Agilysys Inc (AGYS) 2025 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Agilysys 2025 fourth-quarter and full fiscal year conference call. (Operator Instructions) As a reminder, today's conference is being 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，大家好，歡迎參加 Agilysys 2025 第四季和全年財報電話會議。（操作員指示）提醒一下，今天的會議正在被錄音。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, Carmen, and good afternoon, everybody. Thank you for joining the Agilysys 2025 fourth-quarter and full fiscal year conference call. We will get started in just a minute with management's comments, but before doing so, let me read the Safe Harbor language.

謝謝你，卡門，大家下午好。感謝您參加 Agilysys 2025 第四季和全年財年電話會議。我們將立即開始管理層的評論，但在此之前，請允許我先閱讀安全港語言。

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

今天電話會議上的一些聲明將具有預測性，並旨在根據 1995 年美國私人證券訴訟改革法案的安全港保護規定以前瞻性的方式做出，包括有關我們的財務指導的聲明。儘管該公司認為其前瞻性陳述是基於合理的假設，但此類陳述仍受風險和不確定性的影響，可能導致結果出現重大差異。

Important factors that could cause actual results to vary materially from these forward-looking statements include the impact macroeconomic factors may have on the overall business environment, our ability to achieve the provided guidance levels, maintaining sales momentum, the company's ability to convert the backlog into revenue, 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.

可能導致實際結果與這些前瞻性陳述產生重大差異的重要因素包括宏觀經濟因素對整體商業環境的影響、我們實現所提供的指導水平的能力、保持銷售勢頭、公司將積壓訂單轉化為收入的能力、以及公司在 10-K 和 10-Q 表報告中以及向美國證券交易委員會提交的其他報告中所述風險。

As a reminder, any references to record financial or 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.

提醒一下，本次電話會議中提到的任何財務或業務水平記錄僅指 Agilysys 在 2014 財年轉型為完全專注於酒店業的軟體解決方案公司之後的時間段。

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 2025 fourth-quarter and full-year earnings call. Joining Jess and me on the call today at our Alpharetta headquarters is Dave Wood, our CFO.

謝謝你，傑西。晚安.歡迎參加 2025 財年第四季和全年財報電話會議。今天，我們的財務長戴夫伍德 (Dave Wood) 與傑西和我在阿爾法利塔總部一起參加了電話會議。

Let me cover sales first before moving to revenue and other details. Please note that all our sales and selling success related values are measured in annual contract value terms. Please also note that all the sales values reported in this narrative, including subscription and services sales, do not include anything from the Marriott property management system, PMS, project that we continue to make good progress with and remains on the planned trajectory.

在討論收入和其他細節之前，讓我先介紹一下銷售情況。請注意，我們所有銷售和銷售成功相關的價值都是以年度合約價值來衡量的。另請注意，本敘述中報告的所有銷售價值（包括訂閱和服務銷售）不包括萬豪物業管理系統 (PMS) 的任何內容，我們仍在繼續取得良好進展並按照計劃的軌跡進行該項目。

Further, all the fiscal year 2026 guidance and other future projection numbers and narratives assume no material subscription revenue from this project. Fiscal 2025, the year that ended March 2025, was a record global sales year overall and a record year for practically every sales vertical other than Managed Food Services.

此外，所有 2026 財年的指導和其他未來預測數字和敘述均假設該項目不會帶來任何實質的訂閱收入。2025 財年（即截至 2025 年 3 月的一年）是全球整體銷售創紀錄的一年，也是除管理食品服務之外幾乎所有垂直銷售領域創紀錄的一年。

It was a record sales year for international regions, gaming casinos, hotels and resorts, and overall, North America domestic sales. Across product categories, it was a record sales here by a significant distance for subscription software and services.

這是國際地區、賭場、飯店和度假村以及北美國內整體銷售創紀錄的一年。在所有產品類別中，訂閱軟體和服務的銷售額創下了紀錄，遙遙領先。

Full fiscal year 2025 was also a record sales year for PMS and PMS-related add-on modules, excluding Book4Time sales, 58% higher than the previous best year. We continue to make great progress on the PMS side of our business.

2025 財年全年也是 PMS 和 PMS 相關附加模組（不包括 Book4Time 銷售額）創下銷售記錄的一年，比前一年的最佳年份高出 58%。我們的業務在 PMS 方面繼續取得巨大進展。

Overall, the January to March period, fourth quarter of fiscal 2025, was our best sales quarter ever. With respect to Point-of-Sale, POS sales, fiscal 2025 Q4 was the best quarter of the fiscal year, 27% higher than the sequentially preceding Q3, and one-six, 16% higher than the previous highest Q2 quarter.

整體而言，2025 財年第四季 1 月至 3 月是我們有史以來最好的銷售季度。就銷售點 (POS) 銷售額而言，2025 財年第四季是本財年最好的季度，比上一季的第三季度高出 27%，比之前最高的第二季度高出 16%。

Q4 was also the best sales quarter of the year for sales in the Managed Food Services, FSM vertical. FSM sales during the second half of fiscal 2025, that is Q3 plus Q4, was close to twice as high as the first half, Q1 plus Q2.

第四季也是管理食品服務 (FSM) 垂直領域銷售今年最好的季度。FSM 2025 財年下半年（即第三季加第四季）的銷售額接近上半年（第一季加第二季）的兩倍。

With the newer modernized and unified POS platform performing well at more than 150 customer properties currently and growing rapidly, we have turned the corners and are now past the recent POS sales challenges. Implementations of the new POS platform in the field during the past several months are progressing exponentially better than when we were working through the old to new transformation phase previously when we had to work with combinations of modules spanning across a couple of generations of technologies.

隨著較新的現代化和統一的 POS 平台目前在超過 150 個客戶場所表現良好且成長迅速，我們已經渡過了難關，並克服了最近的 POS 銷售挑戰。過去幾個月，新 POS 平台在現場的實施進展比我們之前在新舊轉型階段工作時要好得多，當時我們必須使用跨越幾代技術的模組組合。

This quarter would have been a record overall sales quarter by a good distance, even excluding sales from Book4Time. Sales during the second, third, and fourth quarters of fiscal 2025, were respectively, the third, fourth, and best sales quarters on record.

即使不包括 Book4Time 的銷售額，本季的整體銷售額也創下了歷史新高。2025財年第二、三、季的銷售額分別是有紀錄以來的第三、四和最好的銷售季度。

Fiscal 2025 fourth-quarter was the all-time best sales quarter for both North America domestic and international sales in terms of regions; and with respect to product sales categories for subscription software and services sales.

2025 財年第四季是北美國內和國際銷售（按地區劃分）以及訂閱軟體和服務銷售的產品銷售類別方面有史以來最好的銷售季度。

Our current selling success momentum is excellent any way one looks at it, especially with respect to subscription software and services. International sales are beginning to show positive signs of consistent growth, though they are still a bit too dependent on home run big wins.

無論從哪個角度來看，我們目前的銷售成功勢頭都非常好，尤其是在訂閱軟體和服務方面。國際銷售開始顯示出持續成長的積極跡象，儘管它們仍然有點過於依賴本壘打大勝利。

With respect to signed sales agreements during January to March Q4, all, not including Book4Time sales, we added 16, one-six, we added 16 new customers. All these 16 sales agreements were subscription-based, and averaged six products each, which equals the previous quarter record high.

就 1 月至 3 月第四季簽署的銷售協議而言，不包括 Book4Time 的銷售，我們總共增加了 16 個，其中 16 個是新客戶。這16份銷售協議全部為訂閱式，平均每份協議涉及6種產品，創下上一季歷史新高。

POS sales agreements featured an average of four products each and PMS an average of 11 products. We also added 50, that is five-zero, we also added 50 new properties during the quarter, which did not have any of our products before, but the parent company was already our customer. Of the 66 new properties added during the quarter across new and current customers, 63 were subscription software license-based.

POS 銷售協議平均包含 4 種產品，而 PMS 銷售協議平均包含 11 種產品。我們也增加了50家，也就是50家，我們在本季還增加了50家新飯店，這些飯店以前沒有我們的任何產品，但母公司已經是我們的客戶。本季新舊客戶新增的 66 個資產中，有 63 個是基於訂閱軟體授權的。

There were also 126 instances of selling at least one additional product to properties already running at least one of our other products. These 126 instances involve sales of a total of 287 products. Both these numbers and the total value of new product sales to current properties were all-time best quarter levels.

另外，還有 126 起案例是向已經使用我們至少一種其他產品的飯店銷售至少一種附加產品。這126件案件共涉及287種商品的銷售。這些數字以及新產品銷售與現有資產的總價值均創下了歷史最佳季度水準。

Full fiscal year 2025 new product sales to current properties running at least one other Agilysys product was also a record high. More than 50%, that is five-zero, more than 50% higher than the previous best year.

2025 財年全年新產品對運行至少一款其他 Agilysys 產品的現有物業的銷售額也創下了歷史新高。超過50%，也就是50%，比上一個最好的年份高出50%以上。

The current global demo plus stage 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 the value a couple of years ago. And was 18%, one-eight, 18% higher as of March end, compared to the same time the previous year.

目前的全球演示加階段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經達到產品演示階段，自幾年前我們開始跟踪價值以來，目前已達到創紀錄的水平。截至 3 月底，與去年同期相比，成長了 18%，即高出 18%。

As of March end, this demo plus sales pipeline was 16%, one-six, 16% and 32% higher for POS and PMS opportunities respectively, compared to the same year, same time one year ago. As more customers get to this demo plus stage and get a better understanding of the product ecosystem, the groundbreaking innovation is being delivered now, including intelligent guest profile, single itinerary across multiple amenities for guests, artificial intelligence-based revenue upsell, and conversational ordering tools, and the unique benefits the combined software modules can bring through operational efficiency and guest experience improvements.

截至 3 月底，與去年同期和去年同期相比，POS 和 PMS 機會的演示加銷售管道分別高出 16%、1/6、16% 和 32%。隨著越來越多的客戶進入此演示加階段並對產品生態系統有了更好的了解，突破性的創新正在陸續推出，包括智慧賓客檔案、跨多種設施的賓客體驗單一行程、基於人工智慧的收入追加銷售和對話式訂購工具，以及組合軟體模組透過營運效率和賓客體驗改善帶來的獨特優勢。

As more customers reach this product demonstration stage, the better our win ratios seem to get. Such sales opportunities are understandably considerably higher with customers who are already using at least one of our other products, who know us reasonably well, have a close view of our recent advancements, and trust us more.

隨著越來越多的客戶進入產品展示階段，我們的成功率似乎會越來越高。對於那些已經在使用我們至少一款其他產品、對我們相當了解、密切關注我們的最新進展並更加信任我們的客戶來說，這樣的銷售機會顯然要高得多。

One quick comment on our Inspire User Conference held a couple of weeks ago at Hilton Austin, Texas. It did seem like it was our best one yet, with the main highlight being eight different customer-led sessions on mainstage, including some of the biggest operator names in hospitality, and covering the gamut of software solutions we offer, explaining the benefits they have gained recently from our accelerating product innovation.

就幾週前在德克薩斯州奧斯汀希爾頓酒店舉行的 Inspire 用戶大會發表一個簡短的評論。這似乎是我們迄今為止最好的一次會議，主要亮點是主舞台上八個不同的客戶主導的會議，其中包括一些酒店業最大的運營商，涵蓋了我們提供的各種軟體解決方案，解釋了他們最近從我們加速的產品創新中獲得的好處。

Now, on to revenue and profitability. Fiscal 2025 fourth-quarter revenue was a record $74.3 million, 19.4%, that is one-nine. 19.4% higher than the comparable prior year quarter. This was our 13th consecutive record revenue quarter.

現在，談談收入和獲利能力。2025財年第四季營收創紀錄地達到7,430萬美元，較去年同期成長19.4%，比去年同期高出19.4%。這是我們連續第 13 個季度創下營收紀錄。

Q4 subscription revenue of $29.8 million was a record and grew by 42.7% from the comparable prior year quarter. Q4 subscription revenue was also a record 64.4% of total recurring revenue. In absolute number of terms, Q4 subscription revenue grew by $8.9 million year-over-year., which is the highest level of year-over-year growth we have seen until now.

第四季訂閱收入達到創紀錄的 2,980 萬美元，較去年同期成長 42.7%。第四季訂閱收入也創下了總經常性收入的 64.4% 的記錄。從絕對數字來看，第四季訂閱收入年增 890 萬美元，這是我們迄今為止看到的最高年成長水準。

In addition, services revenue of $17.8 million, that is one-seven, $17.8 million was also a record. Fiscal 2025 Q4 was an excellent quarter of implementation execution by the professional services teams.

此外，服務收入1780萬美元，即1/7，1780萬美元也創下了歷史新高。2025 財年第四季是專業服務團隊實施工作表現優異的一個季度。

Apart from being a record quarter for services revenue, it was also a record quarter for the combined annual recurring revenue value of subscription revenue-based projects implemented in the field. We also made excellent progress with hiring for the professional services teams during the quarter, achieving our hiring goals and making up for the lack of progress during previous Q2 and Q3.

本季度不僅是服務收入創紀錄的一個季度，也是該領域實施的基於訂閱收入的項目的年度經常性收入總額創紀錄的一個季度。本季度，我們在專業服務團隊的招募方面也取得了顯著進展，實現了招募目標，彌補了先前第二季和第三季的進展不足。

We have now set ourselves up well for continued good progress with project deployments. Despite all that breadth and depth of implementation success during the quarter, the sum of products, services, and recurring revenue backlog, again, grew to record levels because it was an even better sales success quarter.

我們現在已經為專案部署的持續良好進展做好了準備。儘管本季實施工作取得了廣泛而深入的成功，但由於本季的銷售業績更加出色，產品、服務和經常性收入積壓總額再次增長至創紀錄水平。

Product backlog, consisting of perpetual license software and hardware resold but yet to be shipped, improved greatly during the quarter but was still at only about 60%, six-zero, about 60% of previous peak levels as of March end. The decreasing sales trend for perpetual software licenses and hardware, keeping product backlog at reduced levels is not entirely unexpected and serves as a confirmation of the continuing transformation of the business into a cloud and subscription-based enterprise software entity.

產品積壓（包括轉售但尚未發貨的永久授權軟體和硬體）在本季度得到了很大改善，但截至 3 月底，仍僅為先前峰值水準的 60% 左右。永久軟體授權和硬體的銷售趨勢下降，使產品積壓保持在較低水平，這並不完全出乎意料，也證實了該業務正在繼續轉變為基於雲端和訂閱的企業軟體實體。

Full fiscal 2025 revenue was a record $275.6 million. 16%, that was one-six, 16% higher than the previous year, despite a 16%, one-six again, 16% decline in one-time product revenue consisting of perpetual software licenses and hardware resold. Fiscal 2025 revenue included $170.1 million, that is one-seven-zero, $170.1 million in recurring revenue, 23.2% higher than the previous year.

2025 財年全年營收達到創紀錄的 2.756 億美元，比前一年高出 16%，儘管包括永久軟體授權和硬體轉售在內的一次性產品收入下降了 16%，但仍比前一年高出 16%。2025 財年收入包括 1.701 億美元，即 1,701 億美元的經常性收入，比前一年高出 23.2%。

Full fiscal year 2025 subscription and services revenue were both records and 39.5% and 27.7%, respectively, higher than the previous year. Fiscal 2025 was the fourth consecutive year with year-over-year overall subscription revenue growth of at least 27% and organic subscription revenue growth of at least 25%.

2025財年全年訂閱和服務收入均創歷史新高，分別比前一年高出39.5%和27.7%。2025 財年是連續第四年實現整體訂閱收入年增至少 27% 且有機訂閱收入增長至少 25%。

Shifting the focus to fiscal 2026, we expect only limited growth in the one-time product revenue line this year. One-time product revenue, which used to be about 25% of our total revenue a few years ago, has now reduced to 15%, one-five, 15% of total revenue during fiscal 2025.

將重點轉向 2026 財年，我們預計今年一次性產品收入線的成長有限。一次性產品收入幾年前曾占我們總收入的 25% 左右，但現在到 2025 財年，這一比例已降至 15% 左右。

With respect to tariffs, we expect limited direct effects on our business, if any. Reselling of hardware has now reduced greatly to only a bit more than 10% of total revenue. Further, and perhaps the most important detail, is that the POS platform has been modernized completely, making it more open and easily adaptable to various kinds and makes of terminal hardware, giving us additional flexibility to manage the supply chain across multiple vendor partners.

關於關稅，我們預計對我們的業務的直接影響有限（如果有的話）。硬體轉售收入現已大幅減少，僅佔總收入的 10% 多一點。此外，也許最重要的細節是，POS 平台已經完全現代化，使其更加開放，並且易於適應各種類型和品牌的終端硬件，為我們提供了額外的靈活性來管理跨多個供應商合作夥伴的供應鏈。

While macroeconomic headlines give us some caution for the second half of fiscal 2026, we have a lot of reasons to remain bullish on our progress regardless of the macro circumstances, given our relative small size compared to the humongous total addressable hospitality market, and the recent progress we've made with the modernized solutions, and the additional competitive ecosystem advantages we have created for ourselves.

儘管宏觀經濟形勢讓我們對 2026 財年下半年抱持謹慎態度，但無論宏觀環境如何，我們仍有很多理由對我們的進展保持樂觀，因為與龐大的總體可尋址酒店市場相比，我們的規模相對較小，而且我們最近在現代化解決方案方面取得了進展，並為自己創造了額外的競爭生態系統優勢。

Duplicating our modern cloud-native ecosystem of software solutions is not going to be easy for other technology vendors in hospitality. This is about as good a barrier to entry or let's call it as good a barrier to excel as it gets.

對於酒店業的其他技術供應商來說，複製我們現代的雲端原生軟體解決方案生態系統並不容易。這大概是最好的進入壁壘，或者我們可以稱之為最好的超越壁壘。

We will continue to make all the required investments across various business areas to fuel future revenue growth, including in information security, product cybersecurity, sales, marketing services, customer support, cloud infrastructure, artificial intelligence, and product innovation. We are not going to sacrifice any of our medium-term and long-term revenue growth possibilities for the sake of short-term profitability increases. We will continue to remain disciplined with growth, growing profitability steadily while remaining ambitious with medium- and long-term top line growth plans.

我們將繼續在各個業務領域進行所有必要的投資，以推動未來的收入成長，包括資訊安全、產品網路安全、銷售、行銷服務、客戶支援、雲端基礎設施、人工智慧和產品創新。我們不會為了短期獲利的成長而犧牲任何中期和長期的收入成長可能性。我們將繼續嚴格控製成長，穩步提高獲利能力，同時維持雄心勃勃的中長期營收成長計畫。

Given all that, we expect full year fiscal 2026 revenue to be in the range of $308 million to $312 million, driven among other factors by year-over-year subscription revenue growth of 25%. We also expect adjusted EBITDA to be 20% of revenue for the year. Despite continuing good progress by all parties involved in the massively transformational Marriott PMS project, we have assumed no material subscription revenue contribution from this project in our projections and guidance for fiscal 2026.

考慮到所有這些因素，我們預計 2026 財年全年營收將在 3.08 億美元至 3.12 億美元之間，其中訂閱營收年增 25% 等因素功不可沒。我們也預計調整後的 EBITDA 將達到今年營收的 20%。儘管參與萬豪 PMS 計畫（具有重大變革意義）的各方都取得了良好進展，但我們在 2026 財年的預測和指導中並未假設該計畫會為訂閱收入帶來實質貢獻。

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

說完這些，讓我把電話交給戴夫，讓他進一步介紹我們的財務和營運系統。戴夫。

Thank you, Ramesh. Taking a look at our financial results, beginning with the income statement, fourth-quarter fiscal 2025 revenue was a quarterly record of $74.3 million, a 19.4% increase from total net revenue of $62.2 million in the comparable prior year period.

謝謝你，拉梅什。回顧我們的財務業績，從損益表開始，2025 財年第四季的營收創下了季度記錄，達到 7,430 萬美元，比去年同期的 6,220 萬美元淨收入增長 19.4%。

One-time revenue consisting of product and professional services was up 9.5% over the prior year quarter, while recurring revenue was up 26.3% over the prior year quarter. As a result of the continued momentum in our business, we are pleased to see 16.1% total revenue growth compared to fiscal year 2024.

由產品和專業服務組成的一次性收入比去年同期增長 9.5%，而經常性收入比去年同期增長 26.3%。由於我們業務持續保持強勁勢頭，我們很高興看到與 2024 財年相比總收入成長了 16.1%。

During fiscal 2025 compared to the previous year, professional services increased by 27.7% and recurring revenue increased 23.2%. Overall, FY25 came with its share of operational challenges as we continue to implement and transition to the new products.

2025財年與前一年相比，專業服務成長了27.7%，經常性收入成長了23.2%。總體而言，隨著我們繼續實施和過渡到新產品，2025 財年面臨著一定的營運挑戰。

However, sales of these new solutions during the year performed well, especially in Q4 with record sales levels to end the year. It was nice to see our POS sales back to healthy levels during fiscal Q4 FY25, up 23% over the prior year Q4 FY24 and 28% over the sequential prior quarter. We are confident we have now moved past the volatility in POS sales and expect to see continued POS growth moving forward.

然而，這些新解決方案在年內的銷售表現良好，尤其是第四季度，年底的銷售水準創下了歷史新高。很高興看到我們的 POS 銷售額在 2025 財年第四季恢復到健康水平，比去年同期的 2024 財年第四季成長 23%，比上一季成長 28%。我們相信，我們現在已經擺脫了 POS 銷售波動的局面，並預計 POS 銷售將繼續成長。

Professional services and subscription sales exit the year at record levels as well. As such, we are exiting the year with a materially larger backlog of 26% over fiscal year 2024 exit. Professional services increased 21.7% over the prior year quarter to a record $17.8 million.

專業服務和訂閱銷售額今年也創下了歷史新高。因此，我們今年的積壓訂單量比 2024 財年大幅增加 26%。專業服務比去年同期成長 21.7%，達到創紀錄的 1,780 萬美元。

Despite the record professional services revenue, our services backlog increased and remained at record levels on the back of record services sales during the quarter and fiscal year. Total recurring revenue represented 62.2% of total net revenue for the fiscal fourth-quarter and 61.7% for the full-year compared to 58.8% and 58.1% of total net revenue in the fourth-quarter and full-year fiscal 2024.

儘管專業服務收入創歷史新高，但在本季度和財年創紀錄的服務銷售額的推動下，我們的服務積壓訂單有所增加並保持在創紀錄的水平。總經常性收入佔第四財季總淨收入的 62.2%，佔全年總淨收入的 61.7%，而 2024 財年第四季和全年分別為 58.8% 和 58.1%。

We continue to be pleased with subscription sales and revenue growth levels. Subscription revenue grew 42.7% for the fourth quarter of fiscal 2025 and 39.5% for the full fiscal year. Organic subscription growth was 22.2% for the quarter and 25.3% for the full fiscal year. Subscription sales and backlog have us set up well for our FY26 plan.

我們繼續對訂閱銷售和收入成長水準感到滿意。2025財年第四季訂閱營收成長42.7%，全年訂閱營收成長39.5%。本季有機訂閱量成長率為 22.2%，全年有機訂閱量成長率為 25.3%。訂閱銷售和積壓訂單幫助我們為 FY26 計劃做好了充分準備。

Moving down the income statement, gross profit was $45.1 million compared to $38.3 million in the fourth quarter of fiscal 2024. Gross profit margin was 60.7% compared to 61.5% in the fourth quarter of fiscal 2024, mostly due to product mix changes during the quarter.

從損益表中可以看出，毛利為 4,510 萬美元，而 2024 財年第四季的毛利為 3,830 萬美元。毛利率為 60.7%，而 2024 財年第四季為 61.5%，主要原因是本季產品組合變動。

For the fiscal year, gross margin was 62.4% compared to 60.7% in the prior year period. The four-year increase in gross margin is mostly due to increases in recurring revenue, which now represents 61.7% of revenue compared to 58.1% of revenue in fiscal year 2024.

本財年毛利率為 62.4%，去年同期為 60.7%。毛利率四年來的成長主要歸功於經常性收入的增加，目前經常性收入佔營收的 61.7%，而 2024 財年則為 58.1%。

Combined, the three main operating expense line items: product development, sales and marketing, and general and administrative expenses, when excluding stock-based compensation, for 41% of revenue in the fiscal 2025 fourth-quarter compared to 43.9% of revenue in the prior year quarter and ahead of our FY25 plan.

合併後，三個主要營運費用項目：產品開發、銷售和行銷以及一般和行政費用（不包括股票薪酬）佔 2025 財年第四季度收入的 41%，而去年同期為 43.9%，並且高於我們的 FY25 計劃。

Excluding stock-based compensation for the full fiscal year 2025, product development decreased to 19% compared to 20.8% of revenue in the prior fiscal year. General and administrative expenses reduced slightly for the year from 12.8% to 12.6% of revenue. Sales and marketing decrease slightly from 11.6% of revenue to 11.4% of revenue, mostly due to timing of events.

不包括 2025 財年全年的股票薪酬，產品開發收入佔上一財年的 20.8% 下降至 19%。本年度一般及行政開支佔收入的比例略有下降，從 12.8% 降至 12.6%。銷售和行銷佔收入的比例從 11.6% 略微下降至 11.4%，主要原因是活動時間安排。

Combined, the three main operating expense line items: product development, sales and marketing, and general and administrative expenses, excluding stock-based compensation, for 43% of revenue this fiscal year compared to 45.2% of revenue in FY24.

綜合起來，三個主要營運費用項目：產品開發、銷售和行銷以及一般和行政費用（不包括股票薪酬），佔本財年收入的 43%，而 24 財年為 45.2%。

Operating income for the fourth quarter of $5.3 million, net income of $3.9 million, and gain per diluted share of $0.14 are higher than the prior year's fourth quarter gain of $3.5 million $3 million, and $0.11. Adjusted net income normalizing for certain non-cash and non-recurring charges of $15.2 million compares favorably to adjusted net income of $9 million in the prior year fourth quarter and adjusted diluted earnings per share of $0.54 compares favorably to $0.32.

第四季營業利潤為530萬美元，淨利為390萬美元，每股攤薄收益為0.14美元，均高於去年同期的350萬美元、300萬美元及0.11美元。調整後淨利（扣除某些非現金和非經常性費用後）為1520萬美元，高於去年同期的900萬美元調整後淨利潤；調整後每股攤薄收益為0.54美元，高於去年同期的0.32美元。

For the 2025 fourth-quarter, adjusted EBITDA was $14.8 million compared to $11 million in the year ago quarter. And for the full-year fiscal 2025, adjusted EBITDA was $53.8 million compared to $37.1 million. We are pleased to see our profitability levels end up well ahead of the original FY25 plan, with adjusted EBITDA coming in at 19.5% of revenue.

2025 年第四季度，調整後的 EBITDA 為 1,480 萬美元，而去年同期為 1,100 萬美元。2025 財年全年調整後 EBITDA 為 5,380 萬美元，而之前為 3,710 萬美元。我們很高興地看到，我們的獲利水準遠遠超出了原定的 FY25 計劃，調整後的 EBITDA 達到收入的 19.5%。

Moving to the balance sheet and cash flow statement, cash and marketable securities as of March 31, 2025, was $73 million compared to $144.9 million on March 31, 2024. As a reminder, we utilize $100 million in cash for the Book4Time acquisition in August, along with utilizing $50 million on our credit revolver. We have paid off $26 million of the revolver by March 31, and since the end of the fiscal year, we have paid an additional $12 million against the outstanding debt balance.

轉到資產負債表和現金流量表，截至 2025 年 3 月 31 日的現金和有價證券為 7,300 萬美元，而 2024 年 3 月 31 日為 1.449 億美元。提醒一下，我們在 8 月收購 Book4Time 時動用了 1 億美元現金，同時動用了 5,000 萬美元作為信用循環信貸。截至 3 月 31 日，我們已償還了 2,600 萬美元的循環貸款，自財政年​​度結束以來，我們又額外償還了 1,200 萬美元的未償債務餘額。

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 $26.5 million compared to $29.3 million in the prior year quarter, and $52.3 million for the full fiscal year compared to $40.1 million in the prior year.

就自由現金流而言，我們很高興看到整個財政年度的自由現金流有所增長。本季自由現金流為 2,650 萬美元，去年同期為 2,930 萬美元；全年自由現金流為 5,230 萬美元，去年同期為 4,010 萬美元。

As we've said in the past, adjusted dividend free cash flow after normalizing the impact of CapEx, continue to be good proxies for health of the business. Full fiscal year 2025 free cash flow was slightly less than adjusted EBITDA due to capital expenditures offset by timing of working capital adjustments.

正如我們過去所說的那樣，在將資本支出的影響正常化之後，調整後的股利自由現金流仍然是衡量企業健康狀況的良好指標。由於資本支出被營運資本調整的時間所抵消，2025 財年全年自由現金流略低於調整後的 EBITDA。

For fiscal year 2026, we expect revenue to be in the $308 million to $312 million range, excluding any material upside from the upcoming large PMS rollout. We expect product revenue to increase by 5% to 10% over fiscal year 2024. Professional services should grow in the range of 5% to 10% as well.

對於 2026 財年，我們預計營收將在 3.08 億美元至 3.12 億美元之間，這還不包括即將推出的大規模 PMS 帶來的任何實質上漲。我們預計2024財年產品營收將成長5%至10%。專業服務也應該會成長5%到10%。

Recurring revenue will continue to grow around 15% with subscription growth of 25%. Adjusted EBITDA will increase moderately to 20% of revenue as we continue to invest in growth-related initiatives and large customers before receiving subscription revenue.

經常性收入將持續成長 15% 左右，訂閱量將成長 25%。由於我們在獲得訂閱收入之前繼續投資於與成長相關的計劃和大客戶，調整後的 EBITDA 將適度增加至收入的 20%。

In closing, we are pleased with our 2025 financial results and the solid business fundamentals for future revenue growth. With that, I will now turn the call back over to Ramesh.

最後，我們對 2025 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。說完這些，我現在將電話轉回給拉梅什。

Thank you, Dave. In summary, the last few years of this massive business transformation phase have been difficult to state it mildly. All such massive transformations are difficult to accomplish while keeping the business not just running but also growing with improving profitability levels.

謝謝你，戴夫。總而言之，過去幾年這一大規模業務轉型階段的艱難可以說是難以言喻的。所有這些大規模的轉型都是很難實現的，同時也要維持業務的正常運轉，並不斷提高獲利水準。

Carrying customers along the path of a generational change in how POS and PMS systems are run has worked out well by any reasonable measure, but the process has not been without its challenges. Despite all the difficult challenges managing a couple of revenue J-curves and other quantum leap progress steps, in the three years since fiscal year ended March 2022, we have increased annual revenue by $113 million, that is one-one-three, or 70%, seven-zero; and subscription revenue by $60 million, six-zero, or 130%, one-three-zero.

以任何合理的標準來衡量，引導客戶經歷 POS 和 PMS 系統運作方式的世代變革都是很成功的，但這個過程並非沒有挑戰。儘管在管理幾個收入 J 曲線和其他飛躍性進步步驟方面面臨諸多困難挑戰，但自 2022 年 3 月結束的財政年度以來的三年中，我們的年收入增加了 1.13 億美元，即 1-1-3，即 70%，7-0；訂閱收入增加了 6000 萬美元，即 16-0%，即 10-30%，即 10-30%，即 10-30%。

So let me repeat that. In the last three years, since March 2022, we've increased annual revenue by $113 million or 70% and subscription revenue by $60 million or 130% and we are only getting started now. For much of the hospitality industry, we have still a story that is hiding in plain sight, especially in international regions, which is unfortunate but okay. It gives us a solid good growth path ahead.

讓我重複一遍。在過去三年中，自 2022 年 3 月以來，我們的年收入增加了 1.13 億美元，即 70%，訂閱收入增加了 6000 萬美元，即 130%，而我們現在才剛剛起步。對於大部分酒店業來說，我們仍然有一個顯而易見的故事隱藏著，特別是在國際地區，這很不幸，但沒關係。它為我們未來提供了一條堅實良好的成長道路。

During the recent six months, we have significantly expanded our sales teams, especially in the Hotels and Resorts vertical. And expanded the services teams, attracting leadership, sales, and other talent from other highly rated hospitality technology providers.

最近六個月，我們大幅擴大了銷售團隊，尤其是在飯店和度假村垂直領域。並擴大了服務團隊，吸引了來自其他高評級飯店技術提供者的領導、銷售和其他人才。

Have 1,300 plus installations in the field featuring only the modernized solutions and this count is rapidly expanding, carrying with it the unmistakable message that this is not your grandfather's or father's Agilysys anymore, and we are now a hospitality technology force that has to be reckoned with. An increasing number of hospitality corporations are now seeing in us the kind of end-to-end ecosystem technology providers with true modern and connected solutions they've always wanted and we are well positioned for a bright future. It is tough not to be bullish about our future prospects.

現場安裝的現代化解決方案已超過 1,300 個，而且數量還在迅速增加，這明確傳達出一個信息：這不再是您祖父或父親時代的 Agilysys，我們現在是一支不容小覷的酒店技術力量。越來越多的飯店企業現在將我們視為他們一直想要的端到端生態系統技術供應商，擁有真正的現代化和互聯解決方案，我們已為美好的未來做好了準備。我們很難不對我們的未來前景感到樂觀。

With that, Carmen, let's open up the call for questions, please.

卡門，現在讓我們開始提問吧。

(Operator Instructions) Stephen Sheldon, William Blair.

（操作員指示）史蒂芬·謝爾頓，威廉·布萊爾。

Just first one here on the POS bookings, it sounds like you saw much more success there this quarter, including, I think you noted a pick up in the Managed Food Service vertical. So just curious what you attribute that to, how much is being driven by better execution or improvement with specific customers versus how much is just generally a better backdrop? If at all.

首先關於 POS 預訂，聽起來您在本季度看到了更多的成功，包括，我認為您注意到管理食品服務垂直領域的成長。所以我很好奇您將其歸因於什麼，有多少是由於特定客戶的更好執行或改進所致，又有多少是由於整體上更好的背景所致？如果有的話。

I would say the improvement is because for the last year or so, this short of a year, we've only been installing the newer version. Now, the newer version is not only fully modernized, but is also completely unified, meaning guest facing and staff facing feature sets are now on one unified POS platform, and we are about the only vendor, only major vendor in this industry that provides a unified platform.

我想說改進是因為在過去一年左右的時間裡，短短一年的時間裡，我們一直在安裝較新的版本。現在，新版本不僅完全現代化，而且完全統一，這意味著面向客人和員工導向的功能集現在都在一個統一的 POS 平台上，而且我們是這個行業中唯一提供統一平台的供應商、唯一主要供應商。

So modernized and unified, it's a lot easier to implement, and those are the only implementations we are doing for the most part for the last year or so. And that is now improving our status as a premium POS provider and we are now the wanted product.

因此，現代化和統一使得實施起來容易得多，而且這些是我們在過去一年左右大部分時間都在做的實施工作。這正在提高我們作為優質 POS 提供者的地位，我們現在是受歡迎的產品。

What happened before that was it got a little bit complicated because we were trying to transform from old to new and a lot of the implementations became a combination of old and new, and these are two generations of technologies. So I think they've turned the corner now.

在此之前發生的事情有點複雜，因為我們試圖從舊技術轉變為新技術轉變，許多實現方式都是新舊技術的結合，這是兩代技術。所以我認為他們現在已經渡過了難關。

The Q4 momentum is not going to be a one-time thing. It is going to continue now and hands down, this is the best POS platform out in the field now, and we expect this momentum to continue.

第四季的勢頭不會是一次性的。這種勢頭現在將會繼續下去，毫無疑問，這是目前該領域最好的 POS 平台，我們預計這種勢頭將會持續下去。

Got it. That's good to hear. On the implementation side, can you just update us on the mix of customers using Agilysys' implementation teams versus using third party support from SIs, et cetera? Do you expect that mix to evolve at all over time? And is that playing it all into, I think, Dave, you mentioned 5% to 10% expected revenue growth for professional services this year or in fiscal 2026. Is that playing into that guidance at all?

知道了。聽到這個消息真好。在實施方面，您能否向我們介紹一下使用 Agilysys 實施團隊的客戶情況以及使用 SI 的第三方支援的情況等等？您是否預計這種混合會隨著時間的推移而改變？我認為，戴夫，您提到今年或 2026 財年專業服務收入預計將成長 5% 至 10%，這是否與此有關？這是否符合該指導方針？

I don't think so, Steve. Most of our implementations are done by our teams because these are complex implementations and you have a 1,500 person R&D team that is driving innovation forward. So in terms of keeping even our own teams trained and up to speed on the newer versions is not easy. It's very difficult doing it for external SIs. So our implementations for the most part, are done by our teams. \

我不這麼認為，史蒂夫。我們的大部分實施工作都是由我們的團隊完成的，因為這些都是複雜的實施，而且您擁有一支 1,500 人的研發團隊來推動創新。因此，即使對於我們自己的團隊來說，讓他們接受培訓並跟上新版本的步伐也並非易事。對於外部 SI 來說，要做到這一點非常困難。因此，我們的實施大部分是由我們的團隊完成的。\

Now, the 5% to 10% growth has to do with the fact that part of our services revenue, we have customer paid R&D efforts as well. And as we become bigger, these customer paid R&D efforts will be there based on my experience of three decades in enterprise software, but they can't be predicted quarter to quarter.

現在，5% 到 10% 的成長與我們的服務收入的一部分有關，其中也包括客戶付費的研發工作。隨著我們規模的擴大，根據我三十年企業軟體經驗，這些客戶付費的研發工作將會持續進行，但無法逐季進行預測。

So this is normal services revenue growth that we are seeing, but we do it with our own resources. In this kind of complex enterprise software business, it is not easy handing things over to external SIs.

所以這是我們看到的正常的服務收入成長，但我們利用自己的資源來實現。在這種複雜的企業軟體業務中，將事情交給外部 SI 並不容易。

Got it. That makes sense. And then just one last one for me, just curious with the 2026 guidance, for subscription revenue in particular, what does that imply for organic subscription revenue growth? I think just roughly ballparking it we're calculating high-teens, is that right?

知道了。這很有道理。最後一個問題，我很好奇 2026 年的指引，特別是對於訂閱收入，這對有機訂閱收入成長意味著什麼？我認為我們只是粗略地計算一下十幾歲的數字，對嗎？

And just any sense on what you baked in for organic growth on the subscription side between POS and PMS solutions? Just any additional context there would be helpful.

您如何看待 POS 和 PMS 解決方案在訂閱方面的自然成長？任何額外的背景資訊都會有所幫助。

Yeah, so we typically don't break out the Point-of-Sale and Property Management Subscription growth. I mean, I think we're at a point where they're both, as Ramesh has talked a lot about, both products are ready and we're past the Point-of-Sale challenges. I mean, we certainly expect PMS to be a higher growth percentage just because it's coming from a lower base, but Point-of-Sale is back to growing in line with where it's grown in the past.

是的，所以我們通常不會單獨列出銷售點和物業管理訂閱的成長。我的意思是，我認為我們正處於這樣的階段：正如 Ramesh 多次談到的那樣，兩種產品都已準備就緒，而且我們已經克服了銷售點挑戰。我的意思是，我們當然預計 PMS 的成長百分比會更高，因為它來自較低的基數，但銷售點的成長速度又回到了與過去一致的水平。

But to answer your question, I mean, the 25% growth includes about four months of benefit from the Book4Time acquisition, so we would be in the closer to the 22%, 23% range. We wouldn't be in the teams from an organic standpoint.

但要回答你的問題，我的意思是，25% 的成長包括了收購 Book4Time 帶來的大約四個月的收益，所以我們的成長率應該更接近 22% 或 23% 的範圍。從有機角度來看，我們不會加入該團隊。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Sam Salvas, Needham & Company.

薩姆·薩爾瓦斯，李約瑟公司。

I wanted to touch on the momentum you're seeing in add-on sales. Could you guys talk about what's driving the improvement here and also maybe talk about which products you're seeing the strongest adoption rates?

我想談談您在附加銷售中看到的勢頭。你們能否談談推動這項改進的因素，以及哪些產品的採用率最高？

So in terms of add-on modules, they add a lot of value to the core product. So no one else has really invested this much in hospitality software to create an ecosystem of products.

因此，就附加模組而言，它們為核心產品增加了許多價值。因此，還沒有其他人真正在酒店軟體上投入如此多的資金來創建產品生態系統。

And in general, the add-on modules add a lot of value on the PMS side, more value on the PMS side than the POS side just because of the sheer number of add-on modules that are there, about 4 times, 5 times more add-on modules on PMS than POS.

總體而言，附加模組在 PMS 方面增加了很多價值，PMS 方面的價值比 POS 方面的價值更大，這僅僅是因為附加模組的數量非常多，PMS 上的附加模組數量大約是 POS 上的 4 倍、5 倍。

So together, it is created now an ecosystem that customers can put to good use. So customers can either buy it from seven or eight different vendors or they can buy it from one vendor.

因此，我們現在創建了一個可供客戶充分利用的生態系統。因此，客戶可以從七、八個不同的供應商購買，也可以從一個供應商購買。

You buy it from one vendor comes with a lot of advantages. Like there have been some implementations recently, Sam, where the customer needed a quick change to be done, but it involved three different products, and we could get the changes done in all the three different products.

從一個供應商購買會有很多好處。就像最近有一些實施一樣，Sam，客戶需要快速完成更改，但它涉及三種不同的產品，我們可以在所有三種不同的產品中完成更改。

One of them is core PMS. And two of them are add-on modules of PMS. We could get all of that done in the next couple of months. Those all bring huge value to customers. So more and more customers are buying these ecosystem connected modules, and these add-on modules get us good margins, and together, are even more valuable than the core products for us.

其中之一就是核心PMS。其中兩個是PMS的附加模組。我們可以在接下來的幾個月內完成所有這些工作。這些都為客戶帶來了巨大的價值。因此，越來越多的客戶購買這些與生態系統相連的模組，這些模組為我們帶來了良好的利潤，對我們來說，它們比核心產品更有價值。

So to answer your question, most of the PMS add-on modules are adding great value to our bookings. And on the POS side, the add-on modules make it a unified architecture. So it is now a unified POS platform and that, by itself, has great value. So yes, the add-on modules are big contributors to our bookings momentum.

所以回答你的問題，大多數 PMS 附加模組都為我們的預訂增加了巨大的價值。在 POS 方面，附加模組使其成為統一的架構。所以它現在是一個統一的 POS 平台，而且它本身就具有巨大的價值。所以，是的，附加模組對我們的預訂勢頭貢獻很大。

Okay. That's helpful. And then just a quick one, Dave, I was wondering, just on the '26 guide you gave some good commentary across the revenue streams. And I know you guys are excluding the big PMS roll out, but is there anything you could give us in terms of the quarterly cadence and anything we should be mindful of outside of the acquisition, of course, in terms of either the revenue cadence or margins?

好的。這很有幫助。然後我再快速問一下，戴夫，我想知道，就 26 年的指南而言，您是否對收入來源做出了一些很好的評論。我知道你們沒有考慮大型 PMS 的推出，但是您能否告訴我們季度節奏方面的情況，以及除了收購之外我們應該注意的事項，當然，無論是在收入節奏還是利潤率方面？

Yeah, so I mean on the revenue cadence, I mean everything will be pretty similar to what you've seen in the past. I mean products and professional services could nominally go up or down on any given quarter like you would expect with one time revenue. And then on the recurring revenue, it's similar to what you would expect. I mean, the numbers are just obviously getting a little bit bigger and so there's likely a $1.3 million to $1.6 million sequential increase a quarter is pretty much how the revenue is laying out.

是的，所以我的意思是，就收入節奏而言，一切都將與你過去看到的非常相似。我的意思是，產品和專業服務在任何一個季度名義上都可能上漲或下降，就像你預期的一次性收入一樣。就經常性收入而言，它與您的預期類似。我的意思是，數字顯然正在變大一點，因此每季的收入可能會連續增加 130 萬美元到 160 萬美元，這差不多就是收入的分佈。

And then on the profitability side, I mean, I think you know we're still in a bit of a transition year so there's not going to be a ton of operating leverage in OpEx. You'll see some in G&A. We'll probably show a little bit of operating leverage, but that'll likely be offset by sales and marketing just due to timing of some events that fell this calendar year or this fiscal year versus last calendar year. So pretty much, I mean, similar to what you've seen in the past with recurring being the biggest driver and one-time revenue will pick up and down on the quarterly basis.

然後在盈利方面，我的意思是，我想你知道我們仍然處於過渡年，因此營運支出中不會有大量的營運槓桿。您會在 G&A 中看到一些。我們可能會顯示出一點經營槓桿，但這可能會被銷售和行銷所抵消，僅僅是因為今年或本財年與去年相比發生了一些事件。所以，我的意思是，與您過去看到的情況非常相似，經常性收入是最大的驅動力，一次性收入將按季度上升和下降。

Yeah, okay. All right. Thanks guys.

嗯，好的。好的。謝謝大家。

Brian Schwartz, Oppenheimer.

布萊恩·施瓦茨，奧本海默。

Ramesh, in terms of the POS business and the modernizing of the install base, is there anything that you can do internally to accelerate the migrations of maybe your larger legacy POS customers to the newer cloud model? And then I have a follow up.

Ramesh，就 POS 業務和安裝基礎的現代化而言，您在內部可以做些什麼來加速較大的傳統 POS 客戶向較新的雲端模型的遷移？然後我有一個後續行動。

So in terms of the conversions, Brian, please keep in mind, many of the older customers are also on a subscription revenue basis. They are also in SaaS. So just because they're in an older platform doesn't necessarily mean they are on premises, and many of them are on premises even when they moved to our modern solutions; might choose to be on the on-premises again.

因此，就轉換而言，布萊恩，請記住，許多老客戶也是基於訂閱收入的。他們也從事 SaaS 業務。因此，僅僅因為他們使用較舊的平台並不一定意味著他們在本地，而且即使他們遷移到我們的現代解決方案，他們中的許多人仍然在本地；可能會選擇再次在本地。

So this is not so much in our hands. All of them are now aware that this is a modernized unified platform. All of them are keen to move towards a new platform, but it'll be in their timelines, and many of those customers when they move to the new platform, might use that as an event to move from on-premises to cloud.

所以這不太受我們控制。現在大家都意識到這是一個現代化的統一平台。他們都渴望轉向新的平台，但這將在他們的時間表中，並且許多客戶在轉向新平台時可能會將其作為從本地遷移到雲端的事件。

All those are possible, but the customers control the timelines, Brian. Beyond the point, we cannot force them into the new POS platforms. But one good thing we are doing is when a customer comes with a request of some major enhancement request that they have on the older platform, we are telling them, sorry, customer, to get that enhancement, you have to move to the newer platforms.

所有這些都是可能的，但客戶控制著時間表，布萊恩。除此之外，我們不能強迫他們使用新的 POS 平台。但我們做的一件好事是，當客戶提出在舊平台上進行一些重大增強的請求時，我們會告訴他們，對不起，客戶，要獲得該增強，您必須轉移到較新的平台。

So that is beginning to happen. So we are doing less and less changes on the older versions, and that, by the way, helps our R&D be more effective as well because we are reducing our investments on the older platforms and increasing it on the newer one.

所以這已經開始發生了。因此，我們對舊版的改變越來越少，順便說一句，這也有助於提高我們的研發效率，因為我們減少了對舊平台的投資，增加了對新平台的投資。

So we are doing a lot of things that push customers along this curve, and newer installs are only done on the newer ones. So all that is going on, but beyond the point we can't push customers by.

因此，我們正在做很多事情來推動客戶沿著這條曲線前進，並且較新的安裝只在較新的設備上進行。所以所有這一切都在發生，但超出了我們不能強迫客戶的程度。

We are, by nature, a customer-centric organization, so we have to let customers work out their pace, but they are not accelerating. More and more customers are converting and more and more of them are converting the cloud as well. All that is happening, but we can't force a greater pace, Brian, I don't think so.

從本質上來說，我們是一個以客戶為中心的組織，因此我們必須讓客戶自己決定步伐，但他們並沒有加快速度。越來越多的客戶正在轉變，越來越多的客戶正在轉向雲端。所有這些都在發生，但是我們無法強制加快步伐，布萊恩，我不這麼認為。

Thank you. And then the follow up question, Ramesh, I wanted to just ask you on maybe what the early readings are with the beta testing with Marriott, realizing we don't have any financial guidance there, but what are you seeing among these early beta testers?

謝謝。然後是後續問題，Ramesh，我想問您一下與萬豪進行的 beta 測試的早期讀數是什麼，我們意識到我們沒有任何財務指導，但是您在這些早期 beta 測試人員中看到了什麼？

Is the value that's being created? Is it achieving goals? Is there anything else that you can just share with us qualitatively on how the beta testing program is going on over at that large PMS opportunity?

這是正在創造的價值嗎？它是否實現了目標？您能否與我們詳細分享一下在大型 PMS 機會中 beta 測試計劃的進展？

So yeah, so no change from our previous updates, Brian. The testing is going well. This is a transformational project, Brian. This is a difficult project for the customer. It involves multiple vendors and they are transforming the entire face of what their users in their hotels use, and it's gone remarkably well so far.

是的，與我們之前的更新相比沒有什麼變化，布萊恩。測試進展順利。這是一個轉型項目，布萊恩。對於客戶來說，這是一個困難的項目。它涉及多個供應商，他們正在徹底改變酒店用戶所使用的一切，到目前為止，進展非常順利。

The deep testing, they are now deep into testing and the testing is going well, but the test properties have not yet started. We are getting close to a few test properties getting installed.

深度測試，他們現在正處於深入測試階段，測試進展順利，但測試屬性尚未開始。我們即將安裝一些測試屬性。

But one thing I will tell you, there was a recent conference that involved a lot of their property personnel, senior personnel from their properties, and all these products, including our PMS product was shown there and the feedback was remarkably good. So there is excitement among their properties. They have waited for this technology transformation for quite a long time.

但有一件事我要告訴你，最近召開了一次會議，很多物業人員、物業高級人員都參加了會議，所有這些產品，包括我們的 PMS 產品都在會上進行了展示，反饋非常好。因此他們的財產令人興奮。他們等待這項技術變革已經相當長一段時間了。

So all signals are good so far. The ecosystem testing, the end-to-end testing involving products across multiple vendors, all that is going well. And now the testing is moving to the beta testing that you're talking about of test properties.

到目前為止，所有訊號都很好。生態系統測試、涉及多個供應商產品的端到端測試，一切都進展順利。現在測試正在轉向您所說的測試屬性的 beta 測試。

So so far, so good, Brian. We should feel positive about this project. Always keep in mind it's a very complex transformational technology project. So it is always good to be cautiously optimistic about it, but so far, so good, Brian.

到目前為止一切都很好，布萊恩。我們應該對這個項目抱持正面的態度。請始終牢記，這是一個非常複雜的轉型技術專案。因此，對此保持謹慎樂觀的態度總是好的，但到目前為止，一切都很好，布萊恩。

And then the one question I had for Dave is, in terms of the line item guidance, specifically with the product line items, is there any way of how to share how you're thinking about that, say over a multi-year period. Clearly, the comps are going to be easier on that line this year, but do you think that business has stabilized and sustaining just growth in general is achievable for the products line? Thanks.

然後我想問戴夫的一個問題是，就分項指導而言，特別是產品分項指導，有沒有什麼方法可以分享您對此的看法，比如說​​在多年的時間內。顯然，今年該產品線的業績將更加穩健，但您是否認為該產品線的業務已經穩定，並且總體上可以保持成長？謝謝。

I mean, I think we talked about it a lot during fiscal year '25 where that was resetting with the lesser attached rate on the new modernized solution, so we feel like that line is stabilized. And it's probably not going to grow with top line in the out years, but we do look at it as a -- in the, call it medium-term, a single digit type grower.

我的意思是，我認為我們在 25 財年對此進行過多次討論，當時我們正在以新的現代化解決方案的較低附加利率進行重置，因此我們覺得這條線路已經穩定下來了。並且在未來幾年內它可能不會實現營收成長，但我們確實將其視為——在中期內，一位數增長型企業。

Thank you for taking my questions.

感謝您回答我的問題。

(Operator Instructions) Nehal Chokshi, Northland Capital Markets.

（操作員指示）Nehal Chokshi，Northland Capital Markets。

Ramesh, you talked about the demos pipeline, I think second quarter in a row, I think in the December quarter you said it was up 22% year-over-year. I believe you said it was up 18% year-over-year for the March quarter. So is this a 20% or so growth rate at which demo plus pipeline, is that the right way to be thinking about that, how that pipeline should be growing going forward?

Ramesh，您談到了演示管道，我認為這是連續第二個季度，我認為在 12 月季度您說它同比增長了 22%。我相信您說過，3 月份季度的銷售額比去年同期增長了 18%。那麼，這個演示加上管道的增長率是不是 20% 左右，這是思考這個問題的正確方式嗎？這個管道未來該如何成長？

At the moment, Nehal, yes. As things stand now, assuming a 20% steady growth in the pipeline is a good thing to assume, but I'm optimistic that it will improve. One of the reasons is things are improving internationally for us, especially among the multi-amenity higher end resorts.

目前，Nehal，是的。就目前情況而言，假設管道穩定成長 20% 是一件好事，但我樂觀地認為情況會有所改善。原因之一是我們在國際上的境況正在改善，尤其是多功能高端度假村。

There's less and less competition because we have invested and created an ecosystem of products that our competition just hasn't. They, I mean, it is not much more complicated than that because when you want a fully connected system and you're running a multi-amenity resort, there are not that many players out there. So that's one reason why I'm (technical difficulty) sales pipeline will increase.

競爭越來越少，因為我們已經投資並創建了競爭對手尚未擁有的產品生態系統。我的意思是，這並不比這複雜得多，因為當你想要一個完全連接的系統並且你正在經營一個多功能度假村時，那裡並沒有那麼多的參與者。這就是為什麼我的（技術難度）銷售管道會增加的原因之一。

And also in the all-important Hotels and Resort Sales vertical, Nehal, we have significantly expanded the sales team size in two ways. Number one, a lot of recent hiring in the last five, six months. And also now the Book4Time sales team is selling all Agilysys products as well. So that process has also started.

此外，在至關重要的飯店和度假村銷售垂直領域 Nehal，我們透過兩種方式大幅擴大了銷售團隊規模。第一，過去五、六個月內我們招募了許多員工。現在 Book4Time 銷售團隊也正在銷售所有 Agilysys 產品。所以這個過程也已經開始了。

So you add those two together, a majority, right, more than half of the Hotel Resort Sales team now has started selling the product only in the last three to six months, all the Agilysys products. So that should contribute to increasing pipeline in the Hotels and Resort sector, which is our biggest sector, biggest sales vertical now.

所以，把這兩者加在一起，大多數，對，超過一半的酒店度假村銷售團隊現在只在過去三到六個月內開始銷售所有 Agilysys 產品。因此，這應該有助於增加酒店和度假村領域的銷售管道，這是我們目前最大的領域、最大的銷售垂直領域。

And also we are turning the corner with FSM, right, Managed Food Service providers or Food Service Management is really turning the corner since we have turned the corner with POS. Now they are taking a serious look at our POS as well. So all these things together, Nehal, the current expectation would be 20% growth in sales pipeline, but I'm optimistic that it will start improving soon.

而我們也正在透過 FSM 實現轉變，對吧，自從我們透過 POS 實現轉變以來，管理食品服務提供者或食品服務管理確實正在轉變。現在他們也認真審視我們的 POS。因此，綜合考慮所有這些因素，Nehal，目前預計銷售管道將成長 20%，但我樂觀地認為它很快就會開始改善。

Okay. And then, I believe that you guys have a target model for subscription growth of 25% to 30%. So, A, is that target model still applicable? And then, B, how does 5%-plus growth of 20% but with subscription growth of 25% to 30% on an organic basis, presumably?

好的。然後，我相信你們有一個 25% 到 30% 的訂閱成長目標模式。那麼，A，該目標模型仍然適用嗎？那麼，B，20% 的 5% 以上的成長，但訂閱量在有機基礎上成長 25% 到 30%，這怎麼可能呢？

Yeah, the sales pipeline 20% is all across the board, right, but that is just sales opportunities that we are working on, Nehal. Within that, the win ratio continues to improve.

是的，銷售管道的 20% 是全面的，對吧，但這只是我們正在努力的銷售機會，Nehal。其中，勝率持續提高。

So the sales pipeline being 20% is no indication that the subscription revenue growth will only be that much. Subscription revenue growth could be more than that.

因此，銷售管道佔 20% 並不表示訂閱收入成長只會那麼多。訂閱收入的成長可能不止於此。

So I wouldn't equate the two exactly, but I understand your point. But for FY26, our guidance is the subscription revenue growth, we expect to be 25%.

所以我不會將兩者完全等同起來，但我理解你的觀點。但對於 26 財年，我們預期訂閱營收成長率將達到 25%。

Okay. And then if I may speak one more, a couple more actually, sorry. So I understand and it's actually consistent with my thinking that Marriott is excluded from fiscal year '26. But given the commentary that the development phase appeared to have largely finished back in the September quarter, which would be fiscal third quarter, can you just walk us through the rationale on why exclude that from the fiscal year '26?

好的。然後，如果我可以再說一句，實際上還有幾句，抱歉。所以我理解，這實際上與我的想法一致，即萬豪被排除在 26 財年之外。但是，鑑於有評論稱開發階段似乎已在 9 月季度（即財政年度第三季度）基本完成，您能否向我們解釋為什麼將其排除在 26 財年之外？

Yes, I mean, most of it is, I mean, we'll enter the roll out phase, but it won't be overly material to the P&L as we work through pilots. And so once we hit the mass roll out, it probably makes more sense to update the guidance or give the guidance in next year's results. But it's mostly just because it's not overly material because we'll be, even though we'll get into the rollout, we'll still be in the pilot phase of the rollout.

是的，我的意思是，大部分都是，我的意思是，我們將進入推出階段，但在我們進行試點的過程中，它不會對損益表產生太大的影響。因此，一旦我們大規模推出，更新指導或在明年的業績中給予指導可能更有意義。但這主要是因為它不是太重要，因為即使我們進入推出階段，我們仍處於推出的試點階段。

And it's a big transformation project, Nehal. So plus or minus a few months. I mean you know this well, these kinds of big technology transformation projects, plus or minus a few months, it is just tough to predict, right?

這是一個巨大的轉型項目，Nehal。所以前後相差幾個月。我的意思是，您很清楚這一點，這些大型技術轉型項目，誤差在幾個月以內，很難預測，對嗎？

But the good news is it's going well now. We're close to getting the test properties and then we'll see how it goes, right? We will see how it goes.

但好消息是現在一切都很順利。我們即將獲得測試屬性，然後我們將看看進展如何，對嗎？我們將拭目以待。

But it's not, I mean, we provide our guidance based on what we see and what is reasonably predictable. We just cannot include this now and plus or minus a few months, it could go either way, right? We just don't know yet.

但事實並非如此，我的意思是，我們根據所看到的和合理可預測的情況提供指導。我們現在無法將其包括在內，而且幾個月後，情況可能會有所不同，對嗎？我們只是還不知道。

Yeah, understood. And then my final question is that given projecting EBITDA margin be flattish fiscal year '25 to fiscal year '26, that implies OpEx will grow about 14% year-over-year. So is that enough to ensure that even your pipeline, your demo plus pipeline grows about 20% per year here?

是的，明白了。我的最後一個問題是，鑑於預計 25 財年至 26 財年的 EBITDA 利潤率將持平，這意味著營運支出將年增約 14%。那麼，這是否足以確保您的管道、您的演示加管道每年增長約 20%？

Yeah, I mean, we think of it on a percentage of revenue basis and pretty much, I mean, sales and marketing will go up just a tick in fiscal year '26, mostly just do the timing of events. We had a user conference in May instead of March.

是的，我的意思是，我們以收入百分比為基礎來考慮這個問題，基本上，我的意思是，26 財年的銷售額和行銷費用將略有上升，這主要取決於事件的時機。我們在五月而不是三月舉行了使用者會議。

And like you've seen in the last couple of years, we'll continue to see operating leverage in the G&A line on a percentage of revenue basis. And then R&D, it'll stay reasonably flat this year because I mean, as we talked a lot about, we're still carrying multiple R&D teams as we continue through the transformation of old products and new products and until we start the large PMS rollout.

正如您在過去幾年中看到的那樣，我們將繼續看到 G&A 部門的營運槓桿以佔收入的百分比形式呈現。然後是研發，今年它將保持相當平穩，因為我的意思是，正如我們所談論的，我們仍然擁有多個研發團隊，並繼續進行舊產品和新產品的轉型，直到我們開始大規模推出 PMS。

So it's really on a percentage of revenue. It's going to be similar to what you've seen in the past with maybe sales and marketing going up a little bit.

所以這實際上是收入的百分比。這將與您過去看到的情況類似，銷售額和行銷可能會略有上升。

And, Nehal, when you're thinking of the 14% and the revenue growth and all, keep in mind a lot of the expansion has happened. R&D over the years we have expanded it quite a bit. We recently went through a big expansion of services and sales, so we have set ourselves up for future growth now.

而且，Nehal，當您考慮 14% 的收入成長和所有一切時，請記住已經發生了很多擴張。多年來，我們在研發方面已經進行了相當多的擴展。我們最近經歷了服務和銷售的大規模擴張，因此我們已經為未來的發展做好了準備。

Got it. Okay. Thank you very much. Great job.

知道了。好的。非常感謝。幹得好。

George Sutton, Craig-Hallum.

喬治·薩頓、克雷格·哈勒姆。

Ramesh, you talked a lot about international and the opportunity there. I'm wondering if you could just talk about what your white space is, how significant do you think international could be for you?

拉梅什，你談了很多關於國際和那裡的機會。我想知道您是否可以談談您的空白是什麼，您認為國際對您來說有多重要？

As these highs, as these newer modernized versions settle down, George, international is a huge growth area for us. We are seeing more sales opportunities than ever before, but still not great, right? It is, at the moment, progressing well, but not great and we are still dependent on big home run kind of wins.

隨著這些高峰的到來，隨著這些較新的現代化版本的穩定下來，喬治，國際市場對我們來說是一個巨大的成長領域。我們看到的銷售機會比以往更多，但仍然不是很好，對嗎？目前，進展順利，但還不算太好，我們仍然依賴大本壘打之類的勝利。

The one very positive sign with international is our current customers are spending a lot more with us now because now they have new products they can invest on than ever before. So the current customers are spending more with us. We have more reference customers that we are building up now.

國際上一個非常積極的訊號是，我們目前的客戶現在在我們這裡花的錢比以前多得多，因為現在他們有了比以前更值得投資的新產品。因此目前的顧客在我們這裡消費的錢更多了。我們現在正在建立更多的參考客戶。

So it's progressing well, but that exponential curve has not yet taken off, George. But answer your first question is a massive growth area for us, and the products are now there. Now it is a matter of spreading ourselves there.

所以進展順利，但是指數曲線尚未起飛，喬治。但回答您的第一個問題，這對我們來說是一個巨大的成長領域，而且產品現在已經存在。現在我們要做的就是將自己傳播到那裡。

Thank you. And then just lastly on Book4Time because a lot of the presentations you gave were ex-Book4Time. Can you just give us a sense of how that acquisition has gone?

謝謝。最後再來談談 Book4Time，因為您做的許多演講都是在 Book4Time 之前做的。能向我們介紹一下此次收購的進展嗎？

That acquisition has gone very well, George. But thank you for asking. Very happy with the acquisition. The best way I would express it is given a chance, we would do it again without a doubt.

喬治，這次收購進展非常順利。但謝謝你的詢問。對這次收購感到非常高興。我想表達的最好方式是，如果有機會，我們毫無疑問會再做一次。

Great people, added the tremendous talent value to the team. Good product, a very respected, well regarded brand name, global reach, so every aspect of the Book4Time business, the sales, and implementations of the Book4Time product, the spa product is going very well. That continues to do very well.

優秀的人才為團隊增添了巨大的人才價值。好的產品，非常受人尊敬、評價很高的品牌，具有全球影響力，因此 Book4Time 業務的各個方面，包括 Book4Time 產品的銷售和實施以及水療產品都進展順利。這一表現持續良好。

And the cross-selling piece is beginning to take shape now. We always thought it would make a difference in FY26, and I think it is going to make a reasonable difference in FY26, which was the plan all along.

交叉銷售部分現在開始成形。我們一直認為它會在 26 財年帶來變化，我認為它會在 26 財年帶來合理的變化，這也是我們一直以來的計劃。

So we've expanded the Hotel Resort sales team by a significant number in the last five, six months. Now the Book4Time sales team is also part of the Hotel Resort sales team, so all that adds considerable strength to selling there.

因此，我們在過去五、六個月中大幅擴大了飯店度假村銷售團隊。現在，Book4Time 銷售團隊也是飯店度假村銷售團隊的一部分，因此這一切都為那裡的銷售增添了相當大的力量。

So all around, the Book4Time itself is an excellent acquisition. We're very happy with it. Now Book4Time sales team contributing to selling all the Agilysys product, that product, that process is just getting started now, and we think we'll do well in fiscal '26.

所以總的來說，Book4Time 本身就是一項極好的收購。我們對此非常滿意。現在，Book4Time 銷售團隊致力於銷售所有 Agilysys 產品，該產品和流程才剛開始，我們認為我們將在 26 財年取得良好的業績。

Perfect. Thank you very much.

完美的。非常感謝。

And as I see no further questions in queue. I will conclude the Q&A session and turn it back to Ramesh Srinivasan for closing remarks.

而且我發現隊列中沒有其他問題。我將結束問答環節，並請 Ramesh Srinivasan 作最後發言。

Thank you, Carmen. Thank you all 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 fiscal 2026 Q1 results. Thank you.

謝謝你，卡門。感謝大家的參與以及你們的關注與支持。我們期待幾個月後，也就是 7 月底再次與您交談，屆時我們將報告 2026 財年第一季的業績。謝謝。

And thank you all for participating in today's conference. You may now disconnect.

感謝大家參加今天的會議。您現在可以斷開連線。