RingCentral Inc (RNG) 2025 Q1 法說會逐字稿

Good day, and welcome to the RingCentral first-quarter 2025 earnings conference call. (Operator Instructions) Please also note today's event is being recorded.

大家好，歡迎參加 RingCentral 2025 年第一季財報電話會議。（操作員指示）另請注意，今天的活動正在被記錄。

I would now like to turn the conference over to Vaibhav Agarwal, Deputy CFO for RingCentral. Please go ahead.

現在，我想將會議交給 RingCentral 副財務長 Vaibhav Agarwal。請繼續。

Thank you. Good afternoon, and welcome to RingCentral's first-quarter 2025 earnings conference call. Joining me today are Vlad Shmunis, Founder, Chairman, and CEO; Kira Makagon, President and COO; and Abhey Lamba, CFO. Our format today will include prepared remarks by Vlad, Kira, and Abhey followed by Q&A. We also have a slide presentation available on our Investor Relations website that will coincide with today's call, which you can find under Financial Results section at ir.ringcentral.com.

謝謝。下午好，歡迎參加 RingCentral 2025 年第一季財報電話會議。今天與我一起出席的還有創辦人、董事長兼執行長 Vlad Shmunis； Kira Makagon，總裁兼營運長；以及財務長 Abhey Lamba。我們今天的會議形式包括 Vlad、Kira 和 Abhey 的準備好的發言，然後是問答環節。我們的投資者關係網站上還提供與今天的電話會議同時發布的幻燈片演示，您可以在 ir.ringcentral.com 的財務結果部分找到。

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

我們對您的問題的一些討論和回應將包含有關公司業務運營、財務業績和前景的前瞻性陳述。這些聲明受風險和不確定性的影響，其中一些是我們無法控制的，並且不能保證未來的表現。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。有關我們業務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報告中包含的資訊。除非另有說明，以下所有指標均為非 GAAP 指標，且與去年同期相比。

The 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.

我們的收益報告和幻燈片中提供了所有 GAAP 與非 GAAP 結果的對帳。對於某些前瞻性指引，非 GAAP 財務指引與相應的 GAAP 指標之間的調整尚未提供，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。

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

說完這些，我將把電話轉給弗拉德。

Good afternoon, and thank you for joining us today. We had a strong start to the year and are excited about the opportunity ahead. we exceeded $2.5 billion in ARR, delivered revenue at the upper end of our guidance, expanded operating margin, generated record quarterly free cash flow, and reduced debt and share count year over year and quarter over quarter.

下午好，感謝您今天加入我們。我們今年有一個良好的開端，並對未來的機會感到興奮。我們的 ARR 超過了 25 億美元，收入達到了預期的上限，營業利潤率有所提高，季度自由現金流創下了歷史新高，債務和股票數量也逐年減少、環比有所下降。

Our AI-powered multi-product strategy is clearly working, and we continue to see strong proof points that our new products are resonating with customers. We achieved total revenues of $612 million. Our operating margin was 21.8%, exceeding our guidance range. This marks our third consecutive quarter of GAAP operating profitability, and we are committed to maintaining GAAP operating profitability going forward.

我們的人工智慧多產品策略顯然正在發揮作用，我們繼續看到強有力的證據表明我們的新產品正在引起客戶的共鳴。我們實現了總收入 6.12 億美元。我們的營業利益率為21.8%，超出了我們的預期範圍。這是我們連續第三個季度實現 GAAP 營運獲利，我們致力於在未來維持 GAAP 營運獲利。

We generated record free cash flow of $130 million, up 70% year over year, putting us well on track to achieve our 2025 goal of over $500 million. Additionally, we paid down $166 million of debt during the quarter, reducing our net leverage ratio to 2x. Our robust free cash flow generation enables us to invest in growth while simultaneously strengthening our balance sheet.

我們創造了創紀錄的 1.3 億美元自由現金流，年增 70%，使我們有望實現 2025 年超過 5 億美元的目標。此外，我們在本季償還了 1.66 億美元的債務，將淨槓桿比率降至 2 倍。我們強勁的自由現金流使我們能夠投資於成長，同時加強我們的資產負債表。

Our success continues to be grounded in the values that have guided us from day one: trust, innovation and partnerships or TIP. These principles shaped our rise from a start-up to a market leader and now guide us as we expand into a multiproduct company with AI at the core.

我們的成功繼續植根於從第一天起就指導我們的價值觀：信任、創新和夥伴關係或 TIP。這些原則塑造了我們從一家新創公司成長為市場領導者的歷程，現在，它們指導我們發展成為一家以人工智慧為核心的多產品公司。

We continue to lead in the $30 billion UCaaS market with a steady 20% market share. Now, we're leveraging our leadership position by supercharging our platform with AI and expanding our portfolio to enable us to expand our TAM and grow our market share. We're investing over $0.25 billion in innovation annually with a significant and growing portion dedicated to our emerging AI-led new products. This underscores a continued commitment to a best-in-class and complete product portfolio, focused on AI-powered employee and customer experiences, which includes our flagship RingEX, RingCX, and our emerging portfolio of voice-centric agentic AI solutions. The early results of these new products are promising. Kira will provide additional details, but here are some quick proof points.

我們繼續在價值 300 億美元的 UCaaS 市場中保持領先地位，並穩定保持 20% 的市場份額。現在，我們正在利用我們的領導地位，利用人工智慧來增強我們的平台並擴展我們的產品組合，以使我們能夠擴大我們的 TAM 並增加我們的市場份額。我們每年在創新方面投資超過 2.5 億美元，其中很大一部分（且不斷增長的部分）專門用於我們新興的人工智慧主導的新產品。這強調了我們對一流和完整產品組合的持續承諾，專注於人工智慧驅動的員工和客戶體驗，其中包括我們的旗艦產品 RingEX、RingCX 和我們新興的以語音為中心的代理人工智慧解決方案組合。這些新產品的早期成果令人鼓舞。Kira 將提供更多細節，但這裡有一些快速的證明點。

At the core of our new product portfolio is RingCX, our modern AI-powered omnichannel cloud contact center solution that is delivering strong double-digit sequential growth. The success RingCX is further validated this past quarter by leadership recognition from key industry analysts, including (inaudible), ISG, and GigaOM. They cited seamless capabilities, ease of deployment at use, and AI throughout the customer interaction life cycle.

我們新產品組合的核心是 RingCX，這是我們現代化的人工智慧全通路雲端聯絡中心解決方案，正在實現強勁的兩位數連續成長。RingCX 的成功在上個季度得到了包括 (聽不清楚)、ISG 和 GigaOM 在內的主要產業分析師的領導認可，進一步證實了這一點。他們列舉了無縫功能、易於部署以及整個客戶互動生命週期中的人工智慧。

RingSense, our AI-powered insights and coaching tool, also saw a strong double-digit sequential increase in the number of customers this quarter. RingSense is integrated with and is being sold alongside RingEX and RingCX for sales, customer care, and other quality management use cases.

RingSense 是我們基於人工智慧的洞察和指導工具，本季其客戶數量也實現了強勁的兩位數連續成長。RingSense 與 RingEX 和 RingCX 整合並一起銷售，用於銷售、客戶服務和其他品質管理用例。

I'm also extremely excited about the early progress that we are seeing with our latest innovation, RingCentral AI Receptionist or AIR, which launched last quarter. AIR is a category-defining AI phone agent that augments and replaces human receptions, resulting in major productivity improvements and substantially better customer experience. We activated more than 400 AIR customers within just six weeks of the launch and now have over 1,000. These are early but meaningful proof points that our AI-led multiproduct strategy is working. And this gives us continued confidence in our ability to achieve over $100 million in ARR from new products by the end of 2025.

我對我們上個季度推出的最新創新 RingCentral AI Receptionist 或 AIR 所取得的早期進展感到非常興奮。AIR 是一種定義類別的 AI 電話代理，可增強和取代人工接聽，從而大大提高生產力並顯著改善客戶體驗。我們在推出後的短短六週內就啟動了 400 多個 AIR 客戶，現在已超過 1,000 個。這些都是早期但有意義的證明點，證明我們的以人工智慧為主導的多產品策略正在發揮作用。這讓我們對 2025 年底透過新產品實現超過 1 億美元的 ARR 的能力充滿信心。

Our Q1 results reflect our performance as the unified multiproduct enterprise. However, I'd like now to dive deeper into some specific customer cohorts that are integral to our success. Please note that while we are sharing these details today, we may not update them regularly.

我們第一季的業績反映了我們作為統一的多產品企業的表現。不過，我現在想更深入地探討一些對我們的成功至關重要的特定客戶群。請注意，雖然我們今天分享這些詳細信息，但我們可能不會定期更新它們。

Our company is trusted by over 400,000 businesses as they are mission-critical communications provider. We proudly count some of the world's largest companies as our customers. The majority of our customers, however, are smaller businesses. In fact, approximately 30% of our overall ARR comes from customers with fewer than 100 employees.

作為任務關鍵型通訊供應商，我們公司受到超過 40 萬家企業的信賴。我們很榮幸地將一些全球最大的公司視為我們的客戶。然而，我們的大多數客戶都是小型企業。事實上，我們整體 ARR 的約 30% 來自員工人數少於 100 人的客戶。

Small business is a backbone of the US economy, contributing over 40% of our nation's GDP. RingCentral is positioned extremely well in this cohort as many of these businesses are in consumer-facing sectors such as healthcare, financial services, retail, and travel and transportation. Voice communication remains an important mode of interaction in these industries. And as a leader in business voice solutions, we are well positioned to meet their needs. Importantly, we are seeing strong adoption of our AI-based products in particular, AIR and RingSense, with these customers due to strong product fit.

小型企業是美國經濟的支柱，貢獻了美國 GDP 的 40% 以上。RingCentral 在這個群體中佔據極佳地位，因為其中許多企業都處於消費者導向的行業，例如醫療保健、金融服務、零售、旅遊和交通。語音通訊仍然是這些產業中重要的互動模式。作為商業語音解決方案的領導者，我們完全有能力滿足他們的需求。重要的是，由於產品相容性強，我們看到這些客戶大力採用我們的基於人工智慧的產品，特別是 AIR 和 RingSense。

The numbers speak for themselves. In Q1, ARR from these smaller customers grew by double digits, marking an acceleration over the past two quarters and reaching a two-year high. Moreover, these customers generate higher ARPU and deliver good ROI with a time to breakeven of under 18 months.

數字說明了一切。第一季度，這些小客戶的 ARR 成長了兩位數，比過去兩個季度有了加速，達到了兩年來的最高水準。此外，這些客戶的 ARPU 更高，投資報酬率 (ROI) 也更高，收支平衡時間不到 18 個月。

Another key customer cohort for us is telecom carriers and multiple system operators, MSOs, collectively referred to as global service providers or GSPs. Our GSP partnerships are not merely transactional; they're strategic alliances that amplify our market presence. By collaborating with GSPs, we leverage their extensive networks and customer relationships to deliver our innovative products and services more effectively while allowing them an opportunity to deliver world-class model innovation to their vast customer bases. This symbiotic relationship enables us to tap into new markets and customers that might otherwise be challenging to reach directly.

我們的另一個主要客戶群是電信業者和多系統營運商（MSO），統稱為全球服務供應商或GSP。我們的 GSP 合作夥伴關係不僅僅是交易性的；它們是擴大我們市場影響力的策略聯盟。透過與 GSP 合作，我們利用他們廣泛的網絡和客戶關係更有效地提供我們的創新產品和服務，同時讓他們有機會向其龐大的客戶群提供世界一流的模型創新。這種共生關係使我們能夠進入新的市場和客戶，否則直接接觸這些市場和客戶可能會很困難。

And importantly, most of our major GSP partners including, but not limited to, AT&T, BT, Charter, Optus, TELUS, Vodafone, and now Cox Communications, are now signed up to resell many of our new products, including RingCX, RingSense, and now, AIR. This is a critical validation of our multi-product platform strategy and global go-to-market reach.

重要的是，我們的大多數主要 GSP 合作夥伴（包括但不限於 AT&T、BT、Charter、Optus、TELUS、Vodafone 以及現在的 Cox Communications）現在都已簽約轉售我們的許多新產品，包括 RingCX、RingSense 以及現在的 AIR。這是對我們的多產品平台策略和全球市場影響力的關鍵驗證。

The overall GSP opportunity is substantial with an estimated over 40 million seats worldwide, approximately half of which are in North America. GSPs account for over 10% of our ARR delivering double-digit growth with a time to breakeven of under 18 months. Our success is a testament to our position as a known and trusted provider to GSPs.

整體而言，GSP 機會龐大，全球座位數估計超過 4,000 萬個，其中約一半在北美。GSP 占我們 ARR 的 10% 以上，達到了兩位數的成長，收支平衡時間不到 18 個月。我們的成功證明了我們作為知名且值得信賴的 GSP 提供者的地位。

The competitive landscape is favorable. Other vendors are either too small and unproven or too large and directly competitive with the GSPs, making RingCentral uniquely positioned in this space.

競爭格局良好。其他供應商要么規模太小且未經驗證，要么規模太大且直接與 GSP 競爭，這使得 RingCentral 在這一領域具有獨特的優勢。

Between our smaller customers and the GSPs, we have cultivated sizable cohorts with over $1 billion in ARR. These cohorts are growing in double digits and both impressive ROI metrics with time to breakeven of under 18 months. These cohorts also provide strong competitive amount as we continue to innovate and expand our offerings.

在我們的小客戶和 GSP 之間，我們已經培養了規模龐大的客戶群，ARR 超過 10 億美元。這些群體正以兩位數的速度成長，並且都擁有令人印象深刻的投資報酬率指標，實現收支平衡的時間不到 18 個月。隨著我們不斷創新和擴大產品範圍，這些群體也提供了強大的競爭力。

Our remaining customer cohort comprises larger businesses with over 100 employees. While the competitive environment in this cohort is more challenging, particularly with some larger enterprises, emphasizing alternative communication modalities, we continue to perform strongly.

我們剩餘的客戶群包括擁有 100 多名員工的大型企業。儘管這群人的競爭環境更具挑戰性，特別是一些較大的企業強調替代溝通方式，但我們仍然表現強勁。

Voice remains an important communications modality, especially for customers in B2C verticals such as healthcare, insurance, professional and consumer services, retail, and manufacturing, and we are the referrers for those.

語音仍然是一種重要的溝通方式，特別是對於醫療保健、保險、專業和消費者服務、零售和製造等 B2C 垂直領域的客戶而言，我們就是這些領域的推薦者。

As a proof point, in Q1, we saw a year-over-year increase in $1 million-plus total contract value or TCV deals. We continue to displace legacy on-prem providers due to our leading enterprise-grade cloud voice capabilities, reliability, global reach, and our unique channel partner network that is best-in-class.

作為證明點，在第一季度，我們看到 100 萬美元以上的總合約價值或 TCV 交易同比增長。憑藉我們領先的企業級雲端語音功能、可靠性、全球影響力以及我們獨特的一流通路合作夥伴網絡，我們將繼續取代傳統的本地供應商。

Another important factor in our success with larger customers is our open platform that offers superior integration into Microsoft Teams, Google, and Salesforce, which now includes our new integration of RingCX with Salesforce Service Cloud Voice. In fact, we now have over 500 integrations in our App Gallery, which is a key competitive advantage for us.

我們與大客戶成功的另一個重要因素是我們的開放平台，該平台可與 Microsoft Teams、Google 和 Salesforce 進行卓越的集成，現在包括我們將 RingCX 與 Salesforce Service Cloud Voice 進行新的集成。事實上，我們的應用程式庫中現在有超過 500 個集成，這是我們的一個關鍵競爭優勢。

Of particular importance with larger enterprises is our strong Microsoft Teams integration. It is a key differentiator as enterprises look to pair our best-in-class voice with the Teams collaboration suite. Simply put, for enterprises seeking to augment their teams, chat and WIDIA with the best-of-breed cloud voice solution, RingCX for Teams is the answer. Consequently, our team's integration, monthly active users or MAUs grew by 30% year over year, which is outpacing our overall growth.

對於大型企業來說，我們強大的 Microsoft Teams 整合尤其重要。當企業希望將我們一流的語音與 Teams 協作套件結合時，這是一個關鍵的區別因素。簡而言之，對於尋求透過最佳雲端語音解決方案增強其團隊、聊天和 WIDIA 的企業來說，RingCX for Teams 就是答案。因此，我們團隊的整合、每月活躍用戶或 MAU 年比成長 30%，超過了我們的整體成長速度。

Looking forward, our competitive positioning is now greatly aided by the introduction of RingCX and our emerging AI product portfolio. In fact, over half of our 1 million-plus TCV deals were with customers who bought multiple products from us. Larger enterprises continue to be a growth driver and a profit generator for us. And we are optimistic about the cohort given the depth and breadth of our product portfolio and GTM strength.

展望未來，RingCX 和新興 AI 產品組合的推出將大大增強我們的競爭地位。事實上，在我們超過 100 萬 TCV 的交易中，超過一半是與從我們這裡購買多種產品的客戶達成的。大型企業繼續成為我們的成長動力和利潤來源。鑑於我們的產品組合的深度和廣度以及 GTM 實力，我們對該群體持樂觀態度。

In closing, RingCentral is a pioneer and a breakaway leader in driving the ship from on-prem to cloud communications. The next phase in our growth will be driven by leveraging AI throughout our growing portfolio with increased addressable market and wallet share.

最後，RingCentral 是推動從本地通訊轉向雲端通訊的先驅和領導者。我們下一階段的成長將透過在我們不斷成長的產品組合中利用人工智慧來推動，以增加可尋址市場和錢包份額。

RingCentral was always about helping businesses succeed by saving them time and money. And now with voice-centric agentic AI at the core of our product portfolio, we are uniquely positioned to provide source efficiency and productivity gains to businesses of all sizes worldwide. The opportunity ahead is bigger than ever, and we are just getting started.

RingCentral 始終致力於透過節省企業的時間和金錢來幫助企業取得成功。現在，以語音為中心的代理 AI 成為我們產品組合的核心，我們擁有獨特的優勢，可以為全球各種規模的企業提供來源效率和生產力提升。未來的機會比以往任何時候都更大，而我們才剛開始。

With that, I'll turn this call over to Kira.

說完這些，我將把這通電話轉給 Kira。

Thank you, Vlad. I'm energized by the momentum we are seeing across the business. RingCentral has built a category-leading business cloud communications platform for voice remains mission-critical. AI is fundamentally reshaping how people communicate and work, presenting a significant opportunity. Our voice-centric agentic AI solutions are resonating with customers, and we're well positioned to capitalize on the shift by aligning our product innovation and go-to-market strategy to lead in this evolving landscape.

謝謝你，弗拉德。我對我們所看到的整個業務的發展勢頭感到振奮。RingCentral 已建立了業界領先的商業雲端通訊平台，語音仍然是關鍵任務。人工智慧從根本上重塑了人們的溝通和工作方式，帶來了重大機會。我們以語音為中心的代理 AI 解決方案引起了客戶的共鳴，我們已做好準備，透過調整產品創新和市場進入策略來利用這一轉變，從而引領這一不斷變化的市場格局。

Last quarter, I outlined three strategic priorities, and I'm pleased to report measurable progress across all of the, so let's go through each.

上個季度，我概述了三個策略重點，我很高興地報告所有重點都取得了可衡量的進展，讓我們逐一介紹一下。

First, build upon our UCaaS leadership infusing AI across our entire portfolio. Customers consistently choosing Central for our market-leading cloud business phone system, especially in key B2C verticals, our platform strength with leading integrations and are expanding AI-powered multiproduct portfolio.

首先，鞏固我們在 UCaaS 領域的領導地位，將 AI 融入我們的整個產品組合中。客戶始終選擇 Central 作為我們市場領先的雲端商務電話系統，尤其是在關鍵的 B2C 垂直領域，我們的平台實力與領先的整合相結合，並且正在擴展由 AI 驅動的多產品組合。

Let me give you an example of a new customer win in UCaaS. We won an iconic 150-year-old consumer food brand. They selected RingCX for its enterprise-grade voice capabilities to meet the requirements of connecting their global and distributed workforces. Our reliability is of administration, seamless integration with Microsoft Teams, and global reach were key differentiators. This company anticipates substantial cost savings by moving away from their incumbent legacy solution to the RingCentral cloud platform while enhancing employee and customer experience.

讓我舉一個 UCaaS 中贏得新客戶的例子。我們贏得了一個擁有 150 年歷史的標誌性消費食品品牌。他們選擇 RingCX 是因為其企業級語音功能可以滿足連接其全球和分散式勞動力的需求。我們的管理可靠性、與 Microsoft Teams 的無縫整合以及全球影響力是關鍵的區別因素。該公司預計，從現有的傳統解決方案轉向 RingCentral 雲端平台，可以節省大量成本，同時提升員工和客戶體驗。

In addition to our leadership in UCaaS with our RingCX platform, we're uniquely positioned to transform the industry with AI. Our vision centers on the voice first agentic AI platform that harnesses in RingCentral's two decades of expertise in advanced voice technology and our massive global communications network. We are delivering measurable value throughout the entire communication life cycle before, during, and after every interaction, making work dramatically faster, significantly easier and fundamentally more intelligent for our customers.

除了我們憑藉 RingCX 平台在 UCaaS 領域佔據領導地位之外，我們還擁有利用 AI 改變產業的獨特優勢。我們的願景以語音優先的代理 AI 平台為中心，該平台利用 RingCentral 在先進語音技術方面的二十年專業知識和我們龐大的全球通訊網路。我們在每次互動之前、互動期間和互動之後的整個溝通生命週期中提供可衡量的價值，使客戶的工作速度顯著加快、工作更加輕鬆、從根本上更加智慧。

This AI-driven approach isn't just enhancing our existing offerings. It's creating entirely new possibilities for how businesses communicate and operate.

這種人工智慧驅動的方法不僅增強了我們現有的產品。它為企業的溝通和運作方式創造了全新的可能性。

Let's start with before the interaction. We launched AIR in Q1. AIR creates a new category with an AI phone agent that uses a generative AI to automatically answer customer inquiries and transfer coals. AIR is easy to set up for businesses of any size and delivers measurable ROI by driving efficiency, reducing spend, and strengthening customer opportunities.

我們從互動之前開始吧。我們在第一季推出了 AIR。AIR 透過 AI 電話代理程式創建了一個新的類別，該代理商使用生成式 AI 自動回答客戶詢問並轉移煤炭。AIR 易於為任何規模的企業設置，並透過提高效率、減少開支和加強客戶機會提供可衡量的投資回報率。

We're seeing early success across healthcare, accounting, transportation, and financial services demonstrating AIR's ability to deliver targeted and impactful business outcomes. As proof points of AIR's impact, Owen Security said that they're seeing massive efficiency gains and that AIR saves each agent two to four hours per day, which is a 50% decrease in time spent on inbound calls. Now, with the time saved, Owen Security is able to spend more time on outbound calls and focus on client follow-ups, all without adding headcount.

我們在醫療保健、會計、交通運輸和金融服務領域取得了早期成功，證明了 AIR 能夠提供有針對性和有影響力的業務成果。作為 AIR 影響的證明點，Owen Security 表示，他們看到了巨大的效率提升，而 AIR 每天可為每個代理商節省兩到四個小時的時間，這意味著花在接聽電話上的時間減少了 50%。現在，由於節省了時間，Owen Security 能夠花更多時間撥打外撥電話並專注於客戶跟進，而無需增加員工人數。

Integral recruiting said that they used to have hundreds of calls every month, was around 90% of them being spam or irrelevant. Now with AIR, they can filter out irrelevant calls and focus on the 10%, which are relevant customer opportunities. The value here isn't just time saved. It's the focus on real customer leads to help grow their businesses.

Integral Recruiting 表示，他們過去每個月都會接到數百通電話，其中約 90% 是垃圾電話或無關電話。現在有了 AIR，他們可以過濾掉不相關的電話，並專注於 10% 的相關客戶機會。這裡的價值不僅僅是節省時間。它專注於真正的客戶線索，以幫助其發展業務。

Next, for during the call. We've enabled AI system RingCX customers. AI system enables end users to be more productive prescribing calls, taking notes, and composing text and messages with AI. It continues to gain strong traction across healthcare, financial services, transportation and other verticals. In Q1, AI system for Colin has generated 40 million-plus nodes for US-based users. And among those who use it for animating notes, we're seeing 85% repeat usage.

接下來，在通話期間。我們已經為 RingCX 客戶啟用了 AI 系統。人工智慧系統使最終用戶能夠更有效率地使用人工智慧預約電話、做筆記以及撰寫文字和訊息。它在醫療保健、金融服務、交通運輸和其他垂直領域繼續獲得強勁發展。第一季度，Colin人工智慧系統已為美國用戶產生超過4000萬個節點。在使用它來製作動畫筆記的人中，我們發現 85% 的人重複使用。

Next, let's talk about the after the call experience. RingSense analyzes conversations, score calls, surface scouting opportunities, and delivers key performance metrics. We now have more than 2,800 customers using RingSense, up from more than 2,000 last quarter, highlighting strong sequential growth. RingSense attached with $1 million-plus TCV deals in Q1 is demonstrating our ability to scale RingSense AI across customer cohorts.

接下來我們來談談通話後的體驗。RingSense 分析對話、評分通話、發現偵察機會並提供關鍵績效指標。目前，我們有超過 2,800 名客戶使用 RingSense，較上一季的 2,000 多名有所成長，突顯出強勁的連續成長。RingSense 在第一季完成了超過 100 萬美元的 TCV 交易，證明了我們有能力在客戶群中擴展 RingSense AI。

As an example, MedCare, a longtime RingEX customer, recently added RingSense. By using AI-powered analysis, they've been able to optimize operations by reducing the time spent on manual reviews by 19%, bringing up resources to allocate more focus on care and outcomes. Now that they're using RingSense, all calls are automatically analyzed and summarized. And from what they've seen, RingSense is highly accurate with its analysis and call insights.

例如，RingEX 的長期客戶 MedCare 最近新增了 RingSense。透過使用人工智慧分析，他們能夠將人工審查的時間減少 19%，從而優化運營，從而將資源更多地集中在護理和結果上。現在他們使用 RingSense，所有通話都會自動進行分析和匯總。從他們所見來看，RingSense 的分析和通話洞察非常準確。

The second priority, expand TAM through our multiproduct portfolio led by RingCX, our native AI-powered CSAT solution. We are seeing strong traction with RingCX. Customers are choosing RingCX because it's AI-powered with each omnichannel, it's seamlessly integrated with RingEX, it's easy to deploy and use, plus it delivers fast time to value.

第二個優先事項是透過我們的多產品組合來擴展 TAM，該組合由我們的原生 AI 驅動的 CSAT 解決方案 RingCX 主導。我們看到 RingCX 具有強大的吸引力。客戶選擇 RingCX 是因為它在每個全通路都採用人工智慧驅動，與 RingEX 無縫集成，易於部署和使用，並且能夠快速實現價值。

At the end of Q4, we had over 700 RingCX customers. This count now stands at over 1,000. We are seeing a stronger touch of RingCX, including enlarged deals, which underscores that our multiproduct strategy is working across all cohorts.

截至第四季末，我們擁有超過 700 名 RingCX 客戶。目前該數字已超過 1,000。我們看到 RingCX 的影響力越來越大，包括交易量的擴大，這凸顯了我們的多產品策略在所有群體中都發揮了作用。

A great example is a new win with one of the largest auto dealership groups in the world. This customer is deploying thousands of RingEX sits alongside RingCX and RingSense AI across nearly 100 locations. Within RingCentral, their standardizing communications improving core performance analytics and enhancing customer experience across sales and support.

一個很好的例子就是與世界上最大的汽車經銷商集團之一達成的新協議。該客戶正在近 100 個地點部署數千個 RingEX 站點以及 RingCX 和 RingSense AI。在 RingCentral 內部，他們的標準化通訊改善了核心效能分析並增強了銷售和支援方面的客戶體驗。

Another example is NHS Hertfordshire, a well-known regional healthcare trust in UK, went live in Q1, only six weeks after signing up, serving over 1.2 million residents. They've already achieved a 30% reduction in call wait times and are expanding services that benefit both patients and agents.

另一個例子是英國著名的區域醫療保健信託機構 NHS Hertfordshire，該機構在第一季上線，簽約僅六週後就為超過 120 萬居民提供服務。他們已經將呼叫等待時間減少了 30%，並且正在擴展使患者和代理人都能受益的服務。

Over the last three quarters, more than 50% of $1 million-plus TCV deals in evolving RingCX also included AI quality management, underscoring the value of combining CX and AI together. Our AI quality management at the medical scores 100% of calls, providing actionable insights for coaching and performance improvement.

在過去三個季度中，在不斷發展的 RingCX 中，超過 50% 的 100 萬美元以上的 TCV 交易也包括 AI 品質管理，凸顯了將 CX 和 AI 結合在一起的價值。我們的醫療 AI 品質管理對 100% 的呼叫進行評分，為指導和績效改進提供可行的見解。

For instance, a large prescription benefits administrator, a $1 million-plus TCV deals signed in Q1, selected RingEX, RingCX, and AI quality management to streamline their support operations and improve service quality. These examples illustrate how our AI-powered multi-product strategy is resonating with customers driving growth and delivering measurable outcomes.

例如，一家大型處方福利管理機構在第一季簽署了價值超過 100 萬美元的 TCV 交易，選擇了 RingEX、RingCX 和 AI 品質管理來簡化其支援操作並提高服務品質。這些例子說明了我們的人工智慧多產品策略如何與客戶產生共鳴，推動成長並帶來可衡量的成果。

We also continue to see strong traction with RingCentral events, which recently was awarded and recognized by Frost & Sullivan for its visionary approach to transforming virtual, hybrid, and in-person events due to its disruptive pricing and rich AI-powered capabilities for customers.

我們也看到 RingCentral 活動的強勁成長勢頭，該公司最近因其顛覆性的定價和為客戶提供的豐富的人工智慧功能而獲得了 Frost & Sullivan 的嘉獎和認可，以表彰其在轉變虛擬、混合和麵對面活動方面的遠見卓識。

Now for the third priority, drive profitable growth and improve customer engagement across our entire business. As you heard from Vlad, we're generating profitable growth, expanding our operating margin, and driving more free cash flow, and AI adoption is a key driver in improving efficiencies across our organization, and the early results are compelling. Let me give you some examples of how we are using AI.

現在的第三個優先事項是推動獲利成長並提高整個業務的客戶參與度。正如您從 Vlad 那裡聽到的，我們正在實現盈利增長，擴大我們的營業利潤率，並推動更多的自由現金流，而人工智慧的採用是提高整個組織效率的關鍵驅動力，早期的成果令人信服。讓我舉一些我們如何使用人工智慧的例子。

In customer support, we are laser-focused on improving customer outcomes. AI is helping us modernize both technology and workforce efficiency. With RingCX deployed, we're seeing a 10% to 20% reduction in average handle times using it in concert with AI agent assist and AI supervisor assist, which are now in open data and will be generally available in the coming months.

在客戶支援方面，我們專注於改善客戶成果。人工智慧正在幫助我們實現技術和勞動力效率的現代化。隨著 RingCX 的部署，我們發現將其與 AI 代理輔助和 AI 主管輔助結合使用，平均處理時間減少了 10% 至 20%，這些輔助現在已開放數據，並將在未來幾個月內全面上市。

In sales and marketing, we're using AI to improve accuracy in targeting and customer outage. This enhances our pipeline quality, account planning, and overall sales agent productivity. Our use of AI has led to a 10x increase in productivity in content creation, more effective campaigns, and improved lead quality. To put it simply, we are now able to generate more qualified leads for less dollars.

在銷售和行銷方面，我們正在使用人工智慧來提高目標定位和客戶流失的準確性。這提高了我們的通路品質、客戶規劃和整體銷售代理的生產力。我們對人工智慧的使用使內容創作的效率提高了 10 倍，活動更加有效，潛在客戶品質也提高了。簡而言之，我們現在能夠以更少的錢來獲取更多合格的潛在客戶。

In innovation, we're already seeing a 20% productivity improvement from using AI to accelerate development cycles and improve code quality.

在創新方面，我們已經看到透過使用人工智慧來加速開發週期和提高程式碼質量，生產力提高了 20%。

In summary, AI is not just a technology shift; it is a business transformation engine that is enhancing both our top-line growth and bottom line efficiency. We're staying focused on driving profitable growth through disciplined execution in our core and delivering on our multi-product strategy.

總而言之，人工智慧不僅僅是一項技術轉變；它是一個業務轉型引擎，可以提高我們的營收成長和利潤效率。我們將繼續專注於透過核心業務的嚴格執行和多產品策略來推動獲利成長。

AI is transforming business communications in profound ways, and RingCentral is committed to leading this change, helping businesses communicate more effectively, work smarter, and deliver exceptional customer outcomes.

人工智慧正在深刻地改變商業通信，RingCentral 致力於引領這項變革，幫助企業更有效地溝通、更聰明地工作並提供卓越的客戶成果。

With that, let me turn it over to Abhey.

說完這些，讓我把它交給 Abhey。

Thank you, Kira. We've kicked off the year with a solid overall performance and maintained a very strong financial profile. I'm pleased with our execution across all key financial metrics, revenues, operating margin, free cash flow per share, debt paydown, and reduction in stock-based compensation in absolute dollars and as a percent of revenue. Let me first provide highlights from the first quarter and then discuss our outlook.

謝謝你，基拉。我們以穩健的整體業績開啟了新的一年，並保持了非常強勁的財務狀況。我對我們所有關鍵財務指標的執行情況感到滿意，包括收入、營業利潤率、每股自由現金流、債務償還以及股票薪酬的減少（以絕對美元數額和占收入的百分比計算）。讓我先介紹第一季度的亮點，然後再討論一下我們的展望。

Total revenue of $612 million, up 5% year over year was at the high end of guidance. Subscription revenue grew 6% to $590 million. ARR increased to $2.53 billion, up 7% year over year, driven by our AI-powered multiproduct portfolio. Large deal activity was strong as million-dollar-plus TCV deals were up year over year with a strong RingCX and RingSense attach. New products continue to show strong traction, and we are on track to deliver over $100 million in ARR from new products by the end of 2025.

總收入為 6.12 億美元，年增 5%，處於預期的高點。訂閱收入成長 6% 至 5.9 億美元。 ARR成長至 25.3 億美元，年增 7%，這得益於我們由人工智慧驅動的多產品組合。大型交易活動十分活躍，百萬美元以上的 TCV 交易年增，其中 RingCX 和 RingSense 表現強勁。新產品持續展現強勁的吸引力，我們預計在 2025 年底前透過新產品實現超過 1 億美元的 ARR。

Now, moving to profitability. I will be referring to non-GAAP results unless otherwise noted. Subscription gross margin continues to be strong, above 80%. Operating margin expanded 110 basis points year over year to about 22%, which was above our guidance. This was driven by realizing efficiencies, especially in sales and marketing, we are committed to further driving operational efficiencies, resulting in margin expansion while enabling us to invest in growth opportunities.

現在，轉向獲利能力。除非另有說明，我將參考非 GAAP 結果。訂閱毛利率持續保持強勁，超過80%。營業利潤率年增 110 個基點至約 22%，高於我們的預期。這是透過實現效率來推動的，特別是在銷售和行銷方面，我們致力於進一步提高營運效率，從而擴大利潤率，同時使我們能夠投資於成長機會。

Notably, we delivered GAAP operating profitability for the third consecutive quarter as we reduced stock-based compensation as a percent of revenue by almost 250 basis points year over year due to disciplined new grant activity in addition to improvement in operating margin.

值得注意的是，我們連續第三個季度實現了 GAAP 營業盈利，這是因為除了營業利潤率提高之外，我們還通過嚴謹的新授予活動將股票薪酬佔收入的百分比同比降低了近 250 個基點。

Moving to our cash flows. Our strong operating performance, combined with increased rigor in driving efficiencies and working capital improvements, resulted in record quarterly free cash flow of $130 million, up 70% versus last year. Free cash flow margin was 21.3%, up 820 basis points versus last year.

轉向我們的現金流。我們強勁的營運業績，加上在提高效率和改善營運資本方面的更嚴格要求，導致季度自由現金流達到創紀錄的 1.3 億美元，比去年增長 70%。自由現金流利潤率為21.3%，較去年同期上升820個基點。

Moving to buybacks. During the quarter, we also repurchased approximately 1.8 million shares for $50 million. We have $218 million available in our buyback authorization as of March end. As a result of our disciplined capital allocation policy over the last year, our diluted share count declined 3% versus last year to $92.9 million.

轉向回購。本季度，我們也以 5,000 萬美元回購了約 180 萬股。截至 3 月底，我們的回購授權金額為 2.18 億美元。由於我們去年嚴格的資本配置政策，我們的稀釋股本數量較去年同期下降了 3%，至 9,290 萬美元。

Moving to our balance sheet. We paid down $161 million of convertible debt during the quarter, bringing our gross debt down to $1.36 billion. The reduction in debt, combined with 9% growth in EBITDA to $155 million drove our net debt leverage ratio to 2x from 2.2x on a trailing 12-month basis. We expect to generate over $500 million of free cash flow in 2025, our strong free cash flow generation, combined with cash on hand and available long-term credit facilities provide us with sufficient liquidity to address our debt obligations, both in the near and long term. We remain committed to further reducing our gross debt level to below $1 billion by the end of 2026.

前往我們的資產負債表。我們在本季償還了 1.61 億美元的可轉換債務，使我們的總債務降至 13.6 億美元。債務的減少，加上 EBITDA 成長 9% 至 1.55 億美元，使我們的淨債務槓桿率從過去 12 個月的 2.2 倍升至 2 倍。我們預計 2025 年將產生超過 5 億美元的自由現金流，我們強勁的自由現金流產生能力，加上庫存現金和可用的長期信貸額度，為我們提供了充足的流動性來解決近期和長期的債務問題。我們仍致力於在 2026 年底將總債務水準進一步降低至 10 億美元以下。

We performed well in Q1, and our business remains strong. Macro, however, remains uncertain. We are, therefore, taking a prudent approach in guiding for the remainder of 2025. For the full year 2025, we expect subscriptions revenue growth range of 5% to 7% year over year, total revenue growth range of 4% to 6% year over year, non-GAAP operating margin of approximately 22.5%, up approximately 150 basis points year over year, non-GAAP EPS range of $4.13 to $4.27 based on 93.5 million to 94.5 million fully diluted shares, share-based compensation range of $300 million to $310 million, free cash flow of approximately $500 million to $510 million, growth of approximately 25% at the midpoint.

我們在第一季表現良好，業務依然強勁。然而，宏觀經濟仍存在不確定性。因此，我們對 2025 年剩餘時間的指導採取了審慎的態度。對於 2025 年全年，我們預計訂閱收入年增 5% 至 7%，總收入年增 4% 至 6%，非 GAAP 營業利潤率約為 22.5%，同比增長約 150 個基點，非 GAAP 每股收益範圍為 4.13 美元至 4.27 美元（基於 9350 萬美元激勵 350 萬至 27 美元（基於 9350 萬美元）激勵股成本3.1 億美元，自由現金流約 5 億美元至 5.1 億美元，中間值成長約 25%。

For the second quarter, we expect subscriptions revenue range of $594 million to $600 million, representing year-over-year growth of 5% to 6%; Total revenue of $614 million to $620 million, representing year-over-year growth of 4% to 5%, non-GAAP operating margin of 22% to 22.5%; non-GAAP EPS of $1 to $1.04 based on 92.3 million to 92.8 million fully diluted shares.

對於第二季度，我們預計訂閱收入在 5.94 億美元至 6 億美元之間，年增 5% 至 6%；總營收為6.14億美元至6.2億美元，年成長4%至5%，非美國通用會計準則營業利潤率為22%至22.5%；基於 9,230 萬至 9,280 萬至每股 10 萬至每股 100 萬。

In summary, we are executing from a position of strength in a large and expanding market. Our business benefits from a sticky revenue base and a growing portfolio of mission-critical products with AI at the core. We continue to deliver profitable growth, supported by robust cash flow and are maintaining disciplined financial management. We are actively managing dilution and further strengthening our balance sheet by reducing debt. We are confident that we are well-positioned to deliver sustained shareholder value.

總而言之，我們在一個龐大且不斷擴張的市場中憑藉優勢地位開展業務。我們的業務受益於穩定的收入基礎和不斷增長的以人工智慧為核心的關鍵任務產品組合。在強勁現金流的支持下，我們繼續實現獲利成長，並維持嚴格的財務管理。我們正在積極管理稀釋並透過減少債務進一步加強我們的資產負債表。我們有信心，我們有能力為股東創造持續的價值。

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

下面，讓我們開始提問。

(Operator Instructions) Meta Marshall, Morgan Stanley.

（操作員指示）Meta Marshall，摩根士丹利。

Great. Thanks, and appreciate all of the detail up front. Just wanted to get a sense, that was very helpful in terms of kind of what the current makeup of the business is, as you look forward, is there kind of a target split that you think of that should be the makeup of the business just from the various customer types.

偉大的。謝謝，並感謝您提前提供的所有細節。只是想了解一下，這對於了解當前的業務組成非常有幫助，展望未來，您是否認為應該有一種目標劃分，即僅從各種客戶類型來劃分業務組成。

And then second question, just on kind of where -- or what part of the customer types or verticals or customer sizes are you seeing kind of the greatest success with RingSense, that would be helpful.

然後第二個問題，就某種程度而言——或者在哪些客戶類型或垂直行業或客戶規模方面，您看到 RingSense 取得了最大的成功，這將會很有幫助。

Yeah, it's Vlad. Yeah. No, thank you for noting the additional information that we share. Look, as far as ideal split, we'd like to grow all cohorts to the maximum degree possible. as noted, smaller businesses, that's 40% of US GDP. So one way to look at it is to say that we should just track how businesses in general distribute themselves.

是的，他是弗拉德。是的。不，感謝您注意到我們分享的附加資訊。就理想分割而言，我們希望盡可能擴大所有群體。如上所述，小型企業占美國 GDP 的 40%。因此，看待這個問題的一種方式是，我們應該只追蹤企業的整體分銷方式。

As I noted, we are seeing better traction with smaller businesses at this point. And it has to do with a better product market, very different competitive environment we're seeing with a larger enterprise and just greater reliance on voice for business communications in general, and we are still leading with voice. We clearly have other modalities as well.

正如我所指出的，我們目前看到小型企業的吸引力正在增強。這與更好的產品市場有關，我們看到更大的企業面臨著非常不同的競爭環境，而且總體而言，企業在商業通訊中更加依賴語音，而我們仍然在語音方面處於領先地位。我們顯然還有其他方式。

We have chat, we have meetings, SMS, facts, all of that. but voice is still the predominant reason where people will be choosing us. And voice is critically important in a number of very important verticals, which is getting to the second part of your question. And as noted, it's healthcare, it's financial services, it's retail. As we move to larger businesses, you start adding things like manufacturing, travel pervades all segments.

我們有聊天、有會議、有簡訊、有事實，所有這些。但聲音仍然是人們選擇我們的主要原因。在許多非常重要的垂直領域中，聲音都至關重要，這就是你問題的第二部分。如上所述，它是醫療保健、金融服務、零售。隨著我們轉向更大的業務，你開始添加製造業等業務，旅遊業滲透到所有領域。

So I think one takeaway, I'd really like people to take is the fact that we excel and dominate whenever there is need for enterprise grade. And enterprise grade means robust, reliable, secure, fully featured state of art. Whenever there is a need for that for voice communications, that's where intention wins.

因此，我認為我真正希望人們能夠接受的一個事實是，只要有企業級需求，我們就能表現出色並佔據主導地位。企業級意味著強大、可靠、安全、功能齊全的先進水平。每當需要語音通訊時，意圖就會佔上風。

And I also want to point out that the market is still largely underpenetrated. There is still a lot of on-prem left. And especially in the enterprise, where still seeing quite a few on-prem to cloud conversions. on-prem presence is still well over 50% throughout. And so that remains a good opportunity for us.

我還想指出，市場滲透率仍然很低。還有很多本地資源剩餘。特別是在企業中，仍然可以看到相當多的內部部署到雲端的轉換。本地部署佔比仍遠超過 50%。所以這對我們來說仍然是一個很好的機會。

And finally, we also broke out additional data on our GSP practice. And that is really one of the probably most underappreciated aspects of our business. The fact that we have a very differentiated and frankly, a very amazing set of partnerships where we have a great name there. We -- they all talk to each other. So we have a good number of positive references to the service that we provide.

最後，我們也公佈了有關 GSP 實踐的附加數據。這確實是我們業務中最被低估的方面之一。事實上，我們擁有一系列差異化且坦率地說令人驚嘆的合作夥伴關係，並且我們在那裡享有盛譽。我們——他們都互相交談。因此，我們所提供的服務獲得了大量的正面評價。

And it really allows us to reach wide and deep. They have international presence, for example, with Vodafone, with British Telecom, with Deutsche Telekom that we simply don't have, and it's a very efficient route to market for us. But even here domestically, they have this captive user bases.

它確實讓我們能夠接觸到更廣泛、更深層的東西。他們在國際上都有影響力，例如沃達豐、英國電信、德國電信，而我們沒有，這對我們來說是一條非常有效的市場途徑。但即使在國內，他們也擁有固定的用戶群。

And a few years ago, most of them chose BroadSoft since acquired by Cisco, but that product is growing long in the tools. It's not cloud. It's not keeping up with the time. And we're having a really good run at being able to convert those seats from legacy to the cloud, which is the RingCentral cloud.

幾年前，他們中的大多數人選擇了 BroadSoft，因為 BroadSoft 被思科收購了，但該產品在工具方面已經發展得比較緩慢。這不是雲。這已經跟不上時代了。我們在將這些席位從傳統系統轉換到雲端（即 RingCentral 雲端）方面進展順利。

So it's growing in strong double digits. It's quite profitable for us, very good ROI economics as noted. And we keep on signing new partners. Cox was the latest along with Hawaiian Telcom. And we're optimistic there will be more to come.

因此它正以強勁的兩位數增長。這對我們來說是相當有利可圖的，正如所指出的，投資回報率經濟效益非常好。我們還在不斷簽約新的合作夥伴。考克斯公司和夏威夷電信公司是最新一家加入該行的公司。我們樂觀地認為未來還會有更多。

Great, thanks.

太好了，謝謝。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根（Kash Rangan）。

Hi, thank you so much, Vlad and team. So Vlad, just watching the AI trajectory, the innovation that the company has put in place how much pricing power does the company have? Because after all, as Kira talked about, there's a lot of cost savings that your customers are getting today with AI that just was not possible with the RingCentral 1.0 pre-AI. So how much of a ceiling do you have to be able to raise prices and get paid for the value that you're delivering to the plan.

嗨，非常感謝 Vlad 和他的團隊。那麼 Vlad，僅觀察人工智慧的發展軌跡，公司所實施的創新有多大的定價權？因為畢竟，正如 Kira 所說，如今您的客戶可以透過 AI 節省大量成本，而這在 RingCentral 1.0 預 AI 中是無法實現的。那麼，您必須設定多大的上限才能提高價格並獲得與您為計劃提供的價值相符的報酬呢？

And one for Abhey, ARR growth rate looks like it outpaced subscription revenue and revenue growth rate. Could this be a leading indicator, or should we not be misled by this turn? Thanks so much.

對於 Abhey 來說，ARR 成長率似乎超過了訂閱收入和收入成長率。這可能是領先指標嗎？或者我們不應該被這種轉變誤導？非常感謝。

Well, no, it's absolutely a leading indicator if you're talking about impact that AI is going to have on our revenues and dollar portfolio. And look, I tell you how I think of this. So when we were leading the transformation, we literally were one of the first cloud companies, more than the cloud companies, and emerge as one of the leaders and winners in the on-prem to cloud.

嗯，不，如果你談論的是人工智慧對我們的收入和美元投資組合的影響，那麼它絕對是一個領先指標。瞧，我告訴你我怎麼想的。因此，當我們引領轉型時，我們實際上是第一批雲端運算公司之一，比雲端運算公司還多，並且成為本地到雲端運算領域的領導者和贏家之一。

But if you think about it, what were we doing? We and the others like us who are leading in this transformation, we were replacing, in our case, hardware by a cloud-based service. And some other people, for example, Salesforce.com, software, that used to be the slogan, as you well know.

但如果你仔細想想，我們當時在做什麼？我們和其他像我們一樣引領這項變革的人，正在用基於雲端的服務取代硬體。還有一些其他人，例如 Salesforce.com 軟體，這曾經是口號，正如你所知。

And there were multiple benefits to be associated with that. But in the end, you were replacing one type of IT spend with another type of IT spend. And it worked wonders. And it so happens that if you look at pre-cloud software spend as a whole, and now you look at the cloud spend as a whole, the cloud spend is now greater than pre-cloud overall spend was.

這會帶來很多好處。但最終，您用一種類型的 IT 支出取代了另一種類型的 IT 支出。並且它產生了奇蹟。事實上，如果你看一下雲端出現之前的整個軟體支出，然後再看一下雲端出現之後的整體支出，你會發現現在的雲端支出要高於雲端出現之前的整體支出。

But now you look at what AI is doing is taking this into a completely different dimension to where we're no longer replacing IT with IT, we're replacing human labor, we're replacing HR with IT. So savings that we can deliver are meaningfully greater. And if we are now replacing a [$2,000, $3,000, $4,000], maybe $5,000 per month agent, human agent with a software package that cost you tens of dollars or maybe low hundreds of dollars per month, that's an easy trade. So as this technology matures, we absolutely expect it to have a very, very positive impact on our pools, which, of course, will translate into overall profitability and growth.

但現在你看看人工智慧正在做的事情，它把這個帶入了一個完全不同的維度，我們不再用 IT 取代 IT，而是用 IT 取代人力，用 IT 取代人力資源。因此，我們能夠實現的節省將更加顯著。如果我們現在用每月花費幾十美元甚至幾百美元的軟體包來取代每月花費 [2,000 美元、3,000 美元、4,000 美元] 甚至 5,000 美元的代理或人工代理，這是一筆輕鬆的交易。因此，隨著這項技術的成熟，我們絕對希望它對我們的游泳池產生非常非常積極的影響，當然，這將轉化為整體獲利能力和成長。

And I also want to point out that all of these products that here and I mentioned in our prepared remarks today. So of course, RingCX itself, but RingSense, AIR, AI quality management. All of these are paid for products, so none of these are bundled. It's extra ARPU and ARPA from these accounts.

我還想指出，我今天在準備好的演講中提到的所有這些產品。當然，還有 RingCX 本身，還有 RingSense、AIR、AI 品質管理。所有這些都是付費產品，因此沒有一個是捆綁的。這是來自這些帳戶的額外 ARPU 和 ARPA。

And look, it's very, very early. And if you look at the overall numbers, okay, we have 1,000 accounts here and 1,000 accounts there out, but that's on a base of 400,000-plus accounts. But on the other hand, it took us weeks to get to 1,000 accounts. So we are extremely happy with this. And there is quite a bit more to come.

瞧，現在還非常非常早。如果你看一下總體數字，好吧，我們這裡有 1,000 個帳戶，那裡有 1,000 個帳戶，但這是基於 400,000 多個帳戶的基礎。但另一方面，我們花了數週時間才達到 1,000 個帳戶。因此我們對此感到非常高興。而接下來還會有更多內容。

Yeah. And Kash, to your question about ARR. thanks for pointing it out. We're excited about the 7% growth we posted on ARR and a lot of the positive momentum that Vlad talked about on the call is helping.

是的。Kash，回答您關於 ARR 的問題。謝謝您的指出。我們對 ARR 7% 的成長率感到非常興奮，Vlad 在電話中談到的許多積極勢頭也起到了幫助作用。

And as you can see, our full year guidance for 6% subscription growth. So ARR is a positive indicator for us to think through our revenue guidance you are thinking about it.

如您所見，我們預計全年訂閱量成長率為 6%。因此，ARR 是一個積極的指標，可以幫助我們思考您正在考慮的收入指導。

Thank you so much.

太感謝了。

Samad Samana, Jefferies.

薩瑪德·薩馬納（Samad Samana），傑富瑞集團。

Hi. This is Bill Fitzsimmons on for Samad. I want to dig a little deeper on macro and the potential impacts early in the second quarter. Some other companies this earnings cycle has called out lengthening sales cycles or deals pushing in April post tariff announcements. And so how have deals and customer spending tracked in April and quarter to date? Have they lengthened have sales cycles and deals lengthened, any differences in deal activity in early April versus early May. What are some of your third-party hardware partners saying about the tariff impacts? And does some of the macro uncertainty potentially make it easier to sell some of your AI tools given the productivity gains involved?

你好。我是比爾‧菲茨西蒙斯 (Bill Fitzsimmons)，代替薩馬德 (Samad)。我想更深入地探討宏觀因素以及第二季初的潛在影響。在本獲利週期內，其他一些公司已呼籲延長銷售週期或在 4 月關稅公告發布後推動交易。那麼 4 月份以及本季迄今的交易和客戶支出如何？銷售週期和交易是否延長了，4 月初和 5 月初的交易活動有何不同？你們的一些第三方硬體合作夥伴對關稅影響有何看法？考慮到生產力的提高，一些宏觀不確定性是否會使您的一些人工智慧工具更容易銷售？

Hi, Samad. This is Kira. So I'll just start with the AI answering that. I think selling AI into businesses today is almost like it is becoming a must because everybody is looking for cost savings, macro or not. And so that's probably why we're seeing such rapid adoption of AIR essentially because it eliminates some of the need for human agents, replacing them with digital employees.

你好，薩馬德。這是基拉。因此我將從人工智慧來回答這個問題開始。我認為，如今向企業出售人工智慧幾乎已經成為一種必需品，因為每個人都在尋求成本節約，無論是否是宏觀的。這可能是我們看到 AIR 如此迅速被採用的原因，因為它消除了對人工代理的部分需求，並用數位員工來取代。

And so in terms of macro overall, look, we were all listening to the same news. And there's uncertainty in the air. specifically for us, we're not necessarily seeing the impact today. So it's business as usual. And phones really still make up, like there's relatively small component of what we sell and haven't seen that either, but we're all watching the news.

因此，從宏觀整體來看，我們都在聽同樣的新聞。空氣中瀰漫著不確定性。具體來說，對於我們來說，我們今天不一定會看到影響。所以一切照常。手機確實仍然占我們銷售產品的比例相對較小，我們也沒有看到這一點，但我們都在關注新聞。

And in terms of sales cycles, I think that was your second point. I think, again, business as usual as of now.

就銷售週期而言，我認為這是你的第二點。我認為，目前一切照常。

Peter Levine, Evercore ISI.

彼得‧萊文 (Peter Levine)，Evercore ISI。

Great. Thank you for taking my question here. Maybe just one on the guidance. You kept the full year flat from the guide you gave us in Q4. So maybe just talk about what are your expectations then into the second half? It sounds like you're being a little bit more prudent here in 2Q. So maybe talk about how you stress tested the second half and your kind of expectations going forward?

偉大的。感謝您在這裡回答我的問題。也許只是指導上的一個。全年業績與您在第四季給予我們的指引持平。那麼也許可以談談您對下半年的期望是什麼？聽起來你在第二季變得更加謹慎了。那麼，能否談談您如何對下半年進行壓力測試以及您對未來的期望？

Yeah. I'll try it at a high level. Yeah, look, I mean, we've reiterated the guide for the year, it's our working at this. We had a pretty strong Q1. As you know, we've beaten all parameters. But as Kira said, we are not necessarily seeing direct impact, but we also don't know what we don't know.

是的。我將在高水平上嘗試一下。是的，你看，我的意思是，我們已經重申了今年的指南，這是我們正在進行的工作。我們的第一季表現相當強勁。如您所知，我們已經超越了所有參數。但正如基拉所說，我們不一定看到直接的影響，但我們也不知道我們不知道什麼。

So for this reason and really only for this reason is we help the guide at this point. And we'll be watching what's happening with tariffs, what's happening with interest rates and all of that. And nothing on the horizon at this point suggests that we would be directly impacted if things were to start going in the other direction again.

因此，出於這個原因，而且實際上也只有出於這個原因，我們才會在這一點上幫助導遊。我們將關注關稅、利率等的變動。目前還沒有任何跡象表明，如果事態再次朝相反的方向發展，我們會受到直接影響。

But certainly, some of our customers and prospects might be, which is why it just makes it a little bit harder to project. But I can tell you that anything under our power and the direction the company is going. Look, we are saving people time and money and making their businesses better.

但可以肯定的是，我們的一些客戶和潛在客戶可能會這樣，這就是為什麼預測會變得更加困難。但我可以告訴你，一切都在我們的掌控之中，而公司正在朝著這個方向發展。看，我們正在為人們節省時間和金錢，並使他們的業務變得更好。

With AI, we're simply connecting more phone calls and more interactions, and we are letting more transactions go through, which in the end result in better outcomes for our customers. So that's all you can ask for. So for as long as our customers are in business, we think we'll be fine as well.

借助人工智慧，我們可以連接更多電話、進行更多互動，並完成更多交易，最終為我們的客戶帶來更好的結果。這就是你唯一能要求的了。因此，只要我們的客戶還在做生意，我們認為我們也會做得很好。

And maybe to that point, are you at all maybe perhaps changing your go-to-market in this environment, meaning the consolidated approach given that you guys now have the full suite of UC assets. Is it more prudent for you all to kind of sell that platform? Obviously, there's cost savings, there's one vendor. Maybe walk us through, are there any tweaks to your go-to-market that you're taking advantage, if you're taking advantage of the macro, is any of that feeding into your go-to-market today?

也許到了那個時候，你們是否會在這種環境下改變你們的行銷方式，也就是說，鑑於你們現在擁有全套 UC 資產，你們會採取整合的方法。對你們所有人來說，出售該平台是否更為謹慎？顯然，這可以節省成本，而且只有一個供應商。也許您可以向我們介紹一下，您在行銷方面是否有所調整，如果您利用了宏觀因素，那麼這些調整是否會對您今天的行銷有所幫助？

Excellent question. Well, here is one case in point that I'll just double-click on. So with our new product, our GSP partners, most of them are taking many, if not all of the new products, and over time, we expect for all of them to take all of the new products.

非常好的問題。好吧，這裡有一個例子，我只需雙擊它。因此，對於我們的新產品，我們的 GSP 合作夥伴大多數都會採用許多（如果不是全部）新產品，並且隨著時間的推移，我們預計他們都會採用所有新產品。

So what does this mean? It means that there is tremendous appetite. And there are these brands with massive followings that meet product -- new product, new tech to feed to their customers, and we're the providers there. So that's with GSP. We are seeing very similar with channel partners.

那麼這意味著什麼？這意味著胃口極大。這些擁有大量追隨者的品牌需要提供客戶新產品、新技術，而我們就是這些產品的供應商。這就是 GSP。我們與通路夥伴看到了非常相似的情況。

I can tell you that we never hear -- here's one thing we never hear is, okay, we like your [ES] product, you're the leader in PBX in the cloud. But what your AI voice agents were not interested. We've never heard that. And the reason is whatever we're doing with AI is very much cut to measure, it is voice first.

我可以告訴你，我們從未聽說過——有一件事我們從未聽說過，那就是，好吧，我們喜歡你的 [ES] 產品，你是雲端 PBX 領域的領導者。但是你的人工智慧語音代理並不感興趣。我們從未聽過。原因在於，無論我們利用人工智慧做什麼，都是經過深思熟慮的，語音是首要的。

We made this point in the prepared remarks as well. And we are just writing on these two decades of experience as a company to deliver exactly the right solution or solutions plural, but using the very latest intact advances. And of course, the thing is improving geometrically in its own right.

我們在準備好的發言中也提到了這一點。我們只是根據公司二十年的經驗來提供完全正確的解決方案，但採用最新的完整進展。當然，事情本身也在呈現幾何級數改善。

So the net result is we are seeing major savings internally within the company. Kira addressed some of those. I think if you look at our corporate debt, our earnings deck, there are a few more details there maybe. So we're seeing it for ourselves, and we're able to pass similar to our customers.

因此最終結果是我們看到公司內部節省了大量資金。Kira 解決了其中的一些問題。我認為如果你看一下我們的公司債務和收益表，可能會發現更多細節。因此，我們親眼見證了這一點，並且能夠將類似的訊息傳遞給我們的客戶。

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

Hi. This is Jessica on for Brian. So following up a little bit on the previous question. These new products you have had really impressive customer growth. I was wondering if you could talk a little bit more about the embedded expansion opportunity within this installed base? Specifically, how much expansion potential do you see within the customer cohorts? And how are you thinking about adoption if they've already adopted about the solution, but I think you possibly going for more of these new solutions?

你好。我是潔西卡，為布萊恩代言。因此，稍微回答一下上一個問題。這些新產品確實帶來了令人印象深刻的客戶成長。我想知道您是否可以進一步談談這個安裝基礎中的嵌入式擴充機會？具體來說，您認為客戶群的擴展潛力有多大？如果他們已經採用了該解決方案，您會如何考慮採用，但我認為您可能會採用更多這樣的新解決方案？

Yeah. Look, so another good question. So when we talk about air, for example, so far, majority of those are internal expansion opportunities. So these are upsells into the base. Specialists for now, and this is not going to be this way for forever, I can tell you.

是的。瞧，這又是一個好問題。因此，當我們談論空氣時，到目前為止，其中大部分都是內部擴張機會。所以這些都是針對基礎產品的追加銷售。目前是專家，我可以告訴你，這種情況不會永遠持續下去。

But for now, we are mostly targeting our own base with AIR. We are mostly targeting our own base with RingSense with quality management. And even with RingCX, we are getting more and more traction as an independent, CCaaS provider as people are getting more familiar. But it's by far easier for us to go into -- after our own base, which is 400,000 accounts strong. So definitely the expansion and an upsell opportunity with all of us.

但目前，我們主要利用 AIR 瞄準我們自己的基地。我們主要透過 RingSense 來針對我們自己的客戶群進行品質管理。即使有了 RingCX，隨著人們越來越熟悉，我們作為獨立的 CCaaS 提供者也越來越受到關注。但對我們來說，進入這個市場要容易得多——因為我們有自己的客戶群，有 40 萬個帳戶。因此，對於我們所有人來說，這絕對是一個擴張和追加銷售的機會。

Got it. And then also, I was curious, so you held the outlook, but is there anything you have embedded from a geographic perspective as an international opportunities? And is there anything outside the US that you're really excited about?

知道了。而且，我很好奇，所以你持有這種觀點，但是從地理角度來看，你是否將任何東西嵌入國際機會中？美國以外還有什麼事情讓您感到興奮嗎？

We're excited about the way the things are going. We're excited about AI and opportunities it creates. But look, 90% of our business is US and Canada. And these tend to be the early adopter markets, at least for us anyway. So we see more traction here.

我們對事情的進展感到興奮。我們對人工智慧及其創造的機會感到興奮。但請注意，我們 90% 的業務來自美國和加拿大。至少對我們來說，這些往往是早期採用者市場。因此，我們在這裡看到了更多的吸引力。

Our play with international, a lot of it will have to do with GSPs, it is just a much more efficient way for us to go to market, as well as building out -- further building out international channel presence. So again, with the guide, everything that we knew to put in with it a quarter ago, that's how the guide was put together, and we just haven't seen any dislocations at this point with regard to domestic versus international.

我們的國際業務很大程度上與普惠制有關，這只是我們進入市場以及進一步拓展國際管道的更有效的方式。因此，再次重申一下，根據指南，我們在一個季度前就知道了所有內容，這就是指南的編寫方式，目前我們還沒有看到國內和國際方面有任何錯位。

Catharine Trebnick, Rosenblatt.

凱瑟琳·特雷布尼克（Catharine Trebnick），羅森布拉特（Rosenblatt）。

Thank you for taking my questions. Mine has to do with some of your partnerships NICE was a really nice partnership for upmarket. And then how are you looking at that partnership going forward?

感謝您回答我的問題。我與你們的一些合作夥伴關係 NICE 對於高端市場來說是一個非常好的合作關係。那麼您如何看待雙方未來的合作關係呢？

Yeah. Look, it wasn't even a NICE partnership. And it's hunting everywhere, but it is a better suited for up market. And look, very simply put, it's -- you take two very strong, if not undisputed leaders, us in UCaaS, them in CCaaS put it together, and it's a product that continues to be absolutely unique in the market, okay? And the way that NICE's business is, I don't want to speak for them, but it is generally known as a very feature rich, robust solution for mission-critical contact centers.

是的。瞧，這甚至不是一個好的合作關係。它可以在任何地方狩獵，但它更適合高端市場。簡單來說，就是——你把兩個非常強大的、甚至是無可爭議的領導者——我們在 UCaaS 領域，他們在 CCaaS 領域結合起來，它就是一款在市場上繼續絕對獨一無二的產品，好嗎？我不想代表 NICE 談論他們的業務方式，但它通常被認為是一種功能非常豐富、強大的關鍵任務聯絡中心解決方案。

And by us -- and we have similar -- I think we have a similar perception on us that if you want your voice to work and to have all of the features, than here in central. So again, you put the two together. It's a very good product. It's a very differentiated product. We have a strong following with that product.

而我們 — — 我們有類似的想法 — — 我認為我們有類似的看法，如果你想讓你的聲音發揮作用並擁有所有的功能，那麼就在這裡。所以，你再次將兩者放在一起。這是一個非常好的產品。這是一款非常差異化的產品。該產品擁有大量追隨者。

And I can tell you that in spite of all of the rhetoric to the opposite, even last quarter, we saw upsell deals, we saw some new deals, and we're optimistic it will continue. Grant, absolutely, at this point, RingCX, it's a different type of a product. It's much lighter weight. It does not have all of the features. It's priced quite a bit differently. So I just say a strong long time. I think there is absolutely an opportunity to have both of these in the market. And in a large degree, we think that they can be complementary to each other.

我可以告訴你，儘管有各種相反的言論，但即使在上個季度，我們也看到了追加銷售交易，看到了一些新交易，我們樂觀地認為這種情況會持續下去。格蘭特，當然，就這一點而言，RingCX 是一種不同類型的產品。它的重量輕得多。它並不具備所有的功能。它的價格差異很大。所以我只是說堅強很長一段時間。我認為市場上絕對有機會同時擁有這兩種產品。並且在很大程度上，我們認為它們可以相互補充。

And the follow-on is with RingCX and a bake-off, who do you usually come up against most frequently?

接下來是 RingCX 和烘焙比賽，您最常遇到誰？

Yeah. Kira, do you want to take that? It's a list.

是的。基拉，你想拿走那個嗎？這是一個清單。

It's a list. I think there's no one that comes out. It's sort of a standard list of people who play in the same segment that where we excel with RingCX. And so without naming specific competitors, you know who they are.

這是一個清單。我認為沒有人會出來。這是一份標準名單，列出了與我們在 RingCX 領域表現優異的同行業人員。因此，無需點名具體的競爭對手，你就知道他們是誰。

Yeah. It's -- I would say it's a bunch of smaller companies. We usually don't come up with this against, call it, [MQ] leaders. We come against people who are newer to the space. And you can say, okay, it's new to the space as you are, but many of them are meaningfully smaller, meaningfully less known, and of course, don't have our history, don't have a reach, don't have our GTM breadth of GTM motions, don't have our worldwide coverage. So that's generally how we win.

是的。我想說的是，這是一群規模較小的公司。我們通常不會針對所謂的 [MQ] 領導者提出這種想法。我們遇到了一些剛進入這個領域的人。你可以說，好吧，對你來說，這對這個領域來說是一個新事物，但是其中許多都規模較小，鮮為人知，當然，也沒有我們的歷史，沒有影響力，沒有我們 GTM 的 GTM 廣度，沒有我們的全球覆蓋範圍。這就是我們獲勝的基本方式。

And just by reputation, I mean we're known as a good, solid, secure product, which is why it's making the inroads that it is making. Again, without naming specific people, but you can see how long it took some of the other newer entrants to get to 1,000 accounts and compared to where we are. How long it took us. And many have not -- not even reached 1,000, and we did it basically a year. So we feel really good about the adoption of this product.

就聲譽而言，我的意思是我們的產品以優質、可靠、安全而聞名，這也是它取得進展的原因。再次強調，我不會點名具體的人，但你可以看到其他一些新進入者花了多長時間才達到 1,000 個帳戶，並與我們的情況進行了比較。我們花了多久時間。還有很多人甚至沒有達到 1,000 人，而我們基本上花了一年就做到了。因此，我們對該產品的採用感到非常高興。

Michael Turrin, Wells Fargo.

富國銀行的邁克爾·圖林。

Hi. This is Ronit Shah on for Michael. Just a question on the RingCentral AIR product. Just wanted to know how initial customer feedback has been since the launch? And how much is embedded into your $100 million new product ARR target for the end of the year?

你好。我是羅尼特·沙阿 (Ronit Shah)，代替邁克爾。我只是想問一下有關 RingCentral AIR 產品的問題。只是想知道自推出以來最初的客戶回饋如何？您今年底 1 億美元新產品 ARR 目標包含了多少內容？

Hi, Michael. So the feedback as adoption has been very positive. Essentially, we have something -- some quotes in our prepared remarks, and there's a lot more of that sort that shows that essentially, we're improving productivity by 50% or decreasing need to be able to answer calls that now it can be handled automatically, including deterring spam calls and answering basic questions, which is much needed in a number of verticals. It kind of spans across healthcare, financial services, et cetera. And so that's the feedback and adoption speaks to that.

你好，麥可。因此採用後的回饋非常正面。本質上，我們在準備好的發言中引用了一些內容，還有很多類似的內容表明，從本質上講，我們將生產率提高了 50%，或者減少了接聽電話的需求，現在可以自動處理，包括阻止垃圾電話和回答基本問題，這在許多垂直行業中都是非常需要的。它涉及醫療保健、金融服務等領域。這就是回饋和採用情況所顯示的。

In terms of baking it into the called NPI, new products, we're not disclosing individual products in there. I will just suffice to say that, that continues to be led by RingCX.

就將其融入所謂的 NPI（新產品）而言，我們不會在其中揭露單一產品。我只想說，這將繼續由 RingCX 引領。

Got it. Helpful. And just a follow-up here. Are you seeing any increased discounting from competitors in the current macroenvironment? And if so, what's your pricing strategy been?

知道了。很有幫助。這裡只是後續內容。在當前的宏觀環境下，您是否發現競爭對手的折扣增加？如果是的話，您的定價策略是什麼？

I wouldn't say that, if anything, pricing has stabilized. I don't think that we're seeing increased discounts by competitors. There was a time when there was quite a bit of that. And right now, it's -- we're a premium-priced product for premium quality and reliability and competitors price accordingly.

我不會說價格已經穩定了。我認為，我們沒有看到競爭對手增加折扣。曾經有一段時間，這樣的事很多。而現在，我們的產品以高價出售，具有高品質和高可靠性，競爭對手的定價也與此相應。

Thank you. This concludes today's question-and-answer session and today's conference call. We thank you all for joining today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝。今天的問答環節和電話會議到此結束。感謝大家參加今天的演講。現在您可以斷開線路，享受美好的一天。