RingCentral Inc (RNG) 2023 Q2 法說會逐字稿

Good afternoon, and welcome to the RingCentral Second Quarter 2023 Earnings Conference Call. (Operator Instructions). Please note, this event is being recorded. I would now like to turn the conference over to Will Wong, Vice President, Investor Relations. Please go ahead.

下午好，歡迎參加 RingCentral 2023 年第二季度收益電話會議。 （操作員說明）。請注意，此事件正在被記錄。我現在將會議交給投資者關係副總裁 Will Wong。請繼續。

Thank you. Good afternoon, and welcome to RingCentral's Second Quarter 2023 Earnings Conference Call. Joining me today are Vlad Shmunis, Founder, Chairman and CEO; Tarek Robbiati, incoming CEO; and Sonalee Parekh, CFO. Our format today will include prepared remarks by Vlad, Tarek and Sonalee, followed by Q&A.

謝謝。下午好，歡迎參加 RingCentral 2023 年第二季度收益電話會議。今天加入我的還有創始人、董事長兼首席執行官 Vlad Shmunis；塔里克·羅比亞蒂 (Tarek Robbiati)，即將上任首席執行官；和首席財務官 Sonalee Parekh。我們今天的形式將包括 Vlad、Tarek 和 Sonalee 準備好的發言，然後是問答。

We also have a slide presentation available on our Investor Relations website that will coincide with today's call, which you can find under the financial results section at ir.ringcentral.com. Some of our discussion and responses to your questions will contain forward-looking statements regarding the company's business operations, financial performance and outlook.

我們還在投資者關係網站上提供了與今天的電話會議同時進行的幻燈片演示，您可以在 ir.ringcentral.com 的財務業績部分找到該演示。我們對您問題的一些討論和答復將包含有關公司業務運營、財務業績和前景的前瞻性陳述。

These statements are subject to risks and uncertainties, some of which are beyond our control and are not guarantees of future performance. Actual results may differ materially from our forward-looking statements, and we undertake no obligation to update these statements after this call.

這些陳述存在風險和不確定性，其中一些風險和不確定性超出了我們的控制範圍，並且不能保證未來的業績。實際結果可能與我們的前瞻性陳述存在重大差異，我們不承擔在本次電話會議後更新這些陳述的義務。

For a complete discussion of the risks and uncertainties related to our business, please refer to the information contained in our filings with the Securities and Exchange Commission as well as today's earnings release. Unless otherwise indicated, all measures that follow are non-GAAP with year-over-year comparisons.

有關與我們業務相關的風險和不確定性的完整討論，請參閱我們向美國證券交易委員會提交的文件以及今天的收益發布中包含的信息。除非另有說明，否則以下所有指標均按非公認會計原則進行同比比較。

A reconciliation of all GAAP to non-GAAP results is provided with our earnings release and in the slide deck. For certain forward-looking guidance, a reconciliation of the non-GAAP financial guidance to the corresponding GAAP measure is not available as discussed in detail in the slide deck posted on our Investor Relations website. With that, I'll turn the call over to Vlad.

我們的收益發布和幻燈片中提供了所有 GAAP 與非 GAAP 業績的對賬。對於某些前瞻性指引，我們的投資者關係網站上發布的幻燈片中詳細討論了非公認會計原則財務指引與相應公認會計原則措施的調節。這樣，我就把電話轉給弗拉德。

Good afternoon, and thank you for joining our second quarter earnings conference call. This has been a busy quarter for RingCentral. I know you've likely seen the exciting news that Tarek Robbiati has been appointed as RingCentral's next CEO effective August 28. I will be transitioning to Executive Chairman on that date.

下午好，感謝您參加我們的第二季度收益電話會議。對於 RingCentral 來說，這是一個繁忙的季度。我知道您可能已經看到了這樣一個激動人心的消息：Tarek Robbiati 已被任命為 RingCentral 的下一任首席執行官，該任命將於 8 月 28 日生效。我將於該日轉任執行董事長。

I'd like to extend a warm welcome to Tarek, and we'll talk more about this later on in this call. I also want to take a moment to say a few words about Mo Katibeh, who will be leaving the company in the coming weeks to pursue other opportunities. Mo has played a difficult role building out our team evolving our product roadmap, expanding our partner ecosystem, shaping our winning culture and driving meaningful efficiencies in the business.

我謹向塔里克表示熱烈歡迎，我們將在稍後的電話會議中詳細討論這一問題。我還想花點時間談談 Mo Katibeh，他將在未來幾週內離開公司去尋找其他機會。 Mo 在建立我們的團隊、發展我們的產品路線圖、擴大我們的合作夥伴生態系統、塑造我們的製勝文化以及推動業務的有意義的效率方面發揮了重要作用。

On behalf of myself, the Board and the entire team, we wish Mo all the best in his future endeavors. On the corporate development side, last week, we announced the acquisition of the Event and Session product lines from Hopin, a leading provider of online audience engagement technology.

我們謹代表我本人、董事會和整個團隊祝愿 Mo 在未來的工作中一切順利。在企業發展方面，上週，我們宣布從領先的在線觀眾參與技術提供商Hopin收購Event和Session產品線。

Hopin Events allows users to easily set up complex virtual and hybrid events and fits well with our video strategy of delivering more personalized and engaging video meetings and event experiences for customers, all at a competitive price point. The technology from Hopin provides us with the complete video portfolio that now includes meetings, webinars, rooms and virtual and hybrid events.

Hopin Events 允許用戶輕鬆設置複雜的虛擬和混合活動，並且非常適合我們的視頻策略，即以具有競爭力的價格為客戶提供更加個性化和有吸引力的視頻會議和活動體驗。 Hopin 的技術為我們提供了完整的視頻產品組合，其中包括會議、網絡研討會、會議室以及虛擬和混合活動。

I would like to welcome Hopin Events and Hopin Session's talented teams to the RingCentral family. Now let's turn to the quarter. This is my 40th earnings call as the CEO of RingCentral. On our first earnings call, nearly 10 years ago, we reported $161 million in ARR. Today, this number stands at over $2.2 billion.

我熱烈歡迎 Hopin Events 和 Hopin Session 的才華橫溢的團隊加入 RingCentral 大家庭。現在讓我們轉向本季度。這是我作為 RingCentral 首席執行官的第 40 次財報電話會議。在近 10 年前的第一次財報電話會議上，我們公佈的 ARR 為 1.61 億美元。如今，這個數字已超過 22 億美元。

10 years is a long time, and I'm proud to say we have not ever missed our financial guidance during this period and today is no exception. Q2 was another solid quarter as we continue to execute against our plan of delivering sustainable, profitable growth and continued innovation. For the second quarter, total revenue grew 11%, above the high end of our guidance range. And ARR grew 12%.

10年是一段很長的時間，我很自豪地說，在此期間我們從未錯過我們的財務指引，今天也不例外。第二季度是又一個穩健的季度，我們繼續執行實現可持續盈利增長和持續創新的計劃。第二季度總收入增長 11%，高於我們指導範圍的上限。 ARR 增長了 12%。

Operating profit margins increased 8 percentage points versus last year to 19.4%, another quarter of record and well above our outlook. This improvement demonstrates the leverage in our model and our disciplined approach to spending. The profit improvement also translated to another quarter of record free cash flow. We're delivering this increased profitability while also continuing to invest in innovation, which is the life blood of our company.

營業利潤率比去年增長 8 個百分點，達到 19.4%，又創季度記錄，遠高於我們的預期。這一改進證明了我們模型的槓桿作用以及我們嚴格的支出方法。利潤的改善也意味著自由現金流又創下新季度紀錄。我們在提高盈利能力的同時，還繼續投資於創新，這是我們公司的生命線。

RingCentral was founded and grew on the complementary megatrends of connectivity, mobility and cloud computing. RingCentral has been an early pioneer, leveraging and contributing to all these important innovations. But now there is a new mega trend emerging that may prove to be the most impactful of all, and that is conversation intelligence.

RingCentral 是在連接性、移動性和雲計算的互補大趨勢中成立和發展的。 RingCentral 是早期先驅，利用並為所有這些重要創新做出貢獻。但現在出現了一種新的大趨勢，它可能被證明是最具影響力的，那就是對話智能。

RingCentral, again expects to be the beneficiary of and the contributor to this major innovation. Conversation intelligence is highly relevant for business communications as it has the potential of enhancing employee productivity, improving customer service and positively impacting business outcomes.

RingCentral 再次期望成為這一重大創新的受益者和貢獻者。對話智能與業務通信高度相關，因為它具有提高員工生產力、改善客戶服務並對業務成果產生積極影響的潛力。

We saw the potential of conversation intelligence several years ago. In December 2020, we acquired DeepAffects, a conversation intelligence company, which is now the foundation of our RingSense AI platform. In March of this year, we announced our first commercial product, RingSense for Sales. Since March, we have introduced significant new updates to RingSense for Sales. And earlier today, we announced 2 new products, RingSense for Phone and RingCX, our new native intelligent omnichannel contact center. A few words about these products. First, RingSense for Sales. We've been innovating at a fast pace. We have added many features to address customer feedback and improve our competitive positioning.

幾年前我們就看到了對話智能的潛力。 2020 年 12 月，我們收購了對話智能公司 DeepAffects，它現在是我們 RingSense 人工智能平台的基礎。今年 3 月，我們發布了第一個商業產品 RingSense for Sales。自 3 月份以來，我們為 RingSense for Sales 引入了重要的新更新。今天早些時候，我們發布了 2 款新產品：RingSense for Phone 和 RingCX，我們新的原生智能全渠道聯絡中心。關於這些產品的幾句話。首先，RingSense for Sales。我們一直在快速創新。我們添加了許多功能來解決客戶反饋並提高我們的競爭地位。

Some of these enhancements include some integrations with leading third-party applications, such as Salesforce, HubSpot, Microsoft Dynamics, Outlook Calendar and Gmail Calendar. Deal scoring, which makes it easier for leaders to track pipeline health and see whether deals are progressing or are at risk.

其中一些增強功能包括與領先的第三方應用程序的集成，例如 Salesforce、HubSpot、Microsoft Dynamics、Outlook 日曆和 Gmail 日曆。交易評分，使領導者能夠更輕鬆地跟踪渠道健康狀況並了解交易是否正在取得進展或面臨風險。

AI Coaching, which helps sales agents improve interactions based on AI-analyzed customer sentiment and effectiveness of their pitch. And AI-driven win-loss analysis, which provides effective selling insights from conversations to improve win loss rates. Second, RingSense for Phone. Leveraging conversation intelligence, RingSense for Phone enables organizations to apply AI to their voice conversations and leverage deep insights to boost productivity and collaborate more efficiently.

人工智能輔導，根據人工智能分析的客戶情緒和推銷的有效性，幫助銷售代理改善互動。人工智能驅動的盈虧分析，可以從對話中提供有效的銷售見解，以提高盈虧率。其次，RingSense for Phone。利用對話智能，RingSense for Phone 使組織能夠將人工智能應用到語音對話中，並利用深入的見解來提高生產力和更有效地協作。

A few key highlights include live transcription and close captioning and post call summaries, insights and sentiment analysis. RingCentral is hosting billions of minutes of voice traffic for many millions of users. RingSense for Phone will allow them to be more effective on live calls as well as gain important insights via post-call analysis.

一些關鍵亮點包括實時轉錄和隱藏式字幕以及通話後摘要、見解和情緒分析。 RingCentral 為數百萬用戶託管數十億分鐘的語音流量。 RingSense for Phone 將使他們能夠更有效地進行實時通話，並通過通話後分析獲得重要的見解。

Together, we believe it will lead to more efficient and productive conversations so as to drive improved business outcomes. Last but not least, RingCX. We have seen great success selling RingCentral MVP with RingCentral Contact Center that is powered by NICE inContact. With our CCaaS business that is now well in excess of $300 million of ARR, we have conclusively proven the case for UCaaS and CCaaS integration.

我們相信，這將帶來更高效、更富有成果的對話，從而推動改善業務成果。最後但並非最不重要的一點是，RingCX。我們已經看到由 NICE inContact 提供支持的 RingCentral 聯絡中心銷售 RingCentral MVP 取得了巨大成功。我們的 CCaaS 業務現已遠遠超過 ARR 3 億美元，我們已經最終證明了 UCaaS 和 CCaaS 集成的理由。

Our joint solution with NICE inContact is well differentiated as it integrates our respective Magic Quadrant-leading products into a unified offering from a single provider. We continue to invest in this partnership and see significant continued potential. However, in listening to our customers, we've recognized an additional need for a native intelligent contact center solution that would also be better suited to simpler use cases.

我們與 NICE inContact 的聯合解決方案具有很大的差異化，因為它將我們各自的魔力像限領先產品集成到單一提供商的統一產品中。我們將繼續投資於這種夥伴關係，並看到巨大的持續潛力。然而，在聽取客戶的意見後，我們認識到對本機智能聯絡中心解決方案的額外需求，該解決方案也更適合更簡單的用例。

That is why we are now introducing RingCX. RingCX is a powerful product that offers a native integrated 20-plus omnichannel experience for agents and administrators. It also includes AI-powered transcripts, summaries and conversational insights as well as workforce engagement management via an OEM partner integration.

這就是我們現在推出 RingCX 的原因。 RingCX 是一款功能強大的產品，可為代理和管理員提供原生集成的 20 多種全渠道體驗。它還包括人工智能驅動的文字記錄、摘要和對話見解，以及通過 OEM 合作夥伴集成進行的員工敬業度管理。

We believe RingCX will also be well received because of its ease of use, ability to be quickly deployed and its disruptive pricing. RingSense for Sales, RingSense for Phone and RingCX are all currently in controlled availability with expected general availability by the end of this year.

我們相信，RingCX 也將因其易用性、快速部署能力以及顛覆性的定價而受到好評。 RingSense for Sales、RingSense for Phone 和 RingCX 目前均處於受控可用性狀態，預計將於今年年底全面上市。

It is early, but we're getting good initial feedback. In summary, it was another solid quarter, highlighted by our strong innovation and operational execution. Now back to the CEO succession. When I founded RingCentral over 2 decades ago, we were a tiny, unfunded startup with an ambitious mission to improve our businesses around the world, communicate internally and with their customers.

雖然還為時過早，但我們已經得到了良好的初步反饋。總而言之，這是又一個穩健的季度，突出表現在我們強大的創新和運營執行力。現在回到首席執行官繼任者問題上。二十多年前，當我創立 RingCentral 時，我們還是一家沒有資金支持的小型初創公司，我們的雄心勃勃的使命是改善我們在世界各地的業務、內部溝通以及與客戶的溝通。

From those humble beginnings, we have become a recognized leader in our space and one of the largest pure-play SaaS companies in the world. September 2023 marks the 10th anniversary of our IPO. Given the strong position we're in today operationally and financially, I believe this is the right time for a CEO succession. And Tarek is the right person for the job.

從最初的卑微開始，我們已成為該領域公認的領導者，也是世界上最大的純 SaaS 公司之一。 2023 年 9 月是我們首次公開募股 10 週年。鑑於我們今天在運營和財務方面的強勢地位，我相信現在是首席執行官繼任的最佳時機。塔里克是這份工作的合適人選。

Tarek is a highly accomplished senior business leader. He has been a key member of our Board since January, which has given him an opportunity to get to know our business, our team and our culture. I believe Tarek is in a unique position to hit the ground running on day 1. As for myself, my plan is to stay actively engaged in the business, focusing on what I love most, strategy, innovation and product development.

塔里克是一位卓有成就的高級商業領袖。自一月份以來，他一直是我們董事會的重要成員，這使他有機會了解我們的業務、我們的團隊和我們的文化。我相信 Tarek 處於一個獨特的位置，可以在第一天就開始運作。就我自己而言，我的計劃是繼續積極參與業務，專注於我最喜歡的事情：戰略、創新和產品開發。

I'm incredibly proud of what we have accomplished together, and I'm energized about the future. With this, I will now turn the call over to Tarek for some additional remarks.

我對我們共同取得的成就感到無比自豪，並對未來充滿信心。現在，我將把電話轉給塔里克，請其補充一些意見。

Thank you, Vlad. I consider it a distinct privilege to be RingCentral's second-ever CEO. And on behalf of the Board, let me express our immense gratitude for all you have built. You took this company from an idea to a multibillion dollar global enterprise serving approximately 6 million paying end users and bringing together an expansive 15,000 partner ecosystem. I believe our potential is vast. And we have an enduring foundation on which to build our future.

謝謝你，弗拉德。我認為成為 RingCentral 的第二任首席執行官是一種巨大的榮幸。讓我代表董事會對你們所建立的一切表示衷心的感謝。您將這家公司從一個想法發展成為價值數十億美元的全球企業，為大約 600 萬付費最終用戶提供服務，並彙集了 15,000 個合作夥伴的廣闊生態系統。我相信我們的潛力是巨大的。我們擁有構建未來的持久基礎。

Vlad and I are aligned on RingCentral's core principles, people and customers first, have a present drive for innovation and a commitment to delivering results for all our stakeholders. These will continue to be cornerstones of our operations as we drive greater performance and profitability through the focused execution of our strategic initiatives.

Vlad 和我在 RingCentral 的核心原則上保持一致，即以人為本、客戶至上，當前有創新動力，並致力於為所有利益相關者提供成果。這些將繼續成為我們運營的基石，因為我們通過集中執行戰略舉措來提高業績和盈利能力。

And importantly, on behalf of the Board and from me personally, I would like to thank Mo for the contributions that he has made during his tenure and wish him the best of luck. Now let me turn the call over to Sonalee to go over the quarter in more detail.

重要的是，我謹代表董事會和我個人感謝莫在任職期間做出的貢獻，並祝他好運。現在讓我將電話轉給 Sonalee，更詳細地介紹本季度的情況。

Thank you, Vlad. I'm very much looking forward to continuing our partnership in your new role. Tarek, I'm equally excited to be working with you again. I'd also like to thank Mo for his valued contributions and partnership and wish him the best of luck going forward. I'll now provide highlights from the second quarter and then discuss our business outlook for the third quarter and full year.

謝謝你，弗拉德。我非常期待在您的新職位上繼續我們的合作夥伴關係。塔里克，我同樣很高興再次與你合作。我還要感謝 Mo 的寶貴貢獻和合作夥伴關係，並祝他未來一切順利。我現在將提供第二季度的亮點，然後討論我們第三季度和全年的業務前景。

Subscriptions revenue of $514 million was up 11% year-over-year and above our guidance range. ARR was 12% versus last year to $2.22 billion. Growth was driven by strength within key industry verticals where our products are mission-critical, such as professional and financial services, health care, retail and public sector.

訂閱收入為 5.14 億美元，同比增長 11%，高於我們的指導範圍。 ARR 較去年增長 12%，達到 22.2 億美元。增長是由我們的產品在關鍵垂直行業中的實力推動的，例如專業和金融服務、醫療保健、零售和公共部門。

Additionally, contact center ARR was roughly $330 million, up from roughly $300 million at the end of 2022. The strong traction we are seeing in contact center is driven by continued demand from customers for a leading integrated UCaaS plus CCaaS solution. An example of the power of our platform is our recent competitive win with Republic Airways, one of the largest regional airlines in the U.S.

此外，聯絡中心的 ARR 約為 3.3 億美元，高於 2022 年底的約 3 億美元。我們在聯絡中心看到的強勁吸引力是由客戶對領先的集成 UCaaS 加 CCaaS 解決方案的持續需求推動的。我們平台力量的一個例子是我們最近在與美國最大的支線航空公司之一共和航空的競爭中獲勝。

The company's legacy tools required frequent maintenance. Their on-prem phone system also did not integrate well into their contact center, which Republic Airways relies on to quickly reach its pilots and flight attendants to provide them with any urgent scheduling changes. RingCentral's industry-leading Five9's reliability for the past 20 quarters, advanced call routing and integrated cloud contact center will help Republic Airways solve these challenges, all while saving the money.

該公司的舊工具需要經常維護。他們的本地電話系統也沒有很好地集成到他們的聯絡中心，共和航空依靠該中心快速聯繫飛行員和空乘人員，為他們提供任何緊急的航班安排變更。 RingCentral 業界領先的 Five9 在過去 20 個季度的可靠性、先進的呼叫路由和集成雲聯絡中心將幫助共和航空解決這些挑戰，同時節省資金。

Importantly, Republic Airways plans to utilize our new RingCentral for Teams 2.0 embedded app, which continues to see great traction in the marketplace. Moving to profitability. I will be referring to non-GAAP results unless otherwise noted. Our subscription gross margin was 82%, consistent with last quarter. Overall ARPU was again above $30 as customers continue to value our differentiated offerings.

重要的是，共和航空計劃利用我們新的 RingCentral for Teams 2.0 嵌入式應用程序，該應用程序在市場上繼續受到巨大關注。轉向盈利。除非另有說明，我將指的是非 GAAP 業績。我們的訂閱毛利率為 82%，與上季度持平。由於客戶繼續重視我們的差異化產品，總體 ARPU 再次超過 30 美元。

Our solid ARPU supports our strong gross margin. Operating margin rose 800 basis points versus last year to 19.4%, another quarterly record. The increase was driven by operating leverage and efficiencies generated across the business, most notably in sales and marketing, which was down 490 basis points versus last year.

我們穩健的 ARPU 支持我們強勁的毛利率。營業利潤率較去年上升 800 個基點，達到 19.4%，再創季度紀錄。這一增長是由整個業務的運營槓桿和效率推動的，尤其是在銷售和營銷方面，與去年相比下降了 490 個基點。

Sales and marketing expense improved due to the efficacy of our marketing spend as well as the headcount actions we took last November. As a reminder, those actions did not impact customer-facing salespeople. Our increasing profitability translated into record quarterly free cash flow of $81 million on an adjusted unlevered basis. The improvements to our free cash flow continued to be driven by operating leverage, efficiency throughout the business and improving our free cash flow conversion.

由於我們營銷支出的有效性以及我們去年 11 月採取的員工人數行動，銷售和營銷費用有所改善。提醒一下，這些行為不會影響面向客戶的銷售人員。我們不斷增長的盈利能力轉化為創紀錄的季度自由現金流（調整後的無槓桿基礎上 8100 萬美元）。我們的自由現金流的改善繼續受到運營槓桿、整個業務效率以及自由現金流轉換改善的推動。

Our robust free cash flow generation allows us to employ a dynamic capital allocation strategy that includes evaluating organic and inorganic investments, repurchasing shares and addressing our convertible debt maturity. This quarter, we were able to execute against all 3 of these vectors: first, during the second quarter, we paid $427 million to repurchase $461 million in aggregate principal amount of our 2025 convertible notes.

我們強勁的自由現金流生成使我們能夠採用動態資本配置策略，包括評估有機和無機投資、回購股票和解決我們的可轉換債務到期問題。本季度，我們能夠執行所有這 3 個向量：首先，在第二季度，我們支付了 4.27 億美元，回購了本金總額為 4.61 億美元的 2025 年可轉換票據。

The repurchase was funded with cash on hand and $400 million from our Term Loan A. We also entered into a swap agreement that fixed the floating interest rate on our Term Loan A. The fixed interest on our Term Loan A is approximately 6.6% and can step down modestly as we further delever. This results in a weighted cost of debt of approximately 1.6% following the repurchase.

回購由庫存現金和定期貸款 A 中的 4 億美元提供資金。我們還簽訂了一項掉期協議，固定定期貸款 A 的浮動利率。我們定期貸款 A 的固定利率約為 6.6%，可以隨著我們進一步去槓桿化，謙虛地下台。這導致回購後的債務加權成本約為 1.6%。

Based on our second quarter results, our trailing 12-month net leverage ratio is 3.3x. And based on our 2023 outlook, we continue to expect our net leverage to be less than 3x as we exit the year. Second, in the quarter, we repurchased approximately $100 million of shares at an average price of approximately $30. Additionally, during the second quarter, our Board approved a new share repurchase authorization for $125 million, effective through December 31, 2023.

根據我們第二季度的業績，我們過去 12 個月的淨槓桿率為 3.3 倍。根據我們對 2023 年的展望，我們繼續預計今年結束時我們的淨槓桿率將低於 3 倍。其次，在本季度，我們以約 30 美元的平均價格回購了約 1 億美元的股票。此外，在第二季度，我們的董事會批准了 1.25 億美元的新股票回購授權，有效期至 2023 年 12 月 31 日。

Lastly, as Vlad mentioned, last week, we acquired assets from Hopin to augment our video offering. While we are excited about the addition, we expect the acquisition to have an immaterial impact on our revenue and expenses in 2023. Before I provide our third quarter and full year guidance, I'd like to provide you with additional details on the macro trends we are seeing in the market today.

最後，正如弗拉德提到的，上週我們從 Hopin 收購了資產以增強我們的視頻產品。雖然我們對此次收購感到興奮，但我們預計此次收購將對我們2023 年的收入和支出產生無關緊要的影響。在提供第三季度和全年指導之前，我想向您提供有關宏觀趨勢的更多詳細信息我們今天在市場上看到的。

Macro trends are largely consistent with last quarter. Sales cycles remain elevated versus last year and customer buying decisions continue to go through additional layers of approval. We are also seeing less upsell within our existing base as customers have slowed hiring and rationalized their employee count.

宏觀趨勢與上季度基本一致。與去年相比，銷售週期仍然較高，客戶的購買決策繼續經過額外的審批。由於客戶放慢了招聘速度並合理化了員工人數，我們還發現現有基礎上的追加銷售有所減少。

Importantly, marketing-driven lead flow remains consistently strong, demonstrating continued demand for on-prem to cloud conversion. Now turning to guidance. For the third quarter of 2023, we expect subscription revenue growth of 9% to 10%, total revenue growth of 8% to 9%, non-GAAP operating margin of 18% to 18.5% and non-GAAP EPS of $0.75 to $0.78.

重要的是，營銷驅動的潛在客戶流始終保持強勁，這表明對本地到雲轉換的持續需求。現在轉向指導。對於2023 年第三季度，我們預計訂閱收入增長9% 至10%，總收入增長8% 至9%，非GAAP 營業利潤率為18% 至18.5%，非GAAP 每股收益為0.75 美元至0.78 美元。

Note that we are reinvesting a portion of the operating profit outperformance we delivered in the second quarter into innovation and go-to-market activities in the third quarter. Specifically, there are areas of strength in select verticals where investment, including in AI, are expected to drive greater product differentiation and incremental demand.

請注意，我們將第二季度實現的運營利潤的一部分再投資到第三季度的創新和上市活動。具體而言，在某些垂直領域的優勢領域，包括人工智能在內的投資預計將推動更大的產品差異化和增量需求。

Now moving to the full year 2023. We continue to expect subscription revenue growth of 11% and total revenue growth of 10% to 11%. And we now expect non-GAAP operating margin of 18.5% to 19%. At the midpoint, this is up more than 600 basis points versus last year and 25 basis points above our prior outlook. And non-GAAP EPS of $3.11 to $3.25.

現在進入 2023 年全年。我們繼續預計訂閱收入增長 11%，總收入增長 10% 至 11%。我們現在預計非 GAAP 營業利潤率為 18.5% 至 19%。從中間值來看，這一數字比去年上漲了 600 多個基點，比我們之前的預期高出 25 個基點。非 GAAP 每股收益為 3.11 美元至 3.25 美元。

Note that this outlook is inclusive of interest expense from our Term Loan A, which our prior outlook of $3.19 to $3.25 did not include. Additionally, last quarter, we noted that we would be able to achieve $280 million in free cash flow, much earlier than our original target of 2024. I'm pleased to share that we now expect to achieve adjusted unlevered free cash flow of $270 million to $290 million in 2023, roughly a full year earlier than we had originally expected.

請注意，此前景包括我們的定期貸款 A 的利息費用，而我們之前的 3.19 美元至 3.25 美元的前景並不包括在內。此外，上個季度，我們指出我們將能夠實現2.8 億美元的自由現金流，這比我們最初的2024 年目標要早得多。我很高興地告訴大家，我們現在預計將實現2.7 億美元的調整後無槓桿自由現金流到 2023 年將達到 2.9 億美元，比我們最初的預期早了大約一年。

We are well on our way as we have already generated $142 million in the first 6 months of 2023. Our updated target demonstrates the power of the operating leverage inherent in our business. It also speaks to the progress we are making on our efficiency initiatives, all while continuing to invest in innovation and targeted go-to-market activity. In summary, Q2 again demonstrated our ability to execute against our strategy of driving profitable, healthy growth with robust free cash flow generation.

我們進展順利，2023 年前 6 個月我們已經實現了 1.42 億美元的收入。我們更新的目標展示了我們業務固有的運營槓桿的力量。它還說明了我們在繼續投資創新和有針對性的上市活動的同時，在效率舉措方面取得的進展。總之，第二季度再次證明了我們執行通過強勁的自由現金流產生推動盈利、健康增長的戰略的能力。

We believe our leading differentiated product offering and focus on innovation, coupled with our scale and attractive business model, positions us well for continued success. With that, let's open the call for questions.

我們相信，我們領先的差異化產品供應和對創新的關注，加上我們的規模和有吸引力的商業模式，使我們能夠持續取得成功。接下來，讓我們開始提問。

(Operator Instructions). Our first question is from Meta Marshall with Morgan Stanley.

（操作員說明）。我們的第一個問題來自摩根士丹利的梅塔·馬歇爾。

Great. Vlad, sorry to see you stepping aside after so long. We looked forward -- really enjoyed working with you. I guess just in terms of -- Tarek obviously has been on the Board, but just why you felt like he was the right choice? What your kind of ongoing engagement with the company will be and maybe deciding to go with somebody kind of outside of traditional software realms?

偉大的。弗拉德，很遺憾看到你在這麼長時間後離開。我們期待著——真的很高興與您合作。我想，塔里克顯然一直是董事會成員，但為什麼你覺得他是正確的選擇呢？您與公司的持續互動將是什麼樣的，並且可能決定與傳統軟件領域之外的某個人合作？

Right. Okay. Firstly, I'm not quite stepping aside. I'm transitioning to an Executive Chair role. I intend to stay actively involved, less so on the governance side. Obviously, Tarek will be the real CEO, no questions asked. But I'll be around. And working on innovation, product introductions, long-term vision and strategy, et cetera.

正確的。好的。首先，我並沒有完全退到一邊。我正在過渡到執行主席的角色。我打算繼續積極參與，而不是在治理方面。顯然，毫無疑問，塔里克將成為真正的首席執行官。但我會在身邊。並致力於創新、產品推出、長期願景和戰略等。

I -- and by the way, for disclosure, Tarek is here in the room with us, so he can also answer some of the questions directly. But we both -- I believe, I speak for both of us. We see it as a partnership moving forward. We specifically discussed that quite at great length. And I also want to remind you and the rest of the folks, Tarek has been on the Board since December of last year.

我——順便說一句，為了披露，塔里克和我們一起在房間裡，所以他也可以直接回答一些問題。但我們倆——我相信，我代表我們倆說話。我們將其視為向前發展的伙伴關係。我們特別詳細地討論了這一點。我還想提醒你們和其他人，Tarek 自去年 12 月以來一直在董事會任職。

He's been an active Board member, both member of our Audit Committee and Comp committees. And he knows the company very, very well. It was very important for me and the Board to have a seamless transition to have someone who understands the business, understands the landscape. Very importantly, shares our values, shares our strategy that being profitable growth. So both words are being very important, profitable and growth.

他是一名積極的董事會成員，也是我們的審計委員會和薪酬委員會的成員。他對這家公司非常非常了解。對於我和董事會來說，擁有一個了解業務、了解情況的人進行無縫過渡非常重要。非常重要的是，分享我們的價值觀，分享我們的盈利增長戰略。所以盈利和增長這兩個詞都非常重要。

And Tarek is a well-known heavy hitter in -- on both of those dimensions. Look to your question, why not someone from the software industry. Tarek is from the software industry, and he's had a number of major accomplishments, specifically both at HPE in prior. And I tell you what, Sonalee, our CFO, she's been working with Tarek and for Tarek for a number of years. Maybe you can shed some light.

塔里克在這兩個方面都是眾所周知的重量級人物。看你的問題，為什麼不是軟件行業的人。 Tarek 來自軟件行業，他取得了許多重大成就，特別是之前在 HPE 的成就。我告訴你，我們的首席財務官索納莉（Sonalee）多年來一直與塔里克（Tarek）並為塔里克（Tarek）工作。也許你可以透露一些信息。

Yes, absolutely. Meta, so yes, I've known Tarek for over 25 years and did have the pleasure of working and reporting directly into him when we were at HPE where he did a spectacular job of really shifting the HPE portfolio to much higher growth areas such as Aruba and he was a huge proponent of investing at the Edge, which is where we saw a massive amount of growth.

是的，一點沒錯。 Meta，所以，是的，我認識Tarek 已經超過25 年了，當我們在HPE 時，我確實很高興能直接向他工作和匯報，他在將HPE 產品組合真正轉移到更高增長的領域方面做得非常出色，例如阿魯巴和他是邊緣投資的大力支持者，我們在邊緣投資看到了巨大的增長。

Obviously, HPE is a much larger revenue base. So sometimes you don't see it in the aggregate amount. But the Aruba business was a significant grower, and then he was also very central to the GreenLake and as a service pivot. And then finally, the high-performance computing and AI divisions, which all grew well above the overall portfolio.

顯然，慧與的收入基礎要大得多。所以有時你看不到它的總量。但阿魯巴業務增長顯著，而且他對 GreenLake 和服務樞紐也非常重要。最後是高性能計算和人工智能部門，它們的增長都遠遠高於整體產品組合。

And Tarek has vast experience as both. And a very strong track record as both a CEO and CFO and has successfully scaled businesses whilst also driving growth and importantly, profitability and cash flow. So we think he's just very, very well rounded.

塔里克在這兩方面都擁有豐富的經驗。作為首席執行官和首席財務官，我們有著非常出色的業績記錄，並成功擴大了業務規模，同時也推動了增長，更重要的是，推動了盈利能力和現金流。所以我們認為他非常非常全面。

The next question is from Terry Tillman with Truist Securities.

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

Yes. I mean I have a question, but I do want to ask an extra and I think I should be able to. Vlad, are you still going to be on these calls answering our provocative questions? And then I will ask my question.

是的。我的意思是我有一個問題，但我確實想問一個額外的問題，而且我想我應該能夠問。弗拉德，你還會在電話中回答我們的挑釁性問題嗎？然後我會問我的問題。

Look, I want to reiterate, Tarek is going to be the CEO. But I would say as appropriate, if Tarek wants me to participate maybe on a case-by-case basis. Look, I'm around. I'm not sailing into the sunset. I still have immense interest, not just financial, but also financial in this company's success. And as you know me, I tend to speak my mind, for better or worse. So I don't think that that's going to stop anytime soon.

我想重申一下，塔里克將擔任首席執行官。但如果塔里克希望我參加的話，我會根據具體情況酌情說。看，我就在附近。我不會航行到日落。我仍然對這家公司的成功抱有極大的興趣，不僅僅是財務上的，還有財務上的。正如你所了解的，我傾向於說出自己的想法，無論好壞。所以我認為這種情況不會很快停止。

Congrats to you both. My question for the call is actually, Sonalee, I think in the past, you talked about ARR bookings, how that would trend ahead of top line growth. We only have 2 quarters left, and I don't know what kind of visibility you have in the second half. But could you give us an update on how you're thinking about ARR bookings for the year and the growth rate there?

恭喜你們倆。我的電話問題實際上是，Sonalee，我想您過去談到了 ARR 預訂，以及這將如何領先於營收增長。我們只剩下2節了，我不知道你下半場的能見度如何。但您能否向我們介紹一下您對今年 ARR 預訂量及其增長率的最新看法？

Yes. Sure, Terry. As you know, we don't typically guide on ARR. And we do have good visibility on the second half, and that's why we guided and reiterated very much our full year guide today and raised our guidance on operating margin as well as provided more color around free cash flow. But when you think about ARR, in terms of providing you color, we did about $60 million of bookings in the quarter.

是的。當然，特里。如您所知，我們通常不提供 ARR 指導。我們對下半年的前景確實有良好的了解，這就是為什麼我們今天對全年指南進行了指導和重申，並提高了對營業利潤率的指導，並就自由現金流提供了更多的色彩。但當你考慮 ARR 時，就為你提供色彩而言，我們在本季度完成了約 6000 萬美元的預訂。

So that means we've generated about $120 million of net new ARR bookings in the first half of '23. And if you think about how our business has historically been slightly more second half weighted, whilst not guiding specifically, we think if typical seasonality holds, it's absolutely something that we should be able to achieve.

這意味著我們在 2023 年上半年產生了約 1.2 億美元的新 ARR 預訂淨額。如果您考慮一下我們的業務歷來在下半年的權重略高，但沒有具體指導，我們認為如果典型的季節性保持不變，這絕對是我們應該能夠實現的目標。

And just if you do -- you didn't ask specifically around the guidance, but we are reiterating the full year on both revenue and subscription revenue. And on margins, we strongly exceeded the 2Q outlook by about 200 basis points, which is up 800 basis points year-over-year versus Q2 of a year ago. So because of that, we raised the midpoint of the margin guidance by 25 basis points. So for the full year, we're now looking for 18.5% to 19% margins. And we continue to expect to exit the year at least 20%. And you know we will always strive to do more.

如果你這樣做的話——你沒有具體詢問指導意見，但我們重申了全年的收入和訂閱收入。在利潤率方面，我們大大超出了第二季度的預期約 200 個基點，與去年第二季度相比，同比增長了 800 個基點。因此，我們將保證金指引的中點上調了 25 個基點。因此，我們現在預計全年利潤率為 18.5% 至 19%。我們仍然預計今年退出率至少為 20%。您知道我們將始終努力做得更多。

The next question is from Samad Samana with Jefferies.

下一個問題來自 Jefferies 的 Samad Samana。

Great. I'll echo, Vlad, it's been great working with you and look forward to still talking to you every now and then. So maybe just a question on the CCaaS side of the business. I know you mentioned where the new product fits into the world, but I guess if you -- can you double-click on that, maybe who do you see -- is that more of a greenfield opportunity? Are you targeting replacement? If so, who would that be that you're going after with that product? And then I actually have a CCaaS ARR follow-up as well.

偉大的。我會回應，弗拉德，與你合作非常愉快，並期待著時不時地與你交談。所以也許只是 CCaaS 業務方面的問題。我知道你提到了新產品融入世界的地方，但我想如果你——你能雙擊它，也許你會看到誰——這更像是一個新機會嗎？您的目標是替換嗎？如果是這樣，您會用該產品瞄準誰？然後我實際上還有一個 CCaaS ARR 後續行動。

Sure. Okay. Well, thank you, Samad. Okay. So as far as RingCX, is I think what you're asking about in that announcement. And look -- so what do we have that's unique? We have a CCaaS business as part of our portfolio that's well over $300 million in ARR. It actually makes us one of the largest CCaaS providers in the world. But there is a twist here and the twist is that we are playing and playing extremely well in the unified UCaaS, CCaaS communications market, okay?

當然。好的。嗯，謝謝你，薩馬德。好的。就 RingCX 而言，我想您在該公告中所問的就是這個問題。看看——那麼我們有什麼獨特之處呢？作為我們投資組合的一部分，我們擁有 CCaaS 業務，其 ARR 遠超 3 億美元。它實際上使我們成為世界上最大的 CCaaS 提供商之一。但這裡有一個轉折點，轉折點是我們在統一的 UCaaS、CCaaS 通信市場中表現得非常好，好嗎？

This is where people -- we have this integration. It's unique to this day between us and inContact -- NICE inContact. And obviously, it's been playing extremely well, okay? Now where does the -- so what's the new opportunity? So firstly, we are, frankly, up until now -- not that we were locked out, but we don't really tend to see pure-play requests, line of business requests.

這就是人們——我們進行這種整合的地方。時至今日，我們和 inContact 之間的這種關係是獨一無二的——很好的 inContact。顯然，它的表現非常好，好嗎？那麼新的機會在哪裡呢？首先，坦率地說，到目前為止，我們並不是被排除在外，而是我們並不真正傾向於看到純粹的請求、業務線請求。

If somebody needs a just a contact center, they would likely not even involve us in an RFP. So with RingCX, we expect to be getting those opportunities and participating directly. So that's number one to remember. Secondly, NICE inContact is a fantastic product. Gartner has its right. They are up and to the right and one of the 2 core leaders without any question.

如果有人只需要一個聯絡中心，他們可能甚至不會讓我們參與 RFP。因此，通過 RingCX，我們希望獲得這些機會並直接參與。所以這是要記住的第一件事。其次，NICE inContact 是一款非常棒的產品。 Gartner 有它的權利。他們是右派，毫無疑問是兩位核心領導人之一。

But it's also an enterprise-grade product. It's a high-end product. And unfortunately, that means complexity and that means fairly healthy pricing. We see an opportunity. This is where the greenfield comes in. To come in, not just necessarily into smaller businesses, but into businesses with simpler requirements, okay?

但它也是一款企業級產品。這是一種高端產品。不幸的是，這意味著複雜性，也意味著相當健康的定價。我們看到了機會。這就是新領域發揮作用的地方。不僅要進入規模較小的企業，還要進入要求更簡單的企業，好嗎？

And they can be smaller, they can be very large. It depends on how they've organized their contact center. We believe that RingCX will be a viable player. It will compete well based on features, based on the fact that it is AI first, it is a next-generation product built on next-generation pure cloud architecture. Pricing will be competitive, if not disruptive.

它們可以更小，也可以很大。這取決於他們如何組織聯絡中心。我們相信 RingCX 將成為一個可行的參與者。它將基於功能進行良好的競爭，基於它是AI優先的事實，它是基於下一代純雲架構構建的下一代產品。定價即使不具有顛覆性，也將具有競爭力。

And look, I tell people, you certainly not the list of them have been asking, okay, well, where is your own contact center? Here is answer. Here it is. So we're in beta now. Early results are promising or better. Feedback has been great. We're obviously learning on that feedback and incorporating and expect more to come. And I tell you, with me now having more time to concentrate on little housekeeping items like getting products out, expect it will be a strong player in that area.

看，我告訴人們，你肯定不是他們一直在問的名單，好吧，你自己的聯絡中心在哪裡？這是答案。這裡是。所以我們現在處於測試階段。早期結果很有希望或更好。反饋非常好。顯然，我們正在學習這些反饋並加以整合，並期待更多的反饋。我告訴你，我現在有更多的時間專注於一些瑣碎的事情，比如把產品拿出來，預計它將成為該領域的強大參與者。

And if I could just add something there. You can just imagine that with proprietary economics, the contribution margin on Ring X will be -- RingCX will be much higher than what we drive today on RCCC.

如果我可以在那裡添加一些東西的話。你可以想像，通過專有經濟學，Ring X 上的邊際貢獻將是——RingCX 將比我們今天在 RCCC 上推動的邊際收益高得多。

Understood. And maybe some -- just a quick question on the CCaaS on the ARR disclosure that $300 million plus the data that you gave, it implies a really robust growth, right? So it's like north of 30%. One, I want to see if that math is right. And then for UCaaS, so would make it kind of more like high single digit. Is that the right way to think about those 2 growth rates for the go-forward future?

明白了。也許還有一些 - 只是關於 ARR 披露的 CCaaS 的一個簡單問題，3 億美元加上您提供的數據，這意味著真正強勁的增長，對吧？所以大約是 30% 以上。第一，我想看看這個數學是否正確。然後對於 UCaaS，這會使其更像是高個位數。這是考慮未來這兩個增長率的正確方法嗎？

Yes. So I think a couple of points I'd make. So yes, we are very pleased with how the CCaaS business is growing. And the last time we updated you, we said that we'd update you every other quarter on where we are. So this quarter, I'm proud to say we're now at $330 million of ARR. And what I would say there is that we've seen great success, obviously, in selling RingCentral MVP with RingCentral Contact Center.

是的。所以我想我要提出幾點。所以，是的，我們對 CCaaS 業務的增長感到非常滿意。上次我們向您更新情況時，我們說過我們會每隔一個季度向您更新我們的進展情況。因此，本季度，我很自豪地說我們的 ARR 現已達到 3.3 億美元。我想說的是，顯然，我們在通過 RingCentral 聯絡中心銷售 RingCentral MVP 方面取得了巨大成功。

And over 60% of our large $1 million-plus TCV deals include both UCaaS and CCaaS. And what I would say there is, we really are uniquely positioned relative to all of our competitors to offer that both UCaaS and CCaaS in one single -- from one single vendor, which is what we truly believe, particularly enterprise customers are looking for.

在我們超過 100 萬美元的大型 TCV 交易中，超過 60% 都包括 UCaaS 和 CCaaS。我要說的是，相對於所有競爭對手，我們確實處於獨特的地位，能夠從一家供應商一站式提供 UCaaS 和 CCaaS，這是我們真正相信的，尤其是企業客戶所尋求的。

In terms of what we're seeing on the UCaaS business, we still are growing well above the market in terms of revenue market share, absolutely. And if you look at any of the third-party data, Synergy, Gartner, et cetera, we are continuing to take revenue share there. So I would say absolutely CCaaS growing well above the market and UCaaS still continuing to take revenue share relative to the overall market.

就我們在​​ UCaaS 業務上看到的情況而言，就收入市場份額而言，我們的增長速度仍然遠遠高於市場。如果你查看任何第三方數據（Synergy、Gartner 等），我們將繼續從中獲取收入份額。因此，我想說，CCaaS 的增長絕對遠遠高於市場，而 UCaaS 仍然繼續佔據相對於整個市場的收入份額。

The next question is from Brian Peterson with Raymond James.

下一個問題是布萊恩·彼得森和雷蒙德·詹姆斯提出的。

Congrats to Vlad and Tarek. But Sonalee, I wanted to follow up with you. You mentioned that on some of the efficiencies that you've recognized, you're going to be reinvesting in the third quarter. I'd love to understand how much of that is more product oriented versus go-to-market-oriented? And how should we be thinking about potential efficiencies going forward? Should those be reinvested as well?

恭喜弗拉德和塔里克。但是索納莉，我想跟進你的情況。您提到，對於您已經認識到的一些效率，您將在第三季度進行再投資。我很想知道其中有多少是更多以產品為導向，而不是以市場為導向？我們應該如何考慮未來的潛在效率？這些也應該進行再投資嗎？

Yes. So great question. And as I said earlier, we strongly exceeded our Q2 profit margin outlook. It was about a 200 basis point beat. So we were at 19.4%. But we still need to invest in the business. And there are areas of strength that we are seeing in select verticals where investments, including in AI, and Vlad has said he's going to spend more time there, are expected to drive greater product differentiation and incremental demand.

是的。很好的問題。正如我之前所說，我們大大超出了第二季度的利潤率預期。漲幅約為 200 個基點。所以我們的比例是 19.4%。但我們仍然需要對業務進行投資。我們在某些垂直領域看到了一些優勢領域，包括人工智能在內的投資預計將推動更大的產品差異化和增量需求，弗拉德表示他將在這些領域投入更多時間。

So in Q3, we will be investing in those areas given the opportunity we see. And part of that will include investing in some of the higher performing marketing channels that we believe will drive more sales. That being said, if you look at the overall full year margin outlook, that is very much still increasing. But we do want to balance both investment for growth and profitability.

因此，在第三季度，鑑於我們看到的機會，我們將在這些領域進行投資。其中一部分將包括投資一些績效較高的營銷渠道，我們相信這些渠道將推動更多銷售。話雖這麼說，如果你看看整體全年利潤率前景，你會發現它仍在增加。但我們確實希望平衡增長投資和盈利能力。

And you've heard us call this out in prior calls, but upsell has been an area of the business that has -- where we've seen some challenges. And we do feel that the new products being introduced will deserve investment and also will drive that upsell motion that we expect to see as the macro recovers.

您已經在之前的電話中聽到我們提到過這一點，但追加銷售一直是我們看到一些挑戰的業務領域。我們確實認為，推出的新產品值得投資，並且還將推動我們預計隨著宏觀經濟復甦而出現的追加銷售動向。

The next question is from Kash Rangan with Goldman Sachs.

下一個問題來自高盛的卡什·蘭根 (Kash Rangan)。

First of all, Vlad, I've got to say congratulations on a 10-year stint as public company CEO. And bigger congratulations on hiring a former equity analyst from Lehman Brothers as your CEO and the future of our industry -- my industry is really, really bright, it looks like. Having said that, I actually want to ask Tarek a question, if that's okay.

首先，弗拉德，我要祝賀你擔任上市公司首席執行官 10 年。更重要的是祝賀你聘請了雷曼兄弟的前股票分析師作為你的首席執行官和我們行業的未來——我的行業看起來真的非常非常光明。話雖如此，我其實想問塔里克一個問題，可以嗎？

First of all, very impressive that you speak 6 languages, maybe over a beer one day, you'll tell me how you managed to do that. That's very impressive. But I'm curious Tarek to get your take on what is it that you've learned about the company that you can share with us, being on the Board that gives you the conviction to step into the hot seat and take questions from people like us? I look forward to working with you.

首先，令人印象深刻的是，你會說 6 種語言，也許有一天，你會在喝啤酒的時候，告訴我你是如何做到這一點的。這非常令人印象深刻。但塔里克，我很好奇你對這家公司的了解是什麼，你可以與我們分享，作為董事會成員，這讓你有信心站到這個棘手的位置，回答像這樣的人的問題我們？我期待著與您合作。

And what about -- you've got tremendous background. Being an equity analyst many years back, and you've been in the tech industry for a long time. What do you see as RingCentral's primary -- every company has challenges. So what do you think is RingCentral's primary challenge going forward? And what is going to be that secret sauce that you bring with your background, whether it's pivoting towards a new segment of the market, or these acquisitions? I wanted to just be cognizant that there are challenges. And how do you envision overcoming them in your future?

那麼——你有巨大的背景。多年前，作為一名股票分析師，您已經在科技行業工作了很長時間。您認為 RingCentral 的首要任務是什麼——每家公司都面臨著挑戰。那麼您認為 RingCentral 未來面臨的主要挑戰是什麼？你的背景帶來的秘密武器是什麼，無論是轉向新的市場領域，還是這些收購？我只是想認識到挑戰是存在的。您預計未來如何克服這些問題？

Well, thank you very much for the intro. You made me feel a bit younger because when I was an equity analyst, it was 25 years ago, and we were with the same team with Sonalee. So thanks for reminding me of this. Let me answer first by saying, I see a tremendous opportunity at RingCentral and a vast potential. The opportunity that exists in UCaaS and CCaaS combined that Vlad has mentioned, is quite formidable.

嗯，非常感謝您的介紹。你讓我感覺自己年輕了一些，因為當我還是一名股票分析師時，那是 25 年前，我們和 Sonalee 在同一個團隊。謝謝你提醒我這一點。我首先回答說，我在 RingCentral 看到了巨大的機會和巨大的潛力。 Vlad 提到的 UCaaS 和 CCaaS 相結合所存在的機會是相當強大的。

And it's something that I'm very keen on capitalizing on for the future and realizing that full potential. Those use cases that you've heard about from Frontier Airlines are very telling. These are use cases where communications become more pervasive all the way from inside the office with a contact center, all the way on to field workforces or sales forces, any way you want to look at them.

我非常熱衷於在未來利用它並充分發揮潛力。您從邊疆航空公司聽到的那些用例非常有說服力。在這些用例中，通信變得更加普遍，從辦公室內部的聯絡中心，一直到現場工作人員或銷售人員，無論您以任何方式看待它們。

These are unique use cases that RingCentral can pursue, and I'm very keen on making sure that we continue at RingCentral to innovate and to grow. Because the practical reality is that in this industry, the very first lever for value creation is growth, and we intend to continue to develop the growth here for all our stakeholders and obviously our shareholders.

這些是 RingCentral 可以追求的獨特用例，我非常熱衷於確保我們在 RingCentral 繼續創新和發展。因為實際情況是，在這個行業中，創造價值的第一個槓桿是增長，我們打算繼續為所有利益相關者，當然還有我們的股東，促進增長。

What stands in the way, to be honest, it's a bit early for me to say what stands in the way. It's true that I have the vantage point of having spent 9 months on the Board of Ring. And I think I know it somewhat. But I have to spend more time under the hood, so to speak, really in the operations of the business to figure out what stands in the way. And I will start doing so immediately upon my first full-time day on the 28th of August.

說實話，現在說是什麼阻礙了我還為時過早。確實，我在 Ring 委員會工作了 9 個月，這對我來說是有利的。我想我對此有所了解。但可以說，我必須在幕後花更多的時間，真正在業務運營中找出阻礙因素。我將在 8 月 28 日第一天全職工作後立即開始這樣做。

But between now and then, we're not going to be waiting. I'm going to be spending some time with the management team, making sure I understand where they're coming from, so that we can have a real solid operation moving forward.

但從現在到那時，我們不會等待。我將花一些時間與管理團隊相處，確保我了解他們的想法，以便我們能夠向前邁進真正穩健的運營。

(Operator Instructions) The next question is from George Sutton with Craig-Hallum.

（操作員說明）下一個問題來自 George Sutton 和 Craig-Hallum。

My congrats to Vlad and welcome to Tarek. I am curious, Sonalee, you had mentioned that marketing-driven lead flow had been really the strength in this quarter. I was just as interested that there was no mention of the large partnerships, the Avayas and Mitels and Frontiers and AT&Ts of the world. Can you just give us an update on the partnership side of the business?

我祝賀弗拉德並歡迎塔里克。我很好奇，Sonalee，您曾提到營銷驅動的銷售線索流確實是本季度的優勢。我同樣感興趣的是，其中沒有提到大型合作夥伴、Avayas、Mitels、Frontiers 和 AT&T。您能給我們介紹一下業務合作方面的最新情況嗎？

Yes. Absolutely, with pleasure. So you called out Avaya, Mitel. Specifically, we also have AWS, and I'll talk to the GSPs, Global Service Providers as well. So Avaya, as you know, has recently come out of -- emerged from bankruptcy. They continue to execute on their new go-to-market motions that were enabled as part of our updated contract with them.

是的。絕對可以，很高興。所以你叫了 Avaya，Mitel。具體來說，我們還有 AWS，我也會與 GSP、全球服務提供商進行交談。正如您所知，Avaya 最近剛剛擺脫破產困境。他們繼續執行新的上市動議，這些動議是我們與他們更新的合同的一部分。

And we've seen slightly better traction and execution from Avaya this quarter. And as I said earlier, we do expect more of a back-end loaded impact from Avaya, and we continue to expect that. Mitel also continues to contribute seats at a healthy clip. On AWS, well, it's still early. We have started to see some really good traction in the pipeline there, and we're starting to see the first deals beginning to close.

我們看到本季度 Avaya 的吸引力和執行力略有改善。正如我之前所說，我們確實預計 Avaya 會對後端負載產生更多影響，並且我們將繼續期待這一點。 Mitel 還繼續以健康的速度貢獻席位。在 AWS 上，現在還為時過早。我們已經開始看到那裡正在醞釀一些非常好的牽引力，並且我們開始看到第一批交易開始完成。

So we're on track to be live on the AWS Marketplace later this year. In terms of the GSPs you talked to, one of the ones that I would specifically call out is Charter, where we're continuing to see extremely strong execution there. And as you know, there are a couple of other GSPs that have recently come online, particularly in Europe. And we're seeing more and more traction with Vodafone as well.

因此，我們有望在今年晚些時候在 AWS Marketplace 上上線。就您談到的普惠製而言，我要特別提到的普惠制之一是 Charter，我們繼續看到那裡的執行力極其強大。如您所知，最近還有其他幾個普惠制上線，特別是在歐洲。我們也看到沃達丰的吸引力越來越大。

So we have the legacy partners that are fully ramped and continue to contribute. But then importantly, we have these new ones that we're beginning to see very solid impact from. So that's the story for partnerships. And as you know, they remain a very, very important part of our overall go-to-market. And we see a lot of scope for all of those partners to continue contributing for the rest of this year and beyond to our overall growth.

因此，我們擁有全面發展並繼續做出貢獻的傳統合作夥伴。但重要的是，我們已經開始看到這些新的影響非常明顯。這就是合作夥伴關係的故事。如您所知，它們仍然是我們整體上市過程中非常非常重要的一部分。我們看到所有這些合作夥伴在今年剩餘時間及以後繼續為我們的整體增長做出貢獻的空間很大。

The next question is from Matt Stotler with William Blair.

下一個問題是馬特·斯托勒和威廉·布萊爾提出的。

Vlad, sorry to see you go. But obviously, we'll still be engaged. So look forward to chatting occasionally going forward. Tarek, congrats on the position. Maybe just one question on -- geographic-specific question. There were a number of press releases over the course of the quarter, specific to India with regulatory compliance, office openings, planned hires, et cetera.

弗拉德，很遺憾你走了。但顯然，我們仍然會訂婚。所以期待以後偶爾聊天。塔里克，恭喜你獲得這個職位。也許只是一個關於特定地理問題的問題。本季度發布了許多專門針對印度的新聞稿，涉及監管合規性、辦事處開設、計劃招聘等。

I would love to just double-click on the opportunity you see in that geography, how that might layer into the business over time? And then how you think about the competitive landscape there relative to what you see elsewhere around the globe?

我很樂意雙擊您在該地理位置看到的機會，隨著時間的推移，這將如何融入業務？那麼，與全球其他地方相比，您如何看待那裡的競爭格局？

Right. Well, thank you, firstly. Look, as far as India is concerned, so firstly, it's great that we're -- we think we're actually literally the first foreign service provider to be allowed to offer this kind of services in the area. So it's a huge accomplishment. Look, our primary or first foot forward, let's say, would be to extend India into our global office technology.

正確的。嗯，首先謝謝你。看，就印度而言，首先，我們認為我們實際上是第一家被允許在該地區提供此類服務的外國服務提供商，這很好。所以這是一個巨大的成就。比如說，我們的首要或第一步是將印度擴展到我們的全球辦公技術中。

So what it means, if you have a U.S. or some other international base business with offices in India, then we would be able to deliver a local dial tone in a legal manner. So that's really where we're seeing most of the demand at this point. Secondly, as you all know, we have a strong and growing GSP practice. And with this announcement, and more importantly, with this capability, we are now much more likely to be able to partner with local service providers in powering up their B2B offerings in the area.

這意味著，如果您在美國或其他一些國際基地在印度設有辦事處，那麼我們將能夠以合法的方式提供本地撥號音。所以這確實是我們目前看到的大部分需求的地方。其次，眾所周知，我們有強大且不斷發展的普惠制實踐。通過這一公告，更重要的是，通過這種能力，我們現在更有可能與本地服務提供商合作，增強他們在該地區的 B2B 產品。

And lastly, it's an opportunity to engage directly. Again, that's a little bit further down the list for us. We first need to do the first 2. But certainly, an opportunity. And needless to say, India is second largest country in the world population-wise, by far, the largest where we can legally do business given -- otherwise, restrictions in China. So definitely an area of growth for us as we look forward.

最後，這是一個直接參與的機會。再說一遍，這對我們來說是一個稍微靠後的位置。我們首先需要做前 2 件事。但當然，這是一個機會。不用說，就人口而言，印度是世界第二大國家，考慮到中國的限制，印度是迄今為止我們可以合法開展業務的最大國家。因此，正如我們所期待的那樣，這絕對是我們的增長領域。

The next question is from Jim Fish with Piper Sandler.

下一個問題是吉姆·菲什和派珀·桑德勒提出的。

This is Quinton on for Jim. Vlad, we wanted to echo the congratulations and well wishes for the new role and look forward to working with you, Tarek. On the Microsoft Teams 2.0 opportunity, we continue to hear strong results from this product across your channel partners. When Microsoft talks about their 17 million PSTN users on the platform, do you think all of those 17 million of those players make sense is the addressable market for the 2.0 opportunity? Or are you more focused on the G2K players? And then just on the penetration side, how do you see that penetration of that opportunity today?

這是昆頓為吉姆代言的。弗拉德，我們想表達對新職位的祝賀和良好祝愿，並期待與你合作，塔里克。關於 Microsoft Teams 2.0 機會，我們不斷聽到該產品在您的渠道合作夥伴中取得了強勁的成果。當 Microsoft 談論其平台上的 1700 萬 PSTN 用戶時，您認為所有這 1700 萬玩家都有意義是 2.0 機會的潛在市場嗎？或者你更關注G2K選手？然後就滲透率而言，您如何看待今天這個機會的滲透率？

Yes. Well, look, it's super hard to talk about all when you're talking about large numbers. But again, as we look at the landscape, Microsoft is packaged into E1, E3 and E5 tiers. E1 and E3 have no business telephony included, can be upsold, but not included. And E5 does have it, but is still positioned behind us features-wise and global reach wise.

是的。好吧，看，當你談論大數字時，談論所有事情是非常困難的。但同樣，當我們審視整個形勢時，微軟被分為 E1、E3 和 E5 層。 E1和E3不包含商務電話，可以追加銷售，但不包含在內。 E5 確實擁有它，但在功能和全球影響力方面仍然落後於我們。

So look, it's been our major introduction last quarter -- this past quarter. It continues to do well. We -- I think on earnings -- in prepared remarks, we talked about Republic Airways. Importantly, they are a Team's customer, and the plan is for them to be using our embedded dialer as part of the technology suite that they're standardizing on.

所以看，這是我們上個季度（也就是上個季度）的主要介紹。它繼續表現良好。我們——我認為是關於收益——在準備好的發言中，我們談到了共和航空。重要的是，他們是團隊的客戶，他們的計劃是使用我們的嵌入式撥號器作為他們正在標準化的技術套件的一部分。

We continue -- and you've heard me say this before, Teams has been, and we believe for the foreseeable future, will continue to be a growth driver for us. We were, I would say, at parity up until Q1 or late Q1. I don't think we're at parity anymore. I think we're leading now as far as quality and user experience that our integration has to offer. So it is basically the best integration that we know of in the marketplace.

我們會繼續——您之前已經聽過我說過，Teams 一直是，而且我們相信在可預見的未來，將繼續成為我們的增長動力。我想說，直到第一季度或第一季度末，我們都處於平價。我認為我們不再處於同等地位了。我認為我們現在在集成所提供的質量和用戶體驗方面處於領先地位。因此，它基本上是我們所知道的市場上最好的集成。

Very importantly, you saw some of these other announcements from us and in particular, RingSense for Phone. And I just want to stress that, that will also be available in the Microsoft version of our packaging. And by the way, as a side comment, it will also be made available to all of our 15,000 partners, including GSPs and strategics, okay?

非常重要的是，您看到了我們發布的一些其他公告，特別是 RingSense for Phone。我只是想強調一點，這也將在我們的 Microsoft 版本的包裝中提供。順便說一句，作為附帶評論，它也將提供給我們所有 15,000 個合作夥伴，包括普惠制和戰略合作夥伴，好嗎？

So it will all play in together, will make us stronger. Rest is GTM and getting at best. And actually with Tarek joining and his absolute focus on operational excellence and efficiencies, we're having pretty high hopes here that we will be getting more at best in all segments, (inaudible) being enterprise.

因此，這一切將共同發揮作用，將使我們變得更強大。休息就是 GTM，充其量就是達到最佳狀態。實際上，隨著塔里克的加入以及他對卓越運營和效率的絕對關注，我們對此抱有很高的希望，我們將在所有細分市場（（聽不清）企業）中取得更多進展。

The next question is from Siti Panigrahi with Mizuho Securities.

下一個問題來自瑞穗證券的 Siti Panigrahi。

I also extend my best wishes to Vlad and Tarek. Tarek, looking forward to working with you. And I want to ask about your growth at this point. I understand you talked about various factor influencing growth. But now that, let's say, Avaya coming -- reemerging out of bankruptcy. And there are partnerships that's coming back. When do you think that growth will trough? And when should we think -- and what are the drivers you think -- all this product you talk about, when do you think we'll start seeing growth to reaccelerate again?

我也向弗拉德和塔里克致以最良好的祝愿。塔里克，期待與您合作。我想問一下你此時的成長情況。我知道您談到了影響增長的各種因素。但現在，可以說，Avaya 即將擺脫破產重生。並且有些合作夥伴關係正在回歸。您認為增長何時見底？我們什麼時候應該思考——你認為的驅動因素是什麼——你談論的所有這些產品，你認為我們什麼時候會開始看到增長再次加速？

Yes. Well, look, obviously, we've guided how we've guided. And this is probably not the best time to make forward-looking remarks. So you'll just have to wait until our guide after this present quarter and how we guide next year and beyond. But directionally, for the first time in a very long time, RingCentral now has -- is a true multi-product company.

是的。嗯，看，顯然，我們已經指導了我們的指導方式。而現在可能不是發表前瞻性言論的最佳時機。因此，您只需等待本季度之後我們的指南以及我們明年及以後的指南。但從方向上看，RingCentral 長期以來第一次成為一家真正的多產品公司。

And we have a full quiver of product offerings, addressing the needs of both employees, so CX as well as contact center and customers of CX. So if you look at just announcements this past quarter, we've augmented and completed our video portfolio with Hopin's assets. And for those of you who are new to this story, Hopin has been the unicorn, really high flying.

我們擁有一整套產品，可以滿足員工、CX 以及 CX 聯絡中心和客戶的需求。因此，如果您僅查看上個季度的公告，就會發現我們已經利用 Hopin 的資產增強並完善了我們的視頻產品組合。對於那些剛接觸這個故事的人來說，霍賓是一隻獨角獸，飛得非常高。

They've pioneered the virtual and some hybrid events market. They have a number of who is who names amongst their customers and an extremely well-received product. And we were just very fortunate to be able to acquire this asset from Hopin. So now we have video meetings, rooms, webinars and now events and not just virtual events.

他們開創了虛擬和一些混合活動市場。他們擁有許多客戶中的名人和非常受歡迎的產品。我們非常幸運能夠從 Hopin 獲得這項資產。所以現在我們有視頻會議、會議室、網絡研討會，現在還有活動，而不僅僅是虛擬活動。

And obviously, with COVID being no more, purely virtual events are less interesting, still interesting, airfare is still expensive, by the way, okay? But hybrid events, which is what Hopin has been making investments prior to us getting involved, and we continue to double down on sales, I can tell you that. So that really does complete our portfolio there.

顯然，隨著新冠病毒的消失，純粹的虛擬活動不再那麼有趣，但仍然很有趣，機票仍然很貴，順便說一句，好嗎？但我可以告訴你的是，混合活動，這是霍賓在我們參與之前一直在進行的投資，並且我們繼續加倍銷售。所以這確實完成了我們的投資組合。

In particular, Microsoft doesn't seem to have an events product. So this would be one good area to differentiate. And look, in general, what we find is if we're in an account and the customer gets exposed to Ring, those customers tend to stay with us. So we view all of these as a springboard to get into account and then land and expand from there. So that's just on the video side.

特別是，微軟似乎沒有事件產品。因此，這將是一個值得區分的好領域。一般來說，我們發現如果我們在一個帳戶中並且客戶接觸到 Ring，那麼這些客戶往往會留在我們這裡。因此，我們將所有這些視為考慮的跳板，然後從那裡著陸並擴展。這只是視頻方面的情況。

Then we have RingCX. And I already addressed that, where now we have our own native stand-alone as well as integrated contact center product that we think will be disruptive on features, on positioning, on pricing and on just the value that it generates, okay? So that's 2. Then there is a whole AI opportunity.

然後我們有RingCX。我已經談到過這個問題，現在我們擁有自己的本地獨立以及集成的聯絡中心產品，我們認為這些產品將在功能、定位、定價以及它所產生的價值方面具有顛覆性，好嗎？所以這是 2。然後就有了一個完整的人工智能機會。

And look, it's interesting. News -- late breaking news here is that Zoom, I guess, changed their terms of service and is now announcing that they will be training on their customers' data. Well, we don't do that. We have other means of training the system, training that we are doing and intend to be doing will be on customers' own data to enhance results with that particular customer, not intermixing.

看，這很有趣。新聞——我猜，Zoom 改變了他們的服務條款，現在宣布他們將對其客戶數據進行培訓。好吧，我們不這樣做。我們還有其他方法來培訓系統，我們正在進行和打算進行的培訓將基於客戶自己的數據，以增強特定客戶的結果，而不是混合。

So we think that with that and the fact that we are moving billions upon billions of minutes, we are serving millions of direct customers. But if you think about it, it's tens or hundreds of millions of callers who get to experience RingCentral. So the fact that we, given the scale, breadth and depth of our network and partnerships that we are now able to interweave intelligence into all of those conversations. That's a big step.

因此，我們認為，通過這一點以及我們正在移動數十億分鐘的事實，我們正在為數百萬直接客戶提供服務。但如果您仔細想想，就會發現有數千萬或數億呼叫者體驗了 RingCentral。因此，鑑於我們網絡和合作夥伴關係的規模、廣度和深度，我們現在能夠將情報融入所有這些對話中。這是一個很大的進步。

So look, again, without changing the guide, we think we are well positioned. We think the product is well differentiated, more so than in any time in the last few years. And the team is energized. Mo has done an outstanding job in keeping the ships steady last few years or the last 18 months. But now we have new blood coming in with Tarek. And I'm sure he'll be bringing in his own ideas and his own playbook that we think will further enhance. So again, operating on work and hopefully, we won't let anyone down.

所以，再看一遍，在不改變指南的情況下，我們認為我們處於有利位置。我們認為該產品具有很好的差異化，比過去幾年的任何時候都更加差異化。而且團隊充滿活力。過去幾年或過去 18 個月，莫在保持船舶穩定方面做得非常出色。但現在我們有了塔里克這樣的新鮮血液。我相信他會帶來他自己的想法和他自己的劇本，我們認為這將進一步增強。再次強調，我們要繼續努力工作，希望我們不會讓任何人失望。

The next question is from Ryan Koontz with Needham.

下一個問題來自 Ryan Koontz 和 Needham。

I wanted to follow up on the AI capabilities. It sounds like you've got a great team there from DeepAffects. How do you think about the infrastructure requirements for that in-house versus building your own versus public cloud partners? Can you talk a little bit about that? And how that can affect the model going forward on cash flow, et cetera?

我想跟進人工智能的能力。聽起來 DeepAffects 擁有一支出色的團隊。您如何看待內部基礎設施需求、構建自己的基礎設施需求以及公共雲合作夥伴的需求？你能談談這個嗎？這會如何影響現金流等方面的模型？

100% public cloud, no infrastructure. Short answer, but -- all high margin.

100% 公共雲，無基礎設施。簡短的回答，但是——都是高利潤。

This concludes our question-and-answer session, and the conference is also now concluded. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節到此結束，會議也結束了。感謝您參加今天的演講。您現在可以斷開連接。