Cognyte Software Ltd (CGNT) 2026 Q2 法說會逐字稿

Good day ladies and gentlemen, thank you for standing by. Welcome to the Cognyte second quarter fiscal year 2026 earnings conference call. (Operator Instructions) Please note that today's conference may be recorded.

女士們、先生們，大家好，感謝你們的支持。歡迎參加 Cognyte 2026 財年第二季財報電話會議。（操作員指示）請注意，今天的會議可能會被錄音。

I will now hand the conference over to your speaker host, Dean Ridlon, Head of Investor Relations. Please go ahead.

現在，我將會議交給主持人、投資者關係主管 Dean Ridlon。請繼續。

Thank you, operator. Hello, everyone. I'm Dean Ridlon, Cognyte's head of investor relations. Thank you for joining us today. I'm here with Elad Sharon, Cognyte's CEO, and David Abadi, Cognyte's CFO. Before getting started, I would like to mention that accompanying our call today is a presentation.

謝謝您，接線生。大家好。我是 Cognyte 投資人關係主管 Dean Ridlon。感謝您今天加入我們。我和 Cognyte 的執行長 Elad Sharon 以及 Cognyte 的財務長 David Abadi 一起來到這裡。在開始之前，我想提一下，我們今天的電話會議附帶一個簡報。

If you'd like to view these slides in real time during the call, please visit the investor section of our website at Cognyte.com. Click on upcoming events, then the webcast link for today's conference call. 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.

如果您想在電話會議期間即時觀看這些投影片，請造訪我們網站 Cognyte.com 的投資者專區。點擊“即將舉行的活動”，然後點擊今天電話會議的網路直播連結。我還想提請您注意，本次電話會議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所定義的前瞻性陳述。

These forward-looking statements are based on management's current expectations and are not guarantees of future performance. Actual results could differ materially from those expressed in or implied by these forward-looking statements. 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.

這些前瞻性陳述是基於管理階層目前的預期，並不能保證未來的績效。實際結果可能與這些前瞻性陳述所表達或暗示的結果有重大差異。這些前瞻性陳述是在本次電話會議之日做出的，除法律要求外，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. 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, 2025, and other filings we make with the SEC.

提醒投資者不要過度依賴這些前瞻性陳述。有關這些和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的更詳細討論，請參閱我們截至 2025 年 1 月 31 日的財政年度的 20-F 表年度報告以及我們向美國證券交易委員會提交的其他文件。

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

今天討論的財務指標包括非公認會計準則指標。我們相信，投資者在比較不同期間的績效以及發布類似非公認會計準則指標的同業公司之間的績效時，會關注非公認會計準則財務指標。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 指標的對照組。

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

非 GAAP 財務資訊不應被視為與 GAAP 財務資訊分離、替代或優於 GAAP 財務信息，而應納入其中，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，並且對投資者的信息和比較目的有用。該公司使用的非公認會計準則財務指標有其局限性，可能與其他公司使用的指標不同。

Now, I would like to turn the call over to Elad.

現在，我想把電話轉給埃拉德。

Thank you, Dean. Welcome, everyone, to our conference call for the second quarter of the fiscal year ending January 31, 2026. Before I get started, on behalf of the Board and management team, I want to thank our shareholders for their trust and support at last week's Annual General Meeting.

謝謝你，迪恩。歡迎大家參加我們截至 2026 年 1 月 31 日的財政年度第二季電話會議。在開始之前，我謹代表董事會和管理團隊感謝股東在上週年度股東大會上給予的信任和支持。

Turning now to our Q2 results. Our Q2 performance reflects solid execution against our strategy and constant demand for our solutions. In the second quarter, we grew revenue by approximately 16% year-over-year to about $98 million. Non-GAAP gross profit increased by about 17% year-over-year. We generated approximately $11 million of adjusted EBITDA for the quarter, growth of about 33% compared to what we generated in Q2 last year. And cash flow from operating activities was a negative $6 million, primarily due to expected seasonal expenses.

現在來看看我們的第二季業績。我們第二季的業績反映了我們策略的穩健執行以及對我們解決方案的持續需求。第二季度，我們的營收年增約16%，達到約9,800萬美元。非公認會計準則毛利較去年同期成長約17%。本季我們的調整後 EBITDA 約為 1,100 萬美元，與去年第二季相比成長了約 33%。經營活動產生的現金流量為負 600 萬美元，主要原因是預期的季節性費用。

These results reflect how our technology is not only mission-critical, but increasingly indispensable as global threats grow more complex. We proudly serve four agency types: law enforcement, military intelligence, national intelligence and national security agencies, each facing rising data volumes, more sophisticated adversaries and a constantly evolving technology landscape.

這些結果反映出我們的技術不僅對任務至關重要，而且隨著全球威脅變得越來越複雜，其重要性也越來越不可或缺。我們很自豪地為四種類型的機構提供服務：執法機構、軍事情報機構、國家情報機構和國家安全機構，每個機構都面臨著不斷增長的數據量、更複雜的對手和不斷發展的技術格局。

Our solutions help them stay ahead of these challenges, enabling them to protect people, secure borders, disrupt criminal internal networks, defend against cyber threats and ensure public safety every single day. This quarter, the commitment was reflected in two significant wins for military intelligence customers. In Asia Pacific, we signed a $10 million follow-on deal with a longstanding customer. They operate in a complex border environment and use our border intelligence solutions to stop infiltration attempts by hostile actors, clear proof of the ongoing trust they place in us and the tangible operational results we deliver.

我們的解決方案可協助他們應對這些挑戰，使他們能夠保護人民、保障邊境安全、破壞犯罪內部網路、防禦網路威脅並確保公共安全。本季度，這項承諾體現在軍事情報客戶取得的兩場重大勝利中。在亞太地區，我們與一位長期客戶簽署了價值 1000 萬美元的後續協議。他們在複雜的邊境環境中開展行動，並使用我們的邊境情報解決方案來阻止敵對行為者的滲透企圖，這清楚地證明了他們對我們的持續信任以及我們提供的切實的行動成果。

In EMEA, we won a competitive deal worth about $10 million with a new Tier 1 military intelligence organization, beating several global vendors, including the regional incumbent. They chose Cognyte for our proven tactical intelligence capabilities to modernize operations and address emerging threats. The anticipated impact of our solutions has already led the customer to place a follow-on order, demonstrating confidence in our technology and the potential for a broader and long-term partnership.

在歐洲、中東和非洲地區，我們與一家新的一級軍事情報組織贏得了價值約 1000 萬美元的競爭性交易，擊敗了包括該地區現任供應商在內的多家全球供應商。他們選擇 Cognyte 是因為我們擁有經過驗證的戰術情報能力，可以實現營運現代化並應對新出現的威脅。我們的解決方案的預期影響已經促使客戶下了後續訂單，這表明他們對我們的技術以及建立更廣泛和長期合作夥伴關係的潛力充滿信心。

Taken together, these wins reflect the broader reality we see every day. Around the world, governments and agencies are confronting rising levels of complexity and uncertainty. The global environment is marked by heightened security challenges from digital to physical domains, creating an urgent and sustained demand for advanced intelligent solutions.

總的來說，這些勝利反映了我們每天看到的更廣泛的現實。世界各地的政府和機構都面臨著日益加劇的複雜性和不確定性。全球環境的特徵是從數位領域到實體領域的安全挑戰日益加劇，對先進的智慧解決方案產生了迫切而持續的需求。

This growing demand not only underscores our commercial momentum, but also the effectiveness of our differentiated technology. As we shared at Investor Day, our technology stack is built on three layers: signal processing, insight mining and investigative analytics. Within this framework, this quarter, I want to highlight our operational intelligence suite of solutions, also known as tactical intelligence, which is where our technology meets the field.

這種不斷增長的需求不僅凸顯了我們的商業勢頭，也凸顯了我們差異化技術的有效性。正如我們在投資者日分享的那樣，我們的技術堆疊建立在三個層面上：訊號處理、洞察挖掘和調查分析。在這個框架內，本季度，我想重點介紹我們的營運情報解決方案套件，也稱為戰術情報，這是我們的技術與現場相結合的地方。

Sitting is a foundational layer of signal processing. It transforms chaotic signal feeds into clean, usable data as to help field units operate in real time. Whether in complex city environments or remote terrain, our best-in-class suite of tactical intelligence solutions enable missions from early threat detection to planning and operational response. And when you combine that offering with our top layers, insight mining and investigative analytics, culminating in our decision intelligence solution, NEXYTE, you get the full power of the Cognyte's technology platform.

坐姿是訊號處理的基礎層。它將混亂的訊號饋送轉換成乾淨、可用的數據，以幫助現場單位即時運作。無論是在複雜的城市環境或偏遠的地形，我們一流的戰術情報解決方案套件都能支援從早期威脅偵測到規劃和作戰應變的任務。當您將產品與我們的頂層、洞察挖掘和調查分析相結合，最終形成我們的決策智慧解決方案 NEXYTE 時，您將獲得 Cognyte 技術平台的全部功能。

What sets us apart is how these layers and solutions work together as one integrated platform, creating a complete and differentiated intelligence capability powered by advanced AI. That's why intelligence and security agencies continue to choose Cognyte: to detect threats faster, act with precision, protect communities and respond decisively to the full spectrum of criminal, terror and national security challenges.

我們的獨特之處在於這些層和解決方案如何作為一個整合平台協同工作，從而創造出由先進的人工智慧驅動的完整且差異化的智慧能力。這就是情報和安全機構繼續選擇 Cognyte 的原因：更快地發現威脅、精確採取行動、保護社區並果斷應對各種犯罪、恐怖主義和國家安全挑戰。

We regularly hear from both current and prospective customers about the real impact our solutions are having. Just last month, during a weeklong proof of concept in the field in a large US city, a prospective customer used one of our solutions to work more efficiently. The customer noted that the solution performed better than what they had relied on for years from incumbent providers. That pilot led directly to the arrest of several fugitives, individuals wanted for murder and armed robbery, clear proof of how quickly our solutions make an impact.

我們定期從現有客戶和潛在客戶那裡了解我們的解決方案所產生的實際影響。就在上個月，在美國一個大城市進行的為期一周的現場概念驗證中，一位潛在客戶使用了我們的解決方案來提高工作效率。客戶指出，該解決方案的性能比他們多年來所依賴的現有供應商的解決方案更好。這項試點計畫直接導致數名逃犯被捕，這些人因謀殺和持械搶劫而被通緝，這清楚地證明了我們的解決方案能夠迅速產生影響。

Beyond customer feedback, our innovation is recognized across the industry. In Gartner's 2025 Hype Cycle for Public Safety and Law Enforcement, Cognyte was named a Sample Vendor for our AI-powered predictive analytics. Gartner called the benefit of predictive analytics transformational as broader data sharing and richer data sets unlock new insights. Across all regions, agencies are being asked to do more with fewer resources while facing adversaries who are more agile and technology sophisticated. This dynamic is driving increased investment in modern, AI-enabled intelligence platforms, reinforcing the strategic importance of our offering.

除了客戶的回饋之外，我們的創新也得到了整個產業的認可。在 Gartner 的 2025 年公共安全和執法技術成熟度曲線中，Cognyte 被評為我們的人工智慧預測分析的樣本供應商。Gartner 稱預測分析的好處具有變革性，因為更廣泛的資料共享和更豐富的資料集可以帶來新的見解。在所有地區，各機構都被要求用更少的資源做更多的事情，同時面對更敏捷、更先進的對手。這種動態正在推動對現代人工智慧平台的投資增加，從而強化了我們產品的戰略重要性。

The US remains a cornerstone of our growth strategy, and further penetration into this market is a key priority. We continue to strengthen our reach through expanded presence and strategic partnerships. To that end, we entered into an alliance with LexisNexis Risk Solutions, a Tier 1 partner with deep specialization in the federal market. This partnership expands our footprint and sales power in the region, providing access to a highly connected team with strong relationships across US agencies. This is particularly strategic for our tactical intelligence portfolio where federal customers represent an important growth opportunity.

美國仍然是我們成長策略的基石，進一步滲透該市場是我們的首要任務。我們透過擴大影響力和建立策略夥伴關係來不斷加強我們的影響力。為此，我們與在聯邦市場具有深厚專業知識的一級合作夥伴 LexisNexis Risk Solutions 建立了聯盟。此次合作擴大了我們在該地區的業務範圍和銷售實力，使我們有機會接觸到與美國各機構關係密切、聯繫緊密的團隊。這對我們的戰術情報組合來說尤其具有戰略意義，因為聯邦客戶代表著重要的成長機會。

At the same time, we continue to operate against the backdrop of atypical US agency procurement delays that limits near-term visibility into budget timing. While this environment presents what we believe are temporary challenges, we are confident that the state and local and federal spend normalizes, Cognyte will be well positioned to accelerate customer acquisition and reinforce our competitive position in this region.

同時，我們繼續在美國機構採購非典型延遲的背景下開展業務，這限制了近期預算時間的可見性。雖然我們認為這種環境帶來的只是暫時的挑戰，但我們相信，隨著州、地方和聯邦政府的支出恢復正常，Cognyte 將能夠加速客戶獲取並鞏固我們在該地區的競爭地位。

Direct engagement with customers and prospects is also central to advancing our strategy. Recently, we participated in NATIA, a leading US event for federal and state local enforcement, where we had an opportunity to showcase our capabilities and connect with key decision makers.

與客戶和潛在客戶的直接接觸對於推進我們的策略也至關重要。最近，我們參加了美國聯邦和州地方執法部門的領先活動 NATIA，在那裡我們有機會展示我們的能力並與關鍵決策者建立聯繫。

Looking ahead, we are actively preparing for key upcoming conferences, including Milipol Paris, the leading global event for homeland security and safety; Asian Defense & Security in Bangkok, a premier exhibition for difference, security and disaster response in the Asia Pacific region; and IACP in Denver, Colorado, the premier gathering for US police chiefs and public safety leaders, as well as other important forums. These events give us the opportunity to showcase our latest capabilities, strengthen relationships and create new opportunities.

展望未來，我們正在積極籌備即將舉行的重要會議，包括全球領先的國土安全與安保盛會——巴黎國際警察安全展覽會 (Milipol Paris)、亞太地區領先的差異化、安全和災難響應展覽會——曼谷亞洲防務與安全展覽會 (Asian Defense & Security)、美國科羅拉多州丹佛市的美國警察局長和公共安全領導人和公共安全領導人的其他頂級論壇。這些活動使我們有機會展示我們的最新能力、加強關係並創造新的機會。

In today's environment when threats are becoming more diverse and harder to predict, our technology provides agencies with the speed, accuracy and insights they require to stay ahead. Looking ahead, we are encouraged by how current and prospective customers continue to respond to our technology. Our ongoing execution combined with a clear focus on innovation position us well to drive long-term growth and continue to meaningfully expand profitability. We have a clear path to our financial targets for the fiscal year ending January 31, 2028: $500 million in revenue, gross margins of about 73% and adjusted EBITDA margins above 20%.

在當今威脅日益多樣化且難以預測的環境中，我們的技術為機構提供了保持領先所需的速度、準確性和洞察力。展望未來，現有和潛在客戶對我們技術的持續反應令我們感到鼓舞。我們持續的執行力加上對創新的明確關注，使我們能夠推動長期成長並繼續大幅提高獲利能力。我們對截至 2028 年 1 月 31 日的財政年度的財務目標有著明確的實現路徑：營收 5 億美元、毛利率約為 73% 以及調整後的 EBITDA 利潤率超過 20%。

These goals are grounded in our strategy, deepening relationships with our existing customers, winning new customers and expanding our footprint in the US market. We remain confident in achieving these targets because the market need is growing, our technology leadership is proven and our execution is delivering results quarter after quarter.

這些目標以我們的策略為基礎，深化與現有客戶的關係，贏得新客戶並擴大我們在美國市場的影響力。我們仍然有信心實現這些目標，因為市場需求正在成長，我們的技術領先地位已得到證實，而且我們的執行力正在逐季度取得成果。

For our current fiscal year ending January 31, 2026, we are updating our guidance and now expect revenue of approximately $397 million, plus or minus 2%, representing about 13% year-over-year growth at the midpoint of the range, and adjusted EBITDA of approximately $45 million at the midpoint of the revenue range, representing approximately 55% year-over-year growth.

截至 2026 年 1 月 31 日的當前財政年度，我們正在更新我們的指導方針，現在預計收入約為 3.97 億美元，上下浮動 2%，相當於同比增長約 13%；調整後的 EBITDA 約為 4500 萬美元，相當於收入範圍的中點，相當於同比增長約 55%。

Before I hand it over to David, I want to share why we do what we do. A core challenge our customers face is the imbalance between bad actors and those working to stop them. Bad actors, whether criminals or terrorists, move fast, adapt quickly and exploit a single weakness with devastating impact. By contrast, law enforcement and security organizations must react and respond to a wide range of evolving threats in real time and with absolute precision. That means the bad guys only need to succeed once while agencies need to succeed every single time.

在交給大衛之前，我想先分享我們為什麼要這樣做。我們的客戶面臨的一個核心挑戰是不良行為者和阻止他們的人之間的不平衡。不法分子，無論是罪犯或恐怖分子，行動迅速，適應迅速，並利用單一弱點造成毀滅性影響。相較之下，執法和安全組織必須即時且絕對精確地對各種不斷演變的威脅做出反應。這意味著壞人只需成功一次，而機構每次都需要成功。

This asymmetry put immense pressure on investigative teams to work faster, smarter and more accurately than ever. Every day our customers stand on the front lines protecting citizens, safeguarding borders and preventing harm. Our purpose is clear: to give them the technology to generate the insights and the confidence they need to stay ahead of those who would do harm. This is the mission that drives every innovation, every partnership and every decision we make at Cognyte.

這種不對稱給調查團隊帶來了巨大的壓力，要求他們比以往更快、更聰明、更準確地工作。我們的客戶每天都站在第一線保護公民、保衛邊境並防止傷害。我們的目的很明確：為他們提供技術，使他們能夠獲得洞察力和信心，從而領先於那些想要造成傷害的人。這是推動我們在 Cognyte 做出的每一項創新、每一次合作和每一個決定的使命。

Now let me turn the call over to David to provide more details about our Q2 results. David?

現在，讓我將電話轉給 David，以提供有關我們第二季業績的更多詳細資訊。戴維？

Thank you, Elad, and hello, everyone. As you just heard, we are making strong progress across the business. In Q2, that translated into solid financial performance supported by healthy demand and good visibility. This performance reflects the consistency of our execution and reinforces our continued confidence in the outlook.

謝謝你，埃拉德，大家好。正如您剛才聽到的，我們的整個業務正在取得強勁進展。在第二季度，由於健康的需求和良好的知名度，這轉化為穩健的財務表現。這一表現反映了我們執行力的一致性，並增強了我們對前景的持續信心。

Revenue for Q2 was $97.5 million, an increase of 15.5% year-over-year. Software revenue was $36.6 million, an increase of $9.7 million or 35.9% year-over-year. Software revenue is comprised of perpetual licenses, appliances along with some term-based subscription licenses. Software services revenue was $46.7 million, up $1.4 million from last year.

第二季營收為 9,750 萬美元，年增 15.5%。軟體營收為 3,660 萬美元，年增 970 萬美元，增幅 35.9%。軟體收入包括永久許可證、設備以及一些基於期限的訂閱許可證。軟體服務收入為 4,670 萬美元，比去年增加 140 萬美元。

Software services revenue comes mainly from support contracts and, to a lesser extent, cloud-based SaaS subscriptions. Our total software revenue for the quarter was approximately $83.3 million, representing 85.5% of total revenue. We continue to expect software revenue to be about 87% of total revenue on an annual basis.

軟體服務收入主要來自支援合同，其次是基於雲端的 SaaS 訂閱。本季我們的軟體總收入約為 8,330 萬美元，佔總收入的 85.5%。我們繼續預計軟體收入將佔年度總收入的 87% 左右。

Professional services revenue in Q2 was $14.2 million, an increase of $2 million over last year. Professional services revenue is expected to fluctuate between quarters due to revenue recognition timing. We continue to expect professional services revenue to be about 13% of total revenue on an annual basis. Recurring revenue for Q2 was $47.4 million, representing 48.7% of total revenue.

第二季專業服務收入為 1,420 萬美元，比去年增加 200 萬美元。由於收入確認時間的原因，專業服務收入預計會在各個季度之間波動。我們繼續預期專業服務收入將佔年度總收入的 13% 左右。第二季經常性收入為 4,740 萬美元，佔總營收的 48.7%。

Recurring revenue, driven primarily by support contracts and some term-based and SaaS subscription offerings, enhances our visibility in both the near and the long term. Non-GAAP gross margin for the quarter was 72.1%, expanding by 81 basis points year-over-year. Gross margin may fluctuate between quarters based on our revenue mix. Gross profit in the second quarter grew faster than revenue growth and was $70.3 million, an increase of 16.8% year-over-year. We believe the steady improvement we have made in gross profit is the result of the significant value customers derive from our innovative solutions, our competitive differentiation and our improved cost structure.

經常性收入主要由支援合約和一些基於期限和 SaaS 訂閱產品推動，提高了我們近期和長期的知名度。本季非公認會計準則毛利率為 72.1%，較去年同期成長 81 個基點。根據我們的收入結構，毛利率可能會在各個季度之間波動。第二季毛利成長速度快於營收成長速度，達到 7,030 萬美元，年增 16.8%。我們相信，毛利的穩定提升是由於客戶從我們的創新解決方案、競爭差異化和改進的成本結構中獲得的巨大價值。

The combination of revenue growth and our business model continues to deliver meaningful year-over-year improvements in profitability, showing our ability to drive operational leverage. Once again, non-GAAP operating income and adjusted EBITDA both grew significantly faster than revenue. In Q2, we generated $8 million of non-GAAP operating income, nearly twice as much as the $4.4 million generated in Q2 last year. Adjusted EBITDA for the quarter was $11 million, about 33% higher than the $8.3 million generated last Q2, resulting in second quarter fiscal '26 non-GAAP EPS of $0.08. Q2 GAAP net income for the quarter was $2.7 million, versus a loss of $0.9 million in Q2 last year, resulting in second quarter GAAP EPS of $0.02.

收入成長和我們的商業模式相結合，繼續帶來盈利能力的顯著同比增長，顯示出我們推動營運槓桿的能力。非公認會計準則營業收入和調整後 EBITDA 的成長速度再次明顯快於收入。在第二季度，我們創造了 800 萬美元的非 GAAP 營業收入，幾乎是去年第二季 440 萬美元的兩倍。本季調整後息稅折舊攤銷前利潤 (EBITDA) 為 1,100 萬美元，較去年第二季的 830 萬美元高出約 33%，導致 2026 財年第二季非 GAAP 每股收益為 0.08 美元。本季第二季 GAAP 淨利為 270 萬美元，去年第二季虧損 90 萬美元，導致第二季 GAAP 每股收益為 0.02 美元。

Looking at our H1 results, our revenue was $193.1 million and grew by 15.5% year-over-year. Our non-GAAP gross profit grew faster, by 16.8% year-over-year. The leverage we have in our model helped us generate meaningful improvement in profitability year-over-year. Our H1 GAAP operating income was $4.9 million, versus an operating loss of $3.7 million during the same period last year.

從我們的上半年業績來看，我們的營收為 1.931 億美元，年增 15.5%。我們的非公認會計準則毛利成長更快，年增16.8%。我們模型中的槓桿作用幫助我們實現了獲利能力的逐年顯著提升。我們的 H1 GAAP 營業收入為 490 萬美元，而去年同期的營業虧損為 370 萬美元。

Non-GAAP operating income was $15.6 million, more than double versus $6.3 million during the first half of last fiscal year. Our H1 adjusted EBITDA was $21.3 million, versus $13.3 million in H1 of the previous year. Non-GAAP EPS was $0.15 in H1 this year, compared to $0.02 in the same period last year.

非公認會計準則營業收入為 1,560 萬美元，較上一財年上半年的 630 萬美元增加了一倍多。我們的 H1 調整後 EBITDA 為 2,130 萬美元，去年同期為 1,330 萬美元。今年上半年非公認會計準則每股收益為 0.15 美元，去年同期為 0.02 美元。

Turning to our balance sheet. Our short and long-term contract liabilities, commonly referred to as deferred revenue, remain robust at about $114.3 million at the end of Q2, up slightly versus the July 31, 2024 balance.

轉向我們的資產負債表。我們的短期和長期合約負債（通常稱為遞延收入）在第二季末保持強勁，約為 1.143 億美元，較 2024 年 7 月 31 日的餘額略有上升。

During Q2, we had negative cash flow from operations of $6.3 million and a negative free cash flow of $8.9 million. Historically, we have had negative cash flow from operations in Q2 due to the timing of certain expenses, including bonus payments. For the full year, we continue to expect cash flow from operating activities to be about $45 million.

第二季度，我們的營運現金流為負 630 萬美元，自由現金流為負 890 萬美元。從歷史上看，由於某些費用（包括獎金支付）的時間安排，我們第二季度的營運現金流為負。就全年而言，我們繼續預計經營活動現金流約為 4,500 萬美元。

During Q2, we completed the repurchase program previously authorized by the Board of Directors. The company repurchased about 2.1 million ordinary shares for a total of $20 million. In July, the Board has also approved a new share repurchase program of up to $20 million in ordinary shares over the next 18 months, through January 14, 2027, as part of our capital allocation strategy. Following the required 30-day notice period under Israeli law, share repurchases could commence on Friday, August 13. Our cash position remains strong at $84.7 million, with no debt.

第二季度，我們完成了董事會先前授權的回購計畫。該公司回購了約 210 萬股普通股，總價值 2,000 萬美元。7 月，董事會還批准了一項新的股票回購計劃，該計劃將在未來 18 個月內（截至 2027 年 1 月 14 日）回購價值高達 2000 萬美元的普通股，作為我們資本配置策略的一部分。根據以色列法律規定的 30 天通知期，股票回購將於 8 月 13 日星期五開始。我們的現金狀況依然強勁，達到 8,470 萬美元，也沒有債務。

Let me walk you through our execution against some of our key performance indicators. RPO, or remaining performance obligations, represents contracted revenue to be recognized in future periods, influenced by factors such as sales cycles, deployment time lines, contract plans, renewal timing and seasonality. While fluctuations are expected in total RPO, current levels support our growth expectations.

讓我向您介紹我們針對一些關鍵績效指標的執行情況。RPO，即剩餘履約義務，代表未來期間確認的合約收入，受銷售週期、部署時間表、合約計畫、續約時間和季節性等因素的影響。雖然預計整體 RPO 會出現波動，但當前水準支持我們的成長預期。

At the end of Q2, total RPO was $574.5 million, versus $567.7 million at the same period last year. Total RPO is the sum of deferred revenue of $114.3 million and backlog of $460.2 million. Short-term RPO at the end of Q2 increased to $355 million, which we believe provides solid visibility into revenue over the next 12 months. These healthy RPO levels validate the strength and resilience of our business model and support our expectations for $500 million in annual revenue for the year ending January 2028.

截至第二季末，RPO 總額為 5.745 億美元，而去年同期為 5.677 億美元。RPO 總金額為遞延收入 1.143 億美元與積壓訂單 4.602 億美元的總和。第二季末的短期 RPO 增加至 3.55 億美元，我們相信這為未來 12 個月的收入提供了堅實的可視性。這些健康的 RPO 水準驗證了我們業務模式的實力和彈性，並支持我們對截至 2028 年 1 月的年度收入 5 億美元的預期。

Q2 billings were $93 million, an increase of about 20% versus the same period last year. Q2 non-GAAP operating expenses were $62.3 million, in line with our expectations. We remain focused on driving continued financial improvement and sustained margin expansion. Today we are updating our guidance for the current fiscal year ending January 31, 2026. We're expecting full year revenue of about $397 million plus or minus 2%. This represents approximately 13% year-over-year growth at the midpoint of the revenue range.

第二季的營業額為 9,300 萬美元，比去年同期成長約 20%。第二季非公認會計準則營運費用為 6,230 萬美元，符合我們的預期。我們將繼續致力於推動財務狀況的持續改善和利潤率的持續擴大。今天，我們將更新截至 2026 年 1 月 31 日的當前財政年度的指導。我們預計全年營收約 3.97 億美元，增減 2%。這意味著收入範圍中點的同比增長率約為 13%。

We expect total software revenue to be about $345 million, representing approximately 87% of total revenue; and professional service revenue to represent about 13% of total revenue, in line with our strategic goals. We believe that our strong short-term RPO of $355 million and the favorable demand environment supports this outlook. We expect Q3 revenue to be slightly higher than the Q2 levels we are reporting today, and Q4 to also grow sequentially.

我們預計軟體總收入約 3.45 億美元，約佔總收入的 87%；專業服務收入約佔總收入的 13%，符合我們的策略目標。我們相信，我們強勁的 3.55 億美元短期 RPO 和有利的需求環境支持這一前景。我們預計第三季的營收將略高於我們今天報告的第二季水平，第四季也將環比成長。

We now expect annual non-GAAP gross margin to be 72%, reflecting an improvement of 100 basis points over last fiscal year. Gross margin may fluctuate between quarters based on our revenue mix. We expect annual gross profit to increase at a faster rate than revenue growth. We expect adjusted EBITDA to be about $45 million for the year ending January 2026, representing approximately 55% year-over-year growth.

我們現在預計年度非 GAAP 毛利率為 72%，比上一財年提高 100 個基點。根據我們的收入結構，毛利率可能會在各個季度之間波動。我們預計年度毛利的成長速度將快於收入的成長速度。我們預計，截至 2026 年 1 月的年度調整後 EBITDA 將達到約 4,500 萬美元，年增約 55%。

We have made progress with our strategic tax planning and now expect non-GAAP tax expenses to be about $11 million, an improvement from our initial estimate of $13 million. With this updated, improved outlook, we now project annual non-GAAP EPS to be $0.23 at the midpoint of the revenue range.

我們的策略性稅收規劃取得了進展，目前預計非公認會計準則稅收支出約為 1,100 萬美元，比我們最初估計的 1,300 萬美元有所改善。根據這項更新和改進的展望，我們現在預測年度非 GAAP 每股收益將達到 0.23 美元，處於收入範圍的中點。

Turning to cash flow. We remain confident in our ability to generate $45 million of operating cash flow in FY26, reflecting both strong collections discipline and expanding profitability. Before I summarize, we are pleased to report that the class action lawsuit was fully dismissed, with no additional appeals possible. To summarize, we continue to execute against our strategic priorities with a strong focus on delivering results. We have good visibility into our business supported by healthy demand, which gives us confidence in our momentum and our outlook.

轉向現金流。我們仍有信心在 26 財年產生 4,500 萬美元的經營現金流，這既反映了強大的收款紀律，也反映了獲利能力的不斷提高。在總結之前，我們很高興地報告，集體訴訟已被完全駁回，並且無法再提出上訴。總而言之，我們將繼續執行我們的策略重點，並高度重視取得成果。在健康需求的支持下，我們對我們的業務有良好的了解，這讓我們對我們的發展勢頭和前景充滿信心。

The fundamentals we have built, recurring revenue, operating leverage and targeted investment in strategic growth areas are durable and support our confidence in the long-term value we are creating. This is also reflected in our strong balance sheet and is especially evident in our capital allocation approach. With strong fundamentals, we believe we are well positioned to sustain our momentum and continue delivering profitable growth this year and beyond.

我們所建立的基礎、經常性收入、經營槓桿以及對策略成長領域的有針對性的投資都是持久的，並支持了我們對所創造的長期價值的信心。這也反映在我們強勁的資產負債表中，尤其體現在我們的資本配置方法中。憑藉強勁的基本面，我們相信我們有能力保持發展勢頭，並在今年及以後繼續實現盈利增長。

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

說完這些，我想將電話交給接線員，以便開通問答熱線。操作員？

(Operator Instructions) Matthew Calitri from Needham & Company.

（操作員指示）來自 Needham & Company 的 Matthew Calitri。

Hey guys, this is Matt Calitri over at Needham. Nice to see that the revenue outlook raised again. Can you help us think through your updated assumptions there around the US federal environment, the GroupSense contribution and any contributions from the large deals signed during the quarter?

大家好，我是 Needham 的 Matt Calitri。很高興看到收入前景再次提高。您能否幫助我們思考您對美國聯邦環境、GroupSense 貢獻以及本季度簽署的大型交易的任何貢獻的最新假設？

Yeah, Matt, so when we look at the guidance, we look at our existing customers as well as new opportunities. The US represents a significant opportunity for us given that it's a large territory with many security agencies. And we continue to make investments in order to expand presence, increase market reach, to increase the -- expand the partner network and invest more in marketing.

是的，馬特，所以當我們查看指導時，我們會查看現有客戶以及新機會。美國幅員遼闊，擁有眾多安全機構，對我們來說是一個巨大的機會。我們將繼續進行投資，以擴大影響力、增加市場覆蓋率、擴大合作夥伴網絡並在行銷方面投入更多資金。

Having said that, in the shorter term, US presents a small portion of our business. So we're not relying in our guidance heavily on the US. But we do believe that US will become a more significant portion of our business over time.

話雖如此，但從短期來看，美國祇占我們業務的一小部分。因此，我們的指導並不太依賴美國。但我們確實相信，隨著時間的推移，美國將成為我們業務中更重要的一部分。

In terms of the federal agencies, we do have lots of traction with federal agencies. We run POCs and demos, very successfully actually. LexisNexis partnership is also a tailwind for us in order to access faster and more efficiently more federal agencies, and actually they started working with us already. Having said that, I do not expect the numbers to increase fast given that, first, it takes some time to sell to the federal. But also we know that there are certain budget issues in the federal agencies, some of them are still in continuing resolution budget behavior. So it will take some time.

就聯邦機構而言，我們確實與聯邦機構有許多合作。我們運行了 POC 和演示，實際上非常成功。與 LexisNexis 的合作也為我們帶來了便利，讓我們能夠更快、更有效地與更多聯邦機構取得聯繫，實際上他們已經開始與我們合作了。話雖如此，我並不認為這個數字會快速增加，因為首先，向聯邦政府出售產品需要一些時間。但我們也知道聯邦機構中存在一定的預算問題，其中一些仍在繼續解決預算行為。所以這需要一些時間。

So to summarize, the US is a significant opportunity for us. We do not rely on it heavily in the shorter term. We do believe that it will accelerate over time. And we see very good indication across the board in the federal and state and local in the US.

總而言之，美國對我們來說是一個重大機會。短期內我們不會嚴重依賴它。我們確實相信它會隨著時間的推移而加速。我們看到美國聯邦、州和地方各級政府都出現了非常好的跡象。

In terms of GroupSense contribution to this one, GroupSense is a relatively small acquisition. We want to increase the market access for cyber threat intelligence. We're actually on track with the integration of GroupSense into Cognyte. We're approaching their customers, and we are trying actually to push the LUMINAR technology into the customer base. It looks good. We are on track, and we will continue this effort as part of the many other initiatives that we are running in order to expand presence in the US.

就 GroupSense 對本次收購的貢獻而言，GroupSense 是一次相對較小的收購。我們希望擴大網路威脅情報的市場准入。實際上，我們正​​在將 GroupSense 整合到 Cognyte 中。我們正在接觸他們的客戶，我們實際上正在嘗試將 LUMINAR 技術推向客戶群。看起來不錯。我們正朝著正確的方向前進，我們將繼續這項努力，並將其作為我們正在進行的許多其他舉措的一部分，以擴大我們在美國的業務。

That's great. With the US specifically, how are conversations compared to expectations? I know you said budgets remain challenged, and that's consistent with what we're hearing. But are budgets starting to open up at all, or is it a lot of the same still?

那太棒了。具體來說，與美國的對話與預期相比如何？我知道您說過預算仍然面臨挑戰，這與我們所聽到的一致。但是預算是否開始有所放寬，還是大部分預算仍維持不變？

So first of all, all our judgments related to budget headwinds coming from the US is baked in our guidance. So we shouldn't be surprised, right? We do see the behavior all over, it's not just at Cognyte, but we hear it from others. So we know that there are certain headwinds that we have to take into account in the US.

首先，我們對來自美國的預算阻力的所有判斷都已融入我們的指導中。所以我們不應該感到驚訝，對吧？我們確實在各處都看到了這種行為，不僅僅是在 Cognyte，我們還從其他人那裡聽說過。因此，我們知道我們必須考慮美國存在的某些不利因素。

Having said that, if you look at the few last quarters, we were able to acquire new state and local customers. We were able to have very strong POCs and demos. We pushed out incumbents. We already got follow-on orders from some of them. We engaged with federal agencies, we ran POCs.

話雖如此，如果你看看最近幾個季度，我們能夠獲得新的州和本地客戶。我們能夠擁有非常強大的 POC 和演示。我們趕走了現任者。我們已經收到了其中一些公司的後續訂單。我們與聯邦機構合作，運作 POC。

Earlier in the call, I gave you an example of a very successful POC where the customer was able -- prospect customer actually, was able to generate value very fast on our technology, that they couldn't do within the current technology they have. So generally speaking, the strategy -- we believe that our strategy to expand service in the US is the right one.

在之前的通話中，我給你舉了一個非常成功的 POC 的例子，其中客戶能夠——實際上是潛在客戶能夠利用我們的技術非常快速地創造價值，這是他們目前擁有的技術無法做到的。所以總的來說，我們相信我們在美國擴展服務的策略是正確的。

Of course, we take into consideration that penetration more takes time, and the headwinds in the budgets now that we see in the federal agencies is also a temporary disruption. But it doesn't change our strategy that the US should be a good opportunity for us over time. And that's the reason we continue to invest.

當然，我們考慮到進一步滲透需要時間，而且我們現在在聯邦機構中看到的預算阻力也是暫時的。但這並沒有改變我們的策略，即從長遠來看，美國應該對我們來說是一個很好的機會。這就是我們繼續投資的原因。

Understood, and great to hear. And then you noted you're still expecting an 87%, 13% split between software and professional services for the year. Is there any seasonality at play with that? Or what gives you confidence that the software revenue mix will increase in the second half of this year?

明白了，很高興聽到這個消息。然後您指出，您仍然預計今年軟體和專業服務的份額將分別達到 87% 和 13%。這其中是否存在季節性因素？或是是什麼讓您有信心今年下半年軟體收入組合會增加？

So there is no real seasonality that can take place on the professional services. But if you look at the -- first, the reason that we're doing professional services. Professional services we are doing in cases that we believe that this can allow the customer to generate the value faster from our solution and actually allow us to grow with the customer faster.

因此，專業服務不會出現真正的季節性。但如果你看一下——首先，我們提供專業服務的原因。我們提供的專業服務可以讓客戶更快地從我們的解決方案中創造價值，並讓我們更快地與客戶一起成長。

You can see that professional services recognize, based on certain revenue acquisition criteria, so there is fluctuation between quarters in the professional services. The reason that we believe that we'll continue to have the level of mix of 13% of professional services and 87% of software is actually -- is the visibility that we have.

您可以看到，專業服務是根據某些收入獲取標準進行確認的，因此專業服務在各個季度之間存在波動。我們相信我們將繼續保持 13% 的專業服務和 87% 的軟體的混合水平，原因實際上是——我們擁有的可見性。

We do have visibility into our next 12 months and specifically in the next two quarters, which gives us the confidence that we'll be able to achieve it. And if you think about that, you can see that our software revenue is growing fast and you can see that our gross margin is improving. So this is something that we are also very pleased. We now raised the guidance of the gross margin to be 72%, and it gives also the confidence that we'll be able to achieve 73% in the long term. So from an overall perspective, we are in a very good shape on achieving our financial targets.

我們確實對未來 12 個月，特別是接下來的兩個季度有清晰的認識，這讓我們有信心實現這一目標。如果你考慮到這一點，你會發現我們的軟體收入正在快速成長，而且我們的毛利率正在提高。所以這也是令我們非常高興的事。我們現在將毛利率預期提高到 72%，這也讓我們有信心長期實現 73% 的目標。因此，從整體來看，我們在實現財務目標方面處於非常有利的地位。

Very helpful. Thank you.

非常有幫助。謝謝。

Taz Koujalgi, ROTH Capital.

Taz Koujalgi，羅仕資本。

Hey, guys. Can you guys hear me?

嘿，大家好。你們聽得到我說話嗎？

Yes, we can hear you.

是的，我們能聽到你的聲音。

Quick question. On the quarter, if you can just clarify, how much of the growth came from existing customers buying more products versus data growth? I know your growth is driven by data growth and new products being adopted by your customers. Can you just give us some color on how much of the growth this quarter was driven by data versus new products?

快速提問。就本季而言，您能否澄清一下，成長中有多少來自現有客戶購買更多產品，有多少來自數據成長？我知道您的成長是由數據成長和客戶採用的新產品所推動的。您能否向我們介紹本季的成長有多少是由數據推動的，有多少是由新產品推動的？

So when we look at our growth strategy, actually there are 3 pillars -- 3 main pillars. The first one is the current customer base, existing customer base. And we have a very significant asset, we believe. We have hundreds of customers around the world in nearly 100 countries that continue to buy from us, other expansions related to data capacity and diversity, or functionality upgrades or more use cases. The second one is related to acquiring new logos.

因此，當我們審視我們的成長策略時，實際上有 3 個支柱——3 個主要支柱。第一個是現有客戶群，現有的客戶群。我們相信，我們擁有非常重要的資產。我們在全球近 100 個國家/地區擁有數百名客戶，他們繼續從我們這裡購買產品、與資料容量和多樣性相關的其他擴充功能、功能升級或更多用例。第二個與取得新識別有關。

Actually, we acquired about 13 new logos in H1 this year. And the third one is, midterm, is actually the acceleration of our performance in the US. So if you look, in general, the main growth is usually coming from the existing customer base. And the reason is that when we acquire a new customer, usually they start small. And when they grow over time, they're already considered existing customers.

實際上，我們今年上半年就獲得了大約 13 個新標誌。第三個是中期選舉，其實是我們在美國表現的加速。所以如果你看一下，整體而言，主要的成長通常來自現有的客戶群。原因是當我們獲得新客戶時，他們通常從小處著手。隨著時間的推移，他們已經被視為現有客戶。

So for that reason, usually you will see the growth coming from existing customer base. And whether it's data or functionality, it's usually both. The reason is that we continue to innovate and actually release more capabilities and generate more value and uncover more hidden insights out of the same data set customers have.

因此，通常您會看到成長來自現有客戶群。無論是數據還是功能，通常兩者兼而有之。原因是我們不斷創新，實際上發布了更多功能，創造了更多價值，並從客戶擁有的相同數據集中發現了更多隱藏的見解。

So the customer, in order for them to be successful in the mission, they have first to cover all data sources that they have and analyze it in a very efficient manner, but they also have to be able to get strong analytics in order to have the insights and get the decisions -- the right decisions on time. So to summarize, mostly existing customer is the driver for the growth. But the reason is that the new customer starts small and grow over time, and by then, they are considered already existing customers.

因此，對於客戶來說，為了成功完成任務，他們首先必須涵蓋他們擁有的所有資料來源並以非常有效的方式進行分析，但他們還必須能夠獲得強大的分析能力，以便獲得洞察力並做出決策——及時做出正確的決策。總而言之，現有客戶是成長的動力。但原因是新客戶一開始規模很小，隨著時間的推移逐漸壯大，到那時，他們就被視為現有客戶。

Very helpful. And then, Elad, you mentioned that you had some displacements of incumbents in Europe, and I think even in the US, you said you displaced some of the existing vendors. Can you talk about what is driving that displacement? What is the -- what is your secret sauce or what is the functionality that you bring to the table that is allowing you to displace the incumbents, you mentioned, I think, EMEA as well as in the US?

非常有幫助。然後，埃拉德，您提到您取代了歐洲的一些現有供應商，我認為甚至在美國，您也取代了一些現有的供應商。您能談談造成這種遷移的原因嗎？您的秘訣是什麼？或者您能提供哪些功能，讓您能夠取代您所提到的現任者，我想，是歐洲、中東和非洲地區以及美國的現任者？

Yes. So actually, when we look at the market, we understand that the demand drivers are related to three dimensions. The first one is data. We just discussed it. The second one is adversaries are getting more sophisticated. They use advanced tools to evade detection. They also use new technology. And the third one is technology that is running really fast.

是的。因此，實際上，當我們觀察市場時，我們了解到需求驅動因素與三個維度有關。第一個是數據。我們剛剛討論過這個。第二，對手越來越狡猾。他們使用先進的工具來逃避偵查。他們也使用新技術。第三個是運行速度非常快的技術。

Technology running really fast means that actually it can be an advantage for our customers, for security agencies, if they implement it and use it sooner than the bad guys. But it also can be a challenge for them if they don't use it because the others are using it. For example, in order to use fake identities and to create or to encrypt their doing so, so in order for security agencies to be more successful, they have -- must stay ahead of the bad guys.

科技發展速度非常快，這意味著如果我們的客戶和安全機構比壞人更早實施和使用它，那麼它實際上可以為我們的客戶和安全機構帶來優勢。但如果因為其他人都在使用它而他們不使用它，這對他們來說也可能是一個挑戰。例如，為了使用虛假身份並創建或加密其行為，為了使安全機構更加成功，他們必須領先壞人。

And for that reason, we invest in R&D, and actually our investment in R&D is relatively significant, in order to be able to keep our customers ahead of the adversaries. And we add more AI capabilities, analytics and GenAI. We improve the workflows of the users. We give them some automation inside the solution in order to be more effective.

因此，我們投資研發，實際上我們在研發方面的投資相對較大，以便能夠讓我們的客戶領先競爭對手。我們還添加了更多 AI 功能、分析和 GenAI。我們改進了使用者的工作流程。我們在解決方案中為他們提供了一些自動化功能，以提高效率。

We maintain their solution to be able to be utilized by simple users and advanced users. And actually, the most important one is to be able to deal with data that is growing really fast, and the functionality, which is primarily analytics, that can generate more insight onto the same data set.

我們維護他們的解決方案，以便簡單用戶和高級用戶都能使用。實際上，最重要的是能夠處理快速增長的數據，並且主要以分析為主的功能可以對同一數據集產生更多的洞察力。

So actually, usually when we're push incumbents out, it's because we show, either by POCs or demos -- I gave an example earlier in the call. We actually encourage for the prospective customers to go for a POC, not just to get the proposal and see the compliance, because you know everybody is complying to everything, but we encourage customers to test the technology. Actually, we educate them.

因此實際上，通常當我們將現任者趕下台時，是因為我們透過 POC 或演示進行了展示——我在之前的電話會議中給出了一個例子。我們實際上鼓勵潛在客戶進行 POC，而不僅僅是為了獲得提案並查看合規性，因為您知道每個人都遵守所有規定，但我們鼓勵客戶測試該技術。事實上，我們教育他們。

They try it. And after they try it and they see the results compared to incumbents, they choose to move to us. It happened to us in many territories, and I gave two examples today actually. It happened in the US and it also happened in APAC -- in EMEA, sorry, in EMEA this time. And actually, this is not new to us. It happens again and again. And the main reason is actually maintaining the superiority of the technology in a way that makes our customer's mission more successful.

他們嘗試了一下。在他們嘗試並看到與現有產品相比的結果後，他們選擇轉向我們。這種事在很多地區都發生過，今天我實際上舉了兩個例子。它發生在美國，也發生在亞太地區——歐洲、中東和非洲地區，抱歉，這次是歐洲、中東和非洲地區。事實上，這對我們來說並不新鮮。這樣的事屢屢發生。主要原因實際上是保持技術優勢，從而使我們客戶的使命更加成功。

I know the majority of the growth comes from existing new logos, it's still a small portion of the growth driver. But when you think about new logos acquisition, how much of that displacing an existing vendor versus completely greenfield? Is there a lot of greenfield out there or most of the new logos that you acquire is coming from the existing and incumbent?

我知道大部分增長來自現有的新標識，但它仍然只是增長動力的一小部分。但是，當您考慮收購新標誌時，有多少會取代現有的供應商，有多少會完全取代新的供應商？那裡是否有很多未開發的項目，或者您獲得的大部分新標誌都來自現有的和現任的？

It's a mix. So actually, some new logos are coming from new territories like in the US. We were not operating in US a few years back. So every new logo that we get from the US is a new territory. Actually, we haven't been there before.

這是一種混合。因此實際上，一些新標誌來自美國等新地區。幾年前我們還沒有在美國開展業務。因此，我們從美國獲得的每一個新標誌都是一個新的領域。事實上，我們以前沒有去過那裡。

In other cases, it could be other new departments at the same organization in a customer that we already have. Or it could be new agencies in the same country operating already. For example, we serve today the national security only, and then we are able to acquire also the law enforcement and the military intelligence. So it's a mix, I would say. It's not either this or that; it's both.

在其他情況下，它可能是我們已經擁有的客戶的同一組織內的其他新部門。或者可能是同一國家內已經運作的新機構。例如，我們今天只服務國家安全，然後我們也能夠取得執法和軍事情報。所以我想說，這是一種混合。這不是非此即彼的問題，而是兩者兼具。

Got it. I just have a few more. Maybe for David. David, the billings number was very strong this quarter. I think if I look at the seasonal, the jump from Q1, it seems stronger than usual seasonality. Anything to call out in the billings trend this quarter?

知道了。我還有一些。也許對大衛來說。大衛，本季的帳單數字非常強勁。我認為，如果我看一下季節性因素，從第一季開始的跳躍，它似乎比平常的季節性更強勁。本季的帳單趨勢有什麼值得注意的嗎？

I couldn't hear the beginning of the question. Can you repeat?

我聽不清楚問題的開頭。你能重複一遍嗎？

Yes. The billings number this quarter was very strong. I think if you look at the typical seasonality, you don't see a big jump from Q1 to Q2. But I think this quarter, we saw a big jump in billings. I believe last quarter was $78 million and I think you're doing $93 million this quarter in billings. That seems like a big jump. Anything to call out? Anything specific that drove that strength in billings this quarter?

是的。本季的帳單數字非常強勁。我認為，如果你看一下典型的季節性，你不會看到從第一季到第二季的大幅成長。但我認為本季我們的營業額出現了大幅成長。我相信上個季度的營業額是 7,800 萬美元，而本季的營業額將達到 9,300 萬美元。這看起來是一個巨大的飛躍。有什麼要喊出來的嗎？有什麼具體因素推動了本季的營業額成長？

Actually, billing is impacted from multiple things. It could be certain milestones of the billing per the contract. It could be based on new orders that come with the advances. So it could be a lot of things that impact. If you look at the overall trend, you can see that in the level of the 12 months, we see that the billing is strong, is in similar level of revenue, which means that we have a quality revenue.

實際上，計費受到多種因素的影響。它可能是合約規定的某些計費里程碑。它可能基於伴隨進步而來的新訂單。因此，可能有很多因素會產生影響。如果你看一下整體趨勢，你會發現，在 12 個月的水平上，我們看到帳單額度很強勁，收入水平相似，這意味著我們擁有優質的收入。

There is nothing specific for this quarter to call out. We are very pleased with the number that we have this quarter because it was a strong one. And obviously, we want that this number will continue.

本季沒有什麼特別值得關注的事情。我們對本季的業績感到非常滿意，因為這是一個強勁的季度。顯然，我們希望這個數字能夠持續下去。

Very helpful. And then the recurring revenue mix of 48%, I think that's been pretty consistent. Do you expect that to trend up quite a bit? Or we should see that level of 48% sort of sustained in the next few quarters?

非常有幫助。然後，經常性收入佔比為 48%，我認為這相當穩定。您預期這一趨勢會大幅上升嗎？或者我們應該看到 48% 的水平在接下來的幾個季度內得以維持？

So recurring revenue consists from two major pillars. One of them is the support; this is the vast majority. And the other element is subscription. Subscription is split into two things. One of them is the SaaS, which is very small number, and the other one is the term-based.

因此，經常性收入由兩大支柱組成。其中之一就是支持，這是絕大多數。另一個要素是訂閱。訂閱分為兩部分。其中一種是SaaS，數量非常少，另一種是基於術語的。

So the term-based can play a role here with the fluctuation. If we look at the fundamentals of the recurring itself, what is recurring, if I would say support and SaaS, you see that they are growing over time. And looking ahead, we believe that, for example, in the beginning of next year, you will see some improvement in the recurring revenue because we closed some deals in subscription that will be active next year.

因此，基於術語的波動可以在這裡發揮作用。如果我們看一下循環本身的基本原理，什麼是循環，如果我說支持和 SaaS，你會發現它們隨著時間的推移而增長。展望未來，我們相信，例如在明年年初，您會看到經常性收入有所改善，因為我們完成了一些明年將活躍的訂閱交易。

So overall, I would say that in the long term, you will see some improvement in the recurring revenue, but we are very pleased with the recurring. Because if you look at that, today we have 48% or 49% of our total revenue is recurring, while the vast majority of ours is perpetual. So the offering by itself is perpetual and we are able to drive recurring revenue, although we see customers that's still buying on perpetual. And given the fact that we want over time to increase our subscription offering, we believe that the overall trend that you will see that recurring is growing.

所以總的來說，我想說從長遠來看，你會看到經常性收入有所改善，但我們對經常性收入感到非常滿意。因為如果你看一下，今天我們總收入的 48% 或 49% 是經常性收入，而我們的絕大多數收入是永久性的。因此，產品本身是永久性的，我們能夠推動經常性收入，儘管我們看到客戶仍在永久購買。鑑於我們希望隨著時間的推移增加我們的訂閱服務，我們相信您將看到這種反覆出現的整體趨勢正在增長。

Yes. Well, last one for me guys. Elad, you mentioned that US is still early. You're not assuming a lot of contribution from US for your guide for this year. But we also have a long-term guide of $500 million. Are you assuming that US becomes a sizable portion of your revenue mix to get to that $500 million, or US doesn't have to inflect that much for you to reach your $500 million target?

是的。好吧，夥計們，這是我的最後一個了。Elad，你提到美國還處於早期階段。您沒有想到美國會為您今年的指南做出很多貢獻。但我們也有5億美元的長期指引。您是否認為美國市場會成為您收入結構中相當大的一部分，從而達到 5 億美元的目標，或者美國市場不需要做出太大的調整就能讓您達到 5 億美元的目標？

Yes. So when we guide, of course, we have a few pillars that we work on and in order to be able to balance between risks and opportunities, et cetera. Having said that, we did take into consideration, and we have the baseline to do that, that the US will grow over time because of a few data points.

是的。因此，當我們進行指導時，我們當然會致力於幾個支柱，以便能夠在風險和機會之間取得平衡，等等。話雖如此，我們確實考慮到了這一點，並且我們有這樣做的基礎，即根據一些數據點，美國將隨著時間的推移而增長。

The first one is that we today know, it's not a question mark, but we know that the product market fit to the US market is excellent. We know that. We know that because customers that either bought from us already or POC-ing or seeing demonstrations, they tell us that. This is one.

第一個是我們今天知道，這不是一個問號，但我們知道產品市場與美國市場的契合度非常好。我們知道這一點。我們知道這一點，因為客戶要么已經從我們這裡購買了產品，要么正在體驗或觀看演示，所以他們告訴了我們這一點。這是一個。

Second, we are able to get follow-on orders already. Third, we do see that partners would want to work with us more than before because they also recognize the strength of the technology. And we did see that we are able to acquire new customers over time, not yet in the federal, but you have to remember that, with federal, we started after we started state and local.

其次，我們已經能夠獲得後續訂單。第三，我們確實看到合作夥伴比以前更願意與我們合作，因為他們也認識到這項技術的實力。我們確實看到，隨著時間的推移，我們能夠獲得新客戶，雖然目前還沒有進入聯邦市場，但你必須記住，在進入聯邦市場之前，我們是在開始州和地方市場之後才開始的。

So taking all of those data points together, we do see the potential in the US. And I do expect the portion of the revenue coming from the US to grow over time.

因此，綜合所有這些數據點，我們確實看到了美國的潛力。我確實預計來自美國的收入份額會隨著時間的推移而增長。

Got it. That's it for me, guys. Thank you.

知道了。夥計們，對我來說就是這樣了。謝謝。

(Operator Instructions) Charlie [Jo], Evercore ISI.

（操作員指示）Charlie [Jo]，Evercore ISI。

Thank you so much for taking my question. This is Charlie for Peter, Evercore ISI. I just have two quick ones. First, could you please help us to think about how the overall deal pipeline is trending versus 6 to 12 months ago, and if you have observed any incremental pressure from macro?

非常感謝您回答我的問題。我是 Charlie，代表 Peter，Evercore ISI。我只有兩個簡短的問題。首先，您能否幫助我們思考一下與 6 到 12 個月前相比，整體交易管道的趨勢如何，以及您是否觀察到宏觀方面的任何增量壓力？

And secondly, just in terms of the overall threat landscape, have you seen any new trends in the public sector? Any color would be super helpful. Thank you so much.

其次，就整體威脅情勢而言，您是否看到公共部門出現了任何新趨勢？任何顏色都會非常有用。太感謝了。

Yes. So Charlie, I understand that you're asking about the demand environment, right? That's what you're trying to understand.

是的。那麼查理，我明白你問的是需求環境，對嗎？這就是你想要了解的。

Yes.

是的。

Is that correct? Yes. So if you look globally at the market, we all see that the world is not getting safer. The security pressure is growing all over. The borders are blurred between criminal activities and terror activities. They're actually cooperating. The technology is a benefit for the bad actors to evade detection. So the challenge for our customers is growing.

對嗎？是的。因此，如果你放眼全球市場，我們都會發現世界並沒有變得更安全。各地安全壓力日益增大。犯罪活動和恐怖活動之間的界線很模糊。他們實際上正在合作。這項技術有利於不法分子逃避偵查。因此，我們的客戶面臨的挑戰越來越大。

For that reason, we do see healthy demand environment. Customers need to modernize the solution. They have to deal with more data. They have to have more analytics in order to uncover insights, including hidden insights, out of the data that they have. They have to understand who is doing what, when, with whom, why, and also to have predictive analytics to actually to be able to predict what would be the next potential threat, in order to neutralize it before it unfolds.

因此，我們確實看到了健康的需求環境。客戶需要使解決方案現代化。他們必須處理更多的數據。他們必須進行更多的分析，以便從現有數據中發現見解，包括隱藏的見解。他們必須了解誰在何時、與誰一起、為什麼做什麼，並且還要有預測分析能力，才能真正預測下一個潛在威脅是什麼，以便在威脅爆發之前將其消除。

So actually, the challenge on our customers and security agencies is growing dramatically. And for that reason, we believe, and we also see that, the demand is very healthy. We do see this in amount of POCs and demos we are doing. We do see this in the traction with existing customers that want to modernize and to upgrade and expand. We do see this in the industry conferences that we are participating in, actually many meetings, many demonstrations. Customers and also prospectives are keen to hear from us what's new, what we are going to have soon. So the demand drivers are very strong and the environment overall is very healthy.

因此實際上，我們的客戶和安全機構面臨的挑戰正在急劇增加。因此，我們相信，我們也看到，需求非常健康。我們確實在正在進行的大量 POC 和演示中看到了這一點。我們確實看到了現有客戶對現代化、升級和擴展的渴望。我們確實在我們參加的行業會議、實際上許多會議、許多示威活動中看到了這一點。顧客和潛在客戶都渴望了解我們的最新動態和即將推出的產品。因此需求驅動力非常強勁，整體環境非常健康。

Great, thank you.

太好了，謝謝。

You're welcome, Charlie.

別客氣，查理。

Thank you. And I'm showing no further questions in the Q&A queue at this time. I will now turn the call back over to Dean for any closing remarks.

謝謝。目前，問答隊列中沒有其他問題。現在我將把電話轉回給 Dean，請他做最後發言。

Thank you, Olivia, and thank you, everyone, for joining us on today's call. Please feel free to reach out to me should you have any questions. And we look forward to speaking with you again next quarter.

謝謝你，奧莉維亞，也謝謝大家參加今天的電話會議。如果您有任何疑問，請隨時與我聯繫。我們期待下個季度再次與您交談。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。