Verint Systems Inc (VRNT) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to Verint Systems Inc fourth -- I'm sorry, Q4 2025 earnings conference call.

您好，感謝您的支持。歡迎參加 Verint Systems Inc 第四次——抱歉，2025 年第四季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄音。

I would now like to turn the conference over to your speaker for today, Matthew Frankel. Please go ahead.

現在我想將會議交給今天的發言人馬修·弗蘭克爾 (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.

謝謝您，接線生。下午好，感謝您參加我們今天的電話會議。我和 Verint 執行長 Dan Bodner 一起來到這裡； Verint 財務長 Grant Highlander；以及 Verint 首席企業發展長 Alan Roden。

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, click on the Investor Relations tab, and click on the webcast link and select today's conference call.

在開始之前，我想提一下，我們今天的電話會議附帶一份幻燈片簡報。如果您想在通話期間即時查看這些投影片，請造訪我們網站 verint.com 的 IR 部分，點擊「投資者關係」選項卡，然後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 Securities Litigation Reform Act of 1995 and other provisions of the federal securities laws. These forward-looking statements are based on management's current expectations that are not guarantees of future performance.

我還想提請您注意，本次電話會議討論的某些事項可能包含《1995 年私人證券訴訟改革法案》和聯邦證券法其他規定所定義的前瞻性陳述。這些前瞻性陳述是基於管理階層目前的預期，並不能保證未來的表現。

Actual results could differ materially from those expressed in or implied by these forward-looking statements. The forward-looking statements are made as of the date of this call, and as except as required by law, Verint assumes no obligation to update or revise them. Investors are cautioned not to place undue reliance on these forward-looking 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, 2025, when filed, and other filings we make with the SEC.

實際結果可能與這些前瞻性陳述所表達或暗示的結果有重大差異。這些前瞻性陳述是在本次電話會議之日做出的，除非法律要求，否則 Verint 不承擔更新或修改這些陳述的義務。提醒投資者不要過度依賴這些前瞻性陳述。有關這些和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的更詳細討論，請參閱我們提交的截至 2025 年 1 月 31 日的財政年度的 10-K 表格以及我們向美國證券交易委員會提交的其他文件。

The financial measures discussed today include non-GAAP measures and certain operating metrics as we believe investors focus on those measures in comparing results between periods and among our peer companies. These include revenue and ARR growth, which are adjusted for the divestiture we effectuated on January 31, 2024. Please see today's slide presentation, our earnings release, and the Investor Relations section of our website at verint.com for a reconciliation of non-GAAP financial measures to GAAP measures as well as for more information about our key operating metrics.

今天討論的財務指標包括非公認會計準則指標和某些營運指標，因為我們相信投資者在比較不同時期和同業公司之間的結果時會關注這些指標。其中包括收入和 ARR 成長，這些成長根據我們於 2024 年 1 月 31 日實施的資產剝離進行了調整。請參閱今天的幻燈片簡報、我們的收益報告以及我們網站 verint.com 的投資者關係部分，以了解非 GAAP 財務指標與 GAAP 指標的對照情況，以及有關我們關鍵營運指標的更多資訊。

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 provides meaningful supplemental information regarding our operating results when assessing our business and is useful to investors for informational and comparative purposes. The non-GAAP financial measures the company uses have limitations and may differ from those used by other companies.

非公認會計準則財務資訊不應孤立地看待、替代或優於公認會計準則財務信息，而應納入其中，因為管理層認為，在評估我們的業務時，非公認會計準則財務信息提供了有關我們經營業績的有意義的補充信息，並且對投資者的信息和比較目的有用。該公司使用的非公認會計準則財務指標有其局限性，可能與其他公司使用的指標不同。

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. Let me begin with ARR growth trends. In Q4, our strong AI momentum continued, driving our ARR growth to 5%, ahead of our guidance of 4%. I'm pleased to report that ARR growth accelerated every quarter last year as customers expanded their AI deployments. More and more customers are recognizing the strong AI business outcomes that Verint delivers and are progressing from initial AI experiments to AI adoption at scale.

謝謝你，馬特。讓我先從 ARR 成長趨勢開始。在第四季度，我們強勁的人工智慧勢頭持續，推動我們的 ARR 成長率達到 5%，高於我們預期的 4%。我很高興地報告，隨著客戶擴大其 AI 部署，去年每季的 ARR 成長都在加速。越來越多的客戶認識到 Verint 提供的強大 AI 業務成果，並正在從最初的 AI 實驗發展到大規模 AI 採用。

We expect this AI momentum to continue in the current quarter and throughout the year, and we forecast another year of ARR growth acceleration. For Q4 '26, we are raising our ARR outlook from our prior guidance of $760 million to $768 million, reflecting 8% growth.

我們預計這種人工智慧動能將在本季和全年持續下去，並且我們預測 ARR 成長將再加速一年。對於 2026 年第四季度，我們將 ARR 預期從先前的 7.6 億美元上調至 7.68 億美元，成長 8%。

Let's take a closer look at the key drivers behind our AI momentum. There are three key drivers behind our acceleration last year, which we believe will drive further acceleration in fiscal '26. The first driver is Verint's ability to deliver strong and differentiated AI business outcomes. Many of our customers started to deploy Verint bots over the last several years and are now reporting strong AI business outcomes, which clearly differentiates Verint in the CX market. There are many CX vendors who talk about AI technology, but are unable to walk the talk and demonstrate tangible business outcomes like we do.

讓我們仔細看看人工智慧發展勢頭背後的關鍵驅動因素。去年我們加速發展的背後有三個關鍵驅動因素，我們相信這些因素將推動 26 財年進一步加速發展。第一個驅動因素是 Verint 提供強大且差異化的 AI 業務成果的能力。我們的許多客戶在過去幾年中開始部署 Verint 機器人，並且現在報告了強勁的 AI 業務成果，這使得 Verint 在 CX 市場中脫穎而出。許多 CX 供應商都在談論 AI 技術，但無法像我們一樣做到言行一致並展示實際的業務成果。

The second driver is our ability to deliver AI business outcomes faster than any other CX vendor and without customer disruption. With Verint's differentiated hybrid cloud, customers are able to start their AI journey small, prove the desired outcomes in their own production environment, and then quickly scale with Verint AI deployments in our cloud. And the third driver is our success in seeding many customers with initial bot deployments in prior years, and we expect that this year, these customers will continue to accelerate Verint AI consumption.

第二個驅動因素是我們能夠比其他 CX 供應商更快地交付 AI 業務成果，並且不會對客戶造成乾擾。借助 Verint 差異化的混合雲，客戶可以從小規模開始他們的 AI 之旅，在自己的生產環境中證明所需的結果，然後透過我們雲端中的 Verint AI 部署快速擴展。第三個驅動因素是我們在前幾年成功地為許多客戶植入了初始機器人部署，我們預計今年這些客戶將繼續加速 Verint AI 的消費。

Let me elaborate on these three key growth drivers and give a few customer examples. Starting with the first growth driver, our strong and differentiated AI business outcomes. Here are two customer-reported AI business outcomes. A health care insurer deployed a Verint Copilot Bot and reported around a 30-second reduction in average call time. With 30,000 agents, a 30-second handling time reduction is equivalent to $70 million of agent capacity. The second example is a Telecom company, also with 30,000 agents. This customer deployed a Verint Copilot bot and achieved a 5% increase in agent productivity, which is equivalent to $45 million of agent capacity.

讓我詳細說明這三個關鍵成長動力並給出幾個客戶範例。從第一個成長動力開始，我們強大且差異化的人工智慧業務成果。以下是兩位客戶報告的 AI 業務成果。一家醫療保險公司部署了 Verint Copilot Bot，並報告平均通話時間減少了約 30 秒。對於 30,000 名代理商來說，減少 30 秒的處理時間相當於 7,000 萬美元的代理容量。第二個例子是一家電信公司，也有 30,000 名代理商。該客戶部署了 Verint Copilot 機器人，實現了代理生產力提升 5%，相當於 4,500 萬美元的代理容量。

In this case, the Verint Coaching Bot not only increased the customer productivity, but in addition, this customer reported increased revenue by improving the performance of their sales agents. Customers are reporting stronger AI business outcomes from Verint than from any other CX vendor. There is a lot of noise and hype in the market as all CX vendors are today telling an AI technology story, but our competitors cannot report strong ROI case studies like we do.

在這種情況下，Verint Coaching Bot 不僅提高了客戶的生產力，而且該客戶還報告說透過提高銷售代理的績效增加了收入。客戶報告稱，Verint 的 AI 業務成果比其他 CX 供應商都要強。由於當今所有 CX 供應商都在講述 AI 技術故事，因此市場上存在許多噪音和炒作，但我們的競爭對手無法像我們一樣報告強大的 ROI 案例研究。

Today, Verint stands out in the CX market is a highly differentiated vendor because our customers are reporting very strong AI business outcomes, and we are excited that many of them are willing to publicly share their success stories. These customer references are really helpful to Verint as they are building confidence with other customers because they can hear directly from their peers.

如今，Verint 在 CX 市場中脫穎而出，成為一家高度差異化的供應商，因為我們的客戶報告了非常強勁的 AI 業務成果，我們很高興他們中的許多人願意公開分享他們的成功案例。這些客戶推薦對 Verint 來說非常有幫助，因為他們可以直接聽取同行的意見，從而與其他客戶建立信任。

Now, let's discuss the second growth driver. In addition to delivering stronger AI business outcomes than other vendors, we're also delivering these strong outcomes faster than any other CX vendor and without disrupting the customers' operation or ecosystem.

現在，我們來討論第二個成長動力。除了提供比其他供應商更強大的 AI 業務成果之外，我們還比任何其他 CX 供應商更快地提供這些強大的成果，並且不會破壞客戶的營運或生態系統。

Verint's CX automation platform can be deployed in a hybrid cloud to deliver faster AI outcomes. So why is hybrid cloud so important to our customers? Brands have many different CX workflows, which are mostly manual and require a large, expensive human workforce to operate. Automating the CX workflows is an increasingly important priority for brands. However, they are looking to achieve this automation without embarking on big rip-and-replace infrastructure projects that can take years to deploy in which do not guarantee AI business outcomes at the end.

Verint 的 CX 自動化平台可以部署在混合雲中，以更快提供 AI 成果。那麼為什麼混合雲對我們的客戶如此重要？品牌擁有許多不同的 CX 工作流程，這些工作流程大多是手動的，需要大量昂貴的人力來操作。自動化 CX 工作流程對於品牌來說是一個越來越重要的優先事項。然而，他們希望實現這種自動化，而無需進行大型的拆除和更換基礎設施項目，因為這些項目可能需要數年時間才能部署完成，而且最終無法保證人工智慧的業務成果。

The Verint hybrid cloud approach to automating CX workflows is what the market is looking for and is resonating well with customers. With Verint, they can quickly automate existing workflows without disruption. They are able to start their AI journey with a small initial deployment, prove the desired outcomes, and then quickly scale and benefits from a large ROI.

Verint 混合雲方法可實現 CX 工作流程的自動化，這正是市場所需要的，並且得到了客戶的一致好評。借助 Verint，他們可以快速實現現有工作流程的自動化，而不會造成中斷。他們能夠透過小規模的初始部署開始他們的人工智慧之旅，證明預期的結果，然後快速擴展並從大的投資回報率中獲益。

Also, customers get peace of mind that they can keep their existing technology systems on-premises or in the cloud and layer Verint Bots on top quickly. This means that customers can continue to work with their existing AI, CRM, and communications vendors as they did before and add Verint hybrid cloud on top to automate their CX workflows now.

此外，客戶可以放心，他們可以將現有的技術系統保留在本地或雲端，並快速在其上鋪設 Verint Bots。這意味著客戶可以像以前一樣繼續與現有的 AI、CRM 和通訊供應商合作，並在其上添加 Verint 混合雲以自動化他們的 CX 工作流程。

Let's look at Verint's hybrid cloud in action. Throughout fiscal '25, many brands deployed Verint Bots in hybrid cloud model, starting small and then growing usage as they prove the desired AI business outcomes. For example, a leading financial services company has expanded in the Verint platform with hybrid cloud in fiscal '25. They added seven bots and increased their usage over time, resulting in ARR more than doubling from $1.6 million in Q4 '24 to $3.5 million in Q4 '25.

讓我們看看 Verint 混合雲的實際運作情況。在整個 25 財年，許多品牌在混合雲模型中部署了 Verint Bots，從小規模開始，然後隨著證明了所需的 AI 業務成果而擴大使用量。例如，一家領先的金融服務公司在 25 財年透過混合雲擴展了 Verint 平台。他們增加了 7 個機器人，並隨著時間的推移增加了它們的使用量，導致 ARR 增加了一倍多，從 24 年第四季的 160 萬美元增加到 25 年第四季的 350 萬美元。

Another example is a leading telecom company expanding their Verint platform with hybrid cloud. They added three Copilot Bots to their existing Verint on-premises solutions, resulting in ARR growing from $1.4 million in Q4 '24 to $4.1 million in Q4 '25. And the third example is a leading insurance company that expanded their usage of a Verint Bot, resulting in ARR growing from $2.3 million in Q4 '24 to $4.3 million in Q4 '25.

另一個例子是一家領先的電信公司透過混合雲擴展其 Verint 平台。他們在現有的 Verint 內部解決方案中添加了三個 Copilot Bots，導致 ARR 從 24 年第四季的 140 萬美元增長到 25 年第四季的 410 萬美元。第三個例子是一家領先的保險公司擴大了 Verint Bot 的使用範圍，導致 ARR 從 24 年第四季的 230 萬美元增加到 25 年第四季的 430 萬美元。

These are three examples for customers achieving fast AI outcomes with hybrid cloud without long and expensive rip-and-replace projects. These are also good examples of customers that we seeded with initial AI deployments last year, and we expect these customers to increase their usage and expand with additional bots over time.

這三個範例說明了客戶如何利用混合雲快速實現 AI 成果，而無需進行漫長而昂貴的拆除和更換專案。這些也是我們去年首次部署人工智慧的客戶的很好的例子，我們預計這些客戶會隨著時間的推移增加使用量並擴展更多的機器人。

The third key driver for ARR growth acceleration is the customer AI seeding that we started in prior years. Let's look at the customer's journey over multiple years. This telecom customer started their AI journey with Verint in fiscal '23 and over a two-year period, added 10 bots, growing ARR from a few hundred thousand dollars in fiscal '23 to $2.1 million in fiscal '24 and then accelerated to ARR of $8.5 million in fiscal '25.

ARR 成長加速的第三個關鍵驅動力是我們在前幾年開始的客戶 AI 播種。讓我們回顧一下客戶多年來的歷程。該電信客戶於 2023 財年與 Verint 開始了他們的 AI 之旅，在兩年的時間裡增加了 10 個機器人，ARR 從 2023 財年的幾十萬美元增長到 2024 財年的 210 萬美元，然後在 2025 財年加速到 850 萬美元的 ARR。

Customers are increasing consumption of our bots over time as the economics are very favorable with significant ROI. The CX market is in an early stage of AI adoption, and we've been seeding our customer base with AI. We're pleased that today, more than 90 of the Fortune 500 largest brands in the world are already using Verint AI-powered bots to automate their CX workflows. These are leading brands, and we expect them to scale and to serve as strong reference customers to influence adoption in the rest of the market.

由於經濟效益非常顯著且投資回報率很高，客戶對我們機器人的使用量逐漸增加。CX 市場正處於 AI 應用的早期階段，我們一直在向客戶群推廣 AI。我們很高興，今天，全球財富 500 強品牌中的 90 多個已經在使用 Verint AI 驅動的機器人來自動化其 CX 工作流程。這些都是領先品牌，我們預計它們能夠擴大規模並成為強有力的參考客戶，從而影響其他市場的採用。

Now, let's take a look at Q4 bookings and key customer wins. In Q4, we delivered record SaaS ACV bookings for new deals with 30% growth year-over-year. Our record bookings and key wins were driven by customers reporting strong and fast AI outcomes and sharing their success stories with other customers.

現在，讓我們來看看第四季度的預訂情況和主要客戶贏得情況。第四季度，我們實現了創紀錄的 SaaS ACV 預訂量，新交易年增 30%。我們的創紀錄的預訂和關鍵的勝利是由客戶報告強大而快速的人工智慧成果並與其他客戶分享他們的成功故事所推動的。

Here are examples of two large Q4 wins. A $27 million TCV order from an insurance company for renewal and usage expansion of the Verint platform and a $10 million TCV order from a telecom company to automate CX workflows and increase agent capacity. There are two main reasons behind these large competitive wins.

以下是第四季兩大勝利的例子。一家保險公司簽發了價值 2700 萬美元的 TCV 訂單，用於更新和擴展 Verint 平台的使用範圍，一家電信公司簽發了價值 1000 萬美元的 TCV 訂單，用於自動化 CX 工作流程和提高代理能力。這些巨大的競爭勝利背後有兩個主要原因。

First, more and more brands are fatigued by the AI noise and are looking for vendors that can deliver proven, tangible and strong AI business outcomes now. And second, brands are looking for vendors with hybrid cloud that can deploy AI solutions with no disruption and with a show me first approach.

首先，越來越多的品牌對人工智慧的噪音感到厭倦，正在尋找能夠提供經過驗證的、切實的和強大的人工智慧業務成果的供應商。其次，品牌正在尋找擁有混合雲的供應商，這些供應商可以無中斷地部署人工智慧解決方案，並採用「先展示」的方式。

In summary, we experienced strong AI momentum throughout last year. We finished fiscal '25 with record bookings and ARR growth acceleration and are raising our outlook for the current year to 8% ARR growth. We deliver stronger and faster AI business outcomes better than any other vendor in the CX market and behind our growth outlook is the proven value that we create for our customers. We believe the customer AI seeding that we did in prior years will benefit us in fiscal '26 and beyond. Our proven differentiation makes us a CX Automation category leader and well positioned for double-digit ARR growth longer term.

總而言之，去年全年我們經歷了強勁的人工智慧勢頭。我們以創紀錄的預訂量和 ARR 成長加速結束了 25 財年，並將本年度的 ARR 成長預期上調至 8%。我們比 CX 市場上的任何其他供應商更好地提供更強大、更快的 AI 業務成果，而我們成長前景的背後是我們為客戶創造的經過驗證的價值。我們相信，我們在前幾年進行的客戶 AI 播種將使我們在 26 財年及以後受益。我們經過驗證的差異化使我們成為 CX 自動化類別的領導者，並為長期實現兩位數的 ARR 成長做好了準備。

And now let me turn it over to Grant. Grant?

現在讓我把麥克風交給格蘭特。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準則財務指標。正如 Matt 所提到的，我們的 GAAP 和非 GAAP 財務指標之間的對帳表可在我們的收益報告和網站的 IR 部分中找到。我們的 GAAP 和非 GAAP 財務指標之間的差異包括與收購和資產剝離相關的調整，包括公允價值收入調整、收購相關無形資產攤銷、某些其他收購和資產剝離相關費用、股票薪酬費用、加速租賃成本、IT 設施和基礎設施調整以及某些其他在不同時期金額和頻率可能存在顯著差異的項目。

Let me start today with subscription ARR. As Dan mentioned earlier, Verint's CX Automation platform delivers AI business outcomes faster and stronger than any other vendor in the market, and we are seeing growing adoption of our AI solutions from our base as well as from new customers. This growing AI adoption is translating into faster growth. I am pleased to report that our subscription ARR year-over-year growth rate accelerated every quarter last year, and we finished the year strong.

今天讓我從訂閱 ARR 開始。正如 Dan 之前提到的，Verint 的 CX 自動化平台比市場上任何其他供應商都能夠更快、更強大地提供 AI 業務成果，並且我們看到我們的 AI 解決方案在現有客戶和新客戶中的採用率正在不斷提高。人工智慧的日益普及正在轉化為更快的成長。我很高興地報告，去年我們的訂閱 ARR 同比成長率每季都在加速，我們以強勁的勢頭結束了這一年。

In Q4, ARR came in at $712 million, up 5% year-over-year, ahead of our 4% guidance adjusted for the divestiture. Looking forward, we expect our ARR growth to continue to accelerate. And for the year, we are raising our outlook to $768 million of ARR, representing 8% growth. Behind our ARR growth is strong bookings. In Q4, SaaS ACV bookings from new deals increased 30% year-over-year to $32 million.

第四季度，ARR 達到 7.12 億美元，年增 5%，高於我們根據資產剝離調整後的 4% 的預期。展望未來，我們預期 ARR 成長將持續加速。我們將今年的 ARR 預期上調至 7.68 億美元，成長 8%。我們的 ARR 成長背後是強勁的預訂量。第四季度，新交易的 SaaS ACV 預訂量年增 30%，達到 3,200 萬美元。

I would like to highlight that $32 million was a quarterly record and follows three quarters of strong year-over-year bookings growth from new deals with 34% growth in Q1, 29% growth in Q2 and 37% growth in Q3. For the full year, SaaS ACV bookings from new deals increased 33%. As a reminder, customer conversions from on-premise applications to the Verint Cloud were minimal in fiscal '25. We also expect minimal conversion bookings in fiscal '26 as customers continue to take advantage of our hybrid model to add AI without disruptive rip-and-replace programs.

我想強調的是，3,200 萬美元創下了季度紀錄，此前三個季度新交易預訂量同比強勁增長，其中第一季增長 34%，第二季度增長 29%，第三季度增長 37%。全年來看，新交易的 SaaS ACV 預訂量增加了 33%。需要提醒的是，25 財年從內部部署應用程式到 Verint Cloud 的客戶轉換量很小。我們也預計，26 財年的轉換預訂量將達到最低水平，因為客戶將繼續利用我們的混合模型來添加 AI，而無需破壞性的拆除和替換程序。

Looking ahead, we expect another year of strong new deal bookings growth driven by customers adding new Verint AI Bots and increased usage. As Dan mentioned earlier, in fiscal '25, we seeded many customers with initial AI deployments, which we expect will increase usage in fiscal '26.

展望未來，我們預計，在客戶增加新的 Verint AI 機器人和增加使用量的推動下，新交易訂單將再創強勁成長。正如 Dan 之前提到的，在 25 財年，我們為許多客戶進行了初步 AI 部署，我們預計這將在 26 財年增加使用率。

Turning to bundled SaaS revenue. We are pleased with our acceleration from 9% growth in Q1 to 23% growth in Q4, which was also ahead of our guidance. For the year, bundled SaaS revenue grew 17% year-over-year. Bundled SaaS ARR showed similar trends throughout the year, also with 17% growth at year-end. As a reminder, Verint's AI solutions are only offered in the Verint Cloud, and therefore, bundled SaaS ARR is a good proxy for our AI growth.

轉向捆綁 SaaS 收入。我們很高興看到我們的成長率從第一季的 9% 加速到第四季的 23%，這也超出了我們的預期。今年捆綁 SaaS 營收年增 17%。捆綁 SaaS ARR 全年呈現類似的趨勢，年底也成長了 17%。提醒一下，Verint 的 AI 解決方案僅在 Verint Cloud 中提供，因此捆綁的 SaaS ARR 是我們 AI 成長的良好代表。

Dan shared earlier several examples of customers increasing AI consumption and growing ARR. We are pleased with this AI consumption growth trend, which represents more customers evolving from initial AI experiments to deploying AI at scale.

Dan 先前分享了幾個客戶增加 AI 消費和增加 ARR 的例子。我們對這種人工智慧消費成長趨勢感到滿意，這代表著越來越多的客戶從最初的人工智慧實驗發展到大規模部署人工智慧。

At our Investor Day, we discussed our plan to begin reporting cash generation and cash contribution to help investors understand Verint's growth on a ratable basis. I'm pleased to report fiscal '25 cash generation came in $8 million ahead of guidance, and our cash contribution came in $16 million ahead of guidance.

在我們的投資者日，我們討論了開始報告現金產生和現金貢獻的計劃，以幫助投資者了解 Verint 按比例的成長。我很高興地報告，25 財年的現金產生量超出預期 800 萬美元，我們的現金貢獻量超出預期 1600 萬美元。

Cash contribution for fiscal '25 came in at $228 million, an increase of 2% year-over-year and drove a 4% increase in free cash flow year-over-year. To bridge from cash contribution to free cash flow, we subtract CapEx, cash taxes, interest expense as well as adjust for the timing of collections and payables and other changes in working capital.

25 財年的現金貢獻為 2.28 億美元，年增 2%，並推動自由現金流年增 4%。為了將現金貢獻轉化為自由現金流，我們減去資本支出、現金稅、利息支出，並根據收款和應付款項的時間以及營運資本的其他變化進行調整。

Turning to revenue. As Dan discussed earlier, customers are embracing our hybrid cloud approach to adopt AI without disruption, which means they continue to purchase our software in both unbundled and bundled SaaS models.

談到收入。正如 Dan 之前所討論的，客戶正在接受我們的混合雲方法，以便在不中斷的情況下採用人工智慧，這意味著他們將繼續以非捆綁和捆綁的 SaaS 模式購買我們的軟體。

From a revenue perspective, revenue accounting for our bundled SaaS model is ratable and revenue accounting for our unbundled SaaS model is not ratable. Therefore, the timing and term length of unbundled deals can make year-over-year and sequential trends not meaningful and difficult to predict. In contrast to revenue, ARR presents a ratable view of both unbundled and bundled models, providing consistent and meaningful trends period-over-period.

從收入角度來看，我們的捆綁 SaaS 模型的收入核算具有可評估性，而非捆綁 SaaS 模型的收入核算則不具有可評估性。因此，非捆綁交易的時間和期限長度可能會使同比和連續趨勢變得毫無意義且難以預測。與收入相比，ARR 呈現了非捆綁和捆綁模型的可評估視圖，提供了一致且有意義的週期性趨勢。

Looking back in fiscal '25, ARR growth accelerated each quarter, reflecting the true growth and trajectory of the business, while revenue trends fluctuated due to timing of unbundled SaaS revenue. In Q4, revenue came in at $254 million versus our guidance of $277 million.

回顧 25 財年，ARR 成長每季都在加速，反映了業務的真實成長和軌跡，而營收趨勢則因非捆綁 SaaS 營收的時間而波動。第四季的營收為 2.54 億美元，而我們的預期為 2.77 億美元。

All revenue streams came in as expected, except for unbundled SaaS. As you know, our unbundled SaaS stream includes revenue from both renewals of multiyear contracts and bookings of new deals. Looking back on Q4, revenue from unbundled SaaS renewals came in as expected. The entire revenue shortfall was due to bookings of a few new deals in the unbundled SaaS model that did not materialize in the quarter. These deals were from existing customers, not competitive, and we expect these customers to continue to expand over time.

除非捆綁的 SaaS 外，所有收入流均符合預期。如您所知，我們的非捆綁 SaaS 流包括續簽多年期合約和預訂新交易的收入。回顧第四季度，非捆綁 SaaS 續訂收入符合預期。整個收入缺口是由於非捆綁 SaaS 模式中的一些新交易預訂在本季度未能實現。這些交易來自現有客戶，而非競爭對手，我們預期這些客戶將隨著時間的推移而不斷擴大。

Even with a few unbundled deals not materializing within the quarter, Q4 was still a record bookings quarter. Even with a record quarter, though, our bookings mix drove unbundled SaaS revenue below our expectations. As a reminder, the mix of unbundled and bundled SaaS bookings does not change the ARR view, which is ratable for all deals.

即使本季有幾筆非捆綁交易未能實現，第四季仍然是創紀錄的預訂季度。儘管本季創下了紀錄，但我們的預訂組合導致非捆綁 SaaS 收入低於我們的預期。提醒一下，非捆綁和捆綁的 SaaS 預訂的組合不會改變 ARR 視圖，該視圖適用於所有交易。

In fiscal '26, the unbundled booking mix will also be difficult to predict, and we will, therefore, take a different approach to revenue guidance this year, guiding with a wider range. Also, similar to fiscal '25, we do not expect quarterly revenue trends to be meaningful due to the timing of unbundled SaaS revenue.

在 26 財年，非捆綁預訂組合也將難以預測，因此，我們今年將採取不同的收入指導方法，以更廣泛的範圍進行指導。此外，與 25 財年類似，由於非捆綁 SaaS 收入的時間安排，我們預期季度營收趨勢不會具有意義。

Now turning to guidance. We are providing guidance in two ways. First, guidance for a ratable view of the business is measured by subscription ARR, cash generation, and cash contribution. Our ratable guidance will be provided with a narrow range of plus or minus 1%. Second, we will continue to provide guidance for revenue and non-GAAP diluted EPS as we always have, but revenue will be provided with a wider range of plus or minus 3%.

現在轉向指導。我們透過兩種方式提供指導。首先，對業務可評估觀點的指導是透過認購 ARR、現金產生和現金貢獻來衡量的。我們的按比例指導將在正負 1% 的窄範圍內提供。其次，我們將一如既往地繼續提供收入和非公認會計準則稀釋每股收益的指導，但收入將在正負 3% 的更大範圍內提供。

For our ratable metrics, our guidance is as follows. We are increasing our outlook for ARR in Q4 '26 from $760 million to $768 million, plus or minus 1%, reflecting approximately 8% growth year-over-year. And we are targeting $960 million for cash generation with a range of plus or minus 1%. At the midpoint of our cash generation guidance, we expect around $245 million of cash contribution.

對於我們的可評估指標，我們的指導如下。我們將 26 年第四季的 ARR 預期從 7.6 億美元上調至 7.68 億美元，上下浮動 1%，較去年同期成長約 8%。我們的目標是產生 9.6 億美元的現金，幅度在正負 1% 之間。在我們的現金產生指導的中點，我們預計現金貢獻約為 2.45 億美元。

For revenue and non-GAAP diluted EPS, our guidance is as follows. We are targeting $960 million of revenue with a range of plus or minus 3%, driving non-GAAP diluted EPS of $2.93 at the midpoint. Also at the midpoint of our revenue guidance, we expect gross margin of around 73% with another year of operating margin expansion.

對於收入和非公認會計準則稀釋每股收益，我們的指導如下。我們的目標是實現 9.6 億美元的營收，上下浮動 3%，非 GAAP 稀釋每股收益中位數為 2.93 美元。此外，在我們的收入預期中點，我們預計毛利率約為 73%，且營業利潤率也將在未來一年擴大。

Regarding below-the-line assumptions, for the full year, we expect interest and other expense net of approximately $7 million, net income from non-controlling interest of around $1 million, a cash tax rate of around 11% and approximately 72.2 million fully diluted shares, reflecting our buybacks to date.

關於低於線的假設，對於全年而言，我們預計利息和其他費用淨額約為 700 萬美元，非控制權益淨收入約為 100 萬美元，現金稅率約為 11%，完全稀釋股份約為 7,220 萬股，反映了我們迄今為止的回購。

Now, let me give you a bit more color on our outlook for Q1 of fiscal '26. For modelling purposes, for ARR, year-over-year growth will accelerate to 6% in Q1. For the sequential trend, keep in mind that seasonality typically drives higher usage of our software in Q4 compared to Q1. For revenue, we expect a range of between $190 million to $200 million. Our range reflects another quarter of strong year-over-year bundled SaaS revenue growth of more than 17% and lower unbundled SaaS revenue year-over-year.

現在，讓我向您詳細介紹一下我們對 26 財年第一季的展望。為了建模目的，對於 ARR，第一季的年成長將加速至 6%。對於連續趨勢，請記住季節性通常會導致我們軟體在第四季度的使用率高於第一季。我們預計營收將在 1.9 億美元至 2 億美元之間。我們的範圍反映了捆綁 SaaS 收入在本季度同比強勁增長超過 17%，而非捆綁 SaaS 收入同比有所下降。

As we have discussed in the past, unbundled SaaS multiyear renewals vary by quarter, and we expect unbundled SaaS revenue in Q1 to be lower compared to Q1 last year. At the midpoint of our revenue range, we expect driving non-GAAP diluted EPS to $0.13 in Q1.

正如我們過去所討論過的，非捆綁 SaaS 多年期續訂每季度都會有所不同，我們預計第一季的非捆綁 SaaS 收入將低於去年第一季。在我們的收入範圍中點，我們預計第一季非 GAAP 稀釋每股收益將達到 0.13 美元。

Turning to our balance sheet. We continue to be in a very good financial position. Our net debt remains well under 1 times last 12-month EBITDA and is further supported by our strong cash flow. With regard to capital allocation, we expect the largest use of our free cash flow to be buybacks. As a reminder, we started a new $200 million stock buyback program in September.

轉向我們的資產負債表。我們的財務狀況依然非常好。我們的淨債務仍遠低於過去 12 個月 EBITDA 的 1 倍，並且得到了強勁現金流的進一步支持。關於資本配置，我們預期自由現金流的最大用途是回購。提醒一下，我們在九月啟動了一項新的 2 億美元股票回購計畫。

I would also like to mention that we recently increased the size of our revolver to $500 million and extended the term to 2030. This new revolver can be used to pay down our existing convertible notes upon maturity as we are not currently planning to issue a new convertible. We can also use the revolver for other purposes, including to potentially accelerate our stock buyback program.

我還想提一下，我們最近將循環信貸額度增加到 5 億美元，並將期限延長至 2030 年。由於我們目前不打算發行新的可轉換債券，因此這張新的循環信貸額度可用於在到期時償還我們現有的可轉換債券。我們也可以將這筆循環貸款用於其他目的，包括可能加速我們的股票回購計畫。

In summary, we are pleased with our strong AI momentum. Throughout fiscal '25, ARR growth accelerated, and we overachieved our Q4 ARR guidance. We expect this momentum to continue, and we are raising our ARR outlook for the current year.

總而言之，我們對強勁的人工智慧發展勢頭感到滿意。在整個 25 財年，ARR 成長加速，我們超額完成了第四季 ARR 預期。我們預計這一勢頭將持續下去，並且我們正在上調今年的 ARR 預期。

In fiscal '26, to help investors better understand the trends of our business, in addition to providing guidance for revenue and non-GAAP diluted EPS with a wide range, we will provide guidance on a ratable basis for ARR, cash generation, and cash contribution with a narrow range. We believe a ratable view is a better way to understand the underlying growth trends in our business.

在 26 財年，為了幫助投資者更好地了解我們業務的趨勢，除了提供較大範圍的收入和非 GAAP 稀釋每股收益指導外，我們還將提供按比例計算的 ARR、現金產生和現金貢獻的較小範圍指導。我們相信，按評級的觀點是了解我們業務潛在成長趨勢的更好方法。

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

接線員，請打開熱線來回答問題。

(Operator Instructions) Joshua Reilly, Needham & Company.

（操作員指示）Joshua Reilly，Needham & Company。

So if we look at the macro, I guess one of the items we were hoping to dissipate was the AI paralysis impacting contact center spending, and it seems given the bundled momentum that you have here that's playing out. Can you just speak to the customer confidence in buying solutions now and whether they really are taking this land, small approach? Or are some customers also going for larger deals in the current environment?

因此，如果我們從宏觀角度來看，我想我們希望消除的問題之一就是人工智慧癱瘓對聯絡中心支出的影響，考慮到你們在這裡所擁有的捆綁勢頭，這種情況似乎正在發揮作用。您能否談談客戶現在對購買解決方案的信心以及他們是否真的採取了這種小規模的方法？或是在當前環境下有些客戶也想進行更大的交易？

Yeah, we do have now a very strong quarter in bundled SaaS revenue growing 23%. But this has been improving all throughout the year. And I believe Verint is very helpful to customers to stop the paralysis. With the stronger and faster AI business outcomes. And we do see customers are evolving from just doing AI experiments, which is small scale to actually AI deployments at scale.

是的，本季我們的捆綁 SaaS 收入確實非常強勁，成長了 23%。但全年來看，這一情況一直在改善。我相信 Verint 對客戶停止癱瘓非常有幫助。擁有更強大、更快速的AI業務成果。我們確實看到客戶正在從僅僅進行小規模的人工智慧實驗發展到實際大規模的人工智慧部署。

So let me give you an example. Fiserv, it's a leading fintech company, and they reported that Verint Quality Bot is doing the work of 1,200 supervisors. So this is Verint Agentic AI that is automating CX workflows. And in Fiserv's case, this is automating a financial compliance work. So the Verint Agentic AI is automating micro workflow within the compliance workflow and increasing the capacity of the compliance team.

讓我給你舉個例子。Fiserv 是一家領先的金融科技公司，據他們報告，Verint Quality Bot 正在承擔 1,200 名主管的工作。這就是自動化 CX 工作流程的 Verint Agentic AI。就 Fiserv 而言，這是財務合規工作的自動化。因此，Verint Agentic AI 正在自動化合規工作流程中的微工作流程並提高合規團隊的能力。

So -- but increasing it by a very significant matter. So these examples and companies who are willing to share the success stories publicly is very helpful. And then obviously, there's the economics. So from a point of view of the brand, on average, to replace a seat with AI, the brand will need to invest $2,000 in AI software, but they save $40,000 on labor. This is a 20x ROI. And once customers see that strong outcome, obviously, they move away from the paralysis.

所以——但增加了一個非常重要的事項。因此，這些例子和願意公開分享成功故事的公司非常有幫助。顯然，還有經濟因素。因此從品牌的角度來看，平均而言，要用人工智慧取代一個座椅，該品牌需要在人工智慧軟體上投資 2,000 美元，但在勞動力上可以節省 40,000 美元。這是 20 倍的投資報酬率。一旦客戶看到了這種強勁的結果，他們顯然就會擺脫癱瘓。

At the same time, for Verint, this $2,000 revenue from selling the automation software is much better than the loss of the software revenue from the reduced seat, which is only $200. So we swap a $200 license for $2,000 AI license. And of course, that benefits Verint from a 9x increase in revenue. So this is a win-win, and we're helping customers to actually see the benefits and it makes -- it's no-brainer to invest.

同時，對於Verint來說，這2000美元的自動化軟體銷售收入，比因座位減少而損失的軟體收入（僅200美元）好得多。因此，我們將 200 美元的許可證換成 2,000 美元的 AI 許可證。當然，這也讓 Verint 的收入增加了 9 倍。所以這是一個雙贏的局面，我們正在幫助客戶真正看到好處，這使得投資變得輕而易舉。

I would say that the big AI bottlenecks that we saw last year and are dissipating, one was the customer had that perception that in order to get AI outcomes, they need to change the infrastructure. And of course, with the hybrid cloud, as we educated the market that, that's not necessary because you can layer the AI bots from Verint on top of your existing infrastructure. So that was a big objection that now customers see that it's not a real objection.

我想說，我們去年看到的重大人工智慧瓶頸正在逐漸消失，其中一個是客戶認為，為了獲得人工智慧成果，他們需要改變基礎設施。當然，有了混合雲，正如我們向市場宣傳的那樣，這不是必需的，因為您可以在現有基礎設施之上鋪設 Verint 的 AI 機器人。這是一個很大的反對意見，但現在客戶發現這不是一個真正的反對意見。

And the other objection was mostly from IT, where they were sceptical about AI and they wanted to do AI experiments before they allow AI in the enterprise. And now, of course, the strong AI outcomes reported by their peers, they started to see, well, it's real. And of course, with hybrid cloud, they can start small. They can actually start small in their own production environment. It's not a lab environment. And when they see the results in their own production environment, there is no objection and they would like to scale quickly.

另一個反對意見主要來自 IT 部門，他們對人工智慧持懷疑態度，並希望在允許人工智慧進入企業之前進行人工智慧實驗。現在，當然，他們的同行報告了強人工智慧的成果，他們開始看到，嗯，這是真實的。當然，有了混合雲，他們可以從小處著手。他們實際上可以在自己的生產環境中從小處做起。這不是實驗室環境。當他們在自己的生產環境中看到結果時，他們沒有任何異議，並且希望快速擴大規模。

So -- and we saw many examples before of customers that more than doubled their ARR. And basically, they kept their non-bundled SaaS ARR was stable, sometimes growing, sometimes declining a little bit. But a lot of the growth that I discussed before was actually adding AI and layering that AI on top of their existing solutions from Verint and from other vendors.

所以——我們之前看到很多客戶的 ARR 增加一倍以上的例子。基本上，他們的非捆綁 SaaS ARR 保持穩定，有時增長，有時略有下降。但我之前討論過的許多成長實際上是在 Verint 和其他供應商的現有解決方案之上添加 AI 並將 AI 分層。

And then if you look at the FY26 guidance, are you assuming that any of the $20 million in pushed unbundled revenue that didn't come in the fourth quarter closes? Or have you taken that assumption on the $20 million there out of the full year guidance, including the plus or minus 3% assumption there?

然後，如果您查看 26 財年的指引，您是否假設第四季度未實現的 2000 萬美元推廣非捆綁收入中的任何一項都會結束？或者您已經從全年預測中剔除了 2000 萬美元的假設，包括正負 3% 的假設？

Yeah. No, we are talking about a couple of deals that are from existing customers that have an ongoing rollout of Verint software into larger operations. In one case, it's a deal that the customer was in the middle of a rollout to more business units, and we expect them to continue the rollout. The time line the customers have changes, obviously. We see customers actually prefer to invest their budget dollars in AI rather than rolling out infrastructure changes across their operation. But we believe that we have a very large range of outcomes when it comes to unbundled SaaS, right? And that's why we're guiding revenue is plus/minus 3%.

是的。不，我們正在談論一些來自現有客戶的交易，這些客戶正在將 Verint 軟體推廣到更大的營運中。在一種情況下，客戶正在向更多業務部門推出一項交易，我們希望他們能夠繼續推出。顯然，客戶的時間軸發生了變化。我們發現客戶實際上更願意將預算資金投資於人工智慧，而不是在整個營運過程中推行基礎設施變革。但我們相信，當談到非捆綁式 SaaS 時，我們會有很多結果，對嗎？這就是我們指導收入增加/減少 3% 的原因。

But from an ARR perspective, everything is ratable and unbundled or bundled booking basically are not making any impact on ARR. So when we guide to the 8% growth in fiscal '26, it's really disregarding the impact of any booking mix. And when you look at Q4, which we just finished and our booking mix, we actually assumed in booking Q4 that we will have $25 million of new SaaS ACV. And that was a good number, right? This will be 20% growth year-over-year.

但從 ARR 的角度來看，一切都是可評估的，非捆綁或捆綁預訂基本上不會對 ARR 產生任何影響。因此，當我們預測 26 財年將成長 8% 時，實際上忽略了任何預訂組合的影響。當您查看我們剛結束的第四季度和我們的預訂組合時，我們實際上在預訂第四季度時假設我們將有 2500 萬美元的新 SaaS ACV。這是一個不錯的數字，對吧？這將比去年​​同期增長 20%。

Actually, we had a record booking of $32 million. So we came with 30% growth even without those unbundled deals that will be now pushed into the future. So if we had those few deals that slipped, we would be at $40 million, which is even more than 40% growth. But 30% growth really is great because it's in AI. We saw customers are preferring to put their budget to work to increase the economic benefits that they get from AI, and they are sometimes deferring their infrastructure change and spreading it over time.

事實上，我們的預訂額創下了 3,200 萬美元的紀錄。因此，即使沒有那些現在將被推遲到未來的非捆綁交易，我們也實現了 30% 的成長率。因此，如果我們有幾筆交易失敗，我們的收入將達到 4000 萬美元，成長率甚至超過 40%。但 30% 的成長確實很棒，因為它屬於人工智慧領域。我們發現客戶更願意將預算用於增加從人工智慧中獲得的經濟效益，有時他們會推遲基礎設施的變革並隨著時間的推移逐步推行。

Last question for me is if you look at the fourth quarter there, you did outperform on total ARR with 5% growth. My estimate here is that you lost $8 million to $10 million from one of those large, unbundled deals that pushed. I guess in terms of making up for that $8 million to $10 million in lost ARR plus still beating on a net basis with 5% growth, was it a series of smaller bundled deals? Or was there a few large, bundled deals that came in the quarter there that outperformed relative to your expectations?

我的最後一個問題是，如果你看一下第四季度，你會發現你的總 ARR 表現確實出色，成長了 5%。我估計，在這些大型非捆綁交易中，你損失了 800 萬到 1000 萬美元。我想，為了彌補 800 萬到 1000 萬美元的 ARR 損失，同時仍能實現 5% 的淨增長，這是一系列較小的捆綁交易嗎？或者本季是否有一些大型捆綁交易的表現超出了您的預期？

Yes. No, thank you for that. So we do see larger deals now for Pure AI. One of the two deals that I highlighted, there was a Q4 win was a $10 million TCV order that was for a new bot. But interesting, we mentioned that we've been seeding the market for quite some time. And I earlier discussed four different examples of customers that increased ARR significantly over the last year.

是的。不，謝謝你。因此，我們現在確實看到了 Pure AI 的更大交易。我強調的兩筆交易之一是第四季贏得的一筆價值 1000 萬美元的 TCV 訂單，用於購買一款新機器人。但有趣的是，我們提到我們已經在市場上播種了相當長一段時間。我之前討論過四個不同的客戶的例子，這些客戶的 ARR 在去年大幅增加。

So when we look at the different cohorts and how customers behave, first, I mentioned that when I -- we are looking at the Fortune 500 companies, the leading brands in the world, and we already have 90 of the Fortune 500 that are using Verint AI. So that's obviously great because these are market influencer and there's a lot of potential in large companies.

因此，當我們觀察不同的群體和客戶行為時，首先，我提到，當我們觀察財富 500 強公司、世界領先品牌時，我們已經有 90 家財富 500 強公司正在使用 Verint AI。這顯然很棒，因為他們是市場影響者，大公司有很大的潛力。

When I looked at the different cohort, which is what is the Verint top 100 customers, and in the Verint top 100, each customer on average is like a $3 million ARR. So these are large customers. This cohort actually grew last year or Q4 ARR, the growth was 17%, right? So 5% is our overall ARR growth. But in the top 100, we grew 17%.

當我查看不同的群體，即 Verint 的前 100 名客戶時，在 Verint 的前 100 名中，每位客戶的平均 ARR 為 300 萬美元。這些都是大客戶。這個群體去年或第四季的 ARR 實際上有所成長，成長率是 17%，對嗎？因此我們的整體 ARR 成長率為 5%。但在前100名中，我們的成長了17％。

And when I look at even a smaller universe, the cohort of our top 25 customers, which they have on average $6 million per customer ARR these customers actually grew 24% in Q4 versus the 5%. So what we see now is that our largest customers are actually growing much faster than the overall universe. And it's not a coincidence because when we were introducing this innovative AI and strong outcomes to the market, we decided to actually go top down because we have thousands of customers and we can focus on educating all of them.

當我觀察較小的群體時，我們前 25 名客戶的平均每位客戶 ARR 為 600 萬美元，這些客戶在第四季度的實際成長率為 24%，而同期的增幅僅為 5%。所以我們現在看到的是，我們最大的客戶的成長速度實際上比整個宇宙的成長速度快得多。這並非巧合，因為當我們向市場推出這種創新的人工智慧和強大的成果時，我們決定自上而下，因為我們有成千上萬的客戶，我們可以專注於教育所有客戶。

So our decision was to educate our customer base top down. And we see big success with the top 25 and the top 100 because we spend a lot of time educating and showing them in their own production environment, what they can achieve and then they're obviously buying now bigger and bigger. So it's not small deals. We have bigger deals, to your question.

因此，我們的決定是自上而下地教育我們的客戶群。我們看到前 25 名和前 100 名取得了巨大的成功，因為我們花了大量時間在他們自己的生產環境中對他們進行培訓和展示，展示他們可以實現什麼，然後他們顯然會購買越來越大的產品。所以這不是小交易。回答您的問題，我們有更大的交易。

And also in fiscal '26, all the seeding work we did with the large customers, we think, will continue to benefit us because they are continuing to expand the AI consumption. But we have now the bandwidth to focus on the next 100 and the next 100 and go down the customer base. And of course, we see also acceleration from this effort.

此外，在 26 財年，我們認為，我們與大客戶所做的所有播種工作將繼續使我們受益，因為他們正在繼續擴大人工智慧的消費。但我們現在有足夠的精力來關注接下來的 100 個客戶，並擴大客戶群。當然，我們也看到了這項努力帶來的加速。

So as you mentioned in your first question, there was a big paralysis in the market. We are breaking through that paralysis, and we're seeing the results now, not just in terms of potential, but also we see very tangible results in our top customer cohorts.

正如您在第一個問題中提到的，市場陷入了嚴重癱瘓。我們正在突破這種癱瘓，現在我們看到了成果，不僅在潛力方面，而且我們在頂級客戶群中也看到了非常切實的成果。

Peter Levine, Evercore.

彼得‧萊文 (Peter Levine)，Evercore。

I think it's clear you guys have demonstrated or at least try to relay the message of ARR is the right metric. And I don't think you're the only company going through the dynamics of term and subscription. But if you look at the dynamics of these customers, can you maybe just share with us your confidence that these customers that pushed their unbundled deals into fiscal '26, like what percentage of those are actually -- do you feel confident are going to close? And then second, are there any other dynamics that happen with these deals? Or is it the macro? Was it budgeting? Anything else that played into them pushing out?

我認為很明顯你們已經證明或至少嘗試傳達 ARR 是正確的指標。而且我認為你們並不是唯一一家經歷期限和訂閱動態的公司。但是，如果您看一下這些客戶的動態，您能否與我們分享一下您對這些將非捆綁交易推遲到 26 財年的客戶是否有信心，例如其中有多少比例實際上是 - 您是否有信心會關閉？其次，這些交易還會發生其他什麼動態嗎？還是宏？是預算嗎？還有什麼因素促使他們退出嗎？

I don't think that there is macro issues. I think that actually customers are looking to spend their budgets where they get tangible results. I think there is now -- in this environment there's even more scrutiny on are we just doing experiments or are we going to see business outcomes now. So that actually works well for Verint because we are not advocating that you need to do a long-term investment. You can start small and prove it and scale only when you see the outcome.

我認為不存在宏觀問題。我認為，客戶實際上希望將預算花在能夠獲得實際成果的地方。我認為現在——在這種環境下，人們會更嚴格地審查我們只是在做實驗還是現在就能看到業務成果。所以這對 Verint 來說實際上很有效，因為我們並不主張您進行長期投資。您可以從小處著手並證明這一點，只有在看到結果後才擴大規模。

So I don't think it's a budget issue. The ROI is so significant that the solutions actually pay for themselves. So in terms of the mix of bundled and unbundled into '26, what will be the mix that we assume. First, the good news is that the mix doesn't matter to our ARR guidance because it doesn't matter. All deals in ARR are ratable. Now, of course, we know that at the end, ARR and revenue are the same thing. The deal, if it's a $1 million deal, it will drive ARR and drive revenue from a $1 million deal.

所以我不認為這是預算問題。投資回報率非常高，這些解決方案實際上可以收回成本。那麼，就 26 年捆綁和非捆綁的組合而言，我們假設的組合是什麼樣的。首先，好消息是，這種組合對我們的 ARR 指導來說並不重要，因為它並不重要。ARR 中的所有交易都是可評估的。現在，我們當然知道，最終 ARR 和收入是同一回事。如果這筆交易價值 100 萬美元，它將推動 ARR 並帶來 100 萬美元交易的收入。

So it's just a matter of timing. And because ARR, we take all deals as ratable, we basically are indifferent to the mix on our ARR guidance. And this is why we guided for 8% growth with plus/minus 1% range. Now, the mix will make a difference to our revenue, as we all know, because of the impact of 606 on unbundled SaaS. So different mix. We'll create different results. And this is why we are guiding for plus/minus 3% or plus/minus $30 million, which is a broad range, but it does reflect the reality is that it's difficult for us to predict because the customers now have the flexibility to change their mind, right? Hybrid cloud brings a lot of benefits to the customer.

所以這只是時間問題。而且由於 ARR，我們將所有交易視為可評估的，因此我們基本上對 ARR 指導的組合漠不關心。這就是我們預測成長 8%（上下浮動 1%）的原因。現在，眾所周知，由於 606 對非捆綁 SaaS 的影響，這種組合將對我們的收入產生影響。如此不同的組合。我們將創造不同的結果。這就是為什麼我們指導正負 3% 或正負 3000 萬美元，這是一個很寬泛的範圍，但它確實反映了現實，我們很難預測，因為客戶現在可以靈活地改變主意，對嗎？混合雲為客戶帶來許多好處。

One of them is they don't have to make the decision what they need to do first. Normally, in software, you would think I have to change my infrastructure and then I can layer on the AI applications and get the benefits. Verint came is a very differentiated approach. You do not need to change your infrastructure.

其中之一就是他們不必決定首先要做什麼。通常，在軟體中，你會認為我必須改變我的基礎設施，然後我才能在 AI 應用程式上分層並獲得好處。Verint 採取了非常差異化的方法。您不需要改變您的基礎設施。

So we're not forcing our customers to continue to convert their on-premises to the cloud or whether they need to expand in on-premises before they can go to the cloud with AI. And that gives them the flexibility to actually decide sometimes in the very last minute. Yes, we're going to spend with Verint $5 million, but rather than spending it on SaaS unbundled SaaS, we're going to spend on bundled SaaS. And what we're going to do is we're going to say, great, let's do the bundle SaaS $5 million. That's going to be more AI, more consumption.

因此，我們不會強迫客戶繼續將他們的本地部署轉換為雲端，或者他們是否需要在本地進行擴展才能將 AI 遷移到雲端。這讓他們有時能夠在最後一刻靈活地做出決定。是的，我們將與 Verint 合作花費 500 萬美元，但我們不會將其花在 SaaS 非捆綁 SaaS 上，而是花在捆綁 SaaS 上。我們要做的是說，太好了，讓我們以 500 萬美元的價格推出捆綁 SaaS 產品。這將會是更多的人工智慧，更多的消費。

That brings us faster to where actually we want to be as a company. We want to be the company that basically leads the market with seeing more and more customers and getting bigger consumption in AI, and that's all in the Verint Cloud, hosted in the Verint Cloud. So we're not pushing our customers to do more unbundled SaaS deals. It just falls where it falls, and that's why we gave a broader range of outcomes for revenue and a very narrow range for ARR.

這使我們公司能夠更快地實現我們真正想要的目標。我們希望成為引領市場的公司，擁有越來越多的客戶，並在人工智慧領域獲得更大的消費，而這一切都在 Verint Cloud 中實現，並託管在 Verint Cloud 中。因此，我們不會強迫客戶進行更多非捆綁的 SaaS 交易。它只是落在了它該落的地方，這就是為什麼我們給出了更廣泛的收入結果範圍和非常狹窄的 ARR 範圍。

Maybe one for you, Grant. Can you help us understand -- explain of the customers, unbundled customers that pushed, were these all renewals with any of these net new -- net new customers? And then as a percentage, it sounds like there was one larger customer. Maybe just talk about that.

也許有一個適合你，格蘭特。您能否幫助我們理解－解釋一下推動的客戶、非捆綁客戶，這些都是與這些淨新客戶－淨新客戶相關的續約嗎？從百分比來看，聽起來好像有一個更大的客戶。也許只是談論這個。

And it's important to note. So these were all existing customers and the deals that we were highlighting, none of them were renewal oriented. So in fact, in Q4, all of our revenue streams came in on track or bundled SaaS, as Dan mentioned, was slightly ahead, and that included the unbundled they all came in exactly as expected and on time.

值得注意。所以這些都是現有客戶，而我們強調的交易都不是續約導向的。因此，事實上，在第四季度，我們所有的收入來源都如期而至，或者說捆綁的 SaaS（正如 Dan 提到的）略微領先，其中包括非捆綁的收入，它們都完全按照預期按時到達。

So this dynamic that Dan is sharing simply related to an expansion with some existing customers. And as he highlighted, it really was they were planning a rollout to some additional business units of some of that software and the timeline for that changed. And we do expect that to materialize much of it as we go throughout fiscal '26.

因此，丹分享的這種動態僅與一些現有客戶的擴張有關。正如他所強調的，他們確實計劃向一些其他業務部門推出部分軟體，但時間表已經發生了變化。我們確實希望在 26 財年實現大部分目標。

(Operator Instructions) Timothy Horan, Oppenheimer.

（操作員指示）蒂莫西·霍蘭，奧本海默。

Can you talk about the channel mix a little bit, as a percentage of revenue and more importantly, where you expect it to go, and within the channel, are you seeing certain areas of growth, versus, other areas and, I guess related to this, what makes you think you have the best AI, products and services out there now? Are you hearing that back from channel partners as well as your large customers? Thank you.

您能否稍微談談通路組合，作為收入的百分比，更重要的是，您預計它會走向何方，在通路內，您是否看到某些領域相對於其他領域有所增長，我想與此相關的是，是什麼讓您認為您現在擁有最好的人工智慧、產品和服務？您是否從通路合作夥伴以及大客戶那裡聽到了這樣的回饋？謝謝。

Yes. So I'll start with how do we go to market with channels. We have very little bookings and revenue from channels that are completely autonomous. Most of our channels are actually not experts in AI, and they rely on the Verint sales force and presales and product experts. To go deep dive with customers to demonstrate the outcomes and so on. So we're now in a cross-selling model with most of our channel partners.

是的。因此，我將首先討論如何利用通路進入市場。我們從完全自主的管道獲得的預訂量和收入非常少。我們的大多數管道實際上並不是人工智慧專家，他們依賴 Verint 銷售團隊以及售前和產品專家。與客戶進行深入交流，展示成果等等。因此，我們現在與大多數通路合作夥伴採用交叉銷售模式。

Now, we do see and expect that some of them are going to pick up some of that knowledge. And we see some partners that we have more than 50 bots. And so each bot is automating a CX micro workflow, and we don't expect channels to master all these different workflows that we are automating. But we do see partners that are trying to package and become better at selling maybe three or four, five. So they're starting to get more capable in delivering the message to customers in a credible way.

現在，我們確實看到並期望他們中的一些人能夠獲得一些這樣的知識。我們看到一些合作夥伴擁有超過 50 個機器人。因此，每個機器人都在自動化 CX 微工作流程，我們並不期望通路掌握我們正在自動化的所有這些不同的工作流程。但我們確實看到合作夥伴正在嘗試打包並更好地銷售三、四、五種產品。因此，他們開始能夠以更可信的方式向客戶傳遞訊息。

Of course, what we hear from channels all the time is the customer-reported AI business outcomes, we don't hear from anyone else. So that really helps the confidence, not just with the end customer, but also with our channel partners. They see that what we say we can do and what we do really resonates well with customers.

當然，我們一直從管道聽到的是客戶報告的人工智慧業務成果，我們沒有聽到其他人的消息。因此，這確實有助於增強信心，不僅對於最終客戶如此，對於我們的通路夥伴也是如此。他們看到我們所說的、我們能做到的、我們所做的確實引起了客戶的共鳴。

So look, partners are looking to make it easier for them to sell. And the easier it gets with the demonstrated outcomes, the more they're going to invest in learning the Verint platform and actively selling it. So in '26, we baked in, obviously, another year of growth acceleration in ARR, which is driven by booking growth. And we do dial in some better contribution from channel partners. But we think that over the next few years, there's a lot of leverage in many, many relationships that will just be growing.

所以，合作夥伴正在尋求讓他們的銷售變得更容易的方法。而且，展示的結果越簡單，他們就越願意投入更多學習 Verint 平台並積極銷售它。因此，在 26 年，我們顯然又迎來了 ARR 成長加速的一年，這是由預訂量成長所推動的。我們確實從通路合作夥伴那裡獲得了一些更好的貢獻。但我們認為，在未來幾年裡，許多關係中的巨大影響力將會不斷增強。

And what we did in the last couple of years is we couldn't wait for the channel partner to lead. So we were leading more with our direct sales force. But definitely, we are -- as always, we've been very open to our partners. We are very supportive to partners, and we're looking for our partners to be more successful. And I think it will happen over the next few years.

過去幾年我們所做的就是迫不及待讓通路夥伴主導。因此，我們更依靠直銷隊伍來發揮主導作用。但毫無疑問，我們一如既往地對我們的合作夥伴非常開放。我們非常支持合作夥伴，並希望我們的合作夥伴能取得更大的成功。我認為這將在未來幾年內實現。

And then just on the macro side, are you seeing any concerns from your customers that on macro? And I would think if macro is slowing, it should actually benefit you guys because you can obviously reduce their expenses quite a bit and improve productivity. But any thoughts around both would be great.

那麼從宏觀角度來看，您是否看到客戶對宏觀有任何擔憂？我認為，如果宏觀經濟放緩，這實際上應該對你們有利，因為你們顯然可以大幅削減開支並提高生產力。但任何圍繞這兩者的想法都是很好的。

Yeah. No, I think you're absolutely right. I think that customers really are more hesitating to do infrastructure projects. because infrastructure change doesn't really create great ROI and takes a lot of time and it's disruptive. But our message now is resonating even better than before, which is no need for infrastructure change, no need for upfront commitment, starts small.

是的。不，我認為你完全正確。我覺得客戶對於做基礎建設專案確實比較猶豫。因為基礎設施的改變實際上並不能帶來很大的投資報酬率，而且會耗費大量時間，而且會造成破壞。但我們現在傳達的訊息比以前更引起共鳴，那就是不需要改變基礎設施，不需要前期承諾，從小事做起。

Look, some of the big customers that I discussed before, I'll give you an example, a customer that started just with a Copilot Bot, and they wanted to just assist 300 agents and see how it goes. And in a few weeks, they saw the results. In a few months, they expanded from 300 agents to 30,000 agents. And we reported before $70 million was their increase in agent capacity. So they were very sceptical at the beginning.

你看，我之前討論過一些大客戶，我給你舉個例子，一個客戶剛開始使用 Copilot Bot，他們只想協助 300 名代理，看看進展如何。幾週後，他們就看到了結果。幾個月內，他們的代理商數量從 300 人擴展到 30,000 人。我們之前報道 7000 萬美元是他們的代理商能力增加的結果。所以他們一開始非常懷疑。

At the same time, the other example I gave, which was the $10 million TCV order in Q4. This was already initial order for 5,000 to assist 5,000 agents with a Copilot. So the pricing is also another thing, which helps customers because the way we price our AI software is very aligned to creating value. They have this complete flexibility on how much consumption they desire, and that consumption is directly related to the value. So the unit we measure is directly related to the value that they create.

同時，我給的另一個例子是第四季的 1000 萬美元 TCV 訂單。這已經是初始訂單，訂購 5,000 台 Copilot 來協助 5,000 名代理商。因此定價也是另一回事，它對客戶有幫助，因為我們為 AI 軟體定價的方式與創造價值非常一致。他們對自己的消費量有完全的彈性，而且消費量與價值直接相關。因此，我們測量的單位與它們創造的價值直接相關。

So one for bots, for example, is priced based on the number of minutes that the customer decided to allocate to the bot. And the customers may have [5 million] minutes that they need to respond to and they say, well, the bot is going to do 100,000 minutes and then the rest, 4.9 million will be done by people.

例如，機器人的定價是根據客戶決定分配給機器人的分鐘數來計算的。客戶可能需要回覆 [500 萬] 分鐘的訊息，然後他們會說，好吧，機器人會處理 10 萬分鐘的訊息，剩下的 490 萬分鐘將由人工處理。

As they see the bots actually creating good outcomes, they can shift more minutes to the bot, which will be more revenue to Verint. But obviously, that investment in Verint will be with a 20x ROI relative to investment in labor. And they have the flexibility to shift it back and forth. If they see the bot is not working well, they know they can take it away.

當他們看到機器人確實創造了良好的結果時，他們可以將更多的時間轉移到機器人上，這將為 Verint 帶來更多收入。但顯然，對 Verint 的投資報酬率將是勞動投資的 20 倍。他們可以靈活地來回移動。如果他們發現機器人運作不正常，他們知道可以將其拿走。

In reality, they don't because the bot actually is improving performance over time because our bots learn from data. One of the differentiation part of our platform is that we're not just using AI models. We have the data in our platform, which is behavioral data and our -- the Verint AI-powered bots are using hundreds of different models, we pick the right model for the task, which depends on what -- which micro workflow we're automating. But then we also train that bot all the time on fresh data and bots get actually better.

事實上，他們不會這樣做，因為隨著時間的推移，機器人的性能實際上正在提高，因為我們的機器人會從數據中學習。我們平台的差異化之一是我們不僅僅使用人工智慧模型。我們的平台上有數據，即行為數據，我們的——Verint AI 機器人正在使用數百種不同的模型，我們為任務選擇正確的模型，這取決於——我們正在自動化哪個微工作流程。但我們也一直在用新數據訓練機器人，機器人實際上變得更好了。

And then customers will consume more time with that bot, send more minutes to the bot, which will increase our revenue and create huge ROI for customers. So that dynamics, when you think about the macroeconomic, the trends, what happens with the economy, the message is don't have a big rip-and-replace project that takes two years and you don't know what's going to be at the end.

然後客戶將花費更多時間在該機器人上，向機器人發送更多分鐘，這將增加我們的收入並為客戶創造巨大的投資回報。因此，當你考慮宏觀經濟、趨勢和經濟狀況時，你要知道，不要進行耗時兩年、而且不知道最終結果如何的大型拆除和更換專案。

With Verint, you can take a completely different approach. and you can start to measure those tangible outcomes in your own environment and then scale and it's very quickly to scale because all these bots are running in the Verint Cloud. And basically, it's just Verint giving more entitlement to customers to use more of the bots. So the scaling is not also not disruptive. I think we have a very compelling and differentiated approach with hybrid cloud, and we're starting to see that with ARR accelerating.

借助 Verint，您可以採取完全不同的方法。您可以在自己的環境中開始衡量這些切實的成果，然後擴大規模，而且規模可以非常快速地擴大，因為所有這些機器人都在 Verint Cloud 中運行。基本上，這只是 Verint 賦予客戶更多權利來使用更多機器人。因此擴展也不會造成破壞。我認為我們在混合雲方面採取了一種非常引人注目且差異化的方法，而且我們開始看到 ARR 加速成長。

Shaul Eyal, TD Cowen.

沙烏爾·埃亞爾（Shaul Eyal），考恩（Cowen）TD。

Dan or Grant, these handful of slipped deals, are they US or internationally driven?

丹或格蘭特，這些失敗的交易是由美國還是國際推動的？

They were -- basically, there was one large -- there were two large deals that predominantly are the total amount that was slipped, and they are both US -- very large US companies, financial services companies.

基本上，有一筆大交易——有兩筆大交易，主要是總金額的下滑，而且它們都是美國——非常大的美國公司，金融服務公司。

And from a competitive market dynamics, Dan, do you think you're gaining market share driven by the bot strategy over the course of the past few quarters?

丹，從競爭激烈的市場動態來看，您是否認為在過去幾季中，您的市場份額是在機器人策略的推動下獲得的？

We're not aware of any other vendor that has that scale of AI deployments that Verint does today. Actually, if you look at our customer base right now, all customers that are running in the Verint Cloud have some AI entitlements, which brings our total ARR over $300 million of total ARR for customers that are actually using Verint workflows with some level of automation assisted by AI. And that's a pretty large number.

我們不知道還有哪家供應商能夠像 Verint 一樣擁有如此規模的 AI 部署。實際上，如果您現在看看我們的客戶群，您會發現所有在 Verint Cloud 中運行的客戶都擁有一些 AI 權利，這使得我們的總 ARR 超過 3 億美元，其中對於實際使用 Verint 工作流程並由 AI 輔助實現一定程度的自動化的客戶而言。這是一個相當大的數字。

And as I mentioned before, our top customers, our top 25 customers are growing 24% year-over-year. And as you saw in the examples before, all the growth is coming from investing in AI, not they're keeping the legacy solutions from Verint, the WFE solutions, they're keeping them on-prem, and they're adding more and more AI and different level of consumption for different bots, some adding seven bots, some adding 10 bots. So yeah, I think we are creating a very nice market share with leadership position in the CX Automation market. And we are totally agnostic to infrastructure.

正如我之前提到的，我們的頂級客戶，我們的前 25 名客戶年增 24%。正如您在先前的例子中所看到的，所有的成長都來自於對人工智慧的投資，而不是保留 Verint 的傳統解決方案、WFE 解決方案，而是將它們保留在本地，並且他們為不同的機器人添加越來越多的人工智慧和不同級別的消費，有些添加了 7 個機器人，有些添加了 10 個機器人。是的，我認為我們在 CX 自動化市場中佔據領導地位，創造了非常好的市場份額。我們對基礎設施一無所知。

So the customer decision on CCaaS, on CRM, on -- even on the AI vendors, we are totally agnostic. We will work with any AI vendors of choice, and we can take different LLM models. Obviously, we have many different LLM models that we test in our labs, and we recommend to customers what will give them the best cost performance, but we're also very agnostic. So in CX automation, which is -- we define that as very simply automating CX workflows. I believe that we are the market leader, and we're taking market share.

因此，對於客戶對 CCaaS、CRM 甚至 AI 供應商的決定，我們完全不知情。我們將與任何選擇的 AI 供應商合作，並且我們可以採用不同的 LLM 模型。顯然，我們在實驗室中測試了許多不同的 LLM 模型，並向客戶推薦能夠為他們帶來最佳性價比的模型，但我們也非常不可知。因此，在 CX 自動化中，我們將其定義為非常簡單的自動化 CX 工作流程。我相信我們是市場領導者，我們正在佔領市場份額。

And this 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.

今天的問答環節到此結束。我想繼續，並將電話轉回給馬修·弗蘭克爾 (Matthew Frankel) 做最後發言。請繼續。

Thanks, Lisa, and thank you, everyone, for joining us today. As always, please feel free to reach out with any further questions you have, and we look forward to speaking to you again soon. Have a good night. Take care.

謝謝麗莎，也謝謝大家今天加入我們。像往常一樣，如果您有任何其他問題，請隨時聯繫我們，我們期待很快再次與您交談。祝你晚安。小心。

Thank you for joining today's conference call. This does conclude today's conference. You all have a great evening.

感謝您參加今天的電話會議。今天的會議到此結束。祝大家有個愉快的夜晚。