Certara, Inc. (CERT) 2026 Q1 法說會逐字稿

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

各位早安，感謝您稍候。歡迎參加 Certara 2026 年第一季財報電話會議。（接線員指示）敬請注意，今日會議將進行錄音。

I would now like to hand the conference over to your speaker today, David Deuchler of Certara. Please go ahead.

現在我想將會議交給今日的講者、Certara 的 David Deuchler。請開始。

Good morning, everyone. Thank you all for participating in today's conference call. On the call from Certara, we have Jon Resnick, Chief Executive Officer; and John Gallagher, Chief Financial Officer.

各位早安。感謝大家參與今天的電話會議。出席本次會議的 Certara 團隊成員包括：執行長 Jon Resnick，以及財務長 John Gallagher。

Earlier today, Certara released financial results for the quarter ended March 31, 2026. A copy of the press release is available on the company's website.

今天稍早，Certara 已公布截至 2026 年 3 月 31 日止季度的財務結果。新聞稿副本可於公司網站取得。

Before we begin, I would like to remind you that management will make statements during this call that include forward-looking statements, and actual results may differ materially from those expressed or implied in the forward-looking statements. Please refer to slide 2 in the accompanying materials for additional information which you can find on the company's Investor Relations website.

在開始之前，我想提醒各位，管理團隊在本次電話會議中將發表包含前瞻性陳述的內容，而實際結果可能與前瞻性陳述中明示或暗示者有重大差異。更多資訊請參閱隨附資料的第 2 張投影片，您可於公司投資人關係網站找到。

In their remarks and responses to questions, management may mention some non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are available in the recent earnings press release available on the company's website. Please refer to the reconciliation tables in the accompanying materials for additional information.

在發言及回答問題時，管理團隊可能會提及部分非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標與最直接可比的 GAAP 指標之調節表，已載於公司網站上最新的財報新聞稿中。更多資訊請參閱隨附資料中的調節表。

This conference call contains time-sensitive information and is accurate only as of the live broadcast today, May 11, 2026. Certara disclaims any obligation, except as required by law, to update or revise any financial projections or forward-looking statements, whether because of information, future events or otherwise.

本次電話會議包含具時效性的資訊，且僅以今日（2026 年 5 月 11 日）直播當下為準。除法律要求外，Certara 不承擔更新或修訂任何財務預測或前瞻性陳述之義務，不論係因新資訊、未來事件或其他原因。

And with that, I will turn the call over to Jon.

接下來，我將把電話會議交給 Jon。

Good morning. Thank you all for joining today's call. Since we last spoke, I have crossed over the 100-day mark at Certara, and I continue to be incredibly impressed by many things within the company. We are differentiated by our world-leading scientists, institutional knowledge, regulatory leadership, and our fit-for-purpose technology that is embedded in customer and regulators workflows.

各位早安。感謝大家參加今天的會議。自上次與各位交流以來，我在 Certara 已經超過 100 天，而公司內部許多面向仍持續讓我深感印象深刻。我們的差異化優勢在於世界領先的科學家、深厚的機構知識、法規領導地位，以及嵌入客戶與監管機構工作流程、為特定目的打造的技術。

Our clinical intelligence capability is the logic built into our technology, mining the latest science and join on what our experts know our interactions with regulators over decades, and with thousands of drug development successes and failures have taught us. Certara products and services are integral to the drug development process and increasingly scalable to the use of AI technologies.

我們的臨床智慧能力，是內建於技術中的邏輯：挖掘最新科學成果，並結合專家所知——這些知識來自我們數十年與監管機構的互動，以及數千次藥物開發成功與失敗所帶來的經驗教訓。Certara 的產品與服務是藥物開發流程中不可或缺的一環，且愈來愈能擴展以運用 AI 技術。

Having exited the listening and learning phase, my attention is transitioned to helping Certara reach its full potential. First quarter performance was in line with our expectations, but does not reflect the company's potential.

在結束傾聽與學習階段後，我的重點已轉向協助 Certara 發揮其全部潛力。第一季表現符合我們的預期，但尚未反映公司的潛力。

I am focused on driving long-term, durable growth across the organization by reshaping our business and portfolio strategy, while instilling increased organizational and operational rigor. Today, we will discuss our markets. And outline the steps we are taking to position the company for long-term success before wrapping up with our first quarter performance.

我專注於透過重塑我們的業務與產品組合策略，同時強化組織與營運紀律，來推動全公司長期且可持續的成長。今天，我們將討論市場狀況，並概述我們為公司長期成功所採取的步驟，最後再回顧第一季表現。

Let me start by updating you on our end markets. Across the board, customers are increasing investment in AI and tech-enabled drug discovery capabilities. Today, there are over 200 AI-designed molecules in clinical development, up from just a few 10 years ago.

我先更新我們的終端市場概況。整體而言，客戶正增加對 AI 與科技賦能藥物發現能力的投資。目前已有超過 200 個由 AI 設計的分子進入臨床開發，相較於 10 年前僅有少數。

Eli Lilly has partnered with NVIDIA to build a dedicated AI lab, and Roche Genentech is launching a hybrid cloud AI factory to scale their discovery and development efforts. Amazon has also announced a bio-discovery product through AWS. Additionally, OpenAI and Anthropic have announced LLMs for life science.

禮來（Eli Lilly）已與 NVIDIA 合作建立專屬 AI 實驗室；羅氏 Genentech 正推出混合雲 AI 工廠，以擴大其發現與開發工作。Amazon 也透過 AWS 宣布推出生物發現產品。此外，OpenAI 與 Anthropic 亦宣布面向生命科學的 LLM。

Expansion of the use case in AI is consistent with Certara's approach using analytical techniques embedded in customers' workflow to accelerate the drug discovery and development processes while reducing the reliance on living subjects. As AI-driven drug development helps the industry deliver more molecules and innovation, demand will increase for Certara's core business, Model-Informed Drug Development, or MIDD. As customers race to turn drug candidates and do approved treatments for patients.

AI 使用情境的擴張，與 Certara 的方法一致：將分析技術嵌入客戶工作流程，以加速藥物發現與開發流程，同時降低對活體受試者的依賴。隨著 AI 驅動的藥物開發協助產業交付更多分子與創新，對 Certara 核心業務——模型導向藥物開發（Model-Informed Drug Development，MIDD）——的需求將增加，因為客戶正競相推進藥物候選物，並為病患帶來已核准的治療。

Accelerating data analytics processes becomes more important than ever as the decades-long goal of reducing drug application timeline comes within reach.

隨著縮短藥物申請時程這一長期目標逐步可及，加速資料分析流程變得前所未有地重要。

In February, the ICH released ICH M15, providing guidance of the general principles for model-informed drug development, which establishes an overarching set of principles for the acceptance of MIDD applications by regulators globally.

2 月，ICH 發布 ICH M15，提供模型導向藥物開發的一般原則指引，建立一套整體性原則，以利全球監管機構接受 MIDD 申請。

In March, the FDA published guidance on the general consideration for the use of new approach methodologies, or NAMs, in drug development. And more recently, in April, the FDA announced a major initiative to implement real-time clinical trials, a shift to eliminate the delays that have historically slowed regulatory decisions.

3 月，FDA 發布指引，說明在藥物開發中使用新方法學（new approach methodologies，NAMs）的整體考量。更近期在 4 月，FDA 宣布一項重大倡議以推動即時臨床試驗（real-time clinical trials），此舉旨在消除過去一向拖慢監管決策的延遲。

As FDA leadership has said, the agency has been conducting clinical trials the same way for decades, where key data signals and lag time have delayed regulatory decisions unnecessarily, which has slowed down drug development timelines. These tailwinds present a clear opportunity for Certara, tackle historically arduous drug development processes.

正如 FDA 領導層所言，該機構數十年來一直以相同方式進行臨床試驗，關鍵數據訊號與時間落差不必要地延後了監管決策，進而拖慢藥物開發時程。這些順風因素為 Certara 帶來明確機會，去解決歷來艱鉅的藥物開發流程。

Certara has an incredible legacy. We believe we are unrivaled in MIDD today because of what was required to build it. We have more than two decades of published scientific literature, 2,600 customers around the world have run over 10,000 projects and have more than 160,000 users of our technology, including the FDA and Japan's Pharmaceutical and Medical Devices Agency.

Certara 擁有令人驚嘆的傳承。我們相信，憑藉建立 MIDD 所需的條件，我們在當今的 MIDD 領域無可匹敵。我們擁有超過二十年的已發表科學文獻；全球 2,600 家客戶已執行超過 10,000 個專案；我們的技術使用者超過 160,000 名，其中包括 FDA 與日本醫藥品醫療機器綜合機構（PMDA）。

Pinnacle 21 has been used to validate more than 36 trillion data points in support of over 500 approved treatments. And we are a team of world-class scientists and are proud to have 10 scientists recognized in Elsevier's top 2% of the world's most cited scientists.

Pinnacle 21 已用於驗證超過 36 兆個資料點，以支持超過 500 項已核准治療。我們擁有世界級科學家團隊，並以有 10 位科學家入選 Elsevier 全球被引用次數最高科學家前 2% 而自豪。

This is not a position that can be replicated overnight. It is the product of decades of scientific rigor, regulatory trust, and deep customer partnership that many underestimate. For example, the qualification of our Simcyp software for the prediction of drug-to-drug interactions in the EMA required two years of engagement with participants representing all 27 member states.

這樣的地位不可能一夕複製。它是數十年科學嚴謹、監管信任與深度客戶夥伴關係的成果，而許多人低估了其難度。舉例而言，我們的 Simcyp 軟體在 EMA 取得用於預測藥物交互作用（drug-to-drug interactions）的資格認定，需與代表 27 個成員國的參與者進行為期兩年的互動。

Our most experienced scientists work directly with EMA reviewers to evaluate 25 years' worth of data, code, and process documentation to gain approval from the EMA. To our knowledge, Simcyp is the only mechanistic modeling software qualified in Europe at this critical level.

我們最資深的科學家直接與 EMA 審查人員合作，評估長達 25 年的資料、程式碼與流程文件，以取得 EMA 的核准。據我們所知，Simcyp 是歐洲在此關鍵層級唯一取得資格認定的機制式建模軟體。

Building on this legacy, we have developed and continue to invest in category-leading products that are truly distinguished in the market. Maximum, Simcyp, Pinnacle 21, and Phoenix are purpose-built, validated, and deeply embedded in the workflows of the world's leading drug developers and regulators. What makes these valuable to our customers is the cutting-edge science, proprietary data, intellectual property, thousands of validated biological parameters, unmatched computational precision, and auditable transparency that regulated science demands.

在此傳承基礎上，我們已開發並持續投資於真正於市場上具明顯差異化、且在類別中領先的產品。Maximum、Simcyp、Pinnacle 21 與 Phoenix 皆為特定目的打造、經過驗證，並深度嵌入全球領先藥物開發者與監管機構的工作流程。其對客戶的價值在於：尖端科學、專有資料、智慧財產、數千個已驗證的生物參數、無可匹敵的運算精準度，以及受監管科學所要求的可稽核透明度。

As we move the company forward, there is a window of opportunity for us to drive value from connectivity across our clinical intelligence capabilities. We are building an AI-integrated platform that sits on top of and complements our existing portfolio. This next-generation platform will give researchers the ability to interrogate Certara's full-body of knowledge across products, datasets, and scientific expertise to get accurate, trusted answers to increasingly complex questions. We have created an AI-native team, allocated the investment resources needed for this effort, and are engaging Lighthouse customers.

隨著我們推動公司向前發展，我們有一個機會窗口，可透過臨床智慧能力之間的連結性來創造價值。我們正在打造一個 AI 整合平台，位於並補強我們既有的產品組合之上。這個次世代平台將讓研究人員能跨產品、資料集與科學專業，檢索 Certara 的完整知識體系，針對日益複雜的問題取得準確且可信的答案。我們已成立 AI 原生團隊，配置此項工作所需的投資資源，並正與燈塔客戶（Lighthouse customers）合作。

Our Annual Certainty Conference in Boston illustrated our scientific and technological leadership and provided clear evidence that our customers are looking for us to innovate. In front of more than 400 attendees, we showcased the latest in MIDD and AI-enabled technology capabilities for more than a dozen products, leveraging demos and user groups to collect valuable feedback.

我們在波士頓舉辦的年度 Certainty 大會展現了我們在科學與技術上的領導地位，並清楚證明客戶期待我們持續創新。在超過 400 位與會者面前，我們展示了十多項產品在 MIDD 與 AI 賦能技術能力方面的最新進展，並透過示範與使用者社群蒐集寶貴回饋。

Moving to delivery, let me share a few highlights from the quarter. Our technology and scientific experts supported numerous drug approvals. One notable example was a complex generic of tazarotene, a dermal product used in the treatment of acne and psoriasis.

接著談交付面，讓我分享本季幾項重點。我們的技術與科學專家支持了多項藥品核准。其中一個值得注意的案例，是 tazarotene 的複雜學名藥（complex generic），這是一種用於治療痤瘡與乾癬的皮膚用產品。

Certara's PBPK in silico modeling data was accepted in lieu of a clinical endpoint bioequivalence study. This is only the second time ever that PBPK modeling has been used to enable approval of a generic drug in lieu of running clinical trials.

Certara 的 PBPK 體內外推（in silico）建模資料獲接受，可替代臨床終點的生體相等性研究。這僅是史上第二次以 PBPK 建模取代進行臨床試驗，從而促成學名藥核准。

In another example, Certara also demonstrated the real-world impact of MIDD and regulatory success for the leukemia therapy, asciminib. Simcyp supported the evidence generation journey and approval, with the FDA accepting the PBPK modeling results in lieu of clinical studies for at least 10 human trials, significantly reducing development time and cost.

在另一個例子中，Certara 也展示了 MIDD 的實際世界影響，以及白血病療法 asciminib 的法規核准成功。Simcyp 支援了證據產生的歷程與核准流程，FDA 接受 PBPK 建模結果以取代臨床研究，至少涵蓋 10 項人體試驗，顯著降低開發時間與成本。

Certara scientists published nearly 100 peer-reviewed papers this year, spanning dose optimization, pediatric development, virtual bioequivalence, and next-generation MIDD frameworks, which align with the recently published ICM M15 guidance focused on the multidisciplinary principles of MIDD. Among these, a publication co-authored with the FDA and MHRA scientists highlighted the expanding role of MIDD in pediatric drug development, showing PBPK as the potential to reduce timelines and costs for pediatric trials by informing dosing, study design, extrapolation, and label extension, while reducing unnecessary studies in children.

Certara 科學家今年發表了近 100 篇同儕審查論文，涵蓋劑量最佳化、兒科開發、虛擬生體相等性，以及下一代 MIDD 架構；這些內容與近期發布、聚焦於 MIDD 多學科原則的 ICM M15 指引一致。其中，一篇與 FDA 與 MHRA 科學家共同署名的出版物強調 MIDD 在兒科藥物開發中日益擴大的角色，指出 PBPK 具有透過提供劑量設定、研究設計、外推與標籤延伸等資訊來縮短兒科試驗時程並降低成本的潛力，同時減少對兒童不必要的研究。

In addition, one of Certara's leading scientists serves as the Editor-in-Chief, Clinical Pharmacology and Therapeutics Journal, a position she took over from another leading Certara scientist.

此外，Certara 的一位領先科學家擔任《Clinical Pharmacology and Therapeutics》期刊主編，她是從另一位 Certara 領先科學家手中接任該職務。

We had several technology advancements in the quarter, with AI increasing the productivity of our developers and the value of our technology. There were multiple new releases of our software, including a new version of D360 to help discovery scientists accelerate therapeutic peptide design and optimization, new functionality in Pinnacle 21 to accelerate clinical study, startup, and extended reporting functionality in Phoenix Cloud. And the release of Simcyp with expanded simulation and virtual bioequivalence capabilities.

本季我們在技術方面取得多項進展，AI 提升了開發人員的生產力與我們技術的價值。我們的軟體也有多項新版本發布，包括新版 D360，協助藥物發現科學家加速治療性胜肽的設計與最佳化；Pinnacle 21 的新功能以加速臨床研究啟動；Phoenix Cloud 的延伸報告功能；以及發布了具備擴增模擬與虛擬生體相等性能力的 Simcyp。

To capitalize on these opportunities and prepare to scale, we are taking several decisive actions. First, we're focusing our business and accelerating long-term growth by exiting medical writing. Second, we're reorganizing and aligning the company around two distinct growth areas, MIDD and discovery, which we call MID3 and accelerated clinical evidence, which we call ACE.

為了把握這些機會並為擴張做準備，我們正在採取幾項果斷行動。第一，透過退出醫學寫作業務，我們將聚焦本業並加速長期成長。第二，我們將重整並使公司圍繞兩個明確的成長領域對齊：MIDD 與發現（我們稱之為 MID3），以及加速臨床證據（我們稱之為 ACE）。

Third, you're creating a stronger center of gravity for AI across the company, formalizing leadership with the Chief ai Officer and increasing investment in our next-generation Certara platform. Fourth, we're extending our capabilities and reach with strategic collaborations and partnerships highlighted by NVIDIA and Altasciences.

第三，我們正在公司內建立更強的 AI「重心」，透過設立首席 AI 官來正式化領導架構，並加大對下一代 Certara 平台的投資。第四，我們透過策略性協作與合作夥伴關係擴展能力與觸及範圍，其中以 NVIDIA 與 Altasciences 的合作最具代表性。

Fifth, we're reviewing opportunities to leverage our existing clinical intelligence capabilities into the new use cases. And sixth, improving execution and efficiency.

第五，我們正在檢視如何將既有的臨床智慧能力延伸到新的使用情境。第六，提升執行力與效率。

Focusing on the first action, on Friday, we closed the divestiture of the regulatory writing and medical writing business to Veristat. This transaction allows us to sharpen our focus in areas we have defined competitive and scientific advantage, results in a nearly one-to-one alignment between our expert services and our technology, where our value proposition is the strongest. Improves the predictability of our revenue and unlocks approximately 150 basis points of incremental growth in 2027 and beyond.

聚焦第一項行動，上週五我們完成將法規寫作與醫學寫作業務出售給 Veristat 的交易。此交易使我們能更聚焦於我們已界定具備競爭與科學優勢的領域，並使我們的專家服務與技術之間達到近乎一比一的對齊，亦即在我們價值主張最強的地方。這也提升了營收可預測性，並在 2027 年及之後釋放約 150 個基點的額外成長。

Second, we are reorganizing the company into two groups to accelerate growth and better service our customers, MID3 and ACE. Within MID3, we have merged our technology and expert services into one organization, creating a flywheel for technology, innovation, and customer engagement.

第二，我們將公司重整為兩個團隊，以加速成長並更好地服務客戶：MID3 與 ACE。在 MID3 之內，我們已將技術與專家服務合併為同一個組織，形成推動技術、創新與客戶互動的飛輪效應。

ACE's mission is to reduce data timelines along the full lifecycle from design through and beyond submission, while maintaining or improving quality at every step in the process. Both groups will be supported by a Chief Product Officer, reporting to me, who will oversee product development across the organization. We are engaged in an active search for this position.

ACE 的使命是在從設計、提交到提交後的完整生命週期中縮短資料時程，同時在流程每一步維持或提升品質。兩個團隊都將由一位向我匯報的首席產品官支持，該職位將負責全公司的產品開發。我們正在積極尋覓此人選。

Third, we have appointed Dr. Chris Bouton as our Chief AI Officer. Further evidence of our commitment to drive innovative solutions that turn decades of cross-program scientific and regulatory intelligence into market-leading AI-integrated capabilities. Chris also serves as our Chief Technology Officer and led Certara's AI implementation efforts. In his expanded role, Chris will drive the acceleration of Certara's next-generation platform.

第三，我們任命 Chris Bouton 博士為首席 AI 官。這進一步證明我們致力於推動創新解決方案，將數十年跨專案的科學與法規智慧轉化為市場領先、整合 AI 的能力。Chris 同時也擔任首席技術官，並領導 Certara 的 AI 導入工作。在其擴大的職責中，Chris 將推動 Certara 下一代平台的加速發展。

Fourth, we are taking a new approach to partnerships. In April, we entered into a strategic collaboration with NVIDIA to apply accelerated computing and AI to Certara's next-generation platform. This partnership will reduce manual, time-intensive steps and shift biosimulation from sequential processes to parallel iterative workflows. This is particularly important for Certara's computationally intensive applications. We've been hard at work at this collaboration and will communicate more details soon.

第四，我們對合作夥伴關係採取新做法。4 月，我們與 NVIDIA 達成策略性合作，將加速運算與 AI 應用於 Certara 的下一代平台。此合作將減少人工且耗時的步驟，並把生物模擬從序列式流程轉為平行、迭代式的工作流程。這對 Certara 計算密集型的應用尤其重要。我們一直在積極推進這項合作，並將很快分享更多細節。

We've also expanded our commercial collaboration, most notably through a new relationship with Altasciences, a forward-thinking integrated CRO/CDMO. Together, we are advancing a model-first, fully integrated, and resource-efficient approach to early drug development that accelerates the path to proof of concept for biotech innovators and investors and pharmaceutical companies across the globe. These collaborations will strengthen Certara's underlying technology and enable us to bring value to new customers.

我們也擴大了商業合作，最值得一提的是與 Altasciences 建立的新關係；Altasciences 是一家具前瞻性的整合型 CRO/CDMO。我們將共同推進以模型優先（model-first）、完全整合且資源效率更高的早期藥物開發方法，加速全球生技創新者與投資人以及製藥公司的概念驗證（proof of concept）之路。這些合作將強化 Certara 的底層技術，並使我們能為新客戶帶來價值。

Fifth, after completing a review of our portfolio and market opportunities, we've identified several new potential use cases that build up our clinical intelligence capabilities. For example, clinical trial simulation and asset evaluation, to name just two. We are actively evaluating investment opportunities in these areas. There is excitement across the organization about these opportunities.

第五，在完成對我們產品組合與市場機會的檢視後，我們已辨識出數個可建立在臨床智慧能力之上的新潛在使用情境，例如臨床試驗模擬與資產評估等。我們正在積極評估在這些領域的投資機會。整個組織對這些機會都感到振奮。

Finally, we are taking decisive steps on the operational side of the business to drive efficiency, accountability, and growth. We have deployed focused SWAT teams to address needed cultural shifts, simplify processes, accelerate technology development, and improve execution. We are aligning sales and marketing to our new structure to clarify accountability and drive customer centricity. We are taking a data-driven approach to leveraging AI to better target and identify opportunities.

最後，我們在營運面採取果斷措施，以提升效率、責任歸屬與成長。我們已部署聚焦的 SWAT 團隊，以推動必要的文化轉變、簡化流程、加速技術開發並改善執行。我們也將銷售與行銷與新組織架構對齊，以釐清責任並強化以客戶為中心。我們正以數據驅動的方式運用 AI，以更好地鎖定並辨識機會。

Multiple efforts are underway to both review and optimize pricing, but also to explore more structural changes to how clients consume our solutions. We are also updating incentives to drive the right behaviors and encourage cross-functional collaboration. We're also rationalizing internal spend to shore up our cost base and maximize investment efficiency.

多項工作正在進行中，既包括檢視並最佳化定價，也包括探索客戶使用我們解決方案方式的更結構性變革。我們也在更新獎酬機制，以驅動正確行為並鼓勵跨職能協作。同時，我們也在合理化內部支出，以鞏固成本基礎並最大化投資效率。

Let me turn to the first quarter results. The team's focus on technology resulted in improved performance over the second-half of 2025, particularly in MIDD. This is a good start for the year, but we need to see consistent performance.

接著我來談第一季業績。團隊對技術的聚焦使我們在 2025 年下半年之後的表現有所改善，尤其是在 MIDD 方面。這是今年一個良好的開端，但我們需要看到更一致的表現。

Services performance in the quarter was mixed after an extremely strong Q4. The operational and commercial changes I outlined earlier are designed to these gaps. It will take time to achieve our long-term operating goals, and it's important that we make the right decision for Sitara's long-term growth and success now.

本季服務業務表現好壞參半，因為在極為強勁的第四季之後出現波動。我先前概述的營運與商業變革旨在彌補這些落差。要達成我們的長期營運目標需要時間，而重要的是，我們現在必須為 Sitara 的長期成長與成功做出正確決策。

With that, I will turn the call over to John Gallagher to walk you through our first quarter results and guidance.

接下來，我將把電話會議交給 John Gallagher，請他帶各位了解我們第一季的業績與財測指引。

Thank you, Jon. Hello, everyone. Total revenue for the three months ended March 31, 2026, was $106.9 million, representing year-over-year growth of 1% on a reported basis. Total bookings in the first quarter were $115.3 million, which declined 2% from the prior-year period. Trailing 12-month bookings were $479.2 million, increasing 5%. Software revenue was $49.7 million in the first quarter, which increased 7% over the prior-year period on a reported basis.

謝謝你，Jon。各位好。截至 2026 年 3 月 31 日止三個月的總營收為 1.069 億美元，以報告口徑計算年增 1%。第一季總訂單額（bookings）為 1.153 億美元，較去年同期下降 2%。過去 12 個月的訂單額為 4.792 億美元，增加 5%。第一季軟體營收為 4,970 萬美元，以報告口徑計算較去年同期成長 7%。

Growth in the quarter was driven by Simcyp, Phoenix, and Chemaxon. Ratable and subscription revenue accounted for 57% of first-quarter software revenues consistent with the prior-year period.

本季成長主要由 Simcyp、Phoenix 與 Chemaxon 帶動。可按期認列（ratable）與訂閱營收占第一季軟體營收的 57%，與去年同期一致。

Software bookings were $48.7 million in the first quarter, which increased 20% from the prior-year period. Trailing 12-month software bookings were $192.2 million, up 8% year-on-year. The software net retention rate was [106%] in the quarter.

第一季軟體訂單額為 4,870 萬美元，較去年同期成長 20%。過去 12 個月的軟體訂單額為 1.922 億美元，年增 8%。本季軟體淨留存率為 [106%]。

Looking at our software bookings performance by tier, we saw performance at or above plan across all three customer tiers, which was nice to see following a mixed fourth quarter performance.

從分層客戶的軟體訂單表現來看，我們在三個客戶層級的表現皆達到或高於計畫，這點令人欣慰，尤其是在第四季表現好壞參半之後。

Now turning to services revenue, which was $57.2 million in the first quarter, down 4% versus the prior year period on a reported basis. We saw mixed results in our MIDB services business in the quarter, reflecting the operational dynamics Jon mentioned earlier, which was compounded by softness in regulatory services.

接著看服務營收，第一季為 5,720 萬美元，以報告口徑計算較去年同期下降 4%。本季我們的 MIDB 服務業務結果好壞參半，反映 Jon 先前提到的營運動態，且又受到法規服務需求疲弱的影響而加劇。

Services bookings in the first quarter were $66.6 million, which declined 14% from the prior-year period. GTM services bookings were $286.9 million, up 2% compared to the prior year. After a strong fourth quarter, we saw softer performance from Tier 1 customers in MIBB services during the first quarter.

第一季服務預訂額為 6,660 萬美元，較去年同期下降 14%。GTM 服務預訂額為 2.869 億美元，較去年成長 2%。在第四季表現強勁之後，我們在第一季看到 Tier 1 客戶於 MIBB 服務的表現較為疲弱。

Total cost of revenue for the first quarter of 2026 was $41.6 million, a slight increase from $41.5 million in the first quarter of 2025. Total operating expenses for the first quarter of 2026 were $111.2 million, an increase from $98.4 million in the first quarter of 2025, primarily due to a $7.4 million increase in the change in fair value of a contingent consideration related to the Vyasa acquisition.

2026 年第一季營收成本總額為 4,160 萬美元，較 2025 年第一季的 4,150 萬美元小幅增加。2026 年第一季營業費用總額為 1.112 億美元，高於 2025 年第一季的 9,840 萬美元，主要原因是與 Vyasa 收購案相關之或有對價公允價值變動增加 740 萬美元。

Adjusted EBITDA for the first quarter of 2026 was $31.7 million, a decrease from $34.8 million in the first quarter of 2025. Adjusted EBITDA margin in the quarter was 30%.

2026 年第一季調整後 EBITDA 為 3,170 萬美元，低於 2025 年第一季的 3,480 萬美元。本季調整後 EBITDA 利潤率為 30%。

Wrapping up the income statement, note that GAAP net income and EPS are both impacted by non-recurring items. Net loss for the first quarter of 2026 was $8.8 million, compared to net income of $4.7 million in the first quarter of 2025. Reported adjusted net income for the first quarter of 2026 was $14.5 million, compared to $22.2 million for the first quarter of 2025.

在結束損益表部分時，請注意 GAAP 淨利與每股盈餘（EPS）皆受到一次性項目的影響。2026 年第一季淨損為 880 萬美元，相較之下 2025 年第一季淨利為 470 萬美元。2026 年第一季揭露的調整後淨利為 1,450 萬美元，相較 2025 年第一季為 2,220 萬美元。

Diluted loss per share for the first quarter of 2026 was $0.06 compared to earnings of $0.03 per share in the first quarter of 2025. Adjusted diluted earnings per share for the first quarter of 2026 were $0.09 compared to $0.14 per share in the first quarter of last year.

2026 年第一季稀釋後每股虧損為 0.06 美元，相較之下 2025 年第一季每股盈餘為 0.03 美元。2026 年第一季調整後稀釋每股盈餘為 0.09 美元，相較去年第一季為 0.14 美元。

Moving to the balance sheet, we finished the quarter with $149.5 million in cash and cash equivalents. As of March 31, 2026, we had $294.8 million of outstanding borrowings on our term loan and full availability under our revolving credit facility.

接著看資產負債表，本季結束時我們持有現金及約當現金 1.495 億美元。截至 2026 年 3 月 31 日，我們的定期貸款未償借款為 2.948 億美元，且循環信用額度仍有全額可用額度。

Last year, our Board authorized a $100 million share repurchase program. We have repurchased approximately $82.6 million of stock since that authorization, including $40 million during the first quarter of 2026.

去年，我們董事會核准了一項 1 億美元的庫藏股回購計畫。自該授權以來，我們已回購約 8,260 萬美元的股票，其中包括 2026 年第一季回購的 4,000 萬美元。

Today, we announced the closing of the Regulatory Writing and Medical Writing Services divestiture.

今天，我們宣布已完成法規撰寫與醫學撰寫服務業務的出售（divestiture）交割。

As a reminder, in 2025, these businesses generated $50 million of revenue and approximately $17 million of adjusted EBITDA, excluding unallocated overhead expenses. During the first quarter of 2026, they contributed approximately $13 million in revenue, and we expect to recognize approximately $5 million from them in the second quarter. Going forward, we anticipate our revenue mix to be approximately 50% software and 50% services.

提醒一下，2025 年這些業務創造了 5,000 萬美元營收與約 1,700 萬美元的調整後 EBITDA（不含未分攤的間接費用）。2026 年第一季它們貢獻約 1,300 萬美元營收，我們預期在第二季將自其認列約 500 萬美元。展望未來，我們預期營收組合約為 50% 軟體與 50% 服務。

With that in mind, we are updating our full-year 2026 guidance to reflect the divestiture as follows.

基於上述情況，我們更新 2026 全年財測，以反映此次出售，內容如下。

We now expect 2026 reported full-year revenue to be in the range of $395 million to $405 million, including the $18 million I just referenced related to the divested business. This outlook reflects full-year growth of 0% to 4%, excluding the divested business in both periods, and is consistent with our prior growth expectations from the call in February.

我們目前預期 2026 年揭露的全年營收將介於 3.95 億至 4.05 億美元之間，其中包含我剛提到與已出售業務相關的 1,800 萬美元。此展望在兩期皆排除已出售業務後，反映全年成長 0% 至 4%，並與我們在 2 月電話會議中先前的成長預期一致。

We expect first-half revenue growth to be closer to the low end of the 0% to 4% range, while the second-half is expected to be at or above the high end of the range. We anticipate full-year software growth to be at or above the high end of the 0% to 4% range for the year, with first half closer to the midpoint and second-half above the high end of the range. The software outlook contemplates higher visibility compared with last year, and we are optimistic about opportunities for newly introduced products.

我們預期上半年營收成長將更接近 0% 至 4% 區間的低端，而下半年預期將達到或高於區間高端。我們預期全年軟體成長將達到或高於全年 0% 至 4% 區間的高端，其中上半年更接近區間中點、下半年高於區間高端。軟體展望相較去年具備更高能見度，我們也對新推出產品的機會抱持樂觀。

In services, we expect full-year growth to be towards the low end of the 0% to 4% range, with first half at or below the low end of the range, improving to the high end during the second-half of the year. We see the Tier 2 and 3 end markets improving through the course of the year following a strong capital-raising environment through April.

在服務方面，我們預期全年成長將偏向 0% 至 4% 區間的低端，上半年位於或低於區間低端，並在下半年改善至區間高端。我們看到 Tier 2 與 Tier 3 終端市場在今年內逐步改善，這是在截至 4 月資本募集環境強勁之後的延續。

Generally, compared to the guidance provided in late February, this more detailed revenue outlook reflects modestly improved software performance and modestly lower services outlook, which we attribute to some of the execution dynamics Jon referenced in his remarks.

整體而言，相較於 2 月下旬提供的財測，這份更細緻的營收展望反映軟體表現小幅改善、服務展望小幅下修；我們將其歸因於 Jon 在談話中提到的一些執行面動態。

We anticipate full-year 2026 adjusted EBITDA margin to continue to be 30% to 32% range, including contribution from the regulatory writing and medical writing business. First-half margins will be modestly below this range, and second-half margins will be closer to the higher end of the range. Margin performance through the year reflects higher revenue growth in the second-half of the year, as well as improved operating discipline across the organization following the divestiture.

我們預期 2026 全年調整後 EBITDA 利潤率仍將維持在 30% 至 32% 的區間內，並包含法規撰寫與醫學撰寫業務的貢獻。上半年利潤率將略低於此區間，而下半年利潤率將更接近區間高端。全年利潤率表現反映下半年較高的營收成長，以及出售後全組織營運紀律的提升。

We expect adjusted EPS in the range of $0.35 to $0.41 per share for the full year. Fully diluted shares are expected to be in the range of $157 million to $159 million, and we are modeling an effective tax rate of about 30%.

我們預期全年調整後 EPS 將介於每股 0.35 至 0.41 美元。完全稀釋後股數預期介於 1.57 億至 1.59 億股之間，我們模型中採用的有效稅率約為 30%。

With that, we will open up the call for Q&A. Operator, can you please open the line?

接下來，我們將開放問答。接線員，請開放線路。

(Operator Instructions) Scott Schoenhaus, KeyBanc. Your line is open.

（接線員指示）KeyBanc 的 Scott Schoenhaus，您的線路已開通。

So Jon, you mentioned this next generation AI platform that you guys are developing. Maybe walk us through the opportunity here, the monetization. Is it more a function of a drives engagement utilization on the software piece? Are you taking ASP up? Maybe walk us through the dynamics here to bridge us to this opportunity.

Jon，你提到你們正在開發下一代 AI 平台。能否帶我們了解一下這裡的機會與變現方式？它比較像是推動軟體端的參與度與使用率嗎？你們會提高 ASP（平均售價）嗎？請談談這裡的動態，幫助我們理解並銜接到這個機會。

Yeah, we're extremely excited about what's ahead of us here. First of all, before I get into the detail on the platform itself, I mean, AI more broadly, we've taken a step change in terms of our readiness.

是的，我們對接下來的發展非常興奮。首先，在我深入平台本身的細節之前，就更廣義的 AI 而言，我們在準備度方面已經出現了顯著的躍升。

We're focused on things like product development, which is the platform, scaling capabilities across the organization, people and talent, how you saw the announcement about Chris, and overall kind of corporate governance of it.

我們聚焦在產品開發（也就是平台）、在全組織擴展能力、人員與人才（你們也看到關於 Chris 的公告），以及整體的公司治理等面向。

Obviously, we talked historically about the great position we believe we have. And in my comments a few minutes ago, I think you heard that foundation, those capabilities that we have over decades has created a real exciting position in terms of embeddedness in client workflow, codification of science, validation, auditability, transparency.

顯然，我們過去一直談到我們自認所處的有利位置。而在我幾分鐘前的評論中，我想你們也聽到了那個基礎：我們數十年累積的能力，讓我們在深度嵌入客戶工作流程、科學知識的編碼化、驗證、可稽核性與透明度等方面，形成非常令人振奮的定位。

In essence, closing that last mile in a regulatory sciences market, our view and our expectation is that there's a spot and a place where Certara's capabilities, know-how and expertise will fit in very well as a complement to what's out there today. So the platform -- and I don't want to go into too much detail on exactly what we're doing because I do know that there are others who listen to this call as well.

本質上，在法規科學市場補上最後一哩路，我們的觀點與預期是：在某個環節與位置上，Certara 的能力、know-how 與專業將能非常契合，並作為對目前市面上既有方案的良好補充。因此，關於這個平台——我不想過度透露我們具體在做什麼，因為我知道也有其他人正在收聽這通電話會議。

But it's, in essence, building on these exact capabilities, it is an effort for us to unify many of our products and our know-how under a single environment. It will allow us to take all the kind of independent know-how and the independent applications we have and answer questions across the lifecycle. And it's going to create unique business models for us as we move forward.

但本質上，它是建立在這些既有能力之上；這是我們將多項產品與 know-how 統一到單一環境中的努力。它將使我們能把各種獨立的 know-how 與獨立應用整合起來，回答跨越整個生命週期的問題。隨著我們向前推進，它也將為我們創造獨特的商業模式。

In terms of your question around guidance and how should you think about it, I think for 2026, as we indicated, we're out talking to Lighthouse clients, we're out engaging in this. This is a thing that's now in that discussion. So I wouldn't think too much about near-term modeling. I think what we'll do is provide more guidance toward the end of this year about how you should think about this relative to our conventional software portfolio as we think more on platform into '27 and beyond.

至於你問到財測以及應該如何看待，我認為就 2026 年而言，如同我們所指出的，我們正在與 Lighthouse 客戶溝通、也正在投入互動；這件事現在已經納入討論。因此我不會建議在短期模型上想太多。我們會在今年稍晚提供更多指引，說明當我們把平台推進到 2027 年及之後時，你們應如何相對於我們既有的傳統軟體產品組合來看待它。

And then my follow-up is the strong software bookings you have this quarter, you mentioned a lot of new product releases. Maybe help us parse out where you're seeing the strongest demand into that bookings strength this quarter on the software side?

接著我的追問是：本季你們軟體訂單（bookings）很強，你提到推出了許多新產品。能否協助我們拆解一下，本季在軟體端帶動訂單強勁的最強需求主要來自哪些地方？

So I think software was strong pretty much across the board this quarter. We've obviously off the soft trailing 12-month number that we saw at the end of last year, we put a lot of focus on it.

所以我認為本季軟體幾乎是全面走強。我們顯然是從去年底看到的那個偏疲弱的過去12個月（TTM）數字往上拉，我們對此投入了很多重點。

Really got underneath it with our sales teams and put the incentives and products and plans and have done a lot of work in Q1 really to together, but it's pretty consistent and Phoenix Cloud had a good quarter, has a very good pipeline, we're extremely excited about the transition there and the growth. Simcyp had a good quarter as well, of course, PBPK offerings.

我們確實和銷售團隊深入檢視，並設計了激勵、產品與方案；在第一季也做了很多工作把這些整合起來。不過整體表現相當一致；Phoenix Cloud 本季表現不錯、管線（pipeline）也很強，我們對那邊的轉型與成長非常興奮。Simcyp 本季也表現良好，當然也包括 PBPK 產品組合。

Pinnacle, which is, as we said before, has -- everything closed a little bit with new trial starts and it's going to be a little bit slower than it has been in past years, actually slightly outperformed expectations in the quarter.

Pinnacle 方面，如同我們先前所說，因為新試驗啟動（new trial starts）讓一切稍微放緩，速度會比過去幾年慢一些；但本季其實略優於預期。

So I think just about everything performs at or above expectation.

所以我認為幾乎所有項目都達到或高於預期。

Brendan Smith, TD Cowen.

Brendan Smith，TD Cowen。

Congrats on all the progress. Maybe just a bit of a follow-up on one of the previous questions. But I guess, can you speak a bit more specifically to the new customer mix you're seeing here today? And you mentioned pharma really leaning more into AI, which we continue to see across the board, but also maybe some impact on Tier 1 customers. So I guess first, just wondering how the new software ads within pharma compared to maybe new customer ads within smaller emerging biotech. Is there any trends to call out in those relative buckets?

恭喜你們取得這些進展。我想針對先前其中一個問題再追問一下：能否更具體談談你們目前看到的新客戶組合（mix）？你也提到製藥客戶更積極導入 AI，這點我們確實在各處都看到；但也可能對 Tier 1 客戶有些影響。所以我先想問：在製藥領域新增的軟體採用（new software adds）相較於較小、正在崛起的生技公司新增客戶採用，有什麼差異？在這些相對的分組（buckets）中，有沒有任何趨勢值得特別指出？

We were pleased, obviously, with the rebound that we saw with software on the quarter. So to your point, across all customer Tiers, 1, 2, and 3, we saw a pretty significant acceleration in the bookings. We saw good achievement on the revenue with 7% software revenue growth on the quarter. I'd say as it relates to specific within the tiers, we saw Tier 3 customers and Tier 2 customers leaning in on Jon mentioned before on we saw a strong performance in Phoenix as well as in Chemaxon.

我們對本季軟體的回升表現感到滿意。就你提到的點而言，在所有客戶層級（Tier）—1、2、3—我們都看到訂單（bookings）相當明顯的加速。我們在營收端也有不錯的達成，本季軟體營收成長 7%。至於各層級的具體情況，我會說 Tier 3 與 Tier 2 客戶更積極投入；如 Jon 先前提到的，我們在 Phoenix 以及 Chemaxon 也看到強勁表現。

I'd say in the Tier 1 category, we had another good quarter on Simcyp. So that's the overall highlights of the customer tiers in the quarters, but they came above expectations on the quarter, which was good on the heels of some choppiness we saw in Q4.

我會說在 Tier 1 類別，我們的 Simcyp 本季也再度有不錯的表現。以上就是本季各客戶層級的重點；而且在經歷第四季的一些波動之後，本季結果高於預期，這點很好。

Okay, got it. Thanks. And then maybe just a quick follow-up, just kind of talking about the operational efficiencies you mentioned as being an internal target for kind of helping drive margins. But can you maybe help us understand kind of through that lens, the structure, even of the NVIDIA collaboration, really what that looks like and how we should think about the impact over the next couple of quarters there? Thanks.

好的，了解，謝謝。接著再快速追問一下：你們提到營運效率是內部目標之一，用來推動毛利率/利潤率。能否從這個角度，幫我們理解一下你們與 NVIDIA 合作的架構到底長什麼樣子？以及我們應該如何看待未來幾季可能帶來的影響？謝謝。

So you mentioned execution. First, look, there's a range of initiatives in play. I mean, obviously, today we're announcing some reorganization work we've done, there's divestiture. There's also been a lot of broader work on operational cadence and execution and cost base.

你提到執行力。首先，這裡有一系列正在推進的計畫。很明顯地，我們今天宣布了一些已完成的重組工作，也有資產剝離（divestiture）。此外，在營運節奏、執行與成本基礎（cost base）方面，也做了很多更廣泛的工作。

So we're moving incredibly quickly, certainly at a rate and pace, which I'd expect to set up the business for long-term, so we can go through some of those mechanics if you want later. But NVIDIA partnership, I think our general mindset on these things is let's not throw out flashy press releases and other things, let's talk a point of substance. We've been working with NVIDIA for the last couple of months through an MOU and through a signed partnership agreement really to define ways of scaling.

所以我們推進得非常快，確實以我所期待的速度與節奏在進行，目的是為企業的長期發展打好基礎；如果你之後想，我們也可以再談一些運作細節。不過談到 NVIDIA 的合作，我們對這類事情的基本心態是：不要只發一些花俏的新聞稿等，而是要談實質內容。我們過去幾個月一直透過一份 MOU（合作備忘錄）以及已簽署的合作協議與 NVIDIA 合作，主要是在定義如何擴大規模（scaling）。

The speed at which you can execute on particularly some of the more complicated simulations, allowing more democratization. I believe if we can speed some of the core QSP and PBPK offerings, we can allow for much broader use within organizations so you can get quicker reads on what's going on earlier and kind of meet the expectation that discovery of preclinical users of the applications.

也就是在特別是一些更複雜的模擬上，能以多快的速度執行，並讓更多人能使用（democratization）。我相信如果我們能加速一些核心的 QSP 與 PBPK 產品，我們就能讓組織內更廣泛地使用，讓你更早、更快讀出（reads）正在發生什麼，並在更早期就滿足藥物發現與臨床前使用者對這些應用的期待。

So we're excited about it. We'll come back with more details on how to think about it exactly in terms of product development, how to think about it in terms of joint efforts here and its impact in terms of our thinking about overall operational efficiencies.

所以我們對此很興奮。我們之後會再提供更多細節，說明在產品開發上應如何看待、在聯合推進（joint efforts）上應如何看待，以及它對我們整體營運效率思維的影響。

Luke Sergott, Barclays.

Luke Sergott，Barclays。

Great. Thanks for the questions, guys. I just want to talk about the reorg there that you guys are talking about across the two segments, and it's more about just the consistency or stability that we could see from software versus services, because it seems like one quarter, one of the segments is really strong and then at the expense of the other and then vice versa, and just what you guys are doing to build in some consistency and more sustainability here going forward between the two?

很好，謝謝你們回答問題。我想談談你們提到的、跨兩個事業部門的重組（reorg）。我更關心的是：相較於服務，軟體能否帶來更一致或更穩定的表現，因為看起來有時某一季某個部門很強，但似乎是以另一個部門為代價，然後下一季又反過來。你們正在做什麼，來在未來讓兩者之間更一致、更可持續？

Yeah, I've had the same observation. There's been a lot of inconsistency back and forth over the last few quarters. We clearly put a lot of focus on software this quarter. We got a strong software result.

是的，我也有同樣的觀察。過去幾季確實在兩邊之間來回波動、缺乏一致性。我們本季很明確把重點放在軟體上，也取得了強勁的軟體成果。

I think our approach moving forward is obviously to try to get that balance right. So there's a number of things. First of all, the exiting of the regulatory medical and medical writing business will help. That's been an extremely lumpy business on the service side. A resultant mix of business will be much more mixed between services and software on an ongoing basis, which will give much more predictability into what we do.

我認為我們接下來的做法，顯然是要把這個平衡調整好。這裡有幾件事。首先，退出法規醫學（regulatory medical）與醫學寫作（medical writing）業務會有幫助。那在服務端一直是非常不均勻（lumpy）的業務。之後的業務組合會在服務與軟體之間更為均衡且持續，這會讓我們的表現更可預測。

The exit of the regulatory business, which wasn't really tied to our core software business. As I said last quarter, we do best when our technology and services are integrated and what we've effectively done on the MIDD business here, MID3, is we've brought together all of our kind of expert services and our technology to carry that flywheel effect. So there should be more stability when those two businesses are able to wrap around it.

退出法規業務（regulatory business）也有幫助，因為它其實並未真正與我們的核心軟體業務綁在一起。正如我上季所說，當我們的技術與服務整合時表現最好；而我們在這裡對 MIDD 業務（MID3）所做的，本質上是把我們各種專家服務與技術整合在一起，帶動那種飛輪效應（flywheel effect）。因此，當這兩個業務能彼此環繞、相互支撐時，穩定性應該會更高。

We're also taking some steps with our sales teams and our commercial organization to better align specialty engagement on that side that should drive more predictability. I wouldn't say we've completely solved the riddle, but we see the same pattern, and obviously, we're focused also on creating the incentives in the organization that will get both of those segments moving at the same rate and pace.

我們也正在對銷售團隊與商務組織採取一些措施，更好地對齊專業領域的客戶互動（specialty engagement），這應該能帶來更高的可預測性。我不會說我們已完全解開這個難題，但我們看到同樣的模式；而且我們也很專注在建立組織內的激勵機制，讓這兩個部門能以相同的速度與節奏前進。

Great. Now I guess with regards to that kind of the when you think about the guidance and the back half step up here, you had a really big bookings that have proved pretty good on the services side, so like when is the timing of there when we see that flow through and if you could just help us out with the pacing on that services ramp through the year?

很好。那我想就指引（guidance）以及下半年（back half）成長加速來問：你們在服務端有很大的訂單，而且看起來品質不錯；那這些大概什麼時候會反映出來？也請協助我們理解今年服務業務爬坡（ramp）的節奏與進度。

Yeah. So services bookings take a couple of quarters to pull through. One of the focus areas that we've had over the last quarter has been on backlog conversion. And we saw good despite the choppiness and softness we saw on the booking side for services, we did see very good backlog conversion. And we expect to be able to continue that through the course of the year.

好的。服務的訂單（services bookings）通常需要幾個季度才會轉化反映出來。我們過去一季的重點之一是積壓訂單（backlog）轉換。我們看到，儘管服務端在訂單面有些波動與疲弱，但積壓訂單轉換表現非常好。我們也預期能在今年持續推進。

So backlog is going to help support the revenue achievement, especially in the back half of the year here with the bookings that we posted in Q4, along with the bookings that we're posting now. What we're seeking to do is drive an inflection point through the execution on ensuring we're filling up that backlog, and that's some of the focus area that we have right now.

因此，積壓訂單將有助於支撐營收達成，特別是在今年下半年，因為有我們在第四季取得的訂單，以及我們現在正在取得的訂單。我們希望透過執行力來推動一個拐點（inflection point），確保我們持續把積壓訂單補滿，這也是我們目前的重點之一。

David Windley with Jefferies. Your line is open.

Jefferies 的 David Windley。您的線路已開通。

Hi, good morning. Thanks for taking my question. I wanted to ask on the references to execution and go-to-market challenges that impacted the first quarter. I think, Jon, you touched on those that are kind of a high level, but I wanted to understand better, was that caused by a lot of the realignment that you talked about and just the intensity of that during the quarter? Or what, in more detail, would you use to describe those execution and go-to-market challenges that impacted the first quarter?

嗨，早安。謝謝讓我提問。我想問關於你們提到的、影響第一季的執行與市場推進（go-to-market）挑戰。我想 Jon 你有在高層次提到一些，但我想更清楚了解：這是否是因為你們談到的那些重新對齊（realignment），以及本季在推動這些事情的強度所造成？或者更具體來說，你會如何描述那些影響第一季的執行與 go-to-market 挑戰？

Well, first of all, I'd say, David, there's a legacy model that was in place. So. A lot of the changes that we're making, I think, are meant to enhance it. I'm pleased by the progress we made on the software side. There was a real focus there, and you can see the results of that focus on that side of things. I think, overall, what we're looking to is just more consistency across the teams, and we're focused in a few areas.

嗯，首先我會說，David，過去是有一個既有的傳統模式在運作。所以，我們正在做的許多改變，我認為是為了強化它。我對我們在軟體端取得的進展感到欣慰。那裡確實有很明確的聚焦，你也能在那一端看到聚焦所帶來的成果。我想整體而言，我們追求的是團隊之間更一致的執行，而我們也在幾個領域上集中火力。

One, how can we make sure we're optimizing expert-to-expert engagement across the business. A lot of these a lot of the engagement that happens here is scientist to scientist, we want to make sure we're putting that foot forward.

第一，我們如何確保在整個業務中把「專家對專家」的互動最佳化。這裡發生的許多互動其實是科學家對科學家，我們希望確保把這一點作為我們的優勢呈現出來。

Second area that we're focused in on is expanding partnerships, we mentioned the Altasciences relationship, that really I hope signals and reflects a different approach to partnering in a different approach to going to market in different ways. Our offerings are incredibly strong in terms of being complementary to what a number of players have out in market. So there are a number of at-scale players, whether they're venture capital players or whether they're CROs that we are very good potential partners for, so we need to focus on partnership and how we can drive through.

第二個我們聚焦的領域是擴大合作夥伴關係。我們提到與 Altasciences 的合作，我希望這能傳達並反映出一種不同的合作方式，以及以不同方式進入市場的不同作法。我們的產品在「互補性」方面非常強，能補足許多市場參與者現有的能力。因此，市場上有不少具規模的玩家，不論是創投機構或是 CRO，我們都是非常好的潛在合作夥伴，所以我們需要把重點放在合作，以及如何推動落地。

We've leaned in much heavier on a targeting approach, continuing to focus on Tier 1. There's a number of clients in the Tier 2 space that we're working on building out new relationships and extending where the overall integrated tech service proposition fits very well. We've layered in a number of kind of AI initiatives to help drum up more opportunities and to drive more growth across the business.

我們在目標客群策略上投入得更深，並持續聚焦 Tier 1。我們也正在與 Tier 2 領域的多家客戶建立新關係並加以延伸，因為我們整合式的技術服務主張在那裡非常契合。我們也疊加了多項 AI 計畫，協助創造更多機會，並推動整體業務成長。

So look, we're doing a number of things, I don't necessarily change always creates some churn as you'd expect and we've got reg business in and reg business out, those things do have an impact, but our goal here is to set up a business that's going to be growing in line with your expectations and our shareholders' expectations over time and that's going to be taking some short-term tougher decisions that are going to lead to that longer-term growth.

所以你看，我們正在做很多事情；如你所料，變革不一定總是會帶來一些摩擦與流動。我們有法規相關（reg）的業務進來，也有法規相關的業務出去，這些確實會造成影響。但我們的目標是建立一個能隨時間推移、符合你們期待以及股東期待的成長型業務；而這需要在短期做出一些較艱難的決策，以帶來長期成長。

Got it. I appreciate that. My follow-up is around biologics in particular. I think there's been some effort over multiple years to refine or augment some of the software platforms, maybe in particular Simcyp to be amenable to or to better address the large molecule market. I wondered if you could comment on the progress there and what specific client traction the software in general, but again, thinking primarily Simcyp might be getting on the biologic side. Thanks.

了解，謝謝你的說明。我接著想追問的是生物製劑（biologics）這一塊。過去幾年似乎一直在努力精煉或強化一些軟體平台，可能特別是 Simcyp，使其更適用於或更能滿足大分子市場。我想請你談談目前的進展，以及該軟體整體（但主要是 Simcyp）在生物製劑端獲得了哪些具體的客戶採用與牽引力。謝謝。

Yeah, it's a great question. I don't have the data points in front of me, and I can provide them in a subsequent discussion. There's obviously been a lot of focus on that point internally as I've gotten ramped up.

是的，這是個很好的問題。我手邊沒有那些數據點，但我可以在後續的討論中提供。顯然在我逐步上手的過程中，內部對這一點投入了很多關注。

We are we do see not only in Simcyp but QSP, which is kind of the extension beyond that, which brings in more of the biological components. We do see a growing percentage of our business.

我們確實看到不僅是在 Simcyp，還包括 QSP（可視為其延伸，納入更多生物學組成要素）方面，我們業務占比正在提升。

On outside of the oral components, which you get into peptides and a whole range of other things, there is a range of other things, there's a ton of need for both of these. I don't -- I was actually asking over the weekend for quantification of percentage of each of them, I don't have it to hand right now, but we're looking there is strong growth as you look at the net new offerings that we're building.

在口服（oral）成分之外，會延伸到胜肽以及其他一整套範疇；對這兩者的需求都非常大。我不——其實我週末才在詢問各自占比的量化數字，我現在手上還沒有，但當你看我們正在打造的淨新增（net new）產品時，確實呈現強勁成長。

They are equally as relevant to the chemical and to the large molecule side. So I can provide follow-up when we speak next with a little bit more color on it, but we are focused on extending the application since that large molecule space. I appreciate that.

它們對化學小分子與大分子端同樣相關。所以我們下次再談時，我可以再補充更多細節；但我們確實聚焦在擴展其在大分子領域的應用。我也很感謝你的提問。

Michael Cherny, Leerink Partners.

Michael Cherny，Leerink Partners。

Good morning. Thanks for taking the question. Maybe if I can just circle back on the strategic AI expansion that you noted earlier Jon, either John, as you think about the investments you're making, the reorg you're doing internally, how are you balancing the need to ensure appropriate returns versus the spend levels? We hear so many stories about AI spending at [Finium], what is the risk, the up-down dynamics that you're pursuing to make sure that the investments you're making are the right ones?

早安，謝謝讓我提問。也許我可以回到你先前提到的策略性 AI 擴張，Jon（或 John）。當你們思考正在進行的投資、以及內部正在做的重組時，你們如何在確保適當投資報酬與支出水準之間取得平衡？我們聽到很多關於 AI 在 [Finium] 的支出故事；你們為了確保所做的投資是正確的，正在追求哪些風險控管與上下行（up-down）動態？

Yeah, good question, Mike. Well, what we've undertaken this year, you've seen R&D spend in the quarter continue to increase and we've said that we're deliberately making investments.

是的，Mike，問題很好。今年我們所推動的事情，你也看到本季研發（R&D）支出持續增加，而我們也說過我們是刻意在進行投資。

With Jon's onboarding, one approach that we've changed to ensure that we're getting the return on that capital invested is starting to look at, we call it a portfolio view or looking at business cases around what we're investing in and when the revenue is going to come on that. So John talked about some changes to the organization, John talked about.

隨著 Jon 加入，我們為了確保投入資本能取得回報，改變了一個做法：開始用我們所謂的「投資組合視角」（portfolio view），或針對我們投資的項目建立商業案例，並評估收入何時會進來。John 談到了一些組織上的調整，John 也談到。

Some of the platform investments that we're making. And what I tell you is that we're taking a disciplined approach toward the investments that we're making this year in R&D and looking at when the return is going to come, i.e. When is the revenue going to start to show up for that, which, as you understand, many of the investments that we'd be making in 2026 will start to show up in 2027?

我們正在進行的一些平台投資。我想說的是，今年在研發投資上我們採取嚴謹、紀律性的方式，並檢視回報何時會出現，也就是收入何時會開始反映出來；如你所理解，我們在 2026 年做的許多投資，可能要到 2027 年才會開始顯現？

And I'd add just a little bit to the good news about this portfolio is that it's built on what I've described as kind of clinical and scientific intelligence already. If you think about the fundamental business, 10,000 projects, thousands of published articles, the regulatory know-how, the entrenched workflow, 160,000 users, I mean, there's a lot of, I think we said, 36 trillion data points. And Pinnacle and the Simcyp record. There's a lot of know-how and unique data and unique applications that exist within our four walls.

我再補充一點：這個投資組合的好消息在於，它建立在我所說的臨床與科學智慧之上。你想想我們的核心業務：10,000 個專案、數千篇已發表文章、法規專業知識、深植的工作流程、160,000 名使用者——而且我想我們說過有 36 兆個資料點，以及 Pinnacle 和 Simcyp 的紀錄。我們內部有大量的 know-how、獨特資料與獨特應用。

So the investment itself doesn't have to be in building up that capability and the ability to create the infrastructure, the investment is on top of it in terms of turning that unique capability and that unique insight we have into something that's going to be broadly available. On a more systematic basis to work within a client's ecosystem.

因此，投資本身不必用在建立那套能力或打造基礎設施；投資是疊加在其上，重點在於把我們擁有的獨特能力與洞見，轉化為能更廣泛提供的產品，並以更系統化的方式在客戶的生態系中運作。

So that's one, too, I'd also say that I think we'd signal that I think we understand where our fit will be in here relative to some of the other model providers and other work on agent providers in market. And so.

所以這是一點。第二點我也會說，我們應該已經釋出訊號：相較於市場上其他模型供應商與其他 agent 供應商的相關工作，我們理解自己在其中的定位與契合點。因此。

We're very comfortable with our perspective in terms of being able to partner within this ecosystem. So NVIDIA is one good example of kind of where we're going with some of this. We also have a number of other discussions going on around how can we be as effective as possible and as targeted as possible and do some of this in a stepwise fashion so that we can get the return that we're expecting.

我們對於在這個生態系中進行合作的觀點非常有信心。NVIDIA 是我們在這方面前進方向的一個好例子。我們也正在進行多項其他討論，探討如何做到最有效、最聚焦，並以循序漸進的方式推進，讓我們能取得預期的回報。

And just one quick additional question, I apologize if I missed this, with the divestiture now completed, what's the plan for use of capital raised?

另外再快速問一個問題，如果我漏聽了先說抱歉：現在剝離（divestiture）已完成，對於所募集資金的運用計畫是什麼？

Yeah, so on capital allocation, I mentioned in the prepared remarks, we bought $40 million of shares against our authorization in Q1, so share buyback continues to be a focus and a capital allocation vector for us.

好的，關於資本配置（capital allocation），我在事先準備的發言中提到，我們在第一季依照授權回購了 4,000 萬美元的股票，因此股票回購仍是我們的重點與資本配置方向之一。

What I'd also say, though, is we've got a good track record of tuck-in M&A and looking at the pipeline there is also something that we're evaluating. So we didn't specifically highlight, Mike, that we would do one or the other, but both of those are now areas where we've been deploying capital successfully over the course of the last year.

不過我也想說，我們在補強型併購（tuck-in M&A）方面有不錯的紀錄，而檢視相關管線也是我們正在評估的事項。所以我們沒有特別強調，Mike，我們一定會做其中之一；但這兩個方向都是我們在過去一年中成功部署資本的領域。

Got it. Thanks, John.

了解，謝謝你，John。

Jeff Garro, Stephens.

Jeff Garro，Stephens。

Yeah. Good morning. Thanks for taking the questions. I wanted to ask about the new MID3 and ACE categories. And just to start, if you could spell out in a little more detail the products that fit in each area and what we should expect in terms of metrics or commentary on those categories going forward?

是的，早安。謝謝讓我提問。我想問關於新的 MID3 與 ACE 類別。首先，能否請你更詳細說明各領域包含哪些產品，以及未來我們在這些類別上應該期待看到哪些指標（metrics）或評論（commentary）？

Sure, absolutely. So MID3 is going to be our core model-informed drug development and discovery applications that will house.

當然，絕對可以。所以 MID3 將會是我們以模型為依據的藥物開發（Model-Informed Drug Development）與探索應用的核心平台，將會承載。

Not only the technology assets, things like Simcyp and Certara IQ, but also the full range of expert-based service capabilities that we have, the [USS, USP, PPPK], so it would be kind of a one-touch up there, accountable and responsible for building up the regulatory footprint and scientific footprint and.

不僅是技術資產，例如 Simcyp 和 Certara IQ，也包括我們所具備的完整專家型服務能力範疇，[USS, USP, PPPK]，因此它會有點像是一站式的入口，在那裡對建立法規足跡與科學足跡負起可問責、可負責的責任，並且。

On offering development on that side, a good mix between that flywheel effect between technology and expert-based services.

在那一端提供開發服務，在技術與專家型服務之間形成良好的組合與飛輪效應。

The other side, ACE is going to be focused on solving a lot of the data problems that exist within, which is probably underlying best, some of the recent FDA trial acceleration commentary. That will include things like Phenix and Pinnacle and Co-author and Global Submit and some other things that we have within our core walls, which are really focused in on kind of solving the data and workflow problems and helping to accelerate the rate and pace at which data can be turned into evidence for submission.

另一端，ACE 將專注於解決內部存在的許多資料問題，而這大概正是近期 FDA 關於試驗加速評論背後最根本的原因之一。這將包括像 Phenix、Pinnacle、Co-author、Global Submit，以及我們核心體系內的其他一些產品，重點在於解決資料與工作流程問題，並協助加快把資料轉化為可用於申報之證據的速度與節奏。

Excellent. I appreciate that. And the follow-up on that topic, curious about how the go-to-market evolves with these categories. And anyway you can frame up kind of how big of a change is this going to be for your go-to-market teams? And then how should we think about the timeline of making those operational changes? And finally, any expectation you would set on expected impact these go-to-market changes.

很好，感謝你的說明。針對這個主題再追問一下，我想了解在這些分類之下，你們的 go-to-market（市場進入/商業化）策略會如何演進。你能否幫我們框架一下，這對你們的 go-to-market 團隊而言會是多大的改變？另外，我們應該如何看待推動這些營運變更的時間表？最後，你會如何設定對這些 go-to-market 變更之預期影響的期待？

So you mentioned a couple of times, I think the predominant focus here from the management team is how are we going to build this business to get to that double-digit growth that everyone externally is expecting that we believe is 100% possible.

所以你提到過幾次，我認為管理團隊在這裡最主要的焦點是：我們要如何打造這個業務，達到外部所有人所期待、而我們也相信 100% 可行的雙位數成長。

So as you make and evolve these changes, you may have a little bit of churn in the near term, but these are being set up for long-term opportunity maximization and long-term growth. The changes that we're making, that we've announced today, and that we're moving forward are really what I would characterize as more alignment-based changes and fundamental restructuring of our commercial organization we've taken.

因此，當你推動並演進這些變更時，短期內可能會有一些波動（churn），但這些安排是為了最大化長期機會與長期成長。我們正在做的變更、今天已宣布的變更，以及我們正在推進的事項，我會將其描述為更偏向「對齊」的調整，以及我們商業組織所採取的根本性重整。

We had historically had a -- the last couple of years has been a centralized sales organization that operated independently from the businesses. One of the changes that we've made is basically to align the portfolio teams that are selling the products within MID3 or ACE with the actual businesses. This will shorten feedback loops from clients that will create more accountability within the business that will help us with the product innovation and ensure that we have focused hubs for sales and product execution.

過去幾年，我們歷來採用的是一個集中式的銷售組織，且其運作與各事業單位相對獨立。我們做出的其中一項改變，基本上是讓在 MID3 或 ACE 之下銷售產品的產品組合團隊，與實際的事業單位對齊。這將縮短來自客戶的回饋迴路，提升事業單位內部的問責性，並協助我們推動產品創新，確保我們擁有聚焦的銷售與產品交付樞紐。

So look, I don't think we've quantified near-term versus long-term churn attached to this, but again, our expectation is that this will set up this business to have the type of growth that you want over the midterm, and that's the goal of these changes, and it's the goal of strategic moves that we're making.

所以你看，我不認為我們已量化這件事所帶來的短期與長期 churn，但再次強調，我們的預期是：這將使這項業務在中期具備你所希望看到的那種成長，而這正是這些變更的目標，也是我們正在採取之策略性行動的目標。

Craig Hattenbach, Morgan Stanley.

Craig Hattenbach，摩根士丹利。

Yes, thank you. Can you touch on just the visibility in the software business, the expectation for a strongest second-half, including any differences you see by customer tier over the course of the year?

是的，謝謝。你能談談軟體業務的能見度嗎？你們預期下半年會更強，包括你們在一年當中按客戶層級（customer tier）所看到的任何差異？

The visibility, so we mentioned the visibility.

能見度，我們提到過能見度。

On software for a stronger second-half is better this year than what we saw last year. The main reason for that is if you look at the deferred revenue, the deferred revenue balance is higher, meaning the ratable software business that we've sold is in hand and it's going to start to build as we move through the course of the year. The other thing I'd point out on certainty for a second-half ramp is it's more of a ramping growth rate than it is in dollars. If you look at the actual dollars.

就軟體而言，今年對於下半年走強的能見度比去年更好。主要原因是，如果你看遞延收入（deferred revenue），遞延收入餘額更高，代表我們已售出的按期認列（ratable）的軟體業務已在手，並且會隨著我們在一年中推進而開始累積。另一點我想指出的是，對下半年爬坡的確定性，更多體現在成長率的爬坡，而不是以美元金額來看。如果你看實際的美元金額。

And if you were to look at that at the top end of the range, then it's a pretty modest increase in the amount of revenue dollars, but the comps ease as we get into the second-half of the year, and therefore, the growth rate itself will be reflected higher. Those are a couple of the key reasons why the first half, second-half story on software. And of course, the performance in the quarter gave us some confidence as we move through the year.

如果你看區間上緣，那麼收入美元金額的增加其實相當溫和；但當我們進入下半年時，比較基期（comps）會變得更容易，因此成長率本身會呈現得更高。這些是軟體上半年/下半年敘事的幾個關鍵原因。當然，本季的表現也讓我們對接下來一年的推進更有信心。

In customer tier, you said was kind of broad-based in Q1. Is that the expectation as you move through the year? Is there anything you would call out by customer tier?

按客戶層級來看，你說第一季算是相當廣泛。隨著一年推進，這仍是你們的預期嗎？有沒有任何你會特別點出的客戶層級差異？

Yeah, I mean, across the good growth, exceeded our plan expectations across the customer categories. I'd say that was most pronounced in. Tier 2 and Tier 3, that outperformance Tier 1 was a strong contributor for sure. But we've got some tailwind from funding environment at this point, and we think that as we move through the year, that's going to help us in the Tier 2 and 3s.

是的，我的意思是，在各客戶類別中，我們都取得了良好成長，且超出我們的計畫預期。我會說這在 Tier 2 與 Tier 3 最為明顯；Tier 1 當然也是強勁的貢獻者。不過目前我們也受到資金環境的順風（tailwind）支持，我們認為隨著一年推進，這將有助於 Tier 2 與 Tier 3。

Great. And then just my follow-up question on kind of the AI dedicated team. Just as you're thinking about allocating capital in the business. Are there parts of the organization where you're finding efficiencies in terms of where you're shifting spending? Can you give any color around that?

很好。接著我想追問一下關於 AI 專責團隊。當你們思考在業務中配置資本時，你們是否在組織的某些部分找到效率提升，因而把支出做轉移？你能否提供一些相關的說明？

Yes, yeah, we are. You probably remember on the prior call; we mentioned cost avoidance. We're still working through that. And our margin guidance that we gave here today would be reflective of improvement as we move through the course of the year. So the answer is, yes, we are reallocating, we are making trade-off decisions, and that's happening on the operating side as well as in R&D investments.

可以，是的，我們有。你可能記得在上一次電話會議中，我們提到成本避免（cost avoidance）。我們仍在推進這項工作。而我們今天給出的利潤率指引，將反映我們在一年推進過程中的改善。因此答案是：是的，我們正在重新配置資源、做取捨決策，這同時發生在營運端以及研發（R&D）投資上。

And I think unsurprisingly similar to others, we're seeing massive acceleration improvements as well. Productivity is way up. The amount of code our teams are able to generate, the productivity of what we're doing is dramatically increased. So quite pleased with the acceleration of roadmaps and the acceleration of capabilities that comes along.

而且我想不令人意外地，和其他公司類似，我們也看到巨大的加速改善。生產力大幅提升。我們團隊能產出的程式碼量、我們所做事情的生產力，都顯著提高。因此我們對路線圖加速與能力加速的進展感到相當滿意。

Sean Dodge, BMO Capital Markets.

Sean Dodge，BMO 資本市場。

Maybe just the partnership you mentioned with Altasciences. Is there anything more you can share on how that works with the opportunity? Is there anything about the economics of it? And then just is it just software you're providing there? Is there going to be services that are part of the Altasciences partnership too?

也許談談你提到與 Altasciences 的合作夥伴關係。你能否再分享一些它如何運作、以及機會面？在經濟條件（economics）方面有沒有什麼可以說的？另外，你們在那裡只是提供軟體嗎？Altasciences 的合作是否也會包含服務？

Yes, we're excited about this. So I mentioned before, I think as a company, our portfolio lends itself very well to a range of partnerships. We're highly complementary to a number of ad scale market players here, and I think this is something we'll continue to push on.

是的，我們對此感到很興奮。如我先前提到，我認為以公司而言，我們的產品組合非常適合發展各式各樣的合作夥伴關係。我們與多個具規模的市場參與者高度互補，我認為這也是我們會持續推進的方向。

This relationship is brand new, obviously, just this past week, there is genuine alignment between the teams around acceleration of trials, opportunities to completely rethink early stage execution in different ways.

這段關係非常新，顯然就是在過去這一週才開始；團隊之間在加速試驗、以及以不同方式徹底重新思考早期階段執行的機會上，確實有高度一致性。

Altascience is a unique one or two who have a set of integrated lab, animal, human, CDMO capabilities, so they have the opportunity to come from an early stage, really kind of connect a lot of the things that we do on the modeling side. By working together, we'll also be able to do some disruptive things with data and help close some of the loops in data and accelerate data flows. So we'll be working with them over the next couple of weeks.

Altascience 是少數一兩家擁有整合式實驗室、動物、人體、CDMO 能力的公司，因此他們有機會從早期階段出發，把我們在建模端所做的許多事情真正串聯起來。透過合作，我們也能在資料面做出一些具顛覆性的事情，協助縮短資料迴路並加速資料流。因此接下來幾週我們會與他們合作。

And months in terms of defining not only joint opportunities to engage customers, just very high customer overlap already, which is the starting spot, but identifying opportunities to better integrate technology and service workflow across the two organizations to the benefit of our clients.

以及在接下來幾個月，去界定不僅是共同接觸客戶的合作機會——目前客戶重疊度已經非常高，這是起點——也要找出機會，讓兩個組織之間的技術與服務工作流程能更好地整合，從而讓我們的客戶受益。

Okay, thank you. And then on the software side and more specifically on the upsells. You referenced in the quarter. Can you give us an example or two around like what is an upsell? What would have been kind of some of the more common ones lately and have those been pretty consistent across all client tiers or have you seen kind of more one or the other?

好的，謝謝。接著在軟體端、更具體地說在加購（upsells）方面，你提到本季有相關表現。你能否舉一兩個例子說明什麼是加購？最近較常見的是哪些？這些在所有客戶層級之間是否相當一致，還是你們看到某一類比較多？

Yeah, effectively, that's reflected in the net retention rate. So we did 106 on the quarter, which was an inflect higher than where we've been over the last few quarters, which is good. What does that mean? I mean, in the Tier 1 customer category, those are all already our customers. So an upsell would basically be some kind of expansion. We're taking more seats. We're selling more functionality.

是的，基本上這反映在淨留存率（net retention rate）上。本季我們做到 106，這比過去幾季的水準出現向上拐點，這是好事。這代表什麼？我的意思是，在 Tier 1 客戶類別中，他們本來就都是我們的客戶。因此加購基本上就是某種擴張：我們賣出更多席位（seats），或是銷售更多功能。

In the Tier 2 and Tier 3, and particularly in the Tier 3 category, then that's the opportunity to add some new names or some new logos. But we also have a huge 2,400 total customers, customer base. So any kind of upsell is that land and expand strategy that you've heard us talk about in the past, which is really working the existing customer base and making sure they're aware of the breadth of product offerings that we have and that would fall into that upsell category.

在第 2 層與第 3 層，尤其是在第 3 層類別中，這就是新增一些新客戶名稱或新標誌（logo）的機會。但我們也擁有龐大的客戶基礎，總計 2,400 位客戶。因此，任何形式的向上銷售（upsell）都屬於你們過去聽我們談過的「落地並擴張」（land and expand）策略，也就是深耕既有客戶基礎，並確保他們了解我們產品供應的廣度，而這些就會落在向上銷售的範疇。

Yeah, if you recall, in the last call, we talked a lot about price as. Particularly the pricing discipline as a lever, and we've looked at this on two or three dimensions, we've looked at this on an operational lever, which John just referred to, look at our net contract values, look at our existing upgrade path and potential, which is a tactical plan we have in place.

是的，如果你還記得，在上一次電話會議中，我們談了很多關於價格的議題，特別是把定價紀律作為一個槓桿。我們從兩到三個面向來看這件事：我們把它視為一個營運槓桿（John 剛剛也提到），檢視我們的淨合約價值（net contract values）、檢視既有的升級路徑與潛力，而這是一個我們已經制定的戰術計畫。

We've got a SWAT team who's looking at that we've also looked more broadly at the Swedish strategic initiative. One of the pieces of feedback that I've received from some of our enterprise clients is that they're looking to consume more of our software, to consume more of our technology in an integrated way, and sometimes the pricing structures are inhibiting them to doing that.

我們有一個 SWAT 團隊正在檢視這些；我們也更廣泛地檢視瑞典的策略性倡議。從一些企業客戶那裡我收到的回饋之一是，他們希望以更整合的方式使用更多我們的軟體、更多我們的技術，而有時候定價結構反而抑制了他們這麼做。

So how can we develop more enterprise-based pricing approaches that will be consistent with our push more into platform engagement is another big initiative that we have as well. We think both of these will be net beneficial to our growth rates over the coming months.

因此，另一項我們的重要倡議是：我們如何制定更以企業為基礎的定價方法，使其與我們更推動平台參與（platform engagement）的方向一致。我們認為這兩者在未來幾個月都將對我們的成長率帶來淨正面效益。

Matt Hewitt, Craig-Hallum Capital Group.

Matt Hewitt，Craig-Hallum Capital Group。

Just one for me. So, Jon, you spoke about your partnerships, and there's been consortiums announced over the past few quarters, and you've got these relationships with NVIDIA and the new one with Altasciences. I'm curious, as you look at the news flow regarding these partnerships, whether it's yours or others in the market, is the ultimate goal here to drive either adoption of simulation modeling to accelerate that, which obviously would benefit you, is it to create a wider moat, allowing you to not only retain, but maybe grow that business even further? What is the ultimate goal, and when do you expect to see some benefits from these types of partnerships? Thanks.

我這邊只有一個問題。Jon，你談到你們的合作夥伴關係，過去幾季也宣布了一些聯盟（consortiums），你們與 NVIDIA 有合作關係，最近也與 Altasciences 建立了新的合作。我很好奇，當你看這些合作夥伴關係的新聞動態（不論是你們的或市場上其他公司的），最終目標是要推動模擬建模（simulation modeling）的採用、加速其普及（這顯然會讓你們受益）？還是要建立更寬的護城河（moat），讓你們不僅能留住、甚至能進一步擴大這項業務？最終目標是什麼？以及你們預期何時能從這類合作夥伴關係中看到一些效益？謝謝。

Good question, and maybe I can say yes and yes. I mean, I think those are both sure. Look, we know success in this market is not one-offs. We live in a very connected ecosystem.

好問題，也許我可以說：是的、也是的。我是說，我認為這兩者都沒錯。你看，我們知道在這個市場的成功不是靠一次性的合作。我們身處一個高度連結的生態系。

There are a range of capabilities it's going to take to be successful and to grow up the right in case of which we believe we can. And so we're being focused in terms of what we think we're very good at, and we're doubling down and tripling down in what we're very good at, and we'll look for.

要成功、要把事情做對並實現成長，需要一系列的能力，而我們相信我們做得到。因此，我們會聚焦在我們認為自己非常擅長的部分，並在我們非常擅長的領域加倍、甚至加倍再加倍投入；同時我們也會尋找——

For partnerships to fill in some of those gaps, partnerships with technology suppliers and with modeling, those things are complete accelerants to what we do, commercial partnerships with at-scale players like early stage CROs or in fact perhaps others as you go along who at scale have large books of business.

——透過合作夥伴關係來補足其中一些缺口；與技術供應商以及建模方面的合作，都是我們所做事情的強力加速器；與具規模的業者（例如早期階段的 CRO，或隨著時間推進可能還有其他具規模、擁有大量業務量的公司）的商業合作亦然。

As well and are working with, in the core kind of clinical side, which we don't have capabilities, we're not a CRO per se, is it another huge, if we can integrate that on behalf of our clients, it's win-win, it's, win-win-win. It's win for us, it's win for, and also sciences type partner, and it's a win for, clients who we'll be working with because we can accelerate timelines and drive costs down.

同樣地，這些公司也在核心的臨床端運作，而我們並不具備那方面的能力——我們本身並不是 CRO。若我們能代表客戶把這些整合起來，將會是另一個巨大的——這是三贏：對我們是贏、對像 Altasciences 這類合作夥伴是贏、對我們合作的客戶也是贏，因為我們可以加速時程並降低成本。

For them and help disrupt conventional flows. So, look, I think it's a realization that it'll help accelerate the market. It's also a realization that we know what we do very well and that we're comfortable in partnering with others and that they do well to help create winning scenarios for our clients.

並協助他們顛覆傳統流程。所以你看，我認為這既是一種認知：它將有助於加速市場；同時也是一種認知：我們知道自己非常擅長什麼，也樂於與其他在其領域做得很好的夥伴合作，為客戶創造共贏的情境。

Max Smock, William Blair.

Max Smock，William Blair。

Hi, John. John, thanks for taking our questions and squeezing us in here at the end. Maybe just one for us quickly. You talked a lot about -- just interest and impact of AI on drug development. I'm curious to get your thoughts on how much interest is out there on the large pharma aside from building out internal solutions. Obviously, it seems like there's been a lot of focus on discovery. So do you expect these investments to result in solutions that are going to be competitive with your offerings in that space?

嗨，John。John，謝謝你回答我們的問題，也謝謝你在最後把我們安排進來。也許我們這邊快速一題。你談了很多關於 AI 對藥物開發的興趣與影響。我想聽聽你的看法：大型藥廠除了建立內部解決方案之外，市場上對此還有多少興趣？顯然目前似乎有很多焦點放在藥物發現（discovery）。那你是否預期這些投資會產生在該領域能與你們產品供應競爭的解決方案？

And then in clinical, how should we think about the risks that large pharma builds solutions that compete with your MIDD solutions here going forward? Thank you.

另外在臨床端，我們應該如何看待大型藥廠未來建立會與你們 MIDD 解決方案競爭的方案所帶來的風險？謝謝。

I just want to make sure I understand the second question. Can you just repeat that one more time?

我只是想確認我理解第二個問題。你可以再重複一次嗎？

Just around large pharma and their willingness and ability to build out solutions that compete with your offerings, whether that's in discovery or the clinical space?

就是關於大型藥廠是否有意願與能力建立可與你們產品供應競爭的解決方案，不論是在 discovery 或臨床領域？

Yeah, look, I genuinely think in the near term, where most of the productivity is happening and where most of the big splash press releases are, is on the earlier stage discovery. And I think we mentioned. We see this as kind of a net positive to the market. More compounds means more demand for MIDD services.

是的，你看，我真心認為短期內大多數的生產力提升，以及那些最引人注目的重大新聞稿，主要都發生在較早期的 discovery 階段。我想我們也提過：我們把這視為對市場的淨正面影響。更多化合物（compounds）意味著對 MIDD 服務的需求更高。

And so, look, I know there's a lot of press releases, a lot of uncertainty out there around how some of these things go. So what we're hearing on the other side of it is phone calls from a lot of these players and providers about how do we tap your capabilities into what we're building and doing.

所以你看，我知道外界有很多新聞稿、也有很多不確定性，關於這些事情會如何發展。但我們在另一端聽到的是：很多這些業者與供應商打電話來問，我們要如何把你們的能力整合到我們正在建置與推進的事情裡。

I started in the opening statements and I think I reiterated again, we told the story about what it took to get Simcyp, approved in the EMA and we've been working with the 25 member companies in two years and the importance of transparency and the importance of auditability in that.

我在開場陳述中提到過，我想我也再次重申：我們講過 Simcyp 要在 EMA 獲得核准所需的條件；我們與 25 家成員公司合作了兩年；以及其中透明度與可稽核性（auditability）的重要性。

We talked about the mechanics around Pinnacle and the 36 trillion data points and the mechanics of it. We talked about the legacy of the historical data and all the kind of unique IP that we have. It's pretty tough to replicate. I mean, this is not easy stuff. So I would see it as hugely inefficient for others to be building their own capabilities. I think it's incumbent upon us to democratize it to the extent that we can make it broadly available within their four walls and partner with them in different ways so that the companies are getting, broad application, the benefit of the capabilities that we bring.

我們談到 Pinnacle 的運作機制、36 兆個資料點以及其運作方式。我們談到歷史資料的累積，以及我們擁有的各種獨特智慧財產（IP）。這些其實很難複製。我的意思是，這不是容易的事情。所以我會認為，其他人去自行建立能力會是極度沒有效率的。我認為我們有責任在可行的範圍內把它「民主化」，讓它能在他們的內部廣泛可用，並以不同方式與他們合作，讓這些公司能在廣泛應用中獲得我們所帶來能力的效益。

Thank you. I'm not showing any further questions this time. And as such, this does conclude today's presentation. We thank you for your participation. You may now disconnect and have a wonderful day.

謝謝。目前我這邊沒有看到其他問題。因此，今天的簡報到此結束。感謝各位的參與。各位現在可以斷線，祝各位有美好的一天。