Appian Corp (APPN) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Appian first-quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您稍候。歡迎參加 Appian 2026 年第一季財報電話會議。（接線員指示）請注意，今天的會議將被錄音。

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

現在我想把會議交給今天的第一位講者，來自 ICR 的 Brian Denyeau。請開始。

Thank you. Good morning, and thank you for joining us. Today, we'll review Appian's first quarter 2026 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。各位早安，感謝各位加入我們。今天我們將回顧 Appian 2026 年第一季的財務結果。與我一同出席的有董事長兼執行長 Matt Calkins，以及財務長 Serge Tanjga。在準備好的發言之後，我們將開放提問。

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 second quarter and full year 2026, 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.

在本次電話會議中，我們可能會就本公司業務發表被視為前瞻性陳述的內容。這些包括與我們的財務結果、2026 年第二季與全年趨勢及財測指引、我們平台的效益、產業與市場趨勢、我們的市場推進（go-to-market）與成長策略、我們的市場機會與擴大領導地位的能力、我們維持並向現有客戶加售（upsell）的能力，以及我們取得新客戶的能力等相關評論。

These statements reflect our views only as of today and don't represent our views as of any subsequent date. We won't update these statements as a result of new information unless required by law. Actual results may differ materially from expectations due to the risks and uncertainties described in our SEC filings.

這些陳述僅反映我們截至今日的觀點，並不代表任何後續日期的觀點。除非法律要求，否則我們不會因新資訊而更新這些陳述。由於我們在向 SEC 提交的文件中所描述的風險與不確定性，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 to -- of GAAP to non-GAAP financial measures are provided in our earnings release.

此外，本次電話會議將討論非 GAAP 財務衡量指標。GAAP 與非 GAAP 財務衡量指標之間的調節表已載於我們的財報新聞稿中。

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

接下來，我想把電話會議交給我們的執行長 Matt Calkins。Matt？

Thanks, Brian, and thanks to everyone for joining us today. In the first quarter of 2026, Appian's cloud subscriptions revenue grew 25% year-over-year to $124.5 million. Subscriptions revenue grew 19% to $160.3 million. Total revenue grew 21% to $202.2 million. Adjusted EBITDA was $26.6 million.

謝謝你，Brian，也感謝各位今天加入我們。2026 年第一季，Appian 的雲端訂閱營收年增 25%，達到 1.245 億美元。訂閱營收年增 19%，達到 1.603 億美元。總營收年增 21%，達到 2.022 億美元。調整後 EBITDA 為 2,660 萬美元。

Our weighted Rule of 40 scored 42, the highest level since we introduced the metric last year. Our go-to-market efficiency metric posted its 11th straight quarter of improvement. Appian continues to build on our success in 2025. We met or exceeded financial expectations in Q1 and raised full year guidance. Serge will share the details.

我們加權的 Rule of 40 得分為 42，為去年引入該指標以來的最高水準。我們的市場推進效率（go-to-market efficiency）指標連續第 11 個季度改善。Appian 持續在 2025 年的成功基礎上再接再厲。我們在第一季達成或超越財務預期，並上調全年指引。Serge 將分享細節。

Last week, Appian announced the results of a study done with the Harvard Business Review on the state of AI in the workplace. It captures this unique moment in which every organization intends to use AI, but many struggle to get value from it, especially in the most important use cases. HBR found that AI is used more for personal efficiency than it is for strategic applications.

上週，Appian 公布了與《哈佛商業評論》（Harvard Business Review）共同進行的一項研究結果，主題為職場 AI 的現況。該研究捕捉到一個獨特時刻：每個組織都打算使用 AI，但許多組織難以從中獲得價值，尤其是在最重要的使用情境上。HBR 發現，AI 更多被用於提升個人效率，而非策略性應用。

If an application is customer-facing or makes business decisions, it's probably not benefiting from AI. Appian's purpose is to bring AI into mission-critical applications, at large regulated companies where errors are not acceptable. We make AI reliable enough for such use cases by wrapping it in a deterministic framework of process technology. AI is a probabilistic technology unreliable by nature, while the most valuable use cases require complete dependability.

如果一個應用是面向客戶，或會做出商業決策，那它很可能尚未從 AI 中受益。Appian 的使命，是將 AI 帶入關鍵任務（mission-critical）應用，特別是在大型受監管企業中，錯誤是不可接受的。我們透過以流程技術構成的確定性（deterministic）框架來包覆 AI，使其足以可靠地用於此類情境。AI 本質上是機率性（probabilistic）技術，天生不可靠；而最有價值的使用情境則需要完全的可依賴性。

HBR's study shows how corporate users know what's needed to make their AI reliable. 92% know they need guardrails for AI, though most have not created them. Most intend to integrate AI into process, though only 18% have done it. Organizations now understand how to equip AI for serious use cases even if they haven't done it yet. HBR's conclusion states and I quote, the next phase of AI maturity will depend on embedding AI directly into the core of how work gets done.

HBR 的研究顯示，企業使用者知道要讓 AI 可靠需要什麼。92% 的受訪者知道 AI 需要護欄（guardrails），但多數尚未建立。多數人打算把 AI 整合進流程中，但只有 18% 已經做到。即使尚未落地，組織如今已理解如何讓 AI 能夠支援嚴肅的使用情境。HBR 的結論指出，我引用原文：「AI 成熟度的下一階段，將取決於把 AI 直接嵌入到工作如何完成的核心之中。」

Appian has been embedding AI into the core of how work gets done for years, with our leading process automation technology. My conversations with customers indicate that we've helped them move faster than the market as a whole. Nearly 40% of Appian customers have purchased our AI-inclusive license tiers. Driven by AI demand, our 2026 pipeline is above our expectations and a key factor in our increased guidance for the remainder of the year.

Appian 多年來一直透過我們領先的流程自動化技術，把 AI 嵌入到工作如何完成的核心。我與客戶的對話顯示，我們幫助他們以快於整體市場的速度前進。近 40% 的 Appian 客戶已購買包含 AI 的授權層級（AI-inclusive license tiers）。在 AI 需求帶動下，我們 2026 年的銷售管線（pipeline）高於預期，並成為我們上調今年剩餘期間指引的關鍵因素。

Excitement over Appian AI was evident at our annual user conference, Appian World, which took place last week in Orlando. Our theme was serious AI, meaning AI used for strategic and valuable work. Our point, of course, was that serious AI requires process. Over 1,000 customers, prospects, partners heard from Appian experts and peer organizations, including Citi, Pfizer, Merck, GE Aerospace, GE Healthcare, NASA, AARP, Regeneron, Munich Re, CIBC Mellon. Customers reported that AI transformations are increasingly a Board-level priority. AI alone operates at a low level of reliability.

在上週於奧蘭多舉行的年度用戶大會 Appian World 上，大家對 Appian AI 的熱情顯而易見。我們的主題是「嚴肅的 AI」（serious AI），也就是用於策略性且高價值工作的 AI。我們的觀點當然是：嚴肅的 AI 需要流程。超過 1,000 位客戶、潛在客戶與合作夥伴聆聽了 Appian 專家與同業組織的分享，包括 Citi、Pfizer、Merck、GE Aerospace、GE Healthcare、NASA、AARP、Regeneron、Munich Re、CIBC Mellon。客戶回饋指出，AI 轉型正日益成為董事會層級的優先事項。單靠 AI 的可靠性仍處於較低水準。

But with Appian's framework, AI can work and write applications at a high level of reliability. We've created technology that complements AI, enabling it to be used in the most valuable situations. Appian DocCenter is a great example of deploying AI within process. DocCenter automatically extracts data from incoming documents, then takes action accordingly.

但在 Appian 的框架下，AI 能以高度可靠性來運作並撰寫應用。我們打造了能與 AI 互補的技術，使其可用於最有價值的情境。Appian DocCenter 就是在流程中部署 AI 的絕佳例子。DocCenter 會自動從傳入文件中擷取資料，並據此採取相應動作。

DocCenter runs at scale with over 95% accuracy, significantly higher than the 60% accuracy of traditional document recognition technology. Our customers processed more document pages in Q1 this year than they did in all 2025 combined. Production use cases span all major industries. I'll share a few customer examples.

DocCenter 可在大規模下運行，準確率超過 95%，顯著高於傳統文件辨識技術約 60% 的準確率。我們的客戶在今年第一季處理的文件頁數，已超過 2025 年全年總和。正式上線（production）的使用情境涵蓋所有主要產業。我將分享幾個客戶案例。

First, an international insurance company is automating processes and working to eliminate $100 million in operational costs by 2030. It named Appian its AI document intake standard after DocCenter processed complex unstructured physician statements with 98% accuracy.

首先，一家國際保險公司正在自動化流程，並致力於在 2030 年前消除 1 億美元的營運成本。在 DocCenter 以 98% 的準確率處理複雜的非結構化醫師陳述後，該公司將 Appian 指定為其 AI 文件收件（document intake）標準。

Next, a global medical devices company manages its order to installation processes on Appian. This quarter deployed DocCenter to automatically compare order packages against client documentation. It can now process items 80% faster. Once rolled out globally, Appian will validate 100,000 orders annually and save the firm an expected $16 million in operational costs over the next three years.

接著，一家全球醫療器材公司在 Appian 上管理其從訂單到安裝（order to installation）的流程。本季部署 DocCenter，自動將訂單資料包與客戶文件進行比對。如今其處理速度提升 80%。一旦在全球推廣，Appian 將每年驗證 100,000 筆訂單，並在未來三年為該公司節省預估 1,600 萬美元的營運成本。

Finally, a top oil and gas company has been an Appian customer for several years. It uses our platform to onboard customers and suppliers 70% faster than before. This quarter, its finance department chose Appian to spearhead its AI transformation and purchased a seven-figure software deal.

最後，一家頂尖油氣公司已成為 Appian 客戶多年。它使用我們的平台，將客戶與供應商上線（onboarding）速度較以往提升 70%。本季，其財務部門選擇 Appian 來主導其 AI 轉型，並簽下七位數美元的軟體交易。

Appian will automate the procure-to-pay process, starting with invoice payments. DocCenter will extract data from millions of supplier invoices annually and automatically reconcile them against the company's order management system. Appian will provide significant labor savings and help the company achieve its goal to reduce operating costs by $400 million by the end of 2027.

Appian 將自動化採購到付款（procure-to-pay）流程，從發票付款開始。DocCenter 將每年從數百萬張供應商發票中擷取資料，並自動與公司的訂單管理系統進行對帳。Appian 將帶來可觀的人力節省，並協助該公司在 2027 年底前達成將營運成本降低 4 億美元的目標。

Legacy modernization is a fast-growing component of our business and perhaps the most popular topic at our conference last week. C-level executives respond immediately to the promise that we can migrate their legacy apps to our modern platform. According to McKinsey, 70% of Fortune 500 software is over 20 years old. We've been doing modernization migrations for a decade with good results.

舊系統現代化（legacy modernization）是我們業務中成長迅速的一個組成部分，也可能是上週大會上最熱門的話題。當我們承諾能把他們的舊有應用遷移到我們的現代化平台時，C-level 高階主管會立即產生共鳴。根據麥肯錫（McKinsey），《財富》500 強的軟體中有 70% 已超過 20 年。我們進行現代化遷移已十年，且成效良好。

The US Air Force saved $80 million after modernizing its tech stack with Appian and Hitachi consolidated over 500 systems into a single central Appian application. Legacy modernization may be an idea whose time has come. New AI technology has expanded the opportunity by lowering the cost and increasing urgency.

美國空軍在使用 Appian 進行技術堆疊現代化後節省了 8,000 萬美元；日立（Hitachi）則將超過 500 個系統整併為單一的中央 Appian 應用。舊系統現代化或許正是時機成熟的概念。新的 AI 技術透過降低成本並提高急迫性，擴大了這個機會。

The cost is lower because natural language development is now a mainstream way to compose applications in Appian. The urgency is higher because products like Anthropic's Mythos threaten to expose security weaknesses in all applications, especially old code stacks without modern support. Many applications cannot be vibe coded written by AI alone.

成本更低，是因為自然語言開發如今已成為在 Appian 中組合（compose）應用的主流方式。急迫性更高，是因為像 Anthropic 的 Mythos 這類產品，可能暴露所有應用的安全弱點，尤其是缺乏現代支援的舊程式碼堆疊。許多應用無法僅靠 AI 以「vibe coding」方式寫出來。

As I often say, code may be cheap, but mistakes are still expensive. Important applications will require a greater degree of reliability and precision, which Appian provides. We make AI enterprise-grade reliable in writing apps, just like we make it reliable in doing work. For example, a major European automotive manufacturer manages supply chain operations, finance and warranty claims on our platform.

我常說，程式碼可能很便宜，但錯誤仍然昂貴。重要的應用將需要更高程度的可靠性與精準度，而 Appian 正提供這些。我們讓 AI 在撰寫應用時具備企業級可靠性，就像我們讓它在執行工作時同樣可靠一樣。舉例來說，一家主要的歐洲汽車製造商在我們的平台上管理供應鏈營運、財務與保固理賠。

In Q1, it named Appian as its core modernization platform and purchased a seven-figure deal for more software licenses. The company's sprawling tech stack includes over 3,000 outdated and incomplete applications. Now Appian will unify the enterprise as the organization decommissions legacy systems.

在第一季，該公司將 Appian 指定為其核心現代化平台，並為更多軟體授權購買了一筆七位數美元的交易。該公司龐雜的技術堆疊包含超過 3,000 個過時且不完整的應用。隨著組織汰除舊系統，Appian 將把企業整合為一體。

The manufacturer aims to reduce its application landscape by about 40% as it builds enhanced workflows on Appian. Customers have strong interest in Appian's Agentic AI. Like all types of Appian AI, our agents are informed by our data fabric and deployed within the guardrails of our process.

該製造商的目標是在 Appian 上建立強化的工作流程之際，將其應用版圖縮減約 40%。客戶對 Appian 的代理式 AI（Agentic AI）展現強烈興趣。如同所有類型的 Appian AI，我們的代理（agents）由我們的資料織網（data fabric）提供資訊，並在我們流程護欄（guardrails）的範圍內部署。

For example, a leading telecommunications company is using Appian to unify its digital advertisement operations. This quarter, it decided to automate compliance reviews and purchased more Appian licenses. Every network and streaming provider has unique rules about when and what type of content can be positioned on their channels.

例如，一家領先的電信公司正在使用 Appian 來整合其數位廣告營運。本季，該公司決定將合規審查自動化，並購買了更多 Appian 授權。每一家網路與串流服務供應商，對於何時以及何種類型的內容可以在其頻道上投放，都有各自獨特的規則。

Before Appian, the company validated content manually. Now Appian data fabric will unify client policies so our AI agents can reference a holistic data set. Our agents will verify thousands of ads every day and flag outliers that need human review. Early results suggest Appian agents will achieve 98% accuracy and require 33% fewer resources. The AI economy asks for transparency and openness. Appian is a long-standing believer in these values, as shown in our data fabric that unifies distributed data sources without moving them.

在使用 Appian 之前，該公司以人工方式驗證內容。現在，Appian 的資料織網（data fabric）將整合客戶政策，讓我們的 AI 代理能夠參照一個完整的資料集。我們的代理每天將驗證數千則廣告，並標記需要人工審查的異常項目。初步結果顯示，Appian 代理可達到 98% 的準確率，並且所需資源可減少 33%。AI 經濟要求透明與開放。Appian 長期以來一直相信這些價值，正如我們的資料織網所展現的：在不移動資料的情況下，整合分散式資料來源。

We've embraced what I call the three rules of the AI ecosystem: be useful; be open; and be safe. Our technology utilizes MCP inbound and outbound. Data fabric is an ideal data source for AI agents because it is comprehensive, open, performant and secure. You can now deploy, develop -- you can now develop Appian applications without ever opening an Appian interface, entirely from an AI command line in a product like Cloud or (inaudible).

我們採納了我所稱的 AI 生態系三大規則：有用；開放；安全。我們的技術採用 MCP 的入站與出站。資料織網是 AI 代理的理想資料來源，因為它全面、開放、高效且安全。你現在可以部署、開發——你現在可以在完全不開啟任何 Appian 介面的情況下開發 Appian 應用程式，完全透過像 Cloud 或（聽不清）這類產品中的 AI 命令列來完成。

Our AI-enabling layer is also AI agnostic, preventing AI lock-in and empowering our clients to switch AI platforms in the background without losing any of their capabilities. Appian is off to a strong start in 2026. Our position as an essential enabler of AI continues to drive business momentum as customers gain real-world value from our platform.

我們的 AI 賦能層同時也是 AI 不綁定（AI agnostic）的，可避免 AI 供應商鎖定，並讓客戶能在背景切換 AI 平台而不會失去任何能力。Appian 在 2026 年開局強勁。我們作為 AI 的關鍵賦能者之定位，持續推動業務動能，因為客戶正從我們的平台獲得實際的真實世界價值。

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

接下來，我把電話交給 Serge。

Thanks, Matt. I'll begin with a detailed review of our first quarter results and then finish with our outlook for the second quarter and full fiscal year 2026. Starting with Q1 results. We had a strong quarter of new business driven by continued AI traction and ongoing momentum in our focus on the high end of the market. The standout performer was our EMEA region.

謝謝，Matt。我將先詳細回顧我們第一季的業績，接著說明我們對 2026 會計年度第二季與全年展望。先從第一季結果開始。我們本季新業務表現強勁，主要受持續的 AI 動能帶動，以及我們聚焦高端市場所帶來的持續推進。其中表現最突出的，是我們的 EMEA（歐洲、中東及非洲）地區。

Cloud net new ACV bookings were approximately 82% of total net new software bookings in Q1, consistent with the prior year. Appian exceeded the guidance ranges we provided on our key metrics of cloud revenue, total revenue and adjusted EBITDA. Cloud subscription revenue was $124.5 million, an increase of 25% year-over-year.

第一季雲端淨新增 ACV 訂單約占軟體淨新增訂單總額的 82%，與去年同期一致。Appian 在雲端營收、總營收與調整後 EBITDA 等關鍵指標上，均超出我們提供的指引區間。雲端訂閱營收為 1.245 億美元，年增 25%。

On a constant currency basis, cloud subscription revenue increased 20% year-over-year. Total subscription revenue was $160.3 million, an increase of 19% year-over-year. On a constant currency basis, total subscription revenue grew 15% year-over-year. Professional services revenue was $41.9 million, up 31% compared to the first quarter of 2025.

以固定匯率計算，雲端訂閱營收年增 20%。總訂閱營收為 1.603 億美元，年增 19%。以固定匯率計算，總訂閱營收年增 15%。專業服務營收為 4,190 萬美元，較 2025 年第一季成長 31%。

Total revenue was $202.2 million, an increase of 21% year-over-year. On a constant currency basis, total revenue grew 17% year-over-year. Our cloud net ARR expansion was 115% in Q1 compared to 112% a year ago and 114% in the prior quarter. As a reminder, we present net ARR expansion on a constant currency basis.

總營收為 2.022 億美元，年增 21%。以固定匯率計算，總營收年增 17%。第一季雲端淨 ARR 擴張率為 115%，高於一年前的 112%，也高於上一季的 114%。提醒一下，我們的淨 ARR 擴張率是以固定匯率基礎呈現。

Now let's turn to profitability. I'll be discussing our results on a non-GAAP basis unless otherwise noted. Gross margin was 74% compared to 75% from the year ago period and 73% in the prior quarter. Our subscription gross margin was 86% compared to 87% in the year ago period and consistent with the prior quarter.

接著談獲利能力。除非另有說明，我將以非 GAAP 基礎討論我們的結果。毛利率為 74%，相較去年同期的 75%，以及上一季的 73%。我們的訂閱毛利率為 86%，相較去年同期的 87%，並與上一季持平。

Professional services gross margin was 29% compared to 25% in the year ago period and 23% in the prior quarter. Total operating expenses were $125.6 million, up from $110 million in the year ago period. Adjusted EBITDA was $26.6 million, ahead of our guidance range of $19 million to $22 million and compared to adjusted EBITDA of $16.8 million in the year ago period. This outperformance relative to our guide was largely driven by greater-than-expected revenue.

專業服務毛利率為 29%，相較去年同期的 25%，以及上一季的 23%。總營運費用為 1.256 億美元，高於去年同期的 1.10 億美元。調整後 EBITDA 為 2,660 萬美元，優於我們 1,900 萬至 2,200 萬美元的指引區間，亦高於去年同期的 1,680 萬美元。相較指引的超出表現，主要由高於預期的營收所帶動。

Net income was $19.8 million or $0.27 per diluted share compared to net income of $9.8 million or $0.13 per diluted share for the first quarter of 2025. This is based on 74.4 million diluted shares outstanding for the first quarter of 2026 and 74.5 million diluted shares outstanding for the first quarter of 2025.

淨利為 1,980 萬美元，或每股稀釋後盈餘 0.27 美元；相較之下，2025 年第一季淨利為 980 萬美元，或每股稀釋後盈餘 0.13 美元。此數據係基於 2026 年第一季稀釋後流通股數 7,440 萬股，以及 2025 年第一季稀釋後流通股數 7,450 萬股。

Turning to our balance sheet. As of March 31, 2026, cash and cash equivalents and investments were $206 million compared to $187.2 million at the end of last year. For the first quarter, cash provided by operations was $48.8 million compared to $45 million for the same period last year. In the first quarter, we purchased $21.8 million worth of our stock.

接著看資產負債表。截至 2026 年 3 月 31 日，現金及約當現金與投資為 2.06 億美元，相較去年底的 1.872 億美元。第一季營運活動提供的現金為 4,880 萬美元，相較去年同期的 4,500 萬美元。第一季我們回購了價值 2,180 萬美元的公司股票。

Turning to guidance. Starting with the second quarter of 2026, cloud subscription revenue is expected to be between $126 million and $128 million, representing year-over-year growth of 19% at the midpoint of the range. Total revenue is expected to be between $191 million and $195 million, representing year-over-year growth of 13% at the midpoint.

接著談指引。先看 2026 年第二季，雲端訂閱營收預期介於 1.26 億至 1.28 億美元，按區間中點計算年增 19%。總營收預期介於 1.91 億至 1.95 億美元，按中點計算年增 13%。

Adjusted EBITDA for the second quarter of 2026 is expected to be between $5 million and $8 million. Non-GAAP earnings per share is expected to be between negative $0.02 and $0.02 per share. This assumes 74.2 million fully diluted weighted average shares outstanding. For the full year 2026, our cloud subscription revenue is expected to be between $515 million and $521 million, representing year-over-year growth of 18% at the midpoint of the range.

2026 年第二季調整後 EBITDA 預期介於 500 萬至 800 萬美元。非 GAAP 每股盈餘預期介於每股 -0.02 美元至 0.02 美元。此假設完全稀釋加權平均流通股數為 7,420 萬股。就 2026 全年而言，雲端訂閱營收預期介於 5.15 億至 5.21 億美元，按中點計算年增 18%。

Total revenue is expected to be between $819 million and $831 million, representing year-over-year growth of 13% at the midpoint. Adjusted EBITDA is expected to range between $97 million and $105 million or an approximately 12% margin at the midpoint of the range. Non-GAAP earnings per share is expected to be between $0.94 and $1.05 or approximately 60% growth at the midpoint. This assumes 73.9 million fully diluted weighted average shares outstanding.

總營收預期介於 8.19 億至 8.31 億美元，按中點計算年增 13%。調整後 EBITDA 預期介於 9,700 萬至 1.05 億美元，按中點計算約為 12% 的利潤率。非 GAAP 每股盈餘預期介於 0.94 美元至 1.05 美元，按中點計算約成長 60%。此假設完全稀釋加權平均流通股數為 7,390 萬股。

Our guidance assumes the following. First, we anticipate our non-cloud subscription revenue to be down in the mid-single digits in Q2 related to timing of renewals versus Q3. For the full year, we expect non-cloud subscription revenue to be flat to slightly up. Second, we expect professional services revenue to grow in the high single digits in Q2 and low double digits for the full year.

我們的指引包含以下假設。第一，我們預期第二季非雲端訂閱營收將因續約時點相較第三季而下滑中個位數百分比。就全年而言，我們預期非雲端訂閱營收將持平至小幅成長。第二，我們預期專業服務營收在第二季將成長高個位數百分比，全年則為低雙位數成長。

Third, total other income and interest expense will be approximately $3 million in Q2 and $12 million for the full year 2026. Fourth, our guidance assumes FX rates as of early May. Please note that we expect FX to benefit our reported revenue growth rate by roughly 1% in Q2 and have a neutral effect for the rest of the year.

第三，第二季其他收入總額與利息費用合計約為 300 萬美元，2026 全年約為 1,200 萬美元。第四，我們的指引假設採用 5 月上旬的匯率。請注意，我們預期匯率將使第二季的報告營收成長率受益約 1%，而對今年其餘期間的影響為中性。

Finally, Q2 is our seasonally high quarter for marketing and event expenses, impacting our sequential EBITDA guidance. For the full year, we are raising our EBITDA guidance as we expect more than 1 percentage points of adjusted EBITDA margin expansion in 2026.

最後，第二季是我們行銷與活動費用的季節性高峰季度，這會影響我們對 EBITDA 的季對季指引。就全年而言，我們上調 EBITDA 指引，因為我們預期 2026 年調整後 EBITDA 利潤率將擴張超過 1 個百分點。

Before wrapping, let me also touch on our increased share repurchase program. As most of you know, we have always been careful about dilution. Thanks to a strong start to 2026 and our increased guidance, we are in a position to increase our buyback authorization from $50 million to $100 million. We plan to execute this buyback during 2026, which will reduce our overall share count this year, driving further growth in our earnings per share.

在結束之前，我也想談談我們提高的股票回購計畫。如各位所知，我們一直非常謹慎地管理稀釋。受惠於 2026 年的強勁開局以及我們上調的指引，我們有條件將回購授權額度從 5,000 萬美元提高至 1 億美元。我們計畫在 2026 年執行此回購，這將在今年降低我們的整體流通股數，進一步推動每股盈餘成長。

In closing, we're pleased with our Q1 results. We are excited about the opportunity ahead, and we'll continue to invest responsibly to maximize our long-term value. We look forward to seeing many of you next week at our Investor Day in New York. We'll be sharing updates on our product and strategy, and you'll have the opportunity to hear directly from our customers and partners. If you'd like to attend, please reach out to investors@appian.com.

總結來說，我們對第一季結果感到滿意。我們對未來的機會感到振奮，並將持續以負責任的方式投資，以最大化我們的長期價值。我們期待下週在紐約的投資人日與各位中的許多人見面。我們將分享產品與策略的最新進展，您也將有機會直接聽取我們客戶與合作夥伴的分享。如欲參加，請聯繫 investors@appian.com。

Now we'll turn the call over for questions. Operator?

現在我們把電話交給問答環節。接線員？

(Operator Instructions)

（接線員指示）

Steve Enders, Citi.

Steve Enders，花旗（Citi）。

Okay, great. Thanks for taking the questions this morning. Maybe just to start, I want to dig in a little bit more into just the conversations you're having around Agentic AI with your customers. And I guess, where are we in terms of customers just starting to deploy agents in production? And maybe what kind of the initial conversations like, as they're beginning that and maybe moving from experimentation into actual production use cases?

好的，謝謝今天早上讓我提問。也許先從這裡開始：我想更深入了解你們與客戶就 Agentic AI（代理式 AI）所進行的對話。我想問的是，就客戶開始在正式環境（production）部署代理而言，我們目前進展到哪個階段？以及在他們開始這個流程、並可能從實驗走向實際的正式環境使用案例時，最初的對話大概是什麼樣子？

I have heard lately that there have been a lot of concerns across the economy about the efficiency of agents, the return on investment that agents have provided. And I first of all want to say that our conversations are in contrast to that. I think we've been really deliberate and practical about the way that we've deployed agents, and they've been adopted as such.

我最近聽到，整體經濟中對於代理（agents）的效率、以及代理所帶來的投資報酬率（ROI）有不少疑慮。我首先想說，我們的對話其實與此相反。我認為我們在部署代理的方式上一直非常審慎且務實，而市場也正是以這樣的方式採用它們。

And we are, therefore, a high ROI agent vehicle. I've also -- I want to mention that some have considered the agent -- agentic decision-making capability to be, in some ways, a substitute for the process model's decision-making capability. And in fact, I find that agents are not substitutes but complements and need process more than any other form of AI, in my experience.

因此，我們是一個高 ROI 的代理載體。我也想提到，有些人把代理——也就是代理式決策能力——在某些方面視為流程模型決策能力的替代品。但事實上，以我的經驗來看，代理不是替代，而是互補；而且代理比任何其他形式的 AI 都更需要流程。

Agents are -- they need the guardrails, they need the tracking. They need the support and the teamwork that process provides. I have enjoyed seeing how agents have fit into a team and a portfolio approach. And at this point, when customers ask us where they should use a process to make a decision versus where they should use an agent to make a decision, I feel like we have a clean and time-tested answer to that, which is that it depends on whether you need adaptive intelligence at that point in the process sequence, if you have a lot of ambiguity.

代理——它們需要護欄（guardrails），需要追蹤（tracking）。它們需要流程所提供的支援與團隊協作。我很樂於看到代理如何融入團隊與投資組合式（portfolio）的方法。到目前為止，當客戶問我們在流程序列中，哪裡應該用流程來做決策、哪裡應該用代理來做決策時，我覺得我們已經有一個清楚且經過時間驗證的答案：這取決於在該流程步驟中你是否需要自適應智慧（adaptive intelligence），也就是是否存在大量不確定性。

If you have a -- an extremely large context set that can't be contained within rules, then you're going to need some adaptive intelligence. But otherwise, you should stick with process to make those decisions because it's faster and cheaper and more accurate. And best of all, of course, is to have agents at your disposal, but also have the rest of process and automated decision-making at your disposal so that you may select the appropriate tool at the appropriate moment, which I call a kind of a portfolio approach.

如果你有——一個極其龐大的情境集合（context set），無法用規則加以涵蓋，那你就會需要一些自適應智慧。但除此之外，你應該堅持用流程來做那些決策，因為它更快、更便宜、也更準確。當然，最理想的是你既能隨時使用代理，也能隨時使用其餘的流程與自動化決策能力，讓你在適當的時刻選擇適當的工具——我把這稱為一種投資組合式的方法。

I think the portfolio approach is going to be especially important as we go into the future and we depart eventually from this era of subsidized AI. Today, AI is underpriced, but we all know that, that can't last forever, and it's already pretty expensive. And over time, AI is going to rise to its cost of provision more or less.

我認為，當我們走向未來、並最終離開這個「補貼式 AI」的時代時，投資組合式的方法將會特別重要。今天 AI 的定價偏低，但我們都知道這不可能永遠持續，而且它其實已經相當昂貴。隨著時間推移，AI 的價格將或多或少回升到其供給成本。

And when it does, there'll be all the more pressure to find a cost-effective and equally accurate manner of making a lot of these decisions. And that's where the portfolio approach that the process provides will come in. So anyway, good feedback on our agents, good usage and particularly, I think, differentiated ROI from what I understand to be happening in the rest of the market.

而當它回到成本水準時，市場就會更有壓力去找到一種具成本效益、且同樣準確的方式來做大量決策。這正是流程所提供的投資組合式方法會派上用場的地方。總之，對我們的代理有很好的回饋、使用情況也很好；尤其是就我所理解的市場其他情況而言，我們的 ROI 具有差異化。

Okay. That's very clear, and it's great to hear. Maybe just switching gears a little bit to the outlook. It sounded like the pipeline and the build there is coming in pretty solid. Just maybe what are you seeing in terms of top of funnel, like what's driving those incremental use cases?

好的。這非常清楚，也很高興聽到。也許稍微換個話題談談展望。聽起來你們的管線（pipeline）以及相關建置進展相當穩健。想請教一下，在漏斗頂端（top of funnel）方面你們看到了什麼？是什麼在推動那些新增的使用案例？

And I guess, what does that kind of imply as we think about the guide, what's underpinning, I guess, either productivity rates or close rates and the assumptions there, especially compared to some of the volatility that we're hearing about in the macro situation right now?

另外我想，當我們思考你們的指引（guide）時，這對你們的假設意味著什麼？例如生產力（productivity）或成交率（close rates）及其假設的支撐因素是什麼？尤其是相較於我們目前在總體環境（macro）中聽到的一些波動。

Yes. Yes, we seem to be cruising through that volatility on a macro basis pretty solidly. I think what's driving our pipeline is the fact that we've got the answer to the biggest question in business now, which is how do you apply AI to strategic applications. Everybody wants to do this. Study after study shows that it's the new frontier in AI, how can you attach it to complex, error-intolerant, mission-critical regulated processes and get value, and we're doing it.

是的。是的，我們在總體層面的波動中看起來仍相當穩健地前行。我認為推動我們管線的原因在於：我們回答了當前商業世界最大的問題——也就是如何把 AI 應用到策略性（strategic）應用上。每個人都想做到這件事。研究一再顯示，這是 AI 的新前沿：你如何把它連接到複雜、容錯率極低、任務關鍵（mission-critical）且受監管（regulated）的流程中並創造價值，而我們正在做到。

Time and again, we have the answer to that question and the enthusiasm and the electricity at our show last week showed us that people are delighted with the actual returns they're getting on our investment, and they're deploying AI places they wouldn't have been able to deploy it otherwise, because of our deterministic process layer. So I think that's what's driving the pipeline is the fact that we've got a reliable answer to this large unanswered question.

一次又一次，我們都能回答這個問題。上週我們活動現場展現出的熱情與氛圍也讓我們看到，人們對於他們從我們的投資中獲得的實際回報感到非常滿意；而且因為我們的確定性流程層（deterministic process layer），他們正在把 AI 部署到原本不可能部署的地方。所以我認為，推動管線的就是：我們對這個長期未解的大問題提供了可靠答案。

Steve, the only thing that I would perhaps add is a particular area of strength is DocCenter. We see it as the first very broad use case, both across industries and geographies. It just applies to so many situations. And as Matt said, customers are leaning in, and that was also obvious last week in Orlando.

Steve，我唯一可能要補充的是，一個特別強勢的領域是 DocCenter。我們把它視為第一個非常廣泛的使用案例，橫跨產業與地理區域。它適用於非常多情境。正如 Matt 所說，客戶正積極投入，而這點在上週奧蘭多也很明顯。

Okay, perfect. Great to hear, and thanks again for taking the questions.

好的，完美。很高興聽到，也再次感謝你們回答問題。

The next question comes from the line of Raimo.

下一個問題來自 Raimo。

Congrats the great quarter. What are you seeing at federal was -- you have a fair amount of exposure there, and that was a big discussion point, but it does seem like the world is changing there again. Can you speak a little bit what you're seeing there and how that's playing out for you?

恭喜這個很棒的季度。你們在聯邦（federal）領域有相當程度的曝險，那也是一個很大的討論焦點，但看起來那邊的情勢似乎又在改變。你能談談你們在那邊看到的情況，以及這對你們的影響如何發展嗎？

Great. What was that critical word? It dropped out on my phone?

很好。剛剛那個關鍵字是什麼？我手機那邊漏聽了。

Federal. Federal.

聯邦。聯邦。

Thank you. Thank you. Okay. So yes, we've seen -- I feel really good about where we stand in federal right now. This has been an arena where efficiency has mattered more than ever, where technology has been a means to an end and not just cost cutting for the last five quarters. This is an arena in which we can win.

謝謝。謝謝。好的。所以是的，我們看到——我對我們目前在聯邦領域的定位感到非常有信心。這一直是一個效率比以往任何時候都更重要的戰場；在過去五個季度裡，科技一直是達成目標的手段，而不只是削減成本。這是一個我們能贏的領域。

And I feel like we've got momentum. We've got pipeline. We've got access to legitimately larger deals than we have done in the past. I am excited about where we stand in federal and very pleased with both the -- our capabilities and our performance.

而且我覺得我們有動能。我們有管線。我們能接觸到真正比過去更大的案子。我對我們在聯邦領域的狀態感到興奮，也對——我們的能力與表現都非常滿意。

Okay. Perfect. And then one for Serge. Serge, the good profitability performance this quarter as well. So it's like a nice combination of revenue growth is getting better, but profitability also kind of improving as part of that. Can you talk a little bit about like how sustainable is that? Like what drove that? What can we expect?

好的，完美。接著問 Serge 一題。Serge，本季的獲利表現也很好。看起來是很好的組合：營收成長在改善，但獲利能力也在同步提升。你能談談這有多可持續嗎？是什麼驅動的？我們可以期待什麼？

Sure. So first, I'll just kind of remind you that we've been doing a good job of balancing growth and profitability for a while now. So if you look at 2024 and 2025, between those two years, we've expanded our margins by almost 20 percentage points.

當然。首先我想提醒大家，我們在平衡成長與獲利方面已經做得不錯一段時間了。如果你看 2024 和 2025 這兩年之間，我們的利潤率擴張了將近 20 個百分點。

And I think of 2026 as a year in which we're building foundations for sustainable and efficient growth going forward because, first, we're returning to growth in our sales org, not because it's going to have a dramatic impact on this year's numbers, but because in order to sustainably grow the company, you need to grow your field operations. And obviously, we all have aspirations for Appian to be much bigger than it currently is.

我把 2026 視為我們在為未來可持續且高效率的成長打基礎的一年。因為第一，我們正在恢復對銷售組織的成長投資，不是因為它會對今年的數字造成戲劇性影響，而是因為要讓公司可持續成長，你必須擴大前線營運（field operations）。而且很明顯，我們都希望 Appian 能比現在大得多。

Secondly, we're continuing to invest on the R&D side, mostly in India and also investing in AI capabilities, and I really applaud our R&D leadership for using AI to rethink how to develop software. And then finally, building backbone systems and processes, including AI, especially Appian's AI, to, again, put us in a position to grow efficiently going forward. So in that context, we are showing margin expansion this year despite the incremental investments and the return to investing that we're showing, and it's absolutely sustainable going forward.

第二，我們持續在研發端投資，主要在印度，同時也投資 AI 能力。我非常肯定我們的研發領導團隊運用 AI 重新思考軟體開發方式。最後，我們也在建置骨幹系統與流程（backbone systems and processes），包括 AI，特別是 Appian 的 AI，再次讓我們處於一個能在未來高效率成長的位置。因此，在這樣的背景下，儘管我們有額外投資、也重新開始加大投資，我們今年仍展現利潤率擴張，而且這在未來絕對是可持續的。

Pat McIlwee, William Blair.

Pat McIlwee，William Blair。

Hi, this is Jacob on for Pat. I just wanted to ask about cloud NRR ticking up to 115%. Is this being driven more by AI tier upgrades and the 25% price uplift? Or is this more customer adoption across just new workflows and more penetration within the base?

嗨，我是 Jacob，代 Pat 提問。我想問一下雲端 NRR 上升到 115%。這主要是由 AI 等級（tier）升級與 25% 的價格上調所驅動？還是更多來自客戶在新工作流程上的採用，以及在既有客戶基礎中的更深滲透？

Yes, it's both. I would say it is the two themes that we've been talking about for over one year now. One is AI adoption. So we're continuing to have success in upgrading our customers to the advanced tier. Matt just mentioned that nearly 40% of our customers have some percentage of their ARR on the advanced tier. And then the second one, honestly, is just our move upmarket, selling large strategic deals. Our sales team is doing an excellent job at that, and there's still plenty to go.

是的，兩者都有。我會說，這就是我們過去一年多一直在談的兩個主題。第一是 AI 採用，所以我們持續成功把客戶升級到進階等級（advanced tier）。Matt 剛提到，我們將近 40% 的客戶，其 ARR 有一部分是在進階等級上。第二個坦白說，就是我們往中大型市場（upmarket）移動、銷售大型策略性交易。我們的銷售團隊在這方面做得非常出色，而且還有很大的成長空間。

Got it. And then one on go-to-market. You talked, I think it was last quarter about it being the strongest for commercial in North America in 3 years. Are you seeing some of that translate into Europe or APAC regions?

了解。再問一題關於 go-to-market。你們提到——我記得是上季——北美商業市場是三年來最強。你們是否看到這樣的動能也轉化到歐洲或亞太（APAC）地區？

Yes. In fact, we called out Europe as the standout performer this quarter. Some of our largest deals, including a couple that Matt mentioned in his prepared remarks, actually came from that region. And look, the story with Appian and the go-to-market is that we've done a lot of work to transform our sales org, including new leadership in selected places.

是的。事實上，我們點名歐洲是本季表現最突出的地區。我們一些最大的交易——包括 Matt 在事先準備的談話中提到的幾筆——其實都來自那個地區。你看，Appian 在 go-to-market 的故事是：我們做了大量工作來轉型銷售組織，包括在某些地區引入新的領導。

Our EMEA leadership started, I want to say, roughly middle of last year, and they're putting incremental rigor and focus on value in places -- in place, and we're seeing -- starting to see evidence of that in Q1.

我們的 EMEA 領導團隊大約在去年年中開始到位，他們在各個面向上逐步加強嚴謹度並聚焦於價值落地——我們在第一季已開始看到相關跡象。

Sanjit Singh, Morgan Stanley.

Sanjit Singh，摩根士丹利。

Yeah, thank you for taking the question and congrats on the cloud revenue acceleration this quarter. Matt, I thought you made a really excellent point on the era of kind of token subsidy and subsidization potentially going into a rearview either now or very shortly. I was wondering if you could unpack for us a little bit about how you guys are going to be a destination to drive more efficient AI and why that would be the case relative to some of your competitors and your peers?

是的，謝謝讓我提問，也恭喜本季雲端營收加速成長。Matt，我覺得你提到「代幣補貼／補助」的時代可能已經或即將進入後視鏡，這點非常到位。我想請你再多拆解一下：你們打算如何成為推動更高效率 AI 的首選目的地？相較於一些競爭對手與同業，為什麼會是你們？

Absolutely. For us, it's all about the portfolio. We've got so many ways to make a decision, so many ways to automate a job. You don't need to rely exclusively on AI, which obviously has two huge faults. One is that AI is not the right tool for every job. And the other is AI is the most expensive of your portfolio in many cases. So for efficiency and for accuracy sake, you want a portfolio of tools at your disposal and our approach to process does that.

當然可以。對我們而言，關鍵在於「產品組合」。我們有很多方式可以做決策、很多方式可以把工作自動化。你不需要完全依賴 AI；而 AI 顯然有兩個很大的缺點：第一，AI 並不是每一項工作都適用的工具；第二，在很多情況下，AI 是你整個工具組合中成本最高的那一個。因此，為了效率與準確性，你需要一套可用的工具組合，而我們的流程方法正是如此。

Sanjit, I would just add one more thing. The portfolio applies even in the case of AI. We have customers sometimes coming to us and saying, I want an agentic use case. And then when we unpack it, we realized that, that would not be efficient. And instead, what we have them apply is more narrow uses of AI and better control in the process that results in at least as good of accuracy and much better performance and ROI.

Sanjit，我再補充一點：即便在 AI 的情境下，「組合」的概念也同樣適用。有時客戶會來找我們說：我想要一個 agentic（代理式）的使用案例。但當我們把需求拆開來看後，會發現那樣其實不夠有效率。相反地，我們會讓他們採用更聚焦、更狹義的 AI 用法，並在流程中加入更好的控制，結果能達到至少同等的準確度，且效能與投資報酬率（ROI）更好。

That makes a ton of sense. Thanks for taking the question.

這非常合理。謝謝回答我的問題。

Devin, KeyBanc Capital Markets.

Devin，KeyBanc Capital Markets。

Hi. Thanks for taking my questions here. Matt, you briefly mentioned it in your remarks, but would love for you to just talk a little bit more and give a few highlights coming out of your Appian World Conference. What were some of the major product updates? How are customers doing those updates? And maybe just speak to how the conference has been for you guys?

嗨，謝謝讓我提問。Matt，你在致詞中簡短提到，但我很想請你再多談一點，並分享幾個 Appian World Conference 的重點。有哪些主要的產品更新？客戶如何採用這些更新？也請談談這次大會對你們而言的整體狀況。

Yes. Well, for me, the conference is sitting in the back room with one major customer after another rotating through. And I hear after the fact what happens on the main stage. But I do pick up a lot of enthusiasm in the hallways. I love the fact that people are talking about constructive numbers.

好的。對我來說，大會就是坐在後面的會議室裡，一個又一個重要客戶輪流進來交流。主舞台上發生了什麼，我通常是事後才聽說。不過我確實在走廊間感受到很多熱情。我很喜歡大家在談「可落地的數字」。

ROI is everywhere, enthusiasm around what they're building is everywhere. We've got a very confident group of users, and they're making value. So that's all terrific. I love how it's becoming clear how they benefit from AI. In years past, I don't just mean for us, I think even more broadly around the industry, there's been enthusiasm, but on the lack of specifics, a lack of certainty around AI.

到處都在談 ROI，到處都能感受到他們對正在打造的東西充滿熱情。我們有一群非常有信心的使用者，而且他們正在創造價值，這一切都非常棒。我也很喜歡現在大家如何從 AI 中受益變得更清楚。過去幾年，我不只是指我們，我想整個產業更廣泛地都一樣：有熱情，但缺乏具體細節，對 AI 也缺乏確定性。

And I feel like that has come into a sharp focus, and now we have dependable lines, how to use it. We know just what we're doing. DocCenter is an example, everybody can follow and the use cases are becoming crystal clear. I think it's also clear that a deterministic framework must be part of the AI stack.

而我覺得現在已經變得非常聚焦，我們有了可依循、可靠的路徑來使用它。我們很清楚自己在做什麼。DocCenter 就是一個例子，大家都能跟著做，使用案例也變得非常清晰。我也認為很明顯：一個確定性（deterministic）的框架必須是 AI 技術堆疊的一部分。

By the AI stack, I mean technologies that are necessary for AI to grow and succeed. Some people think there is no AI stack if there's only AI, but I disagree with that. I think that we're capable of offering something here that AI truly needs. We're not going to be the only ones offering a process orchestration deterministic framework.

我所說的 AI 技術堆疊，是指 AI 要成長並成功所必需的技術。有些人認為如果只有 AI，就不存在 AI 技術堆疊，但我不同意。我認為我們有能力在這裡提供 AI 真正需要的東西。我們不會是唯一提供流程編排的確定性框架的公司。

There will be others. There'll probably be a lot of lightweight options, but we've got a heavy weight. And it's ideal for complex and mission-critical work. I love the kind of maturing understanding of the technologies that it will be necessary to deploy AI successfully and to expand with it. And that's another thing that we have a lot to say to and that we're going to benefit from in concert with our customers as we grow.

還會有其他人。可能也會有很多輕量級的選項，但我們提供的是重量級方案，非常適合複雜且關鍵任務（mission-critical）的工作。我很喜歡大家對於要成功部署 AI、並以 AI 擴展所必需的技術，理解正在走向成熟。這也是我們有很多可以發揮之處的領域；隨著我們成長，我們也會與客戶一起受益。

I appreciate the highlight there. Really great to hear. And then maybe just one quick one for Serge. Really strong start to the year here with 25% cloud subscription revenue in the quarter. When I look at kind of the implied second half cloud guide, it seems like you're expecting a bit of a deceleration there.

謝謝你剛才的重點分享，真的很棒。接著我想快速問 Serge 一題。今年開局很強勁，本季雲端訂閱營收成長 25%。但我看你們隱含的下半年雲端指引，似乎預期成長會稍微放緩。

Can you walk through some puts and takes there? Why couldn't we see the strong high teens, 20% plus growth kind of sustaining into the second half year, just given the strong pipeline commentary you guys have been talking about?

你能說明一下其中的利多與利空因素嗎？考量你們一直提到的強勁管線（pipeline），為什麼我們不會看到高十幾％、甚至 20% 以上的成長在下半年持續？

Yes. So I would say 2 things. One, we're happy to be able to raise guidance for the full year this early on, and we raised it from 16% to 18% at the midpoint after the first quarter here. And then as I think about sort of the shape of that growth, maybe the most helpful way to think about it is we did just do 25%, but on a constant currency basis it's 20% and we're very happy with that number. It's the fastest in two years for us.

好的。我會說兩點。第一，我們很高興能在這麼早的時間點上調全年指引；在第一季之後，我們把中位數從 16% 上調到 18%。第二，談到成長的形狀（走勢），也許最有幫助的理解方式是：我們剛做出 25% 的成長，但以固定匯率（constant currency）計算是 20%，我們對這個數字非常滿意。這是我們兩年來最快的成長。

But we don't see very much currency benefit for the rest of the year. So I think of comparing that 20% for the -- in the first quarter compared to 18% for the full year, and that hopefully gives you a little bit of a better sense in terms of the linearity, if you will.

但我們預期今年剩餘期間不會有太多匯率帶來的助益。所以我會把第一季的 20%（固定匯率）拿來對比全年 18%，希望這能讓你對成長的線性程度（linearity）有更好的感覺。

Got it. Thank you.

了解，謝謝。

(Operator Instructions)

（接線員指示）

Derrick Wood, TD Cowen.

Derrick Wood，TD Cowen。

Great. Thank you, guys. This is Cole Erskine on for Derrick. Matt, you talked about MCP access to the platform and how customers can use Appian and the data fabric without ever going directly into the platform.

很好，謝謝各位。我是 Cole Erskine，代 Derrick 提問。Matt，你談到 MCP 對平台的存取，以及客戶如何使用 Appian 與 data fabric，而不必直接進入平台。

I mean, can you just talk about how this -- how you're seeing this change to usage patterns so far? And then on the economic side, is there any different puts and takes on monetization if you're -- if a customer is using Appian through Quad interface versus your first-party?

你能談談到目前為止你們觀察到這如何改變使用模式嗎？另外在經濟面（商業面）上，如果客戶是透過 Quad 介面使用 Appian，而不是你們自家的第一方介面，在變現（monetization）上會有什麼不同的利多與利空嗎？

Yes. Okay. Well, let me start with just how the ecosystem is shifting in the AI era. I see a enterprise future with fewer rigid predefined lines of communication and more fluid, unpredictable -- It's like we're going to take all of our kind of boxes and institutions and blend them up or make a primordial soup out of all of these entities across the enterprise.

好的。那我先從 AI 時代生態系如何轉變談起。我看到的是一個企業未來：更少僵硬、預先定義的溝通界線，更多流動且不可預測的——就像我們會把企業內所有的「盒子」與制度都打散混合，做成一鍋跨越整個企業的原始湯（primordial soup）。

Therefore, I think every object has the responsibility to be ready to field questions or ask questions as part of improvised networks of communication. So that's our intent with Appian to be very open and transparent and always extremely secure using credentials, et cetera. So we're a full participant in that kind of economy.

因此，我認為每一個物件都有責任要能隨時準備好：在即興形成的溝通網路中接收問題或提出問題。這就是我們對 Appian 的意圖——非常開放、透明，同時透過憑證等方式始終保持極高的安全性。所以我們會是那種經濟體系中的完整參與者。

And it is extraordinary now that you can develop an entire Appian application from front to back without ever opening an Appian interface. That may not be the best way. I would say that is not the best way to develop an Appian application, but it is possible. And the fact that it's possible is a demonstration of just how open we've made this product.

而且現在你甚至可以在完全不打開任何 Appian 介面的情況下，從前到後開發一個完整的 Appian 應用程式，這非常驚人。那可能不是最佳方式；我會說那不是開發 Appian 應用程式的最佳方法，但它確實可行。而「可行」這件事本身，就展示了我們把產品做得有多開放。

I also want to point out just how valuable data fabric will be as a means to survey the entire enterprise worth of data for future agents. As agents get more savvy about where they can find data and where they can get it in a performant manner and interact with data, they'll focus in on those data providers that can give them more than one silo at a time, and they can give something with a fast response time.

我也想指出：data fabric 作為未來代理（agents）用來檢視整個企業資料版圖的手段，將會非常有價值。隨著代理越來越懂得去哪裡找資料、如何以高效能方式取得資料並與資料互動，它們會更聚焦於那些能一次提供多個資料孤島（silo）資料、且回應時間很快的資料提供者。

So we are -- we're well positioned to be part of that emerging ecosystem. So that -- we're excited about that. As for how you monetize it, well, I think it's important you just put a charge on all external inbound requests. So that's how we do it.

因此，我們——我們很有利於在這個正在形成的生態系中扮演一部分角色。所以我們對此很興奮。至於你問如何變現，我認為重點是：對所有外部的入站請求（external inbound requests）收取費用。我們就是這樣做的。

Great color. Thank you.

很有幫助的補充說明，謝謝。

Thank you. As I'm showing no further questions, this does conclude the question-and-answer session. Thank you for your participation in today's conference. This concludes the program, and you may now disconnect.

謝謝。目前看起來沒有其他問題，問答環節到此結束。感謝各位參與今天的電話會議。本次會議到此結束，您現在可以掛線。