Agilysys Inc (AGYS) 2024 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Agilysys 2024 fourth quarter and full fiscal year conference call. As a reminder, today's conference may be recorded. 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.

女士們、先生們，美好的一天，歡迎參加 Agilysys 2024 年第四季和整個財年電話會議。提醒一下，今天的會議可能會被錄音。現在我想將會議交給 Agilysys 企業策略和投資者關係高級總監 Jessica Hennessy。你可以開始了。

Thank you, Michelle, and good afternoon, everybody. Thank you for joining the Agilysys 2024 fourth quarter and full fiscal year conference call we will get started in just a moment with management's comments, but before doing so, let me read the Safe Harbor language. 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.

謝謝米歇爾，大家下午好。感謝您參加 Agilysys 2024 年第四季和整個財年的電話會議，我們將立即開始聽取管理層的評論，但在此之前，讓我先閱讀安全港語言。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。

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. Important factors that could cause actual results to vary materially from these forward-looking statements include our ability to meet the software needs of the hospitality industry, our ability to drive sales and increase market share, our ability to maintain profitability levels, and the risks set forth in the company's reports on Form 10-K and 10-Q and other reports filed with the Securities and Exchange Commission.

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。可能導致實際結果與這些前瞻性陳述有重大差異的重要因素包括我們滿足酒店業軟體需求的能力、我們推動銷售和增加市場份額的能力、我們維持盈利水平的能力以及所設定的風險列於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。

As a friendly reminder, any references to record financial 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.

友善提醒，本次電話會議中提到的創紀錄的金融業務水平僅指 Agilysys 在 2014 財年轉型為一家完全專注於酒店業的軟體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 總裁兼執行長 Ramesh Srinivasan 先生。拉梅什，請繼續。

Thank you, Jess. Good evening. Welcome to the fiscal 2024 fourth quarter and full year earnings call. Joining Jess and me on the call today at our Atlanta headquarters, is Dave Wood, our CFO. We are pleased to report our ninth consecutive record revenue quarter and another successful fiscal year with record revenue and profitability levels.

謝謝你，傑西。晚安.歡迎參加 2024 財年第四季和全年財報電話會議。今天，我們的財務長 Dave Wood 與 Jess 和我一起在亞特蘭大總部參加了電話會議。我們很高興地報告我們連續第九個收入季度創紀錄，並且又一個成功的財年，收入和盈利水平創歷史新高。

We have now started not only a new fiscal year, but a new era in our organization's history we are happy to have completed the long and arduous period of reengineering and modernizing all our core products, converting each of them into a state-of-the-art cloud-native software solution, while simultaneously also creating an ecosystem of cloud native software modules around the core products, making our offerings as complete an end-to-end solution set as there is in the hospitality industry today.

現在，我們不僅開始了新的財政年度，而且開啟了我們組織歷史上的新時代，我們很高興完成了對所有核心產品進行重新設計和現代化的漫長而艱鉅的時期，將它們轉變為最先進的產品。

We are now focused externally on creating high value for customers with implementations involving these modern solution sets customer requirements are now being fulfilled at a fast pace, and many hospitality properties are benefiting from the kind of integrated modern solutions this industry has been eagerly waiting for.

我們現在在外部專注於透過涉及這些現代解決方案集的實施為客戶創造高價值，客戶的要求現在正在快速滿足，許多酒店物業都受益於該行業一直熱切等待的整合式現代解決方案。

Let me cover sales first before moving to revenue and other details please note that all our sales and selling success related numbers are measured in annual contract value terms please also note that the matter at point-of-sale, POS agreement announced recently is not included in any of the sales and backlog numbers discussed here this agreement will be reflected in sales and backlog numbers as individual properties select and sign up for our POS solution.

讓我先介紹一下銷售額，然後再討論收入和其他細節。在內在此處討論的任何銷售和積壓訂單數量中，當各個酒店選擇並註冊我們的 POS 解決方案時，該協議將反映在銷售和積壓訂單數量中。

Fiscal 2023, the year ending March 2023 was a record sales year and fiscal 2024 the year ending March 2024 was at about the same level despite a 12% decrease in product bookings with respect to sales verticals, fiscal 2024 was a record year for the Americas Hotels and Resorts vertical, which is a crucial future growth area for us, growing by 16% over fiscal 2023 levels.

2023 財年（截至2023 年3 月的年度）是創紀錄的銷售年度，而2024 財年（截至2024 年3 月的年度）大致處於同一水平，儘管銷售垂直領域的產品預訂量下降了12%， 2024 財年是美洲創紀錄的一年飯店及度假村垂直領域是我們未來的一個重要成長領域，比 2023 財年的水準成長 16%。

Sales to gaming casinos in the US, remain the number one sales vertical during fiscal 2024, and APAC, Asia-Pacific sales was about 45% higher than the previous year, though still not back to record high levels yet with respect to sales categories, fiscal 2024 was a record sales year for subscription software and services. Both subscription software and services sales levels during fiscal 2024 were about 10% higher than during fiscal 2023, which was the previous best year on record and about 30% higher than fiscal 2022 a couple of years ago.

2024 財年，美國博彩賭場的銷售額仍是垂直領域的第一大銷售額，亞太地區的銷售額比前一年高出約45%，但就銷售類別而言，尚未回到創紀錄的高水平， 2024 財年是訂閱軟體和服務銷售創紀錄的一年。2024 財年的訂閱軟體和服務銷售水準比 2023 財年（這是有記錄以來最好的一年）高出約 10%，比幾年前的 2022 財年高出約 30%。

The services work, we continue to perform for the Marriott, Property Management System, PMS project, which is progressing according to plan, is reflected in our services revenue levels, but is not counted in service-of-sales.

我們繼續為萬豪酒店、物業管理系統、PMS項目進行的服務工作正在按計劃進行，反映在我們的服務收入水平中，但不計入銷售服務。

Point-of-sales, POS terminal hardware sales during fiscal 2024 declined compared to fiscal 2023 due to each unit of POS software sales during recent quarters, drawing in about 15% to 20% less terminal hardware sales than before.

銷售點方面，由於最近幾季每單位 POS 軟體銷售額的增加，2024 財年 POS 終端硬體銷售額較 2023 財年有所下降，導致終端硬體銷售額比之前減少約 15% 至 20%。

Our recent modernized versions of POS terminal software now support all major operating systems, windows, iOS, and Android, thereby giving customers more generic POS terminal hardware options including iPad, iPad minis, other consumer-grade tablets and devices, which can be bought off the shelf and sleek all in one handheld devices, which can be purchased from payment gateway windows. Customers like that choice.

我們最新的POS 終端軟體現代化版本現在支援所有主要作業系統、Windows、iOS 和Android，從而為客戶提供了更多通用POS 終端硬體選項，包括iPad、iPad mini、其他消費級平板電腦和設備，這些都可以購買貨架和時尚的多合一手持設備，可以從支付網關窗口購買。客戶喜歡這樣的選擇。

POS windows terminals, which we continue to resell, are still required for most of the POS work that enterprise food outlets need to perform, but to a lesser extent than a year or two ago. This is a good trend and gives our POS products and modules a clear competitive edge, enabling more subscription software sales, but is expected to put pressure on onetime product revenue, a majority of which is made up of hardware revenue.

我們繼續轉售的 POS windows 終端仍需要用於企業食品店需要執行的大部分 POS 工作，但程度比一兩年前有所減少。這是一個很好的趨勢，使我們的 POS 產品和模組具有明顯的競爭優勢，從而實現更多的訂閱軟體銷售，但預計會對一次性產品收入造成壓力，其中大部分由硬體收入組成。

We have now one of the approved POS vendors for all Marriott properties in the US, and Canada. While this is a hunting license, and we currently don't have an estimate of how many of these thousands of properties have a need to change out their POS solution. How many of such properties we will be able to win and over what time period? While all that is difficult to estimate at this stage, the agreement does open up another significant POS sales growth avenue for us.

我們現在是美國和加拿大所有萬豪酒店認可的 POS 供應商之一。雖然這是狩獵許可證，但我們目前無法估計這數千家酒店中有多少家需要更換其 POS 解決方案。我們將能夠在多長時間內贏得多少此類房產？雖然現階段很難估計所有這些，但該協議確實為我們開闢了另一個重要的 POS 銷售成長途徑。

With respect to signed sales agreements during January to March, Q4, we added 12 new customers, and all 12 agreements were either partially or fully subscription-based. Though the number of new customers added this quarter was lower than our recent range of 15 to 20 per quarter, the total value of new customer sales agreements signed this quarter was close to twice as high as Q4 last fiscal year when 15 new customers were added.

就第四季 1 月至 3 月簽署的銷售協議而言，我們增加了 12 個新客戶，所有 12 個協議都是部分或完全基於訂閱的。儘管本季新增客戶數量低於我們最近每季 15 至 20 個的範圍，但本季簽署的新客戶銷售協議總價值接近上財年第四季的兩倍，當時新增了 15 個新客戶。

Each POS agreement signed with new customers this quarter included an average of 2.3 products, while each PMS customer agreement included as many as 10 products and software modules this was our best quarter ever with respect to new customer average annual contract value deal size, about 25% higher than the previous record highest quarter and about 2.5 times as high as Q4 last year.

本季與新客戶簽署的每個POS 協議平均包括2.3 個產品，而每個PMS 客戶協議包括多達10 個產品和軟體模組，這是我們有史以來最好的季度，新客戶平均年度合約價值交易規模約為25 個比之前創紀錄的最高季度高出 %，約為去年第四季的 2.5 倍。

We also added 70 new properties during the quarter, which did not have any of our products before, but the parent company was already or customer of the 82 new properties added during the quarter across new and current customers, more than 90% were either partially or fully subscription software license base.

我們也在本季新增了70 個新物業，這些物業以前沒有我們的任何產品，但母公司已經是本季度新增的82 個物業的客戶，無論是新客戶還是現有客戶，超過90%都是部分客戶或完全訂閱軟體授權基礎。

There were also 65 instances of selling at least one additional product to properties which already had one of our other products these 65 instances involve sales of a total of 158 products. Full fiscal year 2024 was our best year thus far with respect to total annual contract value of sales wins involving new customers and was about 40% higher than the previous fiscal year's. Fiscal 2024 was also our best year with respect to average deal size of agreements with new customer again, about 40% higher than the previous year.

還有 65 起向已經擁有我們其他產品之一的物業出售至少一種額外產品的實例，這 65 起實例涉及總共 158 種產品的銷售。就涉及新客戶的年度銷售合約總價值而言，2024 年全年是我們迄今為止最好的一年，比上一財年高出約 40%。2024 財年也是我們與新客戶簽訂的平均交易規模再次表現最好的一年，比前一年高出約 40%。

Before moving on to revenue related details, a couple of quick comments on the Inspire User Conference held during the last week of March at Red Rock Casino, Las Vegas. It clearly was our best one yet there were a record number of customer attendees, and the overall show was of an entirely higher class than before, thanks to the excellent work done by our marketing team in taking the main stage and other presentations to world-class levels.

在討論與收入相關的細節之前，先對三月最後一周在拉斯維加斯紅岩賭場舉行的 Inspire 用戶大會進行一些簡短的評論。這顯然是我們最好的一場，但出席人數創歷史新高，整個展會的檔次比以前更高，這要歸功於我們的行銷團隊在主舞台和其他向世界展示的出色工作——班級水平。

Also, of course, we had a lot more product progress to talk about. If we had to pick out a couple of highlights, one would be our decision this year to include for the first-time, leading hospitality industry consultants who are involved in many RFPs and other system selection processes for customers.

當然，我們還有很多產品進度要討論。如果我們必須選出幾個亮點，其中之一就是我們今年決定首次邀請參與許多 RFP 和其他客戶系統選擇流程的領先酒店業顧問。

The second and the biggest highlight was the eight different sessions during the conference that we have conducted by industry leader customers across the gaming casinos, resorts, hotels and cruise ships verticals. Four of the eight sessions involve recent success stories related to the property management system, PMS family of products. Two of the eight presentations were led by international customers.

第二個也是最大的亮點是會議期間我們由博彩賭場、度假村、酒店和遊輪垂直行業的行業領先客戶舉辦的八場不同的會議。八場會議中有四場涉及與物業管理系統、PMS 系列產品相關的最新成功案例。八場演講中有兩場由國際客戶主持。

This is the highest number of customer-led sessions we have had in our annual user conference thus far. Customers getting on stage to explain the extraordinary additional value their employees and guests are getting after moving to the Agilysys of the ecosystem of products was part of it.

這是迄今為止我們在年度用戶大會上舉辦的由客戶主導的會議數量最多的一次。客戶上台解釋他們的員工和客人在轉向 Agilysys 產品生態系統後獲得的非凡附加價值就是其中的一部分。

Now on to revenue. Fiscal 2024 fourth-quarter revenue was a record $62.2 million or 17.6% higher than the comparable prior year quarter. Q4 subscription and services revenue were both records and grew by 31.6% and 43.9% respectively, from the comparable prior year quarter. Q4 subscription revenue was a record 57% of total recurring revenue. In absolute number terms, Q4 subscription revenue grew by $5 million year-over-year, which is the highest level of quarterly year-over-year growth we have seen until now.

現在談談收入。2024 財年第四季營收創紀錄的 6,220 萬美元，比去年同期成長 17.6%。第四季訂閱和服務收入均創歷史新高，與去年同期相比分別成長 31.6% 和 43.9%。第四季訂閱收入佔經常性總收入的 57%，創歷史新高。從絕對數量來看，第四季度訂閱收入同比增長了 500 萬美元，這是我們迄今為止看到的季度同比增長的最高水平。

Recurring revenue has now increased sequentially for 15 consecutive quarters. Full fiscal year 2024 revenue was a record $237.5 million, 19.9% higher than the previous year. This revenue included $138.1 million in recurring revenue, 16.7% higher than the previous year. Full year 2024 subscription and services revenue were both records and grew by 29.6% and 39.2%, respectively from the previous year.

經常性收入現已連續 15 個季度環比增長。2024 財年全年營收達到創紀錄的 2.375 億美元，比前一年成長 19.9%。該收入包括 1.381 億美元的經常性收入，比前一年增長 16.7%。2024 年全年訂閱和服務收入均創歷史新高，分別較上年增長 29.6% 和 39.2%。

Continued growth in services revenue is a good indicator of the extent of implementations we are currently involved in, which should drive future recurring revenue growth, especially future subscription revenue growth, since an overwhelming majority of them are cloud SaaS installations. Each of the fiscal 2024 quarters. Q1, Q2, Q3 and Q4 were record quarters at the time with respect to the combined ARR value of subscription projects implemented in the field.

服務收入的持續成長是我們目前參與的實施程度的一個很好的指標，這應該會推動未來的經常性收入成長，特別是未來的訂閱收入成長，因為其中絕大多數是雲端 SaaS 安裝。2024 財年每季。就現場實施的訂閱項目的綜合 ARR 值而言，第一季、第二季、第三季和第四季創下了當時的記錄。

Fiscal 2024 Q4 was our best quarter thus far with respect to services margins at 34.5%. As our products continue to improve, become more desired in the hospitality industry and also become easier to implement and support, we should be able to continue to do well with services revenue and margin levels.

2024 財年第四季是我們迄今為止最好的季度，服務利潤率為 34.5%。隨著我們的產品不斷改進，在酒店業中變得更加受歡迎，也變得更容易實施和支持，我們應該能夠繼續在服務收入和利潤水平方面取得良好表現。

Multiproduct implementations, which is more of the norm now, are more consultative by nature as customers turn to us to lead and implement property wide system transformation initiatives replacing several competitive vendors with multiple solutions from our ecosystem.

多產品實施現在已成為常態，本質上更具諮詢性，因為客戶求助於我們來領導和實施整個酒店的系統轉型計劃，用我們生態系統中的多種解決方案取代多個競爭供應商。

With respect to international regions, fiscal 2024 Q4 was our best quarter thus far and full fiscal year 2024 was the best year on record for international revenue. Still relatively smaller numbers and international regions continue to represent big potential growth areas for us.

就國際地區而言，2024 財年第四季是我們迄今為止最好的季度，2024 財年是國際收入有史以來最好的一年。數量相對較少，國際地區仍然代表著我們巨大的潛在成長領域。

Focusing a bit on the full fiscal 2024, $75.5 million of subscription revenue, which has grown by close to $30 million during the past couple of years. Slightly more than half of that growth has come from POS and POS related modules. Subscription revenue from PMS and PMS related modules had increased by more than 90% during these two years. And about one-fourth of the overall subscription revenue growth has come from the PMS side of the equation.

重點關注 2024 年整個財年，訂閱收入為 7550 萬美元，在過去幾年中增長了近 3000 萬美元。其中超過一半的成長來自 POS 和 POS 相關模組。PMS及PMS相關模組的訂閱收入這兩年增加了90%以上。整體訂閱收入成長的大約四分之一來自 PMS 方面。

The remaining one-fourth of subscription revenue growth during these two years has come from other products, including software modules pertaining to inventory and procurement for food and beverage and payments. Subscription revenue from the 20 plus state-of-the-art add-on experience enhanced software modules with 18.2% of total subscription revenue in fiscal 2024.

這兩年訂閱收入成長的剩餘四分之一來自其他產品，包括與食品和飲料的庫存和採購以及支付相關的軟體模組。20 多個最先進的附加體驗增強軟體模組的訂閱收入佔 2024 財年總訂閱收入的 18.2%。

Customers continue to appreciate the high value they get from these add-on modules, which make it exponentially easier for them to manage various complex integration points and greatly benefit from the significantly higher pace of innovation and higher ability to meet their business needs, meant most of the required core products and additional modules are managed by one technology provider with one unified product roadmap.

客戶繼續欣賞他們從這些附加模組中獲得的高價值，這使他們能夠以指數方式更輕鬆地管理各種複雜的整合點，並從顯著加快的創新步伐和更高的滿足業務需求的能力中獲益匪淺，這意味著大多數所需的核心產品和附加模組由一個技術提供者透過一個統一的產品路線圖進行管理。

Shifting the focus to fiscal 2025. We've entered the new fiscal year with a record services backlog level and a subscription revenue backlog level that is at about 85% of the level we entered fiscal 2024 with. Product implementation services efficiencies have increased, which has helped us convert much of the previously pending backlog to revenue.

將重點轉向 2025 財年。我們進入了新的財年，服務積壓水準創歷史新高，訂閱收入積壓水準約為 2024 財年水準的 85%。產品實施服務效率有所提高，這有助於我們將先前待處理的積壓訂單轉化為收入。

However, the third element of the backlog, product backlog, entering fiscal 2025 is far short of the levels we saw last year. Despite this lower starting product backlog level, increasing sales levels and several recent significant sales successes, which have not been converted into backlog yet, should ensure another good revenue growth years with an expanding shift towards subscription and services revenue.

然而，進入 2025 財年積壓的第三個要素，即產品積壓，遠低於我們去年看到的水平。儘管起始產品積壓水平較低，但銷售水平的提高以及最近尚未轉化為積壓的幾項重大銷售成功，應該會確保又一個良好的收入增長年，並擴大向訂閱和服務收入的轉變。

We expect fiscal 2025 revenue to grow between 16% and 18% and be in the range of $275 million to $280 million, driven among other factors by year-over-year subscription revenue growth of at least 27%. Fiscal 2024 profitability levels worked out to be higher than our original expectations at the beginning of the year. Q4 adjusted EBITDA was 17.6% and full fiscal year 2024 adjusted EBITDA was 15.6%.

我們預計 2025 財年營收將成長 16% 至 18%，介於 2.75 億至 2.8 億美元之間，其中訂閱營收年增至少 27% 等因素推動。2024 財年的獲利水準高於我們年初的預期。第四季調整後 EBITDA 為 17.6%，2024 年全年調整後 EBITDA 為 15.6%。

We expect profitability levels to remain consistent throughout fiscal 2025 as we continue to make the required investments to execute well on projects pertaining to revenue growth beyond fiscal 2025 and on making the required expansion across various business areas, including sales and marketing, services, support, information security, and cloud infrastructure we expect fiscal 2025 adjusted EBITDA levels to be at 16% of revenue.

我們預計整個2025 財年的獲利水準將保持一致，因為我們將繼續進行所需的投資，以良好地執行與2025 財年之後收入成長相關的項目，並在各個業務領域進行所需的擴張，包括銷售和行銷、服務、支援、我們預計 2025 財年調整後的 EBITDA 水準將達到營收的 16%。

With that, let me hand the call over to Dave, for further color on our financial and operational results.

接下來，讓我將電話轉交給戴夫，以進一步了解我們的財務和營運表現。

Thank you, Ramesh. Taking a look at our financial results, beginning with the income statement, fourth quarter fiscal 2024 revenue was a quarterly record of $62.2 million, a 17.6% increase from total net revenue of $52.9 million in the comparable prior year period. One-time revenue consisting of products and professional services was up 19.1% over the prior year quarter, while recurring revenue was up 16.6% over the prior year quarter.

謝謝你，拉梅什。從損益表開始看一下我們的財務業績，2024 財年第四季的營收創下季度紀錄，達到 6,220 萬美元，比上年同期的總淨收入 5,290 萬美元增長 17.6%。由產品和專業服務組成的一次性收入比去年同期成長 19.1%，經常性收入比去年同期成長 16.6%。

As a result of the continued momentum in our business, we are pleased to see 19.9% total revenue growth year-over-year with all three product lines increasing over the prior fiscal year. During fiscal 2024, compared to the previous year, product revenue increased 12.5%, professional services increased by 39.2% and recurring revenue increased 16.7%. Now that subscription revenue is well over 50% of our total recurring revenue, we are pleased subscription revenue growth of 29.6% is driving continued overall recurring revenue growth.

由於我們業務的持續成長勢頭，我們很高興看到總收入同比增長 19.9%，所有三個產品線均較上一財年有所增長。2024財年，與前一年相比，產品收入成長12.5%，專業服務成長39.2%，經常性收入成長16.7%。現在訂閱收入已遠遠超過我們總經常性收入的 50%，我們很高興訂閱收入成長 29.6% 正在推動整體經常性收入的持續成長。

We remain extremely pleased with our professional services and subscription sales, which were both at record levels in Q4. At the end of fiscal year 2024, each customer property install had an average of 2.2 products compared to 2.0 products per customer property at the end of FY '23. We remain confident as we enter the execution phase of the business with so many products remaining to be sold to existing and new customers.

我們對我們的專業服務和訂閱銷售仍然非常滿意，這在第四季度都達到了創紀錄的水平。截至 2024 財年末，每個客戶財產平均安裝 2.2 個產品，而 2023 財年末每個客戶財產平均安裝 2.0 個產品。當我們進入業務執行階段時，我們仍然充滿信心，仍有許多產品出售給現有和新客戶。

Professional services increased 43.9% over the prior year quarter to a record $14.7 million. Professional services backlog increased slightly back to record levels despite record professional services revenue. Most of our professional services revenue is related to current period projects contributing to the acceleration of subscription revenue.

專業服務比去年同期成長 43.9%，達到創紀錄的 1,470 萬美元。儘管專業服務收入創紀錄，但專業服務積壓略有增加，回到創紀錄水準。我們的專業服務收入大多與有助於加速訂閱收入成長的當期項目有關。

Development associated with larger projects with the corresponding subscription revenue happening in future years was less than 10% for the year but was 11% in Q4 due to timing and number of enhancements delivered in the quarter.

與較大項目相關的開發以及未來幾年發生的相應訂閱收入今年不到 10%，但由於本季度交付的增強功能的時間安排和數量，第四季度為 11%。

Total recurring revenue represented 58.8% of total net revenues for the fiscal fourth quarter and 58.1% for the full year compared to 59.3% and 59.7% of total net revenue in the fourth quarter and full year fiscal 2023. Recurring revenue as a percentage of total revenue remained around the same level as FY23, despite a 24.6% increase in one-time revenue, mainly due to growth in professional services revenue.

經常性總收入分別佔第四財季和全年淨收入總額的 58.8% 和 58.1%，而 2023 財年第四季和全年淨收入總額分別為 59.3% 和 59.7%。儘管一次性收入增長了 24.6%，主要由於專業服務收入的增長，但經常性收入佔總收入的百分比仍與 2023 財年持平。

Subscription revenue grew at 31.6% for the fourth quarter of fiscal 2024 and 29.6% for the full fiscal year. Subscription revenue comprise over 57% of total recurring revenue compared to 50.6% of total recurring revenue in the fourth quarter of fiscal 2023. Subscription revenue increased sequentially $1.4 million from the third quarter of fiscal 2024, which was slightly above our quarter-to-quarter growth expectations. Q4 subscription revenue growth contributed to subscription revenue for the full fiscal year being slightly above our expectations for 2024.

2024 財年第四季訂閱營收成長 31.6%，整個財年成長 29.6%。訂閱收入佔經常性總收入的 57% 以上，而 2023 財年第四季佔經常性總收入的 50.6%。訂閱營收較 2024 財年第三季較上季成長 140 萬美元，略高於我們的季度成長預期。第四季訂閱營收成長導致整個財年的訂閱收入略高於我們對 2024 年的預期。

Moving down the income statement. Gross profit was $38.3 million compared to $32.2 million in the fourth quarter of fiscal 2023. Gross profit margin was 61.5% compared to 60.8% in the fourth quarter of fiscal 2023. For the fiscal year, gross margin was 60.7% compared to 61% in the prior year period. The full year decrease in gross margin is mostly due to professional services revenue being higher than expected in fiscal year 2024 and the associated ramp of the professional services team in the first half of the fiscal year.

將損益表向下移動。毛利為 3,830 萬美元，而 2023 財年第四季的毛利為 3,220 萬美元。毛利率為 61.5%，而 2023 財年第四季為 60.8%。本財年，毛利率為 60.7%，去年同期為 61%。全年毛利率下降主要是由於2024財年專業服務收入高於預期以及本財年上半年專業服務團隊的相關成長。

Combined the three main operating expense line items, product development, sales and marketing, and general and administrative expenses when excluding stock-based compensation, were 43.9% of revenue in the fiscal 2024 fourth quarter compared to 45.6% of revenue in the prior year quarter and in line with our FY24 plan. Excluding stock-based compensation for the full fiscal year 2024 product development decreased to 18.7% compared to 21.7% of revenue in the prior fiscal year.

排除股票薪酬後，產品開發、銷售和行銷以及一般和管理費用這三個主要營運費用項目合計佔 2024 財年第四季度收入的 43.9%，而去年同期佔收入的 45.6%並符合我們的2024 財年計劃。不計入股票薪酬，2024 財年產品開發佔收入的比例下降至 18.7%，而上一財年佔收入的比例為 21.7%。

General and administrative expenses reduced from 12.7% to 11.9% of revenue, while sales and marketing increased from 11.1% of revenue to 13.3% of revenue as we continue to expand our sales and marketing capacity. Combined, the three main operating expense line items, product development, sales and marketing, and general and administrative expenses, excluding stock-based compensation, were 45.2% of revenue this fiscal year compared to 45.8% of revenue in FY '23.

隨著我們持續擴大銷售和行銷能力，一般及管理費用從佔收入的12.7%減少到11.9%，而銷售和行銷費用從佔收入的11.1%增加到13.3%。合計起來，產品開發、銷售和行銷以及一般和管理費用（不包括股票薪酬）這三個主要營運費用項目佔本財年收入的 45.2%，而 23 財年佔收入的 45.8%。

Operating income for the fourth quarter of $3.5 million, net income of $3 million and gain per diluted share of $0.11 are slightly less than the prior year fourth quarter gain of $3.4 million, $3.6 million and $0.14. Adjusted net income normalizing for certain noncash and non-recurring charges of $9 million compares favorably to adjusted net income of $6.9 million in the prior year fourth quarter and adjusted diluted earnings per share of $0.32 compares favorably to $0.26.

第四季的營業收入為 350 萬美元，淨利潤為 300 萬美元，攤薄後每股收益為 0.11 美元，略低於去年第四季的收益 340 萬美元、360 萬美元和 0.14 美元。某些非現金和非經常性費用正常化後的調整後淨利潤為900 萬美元，優於去年第四季調整後淨利690 萬美元，調整後攤薄每股收益為0.32 美元，優於去年同期的0.26 美元。

For the 2024 fourth quarter, adjusted EBITDA was $11 million compared to $8.1 million in the year ago quarter. And for the full year fiscal 2024 adjusted EBITDA was $37.1 million compared to $30.3 million. We are pleased to see our profitability levels end up well ahead of our original FY '24 plan, with adjusted EBITDA coming in at 15.6% of revenue.

2024 年第四季度，調整後 EBITDA 為 1,100 萬美元，而去年同期為 810 萬美元。2024 財年全年調整後 EBITDA 為 3,710 萬美元，而去年同期為 3,030 萬美元。我們很高興看到我們的獲利水準最終遠遠超過了我們最初的 24 財年計劃，調整後的 EBITDA 佔收入的 15.6%。

Moving to the balance sheet and cash flow statements. Cash and marketable securities as of March 31, 2024, was $144.9 million compared to $112.8 million on March 31, 2023. We remain comfortable with our current levels of cash. As it relates to free cash flow, we are pleased to see an increase for the full fiscal year. Free cash flow in the quarter was $29.3 million compared to $13.1 million in the prior year quarter and $40.1 million for the full fiscal year compared to $27.2 million in the prior year.

轉到資產負債表和現金流量表。截至 2024 年 3 月 31 日，現金及有價證券為 1.449 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準仍然感到滿意。由於它與自由現金流相關，我們很高興看到整個財年的成長。本季自由現金流為 2,930 萬美元，去年同期為 1,310 萬美元；整個財年自由現金流為 4,010 萬美元，去年同期為 2,720 萬美元。

As, we said in the past, adjusted EBITDA and free cash flow, after normalizing the impact of CapEx, continue to be a good proxy for health of the business. Full fiscal year 2024, free cash flow was higher than adjusted EBITDA due to timing of some working capital adjustments. For our fiscal year 2025, we expect revenue to be in the $275 million to $280 million range. We expect product revenue to come down 5% to 10% as customers continue to purchase consumer-grade hardware for the new modern solutions.

正如我們過去所說，在資本支出的影響正常化之後，調整後的 EBITDA 和自由現金流仍然是衡量業務健康狀況的良好指標。2024 財年，由於一些營運資本調整的時機，自由現金流高於調整後的 EBITDA。對於 2025 財年，我們預計營收將在 2.75 億至 2.8 億美元之間。隨著客戶繼續為新的現代解決方案購買消費級硬件，我們預計產品收入將下降 5% 至 10%。

Professional services remains the best leading indicator of the business and should grow north of 30%. Recurring revenue will continue to grow with similar growth rates as FY24, inclusive of subscription growth rates of at least 27%. One-time and recurring revenue mix is expected to stay consistent through fiscal 2025 despite a shift from product to professional services revenue. Adjusted EBITDA will increase moderately to 16% of revenue as we continue to invest in large customer and other growth initiatives. In closing, we are pleased with our 2024 financial results and the solid business fundamentals for future revenue growth.

專業服務仍然是該業務的最佳領先指標，預計將成長 30% 以上。經常性收入將繼續以與 2024 財年相似的成長率成長，其中訂閱成長率至少為 27%。儘管收入從產品收入轉向專業服務收入，但預計到 2025 財年，一次性收入和經常性收入組合將保持一致。隨著我們繼續投資於大客戶和其他成長計劃，調整後的 EBITDA 將適度成長至營收的 16%。最後，我們對 2024 年的財務表現以及未來收入成長的堅實業務基礎感到滿意。

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 progress our business is making, especially with respect to subscription and services revenue. The balance sheet remains clean and is getting stronger. With virtually all the product reengineering and modernization work now completed, we are at an excellent competitive position with a strong ecosystem of state-of-the-art cloud-native hospitality focused software solutions.

謝謝你，戴夫。總而言之，我們對我們的業務取得的進展感到滿意，特別是在訂閱和服務收入方面。資產負債表保持乾淨並且變得更加強勁。隨著幾乎所有產品重新設計和現代化工作現已完成，我們憑藉最先進的雲端原生飯店軟體解決方案的強大生態系統，處於卓越的競爭地位。

We are off to a good sales start in fiscal 2025 with the highest level of sales success measured in annual contract value terms during the first six weeks of any fiscal year so far, with new opportunities recently signed opening additional parts for sales growth during the rest of the year. While we have provided guidance only for fiscal 2025, we also have a fair degree of visibility for revenue growth beyond the current fiscal year related to the sales success we've already had and the continuing investments we are making towards projects which involve implementations and subscription revenue generation in future years.

我們在2025 財年迎來了良好的銷售開局，迄今為止，在任何財年的前六週內，以年度合約價值衡量的銷售成功率達到了最高水平，最近簽署的新機會為剩餘時間的銷售增長開闢了今年的額外部分的。雖然我們僅提供了 2025 財年的指導，但我們對本財年之後的收入增長也有相當程度的了解，這與我們已經取得的銷售成功以及我們對涉及實施和訂閱的項目進行的持續投資有關未來幾年的創收。

The turnaround phase of Agilysys is now over and fully behind us. We are happy to get our next growth phase started. There are not too many world-class technology providers serving this industry now with the kind of product breadth and depth we are bringing to the market and with our pace of innovation and steadfast focus on customer service. We have a good clean, profitable growth runway ahead of us. With that, Michelle, let's open up the call for questions.

Agilysys 的周轉階段現已結束並完全過去。我們很高興開始下一個成長階段。目前，以我們向市場提供的產品廣度和深度、創新步伐和對客戶服務的堅定關注，為該行業提供服務的世界級技術提供者並不多。我們面前有一條良好、乾淨、有利可圖的成長跑道。米歇爾，現在讓我們開始提問。

(Operator Instructions)

（操作員說明）

Mayank Tandon, Needham & Co.

瑪雅克‧坦登 (Mayank Tandon)、李約瑟公司

Hey, guys. This is actually Sam on for Mike today. Thanks for taking the questions here and good to see another nice quarter. I had a quick question on the outlook. Could you guys talk about how we should think about the margin trajectory throughout the coming year? And maybe just give us a quick reminder on where we are in terms of the ramp down for implementation related to the Marriott deal?

大家好。這實際上是 Sam 今天為 Mike 做的。感謝您在這裡提出問題，很高興看到另一個美好的季度。我對前景有一個簡短的問題。你們能談談我們應該如何考慮來年的利潤軌跡嗎？也許只是給我們一個快速提醒，說明我們在與萬豪交易相關的實施方面的進展如何？

Yes, I think -- hey, Sam. I think the margin outlook will look pretty similar in FY '25 as it does in FY '24. I mean, we expect margin -- we ended the year just under 61% margin will probably tick up a little bit but be in the same range for next year as we continue to provide some more professional services in FY '25 before we get on the benefit of the subscription revenue, which will start in subsequent years. So largely the gross margin profile for look similar to this year.

是的，我想——嘿，山姆。我認為 25 財年的利潤率前景與 24 財年非常相似。我的意思是，我們預計利潤率- 我們年底的利潤率略低於61%，可能會略有上升，但明年將保持在同一範圍內，因為我們在25 財年繼續提供一些更專業的服務，然後再繼續訂閱收入的好處將在隨後幾年開始。因此，毛利率狀況在很大程度上與今年相似。

Got it. Okay. And then in terms of EBITDA margins, would that still be like second half loaded similar to this year? Or would they have been smoother?

知道了。好的。那麼就 EBITDA 利潤率而言，下半年的負荷是否仍與今年相似？或者他們會更順利嗎？

It will be smoother than last year, but in our business, there's always more cost than in Q1 and Q2. We just have audit fees and other professional fees that hit in the first half of the year. We have just -- there's more trade shows in the summertime than in the wintertime. So it's always it will be less dramatic than last year, but it's there's always a little bit more cost in the first half of the year than the second half of the year.

會比去年順利，但是在我們的業務中，總是比第一季和第二季有更多的成本。我們只有上半年發生的審計費用和其他專業費用。我們剛剛——夏季的貿易展覽比冬季更多。所以總是會比去年沒有那麼戲劇性，但上半年的成本總是比下半年多一點。

Got it. Awesome. Thanks, guys. Appreciate it.

知道了。驚人的。多謝你們。欣賞它。

Matt VanVliet, BTIG.

馬特·範弗利特，BTIG。

Hey, good afternoon. Thanks for taking my question. I guess when you look at the investments you've made both in APAC, which you called out having a very strong year, so recovering and as well as Europe. Where are you in terms of your ongoing investments there and sort of hitting full stride to where you feel like you're at the run rate that you're going to achieve ultimately?

嘿，下午好。感謝您提出我的問題。我想當你看看你在亞太地區所做的投資時，你稱亞太地區今年表現非常強勁，因此正在復蘇，歐洲也是如此。就您目前在那裡的投資而言，您處於什麼位置，並且正在全力以赴地達到您認為最終要達到的速度？

Yeah. Hi, Matt. It's not so much a matter of investments of our sales team is fully grown because we have everything we need in that business, which of course, will continue to grow. Like in certain other areas of our business, the main challenge is to establish our sales as a modern provider now. We have not had that great reputation and APAC before. And also, we have a couple of formidable competitors who also tend to do very low price selling as well.

是的。嗨，馬特。這並不是說我們的銷售團隊的投資是否已完全成長，因為我們擁有該業務所需的一切，當然，該業務將繼續成長。與我們業務的某些其他領域一樣，現在的主要挑戰是將我們的銷售建立為現代供應商。我們以前在亞太地區從未有過這麼好的聲譽。而且，我們有幾個強大的競爭對手，他們也傾向於以非常低的價格銷售。

So, it's a matter of establishing ourselves, building enough reference customers, and that is growing it. We came a long way in FY '24 compared to FY '23. We have a couple of marquee implementations there that have gone well and we have a couple more coming up. So, it's a matter of establishing our reputation, establishing our trust has a modern provider, because many of our new versions are quite young and they need a little bit of time to establish themselves in the field, especially in APAC and EMEA, where we have not had a great presence before.

因此，問題在於建立我們自己，建立足夠的參考客戶，並且不斷成長。與 23 財年相比，我們在 24 財年取得了長足進步。我們在那裡有幾個大帳篷的實現，進展順利，而且我們還有更多的實現。因此，這是建立我們聲譽的問題，建立我們對現代供應商的信任，因為我們的許多新版本還很年輕，他們需要一點時間在該領域建立自己的地位，特別是在亞太地區和歐洲、中東和非洲地區，我們在那裡以前沒有過出色的表現。

So, growth in international regions is a matter of having more of those implementations, creating more reference customers, having a reputation, having the trust flow and then that business will continue to flow. The required investments, the projects are all in a pretty good place, Matt. We'll continue adding to the sales team as required.

因此，國際地區的成長在於擁有更多的實施、創造更多的參考客戶、擁有聲譽、擁有信任流，然後業務將繼續流動。馬特，所需的投資和項目都處於一個非常好的位置。我們將根據需要繼續增加銷售團隊。

Okay, very helpful. And when you look at the opportunity, whether it's in the gaming space in the US or just longer term across the US hotel and resort space, how much, I guess, near-term pipeline you have for the property management side. How much of the performance this quarter of an average of 10 modules there? Do you feel like is sort of a normal deal size that we can push on the go-forward basis? Or was there something unique about some of the deals this quarter than maybe we should think about replicating in terms of the breadth of the platform today?

好的，非常有幫助。當你審視機會時，無論是在美國的博彩領域還是在美國酒店和度假村領域的長期發展，我猜你在物業管理方面的近期管道有多少。本季平均10個模組有多少效能表現？您認為我們可以繼續推進正常的交易規模嗎？或者，本季的一些交易是否有一些獨特之處，我們也許應該考慮在今天平台的廣度上進行複製？

So, Matt, the breadth of the platform is in place now. There is no significant development investment we need to do apart from continuing our R&D efforts. So to just expand the answer a bit, Matt, there are avenues for growth, there are pathways for growth across every vertical we have.

所以，馬特，平台的廣度現在已經到位。除了繼續我們的研發工作之外，我們不需要進行大量的開發投資。因此，馬特，為了擴大答案，我們有成長的途徑，我們擁有的每個垂直領域都有成長的途徑。

Including with respect to gaming casinos, where we have a pretty decent market share, the average number of products used for property, like Dave told you was only 2.2, while we could multiply that by 4 or 5. Current customers, the new customers are buying 6 to 10 modules from us when they buy, which is why our deal sizes expanded dramatically.

包括博彩賭場，我們擁有相當不錯的市場份額，用於財產的產品的平均數量，就像戴夫告訴你的那樣，只有 2.2，而我們可以將其乘以 4 或 5。現有客戶、新客戶購買時都會向我們購買 6 到 10 個模組，這就是我們的交易規模急劇擴大的原因。

So, the main challenge ahead of us is these modern products are young they're establishing themselves in the field. They're creating great value for customers. We are amazed that eight of those customers came to our user conference to describe the kind of value they have created for themselves. Other than in gaming casinos, our market share is quite low. Whether it is hotels, resorts chains, cruise ships, managed food service providers, we have low market share. So, there's a lot of avenues of growth internationally with big avenues for growth.

因此，我們面臨的主要挑戰是這些現代產品還很年輕，它們正在該領域立足。他們正在為客戶創造巨大的價值。我們感到驚訝的是，其中八位客戶來到我們的用戶會議中描述他們為自己創造的價值。除了博彩賭場外，我們的市佔率相當低。無論是飯店、連鎖度假村、遊輪、管理食品服務供應商，我們的市佔率都較低。因此，國際上有許多成長途徑，而且成長途徑也很大。

And PMS, we're only scratching the surface now. But every PMS deal we signed now is involving a multitude multiple modules because they're all ready to go and they are all one by one best of breed, they have the best products in the industry today. It is just a matter of establishing more marquee implementations and gaining more reference customers. And also increasing deal sizes is also another avenue for growth for us. The deal sizes are increasing, and that also really helps the sales numbers. So multiple avenues of growth. And I've not even mentioned inorganic opportunities so far. We remain opportunistic here and there we look at those opportunities. But organic growth itself, we have multiple different avenues in which we can grow.

至於經前綜合症，我們現在只觸及了表面。但我們現在簽署的每筆 PMS 協議都涉及多個模組，因為它們都已準備就緒，並且都是同類中最好的，它們擁有當今行業中最好的產品。這只是建立更多大型實施並獲得更多參考客戶的問題。增加交易規模也是我們成長的另一個途徑。交易規模不斷增加，這也確實有助於銷售數字。因此，多種成長途徑。到目前為止我甚至還沒有提到無機機會。我們仍然保持機會主義，到處尋找這些機會。但就有機成長本身而言，我們有多種不同的成長途徑。

And then one just quick follow up. Are you still realizing 20% to 50% uplift on the add-on modules or how is pricing ultimately shaking out on some of those that you get the ultimate [6, 7, 8] of those in that at all?

然後快速跟進。您仍然意識到附加模組有 20% 到 50% 的提升，或者您獲得最終 [6,7,8] 的某些模組的定價最終會如何變化？

Absolutely. We the kind of uplift that we have had before we continue to have only thing. These add-on modules are now better established in the field. So it is becoming easier for us to sell them. But the kind of financial uplift we get is along the lines that you mentioned 20% to 50% is correct.

絕對地。我們繼續擁有唯一的東西之前我們所擁有的那種提升。這些附加模組現在在現場得到了更好的建立。所以我們出售它們變得越來越容易。但我們獲得的財務提升與您提到的 20% 到 50% 是正確的。

All right, wonderful. Thank you.

好吧，太棒了。謝謝。

Thank you, Matt.

謝謝你，馬特。

Brian Schwartz, Oppenheimer & Co.

布萊恩·施瓦茨，奧本海默公司

Great. Thank you for taking my questions this afternoon. Ramesh, I was hoping to drill down into on the business performance with the record ACV in the quarter. Was that anchored at all by one or a couple of these huge deals or was it broadly distributed? And then can you also comment on maybe the big bookings mix, which is having a bigger impact, whether it's landing larger or the expansion activities?

偉大的。感謝您今天下午回答我的問題。Ramesh，我希望深入了解本季度 ACV 創紀錄的業務績效。這是由一項或幾項巨額交易決定的還是廣泛分佈的？然後，您能否評論一下可能產生更大影響的大型預訂組合，無論是登陸規模更大還是擴張活動？

So to answer your questions, it's a broader base of the last couple of quarters have been good for us sales wise. We've had two consecutive pretty good sales quarters and they've all been more broad-based. They've not been dependent on any one big customer, classic singles and doubles, which have been very effective and now and then we do hit the whales as well. I'm sorry for mixing metaphors there, but lots of singles and doubles and now and then like you've seen the recent announcement, big waves as well.

因此，為了回答您的問題，過去幾季的更廣泛基礎對我們的銷售有利。我們已經連續兩個季度取得了相當不錯的銷售業績，而且這些季度的銷售範圍都更加廣泛。他們不依賴任何一個大客戶，經典的單打和雙打，這非常有效，我們時不時也會遇到鯨魚。我很抱歉在那裡混合了隱喻，但是有很多單打和雙打，而且時不時就像你看到最近的公告一樣，還有大浪。

So the sales successes continue to be broad based, and we are building towards more PMS successes. So in terms of the product categories, we are building towards more PMS successes. So when the PMS successes happen, they tend to be big. Customers tend to buy a lot of modules, very high die size. The same is true for POS as well, but in PMS, it has a lot more. So the answer to your question, the sales successes are broad based, and each deal tends to be much bigger than what it used to be a year or two.

因此，銷售成功的基礎仍然廣泛，我們正在努力爭取更多的 PMS 成功。因此，就產品類別而言，我們正在努力取得更多 PMS 的成功。因此，當經前症候群取得成功時，它們往往是巨大的。客戶傾向於購買很多模組、非常大的晶片尺寸。POS 也是如此，但 PMS 的功能遠不止於此。所以你的問題的答案是，銷售成功的基礎是廣泛的，而且每筆交易的規模往往比過去的一兩年要大得多。

Great. And then the other comment you made about having record ACV, you gave us a little look into how the business is performing in the new fiscal year. And I was wondering if that record ACV in the first six weeks, was that also at a higher level than what the business generated in the last -- in the second half of fiscal 4Q?

偉大的。然後，您對創紀錄的 ACV 發表的另一條評論，讓我們了解了該業務在新財年的表現。我想知道前六週創紀錄的 ACV 是否也高於上一財年第四季下半年業務產生的水平？

Yeah. So what I meant to say was the classic start of the fiscal year, we have never had a better start than we are having now. And if you compare it quarter by quarter, it is among the best start we've ever had for quarters. But typically, fiscal years don't stop this well for us because the sales team tends to maximize sales towards the end of the fiscal year like all sales teams do. And the new fiscal year tends to be off to a slow start all the time. That is not the case this time.

是的。所以我想說的是本財年的典型開局，我們從來沒有比現在更好的開局。如果你逐季度進行比較，你會發現這是我們幾個季度以來最好的開局之一。但通常情況下，財政年度對我們來說不會這麼好，因為銷售團隊往往會像所有銷售團隊一樣在財政年度結束時最大化銷售額。新的財政年度往往開局緩慢。這次情況並非如此。

The first six weeks that this fiscal year started is among the -- is the best start that we have ever had. And it compares very favorably to any quarter start we have had for the first six weeks. And also, to your previous question, it's broad based. It is not based on any one particular big win. It is quite broad-based. And the Marriott deal agreement that we just announced now is not counted in that because there we have to sell to individual properties before they get counted in sales.

本財年開始的前六週是我們有史以來最好的開始之一。與我們前六週的任何季度開局相比，它都非常有利。而且，對於你之前的問題，它有著廣泛的基礎。它不是基於任何特定的重大勝利。它的基礎相當廣泛。我們剛剛宣布的萬豪交易協議不計入其中，因為我們必須先將其出售給個別酒店，然後才能計入銷售額。

The last question I had was in regard to service margins. We've seen two quarters in a row now where the service margin has been in the low to mid-30s, that's quite a bit higher than kind of a high 20% margin expectation, at least that I had in my model. So my question is on the sustainability of that. Do you think that that's a right level that we should be thinking about for the business as we model it moving forward?

我的最後一個問題是關於服務利潤的。我們已經連續兩個季度看到服務利潤率處於 30 多歲的低至中段，這比 20% 的高利潤率預期要高得多，至少在我的模型中是如此。所以我的問題是這種情況的可持續性。您認為這是我們在為業務建模時應該考慮的正確程度嗎？

Hey, Brian. I think high-20s is still the way to think about the business. I mean, certainly, if we're at a steady state, we like you've seen the last six months, we could get into the 30% margin. But as the business continues to grow and we have periods of reinvesting in our professional services team, you'll see us go back down into the to the mid to high-20s. So we still think of it as a as a high-20s type margin profile. But we're certainly happy with the last six months on the study stage.

嘿，布萊恩。我認為 20 多歲仍然是思考業務的方式。我的意思是，當然，如果我們處於穩定狀態，就像您在過去六個月中看到的那樣，我們可以達到 30% 的利潤率。但隨著業務的不斷增長，以及我們對專業服務團隊進行再投資的時期，您會看到我們的業績又回到了 20 多歲左右。因此，我們仍然將其視為 20 多歲類型的利潤概況。但我們對過去六個月的研究階段當然感到滿意。

And also wanted to comment on that Brian services margins always in businesses like ours tends to improve as the products improve. As the products become easier to implement as we do more multiproduct implementations, which are more consolidated by nature as the product quality continues to improve, the need for non-billable work continues to decrease and margins tend to do better. So high-20s is a good expectation for now and it should continue improving from there.

我還想評論一下，在像我們這樣的企業中，布萊恩的服務利潤往往會隨著產品的改進而提高。隨著我們進行更多的多產品實施，產品變得更容易實施，隨著產品品質的不斷提高，這些產品本質上更加鞏固，對非計費工作的需求不斷減少，利潤往往會更好。因此，目前 20 分以上是一個不錯的期望，並且應該會從那裡繼續改進。

Thank you for taking my questions.

感謝您回答我的問題。

Thank you, Brian.

謝謝你，布萊恩。

George Sutton, Craig-Hallum.

喬治·薩頓，克雷格·哈勒姆。

Thank you. Congratulations on the Marriott point-of-sale hunting license. I just wanted to have you walk through Ramesh, if you would, when you have the PMS side of the equation and now, you're giving -- and then that is more of a mandate, you've got a point-of-sale hunting license. What is the benefit, and certainly you operate within an ecosystem, what is the benefit of adding you as a point-of-sale vendor versus a third party?

謝謝。恭喜您獲得萬豪酒店銷售點狩獵許可證。我只是想讓你了解拉梅什，如果你願意的話，當你有經前症候群方面的時候，現在，你正在給予——然後這更多的是一個任務，你有一個觀點——出售狩獵許可證。有什麼好處，當然你在一個生態系統中運營，將你添加為銷售點供應商與第三方相比有什麼好處？

333 Yeah, hi, George. You should think of it, George as two independent things. We are very happy that we have now an approved vendor approved brand standard for both Hilton and Marriott. There's a lot of pride in that and we are very happy about that.

333 是的，嗨，喬治。你應該把喬治看成兩個獨立的事物。我們很高興現在希爾頓和萬豪酒店都擁有了經批准的供應商認可的品牌標準。我們對此感到非常自豪，我們對此感到非常高興。

But I would at this stage, George, think of them as two independent things. The PMS is a mandate for a certain number of properties, not for all the properties, but a certain number of properties and man and the POS agreement is a hunting license for all the US-Canada properties, whereas food and beverage is relevant, which is thousands of properties.

但喬治，在這個階段我會認為它們是兩個獨立的事物。PMS 是針對一定數量的房產的強制要求，不是針對所有房產，而是針對一定數量的房產和人員，而 POS 協議是針對所有美國-加拿大房產的狩獵許可證，而食品和飲料是相關的，這是數千個屬性。

So they are two independent things. So I wouldn't think of it as a property is going to buy one because it has the other, each bring independent value. But what we are building towards in the long term, George, that not just Marriott, but a lot of customers are thinking about is the benefit that the overall ecosystem brings. When you have an ecosystem of products from one vendor, it has its own benefits and our R&D in full force now is creating and maximizing those benefits. That is in the future. For now, I would think of them as two entirely independent agreements, George.

所以它們是兩個獨立的東西。所以我不會認為一處房產會購買其中一個，因為它還有另一個，每個都帶來獨立的價值。但喬治，從長遠來看，我們的目標不僅僅是萬豪，許多客戶都在考慮的是整個生態系統帶來的好處。當您擁有一個供應商的產品生態系統時，它就有其自身的優勢，而我們的研發現正在全力創造並最大化這些優勢。那是在未來。現在，我認為它們是兩個完全獨立的協議，喬治。

Okay. And then one other question, when we were doing demos of your then new product, a couple of years back, it was yet to really go GA. You had said that the real impact will come when we have reference customers for these newer products. So it's encouraging to hear that at the Inspire event, you had customers that effectively would be reference customers. Can you just update us on how far you are with the reference customer side on these newer products?

好的。還有一個問題，幾年前，當我們對當時的新產品進行演示時，它還沒有真正上市。您曾說過，當我們擁有這些新產品的參考客戶時，真正的影響力才會到來。因此，令人鼓舞的是，在 Inspire 活動中，您的客戶實際上將成為參考客戶。您能否向我們介紹一下您與參考客戶方在這些新產品上的進展？

Making great progress, George, but we still have a long way to go would be the way I would summarize that. For each of the core -- all the products are now state of the art. They are all based on modern technology. They're all cloud native and can also work on premise and all that good stuff. So all the products are established now and there are tens and, in some cases, hundreds of properties already live. And so the number of reference customers is getting better by the week by the month, but we still have a long way to go. You need a wide range of reference customers will use it in various different ways in order to push further sales ahead.

喬治，取得了巨大進步，但我們還有很長的路要走，這是我總結的方式。對於每個核心——所有產品現在都是最先進的。它們都基於現代技術。它們都是雲端原生的，也可以在本地工作以及所有這些好東西。因此，所有產品現在都已經建立，並且有數十個，在某些情況下，數百個屬性已經投入使用。因此，參考客戶的數量逐週逐月增加，但我們還有很長的路要走。您需要廣泛的參考客戶以各種不同的方式使用它，以進一步推動銷售。

So from the time you saw the demo, George, we have come a very long way with each and every one of these products. The number of reference customers are increasing by the week by the month. And we are very keen on adding to a lot more of them. Because we are competing jobs against products that don't compare in terms of technology or feature sets with us, but have been running for many years now, 5, 10, 15 years. So when you're competing with those kinds of products, you can never have enough reference customers. And that process is making very good progress for us.

喬治，自從您看到演示以來，我們在每一款產品上都取得了很大的進步。參考客戶的數量逐週逐月增加。我們非常熱衷於添加更多內容。因為我們正在競爭的產品在技術或功能集方面無法與我們相比，但已經運行了很多年，5年、10年、15年。因此，當您與此類產品競爭時，您永遠無法擁有足夠的參考客戶。這個過程正在為我們取得非常好的進展。

All right. I appreciate the thoughts. Thank you.

好的。我很欣賞這些想法。謝謝。

Thank you, George.

謝謝你，喬治。

(Operator Instructions)

（操作員說明）

Nehal Chokshi, Northland Capital Markets.

Nehal Chokshi，北國資本市場。

Yeah, thank you, and congrats on the strong set of results here. Dave, on your color on the fiscal year '25 guide, and why are you guiding professional services to grow faster than subscription revenue?

是的，謝謝，並祝賀這裡取得如此強勁的成績。Dave，請談談您對 25 財年指南的看法，以及為什麼您要指導專業服務的成長速度快於訂閱收入的成長？

Well, we're still in a period of where we're doing development for large customers with subscription and subsequent fiscal years, so you still see a bit of an outsized growth in services than subscription. And obviously, we expect that to flip back the other way, starting in our fiscal year '26.

嗯，我們仍然處於透過訂閱和後續財政年度為大客戶進行開發的時期，因此您仍然會看到服務比訂閱有更大的成長。顯然，我們預計從 26 財年開始，這種情況會逆轉。

Okay. So that implies that you will still be pulling from backlog as you exit to full year '25?

好的。這是否意味著，當您退出到 25 年全年時，您仍會從積壓訂單中撤出？

No. I mean, sales in Q4, we're at record levels. So backlog actually increased going into the fiscal year, and most of it is just momentum of our current sales and our current pipeline. I mean, certainly we have good visibility into the annual number with our backlog. But sales momentum is the main reason for the growth.

不。我的意思是，第四季度的銷售額達到了創紀錄的水平。因此，進入本財年，積壓訂單實際上有所增加，其中大部分只是我們目前銷售和現有管道的動力。我的意思是，我們當然可以很好地了解年度積壓訂單數量。但銷售動力是成長的主要原因。

Okay. All right. And then what sort of subscription revenue growth rate do you expect to deliver exiting fiscal year '25 given guidance of at least 27%? But essentially, what I'm asking is that, are you expecting a linear step down in subscription revenue growth rate as we go through the quarters?

好的。好的。那麼，鑑於至少 27% 的指導，您預計 25 財年的訂閱收入成長率會是多少？但本質上，我要問的是，您是否預期隨著季度的發展，訂閱收入成長率會線性下降？

No. I mean, we look at subscription revenue, the same as we have in the past. I mean the 27% for the year. And certainly, I mean, we look at the business needs to do about $1.1 million to $1.4 million in sequential quarter-over-quarter, go live. And certainly, some quarters, Q2 could be higher than others, but we feel like we'll be north of 27% for the year.

不。我的意思是，我們會像過去一樣關注訂閱收入。我的意思是今年的27%。當然，我的意思是，我們會觀察業務需要按季度環比運行約 110 萬至 140 萬美元。當然，在某些季度，第二季度可能會高於其他季度，但我們認為今年的成長率將超過 27%。

Got it. And then Ramesh on it's been about two years since you did the resorts suite acquisition. And given that there's evidence that multiples of acquisition targets are starting to come down in the technology space, at least on. Can you give us an indication what type of ROIC that you see with the resorts suite acquisition? Just can you sort of give us a sense as far as like a it has there been good success with the one acquisition that you made during your tenure.

知道了。拉梅什說，自從您收購度假村套房以來，已經過了大約兩年的時間。鑑於有證據表明，至少在技術領域，收購目標的倍數開始下降。您能否告訴我們您在收購度假村套房時看到的投資報酬率是什麼類型？您能否讓我們了解您在任職期間進行的一項收購是否取得了良好的成功？

Yes, Nehal, excellent success so we are very happy with the results we had acquisition. And apart from all the numbers, Nehal just the great people that we got from that acquisition. Frank Pitsikalis is in our management team now and who handles all the PMS side of product strategy. And they are part of the corporate strategy team as well. Frank is and all the great people that he brought in like.

是的，Nehal，非常成功，所以我們對我們獲得的結果非常滿意。除了所有的數字之外，內哈爾還是我們從這次收購中得到的優秀人才。Frank Pitsikalis 現在是我們的管理團隊成員，負責產品策略的所有 PMS 方面。他們也是公司策略團隊的一部分。弗蘭克和他帶來的所有偉大的人都很喜歡。

So that's the biggest gain from the resort suite acquisition. And it has turned out to be an excellent acquisition for us is because number one we have retained and grown the recurring revenue quite well, despite the fact that we are not selling the resorts suite products anymore in favor of Versa, spa, golf and all the other products that we have developed over the years that are cloud native.

這就是收購度假村套房的最大效益。事實證明，這對我們來說是一次出色的收購，因為第一，儘管我們不再銷售度假村套房產品，轉而銷售 Versa、水療中心、高爾夫等產品，但我們仍然保留並增長了經常性收入。我們多年來開發的其他產品都是雲端原生的。

And many of their marquee customers are -- have switched or are in the process of switching over towards sign sales and catering and all the other products that we have. So we have gained a lot of great customers. We have gained a lot of great people. We have retained the recurring revenue and grown it a little bit as well. So it's all in all, it has worked out to be a great acquisition for us. And given the chance, given such an opportunity, we would do it all over again, no question about it.

他們的許多大客戶已經轉向或正在轉向標誌銷售和餐飲以及我們擁有的所有其他產品。因此我們獲得了很多優秀的客戶。我們收穫了很多優秀的人。我們保留了經常性收入，並略有成長。總而言之，這對我們來說是一次偉大的收購。如果有機會，如果有這樣的機會，我們會重來一次，毫無疑問。

Now as far as where that is leading us into other acquisitions, we had still being careful with it, Nehal. Organic growth is looking so good for us. It has done so well, and we are focused on many large opportunities that have already been signed that will be converting to subscription revenue. So there is no you no need for us to use inorganic growth as a crutch. Organic growth is doing well. But we are opportunistically looking at opportunities that are coming our way, Nehal. We have been very careful with it. We are evaluating it correctly. And if another resource will comes along, we will not hesitate and picking it up.

現在，就這導致我們進行其他收購而言，我們仍然要小心謹慎，Nehal。有機成長對我們來說看起來非常好。它做得很好，我們專注於許多已經簽署的大型機會，這些機會將轉化為訂閱收入。因此，我們沒有必要使用無機生長作為拐杖。有機成長表現良好。但我們正在機會主義地尋找即將到來的機會，內哈爾。我們對此非常小心。我們正在正確評估它。如果出現另一種資源，我們會毫不猶豫地選擇它。

Excellent. Thank you.

出色的。謝謝。

Thank you, Nehal.

謝謝你，內哈爾。

Thank you. And I would like to hand the conference back over to Ramesh for any further closing remarks.

謝謝。我想將會議交還給拉梅什，讓他發表進一步的閉幕詞。

Thank you, Michelle. Thank you for participating and for your interest and support. We look forward to talking to you again in a couple of months from now towards the end of July when we will be reporting on Q1 fiscal 2025 results. Good evening and thank you.

謝謝你，米歇爾。感謝您的參與以及您的興趣和支持。我們期待在從現在到 7 月底的幾個月內再次與您交談，屆時我們將報告 2025 財年第一季的業績。晚上好，謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。