UiPath Inc (PATH) 2022 Q4 法說會逐字稿

Greetings, and welcome to the UiPath Fourth Quarter and Full Year Fiscal 2023 Financial Results Conference Call. (Operator Instructions) Please note, this conference is being recorded.

您好，歡迎參加 UiPath 第四季度和 2023 財年全年財務業績電話會議。 （操作員說明）請注意，正在錄製此會議。

I would now like to turn the conference over to your host, Kelsey Turcotte, Senior Vice President of Investor Relations for UiPath. Kelsey, you may begin.

我現在想把會議轉交給你的主持人，UiPath 投資者關係高級副總裁 Kelsey Turcotte。凱爾西，你可以開始了。

Good afternoon, and thank you for joining us today to review UiPath's fourth quarter and full year fiscal 2023 financial results, which we announced in our earnings press release issued after the close of the market today.

下午好，感謝您今天加入我們，回顧我們在今天收盤後發布的收益新聞稿中公佈的 UiPath 第四季度和全年 2023 財年財務業績。

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, Ashim will review our results and provide guidance. Then we will open the call for questions.

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，Ashim 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 first quarter and full year 2024.

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 2024 財年第一季度和全年的財務指導。

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 other reports filed with the SEC, including our annual report on Form 10-K for the period ended January 31, 2023, 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，以及向美國證券交易委員會提交的其他報告，包括我們的年度報告表格將向 SEC 提交截至 2023 年 1 月 31 日期間的 10-K。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.

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。

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 ended the year with a very strong fourth quarter, reflecting the progress we have made on our strategic initiatives and the strength of our AI-powered Business Automation Platform. I'd like to thank the UiPath team and our partners for their hard work and focus throughout the year as well as our customers for placing their trust in us.

謝謝你，凱爾西，大家下午好。感謝您加入我們。我們以非常強勁的第四季度結束了這一年，反映了我們在戰略計劃方面取得的進展以及我們人工智能驅動的業務自動化平台的實力。我要感謝UiPath團隊和我們的合作夥伴一年來的辛勤工作和專注，也感謝我們的客戶對我們的信任。

Ensuring customer success every day is the foundation of our future. ARR ended the year at $1.2 billion, driven by net new ARR of $94 million. Excluding the FX headwind of $38 million, total ARR grew 34% year-over-year.

確保客戶每天都取得成功是我們未來的基礎。 ARR 在 9400 萬美元的淨新 ARR 的推動下，年底達到 12 億美元。排除 3800 萬美元的外匯逆風，總 ARR 同比增長 34%。

Fourth quarter revenue was $309 million. Total revenue for the fiscal year was $1.1 billion. Excluding the full year FX headwind of $71 million, fiscal year revenue grew 27% year-over-year.

第四季度收入為 3.09 億美元。本財年的總收入為 11 億美元。剔除全年 7100 萬美元的外匯逆風，本財年收入同比增長 27%。

On the bottom line, a record fourth quarter non-GAAP operating margin of 22% drove full year 2023 non-GAAP operating margin to 6%. We believe the strong finish to the year accelerates our path to profitability and serves as a baseline for our fiscal year 2024 non-GAAP operating margin outlook of 9.5% and approximately 350 basis points expansion year-over-year.

最重要的是，創紀錄的第四季度 22% 的非 GAAP 營業利潤率將 2023 年全年的非 GAAP 營業利潤率推高至 6%。我們相信今年的強勁表現將加速我們的盈利之路，並作為我們 2024 財年非 GAAP 營業利潤率展望 9.5% 和同比增長約 350 個基點的基準。

Executing a restructuring, driving efficiencies and streamlining our organization has increased our focus, enhanced business agility and leaves us well positioned to continue to expand our market share and leadership in automation. Driving growth at scale while increasing non-GAAP operating margins and non-GAAP adjusted free cash flow is central to how we manage the business.

執行重組、提高效率和精簡我們的組織，增加了我們的注意力，增強了業務敏捷性，並使我們處於有利地位，可以繼續擴大我們在自動化領域的市場份額和領導地位。推動規模增長，同時提高非 GAAP 營業利潤率和非 GAAP 調整後的自由現金流是我們管理業務的核心。

Our automation platform changes how organizations operate, innovate and grow, enabling our customers to quickly see a meaningful return on investment. For example, in the fourth quarter, a North American warehouse retail chain expanded the UiPath deployment, adding Task Mining and software robots to scale their automation program across more than 330 outlets.

我們的自動化平台改變了組織的運營、創新和發展方式，使我們的客戶能夠快速看到有意義的投資回報。例如，在第四季度，一家北美倉儲零售連鎖店擴大了 UiPath 的部署，添加了 Task Mining 和軟件機器人，以在 330 多家門店擴展其自動化程序。

Wins like this are a great example of how value selling with the right sales motion expands our footprint in existing customers. This is where our new go-to-market structure that creates coverage density and our new sales tools like the NorthStar model come into play.

像這樣的勝利是一個很好的例子，說明如何通過正確的銷售行動進行價值銷售，從而擴大我們在現有客戶中的足跡。這就是我們創建覆蓋密度的新上市結構和我們的新銷售工具（如 NorthStar 模型）發揮作用的地方。

NorthStar is designed to help the team better articulate the tangible results our automation platform delivers, particularly to the C-suite, driving organizational focus around automation and firmly establishing UiPath as a strategic part of a customer's digital transformation journey. NorthStar also helps the team expand deals. During the fourth quarter, we closed a record number of deals over $1 million, increasing our cohort of customers with $1 million or more in ARR to 229. Customers with $100,000 or more in ARR increased to 1,785.

NorthStar 旨在幫助團隊更好地闡明我們的自動化平台交付的有形成果，特別是向最高管理層，推動組織對自動化的關注，並將 UiPath 堅定地確立為客戶數字化轉型之旅的戰略組成部分。 NorthStar 還幫助團隊擴大交易。在第四季度，我們完成了創紀錄數量的超過 100 萬美元的交易，使我們的 ARR 為 100 萬美元或以上的客戶群增加到 229 個。ARR 為 100,000 美元或以上的客戶增加到 1,785 個。

The fourth quarter was a good backdrop for our February sales kickoff where we trained the team on the full platform and a variety of new tools to both intimacy with customers, sell outcomes, drive new logos, increase expansion and build scale through partners. Looking ahead to 2024, the team is ready to go. Our enterprise and corporate segmentation models have been rolled out, and accounts are assigned throughout the organization.

第四季度是我們 2 月份銷售啟動的良好背景，我們在整個平台和各種新工具上對團隊進行了培訓，以與客戶建立親密關係、銷售成果、推動新徽標、增加擴張並通過合作夥伴擴大規模。展望 2024 年，團隊已蓄勢待發。我們的企業和公司細分模型已經推出，並且在整個組織中分配了帳戶。

We also continue to leverage insights gleaned from our customers with a vertical sales motion. For example, in financial services, following a successful deployment at TD Securities, TD is now expanding automation across several lines of the business at the bank to deliver improved client experiences, productivity and efficiencies. And in health care, Quest Diagnostic selected Document Understanding over other document processing competitors because of our high level of accuracy with both structured and unstructured data to help them analyze and process millions of documents.

我們還繼續通過垂直銷售活動利用從客戶那裡收集的見解。例如，在金融服務領域，在 TD Securities 成功部署之後，TD 現在正在銀行的多個業務線擴展自動化，以提供更好的客戶體驗、生產力和效率。在醫療保健領域，Quest Diagnostic 選擇了 Document Understanding 而不是其他文檔處理競爭對手，因為我們對結構化和非結構化數據的準確性很高，可以幫助他們分析和處理數百萬份文檔。

To support our vertical strategy, we have introduced solution accelerators, which service templates to guide customers through deployments for common use cases. We have 10 solution accelerators available in our marketplace, with initial offerings focused on finance, health care and IT, and we plan to add additional verticals. Billed Right, a medical billing and operations company, is implementing 2 solution accelerators to automate the processing of health care-related data into administrative systems, expecting to save over 40,000 hours annually.

為了支持我們的垂直戰略，我們引入了解決方案加速器，這些服務模板可以指導客戶完成常見用例的部署。我們的市場上有 10 個解決方案加速器，最初的產品專注於金融、醫療保健和 IT，我們還計劃增加更多的垂直領域。 Billed Right 是一家醫療計費和運營公司，正在實施 2 個解決方案加速器，以自動將與醫療保健相關的數據處理到管理系統中，預計每年可節省 40,000 多個小時。

Partners also benefit from the changes and investments we are making in our go-to-market resources. This includes global system integrators as well as more regionalized partners, which not only expand our reach and scale, but are instrumental in helping customers build and execute a robust automation program. For example, E&Y is helping the state of North Carolina incorporate Document Understanding and expand the automation program from COVID-driven use cases to back-office automations across the enterprise.

合作夥伴還可以從我們對上市資源所做的改變和投資中受益。這包括全球系統集成商以及更多區域化的合作夥伴，它們不僅擴大了我們的影響力和規模，而且有助於幫助客戶構建和執行強大的自動化程序。例如，E&Y 正在幫助北卡羅來納州整合 Document Understanding 並將自動化程序從 COVID 驅動的用例擴展到整個企業的後台自動化。

And as we previewed at Investor Day, we are in the process of transitioning our smaller customers to our ecosystem of distribution partners, providing new sources of revenue for our partners and deeper enablement for these customers while allowing our sales teams to focus on higher-value opportunities. Many of our partners also have very successful automation programs of their own such as Capgemini and Ingram Micro, which expanded in the quarter as they continue to grow their internal automation programs and deliver our market-leading capabilities to their client base.

正如我們在投資者日預演的那樣，我們正在將我們的小客戶轉變為我們的分銷合作夥伴生態系統，為我們的合作夥伴提供新的收入來源並為這些客戶提供更深入的支持，同時讓我們的銷售團隊專注於更高的價值機會。我們的許多合作夥伴也擁有非常成功的自動化項目，例如 Capgemini 和 Ingram Micro，隨著他們繼續發展內部自動化項目並向他們的客戶群提供我們市場領先的能力，他們在本季度擴大了規模。

And finally, you will notice we rolled out a new positioning for our brand earlier this week, which included the introduction of our new brand tagline, The Foundation of Innovation. This communicates not only the power of automation to transform businesses today, but also the potential to fundamentally change how quickly customers can move from idea to execution.

最後，您會注意到我們在本週早些時候為我們的品牌推出了新定位，其中包括推出我們的新品牌標語“創新基礎”。這不僅傳達了自動化改變當今企業的力量，而且還傳達了從根本上改變客戶從創意到執行的速度的潛力。

I am inspired by how much we've accomplished in our fiscal year 2023, launching our largest platform release to date, completing the groundwork for our next phase of growth and delivering exceptional outcomes for our customers and partners. While there's always more work to do, I believe we are well positioned to drive UiPath to the next level as we enter fiscal year 2024.

我對我們在 2023 財年取得的成就感到鼓舞，發布了迄今為止最大的平台版本，為下一階段的增長奠定了基礎，並為我們的客戶和合作夥伴帶來了非凡的成果。雖然總是有更多的工作要做，但我相信我們已經做好準備，在進入 2024 財年時將 UiPath 推向一個新的水平。

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

有了這個，我會把電話轉給丹尼爾。丹尼爾？

Good afternoon, everyone. I would like to echo Rob's thanks to our team, customers and partners. We are all critical to our ongoing success.

大家下午好。我想重複 Rob 對我們的團隊、客戶和合作夥伴的感謝。我們都對我們的持續成功至關重要。

Before we move on, I'd like to add some color around this afternoon's 8-K announcing that Chris Weber, our Chief Business Officer, is leaving UiPath. Chris will remain with us through a transition period that ends on April 30, the last day of our first quarter. We wish him the best and thank him for everything he has done for UiPath.

在我們繼續之前，我想為今天下午的 8-K 添加一些色彩，宣布我們的首席商務官 Chris Weber 將離開 UiPath。 Chris 將在 4 月 30 日（我們第一季度的最後一天）結束的過渡期內留在我們身邊。我們祝愿他一切順利，並感謝他為 UiPath 所做的一切。

Moving forward, Rob will assume leadership of our go-to-market function as part of his day-to-day co-CEO responsibilities. As many of you know, Rob has over 30 years of sales experience at both Google Cloud and SAP where he built a strong track record of growing sales organization at scale. At the same time, our co-CEO structure has freed me up to spend much more time with our research and development team, which is where my passion lies. We have a market-leading platform, and our talent is a major competitive differentiator for us that will continue to strengthen our position in the market.

展望未來，Rob 將領導我們的上市職能，這是他日常聯席 CEO 職責的一部分。正如你們許多人所知，Rob 在 Google Cloud 和 SAP 擁有超過 30 年的銷售經驗，在那裡他在大規模發展銷售組織方面建立了良好的業績記錄。與此同時，我們的聯席 CEO 結構讓我有更多時間花更多時間在我們的研發團隊，這正是我的熱情所在。我們擁有市場領先的平台，我們的人才是我們的主要競爭優勢，將繼續鞏固我們在市場中的地位。

I'm really excited to once again assume day-to-day leadership of the R&D team. This streamlined organizational structure will allow us to move with even more agility and efficiency, which is good for UiPath and for our customers' growth. As we enter fiscal year 2024, I am pleased with how the teams are positioned and look forward to a strong year.

我很高興再次擔任研發團隊的日常領導。這種精簡的組織結構將使我們能夠更加敏捷和高效地行動，這有利於 UiPath 和我們客戶的發展。在我們進入 2024 財年之際，我對團隊的定位感到滿意，並期待著強勁的一年。

Turning to the business highlights. I am gratified by our recent placement as a leader in the Forrester Wave Robotic Process Automation report that was published in February. Among other things, the report states that we have evolved from an RPA pure play into what we refer to as a Business Automation Platform. It also notes that we have added capabilities such as process mining, intelligent document processing, API integration and low-code app development to our product, thereby turning it into an automation platform.

談到業務亮點。我很高興我們最近在 2 月份發布的 Forrester Wave 機器人過程自動化報告中被評為領導者。除其他外，該報告指出我們已經從純粹的 RPA 發展成為我們所說的業務自動化平台。它還指出，我們在產品中添加了流程挖掘、智能文檔處理、API 集成和低代碼應用程序開發等功能，從而將其轉變為自動化平台。

The Forrester report also acknowledges that our investments in Software-as-a-Service deployments and rearchitecturing the product to turn it cloud native are paying off. We ended the fiscal year with over $350 million in cloud ARR, including both hybrid and SaaS offerings. A great example of a cloud-deployed customer is Pfizer, who continues to grow and expand their automation deployment by incorporating Test Suite, Automation Hub and Process Mining to accelerate their delivery of operational excellence.

Forrester 報告還承認，我們在軟件即服務部署和重新構建產品以將其轉變為雲原生方面的投資正在取得回報。我們在本財年結束時的雲 ARR 超過 3.5 億美元，包括混合和 SaaS 產品。雲部署客戶的一個很好的例子是輝瑞公司，它通過整合測試套件、自動化中心和流程挖掘來繼續發展和擴展他們的自動化部署，以加速他們卓越運營的交付。

We recently released new functionality in Test Suite to make it easier to migrate assets from legacy solutions to UiPath to provide tighter collaboration for obligation life cycle management and testing tools. Not only does Test Suite open a new market in application testing for us, but it helps ensure quality and resiliency, which allows customers to automate faster.

我們最近在 Test Suite 中發布了新功能，可以更輕鬆地將資產從遺留解決方案遷移到 UiPath，從而為義務生命週期管理和測試工具提供更緊密的協作。 Test Suite 不僅為我們打開了應用程序測試的新市場，而且有助於確保質量和彈性，從而使客戶能夠更快地實現自動化。

A great example is Swisscom, which after successfully implementing RPA and Test Suite in their finance, IT, HR and customer service departments, it's rolling out automation across their entire organization to improve customer service, attract or retain talent, enhance operational efficiency and launch new growth engines in B2B with automation as a service.

Swisscom 就是一個很好的例子，在其財務、IT、人力資源和客戶服務部門成功實施 RPA 和測試套件後，它正在整個組織中推廣自動化，以改善客戶服務、吸引或留住人才、提高運營效率並推出新的B2B 中的增長引擎，自動化即服務。

Our customers also benefit from real-time advances in AI. The role of AI in automation is not new for us. We have made significant investment in AI for years, and from inception, it has been infused into every part of our platform. For example, we use AI to build large language models for capabilities like document understanding and communications mining, which we acquired with Re:infer. During the quarter, we closed the largest Re:infer deal ever with a customer who plans to use it to interpret customer sentiment across millions of e-mails per year to reduce manual processing, client churn and enhanced customer experience.

我們的客戶也受益於 AI 的實時進步。人工智能在自動化中的作用對我們來說並不陌生。多年來，我們對 AI 進行了大量投資，從一開始，它就融入了我們平台的每個部分。例如，我們使用 AI 構建大型語言模型，以實現文檔理解和通信挖掘等功能，我們通過 Re:infer 獲得了這些功能。在本季度，我們與一位客戶完成了有史以來最大的 Re:infer 交易，該客戶計劃使用它來解讀每年數百萬封電子郵件中的客戶情緒，以減少手動處理、客戶流失並增強客戶體驗。

Coming later this year, Clipboard AI shows what AI can do for knowledge workers in their day-to-day roles by leveraging large language models and understanding the structures of content. Clipboard AI intelligently transfers data between documents, spreadsheets and apps, eliminating the need for repetitive copy and paste. We plan to share more on this and other AI innovations at our AI Summit later this month.

今年晚些時候，Clipboard AI 展示了人工智能可以通過利用大型語言模型和理解內容結構為知識工作者在日常工作中做些什麼。 Clipboard AI 智能地在文檔、電子表格和應用程序之間傳輸數據，無需重複複製和粘貼。我們計劃在本月晚些時候的人工智能峰會上分享更多關於這個和其他人工智能創新的信息。

We have always had an open platform and believe that the power of automation is best unlocked when you can work with every application and business system, including our ongoing relationship with OpenAI. Later this quarter, we plan to release a preview of our GPT connector that will allow users of our low-code development tools to easily utilize GPT to generate content in automation. There are countless use cases where customers can benefit from software robots that are able to write content and generate responses. Our vision is to arrive at a place where anyone can train and use AI to make their work easier and more productive.

我們一直擁有一個開放平台，並且相信當您可以使用每個應用程序和業務系統（包括我們與 OpenAI 的持續關係）時，自動化的力量才能得到最好的釋放。本季度晚些時候，我們計劃發布 GPT 連接器的預覽版，這將使我們的低代碼開發工具的用戶能夠輕鬆地利用 GPT 自動生成內容。在無數用例中，客戶可以從能夠編寫內容和生成響應的軟件機器人中受益。我們的願景是打造一個任何人都可以訓練和使用 AI 來讓他們的工作更輕鬆、更高效的地方。

Looking ahead, the automation market presents a massive opportunity, and we remain focused on building a generational business that drives shareholder value through growth upscale, margin expansion and meaningful positive non-GAAP adjusted free cash flow.

展望未來，自動化市場提供了巨大的機遇，我們將繼續專注於建立一代人的業務，通過高端增長、利潤率擴張和有意義的正非 GAAP 調整後自由現金流來推動股東價值。

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 since we price and sell in local currency, FX continues to be a headwind to our results. The tangible value automation creates is resonating with customers, particularly in a constrained environment. And while we expect ongoing macroeconomic variability and FX headwinds, we enter fiscal year 2024 positioned to execute.

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，由於我們以當地貨幣定價和銷售，因此外匯繼續成為我們業績的不利因素。自動化創造的有形價值引起了客戶的共鳴，尤其是在受限環境中。雖然我們預計宏觀經濟持續變化和外匯逆風，但我們進入 2024 財年時做好了執行準備。

Turning to the fourth quarter. ARR totaled $1.2 billion, an increase of 30%, driven by fourth quarter net new ARR of $94 million. Full year net new ARR totaled $279 million. Excluding the FX headwind of $15 million, fourth quarter net new ARR totaled $109 million. For total ARR, excluding the FX headwind of approximately $38 million, total ARR grew 34%. We ended the fourth quarter with approximately 10,800 total customers, including new logos like the Dana-Farber Cancer Institute, Zoetis, Daimler and the Bank of Maharashtra.

轉到第四季度。 ARR 總計 12 億美元，增長 30%，第四季度淨新增 ARR 為 9400 萬美元。全年淨新 ARR 總計 2.79 億美元。排除 1500 萬美元的外匯逆風，第四季度淨新 ARR 總計 1.09 億美元。對於總 ARR，不包括約 3800 萬美元的外匯逆風，總 ARR 增長了 34%。第四季度結束時，我們擁有大約 10,800 名客戶，包括 Dana-Farber 癌症研究所、碩騰、戴姆勒和馬哈拉施特拉邦銀行等新標識。

Moving on, our dollar-based net retention rate for the quarter was 123%. Normalizing for FX and excluding the impact of Russian sanctions, our dollar-based net retention rate was 129%. Dollar-based gross retention of 97% continues to be best in class. Revenue grew to $309 million. Normalizing for the FX headwind of approximately $14 million, revenue grew 12%. For the full fiscal year, we reported revenue of $1.1 billion, an increase of 19% year-over-year. Normalizing for the year-over-year FX headwind of approximately $71 million, full fiscal year revenue grew 27%.

繼續前進，我們本季度基於美元的淨保留率為 123%。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 129%。基於美元的總保留率為 97%，仍然是同類產品中最好的。收入增長至 3.09 億美元。將約 1400 萬美元的外匯逆風正常化後，收入增長了 12%。在整個財政年度，我們報告的收入為 11 億美元，同比增長 19%。將約 7100 萬美元的同比外匯逆風正常化，整個財年收入增長了 27%。

Remaining performance obligations increased to $894 million. Normalizing for the FX headwind of approximately $18 million, RPO grew 34%. Current RPO increased to $562.5 million. Fourth quarter total gross margin was 87%, reflecting ongoing investments in support and cloud infrastructure as we scale the business. Software gross margin was 93%. Fourth quarter operating expenses were $199.5 million. We ended the year with 3,833 total employees.

剩餘的履約義務增加到 8.94 億美元。將大約 1800 萬美元的外匯逆風標準化，RPO 增長了 34%。目前的 RPO 增至 5.625 億美元。第四季度總毛利率為 87%，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93%。第四季度運營費用為 1.995 億美元。到年底，我們的員工總數為 3,833 人。

GAAP operating loss of $45 million included $99 million of stock-based compensation. Full year GAAP operating loss was $348 million, including $370 million of stock-based compensation. Non-GAAP operating income was $69 million, resulting in a record fourth quarter operating margin of 22%. Full year non-GAAP operating income was $65 million or a 6% operating margin.

GAAP 運營虧損 4500 萬美元，其中包括 9900 萬美元的股票補償。全年 GAAP 營業虧損為 3.48 億美元，其中包括 3.7 億美元的股票補償。非 GAAP 營業收入為 6900 萬美元，第四季度營業利潤率達到創紀錄的 22%。全年非 GAAP 營業收入為 6500 萬美元或 6% 的營業利潤率。

As Rob said, our results reflect the positive impact of our restructuring efforts, combined with a continued focus on discretionary cost management and resource allocation that prioritizes higher return initiatives.

正如 Rob 所說，我們的結果反映了我們重組工作的積極影響，以及對可支配成本管理和資源分配的持續關注，這些都優先考慮更高回報的舉措。

Fourth quarter non-GAAP adjusted free cash flow was $101 million. And for the full fiscal year, non-GAAP adjusted free cash flow was neutral, in line with our stated objective. We have a very strong balance sheet, which is an important asset in the current operating environment, with $1.8 billion in cash, cash equivalents and marketable securities and no debt.

第四季度非 GAAP 調整後自由現金流為 1.01 億美元。在整個財政年度，非 GAAP 調整後的自由現金流量是中性的，符合我們既定的目標。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 18 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. For fiscal year 2024, we have maintained the top line growth rates we committed to at Investor Day and included a nominal increase as the dollar has weakened since late September. We are also assuming the macroeconomic environment does not improve, including weakness in North America, and that the sales force repositioning builds momentum as we move throughout the year.

現在讓我轉向指導。對於 2024 財年，我們保持了我們在投資者日承諾的最高增長率，並且隨著美元自 9 月下旬以來走軟而出現名義增長。我們還假設宏觀經濟環境沒有改善，包括北美的疲軟，並且隨著我們全年的移動，銷售人員重新定位會形成勢頭。

And finally, we have meaningfully accelerated our path to 20%-plus long-term non-GAAP operating margin as we now expect fiscal year 2024 non-GAAP operating margin of 9.5% and non-GAAP adjusted free cash flow margin of 8%. For the fiscal first quarter 2024, we expect ARR in the range of $1.245 billion to $1.250 billion, revenue in the range of $270 million to $272 million, non-GAAP operating income to be approximately $5 million, and we expect first quarter basic share count to be approximately 558 million shares.

最後，我們有意義地加快了實現 20% 以上長期非 GAAP 營業利潤率的道路，因為我們現在預計 2024 財年非 GAAP 營業利潤率為 9.5%，非 GAAP 調整後自由現金流利潤率為 8%。對於 2024 財年第一季度，我們預計 ARR 在 12.45 億美元至 12.50 億美元之間，收入在 2.7 億美元至 2.72 億美元之間，非 GAAP 營業收入約為 500 萬美元，我們預計第一季度基本股數約5.58億股。

For the fiscal full year 2024, we expect ARR in the range of $1.425 billion to $1.430 billion, revenue in the range of $1.253 billion to $1.258 billion, non-GAAP operating income to be approximately $120 million.

對於 2024 財年全年，我們預計 ARR 在 14.25 億美元至 14.30 億美元之間，收入在 12.53 億美元至 12.58 億美元之間，非 GAAP 營業收入約為 1.2 億美元。

Before I close, I want to leave you with modeling points and our management philosophy. Starting with fiscal 2024 modeling points, we expect the year-over-year foreign exchange headwind to continue in the first quarter. First half net new ARR to be approximately $100 million, first half revenue to be approximately $555 million, second half net new ARR and revenue to reflect similar seasonality as fiscal year 2023, full year non-GAAP gross margin to be approximately 84%, non-GAAP operating income to reflect similar seasonality as fiscal year 2023, and fiscal year 2024 non-GAAP adjusted free cash flow of approximately $100 million.

在我結束之前，我想給你留下建模要點和我們的管理理念。從 2024 財年建模點開始，我們預計第一季度外匯逆風將繼續存在。上半年淨新 ARR 約為 1 億美元，上半年收入約為 5.55 億美元，下半年淨新 ARR 和收入反映與 2023 財年相似的季節性，全年非 GAAP 毛利率約為 84%，非- GAAP 營業收入反映與 2023 財年類似的季節性，2024 財年非 GAAP 調整後自由現金流約為 1 億美元。

Please note, we expect non-GAAP adjusted free cash flow to be positive for all quarters in fiscal 2024 and to follow normal seasonal patterns, which ramp into the fourth quarter. As a reminder, we started amortizing sales compensation expenses at the beginning of fiscal year 2022, which creates a 200 basis point headwind to non-GAAP operating margin in fiscal year 2024 relative to 2023. Finally, we are actively managing stock-based compensation to lower dilution, which we expect to be in the range of 3% to 4% year-over-year for fiscal year 2024.

請注意，我們預計 2024 財年所有季度的非 GAAP 調整後自由現金流量均為正，並遵循正常的季節性模式，該模式進入第四季度。提醒一下，我們從 2022 財年開始攤銷銷售補償費用，這對 2024 財年非 GAAP 營業利潤率相對於 2023 年造成 200 個基點的逆風。最後，我們正在積極管理基於股票的補償，以稀釋度降低，我們預計 2024 財年的稀釋率將在 3% 至 4% 之間。

Looking ahead, we anticipate to continue to calibrate the need for competitive compensation packages while reducing overall dilution. In closing, we are committed to managing the business to the Rule of 40 plus, which we believe we can achieve given the strength of our global team, our market-leading automation platform, the power of our financial model and the size of our market opportunity.

展望未來，我們預計將繼續調整對有競爭力的薪酬方案的需求，同時減少整體稀釋。最後，我們致力於按照 40 條法則管理業務，我們相信，鑑於我們全球團隊的實力、市場領先的自動化平台、強大的財務模式和市場規模，我們可以實現這一目標機會。

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

有了這個，我現在將把電話轉給接線員。接線員，請投票提問。

(Operator Instructions) Our first question comes 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。

Congrats, that was a very strong finish. The -- my question was like the last few weeks, we had a lot of news flow and news items around the advancement of AI with ChatGPT, et cetera. Can you remind us, please, like how you're playing in there in terms of either doing it yourself or partnering with the other guys? And how do you see the evolvement of AI there for your own business? And then I have 1 follow-up.

恭喜，這是一個非常強大的完成。我的問題就像過去幾週一樣，我們有很多關於人工智能與 ChatGPT 等的進步的新聞流和新聞項目。你能提醒我們嗎，比如你是如何在自己做或與其他人合作方面在那裡玩的？您如何看待 AI 在您自己的業務中的發展？然後我有 1 個跟進。

Raimo, this is Daniel. Well, it's a little bit unusual to start talking about technology in our earnings call, but I think that's a great sign. I'm actually very excited on the progress that is happening on the field. And as you know, we are heavy users of AI, and we have a really solid research and development arm around AI for the past 5 years. We have kind of the best day in the world when it comes to computer vision to understand application screens.

雷莫，這是丹尼爾。好吧，在我們的財報電話會議上開始談論技術有點不尋常，但我認為這是一個好兆頭。實際上，我對該領域正在取得的進展感到非常興奮。如您所知，我們是 AI 的重度用戶，並且在過去 5 年中我們圍繞 AI 擁有非常紮實的研發部門。當談到計算機視覺來理解應用程序屏幕時，我們迎來了世界上最好的一天。

And in this -- with this new advance in generative AI, I think the best platform will be the most favored. Because generative AI, it's basically a creator tool. So in our case, this is going to accelerate the adoption of our platform. It's going to help democratize the access to creating automations. And if you feel, in the same time, while -- why you are not using the best tool out there when you can have the AI tool drive faster adoption, so I think this combination between AI and the tool that -- the platform that is capable of fulfilling with AI comments, it's a great combination. And we are looking forward to infuse -- continue to infuse generative AI across our platform.

在這一點上——隨著生成人工智能的這一新進展，我認為最好的平台將是最受青睞的。因為生成式 AI，它基本上是一種創作工具。因此，就我們而言，這將加速我們平台的採用。它將有助於使創建自動化的訪問民主化。同時，如果你覺得 - 為什麼你不使用最好的工具，因為你可以讓 AI 工具推動更快的採用，所以我認為 AI 和工具之間的這種結合 - 平台能夠配合AI評論完成，真是絕妙的組合。我們期待著注入——繼續在我們的平台上註入生成人工智能。

I would like to emphasize the use of GPT-3 and large language models in our upcoming Clipboard AI. And this is going to be a tool that cater to all business users, basically will allow everyone to transfer information from any source, every document to any application. Imagine many -- a few dozens of fields converted, transferred in 1 step. It's going to save tremendously in terms of productivity.

我想強調在我們即將推出的 Clipboard AI 中使用 GPT-3 和大型語言模型。這將是一個迎合所有商業用戶的工具，基本上將允許每個人將信息從任何來源、每個文檔傳輸到任何應用程序。想像一下，幾十個字段被轉換，在 1 個步驟中傳輸。它將極大地節省生產力。

And we are using a huge combination of our own AI models, GPT-3, Google, Amazon, everything that is combined there. So I'm -- again, I'm extremely bullish for the prospects of UiPath with adopting the generative AI technologies.

我們正在使用我們自己的 AI 模型、GPT-3、谷歌、亞馬遜以及在那裡組合的所有東西的巨大組合。所以我 - 再一次，我非常看好 UiPath 採用生成人工智能技術的前景。

Okay. Perfect. Daniel, great to get it from you. The other question is one for Rob. Rob, with Chris leaving, like as far as we understood, like Chris' role was to make the sales more e-commerce-driven to kind of have a better kind of more efficient way to go into the mid-market. Where are we on his project or his journey? And how do you think that will continue? Or do you expect any disruptions?

好的。完美的。丹尼爾，很高興從你這裡得到它。另一個問題是給 Rob 的。 Rob，Chris 離開，據我們了解，Chris 的角色是讓銷售更多地由電子商務驅動，以更好、更有效的方式進入中端市場。我們在他的項目或旅程中處於什麼位置？你認為這將如何繼續？或者您預計會有任何中斷？

Yes, Raimo, thank you. Great question. Look, first, we want to thank Chris for all the efforts he put into it. He's done a great job with the team. Remember, we are very aligned from the very beginning on our plan with the go-to-market organization, both Daniel, myself and Chris, and we are well on our way with that transformation.

是的，雷莫，謝謝你。很好的問題。聽著，首先，我們要感謝克里斯為此付出的所有努力。他在團隊中做得很好。請記住，我們的計劃從一開始就與上市組織（丹尼爾、我和克里斯）非常一致，我們正在順利進行轉型。

So I would say there's going to be minimum disruption to the field. We feel really good about the execution. The team is really positive about the progress we've made from Investor Day and where we continue to make, and we (inaudible) it up for the future. Plus, we brought in a significantly strong leadership team. And with them reporting to me, we will feel like we can actually execute even faster, get closer to customers and deliver even more value to our customer base.

所以我想說對這個領域的干擾最小。我們對執行感覺非常好。團隊對我們從投資者日取得的進展以及我們繼續取得的進展非常樂觀，我們（聽不清）為未來做好準備。此外，我們還引進了一支非常強大的領導團隊。他們向我匯報，我們會覺得我們實際上可以更快地執行，更接近客戶並為我們的客戶群提供更多價值。

Yes. Raimo, I would like to add that having Rob here, and Rob is known to everyone that he is one of the best go-to-market leader on this planet, having the opportunity to have Rob leading directly go-to-market in his -- as part of his day-to-day responsibilities, it's actually a great news for us. I think we continue to streamline this company. I think this is the right size of the company right now. And we are really poised to more efficiency and to even accelerate our growth profile.

是的。 Raimo，我想補充一點，Rob 在這裡，眾所周知，Rob 是這個星球上最好的上市領導者之一，有機會讓 Rob 直接領導他的上市-- 作為他日常職責的一部分，這對我們來說實際上是個好消息。我認為我們會繼續精簡這家公司。我認為這是目前公司的合適規模。我們真的準備好提高效率，甚至加快我們的增長速度。

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。

Great. This is Dion on for Keith. I want to ask on your Q1 guide. I mean it looks really healthy entering the year. And so I was curious, since we already have mid-March now, is there any color you can sort of provide on what you're seeing a few weeks into the quarter here? How is the demand environment shaping up? And how are you executing out there?

偉大的。這是基思的迪翁。我想問一下你的Q1指南。我的意思是進入這一年看起來真的很健康。所以我很好奇，因為我們現在已經是 3 月中旬了，您是否可以提供任何顏色來說明您在本季度的幾週內看到的情況？需求環境如何形成？你在那裡的表現如何？

So [Dion], thanks for the question. We see the environment very much the way we saw it in October. And in our Q1 guide, we've actually -- we've accounted for foreign exchange, the continuing -- the continuation of foreign exchange pressure, particularly in Q1, but also just assume the same variability in the macroeconomic environment, including North America having the macro pressures as well.

[Dion]，謝謝你的提問。我們對環境的看法與 10 月份的看法非常相似。在我們的第一季度指南中，我們實際上 - 我們已經考慮了外匯，持續 - 外匯壓力的持續存在，特別是在第一季度，但也只是假設包括北美在內的宏觀經濟環境存在相同的可變性還有宏觀壓力。

When we look at our pipeline, we're pleased with the continued progress on the execution of our sale -- of our positioning that Rob and Daniel talked about. And overall, we've given an extra actually buffer of conservatism in there or a little extra buffer to account for the environment that's there.

當我們審視我們的管道時，我們對銷售執行的持續進展感到高興——羅伯和丹尼爾談到了我們的定位。總的來說，我們已經為那裡提供了一個額外的實際緩衝，或者一些額外的緩衝來解釋那裡的環境。

So our philosophy has been the same. We've guided to what's in front of us with -- while still accounting for a little buffer for the variability in the macroeconomic environment.

所以我們的理念是一樣的。我們已經指導了擺在我們面前的東西——同時仍然為宏觀經濟環境的可變性考慮了一點緩衝。

That's great to hear. And then maybe one more question on the net retention rate. Obviously, it's come down slightly from last quarter, but the magnitude is obviously way less than it was in the previous quarters. So any way you can sort of frame what you're seeing with customers, particularly among your large customers? And how should we think about the net retention rate on a go-forward basis? Are there any levels where we could see that stabilize?

聽到這個消息我很高興。然後可能還有一個關於淨保留率的問題。顯然，它比上個季度略有下降，但幅度明顯低於前幾個季度。那麼，您可以通過什麼方式來構建您在客戶中看到的內容，尤其是在您的大客戶中？我們應該如何考慮未來的淨保留率？是否有任何我們可以看到穩定的水平？

Yes. Let me start, and I'll turn it over to Rob. So reported net dollar retention rate of 123%, again, foreign exchange has pressure on that number. When you normalize for foreign exchange, it's actually at 128%. And we see that our value is -- or our incremental ARR continues to be driven by the highest propensity -- the customers with the highest propensity to invest in automation. And especially in the Global 2000, Fortune 500, we've had a record number of million-dollar-plus deals, which I think is great momentum.

是的。讓我開始吧，我會把它交給 Rob。因此，報告的淨美元保留率為 123%，外匯再次對該數字構成壓力。當您將外匯正常化時，它實際上是 128%。我們看到我們的價值——或者我們的增量 ARR 繼續受到最高傾向的驅動——最傾向於投資自動化的客戶。尤其是在全球 2000 強、財富 500 強中，我們的百萬美元以上交易數量創下歷史新高，我認為這是一個巨大的勢頭。

And I would just add, I spent a lot of time in Europe and Asia in January, and I would tell you that the customer discussions are at a significant C-level discussion. The platform is resonating with customers. The brand around foundation for innovation is resonating with customers. And in this environment, I feel really good about where our product is positioned within our customer base.

我只想補充一點，我在 1 月份在歐洲和亞洲度過了很多時間，我會告訴你客戶討論是在重要的 C 級討論中進行的。該平台正在引起客戶的共鳴。圍繞創新基金會的品牌正在與客戶產生共鳴。在這種環境下，我對我們的產品在客戶群中的定位感到非常滿意。

Our next question comes from Kirk Materne with Evercore ISI.

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

This is Chirag Ved on for Kirk. Congratulations on the strong finish to the year. Going off the prior question, are you noticing any differences in the growth and expansion of different customer cohorts? Meaning are newer customers perhaps slower at growing on the platform when compared to early adopters or vice versa? Are there any trends that you might note here?

這是 Kirag Ved 為 Kirk 準備的。祝賀您以強勁的成績結束了這一年。拋開前面的問題，您是否注意到不同客戶群的增長和擴展存在差異？這意味著與早期採用者相比，新客戶在平台上的增長速度可能更慢，反之亦然？您可能會注意到這裡有什麼趨勢嗎？

Our cohorts have actually behaved pretty relatively similar, Kirk. Remember our the general customer journey is a land size of around 25 -- Chirag, sorry, is around $25,000. And from there, we see customers expand their use cases similarly and kind of move up that curve very well. Our -- the older the customers, that's where you see the 7-digit and $1 million-plus deals kind of move as they have more confidence internally about their ability to scale automation and the culture moves in that direction.

柯克，我們的同齡人實際上表現得非常相似。請記住，我們的一般客戶旅程是一塊大約 25 英畝的土地——抱歉，Chirag 大約是 25,000 美元。從那裡，我們看到客戶以類似的方式擴展他們的用例，並且很好地沿著曲線向上移動。我們的客戶年齡越大，您就會看到 7 位數和 100 萬美元以上的交易發生變化，因為他們在內部對自己擴展自動化的能力更有信心，並且文化朝著這個方向發展。

Our platform also continues to help that. I think the addition -- the continued maturation of Process Mining, Task Mining, broadening with the Re:infer acquisition, our platform adds more value. And so we do see more customers interested in more parts of our platform that is helping at every stage.

我們的平台也將繼續為此提供幫助。我認為添加——流程挖掘、任務挖掘的持續成熟，通過收購 Re:infer 進行擴展，我們的平台增加了更多價值。因此，我們確實看到更多客戶對我們平台的更多部分感興趣，這些部分在每個階段都有幫助。

Yes. And I would just add to that. We talk about growth products, but if you look at Document Understanding and the Re:infer product, Communication Mining, we're seeing really good results with customers as they expand into those products. Test Suite has had a big impact.

是的。我只想補充一點。我們談論的是增長產品，但如果你看看 Document Understanding 和 Re:infer 產品，Communication Mining，我們會看到客戶在擴展到這些產品時取得了非常好的結果。 Test Suite 產生了很大的影響。

And I would also just say that in an environment we're operating in right now, many of the larger customers are into what I call a stack consolidation. And our platform fits nicely into that process as customers continue to figure -- find ways to innovate from the existing environment. So this is all good for our platform.

我還要說的是，在我們現在運營的環境中，許多大客戶都在進行我所說的堆棧整合。隨著客戶不斷思考，我們的平台非常適合這一過程——找到從現有環境中創新的方法。所以這對我們的平台來說都是好事。

Got it. And maybe if I could just sneak one more in here. Ashim, can you talk to the factors that are driving operating leverage expansion within your business and the stronger-than-expected margin guide that's making you confident in looking ahead?

知道了。也許我能再偷偷進來一個。 Ashim，你能談談推動你的企業經營槓桿擴張的因素，以及讓你對未來充滿信心的強於預期的利潤率指南嗎？

I think the team has done an incredible job execution. Like I think every UiPath employee understands that operating leverage from -- goes from delivering value to our customers and starts with the top line while managing expenses and finding more ways to be efficient. What I think we're really proud about in fiscal 2023 is our ability to execute and streamline the organization in tough environments. I think we've done that. We continue to show that as we've -- as Daniel talked about in terms of streamlining the organization.

我認為團隊的執行力令人難以置信。就像我認為每個 UiPath 員工都明白，運營槓桿來自——從為我們的客戶提供價值開始，從頂線開始，同時管理費用和尋找更多提高效率的方法。我認為我們在 2023 財年真正引以為豪的是我們在艱難環境中執行和精簡組織的能力。我想我們已經做到了。正如丹尼爾在精簡組織方面所說的那樣，我們繼續展示這一點。

Across the board, I think the magic formula is you stay consistent on growth and you manage your cost. Operating leverage actually is kind of -- is just a natural result from that. When you look at fourth quarter, it speaks to that in the numbers. And that's why you see our operating margin really strong. I do want to make a note, you also see it supported by strong free cash flow generation. And I think that we look at both of those items. And we've also noted in our guidance this year that we look at every quarter to be positive from a cash flow standpoint, and that's just from working both of those muscles simultaneously.

總的來說，我認為神奇的公式是你保持一致的增長並管理你的成本。經營槓桿實際上是一種 - 只是由此產生的自然結果。當您查看第四季度時，它會在數字中說明這一點。這就是為什麼您會看到我們的營業利潤率非常高。我確實想做個記錄，你也看到它受到強大的自由現金流產生的支持。我認為我們會研究這兩個項目。我們還在今年的指導中指出，從現金流的角度來看，我們認為每個季度都是積極的，而這只是因為同時鍛煉了這兩塊肌肉。

And our next question comes from Matthew Hedberg with RBC.

我們的下一個問題來自 RBC 的 Matthew Hedberg。

Congrats on the results. Yes, I wanted to look, outside of U.S., could you give us a sense for the opportunities in sort of like broader EMEA and APJ, just in terms of both the land and the expand opportunity?

祝賀結果。是的，我想看看美國以外的地區，你能否讓我們了解更廣泛的 EMEA 和 APJ 的機會，就土地和擴展機會而言？

Yes, we're very pleased. Actually, Daniel and myself, we're in the Middle East, where we opened up our Dubai office with his excellency, the Head of Digital Transformation in UAE. And we're very pleased with the team had their sales kick off. We're very pleased with where we're going, the talent we have in the team.

是的，我們非常高興。實際上，丹尼爾和我自己，我們在中東，在那裡我們與阿聯酋數字化轉型主管閣下一起開設了迪拜辦事處。我們對團隊開始銷售感到非常高興。我們對我們的發展方向以及我們團隊中的人才感到非常滿意。

We're also starting to see, as I mentioned earlier on, significant discussions around platform with larger companies wanting to actually go all in with UiPath from an RPA and expand into the other areas of our solution. We've also seen significant interest in attended automation, strangely enough, in markets like Denmark and Sweden. We've seen where companies want to drive employee empowerment because they're actually having constraints in terms of resources and finding the resources. We're finding significant benefits in that space. So I would say our European team is coming along very nicely. We're cautiously optimistic about the opportunity in that space.

正如我之前提到的，我們也開始看到圍繞平台的重要討論，大公司希望真正從 RPA 進入 UiPath，並擴展到我們解決方案的其他領域。奇怪的是，在丹麥和瑞典等市場，我們也看到了對有人值守自動化的濃厚興趣。我們已經看到公司希望在哪些方面推動員工賦權，因為他們實際上在資源和尋找資源方面受到限制。我們在那個領域發現了顯著的好處。所以我想說我們的歐洲團隊進展順利。我們對該領域的機會持謹慎樂觀態度。

In the Asia Pacific market, we've made some adjustments according to what we said at Investor Day. Lee is on board now. Probably Lee Hawksley is on board about 3 months. We've got some new leadership in India, a new leadership in Southeast Asia. And I would say we're at the very beginning of that but cautiously optimistic that we can take the work that we've done in Europe and in North America and execute pretty well in Asia Pacific as well.

在亞太市場，我們根據投資者日的說法做了一些調整。李現在在船上。大概 Lee Hawksley 在船上待了大約 3 個月。我們在印度有了一些新的領導層，在東南亞有了新的領導層。我想說我們正處於起步階段，但謹慎樂觀地認為我們可以將我們在歐洲和北美所做的工作帶到亞太地區也能很好地執行。

Got it. That's super helpful. And then, Ashim, for you, you guys have a diversified base of users, but can you give us a rough sense for exposure to both sort of the tech and financial services vertical?

知道了。這非常有幫助。然後，Ashim，對你來說，你們擁有多元化的用戶群，但是你能給我們一個粗略的概念，讓我們了解一下對科技和金融服務垂直領域的接觸嗎？

Yes. I mean on the banking financial vertical is a strong vertical for us. We've talked about -- we've given some of those figures historically. We don't disclose them on a quarterly basis, but they're one of our largest segments, financials and health care. Just to qualify a little bit. When we look at the exposure, like it's kind of we've evaluated it, a lot of our major customers are in the large institutions like JPMorgan -- like some of the major banks that are out there. And so with that, we feel really good about our position of where we are there right now.

是的。我的意思是在銀行金融垂直領域對我們來說是一個強大的垂直領域。我們已經討論過——我們已經給出了其中一些歷史數據。我們不會按季度披露它們，但它們是我們最大的細分市場之一，金融和醫療保健。只是為了合格一點。當我們查看風險敞口時，就像我們已經對其進行了評估一樣，我們的許多主要客戶都在像摩根大通這樣的大型機構中——就像那裡的一些主要銀行一樣。因此，我們對我們現在所處的位置感到非常滿意。

I would just add to the financial services. I mean when you look at the opportunity to drive efficiencies in financial services, I think we had a tremendous amount of value in that. We see our solution sets like Document Understanding having huge benefits in health care and in insurance because of the straight-through document processing that we can achieve and the results. With our NorthStar, value proposal is having a difference in financial services, insurance and health care.

我只想增加金融服務。我的意思是，當你看到提高金融服務效率的機會時，我認為我們在這方面具有巨大的價值。我們看到我們的解決方案集（如 Document Understanding）在醫療保健和保險領域具有巨大優勢，因為我們可以實現直通式文檔處理和結果。借助我們的 NorthStar，價值建議在金融服務、保險和醫療保健方面有所不同。

Our next question comes from Bryan Bergin with TD Cowen.

我們的下一個問題來自 TD Cowen 的 Bryan Bergin。

I wanted to follow up on margin first. So can you just bridge what you did in 4Q here, the strong 20% plus value planned out for fiscal '24? And specifically, if you can maybe talk about the areas of cost efficiency that you benefited most from here in 4Q and then any of those benefits that don't recur initially in '24 or areas that you are leaning back in to invest?

我想先跟進保證金。那麼，您能否在這裡彌合您在第四季度所做的事情，即為 24 財年計劃的 20% 以上的強勁價值？具體來說，如果你能談談你在第四季度從這裡受益最多的成本效率領域，然後是那些最初在 24 年或你傾向於投資的領域中不會重現的好處？

Yes, I think the -- I will always emphasize, I think our operating margin starts with delivering in the top line, which we have all of our teams focused and we have this market in front of us that allows us to deliver numbers -- like the revenue number we did.

是的，我認為 - 我會一直強調，我認為我們的營業利潤率首先是在頂線交付，我們所有團隊都專注於此，我們面前的這個市場使我們能夠交付數字 -就像我們所做的收入數字一樣。

Bryan, in terms of the specific cost areas, frankly, we had cost productivity across the board. And I really want to just emphasize, I think from product and engineering to G&A, to sales and marketing, every team has contributed in the right way. Most of what we have seen, like everything that we have realized, we look at that as something that is recurring. There are some -- always some timing elements that go into a quarter such as sales commissions accruals, those types of things that have some accounting associated with it in terms of seasonality.

布萊恩，就具體的成本領域而言，坦率地說，我們的成本生產率是全面的。我真的想強調，我認為從產品和工程到 G&A，再到銷售和營銷，每個團隊都以正確的方式做出了貢獻。我們所看到的大部分內容，就像我們已經意識到的一切一樣，我們將其視為反復出現的事情。有一些 - 總是有一些時間元素進入一個季度，例如應計銷售佣金，這些類型的東西在季節性方面有一些與之相關的會計。

But all of the efficiencies that we've seen in terms of rationalizing organizations, streamlining organizations, finding productivity and discretionary costs, those are things we see as sustainable as we go forward. And that's why we feel really good and confident about the 350 basis points that we're expanding the year even off of a higher beat in fourth quarter from where we ended.

但是，我們在組織合理化、精簡組織、提高生產力和可自由支配成本方面所看到的所有效率，都是我們認為在我們前進的過程中可持續發展的事情。這就是為什麼我們對我們今年擴大的 350 個基點感到非常好並且充滿信心，即使第四季度比我們結束時更高。

Okay. And then on the product, Daniel, can you talk about client appetite that you've seen around discovery products? And I heard a reference customer there, I think, around Communications Mining. So I'm curious how you would compare the uptake of that product versus what you saw in the past around Task Mining and Process Mining when you brought those to market.

好的。然後關於產品，丹尼爾，你能談談你看到的客戶對發現產品的胃口嗎？我聽說那裡有一個參考客戶，我想是在 Communications Mining 周圍。所以我很好奇，當您將該產品推向市場時，您會如何比較該產品的使用情況與您過去在任務挖掘和流程挖掘方面看到的情況。

It has become very clear in the last year, I'd say, that the discovery pillar is an essential part of a full-fledged Business Automation Platform. And we are making steady progress, first of all, in Process Mining. We have released a great version on the cloud. And we are really bullish on our prospects on being a sizable player in the Process Mining market.

我想說，在過去的一年裡，發現支柱是成熟的業務自動化平台的重要組成部分，這一點已經變得非常清楚。我們正在取得穩步進展，首先是在流程挖掘方面。我們在雲端發布了一個很棒的版本。我們非常看好我們在流程採礦市場成為一個相當大的參與者的前景。

We have been one of the first company to invest in Task Mining, and this is one of the most ambitious AI project that we have ever attempted. And the new transformer-based models give us even better hopes into getting more of the Task Mining. To -- a quick reminder, what we are trying to achieve is basically watching over the shoulder people doing business processes by AI, configuring out the processes themselves.

我們是最早投資任務挖掘的公司之一，這是我們嘗試過的最雄心勃勃的人工智能項目之一。新的基於轉換器的模型讓我們更有希望獲得更多的任務挖掘。快速提醒一下，我們正在努力實現的目標基本上是監視人們通過 AI 執行業務流程，自行配置流程。

And Communication Mining, it's our latest addition to the platform by acquiring Re:infer. It's -- again, it's a large language model based on transformers. We have seen great traction, especially with our -- some of our large customers, especially banking customers that use our communication mining technology to classify millions of e-mails and taking action based on the e-mail.

和 Communication Mining，這是我們通過收購 Re:infer 對平台的最新補充。它——再一次，它是一個基於轉換器的大型語言模型。我們看到了巨大的吸引力，尤其是我們的一些大客戶，尤其是使用我們的通信挖掘技術對數百萬封電子郵件進行分類並根據電子郵件採取行動的銀行客戶。

So again, this shows the power of an integrated platform. You discover, and then you automate, and ultimately, you operate. To me, it's -- again, it's a great point that our bet 3, 4 years ago on this platform is becoming successful today.

因此，這再次顯示了集成平台的強大功能。你發現，然後你自動化，最後，你操作。對我來說，再次強調，我們 3、4 年前在這個平台上的賭註今天取得了成功。

And our next question comes from Michael Turrin with Wells Fargo Securities.

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

In terms of just the growth guide, Ashim, we can appreciate that there have been a lot of improvements that you've put in place. You're guiding for 10% up to 18% for the full year on the top line. Can you just maybe level set how much of the growth improvement comes from some of the go-to-market and product changes we've been talking about since the Investor Day versus the math of lapping some of the headwinds you've experienced and just how to think through the progression there?

僅就成長指南而言，Ashim，我們可以理解您已經進行了很多改進。你指導全年收入的 10% 到 18%。你能不能設定一個水平，有多少增長改善來自投資者日以來我們一直在談論的一些上市和產品變化，而不是你經歷過的一些逆風的數學運算如何思考那裡的進展？

Yes. So maybe just as I start, I think we finished fiscal year '23 at 19% revenue growth, and we encountered a significant FX headwind in 2023. So that helps to level off, Michael. So adjusted for that actually, we feel like it was a good growth -- a good delivery in 2023.

是的。因此，也許就像我開始的那樣，我認為我們以 19% 的收入增長結束了 23 財年，並且我們在 2023 年遇到了重大的外匯逆風。這有助於穩定下來，邁克爾。實際上，對此進行了調整，我們覺得這是一個很好的增長——2023 年的交付很好。

That being said, when we look at our guidance philosophy, we talked about 18% at Investor Day. We accounted for the weakening dollar within our guidance. We adjusted and put an additional buffer for the foreign -- for the macroeconomic volatility or variability that we see in front of us. And then we accounted for the repositioning and the execution time line that Rob has outlined.

話雖如此，當我們審視我們的指導理念時，我們在投資者日談到了 18%。我們在我們的指導範圍內考慮了疲軟的美元。我們調整併為外國提供了額外的緩衝——為我們看到的宏觀經濟波動或可變性。然後我們考慮了 Rob 概述的重新定位和執行時間表。

So when you take that all together, we actually -- we feel good about our guidance in 2024, and we continue to guide to see what we have in front of us with those qualifications.

因此，當你把所有這些放在一起時，我們實際上 - 我們對 2024 年的指導感到滿意，並且我們將繼續指導以了解我們面前的這些資格。

Yes. And I just -- this is Kelsey. I want to step in quickly. We gave a lot of very specific modeling points in the script, which I think will be very helpful to you as you put your models together tonight. So we will post all of that information on our prepared remarks to the website as soon as we're finished tonight. And if you have any questions, please feel free to reach out to us. But I think this will help you put your FY '24 model together.

是的。我只是——這是凱爾西。我想快點介入。我們在腳本中給出了很多非常具體的建模要點，我認為這對您今晚組裝模型非常有幫助。因此，我們將在今晚結束後立即將所有這些信息發佈在我們準備好的評論中到網站上。如果您有任何疑問，請隨時與我們聯繫。但我認為這將幫助您將 FY '24 模型放在一起。

That's very helpful. Just a quick follow-up on margins. I mean obviously, the Q4 margin results are strong and stand out. The expansion targets for the year are in line with the targets that were presented at the Investor Day. Still strong expansion, but with the second round of cost reductions that went into place in November, were those something that was contemplated alongside the Investor Day targets? Or can you just help us understand if there are areas of reinvestment on the product side or other things that you're also contemplating that keep the range in a similar state even with the second reduction?

這很有幫助。只是對利潤率的快速跟進。我的意思是，很明顯，第四季度的利潤率結果強勁且脫穎而出。今年的擴張目標與投資者日提出的目標一致。仍然強勁擴張，但隨著 11 月實施的第二輪成本削減，這些是否與投資者日目標一起考慮？或者您能否幫助我們了解產品方面是否有再投資領域或您也在考慮的其他事情，即使在第二次減少時也能將範圍保持在類似狀態？

Yes. I think net-net, we look at keeping our workforce relatively stable. We don't see any major investments or major decreases at this time. And so overall, I think we've factored our actions from last year into this year. Now are there areas that we invest in? Yes, and that's why we continue to look for opportunities to streamline the organization. And every UiPath employee continues to look for areas of efficiency together, particularly in our discretionary spend.

是的。我認為淨淨，我們著眼於保持我們的勞動力相對穩定。我們目前沒有看到任何重大投資或重大減少。總的來說，我認為我們已經將去年的行動考慮到了今年。現在我們投資的領域有哪些？是的，這就是我們繼續尋找機會精簡組織的原因。每一位 UiPath 員工都在繼續共同尋找效率領域，尤其是在我們的可自由支配支出方面。

So that's kind of how we've looked at it. I would say all of our actions have been baked in. We will invest in the areas needed to execute and to continue to take advantage of the market opportunity that we see in front of us. But we feel like we can relatively fund that to keep the size of the organization relatively similar.

這就是我們看待它的方式。我想說我們所有的行動都已經融入其中。我們將投資於需要執行的領域，並繼續利用我們看到的市場機會。但我們覺得我們可以相對資助，以保持組織的規模相對相似。

And 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。

This is Arti Vula on for Mark Murphy. Congrats on the quarter. Just wanted to call, in the past 6 to 9 months, both for UiPath and a lot of other vendors, we've heard that customers are kind of really kind of slowing down and trying to pick the right tools and then kind of going all in on them. And you guys have been kind of focusing on the post-sales motion. So some of the success we're seeing clearly in your results just from those changes you guys have made to the sales.

這是 Mark Murphy 的 Arti Vula。祝賀這個季度。只是想打電話給，在過去的 6 到 9 個月裡，對於 UiPath 和許多其他供應商，我們聽說客戶真的有點放慢腳步，試圖選擇合適的工具，然後全力以赴在他們身上。你們一直在關注售後動議。因此，我們從你們對銷售所做的那些改變中清楚地看到你們的一些成功。

Yes. I mean I think we laid out very clearly that at Investor Day, where we were going, what we were going to do around pricing, packaging, the segmentation of the organization, the execution around the growth products and delivering on the platform. And we feel like we've executed really, really well around that.

是的。我的意思是我認為我們在投資者日非常清楚地說明了我們要去的地方，我們將圍繞定價、包裝、組織細分、圍繞增長產品的執行以及在平台上交付做什麼。我們覺得我們在這方面執行得非常非常好。

With the environment, part of the question, Arti, is if the environment hasn't changed, we kind of were cautious about the environment. And we've continued to focus on driving the forecasting at the right approach, making certain that our investments are focused on the right level, that we're actually connecting to the C-level customers and that we're actually part of their budgeting cycle. And that's what we're focused on. And I think that's paying dividends.

關於環境，Arti，部分問題是，如果環境沒有改變，我們就會對環境持謹慎態度。我們繼續專注於以正確的方法推動預測，確保我們的投資集中在正確的級別，我們實際上正在與 C 級客戶建立聯繫，並且我們實際上是他們預算的一部分循環。這就是我們關注的重點。我認為這是有回報的。

But I'd also just say as well, when we launched [23.10], which was the technology platform, that allowed us to be competitive in the discovery area. And we absolutely are starting to see some real traction with Test Suite and Document Understanding and the Re:infer product in the marketplace. I would say that our customers are looking for an automation platform. As what I've said from the very beginning, automation is an important aspect to every customer's journey. And if you want to move with speed and agility, you need automation. And we feel like we are clearly the leader in automation platform space.

但我也只想說，當我們推出 [23.10] 技術平台時，它使我們能夠在發現領域具有競爭力。我們絕對開始看到市場上測試套件和文檔理解以及 Re:infer 產品的一些真正吸引力。我會說我們的客戶正在尋找一個自動化平台。正如我從一開始就說過的，自動化是每個客戶旅程的一個重要方面。如果您想快速敏捷地行動，就需要自動化。我們覺得我們顯然是自動化平台領域的領導者。

And then just ultimately on the -- in terms of contract renewals, any patterns to call there, any trends we should watch for as we go through fiscal '24?

然後最終 - 在合同續簽方面，有什麼模式可以調用，我們在經歷 24 財年時應該注意的任何趨勢？

I don't see any -- we feel like we're on top of contract renewals. We don't see any significant changes in the contract renewals. Our customers -- we continue to focus on expansion as well as a key aspect for -- that are existing customers, and we'll continue to drive expansion. We think we have significant upside in the existing customer base as well.

我沒有看到任何 - 我們覺得我們在合同續簽方面處於領先地位。我們沒有看到合同續簽有任何重大變化。我們的客戶——我們繼續專注於擴張以及一個關鍵方面——現有客戶，我們將繼續推動擴張。我們認為我們在現有客戶群中也有很大的優勢。

(Operator Instructions) Our next question comes from Brad Sills with Bank of America Securities.

（操作員說明）我們的下一個問題來自美國銀行證券公司的 Brad Sills。

I wanted to ask if you could provide an update as to which of those solutions that you're selling into under the new go-to-market are you seeing success. Obviously, some big changes to more solution selling approach. Would love to get any color as to which verticals or solutions are you starting to see success with. Which one should we see as more up and coming?

我想問您是否可以提供最新信息，說明您在新的上市計劃下銷售的哪些解決方案取得了成功。顯然，更多解決方案的銷售方式發生了一些重大變化。很想知道您開始看到哪些垂直或解決方案取得成功。我們應該看到哪一個更有前途？

Yes. Brad, good question. Document Understanding -- as we mentioned it earlier, Document Understanding, we're seeing significant traction in Document Understanding. The value proposition around it is very clear. It's almost crystal clear in terms of value customers can receive. Our straight-through processing is really high. And so when you have customers that have significant invoice or payment systems or claims payment systems, we see significant value in that.

是的。布拉德，好問題。文檔理解——正如我們之前提到的，文檔理解，我們看到了文檔理解的巨大吸引力。圍繞它的價值主張非常明確。就客戶可以獲得的價值而言，這幾乎是一目了然。我們的直通式處理真的很高。因此，當您的客戶擁有重要的發票或支付系統或理賠支付系統時，我們會看到其中的巨大價值。

At Test Suite, we're seeing value in that. That's actually very unique in an automation space. There's nobody that connects testing with automation. So that's significant. And then companies like E&Y where they've used our Process Mining solution with the audit practice, and we've seen process in there.

在 Test Suite，我們看到了其中的價值。這在自動化領域實際上是非常獨特的。沒有人將測試與自動化聯繫起來。所以這很重要。然後像 E&Y 這樣的公司在審計實踐中使用了我們的流程挖掘解決方案，我們在那裡看到了流程。

What I would say, overall, though, is we're seeing more and more companies start to look at the platform as an opportunity. Enterprise license agreements are becoming more significant in the discussion. We're having a lot more discussions where customers look and say, when you look at their full stack, can your Process Mining, Task Mining, Document Understanding, can it replace many of these other applications in a platform, make it more consistent, easier to implement, faster to implement? And then on top of that, I would say our solution accelerators are actually starting to have an impact as well as we help customers achieve the automation results much faster.

不過，總的來說，我要說的是，我們看到越來越多的公司開始將該平台視為一個機會。企業許可協議在討論中變得越來越重要。我們正在進行更多的討論，客戶會說，當你查看他們的完整堆棧時，你的流程挖掘、任務挖掘、文檔理解能否取代平台中的許多其他應用程序，使其更加一致，更容易實施，更快實施？然後最重要的是，我想說我們的解決方案加速器實際上開始產生影響，我們幫助客戶更快地實現自動化結果。

Next question comes from Terry Tillman with Truist Securities.

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

I will give you the one question, but I can't help myself. I really do appreciate, Ashim, all the color on the first half and second half. Hopefully, our model won't be so out of whack going forward then. It's very helpful. I guess, Rob, for you, the question I would have is you got a lot on your plate in terms of the go-to-market efforts, and now you're kind of taking the role as Chief Business Officer as well. So you got a ton on your plate. But what about partners?

我會給你一個問題，但我情不自禁。我真的很感激，Ashim，上半場和下半場的所有顏色。希望我們的模型在未來不會如此失控。這非常有幫助。我想，Rob，對於你來說，我要問的問題是你在進入市場方面做了很多工作，現在你也在擔任首席商務官的角色。所以你有很多事情要做。但是合作夥伴呢？

I know at the low end, partners are important to like kind of take over first-line customer kind of engagement. But these global SIs or the regional boutiques or the ISVs, it seems like with some of these products like Document Understanding, I mean you have a really good opportunity to really partner together and drive a lot of incremental revenue. So what are you doing or what are some guideposts on partner side of this go-to-market transformation you're working on?

我知道在低端，合作夥伴對於接管一線客戶的參與很重要。但是這些全球 SI 或區域精品店或 ISV，似乎使用其中一些產品，如文檔理解，我的意思是你有一個非常好的機會真正合作並推動大量增量收入。那麼你在做什麼，或者你正在從事的這個進入市場轉型的合作夥伴方面有哪些指導方針？

Yes. Good question. So we -- I believe we made significant progress. With partners like E&Y, I was on the automation. The worldwide automation, I guess, event yesterday with E&Y, which is touching, I think, 5 or 6 markets around the world, over 1,200 of the customers there. When we're talking about how automation can help deal with inflationary aspects, different economic disruption that customers are taking -- take labor arbitrage and so on. So I feel like we're making significant progress with partners like E&Y.

是的。好問題。所以我們——我相信我們取得了重大進展。與安永這樣的合作夥伴一起，我從事自動化工作。全球自動化，我猜，昨天與 E&Y 一起舉辦的活動，我認為它觸及了全球 5 或 6 個市場，那裡有超過 1,200 名客戶。當我們談論自動化如何幫助應對通貨膨脹方面時，客戶正在接受的不同經濟中斷 - 採取勞動力套利等等。所以我覺得我們正在與安永這樣的合作夥伴取得重大進展。

I would also say with Accenture, we're making progress. They continue to be fully supportive. Incredible opportunities in Europe as well with Accenture, and we're starting to see that play through. And many of the others are also now starting to see automation as a big play.

我還要說埃森哲，我們正在取得進展。他們繼續全力支持。歐洲以及埃森哲的難以置信的機會，我們開始看到這一點。許多其他人現在也開始將自動化視為一項重要任務。

When you look at how a partner sees the automation space, in the past, they saw it in terms of many different products, many different types of solutions [trying to solve]. And now they see UiPath as a go-to player in the automation space to help drive customers. And there's nothing that can drive business results faster than automation. You can get it often, and you can get it on top of many other solutions. So it's nondisruptive in many ways.

當你看一個合作夥伴如何看待自動化空間時，在過去，他們從許多不同的產品、許多不同類型的解決方案 [試圖解決] 的角度來看待它。現在，他們將 UiPath 視為自動化領域的首選參與者，以幫助吸引客戶。沒有什麼能比自動化更快地推動業務成果。您可以經常獲得它，並且可以在許多其他解決方案之上獲得它。所以它在很多方面都是非破壞性的。

And in my discussions in Europe, as I said, I've started to see a significant amount of discussion as well, not only in terms of those discovery or those growth products, but also in terms of attended automation to solve constraints in the health care environment and how they are dealing with different levels of labor shortages in those markets.

正如我所說，在我在歐洲的討論中，我也開始看到大量討論，不僅涉及那些發現或那些增長產品，而且還涉及解決健康限制的有人值守自動化護理環境以及他們如何應對這些市場中不同程度的勞動力短缺。

Our next question comes from Michael Turits with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Michael Turits。

This is Billy on for Michael. Just wanted to ask how you're thinking about new versus expansion going into next year.

這是邁克爾的比利。只是想問問您如何看待明年的新業務與擴展業務。

Yes. We've kind of -- I would just assume the same split that we've historically had, which is the 70-30 split for our net new ARR. That's the assumption, I think, we continue to have, and it's been fairly consistent.

是的。我們有點 - 我只是假設我們歷史上有相同的分裂，這是我們淨新 ARR 的 70-30 分裂。我認為，這就是我們繼續擁有的假設，而且一直相當一致。

Yes, I would just add to that. There was a question earlier around e-commerce and distribution. We -- our distribution partners -- I should have answered this. Our distribution partners are actually investing more in markets, and they're actually starting to see bigger upside opportunities in that space. So we feel positive about the acquisition of customers as well. And remember, we always said that we were going to focus on creating a highly efficient density model as well, which fits the customers that want to expand into the platform area and with our new growth products as well.

是的，我只想補充一點。早些時候有一個關於電子商務和分銷的問題。我們——我們的分銷合作夥伴——我應該回答這個問題。我們的分銷合作夥伴實際上在市場上進行了更多投資，他們實際上開始在該領域看到更大的上昇機會。因此，我們對客戶的獲取也感到樂觀。請記住，我們總是說我們也將專注於創建一個高效的密度模型，它適合想要擴展到平台領域的客戶以及我們的新增長產品。

Next question comes from Scott Berg with Needham.

下一個問題來自 Scott Berg 和 Needham。

I'll certainly echo congrats on the strong quarter. I guess 1 question I'm going to ask is on the solution accelerators now that they've been in the market for a little while. What's the ARR trends on those like relative to maybe how you sold the platform historically? I just didn't know if you've seen any changes either up or down in terms of how you're able to land with those versus landing without them?

我當然會對強勁的季度表示祝賀。我想我要問的第一個問題是關於解決方案加速器的，因為它們已經在市場上銷售了一段時間。與您過去如何銷售平台相關的 ARR 趨勢是什麼？我只是不知道您是否看到在使用這些著陸與沒有它們著陸的方式方面有任何向上或向下的變化？

Yes. So Scott, on that, I would say we now -- I think between 10 and 16 solution accelerators are in the market. We're seeing significant uptake on them -- on the marketplace, sorry. And we're seeing significant uptake on the solution accelerators. And as I said very early on, we'll continue to bring them out at the speed at which customers are using them.

是的。所以斯科特，關於這一點，我想說我們現在 - 我認為市場上有 10 到 16 個解決方案加速器。我們看到它們被大量接受——抱歉，在市場上。我們看到對解決方案加速器的大量採用。正如我很早就說過的，我們將繼續以客戶使用它們的速度推出它們。

They are driving the bigger opportunities that we're working on. We don't actually charge for solution accelerators, but we're definitely seeing that they are benefiting us as we help customers drive enterprise license agreements, how they want to use it and the speed at which we can accelerate them. So they're certainly helping the sales cycle and helping customers get faster return to value.

他們正在推動我們正在努力的更大機會。我們實際上並不對解決方案加速器收費，但我們確實看到它們正在使我們受益，因為我們幫助客戶推動企業許可協議、他們希望如何使用它以及我們可以加速它們的速度。因此，他們肯定會幫助銷售週期並幫助客戶更快地獲得價值回報。

Thank you. And ladies and gentlemen, we have reached the end of the question-and-answer session. I will now turn the call over to management for closing remarks.

謝謝。女士們，先生們，我們的問答環節已經結束。我現在將把電話轉給管理層作結束語。

Yes. This is Robert here. I just want to thank everybody. I appreciate your time, and I really look forward to spending time with many of you over the next couple of weeks from Daniel, myself and Ashim and Kelsey. Thank you, everybody.

是的。我是羅伯特。我只想感謝大家。感謝您抽出寶貴時間，我真的很期待在接下來的幾週內與丹尼爾、我本人以及阿希姆和凱爾西一起與你們中的許多人共度時光。謝謝大家。

Thank you. This concludes today's conference. All parties may disconnect. Have a great day.

謝謝。今天的會議到此結束。各方可能會斷開連接。祝你有美好的一天。