Agilysys Inc (AGYS) 2024 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Agilysys Fiscal 2024 First Quarter Conference Call. As a reminder, today's conference may be recorded.

女士們、先生們，美好的一天，歡迎參加 Agilysys 2024 財年第一季度電話會議。提醒一下，今天的會議可能會被錄音。

I would now like to turn the conference over to Jessica Hennessy, Senior Director of Corporate Strategy and Investor Relations at Agilysys. You may begin.

現在我想將會議交給 Agilysys 企業戰略和投資者關係高級總監 Jessica Hennessy。你可以開始了。

Thank you, Lisa, and good afternoon, everybody. Thank you for joining the Agilysys' Fiscal 2024 First Quarter Conference Call. We will get started in just a minute with management's comments. But before doing so, let me read the safe harbor language.

謝謝麗莎，大家下午好。感謝您參加 Agilysys 2024 財年第一季度電話會議。我們將在一分鐘內開始聽取管理層的評論。但在此之前，讓我先讀一下安全港語言。

Some statements made on today's call will be predictive and are intended to be made as forward-looking within the safe harbor protections of the Private Securities Litigation Reform Act of 1995, including statements regarding our financial guidance. Although, the company believes that its forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause results to differ materially.

今天的電話會議上所做的一些陳述將具有預測性，並且旨在在 1995 年《私人證券訴訟改革法案》的安全港保護範圍內做出前瞻性陳述，包括有關我們的財務指導的陳述。儘管該公司認為其前瞻性陳述是基於合理的假設，但此類陳述存在可能導致結果出現重大差異的風險和不確定性。

Important factors that could cause actual results to vary materially from these forward-looking statements include the effects of global economic factors on our business, our ability to increase profitable, our ability to improve services implementation efficiencies and the risk set forth in the company's reports on Form 10-K and 10-Q and other reports filed with the Securities and Exchange Commission.

可能導致實際結果與這些前瞻性陳述產生重大差異的重要因素包括全球經濟因素對我們業務的影響、我們增加利潤的能力、我們提高服務實施效率的能力以及公司向美國證券交易委員會提交的 10-K 表格和 10-Q 表格報告以及其他報告中規定的風險。

As a reminder, any references to record financial and business levels during this call refer only to the time period after Agilysys made the transformation to an entirely hospitality-focused software solutions company in fiscal year 2014.

需要提醒的是，本次電話會議中提到的創紀錄的財務和業務水平僅指 Agilysys 在 2014 財年轉型為一家完全專注於酒店業的軟件解決方案公司之後的時期。

With that, I'd now like to turn the call over to Mr. Ramesh Srinivasan, President and CEO of Agilysys. Ramesh, please go ahead.

現在，我想將電話轉給 Agilysys 總裁兼首席執行官 Ramesh Srinivasan 先生。拉梅什，請繼續。

Thank you, Jess. Good evening. Welcome to our fiscal 2024 first quarter earnings call. Joining Jess and me on the call today is Dave Wood, CFO. And we are at the new Alpharetta, Atlanta headquarters, we moved into a couple of weeks ago.

謝謝你，傑西。晚上好。歡迎參加我們的 2024 財年第一季度財報電話會議。今天與 Jess 和我一起參加電話會議的是首席財務官 Dave Wood。我們幾週前搬進了亞特蘭大阿爾法利塔的新總部。

As has become the norm during our last several earnings calls, we will cover sales first before moving on to revenue and other details. All sales numbers discussed in this and other calls are measured in annual contract value terms.

正如我們最近幾次財報電話會議中的慣例，我們將首先討論銷售情況，然後再討論收入和其他細節。本次電話會議和其他電話會議中討論的所有銷售數字均按年度合同價值計算。

The current stretch of increased sales success, which started around August last year, has kept up its momentum during the past few months as well. The state-of-the-art cloud-native technology breadth and depth of the functionality feature sets we have built in the end-to-end hospitality focused ecosystem of software solutions are making our sales value propositions compelling for prospective customers.

目前的銷售成功始於去年八月左右，在過去幾個月中也保持了這種勢頭。我們在端到端酒店業的軟件解決方案生態系統中構建了最先進的雲原生技術廣度和深度的功能特性集，這使得我們的銷售價值主張對潛在客戶有吸引力。

Fiscal 2024 first quarter sales was the highest we have seen during any April through June period. This was our best sales quarter in APAC in about 3.5 years, and that was the top highlight of the quarter with respect to selling success.

2024 財年第一季度的銷售額是 4 月至 6 月期間最高的。這是我們在亞太地區 3.5 年來最好的銷售季度，也是本季度銷售成功的最大亮點。

It was also another excellent sales quarter for the U.S. HRC, hotels, resorts and cruise ships sales team. Other sales verticals also kept up their recent progress, rounding out another excellent sales quarter.

對於美國 HRC、酒店、度假村和遊輪銷售團隊來說，這也是另一個出色的銷售季度。其他垂直銷售領域也保持了近期的進展，為又一個出色的銷售季度畫上了圓滿的句號。

With respect to sales across product categories, software subscription and services sales during Q1 were respectively 46% and 28% higher than the comparable quarter last fiscal year.

就各產品類別的銷售額而言，第一季度的軟件訂閱和服務銷售額分別比上財年同期增長 46% 和 28%。

The other highlight was services implementation efficiency picking up during the quarter to match the pace of sales success, resulting in total backlog across product, services and recurring revenue decreasing slightly, which is a positive for the business. Services backlog by itself remained flat from the sequentially preceding Q4 fiscal 2023 quarter end. While product and recurring revenue backlog reduced slightly, thanks to the improved pace of project delivery during the quarter.

另一個亮點是本季度服務實施效率的提高，與銷售成功的步伐相匹配，導致產品、服務和經常性收入的總積壓量略有下降，這對業務來說是積極的。服務積壓本身與上一季度 2023 財年第四季度末持平。由於本季度項目交付速度的加快，產品和經常性收入積壓略有減少。

Total backlog across products, services and recurring revenue as of June 30, at the end of Q1, was at 96% of record levels reached at the end of the sequentially previous quarter, and 46% higher than at the end of Q1 last fiscal year.

截至 6 月 30 日，第一季度末，產品、服務和經常性收入的總積壓量為上一季度末創紀錄水平的 96%，比上一財年第一季度末高出 46%。

With respect to sales deals won during Q1 fiscal 2024, April to June, we added 20 new customers, 18 of whom signed full subscription SaaS agreements. There was an average of about 3 products or modules licensed for new customers during the quarter.

對於 2024 財年第一季度（4 月至 6 月）贏得的銷售交易，我們增加了 20 個新客戶，其中 18 個簽署了完整訂閱 SaaS 協議。本季度平均有大約 3 個產品或模塊授權給新客戶。

We also added 74 new properties, which did not have any of our products before, but the parent company was already our customers. Of the 94 new properties added during the quarter across new and current customers, about 85% were either partially or fully subscription software license based.

我們還新增了74家酒店，這些酒店以前沒有我們的任何產品，但母公司已經是我們的客戶。在本季度新增的 94 個新客戶和現有客戶中，約 85% 是部分或完全基於訂閱軟件許可的。

In addition, there were 91 instances of selling at least 1 additional product to properties, which already had 1 or more of our other products. These 91 new product sales instances included a total of 199 new products sold.

此外，還有 91 起向已擁有 1 種或多種其他產品的酒店出售至少 1 種額外產品的情況。這91個新品銷售實例中，共銷售了199個新品。

Our quota-carrying sales team strength has increased steadily over the past couple of years. While the average Agilysys tenure of sales personnel is about 7.5 years across the entire team, close to half the team members have been with us for only 2.5 years or less. The value of sales deals closed, won by them represented only 6% of total sales during full fiscal year 2023, and it's already 3x higher at 19%, 1-9, at 19% through the first quarter of fiscal 2024.

過去幾年，我們的配額銷售團隊實力穩步增強。雖然整個團隊中 Agilysys 銷售人員的平均任期約為 7.5 年，但近一半的團隊成員在我們工作的時間僅為 2.5 年或更短。他們完成並贏得的銷售交易價值僅佔 2023 財年全年總銷售額的 6%，而到 2024 財年第一季度，這一比例已經提高了 3 倍，達到 19%，1-9，19%。

During the first 3 months of fiscal 2024, the total value of deals closed by this half of the team who have been with us for 2.5 years or less is already at about 72% of the total value of sales closed by the team during all of fiscal 2023. Sales productivity is another growing strength in our business now.

在 2024 財年的前 3 個月，加入我們 2.5 年或更短時間的這一半團隊完成的交易總價值已佔該團隊在 2023 財年全年完成的銷售總價值的 72% 左右。銷售生產力現在是我們業務中另一個不斷增長的優勢。

On to revenue. Fiscal 2024 Q1 revenue of $56.1 million was a record for the sixth consecutive quarter and 18, 1-8, 18% higher than the comparable prior year quarter. This was a best ever record quarter for all 4 major revenue categories, subscription revenue, overall recurring revenue, product and services revenue.

說到收入。 2024 財年第一季度營收為 5610 萬美元，連續第六個季度創歷史新高，18、1-8、比去年同期增長 18%。這是所有 4 個主要收入類別（訂閱收入、總體經常性收入、產品和服務收入）有史以來最好的季度記錄。

We are off to a good start this fiscal year and have put ourselves in a good position to achieve our full fiscal year revenue and other annual goals. Recurring revenue during Q1 fiscal 2024 grew to $32.1 million, about 16, 1-6, about 16% higher year-over-year driven by a 27.4% increase in subscription revenue.

我們在本財年有了一個良好的開端，並為實現整個財年收入和其他年度目標奠定了良好的基礎。 2024 財年第一季度的經常性收入增長至 3210 萬美元，約 16、1-6，同比增長約 16%，這得益於訂閱收入增長 27.4%。

Subscription revenue constituted 52.2% of total recurring revenue. Subscription revenue from add-on experience enhanced software modules, most of which were developed in our R&D labs during the past few years, constituted 17, 1-7, 17% of total subscription revenue this quarter compared to 15, 1-5, 15% during Q1 last year. Our ability to provide end-to-end solutions continues to be a significant competitive strength keeping sales win/loss ratio at impressive high levels.

訂閱收入佔經常性總收入的52.2%。來自附加體驗增強軟件模塊的訂閱收入（其中大部分是過去幾年在我們的研發實驗室中開發的）佔本季度訂閱總收入的 17%、1-7%、17%，而去年第一季度的比例為 15%、1-5%、15%。我們提供端到端解決方案的能力仍然是一項重要的競爭優勢，使銷售贏/虧比保持在令人印象深刻的高水平。

Onetime revenue consisting of product and services revenue added up to $23.9 million close to 21% higher than the comparable prior year quarter. Services revenue was $11.2 million, the first time we have crossed the $11 million mark during the quarter, and 27.7% higher than Q1 last year.

由產品和服務收入組成的一次性收入總計達 2,390 萬美元，比去年同期高出近 21%。服務收入為 1120 萬美元，本季度首次突破 1100 萬美元大關，比去年第一季度增長 27.7%。

Many of our recently hired services personnel were in a ramp-up mode during the quarter, causing services margins to be lower than the sequentially preceding Q4 fiscal 2023 quarter. We continue to expect services margins for full fiscal year 2024 to be around 25% with higher margins expected during the second half of the year.

我們最近僱用的許多服務人員在本季度都處於上升模式，導致服務利潤率低於 2023 財年第四季度的上一季度。我們繼續預計 2024 財年的服務利潤率將在 25% 左右，預計下半年利潤率將更高。

Services implementations increasing in volume and efficiency was another good sign of improving business momentum, and has helped our increased confidence in the annual revenue guidance provided. Given the extent of reengineering efforts, new software modules development, product integration initiatives completed and the dramatic improvements in product innovation undertaken during the last few years.

服務實施數量和效率的增加是業務勢頭改善的另一個好跡象，並有助於增強我們對所提供的年度收入指導的信心。考慮到過去幾年中重新設計工作、新軟件模塊開發、產品集成計劃的完成以及產品創新的顯著改進。

Virtually all the implementations we are carrying out in the field today involve software developed most of them in-house during the past few years. Now that is both a strength and a challenge. The most encouraging aspect of this April to June quarter was all these products and modules becoming progressively easier to implement and support and settling down well in the field. That paves the way for growing improvements in our future ability to scale up and keep improving customer satisfaction lists.

事實上，我們今天在該領域進行的所有實施都涉及過去幾年內部開發的軟件。現在這既是一種力量，也是一種挑戰。今年 4 月至 6 月季度最令人鼓舞的方面是所有這些產品和模塊變得越來越容易實施和支持，並在現場得到很好的解決。這為我們未來擴大和不斷提高客戶滿意度列表的能力的不斷提高鋪平了道路。

That was true this quarter, especially on the PMS side of our business, that's property management systems. We are now involved in more property management systems, PMS, sales opportunities than ever before, and are encouraged by the PMS credibility we are building with prospective customers.

本季度確實如此，尤其是在我們業務的 PMS 方面，即物業管理系統。我們現在參與的物業管理系統、PMS、銷售機會比以往任何時候都多，我們與潛在客戶建立的 PMS 信譽令我們深受鼓舞。

Our competitive positioning against the major, very well-established PMS providers is far better today than it was a year ago. We expect core PMS products, along with all the add-on experience enhanced PMS software modules we have integrated the core products with to make increasingly bigger contributions to our short and long-term growth.

今天，我們相對於主要的、非常成熟的 PMS 提供商的競爭地位比一年前要好得多。我們期望核心 PMS 產品，以及我們集成了核心產品的所有附加體驗增強型 PMS 軟件模塊，為我們的短期和長期增長做出越來越大的貢獻。

Adjusted EBITDA for the quarter was $6.3 million and 11.2% of net revenue slightly ahead of our expectations, but still the lowest EBITDA of revenue percentage during the quarter in about 3 years. As discussed during the last couple of earnings calls, this decline in profitability was caused by recent increases in cost investments in preparation for major business growth opportunities we are making good progress with, along with the fact that the first half of each fiscal year tends to be more challenging for us with respect to cost and cash management.

該季度調整後 EBITDA 為 630 萬美元，占淨收入的 11.2%，略高於我們的預期，但仍是該季度 3 年來最低的 EBITDA 佔收入百分比。正如在過去幾次財報電話會議中所討論的那樣，盈利能力下降的原因是最近為迎接我們正在取得良好進展的主要業務增長機會而增加的成本投資，以及每個財年上半年在成本和現金管理方面對我們來說往往更具挑戰性的事實。

The timing of incentive bonus payments, trade shows, professional fees, and several other cash and cost elements and incoming annual maintenance payments, a majority of which tend to come in during the second half of the fiscal year makes the first half relatively more challenging for us for cash management and profitability.

激勵獎金支付、貿易展覽、專業費用以及其他一些現金和成本要素以及即將到來的年度維護付款的時間安排（其中大部分往往在本財年下半年支付）使得上半年對我們的現金管理和盈利能力而言相對更具挑戰性。

Free cash flow during the past couple of quarters have been affected by increased capital expenditures, pertaining to our moving to new offices in our 2 main U.S. locations, Atlanta and Las Vegas. And the fact our India Development Center is also in the process of moving into a single building. We are currently distributed across multiple buildings, which are within one world-class campus in Chennai but are not contiguous.

過去幾個季度的自由現金流受到資本支出增加的影響，這與我們搬到美國兩個主要地點亞特蘭大和拉斯維加斯的新辦事處有關。事實上，我們的印度開發中心也正在搬進一棟大樓。我們目前分佈在多棟建築中，這些建築位於欽奈的一個世界級校園內，但並不相鄰。

Profitability during the next sequential quarter, Q2 fiscal 2024 will also remain compressed due to many of the recent cost increases now becoming applicable for the entire quarter. We expect profitability to then return to our normal previous levels during the second half of the fiscal year.

由於最近的許多成本增加現在適用於整個季度，下一個季度（2024 財年第二季度）的盈利能力也將繼續受到壓縮。我們預計盈利能力將在本財年下半年恢復到之前的正常水平。

We continue to expect EBITDA by revenue percentage to be around 13, 1-3, around 13% for full fiscal year 2024 and expect the Q4 exit rate percentage to be higher than the corresponding prior year's Q4 exit. As during previous fiscal years, we expect free cash flow to approximate to adjusted EBITDA minus capital expenditures on an annual basis, with the unfavorable first half being compensated by the second half of the fiscal year.

我們繼續預計 2024 財年按收入百分比計算的 EBITDA 約為 13%、1-3%、13% 左右，並預計第四季度退出率百分比將高於去年第四季度的退出率。與之前的財年一樣，我們預計每年的自由現金流將接近調整後的 EBITDA 減去資本支出，上半年的不利情況將由本財年下半年得到補償。

With that, let me hand the call over to Dave for more color on the financial and other business details.

接下來，讓我將電話轉交給戴夫，以獲取有關財務和其他業務細節的更多信息。

Thank you, Ramesh. Taking a look at our financial results, beginning with the income statement. First quarter fiscal 2024 revenue was a quarterly record $56.1 million, an 18% increase from total net revenue of $47.5 million in the comparable prior year period.

謝謝你，拉梅什。從損益表開始看一下我們的財務業績。 2024 財年第一季度收入達到創紀錄的 5610 萬美元，比去年同期的 4750 萬美元總淨收入增長 18%。

All 3 product lines increased compared to the prior year period, with product revenue up 15.7% and professional services up 27.7% due to a strong sales quarter, with sales up 21% over Q1 fiscal year 2023. Recurring revenue was also up 15.9% with subscription up 27.4% over the prior year period.

與去年同期相比，所有 3 個產品線均有所增長，由於銷售季度強勁，產品收入增長了 15.7%，專業服務增長了 27.7%，銷售額比 2023 財年第一季度增長了 21%。經常性收入也增長了 15.9%，其中訂閱收入比去年同期增長了 27.4%。

The backlog remains strong and on track for the FY '24 plan. Q1 FY '24 exit total backlog across product, recurring revenue and services decreased slightly as we deployed more products and started to implement some of our larger projects. The total backlog remained 46% higher than a year ago when comparing Q1 FY '23 exit levels.

積壓訂單依然強勁，並有望實現 24 財年計劃。隨著我們部署更多產品並開始實施一些較大的項目，24 財年第一季度退出產品、經常性收入和服務的總積壓略有下降。與 23 財年第一季度的退出水平相比，積壓總量仍比一年前高出 46%。

Product revenue increased 15.7% over the prior fiscal year to a record $12.8 million. At our current sales levels, $12.8 million in Q1 FY '24 product revenue should be the high mark for the year. We expect product revenue to level out and remain around $12 million per quarter for the remainder of the year.

產品收入比上一財年增長 15.7%，達到創紀錄的 1280 萬美元。按照我們目前的銷售水平，24 財年第一季度產品收入 1,280 萬美元應該是今年的最高水平。我們預計今年剩餘時間內產品收入將趨於平穩，並保持在每季度 1200 萬美元左右。

Professional services increased 27.7% over the comparable prior fiscal year quarter to a record $11.2 million. We are also pleased to see our professional services backlog remain about the same as the last sequential quarter exit as we ramped up the resource strength in the services team and the pace of deployment stayed in sync with sales velocity during the quarter. We expect professional services revenue to continue to increase sequentially through the year and should grow north of 30% for the full fiscal year.

專業服務比上一財年季度增長 27.7%，達到創紀錄的 1120 萬美元。我們還很高興地看到我們的專業服務積壓與上一個連續季度退出的情況大致相同，因為我們增強了服務團隊的資源實力，並且本季度的部署速度與銷售速度保持同步。我們預計今年專業服務收入將繼續環比增長，整個財年的增長率將超過 30%。

Total recurring revenue represented 57.3% of total net revenue for the fiscal first quarter compared to 58.4% of total net revenue in the first quarter of fiscal 2023. Recurring revenue as a percentage of total revenue remained around the same level despite a 21% increase in onetime revenue. Like we said on the last call, we expect FY '24 recurring revenue as a total percentage of revenue to remain the same or slightly decrease as we perform professional services for larger customers prior to realizing corresponding subscription revenue growth in subsequent fiscal years.

經常性收入總額佔第一財季淨收入總額的 57.3%，而 2023 財年第一季度占淨收入總額的 58.4%。儘管一次性收入增長了 21%，但經常性收入佔總收入的百分比仍保持在同一水平。正如我們在上次電話會議上所說，我們預計 24 財年的經常性收入佔總收入的百分比將保持不變或略有下降，因為我們在隨後的財政年度實現相應的訂閱收入增長之前為大客戶提供專業服務。

Subscription revenue grew at 27.4% for the first quarter of fiscal 2024. Subscription revenue now comprises over 50% of total recurring revenue at 52.2% compared to 47.4% of total recurring revenue in the first quarter of fiscal 2023. Subscription revenue increased sequentially by $0.9 million and in line with our FY '24 plan. Subscription sales and backlog levels remain comfortably in line with our FY '24 plan. We expect subscription revenue to continue to increase between $0.9 million and $1.2 million sequentially through the year, depending on timing of go-lives in any given quarter.

2024 財年第一季度的訂閱收入增長了 27.4%。訂閱收入目前佔經常性總收入的 50% 以上，達到 52.2%，而 2023 財年第一季度佔經常性總收入的 47.4%。訂閱收入環比增加了 90 萬美元，符合我們 24 財年的計劃。訂閱銷售和積壓訂單水平仍然與我們 24 財年的計劃保持一致。我們預計全年訂閱收入將繼續增長 90 萬美元至 120 萬美元，具體取決於任何特定季度的上線時間。

Moving down the income statement. Gross profit was $33.1 million compared to $28.5 million in the first quarter of fiscal 2023. Gross profit margin was 59% compared to 60% in the first quarter of fiscal 2023. As expected, gross margin percentage will remain lower in the first half of the year as we continue to ramp up our services team. The second half gross margin should return to the low 60% range.

將損益表向下移動。毛利潤為 3310 萬美元，而 2023 財年第一季度為 2850 萬美元。毛利率為 59%，而 2023 財年第一季度為 60%。正如預期的那樣，隨著我們繼續擴大服務團隊，今年上半年毛利率仍將保持較低水平。下半年毛利率應該會回到60%的低位。

Combined, the 3 main operating expense line items, product development, sales and marketing and general and administrative expenses, excluding stock-based compensation, were 47.8% of revenue compared to 46% of revenue in the prior year quarter. Product development remained about the same at 20.9% compared to 21.1% of revenue in the prior fiscal year first quarter.

合計起來，產品開發、銷售和營銷以及一般和管理費用（不包括股票薪酬）這 3 個主要運營費用項目佔收入的 47.8%，而去年同期為收入的 46%。產品開發與上一財年第一季度收入的 21.1% 相比保持在 20.9% 左右。

General and administrative expenses have remained about the same as well, from 14% to 14.3% of revenue. Sales and marketing have increased from 10.8% of revenue to 12.7%, mostly due to the increased number of quota-carrying sales reps and timing of trade shows and other expenses, which tend to be higher during the first half of the year.

一般和管理費用也基本保持不變，從占收入的 14% 增至 14.3%。銷售和營銷佔收入的比例從 10.8% 增加到 12.7%，這主要是由於配額銷售代表數量的增加以及貿易展覽時間和其他費用的增加，而這些費用在上半年往往會更高。

Operating income for the first quarter of $1 million, net income of $1.1 million and gain per diluted share of $0.04 were all less than the prior year first quarter gain of $3 million, $2.6 million and $0.10.

第一季度營業收入為 100 萬美元，淨利潤為 110 萬美元，攤薄後每股收益為 0.04 美元，均低於去年第一季度收益 300 萬美元、260 萬美元和 0.10 美元。

Adjusted net income, normalizing for certain noncash and nonrecurring charges of $4.6 million was less than adjusted net income of $5.2 million in the prior year first quarter and adjusted diluted earnings per share of $0.18 was less than $0.21 reported in the prior year period.

調整後淨利潤（某些非現金和非經常性費用標準化後）為 460 萬美元，低於去年第一季度調整後淨利潤 520 萬美元，調整後攤薄每股收益 0.18 美元，低於去年同期報告的 0.21 美元。

Fiscal 2024 first quarter adjusted EBITDA was $6.3 million compared to $6.7 million in the year ago quarter. Adjusted EBITDA in Q1 FY '24 was 11.2% of revenue.

2024 財年第一季度調整後 EBITDA 為 630 萬美元，上年同期為 670 萬美元。 2024 財年第一季度調整後 EBITDA 佔收入的 11.2%。

Profitability for the quarter was slightly better than the previous guidance of high single digits, largely due to higher-than-expected Q1 revenue performance. Profitability levels remain on track for our FY '24 guidance of adjusted EBITDA as a percentage of revenue of 13%.

該季度的盈利能力略好於之前高個位數的指引，這主要是由於第一季度的收入表現高於預期。盈利水平仍符合我們 24 財年指導方針（調整後 EBITDA 佔收入的 13%）。

Moving to the balance sheet and cash flow statement. Cash and marketable securities as of June 30, 2023, was $107.1 million compared to $112.8 million on March 31, 2023. We remain comfortable with our current levels of cash.

轉到資產負債表和現金流量表。截至 2023 年 6 月 30 日，現金和有價證券為 1.071 億美元，而 2023 年 3 月 31 日為 1.128 億美元。我們對目前的現金水平仍然滿意。

Free cash flow in the quarter was a loss of $3 million compared to breakeven in the prior year quarter. For the year, we still believe adjusted EBITDA less CapEx is a good proxy for free cash flow. Q1 free cash flow was negatively -- negative due to working capital adjustments, which are typical in the first half of the year.

與去年同期的盈虧平衡相比，本季度的自由現金流損失了 300 萬美元。今年，我們仍然認為調整後的 EBITDA 減去資本支出是自由現金流的良好替代指標。第一季度自由現金流為負值——由於營運資本調整而出現負值，這在上半年很常見。

For fiscal year 2024, we remain comfortably in our expected revenue range of $230 million to $235 million. In closing, we are pleased with the strong start to the fiscal year and remain on plan for fiscal year 2024.

2024 財年，我們的預期收入保持在 2.3 億至 2.35 億美元的範圍內。最後，我們對本財年的強勁開局感到高興，並繼續按計劃實施 2024 財年。

With that, I will now turn the call back over to Ramesh.

現在，我將把電話轉回拉梅什。

Thank you, Dave. In summary, we are pleased with the Q1 April to June quarter results, which have given us an excellent start towards reaching our fiscal 2024 financial and other targets. Across several measures, including sales success measured in annual contract value terms, this is the best start we've enjoyed to a fiscal year.

謝謝你，戴夫。總之，我們對 4 月至 6 月第一季度的業績感到滿意，這為我們實現 2024 財年財務和其他目標提供了良好的開端。從多項指標來看，包括以年度合同價值衡量的銷售成功，這是我們本財年的最佳開局。

While selling success across our traditional strongholds like gaming casinos and food service management performed well during the quarter. We were particularly pleased to see APAC sales having a good sales quarter and sales in the U.S., hotels, resorts and cruise ships vertical, where our market shares are not great currently, continue its excellent progress.

雖然我們的傳統據點（如博彩賭場和食品服務管理）在本季度取得了良好的銷售業績。我們特別高興地看到亞太地區的銷售季度表現良好，而美國、酒店、度假村和遊輪垂直市場的銷售（目前我們的市場份額並不大）繼續保持出色的進展。

While all those were encouraging aspects of business during Q1 fiscal 2024, probably the best news was the improvement in services implementations efficiency, which is a good indicator that the recently created products are settling down well in the field and our transformation to a cloud subscription-based business unit built on solid state-of-the-art technology-based solutions is making great progress.

雖然所有這些都是 2024 財年第一季度業務的令人鼓舞的方面，但最好的消息可能是服務實施效率的提高，這是一個很好的指標，表明最近創建的產品在該領域已經很好地落地，並且我們向基於可靠的最先進技術的解決方案構建的基於雲訂閱的業務部門的轉型正在取得巨大進展。

This kind of major transition of an organization of our size is not an easy task, and we continue to make excellent progress while managing well the balance between continuing good short-term results and setting things up well for the medium and long term. We are not sure of the so-called J curve pertaining to such transformations can be managed any better than this.

對於我們這樣規模的組織來說，這種重大轉型並不是一件容易的事，我們在繼續取得出色進展的同時，也很好地管理著持續良好的短期業績與為中長期做好準備之間的平衡。我們不確定與此類轉換相關的所謂 J 曲線是否可以比這更好地管理。

We are confident the profitability dip seen this quarter as we do the needful and make the necessary cost investments to ensure we take advantage of the significant growth opportunities currently in our graph is temporary and should last at a little less than this level perhaps for only 1 more quarter.

我們相信，本季度出現的盈利能力下降是暫時的，因為我們進行了必要的必要投資並進行了必要的成本投資，以確保我們利用圖表中當前的重大增長機會，並且應該會比這個水平略低一些，也許只會再持續一個季度。

We are being included now in an increasing number of RFP processes especially property management system, PMS RFPs and are currently in the midst of several major exciting sales opportunities across both PMS and POS. From our vantage point, the pace of technology investment decisions and intent to move legacy applications to the cloud remain at a healthy pace in this industry with no sign of any notable slowdown.

我們現在正在參與越來越多的 RFP 流程，特別是物業管理系統、PMS RFP，並且目前正處於 PMS 和 POS 的幾個令人興奮的主要銷售機會之中。從我們的角度來看，該行業的技術投資決策和將遺留應用程序遷移到雲的意圖仍保持健康的步伐，沒有任何明顯放緩的跡象。

The momentum that started around August of last year in selling success has continued unabated regardless of the uncertainty seen in the macroeconomic headlines. Backlog levels across products, recurring revenue and services are at near record levels. All that adds up to our continuing confidence in the fiscal 2024 guidance levels provided across subscription revenue growth, overall revenue range and profitability. The overall business is in excellent shape and well positioned for all around progress and growth.

儘管宏觀經濟頭條新聞存在不確定性，去年八月左右開始的銷售成功勢頭仍然有增無減。產品、經常性收入和服務的積壓水平接近歷史最高水平。所有這些都增強了我們對 2024 財年訂閱收入增長、總體收入範圍和盈利能力指導水平的持續信心。整體業務狀況良好，處於全面進步和增長的有利位置。

With that, Lisa, let's open up the call for questions. Thank you.

麗莎，現在讓我們開始提問。謝謝。

(Operator Instructions)

（操作員說明）

Our first question will be coming from Matthew VanVliet of BTIG.

我們的第一個問題將來自 BTIG 的 Matthew VanVliet。

Ramesh, wanted to maybe dig in a little bit more and see if you could offer a little bit more commentary around the comments that you made around the -- especially the PMS side of the pipeline from a sales activity perspective. Are you being able to pursue? Or are you involved in some larger deals there that might include more standardization across an entire hotel chain, for instance, or things of that nature. Maybe just help us understand kind of what's building through that PMS pipeline and how you're going to approach it over the next several quarters?

Ramesh，想深入挖掘一下，看看您是否可以針對您所做的評論提供更多評論，尤其是從銷售活動的角度來看，管道的 PMS 方面。你還能夠追求嗎？或者您是否參與了一些較大的交易，例如，可能包括整個連鎖酒店的更多標準化或類似性質的事情。也許只是幫助我們了解 PMS 管道正在構建什麼以及您將如何在接下來的幾個季度中實現它？

Yes, Matt. So overall, not only PMS, Matt, across POS, point of sale as well, there are several significant sizable deals that are cooking and where we are making great progress with but need not necessarily equate to hotel chains all the time, Matt. There are many large multiproperty multisite opportunities across the landscape of hospitality, not necessarily always in hotel chains.

是的，馬特。所以總的來說，不僅是 PMS，Matt，整個 POS、銷售點也一樣，有幾項重大的、規模較大的交易正在醞釀之中，我們正在這些交易中取得巨大進展，但不一定等同於連鎖酒店，Matt。在酒店業領域存在許多大型多物業、多地點的機會，但不一定總是在連鎖酒店中。

And several of them are progressing well for us, and we are very encouraged by the number of larger size RFPs that we are currently getting included in especially on the PMS side. But the only correction I would make, Matt, is please don't equate them always to hotel chains. There are several large opportunities building up even outside of the hotel chains, and they're all multiproperty across multiple sites.

其中一些對我們來說進展順利，我們對目前正在參與的大量大型 RFP（尤其是 PMS 方面）感到非常鼓舞。但馬特，我唯一要糾正的是，請不要總是將它們等同於連鎖酒店。即使在連鎖酒店之外，也存在著一些巨大的機會，而且它們都是跨多個地點的多酒店。

Okay. Very helpful. I appreciate that. And then on the professional services team, I wonder if you could give us a little more detail in terms of the amount of headcount added during the quarter, potentially more open recs that you might have or how much hiring you're anticipating the rest of the year as the backlog continues to be high, but good to hear that you're sort of keeping up on the implementation side this quarter. But I think a lot of us want to see just a little bit more capacity potentially as you continue to have success on the sales side.

好的。很有幫助。我很感激。然後在專業服務團隊方面，我想知道您是否可以向我們提供更多詳細信息，包括本季度增加的員工數量、您可能擁有的更多開放建議，或者由於積壓仍然很高，您預計今年剩餘時間會招聘多少人，但很高興聽到您本季度在實施方面保持了一定的進展。但我認為，隨著銷售方面繼續取得成功，我們很多人都希望看到潛在的更多產能。

Yes, Matt. So as far as services is concerned, it's a profit center. And in terms of managing headcount, profit centers are always easier to manage or easier for decision-making compared to cost centers because cost centers, you're always worried about what is the right level of cost to support the kind of revenue growth we want. But when you look at profit centers, it's quite easy, right? As the profits go up as there is more work, you keep hiring.

是的，馬特。所以就服務而言，它是一個利潤中心。在管理員工數量方面，與成本中心相比，利潤中心總是更容易管理或更容易決策，因為在成本中心，您總是擔心支持我們想要的收入增長的正確成本水平是多少。但當你看看利潤中心時，這很容易，對吧？隨著工作量的增加，利潤也會增加，你就會繼續招聘。

Now to answer your question on services, when we -- and without getting into the exact headcount numbers, when we started the fiscal year around the March, April time frame, we had a target that we needed to hire before June in order to make sure that we have the headcount necessary for the financial plan we had. And that recruitment has gone well. We are pretty much there, give or take, a couple of employees. The target that we started with for hiring in services, we've done a good job of doing that hiring, and we are pretty much there almost to the number. We are happy with our services strength now.

現在回答你關於服務的問題，當我們在三月、四月的時間範圍內開始財政年度時，我們沒有透露確切的員工人數，我們有一個需要在六月之前招聘的目標，以確保我們擁有財務計劃所需的員工人數。這次招聘進展順利。我們幾乎就在那裡，無論有多少員工。我們一開始就設定了服務業招聘的目標，我們在招聘方面做得很好，而且我們幾乎已經達到了這個數字。我們現在對我們的服務實力感到滿意。

Now we didn't realize the full potential of that because there is always a ramp-up period involved when the services person will become more familiar with our products with the integration steps required and all that. So that part of it has gone well.

現在我們還沒有意識到這一點的全部潛力，因為總有一個過渡期，服務人員會通過所需的集成步驟等更加熟悉我們的產品。所以這部分進展順利。

Now as far as how it will go for the rest of the fiscal year, it just depends on how our sales success works out. Does it go according to plan? Does it go better than planned? If it goes better than planned, then we will do the appropriate hiring in services.

現在，就本財年剩餘時間的情況而言，這僅取決於我們的銷售業績如何。事情按計劃進行嗎？進展比計劃的順利嗎？如果進展比計劃好，那麼我們將在服務領域進行適當的招聘。

So services hiring is not a complex decision-making process, Matt. So the short answer is whatever we planned for at the beginning of the fiscal year, we are there now. We are exactly -- almost exactly where we wanted to be end of June. Now how much more hiring we do, it just depends on how our sales plan works out. If we feel that we are going ahead of plan, we will continue hiring more into that team. It's a reasonable assumption, Matt, that I expect the services team to be significantly higher at the end of this fiscal year than it is today.

因此，服務招聘並不是一個複雜的決策過程，馬特。因此，簡短的回答是，無論我們在本財年開始時的計劃是什麼，我們現在都已經實現了。我們幾乎完全達到了我們想要在六月底達到的目標。現在我們還要招聘多少人，這取決於我們的銷售計劃如何實施。如果我們認為我們的進度超出了計劃，我們將繼續為該團隊招聘更多人員。馬特，這是一個合理的假設，我預計服務團隊在本財年結束時的人數將顯著高於今天。

And then if I could squeeze one last one in. On the Marriott deal kind of build-out of that project, maybe any updates on additional milestones from either the product development side or the staffing side that might be helpful just to make sure that, that continues to progress and you're doing everything from your end that you can.

然後，如果我可以擠出最後一個。在萬豪交易中，該項目的擴展，也許來自產品開發方面或人員配置方面的其他里程碑的任何更新可能會有所幫助，以確保繼續取得進展，並且您正在儘自己所能。

Yes, sure. Thank you, Matt. So starting from the last part of the question, the hiring has gone well. As far as services is concerned, we are pretty much at the strength we needed to be with respect to the services team. As far as the R&D teams are concerned, where we were the product development teams where we were adding resources, we are just about there. We are now in the last 10% or so of the hiring we needed to do for that. So that's gone more or less according to plan.

是的，當然。謝謝你，馬特。所以從問題的最後一部分開始，招聘進展順利。就服務而言，我們的服務團隊已經具備了所需的實力。就研發團隊而言，我們在產品開發團隊中添加了資源，我們就在那裡。我們現在已經完成了為此所需的最後 10% 左右的招聘工作。所以這或多或少是按照計劃進行的。

If anything, slightly behind plan as far as product development hiring is concerned, but we are more or less there. We are now doing the last 10% or so of that hiring. So hiring has gone well.

如果有的話，就產品開發招聘而言，稍微落後於計劃，但我們或多或少已經實現了。我們現在正在進行最後 10% 左右的招聘工作。所以招聘進展順利。

With respect to the deliveries, they have gone well, our portion of the deliveries. We are more or less in the range, give or take a few weeks. And we are a critical requirement for the overall Marriott project, but we are not on the critical path, if you know what I mean.

至於交付，我們部分的交付進展順利。我們或多或少都在這個範圍內，大約需要幾週的時間。我們是整個萬豪項目的關鍵要求，但我們並不處於關鍵路徑上，如果你明白我的意思的話。

So our deliverables are going as according to plan. There's always a few weeks difference between the plan and reality, but there's no concern there. So the project -- there's no further update on it. And everything is moving along as mentioned before, and there's no change in that. And all the deliverables so far have worked out reasonably well. And the one thing to note, Matt, is many of the enhancements to the product since it's a cloud-native product. And since everything, all the additional enhancements are being built within the product. It is not a customization of the product.

所以我們的交付成果正在按計劃進行。計劃和現實之間總是有幾週的差異，但不用擔心。所以這個項目——沒有進一步的更新。一切都按照前面提到的那樣進行，沒有任何變化。到目前為止，所有可交付成果都進展順利。馬特，需要注意的一件事是該產品的許多增強功能，因為它是雲原生產品。因為一切，所有額外的增強功能都是在產品中構建的。這不是產品的定制。

Many of the enhancements for Marriott is already in production that can be used by other customers if they require it. So overall, the short summary is going according to plan, give or take a few weeks. We are not on the critical path. There are much bigger things that have to happen in the project within Marriott. So far, all good, no further updates and everything is going according to plan.

萬豪的許多增強功能已經投入生產，其他客戶如果需要的話可以使用。總的來說，簡短的總結將按計劃進行，可能需要幾週的時間。我們並不處於關鍵道路上。萬豪內部的項目還有很多更大的事情要做。到目前為止，一切都很好，沒有進一步的更新，一切都按計劃進行。

And our next question will be coming from Brian Schwartz of Oppenheimer.

我們的下一個問題將來自奧本海默的布萊恩·施瓦茨。

Ramesh, you mentioned in the introductory comments that you had a record sales quarter. I think your commentary suggested that this was in both upselling as well as landing with more products with the new logos. My question is, are you doing anything different with the go-to-market to make this happen? Or is this mostly just a strengthening of the end market demand?

拉梅什（Ramesh），您在介紹性評論中提到您的銷售季度創下了紀錄。我認為你的評論表明這既包括追加銷售，也包括更多帶有新標誌的產品的登陸。我的問題是，為了實現這一目標，你們在上市方面是否做了什麼不同的事情？或者這主要只是終端市場需求的加強？

Yes. So this is -- Brian, so this was a sales record, Brian, for the April through June quarter. This is the best Q1 quarter that we have ever had in sales. So that was an excellent sales quarter for us. And like it always tends to happen in our sales. The sales success came from both current customers and from new customers.

是的。這是——布萊恩，這是四月至六月季度的銷售記錄，布萊恩。這是我們有史以來銷售最好的第一季度。所以這對我們來說是一個出色的銷售季度。就像我們的銷售中總是會發生這種情況一樣。銷售的成功來自於現有客戶和新客戶。

And of course, the new opportunities we divide into 3 parts. One is brand new customers who have never used our product before. One is new sites, which we have -- these are customer -- current customers, but that particular property has not seen our product before. And then, of course, a big part of it is new product, which is a current property has a product and now they are buying more products from us. That's how we divide it. And this Q1 sales success was almost equally divided between those 2.

當然，我們將新機會分為三個部分。一類是從未使用過我們產品的全新客戶。一是新站點，我們擁有這些站點——這些是客戶——當前的客戶，但該特定屬性以前沒有見過我們的產品。當然，其中很大一部分是新產品，即現有的房產有一個產品，現在他們從我們這裡購買更多的產品。我們就是這樣劃分的。第一季度的銷售成功幾乎由這兩家公司平分秋色。

We had excellent success with new products, new properties and new customers. Our deal size for new customers is among the highest levels it's been at, and a lot of current customers also expanded their sales business with us. So it was a combination of all of that, which is how it tends to be for us, Brian. Our current customers are so happy that we have invested and innovated and done so much with our products. So they continue to invest more and more with us, which is great for us because, obviously there the sales acquisition costs are very low.

我們在新產品、新特性和新客戶方面取得了巨大成功。我們對新客戶的交易規模是歷史最高水平之一，許多現有客戶也擴大了與我們的銷售業務。所以這是所有這些的結合，這就是我們的情況，布萊恩。我們當前的客戶非常高興我們對我們的產品進行了投資和創新並做了這麼多。因此，他們繼續對我們進行越來越多的投資，這對我們來說很好，因為顯然那裡的銷售獲取成本非常低。

And new customers, especially the bigger, the sizable opportunities are increasingly more and more last year and this year. So that is also increasing.

而新客戶，尤其是規模較大的客戶，去年和今年的機會越來越多。所以這也在增加。

Now in terms of go-to-market, we have expanded our sales. The last 15 months have been excellent for us as far as marketing is concerned. In digital marketing, in terms of greater reach out to prospective customers, it cannot be any better than what we have done in the last 15 months, especially compared to our past.

現在，在進入市場方面，我們擴大了銷售。就營銷而言，過去 15 個月對我們來說非常出色。在數字營銷方面，就擴大接觸潛在客戶而言，它比我們過去 15 個月所做的一切更好，尤其是與過去相比。

So the marketing activities have gone well. We are participating more in trade shows, which tends to be one of the best mechanisms where -- by which new customers get in touch with us. And also, we have expanded our sales force, which is a major driver for us, like the data that I gave you during the prepared remarks, if you divide our sales force into 2 halves, Brian, the top half consists of veterans who have been with us for a long time, and then the second half consists of people who have been with us for a maximum of 2.5 years. The second half only contributed 6% of sales all of last fiscal year. And so far, they are already contributing close to 20% -- 19% to 20%.

所以營銷活動進展順利。我們越來越多地參加貿易展覽，這往往是新客戶與我們聯繫的最佳機制之一。而且，我們還擴大了我們的銷售隊伍，這是我們的一個主要驅動力，就像我在準備發言時給你的數據一樣，如果你把我們的銷售隊伍分成兩半，布萊恩，上半部分由已經和我們在一起很長時間的退伍軍人組成，然後下半部分由已經和我們在一起最多2.5年的人組成。下半年僅貢獻了上一財年全年銷售額的6%。到目前為止，他們的貢獻已經接近 20%——19% 到 20%。

And when you take the second half of the sales team, whatever total sales they did all of last year, they've already done close to 75% of that already, in the first 3 months, 72% or so. So the second half of our sales team is also beginning to contribute a lot, and that has a lot to do with the fact that these new products that the industry really needs is now settling down in the field, which means we have more and more reference customers. The customer satisfaction levels are increasing. And for us, there is nothing greater go-to-market than having more referenceable customers.

當你看銷售團隊的後半部分時，無論他們去年全年的總銷售額如何，他們已經完成了接近 75% 的工作，在前 3 個月，達到了 72% 左右。所以我們下半年的銷售團隊也開始做出很大的貢獻，這和這些行業真正需要的新產品現在在現場落地有很大關係，這意味著我們有越來越多的參考客戶。客戶滿意度不斷提高。對於我們來說，沒有什麼比擁有更多可參考的客戶更能進入市場了。

So all the momentum across marketing and increased sales team, the second half of the sales team contributing a lot more now, which means sales productivity is picking up. All the new products we developed in the last 3, 4 years are settling well in the field. So we are getting more references from there. So all across, the momentum is really increasing well, Brian.

因此，營銷和銷售團隊的增長勢頭強勁，銷售團隊的下半年貢獻更多，這意味著銷售生產力正在提高。我們過去三、四年開發的所有新產品都在該領域得到了很好的應用。所以我們從那裡得到了更多的參考。布萊恩，總的來說，勢頭確實在增強。

If I could just dig into again how you think about pricing in the market. You've had commentaries. It sounds like the products are doing well. The newer products are settling down, talked about the referenceability. If I think about what's happening in the market this year on price increases, it seems like it's happening almost ubiquitously across software companies. It looks like it's visible in your end market and the RevPAR data, too.

如果我能再次深入了解您對市場定價的看法。你已經有評論了。聽起來產品做得不錯。較新的產品落戶，談一下參考性。如果我考慮一下今年市場上價格上漲的情況，就會發現這種情況在軟件公司中幾乎無處不在。看起來它在您的終端市場和 RevPAR 數據中也可見。

So can you talk about the desire to kind of pull that pricing and packaging lever to keep pace with some of the market increases that we've been seeing out this year versus maybe just keeping price as is and then using it as a marketing tool against your competitors and just to take market share faster in the hospitality space. And then I have 1 follow-up for David.

那麼，您能否談談拉動定價和包裝槓桿以跟上我們今年看到的一些市場增長的步伐的願望，而不是僅僅保持原樣，然後將其用作針對競爭對手的營銷工具，以便更快地在酒店領域佔據市場份額。然後我有 1 個關於 David 的後續行動。

Yes, sure, Brian. I'm not sure if I'm appreciating your question exactly, but let me get started with the answer and please stop and correct me if I'm on the wrong path. So when you look at our pricing levels, Brian, the 2 main words or phrases I would use is we remain competitive. That's number one. Number two, we are not the lowest vendor.

是的，當然，布萊恩。我不確定我是否完全理解你的問題，但讓我開始回答，如果我走錯了路，請停下來糾正我。所以，當你看看我們的定價水平時，布萊恩，我會使用的兩個主要詞或短語是我們保持競爭力。這是第一。第二，我們不是最低價的供應商。

So every RFP, every competitive sales opportunity position we get into, we generally tend to be either equal or the highest pricing vendor. So we have never compromised on that because we invest, like you know, a lot of money in R&D and we are not here to be desperate to win low-margin deals because all customers take a lot of services effort and then take a lot of support effort. And then we have such a big R&D engine that's going to give them value for the recurring revenue they pay us with future software versions.

因此，我們進入的每一個 RFP、每一個有競爭力的銷售機會位置，我們通常傾向於成為同等或最高定價的供應商。因此，我們從未在這一點上妥協，因為正如您所知，我們在研發方面投入了大量資金，我們並不是為了贏得低利潤交易而拼命，因為所有客戶都需要付出大量的服務努力，然後付出大量的支持努力。然後我們擁有如此龐大的研發引擎，這將為他們通過未來的軟件版本向我們支付的經常性收入帶來價值。

So we are never the lowest vendor. We are, in fact, in almost every opportunity, we are the highest vendor. And we are competitive pricing-wise because we don't want to lose deals either, right? So we are competitive, but on the higher side already. So that's one.

所以我們從來都不是最低價的供應商。事實上，我們幾乎在每一個機會中，我們都是最高的供應商。我們在定價方面具有競爭力，因為我們也不想失去交易，對嗎？因此，我們具有競爭力，但已經處於較高水平。這就是其中之一。

Number 2 is when you sell a package of products, when you sell a combination of products, you have core products and then you have the experience enhanced add-on modules, our pricing tends to hold up quite well without us doing anything artificial because when you think about our competitors, there are different competitors who have strengths in different geographical and other areas, but there is practically no one providing this end-to-end ecosystem of software solutions.

第二，當你銷售一攬子產品時，當你銷售產品組合時，你擁有核心產品，然後你擁有體驗增強的附加模塊，我們的定價往往保持得很好，而我們不做任何人為的事情，因為當你想到我們的競爭對手時，有不同的競爭對手在不同的地理和其他領域擁有優勢，但實際上沒有人提供這種端到端的軟件解決方案生態系統。

When you are practically the only vendor providing that kind of end-to-end solutions, we are able to hold our pricing at pretty decent good levels. We don't want to become too greedy with our pricing. We want to be competitive, but we are happy with where our pricing levels are, Brian.

當您實際上是唯一提供此類端到端解決方案的供應商時，我們就能夠將定價保持在相當不錯的水平。我們不想對定價變得過於貪婪。我們希望具有競爭力，但我們對我們的定價水平感到滿意，布萊恩。

Ramesh, you definitely answered the question.

拉梅什，你肯定回答了這個問題。

David, the one question I just wanted to ask you was just on the -- your thoughts on the guidance, the annual guidance. You reiterated this morning, this afternoon instead of flowing through the upside that you had in Q1. That's matched with all your commentary. It sounds like you have very good predictability in terms of that guidance.

大衛，我只想問你一個問題，就是你對年度指導的看法。您今天早上和下午重申了這一點，而不是像第一季度那樣繼續上漲。這與你所有的評論相符。聽起來您對該指導有很好的可預測性。

My question for you is, did any revenue get pulled forward either from Q2, maybe into Q1 from faster implementations as a cause of holding back on increasing that guidance? Or did your view changed at all on your expectations for the next 3 quarters just based on the business and what you've been seeing over the last 3 months.

我想問您的問題是，是否有任何收入從第二季度提前，或者可能從更快的實施進入第一季度，作為阻礙增加指導的原因？或者，僅根據業務以及過去 3 個月的情況，您對未來 3 個季度的預期的看法是否發生了根本變化？

Yes. Thanks, Brian. Yes, I think we're still on track for the year. I mean, obviously, the revenue was a lot stronger in Q1 than we expected. And a lot of the pull forward, like we talked about in the commentary was starting to level out the velocity between our services team and our sales team. I think we were originally expecting that to happen in Q2 or Q3.

是的。謝謝，布萊恩。是的，我認為今年我們仍處於正軌。我的意思是，顯然，第一季度的收入比我們預期的要強得多。就像我們在評論中談到的那樣，很多推動力開始平衡我們的服務團隊和銷售團隊之間的速度。我認為我們最初預計這會在第二季度或第三季度發生。

So it's happening in Q1 helped us pull forward some of the product revenue. It also made the professional service number a little bit better than expected. And I think that's why you'll see the product revenue dip slightly in Q2 through Q4 because there was a little bit of a catch-up with the professional services team doing better than expected.

因此，第一季度發生的事情幫助我們提前了部分產品收入。也讓專業的服務數量比預想的好一點點。我認為這就是為什麼你會看到產品收入在第二季度到第四季度略有下降，因為專業服務團隊的表現比預期要好一些。

And our next question today will be coming from George Sutton of Craig-Hallum.

今天我們的下一個問題將來自 Craig-Hallum 的 George Sutton。

I wondered if you could address the concept that you announced the Marriott deal in December, and this was the first time you were presenting at HITEC since that point. Now you're telling us that your PMS opportunities are greater than they've ever been. Can you just walk through sort of the response you're getting from potential customers post this Marriott win and directly what you're hearing in HITEC?

我想知道您是否可以談談您在 12 月宣布與萬豪合作的概念，這是自那時以來您第一次在 HITEC 上發表演講。現在您告訴我們，您的經前綜合症機會比以往任何時候都多。您能否簡單介紹一下您在萬豪贏得此次勝利後從潛在客戶那裡得到的回應以及您在 HITEC 中聽到的直接內容？

George, yes. So the best way I would describe it, George, is our PMS credibility. Though it's in this initial phase is we are -- what we are happy with now. Given that our 2 world class of the 3 products, 2 of them are cloud-native SaaS products, one of them is about 2.5 years or so really in the field at a mass level, and one of them is about 1.5 years old. So those products have settled down well. So when you think about why is it that we now have PMS credibility where customers feel compelled to include us. And once we are included and they see a guest journey demo, which is an end-to-end demo of all the modules and the core PMS, we got a good shot at winning the deal.

喬治，是的。喬治，我對它的最好描述是我們的經前綜合症可信度。雖然現在還處於初始階段，但我們現在對此感到滿意。鑑於我們的 3 個產品中的 2 個世界級產品，其中 2 個是雲原生 SaaS 產品，其中一個在大眾層面上真正進入該領域大約有 2.5 年左右，其中一個大約有 1.5 年的歷史。所以這些產品已經安定下來了。因此，當您思考為什麼我們現在擁有 PMS 信譽而客戶覺得有必要將我們納入其中時。一旦我們加入，他們看到了訪客旅程演示，這是所有模塊和核心 PMS 的端到端演示，我們就很有機會贏得這筆交易。

Now what is giving us the PMS credibility now? One of them -- one of the reasons is the Marriott deal, but I wouldn't put anything there or the Marriott announcement. That has given us PMS credibility, hey, we have to take these guys seriously there. Now remember, we are competing against some very well entrenched competitors who have been sort of dominating the space for well more than a decade. So that has given us credibility. But what has also given us credibility is the fact that these products are settling down well in the field. There are more and more customers who are now realizing the benefits of that.

現在是什麼給了我們經前綜合症的可信度呢？其中之一 - 原因之一是萬豪的交易，但我不會在那裡放任何東西或萬豪的公告。這給了我們經前綜合症的可信度，嘿，我們必須認真對待這些人。現在請記住，我們正在與一些根深蒂固的競爭對手競爭，他們十多年來一直在該領域佔據主導地位。這給了我們信譽。但同樣給我們帶來可信度的是這些產品在該領域的良好表現。現在有越來越多的客戶意識到這樣做的好處。

And when it comes to end-to-end PMS functionality, there's really nobody who can compete as a single vendor, they have to bring multiple vendors together to provide the value. So that contributes as well. So all these together is now -- are giving us the kind of credibility we've always wanted in the property management system phase. That gets us to the demo stage, that gets us to the inclusion in RFP stage and thereafter the products and our services teams and the quality of our professionals all take over from there.

當談到端到端 PMS 功能時，實際上沒有人可以作為單一供應商進行競爭，他們必須將多個供應商聚集在一起才能提供價值。所以這也有貢獻。因此，所有這些現在正在為我們提供我們在物業管理系統階段一直想要的可信度。這讓我們進入了演示階段，讓我們進入了 RFP 階段，此後產品、我們的服務團隊以及我們專業人員的質量都從那裡開始。

And so compared to where we are, where we were 1 year ago, we have credibility, we are getting more inclusions in opportunities, we are being included a lot more often, and that is leading to some pretty good-sized deals that we are currently working through.

因此，與一年前的情況相比，我們有信譽，我們獲得了更多的機會，我們被更頻繁地納入其中，這導致了我們目前正在處理的一些規模相當大的交易。

Great. If I could move over to Asia, you have suggested that is a challenging competitive market for you. And it sounds like you had a surprisingly strong Q1 in Asia. Can you give us a bigger picture of kind of where you see your competitive set today, where the longer-term Asia opportunities are?

偉大的。如果我可以搬到亞洲，您表示這對您來說是一個充滿挑戰的競爭市場。聽起來你在亞洲的第一季度表現出奇的強勁。您能否向我們介紹一下您目前的競爭環境以及亞洲的長期機遇在哪裡？

Yes, George. So the Asia competitive market continues to be very tough because, again, very well entrenched competitors who have done well there for multiple decades, 10, 15, 20 years, so they have done well there. And those competitors in APAC are also not shy to go low in pricing.

是的，喬治。因此，亞洲市場的競爭仍然非常激烈，因為同樣有根深蒂固的競爭對手，他們在幾十年、10、15、20年裡都表現出色，所以他們在那裡也表現出色。亞太地區的競爭對手也不羞於降低價格。

So there are 2 battles we fight in APAC: number one, well entrenched competitors and number two, very often low pricing. Now for the last few quarters, we've seen good sales pipeline in APAC. There have been quite a few good opportunities we were working on, but we found the decision-making process to be a bit slow and frustrating because customers have not yet reached the stage where they were willing to pull the plug on the opportunities.

因此，我們在亞太地區面臨兩場戰鬥：第一，根深蒂固的競爭對手；第二，通常是低價。在過去的幾個季度中，我們在亞太地區看到了良好的銷售渠道。我們正在研究很多好的機會，但我們發現決策過程有點緩慢且令人沮喪，因為客戶尚未達到願意終止機會的階段。

It appeared for a while that they were clearly leaning towards us because of the quality of the products and the end-to-end ecosystem and all that, but they were not ready to pull the plug yet. And of course, they were getting much lower price propositions from our competitors as well.

有一段時間，由於產品的質量和端到端生態系統等原因，他們顯然傾向於我們，但他們還沒有準備好停止。當然，他們也從我們的競爭對手那裡得到了更低的價格。

This quarter, it looked like we at least partially crossed the bridge. A couple of decisions were made that led us to good sales numbers in APAC. And so what was slowing us down for the last couple of quarters in terms of decision-making speed seems to have picked up in APAC. So we are getting a bit bullish about APAC going forward this fiscal year.

本季度，看起來我們至少部分跨過了這座橋。我們做出了一些決定，使我們在亞太地區取得了良好的銷售業績。因此，過去幾個季度我們決策速度放緩的因素似乎在亞太地區有所加快。因此，我們對本財年亞太地區的發展持樂觀態度。

Great. Finally, if I could just get a little better sense of your less tenured group and the success that they're seeing. Can you give us a sense of how is this less tenured group structured? Are they pointed at specific verticals, specific geographies or specific customer sizes?

偉大的。最後，如果我能更好地了解你們的任期較少的團隊以及他們所看到的成功。您能否讓我們了解一下這個任期較少的團隊的結構？它們是否針對特定的行業、特定的地區或特定的客戶規模？

The quick answer is no, George. They are all part of our sales vertical teams. Like we have an APAC team, we have an EMEA team. And in the U.S., we have a team that focuses on gaming casinos, a team that focuses on hotel, resorts, cruise ships, a team that focuses on food service management and a couple of other teams that focus on specific certain big customers. So that's the way it's always been structured.

簡單的回答是否定的，喬治。他們都是我們銷售垂直團隊的一部分。就像我們有亞太地區團隊一樣，我們也有歐洲、中東和非洲團隊。在美國，我們有一個專注於博彩賭場的團隊，一個專注於酒店、度假村、遊輪的團隊，一個專注於餐飲服務管理的團隊，以及其他幾個專注於特定大客戶的團隊。這就是它一直以來的結構方式。

And within each of the teams, you have the long tenured salespeople who always tend to do very well every year. And then you have the second half of those teams where we have expanded during the last 2, 2.5 years. So it is not as if we take the less tenured sales personnel and focus them on certain areas. They probably handle a less number of customers, current customers and prospective customers, but each team contains a combination of them. And the second half of the team is really beginning to contribute very well now. And the senior half of the team has always done well year after year after year.

在每個團隊中，都有長期任職的銷售人員，他們每年總是表現出色。然後是我們在過去 2、2.5 年裡擴大的團隊的後半部分。因此，我們並不是把任期較短的銷售人員集中在某些領域。他們可能處理較少數量的客戶、當前客戶和潛在客戶，但每個團隊都包含這些客戶的組合。球隊的後半部分現在確實開始做出很好的貢獻。而球隊的高級半隊年復一年總是表現出色。

Our question will be coming from Nehal Chokshi of Northland.

我們的問題將來自北國的 Nehal Chokshi。

Great quarter. It sounds like you had a great ACV booking this quarter. And then I think you specifically called out that subscription ACV was up 46% and product ACV was up 27% year-over-year bookings basis. So those seem like very strong numbers. Can you just clarify that was indeed above plan?

很棒的季度。聽起來您本季度的 ACV 預訂量很不錯。然後我認為您特別指出訂閱 ACV 同比增長 46%，產品 ACV 同比增長 27%。所以這些看起來是非常強勁的數字。您能澄清一下這確實超出了計劃嗎？

Nehal, the backlog was up 46%. Sales was up 21% over last year. So the backlog that was up 46%.

Nehal 表示，積壓訂單增加了 46%。銷售額比去年增長 21%。因此，積壓訂單增加了 46%。

Got you. That subscription ACV sales that was up 21% year-over-year.

明白你了。訂閱 ACV 銷量同比增長 21%。

Overall sales. Overall sales.

整體銷量。整體銷量。

Got you. And then backlog was up 46% year-over-year on an overall basis or a subscription basis.

明白你了。然後，按總體或按訂閱計算，積壓訂單同比增長 46%。

Total. Total.

全部的。全部的。

Got it. Okay. Got it. Okay. So I guess still the bottom line is that is your ACV bookings, was that above your plan or not above plan?

知道了。好的。知道了。好的。所以我想底線仍然是您的 ACV 預訂，是否超出您的計劃？

I would say it was in sync with the plan. And if anything, it was slightly above, but it was in sync with the plan. So the reason why, Nehal, we have kept the guidance, we've reiterated the guidance, is that everything seems to be going according to plan, if anything slightly ahead of plan, right? But whatever the sales we were expecting for the year, we are well on our way towards achieving it is how it seems slightly based on the Q1 start we have.

我想說這與計劃是同步的。如果說有什麼不同的話，那就是略高於計劃，但與計劃是同步的。 Nehal，我們之所以保留指導意見，我們重申指導意見，是因為一切似乎都按計劃進行，如果有什麼稍微提前於計劃的話，對嗎？但無論我們今年的預期銷售額如何，我們都在朝著實現這一目標的方向前進，從我們第一季度開始的情況來看，情況似乎略有不同。

And we provide -- we think of plans on an annual basis, Nehal. That's how we think. We don't try to predict quarter after quarter because that can go a little bit up and down. But when you think about our annual plan, good start to the year. So we are comfortable with the start we have made.

我們提供——我們每年都會考慮計劃，Nehal。我們就是這樣想的。我們不會嘗試逐季度進行預測，因為這可能會略有上升或下降。但當你想到我們的年度計劃時，這是今年的良好開端。所以我們對我們已經取得的開始感到滿意。

And just remind me, what is the current lag -- average lag between when you book an ACV dollar to when it actually starts especially on the recurring revenue line?

請提醒我，當前的滯後是多少——您預訂 ACV 美元到實際開始（特別是在經常性收入線上）之間的平均滯後？

Yes, that could vary from project to project, Nehal. Like you know, the large project we have talked about, that's going to take a year or 2. Sometimes we go live. We generally revenue recognized or we recognize revenue after it is implemented on site. That is how we normally do it. While hardware, of course, you recognize when you ship it and it is reach them. Software, you recognize it when we ship them. But the recurring revenue, you recognize it -- we recognize it only after the go-lives get done. And those implementations can vary. Some projects could happen in a matter of weeks. Some projects could take 2, 3 months and sometimes it could take 6 months. It just depends, Nehal.

是的，這可能因項目而異，Nehal。如您所知，我們談論的大型項目將需要一兩年的時間。有時我們會上線。我們通常確認收入或在現場實施後確認收入。我們通常就是這樣做的。當然，對於硬件來說，當您發貨並且到達他們手中時，您會意識到。軟件，當我們發貨時您就認出了它。但是經常性收入，你承認它——我們只有在上線完成後才承認它。這些實現可能會有所不同。有些項目可能會在幾週內完成。有些項目可能需要2、3個月，有時可能需要6個月。這要看情況，尼爾。

And a lot of the implementations we are working through now are what has been sold in the previous quarter and so on and so forth, right? So that could vary from project to project, Nehal.

我們現在正在實施的許多實施都是上一季度銷售的，依此類推，對嗎？ Nehal，所以這可能因項目而異。

Yes. Okay. Great. So what sort of threshold in ACV bookings do you guys have to hit in terms of year-over-year growth in the upcoming next 2 quarters in order for you guys to say, "Hey, we now see our revenue being above current guidance or for being below the current guidance?"

是的。好的。偉大的。那麼，在接下來的兩個季度中，ACV 預訂量的同比增長必須達到什麼樣的門檻，才能讓你們說：“嘿，我們現在看到我們的收入高於當前指導或低於當前指導？”

Yes. So when you look at the sales this year, how it has gone in Q1 so far, it's a good start. If anything, it's a little bit better than what we were bargaining for. So it's a good start. So we feel comfortable about the revenue guidance we have given now. If it continues to go according to plan, I would say we will stay in sync with the revenue guidance we have given. If it does much better than what we are bargaining for, for the year, then we will see. We will cross that bridge when we come to it.

是的。因此，當你看看今年的銷售情況時，看看第一季度到目前為止的銷售情況，這是一個好的開始。如果有的話，那就是比我們討價還價的要好一點。所以這是一個好的開始。因此，我們對現在給出的收入指導感到滿意。如果繼續按計劃進行，我想說我們將與我們給出的收入指導保持同步。如果今年的表現比我們討價還價的要好得多，那麼我們拭目以待。當我們到達那座橋時，我們就會跨過那座橋。

Okay. Got it. And then you talked about the increase of contribution to ACV bookings for representatives less than 2.5 year in tenure. Why using the 2.5 year tenure cutoff for this metric?

好的。知道了。然後您談到了對任職時間少於 2.5 年的代表的 ACV 預訂捐款的增加。為什麼對該指標使用 2.5 年任期截止點？

No particular reason, Nehal. So we keep track of sales productivity across our whole sales team. And the way it sort of works out is when you look at our quota-carrying sales people across the world, it just -- you have to draw the line somewhere. And when we looked at about the top half of the team, they have been -- they're a long tenured with us, like 7, 8, 10 years, 15 years kind of tenure they have with us. And then we just drew the line at about half the team size, and that's where we came up with the 2.5 years.

沒有什麼特別的原因，尼爾。因此，我們跟踪整個銷售團隊的銷售效率。其運作方式是，當你看看我們在世界各地的配額銷售人員時，你必須在某個地方劃定界限。當我們觀察團隊的上半部分時，他們在我們這里工作了很長時間，比如 7 年、8 年、10 年、15 年。然後我們就以團隊規模的一半左右為界限，這就是我們提出的 2.5 年。

And after COVID, in terms of expansion of the sales teams, started happening a couple of years ago. That is why we drew the line there. No particular scientific sanctity to that but it's a pretty good indication, right? We have a set of salespeople about half the team that have been with us for a prolonged long time and who always tend to contribute a huge majority of the sales.

在新冠疫情之後，幾年前就開始擴大銷售團隊。這就是我們在那裡劃定界限的原因。雖然這沒有什麼特別的科學依據，但這是一個很好的跡象，對吧？我們有一群銷售人員，大約佔團隊的一半，他們已經在我們身邊工作了很長時間，並且總是貢獻絕大多數的銷售額。

So in terms of our sales success increasing, we were also focusing on the second half of the team, which is a little bit less -- a lot less tenured with us and Agilysys. So it's just one of those cutoffs, no particular scientific reason behind that, Nehal.

因此，就我們銷售成功的增長而言，我們還關注團隊的後半部分，這有點少——我們和 Agilysys 的任期要少得多。所以這只是這些界限之一，背後沒有特別的科學原因，Nehal。

For the reps are less than 2.5 years, are you seeing differentiation in terms of their ramp in productivity in terms of maturity within that 2.5-year period.

對於任期不到 2.5 年的代表，您是否看到他們在 2.5 年內成熟度方面的生產力提升方面存在差異？

Yes. It always is true, Nehal, that some portions of the group are doing better than the others. But overall, when you take them as a group, we are extremely happy with how they are doing this fiscal year. I mean, last year, like we told you, they contributed 6% of total sales and now they are at a run rate of 19%, 20% of what they contributed of the total sales, but the biggest start that we gave you is if you take their total sales last year, they've already done about 72% of it in the first 3, 4 months. So that's incredibly good. So as a group, they are doing far better. And that is great for us because that means the sales productivity is continuing to increase quite significantly.

是的。尼爾，團隊中的某些部分確實比其他部分做得更好，這始終是事實。但總的來說，當你將他們視為一個整體時，我們對他們本財年的表現非常滿意。我的意思是，去年，就像我們告訴你的那樣，他們貢獻了總銷售額的 6%，現在他們的運行率為 19%，佔總銷售額的 20%，但我們給你的最大的開始是，如果你看一下他們去年的總銷售額，他們在前 3、4 個月就完成了大約 72%。所以這非常好。因此，作為一個群體，他們做得更好。這對我們來說非常好，因為這意味著銷售生產力持續顯著提高。

And this concludes the Q&A session today. I would like to go ahead and turn the call back over to Ramesh for closing remarks. Please go ahead.

今天的問答環節到此結束。我想繼續將電話轉回給拉梅什進行總結髮言。請繼續。

Thank you, Lisa. I thank you for all your interest and attention. Please enjoy the rest of this super hot summer. We look forward to talking to you again in about 3 months from now when we will report on fiscal 2024 second quarter results towards the end of October. Thank you.

謝謝你，麗莎。我感謝大家的興趣和關注。請享受這個超級炎熱的夏天的剩餘時間。我們期待在大約 3 個月後再次與您交談，屆時我們將在 10 月底報告 2024 財年第二季度業績。謝謝。

Thank you for joining today's conference call. You may all disconnect, and have a great evening.

感謝您參加今天的電話會議。你們可以斷開連接，度過一個愉快的夜晚。