Agilysys Inc (AGYS) 2026 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Agilysys 2026 fourth quarter and full fiscal year conference call. As a reminder, today's conference may be recorded. I would now like to turn the conference over to Jessica Hennessy, Vice President of Operations and Investor Relations at Agilysys. You may begin.

各位女士、先生，大家好，歡迎參加 Agilysys 2026 會計年度第四季及全年財報電話會議。提醒各位，今天的會議可能會被錄音。現在我想把會議交給 Agilysys 營運與投資人關係副總裁 Jessica Hennessy。請開始。

Thank you, Victor, and good afternoon, everybody. Thank you for joining the Agilysys 2026 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，Victor，各位下午好。感謝各位參加 Agilysys 2026 會計年度第四季及全年財報電話會議。我們將在稍後一分鐘開始由管理層發表評論，但在此之前，先由我宣讀「安全港」聲明。

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 1,995, 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.

今天電話會議中的部分陳述具有預測性，並意在依據 1995 年《美國私人證券訴訟改革法》之安全港條款作為前瞻性陳述，包括關於我們財務指引的陳述。儘管公司相信其前瞻性陳述係基於合理假設。此類陳述仍受風險與不確定性影響，可能導致實際結果出現重大差異。

Important factors that could cause actual results to vary materially from these forward-looking statements include our ability to achieve the provided guidance levels, increase implementation and operational efficiencies, the company's ability to maintain retention rates, utilize AI to continue to increase competitive advantages, and the risks set forth in the company's reports on Forms 10-K and 10-Q and reports filed with the Securities and Exchange Commission.

可能導致實際結果與這些前瞻性陳述出現重大差異的重要因素，包括我們達成所提供指引水準的能力、提升導入與營運效率、公司維持留存率的能力、運用 AI 持續提升競爭優勢的能力，以及公司在 Form 10-K 與 10-Q 報告及向美國證券交易委員會提交之文件中所列示的風險。

As a reminder, any references to record, financial, and business levels during this call refer only to the time period after Agilysys made the transformation to an entirely hospitality-focused software solutions company in fiscal year 2014. With that, I'd now like to turn the call over to Mr. Ramesh Srinivasan, President and CEO of Agilysys. Ramesh, please go ahead.

提醒各位，本次電話會議中任何提及「創紀錄」的財務與業務水準，僅指 Agilysys 於 2014 會計年度轉型為完全聚焦旅宿業軟體解決方案公司之後的期間。接下來，我想把電話交給 Agilysys 總裁兼執行長 Ramesh Srinivasan 先生。Ramesh，請。

Thank you, Jess. Good evening. Welcome to the fiscal 2026 fourth quarter and full-year earnings call. Joining Jess and me on the call today at our Alpharetta Atlanta headquarters is Dave Wood, our CFO. Fiscal 2026 Q4 was an excellent overall business quarter for Agilysys, including with respect to sales, revenue and profitability, each of which set a new quarter record.

謝謝你，Jess。各位晚安。歡迎參加 2026 會計年度第四季及全年財報電話會議。今天與 Jess 和我一同在亞特蘭大 Alpharetta 總部參與電話會議的還有我們的財務長 Dave Wood。2026 會計年度第四季對 Agilysys 而言整體表現非常出色，包括銷售、營收與獲利能力皆創下新的單季紀錄。

We measure sales and selling success in annual contract value terms and fiscal 2026 fourth quarter was the highest sales quarter on record. All sales and backlog values mentioned here for Q4 and full fiscal year 2026 do not include anything from the Marriott Property Management System PMS project.

我們以年度合約價值（annual contract value）衡量銷售與銷售成果，而 2026 會計年度第四季是史上最高的銷售季度。此處提及的 2026 會計年度第四季及全年所有銷售與待履約訂單（backlog）數值，均不包含萬豪物業管理系統（PMS）專案的任何內容。

Fiscal 2026, the year ending March 2026, was a record global sales year overall. It was a record best sales year and well more than double the previous year's sales level for the Managed Food Services vertical, a record best sales year for international sales, a record sales year by a good distance. For subscription SaaS sales 29% higher than the previous best prior year, including gaming subscription sales which were 27% higher than the previous best gaming subscription sales here.

2026 會計年度（截至 2026 年 3 月）是整體全球銷售創紀錄的一年。其中，受託餐飲服務（Managed Food Services）垂直領域創下史上最佳銷售年度，且銷售水準遠超過前一年度的兩倍；國際銷售亦創下史上最佳年度，並以明顯差距刷新紀錄。訂閱制 SaaS 銷售較先前最佳年度高出 29%，其中博弈（gaming）訂閱銷售較先前最佳博弈訂閱銷售高出 27%。

And it was a record high sales year for both point of sale POS and POS related modules. And for Property Management Systems, PMS and PMS-related modules. While the PMS side of our business obviously continues to make great progress, fiscal year 2026 was a particularly excellent year for POS, making a fantastic recovery from the challenges faced during the previous couple of years and finishing at the best year for the POS product set in our history.

同時，銷售點系統（POS）及 POS 相關模組也創下史上最高銷售年度。物業管理系統（PMS）及 PMS 相關模組亦同樣創下紀錄。雖然我們的 PMS 業務顯然持續取得重大進展，但 2026 會計年度對 POS 而言尤其出色，從前幾年面臨的挑戰中強勢復甦，並以公司歷史上 POS 產品組合的最佳年度作結。

With the modernized and unified POS ecosystem now working well at hundreds of sites, we are back to being a very strong POS player in hospitality with growing product-driven competitive advantages. Addition of AI-driven voice and chat ordering features, which are context-aware, like ordering inside Microsoft Teams for our business and industry customers in FSM who serve corporate cafeterias.

隨著現代化且統一的 POS 生態系已在數百個據點順利運作，我們重新成為旅宿業中非常強勁的 POS 供應商，並具備持續成長、由產品驅動的競爭優勢。新增由 AI 驅動、具情境感知的語音與聊天點餐功能，例如我們在 FSM 領域為服務企業員工餐廳的商務與產業客戶提供可在 Microsoft Teams 內點餐的功能。

With support for Slack coming up soon, ordering through Amazon Alexa for our senior living customers, ordering on a concierge app or tablet for hotel guests, such additions are bringing home with greater emphasis the competitive advantages of a unified POS ecosystem.

隨著即將支援 Slack、為高齡照護（senior living）客戶提供透過 Amazon Alexa 點餐、以及飯店住客可透過禮賓 App 或平板點餐等功能，這些新增項目更強調並凸顯統一 POS 生態系的競爭優勢。

Fiscal 2026 full-year retain recurring bookings, annual 12-month value of SaaS fees plus maintenance for perpetual licenses sold during the year, net of ARR lost through customer churn. This net number, which is a crucial leading indicator of future recurring revenue growth and a metric we constantly monitor internally, was an all-time record by a long distance. During fiscal 2026, exceeding the previous best prior year by an impressive 43%.

2026 會計年度全年「留存經常性訂單」（retain recurring bookings），係指 12 個月的年度價值：SaaS 費用加上當年度售出的永久授權之維護費，並扣除因客戶流失而損失的 ARR。此一淨額數字是未來經常性營收成長的關鍵領先指標，也是我們內部持續監控的指標，並以顯著差距創下歷史新高。在 2026 會計年度，較先前最佳年度大幅提升 43%。

While our recurring fee sales bookings are at the highest levels we've ever seen, the customer retention rate also being at better-than-world-class levels makes it a virtuous double-benefit combination, driving recurring revenue levels forward at an excellent rate.

在我們的經常性費用銷售訂單達到歷史最高水準的同時，客戶留存率亦維持在優於世界級的水準，形成良性循環的雙重效益組合，推動經常性營收以極佳速度向前成長。

Overall, the January to March period, fourth quarter of fiscal 2026, was a blockbuster best sales quarter ever, beating the previous best level which was achieved during Q4 last fiscal year. It was the highest ever sales quarter for the Managed Food Services vertical.

整體而言，2026 會計年度第四季（1 月至 3 月）是史上最亮眼、最強勁的銷售季度，超越上一會計年度第四季所創下的先前最高水準。同時也是受託餐飲服務（Managed Food Services）垂直領域史上最高的單季銷售。

Gaming sales during the quarter improved sequentially by nearly 60%, that is 6-0, improved sequentially by nearly 60% over Q3 of fiscal 2026, and was also an excellent sales period for every other sales vertical. This was an excellent overall business quarter in various ways, breaking records all over the place. However, it is always best to judge our business progress on an annual basis.

本季博弈（gaming）銷售較 2026 會計年度第三季季增近 60%，也就是 6-0，季增近 60%，且對其他所有銷售垂直領域而言也都是非常出色的銷售期間。本季在多個面向皆表現卓越，處處刷新紀錄。然而，評估我們業務進展時，最佳方式始終是以年度為基準。

There is no guarantee that each upcoming quarter will be a record we can, however state with a fair degree of certainty that next year, fiscal 2027, is well-positioned to be a record best year for sales, revenue and profitability. This is a business that should be judged on annual results and full-year guidance levels.

我們無法保證未來每一季都能再創紀錄；不過，我們可以相當有把握地表示，明年 2027 會計年度在銷售、營收與獲利能力方面具備成為史上最佳年度的良好條件。這是一項應以年度成果與全年指引水準來評估的業務。

With respect to signed sales agreements during January to March Q4 fiscal 2026, we added 20 new customers, excluding Book4Time Spa. These new customer deals averaged seven products each and 19 of the 20 were subscription-based.

就 2026 會計年度第四季（1 月至 3 月）期間簽署的銷售合約而言，我們新增 20 家新客戶（不含 Book4Time Spa）。這些新客戶交易平均每筆包含 7 項產品，且 20 家中有 19 家為訂閱制。

We also added 85 new properties during the quarter, which did not have any of our products before, but the parent company was already a customer of the 105 new properties added during the quarter across new and current customers, excluding the 22 new customer properties who purchased Book4Time Spa, 103 were either partially or fully subscription software license-based.

本季我們也新增 85 個新物業據點，這些據點先前未使用我們任何產品，但其母公司已是客戶；本季在新客戶與既有客戶合計新增的 105 個新物業據點中（不含購買 Book4Time Spa 的 22 個新客戶物業據點），有 103 個為部分或完全採訂閱制軟體授權。

There were also 129 instances. Of selling at least one additional product to property is already running one or more of our other products. These 129 instances involve sales of a total of 345 products. Both these numbers, 129 new product wins and 345 new products sold in those wins are quarter record levels.

此外也有 129 次情況。即向已在某物業運行我們一項或多項其他產品的物業，至少再銷售一項額外產品。這 129 次情況合計涉及銷售 345 項產品。這兩個數字——129 次新增產品得標與在這些得標中售出的 345 項新產品——皆創下單季紀錄水準。

There is ample evidence that our business levels and market share gains are operating at the best levels we've ever seen to reiterate, while this was a record quarter in many ways, the more crucial fact is fiscal 2026 was a record year.

有充分證據顯示，我們的業務水準與市占率提升正以我們歷來最佳的水準運作；再次強調，儘管本季在多方面創下紀錄，更關鍵的事實是 2026 會計年度是創紀錄的一年。

It is best to judge our business on an annual basis. Sales win/loss ratios remained remarkably impressive during the quarter and during the entire fiscal year. The record sales performance during fiscal 2026. Reflects the compounding competitive advantage of our product ecosystem, and AI has become a powerful accelerant on top of that solid foundation.

評估我們的業務，最好以年度為基準。本季以及整個會計年度的銷售贏/輸比率仍然令人印象深刻。2026 會計年度的創紀錄銷售表現。反映出我們產品生態系所帶來的複利式競爭優勢，而 AI 在這個穩固基礎之上已成為強而有力的加速器。

The AI-based capabilities we've introduced during recent months and those planned for deployment in the quarters ahead are only possible because of two durable, hard-to-replicate assets. A modern cloud-native product ecosystem built over the last several years and deep hospitality domain knowledge accumulated over decades as the industry's trusted systems of record for mission-critical business operations.

我們在近幾個月推出的 AI 能力，以及計畫在未來幾季部署的能力之所以能實現，僅因為我們擁有兩項持久且難以複製的資產。其一是過去數年打造的現代化雲原生產品生態系；其二是數十年累積的深厚飯店旅宿產業領域知識，作為業界在關鍵任務業務營運上值得信賴的記錄系統（systems of record）。

This distinction matters AI tools are widely available. What is not widely available is the combination of AI, domain expertise, and a comprehensive trusted data foundation structured by the governance, information security, and personally identifiable information, PII controls that are critical for hospitality enterprise operations.

這項差異很重要，因為 AI 工具廣泛可得。但並非廣泛可得的是 AI、領域專業，以及由治理、資訊安全與個人可識別資訊（PII）控管所建構的、全面且可信賴的資料基礎之組合，而這些對旅宿企業營運至關重要。

In an industry where guest identity, preference, and transaction data flows across every touchpoint from check-in to spa to dining to golf to activities to loyalty promotion systems and much more data privacy and governance are not just compliance checkboxes.

在一個旅客身分、偏好與交易資料會跨越每個接觸點流動的產業中——從入住、SPA、餐飲、高爾夫、活動、會員促銷系統到更多——資料隱私與治理不只是合規勾選項。

They are the basis of guest trust and, by extension, operator trust in us. Our AI strategy is built on that foundation, responsible, governed, and grounded in real mission-critical hospitality data. We have defined four distinct pillars in understanding how our customers will use AI.

它們是旅客信任的基礎，進而也是營運方對我們的信任基礎。我們的 AI 策略建立在這個基礎之上：負責任、受治理，並以真實的關鍵任務旅宿資料為根基。我們已定義四個不同支柱，用以理解客戶將如何使用 AI。

Agentic AI, multimodal interfaces, hyper-personalization, and intelligent revenue optimization. We have now crossed an important threshold. Our systems of record are becoming intelligent systems of action. We are in the process of introducing an AI-powered revenue intelligence layer woven across the full product ecosystem that converts transactional data from across the entire hospitality enterprise into proactive, real-time operational decisions.

代理式 AI（Agentic AI）、多模態介面、超個人化，以及智慧營收最佳化。我們如今已跨越一個重要門檻。我們的記錄系統正轉變為智慧行動系統（intelligent systems of action）。我們正在導入一個由 AI 驅動的營收智慧層，編織於整個產品生態系之中，將整個旅宿企業各處的交易資料轉化為主動、即時的營運決策。

What makes this possible is not just the intelligence layer itself, it is the architecture beneath it. Our ecosystem is not just a collection of integrations or marketplace solutions. It is built with interoperability by design, from PMS and POS to spa, golf, activities and inventory.

使這一切成為可能的不僅是智慧層本身，更是其下方的架構。我們的生態系不只是整合或市集解決方案的集合。它從設計之初就以互通性為核心，涵蓋從 PMS 與 POS 到 SPA、高爾夫、活動與庫存。

That architecture allows us to optimize for what matters most at the property level, total revenue per guest, not just room revenue in isolation, not just F&B revenue as a separate metric, but the full economic value of every guest interaction across every department.

該架構讓我們能在物業層級最佳化最重要的指標——每位旅客的總營收——而不是只孤立地看客房營收，也不是把餐飲（F&B）營收當作獨立指標，而是涵蓋各部門、每一次旅客互動的完整經濟價值。

That is a fundamentally different optimization target and value proposition, which requires the kind of last-mile system of action products that only a natively integrated ecosystem can deliver. We are also deploying AI agents directly inside our products.

這是一個根本不同的最佳化目標與價值主張，並需要那種只有原生整合生態系才能交付的「最後一哩」行動系統產品。我們也正將 AI 代理直接部署在我們的產品之中。

The front desk agent in our PMS, for example, functions as the digital twin of the front desk employee, handling routine operational tasks so that the hotel staff are free to focus entirely on the guests in front of them.

例如，我們 PMS 中的前台代理可作為前台員工的數位分身（digital twin），處理例行營運工作，讓飯店人員能完全專注於眼前的旅客。

That is the philosophy underlying our agentic AI pillar, not automation for its own sake, but removing the cognitive overhead of routine operations so that hospitality professionals can deliver the human experience. Guests remember, and we'll come back for it. At our recently concluded Inspire customer user conference.

這就是我們代理式 AI 支柱背後的理念：不是為了自動化而自動化，而是移除例行作業的認知負擔，讓旅宿專業人員能提供有人味的體驗。旅客會記得，並會因此再度回來。在我們近期剛結束的 Inspire 客戶使用者大會上。

Which saw record customer attendance and featured 8 main stage sessions led by customers, sharing measurable operational gains achieved through use of Agilysys products. We launched two entirely AI native modules, Revenue Intelligence and CRS. The first beta implementations of these modules at customer sites are expected to happen later this fiscal year.

本次大會創下客戶出席人數新高，並安排了 8 場由客戶主講的主舞台議程，分享透過使用 Agilysys 產品所達成、可量化的營運成效提升。我們推出了兩個完全 AI 原生的模組：Revenue Intelligence 與 CRS。預期這些模組在客戶現場的首批 Beta 導入將於本會計年度稍晚發生。

The Revenue Intelligence tool has been designed to enable true operational intelligence across all sections of a property, and it's not just about room rates. Such a tool can only be built on top of a modern ecosystem of software solutions that covers the entire gamut of property operations.

Revenue Intelligence 工具的設計目標，是在物業的所有區塊實現真正的營運智慧，而不僅僅是房價。這樣的工具只能建立在涵蓋物業營運全範疇的現代化軟體解決方案生態系之上。

We also believe that a well-integrated CRS-PMS set of solutions will become vital for hotel operations in the future, and we are well on our way towards making that possible. As the initial launch of these modules is only for current customers.

我們也相信，整合良好的 CRS-PMS 解決方案組合將在未來成為飯店營運的關鍵，而我們正穩步朝使其成真邁進。由於這些模組的初始上線僅提供給現有客戶。

These two solutions may not play a major part in our $300 million to $500 million annual revenue growth journey that is becoming increasingly more visible and real for us now, but could play a major role in future years as we work through the growth path from $500 million to $1 billion annual revenue level.

這兩項解決方案可能不會在我們從年營收 3 億美元到 5 億美元、且如今對我們而言愈發清晰且真實的年營收成長旅程中扮演主要角色，但在未來幾年，當我們沿著成長路徑從年營收 5 億美元邁向 10 億美元時，它們可能會扮演重要角色。

What would historically have taken years to develop will now get delivered in a matter of months like other enterprise software companies, we are seeing meaningful AI-driven improvements in development efficiency.

過去歷史上可能需要數年才能開發完成的內容，如今將能在數個月內交付——如同其他企業軟體公司一樣，我們正看到 AI 驅動的開發效率出現顯著改善。

But our situation carries an additional multiplier. The ecosystem foundation, the domain logic, the shared data fabric, the interoperability built across every product acts as a compounding base that amplifies those efficiency gains with each release cycle.

但我們的情況還有額外的乘數效應。生態系基礎、領域邏輯、共享資料織網，以及跨所有產品建立的互通性，形成一個複利式的底座，並在每個發佈週期中放大這些效率增益。

The result? Is an accelerating innovation velocity and one that supports our ability to sustain product pricing at levels that are both fair to us and to our customers. While on the subject of pricing, our software licensing models have never been user-based.

結果呢？是創新速度加速，並支撐我們將產品定價維持在對我們與客戶都公平的水準。談到定價，我們的軟體授權模式從來不是以使用者數為基礎。

They are based on parameters like number of hotel rooms, number of POS terminal endpoints, number of spa. Treatment rooms, golf courses, dining venues, retail outlets and sites, each of which do not decrease when user efficiencies improve through use of AI or due to any other reason.

我們是以飯店房間數、POS 終端端點數、SPA療程室數、高爾夫球場數、餐飲場域數、零售據點與場站數等參數為基礎；而這些參數不會因為使用 AI 或任何其他原因帶來的使用者效率提升而減少。

With that, on to a few details on revenue and profitability. Fiscal 2026 fourth quarter revenue was a record $82.9 million. This was the 17th consecutive record revenue quarter. Q4 subscription revenue was a record $36.9 million and grew by 24.1% from the comparable prior year quarter.

接下來說明一些營收與獲利能力的細節。2026 會計年度第四季營收創下 8,290 萬美元新高。這是連續第 17 季創下營收新高。第四季訂閱營收創下 3,690 萬美元新高，較去年同期成長 24.1%。

This was the 18th. This was the 18th consecutive quarter of year-over-year subscription growth of at least 23%. Q4 subscription revenue was also a record 68% of total recurring revenue. Overall, recurring revenue, including maintenance fees for perpetual licenses, was a record $54.4 million and 65.5% of total revenue.

這是第 18 季。這是連續第 18 季訂閱營收年增至少 23%。第四季訂閱營收亦創下新高，占總經常性營收的 68%。整體而言，包含永久授權維護費在內的經常性營收創下 5,440 萬美元新高，占總營收的 65.5%。

Fiscal 2026 fourth quarter subscription revenue pertaining to POS and POS-related modules increased by 19%, that is 1.9%, increased by 19% year-over-year, while subscription revenue pertaining to PMS and PMS-related modules increased by 34%. Add-on modules across both PMS and POS, including Book4Time Spa, constituted 38% of total subscription revenue.

2026 會計年度第四季與 POS 及 POS 相關模組相關的訂閱營收增加 19%，也就是 1.9%，年增 19%；而與 PMS 及 PMS 相關模組相關的訂閱營收增加 34%。PMS 與 POS 兩端的加購模組（含 Book4Time Spa）占總訂閱營收的 38%。

Fiscal year 2026 Q4 services revenue of $18.2 million was tied with Q2 as the best services revenue quarter so far, despite a significant decline in services revenue pertaining to customer-paid product development efforts. Those development projects have, for the most part, gone past the product development stages and are in the deployment phase now.

2026 會計年度第四季服務營收為 1,820 萬美元，與第二季並列為迄今最佳服務營收季度，儘管與客戶付費產品開發工作相關的服務營收大幅下滑。這些開發專案多數已經走過產品開發階段，目前進入部署階段。

Fiscal 2026 Q4 was the highest services quarter with respect to revenue only from software implementation services. The sum of products, services and recurring revenue backlog levels grew to record levels despite a record implementation services quarter and the volume of installation success during the quarter because it was an even better sales success quarter.

就僅來自軟體導入服務的營收而言，2026 會計年度第四季是服務營收最高的一季。儘管本季導入服務營收創新高且安裝成功量很大，產品、服務與經常性營收待履約（backlog）水位總和仍成長至歷史新高，因為本季銷售成果更為亮眼。

We continue to exclude the Marriott PMS project from our backlog numbers. We are starting fiscal 2027 with excellent visibility into the year. Total subscription ARR installed during fiscal year 2026 was 32% higher than during fiscal year 2025. The increased velocity of project implementations. And resulting recurring revenue growth has a lot to do with the modernized products becoming exponentially easier to implement, greater use of AI tools to improve implementation efficiencies, and higher staffing levels compared to the past.

我們仍持續將 Marriott PMS 專案排除在待履約（backlog）數字之外。我們以對本年度極佳的能見度展開 2027 會計年度。2026 會計年度已安裝的訂閱 ARR 總額較 2025 會計年度高出 32%。專案導入速度的提升。以及隨之而來的經常性營收成長，與現代化產品變得更容易導入、更多使用 AI 工具提升導入效率，以及相較過去更高的人力配置水準有很大關係。

We are currently, for the most part, sufficiently well-staffed in various business areas, including product development, sales and professional services to fuel continued business expansion during the short and medium term. After starting the year with a full-year revenue guidance level of $308 million to $312 million.

目前就大多數情況而言，我們在各個業務領域的人力配置已相當充足，包括產品開發、銷售與專業服務，足以在短期與中期推動業務持續擴張。在年初時，我們給出的全年營收指引為3.08億至3.12億美元。

Full fiscal year 2026 revenue ended up at a record $319 million -- that is 1-9 -- $319.3 million, 15.9% -- that is 1-5 -- 15.9% higher than the previous full fiscal year, despite one-time product revenue consisting of perpetual software licenses and hardware resold remaining flat year-over-year at $41.2 million.

2026會計年度全年營收最終創下紀錄，達3.19億美元——也就是1-9——3.193億美元，較上一個會計年度全年成長15.9%——也就是1-5——15.9%。儘管一次性產品營收（包含永久軟體授權與轉售硬體）年對年持平，維持在4,120萬美元。

We expect one-time product revenue to remain at these levels as customers continue to augment traditional hardware needs with consumer market available mobile devices taking advantage of the modernized POS terminals that allow it and their preference for cloud-based SaaS software solutions continuing to dominate demand and reduce need for perpetual software licenses.

我們預期一次性產品營收將維持在這些水準，因為客戶持續以消費市場可取得的行動裝置來補足傳統硬體需求，並利用已現代化、可支援此作法的POS終端；同時，客戶對雲端SaaS軟體解決方案的偏好仍將主導需求，並降低對永久軟體授權的需求。

Lack of growth in the product revenue bucket is, in fact, a good positive indicator of our growth as a cloud-native, SaaS-based enterprise software business unit. Full fiscal year 2026 services revenue was a record $72.2 million, 12.4% higher than the previous year.

事實上，產品營收項目缺乏成長，反而是我們作為雲原生、以SaaS為基礎的企業軟體業務單位持續成長的一項良好正向指標。2026會計年度全年服務營收創下紀錄，達7,220萬美元，較前一年成長12.4%。

Traditional implementations-related services revenue increased impressively year-over-year. We expect services revenue to remain on a steady growth path each year. Full fiscal year 2026 revenue included a record $205.9 million in recurring revenue, 21.1% higher than the previous year. Of this recurring revenue, subscription revenue was a record $137.1 million.

與傳統導入相關的服務營收年對年顯著成長。我們預期服務營收每年將維持穩健的成長軌跡。2026會計年度全年營收包含創紀錄的2.059億美元經常性營收，較前一年成長21.1%。在這些經常性營收中，訂閱營收創紀錄達1.371億美元。

30.2%, that is 3-0, 30.2% higher than the previous year, well ahead of the beginning-of-the-year guidance level of 25%. Fiscal 2026 was the fifth consecutive year of organic subscription revenue growth of at least 25% and total subscription growth of at least 27%.

30.2%，也就是3-0，30.2%較前一年成長，明顯高於年初指引的25%。2026會計年度是連續第五年有機訂閱營收成長至少25%，且訂閱總成長至少27%。

Fiscal year 2026 full year maintenance-related recurring revenue was a record $68.9 million. Our subscription revenue growth continues to come from, for the most part, from new customer, new site, and new product sales success and is not dependent on cannibalization of annual maintenance generating on-premises installations.

2026會計年度全年與維護相關的經常性營收創紀錄，達6,890萬美元。我們的訂閱營收成長主要來自新客戶、新據點與新產品銷售的成功，並不依賴於侵蝕可產生年度維護費的地端部署安裝基礎。

The Marriott PMS project continues to make good progress and is on plan. All personnel involved in this complex technology transformation project across all parties involved continue to do great work and execute extremely well.

萬豪（Marriott）PMS專案持續取得良好進展，並按計畫推進。所有參與此複雜技術轉型專案的各方人員，持續展現出色的工作表現並極佳地執行。

We are proud to be associated with this project. One of the biggest and most complex, if not the biggest, technology transformation project ever undertaken in this industry. Having been effective thus far in contributing to the success of such a massive project, we have good reasons to believe that no future achievement in this hospitality industry will be beyond our reach.

我們很榮幸能與此專案有所連結。這是本產業有史以來規模最大且最複雜的技術轉型專案之一，甚至可能是最大的一個。迄今我們已有效地為如此龐大的專案成功做出貢獻，因此我們有充分理由相信，未來在旅宿業的任何成就都不會超出我們的能力範圍。

We expect full-year fiscal 2027 revenue to be in the range of $365 million to $370 million. With product revenue remaining flat. And steady growth in services revenue. We expect fiscal year 2027 to be the third consecutive year of subscription revenue growth of at least 30%, that is 3-0 of at least 30%. Apart from increasing the pace of competitive product differentiation of our hospitality-focused software solutions ecosystem.

我們預期2027會計年度全年營收將落在3.65億至3.70億美元之間。其中產品營收維持持平。服務營收則穩健成長。我們預期2027會計年度將是連續第三年訂閱營收成長至少30%，也就是3-0、至少30%。除了加快我們以旅宿業為核心之軟體解決方案生態系的競爭性產品差異化步伐之外。

Keeping AI-related changes across the entire organization are also helping us improve operating leverage across several business areas. We expect adjusted EBITDA by revenue to grow from 21.2% in fiscal 2026 to 24% in fiscal 2027. Q1 is always a heavy cost period for us, with several one-time expenses happening during the quarter, including the high-cost customer user conference.

在整個組織推動與AI相關的變革，也正協助我們在多個業務領域提升營運槓桿。我們預期調整後EBITDA占營收比率將由2026會計年度的21.2%提升至2027會計年度的24%。第一季一向是我們成本較高的期間，因為該季度會發生數項一次性費用，包括成本高昂的客戶使用者大會。

We expect adjusted EBITDA by revenue during Q1 to be only 16% to 17%; that is 1-6 to 1-7. We expect adjusted EBITDA by revenue during Q1 to be only 16% to 17% and build upwards from there, as was the case during fiscal 2026. And we expect to exit fiscal 2027 at a rate well above the annual expectation of 24%, 30%, 30% full-year adjusted EBITDA by revenue profitability level is not too far off for our business now as we continue to shift the product mix increasingly towards recurring revenue and also improve operating leverage thanks to various factors, including judicious use of AI to increase efficiencies.

我們預期第一季調整後EBITDA占營收比率僅為16%至17%；也就是1-6到1-7。我們預期第一季調整後EBITDA占營收比率僅為16%至17%，並將自此逐季走高，如同2026會計年度的情況。我們也預期在2027會計年度結束時的水準將明顯高於全年24%的預期；隨著我們持續將產品組合更多轉向經常性營收，並在多項因素（包括審慎運用AI提升效率）的帶動下改善營運槓桿，全年調整後EBITDA占營收比率達到30%、也就是30%並非遙不可及。

Fiscal 2027 should be the 1st year when product development-related operating expenses, excluding share-based compensation, should be down to the high 10s after being around the 22% mark a few years ago. With that, let me hand over the call to Dave for further color on our financial results and operational execution.

2027會計年度應該會是第一年，產品開發相關的營運費用（不含股份基礎給付）可降至10%後段水準；而在幾年前該比率約在22%左右。接下來，我把電話交給Dave，請他進一步說明我們的財務結果與營運執行情況。

Thank you, Ramesh. Taking a look at our financial results, beginning with the income statement. Fourth quarter fiscal 2026 revenue was a quarterly record of $82.9 million, an 11.7% increase from total net revenue of $74.3 million in the comparable prior year period. As a result of the continued momentum in our business, we are pleased to see 15.9% total revenue growth compared to fiscal year 2025.

謝謝你，Ramesh。我們來看一下財務結果，先從損益表開始。2026會計年度第四季營收創下單季紀錄，達8,290萬美元，較去年同期可比期間的總淨營收7,430萬美元成長11.7%。在業務持續動能的帶動下，我們很高興看到相較2025會計年度總營收成長15.9%。

During fiscal 2026 compared to the previous year, professional services increased by 12.4% and recurring revenue increased by 21.1%. Fiscal year '26 was another great year regarding all aspects of our business. Backlog and operations continue to perform at an extremely elevated level. With or without the large PMS rollout, backlog and sales are exiting at record levels and plenty strong enough for our FY27 plan.

2026會計年度相較前一年，專業服務成長12.4%，經常性營收成長21.1%。2026會計年度在我們業務的各個面向都是又一個非常出色的一年。在手訂單（backlog）與營運表現持續維持在極高水準。不論是否包含大型PMS上線推廣，在手訂單與銷售在期末都處於創紀錄水準，且強勁程度足以支撐我們的FY27計畫。

Professional services increased over the prior year quarter to $18.2 million. Professional services revenue continues to perform well. We are also happy to see Professional Services gross margin return to slightly north of 30%. Total recurring revenue represented 65.5% of total net revenue for the fiscal fourth quarter and 64.5% for the full year, compared to 62.2% and 61.7% of total net revenue in the fourth quarter and full-year fiscal 2025.

專業服務較去年同期季度增加至1,820萬美元。專業服務營收持續表現良好。我們也很高興看到專業服務毛利率回升至略高於30%。2026會計年度第四季經常性營收占總淨營收的65.5%，全年占64.5%；相較之下，2025會計年度第四季與全年分別為62.2%與61.7%。

We continue to be pleased with subscription sales and revenue growth levels. Subscription revenue grew 24.1% for the fourth quarter of fiscal 2026 and 30.2% for the full fiscal year. The large PMS rollout contributed to about 0.2% of the growth for FY26. Subscription revenue outside of the large PMS rollout was 30% for the full fiscal year, well above our original expectation of 25% going into FY26.

我們持續對訂閱銷售與營收成長水準感到滿意。訂閱營收在2026會計年度第四季成長24.1%，全年成長30.2%。大型PMS上線推廣對FY26的成長貢獻約為0.2%。若排除大型PMS上線推廣，全年訂閱營收成長為30%，明顯高於我們在進入FY26時原先預期的25%。

Subscription sales during the year, along with excellent customer retention levels, have us set up well for our FY27 plan. Moving down the income statement, gross profit was $53.4 million compared to $45.1 million in the fourth quarter of fiscal 2025. Gross profit margin was 64.4% compared to 60.7% in the fourth quarter of fiscal 2025.

年度內的訂閱銷售，加上優異的客戶留存水準，使我們為FY27計畫奠定了良好基礎。往下看損益表，毛利為5,340萬美元，較2025會計年度第四季的4,510萬美元增加。毛利率為64.4%，相較2025會計年度第四季的60.7%。

For the fiscal year, gross margin was roughly flat at 62.6% compared to the prior fiscal year. We are extremely pleased to see us exit the year at 64.4% gross margin as product mix in the P&L catches up to sales. We have finally entered the beginning of the gross margin expansion part of our journey.

就本會計年度而言，毛利率約為62.6%，與前一會計年度大致持平。我們非常高興看到我們在年度結束時毛利率達到64.4%，因為損益表中的產品組合正逐步追上銷售表現。我們終於進入了旅程中毛利率擴張階段的起點。

Combined, the three main operating expense line items, product development, sales and marketing, and general and administrative expenses, excluding stock-based compensation, were 38.7% of revenue in the fiscal 2026 fourth quarter, compared to 41% of revenue in the prior fiscal year.

合計而言，三項主要營業費用科目——產品開發、銷售與行銷，以及一般與行政費用——在排除股份基礎給付後，於2026會計年度第四季占營收比重為38.7%，相較前一會計年度為41%。

Excluding stock-based compensation for the full fiscal year 2026, product development decreased to 18.6% compared to 19% of revenue in the prior fiscal year. General and administrative expenses reduced for the year from 12.6% to 11.2% of revenue. Sales and marketing increased slightly from 11.4% of revenue to 11.8% of revenue.

就2026整個會計年度而言，排除股份基礎給付後，產品開發費用占比降至18.6%，相較前一會計年度占營收19%。一般與行政費用占比亦由12.6%降至11.2%。銷售與行銷費用占比則由11.4%小幅上升至11.8%。

Combined, the three main operating expense line items, product development, sales and marketing, and general and administrative expenses, excluding stock-based compensation, were 42% of revenue this fiscal year, compared to 43% of revenue in FY25.

合計而言，三項主要營業費用科目——產品開發、銷售與行銷，以及一般與行政費用——在排除股份基礎給付後，本會計年度占營收比重為42%，相較FY25為43%。

Operating income for FY26 of $43 million, net income of $38.8 million, and gain per diluted share of $1.37 are well above the prior year gains of $22.6 million, $23.2 million, and eighty-two cents. Adjusted net income normalizing for certain non-cash and non-recurring charges of $50.8 million compares favorably to adjusted net income of $43.8 million in the prior year, and adjusted diluted earnings per share of $1.79 compares favorably to $1.55.

FY26營業利益為4,300萬美元，淨利為3,880萬美元，稀釋後每股收益為1.37美元，均明顯高於前一年度的2,260萬美元、2,320萬美元與0.82美元。將若干非現金及非經常性費用正常化後的調整後淨利為5,080萬美元，優於前一年度的4,380萬美元；調整後稀釋每股盈餘為1.79美元，亦優於1.55美元。

For the 2026 fourth quarter, adjusted EBITDA was $21.5 million compared to $14.8 million in the year-ago quarter. And for the full-year fiscal 2026 adjusted EBITDA was $67.7 million compared to $53.8 million in the prior year. We are pleased to see our profitability levels end up well ahead of our original FY '26 plan with adjusted EBITDA coming in at 21.2% of revenue.

2026會計年度第四季調整後EBITDA為2,150萬美元，較去年同期的1,480萬美元增加。而2026整個會計年度調整後EBITDA為6,770萬美元，較前一年度的5,380萬美元增加。我們很高興看到獲利水準最終大幅優於我們原先的FY '26計畫，調整後EBITDA達營收的21.2%。

Moving to the balance sheet and cash flow statement. Cash and marketable securities as of March 31st, 2026 was $116.9 million compared to $73 million on March 31st, 2025. We remain comfortable with our current levels of cash.

接著看資產負債表與現金流量表。截至2026年3月31日，現金及有價證券為1.169億美元，較2025年3月31日的7,300萬美元增加。我們對目前的現金水位仍感到安心。

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 $35.4 million compared to $26.5 million in the prior year quarter and $68.1 million for the full fiscal year compared to $52.3 million in the prior year. As we've said in the past, adjusted EBITDA and free cash flow after normalizing the impact of CapEx continue to be good proxies for the health of the business on an annual basis.

就自由現金流而言，我們很高興看到整個會計年度有所提升。本季自由現金流為3,540萬美元，較前一年度同期的2,650萬美元增加；全年自由現金流為6,810萬美元，較前一年度的5,230萬美元增加。如同我們過去所說，在將資本支出（CapEx）的影響正常化後，調整後EBITDA與自由現金流仍是衡量企業年度健康狀況的良好替代指標。

Full fiscal year 2026 free cash flow was $500,000 greater than adjusted EBITDA, mostly due to timing of working capital adjustments. For our fiscal year 2027, we expect revenue to be in the $365 to $370 million range. We expect product revenue to remain flat and to continue to trend around $10 million per quarter or $40 million for the year as customers continue to choose consumer-grade devices and a larger portion of our business becomes PMS.

2026整個會計年度的自由現金流比調整後EBITDA多出50萬美元，主要是因營運資金調整的時點差異所致。對於2027會計年度，我們預期營收將落在3.65億至3.70億美元區間。我們預期產品營收將維持持平，並持續約為每季1,000萬美元或全年4,000萬美元，因客戶持續選擇消費級裝置，且我們業務中更大部分將轉為PMS。

Professional services should grow in the 5% to 10% range as well. As a reminder, this year professional services revenue will not have any significant benefit of large development projects as the ones we were working on in the past are now well into their rollout phases. Recurring revenue will continue to grow around 20%, inclusive of subscription revenue growth north of 30%.

專業服務亦應有5%至10%的成長。提醒一下，今年專業服務營收不會像過去那樣受惠於大型開發專案，因為我們先前進行的那些專案目前已進入部署推廣階段。經常性收入將持續約20%的成長，其中包含訂閱收入超過30%的成長。

Subscription revenue growth in the fiscal Q1 should be similar to the FY26 Q4 exit of around 24% and then increase from there throughout the year. As we accelerate the large PMS rollout, we continue to make good progress with.

會計年度第一季的訂閱收入成長應與FY26第四季期末水準相近，約為24%，並在全年逐步提升。隨著我們加速大型PMS部署推廣，我們持續取得良好進展。

Adjusted EBITDA will increase to 24% of revenue as we begin to see margin expansion from our current sales momentum and large project rollouts. As a reminder, fiscal first-quarter profitability will be lower due to the beginning phases of the large PMS rollout and timing of our user conference expenses.

隨著我們目前的銷售動能與大型專案部署推廣開始帶來毛利擴張，調整後EBITDA將提升至營收的24%。提醒一下，由於大型PMS部署推廣的初期階段以及使用者大會費用的時點因素，會計年度第一季的獲利能力將較低。

We expect profitability to be in the 16% to 17% range in the first quarter and then increase sequentially, exiting Q4 at nearly 30% of revenue. Adjusted EBITDA excludes stock-based compensation, which will continue in the 5% to 7% range. Free cash flow and adjusted EBITDA will continue to be a comparable proxy for profitability after normalizing for CapEx, which is not a significant portion of our business.

我們預期第一季獲利率將落在16%至17%區間，之後將逐季提升，並在第四季期末接近營收的30%。調整後EBITDA排除股份基礎給付，該項費用將持續約占5%至7%。在將資本支出（CapEx）正常化後，自由現金流與調整後EBITDA仍將是可比的獲利能力替代指標，而CapEx在我們業務中並非重大占比。

In closing, we are pleased with our FY26 financial results and the solid business fundamentals for future revenue growth and profitability growth. With that, I will now turn the call back over to Ramesh.

最後，我們對FY26的財務結果，以及未來營收與獲利成長的穩健基本面感到滿意。接下來我把電話交回給Ramesh。

Thank you, Dave. In summary We are now about as bullish about our business as we've ever been. Our timing has been impeccable these last few years. Unlike other technology providers in the industry, we made the tough decision to rewrite and modernize every product in our ecosystem a few years ago.

謝謝你，Dave。總結來說，我們現在對業務的看多程度可說是前所未有。過去幾年我們的時機掌握得無可挑剔。不同於產業內其他科技供應商，我們在幾年前做出艱難決定，重寫並現代化我們生態系中的每一項產品。

We future-proofed the system. With the expectation that we would be ready to leverage the next wave of technology changes when they came. We have rapidly made AI an integral part of everything we do, and the pace at which we are creating AI-based features has served as a good validation of the previous technology modernization efforts.

我們讓系統具備面向未來的能力。並預期在下一波科技變革到來時，我們已準備好加以運用。我們迅速將AI納入我們所做的一切之核心，而我們打造AI功能的速度，也成為先前技術現代化努力的良好驗證。

The industry firmly believes in what we are doing, and this is reflected by the fact that demand for our product ecosystem remains high. The high sales win ratio continues to point to increasing product superiority competitive advantages. Sales levels, particularly pertaining to subscription sales, continue to get higher.

產業對我們正在做的事情深具信心，這反映在我們產品生態系的需求仍然強勁。高銷售勝率持續顯示我們產品優勢與競爭優勢正在提升。銷售水準，特別是訂閱銷售，仍在持續攀升。

Our customer retention rates remain world-class. A combination of selling more recurring fees and retaining them at such levels will continue fueling good levels of recurring revenue growth.

我們的客戶留存率仍維持世界級水準。更多經常性費用的銷售與在如此水準下的留存相結合，將持續推動經常性收入維持良好成長。

The product mix is improving with a consistently increasing tilt towards recurring revenue, which should continue to push gross margin levels upward. Our operating leverage continues to improve as well. AI is making it easier to meet and exceed the long-pending and underserved hospitality industry innovation demands, which currently very few technology providers are in a position to or are interested in serving.

產品組合正在改善，並持續更偏向經常性收入，這應會持續推升毛利率水準。我們的營運槓桿也持續改善。AI讓我們更容易滿足並超越長期以來待解且服務不足的旅宿業創新需求，而目前能夠、或有意願服務這些需求的科技供應商寥寥無幾。

The modernized product ecosystem has settled on well in the field and continues to be a big competitive advantage. However, beyond all that, what gives us the most optimism and satisfaction is the increasing number of customer success stories, instances of customers seeing meaningful improvements with revenue generation, operational efficiencies and guest satisfaction levels.

現代化的產品生態系已在市場現場穩定落地，並持續成為一項重大競爭優勢。然而，除此之外，最讓我們感到樂觀與滿足的是，客戶成功案例的數量日益增加——客戶在營收創造、營運效率與住客滿意度方面看到顯著改善的實例。

Enabled by the Agilysys' integrated ecosystem of modern solutions, software development is one thing, but creation, maintenance, and enhancement of a complex ecosystem of interconnected, innovative, robust, and configurable software solutions that can create meaningful, measurable value. For a widely diverse world of customers, each one using the product sets in a different way is an entirely different level of challenge that we are making great progress mastering.

在Agilysys整合式現代解決方案生態系的支援下，軟體開發是一回事，但要打造、維護並強化一個由相互連結、創新、穩健且可配置的軟體解決方案所構成的複雜生態系，並能創造具意義且可衡量的價值，則是另一回事。面對高度多元的客戶世界，每位客戶以不同方式使用產品組合，這是完全不同層級的挑戰，而我們正持續在掌握這項能力上取得重大進展。

Such customer success stories are increasing, both in terms of quality and quantity, and that is the progress that is now giving us momentum. When customers are willing to get up on main stage in front of hundreds of other customer and prospective, other current and prospective customers, as has happened in two consecutive user conferences now, to talk about the real, tangible, measurable improvements they have gained from switching to Agilysys systems.

此類客戶成功案例在質與量兩方面都在增加，而這正是如今帶給我們動能的進展。當客戶願意在主舞台上、在數百位其他客戶與潛在客戶（以及其他現有與潛在客戶）面前站出來——正如過去連續兩屆用戶大會所發生的那樣——談論他們因改用 Agilysys 系統而獲得的真實、具體、可量化的改善。

We know we are doing a lot of things right. We remain very bullish about our short, medium-term, and long-term prospects. With that, Victor, let's open up the call for questions.

我們知道自己做對了很多事情。我們對短期、中期與長期前景仍然非常看好。那麼，Victor，我們開放電話會議進入提問環節。

(Operator Instructions)

（接線員指示）

Mayank Tandon, Needham.

Mayank Tandon，Needham。

Ramesh, I wanted to start with any updates on the large PMS rollout in terms of how it's progressing, how it's early days, if you could share any feedback on how that's going. And then I don't know if you can, but I would definitely want to ask you, are you able to share any expectations on the ramp and what's embedded in the guidance? And lastly, is it expected to be done mostly in fiscal '27, or do you think it's going to be a multi-year rollout?

Ramesh，我想先請教大型 PMS 部署目前的最新進展：進度如何、畢竟還在早期階段，若方便的話能否分享一些回饋，看看目前推進得怎麼樣。另外我不確定你是否能分享，但我也很想問：你們是否能提供對於爬坡（ramp）的任何預期，以及你們的指引中已納入了哪些假設？最後，這是否預期主要會在 2027 財年完成，還是你認為會是一個跨多年的部署？

The project is progressing well, Mayank. By all accounts, it is progressing well. The customer is doing a fantastic job with the project, and so are all the other vendors involved. So like I said, we are extremely proud to be associated with it. It continues to progress well. However, I would be careful not to expect perfect rollout cadence.

Mayank，這個專案進展得很好。各方面看起來都進展順利。客戶在專案上做得非常出色，其他參與的供應商也同樣表現很好。所以如我所說，我們非常自豪能與此專案合作。它仍在順利推進。不過，我會提醒不要期待部署節奏會完全一致、毫無偏差。

The only future variance is possible. Even though the technology that the properties are shifting to is common. The technology and the product they are shifting from is not all exactly the same. There are various sets of products that are being used today that are being converted to these modern technologies. So it's progressing well now, but I would be careful about not expecting a perfect rollout cadence because there are various phases to this. Future variances are possible.

未來仍可能出現差異。即使各物業要轉換到的技術是共通的。但他們要從哪一套技術與產品轉出，並不完全相同。目前使用的產品組合有多種，現在要轉換到這些現代化技術。因此目前進展良好，但我會提醒不要期待完美一致的部署節奏，因為這當中有不同階段。未來可能會有差異。

We have taken, we have included it in our guidance for FY27 to a careful extent. We have been reasonably not too aggressive with anything. Whatever cadence we are expecting, we have included that in the FY27 guidance, but it is not going to be a single-year rollout for sure. It is going to be at least two years or possibly more than that.

我們已在 2027 財年（FY27）的指引中，以審慎的程度將其納入考量。我們在各方面都相當保守，沒有過度積極。我們預期的部署節奏已反映在 FY27 指引中，但可以確定這不會是單一年度就完成的部署。至少會是兩年，或可能更久。

So I would not assume it to be a one-year rollout under any circumstances, Mayank. It could be two years, hopefully, or a little bit more than that. So far going well, but I will be careful about not expecting a perfect roll-out case.

所以在任何情況下，我都不會把它視為一年就能完成的部署，Mayank。可能是兩年，希望如此，或再多一點。目前為止進展良好，但我會提醒不要期待完美的部署節奏。

Got it. That's helpful. I had to ask you, so I appreciate the response there. And then just in terms of the momentum that you're seeing, obviously, as you said, very broad-based and. Strong momentum coming into fiscal '27. So if there is upside, and you had delivered upside in past years, where would that come from?

了解。這很有幫助。我必須問這個問題，所以很感謝你的回覆。接著就你們看到的動能而言，顯然如你所說，動能非常廣泛且——在進入 2027 財年時動能很強。那如果有上行空間，而且你們過去幾年也曾交出超預期表現，這個上行可能會來自哪裡？

Is that going to come from potentially the large PMS rollout, maybe ramping up ahead of schedule, or do you think it's going to come from some of your other areas that you called out in terms of gaming casinos, managed services? Just would be curious in terms of where you think the levers are in the model to drive potential upside to your initial guidance for 2027.

會不會可能來自大型 PMS 部署、例如進度比預期更快地爬坡？還是你認為會來自你提到的其他領域，例如博彩賭場、託管服務？我只是想了解，在你們的模型中，你認為哪些槓桿可以推動 2027 年初始指引的潛在上行。

I think we always provide guidance based on realistic assumptions of where we see the year going. So I would be careful not to get ahead of ourselves and already start thinking about we are in the early stages of the year. But the guidance we have given is based on what we are seeing in the market and what our current momentum is. But the upsides, we will see, right, if our sales levels continue to increase.

我認為我們一向是基於對年度走勢的務實假設來提供指引。所以我會提醒不要操之過急，現在就開始思考上行空間，畢竟我們還在年度初期。但我們給出的指引，是基於我們在市場上看到的情況以及目前的動能。至於上行空間，我們再看，對吧，如果我們的銷售水準持續提升的話。

Our sales team is now under Joe's leadership is doing an excellent job, keeping our focus on various areas, keeping the focus on bigger customers. Making sure at the same time we also focus on our sweet spot multi-amenity resorts.

我們的銷售團隊在 Joe 的領導下，現在做得非常出色，能把焦點放在多個領域，也把焦點放在更大型的客戶上。同時也確保我們持續聚焦於我們的甜蜜點——多設施度假村（multi-amenity resorts）。

We also have started focused attention on select service, the smaller properties and we are also beginning to focus on the individual products because our individual products can also be sold as strat alone now and there are competitors who are running big businesses just based on those individual products. So we have focused attention on all area of sales and we think our business will continue to do well, but we have taken all. Into account while we gave you the guidance for this year.

我們也開始把注意力聚焦在精選服務（select service）、較小型的物業；同時也開始聚焦於單一產品，因為我們的單一產品現在也可以作為獨立（standalone）方案銷售，而且有些競爭對手僅靠這些單一產品就經營出很大的業務。因此我們在所有銷售領域都投入重點關注，我們認為業務會持續表現良好，但我們在提供今年指引時已把這些因素都——納入考量。

Matt Vanvliet, Cantor.

Matt Vanvliet，Cantor。

I guess first, curious on where you are today. In terms of total implementation capacity, I know that's been a focus of adding headcount over the last few years and building a lot of efficiencies, whether it's from AI tooling and other processes in there. But with another record bookings quarter and year, curious on how you feel about the capacity there and the speed at which you're going to work through the backlog going forward.

我想先問一下你們目前的狀況。就整體導入（implementation）產能而言，我知道過去幾年你們一直著重於增加人力並建立許多效率提升，不論是 AI 工具或其他流程。但在又一個創紀錄的訂單（bookings）季度與年度之後，我想了解你們對產能的感受，以及未來消化積壓訂單（backlog）的速度會是如何。

We feel good, Matt, about our implementation services capacity. I think we are in good shape for at least the rest of the fiscal year. And AI is obviously helping us improve the efficiencies. And the other factor also, Matt, is that the products, the modernized products have settled down well. The implementation speed of the products has really picked up now because these products have been in the field for anywhere from, say, one and a half to four years, so that also is improving implementation efficiencies.

Matt，我們對導入服務的產能感覺良好。我認為至少在本財年剩餘期間，我們的狀況都很不錯。而 AI 顯然正在幫助我們提升效率。另外一個因素，Matt，是這些現代化產品已經相當穩定。產品的導入速度現在確實加快了，因為這些產品在客戶現場運行的時間大約從一年半到四年不等，因此也在提升導入效率。

And AI is obviously contributing to increasing it further. So we are in good shape. We expected this kind of sales momentum. So as far as fiscal '27 is concerned, at least we are in good shape with respect to most of our headcount, not just implementation services. Also sales, also R&D, we are in good shape as far as our current headcount levels are concerned.

而 AI 顯然也在進一步推升效率。所以我們的狀況很好。我們原本就預期會有這樣的銷售動能。因此就 2027 財年而言，至少在大多數人力配置上我們都處於良好狀態，不僅是導入服務。銷售、研發也一樣，就目前人力水準而言，我們的狀況都很好。

And then a quick follow-up on the discussion around the guidance. Last year you started the year at about 25% subscription revenue growth expectations. Obviously stepped that up this year to 30% plus. Maybe how much of that is just the better bookings performance that you have seen and the overall momentum in the business? How much of that increase in growth rate is attributable to the Marriott PMS rollout expectations that are embedded in the guidance?

接著快速追問一下關於指引的討論。去年你們在年初給出的訂閱營收成長預期大約是 25%。今年顯然把它提高到 30% 以上。這當中有多少只是因為你們看到更好的訂單表現與整體業務動能？而這個成長率上調中，有多少可歸因於指引中所納入的萬豪 PMS 部署預期？

Hey, Matt. In FY26, the increase from 25% to 30% wouldn't be related to the large PMS rollout. It was almost exclusively related to much better sales than our initial expectations and much better operational efficiency than we've seen in the past. I mean, a lot of what Ramesh talked about with installation.

嗨，Matt。在 2026 財年（FY26），從 25% 提高到 30% 與大型 PMS 部署無關。幾乎完全是因為銷售表現遠優於我們最初的預期，以及營運效率也比我們過去看到的更好。我的意思是，Ramesh 談到的很多內容都與安裝（installation）有關。

Getting better with the modernized product and using the tools for configuration. So I would say it really wasn't related to large PMS rollout. It was really related to sales being a lot better than expected and conversion of the backlog better than it's been in the past.

透過現代化的產品並使用配置工具，表現正在改善。所以我會說這其實與大型 PMS 推廣無關。真正相關的是銷售表現遠優於預期，以及待交付訂單（backlog）的轉換率也比過去更好。

And the retention rates are also world-class. Yes.

而且留存率也屬於世界級水準。是的。

Stephen Sheldon, William Blair.

Stephen Sheldon，William Blair。

Hey, thanks, and congrats on the strong end to the year. First question here on gross margins. They took a very strong step up this quarter, so we'd love more color on what drove that. I think, Dave, you might call that mix as a big factor, but anything else to call out there? And then how should we think about the gross margin trajectory in fiscal 2027?

嗨，謝謝，也恭喜你們在年底交出強勁表現。第一個問題關於毛利率。本季毛利率大幅躍升，我們想更了解是什麼因素驅動。我想 Dave，你可能會說產品組合（mix）是主要因素，但還有其他值得指出的嗎？另外，我們該如何看待 2027 會計年度的毛利率走勢？

I think you talked about expecting an exit rate of 30% or more, I think, for adjusted EBITDA margins. Are you expecting the same trend in gross margins where the exit rate should be stronger than what you averaged for the year? Just any detail on how you're thinking about the gross margin trajectory?

我記得你提到調整後 EBITDA 利潤率的期末（exit rate）預期為 30% 或更高。毛利率也會有同樣的趨勢嗎，也就是期末水準會高於全年平均？想請你多分享一些你們對毛利率走勢的看法。

Yeah, hey, Steven. No, I think you're right. I mean, it's mostly product mix related. I mean, I think just generally when you think about the EBITDA margin expansion for the year, it's about half of it is gross margin related, based on mostly product mix, and then half of it is OpEx leverage throughout the year. Now, in both scenarios, it's kind of really a tale of two halves. Gross margin in the first half will be kind of more similar to our Q4 exit rate.

好的，嗨，Steven。不，我想你說得沒錯。主要確實是產品組合所致。整體來看，若思考今年 EBITDA 利潤率的擴張，大約一半來自毛利率改善（主要由產品組合帶動），另一半來自全年營業費用（OpEx）的槓桿效益。而且在這兩個面向上，都有點像是上下半年兩段式的故事。上半年毛利率會比較接近我們 Q4 的期末水準。

But then we should be exiting the year kind of in the mid to high 60% range, and all of that's product mix related. And kind of the same story for OpEx, where it's kind of marginally better for the year, but it will be significantly better in Q4 on an exit-rate basis. So I would think of most of our kind of journey from the 17% in Q1 to the 30% EBITDA exit rate as half gross margin improvement and half operating leverage.

但到年底時，我們的期末水準應該會落在 60% 的中段到高段區間，而這全部都與產品組合有關。營業費用也是類似的情況：全年平均可能只是小幅改善，但以期末水準來看，Q4 會顯著更好。所以我會把我們從 Q1 的 17% 走到 EBITDA 期末 30% 的這段旅程，視為一半來自毛利率提升、一半來自營運槓桿。

Got it. That's really helpful. And then just as a follow-up, with the two new products that you announced at Inspire, it sounds like it might take a while for those to kind of get traction and start to move the financial needle, but I guess would love any early customer feedback you had on some of those new capabilities.

了解。這非常有幫助。接著追問一下，你們在 Inspire 發表的兩項新產品，聽起來可能需要一段時間才會取得動能並開始對財務數字產生明顯影響；但我們也想聽聽你們目前收到的早期客戶回饋，特別是針對這些新功能。

Especially the revenue intelligence piece. I think that I would assume that a lot of customers out there don't have a similar solution. I guess most have a central reservation system already in place. So here's what the feedbacks look like for those two new products.

尤其是營收智慧（revenue intelligence）那一塊。我猜很多客戶可能沒有類似的解決方案。我想大多數客戶已經有中央訂房系統（CRS）。所以這兩項新產品目前的回饋如何？

Stephen, we discussed the two new products in detail at the customer advisory board meetings that happened before the customer user conference, and the feedback was positive. With the few customers volunteering to be data sites, to be the initial sites for the implementation. So when you think about product ecosystem that you have seen, the entire set of products around POS and PMS, these were always two gaps that we had.

Stephen，我們在客戶使用者大會之前舉行的客戶諮詢委員會（customer advisory board）會議上，已詳細討論這兩項新產品，回饋是正面的。也有少數客戶自願成為資料站點（data sites），作為最初的導入據點。所以當你回頭看你所見過的產品生態系——圍繞 POS 與 PMS 的整套產品——這兩塊一直是我們的缺口。

One was CRS and one was revenue intelligence. And when AI came along and the tools got really better, it gave us an opportunity to build these two. Now the revenue intelligence is possible only because we have the ecosystem. AI alone does not get it done. We have the data. We know exactly what is going on with the guest across the resort.

一個是 CRS，另一個是營收智慧。而當 AI 出現、工具變得更成熟後，讓我們有機會打造這兩項產品。現在，營收智慧之所以可行，只有因為我們已具備這個生態系。光靠 AI 本身並不足以完成。我們有資料。我們非常清楚旅客在整個度假村內的行為與狀況。

So currently, the tools are just all about room rates is what they normally are about. And they're also not necessarily all real time. So this is a tool that can be real time. It really gives you all the switches, all the configurability by which a resort can say that include this in the normal numbers, but don't include it in your revenue intelligence, all that is possible.

所以目前市面上的工具通常都只聚焦在房價，基本上就是這樣。而且它們也不一定都是即時的。但我們這個工具可以做到即時。它也提供所有開關與可配置性，讓度假村可以設定：哪些要納入一般數字，但不要納入你的營收智慧分析——這些都可以做到。

So the short answer is, initially, we are targeting it only to our customer base who already have the ecosystem and will be of great value to them. As we go along in the future years, we will work on making it standalone and all that. So to answer your question, well received so far. We already have customers who have volunteered to be the initial sites for this. And we do expect both these products to be live before the end of the fiscal year at least a few customer sites.

所以簡短回答是：一開始我們只鎖定既有客戶群——也就是已經擁有我們生態系的客戶——對他們會非常有價值。未來幾年我們會再努力把它做成可獨立運作（standalone）等等。回到你的問題，目前為止反應很好。我們已經有客戶自願成為首批導入據點。而且我們預期在本會計年度結束前，這兩項產品至少會在少數客戶據點上線。

Allan Verkhovski, BTIG.

Allan Verkhovski，BTIG。

Hey there, congrats on the strong close to the year here. Remesh, it's hard to see it in the numbers, but I want to ask you about AI anxiety, which seems to be everywhere to some extent. So I'm curious, what are you seeing today around the topic of AI anxiety being in your conversations with customers, and how is that playing out in sales cycles? And I've got a quick follow-up for Dave.

嗨，恭喜你們在年底有強勁收官。Remesh，從數字上不太看得出來，但我想問你關於 AI 焦慮（AI anxiety），某種程度上似乎到處都在談。所以我很好奇，你們今天在與客戶的對話中，看到 AI 焦慮這個議題出現的情況如何？它在銷售週期中又是如何反映的？另外我有個簡短的追問要問 Dave。

Allen, I want to be careful answering questions about AI. I want to make sure I don't sound tone deaf about what is going on. It is transformational. It's going to make a huge impact. And we are determined to be AI disruptors. This is not just a matter of defending a moat or anything like that. AI is available to us as much as it's available to anyone else. And we are determined to be AI disruptors and AI is all over our company. But having said that, we are not seeing.

Allen，我在回答 AI 相關問題時想謹慎一些。我想確保我不會對當前正在發生的事情顯得麻木不仁。這是具變革性的。它將帶來巨大的影響。而我們決心成為 AI 的顛覆者。這不只是守住護城河之類的事情。AI 對我們的可得性，和對任何其他人一樣。我們決心成為 AI 顛覆者，而且 AI 已經遍布我們公司各處。但話雖如此，我們並沒有看到。

Any significant AI anxiety among our customer base, and based on the results you're seeing now, definitely, it is not slowing down or making it more anxious or anything like that. Again, I want to be careful not to sound tone deaf in this world, but we are not seeing that among our customer base and in our sales cycles. If anything, it is working the other way.

在我們的客戶群中出現任何顯著的 AI 焦慮；而且從你們現在看到的結果來看，確實也沒有因此放慢速度、或讓客戶變得更焦慮之類的。同樣地，我想小心不要在這個世界裡顯得麻木不仁，但我們在客戶群與銷售週期中並沒有看到這種情況。如果有的話，反而是往相反方向發展。

Because of all the AI-enabled features and the fact we are an aggressive AI user, if anything is actually shortening the sales cycle for us. We had really good results in Q4 because the customers are curious. I wouldn't call them anxious. They're curious to know what we are doing with AI. And now that we have the power of the ecosystem already built, when we are showing customers what we are currently already doing with AI.

因為我們具備各種 AI 賦能功能，而且我們是積極的 AI 使用者；如果真要說，反而是在縮短我們的銷售週期。我們在 Q4 有非常好的成果，因為客戶很好奇。我不會稱他們焦慮。他們是好奇我們在 AI 上做了什麼。而且現在我們已經建立起生態系的力量，當我們向客戶展示我們目前已經在用 AI 做的事情時。

What we are going to be releasing within the next three, four months, not the next three, four years. It's coming up right now. That is actually shortening sales cycles, if anything, for us. So I want to sound realistic with you, but AI so far has been our friend as far as sales levels are concerned because we are doing real work with it. This is not just hype. We are actually using AI in our product. There are 30-plus features that have been released or in the process of being released within the next three, four months. Have two entirely AI native modules that are going to fill up our ecosystem. So customers see that it is actually helping our sales progress.

我們將在未來三、四個月內推出的內容，而不是未來三、四年。現在就要上線了。如果說有什麼影響的話，這其實是在縮短我們的銷售週期。所以我想以務實的方式跟你說，但就目前為止，就銷售層面而言，AI 一直是我們的朋友，因為我們確實在用它做實際工作。這不只是炒作。我們確實在產品中使用 AI。有 30 多項功能已經發布，或正在準備於未來三、四個月內發布。還有兩個完全以 AI 原生打造的模組，將補齊我們的生態系。因此客戶看到它確實正在幫助我們推進銷售進展。

Got it. That's really helpful. And then... Dave, can you just give us some guardrails on how to think about what the revenue contribution from the Marriott rollout for FY27 is as part of that 30% subscription revenue guide and what we should keep in mind for how it can ramp beyond fiscal '27 into fiscal '28 in order to prevent what could be a pretty wide range of estimates from our end?

了解。這非常有幫助。然後……Dave，你能否給我們一些指引，讓我們理解在 FY27 的 30% 訂閱營收指引中，Marriott 推廣上線對營收貢獻大概應該怎麼看？以及我們在思考它如何在 27 財年之後、到 28 財年進一步爬坡時，應該注意哪些重點，以避免我們這邊的估算範圍可能會非常寬？

Yeah, I mean, we're not going to break out our organic revenue growth. I mean, I think we set the guidance this year at north of 30%, which obviously includes a lot of Ramesh's narrative around or commentary around non-Marriott doing better, but it also improves, allows us if the Marriott rollout continues on this pace.

是的，我的意思是，我們不會把有機營收成長拆分出來。我想我們今年給的指引是超過 30%，這顯然包含了 Ramesh 對非 Marriott 業務表現更好的許多敘述或評論，但同時也讓我們在 Marriott 的推廣若能以這個速度持續進行時，有所改善、也有空間。

So we don't have a plan to break out the revenue, so we just kind of we left the guide at north of 30% that could include that has a pretty. Conservative estimate of the Marriott rollout.

所以我們沒有計畫把營收拆分出來，因此我們就把指引維持在超過 30%，其中包含了對 Marriott 推廣上線相當保守的估計。對 Marriott 推廣上線的估計是相當保守的。

Brian Schwartz, Oppenheimer.

Brian Schwartz，Oppenheimer。

Hi. Thanks for taking my questions this afternoon. Ramesh, now that the large PMS rollout is progressing well, do you expect the progress that is happening to unlock a faster cadence to sales cycles with other hotels and resorts that may have been waiting to see that large PMS rollout proof points before choosing Agilysys?

嗨。謝謝今天下午回答我的問題。Ramesh，既然大型 PMS 推廣上線進展順利，你是否預期目前的進展會讓其他飯店與度假村的銷售週期加快？因為他們可能一直在等待看到這個大型 PMS 推廣上線的驗證成果後，才會選擇 Agilysys？

And if customers are waiting to see that, it has not yet reached the stage where it is entirely visible. So what I will tell you, this Marriott PMS project is helping us. This has definitely put us on the PMS map, no question about it. We are now included in most of the major PMS RFPs. It's given us visibility. It's given us credibility. But in terms of us.

如果客戶確實在等待看到那些成果，目前還沒有到完全可見的階段。所以我可以告訴你，這個 Marriott 的 PMS 專案正在幫助我們。毫無疑問，這確實讓我們在 PMS 領域有了位置。我們現在被納入多數主要的 PMS RFP（招標/提案邀請）。它帶給我們能見度。它帶給我們可信度。但就我們而言。

In terms of that becoming like the halo effect, it's not yet there. The properties have only gone live for two, three months. There is a lot of good news coming out of those properties. But that's going to take time to become an even bigger and bigger light. Now, I know you're not asking that, Brian. On the other hand, actually, some of the big POS installs we have done with Marriott have actually been good reference.

就它是否會形成所謂的光環效應而言，現在還沒有到那一步。這些物業才上線兩、三個月。從那些物業傳出很多好消息。但要讓它成為更大、更亮的燈塔，還需要時間。我知道你問的不是這個，Brian。另一方面，事實上，我們在 Marriott 做的一些大型 POS 安裝案，確實已經成為很好的參考案例。

One or two of them have been good reference customers for us. So overall, all this gives us big credibility. People are watching it. But in terms of it having a direct effect, it is tough to attribute it to start with, but that will take some more time, Brian.

其中一、兩個已經成為我們很好的參考客戶。所以整體而言，這些都大幅提升了我們的可信度。大家都在關注。但就它是否有直接影響而言，一開始很難歸因，不過這還需要更多時間，Brian。

And then I have one follow-up for Dave. How much of the fiscal '27. Subscription revenue growth outlook relies on continued strength in the international markets and verticals like food service, which have recently outperformed versus, say, the core hotels and resort business. Thanks again for taking my questions.

然後我有一個給 Dave 的追問。27 財年訂閱營收成長展望中，有多少是仰賴國際市場與像餐飲服務這類垂直領域的持續強勁表現？這些領域最近的表現優於例如核心的飯店與度假村業務。

Yeah, I mean, managed food service continues to do well, and we think it'll continue to do well, so that's pretty embedded in the guidance. As far as international, it's similar to the way we've guided in the past. I mean, we have really... Large deals we win on a time-to-time basis, but we remain pretty conservative on the singles and doubles type deals and we mostly build the business around the big deals, which are closing pretty regularly now, but not every quarter and they take a while to they they take a while to roll out. So you could take the.

是的，我的意思是，受託管理的餐飲服務（managed food service）持續表現良好，我們也認為它會繼續表現良好，所以這已經相當程度反映在指引中。至於國際市場，跟我們過去的指引方式類似。我的意思是，我們確實會……不時贏得非常大型的案子，但對於那種「單打、二壘打」型的案子我們仍然相當保守；我們主要是圍繞大型案子來建構業務，而這些大型案子現在相當規律地在成交，但不是每一季都有，而且它們需要一段時間——它們需要一段時間才能推廣上線。所以你可以把。

The managed food service is just a pipeline and momentum that we feel like it's going to give us a good number every quarter and that's baked into the guide and you can take the international kind of as what we've said in the past, we think we'll keep winning the big deals, but they're large deals and they take a while to roll out, so we're a bit conservative on the international side.

受託管理的餐飲服務視為一條我們認為每季都能帶來不錯數字的管線與動能，這已經納入指引；而國際市場則可視為我們過去所說的那樣：我們認為會持續贏得大型案子，但它們是大案、推廣上線需要時間，因此在國際面我們會稍微保守一些。

And even with respect to gaming, there is a lot of potential there with current customers buying a lot more. And both in FSM and HRC, our hotel resource, our market share is quite low now. And a lot of our growth comes from market share gains. Thank you.

即便就博彩（gaming）而言，現有客戶加購更多也有很大的潛力。而且在 FSM 與 HRC（我們的飯店資源/核心產品線）兩方面，我們目前的市占率都相當低。我們的成長有很大一部分來自市占率提升。謝謝。

Nehal Chokshi, Northland Securities.

Nehal Chokshi，Northland Securities。

Yeah, thank you. Congrats on a great quarter and strong guidance. The central reservation system that's being introduced, who do you see as being your typical competitor in this space, and what do you think is going to be required to have success there?

是的，謝謝。恭喜本季表現出色且指引強勁。你們正在推出的中央訂房系統（CRS），你們認為在這個領域典型的競爭對手會是誰？以及你認為要在那裡取得成功需要具備什麼？

To start with, Nehal, we think of tightly integrated. CRS and PMS is going to be reasonably crucial in the coming years, let's call it two to three years, where availability rates, inventory is controlled and managed in either place and the two systems talking to each other. We've always felt that a tightly integrated PMS and CRS is going to be fairly crucial, especially to the SMB market going in the future. So we've always had an eye on CRS and AI. Us the opportunity.

首先，Nehal，我們認為在未來幾年——就說兩到三年——緊密整合的 CRS 與 PMS 會相當關鍵，因為可用房價、庫存可以在任一端被控制與管理，且兩個系統彼此互通。

So initially it is going to be for our, mostly for our PMS customers who can get the benefits of a tightly integrated CRS PMS and then we will continue improving the product and then we will see right where it takes us in terms of a real CRS presence in hospitality.

因此一開始它主要會提供給我們的 PMS 客戶，讓他們能享受緊密整合的 CRS+PMS 所帶來的好處；接著我們會持續改進產品，然後再看看它在飯店業 CRS 版圖中會把我們帶到哪裡。

At the moment it is directed towards our PMS customers for whom we can give a benefit of a tightly integrated CRS as well and there are many aspects of the CRS like a booking engine and all that we have already had in our. Have other products. So we are in a good position to drive the advantages forward. But this is the early phase. It is focused on integration with PMS, and then we will see in a couple of years where it goes.

目前它是針對我們的 PMS 客戶，我們也能為他們提供緊密整合 CRS 的效益；而 CRS 的許多面向，例如訂房引擎等等，我們在其他產品中其實早就具備。我們有其他產品。所以我們處於一個很好的位置，可以把這些優勢往前推進。但這仍是早期階段。重點在於與 PMS 的整合，然後我們會在幾年後看看它會走到哪裡。

Okay, great. For my follow-up question, I know it was already addressed on the call, but I missed it. Could you just repeat the bookings color for the March quarter and how that has trended so far in the June quarter?

好的，很棒。我的追問是，我知道剛才電話會議中已經提到，但我錯過了。你能否再重複一次 3 月季度的 bookings（訂單/預訂）情況，以及到目前為止在 6 月季度的趨勢如何？

Did you say bookings?

你是說預訂額（bookings）嗎？

Yeah, the ACV booking. Exit basis or an annual basis?

對，ACV 的預訂額。是以退出基礎（exit basis）還是以年度基礎（annual basis）來看？

I'm sorry, say that again.

不好意思，請再說一次。

The bookings for the quarter were a record for the quarter and the year. And obviously, Ramesh gave, other commentary around. I mean, pretty much everything was -- I mean, pretty much everything in our business exiting the year, whether you look at a quarter or a year, was, at record levels.

本季的預訂額創下該季度與全年新高。而且顯然，Ramesh 也提供了其他相關評論。我的意思是，幾乎所有事情——我是說，我們業務在年末的退出狀態，無論你看季度或全年，幾乎都處於創紀錄的水準。

And what about as far as the year-over-year growth numbers, how does that trend relative to prior quarters in terms of the bookings growth.

那就年對年成長數字而言，預訂額成長的趨勢相較於前幾季如何？

Yeah, this was an annual sales record, Nehal, and this quarter was also the best quarter, beating the last Q4 of last year. So both of these were record sales numbers for us, both the quarter and the year.

是的，Nehal，這是年度銷售紀錄，而本季也是最佳季度，超越了去年第四季。所以這兩者對我們而言都是創紀錄的銷售數字——無論是本季或全年。

George Sutton, Craig-Hallum Capital Group.

George Sutton，Craig-Hallum Capital Group。

Hey, guys. Logan on for George. Thanks for taking the questions, and congrats on a nice quarter here. So, Ramesh, if I caught the comment correctly, you mentioned that a 30% adjusted EBITDA margin is not too far off now for the business, and obviously you're guiding to a nice expansion this year.

嗨，各位。我是 Logan，代 George 提問。謝謝讓我提問，也恭喜本季表現不錯。所以，Ramesh，如果我沒聽錯，你提到對公司而言，30% 的調整後 EBITDA 利潤率現在已經不算太遙遠，而且你們顯然也指引今年會有不錯的擴張。

I wondered if you could just walk through the steps to getting there a bit more and maybe help us understand. Sort of your ability to do that while also investing in the new products like revenue intelligence and CRS and kind of going on the aggressive AI roadmap.

我想請你更詳細說明一下達成這個目標的步驟，並幫助我們理解：在同時投資營收智慧（revenue intelligence）與 CRS 等新產品、並推進較為積極的 AI 路線圖的情況下，你們如何做到這點？

Yes, George. Hi. So we guided the year adjusted EBITDA by revenue to 24%. And we also cautioned you because Q1 is where we incur a lot of the annual one-time costs. And also, of course, the user conference happened during Q1, which is a very costly event for us. So we expect Q1 to be like 16, 17 percentage in that range.

是的，George。你好。我們指引今年調整後 EBITDA 佔營收比重為 24%。同時我們也提醒各位，因為第一季會發生許多年度一次性成本。另外，當然，使用者大會是在第一季舉辦，對我們而言是非常昂貴的活動。因此我們預期第一季大約會在 16%、17% 這個區間。

But we are confident about the year being 24% profitability, EBITDA by revenue, which implies and it will continue to pick up every quarter and we expect to finish the year Q4 exit rate profitability to be somewhere close to 30%, we expect to be somewhere close to 30%, so that's one fact.

但我們對全年達成 24% 的獲利能力（EBITDA 佔營收比重）很有信心；這也意味著它會在每一季持續改善。我們預期年底第四季的退出利潤率會接近 30%，我們預期會接近 30%，這是一點。

When you look at our recent record, when you just look up the last several years, you will find that within a couple of percentage points, our exit rate in the fiscal year of profitability is a reasonably good proxy for profitability the following year, that is the way it has been. And so it's a reasonably good proxy for what will happen next year.

當你看我們最近的紀錄、回顧過去幾年，你會發現：在相差幾個百分點的範圍內，我們在某一財年的退出利潤率，通常是下一年度利潤率相當不錯的代理指標（proxy），一直以來都是如此。因此，它對明年會發生什麼，是一個相當不錯的參考指標。

So now in terms of what we need for these two products and what we need for expansion, that's where AI comes in handy. We are able to do a lot more with the R&D team we have. There could be some minor increases here and there, but for the most part, with the R&D strength we have now, we are able to accommodate the development of two new modules as well because it's a lot more efficient with a lot more usage of AI. This is where AI comes in handy.

那麼，就這兩項產品以及我們擴張所需而言，AI 在這裡就派上用場了。我們能用現有的研發團隊做到更多。人力可能會有些微增幅，但大致上，以我們目前的研發實力，也能同時承接兩個新模組的開發，因為在更大量使用 AI 的情況下效率高得多。這就是 AI 派上用場的地方。

That improves our operating leverage even better. And gross margin continues to improve because our product mix is tilting more and more towards recurring revenue and subscription revenue. So that increases gross margin. So I think we are not too far away in terms of becoming a normal enterprise software. Profitability is under rate in the 30s.

這讓我們的營運槓桿更進一步改善。而且毛利率也持續提升，因為我們的產品組合越來越偏向經常性收入與訂閱收入。因此毛利率會提高。所以我認為，我們距離成為一家典型的企業軟體公司已不遠。獲利能力正朝 30% 多的區間邁進。

Got it. Helpful. And then just as my follow-up, I wanted to kind of go back to when we were talking about sales cycles. I mean, you mentioned customers being curious about using AI products.

了解。很有幫助。接著作為追問，我想回到我們剛才談銷售週期的部分。你提到客戶對使用 AI 產品感到好奇。

Are you seeing that show up in budgets as well? Are customers making room for spending on some of these new AI capabilities? And it seems like the ROI conversation tends to come up when we talk about AI adoption. So I'm just curious how you sort of frame that relative to some of the new stuff that you're coming out with?

你是否也看到這反映在預算上？客戶是否也在預算中騰出空間，用於這些新的 AI 能力支出？而且在談 AI 導入時，似乎常會提到 ROI 的討論。所以我想了解，你們如何在框架上定位這件事，並與你們即將推出的一些新功能做連結？

If they find value, George, they are inclined to buy like with any of our add-on modules, like they come to us for one product and then they buy -- our deal sizes are high, they tend to buy six or seven, it is mostly replacing the other products they have. And we have now embedded AI features into our products, not necessarily separately monetized each time. Some of these innovations are within the product itself. It gives them a greater reason to buy the product as it is.

George，如果他們看到價值，他們就會願意購買，就像我們任何加購模組一樣：他們可能先因為某一個產品而來，接著就會再買——我們的交易規模很大，他們往往會買六、七個，主要是在替換他們原本使用的其他產品。而我們現在已把 AI 功能嵌入到產品中，不一定每次都獨立變現。其中一些創新就在產品本身之內。這讓他們更有理由購買現有產品。

And they always have. For that, so, and the AI-specific products, AI-native products, in terms of separate AI monetization, that's going to happen in the future, and we'll see how that works out, but if a customer finds value, George.

而他們一直都是如此。至於 AI 專屬產品、原生 AI 產品，在獨立的 AI 變現方面，這會在未來發生，我們也會看看效果如何；但如果客戶看到價值，George。

They are finding the room for that. And remember, we are dealing with the middle to higher end ranges of resorts that have always wanted these kinds of innovations to serve their guests better, like the AI guest insight that you saw in the user conference, that AI-driven. Those are all very handy high-value things for them, and they're willing to pay fair pricing for that.

他們就會為此騰出預算空間。而且請記得，我們面對的是中高端度假村客群，他們一向希望有這類創新來更好地服務住客，例如你在使用者大會上看到的 AI 住客洞察（AI guest insight），那是 AI 驅動的。這些對他們而言都是非常實用、價值很高的功能，他們也願意為此支付合理的價格。

Thank you. I'm not showing any further questions in the queue. I would like to turn it back over to Ramesh for any closing remarks.

謝謝。我這邊看起來隊列中沒有其他問題了。我想把時間交回給 Ramesh，請他做結語。

Thank you, Victor. Thank you all for participating and for your interest and support. We look forward to catching up with you again in a couple of months from now when we'll be reporting on fiscal 2027 Q1 results. Thank you.

謝謝你，Victor。也謝謝各位的參與，以及你們的關注與支持。我們期待在幾個月後再與各位交流，屆時我們將公布 2027 財年第一季的業績。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.

感謝各位參與今天的電話會議。本次議程到此結束。您現在可以斷線。祝各位有美好的一天。