UiPath Inc (PATH) 2023 Q3 法說會逐字稿

Greetings, and welcome to the UiPath Third Quarter Fiscal 2023 Earnings Conference Call. (Operator Instructions) Please note that this conference is being recorded.

您好，歡迎參加 UiPath 2023 財年第三季度收益電話會議。 （操作員說明）請注意，正在錄製此會議。

I will now turn the conference over to our host, Kelsey Turcotte of Investor Relations. Thank you. You may begin.

我現在將會議轉交給我們的主持人，投資者關係部的 Kelsey Turcotte。謝謝你。你可以開始了。

Good afternoon, and thank you for joining us today to review UiPath's third 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's 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, she 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 2023 財年第三季度的財務業績，這是我們在今天收盤後發布的收益新聞稿中公佈的。與我通電話的是 UiPath 的聯合創始人兼聯合首席執行官 Daniel Dines； Rob Enslin，聯席首席執行官；和首席財務官 Ashim Gupta。 Rob 將開始討論，然後將電話轉給 Daniel。之後，她將審查我們的結果並提供指導。然後我們將打開問題電話。

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 will be discussing non-GAAP metrics on today's call. This afternoon's call includes forward-looking statements about our ability to drive growth and operational efficiency and our financial guidance for the fiscal fourth quarter 2023.

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 GAAP 與非 GAAP 對賬。我們將在今天的電話會議上討論非 GAAP 指標。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 2023 財年第四季度的財務指導。

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. 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 period ended October 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.

由於多種因素，實際結果可能與前瞻性陳述中表達的結果存在重大差異，因此，投資者不應過分依賴這些陳述。有關可能影響我們實際結果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，以及我們向美國證券交易委員會提交的其他報告，包括我們的季度報告將向美國證券交易委員會提交截至 2022 年 10 月 31 日期間的 10-Q 表格。此次電話會議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. As a reminder, we price in local currencies and have experienced a significant foreign exchange headwind as we progressed through the fiscal year.

我想強調的是，該網絡廣播附有幻燈片。本次電話會議結束後，我們將立即將幻燈片和準備好的評論副本發佈到我們的投資者關係網站。提醒一下，我們以當地貨幣定價，並且在我們整個財政年度取得進展時經歷了重大的外匯逆風。

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

現在我想把電話轉給 Rob。

Thank you, Kelsey, and good afternoon, everyone. Thank you for joining us. We are pleased with third quarter results, which delivered both top line growth and margin expansion. ARR was $1.110 billion, driven by net new ARR of $67 million. Excluding the FX headwind of $22 million, total ARR grew 38% year-over-year. Revenue was $263 million. Excluding the FX headwind of $22 million, revenue grew 29% year-over-year. Non-GAAP operating income was $18 million, a third quarter record, reflecting our focus on disciplined capital allocation and cost management.

謝謝你，凱爾西，大家下午好。感謝您加入我們。我們對第三季度的業績感到滿意，該業績實現了營收增長和利潤率擴張。 ARR 為 11.10 億美元，受淨新增 ARR 6700 萬美元的推動。排除 2200 萬美元的外匯逆風，總 ARR 同比增長 38%。收入為 2.63 億美元。排除 2200 萬美元的外匯逆風，收入同比增長 29%。非 GAAP 營業收入為 1800 萬美元，創第三季度新高，反映出我們專注於嚴格的資本分配和成本管理。

During the quarter, we added new logos like Petco, Nautilus and Wisconsin Energy, and saw particular strength in our health care and telecommunications verticals. A great new logo in the quarter was Orica, one of the world's leading mining and infrastructure solution providers. In a competitive win of 2 stand-alone vendors, one in enterprise automation and one in test automation, and working with Accenture as an adviser, Orica selected UiPath because of our ability to deliver both enterprise and test automation in one platform. With C-suite sponsorship, Orica is planning to migrate and scale the existing enterprise automation program with UiPath and utilize test suite to enable successful upgrades of their SAP S/4 HANA.

在本季度，我們添加了 Petco、Nautilus 和 Wisconsin Energy 等新標識，並在我們的醫療保健和電信垂直領域看到了特別的優勢。本季度一個很棒的新標誌是 Orica，它是世界領先的採礦和基礎設施解決方案提供商之一。在與 Accenture 作為顧問合作的 2 個獨立供應商（一個在企業自動化和一個在測試自動化領域）的競爭中獲勝，Orica 選擇了 UiPath，因為我們有能力在一個平台上提供企業和測試自動化。在最高管理層的讚助下，Orica 計劃使用 UiPath 遷移和擴展現有的企業自動化程序，並利用測試套件成功升級其 SAP S/4 HANA。

Third quarter is also the federal year-end, and under new leadership, we are very pleased to report that we delivered a strong quarter in that vertical, including expansions with the U.S. Air Force and the U.S. Department of Homeland Security. Customers appreciate both the quantifiable and intangible business outcomes that our automation platform can deliver, including business risk reduction, improved customer and employee experience, profitable growth and the ability to more effectively allocate resources. These are outcomes that resonate across lines of business and up to the C-suite.

第三季度也是聯邦年終，在新的領導下，我們很高興地報告說，我們在該垂直領域取得了強勁的季度業績，包括與美國空軍和美國國土安全部的擴張。客戶欣賞我們的自動化平台可以提供的可量化和無形的業務成果，包括降低業務風險、改善客戶和員工體驗、盈利增長以及更有效地分配資源的能力。這些結果會在整個業務線乃至最高管理層產生共鳴。

For example, one of North America's largest third-party logistics firms, Total Quality Logistics, is using document understanding, software robots and task mining across the organization. In just 2 years, automation has delivered both strong ROI and helped them grow, including driving revenue and a new line of business without adding headcount. Going forward, Total Quality Logistics also plans to implement process mining to identify macro processes that can benefit from automation.

例如，北美最大的第三方物流公司之一 Total Quality Logistics 正在整個組織中使用文檔理解、軟件機器人和任務挖掘。在短短 2 年內，自動化帶來了強勁的投資回報率並幫助他們實現了增長，包括在不增加員工人數的情況下推動收入和新業務線的發展。展望未來，Total Quality Logistics 還計劃實施流程挖掘，以確定可以從自動化中受益的宏觀流程。

It has been a busy few months for the team, and we're executing well across all the key strategic initiatives that we laid out at our Investor Day. These include: extending our market leadership with our largest platform release, 22.10, which Daniel will talk about in more detail; driving platform adoption with our market-leading capabilities in every stage of the automation lifecycle; making significant progress upleveling our go-to-market model, which I will talk about in more detail next; announcing some great technical and go-to-market partnerships; and lastly, to build out our world-class team, with the addition of Lee Hawksley, who will lead our APAC go-to-market team.

這幾個月對團隊來說很忙，我們在投資者日制定的所有關鍵戰略計劃中執行得很好。其中包括：通過我們最大的平台版本 22.10 擴大我們的市場領導地位，Daniel 將對此進行更詳細的討論；憑藉我們在自動化生命週期每個階段的市場領先能力推動平台採用；在提升我們的上市模式方面取得了重大進展，我將在接下來更詳細地討論這一點；宣布一些偉大的技術和上市合作夥伴關係；最後，為了打造我們的世界級團隊，李·霍克斯利 (Lee Hawksley) 的加入將領導我們的亞太地區上市團隊。

Now I would like to take a few minutes to update you on the progress we've made on our go-to-market initiatives. All of this work is designed to enable our teams to sell higher into organizations, define business outcomes that resonate with C-level executives and accelerate customer time to value. To make sure we are on the right track, we tested many of these new approaches in our North American market, and we're very pleased to see they played an important role in several notable third quarter wins.

現在我想花幾分鐘時間向您介紹我們在上市計劃方面取得的進展。所有這些工作旨在使我們的團隊能夠向組織銷售更高的產品，定義與 C 級高管產生共鳴的業務成果，並加快客戶實現價值的時間。為了確保我們走在正確的軌道上，我們在北美市場測試了許多這些新方法，我們很高興看到它們在第三季度的幾個顯著勝利中發揮了重要作用。

Next step is the formal rollout across the geos, much of which we started at the beginning of the fourth quarter when we launched new packaging and pricing designed to simplify our go-to-market motion. This approach brings together the solutions necessary to more quickly realize the advantages of broader platform adoption in one line-item SKU. We also expect this pricing model to reduce friction in the purchasing process. We formally introduced NorthStar, a new value-based selling tool. This prescriptive and predictive model helps our sales reps position the value of automation to customers through an engagement framework that defines economic value, the execution road map and best practices. It is a great tool to clearly position the differentiated long-term benefits of automation delivered through our platform of capabilities.

下一步是跨地域正式推出，其中大部分是我們在第四季度初開始的，當時我們推出了新的包裝和定價，旨在簡化我們的上市行動。這種方法彙集了必要的解決方案，以更快地實現在一個產品線項目 SKU 中採用更廣泛平台的優勢。我們還希望這種定價模式能夠減少採購過程中的摩擦。我們正式推出了一種新的基於價值的銷售工具 NorthStar。這種規範和預測模型通過定義經濟價值、執行路線圖和最佳實踐的參與框架幫助我們的銷售代表定位自動化對客戶的價值。它是一個很好的工具，可以清楚地定位通過我們的功能平台提供的自動化的差異化長期優勢。

We're also leveraging our extensive industry insights to align sales teams around verticals like financial services, health care and TMT, where we've had good success to date and identified considerable white space to continue to grow in both new and existing customers. This focus helped us close the third quarter expansion deal in the financial services vertical with Bank of New York Mellon Pershing, a UiPath customer since 2020. Through their implementation of UiPath, the automation program scale quickly, improving both efficiency and risk mitigation across the firm as well as the client experience by leveraging UiPath's software robots to process transactions more consistently. As a result of these positive outcomes, Bank of New York Mellon is now rapidly expanding to the full platform across the organization.

我們還利用我們廣泛的行業洞察力，圍繞金融服務、醫療保健和 TMT 等垂直領域調整銷售團隊，迄今為止，我們在這些領域取得了良好的成功，並確定了相當大的空白空間，可以繼續在新老客戶中發展。這一重點幫助我們完成了與紐約梅隆潘興銀行在金融服務垂直領域的第三季度擴張交易，該銀行自 2020 年以來一直是 UiPath 的客戶。通過他們實施 UiPath，自動化計劃迅速擴展，提高了整個公司的效率和風險緩解通過利用 UiPath 的軟件機器人更一致地處理交易，以及客戶體驗。由於這些積極成果，紐約梅隆銀行現在正在迅速擴展到整個組織的完整平台。

And to give customers in these verticals even more tools for success, we are piloting our first solution accelerator to provide them a starting point for their automation journey.

為了給這些垂直行業的客戶更多的成功工具，我們正在試用我們的第一個解決方案加速器，為他們的自動化之旅提供一個起點。

We are excited about solution accelerators and believe they will provide our customers with the technical know-how to help them complete the implementations significantly faster. With customer success always in mind, we continue to deepen our relationships with global GSIs and automation experts. At FORWARD 5, we announced our expanded partnership with EY, also one of the largest UiPath customers. That puts the partnership on par and at scale with their largest ecosystem partners. The strengthening of this global alliance is a testament to the trust we've developed and their belief in the massive growth potential that the UiPath automation platform presents for global organizations.

我們對解決方案加速器感到興奮，並相信它們將為我們的客戶提供技術訣竅，幫助他們更快地完成實施。始終牢記客戶的成功，我們繼續加深與全球 GSI 和自動化專家的關係。在 FORWARD 5 上，我們宣布擴大與安永的合作夥伴關係，安永也是 UiPath 最大的客戶之一。這使得合作夥伴關係與他們最大的生態系統合作夥伴處於同等規模。這一全球聯盟的加強證明了我們所建立的信任以及他們對 UiPath 自動化平台為全球組織帶來的巨大增長潛力的信念。

We also continue to expand our technical ecosystem. During the quarter, we announced several strategic partnerships with major technology providers, including Microsoft, which named UiPath as their preferred enterprise automation partner while we announced Microsoft Azure as a preferred cloud platform for UiPath. We plan to continue to collaborate and innovate together to bring automation solutions powered by Microsoft Azure to market. And OutSystems to combine the power of the UiPath business automation platform with OutSystems high-performance, low-code. Together, we expect to enable customers to securely and intelligently automate core processes and applications.

我們還繼續擴展我們的技術生態系統。本季度，我們宣布與包括微軟在內的主要技術供應商建立戰略合作夥伴關係，微軟將 UiPath 指定為其首選企業自動化合作夥伴，同時我們宣布 Microsoft Azure 為 UiPath 的首選雲平台。我們計劃繼續合作和創新，將由 Microsoft Azure 提供支持的自動化解決方案推向市場。 OutSystems 將 UiPath 業務自動化平台的強大功能與 OutSystems 的高性能、低代碼相結合。我們希望共同幫助客戶安全、智能地實現核心流程和應用程序的自動化。

One of the best proof points of our execution is the growth of our larger customer cohorts. And this quarter, we are very pleased that our cohort of customers over $100,000 in ARR increased to 1,711, including customers over $1 million of 201. For these customers, automation isn't just a tool they can use to reduce or eliminate tedious work, it is part of their strategy, growth plans and operating model.

我們執行力的最佳證明之一是我們更大的客戶群體的增長。本季度，我們非常高興我們的 ARR 超過 100,000 美元的客戶群增加到 1,711 名，其中包括 201 名超過 100 萬美元的客戶。對於這些客戶來說，自動化不僅僅是他們可以用來減少或消除繁瑣工作的工具，這是他們戰略、增長計劃和運營模式的一部分。

I feel good about where we are in our journey to take this company beyond $1 billion. We have the market-leading automation technology and platform, the right leaders putting the right go-to-market structure in place. and we are making the disciplined decisions that allow us to drive growth, increase productivity and expand operating margin. We are already seeing the positive impact of our work as we head into the fourth quarter. And the team is focused on a strong close.

我對我們在帶領這家公司超過 10 億美元的過程中所處的位置感到滿意。我們擁有市場領先的自動化技術和平台，合適的領導者將正確的上市結構落實到位。我們正在做出有紀律的決定，使我們能夠推動增長、提高生產力和擴大營業利潤率。進入第四季度時，我們已經看到了我們工作的積極影響。團隊專注於強勢收盤。

I'll turn the call over to Daniel to talk about 22.10 platform release and our newest innovation. Daniel?

我會把電話轉給 Daniel 來談談 22.10 平台發布和我們的最新創新。丹尼爾？

Thank you, Rob. Good afternoon, everyone. Before I get started, I'd like to thank the UiPath team for their hard work and commitment to our customers and partners who recognize and appreciate your dedication to their success. In fact, one of the things I enjoy most about my role at UiPath is spending time with customers to understand where they are in their digital transformation journey and talk to them about the role automation can play in that evolution. Given today's unpredictable operating environment and tightening budgets, automation is a powerful engine that directly addresses these challenges and changes the way organizations of all sizes operate and innovate.

謝謝你，羅布。大家下午好。在開始之前，我要感謝 UiPath 團隊的辛勤工作以及對我們的客戶和合作夥伴的承諾，他們認可並感謝您為他們的成功所付出的努力。事實上，我在 UiPath 的角色中最享受的一件事就是花時間與客戶在一起，了解他們在數字化轉型之旅中所處的階段，並與他們討論自動化在這一演變中可以發揮的作用。鑑於當今不可預測的運營環境和緊縮的預算，自動化是一個強大的引擎，可以直接應對這些挑戰並改變各種規模的組織的運營和創新方式。

We had great platform expansions in the quarter, such as ManpowerGroup, a UiPath customer for 4 years. After successfully deploying automations in their finance department, they expanded to use our full platform in the quarter as they look to scale their automation program internally and deliver workforce solutions to their clients.

我們在本季度進行了出色的平台擴展，例如 ManpowerGroup，它是 UiPath 的 4 年客戶。在他們的財務部門成功部署自動化後，他們在本季度擴展到使用我們的完整平台，因為他們希望在內部擴展他們的自動化程序並為他們的客戶提供勞動力解決方案。

Ultimately, platforms win because integrated technology is easier to manage and drive faster time to value. With market-leading capabilities in every stage of the automation lifecycle, our platform outcomes resonate with the C-suite and are a huge competitive advantage for us.

最終，平台會獲勝，因為集成技術更易於管理並能更快地實現價值。憑藉在自動化生命週期每個階段的市場領先能力，我們的平台成果引起了最高管理層的共鳴，對我們來說是一個巨大的競爭優勢。

A great example of platform adoption is the deal we closed with HCA Healthcare, one of the nation's leading health care providers. HCA has been a UiPath customer for 2 years with numerous softer automations in production. In the quarter, they expanded our partnership by adopting the entire UiPath platform in a multiyear agreement.

採用平台的一個很好的例子是我們與美國領先的醫療保健提供商之一 HCA Healthcare 達成的交易。 HCA 已經成為 UiPath 的客戶已有 2 年了，在生產中有許多更軟的自動化。在本季度，他們通過在多年協議中採用整個 UiPath 平台擴大了我們的合作夥伴關係。

Coming out of our FORWARD 5 user conference and our most important platform released this fall, 22.10, momentum is building across the business. This release allows customers to automate more, faster and with less friction; expand user and builder basis; and operate it all more efficiently and effectively. This recent platform release includes a preview of Studio Web, the latest member of our Studio family, which completes our cloud offering; further reduces the friction in ramping citizen developers; and provides a cross-platform developer experience. 22.10 also delivers the ability to build public-facing applications with UiPath apps, enhance capabilities in process and task mining; and platform intelligence to help our software robots understand both structured data with Document Understanding, and unstructured data with the acquisition of Re:infer.

在我們的 FORWARD 5 用戶大會和我們今年秋天發布的最重要的平台 22.10 之後，整個企業的發展勢頭正在增強。此版本允許客戶以更少的摩擦實現更多、更快的自動化；擴大用戶和建設者基礎；並更有效地運營它。這個最新的平台版本包括 Studio Web 的預覽版，它是我們 Studio 系列的最新成員，它完善了我們的雲產品；進一步減少增加公民開發人員的摩擦；並提供跨平台的開發人員體驗。 22.10 還提供了使用 UiPath 應用程序構建面向公眾的應用程序的能力，增強了流程和任務挖掘的能力；和平台智能，幫助我們的軟件機器人通過文檔理解理解結構化數據，通過收購 Re:infer 理解非結構化數據。

There is a massive amount of value to be captured by automating processes involving unstructured data. During the quarter, several customers added Re:infer, which we recently acquired and have renamed Communications Mining to their automation program. This includes a leading U.K. fund administrator and UiPath customer since 2019 that is planning to leverage Re:infer to drive efficiencies and improve customer experiences by automating tickets in their case management system for their HR, payroll, accounting and tax departments.

涉及非結構化數據的自動化流程可以獲取大量價值。在本季度，一些客戶添加了我們最近收購的 Re:infer，並將其重命名為 Communications Mining 到他們的自動化程序中。這包括一家領先的英國基金管理公司和 UiPath 自 2019 年以來的客戶，該客戶計劃利用 Re:infer 來提高效率並改善客戶體驗，方法是在其人力資源、薪資、會計和稅務部門的案例管理系統中實現工單自動化。

22.10 also delivered enhanced capabilities for both Automation Suite and Automation Cloud, both of which helped drive triple-digit year-over-year growth in cloud ARR. One of our core tenets is flexibility of deployment to meet the customer wherever they are on their automation journey.

22.10 還為 Automation Suite 和 Automation Cloud 提供了增強的功能，這兩者都幫助推動了雲 ARR 的三位數同比增長。我們的核心原則之一是部署的靈活性，以滿足客戶在自動化之旅中的任何位置。

This constant focus on innovation has won us recognition by thought leaders and industry analysts, and we are proud of the recent reports Everest Group and ISG. According to Everest Group's Robotic Process Automation Products PEAK Matrix Assessment 2022, we were named an RPA leader for the sixth consecutive year and star performer in the technology provider landscape. ISG named UiPath a leader in their latest application development research focused on low-code/no-code software companies. This recognition reflects our commitment to category leadership and innovation across the platform.

這種對創新的持續關注為我們贏得了思想領袖和行業分析師的認可，我們為 Everest Group 和 ISG 最近的報告感到自豪。根據 Everest Group 的機器人過程自動化產品 2022 年峰值矩陣評估，我們連續第六年被評為 RPA 領導者，並在技術提供商領域表現出色。 ISG 在其專注於低代碼/無代碼軟件公司的最新應用程序開發研究中將 UiPath 評為領導者。這一認可反映了我們對跨平台類別領導和創新的承諾。

I am proud of what we accomplished in the third quarter and excited about the massive opportunity ahead. The need for automation is greater than ever before. And I believe UiPath will continue to play a leading role in helping organizations not only thrive, but increase their competitive advantage.

我為我們在第三季度取得的成就感到自豪，並對未來的巨大機遇感到興奮。對自動化的需求比以往任何時候都大。我相信 UiPath 將繼續發揮主導作用，幫助組織不僅蓬勃發展，而且提高他們的競爭優勢。

With that, I will turn it over to Ashim.

有了這個，我會把它交給 Ashim。

Thank you, Daniel, and good afternoon, everyone. Unless otherwise indicated, I will be discussing results on a non-GAAP basis, and all growth rates are year-over-year. I also want to note that FX was a significant headwind to our results again this quarter.

謝謝丹尼爾，大家下午好。除非另有說明，否則我將在非 GAAP 基礎上討論結果，所有增長率均為同比增長。我還想指出，本季度外匯再次對我們的業績造成重大不利影響。

I'll start by running through our third quarter and then provide fourth quarter guidance. Third quarter ARR totaled $1.110 billion, driven by net new ARR of $67 million. Because we sell in local currency, foreign currency fluctuations do not impact demand for our product, but do impact the translation of our results.

我將首先介紹我們的第三季度，然後提供第四季度的指導。第三季度 ARR 總計 11.10 億美元，受淨新增 ARR 6700 萬美元的推動。因為我們以當地貨幣銷售，外幣波動不會影響對我們產品的需求，但會影響我們結果的換算。

On a year-over-year basis, FX was an approximately $10 million headwind to net new ARR. And for total ARR, FX was an approximately $22 million headwind. Excluding FX, total ARR grew 38%. We now serve approximately 10,650 customers. As we shared at Investor Day, we are positioning the company to land and grow customers with a high propensity to invest in automation, while distributors will serve the lower end of the market.

與去年同期相比，外匯對淨新 ARR 造成了大約 1000 萬美元的阻力。對於總 ARR，外匯是大約 2200 萬美元的逆風。不包括外彙在內，總 ARR 增長了 38%。我們現在為大約 10,650 名客戶提供服務。正如我們在投資者日分享的那樣，我們將公司定位為吸引和發展具有高度投資自動化傾向的客戶，而分銷商將服務於低端市場。

Moving on, our dollar-based net retention rate was 126%. Normalizing for FX and excluding the impact of Russian sanctions, our dollar-based net retention rate was 130%. Americas continues to show strength as our dollar-based net retention rate outperformed relative to the rest of the world. Dollar-based gross retention of 98% continues to be best-in-class, underscoring the transformational business outcomes that customers achieve with our platform.

繼續前進，我們基於美元的淨保留率為 126%。將外匯正常化並排除俄羅斯制裁的影響，我們基於美元的淨保留率為 130%。由於我們以美元為基礎的淨保留率優於世界其他地區，美洲繼續表現強勁。基於美元的總保留率為 98%，繼續保持同類最佳水平，凸顯了客戶通過我們的平台實現的轉型業務成果。

Revenue grew to $263 million. Normalizing for the year-over-year FX headwind of approximately $22 million, revenue grew 29% year-over-year. Remaining performance obligations increased to $759 million. Normalizing for the year-over-year FX headwind of approximately $50 million, RPO grew 40% year-over-year. Current RPO increased to $441 million.

收入增長至 2.63 億美元。考慮到約 2200 萬美元的同比外匯逆風，收入同比增長 29%。剩餘的履約義務增加到 7.59 億美元。考慮到約 5000 萬美元的同比外匯逆風，RPO 同比增長 40%。目前的 RPO 增至 4.41 億美元。

Total gross margin was 86%, reflecting ongoing investments in support and cloud infrastructure as we scale that business. Software gross margin was 92%.

總毛利率為 86%，反映了我們在擴展該業務時對支持和雲基礎設施的持續投資。軟件毛利率為92%。

Third quarter operating expenses were $209 million. We continue to focus on operational efficiency, including our restructuring actions, hiring freeze and tighter control of discretionary spend.

第三季度運營費用為 2.09 億美元。我們繼續關注運營效率，包括我們的重組行動、招聘凍結和更嚴格地控制可自由支配的支出。

GAAP operating loss of $67 million included $81 million of stock-based compensation expense. Non-GAAP operating income was $18 million, our strongest third quarter non-GAAP operating margin to date.

GAAP 運營虧損 6,700 萬美元，其中包括 8,100 萬美元的股票補償費用。非 GAAP 營業收入為 1800 萬美元，是迄今為止我們最高的第三季度非 GAAP 營業利潤率。

Third quarter non-GAAP adjusted free cash flow was negative $24 million, reflecting timing of collections and prepaid vendor contracts that allow us to lock in favorable terms for UiPath in an inflationary environment. We have a very strong balance sheet, which is an important asset in the current operating environment, with $1.7 billion in cash, cash equivalents and marketable securities and no debt.

第三季度非 GAAP 調整後的自由現金流為負 2400 萬美元，反映了收款和預付供應商合同的時間安排，使我們能夠在通貨膨脹的環境中為 UiPath 鎖定有利的條款。我們擁有非常強大的資產負債表，這是當前運營環境中的一項重要資產，擁有 17 億美元的現金、現金等價物和有價證券，沒有債務。

Now let me turn to guidance. We guide what we see in the pipeline and assume that the current choppy macro environment and pressure from foreign exchange continue.

現在讓我轉向指導。我們指導我們在管道中看到的內容，並假設當前動蕩的宏觀環境和外匯壓力繼續存在。

Turning to the numbers. First, for fiscal fourth quarter 2023, we expect ARR in the range of $1.174 billion to $1.176 billion. This is an increase from prior guidance of $1.153 billion to $1.158 billion. We expect revenue in the range of $277 million to $279 million. We expect non-GAAP operating income to be approximately $35 million, and we expect fourth quarter basic share count to be approximately 554 million shares outstanding.

轉向數字。首先，對於 2023 財年第四季度，我們預計 ARR 在 11.74 億美元至 11.76 億美元之間。這比之前指導的 11.53 億美元增加到 11.58 億美元。我們預計收入在 2.77 億美元至 2.79 億美元之間。我們預計非 GAAP 營業收入約為 3500 萬美元，我們預計第四季度基本股數約為 5.54 億股流通股。

Finally, we will guide to first quarter and full year fiscal 2024 when we announce our fourth quarter results. But I want to highlight that we expect typical enterprise seasonality from the fourth quarter to first quarter in both net new ARR and revenue results.

最後，當我們公佈第四季度業績時，我們將指導 2024 財年第一季度和全年。但我想強調的是，我們預計從第四季度到第一季度，淨新 ARR 和收入結果都會出現典型的企業季節性。

We delivered a solid third quarter as our durable financial model and strong balance sheet gives us the resources to invest in long-term growth and drive sustainable profitability, both of which are core to our go-forward strategy.

由於我們持久的財務模式和強大的資產負債表為我們提供了投資於長期增長和推動可持續盈利能力的資源，我們第三季度表現穩健，這兩者都是我們前進戰略的核心。

The team is focused on delivering meaningful outcomes for our customers, and we look forward to a strong close to fiscal year 2023. Finally, I would like to wish our employees and all of you a healthy and happy holiday season, and we look forward to speaking with many of you in the coming weeks.

該團隊專注於為我們的客戶提供有意義的成果，我們期待著 2023 財年的強勁收尾。最後，我祝愿我們的員工和大家度過一個健康快樂的假期，我們期待著在接下來的幾周里與你們中的許多人交談。

With that, I will turn the call over to the operator. Operator, please poll for questions.

有了這個，我會把電話轉給接線員。接線員，請投票提問。

(Operator Instructions) Our first question comes from Phil Winslow with Credit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸的 Phil Winslow。

I appreciate the color, particularly on the go-to-market changes, which is really where I want to focus my question. Rob, obviously, you made some changes when you joined. And I wonder if you could walk us through just sort of your thoughts on, call it, productivity versus just capacity in the sales force? How do you kind of think with these changes you're making sort of productivity should start to inflect? And then similarly, how do you feel about just sort of the capacity of the go-to-market push right now? And then just I have one follow-up.

我很欣賞這種顏色，尤其是在上市變化方面，這確實是我想關注的問題。 Rob，很明顯，你在加入時做了一些改變。我想知道您是否可以向我們介紹一下您對生產力與銷售人員能力的看法？您如何看待您正在做出的這些改變，生產力應該開始發生變化？然後類似地，您如何看待目前推向市場的能力？然後我只有一個跟進。

Yes. Thanks, Phil. We feel good about the capacity we've got. It aligns with the strategy we outlined at Investor Day, and we're starting to see real proof points around our strategy and how we're delivering that. And the team is actually focused on really good delivery. So if you look at like what I would say is one of the best proof points of our execution is the growth of our customer cohorts. When you look at $100,000 in ARR, we've increased that to 1,711. And when you look at customers over $1 million, now, it's up to 201. So we feel good about the go-to-market, the segmentation and our execution and how far we've come in a relatively short period of time.

是的。謝謝，菲爾。我們對自己的能力感到滿意。它符合我們在投資者日概述的戰略，我們開始看到圍繞我們的戰略以及我們如何實現這一戰略的真正證據。該團隊實際上專注於真正出色的交付。因此，如果您看一下我想說的是我們執行力的最佳證明之一，那就是我們客戶群的增長。當您查看 100,000 美元的 ARR 時，我們已將其增加到 1,711。當你看到超過 100 萬美元的客戶時，現在最多達到 201。因此，我們對上市、細分和執行以及我們在相對較短的時間內取得的進展感到滿意。

Great. And then, Daniel, you highlighted just efficiency that need to drive productivity as a catalyst for automation for companies. Obviously, the dollar-based net retention continues to remain strong, and it feels like that's resonating with existing customers that already have proof points of success. When you go to new customers that are maybe just starting their automation journey, what makes sort of the light bulb go off of sort of why automation, why RPA, and just your full hyperautomation suite is something they should lean into from a productivity standpoint?

偉大的。然後，Daniel，您強調了提高生產力所需的效率作為公司自動化的催化劑。顯然，以美元為基礎的淨保留率繼續保持強勁，感覺這與已經擁有成功證據的現有客戶產生了共鳴。當您接觸可能剛剛開始他們的自動化之旅的新客戶時，是什麼讓燈泡熄滅，為什麼自動化，為什麼 RPA，以及您的完整超自動化套件是他們從生產力的角度來看應該依賴的東西？

I think this is kind of the same motivation as for existing customers, they drive cost down, they improve employees' productivity, they improve also customer satisfaction. And we are seeing meaningful new customers that are getting into automation by buying the entire platform. And I can -- for instance, in the case of Orica that I think Rob mentioned, our -- the power of our testing was instrumental into driving the adoption of the entire platform. And it was a competitive takeout of 2 of our competitors. So I would say that the benefit of automation is even more relevant in this environment for the new customers.

我認為這與現有客戶的動機是一樣的，它們降低了成本，提高了員工的生產力，也提高了客戶滿意度。我們看到有意義的新客戶通過購買整個平台進入自動化。我可以——例如，在我認為 Rob 提到的 Orica 案例中，我們的——我們測試的力量有助於推動整個平台的採用。這是我們 2 個競爭對手的競爭性外賣。所以我想說，在這種環境下，自動化的好處對新客戶來說更為重要。

Our next question comes from Brad Sills with Bank of America Securities.

我們的下一個問題來自美國銀行證券公司的 Brad Sills。

It's great to see some of the early success with the changes in go-to-market. Maybe on that topic, please, Rob, if you could expand a little bit on where you've seen some success. I know it's early, but with some of these verticals, you called out some of these solution accelerators. Are there any ones in particular you'd call out? And are there any learnings from your success in those areas that you might be able to apply more broadly?

很高興看到在進入市場方面的變化取得了一些早期的成功。關於那個話題，Rob，如果你能稍微擴展一下你看到的一些成功的地方。我知道現在還早，但是對於其中一些垂直領域，您調用了其中一些解決方案加速器。有沒有你特別想說的？您在這些領域的成功經驗中是否有任何您可以更廣泛應用的經驗教訓？

Yes, Brad. Some of it is antidotal because we're very early into actually the numbers. But I think -- first of all, I think the proof points around [ATA], Bank of New York Mellon and Orica are proof points of the NorthStar approach that we -- the value selling around NorthStar and then driving significant value, and the speed to value is showing progress. We also have seen our solution packages. We started to launch them significant interest. We don't have actually clear KPIs, but we're seeing significant interest. And I think our sales organization has more tools in the bag to deal with the environment we're operating in, and they're doing really well around that.

是的，布拉德。其中一些是解毒劑，因為我們對實際數字的了解還很早。但我認為 - 首先，我認為圍繞 [ATA]、紐約梅隆銀行和 Orica 的證據證明了我們採用 NorthStar 方法的證據 - 圍繞 NorthStar 銷售價值，然後推動重要價值，以及實現價值的速度顯示出進步。我們也看到了我們的解決方案包。我們開始引起他們的極大興趣。我們實際上沒有明確的 KPI，但我們看到了很大的興趣。而且我認為我們的銷售組織擁有更多工具來應對我們所處的環境，而且他們在這方面做得非常好。

We see significant progress -- obviously, continue to see significant progress in the United States around that. And we're starting to see with the team in Europe that's having benefit as well. And look, I mean, Orica is a world-class leading energy company based out of Singapore, operating globally. And it shows that we're starting to see progress with our strategy globally as well.

我們看到了重大進展——顯然，繼續看到美國在這方面取得了重大進展。我們開始看到歐洲團隊也從中受益。看，我的意思是，Orica 是一家世界級領先的能源公司，總部位於新加坡，在全球開展業務。這表明我們也開始在全球範圍內看到我們的戰略取得進展。

Wonderful. And then one for you, Ashim, if I may, please, on just the outlook that you provided at the Analyst Day for next year. ARR growth exiting the year at 20%, it's down quite a bit. I mean, this quarter, you're at 38% constant currency. You're guiding to 20 -- it looks like 27%, maybe 29% constant currency for Q4. So a pretty big deceleration. Are you assuming a worsening macro in that outlook? Or if you could just remind us what are you assuming in that number.

精彩的。然後給你一個，Ashim，如果可以的話，請談談你在明年分析師日提供的展望。今年 ARR 增長率為 20%，下降了很多。我的意思是，本季度，您的固定匯率為 38%。你正在指導 20——看起來像 27%，第四季度可能是 29% 的固定貨幣。所以一個相當大的減速。您是否假設該前景中的宏觀經濟正在惡化？或者，如果您可以提醒我們您在該數字中的假設是什麼。

Yes. Brad, like we discussed at Investor Day, the anchor points that we provided for next year assumes the current macro environment that we've all -- that we've been talking about and as well as the FX or the foreign exchange environment that we've also been seeing. We really see this as consistent from forward in our Investor Day until now. we'll provide more of an update as we get into next year and report fourth quarter earnings.

是的。布拉德，就像我們在投資者日討論的那樣，我們為明年提供的錨點假設我們一直在談論的當前宏觀環境以及我們一直在談論的外匯或外匯環境也一直在看。從我們的投資者日到現在，我們真的認為這是一致的。我們將在進入明年並報告第四季度收益時提供更多更新。

Our next question comes from Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的馬克墨菲。

Congrats on the great margin progress. So Ashim, I don't think you actually spent quite as much time on talking about macro issues tonight. And so I'm wondering if it would be logical to think that this period of Q3 and Q4 could represent the trough for the net new ARR. What I mean is, if it's declining here in this 25% to 40% range. And then maybe there would be an opportunity to kind of improve on that as you get further into the repositioning and the repackaging and the go-to-market changes in the first half of next year. Is that -- as a general framework, is that a fair way to be thinking about the trending of the business? And then I have a quick follow-up.

祝賀大利潤的進步。所以 Ashim，我認為你今晚實際上沒有花那麼多時間討論宏觀問題。所以我想知道第三季度和第四季度的這段時間代表淨新 ARR 的低谷是否合乎邏輯。我的意思是，如果它在這個 25% 到 40% 的範圍內下降。然後，隨著你在明年上半年進一步進行重新定位、重新包裝和上市變化，也許會有機會對此進行改進。這是——作為一個總體框架，這是一種考慮業務趨勢的公平方式嗎？然後我有一個快速跟進。

Yes, Mark, it's very consistent with what we've talked at Investor Day and Analyst Day. We look at the environment as consistent. So we probably have talked less about it just in terms of the environment between Europe, APAC and Americas. We feel relatively the same environment as we talked about just a few months ago. In terms of our commitment to executing on the strategy that we laid out at Investor Day, we are all committed and actually excited about the progress that we're making around segmentation, solutioning, focus, identifying high-propensity customers. All of those factors in our mind, we feel are going to yield positive results, and that's what we're executing to.

是的，馬克，這與我們在投資者日和分析師日討論的內容非常一致。我們認為環境是一致的。因此，就歐洲、亞太地區和美洲之間的環境而言，我們可能很少談論它。我們感覺和幾個月前談的環境差不多。就我們對執行我們在投資者日制定的戰略的承諾而言，我們都致力於並實際上對我們在細分、解決方案、重點和識別高傾向客戶方面取得的進展感到興奮。我們認為所有這些因素都會產生積極的結果，這就是我們正在執行的目標。

I would remind everybody just we're going to see typical seasonality as we get into next year, between first quarter we mentioned in the script, but also first half, second half. But overall, we're pleased with the execution of the strategy, and we're executing that strategy because we believe it will yield positive results.

我想提醒大家，進入明年，我們將在腳本中提到的第一季度，以及上半年和下半年之間看到典型的季節性。但總的來說，我們對戰略的執行感到滿意，我們正在執行該戰略，因為我們相信它會產生積極的結果。

Okay. Understood. And maybe as a quick follow-up for Rob and Daniel. Could you touch a little on the expanded Microsoft Azure relationship? I believe Microsoft said that UiPath is going to be one of their largest partners that's built on Microsoft technology. I think they referred to it that way. What type of opportunity do you see with Microsoft? And is that something that's helping you win business out there incrementally at this point?

好的。明白了。也許作為 Rob 和 Daniel 的快速跟進。您能否談談擴展的 Microsoft Azure 關係？我相信微軟說過 UiPath 將成為他們建立在微軟技術上的最大合作夥伴之一。我認為他們是這樣稱呼它的。您在 Microsoft 看到了什麼類型的機會？在這一點上，這是否正在幫助您逐步贏得業務？

Thanks for the question. Let me start and then Rob might add more color to it. I feel that we made a good bet on basing -- on having our technology built on the top of Microsoft Azure cloud. That help us drive -- create cloud offering that resonates with most of our customers. It really helps us to reduce the sales cycle when it comes to the cloud, it reduced the sales cost and it increased time to value to our customers. Microsoft has been really a good partner for us, both on the technology innovation and partnering on the go-to-market side. So we are really looking at a positive development on this front. Rob? .

謝謝你的問題。讓我先開始，然後 Rob 可能會添加更多顏色。我覺得我們在基礎上做了一個很好的賭注——將我們的技術構建在 Microsoft Azure 雲之上。這有助於我們推動 - 創建與我們大多數客戶產生共鳴的雲產品。當涉及到雲時，它確實幫助我們縮短了銷售週期，降低了銷售成本，並增加了為客戶創造價值的時間。微軟一直是我們的好合作夥伴，無論是在技術創新方面還是在進入市場方面的合作方面。所以我們真的在看這方面的積極發展。搶？ .

I think that's good.

我覺得這樣很好。

And our next question comes from Raimo Lenschow with Barclays.

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

Two quick questions. One on staying on partners, competitors, et cetera. And Rob, you spent obviously a lot of years at SAP. Like how do we have to think about that SAP relationship? A lot of your businesses is at SAP installed base, helping on process optimization, et cetera. SAP is making more noise about doing it themselves. Like how is that relationship evolving? That's my first question. And then I have 1 follow-up for Ashim.

兩個快速問題。一個關於留在合作夥伴、競爭對手等方面。 Rob，你顯然在 SAP 工作了很多年。比如我們必須如何考慮 SAP 關係？您的很多業務都在 SAP 安裝基礎上，幫助進行流程優化等。 SAP 正在大聲疾呼自己做這件事。比如這種關係是如何發展的？這是我的第一個問題。然後我對 Ashim 進行了 1 次跟進。

Yes. Look, I mean, we -- first of all, I would say you've got to look at our portfolio. Our portfolio, we're very strong in financials in health care. So we have a broad portfolio that we go after. So -- it's not only our partnership with SAP that we're working on, and we have got a partnership. They utilize some of our technology. We obviously work closely with them, and we continue to work closely with them because we believe we have a mutual benefit in helping customers add value. And together with the customer base and the customer fit they have, we think there's an incredible value for our customers. But that also includes other companies in that space as well. So we continue to progress. Key partnerships are clearly part of the strategy we laid out at Investor Day, and we continue to evolve that every quarter.

是的。看，我的意思是，我們——首先，我想說你必須看看我們的投資組合。我們的投資組合，我們在醫療保健方面非常強大。因此，我們擁有廣泛的投資組合。所以 - 這不僅是我們與 SAP 的合作夥伴關係，我們正在努力，而且我們已經建立了合作夥伴關係。他們利用了我們的一些技術。我們顯然與他們密切合作，並且我們繼續與他們密切合作，因為我們相信我們在幫助客戶增加價值方面可以互惠互利。加上客戶群和他們擁有的客戶契合度，我們認為這對我們的客戶來說具有不可思議的價值。但這也包括該領域的其他公司。所以我們繼續進步。重要的合作夥伴關係顯然是我們在投資者日制定的戰略的一部分，我們每個季度都會繼續發展。

Okay. Perfect. And then Ashim, obviously, a lot of investors look at net new ARR added and you had a really strong $67 million this quarter. If I look at the implied number for Q4, it does seem different than what we saw in Q4 last year. Could you just kind of speak a little bit if there are specific factors that might drive that I remember like a couple of years ago, we had the change in the year-end, et cetera. Like just anything that we should know about or remember about Q4.

好的。完美的。然後 Ashim，很明顯，很多投資者都在關注新增的 ARR 淨值，而本季度你的收入非常強勁，達到 6700 萬美元。如果我看一下第四季度的隱含數字，它似乎與我們去年第四季度看到的有所不同。如果有特定的因素可能會推動我記得像幾年前那樣，你能稍微說一下嗎？我們在年底發生了變化，等等。就像我們應該了解或記住的關於 Q4 的任何事情一樣。

Yes. So in Q4, we have a more pronounced impact from foreign exchange. I think that's the first notable point, Raimo. The reason for that is a lot of our renewable base, which obviously will renew at a potentially lower FX rate -- at the current FX rate, I should say. That has a $20 million impact year-over-year. So when you look at what we've implicitly guided, at around $66 million, and you add $20 million back for that, that takes you to $86 million. And then you take into account the macro -- the impact from the macro environment. And we've been consistent in our guidance philosophies in terms of guiding what we see in front of us. That's kind of how you think about the components of the guide and the fact (inaudible) right now.

是的。因此，在第四季度，我們受到外彙的影響更為明顯。我認為這是第一個值得注意的點，Raimo。原因是我們有很多可再生能源基地，顯然將以可能較低的匯率更新——我應該說，按照目前的匯率。這比去年同期產生了 2000 萬美元的影響。因此，當您查看我們隱含指導的內容時，大約為 6600 萬美元，然後為此增加 2000 萬美元，這將使您達到 8600 萬美元。然後你考慮宏觀——宏觀環境的影響。在指導我們眼前所見的事物方面，我們的指導理念始終如一。這就是您現在對指南的組成部分和事實（聽不清）的看法。

Our next question comes from Matthew Hedberg with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Matthew Hedberg。

This is [Simone], on for Matt Hedberg. So with the uncertainty you noted earlier about the current environment, has the tone of your customer conversations changed at all? And do you see more hesitancy with customers or are experiencing longer sales cycles?

我是 [Simone]，代表 Matt Hedberg。因此，由於您之前提到的當前環境的不確定性，您的客戶談話的基調是否發生了根本性的變化？您是否看到客戶更猶豫不決或正在經歷更長的銷售週期？

Yes. What we've been very clear about is we see a consistency between the quarters that we saw in Q2 into Q3. And we believe that we're actually managing it really well right now.

是的。我們一直非常清楚的是，我們看到了我們在第二季度到第三季度看到的季度之間的一致性。我們相信我們現在實際上管理得很好。

Got it. And then also earlier, you announced an additional reduction in your workforce. How are you thinking about the reallocation of those budgets towards greater efficiency and execution and customer strategies?

知道了。然後更早，您宣布進一步裁員。您如何考慮重新分配這些預算以提高效率和執行力以及客戶戰略？

Good question. So the restructuring that we announced 2 weeks ago, I think, that was part of the strategic discussions we had at Investor Day. That is a cross-functional restructuring that we have. It has very little impact, the minimum impact on our quota carriers and our go-to-market, and we continue to execute the go-to-market as we design it around the strategic initiatives.

好問題。因此，我認為我們兩週前宣布的重組是我們在投資者日進行的戰略討論的一部分。這是我們的跨職能重組。它的影響很小，對我們的配額承運人和我們的上市影響最小，我們在圍繞戰略計劃設計它時繼續執行上市。

And our next question comes from Keith Weiss with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Keith Weiss。

Ashim, on the operating margins, you guys really outperformed kind of what the original guide was there. Is that all coming from the headcount reductions? Or is there more efficiency kind of improvements that are coming from other parts of the business? And how should we think about that kind of the potential for further progression there into FY '24 perhaps?

Ashim，在營業利潤率方面，你們的表現確實優於原始指南。這一切都來自裁員嗎？或者是否有來自業務其他部分的更多效率改進？我們應該如何考慮這種可能進一步進入 24 財年的可能性？

Yes. So not -- the headcount reduction, just to answer directly, and then I'll walk you through the operating margin, Keith. The headcount reduction was announced on November 15. So what we announced had very little impact -- no impact on our third quarter results. When you break down and you look at how the operating margin came together, the first is the top line. The team did a great job on executing in the environment. And so we outperformed the top line, and of course, that flows through and falls through to the bottom line.

是的。所以不是 - 裁員，只是直接回答，然後我會帶你了解營業利潤率，基思。裁員是在 11 月 15 日宣布的。所以我們宣布的影響很小——對我們第三季度的業績沒有影響。當你分解並查看營業利潤率是如何組合在一起時，首先是頂線。該團隊在環境執行方面做得很好。因此，我們的表現優於頂線，當然，這會流過並落入底線。

The second is, while we know we were in a period of reorganization, we had a hiring freeze that we put in place. And we installed a lot of -- in this environment, our entire employee base, I think, understands the environment, and we're operating with a lot of discipline. So you just take those 2 factors in there. That really explains the beat.

第二個是，雖然我們知道我們正處於重組時期，但我們已經凍結了招聘。我們安裝了很多 - 在這種環境中，我認為我們的整個員工群都了解環境，並且我們的運作非常有紀律。所以你只需要考慮這兩個因素。這真的解釋了節拍。

In terms of the go forward, I'd point you back to kind of our discussions at Investor Day and the anchor points that we provided, we're committed to margin expansion. We see a path to be able to grow durably and profitably, and we're going to operate with discipline but still execute a strategy for growth that we've laid out together.

就前進而言，我會指出你回到我們在投資者日的討論和我們提供的錨點，我們致力於擴大利潤率。我們看到了一條能夠實現持久和盈利增長的道路，我們將有紀律地運營，但仍會執行我們共同製定的增長戰略。

Got it. And then one follow-up, and I think this is probably for Rob. In terms of net new customer growth, it looks pretty weak in the quarter, like just overall, net new customer growth at like 150. That's the lowest that we've seen since you guys have gone public. And even the customers over $100,000. This is -- it was a relatively small increase versus what we've seen historically. Is this part and parcel of the distribution changes or more of a macro impact? And how should we think about kind of the pace of the ability to sort of recover and accelerate that pace of net new customer on a go-forward basis?

知道了。然後是跟進，我想這可能是給 Rob 的。就新客戶淨增長而言，本季度看起來相當疲軟，總體而言，新客戶淨增長約為 150。這是自你們上市以來我們看到的最低水平。甚至超過 100,000 美元的客戶。這是 - 與我們歷史上看到的相比，這是一個相對較小的增長。這是分佈變化的重要組成部分還是更多的宏觀影響？我們應該如何考慮在前進的基礎上恢復和加快淨新客戶步伐的能力？

Yes. So when you look at it, Keith, I mean, the majority of the churn is in the smaller customers. If you remember the chart that we showed at Investor Day shows that we have to move those customers from the left to the right. We feel really confident that we actually -- that's actually happening and that we are getting more success with more positive signs in the Global 2000, and that's going to continue to be our focus. And that's how the segmentation is actually set up. We'll move more over time into the distribution side with the smaller customers. And you should expect to see churn in the smaller customer market.

是的。所以當你看它時，基思，我的意思是，大部分流失是在較小的客戶中。如果您還記得我們在投資者日展示的圖表，我們必須將這些客戶從左移到右。我們真的很有信心，我們實際上 - 這實際上正在發生，並且我們在全球 2000 強中取得了更多的成功和更多積極的跡象，這將繼續成為我們的重點。這就是細分的實際設置方式。隨著時間的推移，我們將更多地轉移到較小客戶的分銷方面。而且您應該期望在較小的客戶市場中看到流失。

Got it. So like the (technical difficulty) retention rate remains really strong. But the smaller customers, probably the customer retention rate is kind of -- we're seeing the impact of that on the net new customer adds.

知道了。因此，（技術難度）保留率仍然非常高。但是較小的客戶，可能客戶保留率有點——我們看到了它對淨新客戶增加的影響。

Yes.

是的。

Our next question comes from Kirk Materne with Evercore.

我們的下一個問題來自 Evercore 的 Kirk Materne。

This is Chirag, on for Kirk. Congratulations on the strong quarter. Just one question for me around the reception of the automation platform. So how deep would you say you all are in terms of customer adoption of the overall end-to-end automation platform today within your existing customer base and largest customers when we're talking beyond core RPA use cases? And how are you continuing to pursue the opportunity to go deeper? And maybe if you could call out any specific areas that are carrying more weight or seeing more demand.

這是 Chirag，代表 Kirk。祝賀強勁的季度。關於自動化平台的接收，我只有一個問題。那麼，當我們談論核心 RPA 用例之外的內容時，您認為在現有客戶群和最大客戶中客戶採用整體端到端自動化平台方面，你們有多深？您將如何繼續尋求更深入的機會？也許您可以指出任何承載更多重量或看到更多需求的特定區域。

Yes. So obviously, we feel very positive about the business platform and what we can achieve with the business platform, and we see significant future positive signs in terms of the customer opportunity that we have in front of the team with existing customers to expand. If you just look at the expansion, you can see with Bank of New York Mellon, ATA customers expanding to the full platform, and we see many, many more opportunities in that space. It's clear that solution sets like test has a big impact, and it can be a significant driver. So it's clear that Document Understanding is a significant driver of the platform. And we believe with our Process Mining and Task Mining, as we described with Total Quality Logistics that the broader platform is now starting to have an impact. And it's pretty clear in our customer conversations that the platform is the way to go for automation. So we feel really strong about where we're headed, how it's tied to our NorthStar strategy, our selection of packages or doing packages in our platform pricing. Early days but really confident about how we've laid it out and how we're starting to execute.

是的。因此，很明顯，我們對業務平台以及我們可以通過業務平台實現的目標感到非常積極，並且我們看到了在我們與現有客戶一起擴展的團隊面前的客戶機會方面的重要未來積極跡象。如果你只看擴張，你可以看到紐約梅隆銀行，ATA 客戶擴展到整個平台，我們在這個領域看到了很多很多的機會。很明顯，像測試這樣的解決方案集有很大的影響，它可以成為一個重要的驅動因素。因此很明顯，文檔理解是該平台的重要驅動力。我們相信我們的過程挖掘和任務挖掘，正如我們在全面質量物流中所描述的那樣，更廣泛的平台現在開始產生影響。在我們的客戶對話中很明顯，該平台是實現自動化的途徑。因此，我們對我們的前進方向、它與我們的 NorthStar 戰略、我們選擇的套餐或在我們的平台定價中做套餐的關係感到非常強烈。早期但對我們如何佈局以及我們如何開始執行非常有信心。

Yes, this is [Daniel]. I would like to add that if you look from an airplane perspective, our platform strategy, it allowed us to move from our traditional market of automating existing manual processes and to growing more to end-to-end process automation. So we are the only company that has a platform that covers the entire spectrum of automation, from large business processes to manual repetitive processes to even micro test that people are doing as part of their daily job.

是的，這是[丹尼爾]。我想補充一點，如果你從飛機的角度來看，我們的平台戰略，它使我們能夠從傳統的自動化現有手動流程的市場轉移到更多的端到端流程自動化。因此，我們是唯一一家擁有涵蓋整個自動化範圍的平台的公司，從大型業務流程到手動重複流程，甚至是人們在日常工作中所做的微觀測試。

And our next question comes from Bryan Bergin with Cowen.

我們的下一個問題來自 Bryan Bergin 和 Cowen。

It's good to hear some of the early go-to-market initiatives here having some success. And I'm curious on that, how the land size on some of the new deals are comparing to before. I know it's early, but I think the company had talked about an average land size of 15,000 to 25,000 in the past. Can you just give us any sense on how we should be thinking about the average land size under this new approach, just as you cite some of these notable new third quarter deals?

很高興聽到這裡的一些早期上市計劃取得了一些成功。我很好奇，一些新交易的土地面積與以前相比如何。我知道現在還早，但我認為該公司過去曾談論過平均土地面積為 15,000 至 25,000。你能否告訴我們在這種新方法下我們應該如何考慮平均土地面積，就像你引用了一些值得注意的第三季度新交易一樣？

Yes. So we see progress on the land size, Bryan, we see it slightly up as we look at the numbers right now. Our focus, as we move forward, though, is just overall expansion. So what we're really excited about is that we feel good we have a healthy pipeline. Customers are expanding. They're expanding into multiple elements of our platform in terms of the number of ELAs, et cetera. So both the land size we see slightly up, but we see progress in terms of customers wanting more of the platform that is very tied to our strategy in terms of driving further expansion and getting into the C levels as we outlined at Investor Day.

是的。所以我們看到了土地面積的進步，布萊恩，我們看到現在的數字略有上升。不過，隨著我們前進，我們的重點只是整體擴張。所以我們真正感到興奮的是我們感覺很好，我們擁有一條健康的管道。客戶正在擴大。他們在 ELA 的數量等方面擴展到我們平台的多個元素。因此，我們看到土地面積略有增加，但我們看到客戶希望更多平台的進展，這與我們在推動進一步擴張和進入 C 級戰略方面密切相關，正如我們在投資者日概述的那樣。

Okay. And then a follow-up on free cash flow. I heard some of the opportunistic actions you took here in the third quarter. How should we be thinking about the 4Q levels on free cash flow? And just anything to be mindful there as you work through some of the restructuring actions?

好的。然後是自由現金流的後續行動。我聽說你在第三季度在這裡採取了一些機會主義行動。我們應該如何考慮自由現金流的 4Q 水平？在進行一些重組行動時，有什麼需要注意的嗎？

Yes. We don't guide to free cash flow, just to make that clear to start. At the same time, we've talked about being roughly cash flow neutral. So when you look at the numbers, we expect to be able to -- you should expect to see that free cash flow be positive and move us closer to that neutrality in terms of that. We're on track for those areas. And then our free cash flow expansion will be the same as we move forward in terms of our commitment on profitability that we talked about earlier.

是的。我們不指導自由現金流，只是為了清楚地開始。與此同時，我們談到了大致保持現金流中性。因此，當您查看這些數字時，我們希望能夠——您應該期望看到自由現金流為正，並使我們在這方面更接近中性。我們正朝著這些領域前進。然後我們的自由現金流擴張將與我們在我們之前談到的盈利承諾方面向前邁進一樣。

And our next question comes from Terry Tillman with Truist Securities.

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

Maybe the first question is a multi-parter and then I had a follow-up. Rob, for you, in terms of like earlier in the year, when you were putting forth some of these initiatives to optimize the business and improve execution. On the go-to-market side, I think there was the idea that there could be some disruption to go-to-market activities because of the things you're doing. Ultimately, have you seen about what you had planned for in terms of disruption to ARR or the business? Or has it been less? And are you done with kind of like the right leadership team and the bench strength now? And then I have a follow-up.

也許第一個問題是多方參與，然後我進行了跟進。 Rob，對你來說，就像今年早些時候一樣，當時你提出了一些計劃來優化業務和提高執行力。在上市方面，我認為有人認為，由於您正在做的事情，上市活動可能會受到一些干擾。最終，您是否了解了您在中斷 ARR 或業務方面的計劃？還是變少了？你現在已經完成了合適的領導團隊和板凳力量嗎？然後我有一個後續行動。

It's difficult to disaggregate. And what I feel really good about is how we looked at testing a lot of the initiatives in the U.S. and how they came through getting the right leadership really quickly in place in the U.S., and we've seen them execute. And that's allowed us to actually move that to other parts of the world. It's pretty clear our European business is in very good shape now. Mark has done a good job with the leadership team where they are actually stable. We -- they've made all the changes necessary, and then bringing Lee on in Asia Pacific, we feel like that's going to pay dividends as well. And we feel like we've got the framework and the formula now to actually enable the sales force to execute to the market that they face.

很難分解。我真正感到滿意的是，我們如何看待在美國測試許多舉措，以及它們如何通過在美國迅速建立正確的領導層，我們已經看到它們的執行。這使我們能夠將其實際轉移到世界其他地方。很明顯，我們的歐洲業務現在狀況良好。馬克在領導團隊中做得很好，他們實際上很穩定。我們——他們已經做出了所有必要的改變，然後讓 Lee 進入亞太地區，我們覺得這也會帶來回報。我們覺得我們現在已經有了框架和公式，可以真正使銷售人員能夠執行他們所面臨的市場。

That's great to hear. And I guess for, you had, I think, called out automation suite and Automation Cloud being up triple digits on an ARR perspective. Do you think -- I mean I know it's still early days with those solutions. So maybe it's just small numbers, but can you continue to grow triple digits? And what would be that portion of ARR next year? Just trying to understand the size and scale.

聽到這個消息我很高興。而且我想，我認為，從 ARR 的角度來看，你已經呼籲自動化套件和自動化雲增長了三位數。你認為 - 我的意思是我知道這些解決方案還處於早期階段。所以也許這只是小數字，但你能繼續增長三位數嗎？明年 ARR 的那部分會是多少？只是想了解大小和規模。

Yes. In terms of go-forward guidance in cloud, et cetera, remember, we really drive customer choice for that with -- in terms of allowing them to decide what is their deployment method. That being said, the team's executed well, and we see a lot -- we see continued progress and excitement in the field and our customers around our cloud-first philosophy and the product releases that are coming out. In terms of just modeling, I would say we're consistent with what we discussed at Investor Day and previously in terms of modeling our go-forward cloud mix. We feel like we're in line with what we've discussed previously.

是的。在雲等方面的前瞻性指導方面，請記住，我們確實推動了客戶的選擇——允許他們決定他們的部署方法是什麼。話雖這麼說，團隊執行得很好，我們看到了很多——我們看到該領域和我們的客戶圍繞我們的雲優先理念和即將發布的產品版本不斷取得進展和興奮。就建模而言，我想說我們與我們在投資者日和之前在為我們的未來雲組合建模方面所討論的內容是一致的。我們覺得我們與之前討論的內容一致。

And our next question comes from Scott Berg with Needham.

我們的下一個問題來自 Scott Berg 和 Needham。

I guess I got a couple. To start with on the sales side. Ashim, you talked about deal sizes improving a little bit with the change in sales execution. One of the things we see often from companies, from vendors in this environment is actually trying to sell a little bit smaller, especially when the ROI and value proposition is high and has really good expansion rates. Is that an angle that you have looked at to help maybe try to address a smaller pain point initially during this challenging macro? Just to get your foot in the door and then use your natural strength to expand from there.

我想我有一對。從銷售方面開始。 Ashim，你談到交易規模隨著銷售執行的變化而有所改善。在這種環境下，我們經常從公司、供應商那裡看到的一件事實際上是試圖銷售更小的產品，尤其是當投資回報率和價值主張很高並且具有非常好的擴展率時。在這個具有挑戰性的宏觀過程中，您是否曾考慮過這個角度來幫助解決最初的一個較小的痛點？只是讓你的腳踏入大門，然後利用你的自然力量從那裡擴展。

Scott, that is the natural sales process that invested at UiPath. And UiPath is really good at that, right, of acquiring smaller deals. So that continues to show positive signs for us, and it's one of the levers that we said early on, we would continue to invest in, and we continue to invest in. So we completely agree with you. That's something that we will continue to drive.

Scott，這是投資 UiPath 的自然銷售過程。 UiPath 非常擅長收購小額交易。因此，這繼續為我們顯示出積極的跡象，這是我們早些時候說過的槓桿之一，我們將繼續投資，我們將繼續投資。所以我們完全同意你的看法。這是我們將繼續推動的事情。

We also mentioned that as we change the segmentation, we will start to use propensity and graduation. And we started to see that take impact. That allows us to take a quick acquisition and start to focus on how do we expand it. And so that strategy is what -- that we're executing, and that will drive the deal sizes up. So it's a combination of, one, it's both. And we believe that the way that automation can play in this market with the NorthStar approach, we're well set to actually help customers also get some of the value returns for them at speed as well.

我們還提到，隨著我們改變細分，我們將開始使用傾向和分級。我們開始看到這產生了影響。這使我們能夠快速收購併開始專注於我們如何擴展它。因此，該戰略就是我們正在執行的戰略，這將推動交易規模的擴大。所以它是一個的組合，它是兩者的組合。我們相信，自動化可以通過 NorthStar 方法在這個市場上發揮作用，我們已經準備好實際幫助客戶也能快速獲得一些價值回報。

Got it. Very helpful. And then kind of a follow-up along the sales side there is, what are you hearing from customers in terms of automation and RPA on the priority list today? We continue to hear positive things about the technology. And obviously, it's great for reducing costs in the macro such as this. But are you seeing any changes in terms of how customers kind of look at this priority today?

知道了。非常有幫助。然後是銷售方面的後續行動，你從客戶那裡聽到了什麼關於今天優先列表中的自動化和 RPA？我們繼續聽到有關該技術的積極消息。顯然，這對於降低此類宏觀成本非常有用。但是，您是否看到今天客戶對這一優先事項的看法有任何變化？

I think it's 2 ways to look at it. I definitely feel like customers understand now or getting to understand how automation can help them achieve their objectives in terms of efficiencies and actually expanding it into more customer experiences. As Daniel described, we are really good at dealing with mundane tasks, standardizing tasks, seeing regulation. But we're also getting really good at implementing new business models that are really complex across the board, which is the broader aspect of automation. So we are confident that there's a market. We are confident that the market is in front of us, and we really feel good that our strategy that we launched at Investor Day is aligned to where the market is headed.

我認為有兩種看待它的方法。我絕對覺得客戶現在了解或開始了解自動化如何幫助他們實現效率方面的目標，並將其實際擴展到更多的客戶體驗中。正如丹尼爾所描述的，我們真的很擅長處理平凡的任務，標準化任務，遵守規則。但我們也非常擅長全面實施非常複雜的新業務模型，這是自動化的更廣泛方面。所以我們相信有市場。我們相信市場就在我們面前，我們真的很高興我們在投資者日推出的戰略與市場走向保持一致。

Our next question comes from Alex Zukin with Wolfe Research.

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

This is Ryan, on for Alex. So I just wanted to go back to the vertical question from earlier. You talked about a good win in finserv. I think you talked positively about health care. I know those are 2 areas where you're prioritizing efforts, but any verticals that you would maybe call out that underperformed your expectations or surprised you from a land or expansion perspective?

這是 Ryan，代表 Alex。所以我只想回到之前的垂直問題。你談到了在 finserv 中的一場胜利。我認為你積極談論醫療保健。我知道這些是您優先考慮的 2 個領域，但是您可能會提到的任何垂直領域表現不佳，或者從土地或擴張的角度來看讓您感到驚訝？

Yes. So I would say we obviously saw financial services, health care, technology, media and telecom. I would have said -- I didn't mention it and maybe I should have. I think it was in -- the government, we've done -- we feel like we've really done well with the government in different departments there, expanding. So I would say -- for the most part, I can't say there's a laggard that stands out, but there's definitely industries where we've actually seen obviously stronger progress in this quarter. I don't know, Ashim, do you -- can you think of any? I honestly can't think of an industry that's a laggard right now.

是的。所以我想說我們顯然看到了金融服務、醫療保健、技術、媒體和電信。我會說——我沒有提到它，也許我應該提到。我認為這是在——政府，我們已經做到了——我們覺得我們在不同部門的政府做得很好，在擴大。所以我想說——在大多數情況下，我不能說有一個突出的落後者，但肯定有一些行業我們在本季度實際上看到了明顯更強勁的進步。我不知道，Ashim，你能想到什麼嗎？老實說，我現在想不出哪個行業是落後的。

No. I think -- I mean, we've talked about this, it's very ubiquitous. And I would even tag on to the previous question in terms of priorities. I mean you meet with CFOs, it aligns -- our platform aligns perfectly with their priorities. Rob and I actually went to a joint customer, one of the leading construction companies in the U.S. And we -- as 5, 6 minutes going into the platform, we're sold, we just want to now work on how do we implement this.

不，我認為——我的意思是，我們已經討論過這個，它無處不在。我什至會在優先級方面附加上一個問題。我的意思是你會見首席財務官，它是一致的——我們的平台完全符合他們的優先事項。 Rob 和我實際上去了一個共同客戶，這是美國領先的建築公司之一。我們 - 進入平台 5、6 分鐘後，我們就被賣掉了，我們現在只想研究如何實施這個.

How fast can we do it? How fast can we implement it? Can we show it...

我們能做到多快？我們能以多快的速度實施它？我們可以展示它嗎...

And so I think that speaks to the priority, and it also speaks to how ubiquitous is construction as we were going through it. They themselves started rattling off use cases.

所以我認為這說明了優先事項，也說明了我們正在經歷的建設是多麼普遍。他們自己開始喋喋不休地講述用例。

Our next question comes from Fred Havemeyer with Macquarie.

我們的下一個問題來自 Macquarie 的 Fred Havemeyer。

I wanted to ask about the solutions-based selling motion that was discussed back at FORWARD 5. I know it's relatively early days here, but any thoughts or updates about this strategy, any sort of solution sets that are coming together based on perhaps some of your prior experience with professional services that's particularly compelling. Or do you have any early feedback on how customers are responding to this?

我想問一下在 FORWARD 5 上討論過的基於解決方案的銷售動議。我知道現在還比較早，但是關於這個策略的任何想法或更新，任何類型的解決方案集可能基於一些您之前在特別引人注目的專業服務方面的經驗。或者您是否對客戶對此的反應有任何早期反饋？

Yes. I would say it's too early to go to give you a broad customer feedback on that. We launched one that's on the marketplace. One of our customers is utilizing -- Bank of New York Mellon is basically going to utilize the solution package to accelerate their journey. And then -- and I don't have -- and then we have another 4 packages, which actually are either launched or will be launched this month. So it's -- but it's certainly helping our sales organization position. And it's certainly helping the customers understand that the solution accelerators can help their speed in terms of implementation, getting started quickly and moving faster for them. So we feel really good about it. And -- but just too early to tell you the full feedback yet. I mean we're excited, to be quite honest. We're super excited internally about it. And if I could get 100 out tomorrow, I would.

是的。我會說現在就此向您提供廣泛的客戶反饋還為時過早。我們在市場上推出了一款。我們的一位客戶正在利用——紐約梅隆銀行基本上將利用該解決方案包來加速他們的旅程。然後 - 我沒有 - 然後我們還有另外 4 個軟件包，它們實際上已經啟動或將在本月啟動。所以它 - 但它肯定有助於我們的銷售組織地位。它肯定會幫助客戶了解解決方案加速器可以幫助他們加快實施速度，為他們快速起步並加快行動速度。所以我們對此感覺非常好。而且——但現在告訴你完整的反饋還為時過早。老實說，我的意思是我們很興奮。我們內部對此非常興奮。如果我明天能拿出 100 個，我會的。

I mean I'm excited and looking forward to seeing what's going to happen there. I also wanted to ask about the partnership with OutSystems as well because there seems like a very natural alignment between what you're driving as an automation platform and what low- or no-code companies are doing for their own like enterprise application development acceleration cycles. But -- can you perhaps expand upon a bit of that partnership there and what it is that you can perhaps accomplish with an enterprise application platform as a partner?

我的意思是我很興奮並期待看到那裡會發生什麼。我還想問一下與 OutSystems 的合作夥伴關係，因為您作為自動化平台所推動的與低代碼或無代碼公司正在為自己的企業應用程序開發加速週期所做的事情之間似乎有著非常自然的一致性.但是——您是否可以擴展那裡的合作夥伴關係，以及作為合作夥伴您可以通過企業應用程序平台完成什麼？

I think there are natural synergies between a low-code/no-code application platform and low-code/no-code automation platform like we have. We've built our platform with a very open mindset. So we have our own apps platform that are automation centric. And I wanted to offer our customers the ability to build even more complex, like what we call Tier 1 type of applications.

我認為像我們這樣的低代碼/無代碼應用程序平台和低代碼/無代碼自動化平台之間存在自然的協同作用。我們以非常開放的心態構建了我們的平台。所以我們有自己的以自動化為中心的應用程序平台。我想為我們的客戶提供構建更複雜的能力，比如我們所說的第 1 層類型的應用程序。

With OutSystems, you can even build custom CRMs or health care, medical record, ERP-type of application. And they are tied very well into our automation platform. So we offer, I think, really end-to-end way of imagining new businesses, as Rob said very well.

使用 OutSystems，您甚至可以構建自定義 CRM 或醫療保健、病歷、ERP 類型的應用程序。它們與我們的自動化平台緊密相連。因此，我認為，我們提供了真正端到端的新業務想像方式，正如 Rob 所說的那樣。

And our next question comes from Michael Turits with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Michael Turits。

Just one question for Rob. Rob, where are we in terms of the focus on selling more to the end user versus selling to IT? And to the extent that maybe in the past, it was more selling to the end user, has that created any issue with shelfware or licenses that are being in the hands of end users that now there's perhaps more of a focus on the IT department.

只問 Rob 一個問題。 Rob，就向最終用戶銷售更多產品與向 IT 銷售產品而言，我們的重點在哪裡？就過去而言，它更多地銷售給最終用戶，這是否會導致最終用戶手中的貨架軟件或許可證出現任何問題，而現在可能更多地關注 IT 部門。

Yes, Michael, this is what I would say. If you look at our focus in bringing our solution packages, platform pricing, and as Ashim just mentioned, when we talk to a CFO, we're talking about the full end-to-end spectrum of how we help them in their business. So when I look at the concept of shelfware, for me, that's something that we have -- we focus on, and you'll see changes to compensation plans coming in next year that will actually help move that needle and ensure that we actually -- customers get time to revenue really quickly. And that's the focus. I mean that's the focus on the Global 2000 to ensure that the time to revenue is moving at a much faster rate, and the whole organization is behind that.

是的，邁克爾，這就是我要說的。如果你看看我們專注於帶來我們的解決方案包、平台定價，正如 Ashim 剛才提到的，當我們與 CFO 交談時，我們談論的是我們如何幫助他們開展業務的完整端到端範圍。因此，當我審視貨架軟件的概念時，對我來說，這是我們擁有的東西——我們關注的是，你會看到明年薪酬計劃的變化實際上將有助於推動這一趨勢並確保我們實際上—— - 客戶很快就能獲得收益。這就是重點。我的意思是，這是對全球 2000 強的關注，以確保實現收入的時間以更快的速度發展，而整個組織都在支持這一點。

Okay. That's it for me. And congrats on a very stable and solid quarter.

好的。對我來說就是這樣。並祝賀一個非常穩定和穩固的季度。

Great. Well, everyone, thank you for joining us today. I would like to wish everyone a happy and healthy holiday season here in New York, where it feels like a holiday season in the streets. The lights are out bright. And we feel really good about it, and we look forward to seeing many of you in the coming weeks. So happy and healthy holiday season to you and your family.

偉大的。好吧，大家，感謝您今天加入我們。我想祝大家在紐約度過一個快樂健康的假期，感覺就像在街頭度過一個假期。燈亮了。我們對此感覺非常好，我們期待在接下來的幾週內見到你們中的許多人。祝您和您的家人快樂健康的假期。

Thank you. And with that, we conclude today's conference. All parties may disconnect. Have a great evening.

謝謝你。至此，我們結束今天的會議。各方可能會斷開連接。祝你有個愉快的夜晚。