Venture Global Inc (VG) 2021 Q3 法說會逐字稿

Greetings. Welcome to Vonage Third Quarter 2021 Earnings Call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加 Vonage 2021 年第三季財報電話會議。 （操作員指示）請注意，本次會議正在錄音。

I will now turn the conference over to Monica Gould, Investor Relations. Thank you. You may begin.

現在我將會議交給投資者關係部門的莫妮卡·古爾德 (Monica Gould)。謝謝。你可以開始了。

Thank you, operator, and good morning, and welcome to our third quarter 2021 earnings conference call. Speaking on our call this morning is Rory Read, Chief Executive Officer; and Steve Lasher, Chief Financial Officer. Rory will discuss our strategy and third quarter results, and Steve will provide a more detailed view on our third quarter results, fourth quarter guidance and updated full year 2021 guidance.

謝謝接線員，早上好，歡迎參加我們 2021 年第三季財報電話會議。今天上午在電話會議上發言的是執行長 Rory Read；以及財務長史蒂夫·拉舍 (Steve Lasher)。羅裡 (Rory) 將討論我們的策略和第三季業績，史蒂夫 (Steve) 將更詳細地介紹我們的第三季業績、第四季指引和更新的 2021 年全年指引。

Slides that accompany today's discussion are available on the IR website. At the conclusion of our prepared remarks, we'll be happy to take your questions.

今天討論的幻燈片可在 IR 網站上找到。在我們準備好的發言結束時，我們很樂意回答您的問題。

As referenced on Slide 2, I would like to remind everyone that statements made during this call may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's expectations, depend on assumptions that may be incorrect or imprecise and are subject to risks and uncertainties that could cause actual results to differ materially. More information about these risks and uncertainties is highlighted on the second page of the slides and contained in our SEC filings. We caution listeners not to rely unduly on these statements and disclaim any intent or obligation to update.

如同投影片 2 中所提到的，我想提醒大家，本次電話會議中所作的陳述可能是《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。有關這些風險和不確定性的更多資訊已在幻燈片的第二頁重點介紹，並包含在我們的美國證券交易委員會文件中。我們提醒聽眾不要過度依賴這些聲明，並且不承擔任何更新的意圖或義務。

During this call, we will be referring to non-GAAP financial measures. A reconciliation to GAAP is available in the third quarter earnings press release or the third quarter earnings slides posted on the IR website.

在本次電話會議中，我們將參考非公認會計準則財務指標。在第三季財報新聞稿或 IR 網站上發布的第三季財報投影片中可以找到與 GAAP 的對帳。

So with that, I'd like to turn the call over to Rory.

因此，我想將電話轉給羅裡。

Thanks, Monica, and hello, everyone. Thank you for joining us today.

謝謝，莫妮卡，大家好。感謝您今天加入我們。

Next-generation technology happens in waves that build upon each other. What is happening now is the convergence of the Internet, mobility, the cloud and powerful 5G network that is forming the digital transformation and intelligent communications wave, driving a secular change in the way businesses operate. Customers expect to digitally engage with companies to get the information they want and the channel they choose when they want it from anywhere. Similarly, employees expect seamless collaboration, engagement and access to technology no matter where, when or how they choose to work.

下一代科技是在一個又一個的浪潮中不斷湧現的。當前，網路、行動性、雲端和強大的5G網路正在融合，形成數位轉型和智慧通訊浪潮，推動企業營運方式的長期變革。客戶希望透過數位化方式與公司互動，以便隨時隨地透過他們選擇的管道獲取所需的資訊。同樣，無論員工選擇在何時何地或以何種方式工作，他們都期望實現無縫協作、參與和技術存取。

To achieve this level of engagement, we believe all communication modes will be embedded in applications, workflows and customer experiences through composable API-based programming technique that enable businesses to move from transactional interactions to true ongoing engagement. We provide all of these capabilities through the Vonage Communications Platform, our single global cloud communications platform.

為了實現這種程度的參與，我們相信所有通訊模式都將透過可組合的基於 API 的程式設計技術嵌入到應用程式、工作流程和客戶體驗中，使企業能夠從交易互動轉變為真正的持續參與。我們透過 Vonage 通訊平台（我們的單一全球雲端通訊平台）提供所有這些功能。

Last month, we acquired Jumper.ai, a leader in Conversational Commerce. With Jumper, we have added significant technology, talent and expertise to capitalize on this growing convergence of seamless shopping and conversations on services such as Messenger, WhatsApp and Instagram.

上個月，我們收購了對話式商務領域的領導者 Jumper.ai。透過 Jumper，我們獲得了重要的技術、人才和專業知識，以利用 Messenger、WhatsApp 和 Instagram 等服務上無縫購物和對話日益融合的優勢。

Jumper AI will accelerate our ability to enable our customers to differentiate themselves as social messaging becomes increasingly important to consumers as a frontline way of connecting with their favorite brands, leading brands such as L'Oreal, Kiehl’s, Disney, Axe, Dove, Ben and Jerry's and Burger King use Jumper's technology to create personalized, unique digital engagement experiences for their customers. And this is just the beginning. We're truly delighted to welcome the Jumper team.

隨著社交訊息對消費者越來越重要，作為與他們最喜愛的品牌建立聯繫的主要方式，Jumper AI 將加速我們幫助客戶實現差異化的能力，歐萊雅、科顏氏、迪士尼、Axe、多芬、Ben and Jerry's 和漢堡王等領先品牌都使用 Jumper 的技術為他們的客戶創造個性化、獨特的數位參與體驗。這只是一個開始。我們非常高興地歡迎 Jumper 團隊。

Now let's review our third quarter Vonage Communications Platform results where I'll focus my comments on our continued strong execution and the progress we are making on our strategic investment. VCP service revenues were $274 million, representing 25% year-over-year growth, up from 19% in 3Q a year ago.

現在讓我們回顧一下第三季的 Vonage 通訊平台業績，我將重點放在我們持續強勁的執行力以及我們在策略投資方面的進展。 VCP 服務營收為 2.74 億美元，年增 25%，高於去年第三季的 19%。

Third quarter VCP adjusted EBITDA was $5 million, a $19 million year-over-year improvement. VCP Rule of 40 this quarter was 27% more than double, the 13%, in the third quarter a year ago. We are ahead of the plan we laid out in our March Investor Day, and we are confident in our ability to continue to deliver on our commitments.

VCP 第三季調整後 EBITDA 為 500 萬美元，較去年同期增加 1,900 萬美元。本季的 VCP 40 規則成長了 27%，比去年第三季的 13% 成長了一倍多。我們提前完成了三月投資者日制定的計劃，我們有信心繼續履行我們的承諾。

API revenues increased 43% year-over-year to $155 million in the quarter. Our continued strong performance was driven by robust demand of our composable APIs from new and existing customers across all key industries, geographies and customer sizes. While messaging growth was particularly strong in the quarter, we also saw strong adoption of our other APIs, particularly VoIP, verified for authentication and our messages API for customer engagement.

本季 API 營收年增 43% 至 1.55 億美元。我們持續強勁的業績得益於來自所有主要產業、地區和客戶規模的新舊客戶對我們的可組合 API 的強勁需求。雖然本季訊息傳遞成長特別強勁，但我們也看到其他 API 的採用率強勁，尤其是 VoIP、用於驗證的 API 和用於客戶參與的訊息 API。

I'll highlight just a few of the new customers for the quarter. A U.K.-based real estate and technology company is leveraging multiple Vonage APIs to build and differentiate their business. They are using our messages API to facilitate connections between buyers and real estate agents, and they are using our video API to power virtual property viewings between agents and their customers.

我將重點介紹本季的一些新客戶。一家位於英國的房地產和科技公司正在利用多個 Vonage API 來建立和區分他們的業務。他們使用我們的訊息 API 來促進買家和房地產經紀人之間的聯繫，並使用我們的視訊 API 來支援經紀人和他們的客戶之間的虛擬房產觀看。

In the United States, Ping Identity, a Gartner Magic Quadrant leader in the access management software space, selected Vonage to provide 2-factor authentication services for its customers, which now include 60% of the Fortune 100.

在美國，Gartner 魔力像限中存取管理軟體領域的領導者 Ping Identity 選擇 Vonage 為其客戶提供雙重認證服務，目前客戶包括 60% 的財富 100 強企業。

In addition to our strong new customer growth, existing customers continued to expand on our platform. Third quarter dollar-based net expansion was 129%, driven by strength in e-commerce, travel, hospitality, logistics and the social industry. We also saw increased momentum in several areas across fintech, including crypto trading platforms, digital lending and payments. A great example is FinAccel, a digital lending pioneer in Southeast Asia, already a Vonage Voice API customer. FinAccel selected our SMS API and 2-factor authentication capabilities to provide customers with account updates and password assistance. FinAccel also added our messages API to power engagement with its customers over WhatsApp.

除了新客戶數量強勁成長外，現有客戶也在我們的平台上持續擴展。第三季以美元計算的淨擴張率為 129%，這得益於電子商務、旅遊、飯店、物流和社會產業的強勁成長。我們也看到金融科技的多個領域發展勢頭強勁，包括加密交易平台、數位借貸和支付。一個很好的例子是東南亞數位借貸先驅 FinAccel，它已經是 Vonage Voice API 的客戶。 FinAccel 選擇了我們的 SMS API 和雙重認證功能，為客戶提供帳戶更新和密碼協助。 FinAccel 還添加了我們的訊息 API，以透過 WhatsApp 增強與客戶的互動。

Now moving to Unified Communications and Contact Center products. Service revenue grew 8% ahead of expectations. Combined BBC and BCC cloud product growth was 13%, driven by improving micro and SMB growth along with strong mid-market and enterprise growth.

現在轉向統一通訊和聯絡中心產品。服務收入成長8%，超出預期。 BBC 和 BCC 雲端產品綜合成長率為 13%，這得益於微型和中小型企業成長的改善以及中型市場和大型企業的強勁成長。

We continue to make progress on our go-to-market initiatives. Total bookings were up year-over-year and sequentially. Within the channel, our momentum is building, highlighted by significant year-over-year bookings growth with 5 out of our top 10 deals, including 3 of our largest deals in the quarter coming from the channel.

我們的市場進入措施不斷取得進展。總預訂量同比和環比都有所增長。在通路內，我們的發展勢頭正在增強，突出的是訂單量同比大幅增長，我們的前 10 筆交易中有 5 筆，包括本季度最大的 3 筆交易都來自渠道。

Given our improving trajectory, we're well positioned to accelerate revenue to double-digit growth in early 2022 as we shared during our Investor Day in March. Key to our bookings growth is our integrated Unified Communications and Contact Center solution, which continues to be a key differentiator. 10 of our top 15 wins this quarter included both UC and CC solutions.

鑑於我們不斷改善的軌跡，我們有能力在 2022 年初將營收加速至兩位數成長，正如我們在 3 月的投資者日所分享的那樣。我們訂單成長的關鍵在於我們的整合統一通訊和聯絡中心解決方案，這仍然是我們的關鍵差異化因素。我們本季取得的 15 項重大勝利中有 10 項都涉及 UC 和 CC 解決方案。

I'll highlight 2 examples. An innovative financial services firm chose Vonage to replace its legacy UC and CC infrastructure. The full scope of the Vonage Communication Platform, including the depth of our sales force integration and the ability to leverage our APIs for custom integrations were key differentiators in this 7-figure TCV deal, one of the largest roofing manufacturers in North America termed to Vonage and Salesforce to transform their customer service organization and leverage customer data to provide more proactive and intelligent customer support.

我將重點介紹兩個例子。一家創新金融服務公司選擇 Vonage 來取代其傳統的 UC 和 CC 基礎設施。 Vonage 通訊平台的全部範圍，包括我們銷售隊伍整合的深度以及利用我們的 API 進行自訂整合的能力，是這筆 7 位數 TCV 交易的關鍵差異因素，北美最大的屋頂製造商之一要求 Vonage 和 Salesforce 轉變其客戶服務組織並利用客戶資料提供更主動、更智慧的客戶支援。

Originally, only a contact center deal, it became apparent to the customer that they needed to move to a full cloud offering to replace their legacy on-prem UC and CC solution. Last quarter, we discussed the importance that the Salesforce Service Cloud Voice partner telephony program represents for Vonage. I'm pleased to share that we are seeing early success here, with several new wins and a strengthening pipeline.

最初，這只是一個聯絡中心交易，但客戶顯然需要轉向完整的雲端產品來取代其傳統的內部 UC 和 CC 解決方案。上個季度，我們討論了 Salesforce Service Cloud Voice 合作夥伴電話計畫對 Vonage 的重要性。我很高興地告訴大家，我們在這裡看到了早期的成功，取得了幾個新的勝利和不斷加強的管道。

We had an exciting win with Stratton Finance, one of Australia's largest car and asset finance brokers. An existing Salesforce customer, the company selected Vonage for our contact center solution integrated with Service Cloud Voice and our Unified Communication solution. With Vonage and Salesforce, Stratton Finance will accelerate its digital transformation by creating an improved agent experience, better operational efficiency and stronger customer engagement.

我們與澳洲最大的汽車和資產融資經紀商之一 Stratton Finance 取得了令人興奮的合作勝利。作為現有 Salesforce 客戶，該公司選擇 Vonage 作為我們的聯絡中心解決方案，與 Service Cloud Voice 和統一通訊解決方案整合。透過 Vonage 和 Salesforce，Stratton Finance 將透過創造更好的代理商體驗、更高的營運效率和更強的客戶參與度來加速其數位轉型。

Now moving on to product. Our innovation engine continues to accelerate. During the quarter, we introduced an impressive number of new capabilities across our entire platform. I'll highlight just 3. Our new AI virtual assistant for BBC is one of the first AI-driven conversational solutions to deliver enhanced self-service interaction for Unified Communications. This AI solution creates intelligent conversational experiences using natural language understanding and machine learning to engage every caller with applications using voice and text.

現在討論產品。我們的創新引擎持續加速。在本季度，我們在整個平台上推出了大量新功能。我僅強調其中 3 個。此人工智慧解決方案利用自然語言理解和機器學習創造智慧對話體驗，讓每個呼叫者都使用語音和文字的應用程式參與其中。

We also launched Vonage Video Express to make it easier and faster for developers to access Vonage's video API for multiparty calls. Vonage Video Express democratizes video, making every web developer a video developer. Instead of taking days, weeks or even months to integrate video into applications, developers can now integrate video within hours using just a few lines of code.

我們還推出了 Vonage Video Express，讓開發人員更輕鬆、更快地存取 Vonage 的視訊 API 進行多方通話。 Vonage Video Express 使影片民主化，使每個 Web 開發人員都成為視訊開發人員。開發人員不再需要花費幾天、幾週甚至幾個月的時間將影片整合到應用程式中，現在只需幾行程式碼就可以在幾小時內完成。

Additionally, Vonage Contact Center solution was one of the first to be selected by Google in its new Chrome enterprise recommended contact center category, integrating the Vonage Contact Center with Chrome OS devices and Power's IT and contact center administrators to leverage a full suite of contact center capabilities remotely and enable agents to work from anywhere, enhancing the agent experience for better efficiency and productivity.

此外，Vonage Contact Center 解決方案是 Google 在新的 Chrome 企業推薦聯絡中心類別中首批入選的解決方案之一，該解決方案將 Vonage Contact Center 與 Chrome OS 設備以及 Power 的 IT 和聯絡中心管理員相集成，以遠程利用全套聯絡中心功能，並使代理能夠在任何地方工作，從而增強代理體驗，提高效率和增強代理體驗，提高效率和增強代理體驗，提高效率和增強代理體驗，提高效率和增強代理體驗，提高效率和增強代理體驗，提高效率和增強代理體驗，提高效率和增強代理體驗，提高效率和增強代理體驗，提高效率和增強代理體驗，提高效率和增強代理體驗，提高效率和增強代理體驗，提高效率和增強代理體驗。

In summary, we had another strong quarter and expect to finish 2021 well ahead of our original revenue projections due to improving execution, go-to-market focus and product innovation. Vonage is in the right place at the right time in a large and rapidly growing market, as the world begins to ride this next technology wave around digital transformation and intelligent communication.

總而言之，我們又度過了一個強勁的季度，由於執行力的提升、市場導向的重點和產品創新，預計 2021 年的收入將遠遠超出我們最初的收入預測。隨著世界開始迎接數位轉型和智慧通訊的新一輪技術浪潮，Vonage 在一個龐大且快速成長的市場中佔據了正確的時間和地點。

The way we work, shop, learn, see a doctor, even exercise has fundamentally changed. Businesses need to move beyond transaction and notification to digitally transform to deliver personalized conversations on the customers' terms as the demand for virtual engagement continues to grow, whether it's getting medical attention through telehealth, tracking a package or a food delivery, booking a ridesharing service, providing fraud protection, connecting the right customer to the right support agent or enabling video and voice communications across thousands of office locations, Vonage does that.

我們工作、購物、學習、看診甚至運動的方式已經發生了根本性的改變。隨著虛擬互動的需求不斷增長，企業需要超越交易和通知，實現數位轉型，根據客戶的要求提供個人化對話，無論是透過遠距醫療獲得醫療服務、追蹤包裹或食品配送、預訂共乘服務、提供詐欺保護、將合適的客戶與合適的支援代理聯繫起來，還是在數千個辦公地點實現視訊和語音通信，Vonage 都能做到。

I would like to thank our talented team members around the world for their continued hard work and dedication. We're delivering on our commitment, executing our transformation plan and investing for future growth. And every day, we're actively looking at all options to create value for our customers, our team members and our shareholders. I look forward to updating you on our continued progress.

我要感謝我們在世界各地的才華橫溢的團隊成員的持續努力和奉獻。我們正在履行承諾，執行轉型計劃並為未來成長進行投資。每天，我們都在積極尋找各種選擇，為我們的客戶、團隊成員和股東創造價值。我期待向您通報我們持續取得的進展。

And with that, I'll turn it over to Steve.

現在我將把話題交給史蒂夫。

Thank you, Rory, and good morning, everyone. I'll start with a review of the third quarter results and then discuss the fourth quarter and updated full year 2021 guidance.

謝謝你，羅裡，大家早安。我將先回顧第三季的業績，然後討論第四季和更新的 2021 年全年指引。

Beginning on Slide 8. We had another quarter of solid execution, accelerating revenue and improving profitability. Each of our product areas, including API, UC and CC, delivered on our commitments, while we continue to improve on the Rule of 40.

從第 8 張投影片開始。我們的每個產品領域，包括 API、UC 和 CC，都兌現了我們的承諾，同時我們也持續改進 40 法則。

Turning to Slide 9. Consolidated revenue increased 13% to $358 million, driven by a 23% increase in Vonage Communications Platform revenue to $288 million. VCP revenue now represents 80% of consolidated revenue, up from 74% in the third quarter of the prior year. Consolidated third quarter adjusted EBITDA of $51 million was up $9 million or 22% year-over-year due to higher revenue and improving operating structure within VCP.

轉到投影片 9。 VCP 收入目前佔合併收入的 80%，高於去年同期的 74%。第三季綜合調整後 EBITDA 為 5,100 萬美元，比去年同期增加 900 萬美元，增幅為 22%，得益於收入增加及 VCP 內部營運結構的改善。

Moving to the Vonage Communication Platform on Slide 10. VCP service revenue increased 25% to $274 million, ahead of our expectations, driven by broad-based demand across our entire portfolio. VCP revenue churn was 0.6% in the third quarter, an improvement of 60 basis points from a year ago, driven by improvements across all products. Monthly service revenue per customer increased 25% to $657 from $527 over the prior year quarter.

轉移到幻燈片 10 上的 Vonage 通訊平台。第三季 VCP 營收流失率為 0.6%，比去年同期改善了 60 個基點，這得益於所有產品的改進。與去年同期相比，每位客戶每月的服務收入從 527 美元增加了 25% 至 657 美元。

VCP gross margin in the third quarter was 45%, down year-over-year due to the higher growth in our API products, particularly messaging, as we continue to strategically pursue new customer opportunities to drive product adoption across the VCP platform. VCP adjusted EBITDA was $5 million, representing $19 million year-over-year improvement.

VCP 第三季毛利率為 45%，年減，原因是我們的 API 產品（尤其是訊息功能）成長較快，因為我​​們繼續策略性地尋求新的客戶機會，以推動整個 VCP 平台的產品採用。 VCP 調整後的 EBITDA 為 500 萬美元，較上年同期增加 1,900 萬美元。

Moving to Slide 11. API revenue was $155 million in the third quarter, up 43%, driven by continued growth across all product areas and geographies. We saw particular strength in our e-commerce, financial and travel verticals as customers continue to adopt new products and expand usage across the portfolio. Unified Communications and Contact Center service revenue was $119 million in the third quarter, up 8% year-over-year.

轉到投影片 11。隨著客戶不斷採用新產品並擴大整個產品組合的使用範圍，我們在電子商務、金融和旅遊垂直領域中展現出特別的優勢。第三季統一通訊和聯絡中心服務收入為 1.19 億美元，年增 8%。

Let's move to Slide 12. VCP operating expenses totaled $165 million and accounted for 57% of total VCP revenue, an improvement of 18 points year-over-year. This improvement is due to the business optimization and alignment efforts we took last year to rebalance the business. VCP sales and marketing expenses were $83 million or 29% of total VCP revenue as we continue to make investments in sales headcount and targeted demand generation.

讓我們轉到第 12 張投影片。這項改善歸功於我們去年為重新平衡業務而進行的業務優化和調整努力。 VCP 銷售和行銷費用為 8,300 萬美元，佔 VCP 總收入的 29%，因為我們繼續對銷售人員數量和有針對性的需求產生進行投資。

VCP engineering and development expenses were $17 million or 6% of total VCP revenue. VCP E&D expenses plus capitalized software totaled $28 million or 10% of VCP service revenue. VCP general and administrative expenses were $42 million or 15% of total VCP revenue, down approximately $11 million due to restructuring charges in the prior year quarter.

VCP 工程和開發費用為 1,700 萬美元，佔 VCP 總收入的 6%。 VCP E&D 費用加上資本化軟體總計 2,800 萬美元，佔 VCP 服務收入的 10%。 VCP 一般和行政費用為 4,200 萬美元，佔 VCP 總收入的 15%，由於去年同期的重組費用而下降了約 1,100 萬美元。

Turning to Slide 13. Consumer segment revenue was $70 million in the third quarter, a 15% decrease from the prior year. Consumer adjusted EBITDA was $46 million in the third quarter, down from $56 million in the prior year.

翻到第 13 張投影片。第三季消費者調整後的 EBITDA 為 4,600 萬美元，低於去年同期的 5,600 萬美元。

Moving to Slide 14. We ended the third quarter with $447 million of net debt, down $28 million from last quarter and $90 million from the prior year. As of September 30, net debt was less than 2.3x last 12 months adjusted EBITDA.

轉到第 14 張投影片。截至 9 月 30 日，淨債務不到過去 12 個月調整後 EBITDA 的 2.3 倍。

Moving to guidance on Slide 15. For the fourth quarter, we expect VCP revenue in the range of $293 million to $301 million. We expect VCP service revenue growth in the 22% to 25% range. Embedded in this guidance are the following assumptions. In API, we expect fourth quarter year-over-year revenue growth to be in the 34% to 40% range. With regard to Unified Communications and Contact Center, we expect service revenue growth in the high single digits.

轉到投影片 15 上的指引。我們預計VCP服務收入成長率在22%至25%之間。本指南包含以下假設。在 API 方面，我們預計第四季營收將年增 34% 至 40% 之間。對於統一通訊和聯絡中心，我們預計服務收入將以高個位數成長。

We expect fourth quarter VCP adjusted EBITDA to be in the range of $4 million to $8 million. Within Consumer, we expect revenue in the $65 million range and adjusted EBITDA of approximately $42 million. On a consolidated basis, we expect total revenue of $358 million to $366 million and adjusted EBITDA in the $46 million to $50 million range.

我們預計第四季 VCP 調整後的 EBITDA 將在 400 萬至 800 萬美元之間。在消費品領域，我們預期營收在 6,500 萬美元左右，調整後 EBITDA 約為 4,200 萬美元。從綜合數據來看，我們預計總營收為 3.58 億美元至 3.66 億美元，調整後 EBITDA 在 4,600 萬美元至 5,000 萬美元之間。

For the full year 2021, we are raising our revenue and adjusted EBITDA guidance to reflect our strong third quarter performance and higher fourth quarter expectations. We expect VCP revenue to be in the range of $1,113 million to $1,121 million. VCP service revenue is expected to be in the range of $1,055 million to $1,063 million, representing growth in the 23% to 24% range.

針對 2021 年全年，我們將提高營收和調整後 EBITDA 指引，以反映我們強勁的第三季業績和更高的第四季預期。我們預計 VCP 營收在 11.13 億美元至 11.21 億美元之間。 VCP 服務收入預計在 10.55 億美元至 10.63 億美元之間，成長率介於 23% 至 24% 之間。

We expect API revenue growth for the full year to be in the 40% range, and we expect full year UC/CC service revenue growth in the mid to high single digits. We expect VCP adjusted EBITDA to be in the $8 million to $12 million range.

我們預期 API 收入成長率全年約 40% 左右，預計全年 UC/CC 服務收入成長率在中高個位數。我們預計 VCP 調整後的 EBITDA 將在 800 萬至 1,200 萬美元之間。

For the full year, we expect our VCP Rule of 40 results to be in the mid-20s, up from our original guidance of low 20s, driven by stronger-than-expected growth across our API and UC/CC product portfolio. For Consumer, we expect full year revenue of approximately $288 million and adjusted EBITDA in the $186 million range. We expect total consolidated revenue to be in the range of $1,400 million to $1,409 million and adjusted EBITDA in the $194 million to $198 million range.

就全年而言，我們預計 VCP 40 規則的結果將在 1920 年代中期，高於我們最初預期的 20 年代出頭，這得益於我們的 API 和 UC/CC 產品組合強於預期的增長。對於消費品而言，我們預計全年營收約為 2.88 億美元，調整後 EBITDA 約為 1.86 億美元。我們預計總合併收入將在 14 億美元至 14.09 億美元之間，調整後 EBITDA 將在 1.94 億美元至 1.98 億美元之間。

With that, I'll turn the call over to the operator to start the Q&A.

說完這些，我會把電話轉給接線生開始問答環節。

(Operator Instructions) Our first question is from Mike Latimore with Northland Capital Markets.

（操作員指示）我們的第一個問題來自 Northland Capital Markets 的 Mike Latimore。

Great. Congratulations on excellent results there. I guess just a question on the gross margin on VCP. I know messaging is growing rapidly, huge demand there. How should we think about gross margin longer term? Where does that sort of stabilize in VCP?

偉大的。恭喜您取得的優異成績。我猜這只是一個關於 VCP 毛利率的問題。我知道訊息傳遞正在快速發展，需求龐大。我們該如何看待長期的毛利率？在 VCP 中這種穩定在哪裡？

Thanks, Mike. Mike, I'll get started and I'll pass it over to Steve. From my perspective, what we're seeing is the secular change in the way communications are used across pretty much every industry. And we're seeing robust demand across our portfolio. I think the team is executing particularly well, and we were seeing that demand across all product areas. So I like that a lot.

謝謝，麥克。麥克，我先開始，然後我會把它交給史蒂夫。從我的角度來看，我們看到幾乎每個行業的溝通方式都在發生長期變化。我們發現我們整個投資組合的需求都很強大。我認為團隊的執行力特別好，而且我們在所有產品領域都看到了這種需求。所以我非常喜歡這個。

We're not seeing a lot in terms of pricing pressure. We're seeing really robust demand across all product areas. And as we continue to innovate, I think we're seeing that innovation drives more demand and definitely value for the customers. So I think that's an important factor in terms of it.

我們沒有看到太多的定價壓力。我們看到所有產品領域的需求都非常強勁。隨著我們不斷創新，我認為我們看到創新推動了更多的需求，並且無疑為客戶帶來了價值。所以我認為這是一個重要因素。

You highlighted mix. We've definitely seen some strong robust demand across messaging. But again, we see it across every product area. So I'm pleased with where we sit. We're confident we're going to execute well in 4Q and finish the year strong. But Steve, do you want to give a little bit of a feel for how we view gross margins across the VCP platform?

您突出顯示了混合。我們確實看到了對訊息傳遞的強烈需求。但我們再次看到它存在於每一個產品領域。所以我對我們的現狀很滿意。我們有信心在第四季度取得良好業績並以強勁勢頭結束今年的年度。但史蒂夫，你想稍微介紹一下我們如何看待 VCP 平台的毛利率嗎？

Sure. Thanks, Rory. And Mike, thanks for the question. As Rory stated, from a -- when we take a look at gross margin, we think it's going to stay in that mid-40% area. And it's really -- for us, it's about the scale as we are always looking to improve on gross margin. But right now, where we see, where we play, the opportunity for capturing new clients and then having them scale across our platform is really key.

當然。謝謝，羅裡。麥克，謝謝你的提問。正如羅裡所說，從毛利率來看，我們認為它將保持在 40% 左右的範圍內。對我們來說，規模確實很重要，因為我們始終致力於提高毛利率。但目前，我們所看到的地方、我們所開展的業務，吸引新客戶並讓他們透過我們的平台擴大規模的機會才是關鍵。

So right now, as we set our mission forward, we're happy to trade off 1 point or so of margin for 2 points on that top line. And as we continue to make progress on our Rule of 40, that's where you're starting to see we've really done a nice job, and the team has done a lot of hard work to continue to deliver on our Rule of 40, and we're making great progress. And as we continue to look towards the future, that mid-40s range -- that mid-40% area, we're comfortable with it, especially as we think about the mission going forward.

因此現在，當我們繼續推進我們的使命時，我們很樂意用 1 個百分點左右的利潤換取 2 個百分點的營收。隨著我們在“40 規則”上不斷取得進展，您會開始看到我們確實做得很好，團隊也付出了很多艱苦的努力來繼續履行“40 規則”，我們正在取得巨大進展。當我們繼續展望未來時，我們對 40% 左右的範圍——40% 左右的區域感到很滿意，特別是當我們考慮未來的任務時。

Yes, makes sense. And then on the API business, broad-based demand, it sounds like, were there any regions -- geographic regions that either outperformed or underperformed your expectations?

是的，有道理。然後就 API 業務而言，廣泛的需求聽起來是否有任何地區 - 地理區域的表現超出或低於您的預期？

No, Mike, we saw strength across the board. If you look at the DBNE from the standpoint of 129%, we like to run that in that 120% to 130% range. we saw demand from our existing customers for existing APIs, and we saw some good expansion in terms of new and multiple APIs. New customer growth was strong again, and we saw it expand.

不，麥克，我們看到了全面的力量。如果從 129% 的角度來看 DBNE，我們希望在 120% 到 130% 的範圍內運行它。我們看到現有客戶對現有 API 的需求，並且我們看到新 API 和多種 API 的良好擴充。新客戶成長再次強勁，並且我們看到其擴大。

We saw it pretty much in every or every geography, almost every vertical. There's a lot of demand out there. And whether the world is opening up from the pandemic or however it's changing, I think what we're seeing is the secular change in the way consumers want to interact with companies. And these companies need to implement these composable APIs to create these multimodal communication interactions that create a kind of a 360-degree relationship. I think that's pretty powerful. So we're seeing it across all industry and customer sizes, big, medium, small across the board, nice API demand, robust existing and new customers.

我們幾乎在每個地區、每個垂直領域都看到了這種情況。那裡有很大的需求。無論世界是否從疫情中恢復過來或發生其他變化，我認為我們看到的是消費者與企業互動方式的長期變化。這些公司需要實現這些可組合的 API 來創建多模式通訊交互，從而建立 360 度的關係。我認為這非常有力。因此，我們看到它遍及所有行業和客戶規模，大、中、小，API 需求良好，現有客戶和新客戶強勁。

Our next question is from Meta Marshall with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Meta Marshall。

This is [Dave Picanco] on for Meta Marshall. So you touched on the Rule of 40 a little bit ago. Just as you progress towards that, do you think that's driven more by additional OpEx leverage? Or will that primarily be driven by growth?

我是 Meta Marshall 的 [Dave Picanco]。您剛才提到了 40 個法則。當您朝著這個目標前進時，您是否認為這更多的是由額外的營運支出槓桿所驅動？還是這主要受成長驅動？

Yes. So Dave, I'll comment on that one. When we did the Investor Day in the spring this year, as a matter of fact, our first Investor Day in 20 years, and we won't wait 20 years for the next one. We look forward to it in the first half of next year again. We kind of gave this a 3-year view of our transformation. We expect that at the beginning of the year, kind of have the Rule of 40 in the high teens exited the year near the 20%.

是的。戴夫，我來對此發表評論。我們今年春天舉辦投資者日，事實上，這是我們 20 年來的第一次投資者日，我們不會等 20 年後才舉辦下一次投資者日。我們也再次期待明年上半年。我們對我們的轉型做出了三年的展望。我們預計，今年年初，40 法則的百分比將達到 10% 左右，接近 20%。

As the year has progressed, we've seen strength in terms of the top line, the robust demand for all products UC/CC now approaching double-digit growth, and we'll see that by early '22. We see it in terms of all APIs including messaging, we see it across all of our other APIs. So we saw 27% in the Rule of 40, up from 13% a year ago. That's a big improvement. We thought we'd see mid-20s in the Rule of 40 next year. So we're significantly ahead of schedule. And it's never exactly a straight line on that, but we're definitely seeing momentum in terms of demand, velocity across all geographies, all customer sizes and this demand for the product is there.

隨著時間的推移，我們看到了營收的強勁成長，所有 UC/CC 產品的需求強勁，目前已接近兩位數的成長，我們將在 22 年初看到這一成長。我們從包括訊息傳遞在內的所有 API 中看到它，我們從所有其他 API 中看到它。因此，我們看到 40 法則的比例為 27%，高於一年前的 13%。這是一個很大的進步。我們認為明年的 40 法則中我們會看到 20 多歲的人。因此，我們大大提前了計劃。雖然這從來都不是一條直線，但我們確實看到了需求方面的勢頭，所有地區、所有客戶規模的速度以及對產品的需求都存在。

So we focused on improving our execution on the financials. Our financials on the bottom line are now positive. We thought we would do that in the second half. We did it a little bit earlier. That's accelerating, and we expect to continue to throw off more profitability as we move forward. But as Steve said, we're always going to invest that profitability once we're in that minus 1% to plus 3 kind of percent range. We want to invest that into future growth.

因此，我們專注於提高財務執行效果。我們的財務狀況目前是正面的。我們認為我們會在下半場做到這一點。我們稍早前就這麼做了。這一進程正在加速，我們預計未來將繼續帶來更多的獲利。但正如史蒂夫所說，一旦我們處於-1%到+3%的範圍內，我們就會投資這些獲利能力。我們希望將其投資於未來的成長。

So what's going to drive and continue to drive the Rule of 40 is effective fiscal management with a focus on investing on where the customer is going. And you're going to see the growth rate is going to be one of the key drivers of our Rule of 40 as we look out over the next 2 years.

因此，推動並繼續推動「40 規則」的是有效的財務管理，重點是投資於客戶的需求。您將會看到，展望未來兩年，成長率將成為我們「40法則」的主要驅動因素之一。

Great. And just one follow-up. I was wondering if you could share the FX impact to VCP growth?

偉大的。僅剩一個後續行動。我想知道您是否可以分享外匯對 VCP 成長的影響？

Sure. Steve, you've got that?

當然。史蒂夫，你明白了嗎？

Yes. So when we take a look at FX, it was relatively -- from our perspective, it was relatively flat. We had a good quarter. So from a VCP service revenue, as reported was 25%, constant currency was 25%.

是的。因此，當我們觀察外匯時，從我們的角度來看，它是相對平穩的。我們本季表現良好。因此，從 VCP 服務收入來看，報告為 25%，以固定匯率計算為 25%。

Got it. So Dave, we saw no impact on that front.

知道了。所以戴夫，我們沒有看到這方面的影響。

Congrats on the quarter.

恭喜本季取得佳績。

Our next question is from Will Power with Baird.

我們的下一個問題來自貝爾德的威爾鮑爾。

Okay. Great. Yes, I guess I'd echo my congratulations. It's great to see the revenue and operating efficiency improvements.

好的。偉大的。是的，我想我會表達我的祝賀。很高興看到收入和營運效率的提高。

Maybe a question on Jumper AI. That seems like a pretty interesting acquisition and fit for you all. So I guess I'd love to better understand potential impacts to Q4 and even into 2022 revenue and maybe even on the cost side? And maybe just any other background color on any integration process? How quickly you can get up and running with that?

也許是有關 Jumper AI 的問題。這似乎是一次非常有趣的收購，並且適合你們所有人。所以我想我很想更了解對第四季甚至 2022 年收入甚至成本的潛在影響？也許只是任何整合過程中的任何其他背景顏色？您多快可以開始運行它？

Will, I love that question. From the standpoint of how we see this market evolving over the next 3, 5, 7 years, we're going to see this the multimodal communication, transformation across every industry, every workflow, every geography, every customer size.

威爾，我喜歡這個問題。從我們對未來 3、5、7 年這個市場發展的看法來看，我們將看到多模式溝通的轉型跨越每個產業、每個工作流程、每個地區、每個客戶規模。

What we're seeing is this movement from transactional notifications, kind of, flat interaction through these composable APIs, whether it's videos or messaging or voice. What's going to fundamentally occur is it's going to move from this concept of notification and transactional communications to 360-degree engagements, full conversations ongoing. And this is going to be one of the key engagement levers, I believe, for every industry and every customer.

我們看到的是從交易通知到平面互動的這種轉變，透過這些可組合的 API，無論是視訊、訊息還是語音。從根本上來說，它將從通知和交易通訊的概念轉變為全方位的參與和持續的對話。我相信，這將成為每個行業和每個客戶的關鍵參與槓桿之一。

Unfortunately, the pandemic or -- depending on how well -- I think, it's unfortunate, but it's only accelerated that because you've seen now all age groups being accepting of this kind of activity. And because of the cloud, because of mobility and 3.8 billion powerful handsets in everyone's hand plus 5G networks with improved latency and unbelievable bandwidth and security, we're seeing that.

不幸的是，這場大流行，或者——取決於情況如何——我認為，這是不幸的，但它只會加速這一進程，因為你現在已經看到所有年齡層的人都接受這種活動。由於雲端運算、行動性、每個人手中 38 億部功能強大的手機，以及具有更低延遲和令人難以置信的頻寬和安全性的 5G 網絡，我們看到了這一點。

And Jumper AI, what it does for us is it moves, it's a leader, an early mover in this Conversational Commerce space. Look at the customers, I mean, L'Oreal, Burger King, Kiehl’s, Dove, Ben and Jerry, they're setting a trend there. We believe this is only going to accelerate as this 360-degree kind of engagement in the metaverse expands and explodes. And I think we're way at the beginning of it, but the Jumper team brings technology, innovation and customers that's going to enable us to be a leader in this space.

Jumper AI 為我們所做的就是推動這一領域的發展，它是對話式商務領域的領導者和先驅。看看顧客，我的意思是，歐萊雅、漢堡王、科顏氏、多芬、班傑瑞，他們正在引領那裡的潮流。我們相信，隨著這種 360 度的元宇宙參與度不斷擴大和爆炸性增長，這一趨勢只會加速。我認為我們才剛起步，但 Jumper 團隊帶來的技術、創新和客戶將使我們成為該領域的領導者。

And we have other things that we're continuing to look at in this space. This is a secular change, and this is why we came to Vonage, is to participate in this movement from notification to true engagement, and this is going to change the world. In terms of how we integrate, I had an opportunity to do the integration of Dell in AMC, the largest tech deal in history. Jumper is going to come in. They're going to fit right in, great culture, spend time with that team. They're energized about how we can open up the opportunity.

我們也將繼續關注該領域的其他事物。這是一個長期的變革，這就是我們來到 Vonage 的原因，參與這場從通知到真正參與的運動，這將改變世界。就我們如何整合而言，我有機會完成戴爾與AMC的整合，這是史上最大的科技交易。 Jumper 將會加入。他們對我們如何開拓機會感到非常興奮。

And from the standpoint, we think this is an important capability for us in '22 and '23. Well, we've always called '22 and '23 the year of the product, and you're going to see us continue to build on that.

從這個角度來看，我們認為這對我們22年和23年來說是一項重要的能力。我們一直將 22 和 23 年稱為產品年，您將看到我們繼續在此基礎上繼續發展。

Okay. No, that's great. I mean is there anything from a granular standpoint to call out with respect to initial revenue or cost impacts?

好的。不，那太好了。我的意思是，從細節角度來看，初始收入或成本的影響有什麼需要指出的嗎？

Well, Steve, you can comment if you like, but I'd say I'm not seeing anything significant on the OpEx side. We're very financially well structured. We've been managing well. You could see the $19 million improvement year-to-year on the bottom line. We've structured that all into our outlooks and our forecast. And I think it's going to help us in terms of the velocity of the business, because I think it's a differentiated capability. I don't think with a differentiated capability, it's also going to help us get into even higher margin messaging, higher margin APIs. But, Steve, any comment for Will?

好吧，史蒂夫，如果你願意的話你可以發表評論，但我想說的是，我沒有看到營運支出方面有任何重大進展。我們的財務結構非常良好。我們一直管理得很好。您可以看到利潤逐年增加 1,900 萬美元。我們已經將所有這些都納入了我們的展望和預測之中。我認為這將有助於我們加快業務發展速度，因為我認為這是一種差異化的能力。我認為，憑藉差異化的能力，它也能幫助我們進入利潤率更高的消息傳遞領域和利潤率更高的 API 領域。但是，史蒂夫，對威爾有什麼評論嗎？

Yes. No, Will, thanks for the question. When we look at it, look, over time, we'll see some synergies from Jumper AI that's going to allow us to move on -- improve on our operating margin. And that's going to come over time. And it goes back to, as Rory mentioned, as transactions move to conversations, that's going to allow us to improve. But as far as where we are right now, you're not going to see any significant change to where we are. It's really about us embedding Jumper into the platform and moving forward and the evolution of transactions to conversations.

是的。不，威爾，謝謝你的提問。當我們審視它時，隨著時間的推移，我們會看到 Jumper AI 的一些協同效應，這將使我們能夠繼續前進 - 提高我們的營業利潤率。而這會隨著時間的推移而實現。正如羅裡提到的那樣，隨著交易轉向對話，我們將能夠進步。但就我們目前的情況而言，你不會看到任何重大變化。這實際上是我們將 Jumper 嵌入到平台中並向前發展以及將交易演變為對話。

Our next question is from Samad Samana with Jefferies.

下一個問題來自 Jefferies 的 Samad Samana。

This is Mason Marion on for Samad. So I want to go back to APIs. So your cut off messaging is particularly strong. Going forward, how are you thinking about growth between messaging, voice and video? And what the main drivers will be?

這是 Mason Marion，代替 Samad 上場。所以我想回到 API。因此，您的切斷訊息特別強烈。展望未來，您如何看待訊息、語音和視訊之間的發展？那麼主要的驅動因素是什麼呢？

Sure. Thanks, Mason. I think from a standpoint of APIs, messaging and this continued trend toward moving notifications to conversation and adding value-added capabilities like the Jumper AI offering in this Conversational Commerce is going to continue to drive robust demand in messaging. We see that in the pipeline. We see that in the trend. And we're going to continue to participate in that.

當然。謝謝，梅森。我認為從 API 的角度來看，訊息傳遞以及將通知轉移到對話並添加增值功能（例如 Jumper AI 在對話商務中提供的服務）的持續趨勢將繼續推動訊息傳遞的強勁需求。我們已經看到了這一點。我們從趨勢中看到了這一點。我們將繼續參與其中。

You're going to see Savinay Berry and his team are doing an outstanding job working across our go-to-market to really understand where the opportunities are to open up TAM and improve even our margin participation with higher value offerings. And we've got that innovation engine moving more rapidly. So we like the robust demand. That's a good thing. We see it out into the future based on the pipeline.

您將會看到 Savinay Berry 和他的團隊在我們的行銷工作中做得非常出色，他們真正了解開放 TAM 的機會在哪裡，並透過更高價值的產品提高我們的利潤參與度。我們的創新引擎運作得更迅速。因此我們喜歡強勁的需求。這是一件好事。我們根據管道預見其未來。

And then from the standpoint of the other APIs, like the intelligent messaging APIs like in the over-the-top areas, video, voice, we think that area will ultimately grow faster in terms of percentage base. Some of those working off some relatively smaller numbers. But there, we've gotten that -- again, that focus on what functionality do we need to introduce that were to open it up.

然後從其他 API 的角度來看，例如 OTT 領域的智慧訊息傳遞 API、視訊 API、語音 API，我們認為從百分比基數來看，該領域最終將成長更快。其中一些人的工作數量相對較少。但是，我們已經得到了這一點 — — 再次，重點是我們需要引入什麼功能才能打開它。

And you're going to see us really trying to focus on vertical differentiation in our go-to-market team so that we can see the use cases where they're applied and we're going to bring expertise. I think it's a very interesting time. You've got this convergence of the cloud, the mobility and 5G networks. This is opening up this -- and the secular change in terms of those societal acceptance. This is opening up the demand. We're seeing robust demand across the board.

您將會看到，我們確實試圖專注於行銷團隊的垂直差異化，以便我們能夠看到它們的應用案例，並帶來專業知識。我認為這是一個非常有趣的時刻。您已經實現了雲端、行動性和 5G 網路的融合。這就開啟了——以及社會接受度方面的長期變化。這正在開放需求。我們看到各方面的需求都很強勁。

Okay. Great. And then going over to the UC/CC business, your growth is accelerating right on track. Can you guys talk about your channel partner efforts, how the channel partners are responding to the changes you've made? And then on the other hand, can you talk about your direct sales efforts down market and how your new go-to-market motion is resonating there?

好的。偉大的。然後轉向 UC/CC 業務，您的成長就會加速。你們能談談你們的通路夥伴的努力嗎，通路夥伴對你們所做的改變有何反應？另一方面，您能否談談您在低端市場的直銷工作以及您的新行銷舉措在那裡產生了怎樣的反響？

Yes. I'll make a couple of comments here. In the UC/CC to date, I've been so impressed with our team. We kind of laid out with Rodolpho, Regi and others, this kind of concept of really pivoting and turning that business around. We began that work in 2020. We could see it in terms of the pipeline, in terms of bookings installed. It's a waterfall, so you can really see it. We've seen year-to-year improvements, sequential improvements and that business is right on track. We've called it earlier on this call that we would return to double-digit growth. The cloud components done at VBC and VCC are already in that mid-double-digit growth. And we're optimistic we're going to continue to build.

是的。我在此發表幾點評論。到目前為止，在 UC/CC 中我們的團隊給我留下了深刻的印象。我們和 Rodolpho、Regi 以及其他人一起制定了這個真正轉變和扭轉業務的概念。我們在 2020 年就開始了這項工作。這是一個瀑布，所以你真的可以看到它。我們看到了逐年的改善、連續的改進，業務正在步入正軌。我們早些時候在電話會議上曾說過，我們將重回兩位數的成長。 VBC 和 VCC 完成的雲端組件已經達到了中兩位數的成長。我們樂觀地認為我們將會繼續建設。

Remember, Mason, there's a 0.5 billion of -- let me say that again, 0.5 billion seats that need to move to the cloud, less than 10% of it, maybe right around 10% have moved. This is a huge opportunity, and it's across all customer segments. We're doing a really nice job in reenergizing micro and small with the work that Joy's marketing team working with, the go-to market have improved in that space. I think -- and then the strength that we continue to see in mid and enterprise.

記住，梅森，有 5 億——讓我再說一遍，5 億個席位需要遷移到雲端，其中不到 10%，可能只有大約 10% 已經遷移了。這是一個巨大的機遇，它涉及所有客戶群體。在 Joy 的行銷團隊的合作下，我們在重振微型和小型公司方面做得非常出色，該領域的市場也得到了改善。我認為——我們將繼續看到中型和企業的力量。

You asked about the channel. I spent the past 4 weeks meeting with every major channel partner, one-on-one. I've spoken on many of their events over the past 2 months. I believe in the channel. I believe in the channel's multiplying capability of reach and customer impact. And we definitely got the feedback that we're on the right track. They like the portal. They like the tool. They like our ability to work with them to create a great outcome for the customer. So we've seen the pipeline and the key deals in the channel continue to accelerate.

您詢問的是頻道。過去四周，我與每位主要通路夥伴進行了一對一的會談。過去兩個月我曾談論過他們的許多活動。我相信這個管道。我相信該管道具有擴大影響力和影響客戶的倍增能力。我們得到的回饋確實表明我們走在正確的道路上。他們喜歡這個門戶網站。他們喜歡這個工具。他們喜歡我們與他們合作為客戶創造良好成果的能力。因此，我們看到管道中的管道和關鍵交易繼續加速。

I think where they are is we're building real trust with them. They have seen some starts and stops with Vonage in the past in the channel. We're committed. We believe in the channel, we believe in our partners and we're going to continue to accelerate our investment to build that capability out and we see it in the results. So the feedback was good. The trust is building, and we're going to continue to follow through on that over the next 3, 4, 8, 12 quarters to continue to create that great relationship. I think they want us to win, okay? I really do. And I think they're helping us. So good feedback so far, but more work to do and we're going to do it.

我認為他們現在正在與他們建立真正的信任。他們過去曾在該頻道中看到 Vonage 的一些起起落落。我們決心如此。我們相信管道，相信我們的合作夥伴，我們將繼續加快投資以建立這種能力，我們在結果中看到了這一點。所以反饋很好。信任正在建立，我們將在接下來的 3、4、8、12 個季度繼續保持這種良好的關係。我想他們希望我們贏，對吧？我確實如此。我認為他們正在幫助我們。到目前為止的回饋很好，但還有很多工作要做，我們將會去做。

Our next question is from Tim Horan with Oppenheimer.

我們的下一個問題來自奧本海默公司的蒂姆·霍蘭。

Your largest API competitor, you kind of grew faster than for, I think, the first time I can remember. And I've always been curious why you haven't been kind of growing faster than them for the last couple of years because you have such small market share versus them. And I guess my question is, if you look at your top 20, 30 API users globally, are you starting to gain share there with those customers? Do you have the product quality now because your price points seem to be quite a bit below them? And do you think you're basically set up at this point to really gain a lot more share from them with the larger customers out there?

您最大的 API 競爭對手，您的成長速度比我記憶中第一次成長得更快。我一直很好奇，為什麼你們在過去幾年裡沒有比他們成長得更快，因為你們的市佔率與他們相比太小了。我的問題是，如果您看看全球排名前 20 到 30 位的 API 用戶，您是否開始在這些客戶中贏得份額？你們的產品品質現在還好嗎，因為你們的價格似乎比他們低了不少？您是否認為現在您已經做好了準備，可以從更大的客戶那裡獲得更多的份額？

Yes. Thanks, Tim. I think one of the things we wanted to do is we wanted, during the first phase of the transformation, is to really get the house in order. We did that in the second half of 2020 and sort of like restoring a sports car. I mean we've taken it out of the garage now and we took it out on the track to see what it could do. The feedback is good. The product quality is improved, knock on wood, we'll continue to focus on that.

是的。謝謝，蒂姆。我認為，在改造的第一階段，我們想要做的事情之一就是讓房子井然有序。我們在 2020 年下半年做到了這一點，有點像修復一輛跑車。我的意思是我們現在已經把它從車庫裡拿出來，放在賽道上，看看它能做什麼。反響很好。產品品質得到了提高，我們會繼續關注這一點。

We're adding new features and functions. And I highlighted a few like Video Express in this most recent quarter, last quarter, the HIPAA compliance and the SOX compliance, these are opening up new TAM for us. We're getting to the point where we're getting this business in a good balance. We have fiscal responsibility. We have very good operational discipline in the structure and there is demand out there, and that demand is robust. And for us, I think we can improve the value that we're getting for our products by adding these new features and functions like Jumper AI and the Conversational Commerce or adding the HIPAA compliance and messaging so that medical and privacy are really covered.

我們正在新增功能和功能。我重點介紹了一些產品，例如最近一個季度和上個季度的 Video Express、HIPAA 合規性和 SOX 合規性，這些都為我們開闢了新的 TAM。我們目前正處於使這項業務保持良好平衡的階段。我們有財政責任。我們的結構有非常好的營運紀律，而且有需求，而且這種需求很強勁。對我們來說，我認為我們可以透過添加這些新功能和功能（例如 Jumper AI 和對話式商務）或添加 HIPAA 合規性和訊息功能來提高我們產品的價值，以便真正涵蓋醫療和隱私。

There's competitors out there, sure. But our focus is we understand them, but we're really spending our time with our customers. And our customers are telling us, you're on the right track. You're definitely increasing our footprint with them. We're expanding across other APIs, but we have more work to do, and we're going to do it. So we like the progress we're on, on our 3-year transformation. We are ahead of schedule, but the demand is there, and people are reacting to the improvements we're making.

當然，還有競爭對手。但我們的重點是了解他們，但我們確實花時間與客戶在一起。我們的客戶告訴我們，你們走在正確的道路上。您肯定會擴大我們在他們中的影響力。我們正在擴展其他 API，但我們還有更多工作要做，我們將會去做。我們對三年轉型過程中的進展感到滿意。我們已經提前完成了計劃，但需求是存在的，人們對我們所做的改進做出了反應。

So Tim, we're going to continue to do what we're doing, listen to our customer, put that customer first, deliver the innovation that creates value, and we're going to go after this market.

所以提姆，我們將繼續做我們正在做的事情，傾聽客戶的意見，把客戶放在第一位，提供創造價值的創新，我們將追逐這個市場。

But I guess, specifically the larger API customers out there globally, are they looking at dual source at this point? Or are you starting to gain some traction with them and you think there's a lot more potential only because it just seems to be such of hanging fruit. I mean it's almost like no SG&A and R&D costs with those customers. And I would think they want a dual source.

但我想，具體來說，全球較大的 API 客戶現在是否正在考慮雙重來源？或者你開始對他們產生一些吸引力，你認為還有更多的潛力，只是因為它看起來只是懸而未決的成果。我的意思是這些客戶幾乎沒有銷售、一般及行政費用和研發成本。我認為他們想要雙重來源。

Yes. Tim, I think you're spot on. I think that we're definitely scaling on our OpEx now. I think we're getting the business in balance so that we can add in particular areas like you suggested in some of the larger relationships, and we're winning new routes. We're expanding our footprint with them. They definitely are reacting. We're going to go across the entire planet and go after the competition. Customer's reacting. So you're spot on. I definitely think there is an opportunity, and we're going to be the aggressor.

是的。提姆，我認為你說得對。我認為我們現在肯定正在擴大我們的營運支出。我認為我們正在平衡業務，以便我們可以在一些較大的關係中加入您所建議的特定領域，並且我們正在贏得新的航線。我們正在與他們一起擴大我們的足跡。他們肯定正在做出反應。我們將走遍整個地球去追擊競爭對手。顧客的反應。所以你說得對。我確實認為這是一個機會，而且我們將成為主動出擊者。

Our next question is from Drew Glaeser with JPMorgan.

下一個問題來自摩根大通的德魯·格拉澤 (Drew Glaeser)。

Congrats on a great quarter. You mentioned this briefly in the prepared remarks, but how the COVID impacted industries like travel and hospitality performing at this point? And are there any specific verticals that are leading the way in the API business or the UC/CC side?

恭喜您度過了一個美好的季度。您在準備好的發言中簡要提到了這一點，但是 COVID 目前對旅遊和酒店等行業的表現有何影響？有哪些特定的垂直產業在 API 業務或 UC/CC 方面處於領先地位？

Drew, good to speak with you. I'd say in terms of our portfolio, and we've commented a couple of times in the past, I think it's a competitive advantage, the diversity of it, both geographically and vertically wise. We're definitely seeing improvement in travel and hospitality as COVID kind of moderates. We're also seeing activity in logistics. We're seeing it in crypto platforms. We're seeing it in social. We're seeing it in the payment sector.

德魯，很高興與您交談。我想說，就我們的投資組合而言，我們過去已經評論過幾次，我認為這是一個競爭優勢，它的多樣性，無論是從地域上還是垂直上。隨著新冠疫情的緩和，我們確實看到旅遊和酒店業有所改善。我們也看到物流領域的活動。我們在加密平台上看到了它。我們在社交中看到了它。我們在支付領域看到了這一點。

There is no question that there is demand out there. And we see it in terms of e-commerce, financial, logistics. The hospitality area and travel have absolutely picked up. But there's still more room for them to go. I think they're going to add a lot more in terms of capacity, and we'll continue to participate on that. So I feel that we have a nice combination. So we're not just tied to pre-COVID kind of industry. We're participating across the board.

毫無疑問，存在著需求。我們從電子商務、金融、物流等方面看到了這一點。酒店業和旅遊業已經明顯復甦。但他們還有更大的進步空間。我認為他們將大幅增加產能，我們也將繼續參與其中。所以我覺得我們的組合很好。因此，我們並不只限於疫情之前的產業。我們全方面參與。

And Drew, I think it really is less to do about COVID and more do about this change in the way customers want to interact. And that's why we went after Jumper AI. That's why we're building that technology. This is really going to move in the direction of engagement in the metaverse. And I think it's the next 5, 7, 10 years.

德魯，我認為這與 COVID 關係不大，而與客戶互動方式的改變關係更大。這就是我們追求 Jumper AI 的原因。這就是我們開發該項技術的原因。這確實會朝著元宇宙參與的方向發展。我認為是未來5年、7年、10年。

You had a second question, Drew. What was the second part?

你還有第二個問題，德魯。第二部分是什麼？

So I think that, that covered the first one, but I do have another quick question. So you talked about building trust with the channel. I was wondering if you could kind of expand upon what exactly you're doing to incentivize those channel partners?

所以我認為這涵蓋了第一個問題，但我還有另一個快速問題。所以你談到了與管道建立信任。我想知道您是否可以詳細說明您為激勵這些通路夥伴所採取的具體措施？

Sure, Drew. One of the things that we did when I first got here is reached out to the channel partners, their leadership, communicated our commitment and our focus. Then when we launched the whole Vonage Accelerate and the whole concept of getting that to move faster in the channel, we then backed that up with actions, so better tooling, better documentation, better incentives. And then our teams -- and now we're investing to expand our footprint with feet on the street to allow us to deliver that. So it's a series of steps.

當然，德魯。我剛到這裡時所做的事情之一就是聯繫通路夥伴及其領導階層，傳達我們的承諾和重點。然後，當我們推出整個 Vonage Accelerate 和讓它在頻道中更快移動的整個概念時，我們便採取行動來支援它，即更好的工具、更好的文件、更好的激勵措施。然後是我們的團隊——現在我們正在投資擴大我們的足跡，讓我們能夠實現這一目標。所以這是一連串的步驟。

And then the most recent 6, 8 weeks, I went and followed up with all of them with the team to understand what the feedback was. And I spoke at a lot of their kickoffs and their events. The feedback is positive. They like the investment of the portal. They like the tooling, the ability to do faster pricing. We need to do it even faster, but the feedback was good and spent time. So I'm trying to reinforce that we say that we're going to do it. We do it, and we follow up. We get feedback and we continue to improve.

在最近 6 到 8 週的時間裡，我和團隊一起跟進了所有人，了解了回饋。我在他們的許多啟動儀式和活動上發表過演講。反饋是正面的。他們喜歡該門戶網站的投資。他們喜歡這種工具和更快定價的能力。我們需要做得更快，但回饋很好，而且花了時間。因此我試著強調我們說過我們會這麼做。我們這樣做，並且進行跟進。我們收到回饋並繼續改進。

Their feedback was good. As I said, we're on track and we're seeing it. We're seeing it in terms of the pipeline, and we're seeing it in terms of the velocity. We're not at the knee of the curve yet. I think there's more to do here. And you can hear it in their voice because they're looking and they're believing that we're executing, we're committed, which we are, and then we're going to build on that activity.

他們的反饋很好。正如我所說，我們正在步入正軌，我們也看到了這一點。我們從管道的角度來看它，我們從速度的角度來看它。我們尚未到達曲線的拐點。我認為這裡還有很多事情要做。你可以從他們的聲音中聽出來，因為他們在關注並且相信我們在執行，我們在承諾，我們確實如此，然後我們將在此基礎上繼續努力。

Why the channel? The channel has such reach, and they have -- they are trusted advisers to so many players in the space, particularly in UC/CC, and we will create that combination of Vonage plus that channel partner plus that end customer, that's expertise. That's trusted adviser. That's better together. So the feedback has been good, and we're going to continue to build on the track record and action will build trust.

為什麼是頻道？該管道具有如此大的影響力，他們是該領域眾多參與者值得信賴的顧問，特別是 UC/CC 領域，我們將創建 Vonage 加上通路合作夥伴加上最終客戶的組合，這就是專業知識。這是值得信賴的顧問。在一起就更好了。因此回饋很好，我們將繼續在此基礎上再接再厲，採取行動建立信任。

Our next question is from George Sutton with Craig-Hallum.

下一個問題來自 Craig-Hallum 的喬治·薩頓 (George Sutton)。

Rory, as a long-term follower, I would tell you this turnaround has been fun to watch, and I think your use of data to create some predictability as really creating renewed confidence in the story. So I think it's great.

羅裡，作為一個長期的追隨者，我想告訴你，這種轉變很有趣，我認為你使用數據來創造一些可預測性，確實為故事創造了新的信心。所以我認為這很棒。

I had a quick question on salesforce.com and your ability to go to market with them on the CCaaS side. I know that's been an increased effort for you and certainly an area of enthusiasm for us. And then secondarily, just the issue of the day, Microsoft voice being added to their CCaaS platform. Any thoughts around that relative to your opportunity going through the Microsoft channel?

我對 salesforce.com 有一個簡單的問題，即您是否有能力與他們一起在 CCaaS 方面進入市場。我知道您已為此付出了更多努力，而這無疑是我們熱衷的領域。其次，今天的問題是，Microsoft 語音被添加到他們的 CCaaS 平台。對於透過 Microsoft 管道獲得的機會，您有何看法？

Thanks, George. I'll pitch it to Steve for a quick comment on the data because one of the things that we've really focused on over the past 18 months is to give us instrumentation. We've invested into our BI structure and our analytics capability. I mean, Steve, just maybe a couple of sentences on the focus, and that all reports up into you. So how are you feeling about our instrumentation in the analytics in terms of giving us that data to kind of really target in where the opportunities are?

謝謝，喬治。我會把它交給史蒂夫，讓他對數據做一個簡短的評論，因為在過去的 18 個月裡我們真正關注的事情之一就是為我們提供儀器。我們對我們的 BI 結構和分析能力進行了投資。我的意思是，史蒂夫，也許只需說幾句重點，這些都會向你報告。那麼，您對於我們在分析方面的儀器有什麼看法？

Sure. Thanks, Rory. And George, thanks for the question. When we take a look at how we're trying to really get underneath the diagnostics to where do we compete best and where it gives us the best opportunity to win. Since the business analytics teams, business insights, data, all rolls up to me to have one source of the truth, and we're really able to leverage that information especially when we go take a look at the opportunities of the pipeline, how they're flowing through and really getting into the details around what allows us to win.

當然。謝謝，羅裡。喬治，謝謝你的提問。當我們研究如何真正深入診斷我們在哪裡具有最佳競爭力以及在哪裡為我們提供最佳的獲勝機會時。由於業務分析團隊、業務洞察、數據都匯集到我手中，我便擁有一個事實來源，我們真正能夠利用這些信息，特別是當我們去研究渠道的機會、它們如何流動以及真正深入了解什麼讓我們取勝的細節時。

And quite frankly, the relationship with Salesforce, we continue to see strong opportunities in the pipeline, and the win rates continued to be really strong. And as we continue to win, they pull us into more integration opportunities. And that's really what it's about, more opportunities swings that we get as we're at the plate, and we're connecting with the ball right now. And we see that continuing. But as Rory mentioned earlier on, it's really also about continuing to add new feature function in our product in E&D and we'll continue to invest in that area to make sure we're building out that relationship.

坦白說，透過與 Salesforce 的合作，我們繼續看到了巨大的機遇，並且成功率持續保持強勁。隨著我們不斷獲勝，他們為我們帶來了更多的整合機會。這就是真正的意義所在，當我們站在本壘板上時，我們會獲得更多的揮棒機會，而我們現在正在與球接觸。我們看到這種情況還在繼續。但正如 Rory 之前提到的，這實際上也是為了繼續在 E&D 中為我們的產品添加新的功能，我們將繼續在該領域進行投資，以確保我們正在建立這種關係。

Yes. And I'll just add a little bit from a Salesforce, the top-to-top communications are strong. The Service Cloud Voice really represents an interesting opportunity. We're clearly a leadership partner in this. I believe we have significantly more wins than anyone else in this space. And that pipeline is trending well. So there's a lot of interest in that top-to-top conversation, and we're building it through the team.

是的。我只想補充一點來自 Salesforce 的訊息，高層之間的溝通非常順暢。服務雲端語音確實代表著一個有趣的機會。在這方面我們顯然是領導夥伴。我相信我們在這個領域取得的勝利比其他任何人都多得多。而且該管道發展趨勢良好。因此，人們對這種高層之間的對話很感興趣，我們正在透過團隊來建構它。

Jay and Brie, who runs our engaged partner activity, we're committed to this, and we're going to build that out. So good traction so far. We'll add more feature and function. I do think the Jumper AI capability, again, will help us in the UC/CC space as well. So that's an interesting combination, but I'll let (inaudible) expand.

負責我們合作夥伴活動的傑伊和布里 (Jay and Brie) 表示，我們致力於此，並將把它實現。到目前為止牽引力良好。我們將添加更多特性和功能。我確實認為 Jumper AI 功能也將再次幫助我們在 UC/CC 領域取得成功。這是一個有趣的組合，但我會讓（聽不清楚）擴展。

On the MS conversation, it's to have 1 billion seats out there. I've built, competed and worked with Microsoft for 38 years in my career. I heard so many times that they were going to do this or take over that. There's a huge opportunity out there. They're just starting. We have some really great products, great channel relationships, and there's 0.5 billion seats. I mean, we have a really good opportunity to participate in a significant way. We take every competitor serious, but our focus is on our customer and the opportunity. That's a big opportunity, and we're going to go get it. Thanks, George.

在 MS 對話中，它將擁有 10 億個席位。在我的職業生涯中，我創建微軟、與微軟競爭、並與微軟合作了 38 年。我多次聽說他們要做這事或接管那事。這裡面有巨大的機會。他們才剛開始。我們有一些非常棒的產品，很好的通路關係，而且有5億個座位。我的意思是，我們有非常好的機會以重要的方式參與。我們認真對待每一位競爭對手，但我們的重點是我們的客戶和機會。這是一個很大的機會，我們會抓住它。謝謝，喬治。

Our next question is from Ryan MacWilliams with Barclays.

下一個問題來自巴克萊銀行的 Ryan MacWilliams。

Rory, good to hear about your hands on and consistent approach to the channel. I know I love that. So with net debt now at like 2.3x and down almost a full turn from last year, how should we think about M&A here? I know you probably feel pretty good about your hand, but like how should we think about anything transformational on the horizon?

Rory，很高興聽到你對該管道採取的實際行動和一致的態度。我知道我喜歡這個。那麼，現在淨債務為 2.3 倍，比去年下降了近一倍，我們該如何看待這裡的併購？我知道您可能對自己的手感到很滿意，但是我們應該如何看待即將發生的任何變革呢？

Thanks, Ryan. Great to have you back in the fold. So I always enjoy it. Steve, do you want to give your thoughts on how we improved the net debt. It's been a very impressive fiscal management including the way we're managing accounts receivable, everything. But what's your thoughts? Do you want to add on that? And then I'll talk about the M&A.

謝謝，瑞安。很高興您能回來。所以我總是很享受它。史蒂夫，你想就我們如何改善淨債務發表你的看法嗎？這是一個非常令人印象深刻的財務管理，包括我們管理應收帳款的方式等等。但您的想法是什麼？您想補充一點嗎？然後我將談談併購。

Sure. And Ryan, thanks for the question. We've seen strong progress as far as collections. And again, it's really just been the team continuing to go after. And we've done a really nice job; a, collection; b, being able to pay down the debt, and it shows the operations are running smoothly. There's always work to do. We'll continue to drive and expand on that. But we feel pretty good about where we are. And from a terms perspective, we're not extending any -- changing any new terms.

當然。瑞安，謝謝你的提問。我們在收藏方面取得了長足的進步。再說一遍，這其實只是團隊在繼續追逐。我們做得非常好； a、收藏； b、有能力償還債務，說明公司經營順利。總有工作要做。我們將繼續推動並擴大這一目標。但我們對目前的狀況感到非常滿意。從條款的角度來看，我們不會延長或改變任何新條款。

So we feel pretty good about where we are. And then as we look forward, we'll continue to pay down the debt as we look forward. And then when we think about what that allows us to do. It allows us to think about M&A. And as you kind of asked the question, Rory runs a very robust process around acquisitions, looking for strategic plays within the marketplace.

所以我們對於目前的狀況感到非常滿意。然後，我們展望未來，並將繼續償還債務。然後我們思考這能讓我們做什麼。它讓我們思考併購。正如您所問的，羅裡 (Rory) 在收購方面運行著一個非常嚴格的流程，尋找市場中的策略性舉措。

And we feel we're in a pretty good place as far as the VCP business getting to profitability, continuing to utilize the cash from consumer. And so when we're looking through the marketplace, we are focused on key areas that will allow us to continue to build on that top line, but advance the strategy and the mission that we're on. And again, I think Jumper AI is just one of the first that you'll see coming through the pipeline that we feel will really embed in the technology and to help advance the platform.

我們認為，就 VCP 業務實現盈利並繼續利用來自消費者的現金而言，我們處於相當良好的位置。因此，當我們審視市場時，我們專注於關鍵領域，這些領域將使我們能夠繼續在營收基礎上再接再厲，同時推進我們所採取的策略和使命。而且我再次認為，Jumper AI 只是我們將看到的首批透過管道推出的技術之一，我們認為它將真正嵌入技術並幫助推進平台的發展。

Thanks, Steve. The thing I'd add here is, the Board and management are looking every day actively of how we can create value for our team members, our customers and our shareholders. And we're always looking at how we can improve that, and that's consistent. And we're actively looking at that. And we have a process that looks at tens and tens -- 70 plus 75 target potential interesting assets.

謝謝，史蒂夫。我想補充的是，董事會和管理階層每天都在積極尋找如何為我們的團隊成員、客戶和股東創造價值。我們一直在尋找如何改進這一點的方法，這是始終如一的。我們正在積極關注此事。我們有一個流程，可以逐一研究 70 加上 75 個目標潛在有趣資產。

You want to have a wide net, but we're looking -- you don't have to spend $1 billion to get really interesting capability. Jumper AI is a really good asset. And you're going to see us continue to look at that across the board, where there's definite technologies and skills that make a difference that open up new margin, open up new value that we can create with. And everything is focused around this communications, engagement platform, where the market is going.

您希望擁有一張廣闊的網絡，但我們正在尋找——您不必花費 10 億美元就能獲得真正有趣的能力。 Jumper AI 確實是一筆寶貴的資產。你會看到我們繼續全面關注這個問題，那裡有明確的技術和技能可以帶來改變，開闢新的利潤，開啟我們可以創造的新價值。一切都圍繞著這個通訊、參與平台以及市場的發展方向。

Sure, we always look at transformational pivots as well. And this company has a long history working with the Board to really do those kind of things. So rest assured, we're actively looking every single day at the ways to increase value for our shareholders, for our team members and our customers. Thanks, Ryan.

當然，我們也始終關注轉型關鍵點。該公司與董事會長期合作，確實做到了這些事情。所以請放心，我們每天都在積極尋找為股東、團隊成員和客戶增加價值的方法。謝謝，瑞安。

And just one more on the API side. You mentioned in your prepared remarks, and we picked up in our checks that some of your larger UC/CC deals included API revenues or API use cases alongside that. Do you think channel partners are becoming more comfortable selling API solutions on top of traditional contact center solutions? And are you seeing more cross-sell there?

在 API 方面還剩一個。您在準備好的評論中提到，我們在檢查中發現，您的一些較大的 UC/CC 交易包括 API 收入或 API 用例。您是否認為通路夥伴越來越願意在傳統聯絡中心解決方案之上銷售 API 解決方案？您是否看到那裡有更多的交叉銷售？

It's a great question, Ryan. By the way, the amount of discussion about API and my channel checks that I did over the past 8 weeks was definitely increased from the previous 2 cycles that I've done. I do it about every 1.5 quarter to make sure that I got a feel for where that is. The channel is definitely interested in adding it. They see it as the customer sees it that a future proofs the opportunity.

這是一個很好的問題，瑞安。順便說一句，過去 8 週我進行的有關 API 和頻道檢查的討論量肯定比之前 2 個週期有所增加。我大約每 1.5 個季度這樣做一次，以確保我了解情況。該頻道肯定有興趣添加它。他們和客戶一樣認為未來是個機會。

Again, I think that's why this platform concept is a good one. And I think whether it's the channel or our UC customers, we're at the beginning of that kind of integration. But I can tell you, in every orals, every customer call we make in the UC/CC space, the API section where we share our capabilities there is probably one of the most well attendant and the best interactions in terms of where they're interested in talking about. Because APIs and composable APIs are going to dominate the planet for the next 3, 5, 7, 10 years. And so we're going to see more of it. It's still early, but you're right to feel that, and we are seeing it.

再次，我認為這就是為什麼這個平台概念很好的原因。我認為，無論是通路還是我們的 UC 客戶，我們都處於這種整合的開始階段。但我可以告訴你，在每一次口頭交流中，在我們在 UC/CC 領域進行的每一次客戶呼叫中，我們分享我們功能的 API 部分可能是最受關注、互動最好的部分之一，就他們感興趣的話題而言。因為 API 和可組合 API 將在未來 3、5、7、10 年內主宰地球。我們將會看到更多這樣的情況。現在還為時過早，但你的感覺是對的，而且我們也看到了這一點。

Our next question is from Andrew King with Colliers.

下一個問題來自高力國際的安德魯金 (Andrew King)。

Really nice to see the UC/CC group accelerating in line as plans laid out at the Analyst Day. Could you give us an idea how much of that acceleration is being driven by bundled versus stand-alone contact center?

很高興看到 UC/CC 團隊按照分析師日制定的計劃加速推進。您能否告訴我們，這種加速在多大程度上是由捆綁聯絡中心和獨立聯絡中心所推動的？

Sure. Thanks, Andrew. Yes, the momentum in the space we've laid out, I think the team has done a very nice job of understanding where the products fit. We still see the dominant volume in the pipeline and the closed deals being one or the other, UC or CC, but we're clearly seeing more and more each quarter and particularly in the larger size deals. We've been seeing our biggest deals have a combined structure. I think that's only going to continue to accelerate. I think that combination is just a natural capability.

當然。謝謝，安德魯。是的，在我們所佈置的空間中，我認為團隊已經很好地理解了產品適合什麼位置。我們仍然看到管道中的數量占主導地位，並且已完成的交易是 UC 或 CC 之一，但我們顯然每個季度都看到越來越多的交易，特別是在較大規模的交易中。我們發現最大的交易都具有合併結構。我認為這種趨勢只會繼續加速。我認為這種結合是一種自然的能力。

And often what we see is a customer engages us in one tower, one product tower, and then once they get into it, they're like, "Oh, this makes a lot of sense. Let's do both." And I kind of highlighted a couple of that phenomenon in that -- in the prepared remarks.

我們經常看到的是，客戶在一座塔樓、一個產品塔樓內與我們互動，然後，一旦他們進入其中，他們就會說，“哦，這很有意義。我們兩個都做吧。”我在準備好的發言中強調了幾種這樣的現象。

So we like that. And 10 of the top 15 deals were in that combined space in the third quarter. Again, up from a few quarters ago where it was 3 out of 15, and it's been on a kind of a nice steady trajectory there. So we like it, and that business is on track to get to double digits. The cloud component is already there. Thanks, Andrew.

所以我們喜歡這個。第三季度，前 15 筆交易中有 10 筆涉及該綜合領域。同樣，與幾個季度前的 15 個中 3 個相比，這一比例有所上升，並且一直保持著良好的穩定軌跡。所以我們喜歡它，而且該業務有望達到兩位數。雲端組件已經存在。謝謝，安德魯。

If I could just sneak one more quick one in here. There's a pretty meaningful step down in engineering development this quarter. Could you just talk about what caused that and where you see that going forward, especially with the acquisition of Jumper AI?

如果我可以在這裡再偷偷地做一次的話。本季工程開發取得了相當有意義的進步。您能談談造成這種情況的原因以及您對未來發展的看法嗎，尤其是收購 Jumper AI 之後？

Yes. I'll let Steve comment, but it's basically a onetime kind of item on some of the accounting. We're definitely investing and growing that. You'll see '22 and -- well, '22, for sure, the plans done, but, for sure, '23 as well. We're going to increase and have them increasing our development footprint. This is a software communications cloud business. The future is around product and innovation. So that's just a onetime kind of blip based on some onetime items. But it's really up and to the right. Steve, any further thoughts?

是的。我會讓史蒂夫發表評論，但這基本上是一些會計中的一次性項目。我們肯定會投資並發展它。您會看到 '22 — — 好吧，'22，計劃肯定已經完成，但是，肯定還有 '23。我們將不斷擴大並讓他們擴大我們的發展足跡。這是一項軟體通訊雲端業務。未來取決於產品和創新。所以這只是基於一些一次性項目的一次性小插曲。但它確實位於上方且右側。史蒂夫，還有其他想法嗎？

No, I think you hit on it right, Rory. We'll continue as we move forward to invest in our engineering and development and it is a focus for us, and we'll continue to make investments as we move forward.

不，我認為你說對了，羅裡。我們將繼續在工程和開發方面進行投資，這是我們的重點，我們將在前進的過程中繼續進行投資。

Our final question is from Steve Enders with KeyBanc Capital Markets.

我們的最後一個問題來自 KeyBanc Capital Markets 的 Steve Enders。

This is George on for Steve. Congrats on the quarter. Just one quick one for me. Anything to call out from A2P carrier fees on the messaging side? That's it. And congrats again.

這是喬治，代替史蒂夫。恭喜本季取得佳績。對我來說只需快速完成一件事。在訊息傳遞方面，A2P 業者費用有什麼需要注意的嗎？就是這樣。再次恭喜。

Steve, do you want to add any comment there? I have some quick thoughts on it, but...

史蒂夫，你想添加任何評論嗎？我對此有一些快速的想法，但是...

Yes. No. Again -- so George, thanks for the question. From a carrier fees perspective, no change as we continue to move through the quarter. And obviously, we'll stay close as it goes. But as far as impacting any of our guide, we feel confident and kind of what the team has been able to deliver. And then going forward, when we take a look at -- as we look at the growth from a VCP on a go-forward basis, continuing to see API at that midpoint of about a 37% growth. We're seeing that continue in UC/CC in that high single digits.

是的。不。從承運人費用的角度來看，隨著本季的持續推進，費用並沒有改變。顯然，我們會密切關注事態進展。但就對我們的指南的影響而言，我們對團隊所能提供的內容充滿信心。然後展望未來，當我們觀察——當我們從未來的角度觀察 VCP 的成長時，我們將繼續看到 API 的中間值成長率約為 37%。我們看到 UC/CC 的數字仍以高個位數持續成長。

So all of that's baked in as we continue to expand on the Rule of 40. As we talk about looking forward and baking in some of these fees, it's really all about our progression. And I think the go-forward for us, we feel confident about where we're going to end, and we're looking forward to just closing out the year.

因此，隨著我們繼續擴大 40 規則，所有這些都已融入其中。我認為，對於我們未來的發展，我們充滿信心，我們也期待今年的結束。

Thanks, George. I appreciate everyone's time. We definitely look forward to updating you on our progress in 4Q. We've got work to do, so we're going to get to it. Pass it back to you, Sherry.

謝謝，喬治。我感謝大家的時間。我們非常期待向您通報我們第四季的進展。我們有工作要做，所以我們要開始做。把它還給你，雪莉。

Thank you. This does conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開您的線路，感謝您的參與。