Verint Systems Inc (VRNT) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Verint Systems third quarter 2025 earnings conference call. (Operator Instructions) Also be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Verint Systems 2025 年第三季財報電話會議。（操作員說明）也請注意，今天的會議正在錄製中。

I would now like to turn the conference over to Matthew Frankel, CFA, Investor Relations and Corporate Development Director. Please go ahead.

現在我想將會議交給 CFA、投資者關係和企業發展總監 Matthew Frankel。請繼續。

Thank you, operator. Good afternoon and thank you for joining our conference call today. I'm here with Dan Bodner, Verint's CEO; Grant Highlander, Verint's CFO; and Alan Roden, Verint's Chief Corporate Development Officer. Before getting started, I'd like to mention that accompanying our call today is a slide presentation. If you'd like to view these slides in real-time during the call, please visit the IR section of our website at verint.com, look on the Investor Relations tab and click on the webcast link and select today's conference call.

謝謝你，接線生。下午好，感謝您今天參加我們的電話會議。我和 Verint 執行長 Dan Bodner 一起來到這裡。 Grant Highlander，Verint 財務長；以及 Verint 首席企業發展長 Alan Roden。在開始之前，我想提一下，今天的電話會議附帶了一張投影片簡報。如果您想在電話會議期間即時查看這些投影片，請造訪我們網站 verint.com 的 IR 部分，查看「投資者關係」標籤，點擊網路廣播連結並選擇今天的電話會議。

I'd also like to draw your attention to the fact that certain matters discussed on this call may contain forward-looking statements within the meaning of the Private Security Litigation Reform Act of 1995 and other provisions of the federal securities laws. These forward-looking statements are based on management's current expectations and are not guarantees of future performance. Actual results could differ materially from those expressed in or implied by these forward-looking statements. Forward-looking statements are made as of the date of this call and as accepted as required by law fairness, there is no obligation to update or revise them.

我還想提請您注意，本次電話會議中討論的某些事項可能包含 1995 年《私人安全訴訟改革法案》和聯邦證券法其他條款含義內的前瞻性陳述。這些前瞻性陳述是基於管理階層目前的預期，並非對未來業績的保證。實際結果可能與這些前瞻性陳述中所表達或暗示的結果有重大差異。前瞻性陳述是截至本次電話會議之日做出的，並根據法律公平性的要求接受，沒有義務更新或修改它們。

Investors are cautioned not to place under reliance on these four different statements. For a more detailed discussion of how these and other risks and uncertainties could cause Verint's actual results to differ materially from those indicated in these forward-looking statements, please see our Form 10-K for the fiscal year ended Jan 31, 2024, and our 10-Q for the quarter ended April 30, 2024, and our Form 10-Q for the quarter ended July 31, 2024, and our Form 10-Q for the quarter ended October 31, 2024, when filed, and other filings we make with the SEC.

投資者應注意不要依賴這四種不同的聲明。如需更詳細地討論這些及其他風險和不確定性如何導致Verint 的實際結果與這些前瞻性陳述中所示的結果存在重大差異，請參閱我們截至2024 年1 月31 日的財政年度的10- K 表格，以及我們的截至2024 年4 月30 日的季度的10-Q 表格、截至2024 年7 月31 日的季度的10-Q 表格、截至2024 年10 月31 日的季度的10-Q 表格（提交時）以及我們提交的其他文件與美國證券交易委員會。

The financial measures discussed today include non-GAAP measures as we believe investors focus on those measures in comparing results between periods and among our peer companies. If we see today's slide presentation our earnings release in the Investor Relations section of our website at verint.com, for a reconciliation of non-GAAP financial measures to GAAP measures.

今天討論的財務指標包括非公認會計準則指標，因為我們認為投資者在比較不同時期和同業公司之間的表現時會關注這些指標。如果我們在 verint.com 網站的投資者關係部分看到今天的幻燈片演示，我們將發布收益報告，以對非 GAAP 財務指標與 GAAP 指標進行核對。

Non-GAAP financial information should not be considered in isolation from as a substitute for or superior to GAAP financial information but is included because management believes it provides meaningful supplemental information regarding our operating results when assessing our business and is useful to investors for informational comparative purposes. The non-GAAP Financial measures the company uses have limitations and may differ from those used by other companies.

非GAAP 財務資訊不應被孤立地視為GAAP 財務資訊的替代品或優於GAAP 財務信息，而是將其納入其中，因為管理層認為它在評估我們的業務時提供了有關我們經營業績的有意義的補充訊息，並且對投資者進行資訊比較很有用。本公司使用的非公認會計準則財務指標有其局限性，並且可能與其他公司使用的不同。

Now, I'd like to turn the call over to Dan. Dan?

現在，我想把電話轉給丹。擔？

Thank you, Matt in Q3 revenue and non-GAAP diluted EPS came in ahead of our expectations and we continue to benefit from strong AI momentum. Today, I will start with a review of our third quarter results. Then I will discuss key wins driven by our AI innovation and share some customer reported AI business outcomes. Finally, I will review the agenda for our Investor day on January 14.

謝謝，馬特第三季度的收入和非公認會計準則攤薄後每股收益超出了我們的預期，我們繼續受益於強大的人工智慧勢頭。今天，我將首先回顧我們第三季的業績。然後我將討論我們的人工智慧創新驅動的關鍵勝利，並分享一些客戶報告的人工智慧業務成果。最後，我將回顧 1 月 14 日投資者日的議程。

In Q3, Revenue came in at $224 million, around $14 million ahead of our guidance, representing approximately 5% year-over-year growth adjusted for last year's divestiture. Our revenue overachievement was driven by unbundled SaaS renewal revenue coming in a that we previously expected coming in Q4. We are pleased with the progress we've made year-to-date, and we maintained our full year guidance or 5% adjusted revenue growth.

第三季度，營收為 2.24 億美元，比我們的指引高出約 1,400 萬美元，根據去年的資產剝離調整後，年增約 5%。我們的營收超預期是由我們之前預計在第四季度出現的非捆綁 SaaS 續訂收入推動的。我們對今年迄今的進展感到滿意，並維持全年指導或調整後 5% 的收入成長。

Revenue growth in Q3 was driven by strong SaaS momentum across bundled and unbundled deals. Bundle SaaS revenue increased 19% year-over-year, an acceleration from both Q1 and Q2, driven by AI momentum.

第三季的營收成長是由捆綁和非捆綁交易的強勁 SaaS 勢頭推動的。在人工智慧勢頭的推動下，Bundle SaaS 營收年增 19%，較第一季和第二季均加速。

Unbundled SaaS revenue also increased year-over-year, driven by the timing of deals and the nature of the 606 accounting standard. Gross margin expanded year-over-year, reflecting the ongoing mix shift towards recurring revenue.

在交易時機和 606 會計準則性質的推動下，非捆綁 SaaS 收入也較去年同期成長。毛利率年增，反映了持續向經常性收入的組合轉變。

The revenue overachievement and gross margin expansion drove Q3 non-GAAP diluted EPS to $0.54, approximately $0.11 ahead of our guidance. In Q3, we continued to win large contracts, driven by our AI innovation and our unique hybrid cloud model. Some of the large wins included an $11 million order for a financial services company for a single box to augment 6,500 contact center agents.

收入超額完成和毛利率擴張推動第三季非 GAAP 攤薄後每股收益達到 0.54 美元，比我們的指引高出約 0.11 美元。第三季度，在人工智慧創新和獨特的混合雲模式的推動下，我們繼續贏得大合約。其中一些重大勝利包括向一家金融服務公司訂購了價值 1,100 萬美元的單箱訂單，以增加 6,500 名聯絡中心座席的數量。

The customer conducted a long pilot before awarding the deal, and is expecting the very bot to provide agents with real-time coaching that will increase agent capacity and elevate their customer experience. $7 million in orders for an insurance company for renewal and expansion of 1 bot across 6,000 agents which is a good example of a customer taking advantage of various hybrid cloud model by adding AI innovations quickly without converting its existing solutions to the very cloud today. And $6 million in orders for a health care company for renewal and expansion across multiple platform applications, including an expansion of 2 bots across nearly 12,000 agents in hybrid cloud.

客戶在授予交易之前進行了長時間的試點，並期望機器人能夠為客服人員提供即時指導，以提高客服人員的能力並提升他們的客戶體驗。一家保險公司收到了價值700 萬美元的訂單，用於在6,000 名代理商中更新和擴展1 個機器人，這是客戶利用各種混合雲模型快速添加人工智慧創新而無需將其現有解決方案轉換為雲的一個很好的例子。一家醫療保健公司獲得了價值 600 萬美元的訂單，用於跨多個平台應用程式進行更新和擴展，包括在混合雲中的近 12,000 個代理程式中擴展 2 個機器人。

As a reminder, the variant platform was designed with a completely open architecture in a hybrid cloud model which supports cloud to cloud integrations as well as cloud to on-prem integrations. This differentiated open architecture enables customers and partners to quickly move forward with AI innovation without a prerequisite of long disruptive and expensive cloud infrastructure projects. With respect to partners, in Q3, we had three of our Sika's partners announcing cloud-to-cloud integration with very, enabling them to offer various AI-powered bots to their customer base for the first time.

需要提醒的是，該變體平台採用混合雲模型中完全開放的架構設計，支援雲端到雲端整合以及雲端到本地整合。這種差異化的開放架構使客戶和合作夥伴能夠快速推進人工智慧創新，而無需長期破壞性且昂貴的雲端基礎設施專案。在合作夥伴方面，在第三季度，我們的三個西卡合作夥伴宣布與very進行雲端到雲端集成，使他們能夠首次向其客戶群提供各種人工智慧驅動的機器人。

With respect to end customers, our hybrid cloud platform, we now offer an on-prem customers the ability to maintain existing solutions on-prem and look forward with a broad range of AI-powered bots, so they can start to benefit with our delay from strong tangible AI business outcomes. Let's look at some AI business outcomes reported by customers using the Verint platform.

對於最終客戶，我們的混合雲平台現在為本地客戶提供本地維護現有解決方案的能力，並期待廣泛的人工智慧驅動的機器人，這樣他們就可以開始從我們的延遲中受益來自強大的有形人工智慧業務成果。讓我們看看客戶使用 Verint 平台報告的一些人工智慧業務成果。

The first example is a top telecommunication company, reporting annual savings of more than $10 million by using the Verint Intelligent Virtual Assistant to power their contact center self-service. The telecom company replaced their telephony driven IVR technology with Verint's AI-powered IVA to deliver tangible business outcomes, including improving its self-service containment rates and elevating the service experience for consumers.

第一個範例是一家頂級電信公司，該公司報告稱，透過使用 Verint 智慧虛擬助理為其聯絡中心自助服務提供支持，每年可節省超過 1000 萬美元。該電信公司以 Verint 的 AI 支援的 IVA 取代了電話驅動的 IVR 技術，以實現切實的業務成果，包括提高自助服務控制率並提升消費者的服務體驗。

The company responds to more than 7 million customer cards each year on a variety of topics including billing, payments, appointment management and tech support. By using Verint, they achieved more than 50% containment for all inquiries and 80% for billing specific inquiries. The second example is for a financial services company, reporting annual savings equivalent to $9 million by using Verint's AI-powered bots to automate agent access to enterprise knowledge.

該公司每年回覆超過 700 萬張客戶卡，涉及各種主題，包括帳單、付款、預約管理和技術支援。透過使用 Verint，他們對所有查詢實現了 50% 以上的遏制，對特定計費查詢實現了 80% 以上的遏制。第二個例子是一家金融服務公司，該公司報告稱，透過使用 Verint 的 AI 機器人自動代理程式存取企業知識，每年節省了相當於 900 萬美元的成本。

With the Verint's automating contextual knowledge delivery in real time, their agents require fewer time-consuming searches and the financial services company was able to reduce average call duration by 20 seconds. We are very pleased with the strong outcomes our customers are reporting from their initial Verint AI deployments and believe that their AI consumption from Verint will grow over time due to the dramatic benefits they are achieving.

借助 Verint 的自動化即時上下文知識交付，他們的客服人員需要更少的耗時搜索，並且金融服務公司能夠將平均通話時間縮短 20 秒。我們對客戶從最初的 Verint AI 部署中報告的強勁成果感到非常高興，並相信他們對 Verint 的 AI 消耗將隨著時間的推移而增長，因為他們所取得的巨大優勢。

The contact center market is in early stages of AI adoption and customers have been mitigating significant AI noise and height. More and more customers realize they need a CX automation platform such as Verint that can quickly deliver tangible AI business outcomes in their existing ecosystem. We continue to innovate and lead the market with new AI-powered bots.

聯絡中心市場正處於人工智慧採用的早期階段，客戶一直在減輕顯著的人工智慧噪音和高度。越來越多的客戶意識到他們需要 Verint 等 CX 自動化平台，能夠在現有生態系統中快速交付實際的 AI 業務成果。我們繼續創新並透過新的人工智慧驅動的機器人引領市場。

The Cx Ex scoring bot which we announced earlier today is the latest addition to the agent co pilot bought category of the variant open platform. Each of our Asian co-pilot bot is designed to perform a specific task in real time, which augments human agents and make them more efficient. The new scoring bots, augment agents and managers with unique real-time insights into customer experience and employee experience, which are not possible with traditional surveys.

我們今天早些時候宣布的 Cx Ex 評分機器人是變體開放平台的代理副駕駛購買類別的最新成員。我們的每個亞洲副駕駛機器人都旨在即時執行特定任務，這增強了人類代理並提高了他們的效率。新的評分機器人增強了客服人員和經理對客戶體驗和員工體驗的獨特即時洞察，這是傳統調查無法實現的。

We believe that using AI to accurately score each call in real time is unique to Verint today. And the market will be looking to augment surveys with AI-powered real-time scoring. The technology behind the new scoring boss goes beyond Gen AI, and includes sophisticated AI models for acoustic analysis that came to Verint through a tuck-in acquisition we closed during Q3. We are pleased with our ability to quickly integrate acquired technology, enabling rapid innovation in our platform and quickly offering new boats to our large customer base.

我們相信，使用 AI 即時準確地對每個通話進行評分是當今 Verint 所獨有的。市場將尋求透過人工智慧支援的即時評分來增強調查。新計分引擎背後的技術超越了 Gen AI，還包括用於聲學分析的複雜 AI 模型，這些模型是透過我們在第三季完成的一次收購來到 Verint 的。我們很高興能夠快速整合所獲得的技術，實現我們平台的快速創新，並快速向我們龐大的客戶群提供新船。

On January 14, we will be holding our Investor Day. Similar to last year's Investor Day, we will provide our outlook for next year discussed our strong momentum and explain how we will benefit from AI in the long term. Key topics we'll cover include a showcase of our open platform and go-to-market differentiation.

1 月 14 日，我們將舉辦投資者日。與去年的投資者日類似，我們將提供明年的展望，討論我們的強勁勢頭，並解釋我們將如何長期受益於人工智慧。我們將討論的關鍵主題包括展示我們的開放平台和進入市場的差異化。

You will hear directly from customers about the strong AI business outcomes they are achieving with the Verint open platform, and we will review our financial model, including fiscal '26 guidance as well as ARR and cash flow metrics, and a long-term strategy for monetizing AI.

您將直接從客戶那裡聽到他們透過 Verint 開放平台實現的強大 AI 業務成果，我們將審查我們的財務模型，包括 26 財年指導以及 ARR 和現金流量指標，以及長期策略將人工智慧貨幣化。

To recap, we are pleased with our Q3 results and expect to finish the year strong. We expect Bundle sub revenue to continue to accelerate in Q4. The key driver behind our staff momentum is the proven AI business outcomes reported by our customers. We believe that our ability to deliver measurable AI business outcomes in a hybrid cloud model is a unique and sustainable differentiator.

總而言之，我們對第三季的業績感到滿意，並期望以強勁的業績結束今年。我們預計第四季 Bundle sub 營收將持續加速。我們員工動力背後的關鍵驅動力是我們的客戶報告的經過驗證的人工智慧業務成果。我們相信，我們在混合雲模型中提供可衡量的人工智慧業務成果的能力是一個獨特且可持續的優勢。

And with that, I'll turn it over to Grant to discuss our financial results in more detail. Grant?

接下來，我將把它交給格蘭特，更詳細地討論我們的財務表現。授予？

Thanks Dan. Good afternoon, everyone. Our discussion today will include non-GAAP Financial measures, a reconciliation between our GAAP and non-GAAP Financial measures is available as Matt mentioned in our earnings release and in the IR section of our website. Differences between our GAAP and non-GAAP financial measures include adjustments related to acquisitions and divestitures, including fair value revenue adjustments, amortization of acquisition-related intangibles, certain other acquisition and divestiture-related expenses, stock-based compensation expenses, accelerated lease costs, IT facilities and infrastructure realignment as well as certain other items that can vary significantly in amount and frequency from period to period.

謝謝丹。大家下午好。我們今天的討論將包括非公認會計原則財務指標，正如馬特在我們的收益報告和我們網站的投資者關係部分中提到的那樣，我們的公認會計原則和非公認會計原則財務指標之間的調節是可用的。我們的GAAP 和非GAAP 財務指標之間的差異包括與收購和剝離相關的調整，包括公允價值收入調整、收購相關無形資產攤銷、某些其他收購和剝離相關費用、股票補償費用、加速租賃成本、 IT 設施和基礎設施的調整以及某些其他項目在不同時期的數量和頻率上可能存在顯著差異。

Now let me start with an overview of our Q3 results, Revenue increased approximately 5% year-over-year to $224 million, adjusted for our divestiture. This was around $14 million above our guidance of approximately $210 million. And as Dan mentioned earlier, this was due to unbundled SaaS revenue that we expected in Q4 shifting forward into Q3. All other revenue streams came in as expected.

現在讓我先概述我們第三季的業績，營收年增約 5%，達到 2.24 億美元，根據我們的資產剝離進行調整。這比我們指導的約 2.1 億美元高出約 1,400 萬美元。正如 Dan 之前提到的，這是由於我們預計第四季度的非捆綁 SaaS 收入將轉移到第三季。所有其他收入來源均按預期實現。

Gross margins came in strong with non-GAAP margin at 72%, up approximately 70 basis points year-over-year. We have expanded our gross margins in each of the last nine quarters on a year-over-year basis, reflecting the continued favorable mix shift to higher-margin recurring revenue and the AI innovation we deliver to our customers. Non-GAAP diluted EPS came in at $0.54, also ahead of our guidance of $0.43. Next, let's look at our SaaS revenue streams in more detail. Starting with bundled SaaS revenue stream.

毛利率表現強勁，非 GAAP 利潤率為 72%，較去年同期成長約 70 個基點。在過去的九個季度中，我們的毛利率逐年擴大，反映出向更高利潤率的經常性收入的持續有利組合轉變以及我們為客戶提供的人工智慧創新。非 GAAP 攤薄後每股收益為 0.54 美元，也高於我們 0.43 美元的指引。接下來，讓我們更詳細地了解我們的 SaaS 收入流。從捆綁 SaaS 收入流開始。

As we have discussed in past calls, 100% of our AI innovation is deployed only in bundled SaaS. In Q3, we bundled task revenue growth accelerated to 19% year-over-year, up nicely from 15% in Q2 and over 9% in Q1. The technology tuck-in acquisition that Dan discussed earlier contributed about $1 million of bundled SaaS revenue in Q3. We expect an acceleration in Q4 to more than 20% year-over-year growth to around $80 million of bundled SaaS revenue. Turning to unbundled SaaS revenue stream.

正如我們在過去的電話會議中所討論的那樣，我們 100% 的 AI 創新僅部署在捆綁的 SaaS 中。第三季度，我們的捆綁任務收入年增至 19%，遠高於第二季的 15% 和第一季的 9% 以上。Dan 先前討論的技術整合收購在第三季貢獻了約 100 萬美元的捆綁 SaaS 收入。我們預計第四季捆綁 SaaS 營收將年增 20% 以上，達到 8,000 萬美元左右。轉向非捆綁 SaaS 收入來源。

During Q3, we reported $73 million of unbundled SaaS revenue ahead of our expectations driven by renewal revenue coming in Q3 that we previously expected to come in during Q4. In Q4, similar to last year, we expect our fourth quarter to be our largest unbundled SaaS revenue quarter of the year, with around $100 million due to the large pool of renewals we have in our fourth quarter. We are pleased with our bundled SaaS growth acceleration throughout the year driven by customer demand for AI innovation.

在第三季度，我們報告了 7300 萬美元的非捆綁 SaaS 收入，超出了我們的預期，這是由第三季度的續訂收入推動的，而我們之前預計將在第四季度實現這一收入。在第四季度，與去年類似，我們預計第四季度將成為今年最大的非捆綁 SaaS 收入季度，由於第四季度有大量續訂，收入約為 1 億美元。我們對在客戶對人工智慧創新的需求的推動下，我們的捆綁 SaaS 全年加速成長感到滿意。

As Dan mentioned earlier, through the customer examples he provided, our hybrid cloud model makes AI available in bundled SaaS to all our customers and partners even when they maintain their existing solutions on-premise. Turning to our guidance for fiscal year-end '25, we are maintaining our revenue and non-GAAP diluted EPS guidance for the full year.

正如 Dan 之前提到的，透過他提供的客戶範例，我們的混合雲模型使我們的所有客戶和合作夥伴都可以在捆綁的 SaaS 中使用 AI，即使他們在本地維護現有的解決方案也是如此。談到我們對 25 財年末的指導，我們維持全年的收入和非 GAAP 攤薄後每股收益指引。

On a non-GAAP basis, our revenue outlook is $933 million, plus/minus 2% and reflecting a bit more than 5% growth compared to FY24 adjusted revenue. We can continue to expect our gross margin to increase this year and expect at least 150 basis points of expansion year-over-year. And for diluted EPS we expect $2.90 at the midpoint of our revenue guidance.

根據非公認會計原則，我們的營收前景為 9.33 億美元，正負 2%，與 2024 財年調整後營收相比成長略高於 5%。我們可以繼續預計今年毛利率將成長，並預計將年比至少成長 150 個基點。對於稀釋後每股收益，我們預計收入指引的中點為 2.90 美元。

Regarding below-the-line assumptions for the full year, we now expect interest and other expense net of approximately $7 million, net income from a noncontrolling interest of around $1 million, a cash's tax rate of around 10.5% and approximately 72.2 million fully diluted shares. I'd like to give you a bit more color on our revenue outlook for Q4.

關於全年的線下假設，我們現在預計利息和其他費用淨額約為 700 萬美元，非控制權益淨利潤約為 100 萬美元，現金稅率約為 10.5%，完全稀釋後約為 7220 萬美元股票。我想向您介紹我們第四季的收入前景。

For non-GAAP modeling purposes, you can assume $213 million of recurring revenue in Q4 and resulting in approximately 8% recurring revenue growth for the full year adjusted for the divestiture. And for nonrecurring revenue, you can assume $64 million of revenue in Q4. Let me provide you some additional color on our bookings and ARR trends. Starting with new SaaS ACV bookings. As discussed on our prior call, we see trends that are different between new deals and conversion deals.

出於非 GAAP 建模目的，您可以假設第四季度的經常性收入為 2.13 億美元，根據剝離調整後的全年經常性收入增長約 8%。對於非經常性收入，您可以假設第四季度的收入為 6,400 萬美元。讓我為您提供有關我們的預訂和 ARR 趨勢的更多資訊。從新的 SaaS ACV 預訂開始。正如我們之前的電話會議中所討論的，我們看到新交易和轉換交易之間的趨勢有所不同。

As a reminder, new deals include expansions and new functionality in both unbundled SaaS and bundled SaaS solutions. Conversion deals on the other hand, include like-to-like conversions of existing on-premise deployments to the Verint Cloud platform in bundled SaaS bookings for new deals in Q3 increased the strong 37% year-over-year.

提醒一下，新交易包括非捆綁 SaaS 和捆綁 SaaS 解決方案的擴展和新功能。另一方面，第三季新交易的捆綁 SaaS 預訂中的轉換交易，包括現有本地部署到 Verint Cloud 平台的同類轉換，年增 37%。

We are pleased with our new deal momentum, year-to-date and expect to finish the year with another strong quarter. Bookings from conversion deals were minimal due to the success of our hybrid cloud model. Customers know they can add AI now and convert the rest of their Verint solutions later when they are ready.

我們對今年迄今為止的新交易勢頭感到滿意，並期望以另一個強勁的季度結束今年。由於我們的混合雲模型的成功，轉換交易的預訂量很少。客戶知道他們現在可以添加 AI，並在準備好後轉換其餘的 Verint 解決方案。

We expect this dynamic to continue in Q4. Shifting to ARR. For Q3, SaaS ARR increased 11% year-over-year, driven by AI adoption and we expect double-digit SaaS ARR growth in Q4. As we have discussed in the past, we believe that SaaS ARR is a useful metric as it provides a consistent and normalized view of our recurring SaaS revenue streams on an annualized basis. Turning to our balance sheet.

我們預計這種動態將在第四季繼續下去。轉向 ARR。在人工智慧採用的推動下，第三季 SaaS ARR 年比成長 11%，我們預計第四季 SaaS ARR 將達到兩位數成長。正如我們過去所討論的，我們認為 SaaS ARR 是一個有用的指標，因為它提供了我們按年計算的經常性 SaaS 收入流的一致且標準化的視圖。轉向我們的資產負債表。

We continue to be in a very good financial position. Our net debt remains under 1 times last 12-month EBITDA and is further supported by our strong cash flow. With regard to cash flow, year-to-date, we've generated 25% more free cash flow than last year, and we are targeting strong cash generation in the fourth quarter and more than 30% growth for the full year.

我們仍然處於非常良好的財務狀況。我們的淨債務仍低於過去 12 個月 EBITDA 的 1 倍，並得到我們強勁現金流的進一步支持。關於現金流，今年迄今為止，我們產生的自由現金流比去年增加了 25%，我們的目標是第四季產生強勁的現金，全年成長超過 30%。

With regard to stock buybacks, we are executing on our previously announced $200 million share repurchase program, and, we'll expand on our capital allocation strategy with more detail during our Investor Day.

關於股票回購，我們正在執行先前宣布的 2 億美元股票回購計劃，並且我們將在投資者日期間更詳細地擴展我們的資本配置策略。

In summary, we are pleased with our Q3 results and expect to finish the year strong. We delivered approximately 4.5% adjusted revenue growth year-to-date. And with a strong fourth quarter, we expect to deliver around 5% adjusted growth for the full year.

總而言之，我們對第三季的業績感到滿意，並期望以強勁的業績結束今年。今年迄今為止，我們調整後的營收成長約為 4.5%。鑑於第四季的強勁表現，我們預計全年調整後的成長將達到 5% 左右。

We are also pleased with new SaaS ACV bookings from new deals growing 37% in Q3, and expect to finish the year strong. We look forward to speaking with you at our upcoming Investor Day on January 14, when we will showcase our differentiation, you will hear directly from our customers on AI business outcomes and we will review our financial model.

我們也對第三季新交易中的新 SaaS ACV 預訂量成長 37% 感到高興，並預計今年將表現強勁。我們期待在即將到來的 1 月 14 日投資者日與您交談，屆時我們將展示我們的差異化優勢，您將直接聽到我們客戶關於人工智慧業務成果的聲音，我們將審查我們的財務模型。

With that, operator, please open the line for questions.

那麼，接線員，請開通提問線路。

(Operator Instructions)

（操作員說明）

Shaul Eyal, TD Cowen.

紹爾‧埃亞爾 (Shaul Eyal)，TD‧考恩 (TD Cowen)。

Thank you. Good afternoon gentlemen, congrats on the healthy performance. Dan, I'm looking at Verint's results, listening to your commentary, as well as looking at some of the industry participants recent results and their market commentary.

謝謝。先生們下午好，恭喜您健康的表現。Dan，我正在查看 Verint 的結果，聽聽您的評論，以及一些行業參與者的最新結果和他們的市場評論。

And I wanted to ask if you currently view Verint as gaining market share within the contact center arena, which you've indicated is ripe for the upcoming AI cycle?

我想問一下，您目前是否認為 Verint 在聯絡中心領域獲得了市場份額，並且您表示該領域對於即將到來的人工智慧週期來說已經成熟？

Yes. I think we do, but we have to be clear, we are leading the CX automation market. So there's all kinds of different solutions that kind of send us need. And of course, we are not delivering CRM. We're not delivering communication platforms, but we do deliver CX automation platforms.

是的。我認為我們確實如此，但我們必須明確，我們正在引領 CX 自動化市場。因此，我們需要各種不同的解決方案。當然，我們不提供 CRM。我們不提供通訊平台，但我們提供 CX 自動化平台。

And we believe that we are the market leader and that we're taking share. We believe that because first, we report -- we see customer reported a business outcomes that we don't hear from anyone else. And when we talk to customers, we see two types of competitors who are trying to sell into this CX automation needs. Clearly, everybody thinks this is a market that has huge potential because the dramatic outcomes that are being now generated in CX automation. It's not insignificant.

我們相信我們是市場領導者並且我們正在佔領市場份額。我們相信這一點，因為首先，我們報告——我們看到客戶報告了我們沒有從其他人那裡聽到的業務成果。當我們與客戶交談時，我們看到有兩種類型的競爭對手正在試圖滿足這種 CX 自動化需求。顯然，每個人都認為這是一個潛力巨大的市場，因為 CX 自動化現在正在產生巨大的成果。這並非無關緊要。

These are tens of millions of dollars that companies can save in labor costs and also elevate the customer experience at the same time. And the competition really is coming, and CX formation is coming from two directions. We have competitors with port solutions, where they have specific bots that is automating a specific test. And that can come from small startups or large, more established companies, but they have very specific AI for specific, automating a specific workflow. And of course, we have best-of-breed performance in all our bots and we compete very well on -- with anybody in the market.

公司可以節省數千萬美元的勞動成本，同時還可以提升客戶體驗。競爭真的來了，CX 的形成來自兩個方向。我們的競爭對手擁有連接埠解決方案，他們有特定的機器人來自動執行特定的測試。這可能來自小型新創公司，也可能來自大型、更成熟的公司，但他們擁有非常具體的人工智慧，可以實現特定的自動化特定工作流程。當然，我們所有的機器人都具有同類最佳的性能，並且我們與市場上的任何人都具有很好的競爭能力。

But at the same time, we are a CX platform. We have Da Vinci, the core, we have the behavioral data at the core, and we have all these ports working in one platform. And as customers start to think more strategically about CX automation, they're really looking for an open platforms where they can consume maybe initially just on bot and at a low level of consumption, but they want to be able to, as they see the results, to grow consumption and to expand into mobile. So we have clear differentiation from those point solution vendors. The other competitor is actually internal IT development.

但同時，我們也是一個 CX 平台。我們有達文西，核心，我們有核心的行為數據，我們讓所有這些連接埠在一個平台上運行。隨著客戶開始對CX 自動化進行更具策略性的思考，他們確實在尋找一個開放的平台，他們最初可能只能在機器人上以較低的消費水平進行消費，但他們希望能夠這樣做，因為他們看到了結果，以增加消費並擴展到行動領域。因此，我們與那些單點解決方案供應商有明顯的差異。另一個競爭對手實際上是內部IT 開發。

We see a lot of our enterprise customers buying AI tools and trying to develop AI, of course, many use cases across the enterprise. And they are reporting that they're not very successful in the contact center was the FX automation use case. It's not as simple. So very often, we see this kind of we call it science projects, lab experiments that customers do. But we tell them, look, you can do a lot of things with yourself, but you can also buy from Verint, and we give you very strong outcomes.

我們看到許多企業客戶購買人工智慧工具並嘗試開發人工智慧，當然還有整個企業的許多用例。他們報告說，他們在聯絡中心的外匯自動化用例方面並不是很成功。事情沒那麼簡單。我們經常看到這種我們稱之為科學專案、客戶所做的實驗室實驗。但我們告訴他們，看，你可以自己做很多事情，但你也可以從 Verint 購買，我們會給你非常好的結果。

And we also give you those strong outcomes now because you can actually deploy it into your existing ecosystem. And customers love that message because a lot of the other options they have would require long and disruptive projects that can take a year or two and who knows what kind of outcomes they're going to achieve. So that's another very strong differentiator that we can actually deliver with an open platform into an existing ecosystem.

我們現在也為您提供了這些強大的成果，因為您實際上可以將其部署到現有的生態系統中。客戶喜歡這個訊息，因為他們擁有的許多其他選擇都需要長期且具有破壞性的項目，可能需要一兩年的時間，誰知道他們會取得什麼樣的成果。因此，這是另一個非常強大的差異化因素，我們實際上可以透過開放平台將其交付到現有的生態系統中。

Got it. Thank you for that. Maybe just a housekeeping for Grant. I know you've mentioned that tiny tuck-in that you guys have made during the third quarter. Any light you can share with us some info about whatever contribution you've seen from that little asset? Thank you.

知道了。謝謝你。也許只是格蘭特的家事服務。我知道你們曾提到你們在第三節所做的小小調整。您能與我們分享一些關於您從這項小資產中看到的貢獻的資訊嗎？謝謝。

Yeah, I'll take that. So we talked about a tuck-in acquisition in Q3. It's a start-up company that actually invested $150 million in developing AI technology. So they have a very strong AI team and very strong technology, and we're very excited to welcome the AI team into Variant. And also, as I mentioned earlier, we've already integrated some of their technology into our platform.

是的，我會接受的。所以我們在第三季討論了一次收購。這是一家新創公司，實際投資了1.5億美元用於開發人工智慧技術。所以他們擁有非常強大的AI團隊和非常強大的技術，我們非常高興地歡迎AI團隊加入Variant。而且，正如我之前提到的，我們已經將他們的一些技術整合到我們的平台中。

And this morning, we introduced the new CX EX scoring bot, and this is a very unique but that doesn't exist in the market and the ability to create real-time scoring of each call and understand what the CX trends during the call. And of course, the employee experience trend as well. We believe it's very important. So we're very excited about the acquisition. Relative to the revenue perspective, the company is small and focused on technology.

今天早上，我們推出了新的 CX EX 評分機器人，這是一個非常獨特但市場上不存在的機器人，能夠為每個通話創建即時評分並了解通話期間 CX 的趨勢。當然，還有員工體驗趨勢。我們認為這非常重要。因此，我們對此次收購感到非常興奮。相對於收入角度，該公司規模較小，且專注於技術。

They have a very small customer base, about 10 customers. And like many other start-ups, their contracts give customers the right to terminate any time. So while we have no indications that the customers will terminate -- we will need to wait and see over time how much revenue these 10 customers will generate annually. For now, I'll tell you that we recognized about $1 million in -- so that's included in our results. And this could be several million dollars in Q4.

他們的客戶群很小，大約有10個客戶。與許多其他新創企業一樣，他們的合約賦予客戶隨時終止的權利。因此，雖然我們沒有跡象表明這些客戶將會終止，但我們需要等待，看看隨著時間的推移，這 10 個客戶每年會產生多少收入。現在，我會告訴你，我們確認了大約 100 萬美元——所以這包含在我們的結果中。第四季這可能會達到數百萬美元。

Thank you so much. Good Luck.

太感謝了。祝你好運。

Joshua Reilly, Needham.

約書亞賴利，尼達姆。

But yeah, if you look at customers renewing here, are you seeing any in sea counts and what the customers are actually buying in terms of the net spend actually being higher as a result of everybody's concerns about what's going on with contact center seats in the market?

但是，是的，如果您查看此處續訂的客戶，您是否會看到海量以及客戶實際購買的淨支出實際上更高，因為每個人都擔心聯絡中心席位的情況市場？

We started to see the change. We started to talk to discuss this change actually, at the beginning of the year,. We talked about how AI is going to replace agents at least give the customers opportunity to replace agents and they give direct agents into different tasks. But since then, we do see every quarter more and more customers deploying AI and getting those very strong business outcomes that we are discussing. And we have about 50 different AI business outcomes, use cases on our website.

我們開始看到改變。我們實際上是在今年年初開始討論這項變化的。我們討論了人工智慧將如何取代代理人，至少讓客戶有機會更換代理人，並讓他們直接讓代理人執行不同的任務。但從那時起，我們確實每個季度都看到越來越多的客戶部署人工智慧並獲得我們正在討論的非常強勁的業務成果。我們的網站上有大約 50 種不同的人工智慧業務成果和用例。

So as the pool that those outcomes are not just lab experiments, but they really work in the field. We do see customers leverage this increased edge capacity. I would say that some customers choose to actually reduce the workforce. Other customers choose to use agents to spend more time to build customer relationship and to upsell and cross-sell and increase revenue. So obviously, that's a choice that each company have.

因此，作為池，這些結果不僅僅是實驗室實驗，而且它們確實在該領域發揮作用。我們確實看到客戶利用了這種增加的邊緣容量。我想說，有些客戶選擇實際減少勞動力。其他客戶選擇使用代理商來花費更多時間來建立客戶關係以及追加銷售和交叉銷售並增加收入。顯然，這是每家公司都有的選擇。

I spoke recently to a large executive from a large insurance company. And while they are investing in self-service and they want to automate some very simple request of questions from customers, they actually have a goal to spend more time, an agent get spend more time talking to customers.

我最近與一家大型保險公司的一位高階主管進行了交談。雖然他們正在投資自助服務，並且希望自動化處理客戶提出的一些非常簡單的問題要求，但他們實際上的目標是花更多時間，讓客服人員花更多時間與客戶交談。

So in that specific instance, when you're in self-service, even after the box will satisfy what you need, it will actually offer you to transfer you to an agent. So you can continue the conversation with a human being because they actually want to create more loyalty and deeper relationships. So the choice will vary, but we do see customers to your question that actually are starting to reduce sales or agent count.

因此，在特定的情況下，當您使用自助服務時，即使盒子滿足了您的需求，它實際上也會為您提供將您轉移給代理商的服務。因此，您可以繼續與人交談，因為他們實際上想要建立更多的忠誠度和更深層的關係。因此，選擇會有所不同，但我們確實看到您提出問題的客戶實際上開始減少銷售或代理商數量。

And I would say that we have about 4 million agents that we currently deploy software against these. This is WFE software than we sold for many years. And across these 4 million agents, we generate about $200 per agent annually. So delivering AI business outcomes is actually very accretive for variant because for the customers to eliminate the seats, they reduce the agent, they would need to purchase bots. And those bots to replace the agent, they will spend $1,200 for the AI.

我想說的是，我們有大約 400 萬個代理，我們目前針對這些代理部署了軟體。這是我們多年來銷售的WFE軟體。在這 400 萬代理商中，我們每年為每位代理商帶來約 200 美元的收入。因此，提供人工智慧業務成果實際上對變體來說是非常有利的，因為為了讓客戶消除席位，他們減少代理，他們需要購買機器人。而那些機器人要取代代理，他們將花費 1,200 美元購買人工智慧。

So that's a 6 times opportunity for Verint to -- we're going to lose $200 per, per seat, but we're going to gain $1,200 by delivering the bot that will automate that function.

因此，對於 Verint 來說，這是一個 6 倍的機會 - 我們每個席位將損失 200 美元，但透過提供自動化該功能的機器人，我們將獲得 1,200 美元。

And then I think, if we look overall at the market for your, what I found over, kind of the last year here talking to customers is with all the AI solutions that have come out from the various vendors there's been a digestion period where they kind of need to understand what all the vendors in the space are doing. Do you think now that customers have had maybe over a year in terms of evaluating all the different solutions out there that sales cycles can actually improve? And calendar 2025 with a better understanding of what AI is doing in the contact center? Thanks guys.

然後我認為，如果我們全面審視市場，我發現，去年在這裡與客戶交談時，各個供應商推出的所有人工智慧解決方案都經歷了一個消化期需要了解該領域所有供應商在做什麼。您認為現在客戶可能已經花了一年多的時間來評估所有不同的解決方案，銷售週期實際上可以改善嗎？2025 年曆可以更了解人工智慧在聯絡中心的角色嗎？謝謝你們。

So yes, I think you're referring to some sort of AI paralysis And that's clearly the result of the noise and hikes that honestly, most vendors create in the market, but also internal IT organizations that play around with AI tools and they are kind of experimenting for different type of automation with use cases across the enterprise.

所以，是的，我認為你指的是某種人工智慧癱瘓，這顯然是大多數供應商在市場上創造的噪音和上漲的結果，而且也是使用人工智慧工具的內部 IT 組織，他們很友善通過整個企業的用例來試驗不同類型的自動化。

So AI created obviously largest excitement about the opportunity but also certain policies, which is not unexpected in an early stage market. But again, the best tool we have, and it's working very effectively is to -- we go to an insurance company and say, look at your peers. They are already generating AI business outcomes now.

因此，人工智慧顯然對這個機會和某些政策產生了最大的興奮，這在早期市場中並不令人意外。但同樣，我們擁有的最好的工具，而且它的工作非常有效，就是——我們去一家保險公司並說，看看你的同行。他們現在已經在產生人工智慧業務成果。

What about you? And the more we can point customers to -- this is real, and maybe it's time to invest. And you don't have to invest with Verint in a big way because we're not -- again, we're we harbi cloud model, meaning you do not need to convert anything you have to the cloud first. You can use the existing ecosystem the way it is. And you can now start to deploy AI, and you can start at a very low consumption because, again, it's very flexible.

你呢？我們越能向客戶指出——這是真實的，也許是時候投資了。您不必對 Verint 進行大量投資，因為我們不是——再說一遍，我們是 harbi 雲端模型，這意味著您不需要先將任何東西轉換到雲端。您可以按原樣使用現有的生態系統。現在您可以開始部署人工智慧，並且可以以非常低的消耗開始，因為它非常靈活。

And the investment is not big. So when customers realize that they can do it in an existing ecosystem with relatively small investment and now they can prove the results not in the lab, but in a real environment, that starts to undo the paralysis. And it is getting better. I would say every quarter is getting better.

而且投資也不大。因此，當客戶意識到他們可以在現有的生態系統中以相對較小的投資做到這一點，並且現在他們可以不在實驗室中而是在真實環境中證明結果時，就開始消除癱瘓狀態。而且情況正在變得越來越好。我想說每個季度都在變得更好。

Got it. Very helpful. Thanks guys.

知道了。非常有幫助。謝謝你們。

(Operator Instructions)

（操作員說明）

Samad Samana, Jeffries.

薩馬德·薩馬納，杰弗里斯。

Hey guys, this is Willy Fitzsimmons on for Samad Samana. About a month ago, you and RingCentral jointly announced a new partnership, Dan, it would be helpful if you could discuss how that deal came together? And just help frame for us how we should think about that partnership and opportunity going forward as we enter 2025.

大家好，我是薩馬德·薩馬納的威利·菲茨西蒙斯。大約一個月前，您和 RingCentral 共同宣布了一項新的合作夥伴關係，Dan，如果您能討論一下這筆交易是如何達成的，將會有幫助嗎？幫助我們建構進入 2025 年時我們應該如何思考未來的合作夥伴關係和機會。

Sure. So, well, it came together because, Ring announced that they have a plan to grow in the contact center market, and that's the new initiative. They're not new to the contact center market, but they have a new initiative to grow in that market. And as a result, we invested both companies invested in cloud to cloud integration. So that now Ring is able to offer their customers all the capabilities that we have in the Verint platform.

當然。所以，好吧，它走到一起是因為，Ring 宣布他們有計劃在聯絡中心市場上發展，這就是新舉措。他們對聯絡中心市場並不陌生，但他們有一個在該市場發展的新舉措。因此，我們投資了兩家投資於雲端到雲端整合的公司。因此，Ring 現在能夠為其客戶提供 Verint 平台中擁有的所有功能。

So I think that when you look at the industry overall, we believe that integrations between CCUS platforms and CX automation platforms such as we have really provide customers a seamless way to purchase the communication infrastructure that they choose and also to benefit from the strong AI business outcomes that they need and they can get through a six automation platform. So it's in terms of the partnership, as you said, it was announced last month. So it's early, and we expect minimal contribution from that in Q4, but this will be another growth engine next year.

因此，我認為，當你縱觀整個行業時，我們相信CCUS 平台和CX 自動化平台（例如我們）之間的整合確實為客戶提供了一種無縫的方式來購買他們選擇的通訊基礎設施，並從強大的人工智慧業務中受益他們需要的結果，他們可以透過六個自動化平台獲得。正如您所說，這是上個月宣布的合作關係。所以現在還為時過早，我們預計第四季的貢獻很小，但這將是明年的另一個成長引擎。

Got it. And then intra-quarter, you hosted investors at your annual user conference there to engage multiple new product announcements there. Your bot count expanded to 50 plus. But beyond the new products, it seems like there is a greater focus on bundling some of those bots together. So Dan, would be helpful if you could kind of recap some of the key announcements from Engage.

知道了。然後在季度內，您在年度用戶大會上接待了投資者，以參與多項新產品發布。您的機器人數量已增加到 50 多個。但除了新產品之外，似乎更注重將其中一些機器人綁在一起。Dan，如果您能回顧 Engage 的一些關鍵公告，將會很有幫助。

And then obviously, it's early, but maybe speak to what customers' feedback has been like since the event.

顯然，現在還為時過早，但也許可以談談自活動以來客戶的回饋。

Yes. Engage was an amazing conference for us this year, again, because it was not just about technology, it was about customers, talking to customers about the business outcomes that actually already generated. And that's the best way we like to see customers getting together, not just to hear what the vendor is to say, but it's an open conference when there's a lot of sessions where customers actually speak.

是的。今年對我們來說，Engage 再次是一次令人驚嘆的會議，因為它不僅涉及技術，還涉及客戶，與客戶討論實際已經產生的業務成果。這是我們希望看到客戶聚集在一起的最佳方式，不僅僅是聽聽供應商要說什麼，而且這是一次公開會議，有很多會議讓客戶實際發言。

And you can hear and ask some questions about their experiences. So as we gain more and more customer reported AI business outcomes, obviously, we leverage that for customers to hear from customers, and I think it created more confidence that AI is not just noise, it's actually driving real dramatic business outcomes.

您可以聽到並詢問一些有關他們經歷的問題。因此，隨著我們獲得越來越多的客戶報告的人工智慧業務成果，顯然，我們利用這一點讓客戶聽取客戶的意見，我認為這讓人們更加相信人工智慧不僅僅是噪音，它實際上正在推動真正引人注目的業務成果。

For me, obviously, from a platform perspective, because we designed the platform with the behavioral data hub at the core and the ability to bring any AI, Gen AI or other AI model into the platform quickly. We're also able to innovate very quickly with new bots. And as we create more and more bots, you mentioned we have more than 50.

對我來說，顯然是從平台的角度來看，因為我們設計的平台以行為資料中心為核心，並且能夠將任何人工智慧、Gen AI或其他人工智慧模型快速引入平台。我們也能夠利用新機器人快速創新。隨著我們創建越來越多的機器人，您提到我們有超過 50 個機器人。

Obviously, we are trying also to help customers to consume those bots in bundles. But I would say we're not getting away from everybody is designed to do just one single thing because a bot is basically just automating one workflow.

顯然，我們也試圖幫助客戶捆綁使用這些機器人。但我想說的是，我們並沒有擺脫每個人都被設計成只做一件事的事實，因為機器人基本上只是自動化一個工作流程。

And customers have a lot of different workflows that they run in their business, and they can choose to automate one workflow at a time, and especially the early-stage market that gives them a lot of flexibility to start small and to prove the results. But as they get more and more confident, obviously, bundling is another way to get them to increase consumption faster.

客戶在其業務中運行許多不同的工作流程，他們可以選擇一次自動化一個工作流程，尤其是早期市場，這為他們提供了巨大的靈活性，可以從小處開始並證明結果。但隨著他們變得越來越自信，顯然捆綁銷售是讓他們更快增加消費的另一種方式。

And we started to offer some bundles, especially around the agent CoPilot bots. There are five different bots that we cover under that CoPilot category. All of them have the same common benefits of working in real time and helping the agent in real time, but each one of them is doing something different in real time.

我們開始提供一些捆綁包，特別是圍繞代理 CoPilot 機器人。我們在 CoPilot 類別下涵蓋了五種不同的機器人。所有這些都具有即時工作和即時幫助代理的相同共同好處，但每個人實時做的事情都不同。

Like one is automating the knowledge search. So agents don't have to search for knowledge, and knowledge is just being delivered to them. That can save 30 seconds. Another CoPilot bot is helping the agent in terms of real-time coaching. Reminding them of some compliance messages they have to say or suggesting next best action in terms of -- now it's a good time to sell something.

就像自動化知識搜尋一樣。因此，代理不必搜尋知識，知識只是傳遞給他們。這樣可以節省 30 秒。另一個 CoPilot 機器人正在幫助座席進行即時指導。提醒他們必須說出的一些合規訊息或建議下一步的最佳行動——現在是銷售產品的好時機。

So each of these CoPilot bots have a different function and they can be purchased separately, but we're also providing more bundles for customers who want to move faster. And you will see that typically, when you have a platform with many capabilities that works. You offer a la carte, but you also offer bundles for those who want to move faster.

因此，每個 CoPilot 機器人都有不同的功能，可以單獨購買，但我們也為想要更快移動的客戶提供更多套裝組合。當您擁有一個具有許多可用功能的平台時，您通常會看到這一點。您提供單點服務，但也為想要更快行動的人提供捆綁服務。

Perfect. Thank you very much.

完美的。非常感謝。

Thank you. And that does conclude today's Q&A session. I would like to go ahead and turn the call back over to Matthew Frankel for closing remarks. Please go ahead.

謝謝。今天的問答環節到此結束。我想繼續將電話轉回給馬修·弗蘭克爾（Matthew Frankel）做總結發言。請繼續。

Thanks Lisa and thanks, everyone, for joining us today. Of course, as delease feel free to reach out with any questions you have. And we look forward to speaking with you on the 14th of January at the Investor Day. Have a good night.

感謝麗莎，感謝大家今天加入我們。當然，如果您有任何問題，請隨時與我們聯繫。我們期待在 1 月 14 日的投資者日與您交談。祝你晚安。

Thank you for joining today's conference call. This concludes today's meeting. You may all disconnect.

感謝您參加今天的電話會議。今天的會議到此結束。你們都可以斷開連線。