Appian Corp (APPN) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Appian third-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 Appian 2025 年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Brian Denyeau from ICR. Go ahead.

現在，我謹將會議交給今天的第一位發言人，來自 ICR 的 Brian Denyeau。前進。

Thank you. Good morning, and thank you for joining us. Today, we'll review Appian's third quarter 2025 financial results. With me are Matt Calkins, Chairman and Chief Executive Officer; and Serge Tanjga, Chief Financial Officer. After prepared remarks, we'll open the call for questions.

謝謝。早安，感謝各位的參與。今天，我們將回顧 Appian 2025 年第三季的財務表現。陪同我的是董事長兼執行長馬特·卡爾金斯，以及財務長塞爾吉·坦傑加。在發言結束後，我們將開放提問環節。

During this call, we may make statements related to our business that are considered forward-looking. These include comments related to our financial results, trends and guidance for the fourth quarter and full year 2025, the duration and impact of the current US government shutdown, the benefits of our platform, industry and market trends, our go-to-market and growth strategy, our market opportunity and ability to expand our leadership position, our ability to maintain and upsell existing customers and our ability to acquire new customers. These statements reflect our views only as of today and don't represent our views as of any subsequent date. We do not intend to update these statements as a result of new information unless required by law.

在本次電話會議中，我們可能會發表一些與我們業務相關的、被視為前瞻性的聲明。這些評論包括與我們的財務業績、2025 年第四季度和全年趨勢和指導、當前美國政府停擺的持續時間和影響、我們平台的優勢、行業和市場趨勢、我們的市場進入和增長戰略、我們的市場機會和擴大領導地位的能力、我們維護和追加銷售現有客戶的能力以及我們獲取新客戶的能力相關的評論。這些聲明僅反映我們截至今日的觀點，並不代表我們此後任何日期的觀點。除非法律要求，否則我們不打算因新資訊而更新這些聲明。

Actual results may differ materially from expectations due to the risks and uncertainties described in our SEC filings.

由於我們在提交給美國證券交易委員會的文件中所描述的風險和不確定性，實際結果可能與預期有重大差異。

Additionally, non-GAAP financial measures will be discussed on this conference call. Reconciliations of GAAP to non-GAAP financial measures are provided in our earnings release.

此外，本次電話會議也將討論非GAAP財務指標。我們在獲利報告中提供了 GAAP 與非 GAAP 財務指標的調整表。

With that, I'd like to turn the call over to our CEO, Matt Calkins. Matt?

接下來，我想把電話交給我們的執行長馬特·卡爾金斯。馬特？

Thanks, Brian, and thank you, everyone, for joining us today. In the third quarter of 2025, Appian's cloud subscriptions revenue grew 21% to $113.6 million. Subscriptions revenue grew 20% to $147.2 million. Total revenue grew 21% to $187.0 million. Adjusted EBITDA was $32.2 million.

謝謝布萊恩，也謝謝各位今天蒞臨。2025 年第三季度，Appian 的雲端訂閱營收成長了 21%，達到 1.136 億美元。訂閱收入成長 20%，達到 1.472 億美元。總營收成長21%，達到1.87億美元。調整後 EBITDA 為 3,220 萬美元。

This quarter, Appian made big strides on our two efficiency metrics. Our go-to-market productivity ratio rose to 3.5. This is the ninth consecutive quarterly increase, see Slide 4. We keep getting more from our sales and marketing dollars, an intended outcome of our strategy over the last few years. In Q3, our weighted Rule of 40 score was 39, up from 31 last quarter.

本季度，Appian 在我們的兩項效率指標上都取得了長足進步。我們的市場進入效率比率上升至 3.5。這是連續第九個季度成長，請參閱投影片 4。我們的銷售和行銷投入不斷獲得更高的回報，這是我們過去幾年策略的預期結果。第三季度，我們的加權 40 法則得分是 39 分，高於上一季的 31 分。

As a reminder, Appian's weighted Rule of 40 puts double weight on cloud subscriptions revenue growth compared to adjusted EBITDA margin.

需要提醒的是，Appian 的加權 40 法則賦予雲端訂閱營收成長雙倍權重，而調整後的 EBITDA 利潤率則賦予雲端訂閱營收成長雙倍權重。

The AI revolution took an important turn this summer. Businesses started to realize that AI isn't as valuable unless it's connected to real work and that you need a process or a workflow to make that connection. The most important factor was probably the July MIT report that told us that 95% of AI implementations were getting no return. As MIT wrote, The standout performers are those embedding themselves inside workflows. And people are getting the message.

今年夏天，人工智慧革命迎來了重要轉折點。企業開始意識到，人工智慧只有與實際工作聯繫起來才有價值，而要建立這種聯繫，就需要一個流程或工作流程。最重要的因素可能是麻省理工學院 7 月發布的報告，該報告指出 95% 的人工智慧應用都沒有獲得任何回報。正如麻省理工學院所寫，表現突出的人是那些融入工作流程的人。人們正在逐漸理解這一點。

Looking at Google Search trends, the term AI moderately increased over the past 12 months, but the combination of AI in terms like process and workflow spiked this summer.

從Google搜尋趨勢來看，「AI」一詞在過去 12 個月中略有增長，但今年夏天，「AI」與「流程」和「工作流程」等詞語的組合搜尋量激增。

News outlets like Forbes and Fast Company are publishing headlines like why AI isn't delivering the value you expected and good AI innovation means focusing on workflow, not cutting jobs. This trend also matches my personal experience and customer conversations. I see corporations quickly losing interest in stand-alone AI deployments and favoring the use of AI in the context of a process.

像《富比士》和《快公司》這樣的新聞媒體正在發表諸如「為什麼人工智慧沒有帶來你期望的價值」以及「好的人工智慧創新意味著專注於工作流程，而不是裁員」之類的標題。這一趨勢也與我的個人經驗和與客戶的交流相符。我看到企業正在迅速失去對獨立部署人工智慧的興趣，而更傾向於在流程中使用人工智慧。

This new realization is not a surprise to Appian nor to you if you've been listening to our calls for the last couple of years. We have said consistently that AI forms one corner of an essential trio of technologies and AI triangle, if you like, in which AI is dependent upon each of the others. I've never had trouble convincing people that AI is only as good as the data you give it. It's obvious that AI agents cannot research cases, reach conclusions, solve problems or get smarter without 360-degree access to data. Our data fabric remains the gold standard in providing data to AI without having to migrate it.

對於 Appian 和過去幾年一直在收聽我們電話會議的你來說，這項新發現並不令人意外。我們一直強調，人工智慧是構成人工智慧三大關鍵技術（或者說人工智慧三角）的一個組成部分，而人工智慧則依賴其他兩項技術。我從來不覺得難以說服人們：人工智慧的好壞取決於你提供它的數據。很顯然，如果沒有 360 度全方位的資料存取權限，人工智慧代理就無法研究案例、得出結論、解決問題或變得更聰明。我們的資料架構仍然是向人工智慧提供資料而無需遷移的黃金標準。

Only recently have people started naturally agreeing with my second assertion that AI is only as good as the work you give it. AI will add more value if it works on the more valuable tasks. And the most valuable tasks involve many workers and many steps and are coordinated in a process. As such, process is an essential tool in connecting AI to meaningful work. With industry-leading process technology, we offer the missing link between AI and today's most important jobs.

直到最近，人們才開始自然而然地認同我的第二個論斷，即人工智慧的好壞取決於你給它的任務。如果人工智慧能夠勝任更有價值的任務，就能創造更大的價值。最有價值的任務涉及眾多工作人員和眾多步驟，並且在一個流程中協調進行。因此，流程是連結人工智慧與有意義工作的重要工具。憑藉著業界領先的工藝技術，我們為人工智慧與當今最重要的工作之間搭建了缺失的橋樑。

When you combine AI, data and process, you can address bigger work and create bigger value. We call this serious AI. It's an exciting crossroads at which to do business, and we are not new here. Appian has orchestrated enterprise business processes for over two decades. We are recognized by industry analysts as a leader in process orchestration, business workflow automation, digital process automation and most recently, the inaugural Gartner Magic Quadrant for business orchestration and automation technologies.

將人工智慧、數據和流程結合起來，就能處理更複雜的工作，創造更大的價值。我們稱之為嚴肅人工智慧。這是一個令人興奮的商業十字路口，而我們並非初來乍到。Appian 在企業業務流程管理領域擁有超過二十年的經驗。我們被產業分析師公認為流程編排、業務工作流程自動化、數位流程自動化的領導者，最近也榮獲了 Gartner 首個業務編排和自動化技術魔力像限的殊榮。

I'd like to share with you a few examples of serious AI. First, a global pharmaceutical company and seven-figure cloud ARR customer manages its global anti-bribery and corruption practices on our platform. Appian already automates the company's highly regulated process for approving interactions with external health care practitioners and vendors. However, cycle times are slowed. By the many human reviews the customer built into its process.

我想和大家分享幾個嚴肅的人工智慧案例。首先，一家全球製藥公司和年收入達七位數的雲端客戶在我們的平台上管理其全球反賄賂和反腐敗措施。Appian 已經實現了公司高度規範的流程自動化，用於批准與外部醫療保健從業人員和供應商的互動。然而，週期時間會延長。透過客戶在其流程中建立的眾多人工評價。

In Q3, it purchased a seven-figure software deal to deploy Appian AI. Now our agents will ingest hundreds of thousands of requests, validate compliance and recommend a status. This major pharma company expects to speed up the critical process by 80% with Appian.

第三季度，該公司斥資七位數購買了一套軟體，用於部署 Appian AI。現在我們的代理商將接收數十萬個請求，驗證合規性並推薦狀態。這家大型製藥公司希望藉助 Appian 將關鍵流程的速度提高 80%。

Next, a US military command became a new Appian customer in Q3 and will use our platform to automate end-to-end warehouse fulfillment processes. Upon receipt of goods, Appian AI agents will extract shipment data and open a case on our platform, so warehouse workers can validate the package and approve it for distribution. Meanwhile, back-office staff will track fulfillment status and coordinate logistics. Before Appian, the organization had prolonged distributions because its processes were disjointed and manual.

接下來，美國某軍事指揮部在第三季成為 Appian 的新客戶，並將使用我們的平台來自動化端到端的倉庫履行流程。收到貨物後，Appian AI 代理將提取發貨資料並在我們的平台上開立案例，以便倉庫工作人員可以驗證包裹並批准其分發。同時，後台人員將追蹤訂單履行狀態並協調物流。在採用 Appian 之前，由於流程分散且人工操作，該組織的配送週期很長。

Now the combination of Appian AI and data fabric will reduce processing time from weeks to minutes.

現在，Appian AI 與資料架構的結合將處理時間從數週縮短到數分鐘。

Customers see strong quantifiable value using Appian AI in their core processes. Organizations have reported 36% reduction in invoice processing times, 83% faster patient intake, 3 times faster audit processing and 95% automation of the order management process, good ROI, and they're willing to pay for it. Today, over a quarter of our customer base pays for Appian AI. Of those paying AI users, nearly half use our AI-powered intelligent document processing or IDP. This is a really powerful offering.

客戶在使用 Appian AI 處理核心流程時，看到了顯著的可量化價值。各機構報告稱，發票處理時間減少了 36%，患者入院速度提高了 83%，審計處理速度提高了 3 倍，訂單管理流程自動化程度提高了 95%，投資回報率良好，他們也願意為此付費。如今，超過四分之一的客戶群付費使用 Appian AI。在付費 AI 用戶中，近一半使用我們 AI 驅動的智慧型文件處理 (IDP)。這是一個非常強大的產品。

Appian IDP agents can ingest a wide range of complex documents from unstructured e-mails to medical reports and insurance claims. Our agents read documents with 95% to 99% accuracy, which is significantly better than the 60% accuracy rate of traditional document recognition technology.

Appian IDP 代理可以接收各種複雜的文檔，從非結構化電子郵件到醫療報告和保險索賠。我們的代理商讀取文件的準確率達到 95% 到 99%，比傳統文件辨識技術的 60% 準確率好得多。

For example, one international insurer uses Appian IDP to optimize its underwriting processes and save millions of dollars a year. These strengths are why Gartner ranked Appian number one in automated processing use cases for IDP in their 2025 Critical Capabilities report. Appian IDP agents take autonomous action. They explore data from across the enterprise to inform their decision-making on each new document. Once they contextualize and understand the incoming document, they launch actions in the form of Appian processes.

例如，一家國際保險公司使用 Appian IDP 來優化其承保流程，每年節省數百萬美元。正是由於這些優勢，Gartner 在其 2025 年關鍵能力報告中將 Appian 評為 IDP 自動化處理案例的第一名。Appian IDP 代理執行自主行動。他們會探索來自整個企業的數據，為每份新文件的決策提供基礎。一旦他們了解傳入文件的上下文，他們就會以 Appian 流程的形式啟動操作。

For example, a global insurer purchased a seven-figure cloud software deal to automate its underwriting process and became a new Appian customer in Q3. Appian's AI agents will ingest e-mails and policy forms, open cases and automatically decline ineligible submissions. The insurer expects to improve its auto declination rate by 20% and grow its written premiums practice to $10 billion within the next three years using Appian.

例如，一家全球保險公司在第三季購買了一筆價值七位數的雲端軟體交易，以實現其核保流程的自動化，並成為 Appian 的新客戶。Appian 的人工智慧代理人將接收電子郵件和保單表格，開啟案件，並自動拒絕不符合資格的提交。該保險公司希望在未來三年內，利用 Appian 系統，將其汽車拒保率降低 20%，並將保費收入提高到 100 億美元。

Early in 2024, we launched an AI product for improving government procurement. You may remember it, it's called ProcureSight. We collected a ton of publicly available government procurement data sets and connected that to our process technology so our users could publish smarter RFPs. 96 US government agencies and sub-agencies have adopted it so far.

2024年初，我們推出了一款用於改善政府採購的人工智慧產品。你可能還記得它，它叫做 ProcureSight。我們收集了大量公開的政府採購資料集，並將其與我們的流程技術連接起來，以便我們的用戶可以發布更聰明的 RFP。目前已有96個美國政府機構和下屬機構採用了此方案。

Now customers are purchasing advanced levels of the offering to embed the AI into their procurement workflows and connect it to both public and private data sets.

現在，客戶正在購買更高層級的產品，將人工智慧嵌入到他們的採購工作流程中，並將其連接到公共和私人資料集。

For example, a US Air and Space agency already automated its contract writing process with Appian technology. This quarter, it signed a seven-figure deal to automate additional phases of its procurement process with more prebuilt Appian solutions featuring AI.

例如，美國某航空航天機構已經利用 Appian 技術實現了合約編寫流程的自動化。本季度，該公司簽署了一項價值七位數的協議，利用更多預先建置的、具有人工智慧功能的 Appian 解決方案，以實現採購流程更多階段的自動化。

I usually talk about releases after they happen, but we have a big one in 10 days, and I'd like to share it with you now. We're launching a major feature called Agent Studio that's going to enable the most powerful agents we've ever made with easy code-free natural language configuration. This is a highly anticipated feature judging by the oversubscription on the beta program and the widespread pre-GA deployment. The technology is poised for broad usage on release to triage customer complaints, initiate credit checks and loan applications and conduct background reviews.

我通常會在產品發布後才談論它，但我們10天后將有一個重要的產品發布，我想現在就和大家分享一下。我們將推出一項名為 Agent Studio 的重要功能，它將使我們迄今為止打造的最強大的代理程式能夠輕鬆實現無需編寫程式碼的自然語言配置。從測試版計畫的超額報名人數和正式版發布前的廣泛部署來看，這是一個備受期待的功能。該技術一旦發布，將得到廣泛應用，用於處理客戶投訴、啟動信用調查和貸款申請以及進行背景審查。

Most of you are familiar with Appian's multiyear quest to focus on the top end of our market. Appian has a particular advantage upmarket, and it shows in the data. Appian suits the needs of the executive buyer and the large enterprise and the mission-critical use case. Compared to last Q3, Appian booked over 50% more new seven-figure software deals. We're pleased with our federal sector performance this fiscal year, which grew faster than our overall business.

你們大多數人都知道，Appian 多年來一直致力於專注於我們市場的高端領域。Appian 在高階市場上有特別的優勢，這點在數據中也得到了體現。Appian 能夠滿足高階主管買家、大型企業以及關鍵任務型應用情境的需求。與上一季相比，Appian 新增的七位數軟體訂單數量增加了 50% 以上。我們對本財年聯邦部門的業績感到滿意，其成長速度超過了我們整體業務的成長速度。

Our upmarket strategy will continue to drive momentum in the US public sector once the government reopens.

一旦美國政府重新開放，我們的高端策略將繼續推動美國公共部門的發展動能。

I'll share two big wins from Q3. First, a major restaurant franchise operator plans to open 1,000 new locations next year. In Q3, it purchased Appian Cloud licenses and became a new customer after the Chief Technology Officer of a peer organization endorsed our platform. The customer's restaurant opening process used to take several months because the franchise and third parties worked across siloed systems. Now it will use Appian to unify the enterprise and create a comprehensive workflow to reduce opening time lines by 40%.

我將分享第三季所取得的兩項重大成果。首先，一家大型餐飲連鎖業者計劃明年開設 1000 家新店。第三季度，該公司購買了 Appian Cloud 許可證，並在同行組織的首席技術長認可了我們的平台後成為了我們的新客戶。由於加盟商和第三方在各自獨立的系統中運作，客戶的餐廳開業流程過去需要幾個月的時間。現在，它將使用 Appian 來統一企業，並創建一個全面的工作流程，從而將開業時間縮短 40%。

Finally, a US military branch and existing Appian customer is under executive mandate to modernize core systems and improve operational agility within a fixed time period. This quarter, it purchased Appian software to decommission and flexible systems supporting its complex incident management process. Now Appian will provide a consolidated and more feature-rich application to manage hundreds of thousands of cases annually. Appian's serious AI offering and upmarket strategy continue to drive our growth while expanding margins.

最後，美國軍方某部門（同時也是 Appian 的現有客戶）接到上級指令，要在規定的時間內實現核心系統的現代化並提高營運彈性。本季度，該公司購買了 Appian 軟體，用於停用和靈活支援其複雜事件管理流程的系統。現在，Appian 將提供一個功能更豐富、更全面的應用程序，用於管理每年數十萬個案例。Appian強大的AI產品和高端市場策略持續推動我們的成長，同時擴大利潤率。

I think you can see in the fact that 25% of our customers now pay for AI and in our 50% increase in seven-figure deals. and in our nine quarters of rising go-to-market efficiency and in our adjusted EBITDA margin of 17% the power and timeliness of our business model.

我認為，從我們25%的客戶現在為人工智慧付費，以及我們七位數交易量成長50%，我們連續九個季度提高市場推廣效率，以及我們調整後的EBITDA利潤率達到17%這些數據中，都可以看出我們商業模式的強大實力和及時性。

With that, I'll hand the call to Serge.

這樣，我就把電話交給塞爾吉了。

Thanks, Matt. I'll begin with a detailed review of our third quarter results and then finish with our outlook for the fourth quarter and full fiscal year 2025. Starting with our Q3 results. Appian exceeded the guidance ranges we provided in our key metrics of cloud revenue, total revenue and adjusted EBITDA. Strength in the quarter was driven by the traction we are seeing with AI and continued momentum in our focus on the high end of the market, as Matt mentioned in his remarks.

謝謝你，馬特。我將首先詳細回顧我們第三季的業績，然後展望第四季和整個 2025 財年。首先來看我們第三季的業績。Appian 在雲端收入、總收入和調整後 EBITDA 等關鍵指標方面均超出了我們提供的指導範圍。正如 Matt 在演講中提到的那樣，本季業績的強勁成長得益於我們在人工智慧領域的進展，以及我們對高端市場的持續關注。

Cloud subscription revenue was $113.6 million, an increase of 21% year-over-year. On a constant currency basis, cloud subscription revenue increased 18% year-over-year for the fourth straight quarter of growth in mid- to high teens. Total subscription revenue was $147.2 million, an increase of 20% year-over-year. On a constant currency basis, total subscription revenue grew 17%. Professional services revenue was $39.8 million, up 29% compared to the third quarter of 2024.

雲端訂閱收入為 1.136 億美元，年增 21%。以固定匯率計算，雲端訂閱營收年增 18%，連續第四個季度實現 15% 至 10% 的成長。訂閱總收入為 1.472 億美元，較去年同期成長 20%。以固定匯率計算，訂閱總收入成長了 17%。專業服務收入為 3,980 萬美元，比 2024 年第三季成長 29%。

As a reminder, services revenue can be volatile quarter-to-quarter.

需要提醒的是，服務收入可能有季度間波動。

Subscription revenue represented 79% of total revenue compared to 80% in the year ago period and 78% in the prior quarter. Total revenue was $187 million, an increase of 21% year-over-year. On a constant currency basis, total revenue grew 19%. Slide 8 of our earnings presentation shows the history of our constant currency growth rates.

訂閱收入佔總收入的 79%，而去年同期為 80%，上一季為 78%。總收入為 1.87 億美元，年增 21%。以固定匯率計算，總收入成長了 19%。我們的獲利報告投影片第 8 頁展示了我們以固定匯率計算的成長率歷史數據。

Our cloud subscription revenue retention rate was 111% in Q3 compared to 117% a year ago and 111% in the prior quarter. Our international operations contributed 40% of total revenue compared to 36% in the year ago period. Cloud net new ACV bookings were approximately 90% of total net new software bookings in Q3 compared to 88% in the prior year. Q3 cloud net new ACV growth was the strongest we've seen so far this year.

第三季我們的雲端訂閱營收留存率為 111%，去年同期為 117%，上一季為 111%。我們的國際業務貢獻了總收入的 40%，而去年同期這一比例為 36%。第三季雲端業務新增ACV預訂量約佔軟體新增淨預訂量的90%，而去年同期為88%。第三季雲端業務新增年度合約價值 (ACV) 成長是今年迄今最強勁的。

Now let's turn to profitability metrics. I'll be discussing our results on a non-GAAP basis unless otherwise noted. Gross margin was 77%, unchanged from the year ago period and compared to 75% in the prior quarter. Our subscription gross profit margin was 88% compared to 89% in the year ago period and 87% in the prior quarter. Professional services gross margin was 34% compared to 30% in the year ago period and 33% in the prior quarter.

現在我們來看看獲利能力指標。除非另有說明，否則我將以非GAAP準則為基礎討論我們的業績。毛利率為 77%，與去年同期持平，而上一季為 75%。我們的訂閱業務毛利率為 88%，而去年同期為 89%，上一季為 87%。專業服務毛利率為 34%，去年同期為 30%，上一季為 33%。

Total operating expenses were $113.6 million, up from $110.2 million in the year ago period. The 3% growth in OpEx reflects both our continued focus on efficiency as well as approximately $6 million in marketing, training and consulting expenses that were originally forecast in Q3, but we now expect to incur in Q4. Adjusted EBITDA was $32.2 million versus our guidance of $9 million to $12 million and compared to adjusted EBITDA of $10.8 million in the year ago period. This outperformance relative to our guide was largely driven by greater-than-expected revenue as well as the timing of expenses I just referenced.

總營運支出為 1.136 億美元，高於去年同期的 1.102 億美元。營運支出成長 3% 反映了我們對效率的持續關注，以及原計劃在第三季產生的約 600 萬美元的行銷、培訓和諮詢費用，但我們現在預計將在第四季度產生。調整後 EBITDA 為 3,220 萬美元，高於我們先前 900 萬美元至 1,200 萬美元的預期，而去年同期調整後 EBITDA 為 1,080 萬美元。與我們的指導方針相比，這一優異表現主要得益於超出預期的收入以及我剛才提到的支出時間表。

Net income was $24.4 million or $0.32 per diluted share compared to a net income of $1.8 million or $0.02 per diluted share for the third quarter of 2024. This is based on 74.6 million diluted shares outstanding for the third quarter of 2025 and 74.2 million diluted shares outstanding for the third quarter of 2024.

淨利為 2,440 萬美元，即每股攤薄收益 0.32 美元，而 2024 年第三季淨利為 180 萬美元，即每股攤薄收益 0.02 美元。這是基於 2025 年第三季 7,460 萬股稀釋後流通股和 2024 年第三季 7,420 萬股稀釋後流通股計算得出的。

Turning to our balance sheet. As of September 30, 2025, cash and cash equivalents and investments were $191.6 million compared to $159.9 million at the end of last year. For the third quarter, cash provided by operations was $18.7 million compared to $8.2 million cash used by operations for the same period last year.

接下來來看看我們的資產負債表。截至 2025 年 9 月 30 日，現金及現金等價物及投資為 1.916 億美元，去年年底為 1.599 億美元。第三季度，經營活動產生的現金流量為 1,870 萬美元，而去年同期經營活動所使用的現金流量為 820 萬美元。

Turning to guidance. For the fourth quarter of 2025, cloud subscription revenue is expected to be between $115 million and $117 million, representing year-over-year growth between 16% and 18%. Total revenue is expected to be between $187 million and $191 million, representing year-over-year growth between 12% and 15%. Adjusted EBITDA for the fourth quarter of 2025 is expected to be between $10 million and $13 million. Non-GAAP earnings per share is expected to be between $0.04 and $0.08.

尋求指導。預計 2025 年第四季雲端訂閱營收將在 1.15 億美元至 1.17 億美元之間，年增 16% 至 18%。預計總收入將在 1.87 億美元至 1.91 億美元之間，年增 12% 至 15%。預計 2025 年第四季調整後 EBITDA 將在 1,000 萬美元至 1,300 萬美元之間。預計非GAAP每股收益在0.04美元至0.08美元之間。

This assumes 74.5 million fully diluted weighted average shares outstanding.

假設完全稀釋後的加權平均流通股數為 7,450 萬股。

For the full year 2025, we are increasing our guidance for cloud subscription revenue and total revenue. We're also increasing our overall adjusted EBITDA range for the year. Cloud subscription revenue is expected to be between $435 million and $437 million, representing year-over-year growth of between 18% and 19%. Total revenue is expected to be between $711 million and $715 million, representing year-over-year growth of 15% to 16%. Adjusted EBITDA is now expected to range between $67 million and $70 million for an approximately 10% margin at the midpoint of the range.

對於 2025 年全年，我們提高了對雲端訂閱收入和總收入的預期。我們同時提高了今年的整體調整後 EBITDA 預期範圍。預計雲端訂閱收入將在 4.35 億美元至 4.37 億美元之間，年增 18% 至 19%。預計總收入將在 7.11 億美元至 7.15 億美元之間，年增 15% 至 16%。調整後 EBITDA 預計在 6,700 萬美元至 7,000 萬美元之間，以區間中點計算，利潤率約為 10%。

Non-GAAP earnings per share is expected to be between $0.50 and $0.54. This assumes 74.6 million fully diluted weighted average shares outstanding.

預計非GAAP每股收益在0.50美元至0.54美元之間。這是假設完全稀釋後的加權平均流通股數為7460萬股。

Our guidance assumes the following: First, we anticipate term license revenue to be flat on a year-over-year basis in Q4 and to grow in the mid-single digits for the full year. Second, we expect professional services to grow in the teens for both the fourth quarter and the full year. Third, total other income and interest expense will be approximately $3.2 million in Q4 and $13.8 million for the full year 2025. Fourth, our guidance assumes FX rates as of early in November.

我們的指導意見基於以下假設：首先，我們預計第四季度長期授權收入將與去年同期持平，全年將實現中等個位數成長。其次，我們預計專業服務業在第四季和全年都將實現兩位數的成長。第三，第四季其他收入和利息支出總額約為 320 萬美元，2025 年全年約為 1,380 萬美元。第四，我們的指導方針以11月初的匯率為基準。

Finally, I want to explain how the ongoing government shutdown is reflected in our guidance. We've been cautious in our approach, and we assumed a modest amount of disruption in our guidance. However, we do assume that the government will reopen in the coming weeks. Since we don't know how long the shutdown will last, we wanted to help you understand the impact on our guidance in a hypothetical scenario that the shutdown continues through year-end. In that scenario, we believe that we could -- there could be up to $10 million impact versus this revenue and EBITDA guidance.

最後，我想解釋一下目前的政府停擺是如何體現在我們的指導方針中的。我們一直採取謹慎的態度，並預期指導只會受到一定程度的干擾。但是，我們預計政府將在未來幾週內重新開放。由於我們不知道停工會持續多久，我們想幫助您了解在停工持續到年底的假設情況下，這對我們的業績指引會產生什麼影響。在這種情況下，我們認為可能會對收入和 EBITDA 預期造成高達 1000 萬美元的影響。

The vast majority of this scenario impact will be to our term license revenue, a meaningful portion of which is related to renewals. We would expect only a small potential impact to cloud subscription revenue and professional services margin in this scenario. We are confident that whatever impact we might see from the shutdown in Q4 is just a function of timing.

該情景的大部分影響將體現在我們的長期許可收入上，其中很大一部分與續約有關。在這種情況下，我們預期對雲端訂閱收入和專業服務利潤率的影響可能會很小。我們相信，第四季度停工可能造成的任何影響都只是由時間因素造成的。

In closing, we're pleased with our Q3 results, particularly our continued improvements in profitability. We're energized by the opportunity we see ahead of us, and we'll continue to invest responsibly to maximize our long-term value. Now we'll turn the call over for questions. Operator?

最後，我們對第三季的業績感到滿意，特別是獲利能力的持續提升。我們對眼前的機會充滿信心，並將繼續負責任地進行投資，以實現長期價值最大化。現在我們把發言權交給提問者。操作員？

(Operator Instructions) Sanjit Singh, Morgan Stanley.

（操作說明）桑吉特‧辛格，摩根士丹利。

I wanted, Matt, to talk about, I think Serge mentioned that cloud ACV bookings this quarter was the strongest of the year. I was wondering where -- like where that strength was derived from, whether it was particular industry, whether it was a strong Fed quarter? Was it an enterprise? Just love to get some color on that. And then I have a follow-up.

馬特，我想談談塞爾吉提到的，本季雲端 ACV 預訂量是今年以來最高的。我想知道這種力量源自何處，是某個特定產業，還是聯準會強勁的季度政策？它是一家企業嗎？真想給它加點顏色。然後我還有一個後續問題。

Yes. First of all, I'm not going to attribute it to any sector. I think it was a broad strengthening. I think it's the continuation of our upmarket strategy and the traction we're getting with AI. That's where I'm going to have to attribute it.

是的。首先，我不會將其歸因於任何特定領域。我認為這是一次全面的加強。我認為這是我們高端市場策略的延續，也是我們在人工智慧領域取得進展的體現。我只能把功勞歸於此了。

Awesome. And then on the go-to-market side, right, we're seeing kind of sustained growth rates in cloud, the margins are headed higher. You've seen a multi-quarter improvement in sort of go-to-market efficiency. Where do you think we are like if we use the baseball analogy in terms of that sort of go-to-market transformation? Are we sort of well along the path?

驚人的。在市場推廣方面，我們看到雲端運算領域保持持續的成長率，利潤率也不斷提高。你已經看到，在市場推廣效率方面，已經連續幾季有所提升。如果用棒球來類比這種市場轉型，你認為我們現在處於什麼階段？我們是不是已經基本上走在正確的道路上了？

Or do you still see go-to-market productivity enhancements continuing to effectuate for the -- going into next year?

或者，您仍然認為，到明年，市場推廣效率的提升將繼續發揮作用？

Yes, Sanjit, let me take that. So we're very pleased with the progress that we're making. As you noted, we've now seen cloud subscription revenue growth stable in the mid- to high teens on a constant currency basis for four quarters in a row, and we've continued seeing the improvements in our go-to-market productivity metrics. And what that really means is just that our focus upmarket and resulting in higher sales productivity. And so we're making great progress in our move-up market.

好的，桑吉特，讓我來吧。我們對目前的進展非常滿意。正如您所指出的，我們已經連續四個季度以固定匯率計算，雲端訂閱收入成長穩定在 15% 到 10% 之間，並且我們的市場推廣效率指標也持續改善。這實際上意味著我們將專注於高端市場，從而提高銷售效率。因此，我們在升級換房市場取得了巨大進展。

Where we are in terms of innings, I would say maybe fourth or fifth inning because what we're going to do now going into next year is returning to growth in our sales org. So we focused our efforts on our existing sales org over the last, call it, 12 to 18 months, and we've seen significant improvements in execution and focus and improvements. And now the goal is to return to growth and continue improving productivity while we also grow the size of the org. Because to us, the key goal here is really to create a sustainable compounding growth engine. And for that, we need to both grow our coverage, which we have plenty of space to do as well as maintain and continue improving our productivity.

就目前的情況而言，我認為大概是第四局或第五局，因為我們接下來要做的事情，就是在明年恢復銷售組織的成長。因此，在過去的 12 到 18 個月裡，我們將精力集中在現有的銷售組織上，並且我們看到了執行力、專注度和改進方面的顯著提升。現在我們的目標是恢復成長，在擴大組織規模的同時，持續提高生產力。因為對我們來說，關鍵目標是創造一個可持續的複合成長引擎。為此，我們既需要擴大覆蓋範圍（我們有足夠的空間這樣做），也需要維持並持續提高我們的生產力。

Steve Enders, Citi.

史蒂夫恩德斯，花旗集團。

I guess I want to start on just the Fed side, and I appreciate the call out for Q4. But I guess I want to understand a little bit better just the impact that maybe you were seeing from the efficiency focus from the government this year? And maybe how does that play out in the big budget flush quarter in 3Q versus maybe how you were originally thinking about it?

我想先從聯準會方面入手，感謝您提及第四季的情況。但我希望更深入了解一下，您認為今年政府專注於提高效率會帶來哪些影響？那麼，在預算充裕的第三季度，這種情況又會如何發展呢？這和你最初的想法又有什麼不同呢？

Yes. Let me say that I love what's happened to the government overall in its purchasing patterns this year. And the shutdown is a temporary thing, but the changes the government has instituted in the way they approach technology, those are more long-lasting. Efficiency has become the priority. The government is willing to see software as the answer.

是的。我想說，我非常滿意今年政府在採購模式上的整體變化。政府停擺只是暫時的，但政府在技術應用方式上所做的改變，影響更為深遠。效率已成為首要任務。政府願意將軟體視為解決方案。

It's open-minded about using AI. It's willing to do direct deals with an organization like Appian, like a midsized software firm. These are all enormously positive changes. And then we've got the temporary negative of the shutdown. So overall, I'm really bullish about the government business.

它對人工智慧的應用持開放態度。它願意與像 Appian 這樣的中型軟體公司直接達成交易。這些都是非常正面的改變。然後，我們也面臨停工帶來的暫時性負面影響。總的來說，我對政府業務非常看好。

Okay. That's good to hear. And then I want to ask on AI Studio and that release coming out in the next couple of weeks. I guess what has been the feedback so far from the early customer program? And how are you kind of envisioning the monetization for that product as that starts to get rolled out into general availability for customers?

好的。聽到這個消息真好。然後我想問一下關於 AI Studio 以及接下來幾週即將發布的版本。我想問一下，早期客戶規劃目前的回饋如何？當產品開始向廣大客戶推出時，您是如何設想其獲利模式的？

Yes. First of all, let me say that not only do we have the most oversubscribed beta program we've ever had, we also had the most positive feedback from the most different users we've ever had. So this is a much anticipated release. It's really taking the -- we're pioneering what's possible with AI agents. And I could go into detail, but I'll keep this short.

是的。首先，我要說的是，我們不僅迎來了有史以來最受歡迎的測試版計劃，而且還收到了來自不同用戶群最多的正面回饋。所以這是一部備受期待的作品。這真的需要我們去探索——我們正在開創人工智慧代理的無限可能。我本來可以詳細說說，但我還是長話短說吧。

We're very excited about the release. We feel like it's going to make a big difference for a lot of customers, and it puts us in the in the vanguard of innovation, what you can do with agents and process together. So that's really exciting. What else did you ask about?

我們對此次發布感到非常興奮。我們覺得這將對許多客戶產生重大影響，並將我們置於創新的前沿，讓我們能夠與代理商和流程一起做些什麼。那真是太令人興奮了。你還問了什麼？

Let me jump on modernization. So monetization will go in the form of continued expansion of our AI advanced tier. So Agent Studio will be available in the AI advanced tier. And as Matt mentioned, roughly a quarter of our customer base is now paying us for AI. So incremental features like Agent Studio will continue pushing that number higher.

讓我來談談現代化。因此，獲利模式將以持續擴展我們的人工智慧高階層級為形式。因此，Agent Studio 將在 AI 高級版中提供。正如 Matt 所提到的，我們大約四分之一的客戶現在都在為人工智慧付費。因此，像 Agent Studio 這樣的新增功能將繼續推高這個數字。

And then secondly, there will be elements of consumption as a part of Agent Studio. And as customer use cases, in particular, drive, that will be an incremental driver of growth in the long term, but it's an important incremental lever.

其次，Agent Studio 中也會包含消費元素。尤其隨著客戶使用案例的推動，從長遠來看，這將是成長的漸進動力，也是一個重要的漸進槓桿。

Raimo Lenschow, Barclays.

雷莫·倫肖，巴克萊銀行。

Congrats from me as well. I had two quick questions, one for Matt, one for Serge. Matt, if I think AI and AI adoption, we obviously are in a bit of a race. A lot of vendors are trying to do -- stake out their claim here and trying to be like the center of the universe. Can you think -- can you kind of discuss a little bit what kind of -- what do you think the determining factor will be for someone that can deliver versus someone that just has more marketing slides?

我也要向你表示祝賀。我有兩個問題想問，一個問馬特，一個問塞爾吉。馬特，如果我考慮人工智慧和人工智慧的應用，我們顯然正處於一場競賽之中。很多商家都想在這裡佔有一席之地，成為世界的中心。你能思考一下——你能稍微討論一下——你認為決定一個人能否拿出實際成果，而不是僅僅擁有更多行銷幻燈片，那麼決定性因素是什麼嗎？

And then I have one follow-up for Serge.

然後我還有一個問題要問塞爾吉。

Yes. Okay. So the AI market is going to be interesting in the next couple of years. First of all, I think it's essential to differentiate between those who are creating the AI and those who are creating a complement for AI. Our technology is explicitly intended as a complement like a car is to an engine.

是的。好的。因此，未來幾年人工智慧市場將會非常有趣。首先，我認為區分那些創造人工智慧的人和那些創造人工智慧補充技術的人至關重要。我們的技術旨在起到補充作用，就像汽車之於引擎一樣。

We mean to enhance the capabilities of AI and to bring that power into the hands of our customers. So specifically, we take that AI and we give it connection, which is to say we connect it to data across the enterprise, connect it to workers. We give it secondly, coordination, which is to say we tell it when it's its job, when does it take a turn, who does it give the work to when it's finished. That coordination makes it part of a valuable process.

我們的目標是提升人工智慧的能力，並將這種能力賦予我們的客戶。具體來說，我們將人工智慧與企業內的數據和員工連結起來。其次，我們賦予它協調能力，也就是說，我們告訴它什麼時候該做什麼，什麼時候輪到它，完成工作後把它交給誰。這種協調使其成為一個有價值的過程的一部分。

And finally, we give it governance, which allows it to -- you get oversight and auditability and changeability and guardrails. Those are essential components and they stake out process as a technology as being a really essential complement to AI going forward. I think that realization began in the summer, but it's going to continue. And I think we're going to see process accepted -- process software accepted as a complement to AI software.

最後，我們賦予它治理，使其能夠——獲得監督、可審計性、可變更性和保障措施。這些都是至關重要的組成部分，它們將流程技術確立為人工智慧未來發展中真正不可或缺的補充。我認為這種認識始於夏季，而且還會繼續下去。我認為我們將會看到流程軟體被接受，成為人工智慧軟體的補充。

Now in terms of how we differentiate from others who would provide process software, I'd say we've got a natural advantage here in that we've been focused on process and data fabric for a long time. Lately, it's become obvious that those things are essential complements to AI, but we were in this and leading this long before it was known. And therefore, we've got a big head start over anybody who's seen the writing on the wall and is now going to scramble to try to create process software or a data fabric like we already have.

至於我們如何與其他提供流程軟體的公司區分開來，我認為我們在這方面具有天然優勢，因為我們長期以來一直專注於流程和資料架構。最近，人們越來越清楚地認識到，這些東西是人工智慧的重要補充，但早在人們意識到這一點之前，我們就已經開始涉足並引領這一領域了。因此，我們比那些已經預見到情況並急於創建像我們這樣的流程軟體或資料架構的人領先一大步。

Yes. Okay. Perfect. Makes sense. And then, Serge, for you, the -- obviously, there was timing in the profitability number this quarter, and that's why the guidance is for Q4.

是的。好的。完美的。有道理。然後，Serge，對你來說——顯然，本季度的盈利數字存在時間上的問題，這就是為什麼業績指引是針對第四季度的。

If you think about the overall profitability performance, though, that's kind of something that you guys will be measured on. Like where -- what -- how do you see if you kind of take away the timing differences? Where -- what path we are on there? And how do you think it from here now that you've been in the job for a little bit longer?

但如果你從整體獲利能力的角度來看，這其實是衡量你們績效的一個指標。例如，如果消除時間差異，你會怎麼看？我們現在身處何處？我們走的是哪條路？那麼，你現在在這個職位上工作了一段時間後，對未來的發展有什麼看法呢？

Yes. Thanks for the question, Raimo. And I think you're right. I think the better way to think about our profitability is to sort of zoom out from quarter-over-quarter dynamics related to timing and seasonality and focus on the full year. So we're guiding to EBITDA margin at 10% at the midpoint of the range, which we think is a significant milestone from us, particularly when you think about where we've come from over the last couple of years.

是的。謝謝你的提問，雷莫。我認為你是對的。我認為思考我們獲利能力的更好方法是，從與時間和季節性相關的季度間動態中抽離出來，並關注全年情況。因此，我們預計 EBITDA 利潤率將達到區間中點的 10%，我們認為這對我們來說是一個重要的里程碑，特別是考慮到我們過去幾年所取得的成就。

And that's really the credit to focus on efficiency and improving productivity across the company, but especially in our sales org.

而這確實要歸功於我們專注於提高整個公司的效率和生產力，尤其是我們的銷售部門。

As we look going forward, the key for us is to develop -- to deliver sustainable revenue growth and continued margin expansion. I would say, though, as we think about next year, in particular, in the context of what we've done this year and how much we've exceeded our own expectations when it comes to margin, I would expect more modest margin expansion ahead.

展望未來，我們的關鍵在於發展—實現可持續的收入成長和持續的利潤率擴張。不過，展望明年，特別是考慮到我們今年的業績以及我們在利潤率方面超出預期的程度，我認為明年的利潤率擴張幅度會更加溫和。

Devin, KeyBanc Capital Markets.

Devin，KeyBanc Capital Markets。

First one I have is I just want to dive into your international performance there. I think you mentioned the mix uptick in 40% total, which kind of implies growth in the 30% range, which is a very nice acceleration there. Any color you can kind of give us on what's driving the strength there? Any differences in types of sectors gaining traction? And are you perhaps seeing more uptiering or AI adoption in international versus the US?

我的第一個問題是，我想深入了解您在國際賽場上的表現。我想你提到過混合比例整體上升了 40%，這在某種程度上意味著成長了 30%，這是一個非常好的加速成長。您能否透露一下這種力量背後的驅動因素？不同類型產業的發展動能是否有差異？您是否注意到，與美國相比，國際上出現了更多的分層管理或人工智慧應用？

This is a broad wave, but you're right, it's AI, and it's succeeding at connecting higher in organizations, having higher-level conversations, addressing larger projects, creating more value. We do that by connecting AI to real work and making it pertinent to decision-makers at the top of the organization. I've got to say that's the biggest driver.

這是一股廣泛的浪潮，但你說得對，這就是人工智慧，它成功地連結了組織中更高層級的人員，進行了更高層次的對話，處理了更大的項目，創造了更大的價值。我們透過將人工智慧與實際工作聯繫起來，使其與組織高層的決策者息息相關來實現這一目標。我必須說，這是最大的驅動因素。

I just want to say on the more pedantic side, FX was also helpful here because obviously, dollar has depreciated versus foreign currency. So that's part of the drive. But to Matt's point, not -- by far, not the whole thing.

我還要補充一點，從更嚴謹的角度來看，外匯在這裡也起到了作用，因為很明顯，美元對外國貨幣已經貶值了。所以這是驅動力的一部分。但正如馬特所說，並非如此——遠遠不是全部。

Yes. No, that's helpful. And then just one quick one for Serge. Professional services, the gross margin there, really strong, close to 35% in the quarter. Any additional color you can give us on what's driving that uptick?

是的。不，這很有幫助。然後，就給塞爾吉快速提一個問題。專業服務領域的毛利率非常強勁，本季接近 35%。您能否進一步透露一下推動這項成長的因素？

And how should we think about that level in terms of sustainable gross margin for professional services moving forward?

那麼，從專業服務業可持續毛利率的角度來看，我們該如何看待這個水準呢？

Yes. We're very happy with our performance in professional services, both in revenue as well as in margins. And the way that I think about our professional services org is that it's a highly strategic asset for us. Our customers like the high-quality implementation, and that's why they're willing to pay a premium, and that's why we have the margins that we have. And then the other thing is that professional services drives ARR growth and increasingly AI adoptions because our customers are more likely to turn to our professional services or for AI implementations.

是的。我們對專業服務的表現非常滿意，無論是收入或利潤率。我認為我們的專業服務機構對我們來說是一項極具策略意義的資產。我們的客戶喜歡高品質的實施，所以他們願意支付溢價，這也是我們能獲得如此高利潤的原因。此外，專業服務推動了 ARR 成長和 AI 的日益普及，因為我們的客戶更有可能尋求我們的專業服務或 AI 實施方案。

When it comes to margins, we are very happy with the performance in this quarter. I will say that the margin is particularly high because we've exceeded our bookings expectations, and that's resulted in much higher utilization of our team, frankly, probably a little bit higher than sustainable. People are working weekends and not taking vacations. So maybe the 34% level isn't quite sustainable, but we think high profitability going forward is also in the cards.

就利潤率而言，我們對本季的表現非常滿意。我想說，利潤率特別高，因為我們的預訂量超出了預期，這導致我們團隊的利用率大大提高，坦白說，可能略高於可持續的水平。人們週末都在工作，不休假。所以，34% 的利潤率可能不太可持續，但我們認為未來保持高獲利能力也是可能的。

(Operator Instructions) Derrick Wood, TD Cowen.

（操作說明）德里克·伍德，TD Cowen。

Matt, we're seeing some software vendors move into forward deployed engineer models to help accelerate adoption. How are you thinking about the services model in the context of Appian and AI deployments and potentially kind of lean in around FTEs?

Matt，我們看到一些軟體供應商正在轉向前向部署工程師模式，以幫助加速產品普及。在 Appian 和 AI 部署的背景下，您如何看待服務模式，以及是否有可能圍繞 FTE 進行一些調整？

Yes. Well, look, our model well predates the phrase forward deployed engineer, which I always thought was a bit amusing. But we have gained benefits as an innovator from emphasizing CS over the years. We have always put CS forward. They've been a differentiated innovative force.

是的。嗯，你看，我們的模型遠早於「前沿部署工程師」這個說法，我一直覺得這個說法有點滑稽。但多年來，我們身為創新者，透過重視電腦科學而獲益良多。我們一直把CS放在第一位。他們一直是一股與眾不同的創新力量。

They've been able to develop our new technologies into fruition and demonstrate to customers. And it's helped us -- it's an accelerant. It's helped us move faster and deploy our new benefits into the user base. So Appian is a technology-led organization. We've always won through superior technology and the CS force has helped us bring that -- the benefits of that technology to our users.

他們已經能夠將我們的新技術開發成現實，並向客戶展示。它對我們有所幫助——它起到了促進作用。它幫助我們更快地行動，並將我們的新福利推廣到用戶群。所以Appian是一家技術驅動型企業。我們一直憑藉卓越的技術取得勝利，而客戶服務團隊幫助我們實現了這一點——將這項技術的優勢帶給我們的用戶。

It also, along the way, allows us to get greater retention, greater expansion, better relationships with our customers, a direct pipeline, and it's a terrific route for talent to come up through the organization. So we are unapologetically a services featuring software organization. I think it's worked great for us, particularly in our position as an innovator.

此外，它還能幫助我們提高員工留存率，擴大業務規模，與客戶建立更好的關係，建立直接的人才輸送管道，並且是人才在組織內部晉升的絕佳途徑。所以，我們毫不掩飾自己是一家以軟體服務為特色的公司。我認為這對我們來說效果非常好，尤其是在我們作為創新者的地位上。

Great. And Serge, can you help us understand just the bridge between your cloud net revenue retention rate at 111% and cloud growth at mid- upper teens over the last four quarters. Is the delta from migrations that aren't counted in the NRR? Or how should we think about the relationship between these two metrics?

偉大的。Serge，你能幫我們理解一下，過去四個季度雲淨收入留存率達到 111% 與雲端成長率達到 15% 到 20% 之間究竟存在怎樣的差距嗎？增量是否來自未計入 NRR 的移民？或者我們應該如何看待這兩個指標之間的關係？

Yes. Thanks for the question. So the net retention rate was 111%, which is stable compared to the quarter ago. And we talked a little bit about this metric in the past. Expansion from our existing customers is very important to us.

是的。謝謝你的提問。因此，淨留存率為 111%，與上一季相比保持穩定。我們之前也稍微討論過這個指標。從現有客戶拓展業務對我們非常重要。

Obviously, it's one of our key drivers of growth. But it's not the only one, right? We also go after new customers, and we've been very successful over the past year, in particular, of winning some large new logos straight out of the gate, which I found very impressive given the -- where we are in our upmarket journey.

顯然，這是我們成長的關鍵驅動力之一。但這並非唯一一個，對吧？我們也積極爭取新客戶，尤其是在過去一年裡，我們取得了巨大的成功，一上來就贏得了一些大型新客戶的青睞，考慮到我們目前在高端市場發展道路上的位置，我認為這非常令人印象深刻。

And the -- so it's the net ARR retention is a part of the growth story, but not the whole growth story. The other thing we talked about in the past is that our net revenue retention is a bit backward looking, meaning that we look at revenue over the prior four quarters for customers who had been with us in the four quarters before that. So it tends to lag trends in revenue. And that's why you can see a discrepancy between those two at times, but it has nothing to do with the migrations. We don't see very much in the way of migrations from on-prem to the cloud.

所以，淨 ARR 留存率是成長故事的一部分，但不是成長故事的全部。我們過去還討論過另一件事，那就是我們的淨收入留存率有點回顧性，這意味著我們關注的是之前四個季度以來一直與我們保持合作關係的客戶在過去四個季度的收入。因此，它的收入趨勢往往落後於市場趨勢。這就是為什麼有時你會看到這兩者之間存在差異，但這與人口遷移無關。我們很少看到從本地部署遷移到雲端的案例。

In fact, we see continued healthy growth on-prem, which you also see this quarter.

事實上，我們看到本地市場持續健康成長，本季也是如此。

Jake Roberge, William Blair.

傑克‧羅伯格，威廉‧布萊爾。

Just wanted to double-click into the expectation to grow sales headcount again next year. Can you talk about how you're expecting to balance those investments with just the continued margin expansion?

我只是想再次強調明年銷售人員數量將再次增加的預期。您能否談談您打算如何平衡這些投資與持續擴大利潤率之間的關係？

Yes. So as I mentioned, and I'll kind of go across the board, but starting, of course, with our biggest expense line, sales and marketing. We've achieved improvements in productivity and our efficiency metrics that you see over the last 12 or so months, roughly in flat headcount. And that is sort of the right way to approach it if you think about it, because as you move upmarket, as you focus on better execution, we've also brought in new sales leadership, you don't want to be doing that while at the same time growing headcount. You want to do one thing at a time.

是的。正如我剛才提到的，我會從各個方面進行講解，當然，首先要從我們最大的支出項目——銷售和行銷開始。在過去 12 個月左右的時間裡，我們在生產力和效率指標方面取得了顯著進步，而員工人數基本上保持不變。仔細想想，這其實是正確的做法，因為隨著你向高端市場邁進，隨著你更加註重執行力，我們也引入了新的銷售領導層，你肯定不想在增加員工人數的同時做這些事情。你想一次只做一件事。

But now we're at a moment in which we feel confident because we made significant improvement when it comes to our productivity that we want to return to what I would describe as moderate headcount growth. And the key goal for us, again, is to build a sustainable growth engine. And to do that is, first, you need a large market, we have it. And then secondly, you need to expand your coverage and continue growing your productivity. We've done well on productivity.

但現在，由於我們在生產力方面取得了顯著進步，我們感到充滿信心，因此我們希望恢復到我所說的適度的人員成長水準。我們的關鍵目標仍然是建立可持續的成長引擎。而要做到這一點，首先你需要一個大市場，而我們剛好擁有這個市場。其次，你需要擴大覆蓋範圍並持續提高生產力。我們在生產力方面做得很好。

Now we got to return back to expanding coverage.

現在我們得回到擴大報道範圍的話題上了。

So as we think about -- obviously, we're not providing guidance today. But as we think about sort of the mix between growth and margins for next year, we expect to deliver both. But margin expansion, particularly in the context of what we've just accomplished over the last two years, we're forecasting 10% EBITDA margin at the midpoint of the range for this full year versus negative 10% two years ago. We are going to be more modest as far as our margin expansion because we're increasingly confident in our ability to create this sustainable growth engine.

所以，當我們思考這個問題時——顯然，我們今天不提供任何指導。但當我們考慮明年成長和利潤率之間的平衡時，我們希望兩者都能實現。但利潤率擴張，尤其是在我們過去兩年取得的成就的背景下，我們預測今年全年 EBITDA 利潤率將達到 10%（區間中位數），而兩年前為負 10%。我們將在利潤率擴張方面採取更謹慎的態度，因為我們越來越有信心打造這種可持續的成長引擎。

Okay. That's helpful. And then we're hearing that this legacy app transformation opportunity is seeing a pretty meaningful uptick in interest right now. I know you've been building some new solutions in that area. Can you talk about how you're thinking about addressing that opportunity moving forward?

好的。那很有幫助。而且我們也聽說，目前人們對傳統應用程式轉型這一機會的興趣正在顯著增長。我知道你們一直在該領域開發一些新的解決方案。您能否談談您打算如何掌握接下來的機會？

All right. First of all, that was not an entirely clear question. There was some breakup on the line, but I think I heard enough of it to answer it. correctly, and you could just tell me if I miss any detail. You're asking about the modernization opportunity, which is essentially the conversion of legacy applications into a modern platform.

好的。首先，這個問題本身就不夠清楚。電話那頭斷斷續續的，但我認為我聽到的內容足以回答這個問題，如果我漏掉了什麼細節，你只要告訴我就可以了。您問的是現代化改造的機會，這本質上是將傳統應用程式轉換為現代平台。

And we intend to be -- we are now, but we intend to be a leader as this market grows to large scale. I do think it's going to be a substantial, a meaningful new software market. I think we're extremely well positioned for it.

我們打算成為——我們現在是，但隨著這個市場規模的擴大，我們打算成為領導者。我認為這將是一個規模龐大、意義非凡的新興軟體市場。我認為我們在這方面已經做好了非常充分的準備。

We've been in the modernization market for a decade already, and we have performed some admirable and publicly recognized modernization projects. But today, of course, the volume is going to increase dramatically because AI makes it easier to extricate and understand existing legacy applications and also to rewrite them in a new platform, in this case, Appian. We've got a number of advantages that I think will really differentiate us in this market. First and most importantly, that if you're going to port an application from a legacy platform, by all means you should port it to a platform that is the opposite of legacy, a flexible growth tracking, scalable, feature-rich platform like Appian would be ideal for porting your old applications.

我們進入現代化改造市場已有十年之久，並完成了一些令人欽佩且廣受認可的現代化改造項目。當然，如今這個數字將會大幅增長，因為人工智慧使得提取和理解現有的遺留應用程式變得更加容易，也使得在新的平台（在本例中為 Appian）上重寫這些應用程式變得更加容易。我們擁有許多優勢，我認為這些優勢將使我們在這個市場中脫穎而出。首先也是最重要的是，如果您要將應用程式從舊平台移植到新平台，那麼您絕對應該將其移植到與舊平台截然相反的平台，像 Appian 這樣具有靈活增長追蹤、可擴展、功能豐富的平台將是移植舊應用程式的理想選擇。

Secondly, we handle the job of recreating an application in a really collaborative way. So there's a deep collaboration between AI and the developer, where AI will propose things and the developer can modify. And we just saw another demo of this yesterday. It's spectacular. I'm really impressed with the technology we put together.

其次，我們以真正協作的方式處理應用程式的重新創建工作。因此，人工智慧和開發者之間存在著深度協作，人工智慧會提出建議，而開發者可以進行修改。我們昨天剛看過另一個示範。太壯觀了。我對我們共同研發的這項技術感到非常滿意。

I think there's nothing like it. We're going to create a dialogue, which is just what you need for the most important applications. This isn't a simple delegation and you move one stack of code into another stack of code. It's about reinventing an old application, making it better, maybe combining it with other applications along the way and creating something that suits the modern moment. That's not just a mere translation.

我覺得它獨一無二。我們將創建一個對話平台，這正是您在最重要的應用程式場景中所需要的。這不是簡單的委託，而是將一個程式碼堆疊移動到另一個程式碼棧。它指的是對舊應用程式進行改造，使其變得更好，或許還會在此過程中將其與其他應用程式結合起來，創造出適合現代時代的東西。那不僅僅是簡單的翻譯。

Even if AI could do the whole translation, it would be insufficient. It's a collaboration.

即使人工智慧能夠完成整個翻譯過程，也是不夠的。這是一項合作。

And so that, to me, is the golden key to getting modernization right is creating a rich collaboration so that those old applications aren't just ported. They're not just translated, they're recreated for -- on a better platform for the moment, right? So that's what we're focused on. I love this market. We didn't talk about it much in the prepared remarks today because we understand that we got to -- we have to emphasize agents this time.

因此，在我看來，實現現代化的黃金法則在於建立豐富的協作機制，而不是簡單地移植那些舊應用程式。它們不僅僅是被翻譯，而是被重新創作——目前來說，是在一個更好的平台上，對吧？所以這就是我們關注的重點。我喜歡這個市場。今天我們在準備的發言稿中沒有過多提及此事，因為我們明白這次我們必須——我們必須強調代理人。

We got a new launch there, but our excitement is undiminished.

我們在那裡推出了一款新產品，但我們的興奮之情絲毫未減。

And this does conclude the question-and-answer session and the program. Thank you for your participation in today's conference. You may now disconnect.

問答環節和整個節目到此結束。感謝您參加今天的會議。您現在可以斷開連線了。