Agilysys Inc (AGYS) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Agilysys 2026 first-quarter conference call. As a reminder, today's conference may be recorded. I'd 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 2026 年第一季電話會議。提醒一下，今天的會議可能會被錄音。現在，我想將會議交給 Agilysys 企業策略和投資者關係高級總監 Jessica Hennessy。你可以開始了。

Thank you, Victor, and good afternoon, everybody. Thank you for joining the Agilysys fiscal 2026 first-quarter conference call. We will get started in just a minute with management's comments. But before doing so, let me read the Safe Harbor language.

謝謝你，維克多，大家下午好。感謝您參加 Agilysys 2026 財政年度第一季電話會議。我們將立即開始聽取管理層的評論。但在此之前，請容許我先讀安全港條款。

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.

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。

Although the company believes that its forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause results to differ materially. Important factors that could cause actual results to vary materially from these forward-looking statements include our ability to 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.

儘管該公司認為其前瞻性聲明是基於合理的假設，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。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實現所提供的指導水準的能力、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 and business levels during this call refer only to the time period after Agilysys has 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記錄、財務和業務層面僅指 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 our fiscal 2026 first-quarter earnings call. Joining Jess and me on the call today is Dave Wood, CFO, at our Alpharetta, Atlanta headquarters. Let me cover sales and selling success first before moving to revenue, profitability, guidance increase, and other details. We measure sales in annual contract value terms. We continue to exclude from our sales numbers all aspects of the Marriott property management system PMS project, including those pertaining to services.

謝謝你，傑西。晚安.歡迎參加我們的 2026 財年第一季財報電話會議。今天與傑西和我一起參加電話會議的還有我們位於亞特蘭大阿爾法利塔總部的財務長戴夫伍德 (Dave Wood)。在談到收入、獲利能力、指導成長和其他細節之前，讓我先介紹一下銷售和銷售成功。我們以年度合約價值來衡量銷售額。我們繼續從銷售數字中排除萬豪物業管理系統 PMS 項目的所有方面，包括與服務相關的方面。

Fiscal 2026 Q1 April to June sales was the second best quarter on record following the preceding fiscal 2025 fourth quarter, which was the highest. Sales during Q1 was 24% higher than the comparable prior year period and was easily the best Q1 April to June period sales level we've seen.

2026 財年第一季 4 月至 6 月的銷售額是繼 2025 財年第四季之後有史以來第二好的季度，而 2025 財年第四季的銷售額是歷史最高。第一季的銷售額比去年同期高出 24%，是我們所見過的 4 月至 6 月期間第一季的最佳銷售水準。

Combined overall sales of the last two quarters were 19%, 19% higher than the preceding six-month period while combined sales of only recurring fee bookings consisting of SaaS annual fees and annual maintenance fees were 34% higher than the preceding six-month period.

最近兩季的整體銷售額總計成長了 19%，比前六個月高出 19%，而僅包含 SaaS 年費和年度維護費的定期費用預訂的總計銷售額比前六個月高出 34%。

Fiscal 2021 April to June was our broadest and widest sales success quarter ever, with several different sales verticals achieving good to excellent sales levels. Q1 was the best sales quarter in food service management, FSM, vertical in the last 2.5 years. As reported during our previous calls, we went through a tough period with FSM sales during late fiscal 2024 and the first half of fiscal 2025. We are happy to report that we are now back in full form with point of sale, POS, sales in the FSM vertical.

2021 財年 4 月至 6 月是我們有史以來銷售範圍最廣、業績最亮眼的季度，多個不同的銷售垂直領域都實現了良好至卓越的銷售水平。第一季是過去 2.5 年來食品服務管理 (FSM) 垂直領域銷售最好的季度。正如我們之前的電話會議中所報告的那樣，在 2024 財年末和 2025 財年上半年，我們的 FSM 銷售經歷了一段艱難時期。我們很高興地報告，我們現在已經完全恢復了銷售點、POS 和 FSM 垂直銷售的狀態。

Q1 was also the second highest sales quarter for international sales, while the sequentially preceding quarter was the highest. We have seen good signs of our international business picking up steam during the last two quarters and are continuing to see good momentum, especially with respect to large multi-product deals.

第一季也是國際銷售額第二高的季度，而上一季的銷售額最高。過去兩個季度，我們的國際業務出現了加速發展的良好跡象，並且繼續保持良好的勢頭，特別是在大型多產品交易方面。

The casino gaming sales vertical also had its best Q1 April to June period on record, 15%; 15% higher than the previous best Q1 quarter. There were several large sales wins during the quarter in gaming, including the Boyd Gaming subscription POS deal we announced in the middle of May.

賭場遊戲銷售垂直產業也創下了 4 月至 6 月第一季的最佳業績，增幅達 15%；比之前最好的第一季高出 15%。本季度遊戲領域取得了幾項重大銷售勝利，包括我們在 5 月中旬宣布的 Boyd Gaming 訂閱 POS 交易。

We continue to see strength in the casino gaming sales vertical as customers broaden their portfolio of Agilysys products and expand investments in modern software solutions that help with improving guest experience and operational efficiencies. Most of the sales verticals performed very well in Q1 and across the last two quarters. The highlights of this recent six-month period have been the impressive turnaround in the food service management, FSM, vertical and international business picking up good momentum.

隨著客戶擴大其 Agilysys 產品組合併加大對有助於改善客戶體驗和營運效率的現代軟體解決方案的投資，我們繼續看到賭場遊戲銷售垂直領域的強勁表現。大多數銷售垂直行業在第一季和過去兩個季度表現都非常良好。最近六個月的亮點是食品服務管理、FSM、垂直和國際業務的顯著轉變，並呈現良好發展勢頭。

Q1 fiscal 2026 professional services sales was 20% higher than the comparable prior year quarter. Q4 fiscal 2025 and Q1 fiscal 2026 are our two best services sales quarters on record, and, combined, 21% higher than the immediately preceding six-month period. Q1 fiscal 2026 was the best ever quarter for subscription software sales by a wide margin, 25% higher than the previous best quarter, which was the preceding Q4 fiscal 2025, and 79% higher than the comparable prior year period.

2026 財年第一季專業服務銷售額比去年同期高出 20%。2025 財年第四季和 2026 財年第一季是我們有史以來最好的兩個服務銷售季度，合計比前六個月高出 21%。2026 財年第一季是訂閱軟體銷售額有史以來最好的一個季度，比之前最好的一個季度（即之前的 2025 財年第四季度）高出 25%，比去年同期高出 79%。

Q1 was the fourth consecutive record sales quarter for subscription sales. Subscription software sales, specific to POS and POS-related modules, was 61% higher than the sequentially preceding fiscal 2025 Q4 quarter. There is now ample evidence that our modernized set of cloud native software solutions is gaining serious traction in the hospitality industry, which has never been keener to improve technology solutions running their operations. Our current pace of innovation following many years of product modernization efforts thus seem to be creating a serious competitive advantage which is becoming wider with each passing month.

第一季是訂閱銷售連續第四個季度創下銷售記錄。訂閱軟體銷售額（特別是 POS 和 POS 相關模組）比上一財年第四季高出 61%。現在有充分的證據表明，我們現代化的雲端原生軟體解決方案正在酒店業中獲得巨大的發展，該行業從未像現在這樣熱衷於改進營運的技術解決方案。因此，經過多年的產品現代化努力，我們目前的創新步伐似乎正在創造一種重要的競爭優勢，而這種優勢正在逐月擴大。

With respect to sales deals won during Q1 fiscal 2026 April to June, we added 24 new customers, excluding Book4Time, all of whom signed subscription license-based sales agreements. Q1 was one of our highest quarters with respect to total annual contract value of new customer wins. These 24 customers purchased an average of six products each.

就 2026 財年第一季 4 月至 6 月期間贏得的銷售交易而言，我們增加了 24 位新客戶（不包括 Book4Time），所有客戶都簽署了基於訂閱許可的銷售協議。就新客戶贏得的年度合約總價值而言，第一季是我們最高的季度之一。這 24 位顧客平均每人購買了 6 件產品。

New customer deals, which included PMS solutions, involved an average of as high as 14 products per deal. The ability to provide an integrated ecosystem of software solutions that work well together and offer unique, functional, and feature advantages is becoming a fast-growing differentiator for us.

新客戶交易（包括 PMS 解決方案）平均每筆交易涉及多達 14 種產品。能夠提供整合的軟體解決方案生態系統，使這些解決方案能夠很好地協同工作，並提供獨特、功能和特性優勢，這正成為我們快速成長的差異化因素。

Our extensive investment in the development of an integrated product ecosystem has already become one of the primary reasons for our excellent current sales win ratio. Such an ecosystem also creates enormous amounts of connected data for a multi amenity resort or a similar customer property which lends itself well to extracting significant differentiated value through use of AI and other tools.

我們對整合產品生態系統開發的大量投資已成為我們目前銷售成功率優異的主要原因之一。這樣的生態系統也為多功能度假村或類似的客戶物業創造了大量的連接數據，這有助於透過使用人工智慧和其他工具來提取顯著的差異化價值。

We are lucky to have completed all the required foundation modernization work across the product sets while also creating an interconnected ecosystem of products, both of which are making the adoption of AI tools easier, more relevant and effective.

我們很幸運地完成了所有必要的基礎現代化工作，涵蓋了所有產品，同時也創建了一個互聯的產品生態系統，這兩者都使得人工智慧工具的採用變得更容易、更相關、更有效。

Various AI-based product enhancements are now being included in the recent and upcoming version releases, such as enabling personalized upselling through a dynamic PMS upgrade engine to suggest appropriate room upgrades and add-on amenities during check-in, based on real-time factors like current occupancy, guest loyalty status, past state behavior, and even staffing levels.

近期和即將發布的版本中包含各種基於人工智慧的產品增強功能，例如透過動態 PMS 升級引擎實現個人化追加銷售，根據當前入住率、客人忠誠度狀態、過去的狀態行為甚至人員配備水平等即時因素，在辦理入住手續時建議適當的房間升級和附加設施。

AI-assisted concierge services. AI-powered natural language processing. AI-enabled booking of a curated set of guest-specific preferred amenities and creation of itineraries. AI-driven demand and availability-based pricing decisions. AI-based [conversational] food ordering. AI-enabled mechanisms for fulfillment of various guest-requested tasks. Enhanced data analysis and creation of AI agents that can help with various analysis and execution tasks within a customer property. All such AI-based enhancements currently being added to the product sets should produce tangible value for our customers and additional convenience for the guests they serve, thereby strengthening our growing competitive advantages.

人工智慧輔助禮賓服務。人工智慧驅動的自然語言處理。透過人工智慧預訂一系列專為客人偏好的設施並創建行程。人工智慧驅動的需求和基於可用性的定價決策。基於人工智慧的[對話式]訂餐。人工智慧機制可完成客人要求的各種任務。增強資料分析和 AI 代理的創建，可協助完成客戶財產內的各種分析和執行任務。目前添加到產品系列中的所有此類基於人工智慧的增強功能都應為我們的客戶創造切實的價值，並為他們服務的客人提供額外的便利，從而增強我們日益增長的競爭優勢。

In addition, the use of AI tools is permeating across our internal business operations as well, making execution better and more efficient across several departments, including product development and professional services, to improve coding and implementation efficiencies, quality, and accuracy.

此外，人工智慧工具的使用也滲透到我們的內部業務營運中，使產品開發和專業服務等多個部門的執行更加完善、高效，從而提高編碼和實施的效率、品質和準確性。

AI agents driven virtual assistant mechanisms for our customer support personnel and other such improvements across sales, marketing, IT, information security, finance, and legal. We're also being careful and cautious, though, while using various AI tools to ensure no exposure of our internal data to the outside world.

人工智慧代理為我們的客戶支援人員提供虛擬助理機制，並在銷售、行銷、IT、資訊安全、財務和法律等領域進行其他此類改進。不過，我們在使用各種人工智慧工具時也非常小心謹慎，以確保我們的內部資料不會暴露給外界。

Getting back to sales success during the quarter, we also added 69 new properties that were not using any of our software solutions before, but the parent company was already a customer. Of the 105 new properties added during the quarter across new and current customers, 104 were either partially or fully subscription software license based.

本季度，我們的銷售業績再次取得成功，我們還增加了 69 家新酒店，這些酒店之前從未使用過我們的任何軟體解決方案，但母公司已經是我們的客戶。本季為新舊客戶增加的 105 個新屬性中，有 104 個是部分或全部基於訂閱軟體許可的。

In addition, there were 93 instances of selling at least one additional software solution to properties which are already using one or more of our other products. In total, these 93 deals involve the sale of 224 products. This was the second highest quarter with respect to total annual contract value sales of new products to current customer properties. The sequentially preceding fiscal 2025 Q4 quarter was the highest.

此外，還有 93 家飯店向已經在使用我們一款或多款其他產品的飯店銷售了至少一個額外的軟體解決方案。總計這 93 筆交易涉及 224 種產品的銷售。就新產品向現有客戶資產的年度合約總銷售額而言，這是第二高的季度。上一季的 2025 財年第四季是最高水準。

Moving on to revenue. Q1 fiscal 2026 overall revenue was $76.7 million, a record for the 14th consecutive quarter. Overall revenue was close to 21% higher than the comparable prior year quarters, driven by 44% year-over-year growth in subscription revenue and 16% growth in professional services revenue.

繼續討論收入。2026財年第一季總營收為7,670萬美元，連續第14季創下紀錄。總收入比去年同期高出近 21%，其中訂閱收入年增 44%，專業服務收入成長 16%。

Organic subscription revenue grew by 24% year over year, which in turn was driven by a 48% increase in subscription revenue pertaining to property management systems, PMS and PMS-related add-on software modules, and a 16% increase in point-of-sale, POS, and POS-related add-on modules.

有機訂閱收入年增 24%，這得益於物業管理系統、PMS 和 PMS 相關附加軟體模組的訂閱收入增長 48%，以及銷售點、POS 和 POS 相關附加模組的訂閱收入增長 16%。

We expect the year-over-year subscription revenue growth rate pertaining to POS to increase going forward, given the recent turnaround in POS sales levels and the ongoing pace of POS implementations. Overall recurring revenue, including both subscription and annual maintenance, grew to a record $48.6 million in Q1, 28% higher than the comparable prior year period, and 63.4% of total revenue.

鑑於近期 POS 銷售水準的回升和 POS 實施的持續步伐，我們預計未來 POS 相關的訂閱收入年增率將會提高。第一季度，包括訂閱和年度維護在內的整體經常性收入成長至創紀錄的 4,860 萬美元，比去年同期高出 28%，佔總收入的 63.4%。

Subscription revenue was a record 65.6% of total recurring revenue. In absolute dollar terms, Q1 subscription revenue grew by $9.8 million year over year, which is the highest level of year-over-year growth we have seen until now. While understandably not surging higher like subscription revenue is currently, annual maintenance recurring revenue was also a record high this quarter, about 5% higher year over year.

訂閱收入佔總經常性收入的 65.6%，創歷史新高。以絕對美元計算，第一季訂閱收入年增 980 萬美元，這是我們迄今為止看到的最高同比增長水平。雖然可以理解的是，年度維護經常性收入不會像目前的訂閱收入那樣大幅增長，但本季年度維護經常性收入也創下了歷史新高，同比增長約 5%。

This is a good indication of the fact that our subscription revenue growth is coming from new and additional projects for the most part and is not based on cannibalization of annual maintenance. We continue to allow our customers to make their own decisions regarding their timing of moving to the cloud. Customer centricity is a big part of our organization culture. We exist to help our customers achieve their goals without any unnecessary pressure from their technology partners.

這很好地表明了我們的訂閱收入成長主要來自於新的和額外的項目，而不是基於年度維護的蠶食。我們繼續允許客戶自行決定遷移到雲端的時間。以客戶為中心是我們組織文化的重要組成部分。我們的存在是為了幫助我們的客戶實現他們的目標，而不會給他們的技術合作夥伴帶來任何不必要的壓力。

Along with being record high quarters for subscription software sales, Q4 fiscal 2025 and Q1 fiscal 2026 were also the best two quarters for subscription project implementations measured as the sum of annual recurring revenue, ARR, of all subscription projects implemented during the period.

2025 財年第四季和 2026 財年第一季不僅是訂閱軟體銷售額創歷史新高的兩個季度，也是訂閱專案實施效果最好的兩個季度，以該期間實施的所有訂閱專案的年度經常性收入 (ARR) 總和來衡量。

The extent of subscription ARR are installed in the field during the recent six months was 47% higher than the immediately preceding six-month period. Both subscription sales and implementations in the field have been off to a faster start this fiscal year than we anticipated going in. We are therefore increasing the subscription growth guidance for full fiscal year 2026 from the originally stated 25% to 27%.

在最近六個月內，該領域安裝的訂閱 ARR 範圍比前六個月高出 47%。本財年的訂閱銷售和現場實施都比我們預期的起步更快。因此，我們將 2026 財年全年的訂閱成長預期從最初提出的 25% 提高到 27%。

One-time product revenue consisting of perpetual software licenses and hardware revenue was just shy of $10 million, a bit less than our already low ongoing expectations for this revenue line. Q1 was the lowest quarter in about four years with respect to perpetual software licenses in the one-time product revenue bucket.

包括永久軟體授權和硬體收入在內的一次性產品收入略低於 1,000 萬美元，略低於我們對該收入線的持續較低預期。就一次性產品收入類別中的永久軟體許可證而言，第一季是大約四年來最低的季度。

An overwhelming number of customers are choosing the cloud option, which is reflected in the subscription revenue growth levels. The current versions of the POS products have a reduced hardware attached rate since they also work well on consumer-grade hardware devices like the iOS operating system-based iPads. We expect the one-time product revenue line to remain around this level for the foreseeable future.

絕大多數客戶都選擇雲端選項，這反映在訂閱收入的成長水準上。目前版本的 POS 產品的硬體連接率較低，因為它們也可以在基於 iOS 作業系統的 iPad 等消費級硬體設備上運作良好。我們預計一次性產品收入線在可預見的未來將保持在這個水準左右。

We also expect services revenue to remain around the levels of this quarter during the remainder of the fiscal year as services revenue related to product development work on a couple of major projects has tapered off and is being replaced by growing normal implementations related professional services work.

我們也預計，在本財年剩餘時間內，服務收入將保持在本季度的水平左右，因為與幾個主要項目的產品開發工作相關的服務收入已經逐漸減少，並正在被不斷增長的正常實施相關的專業服務工作所取代。

Despite excellent improvements in project implementation levels and record services revenue, strong sales drove the recurring and services revenue backlog to record levels. Fiscal 2026 Q1 profitability was below annual expectations, mainly due to several once-a-year cost items falling in this quarter, including the high-cost user conference.

儘管專案實施水準和服務收入均取得了顯著提高，但強勁的銷售業績推動經常性收入和服務收入積壓訂單達到創紀錄的水準。2026 財年第一季獲利能力低於年度預期，主要原因是本季有幾項一年一度的成本項目下降，包括高成本的用戶會議。

We remain confident that adjusted EBITDA will be 20% of revenue for the full fiscal year in line with the original expectation. We also remain comfortable with the already provided annual revenue guidance of $308 million to $312 million for fiscal 2026.

我們仍然相信，調整後的 EBITDA 將達到整個財政年度收入的 20%，符合最初的預期。我們對已經提供的 2026 財年 3.08 億美元至 3.12 億美元的年度收入預期仍然感到滿意。

The Marriott PMS project continues to progress well and is proceeding according to plan. The testing of all integrations and connectivity across platforms in the lab test property is close to being completed, marking the completion of one of several roll-out milestones. We expect implementation of a handful of test properties to start in a few months, which will be the next step in the project. All guidance details provided continue to exclude any significant subscription revenue from this project during fiscal 2026.

萬豪PMS計畫持續進展順利，並且正在按照計畫進行。實驗室測試環境中跨平台的所有整合和連接測試即將完成，這標誌著幾個推出里程碑之一的完成。我們預計將在幾個月內開始實施少量測試屬性，這將是該專案的下一步。所有提供的指導細節仍然不包括 2026 財年期間該項目的任何重大訂閱收入。

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

說完這些，讓我把電話交給戴夫，以了解更多財務和其他業務細節。

Thank you, Ramesh. Taking a look at our financial results beginning with the income statement, first-quarter fiscal 2026 revenue was a quarterly record of $76.7 million, a 20.7% increase from total net revenue of $63.5 million in the comparable prior year period. One-time revenue consisting of product and professional services was up 10.1% over the prior year quarter and in line with our expected 5% to 10% increase in one-time revenue. Professional services revenue is running slightly ahead of plan through the first quarter.

謝謝你，拉梅什。從損益表開始查看我們的財務業績，2026 財年第一季的營收創下季度記錄，達到 7,670 萬美元，比去年同期的 6,350 萬美元總淨收入增長 20.7%。由產品和專業服務組成的一次性收入比去年同期增長了 10.1%，與我們預期的 5% 至 10% 的一次性收入增長一致。第一季專業服務收入略高於計劃。

However, despite point-of-sale bookings being up 29% over the prior fiscal year, product sales, which include proprietary software and third-party products, which are mainly hardware, were low, causing product revenue for Q1 to be below expectations. Recurring revenue was up 27.8% over the first quarter of the prior year and comfortably ahead of plan.

然而，儘管銷售點預訂量比上一財年增長了29%，但包括專有軟體和第三方產品（主要為硬體）在內的產品銷售額卻很低，導致第一季的產品收入低於預期。經常性收入比去年同期第一季成長 27.8%，遠超計畫。

Sales momentum was strong through Q1, leaving total backlog at record levels, despite implementation velocity continuing to grow. Many of the operational challenges seen in our fiscal year 2025 with point of sales and backlog deployments seem to be behind us. Subscription sales were up a staggering 79% over the prior fiscal year quarter, giving us a major head start to the current year.

第一季銷售動能強勁，儘管實施速度持續成長，但總積壓訂單量仍達到創紀錄水準。我們在 2025 財年遇到的銷售點和積壓部署的許多營運挑戰似乎都已成為過去。與上一財年第一季相比，訂閱銷售額成長了驚人的 79%，這為我們今年的開局帶來了巨大的領先優勢。

While we still have plenty of work left to do with sales, visibility into our business and fiscal year remain at all-time highs. Professional services revenue increased 16% over the prior year quarter to a record $18.1 million. Despite record professional services revenue, our services backlog remained at record levels.

雖然我們在銷售方面還有很多工作要做，但我們的業務和財政年度的透明度仍然處於歷史最高水平。專業服務收入較去年同期成長 16%，達到創紀錄的 1,810 萬美元。儘管專業服務收入創歷史新高，但我們的服務積壓訂單仍處於創紀錄的水平。

As a reminder, professional services revenue remains a good leading indicator for future subscription revenue growth. Total recurring revenue represented 63.4% of total net revenue for the fiscal first quarter compared to 59.9% of total net revenue in the first quarter of fiscal 2025.

提醒一下，專業服務收入仍然是未來訂閱營收成長的良好領先指標。總經常性收入佔第一財季總淨收入的 63.4%，而 2025 財年第一季該比例為 59.9%。

Subscription revenue grew 44.3% for the first quarter of fiscal 2026. Subscription sales and backlog were again both at record levels in Q1 and well ahead of our FY26 plan. Despite subscription revenue coming in well above our 25% guidance, the backlog still increased by 23% over FY25 exit rates. We continue to be pleased with subscription sales and revenue growth levels.

2026財年第一季訂閱營收成長44.3%。第一季的訂閱銷售額和積壓訂單再次創下歷史新高，並且遠遠超出了我們的 26 財年計劃。儘管訂閱收入遠高於我們 25% 的預期，但積壓訂單仍比 25 財年的退出率增加了 23%。我們繼續對訂閱銷售和收入成長水準感到滿意。

Moving down the income statement, gross profit was $47.3 million compared to $39.9 million in the first quarter of fiscal 2025. Gross profit margin was 61.7% compared to 62.8% in the first quarter of fiscal 2025. Gross margin was down slightly due to margins associated with one-time revenue while we continued to ramp up the newly hired professional services team members and continue to see a downward trend in on-premise proprietary license revenue.

從損益表中可以看出，毛利為 4,730 萬美元，而 2025 財年第一季的毛利為 3,990 萬美元。毛利率為 61.7%，而 2025 財年第一季為 62.8%。由於一次性收入相關的利潤率，毛利率略有下降，同時我們繼續增加新聘用的專業服務團隊成員，並繼續看到內部專有許可收入呈下降趨勢。

Combined, the three main operating expense line items, product development, sales and marketing, and general and administrative expenses, excluding stock-based compensation, were 45.6% of revenue in the fiscal 2026 first quarter compared to 43.8% of revenue in the prior year quarter.

綜合來看，2026 財年第一季度，產品開發、銷售和行銷以及一般和行政費用這三大主要營運費用項目（不包括股票薪酬）佔收入的 45.6%，而去年同期該比例為 43.8%。

Excluding stock-based compensation for the first quarter fiscal 2026, product development decreased slightly to 18.8% compared to 19% of revenue in the prior fiscal year. General and administrative expenses reduced for the quarter from 14.2% to 12% of revenue.

不計入 2026 財年第一季的股票薪酬，產品開發收入佔比略微下降至 18.8%，而上一財年為 19%。本季一般及行政開支佔收入的比例從 14.2% 降至 12%。

Sales and marketing increased substantially from 10.5% of revenue to 14.7% of revenue, mostly due to timing of events with the User Conference happening in fiscal Q1, along with the ramp up of the sales team throughout fiscal year 2025. As one would expect, the User Conference is our most expensive event during the year.

銷售和行銷佔營收的比例從 10.5% 大幅成長至 14.7%，這主要是由於用戶大會恰逢第一財季，加上 2025 財年銷售團隊的壯大。正如人們所料，用戶大會是我們一年中最昂貴的活動。

Sales and marketing as a percentage of revenue should return to the normal levels for the fiscal year despite Q1 being higher than usual. Operating income for the first quarter of $4.5 million, net income of $4.9 million, and gain per diluted share of $0.17 are lower than the prior year first-quarter income of $5.7 million, $14.1 million, and a gain of $0.50.

儘管第一季的銷售額和行銷收入佔比高於往常，但本財年銷售額和行銷收入佔比應該會恢復到正常水準。第一季營業收入為 450 萬美元，淨收入為 490 萬美元，每股收益為 0.17 美元，低於去年同期第一季的 570 萬美元收入、1,410 萬美元收入和 0.50 美元收益。

Adjusted net income, normalizing for certain non-cash and non-recurring charges, of $9.3 million compares favorably to adjusted net income of $8.3 million in the prior year first quarter, and adjusted diluted earnings per share of $0.33 increased slightly over the prior year at $0.30. For the 2026 first quarter, adjusted EBITDA was $12.5 million compared to $12.1 million in the year ago quarter.

經調整淨利（已扣除某些非現金和非經常性費用）為930萬美元，較去年同期830萬美元的調整後淨利潤表現良好；調整後每股攤薄收益為0.33美元，較去年同期的0.30美元略有增長。 2026年第一季，調整後EBITDA為1,250萬美元，去年同期為1,210萬美元。

As expected, Q1 FY26 adjusted EBITDA was lower than the annual guidance due to the previously planned one-time events associated with the sales and marketing expense [line items]. We are still on track for 20% adjusted EBITDA for the full fiscal year.

如預期，2026 財年第一季調整後的 EBITDA 低於年度指引，原因是先前規劃的與銷售和行銷費用相關的一次性事件[訂單項目]。我們仍有望實現整個財年 20% 的調整後 EBITDA。

Moving to the balance sheet and cash flow statement. Cash and marketable securities as of June 30, 2025, was $55.6 million compared to $73 million on March 31, 2025. As a reminder, Q1 is typically the lowest cash quarter due to timing of working capital events in the first half of the fiscal year. In addition to working capital adjustments, we pay down our credit revolver by $12 million prior to June 30 and have since paid off the final $12 million, leaving us debt-free as of July.

轉到資產負債表和現金流量表。截至 2025 年 6 月 30 日的現金和有價證券為 5,560 萬美元，而 2025 年 3 月 31 日為 7,300 萬美元。提醒一下，由於營運資本事件發生在財政年度上半年，因此第一季通常是現金最少的季度。除了營運資金調整外，我們還在 6 月 30 日之前償還了 1,200 萬美元的信用循環信貸，並且已經償還了最後的 1,200 萬美元，截至 7 月我們已經無債務。

Free cash flow in the quarter was a loss of $5 million compared to an increase of $0.2 million in the prior year quarter. As we've said in the past, adjusted EBITDA and free cash flow over a full fiscal year after normalizing the impact of CapEx continue to be good proxies for health of the business. Full fiscal year 2026 free cash flow will normalize in the second half of the fiscal year.

本季自由現金流虧損 500 萬美元，去年同期則增加 20 萬美元。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，整個財政年度的調整後 EBITDA 和自由現金流仍然是衡量業務健康狀況的良好指標。2026財年全年自由現金流將在財年下半年恢復正常。

For our fiscal year 2026, we are raising guidance for subscription revenue growth from 25% to 27% based on our current backlog and sales momentum. Guidance of top-line revenue of $308 million to $312 million along with adjusted EBITDA of 20% remains the same for fiscal year 2026. In closing, we are extremely pleased with the start of fiscal year 2026.

對於 2026 財年，根據我們目前的積壓訂單和銷售勢頭，我們將訂閱收入成長預期從 25% 提高到 27%。2026 財年的營收預期為 3.08 億美元至 3.12 億美元，調整後 EBITDA 為 20%，維持不變。最後，我們對 2026 財年的開始感到非常高興。

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

說完這些，我現在將電話轉回給拉梅什。

Thank you, David. In summary, we are pleased with the fiscal 2026 Q1 April to June period results: our overall sales and business momentum, the continuing surge in subscription software sales and the pace of project installations. The challenges with one-time product revenue remain positive indicators of the successful transition of the business into a cloud subscription-based software unit, involving lesser levels of perpetual software licenses and hardware reselling.

謝謝你，大衛。總而言之，我們對 2026 財年第一季 4 月至 6 月期間的業績感到滿意：我們的整體銷售和業務動能、訂閱軟體銷售的持續成長以及專案安裝的速度。一次性產品收入面臨的挑戰仍然是業務成功轉型為基於雲端訂閱的軟體部門的積極指標，涉及較低的永久軟體授權和硬體轉售。

Continuing increase in implementation-related professional services revenue is a good indicator of the increased levels of projects installations happening in the field now, which in turn augurs very well for future recurring revenue growth.

與實施相關的專業服務收入的持續成長，很好地表明了目前該領域專案安裝水準的提高，這反過來又預示著未來經常性收入的成長。

Almost all our current implementations involve only the new state-of-the-art modernized product versions which are becoming increasingly smoother and enabling us to steadily reduce the need to maintain and enhance two different product sets spanning different generations of technology and instead increase resource levels, focus on the use of next-generation technologies to enhance product offerings, including through smart use of AI tools.

我們目前的實施幾乎只涉及最新的最先進的現代化產品版本，這些版本正變得越來越順暢，使我們能夠穩步減少維護和增強跨越不同代技術的兩套不同產品的需求，而是增加資源水平，專注於使用下一代技術來增強產品供應，包括透過智慧使用人工智慧工具。

One final note, compared to the same time last year, our current global quota carrying sales personnel and global professional services personal strengths are about 45% and 38% higher respectively. Armed with a strong superior set of products which are easier to sell and implement, we are well positioned for continued solid discipline and profitable revenue growth, especially with respect to cloud subscription revenue.

最後要說明的是，與去年同期相比，我們目前的全球配額銷售人員和全球專業服務人員實力分別高出約 45% 和 38%。憑藉一系列更易於銷售和實施的優質產品，我們有能力繼續保持穩健的紀律並實現盈利的收入成長，尤其是在雲端訂閱收入方面。

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

維克多，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。

First, just on the sales capacity. I think Ramesh, you just said the sales capacity, if I heard correctly, up 45% year over year. Can you give more detail about where you're adding that capacity and how productivity has been trending for new additions?

首先，僅從銷售能力來看。我認為，如果我沒聽錯的話，Ramesh，您剛才說的銷售能力比去年同期成長了 45%。您能否詳細說明您在哪裡增加了產能以及新增產能的生產力趨勢如何？

And is there still a ways to go before this added capacity is at full production? I mean, obviously you just had another really good sales quarter, but is that still, I guess, on the [com] as these new hires kind of ramp their production?

在新增產能達到滿載生產之前還有很長的路要走嗎？我的意思是，顯然你們剛剛經歷了另一個非常好的銷售季度，但是我猜這是否仍然在[com]上，因為這些新員工會提高他們的產量？

Yeah, so, hi Stephen. Number one, we can do more, both with this -- I'll expand your question to answer services as well. Both with respect to sales and services, we can do more productivity improvements. That is the current sales team can do more and the current services team can do more.

是的，嗨，史蒂芬。首先，我們可以做更多的事情，透過這個——我也會擴展您的問題以回答服務。無論是在銷售或服務方面，我們都可以進一步提高生產力。也就是說，目前的銷售團隊可以做得更多，目前的服務團隊可以做得更多。

So the bulk, big increases that we wanted to do, we have gotten them done. Hereafter, there will be normal increases to both sales and services capacity as we go along since it's a growing business. And as business expands, we expect to hire more and more. Now the recent sales expansion has been mostly in the area of hotel resorts in that sales vertical and also an inside sales team.

因此，我們想要實現的大部分大幅成長都已經完成了。今後，隨著業務的不斷發展，銷售和服務能力也將正常增加。隨著業務的擴大，我們期望僱用越來越多的員工。現在，最近的銷售擴張主要集中在飯店度假村的垂直銷售領域以及內部銷售團隊。

We have created an inside sales team. We never had a dedicated inside sales team before. We have one now, which is very handy to create more opportunities, and a lot of our expansion has been in the hotel and resorts vertically.

我們已經創建了內部銷售團隊。我們之前從未有過專門的內部銷售團隊。我們現在有了一個，這對於創造更多機會非常方便，而且我們的許多擴張都是在酒店和度假村的垂直領域。

Now it is already showing good results for us because, number one, we are knocking on more doors; and number two, we are opening more doors for us which is crucial for us because our success rate, once customers take a detailed look at our company and our products, is very high, even more than what I can believe. So it's a matter of opening more doors for us and that's happening successfully.

現在它已經為我們帶來了良好的結果，因為第一，我們正在敲開更多的門；第二，我們正在為我們打開更多的門，這對我們來說至關重要，因為一旦客戶詳細了解我們的公司和產品，我們的成功率就會非常高，甚至超出我的想像。因此，這對我們來說是一個打開更多大門的問題，而且這個過程正在成功地進行。

A lot of the sales success we have had in the recent six months has to do with the newer hires who are knocking on more doors and opening more doors. And the biggest thing we've achieved with the hiring of the sales team, Stephen, is that we are covering the entire territory now, which we didn't do a great job of before.

我們最近六個月的銷售成功很大程度上要歸功於新員工，他們敲開了更多的門，打開了更多的門。而我們聘請銷售團隊 Stephen 所取得的最大成就就是，我們現在可以涵蓋整個地區，而以前我們在這方面做得併不好。

So a lot more discipline and territory coverage. We are knocking on more doors. We are opening more doors. So the recent sales expansion has really worked out well for us, but we have ways to go with respect to sales productivity. In terms of further expansion, that will happen as the business continues to grow.

因此，紀律和領土覆蓋範圍更加廣泛。我們正在敲更多的門。我們正在打開更多的大門。因此，最近的銷售擴張對我們來說確實很有利，但在銷售效率方面我們還有很長的路要走。至於進一步擴張，隨著業務的不斷增長，這將會發生。

Got it. I really appreciate that detail. And then on the international side, I mean, it sounds like you're seeing momentum there pick up. As you think about what you need to do to keep that going, I guess is it more about marketing and adding sales capacity? Or there's still a lot of work to do in terms of the product, in terms of integration and localization needed on the product side? I guess what are kind of the hold ups for that to become a bigger part of the revenue mix over time?

知道了。我真的很欣賞這個細節。然後在國際方面，我的意思是，聽起來你看到那裡的勢頭正在回升。當您考慮需要做什麼才能保持這種狀態時，我猜更多的是行銷和增加銷售能力？或者在產品方面，在產品方面需要的整合和在地化方面還有很多工作要做？我想問一下，隨著時間的推移，哪些因素會阻礙其成為收入組合中更重要的一部分呢？

Yeah, product wise, there is not much more work to get done. Our products are in a good state now. Now, both domestic and international, Stephen, if you -- if I'm asked to provide you one big -- the biggest advantage that we have, it is our ecosystem.

是的，從產品角度來看，沒有太多工作要做。我們的產品目前狀況良好。現在，無論是國內還是國際，史蒂芬，如果您——如果我被要求給您一個最大的——我們最大的優勢，那就是我們的生態系統。

It's the fact that we have invested and created an ecosystem of hospitality products which is going to be very difficult to duplicate by our competition. You just can't go create a modernized ecosystem of hospitality solutions just like that. It doesn't happen overnight. So that's our single biggest advantage now wherever we are selling.

事實上，我們已經投資並創建了一個酒店產品生態系統，我們的競爭對手很難複製它。你不可能就這樣創造一個現代化的飯店解決方案生態系統。這不是一朝一夕就能實現的。所以，無論我們在哪裡銷售，這都是我們現在最大的優勢。

And that is resonating in international regions now because our international business momentum is now happening in two areas. One, our current customers are spending a lot more with us because they see the products that we have; and two, with the bigger deals that involve multiple products. Both of those are going well.

這種現象現在在國際上引起了共鳴，因為我們的國際業務勢頭現在出現在兩個領域。一是，我們現有的客戶在我們這裡花費更多，因為他們看到了我們擁有的產品；二是，涉及多種產品的更大交易。兩件事都進展順利。

The one negative about international momentum is still dependent on bigger home runs, and we are focused on the singles and doubles now and winning more medium and smaller size deals as well, where the competition is higher.

國際勢頭的一個負面因素仍然依賴更大的本壘打，我們現在專注於單打和雙打，並贏得更多競爭更激烈的中型和小型交易。

But our success currently is with larger customers who are buying multiple products from us, because there is virtually no competition to us now. Now what do we need to do to maintain that momentum? We need to install these new projects that we have done well, create more reference customers, and that's going to create more business. And as the business improves, we will expand sales and marketing as well.

但我們目前的成功在於那些從我們這裡購買多種產品的大客戶，因為現在幾乎沒有競爭對手。現在我們需要做什麼來保持這種勢頭？我們需要安裝這些我們已經做得很好的新項目，創造更多的參考客戶，這將創造更多的業務。隨著業務的改善，我們也將擴大銷售和行銷。

Great, and then just one quick follow up, and maybe for Dave. I think you called out the Inspire User Conference this year falling in 1Q, I think it's 4Q in March of last year. Any sense on how much of a cost that was just as we think about the year-over-year trend and profit margins this quarter?

太好了，然後只需快速跟進一下，也許針對戴夫。我認為您所說的今年的 Inspire 用戶大會將在第一季舉行，我認為去年 3 月是第四季。當我們考慮本季的年趨勢和利潤率時，是否可以知道這筆成本是多少？

Yeah, I mean, it was most of the difference between the normal percentage of sales and marketing as a percentage of revenue. We still look at that line around 13% of revenue for the year, so. And sales and marketing was about 15% of revenue this quarter, so most of that was the User Conference. So for the year, we'll normalize back to similar percentages of what you saw last year. So almost all of the [sales increase] was associated with that.

是的，我的意思是，這是銷售額和行銷收入百分比之間的大部分差額。我們仍然認為該線佔全年收入的 13% 左右。本季銷售和行銷收入約佔 15%，其中大部分來自用戶大會。因此，對於今年來說，我們將恢復到與去年相似的百分比。因此，幾乎所有的[銷售額成長]都與此有關。

So we'd be right in thinking maybe roughly $3 million?

那我們認為大概是 300 萬美元是合理的嗎？

Yeah, a little bit higher than that, but that's pretty close. Think of it as 12% to 14% of revenue.

是的，比這稍微高一點，但已經很接近了。可以將其視為收入的 12% 到 14%。

So he's talking about only the User Conference.

所以他只談用戶大會。

Oh yeah, the User Conference would be less than $3 million.

哦，是的，用戶大會的費用將不到 300 萬美元。

Yeah, it would be less than $3 million, yeah, sorry. But overall for the year, the guidance provided, EBITDA, 20% of revenue, we are comfortable with that.

是的，少於 300 萬美元，是的，抱歉。但總體而言，對於今年的指導意見，EBITDA 佔收入的 20%，我們對此感到滿意。

Matt VanVliet, Cantor Fitzgerald.

馬特‧範弗利特 (Matt VanVliet)、康托‧費茲傑拉 (Cantor Fitzgerald)。

Maybe another follow up on the improvement in the overall sales organization and the growth there, but as you think about what Joe, and even Terry joining on the marketing side, in terms of what their multi-year plan is to uplevel the entire grow to market team and sort of drive more top of the funnel as well.

也許還會對整個銷售組織的改進和成長進行進一步的跟進，但是當你想到喬，甚至特里加入行銷方面時，他們的多年計劃是提升整個成長型市場團隊，並推動更多的漏斗頂端。

Where do you feel like we are in terms of them rolling out their respective plans that you've come up with. Is there still more to be done in terms of programmatic improvements? Or do we have most of the plan in place and this is the beginnings of the execution on that showing better results.

就他們實施您所提出的各自計劃而言，您覺得我們處於什麼位置？在程序改進方面是否還有更多工作要做？或者我們是否已經制定了大部分計劃，而這只是執行的開始，並顯示出更好的結果。

Yeah. I would say, Matt, as far as sales is concerned, I think we have a good plan in place and we have implemented what we wanted to do this year. And the structure, the territory coverage and the fundamental structure is there and that is beginning to yield good results for us, but we are only in the beginning stages of seeing the benefits of that structure of better territory coverage, better organization of sales.

是的。我想說，馬特，就銷售而言，我認為我們已經制定了一個很好的計劃，並且我們已經實施了我們今年想要做的事情。而且結構、地域覆蓋範圍和基本結構都已存在，並開始為我們帶來良好的結果，但我們才剛開始看到該結構帶來的好處，即更好的地域覆蓋範圍、更好的銷售組織。

More discipline around that, in terms of how we knock on doors, all that is improving now. I think that sales structure is in a good place now. Now we will continue building on top of that foundation. Sales will continue to expand, but I think the structure is there.

就我們如何敲門而言，這方面的紀律更加嚴明，現在一切都在改善。我認為現在的銷售結構很好。現在我們將在此基礎上繼續建設。銷售額將繼續擴大，但我認為結構已經存在。

Marketing, we are -- it's a matter of putting more investments into marketing. We have expanded our presence, which is the main thing we have to do in this B2B vertical business. We have to show more presence, and we are doing that. We are attending a lot more trade shows than we ever have. There's a lot more thought leadership presence now. Everywhere you see, you see Agilysys now, and that will continue to improve as we make more investments in marketing as well.

行銷，我們——這是一個在行銷上投入更多資金的問題。我們擴大了我們的業務範圍，這是我們在B2B垂直業務中要做的首要事情。我們必須展現出更多的存在感，而我們正在這樣做。我們參加的貿易展會比以往多得多。現在有更多的思想領導。現在，無論您在哪裡，都能看到 Agilysys 的身影，而且隨著我們在行銷方面投入更多資金，這種情況還將繼續改善。

Our content has improved a lot over the last year or so. So marketing, I think there are more investments to come to expand that. I think the sales structure is in a pretty good place, so we will continue expanding that further.

在過去一年左右的時間裡，我們的內容有了很大的改進。因此，我認為需要更多的投資來擴大行銷。我認為銷售結構非常好，所以我們將繼續進一步擴大。

Alright. And then as you get Book4Time more fully integrated, I guess how are you seeing that as a potential entry into customers that don't have any Agilysys products today? Is it helping win deals whether they were from existing customers or just new to Book4Time that are then discovering more offerings from Agilysys and sort of winning deals that way? Or is it just another kind of tool in the tool kit here?

好吧。然後，隨著 Book4Time 的整合越來越高，我想您如何看待它作為目前還沒有任何 Agilysys 產品的客戶的潛在切入點？它是否有助於贏得交易，無論是現有客戶還是 Book4Time 的新客戶，然後發現 Agilysys 的更多產品並以此方式贏得交易？或者它只是工具包中的另一種工具？

It is a conduit to winning more deals because there are hundreds of customers who use Book4Time and don't use any of the other Agilysys products. That is still in the beginning stages, right? It has turned out to be a bit more difficult than we thought because selling one product versus selling multiple products takes a little bit more training and adjustment time.

它是贏得更多交易的管道，因為有數百名客戶使用 Book4Time 而不使用任何其他 Agilysys 產品。這還處於開始階段，對嗎？事實證明這比我們想像的要困難一些，因為銷售一種產品與銷售多種產品相比需要更多的培訓和調整時間。

In fact, recently we won one significant sales agreement that involve multiple Agilysys products which is a Book4Time customer. So all that is beginning to happen now, but we are still in the beginning stages of that. In terms of tapping into the Book4Time customer base and selling more products to those customers, we are still in the early stages of that game.

事實上，最近我們贏得了一項涉及多種 Agilysys 產品的重要銷售協議，該協議是 Book4Time 的客戶。所以現在所有這一切才剛開始發生，但我們仍處於起步階段。在挖掘 Book4Time 客戶群並向這些客戶銷售更多產品方面，我們仍處於早期階段。

And then just one quick follow up on the EBITDA expectations for the year, just profitability in general. What would you see in the business over the next couple of months maybe that you might look and say we're going to hit the gas pedal and invest a little bit more in long-term growth. Is there a scenario that we could see that 20% level maybe getting pressed a little bit lower because you have such good opportunities? Or are we far enough along in the year now that even if top-line performance was strong enough, those costs would be more realized than fiscal '27?

然後，我們快速跟進今年的 EBITDA 預期，即整體獲利能力。在接下來的幾個月裡，您會看到業務如何，也許您可能會說我們將加大油門並在長期成長方面投入更多。是否存在這樣一種情況，由於我們有如此好的機會，我們可能會看到 20% 的水平被壓得稍微低一些？或者說，今年的進展是否已經夠順利，即使營收表現夠強勁，這些成本的實現率也會高於 27 財年？

We don't see a risk of going below 20% if that is your question, Matt. We are making significant investments. We continue to make significant investments. We will not sacrifice our long-term growth possibilities for short-term profitability. But having said that, we are comfortable. We are a growing company. We are generating more revenue.

馬特，如果這是你的問題，我們認為不會有低於 20% 的風險。我們正在進行大量投資。我們繼續進行大量投資。我們不會為了短期獲利而犧牲長期成長的可能性。但話雖如此，我們還是感到很舒服。我們是一家成長中的公司。我們正在創造更多的收入。

And that is feeding into increasing resources where we need to increase, so we are comfortable with the 20% level. The other way I would answer your question is we are comfortable feeding the areas we need to feed to continue our growth without sacrificing on the 20% mark.

這會為我們所需增加的資源提供成長動力，因此我們對 20% 的水平感到滿意。我想用另一種方式來回答你的問題：我們可以輕鬆地為我們需要的領域提供資金，以繼續我們的成長，而無需犧牲 20% 的目標。

Brian Schwartz, Oppenheimer.

布萊恩·施瓦茨，奧本海默。

Ramesh, in terms of the success that you're having with the bookings, is it possible to maybe look a little bit under the covers between your core verticals, the HRC, the food and management, and then obviously the smaller cruise segment? But does the performance vary at all between new logos, expansion, and ARPU gains with the bookings among those three different segments?

Ramesh，就您在預訂方面的成功而言，是否可以稍微深入了解您的核心垂直領域，HRC、食品和管理，當然還有較小的郵輪部分？但是，新標誌、業務擴張以及 ARPU 收益與這三個不同細分市場之間的預訂量表現是否存在差異？

Overall, the big news about this quarter is we made a great comeback with FSM. We really are beginning to see momentum with international sales. Having said that, hotel resorts, casino gaming, and the verticals that we are normally strong at continue to do well.

總體而言，本季的重大新聞是我們憑藉 FSM 強勢回歸。我們確實開始看到國際銷售的成長動能。話雖如此，酒店度假村、賭場遊戲以及我們通常擅長的垂直領域繼續表現良好。

Cruise ships again had a good quarter in Q1 as well. So this was the broadest based sales success that we have seen in our history, in fact, in terms of this many verticals doing well at the same time in the same quarter was very encouraging to us.

遊輪在第一季再次表現良好。因此，這是我們歷史上見過的最廣泛的銷售成功，事實上，就同一季度內多個垂直行業同時表現良好而言，這對我們來說非常令人鼓舞。

Now on the other hand, this was also a good quarter for sales from new customers. And sales from current customers who continue to buy more products from us continues to be at record levels. So the only one where we can say we could improve further, that that was not a great quarter, it was a good quarter, was for new sites. And for that, as we sign more multi-property big customers, that will also make a comeback during the subsequent quarters.

另一方面，這對於新客戶銷售來說也是一個良好的季度。而繼續從我們這裡購買更多產品的現有客戶的銷售額繼續保持創紀錄的水平。因此，我們唯一可以說可以進一步改進的是新站點，這不是一個偉大的季度，而是一個好的季度。而且，隨著我們簽約更多擁有多家房地產的大客戶，這數字也將在接下來的幾季中回升。

So now in terms of new customers in each vertical, a lot of new customers are signing up with us in hotels and resorts. And gaming is more skewed towards current customers buying a lot more from us, and we are beginning to sign a lot of new customers in FSM and international as well.

因此，就每個垂直領域的新客戶而言，現在有許多新客戶在飯店和度假村與我們簽約。遊戲領域更傾向於現有客戶向我們購買更多產品，我們也開始在 FSM 和國際上簽約大量新客戶。

Thank you. And then one follow-up for Dave. The subscription revenue growth in the quarter, it accelerated very slightly, and I was just wondering, was that reflective that maybe you had faster go-lives, you recognized revenue a little bit faster or you had a stronger start to the quarter? I'm just wondering what drove a little bit of the faster growth in the subscription revenue in the quarter. Thank you.

謝謝。然後對戴夫進行一次跟進。本季的訂閱營收成長略有加快，我只是想知道，這是否反映出你們的產品上線速度更快、收入確認速度更快，還是本季開局更強勁？我只是想知道是什麼推動了本季訂閱收入的快速成長。謝謝。

Yeah. I mean, it was really both. We [get] a lot of commentary. Obviously, the subscription bookings did a lot better than we expected. So sales, it obviously always starts with sales and that was really strong for the quarter. And then we always look at the professional services line as a good leading indicator.

是的。我的意思是，實際上兩者皆有。我們收到了很多評論。顯然，訂閱預訂量比我們預期的要好得多。因此，銷售顯然總是從銷售開始，而本季的銷售表現非常強勁。然後，我們始終將專業服務線視為良好的領先指標。

So I would say professional services being north of [$18 million] gave us a very strong start to the quarter too with [Saco live]. So it was really both. I mean, it was a tremendously strong sales quarter and it was kind of six months of some of the operational hiccups we had in our 2025 fiscal year kind of being behind us. And I'd also point out that it's also good even despite those numbers being really strong, our subscription bookings still -- our subscription backlog still went up 23% over our March 31 exit. So sales were really good this quarter.

所以我想說，專業服務收入超過 [1800 萬美元] 也為我們本季帶來了非常強勁的開局。[薩科直播]。所以其實兩者皆有。我的意思是，這是一個銷售非常強勁的季度，我們在 2025 財年遇到的一些營運問題已經過去六個月了。我還要指出的是，儘管這些數字確實很強勁，但我們的訂閱預訂量仍然——我們的訂閱積壓量仍然比 3 月 31 日退出時增長了 23%。所以本季的銷售情況非常好。

(Operator Instructions) Logan Lillehaug, Craig-Hallum Capital Group.

（操作員指示）Logan Lillehaug，Craig-Hallum Capital Group。

Hey, guys. This is Logan hopping on for George this afternoon. Ramesh, you talked about some interesting ways that you guys are leveraging AI kind of brand customers through the product set. Can you maybe just give us a sense for where you think that road map goes in next year and what kind of different tier you think that can be for you?

嘿，大家好。這是洛根今天下午代替喬治上場。Ramesh，您談到了一些有趣的方法，即透過產品集利用 AI 類型的品牌客戶。您能否告訴我們，您認為明年的路線圖將走向何方，以及您認為這對您來說將是一個什麼樣的不同層次？

Yeah, hi Logan. So before we talk about AI, the lucky part is, and the good part is, that we did the modernization over the last few years and also created an ecosystem of products. Both of them have placed us in a very good position where you can now infuse AI into our products in a very effective way that gives us competitive advantages that are going to be difficult to duplicate for the competition.

是的，你好，洛根。因此，在我們談論人工智慧之前，幸運的是，好的是，我們在過去幾年裡實現了現代化，並創建了一個產品生態系統。它們都使我們處於非常有利的地位，現在可以以非常有效的方式將人工智慧融入我們的產品中，這為我們帶來了競爭對手難以複製的競爭優勢。

So we are now -- so you think of AI in sort of two different ways. One, what are we doing with our products? So there are a lot of enhancements in almost each of our -- in every one of our products that we're introducing now that are AI-based and they are adding tremendous advantages to the product. They're enhancing the product significantly.

所以我們現在——你可以從兩種不同的角度來看人工智慧。一、我們用我們的產品做什麼？因此，我們現在推出的幾乎每一款基於人工智慧的產品都進行了大量改進，為產品帶來了巨大的優勢。他們正在大力改進產品。

And there are various different things that we are doing. An ability to do intelligent revenue upsell for customers, a way to do voice recognition when you do F&B ordering, invoice recognition and approval processing in our inventory procurement products. A natural language processing in our data analysis product and conversational ordering in our booking engine and while doing spa and golf bookings.

我們正在做各種不同的事情。能夠為客戶提供智慧收入追加銷售，在您進行餐飲訂購時進行語音識別，在我們的庫存採購產品中進行發票識別和審批處理。我們的數據分析產品中有自然語言處理功能，我們的預訂引擎中有對話排序功能，並且在進行水療和高爾夫預訂時也有對話排序功能。

So there are various different ways in which we are able to infuse AI into our products now. And thankfully, the products are modernized and it is easy for us to do that. In our internal operations, also various departments are using AI and we're able to get a lot more done now with the current resource strength we have. So our products already have a competitive advantage, and now this use of AI -- infusion of AI-related tools is going to make that even better.

因此，我們現在可以透過各種不同的方式將人工智慧融入我們的產品中。值得慶幸的是，產品已經現代化了，我們可以輕鬆地做到這一點。在我們的內部營運中，各部門也在使用人工智慧，利用現有的資源實力，我們可以完成更多工作。因此，我們的產品已經具有競爭優勢，現在使用人工智慧——注入人工智慧相關工具將使這種優勢更加明顯。

Mayank Tandon, Needham.

梅揚克·坦登，尼德姆。

Great to hear about the sales momentum coming into this year and continuing into this quarter. I was just wondering. Is it safe to say that your subscription revenue is all under contract? Or is there a business that you still have to win to hit your guidance? And just to extend the question further. I would ask you, if there is upside to the growth acceleration on the subscription side, where would that upside potentially come from? Is it from new logos going live faster than expected? Is it from better cross sales success? If you could just expand on that. Thank you.

很高興聽到今年的銷售動能以及本季的持續成長。我只是好奇。可以肯定地說，您的訂閱收入全部屬於合約範圍嗎？或者您還需要贏得哪一項業務才能達到您的期望？我進一步擴展這個問題。我想問您，如果訂閱方面的成長加速有好處，那麼這種好處可能來自哪裡？是不是因為新標誌的上線速度比預期的快？是來自更好的交叉銷售成功嗎？如果你能進一步闡述這一點的話。謝謝。

Yeah, so the start is great, Mike. We've started the year very well. As a general rule, we're happy to have this kind of visibility, right. In enterprise software, you can't ask for much more. So we have excellent visibility in terms of our subscription revenue backlog of projects that we have, and also we have increased our services teams now and they're in a good position to increase their level of implementation as well.

是的，開始很棒，麥克。我們今年的開局非常好。一般來說，我們很高興有這種可見性，對吧。在企業軟體中，你不能要求更多。因此，我們對我們積壓的訂閱收入項目有很好的了解，而且我們現在已經增加了服務團隊，他們也處於有利地位，可以提高他們的實施水平。

So we saw an inflection point about a couple of quarters ago when both subscription sales and the level of implementation of subscription projects took a clear inflection upwards from what it was for the previous many quarters. So that inflection is really helping us now and it's helping us get this year started off very well.

因此，我們在大約幾個季度前看到了一個轉折點，當時訂閱銷售額和訂閱專案實施水準都比前幾季度顯著上升。所以這種轉變現在確實對我們有幫助，並且幫助我們今年有一個好的開始。

But in terms of achieving the annual revenue and other targets, it depends on both. It depends on the starting backlog, it depends on continuing good sales levels. And for us, we are lucky and happy that both of them are going very well. Our current sales momentum, especially with respect to subscription software sales, is going very well.

但至於年度營收等目標的達成，則取決於雙方。這取決於起始積壓訂單量，也取決於持續良好的銷售水準。對於我們來說，我們很幸運並且很高興看到他們兩個都過得很好。我們目前的銷售勢頭，尤其是訂閱軟體銷售，進展非常好。

And our rate of implementations of subscription products has also increased very well because the products are easier to implement now. They've been in the field for two, three years and they are becoming easy to implement. So as long as we continue the current rate of improvement and what we have been doing for the last six months or so, I think we will do well, and the rate of growth will continue to increase.

而且我們的訂閱產品實施率也得到了很好的提升，因為現在產品更容易實施了。他們已經在這個領域工作了兩三年，並且變得越來越容易實施。因此，只要我們繼續保持目前的改善速度以及過去六個月左右一直在做的事情，我認為我們會做得很好，成長率也會繼續提高。

Got it. Very helpful. And then I wanted to ask you also about the M&A strategy going forward given that you've had some early success with Book4Time. Good to hear. So just curious, is this maybe a reason to pursue further M&A? Are you being opportunistic?

知道了。非常有幫助。鑑於您在 Book4Time 上取得了一些早期的成功，我也想問您未來的併購策略。很高興聽到這個消息。所以只是好奇，這是否可能是進一步進行併購的一個原因？你是機會主義者嗎？

And if you were to do more M&A, what would be potentially your focus area? Would it be around expanding your geographic reach? Would it be expanding your capability set? If you could just provide any color around that, that would be helpful. Thank you.

如果您要進行更多的併購，您可能會關注的領域是什麼？這是否是為了擴大您的地理覆蓋範圍？這會擴展你的能力嗎？如果您可以提供任何顏色，那將會很有幫助。謝謝。

Yes, Mike. There are more opportunities that are coming our way than usual in M&A, but we remain patient. We've always said we remain patient, we remain conservative, we remain opportunistic. So this is an organic growth company. We have done all the product investments. We've done all the investments to expand sales and services and our products are in a great state now.

是的，麥克。在併購方面，我們面臨的機會比以往更多，但我們仍保持耐心。我們總是說，我們保持耐心，我們保持保守，我們保持機會主義。所以這是一家有機成長的公司。我們已經完成了所有產品的投資。我們已經進行了所有投資來擴大銷售和服務，我們的產品現在處於良好狀態。

The ecosystem is a big advantage for us. So there is enough organic growth ahead of that, and the organic growth ahead of us is huge. We are just beginning to scratch the PMS area, and we have a long, long way to go as far as our growth is concerned, so we can comfortably grow well organically. There is no reason for us to do anything desperate as far as M&A is concerned, but there are lots of opportunities coming our way. We look at them frequently, patiently, conservatively. We're not going to do anything dramatic.

生態系統對我們來說是一個巨大的優勢。因此，未來還有足夠的有機成長，而且我們未來的有機成長是巨大的。我們才剛開始涉足 PMS 領域，就我們的成長而言，我們還有很長的路要走，因此我們可以輕鬆地實現有機成長。就併購而言，我們沒有理由採取絕望的行動，但我們面前有很多機會。我們經常、耐心、保守地觀察它們。我們不會做任何戲劇性的事情。

Now to answer your question of what kind of M&A, they fall into two broad categories. One could be complementary to our product set that fills a couple of gaps that we have in the ecosystem if a good opportunity comes along.

現在回答你關於什麼是併購的問題，它們分為兩大類。如果有好的機會出現，其中一個可以補充我們的產品集，填補我們生態系統中的一些空白。

On the other hand, it could also be for market share gain. There could be companies that could take advantage of the fact we have modernized our system and give their customers an upgrade path that helps us build on our market share. So it could fall into one of those two broad categories. And we look at each opportunity with a very patient and conservative lens, Mayank.

另一方面，這也可能是為了增加市場佔有率。有些公司可以利用我們系統現代化的優勢，為他們的客戶提供升級路徑，幫助我們擴大市場佔有率。因此它可以屬於這兩大類之一。我們用非常耐心和保守的眼光看待每一個機會，Mayank。

Great, thank you so much for answering my questions. Congrats on the quarter.

太好了，非常感謝您回答我的問題。恭喜本季取得佳績。

Thank you. I'm not showing any further questions in the queue at this moment. I would now like to turn the call back over to Ramesh, CEO, for closing remarks.

謝謝。我目前沒有在隊列中顯示任何其他問題。現在，我想將電話轉回給執行長 Ramesh，請他作最後發言。

Thank you, Victor. Thank you all for your continued guidance and support. Please take great care. Enjoy the rest of the summer, and we'll catch up with you all again soon. Thank you.

謝謝你，維克多。感謝大家一直以來的指導與支持。請多加保重。享受剩下的夏天吧，我們很快就會再次與你們相聚。謝謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone, have a great day.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。祝大家有個愉快的一天。