UiPath Inc (PATH) 2024 Q3 法說會逐字稿

Greetings and welcome to the UiPath Third Quarter Fiscal 2024 Financial Results Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

歡迎參加 UiPath 2024 財年第三季財務業績電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce Kelsey Turcotte, Senior Vice President of Investor Relations for UiPath. Thank you. You may begin.

現在我很高興向大家介紹 UiPath 投資者關係資深副總裁 Kelsey Turcotte。謝謝。你可以開始了。

Good afternoon and thank you for joining us today to review UiPath's third quarter fiscal 2024 financial results, which we announced in our earnings press release issued after the close of the market today.

下午好，感謝您今天與我們一起回顧 UiPath 2024 財年第三季財務業績，我們在今天收盤後發布的收益新聞稿中宣布了這一結果。

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, and then we'll open the call for questions.

與我通話的有 UiPath 共同創辦人兼聯合執行長 Daniel Dines；羅布·恩斯林，聯合執行長；和財務長 Ashim Gupta。羅布將開始討論，然後將電話轉給丹尼爾。之後，阿希姆將審查我們的結果並提供指導，然後我們將開始提問。

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 reconciliation. We will be discussing non-GAAP metrics on today's call.

我們的收益新聞稿和財務補充資料發佈在 UiPath 投資者關係網站 ir.uipath.com 上。這些材料包括 GAAP 與非 GAAP 調整表。我們將在今天的電話會議上討論非公認會計準則指標。

This afternoon's call includes forward-looking statements about our ability to drive growth and operational efficiency and grow our platform as well as our financial guidance for the fourth quarter of fiscal 2024. 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, 2023, and our subsequent reports filed with the SEC, including our quarterly report on Form 10-Q for the period ended October 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.

今天下午的電話會議包括有關我們推動成長和營運效率以及發展我們平台的能力的前瞻性陳述，以及我們對2024 財年第四季度的財務指導。實際結果可能與前瞻性陳述中表達的結果存在重大差異，因為受多種因素影響，因此，投資者不應過度依賴這些陳述。有關可能影響我們實際業績的重大風險和不確定性的討論，請參閱我們截至 2023 年 1 月 31 日的 10-K 表格年度報告，以及我們向 SEC 提交的後續報告，包括我們的季度報告截至2023年10 月31 日的期間的10-Q 表將提交給SEC。本次電話會議所做的前瞻性陳述反映了我們截至目前為止的觀點。我們不承擔更新它們的義務。

I would also 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. In addition, please note that all comparisons are year-over-year unless otherwise indicated.

我還想強調的是，本次網路廣播配有幻燈片。本次電話會議結束後，我們將立即將投影片和準備好的評論副本發佈到我們的投資人關係網站上。此外，請注意，除非另有說明，所有比較均為逐年比較。

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

現在我想把電話轉給羅布。

Thank you, Kelsey. Good afternoon, everyone. Thanks for joining us. Our third quarter results underscore the compelling value our end-to-end automation platform delivers for our customers and the strength of our business model.

謝謝你，凱爾西。大家下午好。感謝您加入我們。我們第三季的業績凸顯了我們的端到端自動化平台為客戶提供的引人注目的價值以及我們業務模式的優勢。

For the quarter, ARR grew 24% to $1.378 billion driven by our third quarter net new ARR of $70 million, while revenue was $326 million, up 24%. We continue to deliver growth while driving operational efficiencies across the organization. Non-GAAP operating margin increased more than 600 basis points year-over-year to 13%. We also delivered non-GAAP adjusted free cash flow of $44 million.

在第三季淨新 ARR 為 7,000 萬美元的推動下，本季 ARR 成長 24% 至 13.78 億美元，而營收為 3.26 億美元，成長 24%。我們持續實現成長，同時提高整個組織的營運效率。非 GAAP 營運利潤率年增超過 600 個基點，達到 13%。我們還交付了 4400 萬美元的非 GAAP 調整後自由現金流。

As many of you know, at the beginning of this fiscal year, we pivoted our go-to-market resources towards organizations that have a meaningful runway to invest in enterprise automation over the long term. This investment has significantly increased our presence in the C-suite and helped raise our profile with partners of all sizes.

正如你們許多人所知，在本財年年初，我們將市場資源轉向那些具有有意義的長期投資企業自動化跑道的組織。這項投資顯著增加了我們在最高管理層中的影響力，並幫助提高了我們在各種規模的合作夥伴中的形象。

You could feel our momentum at FORWARD VI, our annual user conference, where we hosted more than 3,000 guests, including automation practitioners, industry visionaries, key customer decision-makers. We also launched our inaugural UiPath AI10 Awards program, recognizing UiPath customers who embody what it means to be a leader in AI at work. I left the event super energized about the tangible value our platform is delivering for our customers and our leadership position in the market.

您可以在我們的年度用戶大會 FORWARD VI 上感受到我們的動力，我們在會上接待了 3,000 多名嘉賓，其中包括自動化從業者、行業遠見者、關鍵客戶決策者。我們也啟動了首屆 UiPath AI10 獎項計劃，表彰在工作中體現人工智慧領導者意義的 UiPath 客戶。活動結束後，我對我們的平台為客戶提供的有形價值以及我們在市場中的領導地位感到非常興奮。

FX-adjusted dollar-based net retention for the quarter was 123%, and we closed a record number of third quarter deals over $1 million in ARR. Customers with $1 million or more in ARR grew 31% to 264, while customers with $100,000 or more in ARR increased to 1,974.

本季經外匯調整的美元淨留存率為 123%，我們完成的第三季 ARR 超過 100 萬美元的交易數量創歷史新高。 ARR 為 100 萬美元或以上的客戶成長了 31%，達到 264 家，而 ARR 為 10 萬美元或以上的客戶增加到 1,974 家。

Industry verticalization continues to be a strategic priority for the company with playbooks, marketing events and enablement to support our teams. We now have 70 solution accelerators available in our marketplace, with IT service management software, user provisioning, a two-way match invoice processing for Coupa and SAP among some of the most popular downloads.

產業垂直化仍然是公司的策略重點，並透過策略、行銷活動和支援來支持我們的團隊。現在，我們的市場上有 70 個解決方案加速器，其中包括 IT 服務管理軟體、用戶配置、Coupa 和 SAP 的雙向匹配發票處理等一些最受歡迎的下載。

While we saw broad-based strength in net new ARR across industries this quarter, there were a couple of standouts. The federal team delivered a record quarter as agencies are increasingly standardizing on our AI-powered business automation platform with a robust set of end-to-end capabilities to enrich employee experience, create mission readiness and achieve breakthrough outcomes. Customer highlights included Veteran Affairs, Coast Guard, the IRS, the Department of Homeland Security.

雖然本季我們看到各行業的淨新 ARR 普遍強勁，但也有一些表現突出。隨著各機構越來越多地標準化我們的人工智慧驅動的業務自動化平台，聯邦團隊提供了創紀錄的季度業績，該平台具有一套強大的端到端功能，可以豐富員工體驗，做好任務準備並取得突破性成果。重點客戶包括退伍軍人事務部、海岸防衛隊、國稅局、國土安全部。

We're also working with the United States Department of Agriculture to support their future of work initiative, delivering a new era of citizen and employee experiences. Using our full platform, USDA is driving mission-impactful enterprise automations across their HR, finance and IT departments. The program also features a digital assistant on every USDA employee desktop, driving personal productivity for approximately 100,000 employees.

我們也與美國農業部合作，支持他們的未來工作計劃，打造公民和員工體驗的新時代。利用我們的完整平台，USDA 正在其人力資源、財務和 IT 部門推動具有使命影響力的企業自動化。該計劃還在每個 USDA 員工桌面上配備了數位助理，提高了約 10 萬名員工的個人生產力。

Momentum continues in financial services and health care where automation delivered considerable value. This includes 1 of our top 25 customers, a large nonprofit health system in the United States. Taking a deeper look at their automation journey, they are a great example of how customers expand with us over time.

金融服務和醫療保健領域的勢頭仍在繼續，自動化帶來了可觀的價值。這包括我們的 25 個最大客戶之一，即美國的一個大型非營利醫療系統。深入了解他們的自動化之旅，他們是客戶如何隨著時間的推移與我們一起擴展的一個很好的例子。

Working closely with our account executives and global systems integrators, their journey started in 2018 with core RPA. And over the last several years, they've expanded to Attended Automation, Document Understanding, Test Suite and Process Mining.

他們與我們的客戶主管和全球系統整合商密切合作，於 2018 年從核心 RPA 開始了旅程。在過去的幾年裡，他們已經擴展到有人值守的自動化、文件理解、測試套件和流程挖掘。

To date, they have achieved a return on investment of over $250 million. And this quarter, in one of our largest deals in company history, they expanded to the full platform as they work to create a centralized enterprise automation service department with a mandate from their EVP sponsor to deliver automation across the entire enterprise. They're also in the process of developing use cases for Communications Mining and UiPath Apps.

迄今為止，他們已獲得超過 2.5 億美元的投資回報。本季度，在我們公司歷史上最大的交易之一中，他們擴展到整個平台，致力於創建一個集中的企業自動化服務部門，並接受 EVP 贊助商的授權，在整個企業範圍內提供自動化。他們也正在開發通訊挖掘和 UiPath 應用程式的用例。

Customers standardize on our AI-powered automation platform to deliver transformational outcomes that streamline processes, eliminate errors, operate with the enterprise-quality execution needed to succeed in today's environment.

客戶在我們的人工智慧驅動的自動化平台上進行標準化，以提供轉型成果，簡化流程，消除錯誤，並以在當今環境中取得成功所需的企業品質執行力進行操作。

A great example is Johnson Controls. After starting the automation journey in 2021 with core RPA, they adopted the full UiPath platform as they work to consolidate the automation program to one end-to-end solution. They also plan to leverage our AI capabilities, like Document Understanding, Test Suite and Task Mining, to drive automation across their entire business.

江森自控就是一個很好的例子。在 2021 年以核心 RPA 開始自動化之旅後，他們採用了完整的 UiPath 平台，努力將自動化程式整合為端到端解決方案。他們還計劃利用我們的人工智慧功能，例如文件理解、測試套件和任務挖掘，來推動整個業務的自動化。

And another example is the Department of Work and Pensions, the United Kingdom's largest public service department. They have been using core RPA since 2018 to help their most vulnerable citizens improve their quality of life by automating millions of service and support claims each year. Since their first deployment, they have scaled to over 1,000 robots in production and saved 3.1 million hours to date. During the quarter, they expanded to the full platform as they look to harness AI and integrate Document Understanding, Process Mining and Communications Mining into their automation program to improve citizen services, drive operational efficiencies and increase cost saving and capacity creation.

另一個例子是英國最大的公共服務部門工作和退休金部。自 2018 年以來，他們一直在使用核心 RPA，透過每年自動化數以百萬計的服務和支援索賠來幫助最弱勢的公民提高生活品質。自首次部署以來，他們已擴展到生產中的 1,000 多個機器人，迄今為止節省了 310 萬小時。在本季度，他們擴展到了完整的平台，因為他們希望利用人工智慧並將文件理解、流程挖掘和通訊挖掘整合到其自動化計劃中，以改善公民服務、提高營運效率並增加成本節約和能力創造。

We're also landing new logos, which adopt multiple platform products in their first purchase, like Tenable and KIK Customer Products (sic) [KIK Consumer Products]. In their first phase of deployment, KIK intends to leverage unattended robots and document understanding to drive efficiency across their finance department with the long-term goal of scaling automation across their entire enterprise.

我們也推出了新徽標，這些徽標在首次購買時採用多個平台產品，例如 Tenable 和 KIK 客戶產品（原文如此）[KIK 消費者產品]。在部署的第一階段，KIK 打算利用無人值守機器人和文件理解來提高整個財務部門的效率，並實現在整個企業範圍內擴展自動化的長期目標。

Our value-based go-to-market tool, NorthStar, also continues to drive deeper customer conversations as we strategically position the differentiated and actionable benefits of AI-powered automation. A great example is Sobeys, a customer since 2020, where we created a NorthStar road map to help them maximize the return on investment of their automation program. And as a result, Sobeys expanded the automation footprint in the quarter to streamline processes in finance, merchandising and supply chain and to improve the hiring process in stores. They're also investigating how they may be able to use our platform in their SAP transformation journey.

我們基於價值的上市工具 NorthStar 也繼續推動更深入的客戶對話，因為我們策略性地定位了人工智慧驅動的自動化的差異化和可操作的優勢。 Sobeys 就是一個很好的例子，它是 2020 年的客戶，我們創建了 NorthStar 路線圖，幫助他們最大限度地提高自動化專案的投資回報。因此，索貝斯在本季擴大了自動化規模，以簡化財務、銷售和供應鏈流程，並改善商店的招募流程。他們也正在研究如何在 SAP 轉型之旅中使用我們的平台。

Turning to SAP partnership. While in the early stages, we are excited about the collaboration between our teams. I recently joined Scott Russell, SAP Executive Board Member Customer Success, to co-host their sales leadership meeting and continue to see success in signing new logos from this partnership.

轉向 SAP 合作夥伴關係。在早期階段，我們對團隊之間的合作感到興奮。我最近與 SAP 執行董事會成員客戶成功部成員 Scott Russell 一起共同主持了他們的銷售領導會議，並繼續看到透過這種合作夥伴關係簽署新標誌的成功。

Key one for me, the Arnott's Group in Australia, an Australian legend, the Australian producer of biscuits and snack food. The Arnott's Group selected the UiPath platform to optimize business processes and reduce operating costs. Their initial focus will be on automating end-to-end sales order and invoice processing.

對我來說最重要的是澳洲的阿諾特集團，澳洲的傳奇人物，澳洲餅乾和休閒食品的生產商。 Arnott's Group 選擇 UiPath 平台來優化業務流程並降低營運成本。他們最初的重點將是自動化端到端銷售訂單和發票處理。

We also announced an expanded partnership with Deloitte, one of SAP's largest and most strategic partners. Deloitte will embed the UiPath AI-powered business automation platform into their Ascend service delivery platform, powering the next generation of SAP transformation.

我們也宣布擴大與 SAP 最大、最具戰略意義的合作夥伴之一德勤的合作關係。德勤將把 UiPath AI 驅動的業務自動化平台嵌入到其 Ascend 服務交付平台中，為下一代 SAP 轉型提供動力。

These strategic relationships are powerful for our customers, but they also drive increased engagement with GSIs and our partner ecosystem that has never been more invested in than they are right now. At FORWARD VI, we hosted an impactful session for more than 750 partners, outlining our streamlined strategy that is designed to accelerate growth and revenue for our partners while creating solutions that deliver exceptional value to our customers.

這些策略關係對我們的客戶來說非常強大，但它們也推動了與 GSI 和我們合作夥伴生態系統的更多參與，而我們的合作夥伴生態系統的投資從未像現在這樣多。在 FORWARD VI 上，我們為 750 多家合作夥伴舉辦了一場具有影響力的會議，概述了我們的簡化策略，旨在加速合作夥伴的成長和收入，同時創建為客戶提供卓越價值的解決方案。

Our partners and GSIs are an important element of our go-to-market motion that help us expand our reach to customers in a scalable, efficient and cost-effective way. For example, working with Deloitte, an Australian government agency has built a robust automation program across their finance and HR business lines where they utilize Document Understanding to streamline invoice processing, reduce errors and enhance data accuracy. To further accelerate the automation program, they adopted Task Mining in the quarter to analyze processes and accelerate scoping activities.

我們的合作夥伴和 GSI 是我們進入市場行動的重要組成部分，幫助我們以可擴展、高效且具成本效益的方式擴大客戶覆蓋範圍。例如，澳洲政府機構與德勤合作，在其財務和人力資源業務領域建立了強大的自動化計劃，利用文件理解來簡化發票處理、減少錯誤並提高數據準確性。為了進一步加速自動化計劃，他們在本季度採用了任務挖掘來分析流程並加速範圍界定活動。

Broadening our technology ecosystem also makes it easier for customers to deploy automation. We recently announced several new strategic partnerships. This includes Amazon Bedrock, which enables automation developers and citizen developers to seamlessly integrate generative AI directly into their UiPath Studio and Studio Web automations; and the availability of the AI-powered business automation platform on the Google Cloud Marketplace early 2024.

擴大我們的技術生態系統也使客戶更容易部署自動化。我們最近宣布了幾項新的策略合作夥伴關係。其中包括 Amazon Bedrock，它使自動化開發人員和公民開發人員能夠將生成式 AI 直接無縫整合到他們的 UiPath Studio 和 Studio Web 自動化中；以及人工智慧驅動的業務自動化平台將於 2024 年初在 Google Cloud Marketplace 上推出。

In summary, third quarter results are another proof point of our commitment to delivering strong top line growth and expanding profitability and non-GAAP adjusted free cash flow.

總之，第三季業績再次證明了我們致力於實現強勁的營收成長、擴大獲利能力和非公認會計原則調整後的自由現金流。

I want to thank our employees and partners for their support. None of this would be possible without your relentless focus on unlocking value for our customers day in and day out.

我要感謝我們的員工和合作夥伴的支持。如果沒有您日復一日不懈地致力於為客戶釋放價值，這一切都不可能實現。

And with that, I'll turn the call over to Daniel.

然後，我會將電話轉給丹尼爾。

Thanks, Rob. Good afternoon, everyone. Thanks for joining us.

謝謝，羅布。大家下午好。感謝您加入我們。

The automation market is at an inflection point as the market-leading tool that enables organization to drive actionable value from AI. We believe this is a huge opportunity for UiPath.

作為市場領先的工具，自動化市場正處於轉折點，使組織能夠從人工智慧中驅動可操作的價值。我們相信這對 UiPath 來說是一個巨大的機會。

At FORWARD VI, we introduced our latest platform release, 2023.10, and deliver scores of new capabilities that seamlessly translate the potential of AI into tangible action to drive business outcomes for our customers.

在 FORWARD VI 上，我們推出了最新的平台版本 2023.10，並提供了許多新功能，可將人工智慧的潛力無縫轉化為切實的行動，為客戶帶來業務成果。

From my perspective, one of the most exciting announcements at FORWARD was UiPath Autopilot, a new set of AI-powered capabilities for developers, testers, analysts and knowledge workers designed to enhance the user experience across the UiPath platform.

在我看來，FORWARD 上最令人興奮的公告之一是UiPath Autopilot，這是一套面向開發人員、測試人員、分析師和知識工作者的新的AI 驅動功能，旨在增強UiPath 平台上的使用者體驗。

We expect Autopilot, which is based on generative AI, to bring our unique capabilities in RPA, API automation, document understanding and specialized AI to the full spectrum of enterprise-grade, end-to-end process automation.

我們期望基於生成式人工智慧的 Autopilot 能夠將我們在 RPA、API 自動化、文件理解和專業人工智慧方面的獨特能力帶入全方位的企業級端到端流程自動化。

Autopilot for Studio intended to help developers across skill levels, build automation faster by leveraging natural language descriptions to generate automation workflows. For less technical developers, this is a great starter tool, while an advanced developer will benefit from increased productivity.

Autopilot for Studio 旨在幫助不同技能水平的開發人員透過利用自然語言描述來產生自動化工作流程來更快地建立自動化。對於技術水平較低的開發人員來說，這是一個很好的入門工具，而高級開發人員將受益於生產力的提升。

Autopilot for Test will accelerate every phase of the testing life cycle from generation of test to surfacing insights from test results.

Autopilot for Test 將加速測試生命週期的每個階段，從測試產生到從測試結果中獲取見解。

And finally, as the AI companion for business users, we anticipate that Autopilot for everyone will help users create and use personalized and intelligent micro automations on the fly.

最後，作為商業用戶的人工智慧伴侶，我們預計所有人的 Autopilot 將幫助用戶動態創建和使用個人化和智慧的微自動化。

We also shared exciting announcement around intelligent document processing at FORWARD, introducing our next-generation experience powered by active learning and generative AI. Our next-gen IDP permits almost anyone to train specialized AI models for specific domains and document types. And our internal benchmarking shows that our next-gen IDP experience accelerates model training time by up to 80% from a week to a day for complex scenarios, with down to minutes for simpler forms.

我們也在 FORWARD 上分享了有關智慧文件處理的令人興奮的公告，介紹了由主動學習和生成式 AI 提供支援的下一代體驗。我們的下一代 IDP 允許幾乎任何人針對特定領域和文件類型訓練專門的 AI 模型。我們的內部基準測試表明，我們的下一代 IDP 經驗可將複雜場景的模型訓練時間從一周縮短到一天，最高可縮短 80%，而對於更簡單的形式，模型訓練時間可縮短至幾分鐘。

Document Understanding is driving significant value for customers, including a Chicago-based public utility working with Deloitte. They have created a robust automation program across their organization, leveraging our AI products like Document Understanding to automate their metal inspection process where they have achieved over $12 million and 163,000 hours in savings to date. With C-level sponsorship during the quarter, they expanded their UiPath deployment to incorporate Test Suite into their automation journey, with the goal of saving over $70 million a year.

文件理解正在為客戶帶來巨大的價值，其中包括一家與德勤合作的芝加哥公用事業公司。他們在整個組織內創建了強大的自動化計劃，利用我們的 AI 產品（例如文件理解）實現金屬檢測流程的自動化，迄今為止，他們已節省了超過 1,200 萬美元和 163,000 個小時的時間。在本季 C 級的贊助下，他們擴展了 UiPath 部署，將測試套件納入其自動化之旅，目標是每年節省超過 7000 萬美元。

And we are humbled by third-party recognition of our achievements, including IDC MarketScape, Worldwide Intelligent Document Processing, or IDP, 2023-2024 vendor assessment, where UiPath was named a leader in IDP for our broad market leadership and robust IDP capabilities in UiPath Document Understanding and Communications Mining, integrated into our broader enterprise automation platform.

我們對第三方對我們成就的認可感到謙卑，包括IDC MarketScape、全球智慧文件處理或IDP，2023-2024 年供應商評估，其中UiPath 因其廣泛的市場領導地位和UiPath 強大的IDP 能力而被評為IDP 領導者文件理解和通訊挖掘，整合到我們更廣泛的企業自動化平台中。

Innovation is a cornerstone of our strategy, and we challenge ourselves every day to deliver market-leading capabilities with a customer-first mindset. I spend a lot of time with our teams in both Belgium and Romania this quarter. And I am energized by our cutting-edge product road map focused on transforming enterprise automation by harnessing the next generation of AI technologies.

創新是我們策略的基石，我們每天都挑戰自己，以客戶至上的心態提供市場領先的能力。本季我花了很多時間與比利時和羅馬尼亞的團隊在一起。我對我們的尖端產品路線圖充滿了活力，該路線圖專注於透過利用下一代人工智慧技術來轉變企業自動化。

Together with our world-class team with engineers, I am excited to dedicate more time driving UiPath's innovation agenda as I transition into my new Chief Innovation Officer role this winter.

今年冬天我將擔任新的首席創新官，與我們世界一流的工程師團隊一起，我很高興能投入更多時間推動 UiPath 的創新議程。

With that, I will turn it over to Ashim.

這樣，我就把它交給阿希姆了。

Thank you, Daniel, and good afternoon, everyone. Unless otherwise indicated, we'll be discussing results on a non-GAAP basis, and all growth rates are year-over-year.

謝謝丹尼爾，大家下午好。除非另有說明，我們將在非公認會計原則的基礎上討論結果，所有增長率均為同比增長率。

Turning to the third quarter. ARR totaled $1.378 billion, an increase of 24%, driven net new ARR of $70 million. Excluding the FX tailwind, net new ARR totaled $69 million.

轉向第三季。 ARR 總計 13.78 億美元，成長 24%，帶動淨新 ARR 達 7,000 萬美元。排除外匯因素，淨新 ARR 總計 6,900 萬美元。

We ended the quarter with 10,865 customers, including new logos like New Relic, Smile Doctors, Beacon Health System and MidWest One Financial Group.

本季末，我們擁有 10,865 名客戶，其中包括 New Relic、Smile Doctors、Beacon Health System 和 MidWest One Financial Group 等新標誌。

As we said last quarter, we continue to see macro headwinds at the lower end of our market and remain focused on acquiring customers with a higher propensity to grow.

正如我們上季度所說，我們繼續看到低端市場的宏觀阻力，並繼續專注於獲取具有較高成長傾向的客戶。

Our dollar-based net retention rate for the third quarter was 121%. Normalizing for FX, dollar-based net retention rate was 123%. Dollar-based gross retention of 97% continues to be best in class.

我們第三季以美元計算的淨保留率為 121%。外匯正常化後，以美元計算的淨保留率為 123%。以美元計算的總留存率為 97%，仍然是同類產品中最好的。

Revenue grew to $326 million, an increase of 24% year-over-year. Normalizing for FX, which was an approximately $3 million tailwind, revenue grew 23%.

營收成長至 3.26 億美元，年增 24%。外匯業務正常化後，營收成長了 23%，帶來了約 300 萬美元的推動力。

Remaining performance obligations increased to $995 million, up 31% year-over-year. Normalizing for FX, which was an approximately $16 million tailwind, RPO grew 29%. Current RPO increased to $599 million.

剩餘履約義務增至 9.95 億美元，年增 31%。外匯正常化後，RPO 成長了 29%，這帶來了約 1,600 萬美元的推動力。目前 RPO 增至 5.99 億美元。

Turning to expenses. We delivered a third quarter overall gross margin of 87%, and software gross margin was 92%. As the team continues to drive cost discipline, we now expect fiscal year 2024 gross margins to be approximately 86%.

轉向開支。我們第三季的整體毛利率為 87%，軟體毛利率為 92%。隨著團隊繼續推動成本控制，我們現在預計 2024 財年的毛利率約為 86%。

Third quarter operating expenses were $240 million, highlighting the leverage in our business and our commitment to expense management and operating discipline.

第三季營運費用為 2.4 億美元，凸顯了我們業務的槓桿作用以及我們對費用管理和營運紀律的承諾。

GAAP operating loss of $56 million included $96 million of stock-based compensation.

GAAP 營運虧損 5,600 萬美元，其中包括 9,600 萬美元的股票薪酬。

Non-GAAP operating income was $44 million, resulting in a third quarter non-GAAP operating margin of 13%.

非 GAAP 營業收入為 4,400 萬美元，第三季非 GAAP 營業利潤率為 13%。

Third quarter non-GAAP adjusted free cash flow was $44 million. As of October 31, we had $1.8 billion in cash, cash equivalents and marketable securities and no debt.

第三季非 GAAP 調整後自由現金流為 4,400 萬美元。截至 10 月 31 日，我們擁有 18 億美元現金、現金等價物和有價證券，沒有債務。

Under our $500 million buyback program, which we announced on September 6, we repurchased 3.2 million shares of our Class A common stock at an average price of $16.26 through October 31. Since November 1, under a 10b5-1 plan, we've repurchased an additional 1.7 million shares at an average price of $17.38 through November 28, 2023.

根據我們於9 月6 日宣布的5 億美元回購計劃，截至10 月31 日，我們以平均價格16.26 美元回購了320 萬股A 類普通股。自11 月1 日起，根據10b5-1計劃，我們回購了截至 2023 年 11 月 28 日，額外發行 170 萬股，平均價格為 17.38 美元。

Now let me turn to guidance, which assumes the global macroeconomic environment continues to be variable.

現在讓我談談指導意見，該指導意見假設全球宏觀經濟環境繼續變化。

For the fiscal fourth quarter 2024, we expect revenue in the range of $381 million to $386 million; ARR in the range of $1.450 billion to $1.455 billion; non-GAAP operating income to be approximately $78 million; and we expect fourth quarter basic share count to be approximately 567 million shares; and finally, we expect fiscal year 2024 non-GAAP adjusted free cash flow of more than $250 million.

對於 2024 財年第四季度，我們預計營收在 3.81 億美元至 3.86 億美元之間； ARR 在 14.5 億至 14.55 億美元之間；非公認會計準則營業收入約 7,800 萬美元；我們預計第四季基本股數約為5.67億股；最後，我們預計 2024 財年非 GAAP 調整後自由現金流將超過 2.5 億美元。

Thank you for joining us today, and we look forward to speaking with many of you during the quarter.

感謝您今天加入我們，我們期待在本季度與你們中的許多人交談。

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

這樣，我現在將把電話轉給接線生。接線員，請投票詢問問題。

(Operator Instructions) Our first question comes from the line of Keith Weiss of Morgan Stanley.

（操作員指示）我們的第一個問題來自摩根士丹利的 Keith Weiss。

Theo Thun on for Keith Weiss. Maybe to start off, a quick question on sort of AI and how you see it fit into the current budget environment. Clearly, budget growth is still somewhat suppressed. And you're one of the few companies that's sort of uniquely positioned between traditional automation and generative AI technologies. Where do you see customers kind of take the dollars from when they're spending on these AI technologies, whether that's within the product areas that you offer or, more broadly, anything that's kind of coming out of your customer conversations in terms of how spend is getting reallocated in light of AI?

西奧·圖恩 (Theo Thun) 換下基思·韋斯 (Keith Weiss)。也許首先要問一個關於人工智慧類型的快速問題，以及您如何看待它適合當前的預算環境。顯然，預算成長仍然受到一定程度的抑制。您是少數在傳統自動化和生成人工智慧技術之間處於獨特地位的公司之一。您認為客戶在這些人工智慧技術上花費時從哪裡獲取資金，無論是在您提供的產品領域內，還是更廣泛地，從您的客戶對話中得出的有關如何花費的任何內容是否會根據人工智慧進行重新分配？

Yes. Good question. What I would say is that when customers are looking at spending with us and the AI story and AI to automation connection really fits well to what customers want to invest. And in many cases, the investments are coming out of the business case and business value that we produce in NorthStar and are able to show the efficiencies in how to gain so they can invest in innovation. And they see us as an innovation leader today with AI and innovation, combined with our AI-powered platform. So I don't feel like it's been taken away from one group to another. I feel it's really driven by the business case we were able to drive with C-level suites and how we focus on industry solutions and how we've connected those to the buying cycle with customers.

是的。好問題。我想說的是，當客戶考慮與我們一起消費時，人工智慧的故事以及人工智慧與自動化的連結確實非常適合客戶想要投資的內容。在許多情況下，投資來自我們在 NorthStar 生產的業務案例和業務價值，並且能夠展示如何獲得收益的效率，以便他們可以投資於創新。他們將我們視為當今人工智慧和創新以及人工智慧驅動平台的創新領導者。所以我不覺得它被從一個群體轉移到了另一個群體。我覺得這實際上是由我們能夠透過 C 級套件推動的業務案例、我們如何專注於行業解決方案以及我們如何將這些解決方案與客戶的購買週期聯繫起來所驅動的。

Great. That's helpful. And then a quick question on the margin side. It looks like sales and marketing expenses stepped up pretty markedly on a sequential basis. Obviously, you also had your FORWARD conference in the quarter. But anything that you can highlight in terms of where you're investing, are you back to kind of growing your sales force more markedly? And does that kind of continue into next year? Anything that you can share there would be great.

偉大的。這很有幫助。然後是關於保證金方面的一個簡短問題。看起來銷售和行銷費用較上季顯著增加。顯然，您在本季也召開了 FORWARD 會議。但是，您在投資領域方面可以強調的任何事情，您是否又回到了更顯著地擴大銷售團隊的方向？這種情況會持續到明年嗎？您可以在那裡分享的任何內容都會很棒。

Yes. I would just highlight two points. First is we are going to continue to invest in our sales team and our sales capacity, especially as we head into next year. And then the second is, if you recall, we also are dealing with -- we also have the reallocation of our software expenses. So first through third quarter, you'll see sales and marketing versus G&A a little bit lopsided and which will be caught up in fourth quarter.

是的。我只想強調兩點。首先，我們將繼續投資我們的銷售團隊和銷售能力，特別是在進入明年的時候。第二個問題是，如果你還記得的話，我們也在處理──我們也重新分配我們的軟體費用。因此，從第一季到第三季度，您會看到銷售和行銷與一般管理費用有點不平衡，這將在第四季度迎頭趕上。

Our next question comes from the line of Mark Murphy with JPMorgan.

我們的下一個問題來自馬克墨菲與摩根大通的對話。

I'll add my congrats. So Rob, I'm thinking back to the Analyst Day just over a year ago, and you had mentioned there that every tech company, of course, has shelfware and that UiPath does as well. If you think about it about a year later, do you sense that customers have worked down any excess inventory they might have had in terms of bots, maybe hitting a level where they might need to replenish and just start moving forward a bit faster as we get into next year? And then I have a quick follow-up.

我會添加我的祝賀。 Rob，我回想起一年多前的分析師日，您在那裡提到，當然，每家科技公司都有貨架軟體，UiPath 也有。如果您考慮大約一年後，您是否感覺到客戶已經減少了他們在機器人方面可能擁有的多餘庫存，也許達到了他們可能需要補充的水平，並開始更快地前進，因為我們進入明年？然後我會進行快速跟進。

Yes, Mark, look, as I said earlier, companies deal with shelfware. We feel good that our platform actually helps us move customers from not only bots into the broader platform as they focus on efficiencies. This marketplace that we're dealing with today certainly benefits efficiencies and new business models. So we feel really good that we are able to take customers to the next level with our platform and our C-level activity.

是的，馬克，你看，正如我之前所說，公司處理貨架軟體。我們感到高興的是，我們的平台實際上幫助我們將客戶從機器人轉移到更廣泛的平台，因為他們專注於效率。我們今天面對的這個市場無疑有利於效率和新的商業模式。因此，我們感到非常高興，因為我們能夠透過我們的平台和 C 級活動將客戶提升到一個新的水平。

Okay. And Ashim, when we look at it arithmetically, the deceleration in ARR has been moderating, which, of course, is great to see. It looks like it could step down a bit closer to 20% next quarter. But is it possible to entertain the thought of kind of holding a level around 20% for a period of time? Or do you think we should kind of keep that trending down into the teens as we've had it, just trying to be mindful of the law of large numbers and some of the macro unknowns that are out there?

好的。 Ashim，當我們從算術角度來看時，ARR 的減速一直在放緩，這當然是令人高興的。看起來下個季度可能會下降接近 20%。但是否有可能在一段時間內保持 20% 左右的水平？或者你認為我們應該像我們已經擁有的那樣將這種趨勢保持在十幾歲，只是想注意大數定律和一些宏觀未知數？

Yes. I would just say, Mark, we're really pleased with our performance and the team's execution. We're focused on closing out a good year-end here, and the teams are really focused on that. And we look at our fourth quarter guidance, just putting the right prudence and the right macroeconomic variability included in our guidance. And we'll update as we get closer to next year.

是的。我只想說，馬克，我們對我們的表現和團隊的執行力感到非常滿意。我們專注於在這裡結束一個美好的年終，而團隊也真正專注於此。我們看看第四季度的指導，只是將正確的謹慎性和正確的宏觀經濟波動納入我們的指導中。隨著明年的臨近，我們將進行更新。

Our next question comes from the line of Kirk Materne with Evercore.

我們的下一個問題來自 Kirk Materne 和 Evercore 的路線。

Congratulations on a very strong quarter. This is Chirag on for Kirk. In your prepared remarks, you mentioned that large deals landed extremely strong. Do you have any additional commentary around what you're seeing with these large deals in terms of both new logos and renewals and how you expect this trend to continue looking ahead to next quarter and next year? Essentially, all in all, do you believe that we're close to a more stabilized macro and spending environment? Or are you still seeing some broader choppiness out there?

恭喜本季業績非常強勁。這是奇拉格替柯克發言。在您準備好的發言中，您提到大筆交易的進展非常強勁。對於這些大宗交易在新標誌和更新方面所看到的情況，以及您預計這一趨勢將如何持續到下個季度和明年，您還有什麼其他評論嗎？總而言之，您是否認為我們已經接近更穩定的宏觀和支出環境？或者您仍然看到一些更廣泛的波動？

Yes. I mean, look, we feel really good about how our teams are adopting all the changes that we've made and how they're connecting with customers and the relationships we're having with customers. The expansion is really, in many ways, driven through our growth products. With all the AI communication that's happening in the market, it allows us to have meaningful conversations with customers. They see why the platform is relevant. And then, as I said earlier on, we've been driving NorthStar quite a bit in showing where customers can really look at processes and tasks and understand how to drive value with the automation platform.

是的。我的意思是，看，我們對我們的團隊如何採用我們所做的所有變革以及他們如何與客戶建立聯繫以及我們與客戶的關係感到非常滿意。在很多方面，這種擴張實際上是透過我們的成長產品所推動的。透過市場上發生的所有人工智慧通信，它使我們能夠與客戶進行有意義的對話。他們明白為什麼該平台具有相關性。然後，正如我之前所說，我們一直在大力推動 NorthStar 的發展，以向客戶展示客戶可以真正查看流程和任務並了解如何透過自動化平台推動價值。

So folks talk about digital transformation and connect. We believe that AI-powered automation is really helping digital transformation with our customer base and our larger customers. And we're pretty happy with some of the net new companies that we've acquired over the last -- the quality of them, New Relic, you look at these, kind of these are good companies that will expand with us over time if we do the right stuff. And so we feel good about that. We feel good about how our industry focus is helping us change the game in this environment.

因此人們談論數位轉型和連結。我們相信，人工智慧驅動的自動化確實有助於我們的客戶群和大客戶的數位轉型。我們對過去收購的一些淨新公司非常滿意——它們的質量，New Relic，你看看這些，這些都是很好的公司，隨著時間的推移，它們將與我們一起擴張，如果我們做正確的事。所以我們對此感覺良好。我們對產業重點如何幫助我們改變這種環境下的遊戲規則感到滿意。

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

我們的下一個問題來自美國銀行的布拉德希爾斯 (Brad Sils)。

I wanted to ask a question around some of the departmental expansions you've seen. You talked about industries here. I think banking and public sector sounded good. But are you finding that you're seeing now, with the uplift in expansion activity here with NRR, that you're getting outside of finance and accounting into IT, HR, some of these other use cases in the departments?

我想問一個關於你所看到的一些部門擴張的問題。你在這裡談到了工業。我認為銀行和公共部門聽起來不錯。但是，您是否發現，隨著 NRR 的擴張活動的增加，您正在從財務和會計領域擴展到 IT、人力資源以及部門中的一些其他用例？

Yes. So I would say we have broad -- we've seen broad industry activity with manufacturing, with retail, with fashion retail, with grocery, hard goods retail. As we said, we feel really positive about public sector and public sector globally. And we also see a significant amount of activity outside of the finance office in procurement and in the IT organization. So it's much more broad-based, and we feel really good about where we're focused on that.

是的。所以我想說，我們看到了廣泛的行業活動，包括製造業、零售業、時尚零售業、雜貨業、耐久財零售業。正如我們所說，我們對公共部門和全球公共部門感到非常積極。我們也看到財務辦公室以外的採購和 IT 組織中也有大量活動。所以它的基礎更加廣泛，我們對我們所關注的領域感到非常滿意。

Great. And then one on the FORWARD conference, if I could, please. If you could just remind us how important that event is for lead management and moving deals through the pipeline. And how do you feel coming out of the conference this year versus years past in terms of momentum?

偉大的。如果可以的話，請介紹一下 FORWARD 會議。如果您能提醒我們該活動對於潛在客戶管理和透過管道推動交易有多重要。與往年相比，您對今年的會議有何感想？

Brad, I've only got 2 years' experience. And what I would tell you, I was super excited to see the quality of customers and the quality of the event and the quality of the discussions that we had. If you look at the companies we had onstage with us and what they were doing with us, these are really transformational. If you look at the partnerships with SAP and Deloitte onstage with us, this was transformational. We spoke about 750 partners that we're aligning around the channel strategy. So we feel good that we actually -- FORWARD is actually a catalyst event to move UiPath, help our branding, position us in the C-suite and make a difference. And it certainly does help our pipeline as well.

布拉德，我只有兩年的經驗。我要告訴你的是，我非常興奮地看到客戶的品質、活動的品質以及我們進行的討論的品質。如果你看看那些與我們一起登台的公司以及他們與我們一起所做的事情，你會發現這些公司確實具有變革性。如果你看看我們在台上與 SAP 和德勤的合作關係，你會發現這是一個改變。我們與 750 個合作夥伴進行了交談，我們正在圍繞通路策略調整這些合作夥伴。因此，我們感到高興的是，FORWARD 實際上是推動 UiPath 發展的催化劑事件，有助於我們的品牌塑造、將我們定位在最高管理層並發揮作用。它確實也對我們的管道有幫助。

Our next question comes from the line of Raimo Lenschow with Barclays.

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

Congrats from me as well. First, like a more bigger-picture question, like if you think about the different areas of strength that you saw this quarter, like can you specifically speak a little bit about what you saw on test drop? Because that's what we're hearing from our checks as one of the areas where, especially in the SAP ecosystem, there seems to be a lot going on there. And I'm not quite sure you're getting enough credit. And then I had a follow-up for Ashim, please.

我也表示祝賀。首先，就像一個更宏觀的問題，例如你是否考慮了本季看到的不同優勢領域，例如你能具體談談你在測試中看到的情況嗎？因為這就是我們從檢查中聽到的情況，作為一個領域，特別是在 SAP 生態系統中，似乎發生了很多事情。我不太確定你是否得到了足夠的認可。然後我對阿希姆進行了後續跟進。

Yes. So if I look at the broader picture, if you look at the market today, as I said earlier on, customers are looking for ways to drive efficiencies to fund other activity. And there's not a significant amount of new business models that are driving growth. So that really helps us significantly. And obviously, that fits well into where SAP are focused with their transformation objectives, their RISE program, which is an ongoing program. And I believe that we've actually moved the needle significantly with SAP, with the SAP activity between the different sales organizations. And we are involved in many transformation discussions with SAP and our GSI partners, and we will see more of that.

是的。因此，如果我從更廣泛的角度來看，如果你看看今天的市場，正如我之前所說，客戶正在尋找提高效率的方法來為其他活動提供資金。而且並沒有大量新的商業模式來推動成長。所以這確實對我們有很大幫助。顯然，這非常適合 SAP 重點關注的轉型目標，即他們的 RISE 計劃，這是一個正在進行的計劃。我相信，透過不同銷售組織之間的 SAP 活動，我們實際上已經透過 SAP 取得了重大進展。我們參與了與 SAP 和 GSI 合作夥伴的許多轉型討論，並且我們將看到更多這樣的討論。

Test is a key part of that because it has an incredible value proposition, which allows customers to drive not necessarily savings but time benefits. And really, automation of testing is one of the biggest challenges customers have in a big SAP environment. And we feel we do an excellent job helping customers achieve significant test results, which obviously help mitigate any risk associated with a go-live.

測試是其中的關鍵部分，因為它具有令人難以置信的價值主張，它使客戶不一定能節省成本，但可以節省時間。事實上，測試自動化是客戶在大型 SAP 環境中面臨的最大挑戰之一。我們認為我們在幫助客戶獲得顯著的測試結果方面做得非常出色，這顯然有助於減輕與上線相關的任何風險。

Yes. Okay. Perfect. Then one for Ashim. As you think about -- like it does look like the demand trends are stable. And we kind of could potentially look for better times ahead. Obviously, you have the best net ARR addition for a few quarters now as well. How do you -- and you guys -- but also you guys have been very disciplined around cost and margins. But at some point, you need to think about lead times for salespeople, et cetera. How do you think about that balance or like getting ready for eventually better times versus where you are at the moment? What are you seeing in terms of productivity gains for sales, et cetera, for example, to kind of drive this going forward?

是的。好的。完美的。然後是阿希姆的一張。正如你所想，需求趨勢看起來確實是穩定的。我們可能會尋找未來更好的時光。顯然，您現在也擁有幾個季度以來最好的淨 ARR 增量。你們——以及你們——以及你們在成本和利潤方面一直非常嚴格。但在某些時候，您需要考慮銷售人員的交貨時間等。您如何看待這種平衡，或喜歡為最終更好的時光與目前的狀況做好準備？例如，您認為銷售生產力的提高等會推動這一趨勢的發展嗎？

I mean I would start with we have a very powerful business model, Raimo, strong gross margins, that allows us to invest while still generate cash and margins. And so we have been investing, whether that is within our product team as well as our sales team. I mentioned earlier, we're investing in our frontline sales team and our sales capacity, and we'll continue to invest in areas where we see the right returns and the right investments. And Rob and the team looks at that on an ongoing basis and we do as a leadership team. At the same time, we also are looking for efficiencies. So together with that, I think we're constantly in investment mode. We feel very positive about our value offering. And we feel like we can both drive that investment while still generate cash and margins.

我的意思是，我首先要說的是，我們有一個非常強大的商業模式，Raimo，強勁的毛利率，這使我們能夠在投資的同時仍然產生現金和利潤。因此，我們一直在投資，無論是在我們的產品團隊還是銷售團隊中。我之前提到，我們正在投資我們的第一線銷售團隊和我們的銷售能力，我們將繼續投資於我們看到正確回報和正確投資的領域。羅布和他的團隊持續關注這一點，我們作為一個領導團隊也是如此。同時，我們也在尋求效率。因此，我認為我們一直處於投資模式。我們對我們提供的價值感到非常積極。我們覺得我們既可以推動這項投資，同時仍然可以產生現金和利潤。

Our next question comes from the line of Terry Tillman with Truist.

我們的下一個問題來自 Terry Tillman 和 Truist 的對話。

Congrats from me on the quarterly results. First of all, I guess, Rob, maybe the first question, maybe I'm pretty simple here, but NorthStar road map seem like a no-brainer. Like how much of your customer base or at least your larger enterprises have you actually unleashed the NorthStar road maps on? And the second part of my first question is I'm hearing a lot from you about full platform adoption. Have you done anything with product or packaging to create less inertia to move all in with the platform? And then I had a follow-up for Ashim.

我對季度業績表示祝賀。首先，我想，羅布，也許是第一個問題，也許我在這裡很簡單，但北極星路線圖似乎是理所當然的。例如，您實際上向多少客戶群或至少您的大型企業發布了 NorthStar 路線圖？我的第一個問題的第二部分是，我從您那裡聽到了很多關於全平台採用的信息。您是否對產品或包裝做了任何事情，以減少與平台的整體整合的慣性？然後我對阿希姆進行了後續行動。

Sure. Great questions. So I would say we are doing a lot around pricing and packaging and obviously, pricing packaging and solutions. And it's a constant upgrade, I would say of that, but you got to be very careful about how you actually bring that into the market. And we're focused on really simplifying SKUs and so making it very simple for customers to purchase and also making it simple for customers to mix and match solution sets with AI units or bots in a way that's very simple so that they can actually expand with less friction. And we're doing significantly more of that.

當然。很好的問題。所以我想說，我們在定價和包裝方面做了很多工作，顯然，在定價包裝和解決方案方面也做了很多工作。我想說的是，這是一個不斷的升級，但你必須非常小心如何將其實際引入市場。我們專注於真正簡化 SKU，讓客戶能夠輕鬆購買，並讓客戶輕鬆地將解決方案集與 AI 單元或機器人以非常簡單的方式混合和匹配，以便他們能夠真正進行擴展更少的摩擦。我們正在做更多這樣的事。

NorthStar is a combination of a great value-based tool that has to be connected to the C-suite. You have to have sellers that are able to communicate. And as we enable our organization more and we get more references, we're able to scale more and continue to scale the organization. So there's still plenty of opportunity for us to continue driving that and continue to work on NorthStar with the organization.

NorthStar 是一個必須與最高管理層連接的基於價值的工具的組合。您必須擁有能夠溝通的賣家。隨著我們為我們的組織提供更多支持並獲得更多參考，我們就能夠擴大規模並繼續擴大組織規模。因此，我們仍然有很多機會繼續推動這一目標，並繼續與該組織一起開發 NorthStar。

That's great. And I guess, Ashim, in terms of all the work on the go-to-market side this year, is there potentially a further drift in NRR? Could it actually improve from here? I mean it's already best in class. But I'm just kind of curious how you could see NRR trends potentially with more of the harvesting of all this work on the go-to-market side.

那太棒了。我想，Ashim，就今年上市方面的所有工作而言，NRR 是否有可能進一步漂移？從這裡真的可以改善嗎？我的意思是它已經是同類中最好的了。但我只是有點好奇，隨著所有這些工作在進入市場方面的收穫，您如何能夠看到潛在的 NRR 趨勢。

I'd just say we continue to be pleased with where we are and how we're executing, and we're going to look forward to closing out fourth quarter. And we'll provide more updates next year.

我只想說，我們仍然對我們的現狀和執行方式感到滿意，我們將期待第四季度的結束。明年我們將提供更多更新。

Our next question comes from the line of Fred Havemeyer with Macquarie.

我們的下一個問題來自 Fred Havemeyer 與 Macquarie 的對話。

I'd also like to congratulate you on a very strong quarter. I wanted to focus once again on generative AI. But firstly, looking at your products and seeing it being integrated throughout your portfolio and your suite, I'm looking forward to really seeing what you can do there. But I wanted to take, I guess, a bigger-picture look at the longer-term of the market, considering the impressive results we've seen with autonomous agents using, for example, like GPT-4, blending vision and text, et cetera. I'm curious, considering the UiPath has really been one of the original autonomous agent companies with your attended and unattended RPA, how do you think about the market evolution over time with agent-based or agent-like functionality being built using generative AI now?

我還要祝賀您度過了一個非常強勁的季度。我想再次關註生成式人工智慧。但首先，看看您的產品並看到它整合到您的產品組合和套件中，我很期待真正看到您可以在那裡做什麼。但我想，我想從更長遠的角度來看待市場，考慮到我們在使用 GPT-4、混合視覺和文字等的自主代理上看到的令人印象深刻的結果等等。我很好奇，考慮到UiPath 確實是最早的自主代理公司之一，擁有有人值守和無人值守的RPA，您如何看待現在使用生成式AI 構建的基於代理或類似代理的功能隨著時間的推移市場的演變？

Well, I think that direction in the market that we are seeing right now around autonomous agents prove a bit our approach that always said that AI plus automation is the thing that drives the biggest outcomes for our customers. Actually, this is what we are seeing. A lot of our customers, after the initial little bit of a pause around how AI is going to help me with my automation, they realize that they need powerful automation platform in order to harness the power of AI.

嗯，我認為我們現在看到的圍繞自主代理的市場方向證明了我們的方法，我們總是說人工智慧加自動化是為我們的客戶帶來最大成果的東西。事實上，這就是我們所看到的。我們的許多客戶在最初對人工智慧將如何幫助我實現自動化稍稍猶豫之後，他們意識到他們需要強大的自動化平台才能利用人工智慧的力量。

And going forward and on a longer-term basis, where UiPath are in one of the best positions to build the next-generation foundational model that understand the processes, tasks, screens and documents, type of multimodal, that is built in, in order to drive automation. So to me, it's clear that the world is going into that direction. And again, we are really in a very good position to take advantage of it.

展望未來，從長遠來看，UiPath 處於建立下一代基礎模型的最佳位置之一，該模型了解內建的流程、任務、螢幕和文件、多模式類型，以便按順序建立推動自動化。所以對我來說，很明顯世界正在朝這個方向發展。再說一次，我們確實處於一個非常有利的位置來利用它。

I'm looking forward to having Intern as a Service to be able to help out autonomously and everything, I hope. Also just related to the topic here of generative AI, I've consistently heard feedback about the difficulty of organizing one's own data within an enterprise in a way that's useful. And so I'm curious what you're hearing from your customers about how they're beginning to and attempting to approach their own generative AI strategies and whether UiPath's automation platform is really able to help customers more holistically across the board with generative AI.

我期待實習生即服務能夠自主地提供幫助和一切，我希望。也與這裡的生成人工智慧主題相關，我一直聽到有關在企業內以有用的方式組織自己的數據的困難的反饋。因此，我很好奇您從客戶那裡聽到的關於他們如何開始並嘗試實現自己的生成式人工智慧策略的信息，以及 UiPath 的自動化平台是否真的能夠透過生成式人工智慧更全面地幫助客戶。

Yes. Actually, this is one of the major use cases where automation is used right now in order to find, train, customer lens with even specialized AI. And it's, frankly, one of the hot discussion points with our partners around the world. We had interesting discussions in Japan and in the U.S. with companies like Accenture or Deloitte that are very interested into how they can leverage automation to cleanse the data and to accelerate custom training of a better lens and specialized AI.

是的。實際上，這是目前使用自動化的主要用例之一，以便使用專門的人工智慧來尋找、培訓客戶鏡頭。坦白說，這是我們與世界各地合作夥伴的熱門討論點之一。我們在日本和美國與埃森哲或德勤等公司進行了有趣的討論，這些公司對如何利用自動化來清理資料並加速更好的鏡頭和專業人工智慧的客製化培訓非常感興趣。

Our next question comes from the line of Siti Panigrahi with Mizuho.

我們的下一個問題來自 Siti Panigrahi 和 Mizuho 的對話。

So it's good to see this net new ARR bounce-back. So as you speak to your customer, what do you think the enterprise spending trend would be next year in terms of priority for automation spending?

因此，很高興看到新的 ARR 淨值反彈。因此，當您與客戶交談時，您認為明年企業支出趨勢在自動化支出的優先順序方面會是什麼？

Yes. I mean we've looked at different analysts in different markets. And many analysts would tell you that they see cloud and data and cyber and automation as the key trends in terms of spending next year. But I'll caution and say customers, as I said earlier, are very thoughtful in how they want to spend, where they want to spend and how they're going to fund it, which benefits us and benefits us in a way that we actually approach customers.

是的。我的意思是我們研究了不同市場的不同分析師。許多分析師會告訴你，他們認為雲端、數據、網路和自動化是明年支出的主要趨勢。但我要提醒大家的是，正如我之前所說，客戶在如何消費、在哪裡消費以及如何為其提供資金方面考慮得非常周全，這對我們有利，並以我們認為的方式受益。真正接近客戶。

I don't see a significant change in their spending. I do think that customers are going to look to see how AI and AI automation and gen AI can help them drive more efficiency and deeper levels of efficiency in the organization and look at different models when it comes to customers and our customers, how they communicate with customers, how they drive customer journeys as well. And we are focused on helping our customers with that approach in a deep way, also connecting meaningful inputs and outputs in companies around documents and social communication, e-mails into this process, in order to drive real process orchestration at a different level.

我沒有看到他們的支出有重大變化。我確實認為，客戶將了解人工智慧和人工智慧自動化以及新一代人工智慧如何幫助他們提高組織的效率和更深層的效率，並在涉及客戶和我們的客戶時考慮不同的模型，以及他們如何溝通與客戶合作，以及他們如何推動客戶旅程。我們致力於深入幫助我們的客戶採用這種方法，也將公司中圍繞文件和社交溝通、電子郵件的有意義的輸入和輸出連接到此流程中，以便在不同層面上推動真正的流程編排。

And Ashim, a follow-up. If I capture your total customer count, it seems like it has come down this quarter. But you guys also had been pretty good on your enterprise segment spending. So wondering like, was there anything different you saw in different segments like small versus mid- to large segment?

阿希姆（Ashim）是後續行動。如果我統計一下你們的客戶總數，這個季度的客戶總數似乎有所下降。但你們的企業部門支出也相當不錯。所以想知道，您在不同的細分市場（例如小型細分市場與中大型細分市場）中看到了哪些不同之處？

Yes. Look, we're very pleased with how our enterprise segment is performing. The macroeconomic variability that we've talked about has had a more pronounced impact on the lower end of the market with smaller businesses. And that's where we see the majority of our churn to customers, which Rob mentioned also earlier. Overall, I think our strategy remains consistent. We're focused on the quality of customers, and we define quality as customers with a high propensity to buy. And we like the way the teams are executing against that strategy.

是的。看，我們對企業部門的表現非常滿意。我們所討論的宏觀經濟波動對小型企業的低端市場產生了更明顯的影響。這就是我們看到大部分客戶流失的地方，羅伯之前也提到過。總體而言，我認為我們的策略保持一致。我們專注於客戶的質量，我們將品質定義為具有高購買傾向的客戶。我們喜歡團隊執行該策略的方式。

Our next question comes from the line of Michael Turits with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Michael Turits。

Congrats on solid execution. So two questions. One, where are we in terms of the shortening of the deployment time for the average bot? It seems like it has already improved. And does the rollout of Autopilot help shorten that time even further? And then I have a follow-up for Ashim on purchasing.

祝賀紮實的執行力。那麼兩個問題。第一，在縮短一般機器人的部署時間方面我們處於什麼位置？看來已經有所改善了。自動駕駛儀的推出是否有助於進一步縮短這一時間？然後我對 Ashim 進行了採購方面的後續追蹤。

This is always one of our major product focus on how can we shorten the adoption curve for our customers. And we are already seeing with our Autopilot family that is in private preview some really good results, the initial set of few hundreds of customers that are testing the product. So yes, I would say that this is going to be a significant driver for adoption both for advanced developers, for they will get really increased productivity, to also citizen developers that will get started faster. And also, I would like to mention that training our specialized Document Understanding and Communication Mining models using gen AI, it has already proven. This is actually in production already, and it has been proven to accelerate the deployment quite a bit.

這始終是我們的主要產品重點之一，即如何縮短客戶的採用曲線。我們已經在私人預覽版的 Autopilot 系列中看到了一些非常好的結果，最初有數百名客戶正在測試產品。所以，是的，我想說，這將成為高級開發人員採用的重要驅動力，因為他們將獲得真正提高的生產力，對於公民開發人員來說，他們將更快地入門。另外，我想提一下，使用 gen AI 訓練我們的專業文件理解和通訊挖掘模型，這一點已經得到證明。這實際上已經投入生產，並且已被證明可以大大加快部署速度。

Thanks, Daniel. And then, Ashim, on the NRR, it's great to see it having stabilized on an as-reported basis. But it did go down another 2 points as it did last quarter on an FX-adjusted basis. So what are the puts and takes there? You're actually getting slightly easier comps. So what's pulling that down at this point? And what are the things that are working and trying to actually increase in NRR?

謝謝，丹尼爾。然後，Ashim，就 NRR 而言，很高興看到它已在報告的基礎上穩定下來。但與上季一樣，經匯率調整後，該指數確實又下跌了 2 個百分點。那麼那裡的看漲期權和看跌期權是什麼？實際上，你的比賽變得稍微容易一些。那麼目前是什麼原因導致這情況下降呢？哪些措施正在發揮作用並試圖真正提高 NRR？

Yes. I mean, I look at our dollar-based net retention. Adjusted for FX, it's 123%, which in our scale we're very pleased with and continues to be in a best-in-class territory. There will always be a little bit of a law of large numbers. And of course, every quarter's deal mix will change. But overall, we're really pleased with the strategy. I think we've had several marquee deals in the quarter. The penetration and the sale of the platform, as Rob mentioned, we're making -- we continue to make really good progress on. And we see a very good strong performance in the enterprise segment, particularly in North America.

是的。我的意思是，我看看我們以美元為基礎的淨保留率。根據外匯調整後，該比率為 123%，就我們的規模而言，我們對此非常滿意，並且繼續處於同類最佳水平。總是會有一點大數定律。當然，每季的交易組合都會改變。但總的來說，我們對這個策略非常滿意。我認為本季度我們已經達成了幾項重大交易。正如羅布所提到的，我們正在平台的滲透和銷售方面繼續取得非常好的進展。我們看到企業領域的表現非常強勁，尤其是在北美。

A lot of the -- whatever headwinds we do see, we see really pronounced in the -- more pronounced in the lower end of the market. But overall, our strategy is on customers with a higher propensity to buy. We feel like we're executing against that strategy, and we're seeing that results in the deal quality and the customer quality in the quarter.

很多——無論我們確實看到什麼阻力，我們都看到在低端市場中更為明顯。但整體而言，我們的策略是針對具有較高購買傾向的客戶。我們覺得我們正在執行該策略，我們看到這會提高本季的交易品質和客戶品質。

Our next question comes from the line of Scott Berg with Needham & Company.

我們的下一個問題來自尼達姆公司的 Scott Berg。

Nice quarter here. Your net new ARR is up year-over-year for the first time, I believe, since fourth quarter of fiscal '22, so nice change there on the positive side. I think most of the questions have been on your execution within the quarter. But how about commentary from the demand end of the market? Are you seeing any changes around customers or the environment more mid-market and enterprise? Because you mentioned the down market a couple of different times and the macro impact there. But are you seeing any sort of positive change upward in demand from whether it's existing customers or net new?

這裡不錯。我相信，自 22 財年第四季以來，你們的淨新 ARR 首次年增，正面的變化非常好。我認為大多數問題都與您在本季的執行情況有關。但市場需求端的評論又如何呢？您是否看到客戶或中端市場和企業環境有任何變化？因為您多次提到了低迷的市場以及那裡的宏觀影響。但是，無論是現有客戶還是新客戶，您是否看到需求出現任何正面的上升變化？

Yes. I mean I do definitely see positive demand, positive conversations in the market. We feel like we have a significant seat at the table with the AI, OpenAI and ChatGPT kind of discussion that's been taking place. And plus, having the platform has allowed us to have C-level conversations. We have customers now that are really calling us to actually have discussions where they've been using core RPA since 2018, 2019, and they feel like there's an opportunity to expand it. They're not getting all of the -- they're not again as much value as they believe they could get out of it, and those conversations are taking place. And we're able to actually showcase proof points on how to do this. So yes, definitely more positive and definitely feel good about the discussion of how we can help customers and how we are more relevant to the business discussion.

是的。我的意思是，我確實看到了市場上積極的需求和積極的對話。我們覺得我們在人工智慧、OpenAI 和 ChatGPT 等討論中佔據了重要地位。此外，擁有這個平台使我們能夠進行高階主管對話。現在，我們有一些客戶真正打電話給我們，要求我們實際討論他們自 2018 年、2019 年以來一直在使用核心 RPA 的情況，他們覺得有機會擴展它。他們並沒有得到全部——他們沒有再獲得他們認為可以從中獲得的那麼多價值，而這些對話正在發生。我們能夠實際展示如何做到這一點的證據。所以，是的，對於我們如何幫助客戶以及我們如何與業務討論更相關的討論，肯定會更加積極，並且肯定感覺良好。

Got it. Helpful. And then, Ashim, your current RPO metrics growth rate accelerated pretty meaningfully quarter-over-quarter. Was there any onetime anomalies, I don't know, early renewals or something, that impacted that abnormally in the quarter? Or was that a pretty clean calculation?

知道了。有幫助。然後，Ashim，您目前的 RPO 指標成長率較上季顯著加快。我不知道，是否有任何一次性異常情況，例如提前續約或其他什麼情況，對本季產生了異常影響？或者這是一個非常乾淨的計算？

No major abnormalities like early renewals, et cetera. I think I've mentioned we had several marquee deals in the quarter and a record number of deals above $1 million for a third quarter. So it's execution and really good deal quality that's driving that metric.

沒有重大異常情況，例如提前更新等。我想我已經提到過，我們在本季度進行了幾筆大筆交易，並且第三季度超過 100 萬美元的交易數量創下了紀錄。因此，推動該指標的是執行力和真正良好的交易品質。

Our next question comes from the line of Michael Turrin with Wells Fargo.

我們的下一個問題來自 Michael Turrin 與富國銀行 (Wells Fargo) 的對話。

A two-part I'll just ask upfront. Rob, given investments you mentioned in reaching the C-suite, wondering if you can provide us with your perspective around how enterprise customers are approaching IT budget growth into next year and automation as a part of that. And then as a second part, for Ashim, can you comment on the visibility you have into 4Q forecast currently? And any swing factors for us to consider in terms of potential upside there?

分為兩部分，我會事先詢問。 Rob，考慮到您提到的在進入最高管理層的投資，想知道您是否可以向我們提供您對企業客戶如何實現明年 IT 預算增長以及自動化作為其中一部分的看法。然後，作為第二部分，Ashim，您能否評論一下您目前對第四季度預測的可見性？就潛在的上漲空間而言，我們需要考慮哪些波動因素？

Yes, Michael. I'll take it, and I'll let Ashim go later. Because we're having these conversations in the boardroom, customer conversation is much more at a C-level suite. We're much earlier in the budget cycle than we've previously been, and we're actually much more important in the budget cycle than I believe we've been previously.

是的，邁克爾。我會接受的，稍後我會讓阿希姆離開。因為我們是在董事會中進行這些對話，所以客戶對話更多是在 C 級套件中進行。我們在預算週期中的地位比以前要早得多，而且我們在預算週期中的重要性實際上比我以前認為的要重要得多。

I think there's a couple of really key points that stand out, right? Our industry, how we've driven the industry and how we made ourselves relevant in particular industries and the value proposition there, I do believe that the global systems integrators and how they've come along in support of us, the messaging around SAP has driven well and the platform proof points around do you -- I announced the customer that had $250 million savings in my earnings script. This is what's really allowing us to participate.

我認為有幾個真正突出的關鍵點，對吧？我們的行業，我們如何推動這個行業，我們如何使自己與特定行業相關，以及那裡的價值主張，我確實相信全球系統集成商以及他們如何支持我們，圍繞 SAP 的信息傳遞已經驅動良好，周圍的平台證明點對你來說- 我宣布客戶在我的收益腳本中節省了2.5 億美元。這才是真正讓我們參與的原因。

And so we feel like we are a meaningful part of where the budgets are going next year. I think everybody is looking at how tight their budgets are and trying to find out how to move from one pocket to another pocket on the innovation side, and we are definitely on the innovation side of customers' thinking.

因此，我們覺得我們是明年預算的重要組成部分。我認為每個人都在關注自己的預算有多緊張，並試圖找出如何在創新方面從一個口袋轉移到另一個口袋，而我們絕對站在客戶思維的創新方面。

And then I'll hand it over to Ashim.

然後我會把它交給阿希姆。

Yes. So just in terms of our guidance, we've factored in the macroeconomic variability that we've talked about, and it includes the current view of our deal mix. And look at just executing, the teams are focused on executing a good year-end close to the year. And that's what we're focused on. That's what I would comment on that.

是的。因此，就我們的指導而言，我們已經考慮了我們所討論的宏觀經濟變化，其中包括我們對交易組合的當前看法。就執行而言，團隊專注於在接近年底時取得良好的年終業績。這就是我們關注的重點。這就是我對此的評論。

Our next question comes from the line of Bryan Bergin with TD Cowen.

我們的下一個問題來自 Bryan Bergin 和 TD Cowen 的對話。

This is actually Jared on for Bryan tonight. In terms of the competitive environment, any changes from what you're seeing from Microsoft ServiceNow or Automation Anywhere?

這實際上是賈里德今晚為布萊恩做的。就競爭環境而言，您從 Microsoft ServiceNow 或 Automation Anywhere 看到的情況有何變化？

Yes. If I look at ServiceNow, we don't see them in many opportunities. What I will tell you, our ServiceNow Connect is the one of the most -- it is the most popular downloaded connector to UiPath, and we continue to partner with them. And our partnership with Microsoft around Copilot and our Autopilot, the discussions we're having with them continues to be robust. And we're very happy with where we're going with Microsoft and that partnership. And as for a lot of the traditional RPA vendors, I feel now we've broadened our skill set and what we're offering. We don't see them that often anymore.

是的。如果我看看 ServiceNow，我們並沒有看到很多機會。我要告訴您的是，我們的 ServiceNow Connect 是最受歡迎的 UiPath 下載連接器之一，我們將繼續與他們合作。我們與微軟圍繞著 Copilot 和 Autopilot 的合作關係，我們與他們的討論仍然很活躍。我們對與 Microsoft 的合作關係感到非常滿意。對於許多傳統的 RPA 供應商來說，我覺得現在我們已經擴大了我們的技能和我們提供的產品。我們不再那麼常見到他們了。

Got it. And then do you have any data points on how the new bundled pricing packages is increasing revenue uplift per client or anything around revenue uplift from the reduction of SKUs as part of the sales refresh?

知道了。那麼，您是否有任何數據表明新的捆綁定價套餐如何增加每個客戶的收入，或者作為銷售更新的一部分，透過減少 SKU 來增加收入？

There are no specific that we can point to now. I mean we're looking at the results. It's probably a little bit too early for us to kind of come out with where we are on that. But we do feel good that the early signs of -- I would just simply say, easier for customers to understand, easier for them to move. They definitely like how they're able to use our AI units across multiple products and interchange them as they think of new use cases to advance their business as well.

目前我們還沒有可以指出的具體內容。我的意思是我們正在關注結果。對我們來說，現在確定我們在這方面的進展可能有點為時過早。但我們確實對早期跡象感到滿意——我只是簡單地說，客戶更容易理解，他們更容易行動。他們絕對喜歡在多種產品中使用我們的人工智慧單元，並在他們想到新的用例來推進他們的業務時互換它們。

Our next question comes from the line of Alex Zukin with Wolfe Research.

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

This is Strecker Backe for Alex Zukin. Congrats on the next results. I guess, Rob, this one might be for you. Just if we were to like unpack a little bit in like more color just some stuff you saw in the quarter in terms of just either like certain verticals where you saw -- I know you mentioned around like the variable demand, but just kind of comparing from the macro, maybe by a vertical basis, if something has got improved or a little more steady versus the last few quarters you've seen? And then just a bit on renewal behavior in terms of whether it's like buying more licenses, more parts, just kind of how is the kind of renewal conversation in 3Q compared to what you saw at the beginning of the year?

我是 Alex Zukin 的Strecker Backe。恭喜接下來的結果。我想，羅布，這可能適合你。只是如果我們想用更多的顏色來展開一點，只是你在本季度看到的一些東西，就像你看到的某些垂直領域一樣——我知道你提到過像可變需求這樣的東西，但只是比較一下從宏觀角度來看，也許是在垂直基礎上，與您所看到的過去幾個季度相比，是否有所改善或更穩定？然後稍微談談續約行為，例如是否購買更多許可證、更多零件，與您在年初看到的相比，第三季的續約對話如何？

Yes. Look, the last quarter was a very strong quarter for public sector, for our federal business actually in the U.K. and in the United States. And that was really because the federal businesses are looking at the platform in a unique way, and we offer some really incredible capabilities around document understanding, connecting that to attended automation, focusing on how citizens can improve. So we've seen us make a marked move in public sector. That also is based on talent and the talent we brought into that environment and how we've driven that talent. And now we actually have some really good industry-based activity in public sector, in revenue and services, in DoD, in Customs, in USDA, that actually can really help all of our public sector activity globally.

是的。看，上個季度對於公共部門，對於我們實際上在英國和美國的聯邦業務來說是一個非常強勁的季度。這實際上是因為聯邦企業正在以獨特的方式看待該平台，而我們在文檔理解方面提供了一些非常令人難以置信的功能，將其與有人值守的自動化聯繫起來，專注於公民如何改進。所以我們看到我們在公共部門取得了顯著的進展。這也取決於人才、我們帶入該環境的人才以及我們如何驅動這些人才。現在，我們實際上在公共部門、收入和服務、國防部、海關、美國農業部有一些非常好的基於行業的活動，這實際上可以真正幫助我們在全球範圍內所有公共部門的活動。

When you look at traditional markets -- when you look at more traditional markets, telcos, CPG companies, manufacturing, retail companies, they're all driving efficiencies and driving efficiencies in retailers: how fast it's going to open up stores, how fast it's going to get employees on, how do I make sure my price points are valid and my price points are real and I don't have any price point issues between stores and so on. And actually, automation really drives some significant capabilities in that where we play a significant role.

當你觀察傳統市場時——當你觀察更傳統的市場、電信公司、消費品公司、製造、零售公司時，他們都在提高效率並提高零售商的效率：開店的速度有多快，開店的速度有多快要讓員工上崗，我如何確保我的價格點有效，我的價格點是真實的，並且商店之間沒有任何價格點問題等等。事實上，自動化確實推動了我們發揮重要作用的一些重要功能。

If you look at capital-intensive telcos, it's all about efficiencies and how can I get competitive advantage efficiencies because my markets are mature and the only way I actually get growth is by beating my competition and moving subscribers from one provider to another provider. And in that space, we are playing pretty well. So it's variable in which industries you're in. It's variable in terms of how they see growth and where they're investing. But there's one common theme across the board, and that's efficiencies.

如果你看看資本密集型電信公司，一切都與效率有關，以及我如何獲得競爭優勢和效率，因為我的市場已經成熟，而我真正獲得增長的唯一方法是擊敗競爭對手並將訂戶從一個提供商轉移到另一個提供者。在這個領域，我們表現得很好。因此，你所處的行業是可變的。就他們如何看待成長以及投資方向而言，這是可變的。但整體而言，有一個共同的主題，那就是效率。

With renewals, it gives us an opportunity to drive a platform, to drive the platform earlier, to actually start having the discussions with customers many months or many quarters earlier in terms of why I moved to the platform, years of value, "Let's work on NorthStar with you, let's get in," or "We've got an SAP transformation. We can help you with that as well. Let us bring one of our big global SIs to showcase the transformation." And that really helps drive a different cadence with renewals. It's not just about renewing what you've already got. It's about renewing what you want to do in the future and how you want to add more business value in the future. And I think we're incredibly good at that right now.

透過續訂，它使我們有機會驅動一個平台，更早地驅動該平台，實際上提前幾個月或多個季度開始與客戶討論我為什麼遷移到該平台，多年的價值，「讓我們工作與您一起在NorthStar 上，讓我們加入吧”，或者“我們已經進行了SAP 轉型。我們也可以幫助您實現這一目標。讓我們帶來我們的大型全球SI 之一來展示這一轉型。”這確實有助於推動不同的續約節奏。這不僅僅是更新你已經擁有的東西。這是關於更新您未來想要做什麼以及您希望如何在未來增加更多商業價值。我認為我們現在在這方面非常擅長。

That's super clear. And then just, Ashim, as a quick one for you. I mean the incremental margins in the quarter, they were really good. They've been really early year. I guess, if you can remind us just in some of the puts and takes we should keep in mind around how to think about the margin profile kind of in the out-years.

說的超清楚啊然後，阿希姆，為您快速介紹一下。我的意思是本季的增量利潤率非常好。他們真的很早。我想，如果您能在一些看跌期權和看跌期權中提醒我們，我們應該牢記如何考慮未來幾年的利潤狀況。

Look, I would refer you back to our Investor Day pitch last year where we talked about long-term operating -- just our long-term operating model there. We're really pleased with the execution on the margin front. We've been ahead of that curve in terms of just execution, and we feel really good about our ability to operate with discipline and efficiency while still investing in growth for the company.

聽著，我想請您回顧一下我們去年的投資者日宣傳活動，當時我們討論了長期營運——只是我們的長期營運模式。我們對保證金方面的執行非常滿意。我們在執行方面一直處於領先地位，我們對自己在遵守紀律和高效運營的同時仍然投資於公司成長的能力感到非常滿意。

That is all the time we have for questions. I'd like to turn the call back to management for closing remarks.

這就是我們提問的全部時間。我想將電話轉回給管理階層，讓其結束語。

Yes. I just want to say thank you. Thank you to all of you for all your support. It's great to have you all on the call today. Happy holidays to you and your family. May you enjoy a great time. Ho, ho, ho.

是的。我只想說謝謝。感謝大家的支持。很高興今天能接到大家的電話。祝您和您的家人節日快樂。願您享受美好時光。哈哈哈。

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。此時您可以斷開線路，度過美好的一天。