Qualtrics International Inc (XM) 2022 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Qualtrics Fourth Quarter and Fiscal Year 2022 Earnings Call. (Operator Instructions). Please be advised that today's conference is being recorded.

女士們、先生們，感謝你們的支持。歡迎參加 Qualtrics 2022 財年第四季和財報電話會議。 （操作員指令）。請注意，今天的會議正在錄音。

I would now like to hand the conference over to Rodney Nelson, Head of Investor Relations. Please go ahead.

現在，我想將會議移交給投資者關係主管羅德尼·尼爾森 (Rodney Nelson)。請繼續。

Thank you, operator. Welcome to Qualtrics fourth quarter and fiscal 2022 earnings conference call. On the call, we have Zig Serafin, CEO; Chris Beckstead, President; and Rob Bachman, CFO. Following prepared remarks, we will open the line up to answer your questions. Our results, press release and a replay of today's call can be found in the Qualtrics Investor Relations website.

謝謝您，接線生。歡迎參加 Qualtrics 第四季和 2022 財年收益電話會議。電話會議中，我們邀請了執行長 Zig Serafin；總裁克里斯貝克斯特德 (Chris Beckstead)；以及財務長 Rob Bachman。在準備好發言之後，我們將開始回答大家的問題。我們的結果、新聞稿和今天電話會議的重播可以在 Qualtrics 投資者關係網站上找到。

During today's call, we will make statements that represent our expectations and beliefs concerning future events that may be considered forward-looking under federal securities laws. These statements reflect our views only as of today and should not be relied upon as representative of our views as of any subsequent date. We disclaim any obligation to update any forward-looking statements or outlook. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations.

在今天的電話會議中，我們將發表聲明，表達我們對根據聯邦證券法可能被視為前瞻性的未來事件的期望和信念。 這些聲明僅反映我們截至今天的觀點，不應被視為代表我們隨後任何日期的觀點。我們不承擔更新任何前瞻性陳述或展望的義務。這些聲明受各種風險和不確定因素的影響，可能導致實際結果與預期有重大差異。

For a further discussion of the material risks and other important factors that could affect our financial results, please refer to our filing with the SEC, including our annual report on Form 10-K for the quarter and fiscal year ended December 31, 2022, that will be filed with the SEC.

有關可能影響我們財務業績的重大風險和其他重要因素的進一步討論，請參閱我們向美國證券交易委員會提交的文件，包括我們將向美國證券交易委員會提交的截至 2022 年 12 月 31 日的季度和財政年度的 10-K 表年度報告。

With that, I'll hand the call over to Zig.

說完這些，我將把電話交給 Zig。

Thank you, Rodney, and thank you all for joining. Q4 was a solid quarter, capping off a very strong year and operating margin improvement. Revenue in the quarter was $389.1 million, up 23% year-over-year. And subscription revenue was $327.6 million up 26% year-over-year. 2022 annual revenue was $1.46 billion, which represents 36% annual growth. Our current remaining performance obligations grew to $1.2 billion at the close of the quarter and total remaining performance obligations grew to $2.17 billion.

謝謝你，羅德尼，也謝謝大家的加入。第四季表現穩健，為全年強勁成長和營業利潤率提高畫上圓滿句點。本季營收為 3.891 億美元，年增 23%。訂閱收入為 3.276 億美元，較去年同期成長 26%。 2022 年營收為 14.6 億美元，年增率為 36%。截至本季末，我們目前剩餘履約義務成長至 12 億美元，總剩餘履約義務成長至 21.7 億美元。

As customers around the world continue to grow their investments in Qualtrics and commit to multiyear deals. I've mentioned before that we're building a generational business, focused both on growth and profitability. And I'm pleased that we delivered Q4 non-GAAP operating margin 6.1%, up from breakeven in Q4 of last year.

隨著世界各地的客戶不斷增加對 Qualtrics 的投資並承諾簽訂多年協議。我之前提到過，我們正在建立一項代際業務，既注重成長，也注重獲利能力。我很高興我們第四季的非 GAAP 營業利潤率達到了 6.1%，高於去年第四季的盈虧平衡點。

Looking ahead, we're more committed than ever to helping our customers realize even greater value from the Qualtrics platform while focusing on both revenue growth and margin expansion. We believe that macroeconomic challenges will persist through 2023. This is reflected in our guidance as well as our focus on operating with discipline in 2023.

展望未來，我們比以往任何時候都更致力於幫助我們的客戶從 Qualtrics 平台實現更大的價值，同時專注於營收成長和利潤擴大。 我們相信，宏觀經濟挑戰將持續到 2023 年。

We're initiating full year 2023 revenue guidance of $1.665 billion at the midpoint of the range, representing 14% year-over-year growth and Q1 total revenue of $392 million to $394 million, representing 17% growth at the midpoint. And importantly, we expect more than double our full year 2023 non-GAAP operating margin at 10.5% at the midpoint, which is an increase of 650 basis points from last year.

我們預計 2023 年全年營收為 16.65 億美元，中間值為 14%，年成長 14%，第一季總營收為 3.92 億美元至 3.94 億美元，中間值為 17%。 重要的是，我們預計 2023 年全年非 GAAP 營業利潤率將成長一倍以上，中位數為 10.5%，比去年增加 650 個基點。

We finished the year with more than 18,750 customers as organizations invest in Qualtrics for our proven leadership platform capabilities and innovation road map. The number of customers spending more than $100,000 with Qualtrics annually increased by 17%. And the number of customers spending more than $1 million annually increased 32% year-over-year.

由於各大組織重視我們成熟的領導平台能力和創新路線圖而對 Qualtrics 進行投資，今年我們已擁有超過 18,750 名客戶。每年在 Qualtrics 上消費超過 10 萬美元的客戶數量增加了 17%。年消費超過100萬美元的顧客數量年增了32%。

While we continue to see increased scrutiny of deals in Q4, our win rates remained strong. And our existing customers continue to invest in Qualtrics, which you can see in our 120% net retention rate. The Qualtrics platform is becoming central to how organizations make mission-critical customer and employee decisions and drive automated actions to protect their revenue, increase efficiency and improve their operations. We help them quickly identify and resolve points of friction across all digital and human touch points. And that makes our business resilient even in times of macroeconomic uncertainty.

儘管我們在第四季度繼續看到對交易的審查更加嚴格，但我們的勝率仍然很高。我們的現有客戶繼續投資 Qualtrics，從我們 120% 的淨留存率就可以看出。 Qualtrics 平台正成為組織如何做出關鍵任務客戶和員工決策以及推動自動化行動以保護其收入、提高效率和改善其營運的核心。 我們幫助他們快速識別並解決所有數字和人為接觸點的摩擦點。這使得我們的業務即使在宏觀經濟不確定時期也能保持彈性。

In Q4, market leaders like Delta Airlines Principal Financial, Roche, Bridgestone, Farmers Insurance and Quanta grew their investments in Qualtrics, because they understand the value of truly knowing their customers and employees so they can make the right decisions and take the right actions for them.

在第四季度，達美航空主要金融、羅氏、普利司通、農民保險和廣達等市場領導者增加了對 Qualtrics 的投資，因為他們了解真正了解客戶和員工的價值，這樣他們才能為他們做出正確的決策並採取正確的行動。

And I couldn't be more excited about our expansion with the BMW Group. BMW is focused on customer-centric innovation, and we're proud to be their experience management partner. We're working with them to manage every aspect of the customer experience, from how people build and order their vehicles online to test drive at the dealerships, to service management for owners. With Qualtrics, they can bring all of their experience data together on a single platform to create a seamless experience across these channels. They'll be able to identify issues faster and intervene in the moment. And this will help the BMW Group deliver more connected, holistic and personal experiences, building deeper relationships with their customers at every turn.

我對我們與寶馬集團的擴張感到無比興奮。 BMW專注於以客戶為中心的創新，我們很自豪能夠成為他們的體驗管理合作夥伴。我們與他們合作管理客戶體驗的各個方面，從人們如何在網路上製造和訂購汽車到在經銷商處試駕，再到車主的服務管理。借助 Qualtrics，他們可以將所有體驗資料整合到一個平台上，從而在這些管道中創造無縫體驗。 他們將能夠更快地發現問題並立即採取行動。這將有助於寶馬集團提供更互聯、全面和個人化的體驗，並與客戶建立更深層的關係。

Another customer that continues to invest across the Qualtrics product line is Yum! Brands. In Q4, they expanded in both customer experience and employee experience for KFC. At a time when frontline employees are in short supply, KFC will use Qualtrics discover, engage and social connect to rapidly collect and analyze millions of data points across 27,000 restaurants. And they'll be able to enhance the ordering and delivery experience across the network and give operators a real-time view of employee and guest feedback. So franchisees can take immediate action to improve experiences on the ground.

另一個繼續投資 Qualtrics 產品線的客戶是 Yum！品牌。第四季度，他們為肯德基拓展了顧客體驗和員工體驗。 在前線員工短缺的情況下，肯德基將使用 Qualtrics 的發現、參與和社交連接來快速收集和分析 27,000 家餐廳的數百萬個數據點。他們將能夠增強整個網路的訂購和交付體驗，並讓營運商即時查看員工和客人的回饋。因此，特許經營者可以立即採取行動，改善當地體驗。

On to product. We're leading the next wave of innovation and experience management with purpose-built solutions that help our customers do more with less for their customers and employees. As the leader in XM, we have a vast universe of experience data, advanced AI and analytics and a system of action that gives us and our customers a competitive advantage. In fact, in Q4, we passed a major milestone, doubling in 1 year to 10 billion Experience IDs on the XM platform.

關於產品。我們正在透過專門建構的解決方案引領下一波創新和體驗管理，幫助我們的客戶以更少的投入為其客戶和員工做更多的事情。作為 XM 的領導者，我們擁有豐富的經驗數據、先進的人工智慧和分析技術以及行動系統，為我們和我們的客戶帶來競爭優勢。事實上，在第四季度，我們通過了一個重要的里程碑，XM 平台上的體驗 ID 在 1 年內翻了一番，達到 100 億個。

Experience ID captures structured feedback across every touch point of the customer journey as well as unstructured feedback like effort, emotion and intent. We build this into a rich profile that allows customers to know their customers like never before and then take the right action at the right time. Together, these Experience IDs form the largest database of human sentiment in the world. We're the only ones with this technology, and it makes the Qualtrics platform incredibly sticky for our customers.

體驗 ID 可捕捉客戶旅程中每個接觸點的結構化回饋以及努力、情感和意圖等非結構化回饋。我們將其建構成豐富的檔案，讓客戶能夠前所未有地了解他們的客戶，然後在正確的時間採取正確的行動。這些體驗 ID 共同構成了世界上最大的人類情感資料庫。我們是唯一擁有這項技術的公司，它使得 Qualtrics 平台對我們的客戶具有強烈的吸引力。

Now I'd like to highlight a few new innovations from the quarter. We launched CrossXM, a new innovation that enables leaders to see how their employee, customer and brand experiences impact one another with just a few clicks. For example, CrossXM reveals how key employee metrics such as manager support, career development and recognition directly impact customer outcomes. So leaders can focus on initiatives that will drive their highest value. Qualtrics is the only company that manages these experiences together on a single platform.

現在我想強調本季的一些新創新。我們推出了一項新創新 CrossXM，它使領導者只需點擊幾下滑鼠就能看到員工、客戶和品牌體驗如何相互影響。例如，CrossXM 揭示了經理支援、職涯發展和認可等關鍵員工指標如何直接影響客戶結果。因此，領導者可以專注於能夠帶來最高價值的舉措。 Qualtrics 是唯一一家在單一平台上管理這些體驗的公司。

For customer, service is the number one reason customers switch brands. And in Q4, we delivered new contact center innovations, including real-time agent assist and automated call summaries, to increase agent productivity, drive operational efficiency and improve customer service.

對顧客來說，服務是顧客轉換品牌的首要原因。在第四季度，我們推出了新的聯絡中心創新，包括即時代理協助和自動呼叫摘要，以提高代理商的工作效率、提高營運效率並改善客戶服務。

Real-time agent assist uses advanced AI to analyze the support conversation while it's happening and to deliver real-time informed recommendations and automated call summaries deliver instant call recaps like capturing all of the relevant details of the customer support call, including sentiment like confusion or frustration that only Qualtrics can discover, and then trigger what needs to happen next.

即時代理助理使用先進的人工智慧來分析正在進行的支援對話並提供即時明智的建議，而自動呼叫摘要則提供即時呼叫回顧，例如捕獲客戶支援呼叫的所有相關詳細信息，包括只有 Qualtrics 才能發現的困惑或沮喪等情緒，然後觸發接下來需要發生的事情。

In employee experience, we launched Manager Assist, which gives every manager of the data and the tools that they need to increase productivity to reduce unwanted attrition. Manager Assist brings sophisticated analytics to employee feedback, including engagement survey data as well as insights into feedback that they're sharing on Slack and help desk conversations and even social sites like Glassdoor.

在員工體驗方面，我們推出了經理助理，它為每位經理提供提高生產力所需的數據和工具，減少不必要的人員流失。 Manager Assist 為員工回饋帶來了複雜的分析，包括敬業度調查數據以及他們在 Slack 和幫助台對話甚至 Glassdoor 等社交網站上分享的回饋見解。

A great example of the value of employee experience in this environment is the new relationship that we form with Qualcomm. Qualcomm is intensely focused on making the right investments in 2023, and they standardize on Qualtrics EmployeeXM replacing their stand-alone engagement systems. Now Qualcomm will be able to look at feedback holistically across the organization to identify high-impact actions that build confidence in the future of the company and improve both engagement and retention. In March, you're going to have a chance to see these and other latest innovations and be with thousands of our customers live in person at X4 in Salt Lake City, and we hope you're going to be able to join us.

我們與高通建立的新關係就是這種環境下員工體驗的價值的一個很好的例子。高通公司高度重視在 2023 年做出正確的投資，並以 Qualtrics EmployeeXM 為標準，取代其獨立的參與系統。現在，高通將能夠全面地查看整個組織的回饋，以確定能夠增強公司未來信心並提高員工參與度和保留率的高影響力行動。 三月份，您將有機會在鹽湖城 X4 親眼見證這些和其他最新創新，並與我們的數千名客戶見面，我們希望您能加入我們。

Our ecosystem continues to be a key contributor to our growth. We have more than 400 partners in our network creating unique IP by leveraging the Qualtrics developer platform. And we continue to strengthen our strategic partnerships and work together to solve our customers' most pressing challenges. In the quarter, Qualtrics and ServiceNow jointly closed a multimillion dollar deal with a Fortune 500 energy company. This company is going to bring together ServiceNow's customer service management with Qualtrics CustomerXM Discover, to give service agents the tools that they need to automatically trigger actions based on feedback. So (inaudible) drivers for customer satisfaction and to improve their cost to serve.

我們的生態系統繼續成為我們成長的關鍵貢獻者。我們的網路中有超過 400 個合作夥伴利用 Qualtrics 開發者平台創建獨特的 IP。我們將持續加強策略夥伴關係，共同努力解決客戶最迫切的挑戰。 本季度，Qualtrics 和 ServiceNow 聯合與一家財富 500 強能源公司達成了一項價值數百萬美元的交易。該公司將把 ServiceNow 的客戶服務管理與 Qualtrics CustomerXM Discover 結合起來，為服務代理提供根據回饋自動觸發操作所需的工具。因此（聽不清楚）推動因素是提高顧客滿意度和改善服務成本。

The XM platform is the system of action and is growing around workflow integrations like this across critical systems such as SAP, Microsoft, AWS and ServiceNow. And these workflows continue to deliver increasing value for our customers. The number of customers using 5 or more Qualtrics' workflow integrations more than doubled in Q4 compared to the year before.

XM 平台是一個行動系統，它圍繞著跨 SAP、Microsoft、AWS 和 ServiceNow 等關鍵系統的工作流程整合而不斷發展。 這些工作流程持續為我們的客戶帶來越來越高的價值。與去年同期相比，第四季度使用 5 個或更多 Qualtrics 工作流程整合的客戶數量增加了一倍以上。

In closing, we continue to manage for long-term durable growth. And you're going to see that in our strong net retention rate, our growing customer base and the number of customers that are spending $100,000 or more. We've been actively realigning our resources to the highest priorities of our business with an eye on both growth and efficiency. And as part of that, earlier this month, we made the difficult decision to eliminate approximately 270 roles globally across the company, which is less than 5% of our workforce. The decision was made after careful consideration, especially for those that are leaving.

最後，我們將繼續致力於長期可持續的成長。您將從我們強勁的淨留存率、不斷增長的客戶群以及消費 100,000 美元或以上的客戶數量中看到這一點。 我們一直在積極地重新調整我們的資源，以將業務放在首位，同時著眼於成長和效率。作為其中的一部分，本月初，我們做出了一個艱難的決定，在公司全球裁減約 270 個職位，這不到我們員工總數的 5%。這個決定是經過仔細考慮後做出的，特別是對於那些即將離開的人。

And our priority is to support them in what's next -- and whether that's a new role of Qualtrics or outside the company. Demand and loyalty from customers remain strong, which is going to give us an opportunity to accelerate our growth in an economic recovery. I'm proud of our team, who continue to demonstrate their ability to adapt to dynamic markets and the changing customer needs in the marketplace. And of course, I'm grateful for our customers and our partners for putting their trust in Qualtrics.

我們的首要任務是支援他們下一步的工作——無論這是 Qualtrics 的新角色還是公司外部的新角色。客戶的需求和忠誠度依然強勁，這將為我們在經濟復甦中加速成長提供機會。我為我們的團隊感到自豪，他們不斷展示出適應動態市場和市場上不斷變化的客戶需求的能力。當然，我很感謝我們的客戶和合作夥伴對 Qualtrics 的信任。

Now over to you, Rob.

現在輪到你了，羅布。

Thanks, Zig, and good afternoon, everyone. As Zig said, we generated solid growth and profitability in the fourth quarter. Total revenue was $389.1 million in the fourth quarter, up 23% year-over-year. Subscription revenue was $327.8 million (sic) [$327.6 million], up 26% year-over-year. Professional services and other revenue was $61.5 million, representing 8% growth year-over-year.

謝謝，Zig，大家下午好。正如齊格所說，我們在第四季度實現了穩健的成長和利潤。第四季總營收為3.891億美元，年增23%。訂閱收入為 3.278 億美元（原文如此）[3.276 億美元]，較去年同期成長 26%。專業服務和其他收入為 6,150 萬美元，年增 8%。

Our remaining performance obligations representing all future revenue under contract ended the quarter at $2.174 billion, up 25% year-over-year. This metric includes both new and renewal software contracts, along with our professional services business. For reference, Q4 2021 RPO included an opening balance of $130 million related to the Clarabridge acquisition.

我們剩餘的履約義務代表合約規定的所有未來收入，本季末達到 21.74 億美元，年增 25%。 該指標包括新的和續約的軟體合約以及我們的專業服務業務。作為參考，2021 年第四季 RPO 包括與 Clarabridge 收購相關的 1.3 億美元期初餘額。

Current remaining performance obligations, which is all future revenue under contract that is expected to be recognized as revenue in the next 12 months was $1.202 billion, up 19% year-over-year. For reference, Q4 2021 current remaining performance obligations included an opening balance of approximately $78 million resulting from the Clarabridge acquisition.

目前剩餘履約義務，即預計在未來 12 個月內確認為收入的所有合約未來收入為 12.02 億美元，年增 19%。 作為參考，2021 年第四季目前剩餘履約義務包括收購 Clarabridge 產生的約 7,800 萬美元的期初餘額。

Fourth quarter calculated billings were $571.6 million, up 11% year-over-year. As a reminder, Q4 2021 deferred revenue included an opening balance of $36 million related to the Clarabridge acquisition. FX movements resulted in a headwind of just over $13 million or approximately 2.5 percentage points of growth to calculated billings in the fourth quarter.

第四季計算的帳單金額為 5.716 億美元，年增 11%。提醒一下，2021 年第四季的遞延收入包括與 Clarabridge 收購相關的 3,600 萬美元的期初餘額。外匯變動導致第四季計算的帳單金額遭遇超過 1,300 萬美元的阻力，或約 2.5 個百分點的成長。

Fourth quarter subscription billings grew 14% on a reported basis and 17% on a constant currency basis. Our XM platform is mission-critical for customers in these uncertain times as demonstrated by our net retention rate of 120%, while gross retention remained consistent with historic levels. Q4 marked the first quarter Clarabridge began to contribute to our net retention rate, and its impact was consistent with our net retention rate for the quarter. Given we calculate net retention rate on a trailing 12-month basis, Clarabridge subscription revenue will continue to layer into our net retention rate calculation over the next 3 quarters.

以報告基礎計算，第四季訂閱費用增加了 14%，以固定匯率計算則成長了 17%。我們的 XM 平台對於這些不確定時期的客戶來說至關重要，這一點從我們的淨留存率 120% 可以看出，而總留存率與歷史水準保持一致。 Q4 是 Clarabridge 開始為我們的淨留存率做出貢獻的第一個季度，其影響與我們本季的淨留存率一致。鑑於我們根據過去 12 個月計算淨留存率，Clarabridge 訂閱收入將在未來 3 個季度繼續計入我們的淨留存率計算。

We ended 2022 with more than 18,750 customers an increase of approximately 2,000 compared to year-end 2021. Customers spending more than $100,000 in annual recurring revenue grew 17%, year-over-year to 2,262 customers, and we finished the year with 189 customers spending more than $1 million annually, up from 143 at the end of 2021.

截至 2022 年底，我們擁有超過 18,750 名客戶，與 2021 年底相比增加了約 2,000 名。

Turning to margins. Our Q4 non-GAAP gross margin was 75.9%, down slightly versus the prior quarter, while non-GAAP subscription gross margin of 87.5% was consistent with the prior quarter. Our non-GAAP operating profit for the third quarter was $23.9 million, resulting in a non-GAAP operating margin of 6.1% compared to [0.1%] in Q4 of 2021. The increase in our fourth quarter operating margin reflects our slowed pace of hiring and ongoing investment discipline as we focus on durable and efficient growth.

轉向利潤。我們第四季的非 GAAP 毛利率為 75.9%，較上一季略有下降，而非 GAAP 訂閱毛利率為 87.5%，與上一季持平。 我們第三季的非 GAAP 營業利潤為 2,390 萬美元，非 GAAP 營業利潤率為 6.1%，而 2021 年第四季為 [0.1%]。

Operating cash flow for the fourth quarter was $23.9 million compared to $13.7 million in the year ago period. Free cash flow in the quarter was $8.9 million compared to negative $60.4 million in Q4 of 2021. As a reminder, free cash flow may fluctuate on a quarterly basis due to the timing of cash collections, and we believe it's best to assess our cash flow performance over an annual cycle, given the billing seasonality in our business. We ended the quarter in a strong cash position with approximately $720 million in cash and cash equivalents and no debt.

第四季營運現金流為 2,390 萬美元，去年同期為 1,370 萬美元。 本季的自由現金流為 890 萬美元，而 2021 年第四季為負 6,040 萬美元。本季結束時，我們的現金狀況強勁，擁有約 7.2 億美元的現金和現金等價物，且沒有債務。

Moving now to our Q1 and fiscal year 2023 business outlook. We are focused on delivering durable, efficient revenue growth despite what we believe will be a challenging macroeconomic environment throughout 2023. We are streamlining our go-to-market, including leveraging our partner ecosystem for both business development and services fulfillment. We see strong retention, growing pipeline and strong win rates across our business.

現在轉到我們的第一季和 2023 財年業務展望。儘管我們認為 2023 年的宏觀經濟環境將充滿挑戰，但我們仍致力於實現持久、高效的收入成長。我們看到，我們的業務保留率很高，通路不斷成長，成功率很高。

This combination at our size and scale enables us to take share during macroeconomic uncertainty while driving significant operating leverage. These factors are reflected in our Q1 and 2023 guidance. We expect total revenue for the first quarter to be $392 million to $394 million, representing 17% year-over-year growth at the midpoint. Within this, we expect subscription revenue to be in the range of $333 million to $335 million, representing 19% year-over-year at the midpoint. We expect Q1 non-GAAP operating margin in the range of 4% to 5%.

我們的規模和範圍的結合使我們能夠在宏觀經濟不確定時期佔據份額，同時實現顯著的營運槓桿。這些因素反映在我們的第一季和 2023 年指引中。我們預計第一季總營收為 3.92 億美元至 3.94 億美元，年增 17%。其中，我們預計訂閱收入將在 3.33 億美元至 3.35 億美元之間，中間值將年增 19%。我們預計第一季非 GAAP 營業利潤率在 4% 至 5% 之間。

As a reminder, we are excited to be holding our X4 Summit in March, and our guidance reflects an anticipated margin impact of approximately 350 basis points related to X4 in the quarter. We expect non-GAAP net income per share of $0.01 to $0.02, assuming 605 million weighted shares outstanding. We expect to incur approximately $5.8 million in onetime expenses associated with our reduction in force. The majority of these expenses will be incurred in the first quarter.

提醒一下，我們很高興能在 3 月舉辦 X4 高峰會，我們的指引反映了本季與 X4 相關的預期利潤率影響約為 350 個基點。我們預期非 GAAP 每股淨利為 0.01 美元至 0.02 美元，假設流通在外的加權股票為 6.05 億股。我們預計裁員將帶來約 580 萬美元的一次性開支。這些費用大部分將在第一季發生。

For fiscal year 2023, we expect total revenue in the range of $1.661 billion to $1.69 billion and subscription revenue in the range of $1.406 billion to $1.414 billion. At the midpoint of the ranges, this represents subscription revenue growth of 15% year-over-year and total revenue growth of 14% year-over-year, respectively. We expect non-GAAP operating margin in the range of 10% to 11%, implying 650 basis points of expansion at the midpoint, and we expect free cash flow margin to move more in line with non-GAAP operating margin for the full year. We expect non-GAAP net income per share between $0.20 and $0.24 assuming 625 million weighted shares outstanding.

對於 2023 財年，我們預計總收入在 16.61 億美元至 16.9 億美元之間，訂閱收入在 14.06 億美元至 14.14 億美元之間。處於中間值，這分別代表訂閱收入年增 15% 和總收入年增 14%。我們預計非公認會計準則營業利潤率將在 10% 至 11% 之間，這意味著中間值將擴大 650 個基點，並且我們預計全年自由現金流利潤率將與非公認會計準則營業利潤率更加一致。 假設流通在外的加權股票為 6.25 億股，我們預期非 GAAP 每股淨利在 0.20 美元至 0.24 美元之間。

As we begin 2023, I'd like to echo Zig and thank all of our employees and partners for their continued hard work and for our customers who continue to recognize Qualtrics as the clear category leader in experience management. We are in a strong position to take market share while delivering long-term durable growth through a challenging macroeconomic environment and to leverage our leading platform, size and scale to accelerate growth when the macroeconomic environment stabilizes. We're thrilled to be bringing X4 back in person this year, and we're looking forward to seeing many of you in Salt Lake City in March.

在 2023 年即將到來之際，我想與 Zig 一起感謝我們所有員工和合作夥伴的持續努力，感謝我們的客戶繼續認可 Qualtrics 是體驗管理領域的明顯領導者。在充滿挑戰的宏觀經濟環境中，我們有能力佔據有利地位，實現長期可持續的成長，同時佔領市場份額，並在宏觀經濟環境穩定後利用我們領先的平台、規模和範圍來加速成長。 我們很高興今年能夠親自再次舉辦 X4 活動，並期待三月在鹽湖城見到大家。

With that, Zig, Chris and I are happy to take your questions, and we'll turn it back to the operator.

說到這裡，Zig、Chris 和我很樂意回答您的問題，然後我們會將問題轉交給接線員。

(Operator Instructions). Our first question comes from the line of Keith Weiss from Morgan Stanley.

（操作員指令）。我們的第一個問題來自摩根士丹利的 Keith Weiss。

This is Elizabeth on for Keith. You mentioned deal scrutiny continued into Q4. And I was wondering if you could provide any color on just the changes you saw in particular, around yield scrutiny over the last 3 months? And I'm curious if there's an opportunity to see some improvement in just the willingness to spend, now that 2023 budgets are a little bit more firmed up and companies can get a bit more transparency on their go-forward plans?

這是伊莉莎白，取代基斯。您提到交易審查持續到了第四季。我想知道您是否可以具體介紹一下過去 3 個月收益率審查方面您所看到的變化？我很好奇，現在 2023 年的預算已經更加確定，公司在未來計畫上的透明度也更高，是否有機會看到消費意願有所改善？

This is Chris Beckstead. I think what we saw in Q4 was pretty consistent with what we saw in the latter half of the year for 2022 and pretty broadly geographically overall. Inside of that, we saw continued strength in our win rates, especially from a competitive perspective. And so we felt like we continue to be very well positioned.

這是克里斯·貝克斯特德。我認為我們在第四季看到的情況與 2022 年下半年看到的情況非常一致，而且從整體地理範圍來看也相當一致。在此之中，我們看到我們的勝率持續走高，特別是從競爭角度來看。因此我們感覺我們繼續處於非常有利的位置。

With regards to entering the new year, we just got done with our field kickoff this week. And the field is excited to get off to a strong start for 2023. And it's early days in terms of what's going to happen with new budgets, but we're excited and motivated and driven to go after and make 2023 a great year.

為了迎接新的一年，我們本週剛完成了開幕活動。我們所有人都對 2023 年的良好開端感到興奮。

Look, let me add a little bit, Elizabeth. This is Zig here. I mean, first off, no one's immune to what we're seeing in the marketplace, but there's also been a continuation, as Chris said, of just the general pattern of people exercising more scrutiny, deal cycles extending. And so that's been something that we've talked about. But we believe that we're faring better than others because of the value of the platform, particularly right now where companies are honing in on technology and solutions that affect the way that they can drive performance in their own companies, things like how to drive revenue with customers, understanding what's most important, how do you take the right actions in the right places, while at the same time, finding ways to be able to save costs and operate more efficiently.

瞧，讓我補充一點，伊莉莎白。這是 Zig。我的意思是，首先，沒有人能免受我們在市場上看到的情況的影響，但正如克里斯所說，人們進行更嚴格審查的普遍模式一直在延續，交易週期也在延長。這就是我們一直在談論的事情。但我們相信，由於該平台的價值，我們的表現比其他公司更好，特別是現在，公司正在集中精力於技術和解決方案，這些技術和解決方案可以影響他們推動自身公司業績的方式，例如如何透過客戶來增加收入，了解什麼是最重要的，如何在正確的地方採取正確的行動，同時找到節省成本和更有效率的營運方法。

And we happen to hone into areas that are at the intersection of those points, given the way that we've designed our platform. And it is why we continue to see demand remaining strong in spite of the fact that you see elongated deal cycles. So that's the additional context.

考慮到我們設計平台的方式，我們恰好深入研究了這些點的交叉領域。這就是為什麼儘管交易週期延長，我們仍然看到需求保持強勁。這就是附加的背景資訊。

Great. And I just wanted to quickly follow up on your comments about Clarabridge discover in the NRR, which ticked down from last quarter. Is the comment there that wasn't a benefit in the quarter? And since that's a trailing 12-month metric, we should -- it should layer in over time. Just trying to think directionally, is Q4 kind of the bottom or NRR?

偉大的。我只是想快速跟進一下您對 NRR 中 Clarabridge 發現的評論，該發現比上個季度有所下降。那則評論是不是說本季沒有收益？由於這是過去 12 個月的指標，我們應該——它應該隨著時間的推移而分層。只是試著從方向性思考，Q4 是底部還是 NRR？

Yes, the comment relative to Clarabridge is that the NRR that it added coming in for this first quarter was consistent with the 120% that we represent that we recorded. Certainly, as we continue through the macroeconomic challenging time, you could see the NRR continuing to decrease until there's more stability. And consistent with the comments I made in my prepared remarks, when macroeconomic times stabilize, we believe there is a very clear opportunity for us to reaccelerate where we're at on the growth profile.

是的，關於 Clarabridge 的評論是，它在第​​一季度增加的 NRR 與我們記錄的 120% 一致。當然，隨著我們繼續經歷宏觀經濟挑戰時期，你會看到 NRR 持續下降，直到你更加穩定。與我在準備好的發言中表達的評論一致，當宏觀經濟形勢穩定時，我們相信，我們有非常明顯的機會重新加速我們所處的成長態勢。

And our next question comes from the line of Gabriela Borges from Goldman Sachs.

我們的下一個問題來自高盛的 Gabriela Borges。

Rob, I wanted to ask about how you thought about the cadence of subscription revenue growth in 2023? I heard Chris talking about macro environment being consistent. And then I look at the subscription guidance implying a decel from 19% to 15% for the full year. So are you assuming that the macro environment gets worse? Maybe just a little more detail underpinning how you thought about linearity this year?

羅布，我想問一下，您如何看待 2023 年訂閱收入成長的節奏？我聽到克里斯談論宏觀環境是一致的。然後我看了訂閱指南，它暗示全年成長率將從 19% 下降到 15%。那麼您是否認為宏觀環境會變得更糟？也許只是更詳細地闡述您今年對線性的看法？

Yes. I think part of the question, Gabriela, is relative to the guidance, right, for the full year. And consistent with our guidance philosophy and methodology, we believe that it's good to be prudent with how we guide for the full year, and our guidance takes into account a persistence of those macroeconomic challenges that we're seeing. So Q1 is here and upon us. And so that guide is closer to us. And then as we look at the full year, there's certainly, again, some prudence in that guidance for the full year.

是的。加布里埃拉，我認為問題的一部分與全年指導有關。與我們的指導理念和方法一致，我們認為對全年的指導應保持謹慎，我們的指導考慮到了我們所看到的宏觀經濟挑戰的持續存在。 Q1 已經到來。這樣，這個指南就離我們更近了。然後，當我們展望全年時，我們會發現全年預期中肯定再次體現出一些審慎的意味。

Okay. And for Chris, I appreciate the comments on leaning on partnerships in the channel. Give us a little more detail on how you're executing on efficiencies in sales and marketing without potentially compromising the deal pipeline?

好的。對克里斯來說，我很欣賞他關於依靠通路夥伴關係的評論。請詳細介紹一下您如何在不影響交易管道的情況下提高銷售和行銷效率？

Yes, great question. As you see in our operating margin guidance and (inaudible) our performance in 2022, we are seeing the leverage we expect from our business model, including the sales and marketing costs coming down as a percentage of revenue. One of the big changes for 2023 as we finished fully integrating Clarabridge, including from a go-to-market perspective. And so we've integrated the Clarabridge sellers in with our customer experience sellers and brought that together so that they're both able to carry the full bag and run independently in a more efficient way.

是的，很好的問題。正如您在我們的營業利潤率指引和（聽不清楚） 2022 年的業績中所看到的，我們看到了我們預期從我們的商業模式中獲得的槓桿作用，包括銷售和行銷成本佔收入的百分比下降。 2023 年的一大變化是我們完成了對 Clarabridge 的全面整合，包括從市場進入的角度。因此，我們將 Clarabridge 賣家與我們的客戶體驗賣家整合在一起，以便他們既能承擔全部工作，又能以更有效的方式獨立運作。

And then as -- we set up our structure in a way that as we continue to scale the business and continue to grow based upon the unit economics, we see continued opportunity to improve our sales and marketing as a percentage of revenue based upon that business model. And so we're set up to scale and continue to have that support our long-term profitability objectives through continuing efficiency in sales and marketing.

然後，我們以這樣一種方式建立了我們的結構，隨著我們繼續擴大業務規模並繼續基於單位經濟學而成長，我們看到基於該業務模式的持續機會，可以提高我們的銷售和行銷佔收入的百分比。因此，我們準備擴大規模，並透過持續提高銷售和行銷效率來支持我們的長期獲利目標。

Part of what also is important to note, we've talked about this before, is the nature of how we built our platform and the ability to efficiently expand into new use cases and how that then nicely ties in with the way that the sales force is starting to scale. And so that, frankly, is one of the innate capabilities of the company's business model and how that nicely ties in with the way the technology has been designed in the first place.

我們之前已經討論過，同樣值得注意的是，我們如何建立我們的平台，如何有效擴展到新的用例，以及如何將其與銷售隊伍開始擴大規模的方式很好地結合起來。坦白說，這是公司商業模式的固有能力之一，也是與技術最初的設計方式完美結合的。

And our next question comes from the line of Arjun Bhatia from William Blair.

我們的下一個問題來自威廉布萊爾公司的阿瓊巴蒂亞 (Arjun Bhatia)。

I just wanted to touch on the $100,000 and $1 million customers. It seems like there was a pretty big tick up in Q4. Can you maybe just talk about how the business performed in Q4 in enterprise relative to some of your other segments, mid-market and SMB? And was Clarabridge or XM Discover, was that a part of the contributor to the big jump in large customers this quarter?

我只是想談談10萬美元和100萬美元的客戶。看起來第四季出現了相當大的成長。您能否談談第四季度企業業務相對於其他一些細分市場、中型市場和中小企業的表現如何？那麼 Clarabridge 或 XM Discover 是否是本季大客戶數大幅成長的部分原因？

Yes, thanks. In terms of looking at the business in Q4, in particular, we did see the macroeconomic challenges across the board. We did have some great examples of strong execution, especially with upselling, as Zig talked about in terms of some of the examples he gave of customers that are using the platform that have continued to expand and continue to bet on both customer experience and employee experience. So I think that upsell and strength with our existing customer base helped as that metric reflects both new customers, but also customers that expand into larger organizations into the $100,000 plus customers as well as the $1 million plus customers.

是的，謝謝。特別是從第四季的業務來看，我們確實看到了全面的宏觀經濟挑戰。我們確實有一些強大執行力的很好的例子，特別是在追加銷售方面，正如 Zig 所談到的，他舉了一些使用該平台的客戶的例子，這些客戶不斷擴展並繼續重視客戶體驗和員工體驗。 因此，我認為追加銷售和現有客戶群的實力有所幫助，因為該指標既反映了新客戶，也反映了擴展到更大組織的客戶，即 100,000 美元以上的客戶以及 100 萬美元以上的客戶。

We also saw strong execution internationally. Zig gave the example of BMW that we are really pleased with that example. And so I'd say nothing particular to point out other than we feel like we're executing relatively well in the current challenging environment we have overall, and our existing customers continue to grow and expand.

我們也看到了國際上強勁的執行力。 Zig 舉了BMW的例子，我們對這個例子非常滿意。因此，我沒有什麼特別要指出的，除了我們覺得在當前充滿挑戰的環境中我們表現相對較好，並且我們現有的客戶繼續成長和擴張。

I want to add to that just for a second. I mean, one of the characteristics of this business is the fact that we have strength in the enterprise. We also have strength in the mid-market, and we're diversified across many different industries. And that plays in nicely as you go through the ebbs and flows of the economic cycles. And that will also act as fuel to the way that we manage and grow the business towards some of the long-term growth objectives that we have.

我想補充一點。我的意思是，這個業務的特點之一是我們在企業中擁有實力。我們在中端市場也具有實力，我們的業務涉及許多不同的行業。當你經歷經濟週期的起伏時，這會產生很好的效果。這也將推動我們管理和發展業務，以實現我們的一些長期成長目標。

So the markers that we highlighted, a $1 million-plus customers, $100,000 plus are very much in tune with some of the milestones and objectives we set for ourselves of where we want to be growing the business as people take more and more advantage of capabilities that are built into the platform. And so we think that is an important signal an indicator for how we're building the business. And frankly, all experienced management overall is growing as a category.

因此，我們強調的標誌，即價值 100 萬美元以上的客戶、價值 10 萬美元以上的客戶，與我們為自己設定的一些里程碑和目標非常一致，隨著人們越來越多地利用平台內建的功能，我們希望業務能夠成長。因此，我們認為這是一個重要的訊號，也是我們如何建立業務的指標。坦白說，所有經驗豐富的管理人員總體上都在成長。

And if I can ask on some of the innovation that you have in the contact center offerings. It seems pretty exciting, especially the Real-Time Agent Assist. Does that change the core buyer and from the rest of the Qualtrics platform? And what does that mean for your go-to-market motion?

可以問一下你們在聯絡中心產品方面有哪些創新嗎？它看起來非常令人興奮，尤其是即時代理協助。這會改變核心購買者以及 Qualtrics 平台的其他部分嗎？這對您的行銷行動意味著什麼？

It's nice about it. And yes, they are exciting new innovations, but what's nice about it is it naturally extends on the set of buyers that are already working with us. One of the beautiful things about our technology is using the ability to reason on the data, create insights that are highly actionable. And now what we're doing is we're taking the additional next step, which is to create purpose-built solutions that create highly efficient actions at high -- that create high level of value for customers. And I think the one you pointed out Real-time Agent Assist is one of several examples.

這真是太好了。是的，這些都是令人興奮的新創新，但它的好處在於，它自然而然地延伸到了已經與我們合作的買家群體。我們的技術的一大優點是利用數據推理的能力，創造出可高度操作的見解。現在，我們正在採取額外的下一步措施，即創建專門的解決方案，以高效的方式採取行動，為客戶創造高水準的價值。 我認為您指出的即時代理助理就是幾個例子之一。

But again, back to the core of your question, which is it extends on the buyer universe we're working with. However, also expands the budget pool that we can be working with. And it actually fuels the consolidation of larger sets of budgets that are coming our way that are uniquely tied to the nature of the intelligence in our system.

但是，我們再次回到問題的核心，即它延伸到了我們合作的買家群體。然而，這也擴大了我們可以使用的預算池。它實際上推動了我們收到的更大量預算的整合，這些預算與我們系統中的情報性質有著獨特的連結。

And our next question comes from the line of Kirk Materne from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Kirk Materne。

This is actually Peter Burkly on for Kirk. So Zig, I appreciate your comments on the macro. Just curious, what would have to happen to see sort of reacceleration in your business over the course of the year relative to your current expectations? Like are there any verticals or regions or perhaps use cases that you would call out there holding up better today or worse?

這實際上是彼得·伯克利 (Peter Burkly) 代替柯克 (Kirk)。所以 Zig，我很感謝你對宏觀的評論。只是好奇，相對於您目前的預期，今年您的業務需要發生什麼才能重新加速發展？例如，您是否認為目前某些垂直產業、地區或用例的表現會更好或更差？

Well, look, it's a good question, but -- and I'll let Chris to expand on this if he has any additional comments. But one thing is important to keep in mind is that we continue to see demand grow for our technology. And in fact, the nature of what we're doing, there are more strategic decisions that are being made around the use of our platform, and that's informing larger budget pools that are becoming available to the types of solutions that we can end up providing and often far more effectively than preexisting legacy systems, who might be using or even service-oriented-type solutions that they might have put together. So demand continues to grow, right? Now we also have highlighted the fact that we're seeing deal cycles extend. There's more scrutiny, more process, that's quite consistent across many different technology universes.

嗯，看，這是個好問題，但是 - 如果克里斯有任何其他意見，我會讓他進一步闡述這一點。但需要牢記的一點是，我們持續看到對我們技術的需求成長。事實上，我們所做工作的性質決定了我們將圍繞平台的使用做出更多的戰略決策，這將為我們提供更大的預算池，用於我們最終可以提供的解決方案類型，而且通常比現有的遺留系統（他們可能正在使用，甚至是他們可能組合起來的面向服務類型的解決方案）更有效。 那麼需求會持續成長，對嗎？現在我們也強調了交易週期延長的事實。需要進行更多的審查，更多的流程，這在許多不同的技術領域中是相當一致的。

So to the heart of your question is, you would actually see that speed up effectively, right? And it would be done consistently across geographies and frankly, across different industries. So Chris, do you want to add anything?

所以，你的問題的核心是，你實際上會看到它有效地加速，對嗎？而且它將在不同的地區，坦白說，不同的行業中一致地實施。那麼克里斯，你想補充什麼嗎？

Yes. The only thing I'd add is from an industry perspective, high tech has been an area, I think it's been well documented. It's been challenging with a lot of conservatism built in, especially in the U.S. So we're anticipating that to continue to be challenging. But if that were to improve, that could also help us improve our results as well from an industry perspective. But as Zig pointed out earlier, one of the beautiful things about Qualtrics is we're diversified, right? We sell into health care, we sell in the public sector and a variety of places. And so we feel like we're positioned to -- regardless of what happens, to do relatively well.

是的。我唯一想補充的是，從行業角度來看，高科技一直是一個領域，我認為它已經得到了充分的記錄。這是一個挑戰，因為國內存在大量保守主義，尤其是在美國。但如果情況改善，從產業角度來看，這也能幫助我們改善績效。但正如 Zig 之前指出的那樣，Qualtrics 的一大優點就是我們是多元化的，對嗎？我們的產品銷往醫療保健領域、公共部門以及各種各樣的地方。因此，我們覺得，無論發生什麼，我們都能做得相對較好。

That's really helpful. Maybe just a quick one for you, Rob. You guys have all taken a pretty thoughtful approach just in terms of discussing your ability to perhaps deliver more margin upside if growth were to see some pressure given the macro. And I think your fiscal '23 guide sort of kind of reflects that reality. So just curious how you guys are thinking about that balance today and what leverage you're finding in the business to drive those higher margins?

這真的很有幫助。羅布，這對你來說可能只是一個快速的問題。你們都採取了非常周到的方式，討論如果宏觀經濟下成長面臨壓力，你們是否有能力提供更多的利潤上升空間。我認為您的 23 年財政指南在某種程度上反映了這一現實。所以很好奇你們今天是如何看待這種平衡的，以及你們在業務中找到了什麼槓桿來推動更高的利潤率？

Yes. Chris talked about some of those earlier in terms of the sales efficiencies that we're seeing. This is something very important that I want to emphasize again. We are operating from a position of strength given our size, our scale and our category leadership we have the ability to continue to deliver durable top line growth while also delivering the margin improvement. So really pleased to see how we're moving that margin up in the current year up to our guide between 10% and 11%. But I would also emphasize that, that is a step along the way in our margin expansion and would reiterate our long-term targets for fiscal year 2026, where we'll achieve over 20% operating margin and over 25% free cash flow.

是的。克里斯之前就我們看到的銷售效率談到了其中的一些。這是非常重要的一點，我想再次強調。鑑於我們的規模、範圍和我們在產品類別中的領導地位，我們擁有優勢地位，我們有能力繼續實現持久的營收成長，同時提高利潤率。因此，我們非常高興地看到，今年我們的利潤率已上升至我們的預期 10% 至 11% 之間。但我還要強調的是，這是我們利潤率擴大的一步，並重申我們 2026 財年的長期目標，即實現超過 20% 的營業利潤率和超過 25% 的自由現金流。

I'll just add on to that, and we've said this before, but it's always worth repeating. We see significant margins in this business, and a lot of that ties in with the long-term margin targets that we've set out. And you're seeing evidence of our progress against that given the sequential quarter-to-quarter margin improvements that we've been making. And it's a big focus. We believe that our responsibility is to be strong business operators. We're committed to doing that both on the top and the bottom line. That's the making of a great business.

我只是想補充一點，我們之前已經說過了，但總是值得重複。我們看到這項業務的利潤率很高，這很大程度上與我們制定的長期利潤目標相關。鑑於我們利潤率逐季不斷提高，您可以看到我們取得進展的證據。這是一個很大的焦點。我們相信，我們的責任是做強大的企業經營者。我們致力於在營收和利潤兩方面做到這一點。這才是偉大事業的成就。

And our next question comes from the line of Mark Murphy from JPMorgan.

我們的下一個問題來自摩根大通的馬克墨菲。

This is (inaudible) on for Mark Murphy. Just a quick question on -- you guys have referenced elongation in scrutiny a couple of times now. Are you guys seeing anything in the way of deal compression or people selling projects kind of indefinitely? Or has it just been contained to that elongation?

這是馬克墨菲 (Mark Murphy) 的（聽不清楚）。這只是一個簡單的問題——你們已經幾次提到了審查中的伸長率。你們是否看到任何交易壓縮或人們無限期地出售項目的情況？還是它只是被限制在那個伸長量內？

Definitely, it's more on the elongation as we're working through deals. We're consistently finding that there's additional levels of approval that our customers are needing additional buy and across different organizations, whether it's procurement or the CFO or whatever. And what we're hearing from our buyers themselves is that they are very interested in the Qualtrics platform, and they're wanting to move forward. And we're working to help provide the material to be able to coach through and get through that process. But it's just taking longer and additional scrutiny that's driving the longer one. But we're not seeing a change to our win rates, for example, as a result of that.

毫無疑問，在我們處理交易的過程中，這更多的是一種延長的時間。我們不斷發現，我們的客戶需要額外的購買和跨不同組織的額外批准級別，無論是採購還是財務長還是其他什麼。我們從買家那裡聽說，他們對 Qualtrics 平台非常感興趣，並且希望進一步發展。 我們正在努力提供材料，以便指導並完成此過程。但它只是需要更長的時間和額外的審查，從而推動更長的時間。但我們並沒有看到我們的勝率因此而改變。

And we're also not seeing a change in share gains that we're making as well, which is really important, both in expanding and consolidating as well as net new customers that are coming our way, which is reflected in the update on the total number of customers.

而且，我們也沒有看到我們所取得的份額成長發生變化，這一點非常重要，無論是在擴張和鞏固方面，還是在新增淨客戶方面，這都反映在客戶總數的更新中。

Got it. And one thing that you guys have talked around a little bit. But are your customers finding new applications for CX or EX or any of your products as their priorities have changed from kind of growth to more balanced approach to a little more caution? Or is it maybe new departments that are coming up that didn't maybe 6 months ago?

知道了。你們已經討論過一件事了。但是，隨著客戶的優先考慮事項從成長轉變為更平衡的方法，再到更加謹慎，您的客戶是否正在尋找 CX 或 EX 或任何產品的新應用？或者可能是 6 個月前還沒有成立的新部門？

No. What we're seeing is people really honing in on the purpose-built use cases we've developed. But a lot of that ties in with the themes around how we help companies drive revenue and how we actually create cost efficiencies for them. And what we found is that people are prioritizing our platform. And the way that we can play a role to achieve those objectives at scale where you can see material benefits to their companies, especially at a time where you've got to make the right choices and where you're going to spend your money. And the way we've designed our platform happens to actually help to hone in on the higher priorities that exist in some of these buying centers.

不。但其中許多都與我們如何幫助公司增加收入以及如何為他們實際創造成本效率的主題相關。我們發現人們非常重視我們的平台。我們可以發揮作用，大規模地實現這些目標，你可以看到他們的公司獲得實質利益，特別是在你必須做出正確選擇並決定在哪裡花錢的時候。 而我們設計平台的方式實際上恰好有助於解決這些採購中心存在的一些更高優先事項。

And our next question comes from the line of Bhavin Shah from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bhavin Shah。

I guess I'll start off with one for Chris. I know you talked a little about sales kickoff. Just how are you guys thinking about evolving the go-to-market strategy given the macro, both across all of your solutions, but in particular, with XM Discover given that solution traditionally has been a longer and more heavier sales cycle?

我想我應該先為克里斯說一句話。我知道您談了一些有關銷售啟動的事情。從宏觀角度來看，你們是如何考慮改善市場進入策略的？ 這既適用於你們的所有解決方案，尤其是 XM Discover，因為該解決方案傳統上具有更長且更繁重的銷售週期？

Yes. So no major change to our sales strategy other than what I indicated earlier, which is that where you're now into the Clarabridge acquisition that enables us to be able to merge in essence, the Clarabridge sales organization with our existing CX sales organization. And that's a great opportunity for both efficiency and also great for our customers because now we have a single seller, who can sell the combined solution, which is also how we've designed our product portfolio is to have a single overall customer experience solution across both engage and discover as well as some of the other innovations that we've talked about that are coming out. And we believe that model will drive efficiency with a single sales organization focused on driving that and seeing some great gains there.

是的。因此，除了我之前提到的之外，我們的銷售策略並沒有發生重大變化，即現在對 Clarabridge 的收購使我們能夠將 Clarabridge 銷售組織與我們現有的 CX 銷售組織進行合併。這對於提高效率和為我們的客戶都是一個很好的機會，因為現在我們只有一個賣家，可以銷售組合解決方案，這也是我們設計產品組合的方式，即擁有一個涵蓋參與和發現的單一整體客戶體驗解決方案，以及我們談到的一些其他即將推出的創新。我們相信，該模式將提高效率，只需一個銷售組織專注於推動這一模式，就能獲得巨大的收益。

Like the thing I'll comment at the top is discover and our engage capability, those are platform-level technologies. And they are now showing up in a variety of applications that are built on top of our platform. And they then materialize as product capabilities that buying centers can efficiently procure to solve real business problems that they want to go after, right? So we're making it easier and much more convenient for how companies can take advantage of solutions that are designed specific to those opportunities in the marketplace.

就像我在頂部評論的那樣，發現和我們的參與能力，這些都是平台級技術。現在它們出現在基於我們平台構建的各種應用程式中。然後它們具體化為產品功能，採購中心可以有效地採購這些產品功能來解決他們想要解決的實際業務問題，對嗎？因此，我們讓企業更輕鬆、更方便地利用專門針對市場機會而設計的解決方案。

Super helpful. Just following up one for Rob. You've always talked about seasonality of billings and RPO becoming more back-end loaded with the inclusion of Clarabridge among other factors. Obviously, today, you're running into a more difficult macro. So I guess in the context of deal cycles lengthening from 4Q, how do we think about the seasonality of billings into fiscal '23, in particular for 1Q?

超有幫助。這只是對 Rob 的一次跟進。您一直在談論帳單的季節性以及由於包含 Clarabridge 等因素而導致的 RPO 變得更加後端化。顯然，今天你遇到了更困難的宏觀問題。因此，我想，在交易週期從第四季開始延長的背景下，我們如何看待 23 財年的帳單季節性，尤其是第一季的帳單季節性？

Yes. I think as we've talked about the challenges that we're seeing, which I think a lot of the market and the technology world is seeing with the additional scrutiny and bill cycle lengthening is not new to Q4. We've seen that for the majority of we saw that for the majority of 2022, and we expect that to persist into 2023. So given that, there's nothing that I would call out in terms of changes in the seasonality if those things persist, then we would presume that the seasonality would stay fairly similar to what we saw in 2022.

是的。我認為，正如我們已經討論過的我們所看到的挑戰，我認為很多市場和技術界都看到了額外的審查和賬單週期的延長，這對第四季度來說並不是什麼新鮮事。我們已經看到，在 2022 年的大部分時間裡，這種情況都是如此，我們預計這種情況將持續到 2023 年。

And our next question comes from the line of Terry Tillman from Truist.

我們的下一個問題來自 Truist 的 Terry Tillman。

Chris and Rob, 2 questions for me. First one, and I don't know if this is for you, Zig or Chris, but you were talking about ServiceNow, so maybe I'll point it at you, but whoever wants to go out, just go for it. I like hearing about the multimillion dollar deal. What I'm curious about with ServiceNow. And I think last quarter, you all talked about being a top 5 marketplace seller in AWS and then SAP. If we could look at those 3, where are we in terms of the resources really being up to speed? They know the game plan. They have their marching orders. And how much are you starting to mature actually pipeline activity versus maybe more opportunistic early on type stuff? I'm trying to understand if we could hear more of this kind of resonating each and every passing quarter as there's more pattern recognition with either of those 3 partners? And then I had a follow-up for Rob.

克里斯和羅布，問我兩個問題。第一個，我不知道這是否適合你，Zig 或 Chris，但你在談論 ServiceNow，所以也許我會指出你，但無論誰想出去，只管去做就行了。我喜歡聽到有關數百萬美元的交易的消息。我對 ServiceNow 感到好奇。我認為上個季度你們都談到要成為 AWS 和 SAP 的前五大市場賣家。如果我們看看這三個，我們的資源是否真的跟上腳步了呢？ 他們知道比賽計劃。他們有自己的行軍命令。您實際上已經開始使管道活動成熟到什麼程度，而不是早期可能更具機會主義的東西？我想了解的是，隨著這三個合作夥伴的模式識別越來越深入，我們是否能夠在每季聽到更多這樣的共鳴？然後我對 Rob 進行了跟進。

Okay. Yes. So I'll start, and Chris can add. I mean, first off, it's really important to point out the power of the ecosystem that's being built around our platform and both on how partners build off of our platform from a software integration and innovation standpoint as well as how partners construct solutions and build services that unlocked value on specific business opportunities or business problems that customers are working on. And so companies like E&Y, for example, in the way that they end up constructing solutions that might tie in with business transformations that their customers are working on.

好的。是的。那我先開始，然後克里斯可以補充。我的意思是，首先，非常有必要指出圍繞我們的平台構建的生態系統的力量，以及合作夥伴如何從軟體整合和創新的角度構建我們的平台，以及合作夥伴如何構建解決方案和構建服務，從而為客戶正在處理的特定商業機會或業務問題釋放價值。 因此，像安永這樣的公司最終會建立與其客戶正在進行的業務轉型相結合的解決方案。

I think we're in very early stages as a company. We're very focused on ecosystem. But frankly, relative to the opportunity that we have ahead. We're taking measure approaches. We're focused. We've got milestones. There's objectives, there's accountability, but we're in very early stages of the opportunity that we see ahead. And we think that, that will materialize both in market opportunity, pipeline growth as well as in efficiency and leverage that we get for the business model as the larger ecosystem and constructing and building solutions around the system, as I have just described.

我認為我們公司還處於早期階段。我們非常注重生態系。但坦白說，相對於我們未來的機會而言。我們正在採取措施。我們很專注。我們已經取得了里程碑。有目標，有責任，但我們正處於未來機會的早期階段。 我們認為，這將體現在市場機會、通路成長以及我們作為更大的生態系統的商業模式所獲得的效率和槓桿作用以及圍繞系統構建和構建解決方案，正如我剛才所描述的。

You pointed out ServiceNow, that's a beautiful example. I think we're in the early stages, but I think that there's really good indication that we're on the things that. We'll have a lot of other customers that will want to go and replicate and they come both in small, medium and large opportunities. And we've pointed out one example in what I described during the earnings call as well. So thanks, Terry. What's your next question?

您指出了 ServiceNow，這是一個很好的例子。我認為我們還處於早期階段，但我認為有跡象表明我們正在做這些事情。我們會有很多其他客戶想要去複製，他們有小型、中型和大型的機會。我們在財報電話會議上也提過一個例子。所以謝謝你，特里。您的下一個問題是什麼？

Sure. It's for Rob. In terms of -- somebody already asked about seasonality for billings, so I won't ask that. But Rob, I mean, should we think about 120% is like the flag in the ground in terms of the NRR as we progress through '23? Or is there some cushion actually kind of how you've put your forecast together and maybe it could actually be a little bit below that? Just a little bit more on that.

當然。這是給羅布的。就——有人已經詢問過帳單的季節性，所以我不會問這個問題。但是羅布，我的意思是，當我們進入 23 年時，我們是否應該認為 120% 就像是 NRR 中地面上的一面旗幟？或者實際上是否存在一些緩衝，就像您如何將預測放在一起一樣，也許它實際上可能略低於這個數字？關於這一點我再說一點。

Yes. I think it definitely could drop below that 120%. And given where we're seeing the business and the growth and the guidance that we've provided, I think that's natural to understand on the subscription revenue growth. We're guiding at 15% at the midpoint. So you would expect in line with that, the NRR to come down some, but it will continue to be a key part of how we grow this business is with our existing customer base, and we continue to see significant opportunity for expansion and cross-sell with that customer base.

是的。我認為它肯定會降到 120% 以下。考慮到我們所看到的業務和成長以及我們提供的指導，我認為訂閱收入成長是自然而然的。我們的中間值指導值為 15%。因此，您可以預期，與此相符的是，NRR 會有所下降，但它仍將是我們如何利用現有客戶群發展業務的關鍵部分，並且我們將繼續看到利用該客戶群進行擴展和交叉銷售的巨大機會。

And our next question comes from the line of DJ Hynes from Canaccord Genuity.

我們的下一個問題來自 Canaccord Genuity 的 DJ Hynes。

This is Luke on for DJ. So given employee experience with such a hot area of investment during what has been a really seeded job market over the last year, with things finally softening in the labor market? I'm curious to what degree you've seen a change in maybe the urgency or priority of adoption around that solution relative to the rest of your offerings, if at all?

我是 Luke，擔任 DJ。那麼，考慮到員工在去年就業市場真正處於萌芽狀態期間在如此熱門的投資領域的經驗，勞動力市場最終會不會出現疲軟呢？我很好奇，相對於您的其他產品，您在多大程度上看到了該解決方案的採用緊迫性或優先級的變化？

Yes. So I think it's really important to recognize that it's not one solution, it's a portfolio of applications that are designed around the employee life cycle from everything from the onboarding experience of new employees to transition that happens all the way through to understanding the well-being and things that actually drive performance and impact. And that's really important is that because we have a large portfolio, we're able to orchestrate the right combination of applications for problems that customers are looking to solve.

是的。因此，我認為認識到這不是一個解決方案，而是圍繞員工生命週期設計的一系列應用程序，從新員工的入職體驗到整個過渡過程，再到了解員工的幸福感和實際推動績效和影響的事物，這一點非常重要。這非常重要，因為我們擁有龐大的產品組合，我們能夠針對客戶需要解決的問題協調正確的應用程式組合。

In addition, though, it's really important to understand that they are built on the same platform that our customer experience, product experience and brand experience-related solutions are built on. And as a result, we're innovating. I mentioned one of the new innovations called CrossXM. And CrossXM is a very unique system because of the ability to be able to understand correlation that takes place between what is happening with an employee base and the impact its having on customer-facing performance metrics within the business.

但此外，真正重要的是要了解它們與我們的客戶體驗、產品體驗和品牌體驗相關解決方案建立在同一平台上。因此，我們正在創新。我提到了一項名為 CrossXM 的新創新。 CrossXM 是一個非常獨特的系統，因為它能夠了解員工群體中發生的事情與其對企業內面向客戶的績效指標的影響之間的關聯。

If you look at Yum! Brands and what they're doing with KFC, they're trusting Qualtrics as a sole platform for employee experience and customer experience across 27,000 restaurants, leveraging the capabilities that we built at that intersection. And we're seeing a lot of that. And so it plays in nicely in the advantages regardless of what timing customers might take to fully realizing all of the capabilities. But because you can unlock off that same system, turn it on, it actually helps to drive a desire to leverage Qualtrics strategically. And over time, turn on additional solutions as necessary.

如果你看一下Yum！品牌和他們與肯德基的合作，他們信任 Qualtrics 作為 27,000 家餐廳的員工體驗和客戶體驗的唯一平台，利用我們在這個交叉點建立的功能。我們看到了很多這樣的情況。因此，無論客戶需要多長時間才能充分實現所有功能，它都能發揮良好的優勢。但因為你可以解鎖同一個系統，把它打開，它實際上有助於推動策略性地利用 Qualtrics 的願望。隨著時間的推移，根據需要啟用其他解決方案。

So we're seeing employee experience far well in the marketplace, given the nature of how it tunes into the things that companies are paying attention to. The other interesting statistic, there's a recent LinkedIn reports that came out. It shows the fastest-growing roles within companies. And it was interesting, we noted that 3 of the 5 fastest-growing roles are employee experience-specific roles. And they're roles that have to do with solutions that we've built for them. So that's another interesting indicator of just trends that we think are tuned in really well with the way that we've been innovating and creating value and partnering with customers.

因此，我們看到員工體驗在市場上表現良好，因為它與公司關注的事物密切相關。另一個有趣的統計數據是最近發布的 LinkedIn 報告。它展示了公司內部成長最快的職位。有趣的是，我們注意到，成長最快的 5 個職位中有 3 個是特定於員工體驗的職位。他們的角色與我們為他們建立的解決方案有關。所以這是另一個有趣的指標，顯示我們認為這些趨勢與我們一直以來的創新、創造價值和與客戶合作的方式非常契合。

That's great and very helpful. And then just maybe one for Rob. And it's been talked about a lot already, but just thinking about your NRR of 120% in the context of your 15% subscription growth next year, do you see maybe that growing as a percentage of the overall growth mix sort of that existing customer base contribution?

這非常好，非常有幫助。然後也許只給 Rob 一個。這個問題已經討論了很多，但是如果只考慮你們 120% 的 NRR 以及明年 15% 的訂閱量增長率，你是否認為這會在整體增長組合中占到一定百分比，比如現有客戶群的貢獻？

Yes. It's something we've talked about in terms of where we're seeing more impact from the macro is relative to landing those new logos. And so when you think about going forward, there is certainly the potential that a larger portion of our growth comes from the existing customer base for a period of time, but that's also, we believe, gives a lot of opportunity as the macro stabilizes for us to then go and increase the customer base along the way.

是的。我們已經討論過這個問題，即宏觀層面對新標誌的更多影響。因此，當你考慮未來時，肯定有可能我們的很大一部分成長在一段時期內來自於現有客戶群，但我們相信，隨著宏觀經濟穩定，這也為我們提供了很大的機會，讓我們可以在此過程中增加客戶群。

Certainly, the growth will continue to come from both places. You see that in the total number of customers increasing this year. But as a percentage of the total for the, let's call it, the near term, you could see the existing customer base become a slightly larger part of the overall growth.

當然，成長仍將來自這兩個面向。您會看到，今年的顧客總數正在增加。但就短期而言，作為總額的百分比，你可以看到現有客戶群在整體成長中所佔的比例略大。

And our next question comes from the line of Adam Bergere from Bank of America.

我們的下一個問題來自美國銀行的 Adam Bergere。

I had a quick question just to make sure I was understanding the billings number correctly. So I'm taking out the Clarabridge portion out of last year's Q4, is that correct?

我有一個簡單的問題，只是為了確保我正確理解了帳單號碼。所以我從去年第四季去掉了 Clarabridge 部分，對嗎？

That's right. Yes. You need to (inaudible) balance that was included there.

這是正確的。是的。您需要（聽不清楚）平衡其中包含的內容。

Yes. And then if I do the same thing for cRPO when I look at current bookings, I'm taking out $78 million from last year's Q4 cRPO. Is that also correct?

是的。然後，如果我在查看當前預訂量時對 cRPO 執行同樣的事情，我會從去年第四季度的 cRPO 中拿出 7800 萬美元。這也是正確的嗎？

Yes.

是的。

Okay. And then just to get -- is it like possible to give like the -- how much of it was currency impacted for current bookings? I know you guys gave it for subscription billings.

好的。然後只是為了得到 - 是否有可能給出 - 其中貨幣對當前預訂的影響有多大？我知道你們把它當作訂閱帳單。

Yes. The overall impact is about that 2.5 percentage points of growth, and that's for the total billings. That is almost entirely subscription billings. But -- so you could think of them as one and the same in terms of the FX impact.

是的。整體影響約為 2.5 個百分點的成長，這是總帳單的成長。這幾乎全部是訂閱帳單。但是 — — 因此，從外匯影響的角度來看，你可以把它們視為同一個東西。

Okay. Got it. And then just last question on these. Can you explain like the delta between cRPO growth and the total RPO growth?

好的。知道了。接下來是最後一個問題。您能解釋一下 cRPO 成長和總 RPO 成長之間的差異嗎？

Yes, the cRPO growth is the current. So as we continue to do multiyear deals that have 2 or 3 years or maybe longer under total contract you can see the cRPO -- the RPO, which is all revenue under contract grow faster than the cRPO in any given period.

是的，cRPO 成長是目前的。因此，當我們繼續進行總合約期限為 2 年、3 年甚至更長的多年期交易時，您會看到 cRPO——即合約下的所有收入，其增長速度比任何給定時期的 cRPO 更快。

And our next question comes from the line of Brian Schwartz from Oppenheimer.

我們的下一個問題來自奧本海默公司的布萊恩‧施瓦茲 (Brian Schwartz)。

It's a question on your customer conversations. It's either for Chris or Zig. I guess it's relating towards your expansion opportunities and activities. You're talking about, clearly, you're seeing more deal scrutiny is elongated cycle like everyone is seeing. My question is, what is underlying that? If I -- how much of the scrutiny is related to customers absorbing what they maybe had previously spent on Qualtrics and what they had bought versus what your customers are seeing in terms of demand changes to their own business?

這是您與客戶對話時的一個問題。它要么適合克里斯，要么適合 Zig。我猜這與你的擴張機會和活動有關。顯然，正如您所說，交易審查的周期越來越長，這一點大家都看到了。我的問題是，背後的原因是什麼？如果我——有多少審查與客戶吸收他們之前在 Qualtrics 上花費的費用和他們購買的東西有關，與您的客戶在自身業務需求變化方面所看到的相比？

Yes. I would say it's not customers absorbing. We have great adoption and usage and renewal rates from our using customers. I think it's more of the customers themselves and their scrutiny themselves in terms of their financials and spending money and putting in additional controls and looking at, especially for new programs of looking at that and having additional approvals or CFO looking at those types of things. And so when our buyers are going in there and they're interested in expanding a program, it's harder to get things out internally within our customer base, and they've got to go through additional approvals to get it done. So I don't think it's reflective of them absorbing what they've already purchased from us. It's more a matter of internal budget approvals within our customer base themselves.

是的。我想說這不是顧客吸收的。我們的用戶採用了我們產品，使用率和更新率都很高。我認為更多的是客戶自己以及他們對財務和支出的自我審查，並投入額外的控制和審查，特別是對於新計劃的審查以及獲得額外批准或首席財務官審查這些事情。 因此，當我們的買家進入那裡並有興趣擴展程序時，在我們的客戶群內部將事情完成會變得更加困難，他們必須經過額外的批准才能完成。所以我不認為這反映出他們吸收了已經從我們這裡購買的產品。這更多的是我們客戶群內部預算核准的問題。

Can I ask you one follow-up? Can you comment or share with us the trends that you're seeing with the top of the funnel activity? Lots of comments on -- we understand what's going on with the cycles. But what are you seeing in the very early stages. ?How is the top of the funnel trending compared to what you've seen in prior quarters?

我可以問您一個後續問題嗎？您能否評論或與我們分享您在漏斗頂部活動中看到的趨勢？有很多評論——我們了解週期中發生的事情。但是您在早期階段看到了什麼？與前幾季相比，漏斗頂部的趨勢如何？

Awesome question. As Zig mentioned earlier, demand remains really strong for our platform and program for our customers that continue to put this as a priority area of spend. And we're entering this year with significantly stronger pipeline that we entered last year overall. And so that has us as excited, and is it's positive signal that this is an area of prioritization of spend across all of the solutions that we have overall. And so that's real positive. We had a real focus on continuing to expand our pipeline development, even seek out opportunities, and that's borne fruits.

很棒的問題。正如 Zig 之前提到的，客戶對我們的平台和程序的需求依然強勁，他們繼續將其作為優先支出的領域。與去年相比，我們今年的研發線整體實力顯著增強。這讓我們感到非常興奮，這是一個積極的信號，表明這是我們所有解決方案中優先考慮支出的領域。這是非常正面的事情。 我們真正專注於繼續擴大我們的管道開發，甚至尋找機會，並且已經取得了成果。

So we see that positive signal at the same time, as we've discussed, we do continue to expect this deal scrutiny to persist. And so we're just uncertain on the timing of the conversion of that pipeline. But the pipeline itself is starting out significantly stronger than we did last year.

因此，我們同時看到了積極的信號，正如我們所討論的，我們確實繼續預計這項交易審查將持續下去。因此，我們不確定該管道轉換的時間。但管道本身的起步比去年強勁得多。

The other important trend around pipeline, and I referred to this earlier, is that more budget centers are looking to consolidate relatively less efficient point solutions that they've been running, for example, in the call center. And there's many other examples like that. And so the color and the mix of the type of pipeline coming our way is unlocking access into adjacent budget centers and/or maybe deeper levels of budget that people want to deploy towards our system, which also contributes to the building up of increasingly higher levels of pipe and also expands the opportunity.

我之前提到過，有關管道的另一個重要趨勢是，越來越多的預算中心正在尋求整合他們一直在運行的效率相對較低的點解決方案，例如在呼叫中心。還有很多類似的例子。因此，我們面臨的管道顏色和類型組合將打開進入相鄰預算中心的大門，或者打開人們想要部署到我們系統的更深層次的預算的大門，這也有助於建設越來越高的管道水平，並擴大機會。

That said, keep in mind what Chris said also, which is deal cycles still are elongated and people have more process that they're actually applying to the way that they end up making decisions.

話雖如此，請記住克里斯所說的話，即交易週期仍然被延長，人們在最終做出決策時實際上應用了更多的流程。

This does conclude the question-and-answer session as well as today's program. Thank you, ladies and gentlemen, for your participation. You may now disconnect. Good day.

問答環節和今天的節目到此結束。謝謝女士們、先生們的參與。您現在可以斷開連線。再會。