.com. These materials include GAAP to non-GAAP reconciliations. We plan to discuss non-GAAP metrics on today's call.

我們的收益新聞稿和財務補充材料發佈在 UiPath 投資者關係網站 ir.uipath.com 上。這些材料包括公認會計原則與非公認會計原則的對賬。我們計劃在今天的電話會議上討論非 GAAP 指標。

This afternoon's call includes forward-looking statements about our ability to drive growth and operational efficiency and our financial guidance for the third fiscal quarter and fiscal year-end 2023. Actual results may differ materially from those expressed in the forward-looking statements due to many factors, and therefore, investors should not place undue reliance on these statements.

今天下午的電話會議包括關於我們推動增長和運營效率的能力的前瞻性陳述，以及我們對第三財季和 2023 財年末的財務指導。實際結果可能與前瞻性陳述中表達的結果大不相同，因為許多因素，因此，投資者不應過分依賴這些陳述。

For a discussion of the material risks and uncertainties that could affect our actual results, please refer to our annual report on Form 10-K for the year ended January 31, 2022, and our other reports filed with the SEC, including our quarterly report on Form 10-Q for the quarterly period ended July 31, 2022, to be filed with the SEC. Forward-looking statements made on this call reflect our views as of today. We undertake no obligation to update them.

有關可能影響我們實際業績的重大風險和不確定性的討論，請參閱我們截至 2022 年 1 月 31 日止年度的 10-K 表格年度報告，以及我們向 SEC 提交的其他報告，包括我們的季度報告截至 2022 年 7 月 31 日的季度期間的 10-Q 表格，將提交給 SEC。在本次電話會議上發表的前瞻性陳述反映了我們截至今天的觀點。我們不承擔更新它們的義務。

I would like to highlight that this webcast is being accompanied by slides. We will post the slides and a copy of our prepared comments to our Investor Relations website immediately following the conclusion of this call.

我想強調的是，本次網絡廣播附有幻燈片。我們將在本次電話會議結束後立即將幻燈片和我們準備好的評論副本發佈到我們的投資者關係網站。

Before I turn the call over to Rob, I'd like to inform you, we plan to hold an Investor Day during our FORWARD 5 user conference on Tuesday, September 27, at the Venetian Hotel in Las Vegas, starting at 11:45 a.m. Pacific Time with lunch that will feature round tables hosted by our executive team. Please reach out to ir@uipath.com for registration details.

在我將電話轉給 Rob 之前，我想通知您，我們計劃在 9 月 27 日星期二上午 11 點 45 分在拉斯維加斯威尼斯人酒店舉行的 FORWARD 5 用戶會議期間舉行投資者日。太平洋時間午餐，由我們的執行團隊主持圓桌會議。請聯繫 ir@uipath.com 了解註冊詳情。

Now I'd like to hand the call over to Rob.

現在我想把電話交給 Rob。

Thank you, Kelsey, and good afternoon, everyone. Thank you for joining us. Our second quarter results exceeded the high end of our guidance despite an increasing FX headwind and a choppy macro environment. ARR crossed the $1 billion mark, totaling $1.043 billion, an increase of 44% year-over-year driven by net new ARR of $66 million.

謝謝你，凱爾西，大家下午好。感謝您加入我們。儘管外匯逆風和宏觀環境動盪，我們的第二季度業績仍超過了我們指引的高端。 ARR 突破 10 億美元大關，總計 10.43 億美元，在淨新增 ARR 6600 萬美元的推動下，同比增長 44%。

We now serve more than 10,500 customers. Automation continues to be a central part of digital transformation for companies of all sizes and across all industries. We see this in the breadth of companies that continue to invest in UiPath, like ADT, Icertis, Mayo Clinic, Smartsheet and Take-Two Interactive, which are just a few of the organizations that invested in UiPath platform in the second quarter.

我們現在為超過 10,500 名客戶提供服務。對於各種規模和各行各業的公司而言，自動化仍然是數字化轉型的核心部分。我們在繼續投資 UiPath 的眾多公司中看到了這一點，例如 ADT、Icertis、Mayo Clinic、Smartsheet 和 Take-Two Interactive，這些只是第二季度投資 UiPath 平台的組織中的一小部分。

Our relationship with iCIMS, a leading global provider of talent acquisition software, is a good example of the power of automation. During the quarter, they expanded their UiPath deployment. And looking to the future, they plan to embed UiPath Automation Cloud robots and Integration Service into the iCIMS Talent Cloud to enable their customers to automate routine tasks and business processes.

我們與全球領先的人才招聘軟件提供商 iCIMS 的關係是自動化力量的一個很好的例子。在本季度，他們擴大了 UiPath 部署。展望未來，他們計劃將 UiPath 自動化雲機器人和集成服務嵌入到 iCIMS 人才雲中，使他們的客戶能夠自動化日常任務和業務流程。

Success stories like these and dozens of customers and partners I have met since I joined UiPath leave no doubt in my mind that we will be the enterprise automation provider that all organizations will embrace over time. That's because we move automation beyond RPA to a full suite of end-to-end platform capabilities.

自從我加入 UiPath 以來，我遇到的這些成功案例以及我遇到的數十個客戶和合作夥伴毫無疑問地讓我相信，隨著時間的推移，我們將成為所有組織都會接受的企業自動化提供商。這是因為我們將自動化從 RPA 轉移到一整套端到端平台功能。

Our PostFinance AG win says it better than we do. PostFinance, a retail financial institution in Switzerland, has been on its automation journey for 3 years with a competitor in RPA and another in process mining. Driven by a search for more efficient automation platform with a wider scope, they determined that UiPath platform is the one in the market that can fulfill all their current and future needs while significantly reducing the total cost of ownership for their automation program and helping them to achieve their strategic goal to become more efficient.

我們的 PostFinance AG 勝出比我們做得更好。 PostFinance 是瑞士的一家零售金融機構，與 RPA 領域的競爭對手和流程挖掘領域的競爭對手一起進行了 3 年的自動化之旅。在尋求更高效、範圍更廣的自動化平台的推動下，他們確定 UiPath 平台是市場上能夠滿足他們當前和未來所有需求的平台，同時顯著降低其自動化程序的總擁有成本並幫助他們實現他們的戰略目標，提高效率。

Our platform not only allows customers to discover automation opportunities but also redesign and improve previously disjointed processes, bringing them from the endless cycle of outdated approaches and unlocking the true digital transformation. Digital transformation is one of the most important secular trends, and UiPath platform is central for companies to reach their goal. Over and over, the executives tell me that automation has accelerated their business, improved their customer and employee experience, increased speed to value and allowed them to redeploy capital. These kinds of outcomes, our customer discussion from the RPA center of excellence, which is automating process by process, to the C-suite executives, we have a holistic view of enterprise requirements.

我們的平台不僅可以讓客戶發現自動化機會，還可以重新設計和改進以前脫節的流程，讓他們擺脫過時方法的無休止循環，開啟真正的數字化轉型。數字化轉型是最重要的長期趨勢之一，而 UiPath 平台是公司實現目標的核心。高管們一遍又一遍地告訴我，自動化加速了他們的業務，改善了他們的客戶和員工體驗，加快了實現價值的速度，並允許他們重新部署資本。這些結果，我們從 RPA 卓越中心（按流程自動化流程）到 C 套件高管的客戶討論，我們對企業需求有一個整體的看法。

A great example of this evolution is a U.S.-based global power technology leader, a customer since 2018. They've automated over 160 processes across finance, supply chain, HR, IT and shared services, saving over $4 million. Now with the C-suite sponsorship, they have expanded their programs to the full UiPath platform, both on-premise and in the cloud, and are launching a citizen development and a tendered automation program.

這種演變的一個很好的例子是總部位於美國的全球電力技術領導者，自 2018 年以來一直是客戶。他們已經自動化了財務、供應鏈、人力資源、IT 和共享服務的 160 多個流程，節省了超過 400 萬美元。現在，在 C-Suite 的讚助下，他們已經將他們的計劃擴展到了完整的 UiPath 平台，包括本地和雲端，並且正在啟動公民開發和招標的自動化計劃。

My takeaway from the last few months is that the market is clearly evolving, and UiPath is driving that evolution. We have a first-mover and a technological advantage. And as an automation leader, we continue to expand the value we can deliver for our customers.

我對過去幾個月的看法是，市場顯然在發展，而 UiPath 正在推動這種發展。我們擁有先發優勢和技術優勢。作為自動化領導者，我們將繼續擴大我們可以為客戶提供的價值。

That being said, while we believe our business has considerable room to grow, our top line metrics have slowed, and we need to evolve how we manage our business. Our go-forward priority will be to balance investing for the long-term growth while managing the business to consistently expand non-GAAP operating margin and deliver sustainable positive adjusted free cash flow in fiscal year 2024 and beyond.

話雖如此，雖然我們相信我們的業務有相當大的增長空間，但我們的頂線指標已經放緩，我們需要改進我們管理業務的方式。我們前進的優先事項將是平衡投資以實現長期增長，同時管理業務以持續擴大非公認會計準則營業利潤率，並在 2024 財年及以後提供可持續的正調整自由現金流。

As we said during our IPO, our long-term objective, we expect to achieve a non-GAAP operating margin of greater than 20%, and our commitment to that objective has not changed. Let me be clear. I don't believe we need to sacrifice growth to achieve our profitability targets. This market is large and early stage. Our customers are committed to UiPath, and they love the outcomes we deliver.

正如我們在首次公開募股中所說的那樣，我們的長期目標是，我們希望實現超過 20% 的非公認會計準則營業利潤率，並且我們對該目標的承諾沒有改變。讓我說清楚。我不認為我們需要犧牲增長來實現我們的盈利目標。這個市場很大而且處於早期階段。我們的客戶致力於 UiPath，他們喜歡我們提供的成果。

In the short term, we are strategically repositioning the company to increase velocity, efficiency and customer centricity. This includes evaluating -- elevating customer conversations, selling business outcomes and helping organizations realize the transformational benefits of automation. We have the opportunity to be the essential automation goal standard for customers delivering technology that is integral to their business strategy.

在短期內，我們正在戰略性地重新定位公司，以提高速度、效率和以客戶為中心。這包括評估——提升客戶對話、銷售業務成果和幫助組織實現自動化的轉型優勢。我們有機會成為客戶提供其業務戰略不可或缺的技術的基本自動化目標標準。

To get there, we are aligning around 4 strategic objectives. First, investing in our platform to increase our competitive moat and delight our customers with disruptive and innovative capabilities that improve outcomes, accelerate return on investment and leverage the cloud.

為了實現這一目標，我們圍繞 4 個戰略目標進行調整。首先，投資於我們的平台，以增加我們的競爭護城河，並通過改善成果、加速投資回報和利用雲的顛覆性和創新能力取悅我們的客戶。

Second, increasing velocity and productivity. This is where we are expending the most energy and also expect the greatest return. We need to set ourselves up to take advantage of our incredible new platform releases like 2022.10, which we plan to unveil at FORWARD 5 in a few weeks. This includes branding and marketing around business outcomes that resonate with the C-suite, simplifying our sales motion to lower costs, building strategic partnerships that elevate our brand and serve as distribution channels and coalescing around partners that can really move the needle.

其次，提高速度和生產力。這是我們花費最多的精力，也期望獲得最大回報的地方。我們需要做好準備，以利用我們令人難以置信的新平台版本，例如 2022.10，我們計劃在幾週後在 FORWARD 5 上推出這些版本。這包括圍繞與最高管理層產生共鳴的業務成果進行品牌推廣和營銷，簡化我們的銷售活動以降低成本，建立戰略合作夥伴關係以提升我們的品牌並作為分銷渠道，以及圍繞真正能夠推動工作的合作夥伴進行聯合。

Third, we are bringing together a diverse team aligned around driving UiPath to the next level. Every business that grows at our rate requires experienced leadership. We have great bench strength, having already elevated internal leaders to new roles, and a strong brand that is attracting a great pool of new talent, as you saw by today's sales leadership announcement.

第三，我們正在組建一支多元化的團隊，共同推動 UiPath 更上一層樓。以我們的速度增長的每一項業務都需要經驗豐富的領導。正如您在今天的銷售領導力公告中所看到的，我們擁有強大的替補實力，已經將內部領導提升到了新的角色，以及吸引了大量新人才的強大品牌。

Finally, and equally critical, we are committed to sustain profitable growth by leveraging our scale and exercising disciplined resource allocation. Profitability is a core pillar of our go-forward strategy.

最後，同樣重要的是，我們致力於通過利用我們的規模和執行有紀律的資源分配來維持盈利增長。盈利能力是我們前進戰略的核心支柱。

While we are reducing our near-term forecast to account for a significant FX headwind, the macro environment and our internal repositioning, I am confident in our strategy. And I firmly believe from my experience that we are on the right track to achieve our growth and profitability objectives. And I am confident in our strategy.

雖然我們正在降低近期預測以應對重大的外匯逆風、宏觀環境和我們的內部重新定位，但我對我們的戰略充滿信心。我堅信，根據我的經驗，我們正走在實現增長和盈利目標的正確軌道上。我對我們的戰略充滿信心。

I'll now turn the call over to Daniel.

我現在將把電話轉給丹尼爾。

Thanks, Rob. We frequently talk about our market leadership. And in July, we were positioned by Gartner as the Leader in the 2022 Gartner Magic Quadrant for Robotic Process Automation research report for the fourth year in a row, positioning UiPath highest for Ability to Execute and furthest for Completeness of Vision. We are gratified to have received this recognition.

謝謝，羅伯。我們經常談論我們的市場領導地位。 7 月，我們連續第四年被 Gartner 評為 2022 年 Gartner 機器人過程自動化魔力像限研究報告中的領導者，將 UiPath 在執行能力和願景完整性方面排名最高。我們很高興得到這樣的認可。

We continue to hear from our customers that the breadth of capabilities in UiPath's automation platform is why we win. UiPath is the only company that offers a complete solution, including Task and Process Mining, Document Understanding, Test Suite, RPA and low code deployed on-premise or in the cloud. Task and Process Mining are key to helping customers discover new opportunities for automation. And in June, we were named a Process Mining Leader in the Technology Vendor landscape, according to the Everest Group PEAK Matrix for Process Mining Technology Vendors 2022 for the third consecutive year. And in our upcoming 22.10 platform release, we will introduce new process mining capabilities.

我們不斷從客戶那裡聽到 UiPath 自動化平台的廣泛功能是我們獲勝的原因。 UiPath 是唯一一家提供完整解決方案的公司，包括任務和流程挖掘、文檔理解、測試套件、RPA 以及在本地或云端部署的低代碼。任務和流程挖掘是幫助客戶發現自動化新機會的關鍵。根據 Everest Group 2022 年流程挖掘技術供應商峰值矩陣，我們在 6 月連續第三年被評為技術供應商領域的流程挖掘領導者。在我們即將發布的 22.10 平台版本中，我們將引入新的流程挖掘功能。

At the other end of the automation life cycle, Test Suite is emerging as a meaningful growth opportunity for UiPath and an important tool for customers to scale their programs resiliently. The value of Test Suite expands when customers use UiPath's test capabilities for both RPA and application testing, driving our platform adoption in a new market.

在自動化生命週期的另一端，Test Suite 正在成為 UiPath 有意義的增長機會，也是客戶彈性擴展程序的重要工具。當客戶將 UiPath 的測試功能用於 RPA 和應用程序測試時，Test Suite 的價值就會擴大，從而推動我們的平台在新市場中的採用。

Finally, we have long believed that the combination of UI plus API plus AI automation is the key to customer success and are really excited about the acquisition of Re:infer. By adding Re:infer to our platform, we can now leverage natural language processing and machine learning technology to do what we call communications mining, transforming massive amounts of unstructured data into actionable information with speed and accuracy, which customers like UBS, Paychex and Farfetch are already doing.

最後，我們長期以來一直認為 UI 加 API 加 AI 自動化的結合是客戶成功的關鍵，並且對收購 Re:infer 感到非常興奮。通過將 Re:infer 添加到我們的平台，我們現在可以利用自然語言處理和機器學習技術來進行我們所謂的通信挖掘，將大量非結構化數據快速準確地轉換為可操作的信息，客戶如 UBS、Paychex 和 Farfetch已經在做。

Combining Re:infer with the breadth of our AI-powered capabilities unlocks new opportunities for our customers. We are very excited to unveil our newest innovations at FORWARD 5, where we will announce exciting functionality in our 2022.10 platform release across all elements of our platform. We hope to see many of you there.

將 Re:infer 與我們廣泛的 AI 驅動能力相結合，為我們的客戶開啟了新的機遇。我們很高興在 FORWARD 5 上展示我們的最新創新，我們將在 2022.10 平台版本中宣布我們平台所有元素的激動人心的功能。我們希望在那裡見到你們中的許多人。

With that, I'll turn the call over to Ashim to talk in more detail about our second quarter results and provide guidance.

有了這個，我將把電話轉給 Ashim，以更詳細地討論我們的第二季度業績並提供指導。

Thank you, Daniel. Before I get started, please note that unless otherwise indicated, I will be discussing results on a non-GAAP basis, and all growth rates are year-over-year.

謝謝你，丹尼爾。在開始之前，請注意，除非另有說明，否則我將在非公認會計原則的基礎上討論結果，並且所有增長率都是同比增長的。

We delivered a solid second quarter in the face of increasing FX headwinds and a more measured buying environment. Customers understand the meaningful business outcomes that automation delivers and the competitive differentiation of UiPath's automation platform. In fact, 2 of our largest deals in the quarter were new customers making multiyear commitments to our platform, which is really nice to see.

面對不斷增加的外匯逆風和更加謹慎的購買環境，我們在第二季度實現了穩健的表現。客戶了解自動化帶來的有意義的業務成果以及 UiPath 自動化平台的競爭優勢。事實上，本季度我們最大的兩筆交易是新客戶對我們的平台做出多年承諾，這真的很高興。

Turning to our numbers. Second quarter ARR totaled $1.043 billion, up 44%, driven by net new ARR of $66 million. On a year-over-year basis, FX created an approximately $8 million headwind to net new ARR in the quarter and a $12 million headwind to the total ARR balance.

轉向我們的數字。第二季度 ARR 總計 10.43 億美元，增長 44%，受淨新 ARR 6600 萬美元的推動。與去年同期相比，FX 在本季度創造了大約 800 萬美元的淨新 ARR 和 1200 萬美元的逆風給總 ARR 餘額。

Dollar-based net retention was 132%. Normalizing for FX and excluding the impact of Russian sanctions, dollar-based net retention was 135%. Consistent with the broader macroeconomic environment, dollar-based net retention rate was meaningfully stronger in the Americas. Dollar-based gross retention was 98%. This best-in-class metric is consistent with previous quarters as customers are committed to our platform, which is driving quantifiable ROI.

基於美元的淨留存率為 132%。外匯正常化並排除俄羅斯制裁的影響，基於美元的淨留存率為 135%。與更廣泛的宏觀經濟環境一致，美洲以美元為基礎的淨留存率明顯更高。基於美元的總留存率為 98%。這一一流的指標與前幾個季度一致，因為客戶致力於我們的平台，這推動了可量化的投資回報率。

As of the end of the second quarter, customers accounting for at least $100,000 in ARR grew more than 30% year-over-year to 1,660, while customers contributing over $1 million in ARR grew over 60% year-over-year to 190.

截至第二季度末，ARR 至少為 100,000 美元的客戶同比增長超過 30% 至 1,660 家，而 ARR 超過 100 萬美元的客戶同比增長超過 60% 至 190 家。

Revenue grew 24% to $242.2 million. Normalizing for the year-over-year FX impact, which was an approximately $20 million headwind, revenue grew 35% year-over-year.

收入增長 24% 至 2.422 億美元。將同比外匯影響正常化，這是一個大約 2000 萬美元的逆風，收入同比增長 35%。

Remaining performance obligations increased 36% to $709 million. Normalizing for the year-over-year FX impact, which was an approximately $51 million headwind, RPO grew 46% year-over-year. Current RPO increased 37% to $442.6 million.

剩餘履約義務增加 36% 至 7.09 億美元。將同比外匯影響正常化，逆風約為 5100 萬美元，RPO 同比增長 46%。當前的 RPO 增長了 37%，達到 4.426 億美元。

Total gross margin was 84%, reflecting ongoing investments in support and cloud infrastructure as we scale that business. Software gross margin was 91%. Looking ahead, we continue to expect gross margin to be greater than 80%.

總毛利率為 84%，反映了我們在擴展業務時對支持和雲基礎設施的持續投資。軟件毛利率為91%。展望未來，我們繼續預計毛利率將超過 80%。

Second quarter operating expenses of $215.7 million increased 34%, reflecting only 1 month of benefit from the steps we took in the second quarter. GAAP operating loss of $120.2 million included $88.3 million of stock-based compensation expense. Non-GAAP operating loss was $11.2 million. Second quarter non-GAAP adjusted free cash flow was negative $23.3 million. And we have $1.7 billion in cash, cash equivalents and marketable securities and no debt.

第二季度運營費用為 2.157 億美元，增長了 34%，這僅反映了我們從第二季度採取的措施中受益的 1 個月。 GAAP 運營虧損 1.202 億美元，其中包括 8830 萬美元的股票補償費用。非美國通用會計準則營業虧損為 1120 萬美元。第二季度非 GAAP 調整後的自由現金流為負 2330 萬美元。我們有 17 億美元的現金、現金等價物和有價證券，而且沒有債務。

Let me now turn to guidance. First, we guide to what we see in the pipeline, which continues to fluctuate given the choppy macroeconomic environment, which we anticipate will continue. Second, more than half of our business is outside the U.S., and we price in local currency, including euro and yen. And as a result, there is a material FX headwind for both ARR and revenue that has significantly increased as we move through the year.

現在讓我轉向指導。首先，我們將引導我們在管道中看到的內容，鑑於波動的宏觀經濟環境，我們預計該環境將繼續波動。其次，我們一半以上的業務在美國以外，我們以當地貨幣定價，包括歐元和日元。因此，ARR 和收入都面臨重大的外匯逆風，隨著我們這一年的推進，這種逆風顯著增加。

Lastly, going forward, as Rob said, profitability is a core pillar of our go-forward strategy. While the reduction in our top line near-term forecast reflects the FX headwind, of the macroeconomic environment and our internal repositioning, we are committed to our goal of achieving non-GAAP profitability and positive adjusted free cash flow in fiscal year 2024.

最後，正如 Rob 所說，未來，盈利能力是我們前進戰略的核心支柱。雖然我們近期收入預測的下調反映了外匯逆風、宏觀經濟環境和我們的內部重新定位，但我們致力於實現我們在 2024 財年實現非公認會計準則盈利能力和正調整自由現金流的目標。

Turning to the numbers. First, for fiscal third quarter 2023, we expect ARR in the range of $1.091 billion to $1.093 billion, including an incremental FX headwind of approximately $5 million. Excluding the foreign exchange impact, ARR is expected to grow 36% year-over-year at the midpoint of guidance.

轉向數字。首先，對於 2023 財年第三季度，我們預計 ARR 在 10.91 億美元至 10.93 億美元之間，其中包括約 500 萬美元的增量外匯逆風。排除外匯影響，預計 ARR 將在指導中點同比增長 36%。

We expect revenue in the range of $243 million to $245 million, including an incremental FX headwind of approximately $10 million. Excluding the foreign exchange impact, revenue is expected to grow 22% year-over-year at the midpoint of guidance.

我們預計收入在 2.43 億美元至 2.45 億美元之間，包括約 1000 萬美元的增量外匯逆風。排除外匯影響，在指導中點，收入預計將同比增長 22%。

We expect non-GAAP operating loss to be in the range of negative $30 million to negative $25 million, reflecting the timing of investments that shifted from the second quarter to the third quarter and an incremental FX headwind of approximately $5 million. And we expect third quarter basic share count to be approximately 550 million shares outstanding.

我們預計非 GAAP 運營虧損將在負 3000 萬美元至負 2500 萬美元之間，這反映了從第二季度到第三季度的投資時機以及大約 500 萬美元的外匯逆風。我們預計第三季度基本股數約為 5.5 億股流通股。

For the full year, we expect ARR in the range of $1.153 billion to $1.158 billion, including an incremental FX headwind of approximately $15 million. Excluding the foreign exchange impact, ARR is expected to grow 30% year-over-year at the midpoint of guidance.

全年，我們預計 ARR 在 11.53 億美元至 11.58 億美元之間，包括約 1500 萬美元的增量外匯逆風。排除外匯影響，預計 ARR 將在指導中點同比增長 30%。

Revenue in the range of $1.002 billion to $1.007 billion, including an incremental FX headwind of approximately $25 million. Excluding the foreign exchange impact, revenue is expected to grow 22% year-over-year at the midpoint of guidance.

收入在 10.02 億美元至 10.07 億美元之間，包括約 2500 萬美元的增量外匯逆風。排除外匯影響，在指導中點，收入預計將同比增長 22%。

Non-GAAP operating loss of approximately negative $15 million, including an incremental FX headwind of approximately $15 million. Excluding the foreign exchange impact, non-GAAP operating income is expected to be $25 million for the full fiscal year.

非 GAAP 運營虧損約為負 1500 萬美元，其中包括約 1500 萬美元的增量外匯逆風。排除外匯影響，整個財年的非公認會計原則營業收入預計為 2500 萬美元。

Now I'll turn the call back to Rob.

現在我將把電話轉回給 Rob。

Thanks, Ashim. Crossing $1 billion in ARR this year is a big achievement, but it is just the first milestone for us. I am confident that this is a multibillion-dollar company that customers see as integral to how they run their business. We have a strong foundation to scale, and we are making decisions that put us on track to achieve growth and profitability. Our potential is enormous, and we believe in the long-term vision of the company now more than ever.

謝謝，阿希姆。今年超過 10 億美元的 ARR 是一項重大成就，但這對我們來說只是第一個里程碑。我相信這是一家價值數十億美元的公司，客戶認為這是他們經營業務不可或缺的一部分。我們有強大的擴展基礎，我們正在做出使我們走上實現增長和盈利的軌道的決策。我們的潛力是巨大的，我們現在比以往任何時候都更加相信公司的長期願景。

I look forward to meeting many of you over the coming weeks and to laying out our strategy in more detail during our Investor Day on September 27.

我期待在接下來的幾週內與你們中的許多人會面，並期待在 9 月 27 日的投資者日期間更詳細地制定我們的戰略。

We'll now take questions, and I'll turn the call over to the operator. Operator, please poll for questions.

我們現在將回答問題，我將把電話轉給接線員。接線員，請投票提問。

(Operator Instructions) Our first question is from Raimo Lenschow with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 Raimo Lenschow。

Thanks for the extra clarity, Rob. Can you -- if you think about the strategic changes that you talked about, can you kind of double click on that a little bit more in terms of like the initiatives you're doing there? And usually, when you do that, you kind of have a period where you're negatively impacted, and then it should get better afterwards, which is why you're doing it. Can you just talk a little bit about how you see that evolving at the moment?

感謝您的額外清晰度，羅布。你能——如果你考慮一下你談到的戰略變化，你能不能多雙擊一下，比如你在那裡所做的舉措？通常，當你這樣做時，你會有一段時間受到負面影響，然後它應該會變得更好，這就是你這樣做的原因。你能談談你如何看待目前的發展嗎？

And the second follow-up question for Ashim. If you think about the -- at the beginning of the year, you were one of the first to kind of call out some macro uncertainties. And back in March, you talked about the renewal pool, and you didn't know how customers would behave. If you think about the additional comments you made today, is that still the same issue? Is there something else that is happening? Can you just elaborate there a little bit more?

和 Ashim 的第二個後續問題。如果您考慮一下 - 在年初的時候，您是第一個提出一些宏觀不確定性的人。早在三月份，您就談到了續訂池，您不知道客戶會如何表現。如果您考慮一下您今天發表的其他評論，那仍然是同一個問題嗎？還有其他事情正在發生嗎？你能再詳細說明一下嗎？

Sure. Let me go first, Raimo. Thanks for the question. Yes. As we evolve and reposition the company, we spoke early on about how we're driving digital sales, which is basically a combination of inside sales in our emerging segment, and we're very happy with the progress that we continue to make in that space. We need to position the company to drive business outcomes into the C-level suite and position the enterprise automation platform to be the winner. And we actually believe that the product is absolutely incredible.

當然。讓我先走，雷莫。謝謝你的問題。是的。隨著公司的發展和重新定位，我們很早就談到了我們如何推動數字銷售，這基本上是我們新興領域內部銷售的結合，我們對我們在這方面繼續取得的進展感到非常滿意空間。我們需要將公司定位為將業務成果推向 C 級套件，並將企業自動化平台定位為贏家。而且我們實際上相信該產品絕對令人難以置信。

And in order to do that, we are aligning the sales organization around that, bringing in new experienced talent. We promoted some talent internally as well. We've just announced the European leader. And we've seen some promising signs in North America as we move the automation platform. So we are pretty confident that over time, this is the right strategy. And as we said, we would lay it out at Investor Day in very, very clear terms.

為了做到這一點，我們正在圍繞這一點調整銷售組織，引進新的經驗豐富的人才。我們也在內部提拔了一些人才。我們剛剛宣布了歐洲領導人。隨著我們移動自動化平台，我們在北美看到了一些有希望的跡象。因此，我們非常有信心，隨著時間的推移，這是正確的策略。正如我們所說，我們將在投資者日以非常非常明確的方式進行闡述。

And then, Raimo, just when you think about our guidance and tracing back to the first of the year, first, I'll remind everybody, look, we have a very strong foundation globally. So we actually have a very good view of just the overall exposure that's there.

然後，Raimo，就在您考慮我們的指導並追溯到年初的時候，首先，我會提醒大家，看，我們在全球擁有非常強大的基礎。所以我們實際上對那裡的整體曝光有一個很好的了解。

Here's what's different. FX continues to get worse and deteriorate, right? We came to parity on the euro. The yen continued to deteriorate as well as the quarter has progressed. We do see weakness in Europe and Japan in particular. And we see that reflected. I mean in our dollar-based net retention rate, we still see that as an asset when you take out the impact of FX. When you break that down one level further, the Americas dollar-based net retention rate when -- where it's not as exposed to the macroeconomic environment, we see a lot of strength there. We continue to see strength there.

這是不同的地方。外匯繼續惡化和惡化，對嗎？我們在歐元上達成了平價。日元繼續貶值，本季度也有所進展。我們確實看到歐洲和日本尤其疲軟。我們看到了這一點。我的意思是，在我們基於美元的淨保留率中，當您排除外彙的影響時，我們仍然將其視為一種資產。當您將其進一步細分一個級別時，以美元為基礎的淨保留率在沒有受到宏觀經濟環境影響的情況下，我們看到了很大的優勢。我們繼續看到那裡的實力。

We also see strong gross net retention rates, which we talked about, at 98%. So we still feel very confident in the value around our renewable base that our software is performing. So we just -- we look at our pipeline. We look at the activity. We listen to what customers are saying. And we just find it appropriate given the environment to provide the guidance that we did here.

我們還看到我們談到的強勁的總淨保留率達到 98%。因此，我們仍然對我們的軟件正在執行的可再生基礎的價值充滿信心。所以我們只是 - 我們看看我們的管道。我們看活動。我們傾聽客戶的意見。我們只是發現在環境中提供我們在這裡所做的指導是合適的。

Our next question is from Phil Winslow with Credit Suisse.

我們的下一個問題來自瑞士信貸的菲爾溫斯洛。

Just wanted to focus on the guidance in terms of what you're hearing from customers. Maybe, Rob, you can start with this. In terms of just the lower sort of net new ARR expectations, obviously, excluding FX, are you seeing any sort of -- what are you seeing in terms of the change from customers? Are they simply shrinking maybe some of the scope of the deployments or just deployments as a whole getting pushed out? Any sort of more color there would be helpful. And also maybe compare that to what you have done in the first half. And I just had one follow-up for Daniel.

只是想專注於您從客戶那裡聽到的指導。也許，Rob，你可以從這個開始。就較低的淨新 ARR 預期而言，顯然，不包括外匯，您是否看到任何形式的 - 您看到客戶的變化是什麼？他們是在縮小部署範圍，還是只是將部署作為一個整體推出？任何更多的顏色都會有幫助。也可以將其與您在上半年所做的事情進行比較。我剛剛對丹尼爾進行了一次跟進。

Yes. Thanks, Phil. I would say to add on to Ashim's comments, we're definitely seeing budget discussions taking longer, C-level executives getting engaged in us. We view automation, obviously, as a key growth lever for companies, but we've definitely seen those outcomes. And as we position new experienced leaders, we're going to be able to deal with that more. As I said earlier, we do see the benefit, though, of that discussion in North America, where we are starting to see really positive signs in the upper end of the segment as well.

是的。謝謝，菲爾。我想說補充一下 Ashim 的評論，我們肯定會看到預算討論需要更長的時間，C 級高管參與我們。顯然，我們將自動化視為公司的關鍵增長槓桿，但我們肯定已經看到了這些結果。隨著我們定位新的經驗豐富的領導者，我們將能夠處理更多的問題。正如我之前所說，我們確實看到了北美討論的好處，我們也開始在該細分市場的高端看到真正積極的跡象。

Got it. And then, Daniel, on the technology side, obviously, you've been investing organically and inorganically in expanding your portfolio. They're really trying to build out an end-to-end suite. When you talk to customers, what is starting to resonate? Is this starting to resonate with them? In particular, are there parts of that suite that are starting to carry more weight?

知道了。然後，丹尼爾，在技術方面，顯然，你一直在有機和無機地投資以擴大你的投資組合。他們真的在嘗試構建一個端到端的套件。當您與客戶交談時，什麼開始引起共鳴？這是否開始引起他們的共鳴？特別是，該套件的某些部分是否開始承載更多重量？

Phil, look, I would say that our entire platform resonates very well with the customers. They find the value from process discovery, which is very important in finding opportunities for automation, to implementing where we play for personal automation and enterprise automation to delivering great outcomes -- measurable outcomes.

菲爾，看，我想說我們的整個平台與客戶產生了很好的共鳴。他們發現了從流程發現（對於尋找自動化機會非常重要）到實施我們為個人自動化和企業自動化所發揮的作用以提供出色成果（可衡量的成果）的價值。

We are seeing meaningful traction with our Test Suite, which is not only for testing RPA but also for testing application implementation. And it's -- we are seeing it as becoming, like, a clear path in digital transformation. As people are implementing new systems and it's a lot of manual labor involved in testing the new systems, it makes a lot of sense to automate the manual testing and then reuse the building blocks into delivering an end-to-end automation.

我們看到了我們的測試套件有意義的牽引力，它不僅用於測試 RPA，還用於測試應用程序實現。它是 - 我們認為它正在成為數字化轉型的清晰道路。隨著人們正在實施新系統並且測試新系統涉及大量體力勞動，自動化手動測試然後重用構建塊來交付端到端自動化是很有意義的。

Our next question is from Keith Weiss with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Keith Weiss。

This is Sanjit Singh for Keith. This is Sanjit for Keith. Rob, I wanted to get a sense of some of the spending hesitancy. So outside of the FX sort of impact. But in terms of customers trying to expand their business with you or attracting new customers, at a high level, you would think that automation would be a super high priority given the inflationary environment, given the need to get more efficient. And so in terms of the sources of those -- that spending hesitancy, is it about the implementation cycles? Is it about the payback period?

這是 Keith 的 Sanjit Singh。這是基思的桑吉特。羅布，我想了解一些消費猶豫。所以在外匯影響之外。但就試圖與您擴大業務或吸引新客戶的客戶而言，在高水平上，您會認為鑑於通貨膨脹環境以及提高效率的需要，自動化將是一個超級優先事項。因此，就這些來源而言 - 猶豫不決，是否與實施週期有關？是關於回收期嗎？

I assume this extremely -- it sells itself on an ROI basis. But if customers are prioritizing projects with 12 months or less payback, does this sort of automation fit that -- fit the bill, if you'd like? Or alternatively, are there potentially competitive issues that are sort of lengthening the sales cycles or lengthening the eval process? Any sort of color on the nature of the hesitancy to get deals done? Really appreciate it.

我認為這非常 - 它在投資回報率的基礎上推銷自己。但是，如果客戶優先考慮投資回報期為 12 個月或更短的項目，那麼這種自動化是否符合要求——如果您願意的話，是否符合要求？或者，是否存在延長銷售週期或延長評估過程的潛在競爭問題？對完成交易猶豫不決的性質有什麼顏色嗎？真的很感激。

There's no question customers see the benefit of automation. I'd say the automation market is evolving, and it's new. And when we look at the broader platform, that takes into account what I would say is speed to value. I've spoken to some senior executives here in New York City, in the bank, and they are looking to utilize UiPath's platform to drive really financial transformation in their organization. So we see it in many of our conversations. That's absolutely true.

毫無疑問，客戶看到了自動化的好處。我想說自動化市場正在發展，而且它是新的。當我們著眼於更廣泛的平台時，這會考慮到我所說的價值實現速度。我已經與紐約市銀行的一些高級管理人員進行了交談，他們希望利用 UiPath 的平台來推動他們組織的真正財務轉型。因此，我們在許多對話中都看到了這一點。這是絕對正確的。

But as we look at it, those decisions are taking a little bit longer. They take a little bit more foresight, and customers are taking just a little bit longer to drive it. As we build the ROI calculators and drive the business outcomes with these customers, I'm absolutely convinced that this is -- their automation is definitely going to help companies do not only digital transformation 2but drive speed to value.

但是當我們看到它時，這些決定需要更長的時間。他們需要更多的遠見，而客戶需要更長的時間來推動它。當我們構建 ROI 計算器並與這些客戶一起推動業務成果時，我絕對相信這是 - 他們的自動化肯定會幫助公司不僅進行數字化轉型 2，而且推動實現價值的速度。

In the lower enterprise segment, one can look at the emerging markets. We are still very relevant, and product is relevant. And we're doing very, very well in that segment. And that's where we acquire customers, and we continue to acquire customers. So I would say over time, I feel really confident that we will be able to deliver. And at the top end of the market, we need to focus on a denser ability to drive consumption with our largest accounts. And that's something that we focus on as well.

在較低的企業領域，可以看看新興市場。我們仍然很相關，產品也很相關。我們在那個領域做得非常非常好。這就是我們獲得客戶的地方，我們將繼續獲得客戶。所以我會說，隨著時間的推移，我對我們能夠交付成果感到非常有信心。在高端市場，我們需要專注於通過我們最大的客戶來推動消費的更密集的能力。這也是我們關注的重點。

Understood. I really appreciate that thought. And then as a follow-up, Ashim, I just want to get some -- maybe some context around the guidance. So as you look to the Q3 and the Q4 implied guide, are you extrapolating just the trend that you've seen through July, through August, through the balance of the year? It seems like Americas has been a source of strength. Do you assume that this strength continues in the Americas? Or are you being more conservative on that side of the business, too? In some sense, are you seeing something that's worse than what you've seen or just extrapolating what you've seen thus far?

明白了。我真的很感激這個想法。然後作為後續行動，Ashim，我只想了解一些——也許是關於指導的一些背景信息。因此，當您查看 Q3 和 Q4 隱含指南時，您是否只是在推斷您在 7 月、8 月以及全年餘額中看到的趨勢？似乎美洲一直是力量的源泉。您是否認為這種力量會在美洲繼續存在？還是您在業務的那方面也更加保守？從某種意義上說，您是否看到了比您所看到的更糟糕的東西，或者只是推斷您到目前為止所看到的？

I mean like we always say, we're very consistent with the way we guide. We guide to what we see in front of us today. And we see Americas strength. We have a lot of confidence in that business as we look at our pipeline and as we look at our execution there. I think Europe and Asia continue to be outsized impacted in terms of -- from a macro and a foreign exchange standpoint, and both of those that we have guided in.

我的意思是，就像我們常說的那樣，我們的指導方式非常一致。我們引導我們今天在我們面前看到的東西。我們看到了美國的實力。當我們審視我們的管道以及我們在那裡的執行時，我們對該業務充滿信心。我認為從宏觀和外彙的角度來看，歐洲和亞洲繼續受到巨大的影響，以及我們所指導的這兩個方面。

And the other piece is, as Rob said, we're repositioning the company. And we're really excited about the leadership announcements that are out there. And so we're also just accounting for the transition that's natural as any company repositions itself in certain areas. So those are the 2 factors that really give context around our guidance, Sanjit.

另一部分是，正如 Rob 所說，我們正在重新定位公司。我們對即將發布的領導公告感到非常興奮。因此，我們也只是考慮了任何公司在某些領域重新定位自己的自然轉變。所以這些是真正為我們的指導提供背景的兩個因素，Sanjit。

Our next question is from Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的 Mark Murphy。

Ashim, is it possible to disaggregate the reduction in ARR? I think it's about 6% for the year. Into those 3 factors, I think you had mentioned FX, macro and your own internal repositioning. In other words, are those equivalent? Or are there varying magnitudes across those 3?

Ashim，是否可以分解 ARR 的減少？我認為今年大約是 6%。在這三個因素中，我認為您已經提到了外匯、宏觀和您自己的內部重新定位。換句話說，它們是等價的嗎？或者這三個有不同的幅度？

Yes. I mean when you look at -- I think FX is the one that is the most quantifiable in terms of where that is. And so we -- when you look at it versus the prior consensus in terms of the change in guidance, we look at that as $15 million to $20 million in terms of the impact just from FX. The macro and kind of some of the internal changes that we're doing and other items, for that, that's really hard to disaggregate. I would say we look at both of those as in play as we give our guidance. That's there. So the macro -- the FX is quantifiable, and I provided that, Mark. The other 2, I would just say, is more guiding based on our pipeline that we see in front of us today.

是的。我的意思是當你看時——我認為 FX 是最可以量化的。所以我們 - 當你看它與先前在指導變化方面達成的共識時，我們認為僅從外彙的影響來看，它是 1500 萬到 2000 萬美元。我們正在做的一些內部更改以及其他項目的宏觀和種類，為此，這真的很難分解。我想說的是，在我們提供指導時，我們會將這兩者視為在發揮作用。就在那裡。所以宏觀 - 外匯是可量化的，我提供了，馬克。我只想說，根據我們今天在我們面前看到的管道，另外兩個更具指導性。

Understood. And then I had a quick follow-up, perhaps for Daniel or Rob. I'm wondering if you're seeing equivalent growth rates for automation that run entirely inside the Microsoft environment versus those that are stretching across multiple environments. And if there's any way you could just remind us, what does that mix stand out of the kind of Microsoft-only environment today?

明白了。然後我進行了快速跟進，可能是為 Daniel 或 Rob。我想知道您是否看到完全在 Microsoft 環境中運行的自動化與跨多個環境運行的自動化的增長率相當。如果您有什麼方法可以提醒我們，那麼這種混合在當今那種僅限 Microsoft 的環境中有何突出之處？

Well, traditionally, and it continues today, our technology was mostly used for complex processes that usually span multiple systems. This is actually the strength of our technology. And most of our customers have multiple enterprise systems. This is -- it's a big difference between an enterprise automation platform that works very well across multiple systems and in application automation, that's Microsoft, and similar system application providers have basically entered the market recently. So I am very confident that we have the only complete platform that offers an end-to-end process automation that is differentiated for our customers.

嗯，傳統上，今天仍在繼續，我們的技術主要用於通常跨越多個系統的複雜流程。這實際上是我們技術的優勢所在。我們的大多數客戶都有多個企業系統。這是——它是一個跨多個系統和應用程序自動化運行良好的企業自動化平台，即微軟和類似的系統應用程序提供商最近基本進入市場的一個很大的區別。因此，我非常有信心，我們擁有唯一的完整平台，可為我們的客戶提供差異化的端到端流程自動化。

Our next question is from Kirk Materne with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Kirk Materne。

Rob, I was wondering, can you just talk about the environment maybe from a vertical or an industry perspective? Are you seeing any difference in the discussions you're having in certain industries rather than others at this point in time? And I guess just some of the earlier questions on the sales organization. Anything you all are thinking about doing sort of towards the end of this year? Or will any sort of changes with some of the new folks coming in be more positioned at the beginning of fiscal '24?

Rob，我想知道，你能從垂直或行業的角度談談環境嗎？您是否發現此時您在某些行業而不是其他行業進行的討論有什麼不同？我猜只是關於銷售組織的一些早期問題。你們都在考慮在今年年底做些什麼嗎？或者在 24 財年開始時，隨著一些新人的加入，是否會發生任何形式的變化？

Yes. Thanks, Kirk. Good question. So we're evolving the sales organization inflight. I would say when you look at the industry, we continue to see significant demand for financial services, for health care and for manufacturing. I wouldn't say the environment is impacting any of them more than others, for sure. I would say it's much more geographical.

是的。謝謝，柯克。好問題。因此，我們正在改進銷售組織。我想說的是，當你看這個行業時，我們繼續看到對金融服務、醫療保健和製造業的巨大需求。當然，我不會說環境對他們中的任何一個的影響比其他人更大。我會說它更具地理性。

Some things that we're doing in terms of -- we're driving significant uptick with partners, for sure. We're looking at distribution models. We're looking at the emerging to graduate accounts into the enterprise segment, and as I said, at the density level. The majority of those changes will take place in the beginning of the year as we have brought in new talent and we align our outcome to that. But we feel good about what we're seeing in the market already around business outcomes and how enterprise automation drives speed to value for companies.

我們正在做的一些事情——當然，我們正在推動與合作夥伴的顯著增長。我們正在研究分銷模型。我們正在關注新興的畢業生賬戶進入企業領域，正如我所說，在密度層面。這些變化中的大部分將在今年年初發生，因為我們引入了新人才，我們的結果與此保持一致。但我們對我們在市場上看到的業務成果以及企業自動化如何推動公司快速實現價值感到滿意。

Our next question is from Bryan Bergin with Cowen.

我們的下一個問題來自 Bryan Bergin 和 Cowen。

I wanted to ask on the revenue headwind associated with just the cloud transition. I think it was 4 points previously. So first, any change to that assumption? And then just thinking out further, should we expect a more deliberate push on cloud deployment by clients that caused that headwind to potentially get worse as we go forward beyond this fiscal year? And I guess can you give us any sense of deployment mix in the revenue base now and how you're thinking about puts and takes of that progressing? It would be helpful.

我想問一下與雲轉型相關的收入逆風。我認為之前是4分。那麼首先，這個假設有什麼變化嗎？然後再想一想，我們是否應該期待客戶更加刻意地推動雲部署，從而導致隨著我們本財年之後的發展，逆風可能會變得更糟？我想你能告訴我們現在收入基礎中的部署組合以及你如何看待這種進展的投入和產出嗎？這會很有幫助。

Yes. So the 4 points stays relatively consistent for the second half. We don't see any change in our assumption there. The launch of our Automation Cloud robots was very successful, but it's on track with the way we have discussed it and modeled it post our launch of 22.4. When we think about going forward, Bryan, like longer-term assumptions, those are things we'll discuss at Investor Day, but we don't see anything significant at this moment versus the previous assumptions that we've given.

是的。所以4分在下半場保持相對穩定。我們在那裡的假設沒有看到任何變化。我們的自動化雲機器人的發布非常成功，但它與我們在 22.4 發布後討論和建模的方式步入正軌。當我們考慮前進時，布萊恩，就像長期假設一樣，這些都是我們將在投資者日討論的事情，但與我們之前給出的假設相比，我們目前沒有看到任何重要的東西。

In terms of Automation Cloud robots, which is the biggest impact from a revenue standpoint, we've already gotten a dozen customers there. It's been great feedback. We mentioned iCIMS in our script, and there's a great partnership emerging there that is using there. And we see other companies as well like Smartsheet and other companies very interested to see how they can take advantage of those Automation Cloud robot capabilities.

在自動化雲機器人方面，從收入的角度來看，這是最大的影響，我們已經在那裡獲得了十幾個客戶。這是很好的反饋。我們在腳本中提到了 iCIMS，那裡正在出現一個很好的合作夥伴關係。我們看到其他公司以及 Smartsheet 和其他公司非常有興趣了解他們如何利用這些自動化雲機器人功能。

To sum it up, no change in the assumption. We'll talk more about that at Investor Day, but there's no significant difference at this moment in terms of that as a headwind.

綜上所述，假設沒有變化。我們將在投資者日對此進行更多討論，但目前就逆風而言沒有顯著差異。

Okay. And just understanding FX you've given for ARR in the back half here, any further color you can give on NDBR as you go through 3Q and 4Q?

好的。只是了解你在後半部分為 ARR 提供的 FX，當你經歷 3Q 和 4Q 時，你可以在 NDBR 上提供任何進一步的顏色嗎？

Yes. I mean net dollar-based retention, we had a 300 basis point FX headwind that is there. Like I mentioned, when you disaggregate it, really, Europe and Japan have the largest impact on the deceleration of the net dollar-based retention rate. We do have confidence in -- as we reposition the company to reaccelerate that and as FX and macro stabilizes. Right now, those are the 2 largest pressures that we feel. It's just really from those 2 geographies.

是的。我的意思是基於美元的淨保留，我們有 300 個基點的外匯逆風。就像我提到的，當你分解它時，確實，歐洲和日本對基於美元的淨保留率減速的影響最大。我們確實有信心 - 隨著我們重新定位公司以重新加速這一點，以及外彙和宏觀穩定。目前，這是我們感受到的兩大壓力。它真的來自這兩個地區。

Our next question is from Brad Sills with BofA Securities.

我們的下一個問題來自美國銀行證券的 Brad Sills。

Wanted to ask about land versus expand. I think a couple of years ago, the company pivoted more towards expansion deals, understanding that the installed base was such that there was that opportunity. You can see dollar-based net retention has been holding nicely in the 130-plus range here. Is there any plans to go back towards [land] potentially here? Or do you still see that opportunity within the installed base to kind of continue to drive this kind of growth with more focus on expansion deals?

想問土地與擴張。我認為幾年前，該公司更多地轉向擴張交易，了解已安裝的基礎是如此的機會。您可以在這裡看到基於美元的淨留存率一直保持在 130 多美元的範圍內。有沒有可能回到這裡的[土地]的計劃？或者您是否仍然看到已安裝基礎中的機會繼續推動這種增長，更多地關注擴展交易？

Bryan (sic) [Brad], great question. So we definitely see the opportunity to drive expansion deals. As the automation -- the enterprise automation platform becomes very relevant for companies, that is how we would want to do it. We also want to see how we can drive it in the really top segment in key accounts and provide a density model there. And we're also looking at customers in terms of the propensity that they have to expand. So we're actually looking at the full segmentation and how do we drive an efficiency model in terms of acquiring a company, promoting a company and ensuring that they have density with consumption.

布萊恩（原文如此）[布拉德]，好問題。因此，我們肯定看到了推動擴張交易的機會。隨著自動化——企業自動化平台變得與公司非常相關，這就是我們想要的方式。我們還想看看我們如何在關鍵客戶的真正頂級細分市場中推動它，並在那裡提供一個密度模型。我們還根據客戶必須擴展的傾向來研究客戶。因此，我們實際上正在研究完整的細分，以及我們如何在收購公司、推廣公司和確保他們的消費密度方面推動效率模型。

Understood. And then one more, if I may, please. Just you mentioned bolstering the competitive moat. What are some of the things that you think of in the road map here that are behind that potential to continue to build upon the platform and the capabilities that do differentiate UiPath?

明白了。如果可以的話，請再來一個。剛才你提到了加強競爭護城河。您在此處的路線圖中認為哪些是繼續構建平台的潛力以及使 UiPath 與眾不同的能力背後的哪些因素？

So I'll start and hand over to Daniel. Just having spent the last 3 months visiting customers and partners, doing world tours, I've been to Asia, Europe a couple of times, I've met probably 60-plus companies, right, I will tell you that we have a very unique platform that nobody else has in the market in an end-to-end way, from discovery to process understanding, ability to fulfill it through RPA and AI and ML and the ability to connect to test and then have insights into how they can operate in a company. That message, when we connect that branding to the C-suite, I think, is going to be incredible. And then Daniel can talk a little bit about the details on the technology.

所以我將開始並交給丹尼爾。剛剛過去三個月拜訪客戶和合作夥伴，進行世界巡迴演出，我去過亞洲，歐洲幾次，我見過大概 60 多家公司，對，我會告訴你，我們有一個非常市場上沒有其他人以端到端方式擁有的獨特平台，從發現到流程理解，通過 RPA 和 AI 和 ML 實現它的能力，以及連接到測試的能力，然後深入了解它們如何運作在一家公司。我認為，當我們將該品牌與最高管理層聯繫起來時，該信息將令人難以置信。然後丹尼爾可以談談技術的細節。

Yes. So we are the only platform that succeeded in combining API-based automation with UI-based automation. We deliver it in a single low-code, no-code platform that is easy to learn. This is tremendously important to automate a vast array of existing processes and new processes. We completed the platform by adding document understanding that is based on our AI foray and machine learning, and we are making steady progress there. We are building a world-class platform.

是的。因此，我們是唯一成功將基於 API 的自動化與基於 UI 的自動化相結合的平台。我們在一個易於學習的單一低代碼、無代碼平台中提供它。這對於自動化大量現有流程和新流程非常重要。我們通過添加基於我們的 AI 嘗試和機器學習的文檔理解來完成該平台，並且我們正在那裡取得穩步進展。我們正在建立一個世界級的平台。

We have acquired Process Mining 3 years ago. We've done cloud replatforming of the technology, and we are the clear #2 in the -- in that part of the technology, and we are closing fastest the gap with the #1 in the process mining. Plus, our discovery suite that combines Process Mining, Task Mining, Test Capture, Automation Hub is unparalleled in helping our customers discover both processes at system, log level and tasks on harvesting the data on the desktop level. We are making steady progress on smoothly integrating all the components of the platform delivered in a single unified experience for the end user.

我們在 3 年前收購了 Process Mining。我們已經完成了該技術的雲平台改造，並且我們在該技術的那部分中是明確的#2，並且我們正在以最快的速度縮小與#1 在流程挖掘中的差距。此外，我們的發現套件結合了流程挖掘、任務挖掘、測試捕獲、自動化中心，在幫助我們的客戶發現系統、日誌級別的流程和在桌面級別收集數據的任務方面無與倫比。我們正在穩步將平台的所有組件順利集成到最終用戶的單一統一體驗中。

Our next question is from Terry Tillman with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Terry Tillman。

I guess, Rob, first question for you. There's been a number of questions about just the strategic repositioning of the company, go-to-market kind of excellence that you're focused on. If you had to look, just given your time so far at the company and just thinking ahead over the next 12 to 24 months, where do you see the biggest impact, though, to this key metric ARR? Is it new customers on the enterprise side coming into the fold? Can digital sales actually add up to a lot more for the expansion with your existing enterprise customers? Can you kind of pick apart those 3 areas? Or maybe I'm missing something. I'm just trying to understand what you have, the biggest needle mover. And then I had a question for Ashim.

我猜，Rob，你的第一個問題。關於公司的戰略重新定位，以及您所關注的卓越的上市方式，存在許多問題。如果你不得不看一下，考慮到你目前在公司的時間，並且只是考慮未來 12 到 24 個月，那麼你認為對這個關鍵指標 ARR 的最大影響在哪裡？企業方面的新客戶會加入嗎？數字銷售實際上可以為現有企業客戶的擴展增加更多嗎？你能把這三個領域分開嗎？或者，也許我錯過了一些東西。我只是想了解你擁有什麼，最大的動針者。然後我有一個問題要問阿希姆。

Yes. We need to do both on that. In other words, selling products into the emerging enterprise segment is a great way to acquire new customers. Then we need to determine how to reposition these companies so that we actually drive enterprise-level scale activity. When we look at enterprise-level scale activity, that's where we're talking about driving enterprise automation as a theme through companies.

是的。我們需要在這方面做到這兩點。換句話說，向新興企業部門銷售產品是獲得新客戶的好方法。然後我們需要確定如何重新定位這些公司，以便我們真正推動企業級規模活動。當我們查看企業級規模活動時，這就是我們談論通過公司推動企業自動化作為主題的地方。

So we have to do both. We have to continue to acquire companies. We have to understand which part of these companies have the propensity to expand. And when we know and understand where the propensity is, we need to make certain that we provide dense coverage to them so that we can accelerate the expansion as well. So we're looking at that level of efficiency. And we're also leaning on our partners in this space to help us drive this.

所以我們必須兩者都做。我們必須繼續收購公司。我們必須了解這些公司中的哪些部分有擴張的傾向。當我們知道並了解傾向在哪裡時，我們需要確保我們為他們提供密集的覆蓋，以便我們也可以加速擴張。所以我們正在研究這種效率水平。我們也依靠我們在這個領域的合作夥伴來幫助我們推動這一點。

So Terry, it's not just one play. It's multiple plays. I think we've done really well at the acquisition. I think our digital sales organization is really very, very good and very scaled. And you can see that across the board. And we have a unique opportunity to evolve enterprise automation to become truly a business play that drives speed to value.

所以特里，這不僅僅是一場比賽。是多劇。我認為我們在收購方面做得很好。我認為我們的數字銷售組織真的非常非常好，而且規模很大。您可以全面看到這一點。我們有一個獨特的機會來發展企業自動化，使其真正成為推動價值實現速度的商業遊戲。

We're also looking at creating solution packages so that it makes it easier for companies to understand what we're selling and how to position it, and that applies as well to our sales folks. All these pieces coming together, we will lay out at Investor Day very, very clearly for everybody to understand how this will evolve over time.

我們還在考慮創建解決方案包，以便公司更容易了解我們在銷售什麼以及如何定位它，這也適用於我們的銷售人員。所有這些部分匯集在一起，我們將在投資者日非常非常清楚地展示，讓每個人都了解這將如何隨著時間的推移而發展。

Got it. And just a follow-up for Ashim. I think you all talked about a path to non-GAAP EBIT or operating income profitability and free cash flow positive. Is that for the full year of FY '24? Or would that be at some point within the year when you hit that -- those metrics?

知道了。只是 Ashim 的後續行動。我認為你們都談到了非 GAAP 息稅前利潤或營業收入盈利能力和自由現金流為正的途徑。那是24財年的全年嗎？或者那會是在你達到這一目標的一年內的某個時候——那些指標？

Yes. Look, we're committed to profitability. I just want to emphasize that to begin with. We're going to talk more about this at Investor Day. What we said in the script is pretty clear in terms of we want to get sustainable and profitable in the short term, and fiscal 2024 is definitely in sights for us, but we're going to talk more and provide more specific information at Investor Day.

是的。看，我們致力於盈利。我只想首先強調這一點。我們將在投資者日更多地討論這個問題。就我們希望在短期內獲得可持續和盈利而言，我們在劇本中所說的非常清楚，2024 財年肯定是我們的目標，但我們將在投資者日進行更多討論並提供更具體的信息.

Our next question is from Michael Turits with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Michael Turits。

A couple of questions. Kind of coming back, Ashim, I think, may be best, to Raimo's question about going back to Q4 when you had seen some negativity. So just walk us through this trajectory, if you would, where in Q4, you said you were seeing macro pretty much across the board impacting the pipeline, not just in Europe. And then last quarter, I think you said that customers were starting to get a handle on things. And now things seem worse again from a sales cycle perspective and particularly bad in macro so -- excuse me, in certain geos. So if you could just walk us through why bad, been better and bad again. That would be helpful.

幾個問題。我認為，當你看到一些消極情緒時，我認為 Ashim 可能是最好的方式來回答 Raimo 關於回到 Q4 的問題。因此，請帶我們走過這條軌跡，如果你願意的話，在第四季度，你說你看到宏觀幾乎全面影響管道，而不僅僅是在歐洲。然後上個季度，我想你說客戶開始處理事情了。現在，從銷售週期的角度來看，情況似乎又變得更糟了，而且在宏觀上尤其糟糕，所以——對不起，在某些地區。所以，如果你能告訴我們為什麼不好，又好又壞。那會很有幫助。

Yes. So one is like I want to make sure like we guide to what's in front of us, right? That is a very consistent way in which we guide from -- and that we have from the very beginning. It's a really dynamic environment. I just -- I want to make sure. I think we all can attest to that, and we feel it. So really coming out of last quarter, we felt more optimism in EMEA, in particular, when we were guiding in terms of that. Right now, we see it's much more challenging than expected on the ground there. Rob can also give more color on that as he has the discussions with customers. So really Japan, EMEA, Europe as well as kind of some parts of Asia, like they are all -- they all feel just more challenged when we look at the dynamics right here today, and we guide what's in front of us.

是的。所以我想確保像我們一樣引導我們面前的東西，對吧？這是我們從一開始就採用的非常一致的指導方式。這是一個非常動態的環境。我只是——我想確定一下。我想我們都可以證明這一點，我們也能感覺到。因此，從上個季度開始，我們對歐洲、中東和非洲地區感到更加樂觀，特別是當我們在這方面進行指導時。現在，我們看到那裡比預期的更具挑戰性。 Rob 還可以在與客戶討論時提供更多色彩。所以真的日本、歐洲、中東和非洲地區、歐洲以及亞洲的一些地區，就像他們一樣——當我們看到今天這裡的動態時，他們都覺得更具挑戰性，我們指導我們面前的事情。

At the same time, we feel like the opportunity for automation is big. We see our customers engage. Our dollar-based net retention rate to me shows the durability of our model and the value proposition that we have. And as we talk about guidance, we want to make sure that we are responsible and prudent and derisk the second half of the year just given the dynamic environment in which we're in. I'll let Rob give more color on Europe, et cetera.

同時，我們覺得自動化的機會很大。我們看到我們的客戶參與其中。對我來說，我們基於美元的淨保留率顯示了我們模型的耐用性和我們擁有的價值主張。當我們談論指導時，我們希望確保我們負責任和謹慎，並考慮到我們所處的動態環境，在下半年冒險。我會讓 Rob 給歐洲更多的色彩，等等等。

No, I just think it's consistent. I mean having spent time in Europe in the last couple of months, I would say we had slight optimism that companies that -- got used to what is happening in the war. I think we said the world become more regional. But I think the -- certainly, the level of what's happening now with the inflation and the energy and so on is having an impact. And companies are thinking about what to invest and where to invest, and they're taking a significant amount of time to make those decisions. The more we focus on automation in helping companies and delivering that message to companies, I'm pretty convinced that we will be more successful in Europe, for sure.

不，我只是認為它是一致的。我的意思是在過去的幾個月裡在歐洲度過了一段時間，我想說我們對那些已經習慣了戰爭中發生的事情的公司有點樂觀。我想我們說過世界變得更加區域化。但我認為——當然，現在發生的通貨膨脹和能源等的水平正在產生影響。公司正在考慮投資什麼以及在哪裡投資，並且他們正在花費大量時間來做出這些決定。我們越是專注於自動化來幫助公司並向公司傳遞信息，我相信我們肯定會在歐洲取得更大的成功。

And then my follow-up. I think someone else asked about competition, but not sure if you answered it or maybe I missed it. But what -- is there any change in the competitive environment, whether it's typical people we would think of like Microsoft or not just other companies doing RPA but think of it as maybe potential for competition with substitute products, whether something like low code where you do have some offerings also? So are you seeing more competition strictly in RPA and then maybe with alternative ways of solving the problem?

然後是我的跟進。我認為其他人詢問了競爭，但不確定您是否回答了它，或者我可能錯過了它。但是，競爭環境是否有任何變化，無論是我們認為像微軟這樣的典型人，還是不僅僅是其他公司在做 RPA，但認為它可能與替代產品競爭，無論是像低代碼這樣你也有一些供品嗎？那麼，您是否在 RPA 中看到了更多的競爭，然後可能還有其他解決問題的方法？

We are not seeing any material change in the competitive landscape since -- in the past 3 months. And we have -- we continue to see Microsoft but limited to personal automation. In enterprise automation, we are competing with more of our traditional competitors. We are not seeing the new entrants like ServiceNow, Salesforce into our opportunities. We -- they are probably -- we are seeing them in less than 1% of our opportunities. At this moment, I'm pretty confident we have a very differentiated platform that it's a clear leader in automation as attested by various analysts, by our customers, by anyone basically.

自過去 3 個月以來，我們沒有看到競爭格局發生任何重大變化。我們有——我們繼續看到微軟，但僅限於個人自動化。在企業自動化方面，我們正在與更多的傳統競爭對手競爭。我們沒有看到像 ServiceNow、Salesforce 這樣的新進入者進入我們的機會。我們——他們可能是——我們在不到 1% 的機會中看到了他們。目前，我非常有信心我們擁有一個非常差異化的平台，它是自動化領域的明顯領導者，各種分析師、我們的客戶、基本上任何人都證明了這一點。

Our next question is from Michael Turrin with Wells Fargo Securities.

我們的下一個問題來自 Wells Fargo Securities 的 Michael Turrin。

I know there have been several on the go-to-market changes, but I do want to go back to that topic. We saw Chris and Rob joined earlier in the year. We have a few new regional announcements on the team there this quarter. Commentary in terms of the backdrop. Still sounds clear that automation is a big opportunity. But given changes in go-to-market, changes in macro, how do you make sure you aren't taking your eye off the ball in the core automation space? And are those changes things you're able to kind of shore up ahead of the user conference, the customer conference and just the upcoming importance of the fiscal Q4 period that you have in front of you?

我知道在上市方面有一些變化，但我確實想回到那個話題。我們看到 Chris 和 Rob 在今年早些時候加入。本季度我們在那裡的團隊發布了一些新的區域公告。在背景方面的評論。自動化是一個巨大的機遇，這聽起來仍然很清楚。但是考慮到上市的變化，宏觀的變化，你如何確保你不會把注意力放在核心自動化領域？在用戶大會、客戶大會以及即將到來的第四季度財政期間的重要性之前，您是否能夠支持這些變化？

Yes. We feel confident that we have -- that showed up, but I would also add in terms of the RPA or the automation -- the core automation, that continues to expand. And then you see that in the digital sales piece. But as we reposition, the broader enterprise automation is a platform play that we have to drive true business outcomes and faster ROI environment. And many of the leaders that we brought in understand that, and we will bring in more experienced leaders as well to actually to drive that environment.

是的。我們相信我們已經 - 出現了，但我也會在 RPA 或自動化方面添加 - 核心自動化，它會繼續擴展。然後你會在數字銷售中看到這一點。但隨著我們重新定位，更廣泛的企業自動化是一種平台遊戲，我們必須推動真正的業務成果和更快的投資回報環境。我們引進的許多領導者都明白這一點，我們還將引進更有經驗的領導者來真正推動這種環境。

And to be honest, when you look at this, and many of you will be at Investor Day, the attendance for FORWARD 5 is amazing. So I'm absolutely convinced. One is we have the right strategy. We lay it out very, very clearly for you. You'll see that we are focused on ensuring that we will get enterprise automation at the right level. And at FORWARD 5, with the amount of folks that are showing up, it clearly shows that we are the automation leader, and we have a unique value proposition across the board for all aspects of automation.

老實說，當你看到這個時，你們中的許多人都將參加投資者日，FORWARD 5 的出席人數是驚人的。所以我絕對相信。一是我們有正確的策略。我們為您非常非常清楚地列出了它。您會看到我們專注於確保我們將企業自動化置於正確的水平。在 FORWARD 5 中，隨著大量人員的出現，它清楚地表明我們是自動化的領導者，我們在自動化的各個方面都有一個獨特的價值主張。

Our next question is from Alex Zukin with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Alex Zukin。

A lot of mine have been asked, but just 2 more kind of clarifying questions on previously discussed topics. Maybe the first one, just -- it sounds like the guidance has been derisked for incremental macro deterioration in Europe. But have you reflected anything in terms of incremental macro deterioration in the U.S. in the guidance? And then as a follow-up, just the confidence interval here around -- to some extent, just to Michael's point, that the execution changes that you're putting in place and the repositioning don't have an outsized impact on actually closing the business at the end of this year's Q4.

我的很多人都被問到了，但對於之前討論過的主題，只有另外兩種澄清問題。也許是第一個，只是 - 聽起來該指導已因歐洲的宏觀經濟惡化而被貶低。但是，您是否在指導中反映了美國宏觀經濟惡化的任何內容？然後作為後續行動，只是這裡的置信區間——在某種程度上，就邁克爾而言，你正在實施的執行改變和重新定位不會對實際關閉今年第四季度末的業務。

So I'll start with the guidance. So one is I think that the Americas from our standpoint, we guide what's in front of us. As of this point, we don't forecast further deterioration in Americas. We have our sales leader in place that -- the announcement came out that was recently promoted, has been with the company. From a macro standpoint, we still feel good about the pipeline relative to Europe and to Japan. And the indicators -- like I said, we have strong dollar-based net retention rate. We are not FX exposed in Americas. So I think we are appropriately guiding for where we are today. Of course, anything could change from a macroeconomic environment, but we guide for what's in front of us at this moment.

所以我將從指導開始。所以一個是我認為從我們的角度來看美洲，我們指導我們面前的東西。截至目前，我們預計美洲不會進一步惡化。我們有我們的銷售負責人 - 最近發布的公告已經與公司一起發布。從宏觀角度來看，相對於歐洲和日本，我們仍然對管道感到滿意。和指標 - 就像我說的，我們有強大的基於美元的淨保留率。我們在美洲沒有外匯敞口。所以我認為我們正在適當地指導我們今天所處的位置。當然，宏觀經濟環境可能會發生任何變化，但我們會為目前擺在我們面前的情況提供指導。

And then in terms of the overall year, like again, we've accounted for not just the macro but also the repositioning of the company. As Raimo kind of talked about even in the beginning, we've derisked that in -- as a part of our guidance, the impact that comes with any change, and we feel very positive and excited about the change for our long term, but we acknowledge some of the short-term risk that, that could create.

然後就全年而言，同樣，我們不僅考慮了宏觀，還考慮了公司的重新定位。正如雷莫在一開始就談到的那樣，我們已經在 - 作為我們指導的一部分，任何變化帶來的影響，我們對長期的變化感到非常積極和興奮，但是我們承認這可能造成的一些短期風險。

Yes. We've derisked, and we pretty -- we see -- when we say we see positive signs in North America, we look -- we're seeing the opportunity of deals, larger deals coming into the pipeline. And we have actually implemented a very strict forecasting policy. So we feel really good about the derisking and the opportunity in front of us in North America.

是的。我們已經降低了風險，而且我們非常 - 我們看到 - 當我們說我們看到北美的積極跡象時，我們看起來 - 我們看到了交易的機會，更大的交易正在醞釀之中。我們實際上已經實施了非常嚴格的預測政策。因此，我們對北美面臨的風險和機會感到非常滿意。

Our next question is from Fred Havemeyer with Macquarie.

我們的下一個問題來自麥格理的 Fred Havemeyer。

I think likewise, many of my questions have been asked, but I wanted to check in about just sales across the platform. Clearly, we understand that UiPath is going to market with an end-to-end automation platform, but are you seeing any particular segments that are kind of running a bit hotter or are seeing more demand or some areas that might be a little bit softer or receiving additional scrutiny, say, between RPA versus Process Mining versus Task Mining, just various different aspects of your platform?

我想同樣，我的許多問題都被問到了，但我想檢查一下整個平台的銷售情況。顯然，我們知道 UiPath 將通過端到端自動化平台推向市場，但是您是否看到任何特定的細分市場運行得有點熱，或者看到更多的需求，或者某些領域可能會有點疲軟或者接受額外的審查，例如，RPA、流程挖掘和任務挖掘，只是你平台的各個不同方面？

So when we look across the platform, I really want to -- we see customers wanting to buy the platform. And I think the metric that actually reflects the best is our customers greater than $100,000 and our customers greater than $1 million, which we showed continued positive momentum in both of those areas. We've discussed in the past that we do have the ELA offerings that are there for customers. And what's attractive for that is they get the full breadth of our platform and full automation capabilities from discover to the core RPA to additional capabilities as well. So those 2 metrics really show that.

因此，當我們查看整個平台時，我真的很想 - 我們看到客戶想要購買該平台。我認為真正反映最好的指標是我們的客戶超過 100,000 美元，我們的客戶超過 100 萬美元，我們在這兩個領域都顯示出持續的積極勢頭。我們過去曾討論過我們確實為客戶提供 ELA 產品。吸引人的是，他們獲得了我們平台的全部廣度和從發現到核心 RPA 再到附加功能的全自動化功能。所以這兩個指標確實表明了這一點。

Do we believe there is some more opportunity? Yes. And I think Rob talked about that in the script. And that is some of the areas that we're going to be talking about at Investor Day. Rob can add as well from his comments with customers.

我們相信還有更多的機會嗎？是的。我認為 Rob 在劇本中談到了這一點。這就是我們將在投資者日討論的一些領域。 Rob 也可以從他對客戶的評論中添加。

I think you answered it. I think that there's opportunity. There's significant opportunity. This market is not constrained. We need to go after that opportunity. Test Suite is clearly an amazing product in the market in that it connects Test Suite, testing, test automation across all platforms. And it allows you to automate the -- to automate automation inside the automation platform. So I think we have a unique and a big opportunity in that space. And on the discovery side, customers are just getting started.

我想你已經回答了。我認為有機會。有很大的機會。這個市場不受限制。我們需要抓住那個機會。測試套件顯然是市場上令人驚嘆的產品，因為它將測試套件、測試、測試自動化連接到所有平台。它允許您自動化——在自動化平台內實現自動化。所以我認為我們在這個領域有一個獨特而巨大的機會。在發現方面，客戶才剛剛開始。

And if I can get one more in. You hire today or rather announcement today of hiring Mark Gibbs, his background at SAP, the -- also it just looks like the integration you announced with Workday, is there anything to read here that you're seeing more opportunity in either HCM or in ERP-related workloads and automation there? Because it's clear certainly that some players in the space have been focusing on automation.

如果我能再加入一個。你今天僱用，或者更確切地說，今天宣布僱用 Mark Gibbs，他在 SAP 的背景，而且 - 看起來就像你宣布與 Workday 的集成，這裡有什麼可以讀到的嗎？是否在 HCM 或與 ERP 相關的工作負載和自動化方面看到了更多機會？因為很明顯，該領域的一些參與者一直專注於自動化。

Yes. And maybe we haven't been clear, but I would tell you, I see -- I'd phrase it maybe a different way. I see a significant opportunity in embedding automation into technology products where those products will drive higher value services for their customers. I think iCIMS is a great example of that, and we are talking to a number of technology providers in this space. So I think that is a runway that we can drive for.

是的。也許我們還不清楚，但我會告訴你，我明白了——我可能會換一種說法。我看到了將自動化嵌入到技術產品中的重要機會，這些產品將為他們的客戶帶來更高價值的服務。我認為 iCIMS 就是一個很好的例子，我們正在與該領域的許多技術提供商進行交流。所以我認為這是我們可以駕駛的跑道。

Our product is really well suited to being embedded in other solution sets. And clearly, when you look at the different ERP markets or transaction provider market, we focus on subprocesses. And so we are additive, additive in terms of how customers would see value. And any customer that's going through digital transformation or a transformation or migration, whether it be SAP or Oracle or Workday or Salesforce, including automation into that transformation is an incredible opportunity. And that's where we see the CIOs will see automation going forward.

我們的產品非常適合嵌入到其他解決方案集中。很明顯，當您查看不同的 ERP 市場或交易提供商市場時，我們關注的是子流程。因此，就客戶如何看待價值而言，我們是附加的，附加的。任何正在經歷數字化轉型或轉型或遷移的客戶，無論是 SAP、甲骨文、Workday 還是 Salesforce，將自動化納入該轉型都是一個難得的機會。這就是我們看到 CIO 將看到自動化向前發展的地方。

We have reached the end of the question-and-answer session, and I'll now turn the call over to Rob Enslin for closing remarks.

我們已經到了問答環節的尾聲，現在我將把電話轉給 Rob Enslin 做閉幕詞。

Thank you very much, everybody, for attending today. We really appreciate it, and we look forward to seeing everyone at Investor Day.

非常感謝大家今天的出席。我們非常感謝，我們期待在投資者日與大家見面。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，此時您可以斷開線路。感謝您的參與。