Verint Systems Inc (VRNT) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Verint Systems Inc. Q1 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker for today, Matthew Frankel. Please go ahead.

您好，感謝您的支持。歡迎參加 Verint Systems Inc. 2026 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。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. Before getting started, I'd like to mention that accompanying our call today the 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 webcast link and select today's conference call.

謝謝您，接線生。下午好，感謝您參加我們今天的電話會議。與我一起在場的還有 Verint 執行長 Dan Bodner、Verint 財務長 Grant Highlander 和 Verint 首席企業發展長 Alan Roden。在開始之前，我想先提一下我們今天電話會議的幻燈片演示。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，按一下「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 in 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 security laws. These forward-looking statements are based on management's current expectations and are not guarantees of future performance.

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 年私人證券訴訟改革法案》和聯邦證券法其他條款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 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.

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。

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 January 31, 2025, our Form 10-Q for the quarter ended April 30, 2025, when filed, and other filings we make with the SEC.

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，請參閱我們截至 2025 年 1 月 31 日的財政年度的 10-K 表、截至 2025 年 4 月 30 日的季度的 10-Q 表（提交時）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.

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。

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. 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.

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。非公認會計準則財務信息不應孤立地被視為公認會計準則財務信息的替代或優於公認會計準則財務信息，而應包括在內，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，並且對於投資者的信息和比較目的有用。

The non-GAAP financial measures the company uses have indications and may differ from those used by other companies. Now I'd like to turn the call over to Dan. Dan?

該公司使用的非公認會計準則財務指標具有指示性，可能與其他公司使用的指標不同。現在我想把電話轉給丹。擔？

Thank you, Matt. I'm pleased to report that we started the year with a strong first quarter and are on track to achieve our annual targets. In Q1, ARR growth accelerated to 6%, reflecting our continued AI momentum. And both revenue and diluted EPS came ahead of guidance. Behind our strong momentum are two key differentiators.

謝謝你，馬特。我很高興地報告，我們今年第一季表現強勁，並且有望實現年度目標。第一季度，ARR 成長率加速至 6%，反映出我們持續的 AI 勢頭。收入和稀釋每股收益均超出預期。我們強勁的發展勢頭背後有兩個關鍵的區別因素。

First, our ability to transform the latest AI technology into strong tangible AI business outcomes delivering customer value better than any other CX vendor. And second, our ability to deploy AI in a hybrid cloud model layering our AI-powered bots on top of existing customer environments. With Verint, customers can benefit from AI value now. They can start small with quick AI deployments in real production environment. And once they prove the value, they can quickly scale with the Verint platform.

首先，我們能夠將最新的人工智慧技術轉化為強大的、切實的人工智慧業務成果，比任何其他 CX 供應商更好地提供客戶價值。其次，我們能夠在混合雲模型中部署人工智慧，將我們的人工智慧機器人分層置於現有客戶環境之上。借助 Verint，客戶現在就可以從 AI 價值中受益。他們可以從實際生產環境中的快速 AI 部署開始。一旦他們證明了其價值，他們就可以利用 Verint 平台快速擴展規模。

ARR growth accelerated every quarter over the last year. This growth is driven by more and more of our customers, increasing usage of Verint AI-powered bot that they've already deployed as well as customers adding new bots from our CX automation platform. Today, our platform delivers more than 50 bots, each designed to automate a specific manual CX workflow and quickly create significant value.

去年，ARR 的成長每季都在加速。這種成長是由越來越多的客戶推動的，他們增加了對已經部署的 Verint AI 機器人的使用，以及客戶從我們的 CX 自動化平台添加了新的機器人。如今，我們的平台提供了 50 多個機器人，每個機器人都旨在自動化特定的手動 CX 工作流程並快速創造巨大價值。

The combination of a strong first quarter and a growing pipeline for our AI solutions gives us confidence in our annual growth targets, and we look to exit the year with 8% year-over-year growth in ARR. During Q1, we continued to win large deals, including a $13 million TCV order from a leading insurance company.

第一季的強勁表現和我們 AI 解決方案不斷增長的管道讓我們對年度成長目標充滿信心，我們預計今年的 ARR 將年增 8%。在第一季度，我們繼續贏得大筆交易，包括來自一家領先保險公司的價值 1,300 萬美元的 TCV 訂單。

This large multiyear commitment was driven by the customers' goal of automating workflows to increase workforce capacity. We expect to ensure to use the Verint AI-powered bots to increase supervisor capacity by more than 50% and agent capacity by more than 25%, resulting in significant value creation and delivering an over 10x return on their investments.

這項多年的大規模承諾是由客戶實現工作流程自動化以提高勞動力能力的目標所驅動的。我們希望確保使用 Verint 人工智慧機器人將主管能力提高 50% 以上，代理能力提高 25% 以上，從而創造顯著的價值並為他們的投資帶來 10 倍以上的回報。

The second eight-figure deal is a $14 million TCV order from a leading health care company. Let's take a closer look at the AI journey of this customer. Over the last year, our ARR from this health care customer nearly doubled from $8 million to $15.6 million as the customer added multiple Verint AI bots to automate manual CX workflows.

第二筆八位數的交易是一家領先的醫療保健公司簽發的價值 1,400 萬美元的 TCV 訂單。讓我們仔細看看這位客戶的AI之旅。在過去的一年裡，我們從這家醫療保健客戶獲得的 ARR 幾乎翻了一番，從 800 萬美元增加到 1560 萬美元，因為該客戶添加了多個 Verint AI 機器人來自動化手動 CX 工作流程。

As discussed on our prior calls, Verint customers can get access to AI-powered bots hosted in the Verint Cloud. Also, with Verint's unique hybrid cloud design, customers can choose to maintain their existing Verint solutions on-prem or in a partner cloud, while adding new AI-powered solutions in the Verint cloud.

正如我們之前的電話會議中所討論的，Verint 客戶可以存取託管在 Verint Cloud 中的 AI 機器人。此外，憑藉 Verint 獨特的混合雲設計，客戶可以選擇在本地或合作夥伴雲端中維護其現有的 Verint 解決方案，同時在 Verint 雲端中添加新的 AI 驅動解決方案。

This large health care customer is a great example of the hybrid cloud model benefits, driving faster area adoption as customers do not need to reap and replace their existing solutions to take advantage of the new Verint CX automation capabilities now. The blue color on the chart represents a portion of our ARR with this customer that is derived from solutions that include AI capabilities. And the gray color represents the portion of our ARR that does not include AI capabilities.

這家大型醫療保健客戶是混合雲模型優勢的一個很好的例子，它推動了更快的區域採用，因為客戶現在不需要收穫和替換現有的解決方案來利用新的 Verint CX 自動化功能。圖表上的藍色代表我們與該客戶的部分 ARR，該部分來自包含 AI 功能的解決方案。灰色代表我們的 ARR 中不包含 AI 功能的部分。

You can see that the vast majority of the growth from this customer over the past year has been driven by their adoption of our AI-powered bots. On our website, you can find many examples of customers reporting strong AI business outcomes from the Verint platform. Today, Verint is a pure-play CX automation company with a focus on helping brands automate their manual CX workflows.

您可以看到，過去一年中該客戶絕大部分的成長都源自於他們採用了我們的人工智慧機器人。在我們的網站上，您可以找到許多客戶報告 Verint 平台取得強勁 AI 業務成果的案例。如今，Verint 是一家純粹的 CX 自動化公司，專注於幫助品牌實現其手動 CX 工作流程的自動化。

Our platform differentiation stems for many years of experience working with the largest brands in the world on CX initiatives. And as our customers' base increases adoption of Verint AI-powered bots, we benefit from working closely with leading brands to innovate even faster, and we are introducing new cutting-edge AI solutions at a rapid pace.

我們的平台差異化源自於多年來與世界上最大的品牌合作進行 CX 計畫的經驗。隨著我們的客戶群越來越多地採用 Verint 人工智慧機器人，我們受益於與領先品牌的密切合作，從而更快地實現創新，並且我們正在快速推出新的尖端人工智慧解決方案。

In summary, we delivered AI business outcomes stronger and faster than any other CX vendor in the market and behind our AI momentum is the proven value we create for our customers. We kicked off the year strong, expect our AI momentum to continue and are targeting exiting the year with 8% ARR growth and double-digit free cash flow growth. And now let me turn the call over to Grant. Grant?

總而言之，我們比市場上任何其他 CX 供應商都更強大、更快地交付了 AI 業務成果，而我們 AI 發展勢頭的背後是我們為客戶創造的經過驗證的價值。我們以強勁的勢頭開啟了新的一年，預計我們的人工智慧發展勢頭將持續下去，並計劃在今年年底實現 8% 的 ARR 增長和兩位數的自由現金流增長。現在讓我把電話轉給格蘭特。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.

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。

Differences between our GAAP and non-GAAP financial measures include adjustments related to acquisitions and divestitures including amortization of acquisition-related intangibles, certain other acquisition and divestiture-related expenses, stock-based compensation expenses, restructuring expenses, as well as certain other items that can vary significantly in amount and frequency from period to period.

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，包括收購相關無形資產的攤銷、某些其他收購和資產剝離相關費用、股票薪酬費用、重組費用以及其他在不同期間金額和頻率可能存在顯著差異的某些其他項目。

As Dan highlighted, we started the year strong. ARR growth accelerated to 6% year-over-year, and we overachieved our revenue and non-GAAP diluted EPS guidance. We believe that ARR is the best metric to track our growth and I'm very pleased with another quarter of acceleration. Revenue came in at $208 million and non-GAAP diluted EPS came in at $0.29. Our revenue overachievement was primarily due to the timing of two large, unbundled SaaS deals and therefore, do not impact our revenue and diluted EPS outlook for the year.

正如丹所強調的，我們今年的開局強勁。ARR 成長率年增 6%，我們超額完成了營收和非 GAAP 稀釋每股盈餘預期。我們相信 ARR 是追蹤我們成長的最佳指標，我對另一個季度的加速感到非常高興。營收為2.08億美元，非公認會計準則攤薄每股收益為0.29美元。我們的營收超額完成主要得益於兩筆大型非捆綁式SaaS交易的時機，因此不會影響我們今年的營收和攤薄每股收益預期。

As we discussed on our last conference call, given our unbundled SaaS revenue volatility associated with ASC 606 accounting, we are providing guidance and tracking our results in two ways. The first way is the ratable view of the business via cash generation model. And the second way is a traditional P&L model. Now here is the guidance we introduced last quarter for our cash generation model. As a reminder, our cash generation model starts with ARR and ends with free cash flow.

正如我們在上次電話會議上所討論的那樣，鑑於與 ASC 606 會計相關的非捆綁 SaaS 收入波動，我們正在透過兩種方式提供指導並追蹤我們的結果。第一種方式是透過現金產生模型對業務進行可評估的看法。第二種方式是傳統的損益模型。這是我們上個季度針對現金產生模型推出的指導。提醒一下，我們的現金產生模型始於 ARR，終於自由現金流。

With respect to our outlook for ARR, we expect our momentum to continue with sequential dollar increases every quarter this year. For Q2, we expect ARR to increase to approximately $720 million, and we expect to exit the year with around $768 million of ARR, plus or minus 1%, reflecting 8% year-over-year growth. With respect to free cash flow, we expect our 8% ARR growth, combined with cash contribution margin expansion to drive an approximate 12% increase in free cash flow to $145 million for the full year.

關於我們對 ARR 的展望，我們預計我們的勢頭將持續下去，今年每季的美元都會持續成長。對於第二季度，我們預計 ARR 將增至約 7.2 億美元，並且我們預計今年年底的 ARR 約為 7.68 億美元，上下浮動 1%，年增 8%。關於自由現金流，我們預計 8% 的 ARR 成長，加上現金貢獻利潤率的擴大，將推動全年自由現金流增加約 12%，達到 1.45 億美元。

I'd like to note that our rolling four-quarter SaaS pipeline has increased more than 30% year-over-year, reflecting strong demand for AI. Our growing pipeline, combined with our strong Q1 results give us confidence in achieving our fiscal '26 ARR outlook.

我想指出的是，我們連續四個季度的 SaaS 通路年增了 30% 以上，反映出對 AI 的強勁需求。我們不斷成長的產品線，加上我們強勁的第一季業績，使我們對實現 26 財年的 ARR 前景充滿信心。

Now I'd like to double-click on how AI is driving our ARR growth. This chart shows our AI ARR performance. We define AI ARR as the portion of ARR that is derived from solutions that include AI functionality and represents the annualized quarterly run rate value of the associated active or signed SaaS agreements as of the end of the period. As you can see from the chart, our AI ARR growth has been steadily accelerating. In Q1, AI ARR increased 24% year-over-year, reaching $354 million.

現在我想雙擊 AI 如何推動我們的 ARR 成長。這張圖表顯示了我們的 AI ARR 性能。我們將 AI ARR 定義為來自包含 AI 功能的解決方案的 ARR 部分，代表截至期末相關有效或已簽署的 SaaS 協議的年化季度運行率值。從圖表中可以看出，我們的 AI ARR 成長一直在穩定加速。第一季度，AI ARR年增24%，達到3.54億美元。

We are pleased with this acceleration and I'd like to mention that AI ARR now represents close to 50% of our subscription ARR. For the year, we expect AI ARR to continue to grow more than 20%, an acceleration from last year as customers increase usage and adopt additional bots from our CX automation platform. Turning to our P&L outlook. We are maintaining our annual guidance as follows: we are targeting $960 million of revenue with a range of plus/minus 3%, driving non-GAAP diluted EPS of $2.93 at the midpoint. For modeling purposes, I would like to give you a bit more color on our expectations for Q2.

我們對這種加速感到高興，我想說的是，AI ARR 現在占我們訂閱 ARR 的近 50%。今年，我們預計 AI ARR 將繼續成長 20% 以上，隨著客戶增加使用量並從我們的 CX 自動化平台採用更多機器人，這一成長速度將比去年有所加快。談談我們的損益前景。我們維持以下年度指引：我們的目標是實現 9.6 億美元的收入，上下浮動 3%，非 GAAP 稀釋每股收益中位數為 2.93 美元。為了建模的目的，我想向您詳細介紹我們對第二季的預期。

As we've discussed in the past, our quarterly revenue is heavily influenced by the timing of unbundled SaaS renewals. Based on this timing, we expect around $200 million of revenue in Q2. With respect to diluted EPS, we expect $0.26 in Q2. Turning to our balance sheet. We continue to be in a very good financial position.

正如我們過去所討論過的，我們的季度收入很大程度上受到非捆綁 SaaS 續訂時間的影響。根據這個時間安排，我們預計第二季的營收約為 2 億美元。對於稀釋每股收益，我們預計第二季為 0.26 美元。轉向我們的資產負債表。我們的財務狀況依然非常好。

Our net debt of one times last 12-month EBITDA 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 stock buybacks. And during the quarter, we bought back approximately 2.5 million common shares. As we mentioned on our last call, during Q1, we 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 note.

我們的淨債務是過去 12 個月 EBITDA 的 1 倍，這得益於我們強勁的現金流。關於資本配置，我們預期自由現金流的最大用途是股票回購。本季度，我們回購了約 250 萬股普通股。正如我們上次電話會議上提到的，在第一季度，我們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票據，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票據。

In summary, we are pleased with our strong start to the year and our ARR acceleration driven by growing AI adoption. We began to provide a cash generation model to help investors better understand the strong underlying growth trends in our business and to look through the unbundled SaaS revenue volatility. Finally, we expect our 8% ARR growth to drive double-digit free cash flow growth this year. With that, operator, please open the line for questions.

總而言之，我們對今年的強勁開局和受人工智慧應用日益普及推動的 ARR 加速感到滿意。我們開始提供現金產生模型，以幫助投資者更好地了解我們業務中強勁的潛在成長趨勢，並看透非捆綁的 SaaS 收入波動。最後，我們預計今年 8% 的 ARR 成長將推動兩位數的自由現金流成長。接線員，請打開熱線來回答問題。

(Operator Instructions) Joshua Reilly, Needham.

（操作員指示）Joshua Reilly，尼德姆。

All right. Maybe just starting off, there's a lot of AI noise right now in your space. Can you help explain how Verint differentiates given all of that noise and what are you seeing in terms of just growing AI voice chatbot usage, particularly in customer support as a tailwind for your business and maybe the overall industry?

好的。也許剛開始，您所在的領域現在就存在著許多有關人工智慧的噪音。您能否解釋一下 Verint 在所有這些噪音中是如何脫穎而出的？就人工智慧語音聊天機器人的使用成長而言，您看到了什麼，特別是在客戶支援方面，這對您的業務甚至整個行業來說是一個順風嗎？

Sure. Thank you, Josh. So first, the customer sentiment for investing in AI is very positive. But at the same time, customers are very cautious, and that's due to the noise and hikes that exist by many vendors and also, quite frankly, some very bad experiences that customers had with bots they purchased, and they look good in a demo in a lab environment but did not deliver any value in production. So given that situation we have in the market, Verint differentiates from all this noise with two simple and quite frankly, common sense principles.

當然。謝謝你，喬希。首先，客戶對投資人工智慧的情緒非常正面。但同時，客戶也非常謹慎，這是因為許多供應商存在噪音和價格上漲，而且坦率地說，客戶在購買機器人時遇到了一些非常糟糕的體驗，它們在實驗室環境中的演示中看起來不錯，但在生產中卻沒有提供任何價值。因此，考慮到我們所處的市場形勢，Verint 透過兩個簡單且坦率的常識性原則來區分所有這些噪音。

The first principle is proven AI outcomes that are reported by leading brands around the world. So don't trust what we say, just see what other customers are able to deliver in terms of value and tangible AI business outcomes. And the second principle is about the hybrid cloud benefits, which is delivering AI value now. There's a lot of noise about you have to change your infrastructure, you have to change things in your environment before you can get AI to work. Our message is, no, you can layer AI-powered bots on your existing infrastructure.

第一個原則是全球領先品牌報告的經過驗證的人工智慧成果。所以不要相信我們說的話，只需看看其他客戶在價值和有形的人工智慧業務成果方面能夠提供什麼。第二個原則是關於混合雲的優勢，它現在正在提供人工智慧價值。有很多聲音說你必須改變你的基礎設施，你必須改變你的環境中的東西，然後才能讓人工智慧發揮作用。我們的訊息是，不，您可以在現有基礎設施上分層部署人工智慧機器人。

You can start now. And even more important, customers can start small. They don't have to invest big money, they don't have to invest big resources. Once they put the value in their own production environment, then they can quickly scale in the cloud. So these are quite strong differentiators that work, and they drove our 24% growth in AI ARR in Q1.

您現在就可以開始。更重要的是，客戶可以從小處著手。他們不必投入大筆資金，也不必投入大量資源。一旦他們將價值投入到自己的生產環境中，他們就可以在雲端中快速擴展。因此，這些都是非常有效的差異化因素，它們推動了我們第一季 AI ARR 成長 24%。

So I believe the market's adoption of AI is really, this year, only in the first inning, where last year, I'll call it customers were more exploring. They were fascinated by the promise of AI, but they're exploring. They did a lot of lab experiments.

因此，我相信今年市場對人工智慧的採用才剛開始，而去年，我認為客戶仍在進行更多的探索。他們對人工智慧的前景著迷，但他們仍在探索。他們做了很多實驗室實驗。

But this year, at the beginning, of course, was actually willing to spend money but also they want to make sure that they are investing in the right platform because customers are not looking to invest in AI technology, not in this space, not in the CX space, it's not about technology. They want to invest in a platform that transforms the latest AI technology into strong and tangible AI business outcomes. So I think that's kind of -- any follow-up on that, Josh?

但今年，一開始，他們當然是願意花錢的，但他們也想確保他們投資的是正確的平台，因為客戶不想投資人工智慧技術，無論是在這個領域，還是在 CX 領域，這與技術無關。他們希望投資一個能夠將最新的人工智慧技術轉化為強大而實際的人工智慧業務成果的平台。所以我認為這有點——喬希，對此有什麼後續消息嗎？

Yes. Kind of the follow-up is you've been kind of pursuing the strategy of smaller lands with the opportunity to upsell. Is there examples that you can provide that demonstrate that, that's been a successful strategy thus far of moving to much larger deals from these kind of smaller lands?

是的。後續情況是，您一直在推行小塊土地的策略，並有機會進行追加銷售。您能否提供一些例子來證明，迄今為止，從這類較小的土地轉向更大規模的交易這一策略是成功的？

Yes, I can definitely give you an example. So I believe I mentioned last quarter that we had a health care company expanding with 18 bots. And they purchased those 18 different bots, but each one was purchased in different consumption level. And they actually were increasing the consumption of each bots as they've proven the value, so exactly the story that we're not selling to the market. And this customer, when you look at their journey is that we're increasing the consumption over time, they reached our ARR from this customer website.

是的，我當然可以舉個例子給你聽。我記得上個季度我提到過，我們有一家醫療保健公司正在擴張，擁有 18 個機器人。他們購買了 18 個不同的機器人，但每個機器人的消費水準都不同。而且他們實際上正在增​​加每個機器人的消費量，因為他們已經證明了其價值，所以這正是我們沒有向市場銷售的故事。而對於這個客戶，當你觀察他們的旅程時就會發現，我們隨著時間的推移增加了消費，他們從這個客戶網站獲得了我們的 ARR。

You'll see a lot of chat bots and voice bots success stories where we contained 60% and 80% of interactions with our voice bots. So obviously, the technology improves over time and AI is moving very fast. I expect like the rest of the market that the chat bots and voice bots will become more capable. At the same time, to be really successful with this kind of bots, you need to make them part of your platform.

您會看到許多聊天機器人和語音機器人的成功案例，其中我們透過語音機器人實現了 60% 和 80% 的互動。顯然，科技會隨著時間的推移而進步，人工智慧的發展非常迅速。我預計，與市場上的其他機器人一樣，聊天機器人和語音機器人的功能也會變得更強大。同時，要真正成功地使用這種機器人，您需要將它們變成您平台的一部分。

You can't just throw a point solution self-service because all of these bots eventually needs to work together with the workforce. And what we do in our platform is we provide those chat bots and voice bots together with automating many CX workflows for the workforce and we do all that with orchestrating the work of bots and human in a way that increased workforce capacity. So yes, we see some customers are starting to reduce the number of agents. We do see that. It's not everywhere because again, AI is in the first inning.

你不能只是提供一個點解決方案自助服務，因為所有這些機器人最終都需要與員工一起工作。我們在平台上所做的是提供聊天機器人和語音機器人，並為員工自動化許多 CX 工作流程，我們透過協調機器人和人類的工作來完成所有這些工作，以提高員工的能力。是的，我們看到一些客戶開始減少代理商的數量。我們確實看到了這一點。它並不是無所不在，因為人工智慧還處於第一階段。

When I look at our total number of seats under management, which we told the market, it's 4 million, it's still the same. It's still about 4 million agents today. But obviously, we see some customers that are using AI and starting to get capacity and either they reduce agents or they use agents for upselling and increasing revenue or different ways to use the capacity. But at the same time, we also see some expansion in a number of agents in other accounts that maybe are not yet caught up to the AI. So overall, we have about the same number of agents today, 4 million.

當我查看我們管理的總席位數量時（我們告訴市場，它是 400 萬），它仍然是一樣的。如今，代理商數量仍有約 400 萬。但顯然，我們看到一些客戶正在使用人工智慧並開始獲得容量，他們要么減少代理商，要么使用代理商進行追加銷售和增加收入，或者以不同的方式利用容量。但同時，我們也看到其他帳戶中一些代理商的數量有所擴大，這些代理商可能還沒有趕上人工智慧。所以整體來說，我們目前擁有的代理商數量大致相同，為 400 萬。

But we see now a very clear transition in our ARR base, right? We talked about 50% of our ARR now is AI, and it's growing at 24%. So we're not really relying anymore on any growth in the non-AI business, which obviously, we don't expect any extension of licenses and we see 24% growth in our AI, and that's 50% of our business.

但我們現在看到 ARR 基礎發生了非常明顯的轉變，對嗎？我們說過，現在我們的 ARR 中有 50% 來自 AI，而且成長率為 24%。因此，我們實際上不再依賴非人工智慧業務的任何成長，顯然，我們不希望許可證有任何延長，我們的人工智慧業務成長了 24%，這占我們業務的 50%。

Obviously, that's the engine that drives the overall growth of Verint, and we believe that will continue and when we replace, as we discussed many times before on calls, when we replace for our customers when we replace [seats] with AI, we increased our revenue substantially. So that's what we see now in our numbers where the AI engine basically drives the overall growth of the company.

顯然，這是推動 Verint 整體成長的引擎，我們相信這種成長將會持續下去，當我們用人工智慧取代（座位）時，正如我們之前在電話會議上多次討論的那樣，當我們為客戶進行替換時，我們的收入會大幅增加。這就是我們現在從數據中看到的情況，人工智慧引擎基本上推動了公司的整體成長。

Shaul Eyal, TD Cowen.

沙烏爾·埃亞爾（Shaul Eyal），考恩（Cowen）TD。

Congrats on a solid start to the year. Dan, where do you think we are from an adoption curve? Are we at an inflection point as it relates to our AI-driven voice bot? Where are we from an inning review point? And maybe just as a follow-up, what internal steps are you guys taking to assure a more consistent execution? And thanks, Grant, for the color on the entire dynamics between ARR and cash flow.

恭喜您今年有一個好的開始。丹，您認為我們處於採用曲線的哪個階段？我們是否正處於與人工智慧語音機器人相關的轉折點？我們距離局間回顧點還有多遠？也許只是作為後續行動，你們正在採取哪些內部措施來確保更一致的執行？謝謝 Grant 對 ARR 和現金流之間的整體動態的詮釋。

Yes. I think it's a very good question. As I mentioned before, I think last year, it was really difficult for customers to move outside of their lab experiments. They love interest in AI, but it was more showing the lab relatively few number of customers are willing to actually move it to production, and they did it on a small scale. And lots of IT organizations have been playing with AI models that they purchase and they try to find use cases. So that's kind of the industry last year.

是的。我認為這是一個非常好的問題。正如我之前提到的，我認為去年，客戶很難走出實驗室進行實驗。他們對人工智慧很感興趣，但這更表明實驗室中相對較少的客戶願意將其真正投入生產，而且他們的規模很小。許多 IT 組織一直在使用他們購買的 AI 模型並嘗試尋找用例。這就是去年的產業狀況。

When I look at Q1, it's starting to change. It's very difficult to say what will be the pace of the change. It's clearly changing towards its time. It's time to do something with AI. There's a lot of pressure by Boards and CEOs on the management team to show value from AI because people think there's raw potential, and they are a little tired of the experiments. They want to see real value.

當我看到第一季時，情況開始改變。很難說變化的速度會是怎麼樣。它顯然正在隨著時代的變遷而改變。是時候利用人工智慧做點什麼了。董事會和執行長對管理團隊施加了很大壓力，要求他們展示人工智慧的價值，因為人們認為人工智慧具有原始潛力，而且他們對實驗有點厭倦了。他們希望看到真正的價值。

And I think that's what I refer to as the first inning where customers are willing to invest real money and we obviously talk about some eight-figure deals that were predominantly driven by adoption of bots beyond just initial scale. But I don't think we can predict the pace other than to say with good confidence that it's accelerating. But I would not call it an inflection point at this point because, again, there are too many situations that customers have adopted the voice bots and saw very, very poor results to the point that they stopped using them because they annoyed customers and they created no value or negative value in terms of customer retention.

我認為這就是我所說的第一局，客戶願意投入真金白銀，我們顯然談論的是一些八位數的交易，這些交易主要是由機器人的採用推動的，而不僅僅是初始規模。但我認為我們無法預測其速度，只能很有信心地說它正在加速。但我現在不會稱之為轉折點，因為有太多的情況是，客戶採用了語音機器人，但效果非常差，以至於他們停止使用它們，因為它們惹惱了客戶，並且在客戶保留方面沒有創造任何價值或產生負面價值。

So as much as we hear about the good stories, I think we hear last about some very bad stories with AI and that's what causing the market to be a little bit more cautious. What we did, and it was the strategy we talked to the market about more than a year ago that we are going to introduce AI first to our top accounts. And last quarter, we talked about 90 of the Fortune 500 companies already have some AI from Verint.

因此，儘管我們聽到了很多好消息，但我認為我們最後聽到的是關於人工智慧的一些非常糟糕的消息，這導致市場更加謹慎。我們所做的，也是我們一年多前向市場提出的策略，我們將首先向我們的頂級帳戶引入人工智慧。上個季度，我們談到財富 500 強企業中有 90 家已經採用了 Verint 的一些人工智慧。

So our strategy was, let's start with the leaders in the market, the largest brands in the world across many sectors, we now have AI in financial services, in insurance, in healthcare, in telco, in retail. So we kind of targeted large accounts, which, on one hand, are obviously more difficult because they are large and complex.

因此，我們的策略是，從市場領導者、全球多個領域的最大品牌開始，現在我們在金融服務、保險、醫療保健、電信和零售領域都有人工智慧。因此，我們針對的是大帳戶，一方面，由於它們規模龐大且複雜，因此顯然更加困難。

On the other hand, once they adopt AI, not only they can scale, but also they influence the rest of the market. So I think the more success stories we can tell from our customers and we'll be able to get more acceleration of AI adoption in the overall market. And we have our engaged customer conference coming up in September in Orlando and we are inviting many customers actually to tell their success stories to other customers.

另一方面，一旦他們採用人工智慧，不僅可以擴大規模，還可以影響整個市場。因此我認為，我們從客戶那裡聽到的成功案例越多，我們就越能加速整個市場對人工智慧的採用。我們將於 9 月在奧蘭多召開客戶大會，邀請許多客戶向其他客戶講述他們的成功故事。

So it's not just Verint telling stories, but I think it's going to be one of the leading events in the industry in terms of what's really has been accomplished with AI beyond just the hype of what can be done. But what is working today and what value it's bringing, not just cool technology.

因此，這不僅僅是 Verint 在講述故事，而且我認為，就人工智慧真正取得的成就而言，它將成為業內領先的活動之一，而不僅僅是炒作所能達到的效果。但今天起作用的是什麼以及它帶來了什麼價值，而不僅僅是酷炫的技術。

I think this kind of progress show is going to accelerate the adoption. But there's no lack of interest from customers. Every customer that we concept to say, let me tell you our AI story. They're definitely now interested in learning more.

我認為這種進步將會加速採用。但顧客們的興趣卻不缺乏。我們構思的每一位客戶都會說，讓我告訴你我們的人工智慧故事。他們現在肯定有興趣了解更多。

Peter Levine, Evercore.

彼得‧萊文 (Peter Levine)，Evercore。

Great. Maybe I'll start with Grant, can you maybe share with us kind of the conviction or your confidence in the second half ramp for ARR? If I look at your guidance, I believe, $768 million, plus or minus 1%, so call it plus 8% exiting Q4. It looks like there is a significant ramp here in the second half. So maybe just walk us through the seasonality and then the conviction or confidence that you see today that will kind of help you hit those targets.

偉大的。也許我應該從格蘭特開始，您能否與我們分享您對 ARR 下半年發展的信念或信心？如果我看一下您的指導，我相信，7.68 億美元，正負 1%，所以在第四季度結束時可以稱之為正 8%。看起來下半場會出現明顯的上升趨勢。因此，也許只需向我們介紹季節性，然後您今天看到的信念或信心，這將幫助您實現這些目標。

Yes, sure, Peter. So as I mentioned, we came in accelerated growth here in the first quarter, 6%. We guided that $710 million. We'll go up to $720 million in Q2 in the guidance. And then in the second half, right, as will bridge it Q3 will help to bridge that gap and ending with 8% or [$7.68].

是的，當然，彼得。正如我所提到的，我們在第一季實現了 6% 的加速成長。我們指導的金額是7.1億美元。根據我們的預期，第二季的銷售額將上升至 7.2 億美元。然後在下半年，正如第三季將彌補的那樣，將有助於彌補這一差距，最終達到 8% 或[7.68美元]。

What we have out there in terms of -- again, the ARR metric is a signal of the overall growth, right? But at the end of the day, it's a combination of the new bookings as well as offset from just overall attrition, and that's the driver of the growth within the overall growth to get to that 8% ARR we only need 12% or so bookings. And as Dan mentioned, that's total growth. And as Dan mentioned, we see the pipeline for our overall business, the SaaS ACV rolling fourth quarter, it's up greater than 30% year-over-year. So we got off to a good start here in Q1.

就我們所擁有的而言——再說一次，ARR 指標是整體成長的訊號，對嗎？但歸根究底，這是新預訂量與整體流失量抵銷的綜合結果，也是整體成長的驅動力。要達到 8% 的 ARR，我們只需要 12% 左右的預訂量。正如丹所提到的，這就是整體成長。正如丹所提到的，我們看到了我們整體業務的前景，SaaS ACV 在第四季度的滾動增長同比增長了 30% 以上。因此，我們在第一季取得了良好的開端。

I would highlight that any time you look at the Q4 to Q1 dynamics in terms of overall aggregate ARR, Peter, we often have the seasonality in the fourth quarter where usage over and above our fixed contracts is higher, and that tends to occur every fourth quarter. And so we see some of that acceleration. And as we look at the sequencing across the year, looking at the pipeline, looking at how we got off to a good start in the first quarter, I think the combination of those things give us confidence that we're on track to the 8% just based on the factors.

我想強調的是，彼得，當你從整體 ARR 的角度觀察第四季度與第一季度的動態時，我們經常在第四季度看到季節性變化，即超出我們固定合約的使用量較高，而且這種情況往往在每個第四季度都會發生。因此我們看到了一些加速的跡象。當我們回顧全年的順序、回顧管道、回顧我們在第一季如何取得良好開局時，我認為所有這些因素的結合讓我們有信心，僅從這些因素來看，我們就有望實現 8% 的成長目標。

I guess if you can share, are there any metrics that you can give us around even with your AI ARR net retention, either on the subscription ARR or the AI ARR, is there a metric you can share with us in terms of what upsells look like at renewal? Would love to know what that looks like on the software side.

我想如果您可以分享的話，您是否可以提供一些指標給我們，即使是您的 AI ARR 淨留存率，無論是訂閱 ARR 還是 AI ARR，您是否可以與我們分享一些指標，以了解續訂時的追加銷售情況？很想知道軟體方面的狀況。

Sure. We have, obviously, a lot of metrics that we provided in the past and try to balance and actually some of the feedback either that we've gotten is that we've provided too many in the past that oftentimes it isn't as clear on the drivers of growth, et cetera. So in order to be responsive, right, we've tried to provide just that, focus on the ones that are most important to us, which is the aggregate measure of our total business will be the subscription ARR growth, which we highlighted. And then that AI ARR is really the measure of our key driver of that growth, which will be the AI adoption.

當然。顯然，我們過去提供了許多指標並試圖保持平衡，實際上，我們得到的一些回饋是，我們過去提供了太多指標，以至於往往不能清楚地表明成長的驅動力等等。因此，為了回應，我們試圖提供這一點，專注於對我們來說最重要的部分，也就是我們強調的訂閱 ARR 成長，這是我們整體業務的整體衡量標準。然後，AI ARR 實際上是衡量我們成長的關鍵驅動力，即 AI 的採用。

So with the AI adoption and that metric growing 24% overall, you can imagine that, obviously, that's where we have the combination of very strong new bookings. That's what the customers are prioritizing their budgets around the dollars. And within that, obviously, the retentions are very high.

因此，隨著人工智慧的採用以及該指標整體成長 24%，你可以想像，顯然這就是我們擁有非常強勁的新預訂組合的地方。這就是客戶優先考慮美元預算的原因。顯然，其中的保留率非常高。

So aggregate business, we've seen actually improvements across last year in terms of each of the four quarters, the total ARR acceleration. I can tell you that the GRR has improved each quarter throughout the course of the last year as well. And the signaling for the 8% ARR growth is obviously an NRR, that's well above the 100 mark.

因此，整體業務來看，我們看到去年四個季度的整體 ARR 加速都有所改善。我可以告訴你們，去年全年 GRR 每季都有所提升。8% 的 ARR 成長訊號顯然是 NRR，遠高於 100 大關。

Perfect. And then maybe just one last one for Dan. We didn't talk much about macro. Maybe can you share with us kind of what you saw transpire maybe in the month of April, even in May, to -- just would love to hear some of your commentary from customers and how they're thinking about the environment moving forward. Obviously, your report, I think the numbers you gave us today indicates things are looking pretty healthy.

完美的。這也許只是丹的最後一句話。我們沒有談論太多宏觀話題。也許您可以與我們分享您在四月甚至五月看到的情況——我很想聽聽客戶的一些評論以及他們對未來環境的看法。顯然，您的報告，我認為您今天給我們的數字表明情況看起來相當健康。

But would love to know, was there any impact -- is there any impact to the guide. I would just love to hear kind of what customers are saying in today's environment.

但我很想知道，這是否有任何影響——對指南是否有任何影響。我只是想聽聽顧客在當今環境下的評價。

Yes, that's a good question. Obviously, the results speaks for a strong Q1 and it's not just reported results, but also the pipeline growth, 30% represents strong demand. But if you're looking forward to the color, I would say that each and every conversation with the customer is now focused on value and ROI that is measured in less than six months. So people are much less interested in the multiyear projects where you move to the cloud, then change your entire contact center infrastructure, and it's going to take you two years and maybe then you're in the cloud. So you're going to be getting some ROI.

是的，這是個好問題。顯然，結果顯示第一季表現強勁，這不僅是報告的結果，還有管道成長，30％代表強勁的需求。但如果你期待顏色，我想說現在與客戶的每一次對話都集中在不到六個月的時間內衡量的價值和投資回報率。因此，人們對那些需要多年的專案不太感興趣，在這些專案中，你先遷移到雲端，然後改變你的整個聯絡中心基礎設施，這可能要花兩年時間，然後你才有可能遷移到雲端。所以你將會獲得一些投資回報。

That is much less of an interest now and it's shifting to discussion about value. And one of the things that we actually improved during Q1, given the focus on value is we improve the way we explain value to our customers. We came up with some clear metrics on these are the things that we will measure for you after you deploy. Of course, you can measure many other things.

如今，人們對此的興趣已大大降低，討論的焦點轉向了價值。考慮到價值，我們在第一季實際改進的一件事就是改進了向客戶解釋價值的方式。我們提出了一些明確的指標，這些是我們在您部署後將為您衡量的內容。當然，您還可以測量許多其他事物。

But we're going to measure for you these metrics and you'll be able to track on an ongoing basis, how much value you're creating based on this value model. And I think that's been increasingly important for customers to see that there is a value model. Having said that, they still, in most cases, started on a small scale. So even if they were impressed by the PowerPoint and they look at the value and said that's impressive value. In most cases, yes, we had some large deals, but we had also many deals where they're starting small.

但我們將為您衡量這些指標，並且您將能夠持續追蹤您基於此價值模型創造了多少價值。我認為讓客戶看到價值模型變得越來越重要。話雖如此，但大多數情況下，他們仍然是從小規模開始的。因此，即使他們對 PowerPoint 印象深刻，他們也會看到其價值並說這是令人印象深刻的價值。在大多數情況下，是的，我們有一些大交易，但我們也有很多交易都是從小規模開始的。

And you mentioned in your prior question to Grant something about expansion upon renewal. We see AI investments disconnected from renewal, right? Because again, it's not necessarily big deals, and we encourage customers there's no disruption with the hybrid cloud design. They can just layer bots on top of whatever they have. They don't have to wait for a renewal with Verint, and they will start small.

您在之前向格蘭特提出的問題中提到了有關更新後的擴充功能。我們看到人工智慧投資與更​​新脫節，對嗎？因為再說一遍，這不一定是什麼大問題，我們鼓勵客戶不要中斷混合雲設計。他們可以將機器人疊加在現有的基礎上。他們不必等待與 Verint 續約，而是從小處著手。

And then upon renewal, sometimes they just increase the scale because it's a good time when you renew contracts also to expand into the new AI areas, but it's always based on first, let me prove that the value that you show me on PowerPoint is actually something like I'm seeing in my own environment. So I'm not saying it's completely new. We had it last year as well, but perhaps this was because of the overall macro in Q1, it was even more focused on value selling.

然後，在續約時，有時他們只是擴大規模，因為這是續約的好時機，也可以擴展到新的人工智慧領域，但它始終基於第一，讓我證明你在 PowerPoint 上向我展示的價值實際上就像我在自己的環境中看到的那樣。所以我並不是說它是全新的。去年我們也有過這種情況，但這可能是因為第一季的整體宏觀因素，它更重視價值銷售。

(Operator Instructions) Samad Samana, Jefferies.

（操作員指示）Samad Samana，Jefferies。

This is Billy Fitzsimmons on for Samad. Dan, maybe for you. As we think about the new AI ARR growth in disclosures and the acceleration in year-over-year bundled SaaS revenue. Want to get your view on how we should think about Verint's differentiation in an AI world, whether that's for agent assist tools, text-based chat bots, voice bots.

這是 Billy Fitzsimmons 取代 Samad 演繹的。丹，也許對你來說是這樣。當我們考慮揭露中的新 AI ARR 成長以及捆綁 SaaS 收入同比加速成長時。想聽聽您對我們應該如何看待 Verint 在人工智慧世界中的差異化的看法，無論是代理輔助工具、基於文字的聊天機器人還是語音機器人。

And I think one of the core questions right now is that large well-funded software players are kind of investing seemingly in similar opportunities, whether that's transcription, summarization chat bots, IVRs and we've also seen the emergence of some well-funded start-ups who seem to be targeting a similar opportunity. Obviously, Verint has been doing this a long time, has a large installed base that gets to voice data. So curious how we should think about differentiation and how the competitive landscape has maybe changed in recent quarters.

我認為目前的核心問題之一是，資金雄厚的大型軟體公司似乎都在投資類似的機會，無論是轉錄、摘要聊天機器人還是 IVR，我們也看到一些資金雄厚的新創公司似乎也在瞄準類似的機會。顯然，Verint 已經這樣做了很長時間，並且擁有大量可以獲得語音資料的安裝基礎。所以我很好奇我們應該如何看待差異化以及最近幾季競爭格局可能發生了怎樣的變化。

Yes. Good question. Look, first, affected a lot of new players are attracted to this market positive. It's positive because it's creating more demand in the market. And I believe that the opportunity for our customers to save a lot of money by shifting their budgets from human workforce to AI is obviously a very compelling opportunity for customers but then there's going to be an increase in technology spend.

是的。好問題。首先，受影響的許多新參與者對這個市場產生了正面的影響。這是積極的，因為它在市場上創造了更多的需求。我相信，透過將預算從人力轉移到人工智慧，我們的客戶可以節省大量資金，這對客戶來說顯然是一個非常有吸引力的機會，但隨後技術支出也會增加。

And Verint is now going to take 100% market share. So the new entrants to the market is actually creating a more robust market, and I think we'll accelerate AI adoption. And I believe, as we see now, 24% growth in AI, and we looking to have more than 20% growth also as we exit the year. The AI will put through the year to be the engine to get to the 8% total ARR growth. So we're taking a good market share of what is now becoming a new market.

而 Verint 現在將佔據 100% 的市場。因此，新進入市場的企業實際上正在創造一個更強勁的市場，我認為我們將加速人工智慧的採用。我相信，正如我們現在所看到的，人工智慧的成長率為 24%，而且我們預計到今年年底成長率還將超過 20%。人工智慧將透過這一年成為實現 8% 總 ARR 成長的引擎。因此，我們在新興市場中佔據了相當大的份額。

And I think we have very strong differentiation today, both against start-ups as well as against larger companies who are showing cool demos, but quite frankly, we don't see reported outcomes from customers yet. So I can be talking with strong conviction about we are differentiated today. We are providing value to our customers today. I think your question is how are we going to maintain our differentiation over time. And it comes from, I would say, three main areas.

我認為，今天我們與新創公司以及展示酷炫演示的大公司都有著非常明顯的差異化，但坦白說，我們還沒有看到客戶報告的結果。因此我可以非常肯定地說，我們今天是與眾不同的。我們今天正在為客戶提供價值。我認為你的問題是我們如何長期保持我們的差異化。我認為，這主要來自三個方面。

One is that we are working with the leading brands in the world, and they're pushing us. They're pushing us really, really hard. And it's nothing better for a company to continue to innovate than to work with the most difficult customers in the world that push you hard. And you can see that with the pace of innovation that we are showing over the last eight quarters since we introduced a new platform seven quarters ago. It was the combination of three years in the work and obviously two decades of experience, but we launched it several quarters ago, we now -- it now have really large customers that are reporting good outcomes, and they continue to push us to innovate.

一是我們正在與世界領先的品牌合作，他們正在推動我們。他們對我們施加了非常非常大的壓力。對於一家公司來說，沒有什麼比與世界上最難纏、最需要你努力的客戶合作更能持續創新了。您可以看到，自從七個季度前我們推出新平台以來，過去八個季度我們一直在快速創新。它是三年工作和二十年經驗的結合，我們在幾個季度前就推出了它，現在我們——它已經擁有非常大的客戶，並且報告了良好的結果，他們繼續推動我們創新。

The second reason is that we have a platformatic view on how to use AI in CX. It's not just about the one point solution, one check but that does one thing because you need to orchestrate all these different bots and humans to work together.

第二個原因是我們對如何在 CX 中使用 AI 有一個平台化的觀點。這不僅僅是一個單點解決方案、一次檢查，而是做一件事，因為你需要協調所有這些不同的機器人和人類一起工作。

Eventually, the more trivial conversation will move to AI and the more complex conversation will remain with humans and the need to maintain relationships in some industries, it's very important for our customers, actually, for human to talk to humans because that's how they retain relationship. That's how they upsell like in insurance, there's nothing insurance companies love more is to talk to the customer when they call because it's an opportunity to show them some new products. So the human workforce is not going anywhere.

最終，更瑣碎的對話將轉移到人工智慧，而更複雜的對話仍將由人類完成，並且在某些行業中維持關係的需要，對於我們的客戶來說，實際上，人與人之間的交談非常重要，因為這是他們維持關係的方式。這就是他們在保險中追加銷售的方式，保險公司最喜歡的就是在客戶打電話時與他們交談，因為這是向他們展示一些新產品的機會。因此，人力資源不會消失。

There's going to be changes, but the way we originally designed this platform with hybrid cloud, allowing our customers to move forward with the AI in an evolutionary way, not throw away everything and start over again, which doesn't work. It's a big advantage. And those start-ups just don't have the platform. And I think the third area that we as designed in the platform that will maintain our differentiation is the fact that we have an open Da Vinci AI. And in the same platform, we are running many different AI models from many different vendors because we're open and we're taking the latest AI technology and obviously training it on data and embedding it into real solutions.

將會有變化，但我們最初設計這個平台的方式是使用混合雲，允許我們的客戶以進化的方式推進人工智慧，而不是拋棄一切並重新開始，這是行不通的。這是一個很大的優勢。而這些新創公司根本就沒有平台。我認為我們在平台中設計的第三個能夠保持我們差異化的領域是我們擁有一個開放的達文西人工智慧。在同一個平台上，我們運行來自不同供應商的許多不同人工智慧模型，因為我們是開放的，我們採用最新的人工智慧技術，顯然是在資料上對其進行訓練，並將其嵌入到實際解決方案中。

And many of these startups just take one Gen AI model from somewhere and they just use Gen AI to develop something. And it's core, but it's not going to be the best AI model forever. The pace of AI change is quick, and we are future proofing the AI investment for our customers by actually allowing them to use any LLMs, incorporates many different AI approaches and also bring the best tools in the market and change them all the time and different dots require different AI models. It's not -- we have more than 50 bots. Each one is designed to automate a different workflow because there are many different workflows, not just chat bot.

許多新創公司只是從某個地方獲取一個 Gen AI 模型，然後使用 Gen AI 來開發某些東西。它是核心，但它不會永遠是最好的人工智慧模型。人工智慧變化的速度很快，我們正在為客戶提供面向未來的人工智慧投資，實際上允許他們使用任何 LLM，結合許多不同的人工智慧方法，並提供市場上最好的工具並不斷改變它們，不同的點需要不同的人工智慧模型。事實並非如此——我們有超過 50 個機器人。每個都旨在自動化不同的工作流程，因為有許多不同的工作流程，而不僅僅是聊天機器人。

And we have all these different models living in one platform. So these are big advantages that are very core to the approach we had. And end of the day, we are the only $1 billion pure play CX automation company. There are a lot of companies who are trying to add automation to what they do. But I think we have it at scale, that's all we do. And as we move forward, we expect that we'll continue to do it better than others.

我們將所有這些不同的模型整合到一個平台上。所以這些都是我們方法的核心優勢。最終，我們是唯一一家價值 10 億美元的純 CX 自動化公司。許多公司都在嘗試將自動化融入他們的工作中。但我認為我們已經達到了規模，這就是我們所做的一切。隨著我們不斷前進，我們期望我們能繼續做得比別人更好。

Helpful. And maybe one for Grant. Obviously, the AI ARR metric is a new metric. You talked about it in the prepared remarks, but I want to double click because it's important. So first, can you just recap for us what's included in that metric, assuming it's committed spend for your 50-plus bonds, but any other products from our portfolio that are in that number that we should be aware of?

很有幫助。也許還有一本是送給格蘭特的。顯然，AI ARR指標是一個新指標。您在準備好的發言中談到了這一點，但我要雙擊它，因為它很重要。那麼首先，您能否為我們概括一下該指標包含的內容，假設它是針對您 50 多隻債券的承諾支出，但我們投資組合中還有哪些其他產品也包含在這個數字中，我們應該注意嗎？

And then second, I know you have minimum commitments for some of your months and then there's the potential for overages from a customer usage or volume above expectations. So does that AI ARR number just capture the committed minimum spend and there's actually potential for upside on the rev line due to overages. I want to understand how that can kind of impact ARR versus the revenue number.

其次，我知道您在某些月份有最低承諾，但如果客戶使用量或數量超出預期，則可能會出現超額情況。那麼，AI ARR 數字是否僅僅反映了承諾的最低支出，並且由於超額支出，收入線實際上有可能上升。我想了解這會對 ARR 和收入數字產生怎樣的影響。

Sure. Thank you. So let me start with that definition, right? The AI ARR is all of the ARR derived from our solutions that include the AI functionality, okay? And it represents what the quarterly run rate value of both active or the newly signed SaaS agreements that we have at the end of the period.

當然。謝謝。那麼讓我從這個定義開始，對嗎？AI ARR 是我們包含 AI 功能的解決方案所衍生的所有 ARR，好嗎？它代表了我們在期末的有效或新簽署的 SaaS 協議的季度運行率值。

So it's that combination, consistent with our subscription ARR, but it's specifically segmenting that subscription ARR and looking at any solutions that today include that AI functionality. Now in terms of how we look at these solutions right, in terms of the fixed, it does include both all of the fixed term agreements that we have. And again, that's providing that quarterly annualized run rate of those and then in a given quarter, if we do have overages, then it's going to go ahead and pick up that. So usage related above the fixed commitments, it's capturing that as well.

因此，這種組合與我們的訂閱 ARR 一致，但它具體細分了訂閱 ARR，並查看了當今包含該 AI 功能的任何解決方案。現在，就我們如何看待這些解決方案而言，就固定而言，它確實包括我們擁有的所有固定期限協議。再說一次，這提供了這些季度的年化運行率，然後在給定的季度中，如果我們確實有超額，那麼它將繼續並將其提取出來。因此，與固定承諾相關的使用情況也捕捉到了這一點。

Timothy Horan, Oppenheimer.

提摩西霍蘭，奧本海默。

Sorry, I just missed that. Can you talk about which bots are working well? And at your Analyst Day in Orlando last September, the ROI was amazing and a bunch of the bots look like they were working well. Can you talk about just what's been the customer remain reticent to adoption? I mean, when they can save $10 or $20 for every dollar they're spending with you. And how are you overcoming that?

抱歉，我剛才忘了。能談談哪些機器人運作良好嗎？去年 9 月在奧蘭多舉行的分析師日上，投資回報率令人驚嘆，而且許多機器人看起來運作良好。您能否談談客戶為何不願意採用該技術？我的意思是，他們在您這裡每花一美元就可以節省 10 美元或 20 美元。您是如何克服這個問題的？

Yes. So I would say, overall, we're getting very positive feedback from customers on all our bots. And there are bots like with the sales channels, sales channel like certain bots more because they require very short sales cycles. So for example, we have bot we call the GinnieBot. This is a quick add-on the customers can add to their business analytics solution and what it does, it's kind of supercharge the analysts and immediately increased analyst capacity for those business analysts so it's one that, I would say, sales love it because it's so compelling, it's so easy.

是的。所以我想說，總的來說，我們所有的機器人都得到了客戶的非常正面的回饋。還有類似銷售管道的機器人，銷售管道更像某些機器人，因為它們需要非常短的銷售週期。例如，我們有一個叫做 GinnieBot 的機器人。這是一個快速附加元件，客戶可以將其添加到他們的業務分析解決方案中，它的作用是增強分析師的能力，並立即提高這些業務分析師的分析能力，所以我想說，銷售人員喜歡它，因為它非常引人注目，而且非常簡單。

There are others that require the customers to change human behavior so they need to enable their employees and that takes some time. For example, our copilot coaching bot is one that will provide real-time next best action suggestions to agents that bots requires some enablement, some users love it, some users less because they feel like they already have the answers.

還有一些要求客戶改變人類行為，因此他們需要支持他們的員工，這需要一些時間。例如，我們的副駕駛教練機器人將向代理商提供即時的下一個最佳行動建議，這些機器人需要一些支持，有些用戶喜歡它，有些用戶則不太喜歡，因為他們覺得自己已經有了答案。

There is another copilot, which provides real time CX scores to supervisors. So during the call, supervisors can get alerts on is the sentiment on the call going up or down and they can see whether the sentiment is because of customer sentiment or employee sentiment, sometimes employee gets tired during the day.

還有另一個副駕駛，它為主管提供即時 CX 分數。因此，在通話期間，主管可以收到有關通話情緒上升或下降的警報，並且可以看到情緒是由於客戶情緒還是員工情緒引起的，有時員工在白天會感到疲倦。

and a supervisor can just suggest, hey, you should go on a coffee break for 15 minutes because you are tired. So they can, in real time, react to the changing sentiment during the call and obviously, they love that. So I would say that the reaction is overall very positive to all of them. But like any new technology that you introduced into a workforce. Some customers have unions, they need to sell it into the union.

主管可能會建議你，嘿，你應該休息 15 分鐘喝咖啡，因為你累了。因此，他們可以即時對通話過程中不斷變化的情緒做出反應，顯然，他們喜歡這樣。所以我想說，大家對他們的反應總體上都是非常正面的。但就像你引入勞動力隊伍的任何新技術一樣。有些客戶有工會，他們需要賣給工會。

There's a lot of complexity in changing the market from being 100% manual to automation. We're not part of the design of our platform is we did not underestimate these challenges. And I think that's why, overall, we have great customer reported outcomes because we're not just showing a nice leg demo, we actually -- we are encouraging our customers. Let's go to production right away. Let's keep the live experiments.

將市場從 100% 手動轉變為自動化有許多複雜性。我們不是平台設計的一部分，我們並沒有低估這些挑戰。我認為這就是為什麼我們總體上獲得了客戶極佳的反饋結果，因為我們不僅僅展示了精彩的腿部演示，實際上，我們還在鼓勵我們的客戶。我們馬上開始生產吧。讓我們繼續進行現場實驗。

And when you are in production, you find things like this. And I think we are dealing with this objection to AI very well. and we'll continue to improve. We continue to improve because it's part of what the transition that the whole market needs to, it's to make -- and look, we believe that eventually the AI, which is -- first, it's inevitable, but it's also going to be good for the workforce because it provides the workforce opportunities to do a better job, really delight customers they can give the bots, the more mundane jobs and have more time to develop relationships and deal with more complex issues.

當你投入生產時，你會發現這樣的事情。我認為我們很好地處理了對人工智慧的反對意見，並且我們將繼續改進。我們不斷改進，因為這是整個市場需要轉型的一部分——而且，我們相信，人工智慧最終會——首先，這是不可避免的，但它也會對勞動力有利，因為它為勞動力提供了做得更好的機會，真正取悅客戶，他們可以把更平凡的工作交給機器人，並有更多的時間來發展關係和處理更複雜的問題。

So it's not that it's creating negative impact with workforce, but definitely, we see from customers that they need to make those behavioral changes in their workforce.

因此，這並不是說它對勞動力產生了負面影響，但我們確實從客戶那裡看到，他們需要在勞動力中做出行為改變。

And I think that's part of why the industry is moving at the pace they're moving. It's not something we can trivialize.

我認為這也是該行業能夠如此快速發展的原因之一。這不是我們可以輕視的事情。

And Grant, can you talk about working capital? How should that trend over the next few years as you get a lot more bundled SaaS? And what levers can you pull to improve that?

格蘭特，您能談談營運資金嗎？隨著捆綁 SaaS 越來越多，未來幾年這一趨勢將如何發展？您可以採取哪些措施來改善這種情況？

Yes, sure. The way I would look at it, right, is as our cash generation -- the ARR grows 8% exiting this year, and we haven't modeled with revenue being very similar to the cash generation model that we'll generate. We won't have a lot of working capital burn right? And as I've talked about before, the cash gen is going to drive the free cash flow growth. That's throughout the whole model and the reason that we're providing this guidance in both ways.

是的，當然。我的看法是，正如我們的現金產生一樣——今年的 ARR 成長了 8%，而且我們建立的收入模型與我們將要產生的現金產生模型並不十分相似。我們不會消耗太多營運資金，對吧？正如我之前談到的，現金產生將推動自由現金流的成長。這就是整個模型，也是我們以兩種方式提供這種指導的原因。

We know that the mix of our bookings, et cetera, come in different, then that could have a little different impact on the revenue, but no change whatsoever on the free cash flow, that's where you get into some of the differences on working capital overall change in working capital.

我們知道，我們的預訂組合等有所不同，這可能會對收入產生一些不同的影響，但對自由現金流沒有任何變化，這就是營運資本整體變化的一些差異。

But right now, we are projecting the year to be similar between the two models. And again, as I just point to the model going forward, as the overall ARR and cash gen grows you will see the free cash flow continue to grow at a faster pace in double-digit periods.

但目前，我們預測這兩個模型今年的表現將會相似。再次，正如我剛才指出的，未來的模型，隨著整體 ARR 和現金流的增長，你會看到自由現金流在兩位數的時期內繼續以更快的速度增長。

Thank you. And that concludes today's Q&A session. I would like to 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 thanks, everyone, for joining us today. As always, please feel free to reach out with any questions you have, and we look forward.

謝謝麗莎，也謝謝大家今天加入我們。像往常一樣，如果您有任何問題，請隨時聯繫我們，我們期待您的回覆。