Agilysys Inc (AGYS) 2025 Q3 法說會逐字稿

Good day, ladies and gentlemen. Welcome to the Agilysys 2025 third-quarter conference call. As a reminder, today's conference may be recorded. (Operator Instructions)

美好的一天，女士們先生們。歡迎參加 Agilysys 2025 年第三季電話會議。提醒一下，今天的會議可能會被錄音。（操作員說明）

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 企業策略和投資者關係高級總監 Jessica Hennessy。你可以開始了。

Thank you, Towanda, and good afternoon, everybody. Thank you for joining the Agilysys 2025 third-quarter Conference Call. We will get started in just a minute with managed 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.

謝謝托旺達，大家下午好。感謝您參加 Agilysys 2025 年第三季電話會議。我們將在一分鐘內開始管理評論。但在此之前，讓我先讀一下安全港語言。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 actual 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 provided guidance levels, our ability to increase sales, 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假設，但此類陳述存在風險和不確定性，可能導致實際結果出現重大差異。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所提供的指導水準的能力、我們增加銷售額的能力、我們維持盈利水準的能力以及公司在表格10 的報告中列出的風險-K 和 10-Q 以及向美國證券交易委員會提交的其他報告。

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

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體解決方案公司之後的時期。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 2025 Third Quarter Earnings Call. Joining Jess and me on the call today at our Atlanta headquarters is Dave Wood, CFO. As is our usual practice in these calls, let me cover sales first before discussing revenue and other details.

謝謝你，傑西。晚安.歡迎參加 2025 財年第三季財報電話會議。今天，財務長戴夫伍德 (Dave Wood) 與 Jess 和我一起在亞特蘭大總部參加了電話會議。按照我們在這些電話會議中的慣例，讓我先介紹一下銷售情況，然後再討論收入和其他細節。

We measure sales or selling success in annual contract value terms. Fiscal 2025 Q3 was our third highest sales quarter ever, slightly below the sequentially preceding Q2, which was the second highest. Just like how the previous quarter was our best ever July to September sales period, this one was the best ever October to December sales quarter.

我們以年度合約價值來衡量銷售額或銷售成功。2025 財年第三季度是我們有史以來第三高的銷售額季度，略低於上一季的第二高銷售額。就像上一季是我們有史以來最好的 7 月至 9 月銷售季度一樣，本季也是我們有史以來最好的 10 月至 12 月銷售季度。

Fiscal 2025 Q3, October to December, was a successful sales quarter despite point-of-sale POS sales coming in below expectations. Sales of POS and POS-related products during Q3 was better than Q1, but less than Q2. Fiscal 2025 sales and revenue levels fell well short of our expectations, mainly due to disappointing POS sales levels in the managed food services vertical. The very tough process of crossing the technology old to new transformation bridge turned out to be a lot more challenging with POS than we bargain for. We are currently working on several significant near-term POS sales opportunities.

2025 財年第三季（10 月至 12 月）是一個成功的銷售季度，儘管銷售點 POS 銷售額低於預期。第三季 POS 及 POS 相關產品的銷售情況優於一季度，但低於第二季。2025 財年的銷售額和收入水準遠低於我們的預期，這主要是由於管理食品服務垂直領域的 POS 銷售水準令人失望。事實證明，POS 跨越新舊技術轉型橋樑的艱難過程比我們預想的更具挑戰性。我們目前正在努力爭取幾個重要的近期 POS 銷售機會。

We remain confident we will get past this current challenging phase soon. We expect POS sales to return to normal levels during the next few quarters and then improve further on from there. With the exception of installations for one customer who has not approved the newer versions for their properties yet, virtually, all our current POS implementations involve only the combined modernized and unified new versions and are going very well. As we move into the new calendar year, many customers are coming back to the table for conversations on moving from old to new versions now that they have had the time to plan and budget for these upgrades.

我們仍然相信，我們很快就會度過當前的這一充滿挑戰的階段。我們預計 POS 銷售額將在未來幾季恢復到正常水平，然後進一步改善。除了一位尚未批准其財產的新版本的客戶的安裝外，實際上，我們當前所有 POS 實施僅涉及組合的現代化和統一的新版本，並且進展順利。隨著我們進入新的日曆年，許多客戶重新回到桌面討論從舊版本遷移到新版本的問題，因為他們已經有時間為這些升級進行規劃和預算。

On the other hand, Q3 was the all-time best quarter for sales of property management systems, PMS and PMS-related add-on modules, even excluding sales pertaining to Book4Time. Sales of PMS and related modules, excluding Book4Time, measured in annual contract value terms was 70%, that is 7-0, 70% higher than sales during the comparable prior year quarter.

另一方面，第三季度是物業管理系統、PMS 和 PMS 相關附加模組銷售歷史上最好的季度，甚至不包括與 Book4Time 相關的銷售。PMS 及相關模組（不包括 Book4Time）的銷售額按年度合約價值計算為 70%，即 7-0，比去年同期的銷售額高出 70%。

None of any PMS sales reported so far includes anything from the Marriott PMS agreement. With one full quarter left to go, fiscal 2025 is already a record best sales year for PMS and related modules ahead of the previous best full year by as much as 33%. The transformation process from old to new modernized cloud-native technology has proven to be a lot more straightforward and simpler to manage with respect to PMS compared to POS. Fiscal 2025 Q3 was another excellent sales quarter for US domestic sales, including the gaming casinos vertical with a turnaround beginning to happen in the managed food services vertical.

迄今為止報告的任何 PMS 銷售均不包含萬豪 PMS 協議中的任何內容。還剩下一個完整季度，2025 財年已經是 PMS 和相關模組創紀錄的最佳銷售年度，比之前的最佳全年銷售業績高出 33%。事實證明，與 POS 相比，PMS 從舊的現代化雲端原生技術到新的現代化雲端原生技術的轉變過程更簡單、更容易管理。2025 財年第三季度是美國國內銷售的另一個出色的銷售季度，其中包括博彩垂直行業，管理食品服務垂直行業開始出現好轉。

Sales levels in the APAC and EMEA regions remain at about the same disappointing levels as before.

亞太地區和歐洲、中東和非洲地區的銷售水準仍與以前一樣令人失望。

However, we are currently working on several substantial sales opportunities in both these international regions, and it will not surprise us if this current January to March Q4 quarter is a record one for international sales. We are continuing to build our brand reputation and a base of good solid referenceable customers in international regions and are making slow but steady progress. More opportunities will come as we make progress with these efforts.

然而，我們目前正在這兩個國際地區尋找幾個實質性的銷售機會，如果當前一月至三月的第四季度國際銷售創紀錄，我們不會感到驚訝。我們正在國際地區繼續建立我們的品牌聲譽和良好可靠的參考客戶基礎，並正在緩慢但穩定地取得進展。隨著我們在這些努力中取得進展，更多的機會將會到來。

Despite ongoing challenges with POS and international sales, overall global sales at the end of the first 3 quarters of fiscal 2025, April to December, was well ahead of last year's record pace through 3 quarters, and we continue to see sales momentum as we move into the final quarter of the fiscal year. During fiscal 2025 Q3, October to December, we added 12 new customers and 11 of them were fully subscription-based. These new customers signed up for an average of 6 products each, which is a record high. In addition, we added 76 new properties, which did not have any of our products before, but the parent company was already our customer.

儘管POS 和國際銷售面臨持續挑戰，但2025 財年前3 季度末（4 月至12 月）的全球總體銷售額在三個季度中均遠遠領先於去年創紀錄的增速，而且隨著我們的發展，我們繼續看到銷售動能進入本財年最後一個季度。在 2025 財年第三季（10 月至 12 月）期間，我們增加了 12 名新客戶，其中 11 名完全基於訂閱。這些新客戶平均每人簽6件產品，創歷史新高。此外，我們也新增了76家物業，這些物業以前沒有我們的任何產品，但母公司已經是我們的客戶。

Of the 88 new properties added during the quarter across new customers and new properties of current parent customers, 86 were either partially or fully subscription-based. With respect to new product sales, there were 86 instances of sales to properties which have at least one of our other products already in use.

在本季新增的 88 個新客戶和目前母客戶的新資產中，有 86 個是部分或完全基於訂閱的。在新產品銷售方面，有 86 起銷售案例涉及至少已使用我們的一種其他產品的物業。

These 86 instances involve sales of a total of 204 new products. With 1 quarter remaining in the year, fiscal 2025 is already the best full year in our history for new product sales. Customers using at least one of our products continue to trust us, buying additional products at a record pace.

這86起案件共涉及204種新產品的銷售。今年剩下 1 個季度，2025 財年已經是我們歷史上新產品銷售最好的全年。至少使用我們的一種產品的客戶繼續信任我們，並以創紀錄的速度購買更多產品。

We continue to work hard to translate that success we are having with customers who know us well to new customers who have not known us well before and are only now becoming more familiar with our recent history of product innovation. Like we said in our last earnings call, much of the hospitality industry has not fully discovered the new Agilysys yet. We have a long promising runway of short- and medium-term sales and revenue growth ahead of us, both with the existing customer base and with new customers. Our current global demo plus sales pipeline measured at the annual contract value sum of all sales opportunities we are currently working on, which have reached at least the product demonstration stage is now at a record level since we started tracking this value a couple of years ago, and was 20% higher as of December end compared to the same time the previous year.

我們繼續努力，將我們在熟悉我們的客戶中所取得的成功轉化為以前不太了解我們、現在才更加熟悉我們最近的產品創新歷史的新客戶。正如我們在上次財報電話會議中所說，酒店業的大部分公司尚未完全發現新的 Agilysys。無論是現有客戶群或新客戶，我們都面臨中短期銷售和收入成長的長期前景。我們目前的全球演示加銷售管道以我們目前正在進行的所有銷售機會的年度合約價值總和來衡量，這些銷售機會至少已達到產品演示階段，自幾年前我們開始跟踪該價值以來，目前處於創紀錄的水平截至 12 月底，與去年同期相比增長了 20%。

This demo plus sales pipeline was 22% and 37% higher for POS and PMS opportunities, respectively, as of December end compared to the same time 1 year ago. Our sales momentum remains strong, but it can be even stronger. Our installations are getting better, but we should be doing a lot more of them. Our number of new customers is good, but can be far higher. These are the areas we are focused on as we move into the final quarter of this year and continue our work on growth plans for the next fiscal year.

截至 12 月底，與一年前同期相比，該展示加銷售管道的 POS 和 PMS 機會分別增加了 22% 和 37%。我們的銷售動能依然強勁，而且還可以更加強勁。我們的安裝越來越好，但我們應該做更多。我們的新客戶數量不錯，但可能要多得多。當我們進入今年最後一個季度並繼續制定下一財年的成長計劃時，這些是我們重點關注的領域。

On to revenue and profitability. Fiscal 2025 Q3 revenue was a record $69.6 million, the 12th consecutive record revenue quarter, 14.9%, that is 1-4, 14.9% higher than the comparable prior year quarter. Product revenue was $10.7 million, which was 15.8%, that is 15.8% lower than Q3 last year. Product revenue continues to be challenged due to 3 main factors: one, an increasing proportion of business expansion is now based in the cloud, involving subscription licenses. Perpetual software license revenue, which forms a portion of product revenue is not expected to be one of our future growth engines.

關於收入和盈利能力。2025財年第三季營收創歷史新高6,960萬美元，連續第12季營收創紀錄，較去年同期成長14.9%，即1-4季度，較去年同期季成長14.9%。產品營收為1,070萬美元，較去年同期成長15.8%，較去年第三季下降15.8%。產品收入繼續受到三個主要因素的挑戰：第一，現在越來越多的業務擴展基於雲，涉及訂閱授權。構成產品收入一部分的永久軟體授權收入預計不會成為我們未來的成長引擎之一。

Factor number two, the hardware portion of product revenue is dependent on POS sales, which has been challenged in the recent past. And factor number three, each unit of POS sales now has a reduced hardware attach rate because the recent software versions of our POS terminal support all major operating systems, Windows, iOS and Android, enabling customers to buy devices like iPads directly and not through us.

第二個因素是產品收入的硬體部分依賴 POS 銷售，而這一點最近受到了挑戰。第三個因素是，現在每個POS 銷售單位的硬體附加率都降低了，因為我們POS 終端的最新軟體版本支援所有主要作業系統、Windows、iOS 和Android，使客戶能夠直接購買iPad 等設備，而不是透過我們。

While we expect POS sales levels to improve in the near term, we expect product revenue levels to remain challenged for the foreseeable future. Fiscal 2025 Q3 services revenue was $14.5 million, $14.5 million 13.5% that is 1-3, again, 13.5% higher than the comparable prior year quarter, but below our expectations and back to more realistic levels. Services revenue and margin this quarter was affected by 3 reasons: one, billable PMS product enhancement development work for the major project we've been working on for several quarters has been substantially completed as that project now moves into the deployment planning phase. Reason number two, a few significant implementation projects were postponed by customers during December to subsequent months to a larger extent compared to previous December months.

雖然我們預計 POS 銷售水準在短期內將有所改善，但我們預期產品收入水準在可預見的未來仍將面臨挑戰。2025 財年第三季服務收入為 1,450 萬美元，1,450 萬美元，成長 13.5%，即 1-3，再次比去年同期成長 13.5%，但低於我們的預期，回到了更現實的水平。本季的服務收入和利潤率受到三個原因的影響：一是我們已經進行了幾個季度的主要項目的可計費PMS產品增強開發工作已基本完成，該項目現已進入部署規劃階段。第二個原因是，一些重要的實施項目在 12 月被客戶推遲到隨後的幾個月，與之前的 12 月相比，推遲的程度更大。

And reason number three was our inability to meet our hiring goals during the past few months as we continue to expand the size and strength of the implementation services teams. Services backlog is now at a record high level, and we expect services revenue to grow along a more realistic path for the foreseeable future. We are currently working on ways to increase the hiring pace for the services teams.

第三個原因是，隨著我們不斷擴大實施服務團隊的規模和實力，我們在過去幾個月無法實現招募目標。服務積壓現已達到歷史最高水平，我們預計在可預見的未來，服務收入將沿著更現實的道路成長。我們目前正在研究如何加快服務團隊的招募速度。

Fiscal 2025 Q3 recurring revenue was a record $44.4 million, 26.4% higher than the comparable prior year period. The year-over-year increase in recurring revenue of $9.3 million is a record high. Recurring revenue was 63.8% of total revenue this quarter. Within recurring revenue, subscription revenue was a record $28.3 million, 45.1% higher than the comparable prior year quarter. This was the sixth consecutive quarter of subscription revenue year-over-year growth of at least 29%.

2025 財年第三季經常性收入達到創紀錄的 4,440 萬美元，比去年同期成長 26.4%。經常性收入年增 930 萬美元，創歷史新高。本季經常性收入佔總收入的 63.8%。在經常性收入中，訂閱收入達到創紀錄的 2,830 萬美元，比去年同期成長 45.1%。這是訂閱收入連續第六個季度年增至少 29%。

Organic subscription revenue year-over-year growth was 23%. The overall subscription revenue year-over-year increase was a record $8.8 million. Subscription revenue is now 63.8% of total recurring revenue, which is the highest level reached till now.

有機訂閱收入較去年同期成長 23%。整體訂閱收入年增創紀錄的 880 萬美元。訂閱收入目前佔經常性總收入的63.8%，這是迄今為止達到的最高水準。

Subscription revenue pertaining to point-of-sale, POS and POS-related modules grew by close to 20% year-over-year, while subscription revenue pertaining to PMS and PMS-related modules, not including Book4Time, grew by 35% year-over-year. PMS-related subscription revenue grew during the first 3 quarters of fiscal 2025 by a lot more than the sum of the growth during all of the previous full fiscal year.

與銷售點、POS 和 POS 相關模組相關的訂閱收入年增近 20%，而與 PMS 和 PMS 相關模組（不包括 Book4Time）相關的訂閱收入年增 35%。2025 財年前 3 季度，與 PMS 相關的訂閱收入成長遠高於上一完整財年所有成長的總和。

Removing Book4Time subscription revenue from both the numerator and the denominator, subscription revenue from only add-on modules across both POS and PMS, most of which were created during the recent past several years, constituted 22% of total subscription revenue. Including book4Time in the equation, add-on modules are now 34% of total subscription revenue. Over the past several years, our product development teams have done a masterful job of completing the extremely onerous and difficult product modernization projects, achieving a near 100% success rate with each product reengineering and new module creation effort. This kind of success rate is not often seen with such massive reengineering exercises in the enterprise software world.

除去分子和分母中的 Book4Time 訂閱收入，來自 POS 和 PMS 的附加模組的訂閱收入（其中大部分是最近幾年創建的）佔總訂閱收入的 22%。包括 book4Time 在內，附加模組目前佔訂閱總收入的 34%。在過去的幾年裡，我們的產品開發團隊出色地完成了極其繁重和困難的產品現代化項目，每次產品重新設計和新模組創建工作都取得了近100%的成功率。在企業軟體領域進行如此大規模的再造活動時，這種成功率並不常見。

All recent installations, which are based only on the modernized versions are going very well. The transformation from old to new had to be done in stages for the POS products and became more challenging than we expected. We underestimated those transition-related sales challenges this fiscal year. Most of the top line revenue headwinds we have faced this fiscal year are related to these POS sales challenges, mainly in the managed food services vertical. We now expect full fiscal year 2025 total revenue to be $273 million.

所有最近的安裝（僅基於現代化版本）都進展順利。POS產品的新舊轉型必須分階段進行，並且比我們預期的更具挑戰性。我們低估了本財年與轉型相關的銷售挑戰。我們本財年面臨的大部分收入逆風都與這些 POS 銷售挑戰有關，主要是在管理食品服務垂直領域。我們現在預計 2025 財年的總收入為 2.73 億美元。

We expect to achieve the previously guided -- the previously provided guidance for profitability levels and subscription revenue growth. Before handing the call over to Dave for more on our financial results, a quick update on the Marriott PMS project. As we mentioned earlier in the call, we have now moved past the initial significant development phase of the project. All vendors are working collaboratively towards the next phase, and there is a high degree of transparency regarding all project details among all involved parties. This includes detailed end-to-end ecosystem and system performance testing across all vendors and preparing for a few test properties, which will be followed by pilot property installations expected in the second half of this calendar year.

我們期望實現先前的指導——先前提供的獲利水準和訂閱收入成長指引。在將電話轉接給戴夫以了解有關我們財務業績的更多信息之前，我們先簡要介紹一下萬豪 PMS 項目的最新情況。正如我們之前在電話會議中提到的，我們現在已經度過了該專案最初的重要開發階段。所有供應商都在為下一階段進行合作，所有參與者之間的所有專案細節都具有高度的透明度。這包括對所有供應商進行詳細的端到端生態系統和系統性能測試，並為一些測試屬性做準備，隨後預計將在今年下半年進行試點屬性安裝。

With that, let me hand over the call to Dave.

接下來，讓我把電話轉給戴夫。

Thank you, Ramesh. Taking a look at our financial results, beginning with the income statement. Third quarter fiscal 2025 revenue was a quarterly record of $69.6 million, a 14.9% increase from total net revenue of $60.6 million in the comparable prior year period. Onetime revenue consisting of product and professional services was down 1.1% compared to the prior year quarter, while recurring revenue was up 26.4%. We continue to work through challenges of transforming the new versions of our modern products.

謝謝你，拉梅什。從損益表開始看一下我們的財務表現。2025 財年第三季營收創季紀錄，達 6,960 萬美元，較上年同期 6,060 萬美元的總淨收入成長 14.9%。由產品和專業服務組成的一次性收入與去年同期相比下降了 1.1%，而經常性收入則增加了 26.4%。我們持續努力應對改造現代產品新版本的挑戰。

We are also seeing revenue impact this quarter as we move beyond the development phase and start planning for the rollout of a major customer. However, our sales momentum remains strong with Q3 bookings at healthy levels for future revenue growth. Our total backlog remains at near record levels. Onetime product revenue, which has been a significant challenge during the second half of the fiscal year, will continue to be the biggest headwind in the business through the fourth quarter. The full fiscal year product revenue will be 15% to 20% down compared to the last fiscal year, a larger year-over-year reduction than we originally expected.

隨著我們超越開發階段並開始規劃主要客戶的推出，我們也看到了本季營收的影響。然而，我們的銷售動能仍然強勁，第三季的預訂量處於健康水平，有利於未來的收入成長。我們的積壓總量仍接近歷史最高水準。一次性產品收入在本財年下半年一直是個重大挑戰，但到第四季仍將是該業務的最大阻力。整個財年的產品收入將比上財年下降15%至20%，較去年同期降幅比我們最初預期的還要大。

Although short of expectations, point-of-sale bookings are still up over the low point in Q1 of fiscal year '25. Professional services increased 13.5% over the prior year quarter to $14.5 million with services gross margin at 26.7%. Professional services reduced by $1.8 million when compared to Q2 fiscal year '25. The drop was largely related to the large development effort we've been working on during the past couple of years. We have now wrapped up the majority of the initial development requirements.

儘管低於預期，但銷售點預訂量仍高於 25 財年第一季的低點。專業服務比去年同期成長 13.5%，達到 1,450 萬美元，服務毛利率為 26.7%。與 25 財年第二季相比，專業服務減少了 180 萬美元。這一下降很大程度上與我們在過去幾年中所做的大量開發工作有關。我們現在已經完成了大部分初始開發需求。

We are moving past the major development phase and shifting our focus to the rollout phase of the project. We will continue to see some development services-related revenue associated with the large project, but at a significantly reduced level, bringing services revenue more in line with normal growth rates. Typical professional services projects also caused some revenue impact during Q3, where the timing of holidays caused several large projects to delay into the fourth quarter more than in prior years. Professional services backlog once again increased to record levels. Total recurring revenue represented 63.8% of total net revenue for the fiscal third quarter compared to 58% in the third quarter of fiscal 2024.

我們正在度過主要開發階段，並將重點轉移到專案的推出階段。我們將繼續看到一些與大型專案相關的開發服務相關收入，但水準顯著下降，使服務收入更符合正常成長率。典型的專業服務項目也在第三季度對收入造成了一些影響，假期時間導致幾個大型項目比往年更多地推遲到第四季度。專業服務積壓再次增加至創紀錄水準。經常性收入總額佔第三財季淨收入總額的 63.8%，而 2024 財年第三季為 58%。

Fiscal 2025 third quarter subscription revenue grew 45.1% over Q3 last fiscal year.

2025 財年第三季訂閱營收比上財年第三季成長 45.1%。

Subscription revenue comprised 63.8% of total recurring revenue compared to 55.6% of total recurring revenue in the third quarter of fiscal 2024. Subscription revenue increased sequentially $3.3 million from the second quarter of fiscal 2025. Organic subscription growth was 23% for the quarter and trending to 25% for the full fiscal year. Q3 was the best subscription sales quarter in our history. The subscription backlog continues to increase over our fiscal year '24 exit rates.

訂閱收入佔經常性總收入的 63.8%，而 2024 財年第三季佔經常性總收入的 55.6%。訂閱營收較 2025 財年第二季較上季成長 330 萬美元。該季度的有機訂閱成長率為 23%，整個財年的有機訂閱成長率可望達到 25%。第三季是我們史上最好的訂閱銷售季度。訂閱積壓量持續增加，超過我們 24 財年的退場率。

Moving down the income statement. Gross profit was $43.9 million compared to $37.8 million in the comparable prior year quarter. Gross profit margin was 63% compared to 62.5% in the third quarter of fiscal 2024. Overall, total gross margin should remain just north of 60% for the full fiscal year. Combined, the 3 main operating expense line items, product development, sales and marketing and general and administrative expenses when excluding stock-based compensation, were 42.1% of revenue in the fiscal 2025 third quarter compared to 43.1% of revenue in the prior year quarter.

將損益表向下移動。毛利為 4,390 萬美元，去年同期毛利為 3,780 萬美元。毛利率為 63%，而 2024 財年第三季為 62.5%。整體而言，整個財年的總毛利率應維持在 60% 以上。合計起來，3 個主要營運費用項目（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））佔 2025 財年第三季度收入的 42.1%，而去年同期佔收入的 43.1% 。

Excluding stock-based compensation, product development decreased to 18.2% of revenue during Q3 of fiscal 2025 compared to 20.9% of revenue in the comparable prior fiscal year Q3. General and administrative expenses decreased to 11.7% of revenue compared to 12.4% in the comparable prior fiscal year, while sales and marketing increased from 9.8% of revenue to 12.2% of revenue.

不包括以股票為基礎的薪酬，2025 財年第三季產品開發佔營收的比例下降至 18.2%，而上一財年第三季的營收佔營收的比例為 20.9%。一般及管理費用佔收入的比例從上一財年的 12.4% 下降至 11.7%，而銷售和行銷費用則從佔收入的 9.8% 增加到 12.2%。

Operating income for the third quarter of $7.4 million, net income of $3.8 million and gain per diluted share of $0.14 compares to the prior year third quarter gain of $7.8 million, $76.9 million and $2.85. The reduction in net income was primarily due to the release of a $65 million valuation allowance in the prior year quarter. Adjusted net income normalizing for certain noncash and nonrecurring charges of $10.7 million and adjusted diluted earnings per share of $0.38 were both improvements over the prior year third quarter result of $9.3 million and $0.35, respectively. For the 2025 third quarter, adjusted EBITDA was $14.7 million compared to $11.8 million in the year ago quarter. We are pleased to see our profitability levels being well ahead of the original FY '25 plan with adjusted EBITDA coming in at 21.2% of revenue.

第三季營業收入為 740 萬美元，淨利為 380 萬美元，攤薄後每股收益為 0.14 美元，而去年第三季收益為 780 萬美元、7,690 萬美元和 2.85 美元。淨利潤減少主要是由於上一季釋放了 6500 萬美元的估值津貼。某些非現金和非經常性費用正常化後的調整後淨利潤為 1,070 萬美元，調整後攤薄每股收益為 0.38 美元，分別比去年第三季的 930 萬美元和 0.35 美元有所改善。2025 年第三季度，調整後 EBITDA 為 1,470 萬美元，而去年同期為 1,180 萬美元。我們很高興看到我們的獲利水準遠遠領先於最初的 25 財年計劃，調整後的 EBITDA 佔營收的 21.2%。

Moving to the balance sheet and cash flow statements. Cash and marketable securities as of December 31, 2024, was $60.8 million compared to $144.9 million as of March 31, 2024. The cash decrease was related to the portion of the Book4Time acquisition paid with cash on hand. As a reminder, we also utilized $50 million through our credit revolver to fund the Book4Time acquisition. As of fiscal Q3 end, we had paid down $12 million of the associated debt.

轉向資產負債表和現金流量表。截至 2024 年 12 月 31 日，現金及有價證券為 6,080 萬美元，截至 2024 年 3 月 31 日，現金及有價證券為 1.449 億美元。現金減少與 Book4Time 收購中用庫存現金支付的部分有關。提醒一下，我們也透過信用循環動用了 5,000 萬美元來資助 Book4Time 的收購。截至第三財季末，我們已償還 1,200 萬美元的相關債務。

Subsequent to December 31, 2024, we paid down an additional $14 million.

2024 年 12 月 31 日之後，我們又支付了 1,400 萬美元。

Free cash flow in the quarter was $19.7 million compared to $11.3 million in the comparable prior year quarter. For the first 9 months of fiscal year 2025, free cash flow was $25.9 million compared to $10.7 million in the prior year. As we've said in the past, adjusted EBITDA and free cash flow continue to be good proxies for health of the business over the course of the fiscal year. Onetime revenue challenges have led us to lower our annual guidance to $273 million, though subscription growth remains at least 38%. Despite this, profitability is above plan due to lower costs associated with reduced revenue expectations.

本季自由現金流為 1,970 萬美元，去年同期為 1,130 萬美元。2025 財年的前 9 個月，自由現金流為 2,590 萬美元，而前一年為 1,070 萬美元。正如我們過去所說，調整後的 EBITDA 和自由現金流仍然是衡量本財年業務健康狀況的良好指標。曾經的收入挑戰導致我們將年度指引下調至 2.73 億美元，儘管訂閱成長仍至少為 38%。儘管如此，由於收入預期下降導致成本下降，獲利能力仍高於計劃。

In closing, our Q3 fiscal year 2025 financial results reflect some short-term challenges, but affirm the solid foundation for current and future revenue growth. With that, I will now turn the call back over to Ramesh.

最後，我們的 2025 財年第三季財務表現反映了一些短期挑戰，但肯定了當前和未來營收成長的堅實基礎。現在，我將把電話轉回拉梅什。

Thank you, Dave. In summary, let me reiterate that the top line revenue-related headwinds we have faced this fiscal year are only related to the tough transition phase we are in now as we leave behind older technologies we were dependent on for a couple of decades and have entered a new era of cloud-native modernized technologies using which we have created an integrated set of a unified ecosystem of hospitality-focused software modules, which have given us a distinct and tough to duplicate competitive advantage.

謝謝你，戴夫。總之，讓我重申，我們本財年面臨的收入相關阻力僅與我們現在所處的艱難過渡階段有關，因為我們拋棄了幾十年來依賴的舊技術，並進入了雲原生現代化技術的新時代，我們利用它創建了一套以酒店為中心的軟體模組的統一生態系統的整合集，這給了我們獨特且難以複製的競爭優勢。

Fiscal 2025 was a pivotal year in that massive transition, and we underestimated the sales challenges on the point-of-sale POS side of the equation. We should keep in mind that fiscal 2025 is still a record sales year for us but could have been a lot better. In addition, we could have also done a lot better with the speed of hiring for the implementation services teams. We are focused on that now and expect professional services revenue to return to more realistic growth levels moving forward. We cannot blame these challenges on any other significant reason.

2025 財年是這次大規模轉型的關鍵一年，我們低估了銷售點 POS 的銷售挑戰。我們應該記住，2025 財年對我們來說仍然是創紀錄的銷售年，但情況本來可以好得多。此外，我們還可以在招募實施服務團隊的速度方面做得更好。我們現在專注於這一點，並預計專業服務收入未來將恢復到更現實的成長水平。我們不能將這些挑戰歸咎於其他重要原因。

There are no external headwinds that have caused these challenges, no macroeconomic issues, no changes in the competitive environment, no structural issues, our business fundamentals are stronger now than ever before. Nothing that will require us to rethink any of our ongoing business and growth investment strategies, none of any of that.

沒有造成這些挑戰的外部阻力，沒有宏觀經濟問題，沒有競爭環境的變化，沒有結構性問題，我們的業務基礎現在比以往任何時候都更強大。沒有什麼需要我們重新考慮我們正在進行的業務和成長投資策略，沒有任何一個。

Our profitability levels are good and can be improved further as our operating leverage continues to be steadily more effective over the medium and long term. We have not sacrificed any growth-related needs to fuel profitability. The total addressable market size remains huge. We have now a credible presence in the PMS property management systems arena, where our growth journey is only getting started. We remain confident in our ability to run a world-class enterprise software disciplined growth organization, which knows how to balance growth and profitability.

我們的獲利水準良好，並且隨著我們的經營槓桿在中長期內繼續穩定有效地提高，我們的獲利水準可以進一步提高。我們沒有為了提高獲利能力而犧牲任何與成長相關的需求。潛在市場總規模仍然龐大。現在，我們在 PMS 物業管理系統領域擁有了可靠的地位，而我們的成長之旅才剛開始。我們對經營世界一流的企業軟體紀律性成長組織的能力仍然充滿信心，該組織知道如何平衡成長和獲利能力。

The major PMS project we've been working on continues to progress well. We are working through this transition phase and are in a good position to thrive and grow. We underestimated some of the short-term old to new transition challenges this fiscal year. That is it, nothing more and nothing less. The newer modernized unified versions of our product sets are doing well in the field.

我們一直致力於的主要 PMS 專案繼續進展順利。我們正在經歷這個過渡階段，並處於蓬勃發展和成長的有利位置。我們低估了本財年一些短期的新舊轉型挑戰。就是這樣，不多也不少。我們產品集的最新現代化統一版本在該領域表現良好。

They are easier to implement, support and enhance. They give us excellent reasons to be very bullish about our future for our employees, customers and shareholders. With that, Towanda, let's open up the call for questions.

它們更容易實施、支援和增強。它們讓我們有充分的理由對員工、顧客和股東的未來充滿信心。托旺達，讓我們開始提問吧。

(Operator Instructions) George Sutton, Craig-Hallum.

（操作員說明）George Sutton，Craig-Hallum。

Ramesh, I wondered if you could just walk through this development process that you talked about that we're now going to be in with our major project. What does it tell us about the overall project? Have there been any scope changes? I believe we were pursuing a train the trainer model, which would suggest at some point, we have less services component to this. But if you could just give us a little sense of that.

Ramesh，我想知道您是否可以簡單介紹一下您談到的我們現在將要進行的主要專案的開發過程。它告訴我們關於整個專案的什麼資訊？範圍有變化嗎？我相信我們正在追求一種培訓培訓師的模式，這表明在某種程度上，我們對此的服務組件較少。但如果你能讓我們稍微了解一下就好了。

And then also, you mentioned that there will be a few test properties, then a pilot phase. Can you just give us a little more detail on the significance of those phases?

然後，您提到將會有一些測試屬性，然後是試點階段。您能否為我們詳細介紹這些階段的重要性？

Yes. George, the good news about this project is there are no major changes from what we have been telling you all this time. Given how big a project it is with a major customer, it's a massive transformational project for them that involves multiple vendors. And considering all the moving parts, it has gone remarkably well so far and almost exactly on plan.

是的。喬治，關於這個項目的好消息是，與我們一直告訴您的內容相比，沒有重大變化。考慮到與主要客戶合作的專案有多大，這對他們來說是一個涉及多個供應商的大型轉型專案。考慮到所有的活動部件，到目前為止，它進展得非常順利，幾乎完全按照計劃進行。

So there was a lot of development needs -- product development needs that needed to get done, which are all substantially over now. And we are now moving into the ecosystem system performance testing and deployment planning phases, which is exactly what -- where we thought we would be at this time. And what we expect in the second half of this year is test properties followed by pilot sites to go live in the second half of calendar 2025, and then we proceed from there. So all that is going exactly the way it was planned. And one thing to note that it is being managed very well by Marriott.

所以有很多開發需求——需要完成的產品開發需求，現在基本上都已經結束了。我們現在正進入生態系統效能測試和部署規劃階段，這正是我們目前所設想的階段。我們預計今年下半年將進行測試，隨後試點將在 2025 年下半年投入使用，然後我們將從那裡開始。所以一切都完全按照計劃進行。值得注意的是，萬豪管理得很好。

There's a lot of transparency across all parties. There are obviously multiple vendors involved in this. And we and the other vendors have good seats at the table. We are all aware, the details are transparent. We're all aware of what is going on.

各方之間都有很大的透明度。顯然有多個供應商參與其中。我們和其他供應商在談判桌上擁有良好的席位。我們都知道，細節是透明的。我們都知道發生了什麼事。

And there's a remarkable degree of cooperation and coordination among all the parties. So things are going on well.

各方之間的合作與協調程度非常高。所以事情進展順利。

You mentioned that you won't be surprised if international is a record this quarter which would be suggestive of some near-term pipeline opportunities. What is that dependent on this quarter? Is it dependent on you winning something that you are anticipating winning? Or is it the timing of the decision that's more important?

您提到，如果本季度國際業務創紀錄，您不會感到驚訝，這將暗示一些近期的管道機會。這個季度取決於什麼？這是否取決於您是否贏得了您期望贏得的東西？還是做出決定的時機更重要？

See, the characteristic of international sales for the last few quarters, which is sort of both good news and bad news, George, is that it is still dependent on a few home runs and not enough singles and doubles. And there are a couple of significant sales opportunities that we have been working on that I think hopefully should come to fruition during the next few months.

瞧，過去幾個季度的國際銷售的特點，這既是好消息也是壞消息，喬治，是它仍然依賴於一些本壘打和沒有足夠的單打和雙打。我們一直在努力尋找一些重要的銷售機會，我認為這些機會有望在未來幾個月內實現。

So there is a chance that this quarter, January through March, could be a record quarter for international sales, but that still doesn't get out of the doldrums. We still need to build a solid pipeline of singles and doubles, which we are working on. We are building our reputation. We are increasing our relationships. But these kinds of big wins when they happen, do matter because it increases our presence.

因此，本季（一月至三月）有可能成為國際銷售創紀錄的季度，但仍沒有擺脫低迷。我們仍然需要建立一個堅實的單打和雙打管道，我們正在努力做到這一點。我們正在建立我們的聲譽。我們正在加強我們的關係。但當這些重大勝利發生時，它們確實很重要，因為它增加了我們的影響力。

But the dependence is still on the big hits, the big home runs we need to develop more singles and doubles in the international regions.

但我們仍然依賴大擊球、大本壘打，我們需要在國際賽區發展更多的單打和雙打。

One other thing, if I could. You mentioned the new Agilysys is still not necessarily appreciated as broadly as you would like. I'm curious if you can bifurcate that to domestic versus international. Do you feel you're known better domestically and therefore, seeing the opportunities you should see? And then on the other side, on the international side, my assumption is you're not seeing as many opportunities as you think you should based on the new Agilysys?

還有一件事，如果可以的話。您提到新的 Agilysys 仍然沒有像您希望的那樣得到廣泛的認可。我很好奇你是否可以將其分為國內和國際。您是否覺得您在國內的知名度更高，因此看到了您應該看到的機會？另一方面，在國際方面，我的假設是，基於新的 Agilysys，您沒有看到您認為應該看到的那麼多機會？

Yes. In terms of the repetition of the new Agilysys, George, we do have 2 hills to climb, one domestic and one international. And there is no question that the domestic hill is a lot shorter to climb. We already have a reputation domestically. We are well known, reasonably well known.

是的。就新 Agilysys 的重複而言，喬治，我們確實有兩座山需要攀登，一座是國內的，一座是國際性的。而且毫無疑問，國內的山峰要爬的距離短很多。我們在國內已經有了一定的知名度。我們眾所周知，相當眾所周知。

Now we are trying to spread the message of the new Agilysys. And for that, a lot of the new installations, meaning installations based on the new modernized and unified versions, we are getting more and more of them done.

現在我們正在努力傳播新 Agilysys 的訊息。為此，許多新的安裝，意味著基於新的現代化和統一版本的安裝，我們正在完成越來越多的安裝。

And as they continue to go well, the message of the new Agilysys, the modernized cloud-native solutions keeps spreading. Internationally, that hill is a lot higher to climb because we just didn't have that much of a reputation before. Not only do we have to establish the name of Agilysys there, and then we have to establish the name of new Agilysys as well. And a lot of the big projects, the big sales opportunities we are working on will provide us that news, right, will provide us those referenceable customers around whom we can build. To answer your question, it is definitely an easier process domestic than in international.

隨著它們繼續順利進行，新的 Agilysys、現代化的雲端原生解決方案的訊息不斷傳播。在國際上，這座山要爬得更高，因為我們以前沒有那麼大的聲譽。我們不僅必須在那裡建立 Agilysys 的名稱，還必須建立新 Agilysys 的名稱。我們正在進行的許多大型專案、大型銷售機會將為我們提供新聞，對吧，將為我們提供那些我們可以圍繞其建立的可參考的客戶。回答你的問題，國內的過程肯定比國際的容易。

I'll leave it to others.

我會把它留給其他人。

Sam Salvas, Needham & Company.

薩姆·薩爾瓦斯，李約瑟公司。

I'm just stopping on for Mike here tonight. I wanted to touch on the POS sales in the quarter. I know you said they were better than the first quarter, but they still declined sequentially. So I'm just curious if you guys could talk about what gives you the confidence that these trends are going to get better in the coming quarters and throughout the coming year?

今晚我只是去拜訪麥克。我想談談本季的 POS 銷售情況。我知道你說他們比第一季好，但他們仍然環比下降。所以我很好奇你們能否談談是什麼讓你們有信心這些趨勢在未來幾季和來年會變得更好？

Yes. So our confidence that POS sales will continue improving is based on the pipeline we are working on now, Sam. Like we told you, there is one crucial metric of pipeline that we manage internally that we refer to as demo plus pipeline. So our sales pipeline runs into hundreds of millions of dollars. But within that, we focus on a subset that we call demo plus, which is the pipeline of sales opportunities where we have at least reached the product demonstration stage, where the customer has asked for product demos and those product demos are going on.

是的。因此，我們對 POS 銷售將繼續改善的信心是基於我們現在正在開發的管道，Sam。正如我們告訴您的，我們內部管理的管道有一個重要指標，我們稱之為演示加管道。所以我們的銷售管道達到數億美元。但其中，我們專注於一個稱為「演示+」的子集，這是銷售機會的管道，我們至少已經達到產品演示階段，客戶要求提供產品演示，並且這些產品演示正在進行中。

Now that pipeline for PMS is something like 37% higher than the same time last year, meaning compare December end calendar 2024 with December end calendar 2023, PMS is like 37% higher, but POS is 22% higher. We are working through a lot of significant POS sales opportunities. Now I would not put too much focus on the fact comparing sales of Q1 versus Q2 versus Q3. One thing is clear to us, Q1 was the definite bottom point. we have struggled with POS sales for a couple of quarters.

現在，PMS 的管道比去年同期高出 37%，這意味著將 2024 年 12 月底日曆與 2023 年 12 月底日曆相比，PMS 大約高 37%，但 POS 高 22%。我們正在努力尋找許多重要的 POS 銷售機會。現在我不會過多關注第一季、第二季和第三季銷售額的比較。我們很清楚一件事，第一季是明確的最低點。幾個季度以來，我們的 POS 銷售一直舉步維艱。

Q1 hit a low point. And since then, we are climbing back upwards. And there are significant POS sales opportunities we are working on now, which gives us the confidence that things will improve reasonably quickly during the coming few quarters.

Q1觸及低點。從那時起，我們又開始往上攀爬。我們現在正在開發重要的 POS 銷售機會，這讓我們有信心在未來幾季內情況將會相當迅速地改善。

Got it. Okay. That's helpful. And then just a quick follow-up on the 11 new subscription logos you guys signed in the quarter. Could you just quickly talk about what markets these were in, which verticals and maybe parse out how many were POS versus PMS?

知道了。好的。這很有幫助。然後快速跟進一下你們在本季簽署的 11 個新訂閱標誌。您能否快速談談這些產品所在的市場、哪些垂直領域，以及分析一下 POS 與 PMS 分別有多少？

A good portion of them were POS, like it usually is for us. Many of them involve both POS and PMS together. And probably the main highlight of that was that each of them involved purchase of 6 products, which is a record high for us. We have never been anywhere close to that six number on an average across all the new customers and 6 was a record high for us. So each customer who came to us purchased several products and most of them involved both POS and PMS.

其中很大一部分是 POS，就像我們通常所做的那樣。其中許多同時涉及 POS 和 PMS。其中最大的亮點可能是每個訂單都涉及購買 6 種產品，這對我們來說是歷史新高。我們從來沒有接近過所有新客戶的平均數字 6，而 6 對我們來說是一個歷史新高。所以每個來找我們的客戶都購買了多種產品，其中大多數都涉及POS和PMS。

So POS was more than PMS in that. In terms of verticals, I don't know exactly which vertical they were more of, but it involved all verticals. There was no particular vertical where I could highlight for you. It involved all our sales verticals. There were new customers across all of them.

因此，POS 在這方面比 PMS 更重要。從垂直領域來說，我不太清楚他們到底更多的是哪個垂直領域，但它涉及所有垂直領域。我沒有可以為您強調的特定垂直領域。它涉及我們所有的銷售垂直領域。他們所有人都有新客戶。

Yes. Okay. Good to hear. All right, thanks. I'll jump back in.

是的。好的。很高興聽到。好的，謝謝。我會跳回來。

[Ivan akin], Oppenheimer.

[伊凡阿金]，奧本海默。

This is Brian Schwartz for Oppenheimer. Ramesh, in terms of the point-of-sale bookings weakness that you talked a lot about, is that mostly contained in the Managed Foods Category or is it happening in those other categories?

我是奧本海默的布萊恩‧施瓦茲。Ramesh，就您多次談到的銷售點預訂弱點而言，這主要包含在管理食品類別中，還是發生在其他類別中？

It was -- to answer your question, Brian, it's mostly of large part, huge majority of it is mostly because of the Managed Food Service vertical. Though I would say that in the other verticals, which are doing well, it could be better. But in terms of the challenges we have had, they have been for the large part in the managed food services vertical. And in that vertical and also in the lower end of the markets in the other verticals as well, these are all major restaurants, caferas, F&B places that don't have the greatest IT support, right?

布萊恩，回答你的問題，這很大程度上是因為管理食品服務垂直領域。雖然我想說的是，在其他垂直領域，雖然表現不錯，但可以做得更好。但就我們遇到的挑戰而言，它們很大程度上來自於管理食品服務垂直領域。在該垂直市場以及其他垂直市場的低端市場中，這些都是沒有最好的 IT 支援的主要餐廳、咖啡館、餐飲場所，對吧？

They cannot afford huge IT departments. So the products have to be simple to install. They have to be simple to support. They have to be very simple to upgrade. Those are all requirements in the POS.

他們負擔不起龐大的 IT 部門。因此，產品必須易於安裝。它們必須易於支撐。它們的升級必須非常簡單。這些都是 POS 中的要求。

Now that's how our POS systems used to be, but we took on this massive transformation of reengineering it completely into cloud-native products and also unify staff-facing and guest-facing feature sets. And it became more complicated than it should be, and that caused pause in some of the opportunities coming through, which we are now getting past since a lot of the new installs are back to being simple to upgrade to enhance and support. But it was -- the damage was mostly in the managed food service vertical.

現在我們的 POS 系統就是這樣，但我們進行了大規模改造，將其完全重新設計為雲端原生產品，並統一了面向員工和麵向客人的功能集。它變得比應有的更加複雜，這導致了一些機會的暫停，我們現在已經過去了，因為許多新安裝又回到了簡單的升級以增強和支援。但事實確實如此——損失主要集中在管理食品服務垂直領域。

Okay. Moving on, Ramesh, in your introductory comments, sounds like you're putting a greater focus on the go-to-market on the new customer acquisition. And I know that, that's hasn't been the primary source for bookings, more of that comes from the installed base. My question for you is, does that change the cadence of your sales rep hiring for next year? Are you looking to scale up the capacity of more hunters or are you planning to make any other changes either in the organizational structure or the leadership to support a greater focus on the customer acquisition motion next year?

好的。繼續，拉梅什，在您的介紹性評論中，聽起來您更加關注新客戶獲取的市場推廣。我知道，這並不是預訂的主要來源，更多的是來自安裝基礎。我想問您的問題是，這是否會改變您明年招募銷售代表的節奏？您是否希望擴大更多獵人的能力，或者是否計劃在組織結構或領導層方面進行任何其他改變，以支持明年更加關注客戶獲取行動？

Yes. So Brian, the customer acquisition focus, yes, is more on getting more newer customers. And the fundamental thing we are doing now we are focused on is ensuring full territory coverage, which is where we have been lacking before. Now we are continuing to -- we are going to get a lot of sales from our current customers. We have great relationships with them.

是的。所以布萊恩，客戶獲取的重點，是的，更多的是獲得更多的新客戶。而我們現在做的最根本的事情就是我們關注的重點是確保全局覆蓋，這是我們以前所缺乏的。現在我們將繼續——我們將從現有客戶那裡獲得大量銷售。我們與他們有著良好的關係。

They're all very happy that we have modernized our products, and they have been with us for a very long time. So the new product sales, selling more products to customers with at least one of our products is going to continue to increase. Like I said in my opening remarks, in 3 quarters this year, this is already our best year. We have 1 quarter to go, and we are far ahead of full previous year. So that is going to continue.

他們都很高興我們對產品進行了現代化改造，他們已經和我們在一起很長時間了。因此，新產品銷售、向至少擁有我們一種產品的客戶銷售更多產品將持續增加。正如我在開場白中所說，今年三個季度，這已經是我們最好的一年。還剩下一個季度，我們遠遠領先去年全年。所以這將繼續下去。

But our success has to come a lot more from new customers and new sites as well. Now a couple of things.

但我們的成功也必須更多來自新客戶和新站點。現在有幾件事。

Number one, we have plenty of room for sales growth with the current sales team. We did expand our sales team over the last one or two years. And we still have what I would call the second half of the sales team that can do a lot better than they are doing today. So the focus is on that. They've all gone through the ramp time.

第一，我們現有的銷售團隊有很大的銷售成長空間。在過去的一兩年裡，我們確實擴大了銷售團隊。我們仍然擁有我所說的銷售團隊的後半部分，他們可以比現在做得更好。所以重點就在這裡。他們都經歷了斜坡時間。

And now that the products are there to sell, we are expecting a lot more from them. So the first thing is there is plenty of room for sales growth with the current sales team. Now Joe Youssef is also focused on expanding the sales teams, especially in the hotels and resorts area. And we are focused on making sure we cover the territory. There are still thousands of properties that we are not touching properly at the moment, and we are focused on expanding our sales team to ensure full territory coverage.

現在產品已經可以銷售了，我們對它們的期望更高。因此，首先是目前的銷售團隊有很大的銷售成長空間。現在，喬·優素福也專注於擴大銷售團隊，特別是在酒店和度假村領域。我們專注於確保覆蓋整個地區。目前仍有數千處房產我們沒有適當接觸，我們正致力於擴大我們的銷售團隊以確保全區域覆蓋。

Now the rest of all the teams are focused on helping sales. We want to make sure we create a lot more referenceable customers with the newer versions so that it becomes easier for sales to sell. So we are focused on all those areas, Brian.

現在，所有團隊的其餘成員都專注於幫助銷售。我們希望確保透過新版本創造更多可參考的客戶，以便銷售變得更容易。所以我們專注於所有這些領域，布萊恩。

And one follow-up for Dave. Just on the guidance, are you taking the same methodology as you've had before? Or are you injecting a little more conservatism given the guidance has been walked down here a couple of times. Just getting a lot of questions whether this is a new guide or still kind of the new pipeline that you're looking at. If you could share any color on that methodology, I'd appreciate it.

還有戴夫的後續行動。就指導而言，您是否採用與以前相同的方法？或者考慮到指導已經在這裡進行了幾次，您是否會注入更多的保守主義。只是收到很多問題，這是否是一個新指南，或者仍然是您正在查看的新管道。如果您能分享任何有關該方法的顏色，我將不勝感激。

I think it's a consistent way of guiding. I mean we feel very strong about the short- and medium-term opportunities through the pipeline. I mean, Ramesh gave a lot of commentary about how well our pipeline is doing. But obviously, with only a couple of months left in the quarter, we're likely not going to make up some of the services shortfall and some of the product shortfall. I mean I would expect product revenue to kind of remain about where it is today, maybe up a little bit.

我認為這是一種一致的指導方式。我的意思是，我們對管道中的短期和中期機會感到非常強烈。我的意思是，拉梅什對我們的管道表現發表了很多評論。但顯然，在本季只剩下幾個月的情況下，我們可能無法彌補部分服務缺口和部分產品缺口。我的意思是，我預計產品收入將保持在目前的水平，也許會增加一點。

Services obviously will improve next quarter as we -- without the holiday impact and then the normal subscription growth you're used to seeing to kind of get you to the 25% guide. But I would say there's not a change in methodology. I mean we feel as strong as we ever have about our pipeline in the medium and short term of Agilysys. But with just quarter left, it's going to be hard to make up the onetime revenue.

下個季度的服務顯然會有所改善，因為沒有假期的影響，然後您習慣看到的正常訂閱成長會讓您達到 25% 的指導值。但我想說方法論沒有改變。我的意思是，我們對 Agilysys 的中短期管道感到一如既往的強大。但由於只剩下一個季度的時間，一次性的收入將很難彌補。

Nehal Chokshi, Northland Capital Markets.

Nehal Chokshi，北國資本市場。

Ramesh, in your prepared remarks, you said something was up 70% year-over-year. I didn't catch what that something, but could you repeat that, please?

Ramesh，在您準備好的發言中，您提到同比增長了 70%。我沒聽清楚那是什麼，但是你能再說一次嗎？

We said -- are you referring to the sales pipeline comment we made, Nehal?

我們說——你指的是我們所做的銷售管道評論嗎，Nehal？

I believe so, yes.

我相信是的，是的。

Yes. So.

是的。所以。

Thinking about the PMS bookings or some sort of bookings?

考慮 PMS 預訂或某種預訂嗎？

Yes. We are referring to the sales pipeline or you're referring to the bookings or you're referring to the subscription revenue growth. So let me just cover that very quickly. Let's talk about bookings first. PMS and PMS-related add-on modules sales booking at the end of 3 quarters is already a record full year for us.

是的。我們指的是銷售管道，或您指的是預訂，或您指的是訂閱收入成長。讓我快速介紹一下。我們先來說說預訂。三季末的 PMS 和 PMS 相關附加模組銷售預訂量已創下全年紀錄。

So in terms of sales bookings of PMS and PMS-related add-on modules are a record for us, a record as far as full year is concerned. Now without book4Time, you remove Book4Time numbers out of it, the sales of PMS and related modules is about 70% higher this Q3 than last Q3. So you take this October to December and just add up all our PMS. By the way, there is no Marriott PMS sales included in all this because we have not yet started including that in sales. The sales of PMS and add-on modules this Q3 was 70, 7-0, 70% higher than sales during last year's Q3.

因此，就 PMS 和 PMS 相關附加模組的銷售預訂而言，我們創下了全年記錄。現在如果沒有book4Time，你把Book4Time的數字去掉，PMS和相關模組的銷售額今年第三季比去年第三季高出約70%。所以你把今年 10 月到 12 月的所有經前症候群加起來。順便說一句，這一切中不包括萬豪 PMS 銷售額，因為我們尚未開始將其納入銷售額。第三季 PMS 和附加模組的銷售額比去年第三季的銷售額高出 70%、7-0%、70%。

That's one thing we mentioned. We also mentioned that including Book4Time, Sales of PMS and related modules in 3 quarters is already our best ever year, higher than 33% compared to the previous best full year. We mentioned both those aspects. And we also said that sales pipeline, and we only count pipeline that have reached the demonstration stage of products, PMS this year is about 37% higher than PMS at the same time, December end last year. I think those are the 3 things we mentioned.

這是我們提到的一件事。我們也提到，包括Book4Time在內，PMS及相關模組的3個季度的銷售額已經是我們有史以來最好的一年，比之前最好的全年增長了33%以上。我們提到了這兩個面向。而且我們也說了銷售管道，我們只統計已經達到示範階段的產品管道，今年的PMS比去年12月底同時期的PMS高出37%左右。我認為這就是我們提到的三件事。

Yes, that's great. And just to be clear, PMS bookings, excluding Book4Time is up 70% year-over-year, which is tracking way ahead of your pipeline growth. Is that just a result of timing? Or is that a result of increased run rates?

是的，那太好了。需要明確的是，PMS 預訂（不包括 Book4Time）年增 70%，遠遠領先您的通路成長。這只是時間的結果嗎？還是這是運行率提高的結果？

It is because of additional signings with new customers. That is customers who didn't have our PMS products before signing up to buy PMS products. Yes, you compare Q3 this year that we just completed with Q3 last year, it is 7-0, 70% higher in terms of actual sales signed with customers. And that is tracking ahead of pipeline. And that is where we wish POS sales had also done well, we would be flying a lot higher now.

這是因為與新客戶的簽約增加。也就是在註冊購買PMS產品之前沒有我們的PMS產品的客戶。是的，你把今年我們剛完成的第三季和去年第三季進行比較，是7-0，從實際與客戶簽訂的銷售額來看，高出了70%。這正在追蹤管道的進展。這就是我們希望 POS 銷售也表現出色的地方，我們現在會飛得更高。

Yes. And then in the past, you talked about module attach rate for PMS bookings. Can you give out that metric again for the December quarter?

是的。然後在過去，您談到了 PMS 預訂的模組附加率。您能否再次給出 12 月季度的該指標？

Yes, mostly for the newer customers, what we said the new customers we have signed bought an average of 6 products from us, which is a record high for us. And generally, the PMS attach rate of ad modules is about 8 modules. It's about 8.5 modules per PMS deal that we sign. Every time we sign a PMS deal, it goes along with about 7 to 8 attached add-on modules.

是的，主要是針對新客戶，我們所說的我們簽約的新客戶平均購買了我們6個產品，這對我們來說是歷史新高。一般廣告模組的PMS附著率在8個模組左右。我們簽署的每份 PMS 交易大約有 8.5 個模組。每次我們簽署 PMS 協議時，都會附帶大約 7 到 8 個附加模組。

Okay. And then my last question is that...

好的。然後我的最後一個問題是......

And we have more -- sorry, you may have -- we have more add-on modules with PMS than we have with POS. Go ahead.

我們還有更多——抱歉，您可能有——我們的 PMS 附加模組比 POS 還多。前進。

Yes. Understood. And then you've got a new TAM slide where you're going from what used to be a $5 billion ARR TAM that you used to cite 6 months ago to now $16 billion. Can you take us through the confidence level that Agilysys really is addressing this incremental $11 billion and whether or not the expectations of the type of market share you think you can get in your core markets is the same for these adjacencies that you've identified?

是的。明白了。然後你會看到一張新的 TAM 幻燈片，其中你將從 6 個月前引用的 50 億美元 ARR TAM 變成現在的 160 億美元。您能否向我們介紹一下 Agilysys 真正解決這一增量 110 億美元問題的信心水平，以及您認為您可以在核心市場獲得的市場份額類型的預期是否與您已確定的這些鄰接市場相同？

Yes. Nehal, we feel like the new TAM represents our current market. I mean the old TAM we had not rolled in a lot of the add-on modules. I mean, keep in mind, most of these add-on modules are -- we call them add-on modules, but they're really stand-alone products that are competing with 5 to 10 people in the market at any given point. So we had kind of that as a practice-weighted tool, they were have the ability to compete on a best-of-breed to roll that in.

是的。Nehal，我們覺得新的 TAM 代表了我們目前的市場。我的意思是舊的 TAM 我們沒有加入很多附加模組。我的意思是，請記住，大多數附加模組都是——我們稱之為附加模組，但它們實際上是獨立的產品，在任何給定的時間點都在與市場上的5 到10 個人競爭。所以我們有一種作為實踐加權工具的東西，他們有能力在最好的品種上競爭來推出這一點。

But most of the TAM expansion is really just rolling in our add-on modules that after 3 or 4 years are now competing on a best-of-breed methodology.

但大多數 TAM 擴充功能實際上只是在我們的附加模組中滾動，三到四年後，這些模組現在正在採用最佳方法進行競爭。

Okay. And then implicitly, currently, you have lower market share on this incremental (inaudible) that's expected. But on a longer-term basis, would you expect the market share on incremental TAM to continue to be far less than your market share of your core markets, current core markets?

好的。然後隱含地，目前，您在預期的增量（聽不清楚）方面的市場份額較低。但從長遠來看，您是否預期增量 TAM 的市佔率將繼續遠低於您在核心市場（即當前核心市場）的市佔率？

No. I mean, we expect -- I mean, whether you're talking about add-on or PMS core, I mean we're such -- we have a low market share today. I mean we still have less than 300,000 rooms in a near [2 million] room market. So there's plenty of expansion in our core solutions. And obviously, like we've talked about a lot over the last couple of years, we're just starting to compete on the best of breed in our Tier 2 core and our add-on modules.

不。我的意思是，我們預計 - 我的意思是，無論你談論的是附加組件還是 PMS 核心，我的意思是，我們今天的市場份額很低。我的意思是，在近 [200 萬] 間客房市場中，我們的客房數量仍然不到 30 萬間。因此，我們的核心解決方案有大量的擴展。顯然，就像我們在過去幾年中談論過的那樣，我們才剛開始在第 2 層核心和附加模組中進行最佳品種的競爭。

So we don't feel like we're butting up against any kind of market penetration limitations, and we think across the board, we'll take more market share over the short and medium term.

因此，我們不覺得我們正在面臨任何類型的市場滲透限制，而且我們認為，從整體上看，我們將在短期和中期佔據更多的市場份額。

Stephen Sheldon, William Blair.

史蒂芬謝爾頓，威廉布萊爾。

You have Matt Filek on for Stephen Sheldon. I wanted to start with a couple of quick model questions for Dave. Number one, how should we be thinking about gross margins in the fourth quarter and into next year in light of the challenges with the point-of-sale, sales activity? And then two, can you just clarify what you mean by more normalized growth rates for the professional service line item looking into next year?

馬特·菲萊克 (Matt Filek) 替補史蒂芬·謝爾頓 (Stephen Sheldon)。我想先向戴夫提出幾個快速的模型問題。第一，鑑於銷售點和銷售活動面臨的挑戰，我們應該如何考慮第四季和明年的毛利率？第二個問題，您能否澄清一下明年專業服務項目更加正常化的成長率是什麼意思？

Yes. So I mean, for us, we kind of look at the business has been -- the gross margin has obviously been growing over the last 4 or 5 years as we've made the transition to more of a subscription base. I mean, we went into this year kind of thinking they would cross over into the 60% gross margins for the first time. Now I mean, we're trending closer to the 63% gross margin. That feels more normal to us.

是的。所以我的意思是，對我們來說，我們關注的是業務——過去四到五年毛利率明顯在成長，因為我們已經轉向更多的訂閱基礎。我的意思是，今年我們認為他們的毛利率將首次突破 60%。現在我的意思是，我們的毛利率正在接近 63%。這對我們來說感覺更正常。

I mean, so going into next year, I would assume you would see gross margin expansion incrementally. I don't think there's going to be a 5% or 6% jump, but I would think gross margins would continue to grow up a point or 2 from where they are today at 62%, 63%. So with the change in product mix, I don't think we'll go back down to the low 60s or high 50s in gross margin.

我的意思是，進入明年，我假設你會看到毛利率逐漸擴大。我不認為會有 5% 或 6% 的跳躍，但我認為毛利率將繼續比現在的 62%、63% 增加一兩個百分點。因此，隨著產品結構的變化，我認為我們的毛利率不會回到 60 多歲或 50 多歲的高點。

And then the normalized service is -- I mean, so really, the way we think about professional services is professional services is a line that kind of grows with top line revenue. And obviously, the last couple of quarters, we've had the major development, and we've had some 37%, 39% type services growth, which is not normal for us. We expect professional services to grow in line with top line. So if top line is growing 15% to 20%, professional services probably grows around the same level, obviously, once kind of backing out some of the onetime anomalies we've had this fiscal year.

然後，標準化服務是——我的意思是，實際上，我們對專業服務的看法是，專業服務是隨著營收成長而成長的。顯然，過去幾季我們取得了重大進展，類型服務成長了約 37%、39%，這對我們來說並不正常。我們預計專業服務將與營收同步成長。因此，如果收入增長 15% 到 20%，專業服務可能會增長大約相同的水平，顯然，這有點抵消了我們本財年曾經出現的一些異常現象。

Got it. Dave, Helpful context on both of those. And then this question was somewhat addressed already, but I just wanted to circle back on it. So for the Marriott rollout, is there anything you can share on the planned pace of rollout from a location perspective? And then are there any regions in particular that you may initially focus that deployment?

知道了。戴夫，對這兩個問題都有幫助。這個問題已經在一定程度上得到了解決，但我只是想回顧一下。那麼，對於萬豪酒店的推出，您可以從位置角度分享計劃的推出速度嗎？那麼，您最初可能會重點關注哪些地區的部署？

Unfortunately, Matt, no, we cannot. So the best we can tell you now is the project is going well. There's a high degree of transparency across all the parties, and it is being managed very well and what we expect in the second half of calendar 2025, are test properties and following that pilot sites to go live. That is the best we can tell you now, unfortunately.

不幸的是，馬特，不，我們不能。所以我們現在能告訴你的最好的消息就是這個專案進展順利。各方之間都具有高度的透明度，並且管理得非常好，我們預計在 2025 年下半年將進行測試，並在試點站點上線後進行。不幸的是，這是我們現在能告訴你的最好的訊息。

Thank you. Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back over to Ramesh for closing remarks.

謝謝。女士們先生們，我不會在隊列中顯示任何其他問題。我現在想將電話轉回給拉梅什，讓他發表結束語。

Thank you, Towanda. Thank you for all your interest and support. Best wishes to all of you for a very happy, healthy, safe and successful 2025. Look forward to catching up again around the middle to end of May when we will be reporting Q4 and full fiscal year 2025 results. Thank you.

謝謝你，托旺達。感謝您的關注與支持。祝大家 2025 年快樂、健康、安全、成功。期待在 5 月中下旬左右再次趕上，屆時我們將報告第四季度和 2025 財年全年業績。謝謝。

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們先生們，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。