RingCentral Inc (RNG) 2024 Q3 法說會逐字稿

Hello, and welcome to the RingCentral Third Quarter 2024 Earnings Conference Call.

您好，歡迎參加 RingCentral 2024 年第三季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to hand the call to Will Wong, Vice President of Investor Relations.

我現在想把電話轉給投資者關係副總裁 Will Wong。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good afternoon, and welcome to RingCentral's Third Quarter 2021 Earnings Conference Call.

下午好，歡迎參加 RingCentral 2021 年第三季財報電話會議。

Joining me today are Vlad Shmunis, Founder, Chairman and CEO; and Vaibhav Agarwal, Senior Vice President of FP&A and Chief Accounting Officer.

今天加入我的還有創辦人、董事長兼執行長 Vlad Shmunis；以及 FP&A 資深副總裁兼首席會計長 Vaibhav Agarwal。

Our format today will include prepared remarks by Vlad and Vaibhav, followed by Q&A.

我們今天的形式將包括 Vlad 和 Vaibhav 準備好的發言，然後是問答。

We 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.

我們的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。

Some of our discussion and responses to your questions will contain forward-looking statements regarding the company's business operations, financial performance and outlook.

我們對您問題的一些討論和答覆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.

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表現。

Actual results may differ materially from our forward-looking statements, and we undertake no obligation to update these statements after this call.

實際結果可能與我們的前瞻性陳述有重大差異，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 please.

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中包含的資訊以及今天的收益。

Unless otherwise indicated, all measures that follow are non-GAAP with year-over-year comparisons.

除非另有說明，否則以下所有指標均以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.

我們的收益發布和幻燈片中提供了所有 GAAP 與非 GAAP 業績的對帳。

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.

正如我們投資者關係網站上發布的幻燈片中詳細討論的那樣，某些前瞻性指導、非公認會計原則財務指導與相應公認會計原則措施的調節不可用。

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

這樣，我就把電話轉給弗拉德。

Good afternoon, everyone, and welcome to our third quarter earnings conference call.

大家下午好，歡迎參加我們的第三季財報電話會議。

Before I discuss our results and highlights from the quarter, I'd like to provide a management update.

在討論本季的業績和亮點之前，我想先介紹一下管理層的最新情況。

I want to extend a warm welcome to Abhey Lamba, who we announced today as our new Chief Financial Officer.

我要熱烈歡迎 Abhey Lamba，我們今天宣布他擔任我們的新任財務長。

Building from his start as a software engineer at Bentley Systems, Abhey is a seasoned finance and technology leader with over 30 years of experience.

Abhey 最初在 Bentley Systems 擔任軟體工程師，是一位經驗豐富的財務和技術領導者，擁有 30 多年的經驗。

Abhey joins us from Amazon Web Services where he is Vice President of Finance for Global Infrastructure, including Gen AI investments.

Abhey 在加入我們之前就職於 Amazon Web Services，擔任全球基礎設施財務副總裁，負責 Gen AI 投資。

Prior to Amazon, he held final leadership roles at systems and other desk.

在加入亞馬遜之前，他在系統和其他部門擔任最終領導職務。

In his various roles, he has driven growth and profitability for multibillion-dollar businesses.

在擔任各種職務期間，他推動了價值數十億美元的企業的成長和利潤。

Previously, he served as a sell-side analyst on Wall Street for over 15 years, where he covered enterprise technology, hardware and SaaS companies at UBS, ISI Group and Mizuho Securities.

此前，他在華爾街擔任賣方分析師超過 15 年，負責瑞穗證券 (UBS)、ISI Group 和瑞穗證券 (Mizuho Securities) 的企業技術、硬體和 SaaS 公司的業務。

Abhey will join in his new role in the coming weeks.

Abhey 將在未來幾週內擔任新職位。

I would also like to sincerely thank Vaibhav Agarwal, our SVP of FP&A and Chief Accounting Officer, for his valuable contributions to our company during this transition.

我還要衷心感謝我們的 FP&A 資深副總裁兼首席會計長 Vaibhav Agarwal 在此次過渡期間為我們公司做出的寶貴貢獻。

His selfless dedication and outstanding leadership ensured that we did not miss a beat during the transition period.

他無私的奉獻和卓越領導確保我們在過渡時期沒有錯過任何一個環節。

Vaibhav will partner with Abhey and myself as we scale the company in the next stage of growth.

Vaibhav 將與 Abhey 和我本人合作，幫助我們在下一階段的發展中擴大公司規模。

Now moving to results.

現在轉向結果。

We had a solid third quarter.

我們的第三季表現不錯。

Revenue was above our guidance range.

收入高於我們的指導範圍。

Our outperformance was driven by continued strength in our core UCaaS market, combined with strong traction from our new products, in particular, RingCX.

我們的優異表現得益於我們核心 UCaaS 市場的持續強勁，以及我們新產品（特別是 RingCX）的強大吸引力。

We also delivered on our profitability goals, including achieving GAAP operating profitability in the quarter.

我們也實現了獲利目標，包括在本季實現 GAAP 營運獲利。

The combination of strong growth and operating margin expansion a material reduction in SBC and the return of capital via buybacks has driven a 56% year-over-year increase in free cash flow per share this quarter.

強勁成長、營業利潤率擴張、SBC 大幅減少以及透過回購實現資本回報，共同推動本季每股自由現金流年增 56%。

Our results demonstrate we are executing against our strategic priorities.

我們的結果表明我們正在按照我們的策略重點執行。

They are, one, solidifying our UCaaS leadership by infusing AI across our entire portfolio amongst other initiatives.

第一，透過將人工智慧融入我們的整個產品組合以及其他措施中，鞏固我們的 UCaaS 領導地位。

Two, expanding TAM through new AI-powered products.

第二，透過新的人工智慧產品擴展 TAM。

This includes RingCX, our native AI-powered CCaaS solution; RingSense, our conversation intelligence offering; and RingCentral Events, our virtual and hybrid events platform.

這包括 RingCX，我們的原生 AI 支援的 CCaaS 解決方案； RingSense，我們的對話情報產品；以及 RingCentral Events，我們的虛擬和混合活動平台。

And third, broadening our reach by nurturing and growing our large and diverse partner network and expanding into new geographies.

第三，透過培育和發展我們龐大而多元化的合作夥伴網絡並擴展到新的地區來擴大我們的影響力。

We believe these priorities will drive long-term profitable growth through increased wallet share, improved retention and more efficient new logo acquisition.

我們相信，這些優先事項將透過增加錢包份額、提高保留率和更有效的新徽標取得來推動長期獲利成長。

Now let me share more about each priority and how we performed against it during the quarter.

現在讓我詳細分享每個優先事項以及我們在本季的表現。

First, solidifying our UCaaS leadership.

首先，鞏固我們的 UCaaS 領導地位。

We have built a leading business communications platform grounded in TIP, which stands for Trust, Innovation and Partnerships On Trust.

我們建立了一個以 TIP 為基礎的領先商業通訊平台，TIP 代表信任、創新和信任夥伴關係。

We've been delivering five nines or better reliability for over six years.

六年多來，我們一直在提供五個九或更好的可靠性。

Customers of all sizes including some of the world's best-known brands choose us because of our robust feature set ease of deployment and use and carrier-grade reliability, all built on our secure, standards compliant and highly scalable global platform.

各種規模的客戶，包括一些世界上最知名的品牌，都選擇我們，因為我們強大的功能集、易於部署和使用以及運營商級的可靠性，所有這些都建立在我們安全、符合標準和高度可擴展的全球平台上。

This continues to be a key differentiator and a competitive advantage for us which is why we have been named by Gartner for the tenth consecutive year as a leader in the 2024 Magic Quadrant for UCaaS report.

這仍然是我們的關鍵差異化因素和競爭優勢，這也是我們連續第十年被 Gartner 評為 2024 年 UCaaS 魔力像限報告中的領導者的原因。

Core to this recognition is our leadership in voice, Voice continues to be mission-critical.

這項認可的核心是我們在語音領域的領導地位，語音仍然是關鍵任務。

We see this in our user base, where voice maintenance base remains consistent with historical trends.

我們在我們的用戶群中看到了這一點，其中語音維護基礎與歷史趨勢保持一致。

This is supported by a recent IDC survey, which concluded that 78% of organizations agree that voice calling will remain a priority mode of communication in their employee and customer interactions.

IDC 最近的一項調查證實了這一點，該調查得出的結論是，78% 的組織認為語音通話仍將是員工和客戶互動中的優先溝通方式。

Given our leadership in voice, enterprises are choosing RingCentral's business phone platform to complement their use of Microsoft Teams messaging and video.

鑑於我們在語音領域的領先地位，企業正在選擇 RingCentral 的商務電話平台來補充其對 Microsoft Teams 訊息傳遞和視訊的使用。

Teams customers centering center for advanced phone capabilities that are not available with Teams.

Teams 客戶中心提供 Teams 不提供的進階電話功能。

These include, but are not limited to SMS, fax, call monitoring, call queue management, IVR, rich communications APIs, broader global reach, native integrations with major CRMs and robust analytics and reporting.

這些包括但不限於簡訊、傳真、呼叫監控、呼叫隊列管理、IVR、豐富的通訊 API、更廣泛的全球影響力、與主要 CRM 的本機整合以及強大的分析和報告。

Based on these advantages and our deep integration with teams, this quarter, we booked a $1 million-plus TCV win with a large European health care provider, who is also a Teams customer.

基於這些優勢以及我們與團隊的深度整合，本季我們與一家大型歐洲醫療保健提供者（也是 Teams 客戶）簽訂了超過 100 萬美元的 TCV 合約。

This customer will deploy in their 35-plus offices across Europe.

該客戶將在遍布歐洲的 35 多個辦事處進行部署。

Voice is the primary mode of business communication and AI is a tailwind for voice.

語音是商業溝通的主要方式，人工智慧是語音的助推器。

Businesses can now unlock the power of their voice conversations and the resource of data that enables more insights and smarter decisions.

企業現在可以釋放語音對話的力量和數據資源，從而實現更多洞察和更明智的決策。

This is why we recently announced RingCentral AI Assistant, which is now included at no additional cost for all RingEX customers.

這就是為什麼我們最近發布了 RingCentral AI Assistant，現在所有 RingEX 客戶都可以免費使用該助理。

RingCentral AI Assistant at a magically generated detailed real-time notes for voice call helps write and translate texts and summarize his meetings to create action items, reducing time spent on mundane tasks, freeing up employees type for more critical work.

RingCentral AI Assistant 能夠神奇地產生詳細的語音通話即時筆記，幫助編寫和翻譯文字並總結會議以創建行動項目，減少花在日常任務上的時間，讓員工騰出時間來處理更重要的工作。

Omdia Research recently cited the subscription by RingCentral AI Assistant as amazingly accurate.

Omdia Research 最近指出，RingCentral AI Assistant 的訂閱非常準確。

A long-time RingCentral customer, the Detroit Pistons, is already implementing AI-powered noticing for their key meetings and strategy session.

RingCentral 的長期客戶底特律活塞隊已經在其重要會議和策略會議中實施人工智慧驅動的通知。

Paul Raiper, their VP of IT, said that it has been a game changer for the business operations.

他們的 IT 副總裁 Paul Raiper 表示，這改變了業務營運的遊戲規則。

Previously, we worried about missing crucial details, especially during fast-paced pregame preparations.

先前，我們擔心錯過關鍵細節，尤其是在快節奏的賽前準備過程中。

It has significantly enhanced our ability to stay organized and aligned.

它顯著增強了我們保持組織和協調的能力。

This technology isn't just improving our administrative efficiency.

這項技術不僅提高了我們的行政效率。

It is giving us a competitive edge by ensuring no valuable insight or strategy falls through the cracks.

它確保沒有任何有價值的見解或策略被遺漏，從而為我們提供競爭優勢。

To further our competitive malt, we recently achieved a significant milestone by receiving a pan-India license to the Indian Department of Telecommunications.This authorization allows us to operate across all 22 telecommunication circles in India making us the first cloud providers to deliver fully compliant UCaaS and CCaaS solutions throughout the country. multinational organizations can now seamlessly connect the global offices with Indian branches, facilitating efficient communication and collaboration.

為了進一步提高我們的競爭力，我們最近取得了一個重要的里程碑，並獲得了印度電信部的泛印度許可證。提供完全合規的UCaaS 的雲端供應商以及遍布全國的CCaaS解決方案。跨國組織現在可以將全球辦事處與印度分支機構無縫連接，促進高效的溝通和協作。

Now let's move on to the new products.

現在讓我們繼續討論新產品。

First, our new native CCaaS product, RingCX.

首先，我們新的原生 CCaaS 產品 RingCX。

IDC recently highlighted that over 80% of organizations believe it is important that their UCaaS solution includes CCaaS capabilities benefits of a joint UCaaS and CCaaS solution include improved collaboration between call center agents and the rest of the organization, resulting in overall improved customer experience, integrated conversation intelligence, unified usage analytics, a better overall user and administrative experience and uniform SLAs for all internal and external communications.

IDC 最近強調，超過80% 的組織認為，他們的UCaaS 解決方案包含CCaaS 功能非常重要。整合對話智慧、統一的使用分析、更好的整體使用者和管理體驗以及所有內部和外部通訊的統一 SLA。

RingCX is a modern AI-powered omnichannel CCaaS platform, offering native conversation intelligence and quality management in our digital channels in addition to voice and SMS.

RingCX 是一個由人工智慧驅動的現代全通路 CCaaS 平台，除了語音和簡訊之外，還在我們的數位管道中提供本機對話智慧和品質管理。

It is seamlessly integrated with our industry-leading RingEX platform and differentiates on combining ease of deployment and use with depth of functionality, reliability and security.

它與我們領先業界的 RingEX 平台無縫集成，並將易於部署和使用與深度功能、可靠性和安全性相結合而脫穎而出。

Based on these trends, this quarter, we booked a $1 million-plus TCV deal with one of North America's largest manufacturers of automotive replacement tires that will be deploying RingEX, RingCX and RingSense across their entire international footprint.

基於這些趨勢，本季度，我們與北美最大的汽車替換輪胎製造商之一簽訂了價值超過 100 萬美元的 TCV 協議，該公司將在其整個國際業務中部署 RingEX、RingCX 和 RingSense。

As an additional proof point of RingCX's ability to scale, including more advanced use cases.

作為 RingCX 擴展能力的另一個證明，包括更高級的用例。

We have also recently moved the entire RingCentral customer service team of over 1,000 support agents to RingCX.

我們最近還將由 1,000 多名支援代理商組成的整個 RingCentral 客戶服務團隊轉移到了 RingCX。

This was done cost efficiently in the few short weeks and without disruption.

這在短短幾週內就完成了，成本效益高，而且沒有中斷。

We now have over 500 customers on the platform, up over 45% sequentially.

目前，我們平台上的客戶數量超過 500 家，比上一季成長了 45% 以上。

In addition to strong customer growth, we are also seeing strong ARPU expansion which was up sequentially.

除了強勁的客戶成長之外，我們還看到 ARPU 持續強勁成長。

The RingCX AI quality management add-on has been a key driver of this ARPU expansion with a nearly 50% attach rate to new bookings in the quarter.

RingCX AI 品質管理外掛程式是 ARPU 擴張的關鍵驅動力，本季新預訂的附加率接近 50%。

AUTOPAY, an auto loan specialist, said, since we migrated to RingCX, we estimate a 20% time savings for customer success reps due to sophisticated AI technology that RingCX delivers.

汽車貸款專家 AUTOPAY 表示，自從我們遷移到 RingCX 以來，由於 RingCX 提供了先進的人工智慧技術，我們估計客戶成功代表可以節省 20% 的時間。

To further enhance the value proposition of RingCX in the mid-market and enterprise segments, Today, we've announced a strategic partnership with Verint.

為了進一步增強 RingCX 在中階市場和企業區隔的價值主張，今天，我們宣布與 Verint 建立策略夥伴關係。

Through this partnership, RingCX customers will be able to leverage Verint's leading WEM and CX automation solutions, which complement RingCentral's native AI capabilities.

透過此次合作，RingCX 客戶將能夠利用 Verint 領先的 WEM 和 CX 自動化解決方案，這些解決方案補充了 RingCentral 的原生 AI 功能。

This is to enhance employee productivity and improve customer experiences, ultimately driving competitive advantage and operational efficiency to our customers.

這是為了提高員工生產力並改善客戶體驗，最終為我們的客戶帶來競爭優勢和營運效率。

With the ability to address a full range of use cases, we will be prioritizing our native CCaaS platform, RingCX.

由於能夠解決各種用例，我們將優先考慮我們的原生 CCaaS 平台 RingCX。

The strong traction we are seeing with RingCX has validated its value proposition in the market.

我們看到 RingCX 的強大吸引力已經證實了其在市場上的價值主張。

As RingCX growth is based, it has the potential to capture a meaningful share of the multibillion-dollar CCaaS TAM with owner economics for RingCentral.

鑑於 RingCX 的成長基礎，它有潛力從價值數十億美元的 CCaaS TAM 中獲得有意義的份額，並為 RingCentral 帶來所有者經濟效益。

Second, RingSense our conversation intelligence platform that was formerly called RingSense for Sales, now has over 1,200 customers, up over 45% sequentially.

其次，我們的對話智慧平台 RingSense 以前稱為 RingSense for Sales，現在擁有 1,200 多個客戶，比上一季成長了 45% 以上。

The RingSense customer base and use cases are diverse.

RingSense 客戶群和用例多種多樣。

For example, legal firms are using it to simplify case management and health care organizations such as REE Medical are using it to automatically review approximately 75,000 calls a month for specific keywords versus previously only being able to manually review a few hundred calls per month.

例如，律師事務所正在使用它來簡化案件管理，而 REE Medical 等醫療保健組織則使用它每月自動審查特定關鍵字的約 75,000 個呼叫，而以前每月只能手動審查數百個呼叫。

And third, our virtual and hybrid event solution, RingCentral Events added over 100 new customers during the quarter.

第三，我們的虛擬和混合活動解決方案 RingCentral Events 在本季增加了 100 多個新客戶。

This included [Trimble], a Fortune 500 technology company, through picturing central events for its ability to easily create high production quality branded events.

其中包括財富 500 強科技公司 [Trimble]，透過描繪中心活動，因其能夠輕鬆創建高品質的品牌活動。

We also renewed relationships with key RingCentral events customers such as Block, DHL, eBay, NYU, Rodgers and TELUS amongst others.

我們也與 Block、DHL、eBay、NYU、Rodgers 和 TELUS 等主要 RingCentral 活動客戶恢復了關係。

In February of this year, we set a target of achieving at least $100 million of exit ARR from our new products by end of 2025.

今年 2 月，我們設定了在 2025 年底從新產品中實現至少 1 億美元退出 ARR 的目標。

We are encouraged by our results so far and believe we are well on our way to achieving this target.

我們對迄今為止的成果感到鼓舞，並相信我們正在順利實現這一目標。

Now on to partnerships.

現在談談合作關係。

Our differentiated go-to-market includes a large direct sales force, top global service providers or GSPs and the large partner and reseller network.

我們差異化的行銷包括龐大的直銷隊伍、頂級的全球服務供應商或 GSP 以及大型合作夥伴和經銷商網路。

This allows us to have access to multiple customer groups, geographies and verticals.

這使我們能夠接觸多個客戶群、地理和垂直領域。

It is an important part of our competitive moat that allow us to successfully scale our multiproduct business.

這是我們競爭護城河的重要組成部分，使我們能夠成功擴展我們的多產品業務。

Let me give you some highlights from the quarter.

讓我向您介紹本季的一些亮點。

First, GSP.

首先，普惠制。

Our GSP business, again, grew faster than our overall business.

我們的普惠制業務的成長速度再次快於我們的整體業務。

This network of GSP partners and the deep engagement that we have built with them on both product and go-to-market are unmatched by our UC and CC peers.

這個 GSP 合作夥伴網路以及我們與他們在產品和上市方面建立的深度合作是我們的 UC 和 CC 同行無法比擬的。

A great example of this design is our 10-year plus partnership with AT&T, the nation's premier fiber, fixed wireless and wireless provider, which we recently renewed.

這種設計的一個很好的例子是我們與美國首屈一指的光纖、固定無線和無線供應商 AT&T 長達 10 年的合作關係，我們最近續簽了該合作關係。

We're also leveraging our large GSP network to grow internationally.

我們也利用我們龐大的普惠製網絡來實現國際發展。

We recently added Optus, a leading service provider in Australia and are not seeing early traction together.

我們最近新增了澳洲領先的服務提供者 Optus，但並沒有看到早期的吸引力。

We also continue to see success with Vodafone as well as British Telecom and TELUS internationally.

我們也持續看到沃達豐、英國電信和 TELUS 在國際上的成功。

Leveraging our unique GSP network is also a opportunity and differentiator of RingCX growth.

利用我們獨特的 GSP 網路也是 RingCX 成長的機會和差異化因素。

Vodafone, Cox and Zayo have already chosen RingCX as a CCaaS solution to bring to the diverse customer bases, and we're optimistic of shorter progress with these and other key partners on this front.

Vodafone、Cox 和 Zayo 已選擇 RingCX 作為 CCaaS 解決方案，為不同的客戶群提供服務，我們對與這些和其他主要合作夥伴在這方面取得的短期進展持樂觀態度。

In summary, we had a strong quarter in delivering against our strategic priorities.

總而言之，我們在實現策略重點方面表現出色。

RingCentral is a proven leader in UCaaS where the opportunity remains large.

RingCentral 是 UCaaS 領域公認的領導者，機會仍然很大。

And their new CCaaS, AI and Events products are showing good early traction.

他們的新 CCaaS、AI 和 Events 產品在早期就展現了良好的吸引力。

We are also executing on our efficiency initiatives, which is resulting in expanded profitability and free cash flow as well as reducing SBC.

我們還執行效率舉措，這將擴大盈利能力和自由現金流，並減少 SBC。

We are on an exciting path and then I'm confident that we can continue to execute in the quarters and years ahead.

我們正走在一條令人興奮的道路上，我相信我們可以在未來的幾季和幾年裡繼續執行。

With that, I would like to again thank Vaibhav for his outstanding contributions and will now turn the call over to him to discuss our financial results in more detail.

在此，我要再次感謝 Vaibhav 的傑出貢獻，現在將電話轉給他，更詳細地討論我們的財務表現。

Thanks, Vlad.

謝謝，弗拉德。

Now I'll provide highlights from the third quarter and then discuss our business outlook for the fourth quarter and full year.

現在我將提供第三季的亮點，然後討論我們第四季和全年的業務前景。

In 3Q, we executed well across all our key financial metrics.

第三季度，我們所有關鍵財務指標都表現良好。

Revenue growth, operating profit, SPC and share count reduction and are raising our full year revenue and free cash flow guidance.

收入成長、營業利潤、SPC 和股份數量減少正在提高我們的全年收入和自由現金流指引。

In Q3, subscription revenue of $583 million was up 10% year-over-year, solidly above the high end of our guidance range.

第三季度，訂閱收入為 5.83 億美元，年增 10%，遠高於我們指導範圍的上限。

ARR of $2.48 billion was up 9% year-over-year on a reported and a constant currency basis.

以報告和固定匯率計算，ARR 為 24.8 億美元，年增 9%。

On a sequential basis, currency was a moderate tailwind.

從環比來看，貨幣是溫和的推動力。

By customer group, enterprise ARR rose 11%, with both mid-market and small business up 8% versus last year.

按客戶群劃分，企業 ARR 成長了 11%，其中中端市場和小型企業比去年成長了 8%。

As Vlad noted, new products, in particular, RingCX, continue to perform well with sequential ARR growth in 3Q consistent with 2Q.

正如 Vlad 指出的那樣，新產品，特別是 RingCX，繼續表現良好，第三季 ARR 連續成長與第二季一致。

Moving to profitability.

轉向盈利。

I will be referring to non-GAAP results unless otherwise noted.

除非另有說明，我將指的是非 GAAP 業績。

Subscription gross margin was 81%, down slightly sequentially and as we invest in infrastructure to support the strong growth of our new products as they scale.

訂閱毛利率為 81%，比上一季略有下降，這是因為我們投資基礎設施以支持新產品規模的強勁成長。

Overall ARPU remained over $30 with new product ARPU meaningfully higher than overall ARPU.

整體 ARPU 維持在 30 美元以上，新產品 ARPU 明顯高於整體 ARPU。

Over time, as the contribution from new product grows and its penetration within our large base increases, we expect new products to be accretive to overall ARPU.

隨著時間的推移，隨著新產品貢獻的成長及其在我們龐大基礎中的滲透率的提高，我們預計新產品將增加整體 ARPU。

Operating margin rose approximately 2 points year-over-year to 21%.

營業利益率年增約 2 個百分點，達到 21%。

The year-over-year increase is driven by continued spending discipline and focus on operating efficiency.

持續的支出紀律和對營運效率的關注推動了同比增長。

Sales and marketing expense as a percent of total revenue declined 220 basis points to 39% as we continue to drive down costs in the sales and marketing organization and optimize for higher-margin routes to market.

隨著我們繼續降低銷售和行銷組織的成本並優化更高利潤的市場路線，銷售和行銷費用佔總收入的百分比下降了 220 個基點至 39%。

Overall, we view operating margin expansion in conjunction with reducing stock-based compensation as both ultimately drive higher free cash flow and free cash flow per share.

總體而言，我們認為營業利潤率的擴張與股票薪資的減少相結合，最終將推動自由現金流和每股自由現金流的增加。

During the third quarter, we generated free cash flow of $105 million, up 51% versus last year.

第三季度，我們產生了 1.05 億美元的自由現金流，比去年成長 51%。

Free cash flow margin was 17.3%, up 480 basis points year-over-year.

自由現金流利潤率為17.3%，較去年同期成長480個基點。

In addition to continued operating leverage and disciplined spending, free cash flow has also benefited from working capital efficiencies.

除了持續的營運槓桿和嚴格的支出之外，自由現金流也受益於營運資本效率。

Moving to stock-based compensation.

轉向以股票為基礎的薪酬。

Stock-based compensation was $85 million or 14% of total revenue, down 630 basis points versus last year.

股票薪酬為 8,500 萬美元，佔總營收的 14%，比去年下降 630 個基點。

Through the first three quarters of 2024, net new share grants are down more than 60% versus last year. and we are on track to exceed our goal to reduce share grants by 50% of 2023 levels.

到 2024 年前三個季度，新股淨授予量比去年下降了 60% 以上。我們預計將超越 2023 年將股份授予減少 50% 的目標。

The reduction in grants is important as the lower number of shares granted and lower grant values will result in continued improvement in SBC going forward.

減少授予很重要，因為授予的股份數量和授予價值的減少將導致 SBC 未來持續改善。

Importantly, free cash flow again exceeded SPC and is a reflection of our discipline in meaningfully reducing stock-based compensation while significantly growing free cash flow.

重要的是，自由現金流再次超過了 SPC，這反映了我們在顯著增加自由現金流的同時有意義地減少基於股票的薪酬的紀律。

Moving on to our balance sheet and capital allocation.

繼續我們的資產負債表和資本配置。

We will continue to invite a balanced and disciplined approach to returning cash to shareholders through both debt repayment and share repurchase.

我們將繼續尋求平衡和嚴格的方法，透過債務償還和股票回購向股東返還現金。

Net debt to adjusted EBITDA improved to 2.3 times, down from 3 times last year as we meaningfully increased our profitability.

由於我們顯著提高了獲利能力，淨債務與調整後 EBITDA 的比值從去年的 3 倍下降至 2.3 倍。

Consistent with what we shared last quarter, we plan to address our $161 million of 2025 convertible notes with available cash and cash flow.

與我們上季度分享的內容一致，我們計劃利用可用現金和現金流來處理 1.61 億美元的 2025 年可轉換票據。

In Q3, we secured an additional $275 million delay (inaudible) commitment to our Trim Loan A, bringing total commitments to $350 million.

在第三季度，我們為修整貸款 A 獲得了額外 2.75 億美元的延遲（聽不清楚）承諾，使承諾總額達到 3.5 億美元。

We have until May 2025 to draw down on this commitment.

我們必須在 2025 年 5 月之前兌現這項承諾。

We plan to address our convertible notes coming due in March 2026 with this commitment plus the free cash flow we expect to generate between now and March 2026.

我們計劃透過這項承諾以及我們預計從現在到 2026 年 3 月之間產生的自由現金流來解決 2026 年 3 月到期的可轉換票據。

As part of deploying a dynamic capital allocation approach, we continue to target reducing our gross debt from $1.5 billion today to no more than $1 billion before the end of 2026.

作為部署動態資本配置方法的一部分，我們繼續目標是在 2026 年底前將總債務從目前的 15 億美元減少到不超過 10 億美元。

Note, our liquidity as of Q3 stands at $788 million, which is comprised of cash on hand plus the undrawn commitments on a term loan A and revolver.

請注意，截至第三季度，我們的流動性為 7.88 億美元，其中包括手頭現金加上定期貸款 A 和循環貸款的未提取承諾。

We believe that share repurchase continues to provide an attractive relative returns.

我們相信，股票回購將繼續提供有吸引力的相對回報。

In Q3, we repurchased 2.6 million shares for $83 million.

第三季度，我們以 8,300 萬美元回購了 260 萬股股票。

So far in 2024, we have repurchased 7.5 million shares for $245 million and have approximately $243 million remaining on our authorization at September 30, 2024.

2024 年到目前為止，我們已以 2.45 億美元回購了 750 萬股股票，截至 2024 年 9 月 30 日，我們的授權剩餘約 2.43 億美元。

Our we share buybacks, combined with continued discipline on stock-based compensation will result in our fully diluted share count, continuing to decline further.

我們的股票回購，再加上對股票薪酬的持續約束，將導致我們完全稀釋的股票數量繼續進一步下降。

We are making good progress with fully diluted share count declining by 1% sequentially and 3% versus last year.

我們取得了良好進展，完全攤薄後的股票數量比上一季下降了 1%，與去年相比下降了 3%。

Going forward, we plan to continue to at least fully offset dilution from SPC via buybacks, all while preserving financial flexibility with respect to excess cash.

展望未來，我們計劃繼續透過回購至少完全抵消 SPC 的稀釋作用，同時保持多餘現金的財務靈活性。

Overall, our results this quarter demonstrate our ability to execute on our plan to deliver growth from our core and new products, expand margins through continued spend efficiencies reduced stock-based compensation and deploy a balanced capital allocation approach that includes share repurchase and debt paydown.

總體而言，我們本季的業績表明我們有能力執行我們的計劃，以實現核心產品和新產品的成長，透過持續的支出效率擴大利潤，減少基於股票的薪酬，並部署包括股票回購和債務償還在內的平衡資本配置方法。

With this strategy, we believe we can continue to strengthen our financial profile and believe we are well-positioned for the future.

透過這項策略，我們相信我們可以繼續增強我們的財務狀況，並相信我們為未來做好了準備。

Now let me turn to guidance.

現在讓我談談指引。

Embedded in our guidance is the expectation that the macro environment and the current business trends remained relatively stable with no further material improvement or deterioration in conditions.

我們的指引中包含這樣的預期：宏觀環境和當前業務趨勢保持相對穩定，狀況不會進一步出現實質改善或惡化。

With that backdrop, for the fourth quarter of 2024, we expect subscription revenue growth of 7% to 8% and total revenue growth of 7%, non-GAAP operating margin of approximately 21% and non-GAAP EPS of $0.96 to $0.97 based on a fully diluted share count of 92.5 million to 93 million shares.

在此背景下，我們預計 2024 年第四季訂閱營收將成長 7% 至 8%，總營收將成長 7%，非 GAAP 營運利潤率約為 21%，非 GAAP 每股收益為 0.96 至 0.97 美元。完全稀釋後的股數為9,250 萬股至9,300 萬股。

For the full year, we are raising our revenue outlook.

對於全年，我們正在提高我們的收入預期。

We now expect subscription revenue of $2.295 billion to $2.297 billion, representing growth of 9% and total revenue of $2.397 billion to $2.399 billion, representing annual growth of 9%.

我們目前預計訂閱收入為 22.95 億美元至 22.97 億美元，年增 9%，總收入為 23.97 億美元至 23.99 億美元，年增 9%。

We continue to expect a non-GAAP operating margin of 21% as we balance profitability with reinvesting back into the business.

我們繼續預期非 GAAP 營業利潤率為 21%，因為我們在獲利能力與業務再投資之間取得了平衡。

Importantly, we now expect stock-based compensation of $350 million to $355 million, down from $370 million to $380 million previously.

重要的是，我們現在預計股票薪酬為 3.5 億至 3.55 億美元，低於先前的 3.7 億至 3.8 億美元。

We also expect non-GAAP EPS of $3.69, up from $3.62 to $3.67, driven in part by our lower share count outlook as we now expect 94.5 million fully diluted shares outstanding in 2024, down from 95 million to 96 million shares previously.

我們也預期非GAAP 每股盈餘為3.69 美元，從3.62 美元升至3.67 美元，部分原因是我們的股票數量前景較低，因為我們現在預計2024 年完全稀釋後流通股為9,450 萬股，低於之前的9,500 萬股至9,600 萬股。

Regarding free cash flow, we now expect free cash flow of $400 million to $405 million, up from $395 million to $400 million.

關於自由現金流，我們目前預計自由現金流為 4 億美元至 4.05 億美元，高於 3.95 億美元至 4 億美元。

Our outlook includes capitalized expenditures of $85 million, cash paid for interest of $60 million, restructuring and other payments of $27 million as well as $25 million of cash received from certain strategic partners.

我們的展望包括 8500 萬美元的資本支出、6000 萬美元利息支付的現金、2700 萬美元的重組和其他付款以及從某些戰略合作夥伴收到的 2500 萬美元現金。

As Vlad noted, prioritizing RingCX will be a key long-term growth driver with a significantly better margin profile given its owner economics.

正如 Vlad 指出的那樣，考慮到其所有者的經濟狀況，優先考慮 RingCX 將是關鍵的長期成長動力，其利潤率狀況明顯更好。

We are excited about the opportunity to meet the emerging customer demand for our fully scaled native UC+ CC solution.

我們很高興有機會滿足新興客戶對我們全面擴展的原生 UC+ CC 解決方案的需求。

RingCX is our own proprietary technology that will allow us to innovate faster and better serve our customer needs.

RingCX 是我們自己的專有技術，它將使我們能夠更快地創新並更好地滿足客戶需求。

While it's still early for RingCX, we believe that over time, its bookings will eventually meet or exceed those of RingCentral Contact Center bookings at its peak levels.

雖然對於 RingCX 來說還為時過早，但我們相信隨著時間的推移，其預訂量最終將達到或超過 RingCentral 聯絡中心預訂量的峰值水平。

In summary, we had a good quarter.

總而言之，我們度過了一個不錯的季度。

We are executing against our strategy of delivering growth from our core, expanding our addressable markets through our new products and driving a strong financial profile while reducing our reliance on third parties for core competencies, that will result in continued free cash flow generation, while materially lowering our share count.

我們正在執行從我們的核心實現成長的策略，透過我們的新產品擴大我們的潛在市場，並推動強大的財務狀況，同時減少我們對第三方核心能力的依賴，這將導致持續的自由現金流產生，同時在實質上減少我們的股份數量。

We believe this strategy will maximize returns for all the shareholders.

我們相信這項策略將為所有股東帶來最大化的回報。

With that, let's open up the call for questions.

接下來，讓我們開始提問。

(Operator Instructions) Kash Rangan, Goldman.

（操作員指令）Kash Rangan，高盛。

A great hire with Abhey, great guy, known them for a long time.

Abhey 是個很棒的僱員，很棒的人，認識他們很久了。

It looks like you have a pension for hiring former sell-side people starting in Mitesh.

看起來你可以透過僱用從米特什開始的前賣方人員來獲得退休金。

So great job.

太棒了。

On the business itself, I wanted to just get a better understanding as to how you would evaluate your own AI strategy.

就業務本身而言，我只是想更了解如何評估自己的人工智慧策略。

So we have a bunch of hypotheses we develop and we develop these products, we test it out of the market.

因此，我們提出了一系列假設，開發了這些產品，並在市場上進行了測試。

What are the things that you have learned from the introduction of your AI products into the marketplace?

您從將人工智慧產品推向市場的過程中學到了什麼？

And what is your best prediction as to when we hit an inflection point where the good is good enough, that is AI and growing parts of the portfolio, including RingCX, et cetera, that you could get a reacceleration in top line growth rate, which is something I know that is very near and dear to you and you've sort of intimated that that's your plan ultimately.

當我們達到一個轉折點時，你最好的預測是什麼，即人工智慧和投資組合中不斷增長的部分，包括 RingCX 等，你可以得到收入成長率的重新加速，這我知道這對你來說非常親近，而且你已經暗示這就是你的最終計劃。

But how is it all playing out near term with respect to AI and how that could be a positive for your business?

但近期人工智慧的進展如何？

.

。

Yes, hopefully, it will be a very good run of him as well.

是的，希望他也能有一個很好的表現。

So to your question, so the engineer in me says that good is never good enough, but probably that's not what you want to hear.

對於你的問題，我的工程師說，好的永遠不夠好，但這可能不是你想聽到的。

Look, AI is real, it's transformative.

看，人工智慧是真實的，它具有變革性。

It is indeed the mother of all megatrends, if you let me say that.

如果讓我這麼說的話，它確實是所有大趨勢之母。

We are now seeing firsthand that there is a real demand real traction, real usage.

我們現在親眼目睹了真正的需求、真正的吸引力、真正的使用。

It's early.

現在還早。

So we're not ready to share numbers yet.

所以我們還沒準備好分享數字。

But everything is growing not just quarter-over-quarter, but literally day-over-day.

但一切都在成長，不僅是逐季成長，而且是逐日成長。

This is new technology that is going to affect many people probably most, if not all people, and certainly, a vast majority of our customers.

這項新技術將影響許多人，即使不是所有人，也可能是影響最大的人，當然還有我們的絕大多數客戶。

We are now at a stage to where we're not just experimenting with AI, but we've started monetizing.

我們現在正處於一個階段，我們不僅在試驗人工智慧，而且已經開始貨幣化。

I think that if you look at our corporate deck, that's available online, you'll see that we are specifically calling out a number of AI first or even AI-specific products that are already being monetized.

我認為，如果你看一下我們在線上提供的公司資料，你會發現我們特別強調了一些人工智慧優先的產品，甚至是已經貨幣化的人工智慧特定產品。

RingSense is one of them, but there are some newer entrants.

RingSense 就是其中之一，但也有一些新加入者。

For example, RingCentral Agent Assist for RingCX comes to mind and some related technologies.

例如，我想到了 RingCentral Agent Assist for RingCX 和一些相關技術。

I think we already said that it's pulling up ARPU and it's also a very high attach rate, okay?

我想我們已經說過它會提高 ARPU，而且附加率也非常高，好嗎？

So all of those are extremely positive signs.

所以所有這些都是非常積極的跡象。

And it's very, very early, but we expect that over time, AI will be a major boom, a major growth driver and ARPU solidifier, maybe even ARPU driver for RingEX because with AI, it does not replace person-to-person communications.

現在還非常非常早，但我們預計，隨著時間的推移，人工智慧將成為主要的繁榮、主要的成長驅動力和ARPU 固化劑，甚至可能成為RingEX 的ARPU 驅動力，因為人工智慧不會取代人類與人之間的通信。

It only augments and enhances it.

它只會增強和增強它。

And in the contact center space, while it will likely have an effect on the number of agencies but in our case, we are the detractor because we have some agencies, but certainly, we can bring in a lot more value and a lot more revenue by automating deflecting calls.

在聯絡中心領域，雖然它可能會對代理機構的數量產生影響，但就我們而言，我們是批評者，因為我們有一些代理機構，但當然，我們可以帶來更多的價值和更多的收入透過自動轉移呼叫。

And this is where our AI agents will come into play.

這就是我們的人工智慧代理發揮作用的地方。

Some we will develop ourselves.

有些我們會自己開發。

I'm sure you noticed, we've announced a new strategic relationship with Verint.

我相信您已經注意到，我們已經宣布與 Verint 建立新的策略關係。

That is very serious about it.

這是非常嚴肅的事情。

I believe arose between RingCX and Verint, we are now well on our way of offering a very wide-based contact center solution spanning from very small accounts to some of the largest accounts because world-class enterprise-grade workforce management and automation.

我相信，在 RingCX 和 Verint 之間，我們現在正在提供廣泛基礎的聯絡中心解決方案，涵蓋從非常小的客戶到一些最大的客戶，因為世界一流的企業級勞動力管理和自動化。

Only a few companies on the globe have it and Verint is actually in the lead.

全球只有少數公司擁有該技術，而 Verint 實際上處於領先地位。

So look, qualitatively, it is very, very positive and promising can happen to the right.

因此，從品質上看，這是非常非常積極的，並且有希望發生在右邊。

Quantitatively, we have, what's our run rate, $2.5 billion almost, so we have this business, which is very, very sizable.

從數量上看，我們的運作率大約是 25 億美元，所以我們擁有這項業務，規模非常非常大。

It's 100% recurring revenues.

這是100%的經常性收入。

And to really move the needle on an entity of the size, it simply takes time.

要真正在這樣大的實體上取得進展，只需要時間。

So it will absolutely be contributing.

所以它絕對會做出貢獻。

I think you will see, first contributions to ARPU.

我想你會看到，第一個對 ARPU 的貢獻。

And then over time, they will translate into our par and then overall growth, but not quite ready to guide at this point. as it is very, very early in the cycle.

然後隨著時間的推移，它們將轉化為我們的標準，然後轉化為整體成長，但目前還沒有準備好指導。因為它處於週期的非常非常早期。

Siti Panigrahi, Mizuho.

西蒂·帕尼格拉希，瑞穗。

Great to see Abhey joining us as new CFO.

很高興看到 Abhey 加入我們作為新任財務長。

Now Vlad, looks like a lot of emphasis on CCaaS and you talked about RingCX and this partner Verint.

現在，Vlad 看起來非常重視 CCaaS，您談到了 RingCX 和這個合作夥伴 Verint。

A few questions.

有幾個問題。

What kind of trends are you seeing on the CCaaS SMB versus enterprise?

與企業相比，您認為 CCaaS 中小企業有哪些趨勢？

And now that you have RingCX with Verint partnership, how are you going to position the solution against -- versus nice?

既然您已經與 Verint 建立了 RingCX 合作夥伴關係，那麼您將如何定位該解決方案——與 Nice 相比？

How are you going to position in the market?

您將如何在市場中定位？

Sure.

當然。

Great question, and again, thank you on Abhey.

很好的問題，再次感謝 Abhey 的您。

Look, we've (inaudible) RingCX initially as an SMB product.

看，我們（聽不清楚）RingCX 最初是作為 SMB 產品。

It is indeed doing very well in SMB and it is showing very strong growth. quarter-over-quarter.

它確實在中小型企業中表現非常好，並且顯示出非常強勁的成長。季度環比。

But what we're realizing now is that it is a much wider solution than just for smaller businesses.

但我們現在意識到，這是一個比小型企業更廣泛的解決方案。

We are indeed getting accounts with hundreds and thousands of seats and as a great and as a great proof point we are now becoming our own customer.

我們確實獲得了擁有數百上千個席位的客戶，作為一個很好的證明，我們現在正在成為我們自己的客戶。

And we have migrated well over half, actually closer to three quarters, of our internal contact center to RingCX.

我們已經將一半以上（實際上接近四分之三）的內部聯絡中心遷移到了 RingCX。

And this was direct migration from RingCC, which is as we all know, nice and contact.

這是從 RingCC 的直接遷移，眾所周知，這是很好的、有聯繫的。

So this transition took a few weeks and went seamlessly and without loss in productivity.

因此，這一轉變花費了幾週的時間，並且進展順利，並且沒有降低生產力。

So we now know firsthand that RingCX can handle cases -- use cases not only for smaller and simpler businesses. but also for enterprises.

因此，我們現在直接知道 RingCX 可以處理案例 - 用例不僅適用於較小和較簡單的企業。也適用於企業。

And our use case is actually internally, it's not that simple.

而我們的用例其實是內部的，沒那麼簡單。

We have hundreds upon hundreds of cues that we're managing to optimize.

我們有成百上千的線索正在設法優化。

We are running a visible call center and are processing lots of loss of traffic and with the agent count well over 1,000, okay, and now have well over 1,000 agents on RingCX as well.

我們正在運行一個可見的呼叫中心，正在處理大量的流量損失，座席數量遠遠超過 1,000 名，好吧，現在 RingCX 上也有超過 1,000 名座席。

So to answer the second part of your question, look, and I think I said that in my prepared remarks as well, RingCX is our future.

因此，為了回答你問題的第二部分，我想我在我準備好的發言中也說過，RingCX 是我們的未來。

RingCentral is uniquely positioned and has unique experience worldwide unique in combining top-level UC with top-level UCaaS with top level CC or CCaaS, okay?

RingCentral 在將頂級 UC 與頂級 UCaaS 與頂級 CC 或 CCaaS 相結合方面具有獨特的定位，並且在全球範圍內擁有獨特的經驗，好嗎？

Over years, we've been combining our cloud PBX product, which is a pure-play leader in this market with in context Cloud Contact Center, which is, I have to say, a very good product.

多年來，我們一直將我們的雲端 PBX 產品（該市場中的純粹領導者）與雲端聯絡中心（我不得不說，這是一個非常好的產品）結合在一起。

But now with RingCX in the fray, we believe that we can get all or maybe at this point, almost all but eventually all of the (inaudible) UCaaS, high-end CCaaS together.

但現在隨著 RingCX 的加入，我們相信我們可以將所有或可能在這一點上幾乎所有但最終所有（聽不清楚）UCaaS、高端 CCaaS 整合在一起。

Only this time around, it will be with owner economics, basically entire user experience being under our control.

只是這一次，它將涉及所有者經濟學，基本上整個用戶體驗都在我們的控制之下。

And of course, pricing and packaging will be such that we expect to be winning our fair share, maybe a little bit more in the overall CCaaS space.

當然，定價和包裝將使我們期望贏得公平的份額，也許在整個 CCaaS 領域多一點。

So we're very optimistic.

所以我們非常樂觀。

RingCX is our go-forward solution.

RingCX 是我們的先進解決方案。

RingCentral Contact Center, RingCC is still out there.

RingCentral 聯絡中心、RingCC 仍然存在。

We still have time left on the in-context relationship.

我們還有時間討論上下文關係。

Perhaps it may even be extended, who knows, never say never.

也許它甚至可能會延長，誰知道呢，永遠不要說永遠。

I'm not saying it will or will not just to be clear. because look, it's a very good product, and they've been at it for a while, and I'm sure that there are customers who will want that particular feature set, which we are not trying to replicate, but what we are trying to do is -- not trying, what we are doing is we disrupt the entire CCaaS space with our new AI-driven and AI-first RingCX product.

我並不是說會或不會，只是為了清楚起見。因為看，這是一個非常好的產品，而且他們已經研究了一段時間了，我確信有些客戶會想要特定的功能集，我們並不是要複製它，而是我們正在嘗試的我們要做的是——不是嘗試，我們正在做的是用我們新的人工智慧驅動和人工智慧優先的RingCX 產品顛覆整個CCaaS 領域。

And just to finish my very long sentence here, with Verint as our new strategic partner, we really do believe that we can address entire stack of use cases from very small to very, very large.

在這裡結束我很長的一句話，隨著 Verint 作為我們的新策略合作夥伴，我們確實相信我們可以解決從非常小到非常非常大的整個用例堆疊。

Vlad, thanks for that color.

弗拉德，謝謝你的顏色。

And a quick follow-up.

並快速跟進。

We see gross margin downtick in the last two quarters.

我們看到過去兩季的毛利率下降。

I'm wondering how should we think about that going forward?

我想知道我們今後應該如何考慮這個問題？

What drive that?

那是什麼驅動的？

Thanks, Siti, for the question.

謝謝西蒂的提問。

So look, overall gross margin is still very strong at about 81%.

所以看，整體毛利率還是非常強勁的，大約在81%。

Our ARPUs continue to be stable, and we are seeing scale benefits from our cost base.

我們的 ARPU 繼續保持穩定，並且我們從成本基礎中看到了規模效益。

So things like transport costs and our fixed costs are spreading over a bigger base.

因此，諸如運輸成本和我們的固定成本之類的事情正在分散到更大的基礎上。

There is a slight sequential headwind as we are ramping up our new products, particularly RingCX.

隨著我們不斷推出新產品，尤其是 RingCX，出現了輕微的連續阻力。

So we are investing in the infrastructure and that is expected to rationalize that some of these products ramp.

因此，我們正在投資基礎設施，預計這將使其中一些產品的成長合理化。

Ryan MacWilliams, Barclays.

瑞安·麥克威廉斯，巴克萊銀行。

This is [Damon Coggin] on from Ryan MacWilliams.

我是 Ryan MacWilliams 的 [Damon Coggin]。

Great to hear that you guys remain on track to hit the $100 million from new products by the end of next year.

很高興聽到你們仍有望在明年年底前從新產品中獲得 1 億美元的收入。

As we begin to think about total revenue for 2025, I was just curious if the 4Q growth rate would be a good starting point.

當我們開始考慮 2025 年的總收入時，我只是好奇第四季的成長率是否是一個好的起點。

Any other puts and takes that we should keep in mind?

我們還應該牢記其他的觀點和觀點嗎？

Yes.

是的。

Let me take maybe first part of that question, maybe a little bit more qualitatively at this point, and Vaibhav will provide more color.

讓我來回答這個問題的第一部分，也許在這一點上更加定性，Vaibhav 將提供更多的色彩。

Look, number one, we are not yet ready to guide for 2025.

看，第一，我們還沒有準備好為 2025 年提供指導。

To be honest, we are laser-focused on having a good Q4 here.

老實說，我們非常專注於第四季的表現。

And of course, we are in the planning stages, but it's relatively early.

當然，我們正處於規劃階段，但還相對較早。

So we're not ready to guide.

所以我們還沒準備好指導。

And on top of this, as you all know, we have just announced a new CFO.

除此之外，眾所周知，我們剛剛宣布了一位新的財務長。

He is not in the building yet, certainly like him to have his stake has hand in.

他還沒在大樓裡，當然也像他一樣，他的股份已經繳交了。

Now here inside all of this, Look, we see very many positives happening out there.

現在，在這一切之中，看，我們看到了很多積極的事情正在發生。

Again, some of what I'm about the site here is in our earnings is in our prepared remarks.

再說一遍，我對這個網站的一些看法是在我們的收益中，在我們準備好的評論中。

Some of it, I would refer you to our investor deck, which has been updated lately.

其中一些，我建議您參考我們最近更新的投資者資料庫。

But fundamentally, what we see is continued strong use of voice.

但從根本上來說，我們看到的是語音的持續大量使用。

We see third-party proof points from the analyst community, but we also see it in our own user base to where voice minutes per user are steady and are at least keeping pace with our overall growth of the company.

我們看到了來自分析師社群的第三方證據，但我們也在我們自己的用戶群中看到了這一點，即每個用戶的語音分鐘數是穩定的，並且至少與我們公司的整體成長保持同步。

This is a very positive sign for us.

這對我們來說是一個非常積極的信號。

We know that there is still huge greenfield left in the UC space.

我們知道加州大學空間仍然有巨大的綠地。

And we are adding a lot of new logos to show us, okay -- to leverage this opportunity.

我們添加了很多新標誌來向我們展示，好吧——利用這個機會。

In the Contact Center space, it is also good news with RingCX doing well, and I would say, maybe a bit better than expected.

在聯絡中心領域，RingCX 表現良好也是個好消息，我想說，也許比預期好。

But there is also the reality that for a number of years, we've been selling a combined UCaaS, CCaaS product with -- based nice in contact technology.

但現實是，多年來，我們一直在銷售基於良好接觸技術的 UCaaS、CCaaS 組合產品。

We have a sales force and our channel outside channel is well trained in selling that combined.

我們擁有一支銷售隊伍，我們的通路外部通路在銷售方面都經過了良好的培訓。

Moving forward, as I just indicated, we will be leading with RingCX and RingCentral Contact Center, the OEM solution will still be part of the portfolio, but that will not be our foot forward.

展望未來，正如我剛才指出的，我們將以 RingCX 和 RingCentral 聯絡中心為主導，OEM 解決方案仍將是產品組合的一部分，但這不會是我們前進的腳步。

This may create -- maybe in the operative word, but it may create a bit of friction, and it could potentially result in a bit of a headwind in the near term.

這可能會產生——也許用關鍵字來說，但它可能會產生一些摩擦，並且可能在短期內導致一些逆風。

It is hard to quantify.

很難量化。

What we know for sure, however, is that we are well on our way of having RingCX bookings be on their way, but not quite there to address or to the level where RingCC was at its peak.

然而，我們可以肯定的是，我們在 RingCX 預訂方面進展順利，但還沒有完全解決或達到 RingCC 巔峰時期的水平。

And some of this is net new because it is a wider product.

其中一些是全新的，因為它是一種更廣泛的產品。

It's addressing needs of smaller businesses as well as larger enterprises.

它可以滿足小型企業和大型企業的需求。

But some of it is in (inaudible) replacement.

但其中一些正在（聽不清楚）替換中。

So what I would urge you to do is give us a little bit of time.

所以我建議您給我們一點時間。

We will be, of course, providing full outlook for 2025 at our next earnings call, and we should have substantially more information at that time.

當然，我們將在下一次財報電話會議上提供 2025 年的全面展望，屆時我們應該會獲得更多資訊。

And if I could just one more.

如果我還能再來一張就好了。

How did the Microsoft Teams opportunities perform in 3Q compared to 2Q?

與第二季相比，第三季 Microsoft Teams 機會的表現如何？

And is this helping you land with larger customers?

這是否有助於您吸引更多客戶？

Also, is it helping pull through more contact center deals with RingCX?

此外，它是否有助於與 RingCX 達成更多聯絡中心交易？

Good questions.

好問題。

Look, so Teams itself is generally for larger customers.

看來，Teams 本身通常是針對較大客戶的。

Most of our larger customers are team players.

我們的大客戶大多是團隊合作者。

You are seeing that our enterprise growth is still ahead of our company growth and is still in double digits.

你看到我們的企業成長仍然領先於我們公司的成長，仍然是兩位數。

From my limited understanding, this is actually maybe unique in the industry at this point to be growing anything at this level in double digits.

根據我有限的理解，在這一點上，以兩位數的水平增長任何東西實際上在行業中可能是獨一無二的。

So we feel super about that.

所以我們對此感覺非常好。

So with that in mind, yes, many of our enterprise customers, our teams customers, and they're still choosing RingCentral (inaudible) in particular as an add-on to Teams.

因此，考慮到這一點，是的，我們的許多企業客戶、我們的團隊客戶，他們仍然選擇 RingCentral（聽不清楚），特別是作為 Teams 的附加元件。

Again, I will refer you to our investor deck, where we actually have added some very specific information on exactly why people are choosing to use RingCX on top of Teams.

再次，我將向您推薦我們的投資者平台，其中我們實際上添加了一些非常具體的訊息，說明人們為什麼選擇在 Teams 之上使用 RingCX。

And again, I just really want to reiterate, especially if we have similar people on this call that Teams, it's not a competitor to us.

再次，我真的想重申，特別是如果我們有類似的人參加這次電話會議，那麼 Teams 並不是我們的競爭對手。

It is a potential channel and it's an ecosystem like an operating system that we simply need to be part of, okay?

這是一個潛在的管道，它是一個像作業系統一樣的生態系統，我們只需要成為其中的一部分，好嗎？

As far as RingCX, historically, and with some notable examples to the contrary, RingCentral itself included, but historically, is being more slated for smaller businesses, which is where there is not so much Teams.

就 RingCX 而言，從歷史上看，以及一些著名的相反例子，RingCentral 本身也包括在內，但從歷史上看，它更適合小型企業，而這些企業沒有那麼多團隊。

So what I would say is that at this point, RingCX and Teams integration it's not a needle mover.

所以我想說的是，在這一點上，RingCX 和 Teams 的整合並不是一個推動因素。

We expect it to become that over time.

我們預計隨著時間的推移它會變成這樣。

And I can tell you that just like we have RingEX for Teams we expect to have RingCX for Teams in the foreseeable future to add that to the portfolio.

我可以告訴您，就像我們有 RingEX for Teams 一樣，我們希望在可預見的將來也有 RingCX for Teams，將其添加到產品組合中。

(Operator Instructions) Michael Turrin, Wells Fargo.

（操作員說明）Michael Turrin，富國銀行。

I appreciate all the color this far.

我很欣賞到目前為止所有的顏色。

Vlad, you had a comment on ARPU expansion that I wanted to spend some time on, Can you just speak to the drivers of that?

Vlad，您對 ARPU 擴充功能有一個評論，我想花一些時間討論一下，您能談談該問題的驅動因素嗎？

How much of that is cross-sell from some of the newer products you're focusing in on?

其中有多少是來自您關注的一些新產品的交叉銷售？

Or are you seeing base price improvements as well?

或者您也看到了基本價格的提高？

And as you continue to focus in on selling the newer products -- can you continue to also drive leverage on the sales and marketing line?

當您繼續專注於銷售新產品時，您能否繼續提高銷售和行銷線的影響力？

Look, okay.

看看，好吧。

So it comes in several guises.

所以它有多種形式。

You used the word cross-sell.

您使用了交叉銷售這個詞。

So how I would look at cross-sell is selling new products into the base.

因此，我對交叉銷售的看法是將新產品銷售到基地。

RingCX is one such new product.

RingCX就是這樣的新產品。

RingCX is absolutely driving up overall ARPU for the entire base.

RingCX 絕對會提高整個基地的整體 ARPU。

And look, I don't have the exact numbers in front of me, but I believe it's registering already for overall ARPU, maybe give me honest on that.

看，我面前沒有確切的數字，但我相信它已經在登記總體 ARPU，也許請誠實地告訴我。

Okay.

好的。

Now then, I guess, you can also call it cross-sell, I look at it more than upsell maybe, but we have our newer products, in particular, AI-based products, that are also beginning to move the needle.

現在，我想，你也可以稱之為交叉銷售，我可能比追加銷售更看重它，但我們有更新的產品，特別是基於人工智慧的產品，它們也開始取得進展。

So we have RingSense.

所以我們有 RingSense。

We used to call it RingSense for Sales.

我們過去稱其為 RingSense for Sales。

Why we renamed it or shortened the name to RingSense is that the use cases we're seeing are much above just for sales.

我們將其重命名或縮寫為 RingSense 的原因是，我們看到的用例遠遠超出了銷售目的。

It is general quality management for Contact Centers of all denominations, not necessarily sales based, right?

這是所有類型的聯絡中心的通用品質管理，不一定是基於銷售的，對吧？

.

。

We have AI assistance that we have out there, some our own, some are through OEM relationships.

我們擁有人工智慧協助，有些是我們自己的，有些是透過 OEM 關係提供的。

To be clear, over time, we would be looking to replace as much as we can from the OEM ecosystem with our native technology.

需要明確的是，隨著時間的推移，我們將尋求用我們的原生技術盡可能地取代 OEM 生態系統。

This is as far as our core competencies are concerned.

這就是我們的核心競爭力。

So these things are all accretive to ARPU.

所以這些東西都會增加ARPU。

What I can say, again, I just refer you to the deck is look, we've been holding our ARPU at about $30 for quite some time now. okay?

我可以再說一遍，我只是向您推薦這套牌，我們已經將 ARPU 保持在 30 美元左右已有相當長一段時間了。好的？

And many times, we hear -- not many times, sometimes we hear, well, how can that be because if you go and look at competitive pricing, go search web.

很多時候，我們聽到——不是很多次，有時我們聽到，好吧，那怎麼可能，因為如果你去看看有競爭力的價格，去搜尋網路。

And this person is below you and that person is below you and surely, you must crash.

這個人在你下面，那個人在你下面，當然，你一定會崩潰。

And the strategy and that argument is that we actually deliver more bang with the buck than probably anyone out there that you can think point to.

我們的策略和論點是，我們實際上比你能想到的任何人都能提供更多的經濟效益。

So what gets lost in this translation is that for our $30, we are delivering full up high-end PDX that in many cases, in its own right outside of RingCX is already used as a small to even midsized Contact Center.

因此，在這種翻譯中我們忽略的是，我們以 30 美元的價格提供了完整的高端 PDX，在許多情況下，它在 RingCX 之外本身就已經被用作小型到中型的聯絡中心。

This is driving price up, ARPU up and delivering good value, okay?

這會推高價格、提高 ARPU 並帶來良好的價值，好嗎？

We are offering analytics, we are offering reporting -- many people don't have a period or charge extra for it.

我們提供分析，我們提供報告—許多人沒有期限或收取額外費用。

We bundle it all in.

我們將其全部捆綁在一起。

Now with AI, it completely opens up new possibilities for us. because we know that while some AI is now table stakes, so we have our AI assistant for (inaudible), which we offer at no charge.

現在有了人工智慧，它徹底為我們開闢了新的可能性。因為我們知道，雖然有些人工智慧現在已經成為賭注，所以我們有我們的人工智慧助理（聽不清楚），我們免費提供。

But building on that are various forms of bots, which are think of it as things that AI can before the call, things I can do during the call.

但在此基礎上出現了各種形式的機器人，它們被認為是人工智慧在通話之前可以做的事情，我可以在通話期間做的事情。

So Agent Assist and post call it, quality management.

因此，代理協助並稱之為品質管理。

All of these are revenue opportunities for us, revenue-generating opportunities.

所有這些對我們來說都是收入機會，創造收入機會。

And again, I'm not going to guide, I'm not even going to guide with respect to ARPU.

再說一次，我不會提供指導，我甚至不會提供有關 ARPU 的指導。

But what I will say is that the value that a company gets a user gas from RingCentral at $30 is very, very hard to match from anyone in the industry.

但我想說的是，一家公司以 30 美元的價格從 RingCentral 獲得用戶 Gas 的價值是業內任何人都難以匹敵的。

And some of the interesting examples out there is, for example, Microsoft's Copilot standalone is $30, okay?

還有一些有趣的例子，例如，微軟的 Copilot 獨立版售價 30 美元，好嗎？

And we're incorporating parts of that into our stack.

我們正在將其中的一部分合併到我們的堆疊中。

So again, we deliver value for the money and intend to do so moving forward.

因此，我們再次強調物有所值，並打算繼續這樣做。

Yes.

是的。

And then on the sales and marketing, Michael, as a percentage of total revenue, it has declined by about 200 basis points in the quarter, so it's now used to be in the 45% back in 2022.

然後在銷售和行銷方面，麥可佔總收入的百分比在本季下降了約 200 個基點，因此現在在 2022 年時為 45%。

So it continues to be an area of focus for us, and we are continuously lowering our cap, which has significantly improved over the past two years.

因此，它仍然是我們關注的一個領域，我們正在不斷降低上限，這在過去兩年中已經有了顯著改善。

And we are doing this in a -- we are doing that by a couple of different ways.

我們正在透過幾種不同的方式來做到這一點。

It's driving higher sales productivity remaining disciplined on costs, and we are very mindful of the business that we are taking by shifting to routes to market that have a favorable unit economics.

它推動了更高的銷售生產力，同時保持了對成本的嚴格控制，我們非常關注我們正在採取的業務，轉向具有良好單位經濟效益的市場路線。

Samad Samana, Jefferies.

薩馬德·薩馬納，杰弗里斯。

This is (inaudible) on for Samad.

這是 Samad 的（聽不清楚）。

Maybe if I could double-click on some of the macro and go-to-market dynamics.

也許我可以雙擊一些宏觀和市場動態。

If I go back to the second quarter print, the strengths were cited as large deals and upsells at the high end with maybe some relative softness in how do those dynamics progress in the third quarter?

如果我回到第二季的印刷品，優勢被認為是高端市場的大型交易和追加銷售，而第三季這些動態的進展可能相對疲軟？

And what's kind of implied in the fourth quarter guide?

第四季指南中暗示了什麼？

Any material changes positive or negative in terms of enterprise versus SMB demand?

就企業與中小企業的需求而言，有任何重大變化是正面還是負面的？

And then any material changes quarter-over-quarter in terms of customer vertical demand?

那麼就客戶垂直需求而言，是否有任何重大的季度變化？

So look, in Q3, we are quite pleased with the results that we levered.

所以看，在第三季度，我們對我們所利用的結果非常滿意。

What we saw in Q3 was is ARR growing in double digits.

我們在第三季看到的是 ARR 以兩位數成長。

We continue to add larger customers and provided a couple of examples of customers buying multiple products and for longer duration contracts.

我們繼續增加更大的客戶，並提供了一些客戶購買多種產品和簽訂較長期限合約的範例。

So that continues to be a positive trend for us.

所以這對我們來說仍然是一個正面的趨勢。

Having said that, though, enterprise continues to be more back-end loaded, and there is some variability in the timing of the deals.

儘管如此，企業仍然需要更多的後端負載，並且交易時間存在一些變化。

SMB is showing some early signs of stabilization in terms of the macro, but we are still kind of seeing macro headwinds and we expect that as conditions improve in the macro subsides, this could be a higher growth segment for us.

中小企業在宏觀方面顯示出一些穩定的早期跡象，但我們仍然看到宏觀阻力，我們預期隨著宏觀條件的改善消退，這對我們來說可能是一個更高成長的領域。

In terms of our new products, Vlad provided commentary in terms of the strong early traction that we are seeing.

就我們的新產品而言，弗拉德就我們所看到的早期強勁吸引力發表了評論。

And we are very encouraged there in terms of some of the early momentum especially considering the potential for improved margins from the owner economics.

我們對早期的一些勢頭感到非常鼓舞，特別是考慮到所有者經濟提高利潤率的潛力。

NRR continues to be above 99%.

NRR持續維持在99%以上。

We see churn and downsell to be stable, but new seats upsells continues to be an opportunity as companies are rationalizing head count growth.

我們認為客戶流失和降價銷售將保持穩定，但隨著公司合理化員工數量增長，新座位的追加銷售仍然是一個機會。

So that will be an area of opportunity for us.

所以這對我們來說將是一個機會領域。

And other revenue continues to be impacted with cloud phone adoption, and we are making some investments to enable our customers, particularly as they are buying new products to onboard seamlessly.

其他收入繼續受到雲端電話採用的影響，我們正在進行一些投資來幫助我們的客戶，特別是當他們購買新產品以無縫加入時。

So I think when we put all of those things together, that's what's incorporated in the guidance and in terms of the trends we are seeing today.

因此，我認為，當我們將所有這些內容放在一起時，這就是我們今天看到的指南和趨勢中所包含的內容。

[Ali Ohaba], Rosenblatt Securities.

[阿里·奧哈巴]，羅森布拉特證券。

Could you please provide some insight on how the relationship with AWS is progressing?

您能否提供一些與 AWS 的關係進展的見解？

And are you guys observing additional revenue from this partnership?

你們是否觀察到這種合作關係帶來的額外收入？

Yes.

是的。

Relationship is live and healthy.

關係是活躍且健康的。

And certainly, we are a big customer of theirs.

當然，我們是他們的大客戶。

But in addition to that, we are seeing some deal flow from them as in the end, our technology is complementary to theirs.

但除此之外，我們也看到了他們的一些交易，因為最終我們的技術與他們的技術是互補的。

We are able to break out these numbers on this call.

我們能夠在這次電話會議上公佈這些數字。

And by the way, part of the reason is that, in many cases, we have multiple sources of referral, if you will, and they're all working together, but it's certainly helpful to have someone like AWS on your side, and they are on our side.

順便說一句，部分原因是，在很多情況下，我們有多個推薦來源（如果您願意的話），而且它們都在共同努力，但是有像AWS 這樣的人在您身邊肯定會有所幫助，而且他們都在我們這邊。

So we're happy with the relationship.

所以我們對這段關係感到滿意。

Hopefully, they are as well.

希望他們也是如此。

And we do believe that there is more to do there.

我們確實相信這方面還有更多工作要做。

And I can tell you that we have teams actually working on making our our solutions yet more appealing to AWS as a very, very large customer base.

我可以告訴您，我們的團隊實際上正在致力於使我們的解決方案對 AWS 作為一個非常非常大的客戶群更具吸引力。

This concludes our call for today.

我們今天的呼籲到此結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect your lines.

現在您可以斷開線路。