Cognyte Software Ltd (CGNT) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen.

美好的一天，女士們先生們。

Thank you for standing by.

謝謝你的支持。

Welcome to the Cognyte second-quarter fiscal year 2025 earnings conference call.

歡迎參加 Cognyte 2025 財年第二季財報電話會議。

(Operator Instructions) Please note that today's conference may be recorded.

（操作員說明）請注意，今天的會議可能會被錄音。

I would now like to hand the conference over to your speaker host, Dean Ridlon, Head of Investor Relations.

現在我想將會議交給演講主持人、投資者關係主管 Dean Ridlon。

Please go ahead.

請繼續。

Thank you, operator.

謝謝你，接線生。

Hello, everyone.

大家好。

I'm Dean Ridlon, Cognyte's Head of Investor Relations.

我是 Cognyte 投資人關係主管 Dean Ridlon。

Thank you for joining us today.

感謝您今天加入我們。

I'm here with Elad Sharon, Cognyte's CEO; and David Abadi, Cognyte's CFO.

我和 Cognyte 執行長 Elad Sharon 一起來到這裡。以及 Cognyte 財務長 David Abadi。

Before getting started, I would like to mention that accompanying our call today is a presentation.

在開始之前，我想提一下，今天的電話會議附帶了一個演示。

If you'd like to view these slides in real-time during the call, please visit the Investors section of our website at cognyte.com, click on Upcoming Events, then the webcast link for today's conference call.

如果您想在電話會議期間即時查看這些幻燈片，請訪問我們網站 cognyte.com 的投資者部分，點擊“即將舉行的活動”，然後點擊今天電話會議的網路廣播連結。

I would also like to draw your attention to the fact that certain matters discussed on this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other provisions of the federal securities laws.

我還想提請您注意，本次電話會議中討論的某些事項可能包含 1995 年《私人證券訴訟改革法案》和聯邦證券法其他條款含義內的前瞻性陳述。

These forward-looking statements are based on management's current expectations and are not guarantees of future performance.

這些前瞻性陳述是基於管理階層目前的預期，並非對未來業績的保證。

Actual results could differ materially from those expressed in or implied by these forward-looking statements.

實際結果可能與這些前瞻性陳述中所表達或暗示的結果有重大差異。

The forward-looking statements are made as of the date of this call, and except as required by law, Cognyte assumes no obligation to update or revise them.

這些前瞻性陳述是在本次電話會議之日做出的，除非法律要求，Cognyte 不承擔更新或修改這些陳述的義務。

Investors are cautioned not to place undue reliance on these forward-looking statements.

請投資人不要過度依賴這些前瞻性陳述。

For a more detailed discussion of how these and other risks and uncertainties could cause Cognyte's actual results to differ materially from those indicated in these forward-looking statements, please see our annual report on Form 20-F for the fiscal year ended January 31, 2024, and other filings we make with the SEC.

如需更詳細地討論這些及其他風險和不確定性如何導致Cognyte 的實際結果與這些前瞻性陳述中所示的結果存在重大差異，請參閱我們截至2024 年1 月31 日的財政年度的20- F 表格年度報告，以及我們向 SEC 提交的其他文件。

The financial measures discussed today include non-GAAP measures.

今天討論的財務指標包括非公認會計準則指標。

We believe investors focus on non-GAAP financial measures in comparing results between periods and among our peer companies that publish similar non-GAAP measures.

我們認為，投資者在比較不同時期以及發布類似非公認會計原則財務指標的同業公司之間的結果時，會重點關注非公認會計原則財務指標。

Please see today's presentation slides, our earnings release, and the Investors section of our website at cognyte.com for a reconciliation of non-GAAP financial measures to GAAP measures.

請參閱今天的簡報投影片、我們的收益報告以及我們網站 cognyte.com 的投資者部分，以了解非 GAAP 財務指標與 GAAP 指標的對帳。

Non-GAAP financial information should not be considered in isolation from, as a substitute for or superior to GAAP financial information, but is included because management believes it provides meaningful information about the financial performance of our business and is useful to investors for informational and comparative purposes.

非GAAP 財務資訊不應被視為獨立於GAAP 財務資訊、替代或優於GAAP 財務信息，而是包含在內，因為管理層認為它提供了有關我們業務財務業績的有意義的信息，並且對投資者提供資訊和比較有用。

The non-GAAP financial measures that the company uses have limitations and may differ from those used by other companies.

本公司使用的非公認會計準則財務指標有其局限性，並且可能與其他公司使用的不同。

Now I'd like to turn the call over to Elad.

現在我想把電話轉給埃拉德。

Thank you, Dean.

謝謝你，迪恩。

Welcome, everyone, to our second-quarter conference call.

歡迎大家參加我們的第二季電話會議。

This was another strong quarter for Cognyte.

這是 Cognyte 另一個強勁的季度。

We're delivering on our business plan, executing on our growth strategy and generating improved profitability as we leverage our financial model.

我們正在利用我們的財務模型來實現我們的業務計劃，執行我們的成長策略並提高獲利能力。

We delivered another quarter of double-digit revenue growth with gross margin and adjusted EBITDA expanding more rapidly than revenue.

我們的營收又實現了兩位數成長，毛利率和調整後 EBITDA 的成長速度快於營收。

This year-to-date performance, solid visibility and healthy demand have given us the confidence to increase our full-year outlook.

今年迄今為止的表現、穩健的可見度和健康的需求使我們有信心提高全年前景。

During Q2, we delivered revenue of $84 million, up approximately 10% year-over-year.

第二季度，我們營收 8,400 萬美元，年增約 10%。

Non-GAAP gross profit increased 13% year-over-year, growing faster than revenue, consistent with our focus on margin expansion.

非 GAAP 毛利年增 13%，成長速度快於收入，這與我們對利潤率擴張的關註一致。

We also generated $8 million of positive adjusted EBITDA in the quarter, more than 3 times the amount that we generated in Q2 last year.

本季我們也實現了 800 萬美元的正向調整 EBITDA，是去年第二季的 3 倍以上。

And we remain focused on delivering sustainable and profitable growth.

我們仍然專注於實現可持續和盈利的成長。

A central component of our growth strategy is to deepen and broaden our engagement with existing customers by expanding the use of our solutions and introducing them to additional offerings.

我們成長策略的核心組成部分是透過擴大我們解決方案的使用並向他們介紹更多產品來加深和擴大我們與現有客戶的接觸。

Our continued success in this area underscores the significant value we deliver and the strength of our customer relationships.

我們在這一領域的持續成功凸顯了我們提供的巨大價值和客戶關係的實力。

In Q2, we secured three substantial follow-on orders each valued at over $10 million.

在第二季度，我們獲得了三份大量後續訂單，每份訂單價值超過 1,000 萬美元。

These orders came from two national security agencies and a law enforcement agency.

這些命令來自兩個國家安全機構和一個執法機構。

Each of these customers has realized significant value from our solutions over the years.

多年來，這些客戶中的每一位都從我們的解決方案中實現了巨大的價值。

We believe our solutions have proven to be indispensable, providing our customers the quality, reliability and power needed to tackle evolving challenges effectively.

我們相信，我們的解決方案已被證明是不可或缺的，可以為我們的客戶提供有效應對不斷變化的挑戰所需的品質、可靠性和動力。

In North America, we continue to make progress.

在北美，我們不斷取得進展。

During the first half of the fiscal year, we won deals with eight new customers.

在本財年上半年，我們贏得了八家新客戶的交易。

In each case, the customer replaced an incumbent with a Cognyte solution.

在每種情況下，客戶都用 Cognyte 解決方案取代了現有的解決方案。

Many of these new customers were referred to us by existing customers who have experienced the high value and superiority of our technology firsthand.

這些新客戶中有許多是由現有客戶推薦給我們的，他們親身體驗了我們技術的高價值和優越性。

We are encouraged by the progress we are making.

我們對所取得的進展感到鼓舞。

I want to shed some light on the evolving world of threats and the intelligence imperative our customers face.

我想闡明不斷變化的威脅世界以及我們的客戶面臨的情報需求。

The investigation challenges faced by law enforcement and security agencies, are becoming increasingly complex over time across various activities, such as organized crime, counterterrorism, drug smuggling, human trafficking, financial crimes and illegal immigration.

隨著時間的推移，執法和安全機構面臨的調查挑戰變得越來越複雜，涉及組織犯罪、反恐、毒品走私、人口販運、金融犯​​罪和非法移民等各種活動。

The growing challenges stem from the fact that bad actors are continually evolving, adopting more sophisticated tactics and exploiting the latest technologies to conceal their activities.

日益嚴峻的挑戰源自於以下事實：不良行為者不斷發展，採用更複雜的策略並利用最新技術來隱藏其活動。

They leverage encrypted communication, dark networks and anonymous payment methods to evade detection, while increasing using AI machine learning to mimic legitimate behavior and obscure their operations.

他們利用加密通訊、黑暗網路和匿名支付方式來逃避偵測，同時增加使用人工智慧機器學習來模仿合法行為並掩蓋其操作。

This construct adoption makes it significantly harder for security agencies to track their activities, uncover networks and stop illegal operations before they take place.

這種結構的採用使得安全機構更難追蹤其活動、發現網路並在非法操作發生之前阻止它們。

To empower our customers to stay ahead of this constantly evolving threat, we deliver cutting-edge innovation powered by AI and advanced analytics.

為了使我們的客戶能夠領先於這一不斷變化的威脅，我們提供由人工智慧和高級分析支援的尖端創新。

Our technology equips agencies to detect patterns, relationships and hidden insights that would otherwise be impossible to uncover.

我們的技術使各機構能夠檢測原本無法發現的模式、關係和隱藏的見解。

By partnering with and learning from hundreds of agencies worldwide, we continuously incorporate advanced intelligence methodologies ensuring that our broad base of customers has the best tools to remain many steps ahead of bad actors.

透過與全球數百家機構合作並向其學習，我們不斷採用先進的情報方法，確保我們廣大的客戶群擁有最好的工具，從而領先於不良行為者許多步驟。

In an effort to give you a clear understanding of how our solutions are deployed and the impact they deliver, I would like to focus this quarter in human trafficking, which remains a critical challenge for law enforcement agencies globally.

為了讓您清楚地了解我們的解決方案的部署方式及其產生的影響，我想在本季度重點關注人口販運問題，這仍然是全球執法機構面臨的一項嚴峻挑戰。

We can only imagine the immense suffering of the victims of human trafficking, making it imperative to identify and resolve these cases as quickly as possible.

我們只能想像人口販運受害者所遭受的巨大痛苦，因此必須盡快找出並解決這些案件。

This legal activity is highly sophisticated and organized with criminal networks operating across international borders, using complex financial transactions and communicating in multiple languages.

這種法律活動非常複雜，並由跨越國際邊界運作的犯罪網絡組織起來，使用複雜的金融交易並以多種語言進行交流。

These groups also leverage the latest communication technologies to conceal their identities and evade detection.

這些組織也利用最新的通訊技術來隱藏自己的身分並逃避偵測。

Part of the key challenges law enforcement faces in tackling human trafficking is extracting optimal insights from the vast amount of digital and traditional data sources fast.

執法部門在打擊人口販運方面面臨的部分關鍵挑戰是從大量數位和傳統資料來源中快速提取最佳見解。

By deploying the Cognyte platform, law enforcement agencies can uncover digital traces, reveal hidden identities, track financial transactions and assess intents and risks.

透過部署 Cognyte 平台，執法機構可以發現數位痕跡、揭示隱藏身分、追蹤金融交易並評估意圖和風險。

Proactive measures driven by decision intelligence not only enables faster resolution, but also help prevent future clients.

由決策智慧驅動的主動措施不僅可以更快解決問題，還有助於預防未來的客戶。

Another highlight of this quarter relates to our Cyber Threat Solution, LUMINAR.

本季的另一個亮點與我們的網路威脅解決方案 LUMINAR 相關。

Recently, Cognyte was recognized for LUMINAR AI Insights, one of our AI-driven Threat Intelligence solutions in an August 2024 Gartner report, Emerging Tech, The Future of Cyber Threat Intelligence Research.

最近，Cognyte 憑藉 LUMINAR AI Insights 獲得認可，這是我們的人工智慧驅動的威脅情報解決方案之一，在 Gartner 2024 年 8 月的報告《新興技術，網路威脅情報研究的未來》中獲得認可。

In this report, Gartner assesses trends impacting the threat intelligence domain, predicting that GenAI-based capabilities will become key as this technology will support faster mean time to respond by more quickly providing indicators about threats and the surrounding context.

在這份報告中，Gartner 評估了影響威脅情報領域的趨勢，預測基於 GenAI 的功能將成為關鍵，因為該技術將透過更快地提供有關威脅和周圍環境的指標來支援更快的平均回應時間。

As generative AI technologies advance and reshape cybersecurity, Cognyte has integrated these technologies into our LUMINAR solution and continues to develop even more advanced capabilities, making LUMINAR one of the only solutions with this cutting-edge offering.

隨著生成式人工智慧技術的進步和重塑網路安全，Cognyte 已將這些技術整合到我們的LUMINAR 解決方案中，並繼續開發更先進的功能，使LUMINAR 成為唯一擁有這種尖端產品的解決方案之一。

In summary, we are making a meaningful difference for our customers, empowering them to address significant growing and evolving treats.

總之，我們正在為我們的客戶帶來有意義的改變，使他們能夠解決重大成長和不斷發展的問題。

Our mission to make the world a safer place drives everything we do.

我們的使命是讓世界變得更安全，這推動著我們所做的一切。

Our cutting-edge solutions accelerate investigations enable faster decision-making and help mitigate a wide range of threats.

我們的尖端解決方案可加速調查，加快決策速度，並協助減輕各種威脅。

We are continuing to grow introducing new advanced capabilities, deepening the relationships with existing customers as well as expanding our reach with new ones.

我們不斷引入新的先進功能，加深與現有客戶的關係，並擴大新客戶的覆蓋範圍。

These accomplishments are strengthening our ability to deliver sustained profitable growth.

這些成就正在增強我們實現持續獲利成長的能力。

With a strong first half of fiscal and solid visibility into our revenue for the upcoming quarters, we are once again raising our full-year outlook.

由於上半年財政表現強勁，並且對未來幾季的收入有清晰的了解，我們再次提高了全年預期。

We are now expecting revenue to be approximately $347 million, plus or minus 2%, representing about 11% year-over-year growth at the midpoint.

我們目前預計營收約 3.47 億美元，正負 2%，相當於中位數年增約 11%。

Given the leverage in our financial model, we increased our adjusted EBITDA guidance, and we now expect it to be about $25 million at the midpoint of the revenue range, almost 3 times of what we generated in fiscal '24.

考慮到我們財務模型的槓桿作用，我們提高了調整後的 EBITDA 指導，我們現在預計收入範圍的中點約為 2500 萬美元，幾乎是我們 24 財年收入的 3 倍。

Now let me turn the call over to David to provide more details about our Q2 results and updated fiscal '25 outlook.

現在讓我將電話轉給 David，以提供有關我們第二季業績和更新的 25 財年展望的更多詳細資訊。

David?

大衛？

Thank you, Elad, and hello, everyone.

謝謝你，埃拉德，大家好。

We continue to deliver strong results that reflect our solid execution and the leverage we have in our financial model.

我們持續取得強勁的業績，這反映了我們紮實的執行力和我們在財務模型中的影響力。

Q2 revenue was $84.4 million. an increase of approximately 10% year-over-year.

第二季營收為 8,440 萬美元。年增約10%。

The majority of the revenue growth was driven by an increase in software revenue.

大部分的收入成長是由軟體收入的成長所推動。

The recurring revenue is strong.

經常性收入強勁。

We continue to grow our recurring revenue.

我們持續增加經常性收入。

And in Q2, we generated $46.6 million of recurring revenue.

第二季度，我們產生了 4,660 萬美元的經常性收入。

We were able to drive gross profit growth faster than revenue.

我們的毛利成長速度快於收入成長速度。

Non-GAAP gross margin for the quarter was 71.3%.

該季度非 GAAP 毛利率為 71.3%。

Our non-GAAP gross profit for the quarter was $60.2 million an increase of $6.9 million or 12.9% year-over-year growth.

我們本季的非 GAAP 毛利為 6,020 萬美元，年增 690 萬美元，成長 12.9%。

The margin expansion demonstrates the leverage we have built into our business model.

利潤率的擴張證明了我們在商業模式中建立的槓桿作用。

This is largely driven by higher software revenue and the improved cost structure of our professional services organization.

這主要是由於軟體收入的增加和我們專業服務組織成本結構的改善。

Our strong gross margin reflects the value our customers recognize in our innovative technology and our competitive differentiation.

我們強勁的毛利率反映了客戶對我們創新技術和競爭優勢的認可。

Non-GAAP operating income and adjusted EBITDA grew meaningfully faster than revenue, reflecting the strength of our financial model.

非公認會計準則營業收入和調整後 EBITDA 的成長明顯快於收入，反映了我們財務模式的優勢。

We ended Q2 with non-GAAP operating income of $4.4 million and adjusted EBITDA of $8.3 million, resulting in positive non-GAAP EPS of $0.05. Looking at our H1 results, our revenue was $167.1 million and grew by 11% year-over-year, and our non-GAAP gross profit grew significantly faster by 15% year-over-year.

第二季末，我們的非 GAAP 營業收入為 440 萬美元，調整後 EBITDA 為 830 萬美元，非 GAAP 每股盈餘為 0.05 美元。從我們的上半年業績來看，我們的營收為 1.671 億美元，年增 11%，我們的非 GAAP 毛利年增率明顯更快，達到 15%。

The leverage we have in our model help us generate meaningful improvement in profitability year-over-year.

我們模型中的槓桿作用幫助我們實現獲利能力逐年顯著提高。

Our H1 non-GAAP operating income was $6.3 million versus an operating loss of $6.5 million during the first half of last fiscal year, and our H1 adjusted EBITDA was $13.3 million versus about breakeven in H1 of the previous year.

我們上半年的非GAAP 營業收入為630 萬美元，而上一財年上半年的營業虧損為650 萬美元，我們的上半年調整後EBITDA 為1,330 萬美元，而上一年上半年約為盈虧平衡。

Our balance sheet is strong.

我們的資產負債表強勁。

Our short- and long-term contract liabilities, also known as deferred revenue, are strong and were $111.4 million at the end of Q2.

我們的短期和長期合約負債（也稱為遞延收入）強勁，截至第二季末為 1.114 億美元。

Contract liabilities balances are impacted by multiple factors, renewal timing of support and subscription contracts, advanced payments, revenue recognition timing, including contracts recognized under percentage of completion metrology.

合約負債餘額受到多種因素的影響，包括支援和訂閱合約的續約時間、預付款、收入確認時間（包括根據完工百分比計量確認的合約）。

As a result, contract liabilities balances may fluctuate between quarters.

因此，合約負債餘額可能會在季度之間波動。

Our cash position is strong with almost $100 million of cash, up over $16 million from year-end and no debt.

我們的現金狀況強勁，擁有近 1 億美元現金，較年底增加超過 1,600 萬美元，且沒有債務。

The increase in our cash balance was primarily due to cash flow from operations we generated during the first half of the year.

我們的現金餘額增加主要是因為我們上半年產生的營運現金流。

Over the past few quarters, we have shared new KPIs to help show how our business is progressing.

在過去的幾個季度中，我們分享了新的 KPI，以幫助展示我們的業務進展。

One more new KPI we are now sharing is quarterly billings.

我們現在分享的另一個新 KPI 是季度帳單。

Q2 billings was $77.8 million, representing 11% year-over-year growth.

第二季營收為 7,780 萬美元，年增 11%。

Billing is defined as revenue plus the change in contract liabilities, contract assets and unbilled balances.

開票定義為收入加上合約負債、合約資產和未開票餘額的變化。

Let me share with you how we performed against each of our other major KPIs.

讓我與您分享我們在其他主要 KPI 方面的表現。

RPO, or remaining performance obligations represent contracted revenue that is expected to be recognized as revenue in future periods.

RPO或剩餘履約義務代表預計在未來期間確認為收入的合約收入。

As a reminder, a few factors, primarily impact RPO in a given period; sales cycle, deployment cycle, lens of contracts, renewal timing and seasonality.

提醒一下，有幾個因素主要影響特定時期內的 RPO：銷售週期、部署週期、合約視角、續約時間和季節性。

Total RPO was $567.7 million at the end of Q2.

第二季末 RPO 總額為 5.677 億美元。

Short-term RPO at the end of Q2 increased to $320.6 million, providing solid visibility into revenue over the next 12 months.

第二季末的短期 RPO 增至 3.206 億美元，為未來 12 個月的收入提供了可靠的可見度。

We believe this level of RPO are healthy and support our growth.

我們相信這個水準的 RPO 是健康的並支持我們的成長。

In profitability, we are providing additional disclosure and we break down our RPO balances between deferred revenue and backlog.

在獲利能力方面，我們提供了額外的揭露，並細分了遞延收入和積壓訂單之間的 RPO 餘額。

Our total RPO of $567.7 million is a sum of deferred revenue of $111.4 million and backlog of $453 million.

我們的 RPO 總額為 5.677 億美元，其中遞延收入為 1.114 億美元，積壓收入為 4.53 億美元。

Turning to revenue.

轉向收入。

Q2 revenue grew by 9.6% year-over-year and was $84 million.

第二季營收年增 9.6%，達到 8,400 萬美元。

Our software revenue was $72.3 million, an increase of $5.6 million.

我們的軟體收入為 7,230 萬美元，增加了 560 萬美元。

Recurring revenue is strong.

經常性收入強勁。

We continue to grow our recurring revenue.

我們持續增加經常性收入。

And in Q2, we generated $46.6 million or 55% of total revenue.

第二季度，我們創造了 4,660 萬美元，佔總收入的 55%。

Recurring revenue is a contributor to visibility and long-term growth and represent mainly support contract revenue and some subscription offerings.

經常性收入有助於提高知名度和長期成長，主要代表支持合約收入和一些訂閱服務。

The vast majority of our Q2 revenue was from repeat business, similar to previous periods.

我們第二季的營收絕大多數來自重複業務，與之前的時期類似。

This is a testament to the significant value our customers generate from our solution and the high confidence level in us for helping them succeed in their critical missions.

這證明了我們的客戶從我們的解決方案中獲得的巨大價值，以及對我們幫助他們成功完成關鍵任務的高度信心。

Non-GAAP gross margin continued to improve, and in Q2 was 71.3%, an increase of 209 basis points year-over-year.

非 GAAP 毛利率持續改善，第二季為 71.3%，較去年同期成長 209 個基點。

Our gross profit continued to grow meaningfully faster than revenue.

我們的毛利持續以快於收入的速度大幅成長。

In Q2, non-GAAP gross profit was up 12.9% year-over-year.

第二季度，非 GAAP 毛利年增 12.9%。

The combination of revenue growth, better margins and effective cost structure drove significantly improved profitability.

收入成長、更高的利潤率和有效的成本結構相結合，顯著提高了獲利能力。

During Q2, we delivered $8.3 million of adjusted EBITDA and non-GAAP operating income of $4.4 million. Q2

第二季度，我們實現了 830 萬美元的調整後 EBITDA 和 440 萬美元的非 GAAP 營業收入。 Q2

was another quarter in which we demonstrated the leverage we have in our model and our financial strength.

又一個季度，我們展示了我們的模型的槓桿作用和我們的財務實力。

We have been focused on executing our goal to improve our financials and continue to drive margin expansion.

我們一直致力於執行改善財務狀況並持續推動利潤率擴張的目標。

Turning to guidance.

轉向指導。

Given Q2 market conditions, our momentum and visibility, we are sharing an increased outlook for the year.

鑑於第二季的市場狀況、我們的勢頭和知名度，我們對今年的前景持樂觀態度。

With fiscal '25, we now expect full-year revenue to be approximately $347 million, plus or minus 2%.

對於 25 財年，我們目前預計全年營收約為 3.47 億美元，上下浮動 2%。

This outlook represents approximately 11% year-over-year growth at the midpoint of the revenue range.

這一前景代表收入範圍中點的同比增長約為 11%。

We believe that our strong short-term RPO of $320.6 million and the demand environment support this outlook.

我們相信，我們 3.206 億美元的強勁短期 RPO 和需求環境支持這一前景。

We also believe that the seasonality of our revenue will be similar to its stock held patterns.

我們也相信，我們收入的季節性將與其庫存模式相似。

We expect Q2 revenue to be slightly above the Q2 levels and ending the year with a strong Q4.

我們預計第二季的營收將略高於第二季的水平，並以強勁的第四季結束今年。

Because of the leverage we have now in our model, we now expect adjusted EBITDA to be about $25 million at the midpoint of the revenue range compared to $9 million last year.

由於我們模型中現有的槓桿作用，我們現在預計調整後的 EBITDA 約為收入範圍中點的 2500 萬美元，而去年為 900 萬美元。

As a result of our increased outlook, we now expect annual non-GAAP EPS loss to come in at $0.03 at the midpoint of the revenue range.

由於我們提高了預期，我們現在預計年度非 GAAP 每股收益虧損為 0.03 美元，處於收入範圍的中點。

We continue to expect to generate about $37 million of cash from operations for this year.

我們仍然預計今年的營運將產生約 3700 萬美元的現金。

To summarize, we have started the year with a strong H1, and we have been executing consistently well and producing strong results.

總而言之，我們以強勁的上半年業績開始了今年，並且我們一直執行良好並取得了強勁的業績。

We continue to add capabilities and increase the value our advanced solutions delivered to new and existing customers by leveraging the latest technologies, including AI.

我們利用包括人工智慧在內的最新技術，不斷增強我們為新舊客戶提供的先進解決方案的功能和價值。

We increased our revenue and profitability outlook for the current year and expect fiscal '25 to be a year of continued growth, significant profitability improvement and strong cash flow from operations.

我們提高了本年度的營收和獲利前景，並預計 25 財年將是持續成長、獲利能力顯著改善和營運現金流強勁的一年。

We believe we are well positioned for sustainable growth and have leverage in our model so we can generate additional improvement in profitability in future years.

我們相信，我們已經為永續成長做好了充分準備，並且我們的模型具有槓桿作用，因此我們可以在未來幾年實現盈利能力的進一步提高。

With that, I would like to hand the call over to the operator to open the line for questions.

至此，我想將電話轉交給接線員，以開通提問線路。

Operator?

操作員？

(Operator Instructions)

（操作員說明）

Mike Cikos, Needham.

麥克·西科斯，尼達姆。

Hey, guys.

嘿，夥計們。

Thanks for taking the questions here.

感謝您在這裡提出問題。

Just wanted to cycle back to the revenue comp position when we're looking at it today.

當我們今天討論這個問題時，我只想回到收入組成。

I saw the software and software service declined 5% sequentially, which I think was the first time that we've seen this revenue stream decrease since 3Q of fiscal '23.

我看到軟體和軟體服務連續下降了 5%，我認為這是自 23 財年第三季以來我們第一次看到這種收入流下降。

So just trying to get a sense of the software and software service revenue to understand what caused that decline?

那麼，只是想了解軟體和軟體服務收入，以了解導致下降的原因嗎？

Or was that in line with how you guys had expected.

或者說這符合你們的預期嗎？

Yeah.

是的。

Hi, Mike.

嗨，麥克。

So the vast majority of our offering is offered in perpetual license.

因此，我們的絕大多數產品都是以永久許可形式提供的。

As you remember, we do offer certain elements of our portfolio in a subscription model.

如您所知，我們確實以訂閱模式提供我們產品組合的某些元素。

And recurring revenue this quarter grew sequentially and year-over-year.

本季經常性收入環比和年成長。

In Q2, the recurring revenue came at $46.6 million versus $41.2 million in Q2 last year, representing about a 40% increase and related to incremental subscription revenue.

第二季的經常性收入為 4,660 萬美元，而去年第二季為 4,120 萬美元，成長了約 40%，這與增量訂閱收入有關。

So if you look at it, the overall software revenue increased over by $5.5 million.

因此，如果你看一下，整個軟體收入增加了 550 萬美元。

So actually, it's a conversion of perpetual license to some offerings that is subscription.

所以實際上，這是永久許可證向某些訂閱產品的轉換。

Got it.

知道了。

And if I think about the guidance that we have here for the rest of the year now, can you help us better think through, I guess, the split you're expecting between software and software service versus the professional services, just again because that professional services was so strong in this past quarter.

如果我考慮一下今年剩下的時間裡我們在這裡提供的指導，我猜你能幫助我們更好地思考你所期望的軟體和軟體服務與專業服務之間的劃分嗎？非常強勁。

Yes, Mike.

是的，麥克。

It's David.

是大衛。

So in general, our guidance baked in the subscription revenue that we're seeing that is growing.

因此，總的來說，我們的指導考慮了我們看到的訂閱收入的成長。

You could see the trend that on overall recurring revenue that is growing and it's becoming more than 55% of the total revenue, which is good, it gives us visibility.

您可以看到整體經常性收入不斷增長的趨勢，並且已佔總收入的 55% 以上，這很好，它為我們提供了可見性。

And you could see that between the growth in the recurring revenue, the portion of the subscription is higher.

您可以看到，在經常性收入的成長之間，訂閱的比例更高。

Now, if you will think about governmental agencies, the purchasing behavior is -- remain the same.

現在，如果你考慮政府機構，購買行為是──保持不變。

The preference is to still and buy in our domain on a CapEx model, which means, in other words, perpetual.

首選是在我們的領域中以資本支出模型靜止併購買，換句話說，這意味著永久。

We do encourage the customer to do this transition, and we are very pleased that we were able to do it this year.

我們確實鼓勵客戶進行這種轉變，我們很高興今年能夠做到這一點。

But from a forecast perspective, our 11% is taking [concerns] on everything.

但從預測的角度來看，我們有 11% 的人對所有事情都感到[擔憂]。

And we believe that in the long term, there will be more impact related to subscription.

我們相信，從長遠來看，訂閱相關的影響將會更大。

Got it.

知道了。

Thank you very much.

非常感謝。

I'll leave it there and turn it over to my colleagues.

我會把它留在那裡並交給我的同事。

(Operator Instructions)

（操作員說明）

I'm showing no further questions at this time.

我目前沒有提出任何進一步的問題。

I'd like to turn the call back over to Dean for any closing remarks.

我想將電話轉回給 Dean，讓其結束語。

Thank you, Michelle and thank you, everyone, for joining us on today's call.

謝謝米歇爾，謝謝大家參加今天的電話會議。

Elad, David and I will be traveling to Chicago, Milwaukee and Minneapolis in early October to meet with investors and hope to see some of you then.

埃拉德、大衛和我將於 10 月初前往芝加哥、密爾瓦基和明尼阿波利斯會見投資者，並希望屆時見到你們中的一些人。

In the meantime, please feel free to reach out to me should you have any questions.

同時，如果您有任何疑問，請隨時與我聯繫。

And we look forward to speaking with you again next quarter.

我們期待下個季度再次與您交談。

Thank you for your participation.

感謝您的參與。

This does conclude the program, and you may now disconnect.

這確實結束了程序，您現在可以斷開連接。

Everyone, have a great day.

大家，祝你有美好的一天。