RingCentral Inc (RNG) 2025 Q2 法說會逐字稿

Greetings, and welcome to the RingCentral second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Devang Shah, SVP of Growth.

您好，歡迎參加 RingCentral 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興向大家介紹主持人、成長資深副總裁 Devang Shah。

Thank you. You may begin.

謝謝。你可以開始了。

Thank you. Good afternoon, and welcome to RingCentral's second-quarter 2025 earnings call. Joining me today are Vlad Shmunis, Founder, Chairman and CEO; Kira Makagon, President and COO; and Vaibhav Agarwal, CFO. Our format today will include prepared remarks by Vlad, Kira and Vaibhav, 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 the Financial Results section at ir.ringcentral.com.

謝謝。下午好，歡迎參加 RingCentral 2025 年第二季財報電話會議。今天與我一起出席的還有創辦人、董事長兼執行長 Vlad Shmunis、總裁兼營運長 Kira Makagon 和財務長 Vaibhav Agarwal。我們今天的會議形式包括 Vlad、Kira 和 Vaibhav 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 discussions and responses to your questions will contain forward-looking statements regarding company's business operations, financial performance and outlook. These statements are subject to risks, 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.

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。

For a complete discussion of risks and uncertainties related to our business, please refer to information contained in our filings with 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. A reconciliation of all GAAP to non-GAAP results is provided with our earnings release and in the slide deck.

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中包含的資訊以及今天的收益報告。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。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。

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 welcome to our second quarter conference call. Before we get into operational details, I have a few important announcements.

下午好，歡迎參加我們的第二季電話會議。在我們討論營運細節之前，我有幾個重要的聲明。

I want to start by announcing Vaibhav Agarwal as our new Chief Financial Officer. I also want to thank Abhey Lamba for his contributions, and I look forward to working with him in his new role as an executive adviser. Vaibhav has been a key leader at RingCentral for over nine years and has played an instrumental role in our financial transformation, including prior roles as Chief Accounting Officer, Chief Transformation Officer, and Deputy Chief Financial Officer.

首先，我想宣布 Vaibhav Agarwal 為我們的新任財務長。我還要感謝 Abhey Lamba 的貢獻，並期待在他擔任執行顧問的新職位上與他合作。Vaibhav 擔任 RingCentral 關鍵領導已有九年多，在我們的財務轉型中發揮了重要作用，曾擔任首席會計官、首席轉型官和副首席財務官。

. Vaibhav has played a critical role in helping scale the company from $400 million in revenue to a $2.6 billion run rate business, while meaningfully increasing profitability. As CFO, his deep understanding of our business and proven financial leadership sets us up well for our next phase of profitable growth.

。Vaibhav 在幫助公司從 4 億美元的收入擴大到 26 億美元的營業額並大幅提高盈利能力方面發揮了關鍵作用。作為財務官，他對我們業務的深刻理解和久經考驗的財務領導能力為我們下一階段的獲利成長奠定了良好的基礎。

Now on to additional important news. Today, we announced a multi-year extension of our long-standing partnerships with NiCE. Under this extended agreement, we will continue to sell and support RingCentral Contact Center powered by NiCE CXone Mpower. RingCentral Contact Center customers will continue to benefit from the deep integration between two recognized Gartner Magic Quadrant leaders for UCaaS and CCaaS. We look forward to working with a nice team offering a best-in-class integrated AI-powered cloud telephony and contact center suite that is an ideal choice for enterprises with complex and advanced use cases.

現在來看看其他重要新聞。今天，我們宣布與 NiCE 的長期合作關係將延長多年。根據此延長的協議，我們將繼續銷售並支援由 NiCE CXone Mpower 提供支援的 RingCentral 聯絡中心。RingCentral 聯絡中心客戶將繼續受益於兩位公認的 Gartner UCaaS 和 CCaaS 魔力像限領導者之間的深度整合。我們期待與一支優秀的團隊合作，提供一流的整合人工智慧雲端電話和聯絡中心套件，這是具有複雜和高級用例的企業的理想選擇。

We are also thrilled to have announced yesterday that AT&T is expanding its decade-long relationship with RingCentral. In addition to AT&T Office@Hand powered by RingCentral, AT&T will now be adding two of our new AI first products to their portfolio, RingSense and RingCX. This enables AT&T to start offering RingCentral cloud contact center and conversational intelligence to their customers, thus, elevating customer engagement and experiences through AI-enabled technologies.

我們也很高興昨天宣布 AT&T 正在擴大與 RingCentral 長達十年的合作關係。除了由 RingCentral 提供支援的 AT&T Office@Hand 之外，AT&T 現在還將在其產品組合中增加兩款新的 AI 產品，即 RingSense 和 RingCX。這使得 AT&T 能夠開始向其客戶提供 RingCentral 雲端聯絡中心和對話智能，從而透過支援 AI 的技術來提升客戶參與度和體驗。

Moving on to the financial results. Q2 was another solid quarter with all key metrics coming in, at, or above the high end of our guidance. We are executing on our strategy of accelerating innovation, while delivering sustainable profitable growth.

繼續討論財務結果。第二季度又是穩健的季度，所有關鍵指標都達到或超過了我們預期的高端。我們正在執行加速創新的策略，同時實現可持續的獲利成長。

Total revenue grew 5% year over year to $320 million, which is at the high end of our guidance. Our performance was driven by strong execution in our core business, combined with continued momentum in our new product portfolio, which includes AI Receptionist, or AIR; RingCentral Conversational Intelligence; and RingCX Cloud Contact Center.

總營收年增 5% 至 3.2 億美元，達到我們預期的高點。我們的業績得益於核心業務的強勁執行力，以及新產品組合的持續成長勢頭，其中包括 AI 接待員 (AIR)、RingCentral 對話智慧和 RingCX 雲端聯絡中心。

Delivering on our commitment to profitable growth, we delivered another quarter of record free cash flow while materially reducing stock-based compensation and debt. Most notably, we achieved both positive GAAP operating income and GAAP net income for the first time in RingCentral's history. Given our financial strength, our Board has approved an increase to our stock repurchase authorization to $500 million.

為了兌現我們對獲利成長的承諾，我們又一個季度實現了創紀錄的自由現金流，同時大幅減少了股票薪資和債務。最值得注意的是，我們在 RingCentral 歷史上首次實現了正的 GAAP 營業收入和 GAAP 淨收入。鑑於我們的財務實力，董事會已批准將股票回購授權增加至 5 億美元。

Our success is rooted in our strong leadership in business voice. With the advent of AI, it is being said that voice is a new UI, and we see strong proof points of that in our own business. Voice is the fastest, most expressive, and natural way to engage with AI, making those interactions feel seamless and intuitive. It also remains the most preferred channel for customers to connect with businesses.

我們的成功根植於我們在商業聲音方面的強大領導地位。隨著人工智慧的出現，人們說語音是一種新的使用者介面，我們在自己的業務中看到了強而有力的證明。語音是與人工智慧互動的最快、最具表現力和最自然的方式，使這些互動感覺無縫且直觀。它也仍然是客戶與企業聯繫的最受歡迎的管道。

As a global leader in voice, RingCentral is uniquely positioned to benefit. We process tens of billions of minutes per year on our platform, with average voice usage per user remaining stable year over year and SMS usage growing. While our traditional UCaaS and CCaS markets are large and robust, the new outside growth opportunity lies with AI-powered customer experiences. RingCentral Services are often the first point of contact between businesses and their customers. As such, we are in a unique position to deploy AI agents from the very onset and throughout the customer journey.

作為語音領域的全球領導者，RingCentral 擁有獨特的優勢。我們的平台每年處理數百億分鐘的通話，每位用戶的平均語音使用量逐年保持穩定，簡訊使用量不斷增長。雖然我們傳統的 UCaaS 和 CCaS 市場規模龐大且強勁，但新的外部成長機會在於人工智慧驅動的客戶體驗。RingCentral 服務通常是企業與客戶之間的第一個接觸點。因此，我們處於獨特的地位，可以從一開始就在整個客戶旅程中部署人工智慧代理。

With a proven robust global platform to leverage and the significant portion of our R&D now dedicated to our new AI products, we are well positioned to play a leadership role in this rapidly emerging market. We are investing over $0.25 billion annually in innovation, with a significant and growing share now dedicated to AI.

憑藉經過驗證的強大的全球平台以及目前我們致力於新人工智慧產品的研發的很大一部分，我們完全有能力在這個快速崛起的市場中發揮領導作用。我們每年在創新方面投資超過 2.5 億美元，其中很大一部分用於人工智慧，而且這一比例還在不斷增長。

As a proof point, our new AI-first products, RingCX, RingSense and our newest AI receptionist are already contributing meaningfully to our ARR growth. We are well on our way to meeting the $100 million ARR new products goal for this year. And we expect these new products to comprise a meaningful portion of our overall revenues in a few years. Kira will share additional details on our product portfolio and progress.

作為證明，我們的新 AI-first 產品 RingCX、RingSense 和我們最新的 AI 接待員已經為我們的 ARR 成長做出了有意義的貢獻。我們正在順利實現今年 1 億美元 ARR 新產品的目標。我們預計這些新產品將在幾年內佔據我們總收入的很大一部分。Kira 將分享有關我們的產品組合和進展的更多細節。

Now, let me share some insights on our key customer cohorts. While we are providing these details again today to highlight progress and performance, please note that we may not be updating them regularly going forward. We continue to see particularly strong momentum with small business customers defined as businesses with under 100 employees, as well as with global service providers. Between these two, we now have a $1 billion-plus ARR business growing in double digits with average time to breakeven in under 18 months.

現在，讓我分享一些關於我們主要客戶群的見解。雖然我們今天再次提供這些詳細資訊以強調進展和表現，但請注意，我們可能不會在未來定期更新它們。我們繼續看到小型企業客戶（定義為員工人數少於 100 人的企業）以及全球服務供應商的強勁發展勢頭。在這兩者之間，我們現在擁有超過 10 億美元的 ARR 業務，並以兩位數的速度成長，平均收支平衡時間不到 18 個月。

Speaking of GSPs, this particular quarter, we are very excited about a couple of marquee customer wins. RingCentral and Vodafone Ireland have secured Ryanair, the largest European airline planning to deploy across 172 locations in 25 countries. In addition, RingCentral and Vodafone have won a top 10 European bank, with seats in excess of 10,000 across their organization. These marquee wins underscore the value of our differentiated service provider partnerships as well as our ability to serve even the largest global enterprises.

說到 GSP，本季度，我們對贏得幾位大客戶感到非常興奮。RingCentral 和沃達豐愛爾蘭公司已與歐洲最大的航空公司瑞安航空達成合作，瑞安航空計劃在 25 個國家的 172 個地點部署其服務。此外，RingCentral 和沃達豐還贏得了歐洲十大銀行的稱號，其整個組織的席位超過 10,000 個。這些重大勝利凸顯了我們差異化服務提供者合作夥伴關係的價值以及我們為全球最大企業提供服務的能力。

In general, in larger businesses with more than 100 employees, we continue to hold our own as we add new logos and our retention patterns remain stable. We also see continuous demand from larger customers with $1 million-plus TCV deals remaining stable quarter over quarter. Of note is our particularly strong traction in our golden verticals that include health care, financial services, retail, travel and hospitality, and professional services, where Voice is a key mode of communications.

整體而言，在擁有超過 100 名員工的大型企業中，隨著我們添加新標識，我們的保留模式仍能保持穩定。我們也看到來自大客戶的持續需求，100 萬美元以上的 TCV 交易較上季保持穩定。值得注意的是，我們在黃金垂直領域具有特別強大的吸引力，包括醫療保健、金融服務、零售、旅遊和酒店以及專業服務，而語音是這些領域的主要溝通方式。

Importantly, many of these large customers are adopting multiple products from RingCentral, thus proving the value of our multiproduct platform approach. Kira will share more details and customer examples.

重要的是，許多大客戶都採用了 RingCentral 的多種產品，從而證明了我們的多產品平台方法的價值。Kira 將分享更多細節和客戶案例。

Additionally, our Microsoft Teams integration remains a key differentiator for larger businesses. Our RingEX for Teams embedded app seamlessly integrates RingCentral's best-in-class cloud PBX into the Team's environment. RingEX for Teams accounts are growing in strong double digits with monthly active users doubling year over year.

此外，我們的 Microsoft Teams 整合仍然是大型企業的關鍵差異化因素。我們的 RingEX for Teams 嵌入式應用程式將 RingCentral 一流的雲端 PBX 無縫整合到團隊環境中。RingEX for Teams 帳戶正以強勁的兩位數成長，每月活躍用戶較去年同期成長一倍。

In conclusion, our core business remains strong, and our new AI-first products are gaining momentum with double-digit growth quarter over quarter. We are innovating rapidly while driving profitable growth and expanding free cash flow, all while lowering SBC, paying down debt, and improving operating margin. Our success is rooted in our robust platform, a talented and tenured team, and unique partnerships that are growing and expanding.

總之，我們的核心業務依然強勁，我們的新 AI-first 產品正在獲得發展勢頭，環比增長兩位數。我們在快速創新的同時，推動獲利成長並擴大自由現金流，同時降低 SBC、償還債務並提高營業利潤率。我們的成功源自於我們強大的平台、一支才華橫溢、經驗豐富的團隊以及不斷成長的獨特合作夥伴關係。

I am very excited about what lies ahead as we continue to lead in the new era of AI communications and customer experiences. We will share more details on our product and our strategy at our upcoming Innovation Day at the New York Stock Exchange on November 5. A formal invitation will be extended soon and we look forward to seeing you there.

隨著我們繼續引領人工智慧通訊和客戶體驗的新時代，我對未來感到非常興奮。我們將於 11 月 5 日在紐約證券交易所舉行的創新日上分享有關我們的產品和策略的更多細節。我們很快就會發出正式邀請，期待在那裡見到您。

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

說完這些，我將把這通電話轉給 Kira。謝謝。

Thank you, Vlad. Let me start by congratulating Vaibhav on his appointment as CFO. Vaibhav is a trusted partner, and I look forward to working with him as we execute on our AI-driven growth strategy. I'm also excited about our extended partnerships with NiCE, as well as AT&T broadening their portfolio with additional products from RingCentral. Both of these developments represent new opportunities for in RingCentral, and I look forward to working closely with each of these partners.

謝謝你，弗拉德。首先，我要祝賀 Vaibhav 被任命為財務長。Vaibhav 是一位值得信賴的合作夥伴，我期待與他合作實施我們的人工智慧驅動的成長策略。我也很高興看到我們與 NiCE 的長期合作，以及 AT&T 透過 RingCentral 的附加產品擴大其產品組合。這兩項發展都為 RingCentral 帶來了新的機遇，我期待與每位合作夥伴密切合作。

At RingCentral, we're not just adapting to this new era of AI, we are shaping it. Our AI-first platform is redefining customer communications by enabling smarter, faster, and more intuitive interactions. Our priorities are to extend our leadership in voice with AI and expand our AI-powered customer experiences.

在 RingCentral，我們不僅適應這個新的人工智慧時代，我們還在塑造它。我們的 AI-first 平台透過實現更智慧、更快速、更直覺的互動重新定義客戶溝通。我們的首要任務是利用人工智慧擴展我們在語音領域的領導地位，並擴展我們由人工智慧驅動的客戶體驗。

Let's start with AIR. AI Receptionist has seen strong momentum now used by over 3,000 customers, tripling the number since our last earnings report. The rapid adoption is driven by its core value proposition. AIR leverages powerful AI to ensure no important call is missed, yet, it's very easy for everyone to deploy and use regardless of their technical expertise.

讓我們從 AIR 開始。AI Receptionist 發展勢頭強勁，目前已有超過 3,000 名客戶使用，自我們上次發布收益報告以來，客戶數量增加了兩倍。其快速採用是由其核心價值主張所推動的。AIR 利用強大的人工智慧來確保不會錯過任何重要電話，而且無論技術專長如何，每個人都可以輕鬆部署和使用它。

Today, as part of our AIR Everywhere announcement, we launched new capabilities.

今天，作為 AIR Everywhere 公告的一部分，我們推出了新功能。

AIR Everywhere brings AI-powered call handling beyond RingEX to third-party telephony systems, both on-premises and cloud. Additionally, RingCentral AIR now includes appointment booking with Google Calendar and Microsoft outlook and supports British and Australian English, Spanish, and French to cater to a wider customer base. RingCentral AIR will also be available in UK and Australia later this quarter.

AIR Everywhere 將基於人工智慧的呼叫處理功能從 RingEX 引入到本地和雲端的第三方電話系統。此外，RingCentral AIR 現在包括使用 Google 日曆和 Microsoft Outlook 進行預約的功能，並支援英國和澳洲英語、西班牙語和法語，以滿足更廣泛的客戶群。RingCentral AIR 也將於本季稍晚在英國和澳洲上市。

The top vertical categories where AIR is seeing the most traction include healthcare, professional services, construction and real estate, financial services, and retail. For example, by leveraging AIR, Access Mental Health grew new patient intakes by 60%, resulting in projecting $1.7 million in incremental revenue.

AIR 最受關注的垂直類別包括醫療保健、專業服務、建築和房地產、金融服務和零售。例如，透過利用 AIR，Access Mental Health 的新患者接收量增加了 60%，預計增量收入為 170 萬美元。

And AIR success is not limited just to our golden verticals. The Detroit Pistons are an early adopter and they expect to see significant improvements in their customer support response time.

AIR 的成功不僅限於我們的黃金垂直領域。底特律活塞隊是早期採用者，他們希望看到客戶支援回應時間的顯著改善。

I am excited about where we are taking AIR next. It represents a foundational step towards our vision for agentic AI, enabling businesses to deploy multimodel AI agents that can reason, act autonomously, and drive outcomes.

我很期待 AIR 的下一步發展。它代表著我們朝著代理 AI 願景邁出了基礎性的一步，使企業能夠部署能夠推理、自主行動並推動成果的多模型 AI 代理。

Now let's talk about RingSense. RingSense improves business outcomes by using AI to analyze conversations, score calls, identified coaching opportunities, and deliver performance insights across both employee and customer experiences. We now have more than 3,600 customers using RingSense, up from 2,800 last quarter reflecting solid sequential growth and customer demand.

現在我們來談談 RingSense。RingSense 透過使用人工智慧分析對話、評分通話、確定指導機會以及提供有關員工和客戶體驗的績效洞察來改善業務成果。目前，我們有超過 3,600 名客戶使用 RingSense，比上一季的 2,800 名有所成長，這反映了穩健的連續成長和客戶需求。

As an example, Endeavor Capital, a leading financial services company, saw a 40% increase in sales using RingSense. They saved 50 hours per agent monthly through AI-generated follow-up e-mails and boosted contact center visibility by 100x. This is a clear example of how RingSense is driving both efficiency and performance.

例如，領先的金融服務公司 Endeavor Capital 使用 RingSense 後銷售額成長了 40%。他們透過人工智慧產生的後續電子郵件每月為每位代理商節省了 50 個小時，並將聯絡中心的可見度提高了 100 倍。這是 RingSense 如何提高效率和效能的一個明顯例子。

RingSense also transformed operations for Brookstone Windows & Doors, cutting 600 hours of manual call listening down to minutes and enabling 100% analysis of customer interactions.

RingSense 也改變了 Brookstone Windows & Doors 的運作方式，將 600 小時的手動通話監聽時間縮短至幾分鐘，並實現了對客戶互動的 100% 分析。

We are making AI central to how businesses serve their customers and RingCX is at the heart of that strategy. Our native AI first contact center, RingCX helps businesses engage customers across any channel and create immersive agent experiences. Customers are choosing RingCX for its powerful AI features, rich omnichannel capabilities and numerous integrations.

我們正在將人工智慧作為企業服務客戶的核心，而 RingCX 是該策略的核心。我們的原生 AI 優先聯絡中心 RingCX 可協助企業透過任何管道吸引客戶並創造沉浸式代理商體驗。客戶選擇 RingCX 是因為其強大的 AI 功能、豐富的全通路功能和眾多整合。

One example of a key integration we introduced this past quarter is the newly launched RingCX for Salesforce service cloud, Voice, which empowers businesses to deliver a unified and streamlined experience for agents by integrating RingCentral's digital channels and voice capabilities into Salesforce. In Q2, we surpassed 1,200 RingCX customers. And once again, half of our $1 million-plus TCV deals included RingCX, underscoring strong demand.

我們在上個季度推出的關鍵整合範例是新推出的 RingCX for Salesforce 服務雲 Voice，它透過將 RingCentral 的數位管道和語音功能整合到 Salesforce 中，使企業能夠為代理商提供統一、簡化的體驗。在第二季度，我們的 RingCX 客戶數量超過了 1,200 家。再一次，我們的 100 萬美元以上的 TCV 交易中有一半都涉及 RingCX，這凸顯了強勁的需求。

One standout customer win this quarter is a leading restaurant chain with 850 locations across the US. They selected RingCX with our AI quality management solution, and thousands of RingEX seats as part of their digital transformation. With their ambitious growth plans, we are proud to be their customer communication platform of choice.

本季贏得的一個突出客戶是一家在全美擁有 850 家分店的領先連鎖餐廳。他們選擇了配備我們 AI 品質管理解決方案的 RingCX，以及數千個 RingEX 席位作為其數位轉型的一部分。鑑於他們雄心勃勃的成長計劃，我們很榮幸成為他們選擇的客戶溝通平台。

Another great example is a top private university already using RingEX to support 5,500 employees and 35,000 students. They recently added RingCX to modernize their contact center and are already seeing 52% per seat cost savings compared to their previous provider, alongside new operational efficiencies driven by AI.

另一個很好的例子是一所頂尖私立大學已經使用 RingEX 來支援 5,500 名員工和 35,000 名學生。他們最近添加了 RingCX 來實現其聯絡中心的現代化，與先前的供應商相比，每個座位的成本已節省 52%，同時還實現了由 AI 驅動的新營運效率。

In the second quarter, the rapid innovation of RingCX continued. We launched the controlled availability of Customer Journey Analytics, providing real-time visibility into full customer journeys across RingEX and RingCX, a key capability in delivering unified experiences.

第二季度，RingCX的快速創新仍在持續。我們推出了客戶旅程分析的受控可用性，提供對 RingEX 和 RingCX 上完整客戶旅程的即時可見性，這是提供統一體驗的關鍵功能。

We also made AI agent assist generally available. For example, Claims Solutions Inc. reduced call handling time by 50%, doubled agent productivity and improved first contact resolution by 35%, all driven by servicing relevant knowledge-based content in real time. And with the data of AI interaction analytics, we are enabling real-time sentiment analysis and predictive CSAT helping businesses understand customer satisfaction in real time and resolve issues quickly. To sum up, we are rapidly expanding our portfolio with many new AI capabilities. These allow us to deliver tangible outcomes for our customers and contribute to monetization for RingCentral.

我們也使 AI 代理輔助普遍可用。例如，Claims Solutions Inc. 將呼叫處理時間縮短了 50%，代理效率提高了一倍，首次聯繫解決率提高了 35%，所有這些都是透過即時提供相關的知識內容來實現的。借助人工智慧互動分析的數據，我們可以實現即時情緒分析和預測客戶滿意度 (CSAT)，幫助企業即時了解客戶滿意度並快速解決問題。總而言之，我們正在透過許多新的 AI 功能迅速擴展我們的產品組合。這些使我們能夠為客戶提供實際的成果並為 RingCentral 的貨幣化做出貢獻。

In closing, we are proud of the rapid AI innovation underway at RingCentral and the real, measurable success our customers are already seeing. As the leader in cloud business voice communications, we are in a unique position to apply AI to every customer interaction before, during and after the call. We are supercharging voice with AI and delivering solutions like AIR, which gives businesses AI-powered customer experiences at scale. And we're just getting started as we execute on our vision of an agentic AI future.

最後，我們為 RingCentral 正在進行的快速 AI 創新以及我們的客戶已經看到的真正可衡量的成功感到自豪。身為雲端業務語音通訊領域的領導者，我們擁有獨特的優勢，可以將人工智慧應用於通話前、通話中和通話後的每一次客戶互動。我們正在利用人工智慧增強語音並提供 AIR 等解決方案，為企業提供大規模人工智慧驅動的客戶體驗。我們才剛開始實現代理人工智慧未來的願景。

With that, let me hand it over to Vaibhav.

說完這些，讓我把它交給 Vaibhav。

Thank you, Kira, and good afternoon, everyone. I'm honored to step into the role of CFO at RingCentral.

謝謝你，Kira，大家下午好。我很榮幸能夠擔任 RingCentral 的財務長。

Over the past nine years, I've had the privilege of working alongside an exceptional team as we have transformed into an AI-powered multiproduct company. My tenure begins with RingCentral in a strong financial position with approximately $2.6 billion in ARR, expanding margins and record free cash flow. I want to thank Vlad and the board for the opportunity and Abhey for his contributions.

在過去的九年裡，我有幸與一支優秀的團隊一起工作，見證了我們轉型為一家由人工智慧驅動的多產品公司。我任職之初，RingCentral 的財務狀況良好，ARR 約為 26 億美元，利潤率不斷擴大，自由現金流創歷史新高。我要感謝 Vlad 和董事會給予的機會以及 Abhey 的貢獻。

Before turning to the results, let me briefly outline my focus areas to support our priorities.

在討論結果之前，讓我先簡單概述一下我的重點領域，以支持我們的優先事項。

First, drive sustainable, profitable growth through our market-leading UCaaS product and scaling our CCaaS and AI-based offerings through targeted investments in new product innovation.

首先，透過我們市場領先的 UCaaS 產品推動永續的獲利成長，並透過對新產品創新的有針對性的投資擴展我們的 CCaaS 和基於 AI 的產品。

Second, expand margins and free cash flows through cost discipline, particularly in sales and marketing, AI-driven operational transformation, vendor spend, consolidation and prudent stock-based compensation management.

其次，透過成本控制來擴大利潤率和自由現金流，特別是在銷售和行銷、人工智慧驅動的營運轉型、供應商支出、整合和審慎的股票薪酬管理方面。

Third, execute a balanced capital allocation strategy focused on debt repayment, share buybacks and reducing share count. These focus areas support continued growth in free cash flow per share while positioning the company for long-term value creation.

第三，執行以償還債務、回購股票和減少股票數量為重點的平衡資本配置策略。這些重點領域支持每股自由現金流的持續成長，同時為公司創造長期價值做好準備。

With that, let me turn to our Q2 highlights. We delivered solid results and executed well across our key metrics. Total revenue was $620 million, up 5% year over year, and at the high end of our guidance. Subscription revenue grew 6% to approximately $600 million and ARR increased 7% to approximately $2.6 billion.

接下來，讓我來談談我們第二季的亮點。我們取得了穩健的成果，並在關鍵指標方面表現良好。總收入為 6.2 億美元，年增 5%，達到我們預期的高點。訂閱收入成長 6% 至約 6 億美元，ARR 成長 7% 至約 26 億美元。

We have a number of growth drivers that contribute to our top line growth. As Vlad noted, our small business customers and GSPs continue to drive above-market growth and healthy unit economics. Our new products are contributing to overall growth, reflecting strong execution of our AI-led multiproduct strategy.

我們有許多成長動力來促進我們的營收成長。正如 Vlad 所指出的，我們的小型企業客戶和 GSP 繼續推動高於市場的成長和健康的單位經濟。我們的新產品正在促進整體成長，體現出我們以人工智慧為主導的多產品策略的強勁執行力。

Now moving to profitability. Subscription gross margin remained strong at over 80.5%. Operating margin was 22.6%, above the high end of our guidance, up 160 basis points year over year.

現在轉向獲利。訂閱毛利率維持強勁，超過 80.5%。營業利益率為 22.6%，高於我們預期的高端，較去年同期成長 160 個基點。

Second quarter non-GAAP EPS grew 16% to $1.06 per diluted share. We continue to generate year over year margin expansion, driven by continued spending discipline and focus on operating efficiencies.

第二季非公認會計準則每股收益成長 16%，至每股 1.06 美元。在持續控制支出和注重營運效率的推動下，我們的利潤率持續逐年擴大。

Sales and marketing expenses as a percent of total revenue declined 170 basis points to 37.8%, reflecting continued improvements in GTM efficiencies. We reduced SBC by 450 basis points year over year as a percent of revenue, with net new grants down 45% in the first half. As a result, we achieved positive GAAP operating income for the fourth consecutive quarter and also delivered positive GAAP net income.

銷售和行銷費用佔總收入的百分比下降了 170 個基點，至 37.8%，反映出 GTM 效率的持續提高。我們將 SBC 作為收入的百分比年減了 450 個基點，上半年淨新撥款下降了 45%。因此，我們連續第四個季度實現了正的 GAAP 營業收入，並且還實現了正的 GAAP 淨收入。

Overall, we view expanding operating margins in conjunction with reducing stock-based compensation as both ultimately driving higher free cash flow per share.

總體而言，我們認為擴大營業利潤率並減少股票薪酬最終將推動每股自由現金流的增加。

In Q2, we generated $144 million of free cash flow, up 33% versus last year. This was driven by continued focus on efficiency and working capital optimization. Free cash flow per share was $1.57 per diluted share, up 37% year over year.

第二季度，我們產生了 1.44 億美元的自由現金流，比去年成長 33%。這是由對效率和營運資本優化的持續關注所推動的。每股自由現金流為每股 1.57 美元，較去年同期成長 37%。

Moving to our balance sheet and capital allocation. From a capital allocation perspective, we repaid $105 million of our debt, bringing the remaining gross debt down to $1.27 billion and net debt to $1.1 billion. Our net leverage is now at 1.8x.

轉向我們的資產負債表和資本配置。從資本配置角度來看，我們償還了 1.05 億美元的債務，使剩餘的總債務降至 12.7 億美元，淨債務降至 11 億美元。我們的淨槓桿率目前為1.8倍。

With our strong free cash flow and access to capital, we have sufficient liquidity to meet our near-term and long-term obligations. Both Fitch and Moody's recently upgraded our credit ratings, recognizing our improving leverage and free cash flow profile.

憑藉強大的自由現金流和資本獲取能力，我們擁有足夠的流動性來履行我們的短期和長期義務。惠譽和穆迪最近都上調了我們的信用評級，認可我們不斷改善的槓桿率和自由現金流狀況。

We believe that share repurchases continue to provide an attractive relative return. In the first half of 2025, we have repurchased a total of approximately 3 million shares under previously authorized plan.

我們相信股票回購將繼續提供有吸引力的相對回報。2025年上半年，我們根據先前授權的計畫共回購了約300萬股。

Given our strong financial profile, the Board has now increased our total buyback authorization to $500 million. Improving free cash flow per share is a key priority for us.

鑑於我們強大的財務狀況，董事會現已將我們的總回購授權增加至 5 億美元。提高每股自由現金流是我們的首要任務。

With our strong performance in the first half of 2025, we are raising our full year free cash flow outlook to $515 million to $520 million, or a 20.5% margin, 50 basis points above prior guidance. We are also improving our stock-based compensation outlook to $285 million to $295 million, which is 11.5% of revenue down 50 basis points from prior guidance. Of note, we remain disciplined in our stock grants.

鑑於我們在 2025 年上半年的強勁表現，我們將全年自由現金流預期上調至 5.15 億美元至 5.2 億美元，即利潤率 20.5%，比先前的指引高出 50 個基點。我們也將股票薪酬預期上調至 2.85 億美元至 2.95 億美元，佔營收的 11.5%，比先前的預期下降了 50 個基點。值得注意的是，我們在股票授予方面仍然保持紀律。

Our annual grants this year are expected to be approximately $150 million, or 6% of revenue. We expect for overall SBC to trend lower over time towards these levels as the impact of the prior year grants rolls off.

我們今年的年度撥款預計約為 1.5 億美元，佔收入的 6%。我們預計，隨著上一年撥款的影響逐漸減弱，整體 SBC 將隨著時間的推移趨向於這些水準。

We are reducing our share count projections to 92.5 million to 93 million shares for 2025, down from our previous guidance of 93.5 million to 94.5 million shares.

我們將 2025 年的股票數量預測從先前的 9,350 萬股至 9,450 萬股下調至 9,250 萬股至 9,300 萬股。

Our free cash flow per share for 2025 is now expected to be approximately $5.54 to $5.62 per diluted share, which is up 31% year over year at the midpoint.

我們預計 2025 年每股自由現金流約為每股 5.54 美元至 5.62 美元，中位數將年增 31%。

Now moving to guidance. For the full year 2025, we are reiterating our prior guidance for subscription revenue, total revenue and operating margins, raising our full year free cash flow outlook to $515 million to $520 million, improving stock-based compensation range to $285 million to $295 million, raising non-GAAP EPS to $4.20 to $4.30 per diluted share based on 92.5 million to 93 million shares.

現在轉向指導。對於 2025 年全年，我們重申先前對訂閱收入、總收入和營業利潤率的指引，將全年自由現金流預期上調至 5.15 億美元至 5.2 億美元，將股票薪酬範圍提高至 2.85 億美元至 2.95 億美元，將非 GAAP 每股收益提高 4.200 萬至 4.30 萬）。

For the third quarter, we expect subscription revenues of $611 million to $619 million, with year-over-year growth of 5% to 6%. Total revenue of $631 million to $639 million, with year-over-year growth of 4% to 5%; non-GAAP operating margin of approximately 22.6% up 160 basis points year over year. Share-based compensation range of $72 million to $78 million, non-GAAP EPS of $1.06 to $1.08, based on 93 million fully diluted shares.

對於第三季度，我們預計訂閱收入為 6.11 億美元至 6.19 億美元，年增 5% 至 6%。總營收為6.31億美元至6.39億美元，較去年同期成長4%至5%；非美國通用會計準則營業利潤率約22.6%，較去年同期成長160個基點。基於 9,300 萬股完全稀釋股份，股權激勵費用範圍為 7,200 萬美元至 7,800 萬美元，非 GAAP 每股收益為 1.06 美元至 1.08 美元。

In summary, let me conclude with key takeaways. We delivered strong Q2 results and are executing well on our key priorities. We continue to lead in business voice with mission-critical products serving over 500,000 customers while gaining strong traction in our AI-led product portfolio, which are contributing to growth, expanding our TAM and increasing wallet share. We believe we have the building blocks in place for sustainable long-term growth.

總而言之，讓我總結一下主要要點。我們第二季取得了強勁的業績，並且在我們的關鍵優先事項上執行良好。我們繼續在商業語音領域保持領先地位，關鍵任務產品為超過 50 萬名客戶提供服務，同時我們的人工智慧主導的產品組合也獲得了強勁的吸引力，這有助於成長、擴大我們的 TAM 並增加錢包份額。我們相信我們已經奠定了實現長期永續成長的基礎。

We are making solid progress on expanding margins, generating record free cash flows and meaningfully reducing SBC. Our strong profile gives us the flexibility to reduce debt, return capital through share repurchases, and invest in innovation. This year, we expect to deliver over $5.50 in free cash flow per diluted share, which is a compelling yield for our shareholders. Overall, we have the foundation for long-term, sustainable and profitable growth, and I am truly excited about what lies ahead.

我們在擴大利潤率、創造創紀錄的自由現金流和大幅降低 SBC 方面取得了穩步進展。我們強大的實力使我們能夠靈活地減少債務、透過股票回購返還資本以及投資於創新。今年，我們預計每股攤薄自由現金流將超過 5.50 美元，這對我們的股東來說是一個相當吸引人的收益。整體而言，我們擁有長期、可持續和獲利成長的基礎，我對未來充滿期待。

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

現在，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。

This is Jamie on for Meta. Congrats on the quarter. Maybe just to start off, it would be great to just get any additional color you can provide as to how the renewed agreement with NiCE kind of compares to the legacy arrangement?

我是 Jamie，為 Meta 節目節目。恭喜本季取得佳績。也許只是開始，如果您能提供更多關於與 NiCE 續約的協議與傳統協議相比如何的信息，那就太好了？

Yeah. Vlad here. Thanks for the question. Look, it's an extension of that original agreement. We've been doing business for a good number of years. I think, what, six-plus years? Something like that. And I know that there was a bit of noise in community about the partnership coming to an end.

是的。弗拉德在這裡。謝謝你的提問。看，這是原始協議的延伸。我們已經做生意很多年了。我想，六年多吧？類似這樣的。我知道社區裡有一些關於合作關係即將結束的爭論。

That is clearly not the case, as we've been flagging all along. To be clear, that original agreement never expired. We were still engaged and doing deals and upselling customers, signing up some new deals. But we hope that with this new development, it dispels all kinds of myths and hearsay about where this is going.

顯然事實並非如此，因為我們一直在努力。需要明確的是，原始協議從未過期。我們仍在努力達成交易、向客戶追加銷售並簽署一些新交易。但我們希望，隨著這項新進展，它能夠消除有關此事走向的各種神話和傳聞。

As I think we said in the prepared remarks, it is an absolutely unique integration, unique in the industry to this day between two clear leaders in our respective segments, RingCentral for UCaaS, and NiCE inContact for CCaaS. They are extremely well received throughout, but especially in higher-end enterprises with more complicated needs.

我認為，正如我們在準備好的演講中所說的那樣，這是一次絕對獨特的整合，迄今為止在業內獨一無二的整合，我們各自領域的兩個明顯領導者，UCaaS 領域的 RingCentral 和 CCaaS 領域的 NiCE inContact 之間。它們受到了極大的歡迎，尤其是在需求更為複雜的高端企業中。

And their combination with RingCentral just continues this product, which was really very, very successful since the get go. I believe our first integration actually even predates NiCE's acquisition of inContact and it has done even better under NiCE ownership.

他們與 RingCentral 的結合延續了這款產品，該產品從一開始就非常非常成功。我相信我們的第一次整合實際上甚至早於 NiCE 收購 inContact，並且在 NiCE 的領導下做得更好。

We're very optimistic. It seem that there is a long runway ahead. And like I said, it continues to be well differentiated, and a very strong choice for enterprises who are looking to combine their telephony UCaaS and their customer engagement CCaaS needs under one umbrella.

我們非常樂觀。看來前面還有很長的路要走。正如我所說的，它仍然具有很好的差異化，對於希望將電話 UCaaS 和客戶參與 CCaaS 需求結合在一起的企業來說，它是一個非常不錯的選擇。

Great. Thank you so much. I'll jump back in the queue.

偉大的。太感謝了。我會重新回到隊列中。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根（Kash Rangan）。

Hi, thank you. Sorry about that. Vlad, I'm just wondering if you could talk about what's driving new product traction at RingCentral?

你好，謝謝。很抱歉。弗拉德，我只是想知道您是否可以談談推動 RingCentral 新產品發展的因素是什麼？

One for you, Vaibhav. Congrats on becoming CFO. Free cash flow generation has been already quite robust. How do you see the sustainability of this going forward?

給你一個，Vaibhav。恭喜您成為財務長。自由現金流的產生已經相當強勁。您如何看待這趨勢未來的永續性？

Okay. I guess, we'll do in order. Hi, Kash. What's driving new products is outstanding demand. And the fact that we are a very strong leader in business telephony, and we are a very natural choice for people to go to when they are looking to start leveraging AI in their workflows.

好的。我想，我們會按順序做的。你好，卡什。推動新產品發展的是龐大的需求。事實上，我們是商務電話領域的領導企業，當人們希望在工作流程中開始利用人工智慧時，我們是他們自然而然的選擇。

And if you think about it, RingCentral, we are as upstream as it gets in customers interacting with their business providers. We are the ones shielding that phone call. We're the ones terminating this text message. This is two primary modes of communications between customers, consumers, and businesses. And we are the ones -- developer's first line of defense.

如果你仔細想想，RingCentral，我們在客戶與其業務提供者互動方面處於上游地位。我們就是屏蔽那通電話的人。我們是終止此簡訊的人。這是客戶、消費者和企業之間的兩種主要溝通模式。而我們就是開發人員的第一道防線。

So it is very natural for us to be adding AI in the form of IVA, or AI Receptionist, or a little bit down the line from that, conversational analytics. We are in a unique position to be able to AI-tify the entire workflow before, during, and after the call. And given our position in the industry, given our brand, the fact that now we have a pretty complete AI portfolio to ride on top of our well-known platform, that is what's allowing us to grow these products double, if not, triple digits quarter over quarter.

因此，我們自然會以 IVA 或 AI 接待員的形式添加 AI，或稍後再添加對話分析。我們處於獨特的地位，能夠在通話前、通話中和通話後將整個工作流程人工智慧化。鑑於我們在行業中的地位、我們的品牌，以及我們現在擁有相當完整的人工智慧產品組合，可以依託我們知名的平台，這使我們能夠實現這些產品的季度環比增長兩位數甚至三位數。

And this is very early -- I mean, just the beginning. There will be a lot more of that.

現在還為時過早——我的意思是，這才剛開始。類似的事情還會更多。

Thank you, Kash. This is Vaibhav. Thanks for the congrats and debut question. So look, in terms of free cash flow, we are very, very proud of what we've delivered over the past three years. Free cash flow has increased 5x over the last three years from $100 million to $500 million. And it comes with durability and sustainability and here are some of the reasons why.

謝謝你，卡什。這是 Vaibhav。感謝您的祝賀和首次提問。所以，就自由現金流而言，我們對過去三年所取得的成績感到非常自豪。過去三年中，自由現金流增加了 5 倍，從 1 億美元增加到 5 億美元。它具有耐用性和可持續性，以下是部分原因。

Number one, we now have a track record of delivering improvements year over year. I guided to about over $500 million in free cash flows today, which is 30% year over year. And the reason you are seeing the improvement is really due to the operating leverage in the business, the strong gross margins that we have, and the continued cost discipline.

首先，我們現在已經擁有逐年進步的紀錄。我今天預計自由現金流將超過 5 億美元，年增 30%。而您看到改善的原因實際上是由於業務的營運槓桿、強勁的毛利率以及持續的成本控制。

And also, the quality of the free cash flow is improving, as operating margins and free cash flows are now converging due to working capital efficiencies.

此外，由於營運資本效率的提高，營業利潤率和自由現金流正在趨於一致，自由現金流的品質也在提高。

And then the last point is, when we look at free cash flows, we also look at SBC in conjunction with that. And we've taken meaningful steps, which I outlined in the prepared remarks around SBC, which combined with buybacks will result in a lower share count.

最後一點是，當我們查看自由現金流時，我們也會同時查看 SBC。我們已經採取了有意義的措施，我在有關 SBC 的準備好的演講中概述了這些措施，這些措施與回購相結合將導致股票數量減少。

So when you put all of these things together, our free cash flow guide for the year is now above $5.50, 30% up year over year, which is a very compelling return from a shareholder standpoint. So overall, I feel like we have a strong foundation to sustain and improve our free cash flow over time.

因此，當你把所有這些因素放在一起時，我們今年的自由現金流指南現在已超過 5.50 美元，同比增長 30%，從股東的角度來看，這是一個非常誘人的回報。所以總的來說，我覺得我們擁有強大的基礎來維持和改善我們的自由現金流。

Thank you so much, Vlad and Vaibhav.

非常感謝，Vlad 和 Vaibhav。

Samad Samana, Jefferies.

薩瑪德·薩馬納（Samad Samana），傑富瑞集團。

Hi, guys. This is Bill Fitzsimmons on for Samad. Maybe expanding on that free cash flow question, when I look at the guide, the thing that stands out to me is the reduction in SBC expenses that you just mentioned. And over the last couple of years, SBC as a percent of revenue has declined and is kind of continued to expect -- is continuing to decline.

嗨，大家好。我是比爾‧菲茨西蒙斯 (Bill Fitzsimmons)，代替薩馬德 (Samad)。也許擴大自由現金流問題，當我查看指南時，對我來說最突出的就是您剛才提到的 SBC 費用的減少。在過去的幾年裡，SBC 佔收入的百分比一直在下降，並且預計還會繼續下降。

Can you just walk through some of the internal changes you've made to drive that reduction? And what's changed on that line specifically since you provided SBC guidance at the start of the year?

您能否簡單介紹一下為實現這一目標而做出的一些內部改變？自從您在年初提供 SBC 指導以來，這條路線具體發生了什麼變化？

Thank you, Billy. This is Vaibhav. [Sorry about that]. Look, reducing SBC is a key priority for us. And I think we've outlined that on the prior earnings call. And we've made a lot of progress on this over the years.

謝謝你，比利。這是 Vaibhav。[很抱歉]。瞧，減少 SBC 對我們來說是首要任務。我認為我們在先前的收益電話會議上已經概述了這一點。這些年來我們在這方面取得了很大進展。

SBC as a percent of revenue has come down by almost half. It used to be around 20% of revenue, we are now tracking to about, call it, 11% based on the guidance we provided. Look, the stock grants continue to be a key tool for us to incentivize employees, so we'll continue to use it. And we want to make sure that the employees' interests are aligned with shareholders. So it will be a key tool for us to incentivize people.

SBC 佔收入的百分比下降了近一半。根據我們提供的指導，它過去佔收入的 20% 左右，現在我們追蹤到大約 11%。你看，股票授予仍然是我們激勵員工的重要工具，所以我們會繼續使用它。我們希望確保員工的利益與股東的利益一致。因此它將成為我們激勵人們的重要工具。

However, having said that, we remain disciplined in terms of our net new grants, which in our prepared remarks, I mentioned, will be around 150 million or about 6% of revenue. So as you know, SBC has two components. It has the tail from the prior grants, which were higher and granted at higher prices, and it has the impact of the in-year grants. So over time, as the older grants roll off, our SBC run rate will increasingly reflect just the new grant activity just significantly.

然而，話雖如此，我們在淨新撥款方面仍然保持紀律，我在準備好的評論中提到，淨新撥款將在 1.5 億左右，約佔收入的 6%。如您所知，SBC 有兩個組成部分。它受到前幾次撥款的影響，這些撥款金額較高且以較高的價格發放，並且還受到年度撥款的影響。因此，隨著時間的推移，隨著舊贈款的發放，我們的 SBC 運行率將越來越多地顯著反映新的補助活動。

Thank you. And if I could sneak in one more. There was upside on second quarter revenue, but the full year revenue guide was kept flat. The guide implies kind of similar expectations for like similar expectations around kind of the subscription revenue dollars add in both 3Q and 4Q.

謝謝。如果我能再偷偷溜進去一次。第二季收入有所上升，但全年收入預期保持不變。該指南暗示了對第三季和第四季訂閱收入增加的類似預期。

So can you just level set for us what assumptions went into the back half guide? And what are you thinking around macro deal activity in renewals in the back half?

那麼，您能否為我們簡單介紹後半部指南中的假設呢？您對下半年續約的宏觀交易活動有何看法？

Look, in terms of the guide, there is no fundamental change in the overall philosophy for the approach, if you will, it's consistent with how we've guided in the past, which is we provide prudent guidance around the visibility that we have and based on what we know. But there are always puts and takes in the business of this size.

從指南的角度來看，方法的整體理念沒有發生根本性的變化，如果你願意的話，它與我們過去的指導方式一致，即我們根據我們所擁有的可見性並根據我們所知道的情況提供審慎的指導。但這種規模的業務總是有得有失。

So overall, look, from a Q2 standpoint, we had a good strong quarter. The business is fundamentally strong. We have a number of growth drivers. Vlad, in his prepared remarks, talked about SB and GSP growing in the double digits.

因此，總體而言，從第二季的角度來看，我們度過了一個強勁的季度。該業務的基本面十分強勁。我們有許多成長動力。弗拉德在準備好的發言中談到了 SB 和 GSP 的兩位數成長。

So they are showing good demand trends. In terms of our enterprise business, we continue to sign $1 million-plus TCV wins. So when you take all of those things together and overlay some prudence on top of it. That's how we ended up on the guidance.

因此它們表現出良好的需求趨勢。就我們的企業業務而言，我們繼續簽署價值超過 100 萬美元的 TCV 合約。因此，當你把所有這些事情放在一起，並在其上疊加一些謹慎時。這就是我們最終得出的指導意見。

Overall, look. We reiterated the guidance on the top line while raising free cash flow and operating margins and reducing SBC in a material way. So overall, net-net, we feel good about the guidance range that we provided.

總體來說，看看。我們重申了對營收的預期，同時提高了自由現金流和營業利潤率，並大幅降低了 SBC。因此，總體而言，我們對提供的指導範圍感到滿意。

Perfect. Thank you.

完美的。謝謝。

Peter Levine, Evercore.

彼得‧萊文 (Peter Levine)，Evercore。

[Thanks for taking the question]. Congrats for the appointment as CFO.

[感謝您提出這個問題]。恭喜您被任命為財務長。

Vlad, maybe share with us how are you thinking about RingCX? Again, you did allude to the fact that (technical difficulty) market around the RingCX, but obviously, that's not going away.

弗拉德，或許可以跟我們分享一下您對 RingCX 的看法？再說一次，你確實提到了 RingCX 周圍的（技術難度）市場，但顯然，這種困難不會消失。

So explain to us, how are you going to go to market with RingCX? How are your sales reps going to delineate between the RingCX versus NiCE? Just walk us through some of those dynamics.

那麼請向我們解釋一下，您將如何利用 RingCX 進入市場？您的銷售代表將如何區分 RingCX 和 NiCE？請向我們介紹一下其中的一些動態。

Yeah, hi, Peter. Yeah. No, fair question. Look, it's actually not that hard. And I think we've been fairly clear about this all along, but I'll reiterate. Look, they are different products and they're fundamentally aimed at different audiences.

是的，你好，彼得。是的。不，公平的問題。看，其實沒有那麼難。我認為我們一直以來都很清楚這一點，但我還是要重申。你看，它們是不同的產品，而且根本上是針對的是不同的受眾。

So our CCC, NiCE InContact base, it's a high-end enterprise product, sky's the limit, no limit on the number of seats, best-in-class capabilities able to address any and every complicated use case one can think of. It's a Rolls-Royce of a product. And we perceive that our enterprise product is that for cloud PBXs.

因此，我們的 CCC、NiCE InContact 基礎是一款高端企業產品，沒有限制，席位數量沒有限制，具有一流的功能，能夠解決人們能想到的任何複雜用例。這是一款勞斯萊斯產品。我們認為我們的企業產品是雲端 PBX 產品。

And just now this quarter, we've announced Ryanair. I don't know about you, I see planes all the time in the every airport in Europe I go to, so they're pretty big, I think the largest in Europe. And this top 10 bank, which is a household name, I wish I could tell you the name, but what did we say, 10,000-plus seats, right? So we know we can scale up, and we know firsthand that in many of those cases, okay? People actually have a preference of purchasing from a single vendor. And there does not exist a single vendor on the planet today that has its native, both high-end Roll-Royce UCaaS and Roll-Royce CCaaS, home grown, today, does not exist.

就在本季度，我們宣布了瑞安航空。我不知道你怎麼樣，我去過的歐洲每個機場都經常看到飛機，它們非常大，我認為是歐洲最大的。這家排名前 10 位的銀行是家喻戶曉的名字，我希望我能告訴你它的名字，但是我們說過嗎，有 10,000 多個席位，對吧？所以我們知道我們可以擴大規模，而且我們在很多情況下都親身經歷過這種情況，好嗎？人們實際上傾向於從單一供應商購買。而目前地球上還沒有一家供應商擁有自己的本土產品，無論是高階的勞斯萊斯 UCaaS 還是勞斯萊斯 CCaaS，如今都不存在。

So this is a next best thing, and there is nothing else even remotely close, okay? No other payroll vendors have anything like this level of integration, starting for the -- covering entire customer journey, sign up, building, care, support, network, et cetera.

所以這是僅次於最好的東西，而且沒有其他東西可以與之媲美，好嗎？沒有其他工資供應商具有這種程度的集成，涵蓋整個客戶旅程、註冊、建造、護理、支援、網路等等。

That's where CC is, okay? CX is a wonderful product. It does really, really well, but it is fundamentally aimed at smaller and simpler use cases, okay? It will, most likely, always have more logos, but much lower average agent count than CC. And we know that in certain cases, you can have a very large company that is a good match for CX. But as they exist and we've noted some wins with those but they're rather specific.

CC 就在那裡，好嗎？CX 是一款很棒的產品。它確實做得非常好，但它從根本上針對的是更小、更簡單的用例，好嗎？它很可能總是會擁有更多的標識，但平均代理數量比 CC 低得多。我們知道，在某些情況下，您可以擁有一家非常適合 CX 的大型公司。但因為它們存在，而且我們已經注意到它們帶來了一些好處，但它們相當具體。

It's not kind that you're -- it's not right down the middle, which CC, so NiCE InContact, they cover the whole gamut. And CX just scales well way more down, more self-serve, AI-native product. And guess what, even a better integration with RingCentral -- with RingEX than anything else.

這並不好，因為你——它不是正中間，CC，所以 NiCE InContact，它們覆蓋了整個範圍。而 CX 的規模可以進一步縮小，成為更自助、更 AI 原生的產品。猜猜看，它與 RingCentral 的整合甚至比與 RingEX 的整合更好。

So that's why it's going to bifurcate. We think that there was absolutely room for the two to coexist. And hopefully, we'll be proven right. We know we were able to grow both very effectively until people started kind of questioning the partnership. Hopefully, that's getting resolved as of today and the channel will be reactivated. And we're pretty optimistic on both fronts.

這就是它分裂的原因。我們認為兩者絕對有共存的空間。希望我們能夠被證明是正確的。我們知道，我們能夠非常有效地發展，直到人們開始質疑這種合作關係。希望這個問題今天能夠解決，並且該頻道能夠重新啟用。我們對這兩方面都相當樂觀。

Thank you for the color. And maybe just one for you, if you're thinking about the durability of growth here longer term, how sustainable would you call mid-single-digit growth with your increasing profitability. Maybe walk us through your mindset in terms of managing growth versus profitability.

謝謝你的顏色。也許只問您一個問題，如果您考慮長期成長的持久性，那麼在獲利能力不斷提高的情況下，中等個位數成長的可持續性如何？也許您可以向我們介紹一下您在管理成長與獲利方面的思維方式。

Are you more focused on sustaining growth here, low to mid-single digits, are you focus on profitability? Just maybe walk us through -- give us kind of like a framework to think about the model here longer term as you can, please? Thank you.

您是否更注重維持低到中等個位數的成長，還是注重獲利能力？請帶我們了解一下——給我們提供一個框架，以便我們盡可能長期地思考這個模型，好嗎？謝謝。

Yeah. I think in terms of the framework, we are a growth company, so we'll continue to grow. And there are multiple growth drivers that are durable. So in the UCaaS space, look, we continue to be the market leaders with steady market share. There are pockets of the business, like SMB and GSPs, that are growing in the double digits.

是的。我認為從框架角度來看，我們是一家成長型公司，因此我們將繼續成長。並且存在多個持久的成長動力。因此，在 UCaaS 領域，我們繼續保持市場領先地位，擁有穩定的市場份額。一些業務領域，例如中小企業和普惠制企業，正在以兩位數的速度成長。

And in terms of our enterprise space, we are continuing to add $1 million TCV wins. We are adding logos at a decent clip as customers move from on-prem to the cloud. In addition to that, our new AI products are now gaining traction. So Vlad and Kira in their prepared remarks talked about the multiproduct portfolio and the strong traction that we are seeing there.

就我們的企業空間而言，我們將繼續增加 100 萬美元的 TCV 收益。隨著客戶從本地轉移到雲端，我們正在以相當快的速度添加徽標。除此之外，我們的新人工智慧產品現在也越來越受歡迎。因此，Vlad 和 Kira 在準備好的發言中談到了多產品組合以及我們在那裡看到的強勁吸引力。

Our new products combined are growing in the double digits, and we are well on track to hit the $100 million target by the end of the year that we had laid out. So in my mind, these will all be drivers for sustainable long-term growth.

我們的新產品總量正以兩位數成長，我們預計在年底前實現我們所設定的 1 億美元的目標。所以在我看來，這些都將成為永續長期成長的動力。

In terms of profitability, the framework that I called out in my prepared remarks was to continue to expand both free cash flow as well as operating margins, and that will come from two places. There will continue to be operating leverage in the business, plus we'll be disciplined in terms of our cost management. So together, we will continue to be on that path of margin and free cash flow expansion. And then when you take that together with SBC reduction and share count dilution, our goal is to maximize free cash flow per share, which we think is a key metric to track for shareholders on a go-forward basis.

在獲利能力方面，我在準備好的演講中提出的框架是繼續擴大自由現金流和營業利潤率，這將來自兩個方面。業務中將繼續存在經營槓桿，此外，我們將嚴格控製成本管理。因此，我們將繼續共同努力，擴大利潤和自由現金流。然後，當你將其與 SBC 減少和股票數量稀釋結合起來時，我們的目標是最大化每股自由現金流，我們認為這是股東未來需要追蹤的關鍵指標。

Catharine Trebnick, Rosenblatt.

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

Hi. Two quick ones. One, last quarter, you noted that Microsoft grew 30% year over year. You talked today about RingCX, now a piece of it. Can you talk about the size of the deals that you're seeing through the Microsoft partnership?

你好。兩個簡單的。首先，上個季度，您指出微軟年增了 30%。您今天談到了 RingCX，它現在是其中的一部分。您能談談透過與微軟的合作所達成的交易規模嗎？

Yeah. So I'm not sure how you got RingCX in there. We have an integration with Microsoft Teams. We use a number of APIs that they provide. And we actually have a very good integration, our embedded client was their terminology, make it seem quite seamless for a Team's user to be using RingCentral's capabilities, which is meaningfully over and above what Microsoft Team provides.

是的。所以我不確定你是如何將 RingCX 放入其中的。我們與 Microsoft Teams 進行了整合。我們使用他們提供的許多 API。而且我們實際上有一個非常好的集成，我們的嵌入式客戶端是他們的術語，讓團隊用戶可以無縫地使用 RingCentral 的功能，這遠遠超出了 Microsoft Team 所提供的功能。

It is strong double-digit growth. And it's aimed -- look, it's aimed at larger enterprises, but by the token that most of Teams, they skew larger. So SMB customers, there is meaningfully less Teams usage. So there, we will stand alone. But I think we noted, what, that half of our enterprise deals include this integration. And it's a big differentiator for us. It's a good asset, so that will continue.

這是強勁的兩位數增長。它的目標是——看，它的目標是大型企業，但從象徵意義上講，大多數團隊的規模都比較大。因此，SMB 客戶對 Teams 的使用明顯減少。因此，我們將孤軍奮戰。但我認為我們注意到，我們一半的企業交易都包括這種整合。這對我們來說是一個很大的區別。這是一筆很好的資產，因此這種情況將會持續下去。

All right. The follow-on quick question is, with this knocking down some debt, what's your capital allocation strategy going forward? Are you looking to do some more acquisitions? How are you planning to -- are you planning for some of the cash you have?

好的。接下來的問題是，在減少一些債務之後，您未來的資本配置策略是什麼？您是否正在考慮進行更多收購？您打算如何使用您擁有的部分現金？

Yeah. Thank you, Catharine, for the question. So look, in terms of capital allocation, the benefit of generating over $500 million in free cash flow is that we'll have a lot of flexibility and we can be opportunistic. So we -- I laid out in my prepared remarks that we will continue to look at delevering the balance sheet and strengthening our profile.

是的。謝謝凱瑟琳提出的問題。因此，就資本配置而言，產生超過 5 億美元自由現金流的好處是，我們將擁有很大的靈活性，並且可以抓住機會。因此，我在準備好的發言中表示，我們將繼續考慮降低資產負債表的槓桿率並加強我們的形象。

The case in point, in Q2, we paid about $100 million of debt. Our net debt is already at $1.1 billion now. So we'll be opportunistic about paying down the debt and we'll strive to get it to under $1 billion.

例如，在第二季度，我們償還了約 1 億美元的債務。我們的淨債務現在已達11億美元。因此，我們將抓住機會償還債務，並努力將債務金額控制在 10 億美元以下。

Our net leverage is already improving. It's under 2x. And this past quarter, given the strength of our EBITDA margins, which is growing in excess of revenues and the net debt position, both Fitch and Moody's upgraded our ratings. So we are now one notch below investment grade, which was a pretty good outcome for us.

我們的淨槓桿率已在改善。低於 2x。上個季度，鑑於我們的 EBITDA 利潤率強勁（其成長速度超過收入和淨債務水平），惠譽和穆迪均上調了我們的評級。因此，我們現在的評級比投資級低一級，這對我們來說是一個相當不錯的結果。

I continue to feel that at these current stock prices, stock buybacks will continue to be an attractive opportunity for us. So we will continue to on our stock buybacks under our current authorization. Also our Board, given the strength of our financial profile, increased our stock authorization to $500 million.

我仍然認為，在目前的股價下，股票回購對我們來說仍將是一個有吸引力的機會。因此，我們將根據現有授權繼續進行股票回購。此外，鑑於我們財務狀況的強勁，董事會將我們的股票授權金額增加至 5 億美元。

The other uses of cash would, of course, be -- we'll continue to invest in innovation. You heard Vlad talk about us spending $0.25 billion in R&D. A lot of that is going towards new products, which is where we are seeing good traction and which will be an important growth driver for us.

當然，現金的其他用途是──我們將繼續投資於創新。您聽到 Vlad 說過我們在研發上花了 2.5 億美元。其中很大一部分資金將用於新產品，我們看到新產品的良好發展勢頭，這將成為我們重要的成長動力。

And then from an M&A standpoint, we will also be allocating capital there to the extent we have assets or opportunities that kind of make sense. So I think overall, it will be -- our approach will be flexible. We'll be opportunistic based on the return on investment.

然後從併購的角度來看，我們還將根據我們擁有的資產或機會的合理程度在那裡分配資本。所以我認為總的來說，我們的方法將是靈活的。我們將根據投資回報來把握機會。

Thank you very much.

非常感謝。

Michael Funk, Bank of America.

美國銀行的麥可‧芬克。

Yeah. Thank you for taking the questions. I want to go back to the NiCE and AT&T extensions, and whether or not you've signaled a strategic shift for you in terms of your go-to-market? I'm getting some feedback, I apologize.

是的。感謝您回答這些問題。我想回到 NiCE 和 AT&T 擴展的話題，以及您是否已經暗示了您在市場進入方面的策略轉變？我收到了一些回饋，我很抱歉。

Well, look, both -- like you say, both are extensions. So I don't know that it signifies a strategic shift. But let's take them one by one.

嗯，看，兩者——就像你說的，兩者都是擴展。所以我不知道這是否意味著戰略轉變。但讓我們一一討論。

So with NiCE InContact, we've just regained a tool that we've had for a number of years that we knew was a very powerful tool, which is this combined high-end UC/CC combo. And again, to reiterate, we were always under contract and within our rights to continue selling that product. But given all of the noise and [flat] in the market, frankly, it was hard to convince people that this product have lagged.

因此，透過 NiCE InContact，我們重新獲得了我們已經擁有多年的工具，我們知道它是一個非常強大的工具，即組合高端 UC/CC 組合。再次重申，我們始終遵守合約並有權繼續銷售該產品。但考慮到市場上的所有噪音和[平淡]，坦白說，很難讓人們相信這款產品已經落後了。

Now it's a multiyear extension. You're hearing it for me directly that we consider this to be a strategic relationship and are very happy for it to continue. We think that there is a lot of juice still left in that bucket. And hopefully, you'll hear the same from Scott and their management team.

現在，這是一份多年的延期合約。您可以直接聽到我所說，我們認為這是一種策略關係，並且非常樂意繼續下去。我們認為桶子裡還剩下很多果汁。希望您能從斯科特及其管理團隊那裡聽到同樣的消息。

So a little bit back to the future on NiCE InContact. As far as AT&T, look, it's very momentum. AT&T has been a strong partner of ours for about a decade, if not more. I think that's unique, certainly for us, but maybe even for AT&T. I don't want to speak for them.

因此，讓我們稍微回顧一下 NiCE InContact 的未來。就 AT&T 而言，它的發展勢頭非常強勁。大約十年甚至更久以來，AT&T 一直是我們強大的合作夥伴。我認為這對我們來說是獨一無二的，但對 AT&T 來說可能也是如此。我不想為他們說話。

And the fact that they are choosing to extend their engagement with us, but by now offering our newer products into their portfolio is hugely significant. AT&T is obviously one of the top brand names globally. It's a major shareholder in US telecom, but it's not just US And it's a wonderful channel, a wonderful brand.

他們選擇擴大與我們的合作，現在將我們的新產品納入他們的產品組合，這一事實意義重大。AT&T 顯然是全球頂級品牌之一。它是美國電信的主要股東，但它不僅僅是美國，而且它還是一個很棒的管道，一個很棒的品牌。

And now, they chose our technology to bring their customer base into this new era of AI. So this is momentous. It's not necessarily a change in our GTM, but certainly, we hope it will open up major opportunities for our new products, which as we all know, include RingCX, RingSense, and hopefully others as they mature.

現在，他們選擇了我們的技術，將他們的客戶群帶入人工智慧的新時代。所以這很重要。這不一定是我們 GTM 的改變，但當然，我們希望它能為我們的新產品開闢重大機遇，眾所周知，這些產品包括 RingCX、RingSense，以及其他成熟的產品。

And just more specifically, when I met with John Stankey recently, he highlighted they want actually lean in a little bit harder to SMB. They felt they've given up market there too much in the last few years.

更具體地說，當我最近與約翰·斯坦基會面時，他強調他們實際上希望更加努力地向中小企業傾斜。他們覺得過去幾年他們放棄那裡的市場太多了。

So as part of the agreement, will this be more of a [push] by AT&T and their sales force incorporating your functionality? Or will it be an add-on where a customer can elect it, but won't necessarily be part of the core offering?

那麼，作為協議的一部分，這是否更像是 AT&T 及其銷售人員對您的功能的推動？或者它會是一個客戶可以選擇的附加元件，但不一定是核心產品的一部分？

And then the final question, if I could, please, can you call out any FX benefit or maybe to isolate the constant currency growth during the quarter? And then what you have in your expectations for the remainder of the year for FX, just given the movements in the rates recently?

然後是最後一個問題，如果可以的話，您能否指出任何外匯優勢，或者能否隔離本季的持續貨幣成長？那麼，考慮到最近匯率的變動，您對今年剩餘時間外匯市場有何預期？

I'll take the first part of the question. Look, as far as AT&T's GTM, philosophy or tactics, you have to ask them. I can tell you that it's a deal that we believe is a fair deal. Everyone wins. It's good for us. It's good for AT&T financially. And of course, it's very good for the customer, because remember, these products are about saving people time and money and saving leads and letting calls, no drop on the floor, but instead, resolving positive business outcomes.

我來回答問題的第一部分。瞧，就 AT&T 的 GTM、哲學或策略而言，你必須問他們。我可以告訴你們，我們相信這是一項公平的協議。每個人都是贏家。這對我們有好處。這對 AT&T 的財務狀況有利。當然，這對客戶來說非常好，因為請記住，這些產品是為了節省人們的時間和金錢，保存線索和電話，不掉線，而是解決積極的業務成果。

How exactly they're going to do and package it? You would need to talk to them directly. But what John said about them wanting to regain a bit of share in SMB, certainly, we could not be happier to hear that because it is definitely strength of ours and our offering, okay? And Vaibhav will take the rest of the question.

他們究竟要怎麼做並包裝它？您需要直接與他們交談。但是，當約翰說他們想要重新獲得 SMB 的一些份額時，我們當然很高興聽到這個消息，因為這絕對是我們的優勢和我們提供的產品，好嗎？Vaibhav 將回答剩餘的問題。

Yeah. In terms of FX, look, there was some benefit in the quarter. Nothing meaningful. So nothing specifically to call out there. Overall, look, we had a good strong quarter.

是的。就外匯而言，本季有一些好處。沒什麼意義。因此沒有特別需要指出的。整體而言，我們本季表現強勁。

We had sales bookings coming in at a healthy clip. And overall, we called out the strength of the business in terms of SBs and GSPs growing in the double digits. So overall, we ended strong and reiterated our guide for the year.

我們的銷售訂單量成長動能良好。總體而言，我們認為 SB 和 GSP 的成長反映了業務的強勁成長。總體而言，我們以強勁表現結束今年的業績並重申了我們的年度目標。

Right. Thank you, guys, very much.

正確的。非常感謝你們。

We have time for one more question. Brian Peterson, Raymond James.

我們還有時間再回答一個問題。布萊恩彼得森、雷蒙詹姆斯。

This is John on for Brian. On the AIR receptivity there. It's great to hear about the early success with AIR, and I know it's still really early. And you got into some of the prepared remarks, but just curious where you're seeing the most success so far?

我是約翰，取代布萊恩。關於那裡的空氣接受能力。很高興聽到 AIR 早期取得的成功，但我知道現在還為時過早。您已經發表了一些準備好的講話，但是我很好奇到目前為止您認為最成功的地方在哪裡？

It sounds like larger customers are really the early adopters there. But are you also seeing positive adoption across mid-market and SMB? Sort of said another way, is AIR adoption running -- how is it running versus expectations across customers of various sizing?

聽起來大客戶確實是那裡的早期採用者。但是您是否也看到中端市場和中小企業的積極採用？換句話說，AIR 的採用情況如何——與不同規模的客戶的預期相比，它的運作情況如何？

Hi. This is Kira. Look, I think the rate of adoption is very positive and going from 1,000 to 3,000 in a short period of time, just customers, indication of strong demand.

你好。這是基拉。看起來，我認為採用率非常積極，在短時間內從 1,000 增加到 3,000，僅僅是客戶就表明需求強勁。

In terms of customer cohorts and how they're buying, a lot of the customers are buying actually smaller customers with some very large customers buying as well. The use cases are all similar in a way that it's routing calls, it's essentially providing with the digital employee that never misses a call.

就客戶群及其購買方式而言，許多客戶實際上都是小客戶，也有一些大客戶在購買。用例在某種程度上都是類似的，都是路由呼叫，本質上是為永遠不會錯過電話的數位員工提供服務。

And business of all sizes needs that, especially acute when you're a small business, and you need a receptionist, and you just don't have one or you have after our calls and nobody to mine the shop. In a large business of the use cases that we see have to do more with routing calls and figuring out across the organization without having complex IVR roles to be imposed in the middle of the flow.

各種規模的企業都需要這一點，尤其是小型企業，您需要接待員，而您卻沒有接待員，或者您打完電話後卻沒有人來打理店鋪。在大型企業中，我們看到的用例更涉及路由呼叫和跨組織進行處理，而無需在流程中間施加複雜的 IVR 角色。

And the value is the same. Essentially, it saves you cost. It increases your opportunity for monetization of those incoming calls. It also controls spend. And it's a much better customer experience across the board.

而且價值是一樣的。從本質上來說，它可以節省您的成本。它增加了您透過這些來電賺錢的機會。它還控制支出。總體而言，這將帶來更好的客戶體驗。

The reason customers are adopting this so easily is because it's really is fit to purpose. You don't have to have a complex implementation, don't have to have technical expertise, any size, no IT required, you can get going by essentially configuring it for a specific use case.

客戶如此輕易地採用此方法的原因是因為它確實適合用途。您無需進行複雜的實施，無需具備技術專長，無需任何規模，無需 IT 人員，您只需針對特定用例進行配置即可開始。

Thank you very much.

非常感謝。

Thank you. At this time, I would like to thank everyone for joining the teleconference. You may now disconnect your lines, and have a great day.

謝謝。在此，我要感謝大家參加這次電話會議。現在您可以斷開線路，並享受美好的一天。