UiPath Inc (PATH) 2025 Q3 法說會逐字稿

Greetings, and welcome to the UiPath third-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Monica Gould, Investor Relations for UiPath. Please go ahead, Monica.

您好，歡迎參加 UiPath 2025 年第三季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興將電話轉給 UiPath 投資者關係部門的 Monica Gould。請繼續，莫妮卡。

Thank you. Good afternoon and thank you for joining us today to review UiPath's third-quarter fiscal 2025 financial results, which we announced in our earnings press release issued after the close of the market today. On the call with me are Daniel Dines, UiPath's Founder and Chief Executive Officer, and Ashim Gupta, Chief Financial Officer and Chief Operating Officer, to deliver our prepared comments and answer questions.

謝謝。下午好，感謝您今天與我們一起回顧 UiPath 2025 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。與我通話的有 UiPath 創辦人兼執行長 Daniel Dines 和財務長兼營運長 Ashim Gupta，他們發表了我們準備好的評論並回答了問題。

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.

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。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, including regarding our financial guidance for the fourth quarter fiscal 2025 and our ability to drive and accelerate future growth and operational efficiency and grow our platform, product offerings and market opportunity. 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, 2024, and our subsequent reports filed with the SEC, including our Quarterly Report on Form 10-Q for the period ended October 31, 2024, to be filed with the SEC. Forward-looking statements made on this call reflect our views as of today and we undertake no obligation to update them.

今天下午的電話會議包含前瞻性陳述，包括我們對 2025 財年第四季度的財務指導，以及我們推動和加速未來成長和營運效率以及擴大我們的平台、產品供應和市場機會的能力。由於多種因素，實際結果可能與前瞻性陳述中表達的結果有重大差異，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結果的重大風險和不確定性的討論，請參閱我們截至 2024 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2024年10 月31 日的期間的10-Q 表將提交給SEC。本次電話會議中所做的前瞻性陳述反映了我們截至今天的觀點，我們不承擔更新這些陳述的義務。

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. In addition, please note that all comparisons are year over year unless otherwise indicated.

我想強調的是，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 would like to hand the call over to Daniel.

現在，我想把電話轉給丹尼爾。

Thank you, Monica. Good afternoon everyone, thanks for joining us. I want to take a moment to thank our team for their improved execution and our customers and partners for everything they do to make UiPath successful.

謝謝你，莫妮卡。大家下午好，感謝您加入我們。我想花點時間感謝我們的團隊提高了執行力，感謝我們的客戶和合作夥伴為使 UiPath 取得成功所做的一切。

Our third-quarter results exceeded the high end of our guidance across all key financial metrics, a testament to our improving execution and the compelling value that our AI-powered automation platform delivers to our customers. We ended the quarter with ARR of $1.607 billion, an increase of 17%, driven by net new ARR of $56 million. Third quarter revenue was $355 million, and we delivered non-GAAP operating income of $50 million.

我們第三季的業績超過了所有關鍵財務指標的指導上限，這證明了我們不斷提高的執行力以及我們的人工智慧驅動的自動化平台為客戶提供的令人信服的價值。本季末，我們的 ARR 為 16.07 億美元，成長 17%，這主要得益於 5,600 萬美元的淨新 ARR。第三季營收為 3.55 億美元，非 GAAP 營業收入為 5,000 萬美元。

As many of you have seen, we unveiled our vision and roadmap for agentic automation at our FORWARD user conference in October. In the coming months, the entire UiPath Community will be able to build, maintain, and deploy agents, significantly expanding the surface area of automation within their companies. This will mark our most consequential product launch in years. AI agents will be first class citizens on our platform. They will use UiPath robots to securely access corporate systems and databases to harvest information for agents to act on.

正如你們許多人所看到的，我們在 10 月的 FORWARD 用戶大會上公佈了代理自動化的願景和路線圖。在接下來的幾個月中，整個 UiPath 社群將能夠建置、維護和部署代理，從而顯著擴大公司內的自動化範圍。這將標誌著我們多年來最重要的產品發布。人工智慧代理將成為我們平台上的一等公民。他們將使用 UiPath 機器人安全地存取公司係統和資料庫，以收集資訊供代理商採取行動。

Our customers are already embracing the revolutionary potential of UiPath Agents with enthusiasm. I'll quote a large global airline customer, who recently told us that this shift toward Agentic Automation is not just an upgrade-it's a paradigm shift in how we perceive the potential of our operations. Customers are excited about the agility and creativity that our Agents bring, and are comforted by the security, governance, compliance and accuracy afforded by our robots and our overall platform.

我們的客戶已經熱情地擁抱 UiPath Agent 的革命性潛力。我要引用一位全球大型航空公司客戶的話，他最近告訴我們，向代理自動化的轉變不僅僅是一次升級，而是我們如何看待營運潛力的範式轉移。客戶對我們的代理商帶來的敏捷性和創造力感到興奮，並對我們的機器人和整體平台提供的安全性、治理、合規性和準確性感到滿意。

We are excited that Agent Builder has begun accepting registrations for our private preview, which will begin later this month. We've had the fastest pace and the largest number of registrations in our company history, with over 1,000 organizations signed up so far. As an example, two weeks ago, one of the customers we hosted at our headquarters in New York City is the head of AI of a Fortune 50 healthcare and insurance company. Following demos of our new Agentic automation capabilities, including Agent Builder and Agentic Orchestration, the healthcare company is moving quickly to put our new Agentic capabilities to work.

我們很高興 Agent Builder 已開始接受私人預覽版的註冊，該預覽版將於本月晚些時候開始。我們的註冊速度是公司歷史上最快的，註冊數量也是最多的，迄今為止已有 1,000 多個組織註冊。舉個例子，兩週前，我們在紐約總部接待的一位客戶是財富 50 強醫療保健和保險公司的人工智慧主管。在展示了我們新的 Agentic 自動化功能（包括 Agent Builder 和 Agentic Orchestration）之後，該醫療保健公司正在迅速採取行動，將我們的新 Agentic 功能投入使用。

I believe that with Agentic automation, the long tail of complex, unstructured tasks to automate and enhance is now in play. I'm sure you have heard announcements from software companies announcing single agents that will help search data across a CRM or submit an expense report.

我相信，透過 Agentic 自動化，複雜、非結構化任務的自動化和增強的長尾現在正在發揮作用。我相信您已經聽說過軟體公司宣布推出單一代理，可以幫助在 CRM 中搜尋資料或提交費用報告。

What differentiates UiPath are three things. First, our agents and robots work across all applications, both new and legacy, eliminating vendor lock-in for our customers. Business processes today don't run on a single system. We will continue to be the Switzerland of business applications and agents, providing equal access to third party systems. Second, is governance. Agentic Orchestration will be the conductor - or the governor - across agents, robots, people and models. Third, we will democratize access to agents by leveraging our low code platform that is already known to automation developers.

UiPath 的與眾不同之處在於三點。首先，我們的代理商和機器人可以跨所有應用程式（無論是新的還是舊的）工作，從而消除了客戶的供應商鎖定。現今的業務流程並不在單一系統上運作。我們將繼續成為商業應用程式和代理的瑞士，提供對第三方系統的平等存取。二是治理。代理編排將成為代理、機器人、人和模型的指揮者或管理者。第三，我們將利用自動化開發人員已知的低程式碼平台，實現對代理商的存取民主化。

The feedback from Industry analysts has also been encouraging. IDC is already forecasting the market for agentic labor automation to grow to $4.1 billion by 2028 from zero last year. This is on top of an RPA market, inclusive of IDP and Test Automation, that is growing at a double-digit rate thanks to the tailwinds and disruption of GenAI. The direction of the market can be seen in our current customer conversations and deals. I'm really excited that our largest deal in the quarter was for building an agentic use case delivered via our Autopilot for Everyone for a healthcare customer who has been with us since 2018. Our solution will enable such use cases to be built easier and faster as we deliver on our product roadmap.

產業分析師的回饋也令人鼓舞。 IDC 已經預測，到 2028 年，代理勞動力自動化市場將從去年的零成長到 41 億美元。這是在 RPA 市場之上，包括 IDP 和測試自動化，由於 GenAI 的推動和顛覆，該市場正在以兩位數的速度成長。市場的走向可以從我們目前的客戶對話和交易中看出。我真的很興奮，我們本季最大的一筆交易是為自2018 年以來一直與我們合作的醫療保健客戶構建透過Autopilot forEveryone 交付的代理用例。更快速地建立當我們交付我們的產品路線圖時。

AI has always been at the center of our platform. Over the past few years, we have integrated GenAI throughout our platform, including IDP, and we are now seeing the fruits of those efforts. With the support of their CIO, Volkswagen Financial Services will now standardize on the UiPath Platform across the company. They will implement our IDP products in the cloud to automate customer communication and complaint management. Autopilot also offers the potential for over 5,000 employees to increase productivity. So far, the company has realized cost savings of well over EUR10 million per year and increased customer satisfaction through its online portal and financial services business.

人工智慧一直是我們平台的核心。在過去的幾年裡，我們已將 GenAI 整合到我們的整個平台中，包括 IDP，現在我們看到了這些努力的成果。在資訊長的支持下，大眾汽車金融服務公司現在將在整個公司範圍內實現 UiPath 平台的標準化。他們將在雲端實施我們的 IDP 產品，以實現客戶溝通和投訴管理的自動化。 Autopilot 也為 5,000 多名員工提供了提高生產力的潛力。到目前為止，該公司每年已節省超過 1000 萬歐元的成本，並透過其線上入口網站和金融服務業務提高了客戶滿意度。

At FORWARD, we also announced the general availability of Autopilot for Everyone, our agent with a conversational experience that enables any employee, regardless of technical ability, to complete complex tasks ranging from getting answers grounded with their own organization's data, analyzing and extracting information from documents, automating copy-paste into apps, and running automations to improve productivity.

在FORWARD，我們也宣布全面推出Autopilot forEveryone，這是我們具有對話體驗的代理，使任何員工（無論技術能力如何）都能夠完成複雜的任務，包括根據自己組織的數據獲取答案、分析和提取來自組織的資訊。

Protiviti, a long-time customer and Platinum partner, recently expanded its usage of, and capabilities in, our technology, including Autopilot, with the express purpose of enabling their consultants to better use automation to deliver value to their customers, including numerous as-a-service models, and putting leading edge automation technology into the hands of their operations teams.

甫瀚諮詢是我們的長期客戶和白金合作夥伴，最近擴大了對我們技術（包括Autopilot）的使用和功能，其明確目的是使他們的顧問能夠更好地利用自動化為客戶提供價值，包括眾多客戶： a-service 模型，並將領先的自動化技術交給營運團隊。

Our Agentic capabilities will permeate across our platform and continue to differentiate us. A great example of this is our Test Automation capabilities. In fact, our Agentic Testing offering is positioning us as a thought leader in the Test Automation industry. With the addition of Autopilot for Testing earlier this year, we greatly enhanced the AI-powered capabilities of our Test Suite. With the ability to automatically generate test cases, our offering will unlock a key market for us as we look to build upon our momentum in the Agentic automation era.

我們的代理能力將滲透到我們的平台中，並繼續使我們脫穎而出。我們的測試自動化能力就是一個很好的例子。事實上，我們的代理商測試產品使我們成為測試自動化產業的思想領袖。今年稍早新增了 Autopilot 測試功能，我們大幅增強了測試套件的 AI 驅動功能。憑藉自動產生測試案例的能力，我們的產品將為我們打開一個關鍵市場，因為我們希望在代理自動化時代繼續發展我們的勢頭。

B. Braun, one of the world's leading medical technology companies and a customer since 2019, selected Test Suite for Test-Case-Creation and to aid in their SAP S/4 HANA migration. They expect to see significant cost savings from eliminating manual testing with additional improvements in employee engagement and experience. Our platform's ability to integrate automation and testing was the key differentiating factor over other competitive vendors. I have become increasingly convinced that manual testing remains a real and sizable roadblock for business agility.

B. Braun 是全球領先的醫療技術公司之一，自 2019 年以來一直是客戶，選擇了測試套件來創建測試案例並幫助其 SAP S/4 HANA 遷移。他們希望透過消除手動測試並進一步提高員工敬業度和體驗來節省大量成本。我們的平台整合自動化和測試的能力是區別於其他競爭供應商的關鍵因素。我越來越相信，手動測試仍然是業務敏捷性的一個真正且巨大的障礙。

I'd like to focus the remainder of my comments again on the launch of agentic automation over the next few months, our partnership with SAP and our overall partner ecosystem. In February, we plan to unveil Agent Builder in public preview. It will be launched as a core part of UiPath Studio, offering our customers a seamless experience for both robotic and Agentic automation. Agent Builder allows users to build agents, either from scratch in our low-code development environment, or from a pre-built template in the UiPath Agent Catalog, that work in tandem with our robots. Customers will also be able to include third-party agents in their agentic workflows if they choose.

我想將剩餘的評論再次集中在未來幾個月代理自動化的推出、我們與 SAP 的合作夥伴關係以及我們的整體合作夥伴生態系統。 2 月份，我們計劃在公開預覽版中推出 Agent Builder。它將作為 UiPath Studio 的核心部分推出，為我們的客戶提供機器人和 Agentic 自動化的無縫體驗。 Agent Builder 允許使用者在我們的低程式碼開發環境中從頭開始建立代理，或從 UiPath Agent Catalog 中的預先建置範本建立代理，與我們的機器人協同工作。如果客戶選擇，也可以將第三方代理納入其代理工作流程。

To maximize the value of agentic workflows, we will also launch Agentic Orchestration, which empowers organizations to orchestrate their long running, complex enterprise processes across humans, robots and AI agents, and operate them with governance and at scale across systems of engagement and systems of record. Customers can orchestrate agents built either using the UiPath Agent builder platform, as well as agents built using other platforms. Using our new Agentic Orchestration capabilities customers can design, implement, monitor, operate, and optimize complex business processes through the entire process lifecycle. We are planning a public preview of Agentic Orchestration in the first quarter of fiscal 2026.

為了最大限度地發揮代理工作流程的價值，我們還將推出代理編排，它使組織能夠跨人類、機器人和人工智慧代理編排長期運行的複雜企業流程，並透過治理和跨參與系統和協作系統大規模地操作它們。客戶可以編排使用 UiPath Agent 建構器平台建構的代理，以及使用其他平台建置的代理。使用我們新的代理程式編排功能，客戶可以在整個流程生命週期中設計、實施、監控、操作和優化複雜的業務流程。我們計劃在 2026 財年第一季發布 Agentic Orchestration 的公開預覽版。

As you can see, our focus is on enterprise-grade agentic automation, where security, governance, control and compliance run throughout everything we do. For our existing Community of 3 million users, jumping in and getting started building, managing and deploying agents will be straightforward. I expect we will quickly have a large pool of developers building true agentic workflows across business-critical processes. We are also committed to reach customers that are less aware of our platform, particularly in today's sea of agentic AI marketing. To this end, we are investing in driving awareness of our capabilities and will have a growing stream of use cases that will quickly underscore our capabilities and differentiation.

正如您所看到的，我們的重點是企業級代理自動化，其中安全性、治理、控制和合規性貫穿我們所做的一切。對於我們現有的 300 萬用戶社群來說，加入並開始建置、管理和部署代理程式將非常簡單。我預計我們很快就會擁有大量開發人員，跨關鍵業務流程建立真正的代理工作流程。我們也致力於吸引那些不太了解我們平台的客戶，特別是在當今代理人工智慧行銷的海洋中。為此，我們正在投資提高人們對我們能力的認識，並將擁有越來越多的用例，這些案例將迅速凸顯我們的能力和差異化。

Partners remain a cornerstone of our go-to-market strategy, enabling us to scale our market reach and elevating our customer success initiatives. And I am excited about our continued progress with SAP. In October, our platform was integrated into the SAP Build Process Automation solution and is now being sold as one of the SAP Solution Extensions, or Solex, delivering a seamless experience for SAP users to create, execute, and monitor automations from a single platform. This integrated solution enables true end-to-end automation across diverse IT landscapes, improved efficiency and productivity across SAP and non-SAP workloads. It also reduces long-term total cost of ownership within a supportable, governable approach that moves custom code to the 'automation layer', and faster implementations by leveraging prebuilt solution accelerators.

合作夥伴仍然是我們進入市場策略的基石，使我們能夠擴大市場覆蓋範圍並提升客戶成功計畫。我對 SAP 的持續進步感到興奮。 10 月份，我們的平台被整合到 SAP Build Process Automation 解決方案中，現在作為 SAP 解決方案擴展 (Solex) 之一進行銷售，為 SAP 用戶提供從單一平台創建、執行和監控自動化的無縫體驗。此整合解決方案可在不同的 IT 環境中實現真正的端對端自動化，提高 SAP 和非 SAP 工作負載的效率和生產力。它還透過可支援、可管理的方法降低了長期總擁有成本，將自訂程式碼移至“自動化層”，並透過利用預先建置的解決方案加速器更快地實施。

While partnerships take time to build pipeline together, our SAP partnership has already helped us to win new logos such as a leading data storage company based in the US, which needed support following their S/4 HANA transformation. They will now be implementing UiPath to automate processes within SAP, such as their finance and supply chain functions.

雖然合作夥伴關係需要時間來共同建立管道，但我們的 SAP 合作夥伴關係已經幫助我們贏得了新徽標，例如位於美國的領先資料儲存公司，該公司在 S/4 HANA 轉型後需要支援。他們現在將實施 UiPath 來自動化 SAP 內的流程，例如財務和供應鏈功能。

In addition to helping secure new logos, our partners also support expansions. One that I would like to highlight is a deal facilitated by SAP with one of the largest US oil and gas companies. The company currently has over 1,000 automations in place within their Finance and Downstream operations and have now chosen to expand further with UiPath to automate within their S/4 HANA environment.

除了幫助獲得新徽標外，我們的合作夥伴還支援擴充功能。我想強調的一點是 SAP 與美國最大的石油和天然氣公司之一促成的一項交易。該公司目前在其財務和下游營運中部署了 1,000 多個自動化系統，現在選擇利用 UiPath 進一步擴展，以在其 S/4 HANA 環境中實現自動化。

Our GSI partners also continue to drive our growth in the market. With the support of EY, Sonic Automotive, one of the largest car dealership groups in the US, expanded their automation program to additional departments such as Customer Service, Shared Services, and Human Resources. They will also be expanding their usage of Document Understanding for warranty cancellation and factory invoice processes while adopting new products such as Process Mining, Communications Mining, and Test Suite for automation testing. They have seen an impressive ROI of over $10 million in cost savings per year with expectations for further improvement.

我們的 GSI 合作夥伴也持續推動我們在市場上的成長。在安永的支持下，美國最大的汽車經銷商集團之一的 Sonic Automotive 將其自動化計劃擴展到了客戶服務、共享服務和人力資源等其他部門。他們還將擴大文件理解在保固取消和工廠發票流程中的使用，同時採用流程挖掘、通訊挖掘和自動化測試測試套件等新產品。他們看到每年節省的成本超過 1000 萬美元，投資回報率令人印象深刻，並期望進一步改進。

And finally, our success is deeply rooted in our ability to serve our customers, making a customer-centric mindset more crucial than ever. While customer centricity and coinnovation remain a core pillar for us today, we are working diligently to infuse it deeper into our culture. To us, being customer centric means listening, rapidly applying feedback, co-innovating our roadmap, and building a trusted partnership. All of this in the spirit of maximizing the value our customers realize from our offerings, which we believe will translate to growth for UiPath.

最後，我們的成功深植於我們為客戶服務的能力，這使得以客戶為中心的心態比以往任何時候都更加重要。雖然以客戶為中心和共同創新仍然是我們今天的核心支柱，但我們正在努力將其更深入地融入我們的文化中。對我們來說，以客戶為中心意味著傾聽、快速應用回饋、共同創新我們的路線圖以及建立值得信賴的合作關係。所有這一切都是本著最大限度地提高客戶從我們的產品中實現的價值的精神，我們相信這將轉化為 UiPath 的成長。

To summarize, I am really excited about the enthusiasm from our customers in support of our vision and the products we have on deck to deliver on the vision. We believe that agentic automation will have a major impact on the workplace, and it is clear that it is only going to rapidly become more powerful and sophisticated. We are confident that UiPath is well positioned to bring the transformative force of AI to life in the enterprise through automation.

總而言之，我對客戶對我們願景的熱情支持以及我們為實現願景而提供的產品感到非常興奮。我們相信代理自動化將對工作場所產生重大影響，而且很明顯它只會迅速變得更加強大和複雜。我們相信，UiPath 能夠透過自動化將人工智慧的變革力量帶入企業。

With that, I'll turn the call over to Ashim, who will dive more into our operational priorities and financials.

接下來，我會將電話轉給 Ashim，他將更深入地了解我們的營運重點和財務狀況。

Thank you, Daniel. And good afternoon everyone.

謝謝你，丹尼爾。大家下午好。

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, fluctuations in FX rates impact results.

除非另有說明，我將在非公認會計原則的基礎上討論結果，所有增長率均為逐年增長率。我還想指出，由於我們以當地貨幣定價和銷售，因此匯率波動會影響結果。

Turning to the third quarter, ARR totaled $1.607 billion, an increase of 17%, driven by net new ARR of $56 million. We ended the quarter with approximately 10,790 customers and are pleased with our focus on the quality of new logos we are acquiring such as Amplitude, AQUA Dermatology, The Hospital for Special Surgery, and Ventura Foods.

第三季度，ARR 總額為 16.07 億美元，成長 17%，其中淨新 ARR 為 5,600 萬美元。本季末，我們擁有約 10,790 名客戶，並對我們對新徽標品質的關注感到滿意，這些新徽標包括 Amplitude、AQUA Dermatology、The Hospital for Special Surfing 和 Ventura Foods。

Moving on to customer metrics. Customers with $100,000 or more in ARR increased to 2,235, while customers with $1 million or more in ARR totaled 302.

繼續討論客戶指標。 ARR 為 10 萬美元或以上的客戶增加至 2,235 名，而 ARR 為 100 萬美元或以上的客戶總數為 302 名。

Dollar-based gross retention of 97% continues to be best in class and our dollar-based net retention rate for the third quarter was 113%. Our platform's ability to help customers obtain meaningful value with AI-powered automation continues to drive expansion opportunities. A great example is Allianz Technology, a customer since 2017. They recently implemented Communications Mining and Document Understanding to automate their Policy Renewal and New Business Request processes, and after successful implementation they will now be moving to the cloud to expand their usage and automate these processes enterprise-wide. Additionally, the UiPath platform will now be standardized across all Allianz business units as their strategic AI and automation vendor with expected productivity gains of 50% and cost reductions of 40% where AI-powered automation is implemented.

以美元計算的總保留率為 97%，繼續維持同類最佳水平，第三季以美元計算的淨保留率為 113%。我們的平台能夠透過人工智慧驅動的自動化幫助客戶獲得有意義的價值，從而繼續推動擴張機會。一個很好的例子是Allianz Technology，該公司自2017 年以來一直是客戶。雲端以擴展其使用範圍並自動化這些流程整個企業的流程。此外，UiPath 平台現在將在安聯所有業務部門進行標準化，作為其策略性人工智慧和自動化供應商，在實施人工智慧驅動的自動化時，預計生產力將提高 50%，成本降低 40%。

Another example of customers expanding to our end-to-end platform capabilities is a national fund for health insurance in Europe. They started working with us in 2022 to automate health insurance control processes and now with support from their CIO will be expanding to the full platform. They will first begin by implementing Process Mining to uncover further automations and support their automation backlog of over 300 processes. Following this they will be deploying Autopilot for Testers to support their IT developers and IDP for health insurance claims. They highlighted our orchestration capabilities being a key factor in providing them the ability to scale their automation program in a secure and governed environment.

客戶擴展到我們的端到端平台功能的另一個例子是歐洲的國家健康保險基金。他們於 2022 年開始與我們合作，實現健康保險控制流程的自動化，現在在資訊長的支持下將擴展到整個平台。他們將首先實施流程挖掘，以發現進一步的自動化並支援 300 多個流程的自動化積壓工作。此後，他們將部署 Autopilot for Testers，以支援其 IT 開發人員和 IDP 進行健康保險索賠。他們強調我們的編排能力是讓他們在安全且受監管的環境中擴展自動化程序的關鍵因素。

Turning back to our results, revenue grew to $355 million, an increase of 9% year over year. Remaining performance obligations increased to $1.128 billion, up 13% year-over-year. Current RPO increased to $718 million, up 20% year over year.

回到我們的業績，營收成長至 3.55 億美元，年增 9%。剩餘履約義務增至11.28億美元，年增13%。目前RPO增至7.18億美元，年增20%。

Turning to expenses. We delivered third quarter overall gross margin of 85%, and software gross margin was 89%. For the full fiscal year 2025 we continue to expect gross margin to be approximately 85%. Third quarter operating expenses were $251 million. GAAP operating loss of $43 million included $87 million of stock-based compensation expense.

轉向開支。我們第三季的整體毛利率為 85%，軟體毛利率為 89%。對於 2025 年整個財年，我們仍然預期毛利率約為 85%。第三季營運費用為 2.51 億美元。 GAAP 營運虧損 4,300 萬美元，其中包括 8,700 萬美元的股票補償費用。

Non-GAAP operating income was $50 million, resulting in a third-quarter non-GAAP operating margin of 14% which benefited from our previously announced restructuring combined with our continued efforts to drive further operational efficiencies and streamline the business.

非 GAAP 營業收入為 5,000 萬美元，第三季非 GAAP 營業利潤率為 14%，這得益於我們先前宣布的重組以及我們為進一步提高營運效率和精簡業務而做出的持續努力。

Non-GAAP net income was $60 million, which excludes a non-recurring non-cash tax benefit of $25 million from the release of valuation allowance on certain deferred tax assets.

非 GAAP 淨利潤為 6,000 萬美元，其中不包括因某些遞延稅資產的估值準備金發放而帶來的 2,500 萬美元非經常性非現金稅收收益。

Third quarter non-GAAP adjusted free cash flow was $33 million. We continue to expect fiscal year 2025 non-GAAP adjusted free cash flow to be approximately $325 million.

第三季非 GAAP 調整後自由現金流為 3,300 萬美元。我們繼續預期 2025 財年非 GAAP 調整後自由現金流約為 3.25 億美元。

As of October 31, we had $1.6 billion in cash, cash equivalents, and marketable securities and no debt. During the quarter, we repurchased 13.8 million shares of our Class A common stock at an average price of $11.81 from August 1, 2024, through October 31, 2024. Since October 31, under a 10b5-1 plan, we repurchased an additional 0.7 million shares at an average price of $12.57 through December 4, 2024.

截至 10 月 31 日，我們擁有 16 億美元的現金、現金等價物和有價證券，沒有債務。本季度，我們從2024 年8 月1 日到2024 年10 月31 日以平均價格11.81 美元回購了1,380 萬股A 類普通股。購了70 萬股A 類普通股。

Before moving to guidance, I would like to share an update on a few of my priorities since taking on the additional role of COO. First, we have deepened our relationship with our partner ecosystem to help drive further alignment with our customers while also focusing on enhancing our professional services strategy to better support customer engagement and adoption. And we are working to better connect and streamline the organization to improve operational discipline and efficiency while retooling certain go-to-market functions to focus on areas with the strongest return on investment.

在轉向指導之前，我想分享一下自擔任首席營運長以來我的一些優先事項的最新情況。首先，我們加深了與合作夥伴生態系統的關係，以幫助推動與客戶的進一步協調，同時也專注於增強我們的專業服務策略，以更好地支持客戶參與和採用。我們正在努力更好地連接和簡化組織，以提高營運紀律和效率，同時重組某些進入市場的職能，以專注於投資回報率最高的領域。

For the fourth quarter fiscal 2025, we expect revenue in the range of $422 million to $427 million; ARR in the range of $1.669 billion to $1.674 billion; non-GAAP operating income of approximately $100 million; and we expect the fourth quarter basic share count to be approximately 551 million shares.

對於 2025 財年第四季度，我們預計營收在 4.22 億美元至 4.27 億美元之間； ARR在16.69億美元至16.74億美元之間；非公認會計準則營業收入約 1 億美元；我們預計第四季基本股數約為5.51億股。

Finally, we will provide guidance for the first quarter and full year fiscal 2026 when we report our fourth quarter results, but I would like to highlight that we expect typical enterprise seasonality from the fourth quarter to the first quarter in net new ARR. Lastly, with our focus on efficiency, customer centricity, and product innovation, for fiscal 2026 we believe that net new ARR dollars will stabilize, and our adjusted free cash flow growth rate will accelerate.

最後，當我們報告第四季業績時，我們將提供2026 財年第一季和全年的指導，但我想強調的是，我們預計從第四季到第一季的淨新ARR 會出現典型的企業季節性。最後，隨著我們對效率、以客戶為中心和產品創新的關注，我們相信 2026 財年淨新 ARR 美元將穩定，調整後的自由現金流成長率將加快。

Thank you for joining us today and we look forward to speaking with many of you during the quarter. With that, I will now turn the call over to the operator.

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。這樣，我現在將把電話轉給接線生。

Operator, please poll for questions.

接線員，請投票詢問問題。

(Operator Instructions) Mark Murphy, JPMorgan.

（操作員指示）Mark Murphy，摩根大通。

My congratulations on the successful execution this quarter. Daniel, I wanted to ask you, as we look around and see the genic models that are being rolled out by Salesforce Microsoft HubSpot in several other companies. Can you comment on whether any of that activity might drive some UI path usage because I'm just wondering, as the third-party agents begin to want to take some action and they want -- they might want to command and control other applications. Do you think that's going to be API-based where they can handle it? Or do you think that there could be some involvement with -- there might be a UI-based process and it might get -- might call on UiPath? And then I have a quick follow-up.

我祝賀本季的成功執行。丹尼爾，當我們環顧四周並看到 Salesforce Microsoft HubSpot 在其他幾家公司推出的基因模型時，我想問你。您能否評論一下這些活動是否可能會推動某些UI 路徑的使用，因為我只是想知道，隨著第三方代理開始想要採取一些操作，並且他們想要- 他們可能想要命令和控制其他應用程式.您認為他們可以處理基於 API 的情況嗎？或者您認為可能會涉及——可能有一個基於 UI 的流程，並且可能會呼叫 UiPath？然後我會進行快速跟進。

Mark, this is a great question. And I think it goes into our strength as we said in the script, we aim to be a [Switzerland] of agents. So that means that we would like to orchestrate our own agents, but also agents built by other companies. And also, we said agents will be actually as good as the tools that they will have access to. I know one actually collaborate with other companies building agents to offer them our tools to improve the quality of the actions that the agents can take.

馬克，這是一個很好的問題。我認為這會成為我們的優勢，正如我們在劇本中所說，我們的目標是成為特工[瑞士]。因此，這意味著我們希望安排我們自己的代理，但也希望安排其他公司建立的代理。此外，我們也說過，代理實際上將與他們能夠使用的工具一樣好。我知道有人實際上與其他建立代理商的公司合作，為他們提供我們的工具，以提高代理商可以採取的行動的品質。

So I think in short, we want to -- we focus on creating this genic orchestration layer that can call our agents, other companies, agents, our robots and bring humans in the loop for increased security and governance.

所以我認為簡而言之，我們想要——我們專注於創建這個基因編排層，它可以調用我們的代理商、其他公司、代理、我們的機器人，並將人類帶入循環中，以提高安全性和治理。

Okay. I think I understand that. It sounds like a very broad vision. I wanted to ask you, Ashim, I'm looking at the growth rate of your largest revenue stream, which is the maintenance and support revenue. And I noticed it accelerated both sequentially and year-over-year.

好的。我想我明白這一點。這聽起來像是一個非常廣闊的視野。我想問你，阿希姆，我正在研究你最大的收入來源的成長率，即維護和支援收入。我注意到它連續和同比都在加速。

It seems to be holding on to mid-20s type of trajectory. So I wonder if I could just ask you, mechanically, what is it that's enabling that line item is really showing a lot of resiliency and stronger growth actually than the ARR line, -- and just in case the answer is a little bit of a duration impacting the license line. Can you maybe help us separate out any of that? I'm just wondering if you can just help us a little bit with some of the mechanics.

它似乎保持著 20 年代中期的軌跡。所以我想知道我是否可以機械地問你，是什麼讓該訂單項真正表現出比 ARR 線更大的彈性和更強勁的增長，以防萬一答案有點影響許可線的持續時間。你能幫我們把其中的任何一個分開嗎？我只是想知道你是否可以在一些機制上幫助我們一些。

Yes. The 606 line, obviously, 606 revenue recognition impacts the license line, Mark. What you see on the maintenance line is also the benefit of just cumulative net new ARR building and the recovery of duration from earlier this year that does help that as you go through. Our largest customers are growing they're continuing to extend the contracts, and that really helps the maintenance and support stream as well.

是的。 606 線，顯然，606 收入確認會影響許可線，馬克。您在維護線上看到的也是累積淨新 ARR 建設的好處以及今年早些時候的持續時間恢復，這確實有助於您經歷這一點。我們最大的客戶正在成長，他們正在繼續延長合同，這也確實有助於維護和支援流程。

Okay. And that -- are you able to comment on how the duration might have changed in this most recent quarter? Or how much of recovered since earlier in the year?

好的。您能否評論一下最近一個季度的持續時間可能發生的變化？或者自今年早些時候以來恢復了多少？

It's recovered back to somewhat normal from earlier this year, Mark, where we talked about some of the execution misses in first quarter, we feel really good about the progress as we change the incentive compensation plans and you refocus the sales team.

從今年早些時候開始，情況已經恢復到一定程度，馬克，我們談到了第一季度的一些執行失誤，隨著我們改變激勵薪酬計劃以及重新調整銷售團隊的重點，我們對進展感到非常滿意。

Understood. Thank you very much.

明白了。非常感謝。

Raimo Lenschow, Barclays.

雷莫‧倫肖 (Raimo Lenshow)，巴克萊銀行。

I actually wanted to -- Dan, I wanted to go back to that agent model. Like how should we think about that like there's going to be the big vendors that have like the domain data like the Salesforce or Workday or an SAP. And they're going to be very broad based in here in terms of the orchestration. So do you see yourself like working with those, but actually the real kind of push for you guys will be like on kind of more specific domain knowledge where you're playing already at the moment with insurance companies, banks, et cetera. Is that kind of the right way to think about it?

我實際上想——丹，我想回到那個代理模式。就像我們應該如何思考這一點，就像會有像 Salesforce、Workday 或 SAP 這樣擁有領域資料的大供應商。在編排方面，他們的基礎將非常廣泛。所以你認為自己喜歡與這些人合作嗎？這是正確的思考方式嗎？

Or I'm just -- there's a lot of confusion out there. So if you could help us there, that would be helpful. And I have one follow-up for Ashim.

或者我只是——外面有很多混亂。因此，如果您能幫助我們，那將會很有幫助。我還有一個關於阿希姆的後續行動。

Yes. Raimo, I think I think the right way to think about what our approach to agentic. -- is that companies like Salesforce, for instance, they will build more in application agents. They will build agents that will have intimate access to sales force and processes that are within the Salesforce ecosystem. But if you have an agent that has to touch both sales force and Epic.

是的。 Raimo，我認為我認為正確的方式是思考我們的代理方法。 - 例如，像 Salesforce 這樣的公司，他們將在應用程式代理程式中建立更多內容。他們將建立能夠密切接觸 Salesforce 生態系統內的銷售人員和流程的代理商。但如果您的代理商必須同時接觸銷售人員和 Epic。

And this is a real discussion that I was having recently with the CIO of one of our top healthcare provider in the US. Are you going to take the EPIC data and you put it into your sales force they say no way.

這是我最近與美國一家頂級醫療保健提供者之一的資訊長進行的一次真實的討論。你是否打算將 EPIC 資料放入你的銷售隊伍中，但他們說不行？

So I think our sweet spot is when an agent will have to interact with multiple systems. And this is where actually our robotic automation was shining. We are known to automate moderate to complex processes that spend multiple systems, modern and legacy I think our sweet spot for building agents will be similarly for those agents that require data and interaction with multiple systems, both modern and legacy.

所以我認為我們的最佳點是代理必須與多個系統互動。這其實就是我們的機器人自動化的閃光點。眾所周知，我們可以自動化使用多個現代和傳統系統的中等到複雜的流程，我認為我們構建代理的最佳位置對於那些需要數據並與多個系統（現代和傳統系統）交互的代理來說是類似的。

Okay. Perfect. And then, Ashim, like I get the message on the net new ARR aren't stabilizing next year. on the growth rate side. Like what gives you the confidence for that?

好的。完美的。然後，Ashim，就像我在網路上收到的訊息一樣，明年新的 ARR 不會穩定。在成長率方面。是什麼給了你這樣的信心？

Like maybe just give us -- help us a little bit with some handholding here.

就像也許只是給我們一些幫助——在這裡提供一些幫助。

Yes. So I think when we look at the business, we're really pleased with the progress we've made on the execution front. The momentum that we have leaving forward on agentic, as we've commented with some of the Fortune 50 customers in addition to just company-wide, mode, that feels very good. We're executing, honestly, is improving around all aspects from just the rigor that we have with our sales pipeline management and the visibility that we see. So we feel confident making that statement just as the business continues to progress.

是的。因此，我認為，當我們審視業務時，我們對在執行方面取得的進展感到非常滿意。正如我們對一些財富 50 強客戶以及公司範圍內的模式所評論的那樣，我們在代理商方面所取得的勢頭感覺非常好。老實說，我們正在從各個方面進行改進，包括我們對銷售管道管理的嚴格性和我們所看到的可見性。因此，隨著業務不斷取得進展，我們有信心發表這項聲明。

Okay, perfect. Thank you. Well done.

好的，完美。謝謝。幹得好。

Jay Roberge, William Blair.

傑伊·羅伯格，威廉·布萊爾。

Sounds like execution has been improving recently. Can you just talk about the go to America changes that you've been able to make thus far? And then what do you feel is left within the go-to-market order to get things back to kind of steady execution that we used to see.

聽起來最近執行力有提升。您能談談迄今為止您在前往美國方面所做的改變嗎？然後，您認為上市訂單中還剩下什麼，可以讓事情恢復到我們過去看到的穩定執行狀態。

Yes. Jake, Look, we are pleased with how the improvement that we were driven in the go-to-market are evolving. As we said in the last calls, we focused a lot into simplifications into our go-to-market model and into eliminating silos bringing more functions into the regions closer to the customers. We have created the recently customer-centricity office that helps our top executive being closer to the customer. So look, it's -- we are still into -- we have a lot of things continue to do, but I am pleased at how the things are evolving for now.

是的。傑克，你看，我們對上市過程中推動的改進的進展感到滿意。正如我們在上次電話會議中所說，我們專注於簡化我們的上市模式，並消除孤島，將更多功能引入更靠近客戶的地區。我們最近創建了以客戶為中心的辦公室，幫助我們的高階主管更貼近客戶。所以看，我們仍然有很多事情要做，但我對目前事情的進展感到高興。

Okay. Very helpful. And then can you talk about just the feedback that you've gotten from customers coming out of your board conference and maybe the pipeline that you were able to generate there. and what you're hearing from customers just around the Agentic use cases that they might be building on their platform, just given that you had so many customers and partners there forward recently?

好的。非常有幫助。然後你能談談你從董事會會議上得到的客戶回饋，以及你在那裡能夠產生的管道嗎？鑑於您最近有這麼多客戶和合作夥伴，您從客戶那裡聽到了他們可能在其平台上建立的 Agentic 用例的資訊？

Yes. Let me start on the sentiment and I let Ashim comment more on the pipe generation. Look, it's been a very transformational forward for us. It's -- I think it was the most consequential forward since FORWARD III when we have announced our platform offering. It's -- there is an extreme interest on our agent offering.

是的。讓我從情緒開始，我讓 Ashim 對管道世代進行更多評論。看，這對我們來說是一個非常改變的進步。我認為這是自 FORWARD III 宣布我們的平台產品以來最重要的進展。人們對我們的代理產品非常感興趣。

And it's from customers across the world.

它來自世界各地的客戶。

Actually, prior to FORWARD, I was traveling almost six weeks across the world. And basically tested what we are doing when our messaging about Agentic with various customers in big banks in Japan and the Middle East, healthcare companies in US and Europe. And Frankly, it's -- they listen and they are very interested. Like we said in the script, even such a huge healthcare customer of ours is hearing the pitch.

事實上，在 FORWARD 之前，我已經在世界各地旅行了近六週。當我們向日本和中東的大銀行、美國和歐洲的醫療保健公司的各種客戶傳遞有關 Agentic 的資訊時，基本上測試了我們正在做的事情。坦白說，他們傾聽並且非常感興趣。正如我們在劇本中所說，即使是我們如此龐大的醫療保健客戶也正在聽取建議。

They start -- they said, next Monday, we want to start the POC with you guys. So -- and this new messaging, I think, it's reinvigorating our discussions with customers. We -- it's easier to get the attention of the C-level executives with this messaging. And we are seeing a clear way to expand into the use cases that we are capable of automating so far.

他們開始——他們說，下週一，我們想和你們一起開始 POC。因此，我認為，這項新消息正在重振我們與客戶的討論。我們－透過此訊息更容易引起 C 級管理人員的注意。我們看到了一種清晰的方法來擴展到我們迄今為止能夠實現自動化的用例。

Yes. And then in terms of the pipeline, obviously, we don't really comment in terms of quantification. But qualitatively, what Daniel has talked about in terms of the interest from the customers that bolsters the pipeline in our minds in terms of just giving us more conviction on a lot of the opportunities ahead of us. The second piece, if you heard in Daniel's script is just the number of registrants or registrations on our private previews and the excitement that's building on the public preview, those are all very encouraging for us.

是的。然後就管道而言，顯然我們並沒有真正就量化進行評論。但從品質上來說，丹尼爾所說的客戶的興趣增強了我們心中的管道，讓我們對眼前的許多機會更有信心。第二部分，如果您在丹尼爾的腳本中聽到的只是我們私人預覽版的註冊人數或註冊人數以及公共預覽版的興奮程度，這些對我們來說都是非常令人鼓舞的。

Great. Thanks for taking the questions and congrats on the steady execution.

偉大的。感謝您提出問題並祝賀我們的穩定執行。

Bryan Bergin, TD Cowen.

布萊恩·伯金，TD·考恩。

I have a follow-up question first on the changes that you do still want to make internally as you're aiming to return to those external routes. It sounds like you're pleased with the execution so far. But specifically, what else do you have left to do?

我首先有一個後續問題，關於您仍然希望在內部進行的更改，因為您的目標是返回這些外部路線。聽起來您對到目前為止的執行情況感到滿意。但具體來說，你還剩下什麼要做呢？

I think the majority of the changes, actually, Brian, like on the streamlining are complete. What we're really focused now is where to really prioritize our dollars where you have the highest return on investment, especially as we're planning for next year. So we continue -- our view is to invest within the field, invest in the functions that are closest to the customers and continue to find efficiencies in the functions that are further away from the customer and the spend that is further away. That combination for us feels very good.

布萊恩，我認為實際上大部分的改變，例如精簡方面的改變都已經完成了。我們現在真正關注的是如何真正優先考慮我們的資金，以獲得最高的投資回報，特別是在我們明年的計劃中。因此，我們繼續——我們的觀點是在該領域內進行投資，投資於最接近客戶的職能，並繼續在遠離客戶的職能和遠離客戶的支出中尋找效率。這種組合對我們來說感覺非常好。

The second piece is just actually on a positive note, enabling the sales team with Agentic and the messaging coming out of Ford. There's a lot of energy around it and making sure that we have a really good sales enablement function that will drive that messaging and enablement for the sales team is also a priority for us.

第二部分實際上是積極的，使銷售團隊能夠使用 Agentic 以及來自福特的消息。圍繞著它有很多精力，確保我們擁有真正良好的銷售支援功能，以推動銷售團隊的訊息傳遞和支援也是我們的首要任務。

Okay. Okay. I appreciate that. And then US government is a notable customer for you across many agencies, just given all the talk about improved government efficiency in US, how are you thinking about that market opportunity going forward?.

好的。好的。我很欣賞這一點。然後，美國政府是您在許多機構中的重要客戶，考慮到所有關於美國政府效率提高的討論，您如何看待未來的市場機會？

Yes. I think look, as we said, the opportunity is great in front of us. We are seeing internally such a positive energy that we have not seen in the long time in the company. I am seeing in the product and engineering kind of the fastest pace of innovation that I think we've seen from the beginning of the inception of our company.

是的。我認為，正如我們所說，機會就在我們面前。我們在公司內部看到了一種我們已經很久沒有看到的正能量了。我在產品和工程方面看到了最快的創新步伐，我認為這是我們從公司成立之初就看到的。

And Bryan, on federal, specifically, I think they respond very well to the innovation. I think we talked about functions like the IRS, et cetera. we see good momentum there. I think an uncertainty election cycle obviously keeps there. But actually, efficiency for us is a positive sign, right, going and driving and making sure there is more automation, there's higher efficiency.

布萊恩，特別是在聯邦方面，我認為他們對創新反應非常好。我想我們討論了國稅局等職能。我們在那裡看到了良好的動力。我認為不確定的選舉週期顯然會持續存在。但實際上，效率對我們來說是一個積極的信號，對吧，繼續前進並確保有更多的自動化，有更高的效率。

We feel like that is an area that we can continue to partner very well with the government, and that's so far been the response that we've gotten from our government costs.

我們覺得這是一個我們可以繼續與政府合作良好的領域，這是迄今為止我們從政府成本中得到的回應。

Matthew Hedberg, RBC Capital Markets.

馬修‧赫德伯格，加拿大皇家銀行資本市場部。

This is Mike Richards on for Matt. It was great to hear about the improved execution, but I was wondering maybe how the demand environment has changed since last quarter? And if you've noted any difference in buying patterns post election, -- and then maybe also like do you guys usually see a budget flush at year-end and with the new agent vision, could you kind of tap into those Gen AI project dollars that maybe you weren't seeing before?

我是麥克理查茲 (Mike Richards) 替馬特 (Matt) 發言。很高興聽到執行力的改善，但我想知道自上季以來需求環境發生了怎樣的變化？如果您注意到選舉後購買模式有任何差異，那麼也許您通常會在年底看到預算充裕，並且有了新的代理商願景，您是否可以利用這些 Gen AI 項目您以前可能沒有見過的美元？

I'd say that the demand environment is kind of stable. It's -- and it continues to be as we've seen in the past two quarters, we are seeing no sign of degrading or improvement.

我想說需求環境是穩定的。正如我們在過去兩個季度所看到的那樣，我們沒有看到任何惡化或改善的跡象。

And then in terms of the budget flush, I think we've provided our guidance the way we see -- the teams are always out executing and working to that. We don't look for quick ones. We continue to look for long-term sustainable growth from our customers. But of course, our sales team is well equipped to take advantage of any opportunity that would arise for us.

然後就預算充裕而言，我認為我們已經按照我們所看到的方式提供了指導——團隊總是在執行和努力。我們不尋找快速的。我們繼續尋求客戶的長期可持續成長。當然，我們的銷售團隊裝備精良，可以利用我們出現的任何機會。

Thanks, guys.

謝謝，夥計們。

Sanjit Singh, Morgan Stanley.

桑吉特辛格，摩根士丹利。

Ashim, thank you so much for providing at least some of that color on fiscal year '26. I'd love to get a better understanding of what you mean by stabilized when do you think of stabilizing on sort of a dollars added basis. I think you guys had it around $56 million in net new ARR this year. Are you thinking of that from a year-over-year growth perspective? Just a clarification on that front.

Ashim，非常感謝您在 26 財政年度至少提供了一些這種顏色。我很想更好地理解你所說的穩定是什麼意思，以及你什麼時候考慮在增加美元的基礎上穩定。我想你們今年的淨新 ARR 約為 5600 萬美元。您是否從逐年增長的角度考慮這一點？只是在這方面進行澄清。

Yes. I think we were very intentional just as we were looking at how to think about it. We've gotten a lot of questions on two basis. One, we pointed out the seasonality point as we were looking at the modeling, particularly for net new ARR. The second piece, though, is there's been a lot of questions on the trajectory of the company with the changes that we've made.

是的。我認為我們在考慮如何思考時是非常有意義的。我們收到了很多基於兩個方面的問題。第一，我們在查看模型時指出了季節性點，特別是淨新 ARR。不過，第二個問題是，隨著我們所做的改變，公司的發展軌跡有許多問題。

Sanjit, so we feel very good that if you look at kind of the trend, the stabilization is a very positive signal, reflecting just the improved execution and the changes that Daniel and the team are driving in the business.

Sanjit，所以我們感覺非常好，如果你看一下趨勢，你會發現穩定是一個非常積極的信號，反映了執行力的提高以及丹尼爾和團隊在業務中推動的變化。

Yes. And to that point on that better execution, it's two quarters in a row now where you've set guide and exceeded those targets. Not so much about like necessarily guidance. But with the improved execution, if you got, let's say, a better spending environment or to the extent that the commercial market starts to come back online, -- how much of that -- how much do you think that would be a tailwind to your ARR growth overall? .

是的。就更好的執行而言，您已經連續兩個季度設定了指導並超越了這些目標。與其說是必要的指導。但是，隨著執行力的提高，如果你有更好的消費環境，或者商業市場開始恢復正常，那麼你認為這將在多大程度上推動經濟復甦？ 。

Daniel commented on the macroeconomic environment being stable versus the last couple of quarters and we guide to what's in front of us. So any positive movements that are out there in the market, we feel like we could take advantage of that, but it's a variable environment. So it has to on balance have those tailwinds. What I would also say, though, Sanjit, is -- we are excited about where we -- how we're positioned on the Agentic wave as well. And I think in addition to the market environment, our product innovation and our execution also allows us to have confidence as we move into the following years here.

丹尼爾評論說，與過去幾季相比，宏觀經濟環境保持穩定，我們對眼前的情況進行了指導。因此，我們覺得市場上出現的任何正面趨勢都可以利用，但這是一個多變的環境。因此，它必須平衡地擁有這些順風。不過，Sanjit，我還要說的是——我們對我們在 Agentic 浪潮中的定位感到興奮。我認為除了市場環境之外，我們的產品創新和執行力也讓我們對進入接下來的幾年充滿信心。

Understood. Very clear. Thank you, Ashim.

明白了。非常清楚。謝謝你，阿希姆。

Terry Tillman, Truist Securities.

特里·蒂爾曼，Truist 證券公司。

It's one question. It's three parts. So SOLEX is not a common thing for ISV, so to capture that just suggests the closeness you have with the company and the opportunity. But I'm curious about SOLEX. First, in terms of the timing on how this could kind of go through their ecosystem?

這是一個問題。這是三個部分。因此，SOLEX 對於 ISV 來說並不常見，因此抓住這一點僅表明您與公司和機會的密切程度。但我對 SOLEX 很好奇。首先，就這如何通過他們的生態系統的時間而言？

Because earlier I heard, I think, Ashim talked about sales enablement, there's going to be sales enablement around this. And I know you've been working with them. But SOLEX in terms of making its way through that very vast distribution channel. Second question I wanted to ask is with Test Suite. This is a multiyear kind of S/4HANA upgrade cycle.

因為我之前聽說 Ashim 談到了銷售支持，因此將會圍繞此進行銷售支援。我知道你一直在和他們一起工作。但 SOLEX 是透過非常廣泛的分銷管道取得成功的。我想問的第二個問題是測試套件。這是一個多年的 S/4HANA 升級週期。

How impactful is that starting to be and predictable each quarter? And then the third thing, and I can repeat all these if you don't run them doubt, Solex deals, I assume though it's a little bit different on rev rec as opposed to if it was just on your paper. So anything you could share about how those deals would look?.

每季的影響力有多大並且可預測嗎？然後第三件事，如果你不讓他們懷疑的話，我可以重複所有這些，Solex 交易，我認為雖然它在轉速記錄上有點不同，但如果它只是在你的紙上。那麼您可以分享一下這些交易的具體情況嗎？

Yes. Let me take the first 2, and then I'll ask him to comment on rev rec. Look, we are excited about the Solex deal. It is taking a lot of time to put it in place, a lot of product effort. We are now really an integral part of the SAP solution.

是的。讓我拿前 2 個，然後我會請他對 revrec 發表評論。看，我們對 Solex 交易感到興奮。需要花費大量的時間和大量的產品工作來將其落實到位。我們現在確實是 SAP 解決方案不可或缺的一部分。

And our reach is much bigger. And I think our credibility with enterprise customers, it's even more increasing. But as any partnership, this is all the innings, but we are seeing improvements in the pipe creation. We mentioned some of the deals that were influenced by this. But we have -- it's just really a new partnership, but I am quite bullish over the years of what it can happen.

我們的影響力大得多。我認為我們在企業客戶中的信譽甚至在不斷提高。但對於任何合作夥伴來說，這都是所有的局，但我們看到管道製作方面的改進。我們提到了一些受此影響的交易。但我們——這確實是一種新的合作關係，但多年來我對它可能發生的事情非常樂觀。

In terms of the test suite, it's not only for SAP migration, but for other large business application platforms, we are seeing really a tremendous momentum at this time. And we are, I think, one of the thought leader into Agentic testing and bringing really more Gen AI into testing, eventually really going as far as to be capable of automating even exploratory testing, which can be a huge step into automating manual testing. So it's really -- I'm seeing really good momentum overall on the testing side.

就測試套件而言，它不僅適用於SAP遷移，而且適用於其他大型業務應用程式平台，我們此時確實看到了巨大的勢頭。我認為，我們是代理測試的思想領袖之一，並將更多的人工智慧引入測試，最終真正能夠實現探索性測試的自動化，這可能是自動化手動測試的一大進步。所以，我確實看到測試方面整體動能非常好。

And I think just one point on the enablement. We've been working with SAP now for a while because the partnership has started and continues to deepen. So I think the sales enablement piece, we feel very good about just the -- that we've had experience on it. In terms of revenue recognition, it really is going to follow our normal 606 accounting practices. There's nothing unique about it.

我認為只有一點是關於支持的。我們與 SAP 的合作已經有一段時間了，因為合作夥伴關係已經開始並持續深化。因此，我認為在銷售支援方面，我們對此感到非常滿意，因為我們在這方面擁有豐富的經驗。在收入確認方面，它確實會遵循我們正常的 606 會計慣例。它沒有什麼獨特之處。

It's the portion of the software that we sell through SOLEX, we'll go through our normal ARR accounting and normal revenue recognition policies under 606.

這是我們透過 SOLEX 銷售的軟體的一部分，我們將根據 606 進行正常的 ARR 會計和正常的收入確認政策。

Kirk Materne, Evercore ISI.

柯克·馬特納，Evercore ISI。

This is Chirag on for Kirk. So when you're thinking through your customer renewals and expansion over the last couple of quarters and looking ahead to next quarter, are there any recurring themes or products that you would highlight I think, greater traction and contributing to a greater part of our net new ARR recently that might be different from before?

這是奇拉格替柯克發言。因此，當您考慮過去幾季的客戶更新和擴展並展望下個季度時，是否有任何重複的主題或產品需要強調，我認為，它們具有更大的吸引力並為我們的網路做出了更大的貢獻最近新的ARR可能與以前不同？

I wouldn't say it's very different before. But I would say what we see Chirag, is continued adoption of our growth products like IDP of our AI products like autopilot, et cetera. The largest deal in the quarter had a genetic flavors to it and had autopilot for everyone as a piece of it. So you really see expansions happening where our overall platform is positioned well, and that continues to be a priority for the company. The second piece, Dan talked about testing.

我不會說這與以前有很大不同。但我想說的是，我們看到 Chirag 正在繼續採用我們的成長產品，例如自動駕駛儀等人工智慧產品的 IDP。本季最大的交易具有遺傳性，對每個人來說都是自動駕駛的一部分。因此，您確實可以看到我們的整體平台定位良好的地方正在擴張，這仍然是公司的首要任務。在第二篇文章中，Dan 談到了測試。

We are seeing continued momentum on the attractiveness of our test automation platform and factors into our expansion.

我們看到我們的測試自動化平台的吸引力和我們擴張的因素持續成長。

Got it. And one more on the financial front. You delivered a strong margin beat this past quarter. You called out the restructuring, but what drove the beat? And do you believe these same factors could help drive upside in Q4, given that Q4 has historically been your strongest margin quarter.

知道了。還有一個關於財務方面的問題。上個季度您的利潤率強勁。你呼籲重組，但是什麼推動了重組？鑑於第四季度歷來是您利潤率最高的季度，您是否認為這些相同的因素可能有助於推動第四季度的上漲。

Look, Q4 -- like my guide for Q4 is our guide, we factored everything in -- what I -- what we feel very good about is the execution and the discipline that the teams are putting around driving efficiency and the pace at which we're able to streamline the company. and those results showed in third quarter. And as we talked about for next year, we also talked about reaccelerating our free cash flow growth rate. So all in all, we feel very good about the trajectory and profitability for the company.

看，第四季度——就像我對第四季度的指南就是我們的指南一樣，我們將所有因素都考慮在內——我——我們感覺非常好的是團隊圍繞提高效率和我們的速度所制定的執行力和紀律。這些結果顯示在第三季。當我們談論明年時，我們也談論了重新加速我們的自由現金流成長率。總而言之，我們對公司的發展軌跡和獲利能力感到非常滿意。

All right. Thank you so much.

好的。太感謝了。

Kingsley Crane, Canaccord Genuity.

金斯利起重機，Canaccord Genuity。

So within your cloud business, could you provide a directional comments on the mix of hybrid cloud and pure SaaS?

那麼在您的雲端業務中，您能否對混合雲和純 SaaS 的組合提供一個方向性的評論？

We don't provide that on a on a routine basis in terms of this. We will follow our normal cloud disclosures that we do, and that usually is on every other quarter that we discuss that. That being said, we have been very forthright that the majority of our installations are on a hybrid basis, meaning they use some level of on-prem and some level of on the cloud. What's encouraging is our cloud is becoming more and more adopted and attractive to our customers. as it matures and as capabilities are launched in a cloud first way.

就這一點而言，我們不會定期提供此服務。我們將遵循我們所做的正常雲端揭露，通常是在我們討論這一問題的每隔一個季度。話雖這麼說，我們非常直率地表示，我們的大多數安裝都是混合基礎上的，這意味著它們使用某種程度的本地部署和某種程度的雲端部署。令人鼓舞的是，我們的雲端正在被越來越多的客戶採用並具有吸引力。隨著它的成熟以及以雲端優先方式推出功能。

Great. And so just as a quick follow-up, I guess, like how are you thinking about the customer's ability to leverage some of these newer capabilities like Agent AI, depending if they're deployed Pure SaaS hybrid on-premise.

偉大的。因此，我想，作為快速跟進，您如何考慮客戶利用 Agent AI 等一些新功能的能力，具體取決於它們是否在本地部署了純 SaaS 混合。

I think that actually, our hybrid offering is going to contribute to our differentiator, a further differentiator because -- many of the customers will still have on-prem systems. And they -- it's going to be very helpful to have our robots deployed on the on-prem systems and provide access to those systems to agents. And what I'd like to stress here is that robots can provide a very secure and precise way to access data. You can give access to an agent exactly to the data they need in order to make an informed decision. And this cannot be achieved really in any other way.

我認為實際上，我們的混合產品將有助於我們的差異化，一個進一步的差異化，因為許多客戶仍然擁有本地系統。他們 - 將我們的機器人部署在本地系統上並向代理提供對這些系統的存取將非常有幫助。我想在這裡強調的是，機器人可以提供一種非常安全且精確的資料存取方式。您可以向代理商授予他們所需的準確資料的存取權限，以便做出明智的決策。這是任何其他方式都無法真正實現的。

Thanks. That's really helpful. Appreciate it.

謝謝。這真的很有幫助。欣賞它。

Brian Schwartz, Oppenheimer.

布萊恩·施瓦茨，奧本海默。

Daniel, I know it's real early in terms of the ASPs that you're getting for these agentic automation deals. And maybe it's even hard to parse out. But -- is it possible to compare the ASPs on these type of deals versus the other products in the suite? And I know it's early, but I'm trying to see if they -- when they scale, if they could end up being larger deals than the core products in the suite?

丹尼爾，我知道就這些代理自動化交易的平均售價而言，現在還為時過早。也許甚至很難解析。但是——是否可以將此類交易的平均售價與套件中的其他產品進行比較？我知道現在還為時過早，但我想看看當它們擴大規模時，它們最終是否會成為比套件中的核心產品更大的交易？

Yes. I think that they can drive really larger deals like the one that we mentioned in the script. Our largest deal this quarter was An Agentic deal, delivered or our autopilot for everyone. And that -- it opened up even different pricing models. You can -- with the genetic, you can even price per use case basically.

是的。我認為他們可以推動真正更大的交易，就像我們在腳本中提到的那樣。我們本季最大的交易是代理交易，為每個人提供或我們的自動駕駛儀。而且它甚至開闢了不同的定價模式。你可以——透過遺傳，你甚至可以基本上為每個用例定價。

And it can get closer to the value that we can unlock for customers. So I'm really positive that the ASP can be increased by -- driven by agents. Thank you.

它可以更接近我們為客戶釋放的價值。因此，我非常確信平均售價可以透過代理商的推動而提高。謝謝。

We've reached the end of our question-and-answer session. I'd like to turn the floor back over for any further or closing comments.

我們的問答環節已經結束。我想重新發言以徵求進一步的意見或結束意見。

Yes, thank you so much, guys. We are here for taking further questions in the coming days and weeks.

是的，非常感謝你們，夥計們。我們將在未來幾天和幾週內回答進一步的問題。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路廣播到此結束。此時您可以斷開線路，度過美好的一天。我們感謝您今天的參與。