UiPath Inc (PATH) 2027 Q2 法說會逐字稿

Good day, everyone. My name is Megan, and I will be your conference operator today. At this time, I would like to welcome you to the UiPath second quarter 2027 earnings conference call. (Operator Instructions)

各位好。我叫 Megan，今天將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加 UiPath 2027 年第二季財報電話會議。（接線員指示）

At this time, I would like to turn the call over to Allise Furlani, Vice President of Investor Relations.

此刻，我想把電話會議交給投資人關係副總裁 Allise Furlani。

Good afternoon, and thank you for joining us today to review UiPath second quarter fiscal 2027 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, Founder and Chief Executive Officer; Ashim Gupta, Chief Operating Officer; and Hitesh Ramani, Chief Financial Officer, to deliver our prepared comments and answer questions. Our earnings press release and financial supplemental materials are posted on the UiPath Investor Relations website.

各位下午好，感謝各位今天與我們一同回顧 UiPath 2027 財年第二季財務結果；我們已在今日收盤後發布的財報新聞稿中對外公布。與我一同參與本次電話會議的有：創辦人暨執行長 Daniel Dines、營運長 Ashim Gupta，以及財務長 Hitesh Ramani；他們將發表事先準備的談話並回答提問。我們的財報新聞稿與財務補充資料已發布於 UiPath 投資人關係網站。

These materials include GAAP to non-GAAP reconciliations. We will be discussing non-GAAP measures on today's call. This afternoon's call includes forward-looking statements regarding our financial guidance for the third quarter and full fiscal year 2027 and our ability to drive and accelerate future growth and operational efficiency and grow our platform, product offerings and market opportunities. Actual results may differ materially from these expressed in the forward-looking statements due to many factors, and therefore, investors should not place undue reliance on these statements.

這些資料包含 GAAP 與非 GAAP 的調節表。我們將在今天的電話會議中討論非 GAAP 指標。今天下午的電話會議包含前瞻性陳述，內容涉及我們對 2027 財年第三季與全年之財務指引，以及我們推動並加速未來成長與營運效率、擴展平台、產品供給與市場機會的能力。由於多項因素，實際結果可能與前瞻性陳述所表達者有重大差異，因此投資人不應過度依賴這些陳述。

For a discussion of 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, 2026, and our subsequent reports filed with the SEC. Forward-looking statements made on this call reflect reviews as of today, and we undertake no obligation to update them.

關於可能影響我們實際結果之重大風險與不確定性的討論，請參閱我們截至 2026 年 1 月 31 日止年度的 Form 10-K 年報，以及其後向 SEC 提交的相關報告。本次電話會議中的前瞻性陳述僅反映截至今日的觀點，我們不承擔更新之義務。

I would like to highlight that this webcast is being accompanied by slides. We will post the slides and I'm happy to have our prepared remarks to our Investor Relations website immediately following the conclusion of this call. In addition, please note all comparisons are year-over-year unless otherwise indicated.

我想特別提醒，本次網路直播將搭配投影片。我們將在本次電話會議結束後，立即把投影片以及我們的事先準備講稿發布到投資人關係網站。另外，除非另有說明，所有比較均為年對年。

Now I'd like to turn the call over to Daniel.

現在我想把電話會議交給 Daniel。

Thank you, Allise, and thank you for joining us. We delivered another strong quarter with continued execution. ARR grew 12%. Non-GAAP operating margin expanded to 22%, and we delivered our fourth consecutive quarter of GAAP profitability. Over the past two years, we've been transforming UiPath for the next phase of our growth.

謝謝你，Allise，也感謝各位加入我們。我們在持續落實執行的同時，再度交出強勁的一季。ARR 成長 12%。非 GAAP 營業利益率擴大至 22%，且我們連續第四季實現 GAAP 獲利。過去兩年，我們一直在改造 UiPath，以迎接下一階段的成長。

We evolved our platform, our own business orchestration, agentic and software testing significantly improved our go-to-market execution and operating discipline and reaccelerated the pace of innovation within the company. We're a stronger company today and increasingly, customers are looking to UiPath, not just to automate individual tasks, but to orchestrate complex, long running and exception heavy business processes.

我們演進了平台能力；在自身的業務編排（orchestration）、代理式（agentic）能力與軟體測試方面也有顯著提升；同時大幅改善了我們的上市策略（go-to-market）執行與營運紀律，並重新加速公司內部的創新步伐。今天的我們更為強健，而且越來越多客戶尋求 UiPath，不僅是為了自動化單一任務，更是為了編排複雜、長週期且例外情況繁多的業務流程。

And being a critical partner in their AI transformation. We've talked a lot about how AI is changing software. The bigger question now is how enterprises turn AI into real business value. Customers aren't choosing between AI and deterministic automation. They are choosing the best way to achieve an outcome. AI is exceptional at reasoning, but it's probabilistic and can be expensive, but scale.

並成為其 AI 轉型中的關鍵合作夥伴。我們談了很多 AI 如何改變軟體。現在更大的問題是，企業如何把 AI 轉化為真正的商業價值。客戶並不是在 AI 與確定性自動化之間二選一。他們是在選擇達成結果的最佳方式。AI 在推理方面表現卓越，但它具有機率性，且在大規模使用時可能成本高昂。

Many enterprise processes don't need reasoning at every step. They need exactness, the same result every time, securely, reliably and the lowest possible cost. That's why we give customers the choice of deterministic or tokenless automation alongside AI, our approach is simple.

許多企業流程並不需要在每一步都進行推理。它們需要精確性——每次都得到相同結果——並且要安全、可靠，且成本盡可能低。因此，我們讓客戶可在 AI 之外，同時選擇確定性或無代幣（tokenless）自動化；我們的方法很簡單。

Use AI where intelligence creates value and deterministic automation were exactness matters that gives customers the benefits of AI without paying for AI reasoning at every step and ultimately better economics and better ROI at scale. And that's where UiPath is differentiated. We deliver business outcomes by orchestrating end-to-end processes across agents, robots, API systems and people using the right technology for each step to deliver the best combination of intelligence, reliability and cost.

在「智慧」能創造價值之處使用 AI；在「精確性」至關重要之處使用確定性自動化。這讓客戶能享有 AI 的效益，而不必在每一步都為 AI 推理付費，最終在大規模部署時帶來更佳的經濟性與更高的投資報酬率（ROI）。這正是 UiPath 的差異化所在。我們透過編排端到端流程來交付業務成果，跨越代理、機器人、API 系統與人員，並在每一步採用最合適的技術，以提供智慧、可靠性與成本的最佳組合。

We are also model agnostic, giving customers the freedom to use the AI models and technologies that are best for the work rather than locking them into a single ecosystem. As AI expands what enterprises can automate, we believe that combination of choice, orchestration and governance becomes even more valuable.

我們也採取模型不可知（model agnostic）的策略，讓客戶能自由選用最適合工作的 AI 模型與技術，而不是被鎖定在單一生態系中。隨著 AI 擴大企業可自動化的範圍，我們相信「選擇、編排與治理」的組合將變得更具價值。

So the opportunity now is to scale what we've built, expanding adoption across our customer base extending our reach into the business and continuing to translate our innovation into durable growth. And as we scale, strong execution and connectivity across the company becomes even more important. That's why Ashim will now focus exclusively on his role as Chief Operating Officer.

因此，當前的機會在於把我們已打造的能力規模化：在既有客戶群中擴大採用、將觸角延伸至更多業務場景，並持續把創新轉化為可持續的成長。而在規模化的過程中，強而有力的執行力與公司內部的連結協同變得更加重要。因此，Ashim 接下來將專注於其營運長職務。

Ashim has been one of my closest partners and one of the levers most responsible for the financial and operational discipline, we've built all work the past several years. As COO, he will focus exclusively on the day-to-day operations of the company, driving greater discipline and consistency across our go-to-market organization, strengthening execution across functions and leading key strategic priorities across the business.

Ashim 一直是我最親密的合作夥伴之一，也是我們過去幾年建立財務與營運紀律最關鍵的推動力量之一。作為營運長，他將專注於公司日常營運，在我們的上市策略（go-to-market）組織中推動更高的紀律與一致性，強化跨職能的執行力，並領導業務中的關鍵策略優先事項。

With Ashim focusing fully on the operations of the company, we are making a planned leadership transition in finance with Hitesh Ramani, succeeding him as Chief Financial Officer. This is a logical next step and reflects the strength and depth of the leadership team with Bill.

在 Ashim 全力聚焦公司營運之際，我們也在財務領域進行一項既定的領導交接：由 Hitesh Ramani 接任財務長。這是合乎邏輯的下一步，也反映了我們與 Bill 所建立之領導團隊的實力與深度。

Hitesh has joined us in 2021 as Chief Accounting Officer, and has served as Deputy CFO for the past two years working closely alongside Ashim across the finance organization. He has been a critical partner through every major milestone, including our IPO and has helped build the financial rigor and discipline we have today.

Hitesh 於 2021 年加入我們，擔任首席會計官（Chief Accounting Officer），並在過去兩年擔任副財務長（Deputy CFO），與 Ashim 在整個財務組織中密切合作。他在每一個重大里程碑中都是關鍵夥伴，包括我們的 IPO，並協助建立我們今日所具備的財務嚴謹度與紀律。

Given Hitesh's existing responsibilities and deep knowledge of the business, we expect a very smooth transition and significant continuity across the finance organization. And with Ashim remaining as COO, he and Hitesh will continue to work closely together in their respective roles.

鑑於 Hitesh 既有的職責與對業務的深刻理解，我們預期交接將非常順利，並能在財務組織中維持高度延續性。同時，Ashim 仍將擔任營運長，他與 Hitesh 也會在各自職務上持續緊密合作。

Together, these changes give us greater focus across operations and finance with two proven leaders in critical roles as we scale. I'm excited to continue working closely with Ashim and Hitesh and I am confident in the leadership team we have in place and our ability to execute against the opportunity ahead. Now turning to our quarterly results.

這些調整讓我們在規模化成長之際，能在營運與財務兩大面向更聚焦，並由兩位經驗證的領導者擔任關鍵職務。我很期待持續與 Ashim 與 Hitesh 緊密合作；我對現有的領導團隊以及我們把握未來機會並落實執行的能力充滿信心。接下來談談本季業績。

We delivered a strong second quarter, once again beating guidance across the top and bottom line. The ARR reached $1.938 billion, up 12% year-over-year, driven by $37 million of net new ARR and revenue of $410 million up 13% year-over-year. We grew second quarter non-GAAP operating income to $89 million, a 22% margin and up over 400 basis points year-over-year, driven by improved operational efficiency and disciplined execution across the business.

我們交出強勁的第二季表現，再次在營收與獲利兩端都超越指引。ARR 達到 19.38 億美元，年增 12%，主要由 3,700 萬美元的 ARR 淨新增所帶動；營收為 4.10 億美元，年增 13%。我們第二季非 GAAP 營業利益成長至 8,900 萬美元，營業利益率 22%，年對年提升超過 400 個基點，主要受惠於營運效率提升以及全公司範圍內的紀律化執行。

Behind these results, we are seeing the strategy I just described play out with customers. 18 of our top 20 deals this quarter included AI demonstrating how increasingly central AI has become to our largest customer engagement. Customers are expanding from individual automation use cases into broader end-to-end processes, adopting more of the UiPath platform and in a number of cases, consolidating automation and AI -- on to UiPath and we have seen this result in larger expansions where AI is attached to the deal.

在這些成果背後，我們看到我剛才描述的策略正在客戶端落地。本季我們前 20 大交易中有 18 筆包含 AI，顯示 AI 已日益成為我們最大型客戶互動的核心。客戶正從單一的自動化使用情境擴展到更廣泛的端到端流程，採用更多 UiPath 平台；在不少案例中，客戶也將自動化與 AI 整合並集中到 UiPath 上，我們也看到這帶來更大規模的擴張，且 AI 會附加在交易中。

A global insurance provider is a strong example in a seven-figure expansion, they are modernizing beneficiary claims expanding their use of IXP Maestro agents and robots. With UiPath forward deployed engineers supporting implementation, Maestro connects document intake, beneficiary analysis, orchestration, exceptions and human in the loop or in one govern and one process.

一家全球保險業者就是一個強而有力的例子：在一筆七位數的擴張案中，他們正透過擴大使用 IXP Maestro 代理與機器人來現代化受益人理賠。在 UiPath 前線部署工程師支援導入的情況下，Maestro 將文件收件、受益人分析、編排、例外處理，以及 human in the loop（人機協作）串接於同一套治理與同一個流程中。

And because UiPath was already embedded in their ecosystem they could move quickly on this use case and build on the same foundation as they modernize additional processes across the organization. In the public sector, the Department of War expanded this partnership with UiPath to support its clear audit initiative across the military services.

而且由於 UiPath 早已嵌入其生態系，他們能在此使用情境上快速推進，並在同一基礎上持續擴展，隨著組織內更多流程的現代化而加速落地。在公部門方面，戰爭部（Department of War）擴大與 UiPath 的合作夥伴關係，以支援其在各軍種推動的 clear audit（清晰稽核）倡議。

Building on deterministic foundation, the department is adding autopilot, our IDP solutions and test automation to automate critical audit and reconciliation world. We're also seeing governance and reliability become real competitive differentiators. A leading financial institution chose UiPath over other orchestration providers as its single platform for end-to-end processes.

在既有的確定性（deterministic）基礎之上，該部門正加入 autopilot、我們的 IDP 解決方案與測試自動化，以自動化關鍵的稽核與對帳工作。我們也看到治理與可靠性正成為真正的競爭差異化因素。一家領先的金融機構選擇 UiPath 而非其他編排供應商，作為其端到端流程的單一平台。

Maestro was the only solution able to orchestrate across the homegrown applications while meeting the governance and compliance requirements at scale, it's already in production on a critical revenue channel process combining deterministic automation with human in the loop safeguard. And this aren't isolated examples across both new logos and expansions, we are seeing customers standardized on UiPath and consolidate point solutions onto our platform.

Maestro 是唯一能在自研應用之間進行編排、同時又能在規模化下滿足治理與合規要求的解決方案；它已在一個關鍵營收通路流程中上線，將確定性自動化與 human in the loop 的防護機制結合。而且這些並非孤立案例：無論是新客戶（new logos）或擴張案，我們都看到客戶正以 UiPath 作為標準，並將點狀解決方案整併到我們的平台上。

A leading US regional bank is consolidating its entire automation program onto UiPath using test cloud for conversion testing and agentic processes across broaden compliance to help manage risk to a significant module. And one of Canada's largest financial services companies. Working with actioning partners to migrate its entire automation footprint to UiPath and tends to use cutting agents to power that migration with the goal of lowering maintenance costs and accelerating time to value.

一家美國領先的區域銀行正把其整個自動化計畫整併到 UiPath 上，使用 Test Cloud 進行轉換測試，並在更廣泛的合規領域導入 agentic 流程，以協助管理重大模組的風險。此外，加拿大最大的金融服務公司之一，正與行動型合作夥伴（actioning partners）合作，將其整體自動化版圖遷移至 UiPath，並傾向使用 cutting agents 來推動遷移，目標是降低維護成本並加速價值實現（time to value）。

And on the expansion side, Fortune 200 financial services -- it's moving all their automation needs on UiPath in a multimillion dollar CIO-driven initiative, while expanding their use of test cloud to test the investment management software they deploy to customers. The common thread across these wins is consolidation. As customers think about automation and AI together, we're increasingly seeing them look for one platform that can build orchestrate test and govern the entire process.

在擴張方面，一家《財富》200 大金融服務公司正透過一項由 CIO 主導、金額達數百萬美元的計畫，將其所有自動化需求移轉到 UiPath，同時擴大使用 Test Cloud 來測試其提供給客戶的投資管理軟體。這些勝利案例的共同主軸是「整併」。當客戶把自動化與 AI 一起思考時，我們越來越常看到他們尋求一個平台，能夠建置、編排、測試並治理整個流程。

I am excited about the results we are seeing from coding agents ointments and implementation. Our initial results from our forward deployed engineers as coding agents reduce effort by nearly 60%. As we build on this, it has transformational impacts on our customers' time to value and overall PCO. We are seeing the same potential with customers like a leading US energy company.

我對我們在 coding agents ointments 與導入方面看到的成果感到振奮。我們前線部署工程師的初步結果顯示，coding agents 可將投入工時降低近 60%。隨著我們在此基礎上持續深化，這將對客戶的價值實現時間與整體 PCO 產生變革性影響。我們也在一家美國領先的能源公司等客戶身上看到同樣的潛力。

They are using cursor with UiPath across the entire automation life cycle from architecture and development from testing or review and production deployment. The coding agent directly creates UiPath workflows where our platform keeps the development process guard and standardize. So this isn't just about AI writing code faster, it's about making the entire automation life cycle fast.

他們在整個自動化生命週期中搭配 UiPath 使用 Cursor，涵蓋架構與開發、測試或審查，以及正式環境部署。coding agent 會直接建立 UiPath 工作流程，而我們的平台則讓開發流程保持受控並標準化。因此，這不只是讓 AI 更快寫程式碼，而是讓整個自動化生命週期都更快速。

And that's an important part of why we believe expands the automation market. It doesn't just create new use cases. It lowers the cost and effort required to build that. Moreover, to speed up the implementation even further, we announced a new developer friendly workflow automation tool in public preview. It lets developers use coding agents, they already worked with like RhodeCode, Codex, Cursor and GitHub copilot to both orchestrate business processes and automate manual tasks via API and agents.

這也是我們相信自動化市場會擴大的重要原因之一。它不僅會創造新的使用情境。也會降低建置所需的成本與投入。此外，為了進一步加速導入，我們宣布推出一款對開發者更友善的工作流程自動化工具，並以公開預覽（public preview）形式提供。它讓開發者可使用他們已在使用的 coding agents（如 RhodeCode、Codex、Cursor 與 GitHub Copilot），同時透過 API 與 agents 來編排業務流程並自動化手動任務。

Combining the speed of AI native development with the governance enterprises need. Our horizontal platform remains a -- giving customers one platform to automate the orchestra processes across functions, systems and technologies. And increasingly, we are pairing that horizontal strength with vertical and outcome-oriented solutions that bring us directly to line of business buyers around specific business outcomes while creating a natural entry point for broader platform adoption.

將 AI 原生開發的速度與企業所需的治理能力結合。我們的水平式平台仍然是——為客戶提供單一平台，以跨職能、系統與技術自動化並編排流程。而且我們也日益把這種水平優勢，與垂直化、以成果為導向的解決方案結合，讓我們能針對特定業務成果直接觸及業務部門買方，同時為更廣泛的平台採用創造自然的切入點。

This quarter, we saw strong traction with customers, including a Fortune ROBO500 manufacturer where we are modernizing the accounts payable operations with our office of the CFO invoice solution, automating roughly 700,000 invoices annually. What won them over is exactly what our approach is built to deliver. 96% document processing accuracy in the proof of concept.

本季我們在客戶端看到強勁動能，其中包括一家《財富》ROBO500 製造商；我們正透過 CFO 辦公室的發票解決方案，協助其現代化應付帳款作業，每年自動化約 70 萬張發票。打動他們的，正是我們的方法所要交付的成果：在概念驗證（POC）中達到 96% 的文件處理準確率。

Automated supplier communications reached operational dashboard and expected 50% reduction in both invoice handling type and support. And in Healthcare, a leading US health system chose our denial resolution solution to automate medical claim denials with their revenue cycle management process. The solution will help automate appeal creation and submission across inpatient and outpatient operations allowing them to pursue millions of dollars in claims that previously fell below the threshold for manual review and potentially recover meaningful additional revenue.

供應商溝通自動化、營運儀表板上線，並預期在發票處理時間與支援方面均可降低 50%。在醫療保健領域，一家美國領先的醫療體系選擇我們的拒付解決方案（denial resolution solution），在其營收循環管理流程中自動化醫療理賠拒付處理。該解決方案將協助在住院與門診作業中自動化申訴（appeal）文件的建立與提交，使其能追討過去因低於人工審查門檻而未處理的數百萬美元理賠，並有機會回收可觀的額外營收。

What -- extends that approach cutter into financial services, the integration is progressing in language plan and we are encouraged by the customer response and the pipeline that is building. It's purpose-built agents for financial crimes and compliance give customers a more complete outcome-orientated offering out of the box. Testing is another area where we continue to expand our reach, particularly through our partner ecosystem.

至於——將這種方法延伸到金融服務領域，整合正按計畫推進，我們對客戶回饋與正在形成的管線感到鼓舞。針對金融犯罪與合規而打造的 purpose-built agents，讓客戶可立即獲得更完整、以成果為導向的即用型方案。測試也是我們持續擴大觸及的另一個領域，特別是透過我們的合作夥伴生態系。

We recently expanded our partnership with Cognizant which will embed UiPath Test Cloud into its testing as a service and many services offering, helping customers move from manual script-based testing towards agentic testing. Cognizant will also help scale test cloud onboarding and adoption through its global delivery model.

我們近期擴大與 Cognizant 的合作夥伴關係，將把 UiPath Test Cloud 內嵌到其 Testing as a Service 與多項服務方案中，協助客戶從手動、以腳本為主的測試，轉向 agentic 測試。Cognizant 也將透過其全球交付模式，協助擴大 Test Cloud 的導入與採用。

Before I close, I'm also pleased to welcome Yaz -- to our Board of Directors. Yaz brings deep technology, operations and enterprise transformation experience from Kaiser Permanente, Walmart and Proctor & Gamble, and I'm excited for the perspective he'll bring with you it. And finally, we are looking forward to seeing many of you in Las Vegas next month.

在結束之前，我也很高興歡迎 Yaz——加入我們的董事會。Yaz 具備深厚的科技、營運與企業轉型經驗，曾任職於 Kaiser Permanente、Walmart 與 Proctor & Gamble，我也期待他將帶來的觀點與——。最後，我們也期待下個月在拉斯維加斯與各位中的許多人見面。

We'll kick off with our Investor Day on September 22 where we'll share more on our long-term strategy and product road map, followed by Fusion, our annual user conference from September 23 to 25. We have a lot to share, and I hope to see many of you there.

我們將於 9 月 22 日以投資人日（Investor Day）揭開序幕，屆時將分享更多我們的長期策略與產品路線圖；接著是 9 月 23 日至 25 日舉行的 Fusion——我們的年度用戶大會。我們有很多內容要分享，希望能在現場見到各位中的許多人。

Please switch out to our Investor Relations team for more information on our Investor Day. With that, I'll turn the call over to Ashim.

如需更多投資人日資訊，請轉接至我們的投資人關係團隊。接下來，我把電話會議交給 Ashim。

Thank you, Daniel, and good afternoon, everyone. I'm incredibly proud of what our finance team has accomplished, and I also want to congratulate Hitesh, who has been an incredible partner and leader in our organization. duction worked side by side for many years. And there is no one better prepared to lead our finance organization. As I fully focused on my role as Chief Operating Officer, I'm excited to work closely across the company to drive consistent execution and help scale the business.

謝謝你，Daniel，各位下午好。我為我們財務團隊所完成的成果感到無比自豪，也想恭喜 Hitesh——他一直是我們組織中卓越的夥伴與領導者。duction 多年來一直並肩合作。而且沒有任何人比他更準備好領導我們的財務組織。當我將重心完全放在營運長（Chief Operating Officer）的角色上時，我很期待能在全公司範圍內緊密合作，推動一致的執行力並協助擴大業務規模。

A big part of that is continuing to strengthen our go-to-market execution. We're spending a lot of time with our sales leaders and account segmentation, making sure we have the right resources and strategy against the right opportunities while working across the leadership team to bring greater connectivity to how we take the breadth of our platform to market.

其中很大一部分在於持續強化我們的上市（go-to-market）執行力。我們花了大量時間與銷售主管討論並進行客戶分群，確保在正確的機會上配置正確的資源與策略，同時與領導團隊協作，提升我們將平台廣度推向市場時的整體連結性。

The same focus extends to how we drive adoption and utilization across our customer base and how we work with our partners. These have been important priorities for us, and we're continuing to strengthen the connection across our field, partners and customers to drive expansion and make it easier for customers to adopt more of the platform.

同樣的重點也延伸到我們如何在客戶基礎中推動採用與使用率，以及我們如何與合作夥伴合作。這些一直是我們的重要優先事項；我們也持續強化我們的前線團隊、合作夥伴與客戶之間的連結，以推動擴張，並讓客戶更容易採用更多的平台功能。

We have a strong leadership team. tremendous innovation across the platform and a significant market opportunity ahead of us. I'm excited about what we can accomplish together. In a few minutes, Hitesh will take you through our guidance for the third quarter and the remainder of the year, but first, I'll walk through our results for the second quarter.

我們擁有強大的領導團隊、平台上的大量創新，以及眼前龐大的市場機會。我對我們能夠共同達成的成果感到振奮。幾分鐘後，Hitesh 會帶各位了解我們對第三季及今年剩餘期間的指引；但在此之前，我先說明第二季的業績表現。

Turning to the quarter. 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, fluctuation in FX rates impacts results. As we go forward, we will provide the impact of FX for both the incremental impact since our prior guidance and the year-over-year impact. Second quarter revenue grew to $410 million, an increase of 13%.

回到本季。除非另有說明，我將以非 GAAP 基礎討論業績，且所有成長率皆為年對年。我也想提醒，由於我們以當地貨幣定價與銷售，外匯匯率波動會影響業績。未來我們將同時提供外匯影響：包括相較於先前指引的增量影響，以及年對年的影響。第二季營收成長至 4.10 億美元，年增 13%。

Normalizing for the year-over-year FX headwind of approximately $8 million, revenue grew 16%. This included an incremental $1 million FX headwind since the time of guidance and our first quarter earnings call. The year-over-year FX headwind was driven by the Japanese yen, the Romanian leu as an Indian rupee. ARR totaled $1.93 billion, an increase of 12%.

若將年對年約 800 萬美元的外匯逆風影響予以標準化，營收成長為 16%。其中包含自發布指引及第一季財報電話會議以來，額外 100 萬美元的外匯逆風。年對年的外匯逆風主要來自日圓、羅馬尼亞列伊以及印度盧比。ARR 合計為 19.3 億美元，年增 12%。

And this included a $1 million year-over-year FX tailwind and no incremental impact since we guided our first quarter earnings call. Net new ARR was $37 million, up from $31 million in the prior year quarter. The year-over-year FX tailwind was driven by the euro. We ended the quarter with approximately $1.3 billion in cloud ARR, which includes both hybrid and SaaS and an increase of more than 19%.

其中包含年對年 100 萬美元的外匯順風，且自我們在第一季財報電話會議提供指引以來沒有額外增量影響。淨新增 ARR 為 3,700 萬美元，高於去年同期的 3,100 萬美元。年對年的外匯順風主要由歐元帶動。本季末雲端 ARR 約為 13 億美元，包含混合雲與 SaaS，年增超過 19%。

We ended the quarter with approximately 10,350 customers with attrition continuing to be concentrated among our smallest customers, while customers with more than $30,000 in ARR increased 6% year-over-year. This quarter, we signed one of our largest new logos in company history, a top Canadian bank looking for a platform that could support their evolution to agentic workflows.

本季末我們約有 10,350 位客戶；流失仍主要集中在我們最小型的客戶，而 ARR 超過 3 萬美元的客戶數年增 6%。本季我們簽下公司史上最大的新客戶之一：一家加拿大頂尖銀行，正在尋找可支援其演進至代理式（agentic）工作流程的平台。

We demonstrated that with an agentic proof of concept for their third-party demands process, bringing together agents, robots, people and systems, all orchestrated by Maestro with the governance and compliance required at scale. This win reflects our customer strategy of adding new enterprise customers with significant expansion potential. And this quarter, we also added logos, including Flex Steel, Azul and Purdue Federal Credit Union.

我們針對其第三方需求流程提供代理式概念驗證（POC），整合代理、機器人、人員與系統，並由 Maestro 進行協同編排，同時具備大規模所需的治理與合規。此一勝利反映了我們的客戶策略：新增具備顯著擴張潛力的企業級客戶。本季我們也新增了多個新客戶標誌（logos），包括 Flex Steel、Azul 以及 Purdue Federal Credit Union。

Our strategy is increasingly focused on winning and expanding within the world's largest enterprises. And we're seeing that strategy work. Customers with $100,000 or more in ARR increased 10% to 2,666 while customers with $1 million or more in ARR, increased 21% to 387. Our retention metrics also remained strong. Our dollar-based gross retention remained best-in-class at 97%, and our dollar-based net retention rate was 109%, a two-point increase year-to-date, demonstrating stabilization across the business. Adjusting for FX, dollar-based net retention rate was 108%.

我們的策略愈來愈聚焦於在全球最大型企業中取勝並擴張。我們也看到這項策略正在奏效。ARR 達 10 萬美元以上的客戶數年增 10% 至 2,666 家；ARR 達 100 萬美元以上的客戶數年增 21% 至 387 家。我們的留存指標也維持強勁。以美元計價的總留存率（gross retention）維持同業最佳的 97%；以美元計價的淨留存率（net retention rate）為 109%，年初至今提升 2 個百分點，顯示整體業務趨於穩定。若調整外匯影響，以美元計價的淨留存率為 108%。

Turning back to the quarter. Remaining performance obligations increased to $1.378 billion, up 14% normalizing for the FX headwind, which was approximately $19 million, RPO grew 16%. Current RPO increased to $901 million, up 14%. Turning to expenses. We delivered second quarter overall gross margin of 82% and software gross margin was 90%.

再回到本季。剩餘履約義務（RPO）增至 13.78 億美元；若將約 1,900 萬美元的外匯逆風影響予以標準化，RPO 年增 16%。當期 RPO 增至 9.01 億美元，年增 14%。接著看費用。我們第二季整體毛利率為 82%，軟體毛利率為 90%。

Second quarter operating expenses were $247 million. GAAP operating income was $32 million, our fourth consecutive quarter of GAAP profitability, up from the prior year GAAP operating loss of $20 million. GAAP operating income included $45 million of stock-based compensation expense compared to $78 million in the prior year, a decrease of 42%.

第二季營業費用為 2.47 億美元。GAAP營業利益為 3,200 萬美元，為我們連續第四季達成 GAAP 獲利，較去年同期 GAAP 營業損失 2,000 萬美元改善。GAAP 營業利益包含 4,500 萬美元的股份基礎給付費用，去年同期為 7,800 萬美元，下降 42%。

As a percentage of revenue, stock-based compensation was 11%, down over 1,000 basis points from the prior year. Second quarter non-GAAP operating income was $89 million, representing a 22% margin, up over 400 basis points year-over-year and driven by our continued focus on operational efficiency.

以營收百分比計，股份基礎給付為 11%，較去年同期下降超過 1,000 個基點。第二季非 GAAP 營業利益為 8,900 萬美元，營業利益率為 22%，年對年提升超過 400 個基點，主要受惠於我們持續聚焦營運效率。

Second quarter non-GAAP adjusted free cash flow was $31 million compared to $45 million in the prior year quarter, driven primarily by the timing of tax-related basis. We ended the quarter with a healthy balance sheet of $1.4 billion in cash, cash equivalents and marketable securities and no debt. During the second quarter, we repurchased 2.4 million shares at an average price of $9.63.

第二季非 GAAP 調整後自由現金流為 3,100 萬美元，較去年同期的 4,500 萬美元下降，主要是受稅務相關項目的時點影響。本季末我們資產負債表維持健康，現金、約當現金與有價證券合計 14 億美元，且無負債。第二季期間，我們以平均每股 9.63 美元回購 240 萬股。

And now I would like to hand it over to Hitesh to go through guidance.

接下來我想把時間交給 Hitesh，請他說明指引。

Thank you, Ashim, for your partnership and mentorship over the years. I'm excited to step into this role and to build on the strong foundation we have put in place. Turning to guidance. Our philosophy here is unchanged. We guide to what we see in front of us, and we maintain a prudent outlook. And we are pleased with the team's execution in what continues to be a variable macroeconomic environment.

謝謝你，Ashim，多年來的合作與指導。我很期待接下這個職務，並在我們已建立的堅實基礎上持續發展。接著談指引。我們在這裡的理念不變。我們依據眼前所見進行指引，並維持審慎的展望。在宏觀經濟環境仍具變動性的情況下，我們對團隊的執行表現感到滿意。

Before I walk through the specifics of guidance, beginning this quarter, we will provide the impact of FX for both the incremental impact since our prior guidance and the year-over-year impact. As Ashim mentioned earlier, our results reflects movements across several currencies, including the Europe Indian rupee and Romanian year.

在我說明指引細節之前，從本季開始，我們將同時提供外匯影響：包括相較於先前指引的增量影響，以及年對年的影響。如 Ashim 先前提到，我們的業績反映了多種貨幣的變動，包括歐洲、印度盧比以及羅馬尼亞列伊。

Turning to guidance. For the third fiscal quarter 2027, we expect revenue in the range of $440 million to $445 million, this includes no incremental FX impact since the time of our last guidance and a $10 million year-over-year FX headwind. ARR in the range of $1.992 billion to $1.997 billion. This includes a $1 million incremental FX headwind since the time of our last guide and a $4 million year-over-year FX headwind.

接著談指引。針對 2027 會計年度第三季，我們預期營收介於 4.40 億至 4.45 億美元；其中包含自上次提供指引以來沒有額外的外匯增量影響，以及年對年 1,000 萬美元的外匯逆風。ARR 預期介於 19.92 億至 19.97 億美元。其中包含自上次指引以來 100 萬美元的外匯增量逆風，以及年對年 400 萬美元的外匯逆風。

Non-GAAP operating income of approximately $100 million and we expect third quarter basic share count to be approximately 523 million shares. For the fiscal full year 2027, we expect revenue in the range of $1.789 billion to $1.794 billion. This includes a $1 million incremental FX headwind since the time of our last guide and $20 million year-over-year FX headwind inclusive of $2 million headwind that was realized in the first half of the year and an expected headwind of $18 million in the second half of the year.

非 GAAP 營業利益約為 1 億美元，我們預期第三季基本股數約為 5.23 億股。就 2027 財政年度全年而言，我們預期營收介於 17.89 億美元至 17.94 億美元之間。其中包含自我們上次指引以來新增的 100 萬美元外匯（FX）逆風，以及年對年 2,000 萬美元的外匯逆風（包含上半年已實現的 200 萬美元逆風，以及下半年預期的 1,800 萬美元逆風）。

ARR in the range of $2.065 billion to $2.070 billion. This includes a $1 million incremental FX headwind since the time of our last guide and a $5 million year-over-year FX tailwind inclusive of $10 million tailwind realized in the first half, partially offset by expected headwinds in the second half of the year. Non-GAAP operating income of approximately $445 million.

ARR 介於 20.65 億美元至 20.70 億美元之間。其中包含自我們上次指引以來新增的 100 萬美元外匯（FX）逆風，以及年對年 500 萬美元外匯順風（包含上半年已實現的 1,000 萬美元順風，部分被下半年預期的逆風所抵銷）。非 GAAP 營業利益約為 4.45 億美元。

And finally, we continue to expect the full year 2027 non-GAAP adjusted free cash flow of approximately $425 million and a non-GAAP gross margin of approximately 84%. Thank you for joining us today, and we look forward to speaking with many of you during the quarter.

最後，我們仍預期 2027 全年非 GAAP 調整後自由現金流約為 4.25 億美元，非 GAAP 毛利率約為 84%。感謝各位今天參與，我們期待在本季期間與各位中的許多人交流。

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

接下來，我將把電話會議交給接線員。接線員，請準備進入提問環節。

(Operator Instructions)

(接線員指示)

Michael Turrin, Wells Fargo.

Michael Turrin，Wells Fargo。

This is Phil on for Michael. I have a quick question on the FTEs. It sounds like with coating agents reducing the FD implementations quite significantly, how much more do pending capacity are you guys getting per FD? And does that change any of your hiring plans as customer demand scales?

我是 Phil，代替 Michael 發言。我有一個關於 FTE（全職員工）的快速問題。聽起來隨著 coding agents 大幅降低 FD 的導入工作量，你們每個 FD 能獲得多少額外的待處理產能（pending capacity）？當客戶需求擴大時，這是否會改變你們的招募計畫？

Yes, we are in kind of prove stake at this point to understand how much incremental value we get from coding agents in conjunction with FTEs. Our initial results are very encouraging. And if -- I believe that we are seeing a positive trajectory.

是的，我們目前正處於概念驗證階段，以了解 coding agents 與 FTE 搭配時能帶來多少增量價值。我們的初步結果非常令人鼓舞。而且如果——我相信我們正看到正向的發展趨勢。

And I think this is not so much about how many FTEs we plan to hire. But it's about how much our customers can accelerate their time to them. And this is an equally important technology for our partners as well as many of our customers to use the implementation services provided by our partners. We will keep you up to date. This is a very important focus for us going forward. And a big focus of the entire P&O organization is to is to keep improving the performance of coding agents on our platform.

我認為這與我們計畫招募多少 FTE 並沒有那麼直接相關。更重要的是，我們的客戶能在多大程度上加速他們的上線時間。這項技術對我們的合作夥伴同樣重要，也對許多使用由合作夥伴提供之導入服務的客戶同樣重要。我們會持續向各位更新。這將是我們未來非常重要的重點。而整個 P&O 組織的一大重點，就是持續提升我們平台上 coding agents 的效能。

Bryan Bergin, TD Cowen.

Bryan Bergin，TD Cowen。

And Hitesh, congrats to you on the CFO role. I wanted to just get a sense if you can give us an update on your approach and monetization here on agentic and AI solution. How was that conversation evolving with clients. Can you also comment on how model tokenomics are influencing kind of the contracting appetite for the broader deals with agentic and deterministic.

Hitesh，恭喜你擔任 CFO 一職。我想請你更新一下你們在 agentic 與 AI 解決方案上的策略與變現方式。與客戶的對話是如何演進的？也請你評論一下，模型 tokenomics（代幣經濟/成本結構）如何影響客戶對更大型、涵蓋 agentic 與 deterministic（確定性）方案之合約的意願。

Yes. We continue to see an increased appetite from our customers to get the platform that combines I would say, intelligence with exactness. And our platform is best in the world and process orchestration in task automation, in document processing.

是的。我們持續看到客戶對於取得一個能結合「智慧」與「精準性」的平台之需求正在提升。而我們的平台在流程編排、任務自動化與文件處理方面是全球最佳。

And we are quite agnostic and supporting the best agentic frameworks in the world like long-chain and cloud agents SDK and Codex partners and some others and we are model agnostic. And this combination, it's extremely appealing to our customers. We provide basically the rails for running the business, why they can choose the flavor of intelligence that they have to deliver.

我們相當中立，並支援全球最好的 agentic 框架，例如 long-chain、cloud agents SDK、Codex partners 以及其他一些；同時我們也採取模型中立（model agnostic）。這樣的組合對客戶極具吸引力。我們基本上提供的是企業營運的「軌道」（rails），而客戶可以選擇他們要用哪一種智慧能力來交付成果。

Okay. And my follow-up, just maybe can you speak to the improvement of net new ARR in 2Q. Obviously, trying just distill how much is coming from AI-related products? Any way you can help break that down between contribution from penetration of new agentic AI offering deployments into your existing clients versus perhaps landing kind of newer clients with the full suite here. It's certainly encouraging to hear the stat on the top 20 largest deals you gave us, but then sticking with net new ARR, just any caveats as we look to the implied second half that you've guided to?

好的。我的追問是，能否談談第二季淨新增 ARR 的改善。我們想釐清其中有多少來自 AI 相關產品？你們是否能協助拆解一下：AI agentic 新產品在既有客戶中的滲透與部署所帶來的貢獻，與可能以完整套件切入新客戶所帶來的貢獻之間的差異？你們提供的前 20 大交易中有 18 筆包含 AI 的數據確實令人鼓舞；但回到淨新增 ARR，對於你們所指引的下半年隱含表現，我們在解讀上是否需要注意任何但書？

Yes. I'll turn it over to Hitesh for to answer on guidance. Look, we're right now reporting a product like periodically as we talk about, Bryan, but the stats you talk about, they're encouraging. And I think there is more encouragement when we listen to our customer calls and our sales team. The executive touch points that we're having. The reality is they are making the deals have a higher ROI, which leads to larger deal values. And what is also encouraging is we're really attacking larger, more complex problems.

是的。我先把指引相關的問題交給 Hitesh 回答。Bryan，你提到的那些統計數據確實令人鼓舞；我們目前也如同先前所說，會定期以產品角度來揭露。而當我們聽取客戶通話與銷售團隊的回饋時，會更覺得受到鼓舞。我們正在進行的高層互動（executive touch points）。現實是，這些能力讓交易具備更高的 ROI，進而帶來更大的交易金額。同樣令人鼓舞的是，我們正著力解決更大型、更複雜的問題。

And I think as the world kind of continues to change, that increases our stickiness. And so it really has a twofold area, giving us more upfront but making us more strategic within the customer. And we're really pleased with the progress just across the platform and our ability to deliver that. Hitesh, if you want to talk about guidance part?

而且我認為，隨著世界持續變化，這會提升我們的黏著度。因此它其實有兩個面向：一方面讓我們在前期獲得更多，另一方面也讓我們在客戶內部變得更具策略性。我們對整個平台的進展，以及我們交付這些能力的表現，都感到非常滿意。Hitesh，你要不要談一下指引的部分？

Yes, sure, Ashim. I mean as I mentioned, our philosophy as it relates to guidance has remain unchanged. We guide to what we see in front of us. Also, we take a prudent approach. With regards to platform, as Ashim mentioned, the platform positioning is resonating extremely well with our customers.

好的，當然，Ashim。如我提到的，我們在指引方面的理念並未改變。我們會就眼前所看到的情況提供指引。同時，我們也採取審慎的做法。就平台而言，如 Ashim 所說，平台定位在客戶間引起了非常強烈的共鳴。

Myself met with three of our customers this past week and every single conversation is resonating very well. As we also mentioned, 18 of our top deals -- 20 deals included AI this past quarter. We are making this equation into account as we think about our guidance for not only Q3 but also for Q4.

我在過去一週親自與三位客戶會面，每一場對話的反應都非常正面。另外我們也提到，本季前 20 大交易中有 18 筆——也就是 20 筆交易中的 18 筆——包含 AI。在思考我們不僅是第三季、也包括第四季的指引時，我們會把這個因素納入考量。

Scott Berg, Needham & Company.

Scott Berg，Needham & Company。

Daniel, I wanted to start on go-to-market and some of the sales successes you seem to be having? You've talked a lot the last couple of quarters about improved execution there, but it seems to be meeting in the end market also seeing some improved demand, where do you think you are in that cycle? Are you back now on sales execution kind of level that you want to be kind of 100%? Or do you still feel like you have a little ways to go to hit your stride properly?

Daniel，我想先從 go-to-market（上市/市場進入策略）以及你們似乎正在取得的一些銷售成功談起。過去幾季你們談了很多執行力的改善，但看起來終端市場也出現了一些需求回升；你認為你們目前處於這個循環的哪個階段？你們現在的銷售執行是否已回到你們想要的水準、接近 100%？還是你仍覺得要真正進入最佳節奏，還有一段路要走？

I think it's -- I think we are working right now on the both ends of the spectrum. I think on the product side, we are making the most innovative steps that I think we ever made in our product. And we are ready to announce that our big fusion event basically our new doctor about how we are seeing the adoption of AI and orchestration and automation across of an enterprise.

我認為——我認為我們現在正在光譜的兩端同時推進。我認為在產品端，我們正在做出我認為我們在產品上有史以來最具創新的突破。而且我們已準備好宣布，我們的大型融合活動——基本上是我們關於如何看待 AI 的採用，以及在企業範圍內的協同編排與自動化的新論述。

And on the sales side, I think given the market dynamics, I think we have started to understand a bit more how our customers think about the adoption. I think in a way, among our existing customers, we are seeing reduced confusion, if I can say, about AI. And they understood, I think it's a better understanding on when it's best to use AI, when is best to use automation and how they coexist with each other, which I cannot say so much about customers and drugs more when we go after new logos, it might be a bit of a different conversation.

而在銷售端，我認為考量市場動態，我們已開始更進一步理解客戶如何看待採用。我認為某種程度上，在我們既有客戶之中，我們看到對 AI 的困惑減少了——如果我可以這麼說的話。而且他們理解了——我認為他們對於何時最適合使用 AI、何時最適合使用自動化，以及兩者如何共存，有了更好的理解；但當我們去爭取新的客戶標誌（new logos）時，我就不能說客戶也同樣如此——那可能會是有點不同的對話。

Overall, we are also seeing an increase appetite in the market for outcome-based deals, which it's an interesting area for us. I think at this point, it's just -- they have just cater and really across the globe, but it might become a much bigger trend. But we are watching closely to understand how we play on this both ends.

整體而言，我們也看到市場對以成果為基礎（outcome-based）的交易需求正在增加，這對我們來說是個很有意思的領域。我認為目前這還只是——它才剛開始在全球各地出現，但它可能會成為更大的趨勢。不過我們正密切觀察，以理解我們如何在這兩端參與其中。

Helpful there. And then Ashim as I look here net revenue retention metrics. They've been incredibly stable the last six quarters. But -- and maybe I'll cover this in your Analyst Day coming up. But how do we think about net revenue retention over the interim period or you have a lot more to sell.

這很有幫助。接著 Ashim，當我看你們的淨收入留存（net revenue retention）指標。過去六個季度它一直非常穩定。但是——也許你會在即將到來的分析師日（Analyst Day）談到這點。但我們該如何看待過渡期間的淨收入留存，或者你們其實還有更多可以賣？

It sounds like the demand environment is certainly improving a little bit for you all. My guess is customer expansion start to come back versus maybe what we've seen a couple of years ago. But could that number be over back above 110% for an extended period of time? Or is this high 100% range, 108% 109%, the right way to think about NRR for the near term.

聽起來你們的需求環境確實正在稍微改善。我猜客戶擴張會開始回來，相較於可能我們在幾年前看到的情況。但那個數字能否在一段較長時間內回到 110% 以上？或者就近端而言，維持在 100% 高段、108% 到 109% 這個區間，才是思考 NRR 的正確方式？

No, I mean, look, that's what we're billing for. And I think the progress we've made has actually been really phenomenal. We ended last year at 106%. So we are up 3 points already as we move to that goal. So I would say it's -- the trajectory is upward in a stable way, which I think is really good versus kind of up and down. And so we feel very good about it. To your point, we have more products that we are scaling into our customers, as Daniel mentioned.

不，我的意思是，你看，這就是我們正在努力達成的目標。而且我認為我們取得的進展其實非常驚人。我們去年年底是 106%。所以在朝那個目標前進的過程中，我們已經上升了 3 個百分點。所以我會說——這個軌跡是以穩定的方式向上，我認為這非常好，相較於那種上上下下。因此我們感覺非常好。如你所說，我們有更多產品正在擴大導入到客戶中，正如 Daniel 提到的。

As I mentioned, I think the sales execution continues to improve. And frankly, our focus on consumption is also very critical in that discussion and the standing. So we actually feel very good about that trajectory. We'll talk about it more. We obviously don't do long-term forecasting around these key metrics, but the trend is positive. And I would also note the movement upwards and stability is happening at higher and higher scales, which speaks to the expansion on a dollar basis expand so that's kind of the color that I would give here.

如我提到的，我認為銷售執行力持續改善。坦白說，我們對「使用量／消耗」（consumption）的聚焦，在那個討論與理解中也非常關鍵。所以我們其實對這個走勢感到非常樂觀。我們會再多談一些。我們當然不會針對這些關鍵指標做長期預測，但趨勢是正向的。我也要補充，這種向上移動與穩定性，是在越來越大的規模之下發生的，這反映出以美元計的擴張在增加——這就是我在這裡能提供的補充說明。

Sanjit Singh, Morgan Stanley.

Sanjit Singh，摩根士丹利。

Two-parter, maybe one for Ashim. As we look to the federal business, in Q3, just their fiscal year is coming up at the end of September. So just thoughts on the federal pipeline opportunity, how that's shaking up. And then a question for Daniel. I think you and I have been talking about sort of what sort of playbooks and use cases are resonating right now.

兩個問題，可能第一個給 Ashim。當我們看聯邦業務時，在第三季，他們的會計年度將在九月底結束。所以想請教對聯邦管線（pipeline）機會的看法，目前進展如何。然後第二個問題給 Daniel。我想你和我一直在談，現在到底哪些作戰手冊（playbooks）和使用案例（use cases）最能引起共鳴。

I think you've called out software testing as something that's particularly resonating. Has there any been other sort of use cases, whether it's sort of industry-specific cross industry-specific use cases that have started to resonate in Q2?

我記得你提到軟體測試是特別有共鳴的一個方向。那在第二季，是否還有其他使用案例——不論是產業特定或跨產業的使用案例——也開始引起共鳴？

Yes. So look, I think our enroll business is doing a really exceptional job. Joe Porrino is the leader there. I think him and the team has really impressed us and the entire team just with how close they are getting to the customers and the agency is partnering with incredible partners that are doing transformative work in the Department of War and many of the agencies well beyond it and applying and learn some of the areas that we have in our health care business to some of the health care processes within the government.

是的。所以你看，我認為我們的聯邦業務做得非常出色。那邊的負責人是 Joe Porrino。我認為他和團隊真的讓我們以及整個團隊都印象深刻，因為他們與客戶、與各機構的距離拉得非常近，並且與一些非常優秀的合作夥伴一起合作，在國防部以及許多其他機構推動具變革性的工作；同時也把我們在醫療保健業務中學到的一些領域，應用到政府內部的醫療保健流程上。

All of those things are shaping up very nice with the pipeline. And the work that we've done in terms of getting close to understanding and influencing kind of the environment there has been really phenomenal. So we're actually very pleased with the trajectory of the federal business.

所有這些都讓管線進展得非常好。而且我們在貼近理解並影響那邊環境方面所做的工作，確實非常出色。所以我們其實對聯邦業務的走勢非常滿意。

Yes. And on the use cases, we are very excited here about our use case sellings and our vertical solutions approaches. So besides this, we are seeing increased demand around the revenue cycle management. And of course, on financial clients where we see good pipeline creation. But also office of the CFO is a place where we are traditionally extremely strong. And also we launched recently our solution in financial services for loan originating.

是的。至於使用案例，我們對以使用案例為導向的銷售，以及垂直產業解決方案的方法感到非常興奮。因此除此之外，我們也看到在收入循環管理（revenue cycle management）方面的需求增加。當然，在金融客戶方面，我們也看到良好的管線建立。此外，CFO 辦公室（office of the CFO）一直是我們傳統上非常強勢的領域。而且我們最近也在金融服務業推出了貸款起案（loan originating）的解決方案。

So overall, this is becoming a big area of focus for us as we believe that the vertical selling, solution selling has the capability of pulling our entire plot for and we have -- traditionally, our business model was a lot on land and expand, and this really help us to continue that motion.

所以整體而言，這正成為我們的一個重點領域，因為我們相信垂直銷售、解決方案銷售有能力帶動我們整個平台——而我們——傳統上，我們的商業模式很大一部分是「先落地再擴張」（land and expand），而這確實有助於我們延續那個動能。

Jacob Zerbib, William Blair.

Jacob Zerbib，William Blair。

This is Jacob on for Pat McIlwee. You spoke a little bit about less confusion around AI in the market, which is great to see -- can you talk a little bit about how your sales team is adapting to this new environment and particularly as it relates to large new customer lands.

我是 Jacob，代 Pat McIlwee 提問。你提到市場對 AI 的困惑變少了，這很高興看到——你能否談談你們的銷售團隊如何適應這個新環境，特別是與大型新客戶的首次導入（lands）相關的部分？

I think we are doing a lot of education in the market of what is basically the same between where AI is best and where exact execution is best. And we are -- as I said in the previous answer, we're kind of changing our sales approach to be much more use-case-based selling. We have starting this trend in our US business a couple of years ago. we perfected it here, and we plan to roll it more across our entire GTM organization.

我認為我們在市場上做了很多教育，說明哪些情境最適合用 AI、哪些情境最適合用精準執行（exact execution），兩者本質上有何相同與不同。而且我們——如我在前一個回答中所說，我們正在把銷售方式改成更以使用案例為基礎的銷售。我們幾年前就在美國業務開始這個趨勢；我們在這裡把它打磨得更成熟，並計畫把它更廣泛地推展到我們整個 GTM（go-to-market）組織。

Raimo Lenschow, Barclays.

Raimo Lenschow，巴克萊。

Daniel, the one thing that came up is coming up here today, and that's probably why -- to share -- why we have to share after our market is that it looks like there's a new AI model coming out from one of the big frontier guys that apparently is like so much better in kind of doing jobs doing kind of low I don't want you to specifically answer that. But like in your conversations with clients and with customers, like how do you think about that?

Daniel，今天這裡提到的一件事——也可能是為什麼——要分享——為什麼我們在市場之後必須分享的是，看起來某個大型前沿（frontier）玩家要推出新的 AI 模型，據說在做工作、做那種低——我不想要你具體回應那個。但像是在你與客戶、與使用者的對話中，你如何看待這件事？

Obviously, AI is going to get better but you guys are more in the deterministic world. Like how do you think about the workflows you guys are doing versus kind of want to share or I should be doing? I know it's a bit of a fundamental question again, but it's just coming up again, and so it would be good to go through that again. And then I have one follow-up for Ashim.

顯然，AI 會變得更好，但你們更處在一個偏確定性的世界。那你怎麼看你們正在做的工作流程，相較於某種你們想分享的、或我應該做的？我知道這又是一個有點根本性的问题，但它又再次浮現，所以再走一遍會很有幫助。然後我還有一個給 Ashim 的追問。

Look, I had many discussions with our customers across the last few months. If you look at AI is getting more powerful with the day obviously. But there is an interesting limitation of AI, which I want to point to, which is the AI cannot learn on the job, like when you hire an employee, you expect that -- you don't give the manual. This is how our business around. No company is able to have this menu.

你看，我在過去幾個月和我們的客戶做了很多討論。很明顯，AI 每天都在變得更強大。但 AI 有一個有趣的限制我想指出來：AI 沒辦法在工作中學習；就像你雇用一名員工，你會期待他——你不會把操作手冊全都給他。這就是我們業務運作的方式。沒有任何公司能夠擁有這樣一份「菜單」。

And an employee learns by reading some documentation, but learning from other people, being a meeting, talking to customers. It's a continuous learning. So they get transformed by this experience. That's not true for AI. It's the same model you apply to all enterprises. In every question you ask AI, you basically have to provide the entire modus operandis of your enterprise.

員工會透過閱讀一些文件來學習，但也會向其他人學、參加會議、和客戶交談。這是一個持續學習的過程。因此他們會被這些經驗所改變。但 AI 並非如此。你把同一個模型套用到所有企業。你每次問 AI 一個問題，基本上都得提供你企業的整套運作方式（modus operandi）。

So that's -- if you think of this limitation, it's becoming clearly that enterprises will have to create what I call a map of work where you will have to describe in a very specific way, how the enterprise work. And you will have to also put as much effort as possible into building the framework that gives your rains in how the business operate. In my opinion, everything that can be done by automation and orchestration should be done by that because it's exact, it's reliable, it's tokenless, it costs less.

所以——如果你想到這個限制，就會越來越清楚：企業將必須建立我所稱的「工作地圖」，也就是你必須用非常具體的方式描述企業如何運作。同時你也必須盡可能投入心力去建立一個框架，讓你的「護欄」能界定業務如何運行。在我看來，凡是可以用自動化與編排（orchestration）完成的，都應該用它來做，因為它精確、可靠、不耗 token、成本更低。

And then AI is basically surrounding into this enterprise framework. You can -- in a way, you can look at our platform like an enterprise partners that can control and give AI all the information required to run an enterprise. But all the customers I talk to, they want this work flows to sit on their property, not on the models property.

然後 AI 基本上是在這個企業框架周圍運作。某種程度上，你可以把我們的平台看作是一個企業夥伴，它能夠控制並向 AI 提供運行企業所需的所有資訊。但我交談過的所有客戶都希望這些工作流程放在他們自己的資產上，而不是放在模型的資產上。

And all this manual that I'm taking is their property. It's not modern company's properties. So to me, that's the -- that's really the best combination into having the enterprise that provides orchestration automation and that is the harness around the model that would provide the best optionality for an enterprise.

而且我所說的這些手冊都是他們的資產。不是模型公司的資產。所以對我而言，最佳組合就是：由企業提供編排與自動化，並作為模型周邊的「約束/承載」機制，這將為企業帶來最佳的選擇彈性。

Okay. Okay. Perfect. Yes, it makes sense. And then Ashim, if I think about ARR and revenue or the subscription revenue that you're reporting, there is obviously -- there is a relationship last couple of years, revenue growth kind of run ahead of like what we're seeing on ARR growth. Like how do you think about that relationship and especially going forward as we think about going from here? And all the best.

好的。好的。完美。是的，這說得通。然後 Ashim，如果我看 ARR 和營收、或你們報告的訂閱營收，顯然——過去幾年兩者之間是有關係的，營收成長似乎跑在我們看到的 ARR 成長之前。你怎麼看這個關係，尤其是往前看、我們從現在開始怎麼走？祝一切順利。

Thanks, Raimo. And I'm still here, but I appreciate everything, and I'm super excited to partner with Hitesh and Daniel. Look, Raimo like from remember, like we had the 606 accounting phenomenon that is there. And so as we sell more of our total platform upfront, there is more -- it changes the mix of licenses and kind of the cloud-based software is particularly in some of the bundling of our platform.

謝謝你，Raimo。我還在線上，但我很感謝一切，也非常期待與 Hitesh 和 Daniel 合作。你看，Raimo，還記得我們有 ASC 606 會計準則帶來的現象。因此，當我們更多以前置方式銷售整體平台時——會改變授權的組合，而雲端軟體也特別會受到我們平台某些打包方式的影響。

We'll get into more of that at Investor Day, so to speak. There's still a minor SaaS headwind that hits there, but depending on the mix of the deals and where we're selling more platform, that can result in a mix shift between kind of the subscription service revenue and the license revenue. That's really what it is.

我們會在投資人日更深入談這些。那裡仍然有一點點 SaaS 的逆風，但取決於交易組合，以及我們在哪些情況下賣出更多平台，這可能會造成訂閱服務營收與授權營收之間的組合移轉。基本上就是這樣。

And so when you look at overall ARR, as we point to invent new ARR, we're actually pleased with the acceleration that now we're now seeing here, right? And as I emphasized that for everybody between 606 and beyond, last year, we're really kind of going down year-over-year. First half of this year, we were kind of like first quarter, we were pretty well stable. And you can see the results there for second quarter in terms of the acceleration and that really shows you what we feel is the better reflection of the business and its trajectory today.

所以當你看整體 ARR，正如我們提到的新 ARR，我們其實對目前看到的加速感到滿意，對吧？而且我也向大家強調，在 606 以及其後的影響下，去年我們基本上是年對年下滑。今年上半年，我們大致上——第一季相當穩定。而你可以從第二季的結果看到加速，這也真正反映了我們認為更能代表當前業務狀況及其發展軌跡的表現。

Terry Tillman, Truist Securities.

Terry Tillman，Truist Securities。

Yes. Can you all hear me okay?

是的。大家聽得到我嗎？

Yes, Terry.

是的，Terry。

Yes. And Hitesh congrats to you on this expanded role as CFO. And two questions. The first question is just on the 18 of the top 20 deals, including some sort of AI product attached. I am curious though, is it pretty similar in terms of that initial landing or impact? And was outcome-based monetization involved in any of those? And then I had a follow-up for Ashim.

是的。Hitesh，恭喜你擴大擔任 CFO 的職責。我有兩個問題。第一個問題是關於前 20 大交易中有 18 筆包含某種 AI 產品的附加。我很好奇，這在初始落地或影響方面是否相當類似？以及其中是否有任何一筆採用了以成果為基礎的變現（outcome-based monetization）？然後我還有一個給 Ashim 的追問。

Yes. I mean, again, the 18 of the top 20 deals, which include AI is basically how we are seeing an excitement towards the platform from our customers. That's what we are seeing that we seen whenever AI is part of -- or the platform is part of the deal composition, the deal is naturally much larger than what we would have seen otherwise. And so that trajectory is there.

是的。我的意思是，再次強調，前 20 大交易中有 18 筆包含 AI，基本上反映了我們看到客戶對平台的興奮與熱度。我們看到的是，只要 AI 是——或平台是——交易組成的一部分，這筆交易自然就會比原本可能看到的規模大得多。所以這樣的趨勢是存在的。

Absolutely, I did. Yes, I've got the harder one for you, Ashim. I'm kidding. Talking about strengthening execution and leading strategic priorities, I assume you've got a whole slew of things that are more kind of low-hanging fruit, near-term things and then maybe as you all in the year and you continue to evolve products, maybe there are some bigger things into next year. Anything at all you could share early on some excitement in areas you see where you could have a quick impact.

完全是，我有。是的，Ashim，我有個更難的問題要問你。我開玩笑的。談到強化執行力與推動策略優先事項，我猜想你手上有一大串事情：一些比較像低垂果實、短期就能做的事；然後也許隨著你們進入今年下半年並持續演進產品，可能還有一些更大的事情會延伸到明年。你能否提前分享一下，你看到哪些令人興奮、可以快速產生影響的領域？

Yes. I think we're already having quick impact. Look, I think, especially kind of in terms of getting off to a fast start sale. I've seen a really remarkable execution and turnaround from our teams. Those turnaround times are now happening pre deal closure where our teams are moving faster on the delivery area.

是的。我認為我們已經在快速產生影響。你看，我認為，尤其是在快速啟動銷售方面。我看到我們團隊在執行與扭轉方面非常顯著的表現。這些周轉時間現在在交易結案前就已經發生——我們的團隊在交付端的推進速度更快了。

The second piece is just the coordination between our partners, our services team and our FTE team as we go through complex implementations. I feel like those are areas where while we can always improve, we're seeing some of the low-hanging fruit getting addressed there. And I will tell you, I'm just super excited by the delivery and the connectivity that we see with the product team.

第二點是，在我們進行複雜導入時，我們的合作夥伴、服務團隊與內部全職人員（FTE）團隊之間的協調。我覺得這些都是我們雖然永遠可以再改善，但目前已經在處理一些低垂果實的領域。我也想說，我對我們在交付上的表現，以及我們與產品團隊之間看到的連結性，感到非常興奮。

Raghavendra Malpani, our CTO, is incredibly field oriented. And so that connection between product and delivery and go-to-market I think it's something that as it continues to strengthen, it really gives us a rate to win as we take on larger and more complex problems for our customers.

Raghavendra Malpani，我們的 CTO，非常以第一線為導向。因此，產品與交付以及上市策略（go-to-market）之間的連結，我認為隨著它持續強化，當我們為客戶承接更大型、更複雜的問題時，確實能提升我們的勝率。

Vinod, Evercore.

Vinod，Evercore。

You mentioned improved sales execution -- can you talk about some of the specific factors that are driving the improvement? And then are there any changes to how you're kind of compensating right to incentivize them to get customers to try out more of your AI products.

你提到銷售執行有所改善——能否談談推動改善的一些具體因素？另外，在薪酬（獎酬）方面，你們是否有任何調整，以激勵他們讓客戶試用更多你們的 AI 產品？

Yes. I think the first thing is it's really like the team on the ground, like we have incredible leaders across our, what I would say, our market units, like US financial services, US health care, public super, our manufacturing and what we call Summit kind of like our industrial and manufacturing enterprises and really globally. And many of them have been in seat for a good period of time.

是的。我認為第一點，真的在於前線團隊；我們在各個我所稱的市場單位都有非常出色的領導者，例如美國金融服務、美國醫療保健、公共部門、製造業，以及我們所稱的 Summit（有點像我們的工業與製造業企業客群），而且在全球也是如此。其中許多人在這個職位上已經任職相當一段時間。

And so I think it really starts upfront with their focus, right? It's less about kind of Daniel, myself and top-level leadership, but really the expertise that is being deployed on the field and just the message around customer first and trying to continue to cut the bureaucracy that we have over the last two years, and we still can do more to be super clear on that.

所以我認為，這真的從他們的聚焦開始，對吧？這比較不是關於 Daniel、我自己或高層領導，而是關於在前線部署的專業能力，以及「客戶優先」的訊息，並且在過去兩年持續削減我們的官僚流程；而且我們仍然可以做得更多，讓這點更清楚明確。

So I think that's one. The second piece is, I do think like the cross functional connectivity between product, sales, marketing, like I think that is continuing to strengthen. It's very fast paced. So how do we enable our sales teams faster and more thoroughly with better content like those are areas of focus for us that are being driven really by a number of leaders across the company.

所以我認為這是一點。第二個部分是，我確實認為產品、銷售、行銷之間的跨職能連結正在持續加強。節奏非常快。因此，我們如何更快、更全面地賦能我們的銷售團隊、提供更好的內容——這些都是我們的重點領域，而這些工作確實是由公司內多位領導者共同推動。

And in terms of compensation, we, of course, use sales bump as a tool to drive it. The reality is in a lot of customers, there is a pull towards a broader platform. And frankly, combining probabilistic with deterministic automation really gives is a part of what we have.

至於薪酬，我們當然會把銷售加碼獎勵（sales bump）作為推動的工具。現實是，在許多客戶那裡，確實有朝向更廣泛平台的拉力。坦白說，把機率式（probabilistic）與確定性（deterministic）自動化結合起來，確實是我們所具備的一部分能力。

I mean, launching new products. We, of course, try to do incentives, whether that's steps or uplifts on quota retirements. We do that selectively, and we're really pleased with the results. But we have to continue to do that as the environment and our product portfolio moves.

我是說，推出新產品。我們當然會嘗試做一些激勵，不論是階梯式獎勵（steps）或是配額達成的上調（uplifts on quota retirements）。我們會選擇性地這麼做，而且對結果非常滿意。但隨著環境與我們的產品組合演進，我們必須持續這麼做。

Sanika Merchant, RBC Capital.

Sanika Merchant，RBC Capital。

This is Sanika on from Matt Hedberg from RBC. Congrats on the quarter. You've talked about the positive traction you're seeing on your agentic offerings. Can you talk through how you're thinking about pricing for the company's agent offering other time, especially as customer adoption of these offerings starts to scale.

我是 Sanika，代替 RBC 的 Matt Hedberg 提問。恭喜本季表現。你們談到在 agentic 產品上看到正向的市場動能。能否談談你們如何思考公司 agent 產品的定價（隨時間推進），特別是當客戶對這些產品的採用開始擴大規模時？

Yes, I think we are still experiencing with different pricing model on our agentic. We introduced recently a transaction-based pricing that it's all inclusive in our process orchestration of all the necessary calls that one has to do to complete the transaction. I would say that probably we are going more towards outcome-based pricing that would be inclusive of the tokens required to complete the transaction.

是的，我想我們仍在針對 agentic 採用不同的定價模式進行嘗試。我們最近推出了以交易為基礎的定價，這在我們的流程編排中是全包式的，涵蓋完成一筆交易所需進行的所有必要呼叫。我會說，我們可能會更朝向以成果為基礎的定價，並把完成交易所需的 tokens 一併納入。

Got it. helpful. And just as a follow-up, you've talked about ARR acceleration and also talked about reaching the $2 billion ARR milestone. What would you say are the most important factors that could drive you to the higher end of your fiscal year '27 ARR expectations? And are there any puts or takes you would call out that we should keep in mind?

了解，很有幫助。另外追問一下，你們談到 ARR 加速，也談到達成 20 億美元 ARR 里程碑。你認為哪些最重要的因素，可能推動你們達到 2027 財年 ARR 目標區間的高端？另外，有沒有任何你會提醒我們需要留意的利多或利空因素（puts or takes）？

Yes. I mean, again, as I mentioned earlier, we are seeing significant alignment with our customers and the platform story is resonating extremely well with our customers, especially the combination of deterministic and agentic. That is -- which is helping us expand the deal size. And so that is one of the key things, which we are excited about, and that is something which is baked into our guidance as we think about Q3 and Q4.

是的。我的意思是，如同我先前提到的，我們看到與客戶之間有顯著的一致性，而我們的平台敘事在客戶端引起非常強烈的共鳴，特別是確定性（deterministic）與 agentic 的結合。這——正在幫助我們擴大交易規模。因此這是我們非常興奮的關鍵因素之一，而且當我們思考 Q3 與 Q4 時，這也已經反映在我們的指引之中。

Keith Bachman, BMO Capital Markets.

Keith Bachman，BMO Capital Markets。

This is Jonathan on for Keith. Daniel, I wanted to direct this to you. You've talked a lot about governance and orchestration as customers are moving AI initiatives into production. So I wanted to ask as you're engaging with customers today, where are you seeing the greatest urgency? And do those discussions tend to start with governance and control requirements or with broader orchestration initiatives?

我是 Jonathan，代替 Keith 提問。Daniel，我想把這題直接問你。你談了很多關於治理與編排，因為客戶正把 AI 計畫推進到正式生產環境。所以我想問，當你們今天與客戶互動時，你們看到最大的急迫性在哪裡？而這些討論通常是從治理與控制需求開始，還是從更廣泛的編排計畫開始？

I would say that there is an increased appetite of our customers to get the breadth of our platform. I think in a way, our platform aligns very well with Gartner Magic Quadrant that is called Business orchestration and automation technology. So I don't think necessarily that is customers are waking up thinking I want to buy orchestration.

我會說，我們的客戶對於取得我們平台廣度的意願正在提高。我想在某種程度上，我們的平台與 Gartner 魔力象限中所稱的「業務編排與自動化技術」（Business orchestration and automation technology）非常契合。所以我不認為客戶一定是醒來就想著「我想買編排」。

But I think definitely, our customers are waking up thinking what is the best platform that can help me get the outcomes to run the processes faster with less human errors and bringing the AI, but in a way that preserves my intellectual property. I think this combination of factors is what drives the platform at this point.

但我認為可以確定的是，我們的客戶醒來會想：什麼是最好的平台，能幫助我達成成果——讓流程跑得更快、減少人為錯誤、導入 AI，同時又能以保護我的智慧財產的方式來進行。我認為這些因素的組合，就是目前推動平台需求的原因。

This concludes our Q&A session. I'd now like to turn the call back over to management for closing remarks.

我們的問答環節到此結束。接下來我想把電話交回管理層作結語。

Thank you so much for all the questions, and we are looking forward to seeing as many of you during the next few months and especially at our Fusion event in Vegas. Thank you.

非常感謝大家的提問，我們期待在接下來幾個月與各位中的更多人見面，尤其是在拉斯維加斯舉辦的 Fusion 活動上。謝謝。