RingCentral Inc (RNG) 2026 Q1 法說會逐字稿

Good day, and welcome to the RingCentral first-quarter 2026 earnings conference call. (Operator Instructions) Please note today's event is being recorded.

各位好，歡迎參加 RingCentral 2026 會計年度第一季財報電話會議。（接線員指示）請注意，今日活動將被錄音。

I'd now like to turn the conference over to Al Petrie, Investor Relations for Ring Energy (sic - Steven Horwitz, Investor Relations for RingCentral). Please go ahead.

現在我想把會議交給 Ring Energy（誤稱——RingCentral 的投資人關係 Steven Horwitz）的投資人關係 Al Petrie。請開始。

Good afternoon, and welcome to RingCentral's first-quarter 2026 conference call. Joining me today are Vlad Shmunis, Founder, Chairman, and CEO; Kira Makagon, President and COO; and Vaibhav Agarwal, CFO.

各位下午好，歡迎參加 RingCentral 2026 會計年度第一季電話會議。今天與我一同出席的有：創辦人、董事長兼執行長 Vlad Shmunis；總裁兼營運長 Kira Makagon；以及財務長 Vaibhav Agarwal。

Our remarks today include 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.

我們今天的發言包含有關公司業務營運、財務表現與展望的前瞻性陳述。這些陳述受風險與不確定性影響，其中部分超出我們的控制範圍，且不保證未來表現。實際結果可能與前瞻性陳述有重大差異，我們亦不承擔在本次電話會議後更新這些陳述的義務。

If the call is replayed after today, the information presented may not contain current or accurate information. 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.

若在今日之後重播本次電話會議，所呈現的資訊可能不再是最新或準確資訊。關於與我們業務相關之風險與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之文件中的資訊，以及今日的財報新聞稿。

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 presentation, which you can find under the Financial Results section at ir.ringcentral.com.

除非另有說明，以下所有指標均為非 GAAP，並以年對年進行比較。所有 GAAP 與非 GAAP 結果的調節表已隨我們的財報新聞稿提供，並收錄於簡報中；您可於 ir.ringcentral.com 的 Financial Results（財務結果）專區找到。

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

接下來，我把電話會議交給 Vlad。

Good afternoon, and thank you for Joining us. We are off to a strong start to the year as we delivered another solid quarter with total revenue at the high end of our guidance. Importantly, we're also making meaningful progress in the quality of our operating model.

各位下午好，感謝各位加入。我們今年開局強勁，本季再度交出穩健成績，總營收達到我們財測區間的高端。更重要的是，我們也在營運模式的品質上取得實質進展。

We delivered record GAAP and non-GAAP operating margins, reduced stock-based compensation. pay down debt, and return capital to shareholders, including our first-ever dividend. These are important milestones and reflect a business that is becoming more efficient, more profitable, and more durable over time.

我們創下 GAAP 與非 GAAP 營業利益率新高，降低以股票為基礎的薪酬（SBC），償還債務，並向股東返還資本，包括我們史上首次發放股利。這些都是重要里程碑，反映出我們的業務正隨時間推移變得更有效率、更具獲利能力、也更具韌性。

As to free cash flows, we now expect approximately $600 million of free cash flow this year, which is approaching $7 per share that we believe is among the best in our peer group. Moving forward, we plan to continue to reduce SBC with the path toward our medium-term target of 3% to 4% of revenue, and we're steadily building toward our goal of 20% GAAP operating margin in the next three to four years.

就自由現金流而言，我們目前預期今年自由現金流約為 6 億美元，折合每股接近 7 美元，我們認為這在同業中名列前茅。展望未來，我們計畫持續降低 SBC，朝中期目標（占營收 3% 至 4%）邁進，並穩步朝未來三到四年達成 20% GAAP 營業利益率的目標前進。

Our strong financial performance is rooted in operational discipline that is underpinned by our unwavering commitment to innovation and a strong competitive position.

我們強勁的財務表現，根基於營運紀律，而這又由我們對創新的堅定承諾與強大的競爭地位所支撐。

As one of the original cloud-native SaaS providers, we revolutionized customer communications by taking it from on-prem legacy infrastructure to the multi-tenant cloud. On the strength of that innovation, we've built a $2.7 billion ARR business that is growing, generating a healthy amount of cash, and is returning value to shareholders in a meaningful way.

作為最早一批雲端原生 SaaS 供應商之一，我們透過將客戶通訊從地端的傳統基礎架構帶入多租戶雲端，徹底革新了客戶通訊。在這項創新的基礎上，我們打造出一個 ARR 達 27 億美元的業務，持續成長、產生健康的現金流，並以具體方式向股東回饋價值。

RingCentral's original success was rooted in the convergence of broadband, mobility, and cloud computing. We leveraged these megatrends to transform how hundreds of thousands of businesses and millions of users worldwide communicate with their customers.

RingCentral 最初的成功，源於寬頻、行動化與雲端運算的匯流。我們運用這些巨型趨勢，改變了全球數十萬家企業與數百萬名使用者與其客戶溝通的方式。

Today, we're at the start of an even bigger innovation, namely AI and specifically the rise of agentic voice AI. AI builds on top of all the world-class assets that RingCentral has created over the years. It plays directly to our strengths. With our robust platform, massive amounts of rich data, omnichannel communication capabilities, and global GTM and innovation at scale, we're well-positioned to leverage AI as a key driver of our long-term growth and profitability.

如今，我們正站在更大一波創新的起點，也就是 AI，特別是具代理能力（agentic）的語音 AI 崛起。AI 建立在 RingCentral 多年來打造的世界級資產之上，並直接契合我們的優勢。憑藉我們強健的平台、海量且豐富的資料、全通路通訊能力，以及全球化的 GTM 與規模化創新能力，我們具備優勢，能將 AI 作為長期成長與獲利能力的關鍵驅動力。

While agentic AI is very powerful and will be transformational to how businesses interact with consumers, our core belief is that it won't replace all humans.

雖然具代理能力的 AI 非常強大，並將徹底改變企業與消費者互動的方式，但我們的核心信念是：它不會取代所有人類。

AI can and will do a lot, and it will make remaining humans in the loop more effective. RingCentral's secret sauce is to deliver agentic voice AI experiences at every stage of consumer-to-business interactions, while enabling businesses to get human agents involved at the right time. RingCentral's differentiated approach is to make both AI agents and human agents smarter by working together seamlessly, resulting in better customer outcomes and greater cost efficiencies. This hybrid human-in-the-loop model is where RingCentral excels.

AI 能做、也將會做很多事情，並讓仍在流程中的人類更有效率。RingCentral 的獨門優勢在於：在消費者到企業（C2B）互動的每個階段提供具代理能力的語音 AI 體驗，同時讓企業能在適當時機引入真人客服。RingCentral 的差異化作法，是讓 AI 代理與真人代理無縫協作、彼此更聰明，進而帶來更佳的客戶成果與更高的成本效率。這種「人類在迴路中」（human-in-the-loop）的混合模式，正是 RingCentral 的強項。

More specifically, our ability to orchestrate AI and human interactions at scale on a single platform across voice, text, and video and do this at a global scale with industry-leading reliability, security, and quality of service. This is our structural advantage and the defensible competitive mold.

更具體而言，我們能在單一平台上，跨語音、文字與視訊，以規模化方式協調 AI 與人類的互動，並在全球範圍內以業界領先的可靠性、安全性與服務品質來完成。這是我們的結構性優勢，也是可防禦的競爭護城河。

RingCentral processes tens of billions of minutes and billions of calls and messages each year. As the front door to consumer-to-business interactions at scale, we are uniquely positioned to deploy AI across every stage of the journey, before, during, and after human involvement.

RingCentral 每年處理數百億分鐘通話量，以及數十億通電話與訊息。作為大規模消費者到企業互動的第一入口，我們具備獨特優勢，能在旅程的每個階段部署 AI——在人類介入之前、之中與之後。

We offer a modern end-to-end customer engagement platform spanning all consumer-to-business interactions. Our portfolio includes RingEX for Cloud VBX; Ring CX; and Ring Central Workforce Engagement Management, or RingWEM, for full-featured contact centers; and our recently introduced Customer Engagement Bundle, or CEB, for informal contact center capabilities.

我們提供現代化的端到端客戶互動平台，涵蓋所有消費者到企業的互動。我們的產品組合包括：用於雲端 VBX 的 RingEX；Ring CX；以及用於全功能聯絡中心的 RingCentral Workforce Engagement Management（RingWEM）；以及我們近期推出的 Customer Engagement Bundle（CEB），提供非正式聯絡中心能力。

We embed agentic voice AI across our entire platform. Our agentic Voice AI portfolio, or RCAI, is currently comprised of AI Receptionist, or AIR and AIR PRO, which automates customer interactions from the get-go; AI Virtual Assistant, or AVA, which assists the human agent in real time; and AI Conversation Expert, or ACE, for deep conversational analysis and coaching.

我們在整個平台中嵌入具代理能力的語音 AI。我們的具代理能力語音 AI 產品組合（RCAI）目前包含：AI Receptionist（AIR 與 AIR PRO），可從一開始就自動化客戶互動；AI Virtual Assistant（AVA），可即時協助真人客服；以及 AI Conversation Expert（ACE），用於深入的對話分析與輔導。

Overall, we are good at helping businesses connect with more customers, resolve issues faster and more cost-effectively, capture more leads, and make remaining human agents more effective.

整體而言，我們擅長協助企業連結更多客戶、更快速且更具成本效益地解決問題、捕捉更多潛在客戶，並讓仍在崗位上的真人客服更有效率。

Adoption of our AI product portfolio is strong. Customers using our AI adopt more products, spend more with us, and stay longer, drawing higher ARPU and net retention well above 100%.

我們 AI 產品組合的採用情況強勁。使用我們 AI 的客戶會採用更多產品、在我們這裡花費更多、並停留更久，帶動更高的 ARPU 與遠高於 100% 的淨留存率。

ARR from customers who utilize at least one of our paid AI products, which we refer to as our CAI-utilizing customers, has more than doubled year over year and is growing in double-digits sequentially, with favorable ARPU and retention metrics. Kira and Vaibhav will provide more details.

使用至少一項我們付費 AI 產品的客戶所貢獻的 ARR（我們稱之為 CAI-utilizing customers）年對年已超過倍增，且季對季以雙位數成長，同時具備有利的 ARPU 與留存指標。Kira 與 Vaibhav 將提供更多細節。

In summary, I'd like to leave you with these four takeaways.

總結來說，我想以四點重點作結。

First, RingCentral has a deep and defensible moat in an expanding market. We have built a carrier-grade communications platform with the scale, reliability, and trust required for mission-critical customer interactions. As AI expands the scope of customer engagement, we believe that our market opportunity is only getting larger, and we are uniquely positioned to capture it.

第一，RingCentral 在持續擴張的市場中擁有深厚且可防禦的護城河。我們打造了電信等級的通訊平台，具備關鍵任務型客戶互動所需的規模、可靠性與信任。隨著 AI 擴大客戶互動的範疇，我們相信市場機會只會更大，而我們具備獨特優勢能加以掌握。

We are currently investing over a $0.25 billion per year in innovation with a meaningful and increasing portion dedicated to our CAI. This is another sustainable competitive advantage, and we're confident in our ability to keep investing in innovation while continuing to further improve our operating metrics moving forward.

我們目前每年在創新上的投資超過 2.5 億美元，其中相當且持續增加的比例投入於我們的 CAI。這是另一項可持續的競爭優勢；我們對自身能力充滿信心，能在持續投資創新的同時，未來也持續進一步改善營運指標。

Second, we are at the front door and top of the funnel for consumer-to-business communications. We sit where interactions begin, where customer intent is first expressed, and where routing and resolution decisions are made. This gives us access to the real-time context and workflow intelligence that are increasingly valuable in the AI era.

第二，我們位於消費者到企業通訊的第一入口與漏斗頂端。我們處在互動開始之處、客戶意圖首次被表達之處，以及路由與解決方案決策被做出之處。這讓我們能取得即時情境與工作流程智慧，而這些在 AI 時代愈發珍貴。

Third, we have a complete customer engagement platform powered by RCAI. This allows us to bring together AI agents and human agents on a single platform across voice, messaging, and video. This is delivering real value for customers, and we're already seeing solid early adoption, growing monetization, higher ARPU, and strong retention across our RCAI utilizing customer base.

第三，我們擁有由 RCAI 驅動的完整客戶互動平台。這使我們能在單一平台上，跨語音、訊息與視訊整合 AI 代理與真人代理。這正為客戶帶來實質價值；我們也已看到 RCAI 使用客群出現穩健的早期採用、變現成長、更高的 ARPU，以及強勁的留存表現。

Important to note is that all of our RCAI and customer engagement products are fully owned by RingCentral with attendant benefits to control over the road map, time to market, and owner economics. We believe this to be another important competitive moat.

值得注意的是，我們所有的 RCAI 與客戶互動產品皆由 RingCentral 完全擁有，因而在產品路線圖掌控、上市時程，以及所有者經濟效益方面具備相應優勢。我們相信這是另一道重要的競爭護城河。

And fourth, we're delivering strong financial performance. We're improving non-GAAP and GAAP profitability, reducing SBC, generating meaningful free cash flow and free cash flow per share that is among the best-in-class and returning capital to shareholders via buybacks and dividends. Our results speak for themselves, and we could not be more excited about the road ahead.

第四，我們正交出強勁的財務表現。我們正在提升 non-GAAP 與 GAAP 的獲利能力、降低 SBC、創造可觀的自由現金流與每股自由現金流（名列同業最佳之一），並透過庫藏股回購與股利將資本回饋給股東。我們的成果不言自明，我們對前方道路感到無比振奮。

With this, let me turn it over to Kira.

接下來，讓我把時間交給 Kira。

Thank you, Vlad, and good afternoon, everyone. Vlad laid out our vision, a complete customer engagement platform built on a hybrid model of AI and humans working together, delivering seamless customer experiences and better business outcomes.

謝謝你，Vlad，各位下午好。Vlad 闡述了我們的願景：以 AI 與人類協作的混合模式為基礎，打造完整的客戶互動平台，提供無縫的客戶體驗與更佳的業務成果。

Here's an example of this vision becoming reality. Meet Cartelligent, a California-based automotive broker deployed our entire RCA portfolio, AIR, AVA, and ACE. Previously, their high-value leads were being routed to an answering service where many calls were dropped.

以下是一個願景落地成真的例子。認識 Cartelligent——一家位於加州的汽車經紀商，部署了我們完整的 RCA 產品組合：AIR、AVA 與 ACE。過去，他們的高價值潛在客戶會被轉接到代接電話服務，導致許多來電被掛斷。

With AIR, they decreased lead abandonment to zero, connecting 100% of live leads during business hours and achieved an 85% lead to sign-up target. AVA eliminated male note-taking. ACE delivered visibility and coaching to keep improving. As the result of all 3As working together with human in the loop, they achieved a 9.85 out of 10 customer satisfaction score.

透過 AIR，他們將潛在客戶放棄率降至零，在營業時間內連接了 100% 的即時潛在客戶，並達成 85% 的「潛在客戶轉為註冊」目標。AVA 消除了人工筆記。ACE 提供可視性與教練輔導以持續改善。由於 3A 與人工在迴路（human in the loop）中協同運作，他們達成了 10 分滿分中 9.85 分的客戶滿意度。

Let me unpack these solutions farther. AI Receptionist, or AIR, is designed for front office workers who demand it just works; deployable in minutes, no developers required, built for businesses of any size. AIR can now receive customer inquiries over voice and text messages.

我再進一步拆解這些解決方案。AI Receptionist（AI 接待員），或稱 AIR，是為前台辦公人員設計，強調「就是能用」；可在數分鐘內部署、無需開發人員，適用於任何規模的企業。AIR 現在也能透過語音與簡訊接收客戶詢問。

AIR is also integrated into call queues, handling overflow and missed calls to improve responsiveness without adding operational overhead. The market is responding well. We ended Q1 with more than 11,800 paying AIR customers, up more than 40% quarter over quarter.

AIR 也已整合至來電佇列，可處理溢出與未接來電，在不增加營運負擔的情況下提升回應速度。市場反應良好。我們在第一季末擁有超過 11,800 名付費 AIR 客戶，較前一季成長超過 40%。

For customers requiring more complex, configurable use cases, we recently introduced AIR PRO. With AIR PRO, customers can create multitudes of fit-to-purpose agents, leveraging over 100 pre-built integrations, including EHR, CRM, scheduling, e-commerce, and billing. Users simply describe what they need their AI agents to do. AIR PRO builds and deploys it, executing multi-step workflows.

針對需要更複雜、可設定使用情境的客戶，我們近期推出了 AIR PRO。透過 AIR PRO，客戶可建立多種符合特定目的的代理（agents），並運用超過 100 個預先建置的整合，包括 EHR、CRM、排程、電商與帳務。使用者只需描述希望 AI 代理執行的工作，AIR PRO 便可建置並部署，執行多步驟工作流程。

We already have our first paying customers, with healthcare emerging as a natural early fit given AIR PRO ability to address rich workflows while maintaining ease of deployment. One example is a federally qualified health center that was already running RingEX, RingCX, and ACE. They added AIR PRO to handle real-time shuttle routing for patients. The agent recognizes the caller's location, curing time, and live shuttle status to guide patients to the right pickup point.

我們已經有第一批付費客戶；由於 AIR PRO 能在維持易部署的同時處理豐富的工作流程，醫療保健自然成為早期契合的領域之一。其中一個例子是一家聯邦合格健康中心（federally qualified health center），原本就已使用 RingEX、RingCX 與 ACE。他們新增 AIR PRO 來處理病患的即時接駁車路線引導。該代理可辨識來電者位置、治療時間，以及接駁車即時狀態，引導病患前往正確的上車點。

It sounds simple; the underlying workflow is not. That's exactly the point. AIR PRO makes complex orchestration feel effortless for the customer and for the business. And once the conversation ends, ACE takes over.

聽起來很簡單；但底層工作流程並不簡單。這正是重點。AIR PRO 讓複雜的協同編排對客戶與企業而言都變得毫不費力。而當對話結束後，就由 ACE 接手。

ACE now has more than 5,200 customers, up 85% year over year. Sales, marketing, and compliance leaders use it to automate interaction reviews, connect conversation intelligence into their CRM and ticketing systems, and replace manual evaluations with complete visibility across every call.

ACE 目前已有超過 5,200 名客戶，年增 85%。銷售、行銷與法遵主管使用它來自動化互動審查，將對話洞察串接至其 CRM 與工單系統，並以完整的每通來電可視性取代人工評估。

Take ATB, the largest financial institution in Canada, they added RingEX, CX, and ACE to eliminate the time lost on manual analysis, a strong example of AI and humans working together.

以 ATB（加拿大最大的金融機構）為例，他們導入 RingEX、CX 與 ACE，以消除人工分析所耗費的時間，這是 AI 與人類協作的強力示範。

With human agents handling customer interactions, ACE delivers the post-call analysis, surfacing sentiment, gaps, and next steps, giving supervisors a clear picture of every conversation, scoring agents, and the coaching data to continuously improve human-agent performance.

在人類客服人員處理客戶互動的同時，ACE 提供通話後分析，呈現情緒、缺口與下一步行動，讓主管清楚掌握每段對話、為客服人員評分，並提供教練輔導資料，以持續提升人類客服的表現。

As Vlad mentioned, we have an extensive R&D spend, with a wave of new innovations opening up new use cases and expanding our TAM. These investments are leading to tangible results.

如 Vlad 所提，我們投入大量研發支出，一波新創新正在開啟新的使用情境並擴大我們的 TAM。這些投資正帶來具體成果。

Last week, we introduced branded messaging via Reach Communication Services, also known as RCS, delivering a verified business identity directly into customer's native messaging app. This pairs up with enterprise-branded calling, which displays a company's name and logo on outbound calls, driving higher answer rates from the first moment of contact.

上週，我們透過 Reach Communication Services（亦稱 RCS）推出品牌化訊息，將已驗證的企業身分直接呈現在客戶原生的訊息 App 中。這也可與企業品牌化來電搭配，在外撥電話上顯示公司名稱與標誌，從接觸的第一刻起就提高接聽率。

We've also extended support for SMS notifications with local numbers to 190 countries, so businesses can engage their customers wherever they are with the same reliability they expect from RingCentral. Building upon our hybrid model of AI and humans working together, SMS is an important customer engagement channel for both.

我們也將使用本地號碼的 SMS 通知支援擴展至 190 個國家，讓企業無論客戶身在何處，都能以 RingCentral 一貫的可靠性與其互動。在我們 AI 與人類協作的混合模式下，SMS 是兩者皆重要的客戶互動通路。

Customer Engagement Bundle, or CEB, is our latest product introduction, and it is off to a strong start. CEB already has more than 5,000 customers, with nearly 40% attach rate of our paid AI products. CEB brings informal contact center capabilities to RingEX, including contact center-grade call queues and SMS shared inboxes.

Customer Engagement Bundle（客戶互動套件），或稱 CEB，是我們最新推出的產品，開局表現強勁。CEB 已有超過 5,000 名客戶，且我們付費 AI 產品的搭售率（attach rate）接近 40%。CEB 為 RingEX 帶來非正式聯絡中心能力，包括聯絡中心等級的來電佇列與 SMS 共用收件匣。

One example of a customer using these capabilities is Worldwide Steel Buildings, a Missouri-based company already using RingEX and ACE. They added CEB to manage queues, eliminate missed inquiries, and now get a complete view into every interaction, all on one platform.

其中一個使用這些能力的客戶是 Worldwide Steel Buildings——一家位於密蘇里的公司，原本已使用 RingEX 與 ACE。他們新增 CEB 來管理佇列、消除漏接詢問，並且現在能在同一平台上完整掌握每一次互動。

Importantly, CEB is now available for Microsoft Teams, embedding voice, call queues, SMS inbox, intelligent routing, and analytics inside Teams effectively turning teams into an informal contact center.

重要的是，CEB 現已可用於 Microsoft Teams，將語音、來電佇列、SMS 收件匣、智慧路由與分析嵌入 Teams 之中，實質上把 Teams 變成一個非正式聯絡中心。

As to formal contact centers, RingEX now has more than 1,700 customers, up over 70% year over year, with more than half utilizing AI.

至於正式聯絡中心方面，RingEX 現已有超過 1,700 名客戶，年增超過 70%，其中超過一半使用 AI。

For example, Excelsior Orthopedics in Amherst, New York was struggling with a 22% call abandonment rate and hold times averaging 30 minutes. With RingCX and ACE Quality Management, they cut abandonment to 8% and reduced wait times tenfold, down to just three minutes.

例如，位於紐約州阿默斯特的 Excelsior Orthopedics 曾面臨 22% 的來電放棄率，平均等候時間達 30 分鐘。導入 RingCX 與 ACE Quality Management 後，他們將放棄率降至 8%，並將等候時間縮短 10 倍，降至僅 3 分鐘。

Together, CEB and RingCX give customers powerful, right-sized options across both informal and formal contact centers and a clear path to grow with us as their needs evolve.

CEB 與 RingCX 搭配，為客戶在非正式與正式聯絡中心兩端提供強大且規模適配（right-sized）的選項，並提供清晰的成長路徑，讓客戶可隨需求演進與我們一同擴展。

The combination of our RingEX, RingCX, and AI portfolio, robust platform omnichannel capabilities is fueling ongoing migrations from on-prem to cloud.

我們的 RingEX、RingCX 與 AI 產品組合，加上強健的平台全通路能力，正推動客戶持續從地端（on-prem）遷移至雲端。

For example, this quarter. Coca-Cola United, the third-largest Coca-Cola bottler in the US with 60 locations, is migrating thousands of seats to RingEX.

例如，本季 Coca-Cola United——美國第三大可口可樂裝瓶商、擁有 60 個據點——正將數千個席位遷移至 RingEX。

A large Fortune 500 insurance company replaced their on-prem system and is further extending RingCentral enterprise-wide deployment with tens of thousands of RingEX seats.

一家大型《財富》500 強保險公司汰換其地端系統，並進一步在全企業範圍擴大 RingCentral 部署，導入數萬個 RingEX 席位。

The New York Mets are replacing a decade-old on-prem system with Ring EX, Ring CX, and our Call Queues Booster.

紐約大都會隊（New York Mets）正以 Ring EX、Ring CX 與我們的 Call Queues Booster 取代一套使用逾十年的地端系統。

A major internet and streaming provider added RingEX to their existing RingCX deployment, along with AI capabilities, including ACE, to drive greater operational efficiency.

一家主要的網際網路與串流服務供應商在既有的 RingCX 部署上新增 RingEX，並加入包含 ACE 在內的 AI 能力，以提升營運效率。

Casio, an iconic consumer electronics company, consolidated their legacy systems onto RingEX and RingCX and added ACE Quality Management to automatically score goals and improve visibility across every customer interaction.

知名消費性電子公司 Casio 將其既有系統整併至 RingEX 與 RingCX，並新增 ACE Quality Management，以自動化目標評分並提升對每一次客戶互動的可視性。

Our innovations continue to be well received by the channel and our GSP partner community in particular. Multiple GSP's partners are now extending their offerings to include our AI products.

我們的創新持續獲得通路，尤其是我們的 GSP 夥伴社群的高度肯定。多家 GSP 夥伴目前正擴展其產品供應，納入我們的 AI 產品。

Cox Communications recently began deploying our native AI-powered contact center to their customer base. And this quarter, Telus and Spectrum Business have also started bringing our AI portfolio to their customers, expanding our reach and reinforcing platform's value at scale.

Cox Communications 近期開始向其客戶群部署我們原生的 AI 驅動聯絡中心。而在本季，Telus 與 Spectrum Business 也開始將我們的 AI 產品組合帶給其客戶，擴大我們的觸及範圍，並強化平台在大規模部署下的價值。

In summary, we're delivering significant value to businesses, and the industry analysts are recognizing this. This quarter, we were named a leader in both the inaugural 2026 IDC Marketscape for Worldwide Communications Engagement Platforms and the 2026 Omdia Universe for Customer Engagement Platforms.

總結來說，我們正為企業創造顯著價值，產業分析師也正在認可這一點。本季，我們在 2026 年首屆 IDC Marketscape「全球通訊互動平台」以及 2026 年 Omdia Universe「客戶互動平台」兩項評比中皆被評為領導者。

To observing SMBs to enterprise and addressing simple to complex needs and with our unwavering commitment to innovation and a well-differentiated GTM, we're in a strong position to deliver a modern, complete AI-first customer engagement platform at scale.

從服務中小企業（SMBs）到企業客戶，涵蓋由簡至繁的各類需求，並憑藉我們對創新的堅定承諾以及高度差異化的 GTM（上市策略），我們具備強勁優勢，能以規模化方式交付現代化、完整的 AI 優先客戶互動平台。

And with that, I will turn it over to Vaibhav.

接下來，我把時間交給 Vaibhav。

Thank you, Kira, and good afternoon, everyone. We started 2026 with another. Solid quarter and delivered against all the commitments we laid out entering the year. Q1 reflected continued consistency in our execution and further strengthening of our financial profile.

謝謝你，Kira，各位下午好。我們以又一個穩健的季度開啟 2026 年，並兌現了我們在年初提出的所有承諾。第一季反映出我們執行面的持續一致性，以及財務體質的進一步強化。

Let me turn to our first-quarter results.

我先來說明我們第一季的業績。

Starting with growth, total revenue was approximately $644 million, up 5.3% year over year, and at the upper end of our guidance, subscription revenue was approximately $623 million, up 5.6% year over year.

先從成長來看，總營收約為 6.44 億美元，年增 5.3%，並位於我們財測區間的上緣；訂閱營收約為 6.23 億美元，年增 5.6%。

Customer trends remained healthy, including steady new customer additions and monthly net retention above 99%. These metrics continue to reinforce the resilience of our recurring revenue model and the mission-critical role our platform plays for customers.

客戶趨勢維持健康，包括穩定的新客戶增加，以及月度淨留存率高於 99%。這些指標持續印證我們經常性收入模式的韌性，以及我們平台對客戶所扮演的關鍵任務角色。

As Vlad noted, we are seeing encouraging early momentum in our AI-led new products. Customers using at least one AI product now represent more than 10% of the base, have doubled year over year, and are growing in double-digits sequentially. Within these cohorts, we see stronger ARPU and net retention rates above 100%. Our growth profile remains durable and newer products are increasingly contributing to both expansion and overall revenue quality.

如 Vlad 所提到的，我們在 AI 帶動的新產品上看到了令人鼓舞的早期動能。使用至少一項 AI 產品的客戶目前已占客戶基礎超過 10%，年增倍數成長，且季比呈雙位數成長。在這些客群中，我們看到更強的 ARPU（每用戶平均收入）以及高於 100% 的淨留存率。我們的成長輪廓仍具韌性，而新產品也正日益同時為擴張與整體營收品質做出貢獻。

Turning now to profitability. We delivered another quarter of strong margin performance. Subscription gross margin remained stable above 80%. Non-GAAP operating margin reached approximately 23%, up 110 basis points year over year and at the high end of guidance.

接著談獲利能力。我們再度交出強勁的毛利表現。訂閱毛利率維持穩定並高於 80%。非 GAAP 營業利益率約達 23%，年增 110 個基點，並位於財測上緣。

We continue to view this margin expansion as structural. It is being driven by the underlying leverage in a high recurring revenue model at scale, combined with disciplined hiring, expanded offshoring, vendor consolidation, greater internal views of AI, and continued focus on our highest return go-to-market and products.

我們仍將這項利潤率擴張視為結構性改善。其驅動因素包括：規模化的高經常性收入模式所帶來的營運槓桿，加上審慎的人力招募、擴大離岸作業、供應商整併、更高程度的內部 AI 應用，以及持續聚焦於投資報酬率最高的 GTM 與產品。

SBC as a percentage of revenue declined approximately 400 basis points year over year to 9% in Q1. For the full year, we now expect SBC to be approximately 9% of revenue in 2026, down from approximately 11% in 2025. This continued improvement reflects our disciplined approach to equity management and gives us confidence in our path forward toward a steady-state level of 3% to 4% in the medium term. The combination of stronger non-GAAP margin and lower SBC drove a record GAAP operating margin of 7.8%, improving by more than 600 basis points year over year in Q1.

第一季 SBC（以股份為基礎的薪酬）占營收比重年減約 400 個基點至 9%。就全年而言，我們目前預期 2026 年 SBC 約占營收 9%，低於 2025 年約 11%。這項持續改善反映我們在股權管理上的紀律，也讓我們對中期朝 3% 至 4% 的穩態水準邁進更具信心。更強的非 GAAP 利潤率與更低的 SBC 共同推動 GAAP 營業利益率創下 7.8% 的新高，第一季年增超過 600 個基點。

For the full year, we now expect GAAP operating margin to improve from 4.8% in 2025 to more than 9% in 2026. That is a meaningful step forward and reinforces our confidence in reaching our target of 20% over the next three to four years.

就全年而言，我們目前預期 GAAP 營業利益率將由 2025 年的 4.8% 提升至 2026 年超過 9%。這是重要的進展，也強化我們對於在未來三到四年達成 20% 目標的信心。

Turning to cash flow, we generated more than $140 million of free cash flow in the quarter, up 8% year over year. This reflects strong operating performance, continued efficiency gains, and improvements in working capital.

再來看現金流，本季我們產生超過 1.40 億美元的自由現金流，年增 8%。這反映出強勁的營運表現、持續的效率提升，以及營運資金的改善。

We generated free cash flow per share of $1.62, up 15.4% year over year. Recurring revenue, strong gross margins, and improving operating efficiency continue to translate into substantial cash generation. As a result, we are now raising our full-year free cash flow outlook to approximately $600 million, or a 13% improvement year over year.

我們的每股自由現金流為 1.62 美元，年增 15.4%。經常性收入、強勁的毛利率與持續改善的營運效率，持續轉化為可觀的現金創造。因此，我們將全年自由現金流展望上調至約 6.00 億美元，年增 13%。

Now, let me turn to capital allocation. Our approach remains balanced and disciplined. We are investing in growth, de-levering the balance sheet, and returning capital to shareholders. During the quarter, we addressed the $609 million convertible maturity by refinancing it with the undrawn Term Loan A.

接著談資本配置。我們的策略仍然兼顧平衡與紀律。我們投資於成長、降低資產負債表槓桿，並回饋股東。本季我們透過以尚未動用的 A 期定期貸款（Term Loan A）進行再融資，處理了 6.09 億美元的可轉債到期。

We reduced overall debt by approximately $46 million and lowered net leverage to 1.6x. We continue to make steady progress towards our goal of reducing gross debt to $1 billion by the end of 2026. Importantly, we now have no maturities until 2030, and we maintain $355 million of undrawn credit capacity.

我們將總負債降低約 4,600 萬美元，並將淨槓桿降至 1.6 倍。我們持續穩步朝著在 2026 年底前將總負債降至 10 億美元的目標前進。重要的是，我們目前在 2030 年之前沒有任何到期債務，並保有 3.55 億美元的未動用授信額度。

We also continue to return capital to shareholders. During the quarter, we repurchased approximately 2.5 million shares for $81 million. At the end of Q1, we had approximately 418 million remaining under our repurchase authorization. The diluted share count declined 6% year over year to approximately 87 million shares, and we paid our first quarterly dividend of $0.075 per share during the quarter.

我們也持續回饋股東。本季我們以 8,100 萬美元回購約 250 萬股。截至第一季末，我們在回購授權下仍有約 4.18 億美元的剩餘額度。稀釋後股數年減 6% 至約 8,700 萬股，且我們在本季支付了首次季度股利，每股 0.075 美元。

With that, let me turn to guidance. For fiscal 2026, we are raising subscription revenue to be $2.54 billion to $2.56 billion, representing growth of 4.7% to 5.5%. Raising total revenue to be $2.62 billion to $2.64 billion representing growth of 4.2% to 5%. Raising GAAP operating margin to 8.9% to 9.6%, expanding 450 basis points year over year. Raising non-GAAP operating margin to 23.3% to 23.7%, expanding 100 basis points year over year. Raising free cash flow to $590 million to $605 million, up 13% year over year.

接下來談財測。針對 2026 會計年度，我們上調訂閱營收至 25.4 億至 25.6 億美元，代表成長 4.7% 至 5.5%。上調總營收至 26.2 億至 26.4 億美元，代表成長 4.2% 至 5%。上調 GAAP 營業利益率至 8.9% 至 9.6%，年增 450 個基點。上調非 GAAP 營業利益率至 23.3% 至 23.7%，年增 100 個基點。上調自由現金流至 5.90 億至 6.05 億美元，年增 13%。

SBC in the range of approximately $240 million to $245 million, improving 180 basis points year over year as a percent of revenue, fully diluted share count of approximately 86.5 million to 87 million shares, 5% lower year over year, raising non-GAAP EPS to be between $4.85 to $5.01, up 13% year over year. This results in free cash flow per share of $6.78 to $6.99 for the year, up 18% year over year.

SBC 約為 2.40 億至 2.45 億美元，占營收比重年減 180 個基點；完全稀釋後股數約為 8,650 萬至 8,700 萬股，年減 5%；上調非 GAAP EPS 至 4.85 至 5.01 美元，年增 13%。因此，全年每股自由現金流為 6.78 至 6.99 美元，年增 18%。

For Q2 2026, we expect subscription revenue of approximately $628 billion to six $633 million; total revenue of approximately $648 million to $653 million; GAAP operating margin of 6.6% to 7.6%, up 110 basis points year over year; non-GAAP operating margin of approximately 23% to 23.2%, up 50 basis points year over year; non-GAAP EPS of $1.15 to $1.17, up 10% year over year; SBC in the range of approximately $58 million to $62 million, improving 130 basis points year over year as a percent of revenue; fully diluted share count of approximately 87 million shares, lower by 6% year over year.

針對 2026 年第二季，我們預期訂閱營收約為 6.28 億至 6.33 億美元；總營收約為 6.48 億至 6.53 億美元；GAAP 營業利益率為 6.6% 至 7.6%，年增 110 個基點；非 GAAP 營業利益率約為 23% 至 23.2%，年增 50 個基點；非 GAAP EPS 為 1.15 至 1.17 美元，年增 10%；SBC 約為 5,800 萬至 6,200 萬美元，占營收比重年減 130 個基點；完全稀釋後股數約為 8,700 萬股，年減 6%。

In closing, Vlad has stated four key takeaways, namely deep and defensible moat in an expanding market, RingCentral as the front door and the top of the funnel for consumer-to-business interactions, complete customer engagement platform powered by RCAI, and strong financial performance.

最後，Vlad 提出了四個關鍵重點：在擴張中的市場中具備深厚且可防禦的護城河；RingCentral 作為消費者到企業（C2B）互動的前門與漏斗頂端；由 RCAI 驅動的完整客戶互動平台；以及強勁的財務表現。

To double-click on the last point, we have an efficient business at scale and a durable compounding free cash flow model. With approaching $600 million of expected free cash flow in 2026, we have the flexibility to reinvest for growth, strengthen the balance sheet, all while returning capital to shareholders. And I couldn't be more excited about the opportunities ahead.

再深入說明最後一點：我們是一家具規模的高效率企業，並擁有可持續複利成長的自由現金流模式。隨著 2026 年預期自由現金流接近 6.00 億美元，我們具備彈性可再投資以推動成長、強化資產負債表，同時回饋股東。我對未來的機會感到無比振奮。

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

接下來，我們開放提問。

(Operator Instructions) Tim Horan, Oppenheimer.

（接線員指示）Tim Horan，Oppenheimer。

Thanks, guys. It's been a great quarter and congratulations on expanding the margins and creating a lot of new products.

謝謝各位。這是一個非常出色的季度，恭喜你們擴大利潤率並推出了許多新產品。

Vlad, you kind of, well, you invented the UCaaS industry and had great vision there. Can you talk about where this new AI hybrid agent communications industry would be 5 or 10 years from now? How pervasive will AI be in voice communications? Can you talk about maybe any new products and services we'll see, and how rapidly are AI models improving at this point? How rapidly are your services improving as you see it even right now?

Vlad，你算是——嗯——你發明了 UCaaS 產業，並且在那方面有很棒的遠見。你能談談這個新的 AI 混合代理通訊產業在未來 5 到 10 年會走到哪裡嗎？AI 在語音通訊中會有多普及？你能談談我們可能會看到哪些新產品與服務，以及目前 AI 模型的進步速度有多快嗎？就你現在所見，你們的服務甚至在此刻改善得有多快？

Yeah, great. Hi, Tim, and you're too kind, but thank you.

是的，很好。嗨，Tim，你太客氣了，不過謝謝。

Look, I'll go right to left. How fast is things improving? Speed of light, I don't know. These models are getting progressively better, progressively more independent. They are absolutely changing the way things are done across everything. And we at RingCentral, we are actually in a very interesting position to where we are both very heavy users of AI internally and spending quite a bit of attention and effort on that, but as well as, of course, providing frontline customer-facing AI tools. And some of these AI tools are designed to basically get the human out of the loop, and some of them are specifically designed to enhance human productivity. So to the first part of your question.

你看，我會從後往前回答。進步有多快？光速吧，我不知道。這些模型正在逐步變得更好、逐步更獨立。它們絕對正在改變各個領域做事的方式。而我們 RingCentral 的位置其實很有意思：我們一方面在內部大量使用 AI，並投入相當多的關注與努力；另一方面，當然也提供面向客戶第一線的 AI 工具。其中有些 AI 工具的設計目的，基本上是把人從流程中移除；也有些是專門用來提升人類生產力。所以回到你問題的第一部分。

What we see moving forward, I don't know, 10 years is a long time, but say for the foreseeable future, basically more or less a hybrid world. What I mean by hybrid is some interactions are best handled by AI. That will only increase and AI will become more and more powerful. But we still very much see room for a human in the loop. And this comes in where, look, I mean, AI, at least for the foreseeable future, is probably not going to be able to address each and every inquiry.

我們往前看，我不知道，10 年很長，但就可預見的未來而言，基本上會是一個或多或少的混合世界。我所謂的混合，是指有些互動最適合由 AI 來處理。這只會增加，而且 AI 會變得越來越強大。但我們仍然非常清楚地看到「人」在流程中的空間。原因在於，你看，至少在可預見的未來，AI 可能無法處理每一個、所有的詢問。

And you know what? I'll give you a simple example, and sometimes people oversee this.

而且你知道嗎？我給你一個簡單的例子，有時候人們會忽略這點。

There are things that AI will not be allowed to do legally, okay? For example, AI is probably not going to be in a good position to provide medical advice if it is on behalf of a licensed medical provider. So for the foreseeable future, we don't see AI being licensed as a practicing physician or someone who can do prescriptions and so forth.

有些事情在法律上不會允許 AI 去做，好嗎？例如，如果是代表持照醫療提供者，AI 可能不會處於一個適合提供醫療建議的位置。所以在可預見的未來，我們不認為 AI 會被核發執業醫師執照，或成為能開立處方等的人。

Where it all comes together is that, let's say you have a customer inquiry or a patient inquiry coming into a medical provider and AI answers whatever it can and it can do quite a lot and can answer billing questions, it can set up appointments. We can maybe even read your test results without commenting, but at some point in time, you well may want to ask for some specific advice, and AI then has to connect you to an actual human being.

把這些串起來看，假設有一個客戶詢問或病患詢問打到醫療提供者這邊，AI 會先回答它能回答的內容——而它其實能做很多事：能回答帳務問題、能安排約診。我們甚至可能可以讀出你的檢驗結果但不做評論；但在某個時間點，你很可能會想要詢問更具體的建議，這時 AI 就必須把你轉接給真正的人。

And this is why when we talk about our RCAI portfolio, we talk about AI before a human gets involved, AI while a human is involved, and then AI after either an AI agent or a human agent is done with the call, so then we have AI processing recordings and transcripts, getting learnings from that, and then the extreme and amazing power of all of this, it gets all fed right back in. So next call, both AI agents and human agents can be smarter, more productive, more efficient.

這也是為什麼當我們談到我們的 RCAI 產品組合時，我們會談到：在人介入之前的 AI、人介入期間的 AI，以及不論是 AI 代理或人工代理結束通話之後的 AI——也就是我們用 AI 處理錄音與逐字稿，從中取得洞見；而這一切極致且驚人的力量在於，這些都會再回饋進系統。所以下一通電話，無論是 AI 代理還是人工代理，都能更聰明、更有生產力、更有效率。

So that's my a little bit longer answer maybe, but we think that world is going to be neither all AI nor all human, but a bit of both. And where we, RingCentral, are just very fortunate to find ourselves is we are one of a very, very small handful of providers that can actually serve both needs of the same platform, because if you think about it, you have legacy providers, especially some of the on-prem legacy providers to this day that can bring no AI, basically. And then you have lots of startups, but they cannot really connect to a human. They have to integrate with third parties.

所以這可能是我比較長的回答，但我們認為那個世界不會是全 AI，也不會是全人類，而是兩者兼具。而我們 RingCentral 很幸運的一點是：我們是極少數能在同一平台上同時滿足兩種需求的供應商之一。因為你想想看，你有一些傳統供應商，尤其是某些至今仍以地端（on-prem）為主的傳統供應商，基本上帶不來任何 AI。然後你也有很多新創，但他們其實無法真正連到人工；他們必須與第三方整合。

RingCentral, we are able to serve both needs. Okay, so single platform, single invoice, single SLA, single bill, all kinds of efficiencies and cost savings across the board, and we are able to, again, feel this, complete, well-integrated, hybrid human agent, AI agent portfolio. So that's what we're bringing on.

RingCentral 我們能同時滿足兩種需求。好，所以是單一平台、單一發票、單一 SLA、單一帳單，帶來各方面的效率與成本節省；而且我們也能再次提供這個完整、整合良好的混合式人工代理與 AI 代理產品組合。這就是我們正在推出的。

Great answer. Thank you.

很棒的回答。謝謝。

Catharine Trebnick, Rosenblatt.

Catharine Trebnick，Rosenblatt。

Thanks for taking my question. I really appreciate it. Nice quarter. So I have two questions, and I'll be brief with them.

謝謝讓我提問，我非常感謝。這一季表現不錯。所以我有兩個問題，我會簡短。

One is, it looks like you've really stabilized your revenue growth roughly 5% in the last several quarters. And full-year guide implies of the same range, same band. So you cited AI, ARR more than doubled. Year over year, now approaching 10% of total ARR. RingCX is gaining traction. You've got a Mitel avia pipeline. So can you explain to me, where you think the business is going to break decisively above 5%?

第一個是，看起來你們在過去幾季把營收成長大致穩定在約 5%。而全年指引也暗示在同一個區間、同一個帶狀範圍。你們提到 AI、ARR 年增翻倍以上，現在接近總 ARR 的 10%。RingCX 正在取得進展。你們也有 Mitel avia 的管線。所以你能跟我解釋一下，你認為業務會在什麼地方明確突破 5% 嗎？

I'll take a stab. Hi, Catharine. Yeah, really good question. Look, one, thank you for noticing. Yeah, I mean, we numbers speak for themselves, so I don't need to re-recite them. So look, we're a large company. We're still growing. We're growing steadily to restate what you all are extremely well aware of by now is we have made a major pivot towards profitability including GAAP profitability and free cash flow and free cash flow per share. We're very proud that all of the positive changes that we were able to affect and we really are pretty close to best-in-class at this point on FCF basis.

我來試著回答。嗨，Catharine。是的，這問題很好。你看，第一，謝謝你注意到。是的，我的意思是，數字本身已經說明一切，所以我不需要再重複引用。你看，我們是一家大型公司。我們仍在成長，而且是穩健成長。重申各位現在都非常清楚的一點：我們已經做出重大轉向，聚焦獲利能力，包括 GAAP 獲利與自由現金流，以及每股自由現金流。我們非常自豪能推動這些正向改變；就自由現金流（FCF）基礎而言，我們目前已相當接近同業最佳水準。

And as far as growth is concerned, look, we have meaningful portions of the portfolio going in double, strong double and in triple digits, and in certain cases, double or triple digits sequentially. And I can tell you that when I was IPO in this company back in 2013, if you were to take our AI portfolio or our customer engagement portfolio, we'd be independent publicly traded companies just based on that, probably worth more than RingCentral was worth at the time of our IPO by then. So we absolutely have these green shoots, but it is a $2.6 billion business.

至於成長方面，你看，我們的產品組合中有相當有意義的部分正以雙位數、強勁雙位數，甚至三位數成長；在某些情況下，還出現連續季度的雙位數或三位數成長。我可以告訴你，當我在 2013 年公司 IPO 時，如果你把我們的 AI 產品組合或客戶互動（customer engagement）產品組合單獨拿出來，它們本身就會是獨立的上市公司；光靠那部分的價值，可能就超過當時 RingCentral 在 IPO 時的市值。所以我們確實有這些新芽（green shoots），但這是一個 26 億美元的業務。

Industry is going through transformation. We are certainly seeing price rationalization, especially at the high end. And as we discussed before, we're still lapping some -- we still have some COVID lapping contracts even to this day. So they are being repriced as they come up for renewals.

整個產業正在轉型。我們確實看到價格趨於理性化，尤其是在高端市場。而且如同我們之前討論過的，我們至今仍在消化一些——我們仍有一些疫情期間的合約在比較基期中。所以當它們到期續約時，會重新定價。

But look, I think future is bright. We are hitting on all cylinders. Eventually, our AI-led products, and by the way, all of our products are AI-led, given the growth vectors and given size of the market that we're seeing, we are very, very confident that we have a lot of room to grow. There is still, obviously, there is execution. Nobody -- we're not taking anything for granted here, but there is a market, we have a strong team, we're spending $250 million-plus on R&D alone. We have a differentiated channel, literally tens of thousands of feet on the street between our direct sales force and partners and global service providers that's unique in the industry.

但你看，我認為未來是光明的。我們各方面都在全速運轉。最終，我們以 AI 帶動的產品——順帶一提，我們所有產品都是 AI 帶動的——考量到成長動能以及我們看到的市場規模，我們非常、非常有信心還有很大的成長空間。當然，仍然需要執行力。沒有人——我們不會把任何事視為理所當然；但市場存在，我們有強大的團隊，我們光是研發（R&D）就投入超過 2.5 億美元。我們有差異化的通路：在我們的直銷團隊、合作夥伴與全球服務供應商之間，實際上有數以萬計的第一線人員，這在產業中是獨一無二的。

We're in a good position. I think we're in a good position to continue delivering shareholder value, which is, in our book, is a combination of growth and shareholder returning value to shareholders in other ways as well.

我們處於有利位置。我認為我們處於有利位置，能持續為股東創造價值；在我們的定義裡，這是成長與以其他方式回饋股東價值的組合。

All right. Thank you, Vlad. Appreciate it.

好的。謝謝你，Vlad。感謝。

Siti Panigrahi, Mizuho.

Siti Panigrahi，Mizuho。

Hi, this is [Sameer] calling in for Siti. I was just wondering, as you make investments in the AI initiatives, how do you balance growth and margin priorities and those? And how does that square off against your overall 20% GAAP operating margin targets? And if you can share like a glide path or kind of like your view into how are you going to achieve those targets, that'll be great. Thank you.

嗨，我是代表 Siti 來電的 [Sameer]。我想請教的是，當你們在 AI 計畫上進行投資時，你們如何在成長與毛利率（margin）優先順序之間取得平衡？這又如何與你們整體 20% GAAP 營業利益率目標相吻合？如果你能分享例如一條達成路徑（glide path），或你們對如何達成這些目標的看法，那就太好了。謝謝。

Thank you, Sameer, for the question. So look, from an operating margin standpoint, we are very pleased with the trajectory that we've been on for the last three to four years. We've doubled our operating margins from, call it, 12.5% to almost 23%, 24% now.

謝謝你，Sameer，提出這個問題。從營業利益率的角度來看，我們對過去三到四年所走的軌跡非常滿意。我們的營業利益率已經翻倍，從大約 12.5% 提升到現在接近 23%、24%。

And Q1 was another point of that. I mean, we ended the quarter with record operating margin, and we are raising our guide for the full year, further expanding margins now by 100 basis points. And we are doing this while we are investing in innovation.

而第一季又是另一個佐證。我的意思是，我們以創紀錄的營業利益率結束本季，並且上調了全年指引，現在進一步把利益率再擴張 100 個基點。同時我們也在投資創新。

So let's call it the power of and, which is we are growing, investing in innovation and expanding margins and free cash flows at the same time.

所以我們把它稱為「and 的力量」：也就是我們在成長、投資創新，同時也在擴張利益率與自由現金流。

And the margin expansion is structurable. We have -- Vlad talked about a large recurring base, we have a $2.5 billion recurring revenue model, ARPUs are strong, net retention rate is strong, gross margins are high. So that gives us leverage that is embedded operating leverage in the model wherein our revenue growth continues to outpace expense growth and it's also driven by disciplined cost management. So we are disciplined in terms of hiring and offshoring vendor consolidation, increasingly using AI within the company. So the margin drivers are structural.

而這個利益率擴張是結構性的。我們有——Vlad 談到我們有龐大的經常性收入基礎；我們有 25 億美元的經常性收入模式，ARPU 表現強勁，淨留存率強勁，毛利率也很高。因此這讓我們具備槓桿，也就是模型中內建的營運槓桿：我們的營收成長持續快於費用成長，同時也來自於嚴謹的成本管理。所以我們在招募、人力外包與供應商整併方面都很自律，並且在公司內部愈來愈多地使用 AI。因此，推動利益率的因素是結構性的。

We are also looking at operating margins in the context of reducing SBC, GAAP profitability and free cash flow, and free cash flow per share. So as you saw, we further reduced SBC this quarter. Our trajectory for this year is going to take down SBC by 200 basis points, and we have outlined a long-term outlook -- sorry, a medium-term outlook of 3% to 4%. So we are well on our way to doing that.

我們也會在降低 SBC、提升 GAAP 獲利能力與自由現金流，以及每股自由現金流的脈絡下來看營業利益率。如你所見，我們本季進一步降低了 SBC。我們今年的走勢將把 SBC 降低 200 個基點，並且我們也提出了長期展望——抱歉，是中期展望——為 3% 到 4%。所以我們正穩步朝這個方向前進。

As a result, GAAP operating margins are growing faster. In Q1, we are expanding GAAP operating margins by almost 600 basis points. So we ended the quarter at nearly 8%, and this year will be close to 9.5%, doubling year over year. So that puts us on a trajectory to get to our GAAP operating margin target of 20% as well.

因此，GAAP 營業利益率成長得更快。第一季我們的 GAAP 營業利益率擴張了將近 600 個基點。我們以接近 8% 結束本季，而今年將接近 9.5%，年增翻倍。這也讓我們走在達成 GAAP 營業利益率 20% 目標的軌道上。

And then these structural improvements reduction in SBC is also converting into free cash flow and eventually free cash flow per share, which we guided to close to $7. And again, as Vlad noted, it's the best in our peer group.

接著，這些結構性改善與 SBC 的降低，也正在轉化為自由現金流，最終轉化為每股自由現金流；我們的指引接近 7 美元。而且如 Vlad 所提到的，這在同業中是最好的。

So overall, we feel good about how we've guided. We have structural drivers in terms of our recurring revenue model. We have a large base that is very sticky. We have a diversified customer base and an improving GAAP and non-GAAP operating margin profile. So overall, we feel good about where we are.

總體而言，我們對目前的指引感到樂觀。我們的經常性收入模式具備結構性驅動因素；我們有非常黏著的大型基礎；我們的客戶基礎多元，GAAP 與非 GAAP 的營業利益率輪廓也在改善。所以整體來說，我們對目前的狀況感到滿意。

I just want to add, that's right. Thank you, Vaibhav. But I just want to add, at a very high level, I think maybe the question behind the question is, hey, isn't AI good for growth but eating margins? And we don't think that that's the case necessarily.

我想補充一下，沒錯。謝謝你，Vaibhav。但我想在更高層次補充：我認為也許「問題背後的問題」是：嘿，AI 不是對成長有利、但會侵蝕利益率嗎？而我們不一定認為情況必然如此。

Customers are willing to pay for AI if it's good AI. And again, we have this natural, very deep moat with our ability to deliver both AI and human-to-human at scale globally, okay?

如果 AI 夠好，客戶願意為 AI 付費。而且我們具備一個天然、非常深的護城河：我們能在全球規模化地同時提供 AI 與人對人的服務，好嗎？

And there are -- and we have lots and lots of really smart engineers, and one of the tasks is to optimize AI. In human speed, use the right model for the right job. It's all just a tool set.

另外——我們有非常非常多聰明的工程師，其中一項任務就是最佳化 AI。以人的速度，為正確的工作使用正確的模型。這一切都只是工具組。

But with what we're seeing out there in the foundational AI community or ecosystem, and just how fast what used to be state-of-the-art is no longer the very state-of-the-art, but it's still very good and very soon, matter of months, it becomes open source anyway. There is just a lot happening. We don't think that AI is going to commoditize or become free or virtually free. But for now, we've been able to keep approximately the same gross margins even for our RCAI products.

但從我們在基礎 AI 社群或生態系所看到的情況，以及過去被視為最先進的技術很快就不再是最先進、但仍然非常好，而且很快——以月為單位——就會變成開源，外界正在發生很多事。我們不認為 AI 會商品化或變成免費或幾乎免費。但就目前而言，即使是我們的 RCAI 產品，我們也能維持大致相同的毛利率。

And we're hoping and also working hard that that's going to continue. And then everything else that Vaibhav said, we are confident that we will be able to continue growth, continue more AI, which means more stickiness, better our paths, better our pools as well, and importantly, continuing our margin expansion and cash flow generation. Fingers crossed.

我們也希望並且正在努力讓這種情況持續下去。至於 Vaibhav 所說的其他部分，我們有信心能夠持續成長、持續導入更多 AI——這代表更高的黏著度、更好的路徑、更好的資源池；而且最重要的是，持續擴張利益率並產生現金流。祈禱一切順利。

Great. Thank you very much. Very helpful. Thanks.

很好。非常感謝。很有幫助。謝謝。

Brian Peterson, Raymond James.

Brian Peterson，Raymond James。

Hi, thanks for taking the question. This is John on for Brian. I wanted to ask on the free cash flow, really strong quarter of free cash flow, raised the outlook here. But I think if we look at the trajectory and the potential run rate, it suggests you guys are on path to generate cumulatively like multiple billion dollars of free cash flow over the next several years. So first, am I thinking about the trajectory of free cash flow right as we move forward? And then maybe talk about how you're prioritizing the deployment of capital.

嗨，謝謝讓我提問。我是 John，代替 Brian。我想問關於自由現金流：本季自由現金流非常強勁，也上調了展望。但我想如果我們看一下走勢與潛在的運行率，似乎顯示你們在未來幾年有望累計產生數十億美元的自由現金流。所以第一，我對未來自由現金流走勢的理解是否正確？第二，也請談談你們如何優先配置資本的運用。

And then I have a quick follow-up. Thank you.

另外我還有一個簡短的追問。謝謝。

Yeah. Thank you, John, for the question. Look, again, we are very pleased with the trajectory we have been on. So we now have a consistent track record of expanding free cash flows over the years.

好的。謝謝你，John，提出這個問題。你看，再次強調，我們對目前的走勢非常滿意。因此，我們多年來在擴張自由現金流方面已經有一致的紀錄。

Three to four years back, we were a sub $100 million free cash flow generating company, and we've guided to $600 million, so that's a 6x improvement. And Q1 was another proof point, strong free cash flow per share, raising the guide for the full year, all while again investing in innovation. And again, the free cash flow that we are driving is because of the structural drivers that I outlined in the previous question.

三到四年前，我們還是一家自由現金流不到 1 億美元的公司，而我們現在指引為 6 億美元，這是 6 倍的提升。第一季又是另一個佐證：每股自由現金流強勁、上調全年指引，同時仍在投資創新。而且我們所推動的自由現金流，正是因為我在上一題中概述的結構性驅動因素。

And the other important point to note is that the quality of free cash flows is also improving for us. It's our operating margins are converting very closely into free cash flow due to working capital efficiency. And again, while we are not providing targets beyond 2026, the $600 million of free cash flow gives us a lot of optionality in terms of capital allocation. And I've outlined a disciplined approach there, which is investing in or reinvesting dollars back into the business to fuel innovation.

另外一個重要重點是，我們的自由現金流品質也在提升。由於營運資金效率，我們的營業利益率幾乎能非常緊密地轉化為自由現金流。而且雖然我們不提供 2026 年以後的目標，但 6 億美元的自由現金流讓我們在資本配置上有很大的彈性。我也提出了一個自律的做法，也就是把資金投資或再投資回業務，以推動創新。

And again, Vlad talked about the traction that we are seeing with our AI products, so we are balancing expansion, free cash flow expansion with investing in growth. We've outlined a target of reaching $1 billion of gross debt by the end of 2026, so that's the second use of cash wherein we are continuing to de-lever the balance sheet and we are on our path to doing that.

同樣地，Vlad 談到我們在 AI 產品上看到的動能，因此我們在擴張（規模）與自由現金流擴張之間，會與成長投資取得平衡。我們已提出目標：在 2026 年底前把總負債降到 10 億美元，這是第二個現金用途，也就是我們持續去槓桿化資產負債表，而且我們正走在達成目標的路徑上。

And then at these valuation levels, buybacks remains an attractive opportunity, and we are returning cash in the form of buybacks, which we executed in Q1. We have another approximately $400 million outstanding in terms of our authorization and we paid our inaugural dividend this quarter, which we expect to continue to do.

接著，在目前的估值水準下，庫藏股仍是具吸引力的機會；我們以回購的形式回饋現金，並已在第一季執行。我們的回購授權尚餘約 4 億美元，且我們本季也發放了首次股利，預期會持續進行。

So overall, I think takeaway is multiple structural drivers, again, to drive free cash flow, both because of the operating leverage and the discipline that we have in terms of cost. And look, we are becoming a compounding free cash flow story that's built on a very durable operating foundation because of the large base that we have built, our recurring customer base, and our growing portfolio of AI products.

所以整體而言，我認為重點是：有多項結構性驅動因素再次推動自由現金流，既來自營運槓桿，也來自我們在成本方面的自律。你看，我們正成為一個自由現金流複利成長的故事，建立在非常耐久的營運基礎之上，原因是我們打造了龐大的基礎、經常性客戶群，以及持續成長的 AI 產品組合。

Okay, thanks. That was a really good color there. And then on GSPs, I did want to ask, it's been a really good growth factor for you guys. I think it's been growing above the sort of the company average there. You guys have been expanding the product set. So can you maybe talk about the early receptivity you're seeing from GSPs around your newer solutions? Maybe what's contemplated in the guidance from GSPs and maybe talk about like medium-term targets of where that can go to with the new solution. Thank you so much.

好的，謝謝。這些補充說明很有幫助。接著關於 GSP，我也想問一下：這一直是你們很好的成長因素，我認為其成長速度高於公司平均。你們也在擴充產品組合。所以你們能否談談，GSP 對你們較新解決方案的早期接受度如何？指引中對 GSP 的假設是什麼？以及談談在新解決方案帶動下，中期目標可能可以走到哪裡？非常感謝。

We see good receptivity. I think we even mentioned some of this in the prepared remarks. We're seeing multiple GSPs lining up and now expanding their footprint with us by reselling some or all of our RCII products. So directionally, we're very pleased.

我們看到良好的接受度。我想我們甚至在事先準備的發言中也提到過其中一些。我們看到多家 GSP 正在排隊，並且現在透過轉售我們部分或全部 RCII 產品，與我們合作擴大其業務版圖。因此，就方向性而言，我們非常滿意。

It is, of course, very early. We are not in a position to change the guide at this point. I would say that they're performing early, they're performing as expected at this point.

當然，現在還非常早期。我們目前還無法調整指引。我會說，他們在早期的表現符合預期。

And look, our history with GSPs is that they're a wonderful amplifier, but -- and we're the starter engine. We still have to get it working right and tune just right with our direct customers. Fortunately, we have lots of them as well. And then we take this playbook to the GSPs. And then, of course, they have their massive brands and massive networks that they can use to amplify.

而且你看，我們與 GSP 的歷史經驗是，他們是一個很棒的放大器，但——我們是啟動引擎。我們仍然必須先把它運作順暢，並與我們的直客把調校做到位。幸運的是，我們也有很多直客。然後我們把這套作戰手冊帶給 GSP。接著，當然，他們可以利用其龐大的品牌與龐大的網路來放大。

So I was saying that overall, GSP, RCAI in GSP story is probably not so much. For this year, but '27, '28, maybe not, you would ask me.

所以我剛才是說，整體而言，GSP、RCAI 在 GSP 的故事今年可能不會太多。但到 '27、'28 年，也許就會——你可以再問我。

Okay, perfect. Thank you so much.

好的，完美。非常感謝。

Michael Funk, Bank of America.

Michael Funk，美國銀行。

Yeah, thank you for taking the questions. Two for you, Vlad. First, wondering how you see the crisis model changing over time with AI.

是的，謝謝讓我提問。Vlad，我有兩個問題。第一個是，想請教你如何看待隨著 AI 發展，危機（crisis）模式會如何隨時間演變。

And then also AI-related, just wondered if you could talk a little bit about the barriers to competition AI, what's going to prevent other AI solutions from decoupling your own AI and becoming a competitive threat, whether integration or capability?

第二個也與 AI 相關，想請你談談 AI 競爭的進入障礙：是什麼能防止其他 AI 解決方案把你們自家的 AI 解耦，並成為競爭威脅——不論是整合面或能力面？

Well, again, taking the second question first is nothing prevents them except that they don't have this global network that's processing lots of tens of billions of minutes per year and billions of calls and billions of SMS, and we continue our leadership in the UCaaS space and we are making major inroads. In the CCaaS space, now both amplified with AI. So this is what gives us a pretty strong footing, I think, competitively.

嗯，再次先回答第二個問題：沒有什麼能阻止他們，除了他們沒有這個全球網路——每年處理數百億分鐘的通話量、數十億通電話與數十億則 SMS。我們在 UCaaS 領域持續保持領先，並且正在大幅切入 CCaaS 領域，而現在兩者都由 AI 進一步放大。因此，我認為這讓我們在競爭上有相當穩固的立足點。

And again, my answer to the very first question on this call was that in the world of hybrid, it's very hard to see any startup do a -- be able to replicate what we have when the job is to get AI agents and human agents on the same platform without getting third parties involved. And that's a huge competitive advantage we feel that we can come in with a turnkey, Swiss Army knife solution and say, tell customer, look, right tool for the right job, and you only get to deal with us. And if nothing else, it gives us pricing power and flexibility, because we also don't have any third parties to pay to.

而且，我在本次電話會議的第一個問題就回答過：在混合（hybrid）的世界裡，很難想像任何新創能——能夠複製我們所擁有的東西，因為工作是要在同一平台上讓 AI 代理與人工代理協同，而不需要引入第三方。這是我們認為的一大競爭優勢：我們可以帶著交鑰匙（turnkey）的瑞士刀式解決方案進場，告訴客戶：看，對的工作用對的工具，而且你只需要跟我們打交道。即便不談別的，這也賦予我們定價能力與彈性，因為我們也不需要付費給任何第三方。

And by the way, I do want to double click, when we talk about RCAI, this is our native AI, so we're not paying, we're consuming tokens, of course, and we're paying foundational LLMs, but we're not, when we talk about this, these are not products, third-party products that we resell. So that's the second part of the question.

另外我也想再深入強調一下：當我們談 RCAI 時，這是我們的原生 AI，所以我們不需要付費——當然我們會消耗 token，也會為基礎 LLM 付費——但我們在這裡談的不是我們轉售的第三方產品。所以這是第二個問題的另一部分。

Sorry, repeat the first one, please?

抱歉，請再重複第一個問題？

Pricing model.

定價模式。

Yes, pricing model. Yeah, look, people talk about this a lot. I can tell you what we're seeing. We're seeing, again, more of a hybrid combination model. I think people initially got all excited about, well, it's all going to be outcomes-based. I'm not really personally aware of too many people who are actually truly pricing outcomes. If anything, people are pricing usage.

是的，定價模式。你看，大家談這個談很多。我可以告訴你我們看到的情況。我們看到的仍然是更多混合式的組合模式。我想一開始大家都很興奮，覺得嗯，將會完全以成果（outcomes）為基礎定價。但就我個人而言，我並不太知道有多少人真的在以成果定價。若真要說，大家更多是在以使用量定價。

But I tell you, more and more what's coming into focus, into vogue, are these hybrid approaches to where there is some minimal commitment a company makes, whether it be seed-based or some other measure, whatever.

但我告訴你，越來越清楚、也越來越流行的是這些混合式做法：公司會做出某種最低承諾，可能是以席位（seat）為基礎或其他衡量方式，隨便。

In our case, maybe minutes consumed or questions answered or something like that. But people need some predictability on both sides of the equation. Customers need some predictability and practice providers do as well. And this is what we started out with.

以我們的情況，可能是消耗的分鐘數、回答的問題數或類似指標。但在等式的兩端都需要一定的可預測性：客戶需要可預測性，服務提供者也需要。而這正是我們一開始採用的方式。

So when you look at our, for example, AIR portfolio, pricing is very simple. You get -- it's still a monthly subscription plan. You get certain allocation of minutes, so unit of measurement is minutes here. And if you're over that allocation, you upgrade into the next year or you buy another basket of minutes.

所以當你看我們的，例如 AIR 產品組合，定價非常簡單：你得到——它仍然是月訂閱方案。你會得到一定配額的分鐘數，因此這裡的計量單位是分鐘。如果你超過該配額，你就升級到下一個層級，或再購買另一組分鐘數配額。

What we find with our customers is that a business model that resonates is good for smaller customers because it gives them predictability. And it also works for larger customers because they really have enough analytics to know exactly what they're using. So frankly, for them, it doesn't matter. You can price per seat, per minute, per enterprise, like everybody knows what they're consuming, we know our costs, they understand their span, it's all open book anyway.

我們從客戶那裡看到的是，這種能引起共鳴的商業模式對小型客戶很好，因為它提供可預測性；對大型客戶也同樣適用，因為他們確實有足夠的分析能力，能精準知道自己用量。所以坦白說，對他們而言其實無所謂。你可以按席位、按分鐘、按企業來定價——大家都知道自己在消耗什麼，我們知道我們的成本，他們了解他們的使用範圍，反正一切都是開放帳本（open book）。

So again, short answer, still hybrid and right tool for the job.

所以再一次，簡短回答：仍然是混合式，並且是對的工作用對的工具。

That was very helpful, Vlad. Thank you for that.

這非常有幫助，Vlad。謝謝你。

Thank you.

謝謝。

Elizabeth Porter, Morgan Stanley.

Elizabeth Porter，摩根士丹利。

This is Jamie on for Elizabeth. Appreciate you taking the question. Great to see the continued momentum that you're seeing with the AIR solution and realizing it's still super early days for the PRO variant, just curious how you view the opportunity to maybe upsell some of those existing customers to the PRO tier?

我是 Jamie，代 Elizabeth 提問。感謝你們接受問題。很高興看到 AIR 解決方案持續的動能；也理解 PRO 版本仍然非常早期，想請教你如何看待把現有客戶向上銷售（upsell）到 PRO 等級的機會？

Hi, Jim. It's existing customers of both AIR and those without AIR are both opportunities to upsell AIR PRO. AIR fundamentally is a pre-configured fit-to-purpose agent, very easy to deploy, a receptionist can deploy, meant to do very simple tasks, answer questions, route calls, book appointments.

嗨，Jim。無論是 AIR 的既有客戶，或是尚未使用 AIR 的客戶，都是向上銷售 AIR PRO 的機會。AIR 本質上是一個預先配置、適用於特定目的（fit-to-purpose）的代理，部署非常容易，接待人員就能部署，旨在處理非常簡單的任務：回答問題、轉接電話、預約安排。

AIR PRO comes to the studio and has ability to do much more complex workflows, complex tasks, and they complement each other.

AIR PRO 則進入 studio，具備處理更複雜工作流程與複雜任務的能力，兩者彼此互補。

So we're right now in the process with AIR PRO being an early access program open to select customers, and seeing those customers actually with AIR also buy into AIR PRO for different use cases, working tandem, working together.

所以目前我們正處於 AIR PRO 的導入過程中，它是一個對特定客戶開放的早期存取（early access）計畫；我們也看到這些客戶在已使用 AIR 的同時，會針對不同使用情境也購買 AIR PRO，並行運作、協同合作。

So generally, the two products will be sold in parallel out there, and one can talk to another as well.

因此整體而言，這兩個產品會在市場上並行銷售，而且其中一個也可以與另一個互相對話。

Thank you. That does conclude today's question-and-answer session and today's conference call.

謝謝。今天的問答環節以及今天的電話會議到此結束。

We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

感謝各位參加今天的簡報。您現在可以掛線，祝您有美好的一天。