Cognyte Software Ltd (CGNT) 2026 Q3 法說會逐字稿

Good day ladies and gentlemen. Thank you for standing by. Welcome to the Cognyte third 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。感謝您的耐心等待。歡迎參加 Cognyte 2026 財年第三季財報電話會議。（操作員說明）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.

現在我將把會議交給各位演講嘉賓，投資者關係主管迪恩·里德隆。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.

謝謝接線生。大家好。我是 Cognyte 公司的投資人關係主管 Dean Ridlon。感謝您今天蒞臨。我今天和 Cognyte 的執行長 Elad Sharon 以及 Cognyte 的財務長 David Abadi 在一起。

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

在正式開始之前，我想提一下，今天我們的電話會議還將附帶一個簡報。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直播連結。

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. 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.

我還想提請各位注意，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界定的前瞻性陳述。這些前瞻性陳述是基於管理階層目前的預期，並不構成對未來績效的保證。實際結果可能與這些前瞻性聲明中明示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. Investors are cautioned not to place undue reliance on these forward-looking statements.

本次電話會議中的前瞻性陳述僅代表截至會議召開之日的信息，除法律要求外，Cognyte 不承擔更新或修改這些陳述的義務。投資人應注意，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, 2025, and other filings we make with the SEC. The financial measures discussed today include non-GAAP measures.

有關這些及其他風險和不確定性如何導致 Cognyte 的實際業績與這些前瞻性聲明中指出的業績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 表格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。今天討論的財務指標包括非GAAP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. 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.

我們認為，投資人在比較不同期間以及與發布類似非GAAP指標的同業公司之間的績效時，會專注於非GAAP財務指標。請參閱今天的簡報、我們的收益報告以及我們網站 cognyte.com 的投資者關係部分，以了解非 GAAP 財務指標與 GAAP 指標的調整表。

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.

非公認會計準則財務資訊不應與公認會計準則財務資訊割裂看待，也不應被視為公認會計準則財務資訊的替代品或優於公認會計準則財務資訊。之所以納入非公認會計準則財務信息，是因為管理層認為它能提供有關我們業務財務業績的有意義的信息，並且對投資者進行信息參考和比較很有用。本公司使用的非GAAP財務指標有其局限性，可能與其他公司使用的指標有所不同。

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

現在，我想把電話交給埃拉德。

Hello, everyone, and thank you for joining us. Cognyte delivered another strong quarter in Q3 of fiscal 2026. Revenue grew in the mid-teens. Operating income grew significantly faster. Cash flow from operations was strong and the team continued to execute well. These results underscore the strength of our value proposition and the healthy demand for AI-powered investigative and Decision Intelligence solutions.

大家好，感謝各位的參與。Cognyte 在 2026 財年第三季再次取得了強勁的業績。營收成長了十幾個百分點。營業收入成長速度明顯更快。經營活動產生的現金流強勁，團隊持續保持良好的執行力。這些結果凸顯了我們價值主張的優勢，以及市場對人工智慧驅動的調查和決策智慧解決方案的旺盛需求。

Momentum continues to build. We are raising our full year guidance and are making strong progress towards achieving our targets for the fiscal year ending January 31, 2028. Let me walk you through the key drivers of the quarter. We executed with clarity and purpose, helping our customers make the world safer, and delivered meaningful customer wins across the law enforcement, national security and military intelligence sectors. In Q3, we secured several major deals and expansions.

勢頭持續增強。我們提高了全年業績預期，並朝著實現截至 2028 年 1 月 31 日的財政年度目標取得了顯著進展。讓我帶你了解本季的主要驅動因素。我們以清晰的目標和明確的行動，幫助客戶讓世界更安全，並在執法、國家安全和軍事情報領域取得了有意義的客戶成功。第三季度，我們達成了幾項重大交易和業務擴張計畫。

This included a $5 million follow-on subscription agreement with a Tier 1 military intelligence organization in EMEA, building on an earlier about $10 million perpetual award from this year. This marks another important win in the military intelligence domain, reinforcing the momentum we have established with different organizations. We also saw continued momentum with long-standing national intelligence customers renewing and expanding multimillion-dollar contracts, reflecting the strength of our repeat business and the trust our existing customer base places in us.

其中包括與歐洲、中東和非洲地區一級軍事情報機構簽訂的價值 500 萬美元的後續訂閱協議，這是在今年稍早授予的價值約 1000 萬美元的永久性合約的基礎上達成的。這標誌著我們在軍事情報領域又取得了一項重要勝利，鞏固了我們與不同組織建立的良好勢頭。我們還看到，長期合作的國家情報客戶續約和擴大了數百萬美元的合同，這反映了我們回頭客業務的強勁勢頭以及現有客戶對我們的信任。

While government customers typically procure through perpetual licenses, we continue to see strong patents of reoccurring demand, driven by capacity expansions, new functionality, new use case sales and coverage of additional units within agencies. This repeatability in our perpetual business has the potential to drive revenue durability, provide multi visibility, and support our long-term growth.

雖然政府客戶通常透過永久授權進行採購，但我們仍然看到強勁的專利需求，這主要由產能擴張、新功能、新用例銷售以及機構內其他單位的覆蓋範圍所驅動。這種持續經營的可重複性有可能推動收入的穩定性，提供多重可見性，並支持我們的長期成長。

The US market continues to present a significant opportunity for us, and we continue to invest accordingly expanding our partner ecosystem, strengthening our team, and increasing field activities. Our new partnership with LexisNexis Risk Solutions is progressing well with deepening technical alignment, expanding joint engagements, and strengthening our traction with both federal and state local stakeholders.

美國市場持續為我們帶來重大機遇，我們將繼續加強投資力度，擴大合作夥伴生態系統，加強團隊建設，並增加實地活動。我們與 LexisNexis Risk Solutions 的新合作關係進展順利，雙方不斷深化技術協調，擴大聯合參與，並加強了與聯邦和州地方利益相關者的聯繫。

Over the past quarter, we participated in joint events and delivered structured solution training to their sales organization. This is one example of the multiple partnerships we are building to broaden our reach and grow our business in this region.

在過去的一個季度裡，我們參與了聯合活動，並為他們的銷售團隊提供了結構化的解決方案培訓。這是我們為擴大在該地區的業務範圍和發展業務而建立的眾多合作夥伴關係中的一個例子。

We continue to see increased interest for military intelligence organizations, including from several NATO countries, reflecting the growing relevance of our capabilities to multi-domain defense missions. At the same time, momentum across core law enforcement and national intelligence markets remain strong. Recent industry events reinforce these trends with meaningful customer conversations and expanding engagement across all regions.

我們看到，包括一些北約國家在內的各方對軍事情報機構的興趣持續增長，這反映出我們的能力在多域防禦任務中的重要性日益凸顯。同時，核心執法和國家情報市場的發展勢頭依然強勁。近期行業事件透過與客戶進行有意義的對話以及在所有地區擴大參與度，進一步強化了這些趨勢。

Today's threat environment is more connected, fluid, and complex than ever. Our customers face adversaries that cross borders, mandates and jurisdictions while the data needed to understand threats remains augmented in silos.

當今的威脅環境比以往任何時候都更加相互關聯、瞬息萬變和錯綜複雜。我們的客戶面臨著跨越國界、指令和司法管轄區的對手，而了解威脅所需的資料仍然分散在各個孤立的系統中。

Our customers and we are increasingly seeing threat vectors evolve into hybrid and transnational scenarios. Let me share what this actually looks like in the real world. First, a case involving sophisticated advanced national criminal networks. Opioids move across borders. Violent crime rises in major cities. Unusual cryptocurrency flows are detected by financial intelligence units.

我們的客戶和我們自己都越來越看到威脅載體演變為混合型和跨國型場景。讓我來分享一下這在現實世界中實際上是什麼樣子。首先，這是一個涉及複雜先進的全國性犯罪網絡的案件。阿片類藥物跨國流通。大城市暴力犯罪率上升。金融情報機構會偵測異常的加密貨幣資金流動。

On paper, these appear unrelated. Border police focus on drugs, local police handle the violence, and financial intelligence units investigate the elicit finance. Each operates within its own mandate and its own systems. But when you correlate the signals, trafficking routes, communication metadata, financial flows, and travel patterns, it becomes clear. These activities are being conducted by the same criminal network.

從表面上看，這些似乎毫無關聯。邊境警察負責打擊毒品犯罪，地方警察負責處理暴力事件，金融情報部門負責調查非法金融活動。它們各自在其授權範圍和自身體系內運作。但是，當你將信號、販運路線、通訊元數據、資金流動和旅行模式聯繫起來時，一切就變得清晰了。這些活動是由同一個犯罪集團實施的。

Another example, a case involving hybrid activity driven by state-backed actors. Online personas inside social unrest, protest turn violent in major cities, the hospital is hit by ransomware. Again, this apprear unrelated, the intelligence agency tracks the online activity, public or their unit deal with the unrest and sub unit handles the hospital. Each operates within its own mandate and its own systems.

另一個例子，涉及由國家支持的行動者推動的混合活動。網路人物捲入社會動盪，抗議活動在各大城市演變為暴力事件，醫院遭受勒索軟體攻擊。再一次，這似乎與此無關，情報機構追蹤網路活動，公眾或其部門處理騷亂，而下屬部門則負責處理醫院事宜。它們各自在其授權範圍和自身體系內運作。

But when you correlate the signals, cyber indicators, financial flows, travel patterns, online behaviors, it becomes clear: it is one coordinated campaign. The adversaries see the whole picture for the agencies, it's a significant challenge. And whether the threat is criminal, financial, terror or hybrid, the root problem is always the same. The threat is unified. The data is not.

但當你把這些訊號、網路指標、資金流動、旅行模式、線上行為連結起來時，你會發現：這是一場協調一致的行動。對手能夠看清全局，對各機構來說是一個巨大的挑戰。無論是犯罪威脅、金融威脅、恐怖主義威脅或混合威脅，其根本問題始終是相同的。威脅是統一的。數據並非如此。

This is exactly where Cognyte creates the most value. We have the good guys close the gap by giving them a clearer picture of the threats they need to predict and prevent. We help agencies eliminate the unknown by revealing the hidden connections adversaries rely on. Our AI-driven multi-domain, multisource cost restriction decision intelligence platform uses data across silos, uncovering hidden insights that allow agencies to resolve identities and relationships, detect hybrid behavior and criminal partners and enable faster, higher confidence decisions.

這正是 Cognyte 創造最大價值的地方。我們讓正義一方縮小差距，讓他們更清楚地了解他們需要預測和預防的威脅。我們透過揭示對手所依賴的隱藏聯繫，幫助機構消除未知因素。我們基於人工智慧的多領域、多來源成本限制決策智慧平台利用跨孤島的數據，挖掘隱藏的洞察，使機構能夠確定身分和關係，檢測混合行為和犯罪夥伴，並做出更快、更可靠的決策。

And while our platform can uncover (technical difficulty) across silos, its value begins inside each individual agency, unit, and mission. Every day, we power investigative, tactical, and analytical workflows for financial intelligence, broader security, organized crime investigations, content terror and more. This strong foundation inside its agency is ultimately what makes wider collaboration possible.

雖然我們的平台可以發現（技術難題）並打破資訊孤島，但它的價值始於每個機構、部門和任務內部。我們每天為金融情報、更廣泛的安全、組織犯罪調查、內容恐怖主義等領域的調查、戰術和分析工作流程提供支援。正是機構內部的強大基礎，最終使得更廣泛的合作成為可能。

I mentioned earlier that threats are unified, and data is not. We operate in one of the most complex data environments in the world: massive volumes, high velocity, fragmented systems and dozens of structured and unstructured formats. We see data differently enabling agencies to analyze massive diverse datasets that no human or point solution could process alone.

我之前提到過，威脅是統一的，而數據是不同的。我們身處世界上最複雜的資料環境之一：資料量巨大、速度極快、系統分散，並且存在數十種結構化和非結構化格式。我們以不同的視角看待數據，使機構能夠分析任何人類或單一解決方案都無法單獨處理的大量多樣化數據集。

Our platform ingests, normalizes, and reaches and correlates all of it, creating a coherent connected operational picture of actionable intelligence. This is why we continue to win. Decision intelligence is becoming the foundation of modern investigations and our technology leadership in this domain continues to be recognized. This quarter, we again received strong Gartner recognition for predictive analytics and intelligence platforms for improved decision-making. All I've just discussed is reflected in our financial results.

我們的平台能夠攝取、規範化、獲取並關聯所有這些信息，從而創建一個連貫、互聯的可操作情報運行圖景。這就是我們持續獲勝的原因。決策智能正成為現代調查的基礎，我們在該領域的技術領先地位也持續受到認可。本季度，我們的預測分析和智慧平台在改善決策方面再次獲得了 Gartner 的高度認可。我剛才所說的一切都反映在我們的財務表現上。

We delivered another quarter of profitable growth with strong year-over-year gains across revenue and profitability. Our financial leverage remains strong. With 13% top line growth, we nearly tripled non-GAAP operating income year-over-year.

我們又實現了一個季度的獲利成長，營收和獲利能力均實現了強勁的年成長。我們的財務槓桿依然強勁。營收成長 13%，非 GAAP 營業收入年增近三倍。

Given our performance and momentum, we are raising our full year outlook for the fiscal year ending January 2026. We now expect revenue of approximately $400 million, which represents year-over-year growth of approximately 14% and adjusted EBITDA of approximately $47 million, which represents year-over-year growth of approximately 60%.

鑑於我們的業績和發展勢頭，我們上調了截至 2026 年 1 月的財政年度的全年業績預期。我們現在預計營收約 4 億美元，年增約 14%；調整後 EBITDA 約 4,700 萬美元，年增約 60%。

As we look ahead, we see a future defined by opportunity. Demand for our capabilities is healthy and continues to grow. Our AI-driven technology gives us a clear edge and our team are executing with precision and purpose. With the deep trust of our growing global customer base, we're excited about the future and well positioned for the road ahead.

展望未來，我們看到的是一個充滿機會的未來。市場對我們能力的需求良好，並且持續成長。我們的人工智慧驅動技術賦予我們明顯的優勢，我們的團隊正在精準且有目標地執行任務。憑藉著不斷成長的全球客戶群的深厚信任，我們對未來充滿信心，並為未來的發展做好了充分準備。

We remain committed to delivering sustained value for our customers, our partners, our employees, and our shareholders. David, over to you.

我們將繼續致力於為我們的客戶、合作夥伴、員工和股東創造持續價值。大衛，該你了。

Thank you, Elad, and hello, everyone. We continue to make strong progress and have exceeded our business expectations with the support of healthy demand and good visibility. For the third quarter, revenue was $100.7 million, up 13.2% year-over-year, driven by ongoing demand for our software solutions.

謝謝你，埃拉德，大家好。在強勁的需求和良好的市場前景的支持下，我們持續取得顯著進展，並超越了我們的業務預期。第三季營收為 1.007 億美元，年增 13.2%，主要得益於市場對我們軟體解決方案的持續需求。

Software revenue was $41.9 million, an increase of $11.9 million or 39.6% year-over-year. Software revenue is comprised of perpetual licenses, appliances, and some term-based subscription licenses.

軟體營收為 4,190 萬美元，較上年同期成長 1,190 萬美元，增幅達 39.6%。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。

Software service revenue was $46.9 million, up $1.6 million from last year. Software services revenue comes mainly from support contracts and to a lesser extent, cloud best as subscriptions. Our total software revenue for the quarter, which is the sum of software and software services revenue was approximately $88.7 million a year-over-year increase of 17.9% and represented 88.1% of total revenue.

軟體服務收入為 4,690 萬美元，比去年增加了 160 萬美元。軟體服務收入主要來自支援合同，其次是雲端服務訂閱收入。本季軟體總收入（軟體和軟體服務收入總和）約為 8,870 萬美元，年增 17.9%，佔總收入的 88.1%。

Professional service revenue in Q3 was $12 million, a decrease of $1.7 million over last year. We are on track to have professional service revenue to be about 13% of total revenue on an annual basis.

第三季專業服務收入為 1,200 萬美元，比去年同期減少了 170 萬美元。我們預計專業服務收入將佔年度總收入的 13% 左右。

Recurring revenue reached $47.5 million, representing 47.1% of total revenue. It's worth noting that [retained] revenue as reported in our GAAP financials is driven primarily by support contracts and some base and a subscription offerings and enhances our visibility involves the near and long term.

經常性收入達 4,750 萬美元，佔總收入的 47.1%。值得注意的是，根據我們的 GAAP 財務報表，[留存]收入主要來自支援合約以及一些基礎和訂閱產品，這增強了我們對近期和長期前景的可見性。

As Elad discussed, the majority of our revenue continues to come from the sales of perpetual licenses with reoccurring behavior. Non-GAAP gross margin for the quarter was 73.1%, expanding by 297 basis points year-over-year, a meaningful achievement that reflects the continuing revenue growth and efficiencies related to COGS. Throughout the year, gross profit has grown significantly faster than revenue and discontinued in the third quarter.

正如 Elad 所討論的，我們的大部分收入仍然來自銷售具有重複行為的永久許可證。本季非GAAP毛利率為73.1%，較去年同期成長297個基點，這項顯著成就反映了持續的營收成長和與銷售成本相關的效率提升。全年來看，毛利的成長速度明顯快於收入，並在第三季停止成長。

Gross profit was $73.6 million, an increase of 18% year-over-year. The sustained improvement in our gross profit demonstrates the willingness of our loyal global customers to pay a premium for our differentiated technology.

毛利為7,360萬美元，年增18%。毛利的持續成長表明，我們忠實的全球客戶願意為我們差異化的技術支付溢價。

As we go the meaningful operating leverage we have in our model is delivering steady material year-over-year improvements in profitability. Once again, non-GAAP operating income and adjusted EBITDA both grew significantly faster than revenue. In Q3, we generated $9 million of non-GAAP operating income, nearly triple the $3.4 million generated in Q3 last year.

隨著我們不斷深入研究，我們模型中具有的有意義的營運槓桿作用正在帶來盈利能力逐年穩步提升。非GAAP營業收入和調整後EBITDA的成長速度再次明顯快於營收成長速度。第三季度，我們實現了 900 萬美元的非 GAAP 營業收入，幾乎是去年第三季 340 萬美元的三倍。

Adjusted EBITDA for the third quarter was $11.9 million, 81.4% higher than the $6.6 million generated last Q3. Put another way, we converted approximately $12 million in incremental revenue into approximately $5.3 million in incremental adjusted EBITDA, reflecting the operational leverage we have in our business model. Q3 non-GAAP operating expenses were $64.6 million, in line with our expectations. The global macroeconomic environment led to a weakening of the US dollar against the Iseli shekel and several other currencies, resulting in evaluation expenses of $1.9 million.

第三季調整後 EBITDA 為 1,190 萬美元，比上年第三季的 660 萬美元成長了 81.4%。換句話說，我們將約 1,200 萬美元的增量收入轉化為約 530 萬美元的增量調整後 EBITDA，這反映了我們商業模式中的營運槓桿作用。第三季非GAAP營運費用為6,460萬美元，符合我們的預期。全球宏觀經濟環境導緻美元對以色列謝克爾和其他幾種貨幣走弱，造成評估費用高達 190 萬美元。

Turning to tax. Q3 tax expenses were relatively higher due to increased pretax income, our global tax structure, and regional revenue mix. However, this does not affect our full year tax outlook or annual guidance. We continue to expect our annual non-GAAP tax expenses to be about $11 million. Non-GAAP net income for the quarter was about $2 million, resulting in non-GAAP EPS of $0.03.

轉而討論稅務問題。第三季稅金支出相對較高，原因是稅前收入增加、我們的全球稅收結構、區域收入組成。但這並不影響我們全年的稅務展望或年度業績指引。我們仍預計年度非GAAP稅項支出約為1100萬美元。非GAAP本季淨收入約 200 萬美元，非 GAAP 每股收益為 0.03 美元。

GAAP net loss for Q3 was $3.4 million compared to a loss of $2.6 million in Q3 last year. The higher loss this quarter was primarily driven by increased tax expenses and FX impacts, as I discussed earlier. Our Q3 GAAP EPS loss was $0.07.

第三季GAAP淨虧損為340萬美元，去年同期虧損為260萬美元。正如我之前討論過的，本季虧損增加主要是由於稅收支出增加和匯率波動的影響。我們第三季以美國通用會計準則計算的每股虧損為 0.07 美元。

Looking at our results for the first three quarters of the year, our revenue was $293.8 million up 14.7% year-over-year, and our non-GAAP gross profit grew even faster after at 17.2% year-over-year. This performance highlights the operating leverage we have in our model, which continues to drive meaningful year-over-year improvements in profitability.

從我們今年前三個季度的業績來看，我們的營收為 2.938 億美元，年增 14.7%；之後，我們的非 GAAP 毛利成長速度更快，年增 17.2%。這項業績凸顯了我們模式中的營運槓桿作用，這種作用持續推動獲利能力逐年顯著提高。

Our GAAP operating income for the first three quarters of this year was $8.1 million versus an operating loss of $5.8 million during the same period last year. Non-GAAP operating income was $24.6 million, up nearly 3 times from the $9.7 million generated during the same period last fiscal year. Our adjusted EBITDA for the first nine months of this fiscal year was $33.2 million, compared to $19.9 million in the same period last year, representing an increase of 67.2%.

今年前三個季度，我們的 GAAP 營業收入為 810 萬美元，而去年同期營業虧損為 580 萬美元。非GAAP營業收入為2,460萬美元，比上一財年同期產生的970萬美元成長了近3倍。本財年前九個月，我們調整後的 EBITDA 為 3,320 萬美元，而去年同期為 1,990 萬美元，成長了 67.2%。

Non-GAAP EPS was $0.18 in the first nine months of this fiscal year compared to $0.04 in the same period last year.

本財年前九個月的非GAAP每股收益為0.18美元，去年同期為0.04美元。

Turning to our balance sheet. Our short- and long-term contract liabilities, commonly referred to as deferred revenue, remained robust at about $117.9 million at the end of Q3. During Q3, with strong cash flow from operations of $25 million and a free cash flow of $23.2 million. For the first nine months of fiscal 2026, net cash flow from operations of $20.4 million and free cash flow of $11.9 million.

接下來來看看我們的資產負債表。截至第三季末，我們的短期和長期合約負債（通常稱為遞延收入）仍然穩健，約 1.179 億美元。第三季度，公司經營活動產生的強勁現金流為 2,500 萬美元，自由現金流為 2,320 萬美元。2026 財年前九個月，經營活動產生的淨現金流為 2,040 萬美元，自由現金流為 1,190 萬美元。

During Q3, we continued to execute our share repurchase program which the Board approved in July 2025, repurchasing approximately 152,000 ordinary shares for a total of about $1.3 million. During the quarter, we further strengthened our cash position, which increased to $106.6 million with no debt, reflecting disciplined working capital management.

第三季度，我們繼續執行董事會於 2025 年 7 月批准的股票回購計劃，回購了約 152,000 股普通股，總計約 130 萬美元。本季度，我們的現金狀況進一步加強，現金增加至 1.066 億美元，且無債務，這反映了我們嚴格的營運資本管理。

Turning to capital allocation. We maintain sufficient working capital to run the business. Above this operating baseline, we regularly evaluate where we can deploy excess cash, including making targeted acquisitions that strengthen our strategic position and returning capital to shareholders.

接下來討論資本配置。我們維持充足的營運資金以維持業務運作。在這項營運基準之外，我們會定期評估可以將多餘的現金部署到哪些地方，包括進行有針對性的收購以加強我們的策略地位，以及向股東返還資本。

Now let me walk you through our execution against some of our key performance indicators. RPO or remaining performance obligations represent contracted revenue to be recognized in future periods. RPO is expected to continue to fluctuate as it is influenced by factors such as sales cycles seasonality, deployment timelines, contract plans and renewal timing.

現在讓我帶您了解我們針對一些關鍵績效指標的執行情況。RPO（剩餘履約義務）代表將在未來期間確認的合約收入。RPO預計會繼續波動，因為它受到銷售週期季節性、部署時間表、合約計劃和續約時間等因素的影響。

It is worth noting that the cancelable portion of subscription deals is excluded from RPO. At the end of Q3, total RPO was $576.6 million versus $567.6 million at the same period last year. Total RPO is the sum of deferred revenue of $117.9 million and backlog of $458.7 million.

值得注意的是，訂閱協議中可取消的部分不包含在 RPO 中。第三季末，RPO 總額為 5.766 億美元，去年同期為 5.676 億美元。RPO 總額為遞延收入 1.179 億美元及積壓訂單 4.587 億美元之和。

Short-term RPO at the end of Q3 increased to $358.9 million, which we believe provides solid visibility into revenue over the next 12 months. This healthy RPO levels validate the strength and resilience of our business. Q3 billings were $107.7 million; an increase of 2.9% versus the same period last year. We remain focused on driving strong results. Given the strong foundation we have built and the momentum of the business, we are raising our outlook for this fiscal year.

第三季末的短期 RPO 增至 3.589 億美元，我們認為這為未來 12 個月的收入提供了可靠的可見度。健康的RPO水準驗證了我們業務的實力和韌性。第三季帳單金額為 1.077 億美元，比去年同期成長 2.9%。我們將繼續專注於取得優異的業績。鑑於我們已經打下的堅實基礎和業務發展勢頭，我們提高了本財年的業績預期。

We now expect revenue of $400 million, plus or minus 1%, which represents approximately 14% year-over-year growth at the midpoint of the range. We expect total software revenue to be approximately 87% of total revenue, aligned with our strategic goals. Annual non-GAAP gross margin to be 72.3%, reflecting an improvement of 130 basis points over the last fiscal year.

我們現在預計營收為 4 億美元，上下浮動 1%，以預期區間中位數計算，年增約 14%。我們預計軟體總收入將佔總收入的約 87%，這與我們的策略目標相符。年度非GAAP毛利率為72.3%，比上一財年提高了130個基點。

Adjusted EBITDA of $47 million at the midpoint, representing about 60% year-over-year growth. This increased outlook for revenue, profitability and our continuing execution is expected to generate non-GAAP diluted EPS of $0.24 at the midpoint of the revenue range.

調整後 EBITDA 中位數為 4,700 萬美元，較去年同期成長約 60%。預計收入和獲利能力的預期提高，以及我們持續的執行力，將使非GAAP稀釋後每股收益達到0.24美元（按收入範圍的中點計算）。

And we remain confident in our ability to generate $45 million of operating cash flow in FY26. We are very pleased with our consistent execution and the progress we are making towards achieving our targets for the fiscal year ending January 31, 2028: revenue of about $500 million, gross margin of approximately 73%, adjusted EBITDA margin of greater than 20%.

我們仍有信心在 2026 財年產生 4,500 萬美元的營運現金流。我們對自己持續的執行力以及在實現截至 2028 年 1 月 31 日的財政年度目標方面取得的進展感到非常滿意：收入約為 5 億美元，毛利率約為 73%，調整後 EBITDA 利潤率超過 20%。

In closing, Q3 was another quarter of strong performance for Cognyte. We delivered meaningful revenue growth, expanded margins and generated robust cash flow, all while continuing to invest in innovation.

總而言之，Cognyte 第三季又是一個業績強勁的季度。我們實現了可觀的營收成長，擴大了利潤率，並產生了強勁的現金流，同時也持續投資於創新。

We believe we are delivering against all our growth pillars, increasing wallet share with existing high-value customers, adding new logos and further expanding our market reach in the US. The combination of installed base expansion, strong contracted backlog, and execution of our growth strategy give us confidence in our ability to generate sustained profitable growth.

我們相信，我們在所有成長支柱方面都取得了進展，提高了現有高價值客戶的錢包份額，增加了新的客戶，並進一步擴大了我們在美國市場的覆蓋範圍。不斷擴大的用戶基礎、強勁的合約積壓訂單以及我們成長策略的執行，使我們有信心實現持續獲利成長。

We believe we are well positioned to deliver on our commitments and create long-term value for shareholders. Thank you for your continued support. We will now open the call for questions.

我們相信，我們有能力履行我們的承諾，並為股東創造長期價值。感謝您一直以來的支持。現在開始接受提問。

(Operator Instructions) Matthew Calitri, Needham & Company.

（操作說明）Matthew Calitri，Needham & Company。

Great. Hey guys, this is Matt Calitri over at Needham. Thanks for taking my questions. When I look at some of the large deal announcements, year-to-date, you've announced customer wins totaling over $65 million in ACV. Can you help break down how much of this amount is currently impacting RPO and revenue?

偉大的。大家好，我是 Needham 的 Matt Calitri。謝謝您回答我的問題。從今年迄今的一些大宗交易公告來看，你們宣布的客戶成交總額已超過 6,500 萬美元（ACV）。您能否幫忙分析一下，目前這筆款項中有多少對 RPO 和收入產生了影響？

(Operator Instructions)

（操作說明）

So yeah. So Matt, this is Elad. Actually, what is in the RPO is the software license part -- I'm checking whether you want to understand how we convert it to revenues. What exactly the question is?

是的。馬特，這位是埃拉德。實際上，RPO 中包含的是軟體授權部分——我正在確認您是否想了解我們如何將其轉化為收入。問題到底是什麼？

I'm just trying to understand like when you announce these deals. How it works from signing to deployment and along that -- like how long usually elapses there? And also like how does that flow through RPO and then start to be recognized in revenue just from a timing perspective?

我只是想了解一下，例如你們什麼時候宣布這些交易。從簽約到部署，整個流程通常是怎樣的——例如通常需要多長時間？還有，從時間角度來看，這筆費用是如何透過 RPO 流程，然後最終計入收入的？

Okay. So usually, when we talk about large deals, the sales cycle takes a few quarters between two, three to five, four quarters. And if it's a very significant deal, it takes a little bit longer. When it comes to the backlog conversion to revenue, it depends on the size of the deal. If it's a relatively small deal and the customer is ready, it could take a few months.

好的。所以通常情況下，當我們談論大宗交易時，銷售週期需要兩到三個季度，甚至五到四個季度。如果是一筆非常重要的交易，則需要更長的時間。積壓訂單轉換為收入的轉換率取決於交易規模。如果是一筆相對較小的交易，而且客戶也準備好了，可能需要幾個月的時間。

if the deal is a larger deal and requires customer preparations and environment integration, so it may take a few quarters. When a deal is landed, it's immediately on the RPO. If the scheduled timing to convert to revenue is within the next 12 months, it will land also in the CRPO. If we believe that the deal or portions of the deal are scheduled beyond 12 months, you will see that in the RPO, but not in the CRPO, the relevant portion, of course. So that's usually how it works.

如果交易金額較大，需要客戶準備和環境整合，那麼可能需要幾個季度的時間。一旦達成交易，就會立即進入招募流程。如果預計在未來 12 個月內實現盈利，它也將進入 CRPO。如果我們認為交易或交易的某些部分計劃超過 12 個月，您會在 RPO 中看到這一點，但不會在 CRPO 中看到，當然，指的是相關部分。通常情況下，事情就是這樣運作的。

Maybe to add on that same decision that when you have a deal with the subscription, only the nonconsumable element is included in the RPO.

或許還應該補充一點，當與訂閱者達成協議時，RPO 中只包含非消耗性部分。

Understood. Okay, very helpful. And then what portion of the license deals are being recognized upfront? And how does that impact recognition in revenue versus RPO?

明白了。好的，很有幫助。那麼，許可交易中預先確認的部分又有多少呢？這會對收入確認和RPO確認產生什麼影響？

So we have multiple type of revenue recognition. In certain cases, we recognize over a percentage of time, meaning that we recognize the deal on percentage of completion, sorry, or it could be upon delivery or it on stat, which is acceptance criteria. It's really dependent in the contract with the customers.

因此，我們有多種收入確認方式。在某些情況下，我們會以一定百分比的時間確認交易，也就是說，我們會按完成百分比確認交易，抱歉，或者也可以在交付時或按狀態確認，這是驗收標準。這主要取決於與客戶的合約條款。

If you want to look, you can see that when we share the CRPO is best on the planning that when we believe that delivery will take place and then we'll be able to recognize revenue. So let me take that in consideration in our planning, and this is the reason that we are sharing the CRPO to give you an idea what will happen in the next 12 months.

如果你仔細查看，你會發現，當我們分享 CRPO 時，計劃效果最佳，因為我們相信交付將會發生，然後我們才能確認收入。因此，我會在計劃中考慮到這一點，這也是我們分享 CRPO 的原因，以便讓您了解未來 12 個月將會發生什麼。

You can see that we have a lot of wins and everything is covered on the RPO. And we take that as a total number, and we have a very strong visibility and that gives us the ability to plan efficiently and that also allow us -- you can see that -- our margin is even improving because we are able to deploy and deploy them in a more efficient way, and that gives us also some benefits.

你可以看到我們贏了很多比賽，RPO 涵蓋了所有內容。我們將此視為總數，並且我們擁有非常清晰的可見性，這使我們能夠有效地進行規劃，這也使我們能夠——你可以看到——我們的利潤率甚至有所提高，因為我們能夠以更有效率的方式進行部署，這也給我們帶來了一些好處。

Okay. Awesome. Turning to US federal, what are overall conversations like there? How did they change during the government shutdown we just went through? And have they picked up since it ended?

好的。驚人的。再來看看美國聯邦政府，那裡的整體討論情況如何？在剛過去的政府停擺期間，他們發生了哪些變化？自從那件事結束後，他們的業務有好轉嗎？

Yeah. So maybe I'll give an overview about where we are in the US. So agencies in the US, very similar problems that other agencies as facing and that we are serving worldwide. So we see that the demand drivers and the needs are very similar to other territories. And for that reason, we also believe that our technology is an excellent fit to the US needs.

是的。那麼，我或許可以概述一下我們目前在美國的位置。因此，美國各機構面臨的問題與其他機構面臨的問題非常相似，而我們服務的對象遍及全球。由此可見，需求驅動因素和需求與其他地區非常相似。正因如此，我們也相信我們的技術非常符合美國的需求。

We discussed in previous calls that we started certain local, we were able to acquire new customers. We got also follow-on orders and already have a lot of confidence on customer that there is a very good fit.

我們在之前的電話會議中討論過，我們開始在一些當地開展業務，並成功獲得了新客戶。我們也收到了後續訂單，並且對客戶非常有信心，認為產品非常合適。

In terms of the Federal lira agencies, first of all, we started later, and then the showdown came, of course, shutdown disrupted the engagement for a certain amount of time. But having said that, it doesn't change the fact that those agencies are facing challenges, new technology.

就聯邦里拉機構而言，首先，我們起步較晚，然後攤牌來了，當然，政府停擺在一段時間內中斷了合作。但即便如此，也無法改變這些機構面臨挑戰和新技術的事實。

And for that reason, I believe that and they'll come back to the table. Some of the federal customers that we were engaging with it already came to us after the shutdown relief and asked to resume discussions.

正因如此，我相信他們會回到談判桌。政府停擺結束後，一些與我們接洽的聯邦客戶主動聯繫我們，要求恢復洽談。

I can also tell you in the US that regardless of the shutdown, we continue to do a lot of effort in order to expand our market access and brand awareness, we enhanced the sales and marketing activities. We participated in relevant industry conferences that I shared in previous calls, the example is Natia. We are expanding our partners' network. We signed with LexisNexis in Q3. So we have a lot of activities running with federal agencies in the US.

我還可以告訴大家，在美國，儘管疫情期間公司停擺，我們仍然投入大量精力來擴大市場准入和品牌知名度，並加強了銷售和行銷活動。我們參加了我在之前的電話會議中提到的相關行業會議，例如 Natia。我們正在拓展合作夥伴網路。我們在第三季與 LexisNexis 簽約。因此，我們與美國聯邦機構進行了許多合作活動。

So if I have to summarize it, I really believe our useful opportunity is significant, and it's not a matter of if. It's a matter of when, and we'll continue to be very focused on this territory and continue to invest, and I believe the fruits will come.

所以，如果要我總結一下，我真的相信我們所處的機會非常寶貴，這不是會不會發生的問題。這只是時間問題，我們將繼續專注於此領域並繼續投資，我相信終會取得成果。

Okay. Great to hear. And then last one for me. I believe you had said in the prepared remarks that you've delivered structured training to LexisNexis are they ready to start selling now? Or where are you in that training process?

好的。聽到這個消息真是太好了。最後，也是我最後一個問題。我相信您在準備好的演講稿中說過，您已經為 LexisNexis 提供了結構化的培訓，他們現在準備好開始銷售了嗎？或者，你目前的訓練進度如何？

Yeah. So with LexisNexis we signed last quarter. The partnership is focused on helping with access expansion to the cells to the state local and federal years. we conducted training to their sales force and -- but we also had joint meetings and events with LexisNexis team. We are educating them.

是的。所以我們上個季度和 LexisNexis 簽了約。此次合作的重點是幫助州、地方和聯邦政府擴大對細胞的訪問範圍。我們為他們的銷售團隊進行了培訓，並且還與 LexisNexis 團隊舉行了聯合會議和活動。我們正在對他們進行教育。

Some of their sales force are already ready to go and to customers and discuss our offerings. And in certain cases, we go together. So the progress is very good, and I believe it will progress very fast.

他們的部分銷售人員已經準備就緒，隨時可以拜訪客戶並討論我們的產品和服務。在某些情況下，我們會一起行動。所以進展非常順利，我相信它會進展得很快。

Awesome to hear. Thanks so much.

聽到這個消息真是太好了。非常感謝。

Taz Koujalgi, ROTH Capital.

Taz Koujalgi，ROTH Capital。

I just want to follow up on the US market. I know you're -- this is very early for you guys in terms of the US entering the US market, but just a little bit of color on how the US market differs from other possible word in terms of competitive landscape? And who do you guys see in makeups. When you look at the US deals in the US market, what does the competitive landscape look like? Who do you guys normally see in those scenarios versus other parts of the world?

我只是想了解美國市場的情況。我知道現在對你們來說，美國進入美國市場還為時過早，但能否簡單介紹一下美國市場在競爭格局方面與其他可能進入美國市場的國家有何不同？你們都覺得哪些人化妝好看？當你檢視美國市場上的美國交易時，競爭格局是怎麼樣的？在你們看來，在這些情況下，你們通常會看到哪些人，與世界其他地區相比又有哪些人？

Yes. So the -- first of all, the challenges are similar. In the US market, we've started with operational units within law enforcement agencies, First State and local and also Federal. And that's the market we are focusing on.

是的。所以——首先，挑戰是類似的。在美國市場，我們先從執法機構內部的行動部門著手，首先是州和地方執法部門，然後是聯邦政府。這就是我們關注的市場。

And the competitive landscape is a little bit different but with similar technologies. Actually, operational units are using solutions similar solutions globally. But in the US, we do see (technical difficulty), for example, and (technical difficulty) as companies that are focused in the US territory.

競爭格局雖然略有不同，但技術卻很相似。實際上，全球各地的營運單位都在使用類似的解決方案。但在美國，我們確實看到（技術難題），例如，以及（技術難題）作為專注於美國市場的公司。

Got it. Very helpful. And then maybe for David. David, can you comment on the duration -- the contract duration this quarter. If I look at the mix of RPO versus CRP, it looks like the duration probably went down year-over-year slightly. Maybe just clarify if that was the case.

知道了。很有幫助。或許是為了大衛。David，你能否就本季的合約期限發表一下看法？如果我看一下 RPO 與 CRP 的組合，看起來持續時間可能比前一年略有下降。或許應該澄清一下是否真是如此。

And when you think about the duration contract duration trends going forward?

那麼，您如何看待未來合約期限的趨勢呢？

So if you look at the overall RPO, it's very strong, Short term and long term, both of them give us the confidence that we will continue to go over time. If you look at the CRPO, it grew year-over-year, I would say in about 10% year-over-year growth. And given what we see from a demand perspective and how deals are flow, we are very comfortable with this RPO.

所以，從整體來看，RPO（招募流程外包）非常強勁，無論短期或長期，都讓我們有信心在未來繼續發展。如果看一下 CRPO，它同比增長了，我認為同比增長率約為 10%。從需求角度來看，考慮到交易的進行情況，我們對這個招募流程外包（RPO）非常滿意。

Got it. Just a few more for me. So strong numbers for me guys overall this quarter looks very good. But if you look at the professional services line, the PS line, I think it was a little bit lighter versus last quarter. Any comment on if deployments were pushed out?

知道了。我還剩幾個。所以對我來說，這季度的整體數據非常強勁，看起來非常好。但如果你看一下專業服務線（PS線），我認為它比上個季度略微輕了一些。請問部署是否已推送？

Or anything that -- to help us understand why that services line seems a little bit lighter than what it was last quarter?

或者有什麼方法可以幫助我們理解為什麼該服務業務線似乎比上個季度略有下降？

So actually, professional services when we started the year, actually, we mentioned that professional services will be around 13% of total revenue. This is what we saw the (technical difficulty)

實際上，年初的時候，我們曾提到專業服務將佔總收入的 13% 左右。這就是我們看到的（技術難題）

(Operator Instructions)

（操作說明）

Thank you. So unfortunately, I -- there was a problem with the line. So I will repeat my answer from the beginning because I don't really know where we stop. So --

謝謝。很遺憾，線路出了問題。所以我會從頭再說一次我的答案，因為我真的不知道我們該如何結束。所以--

No, no. David, you mentioned that you gave us a guide of 13% of full year revenues with the services, right? So that's where, I guess, we got cut off.

不，不。大衛，你之前提到過，你給我們的指導目標是服務收入佔全年總收入的 13%，對嗎？所以，我想，我們的聯繫就此中斷了。

Okay. So where we -- so I would just remind everyone like what exactly is the professional services or professor services, it could be deployment services. It could be some development work, training or order selling. And we actually deliver it because that's creating a faster adoption by the customers and also allow us to bring to the table faster the -- I would say, the core sell and the upsell. So overall, the fluctuation within professional services between quarter is mainly related to revenue recognition criteria.

好的。所以，我想提醒大家一下，專業服務或教授服務究竟是什麼，也可能是部署服務。可能是開發工作、培訓或訂單銷售。我們之所以能做到這一點，是因為這樣可以更快地被客戶接受，也可以讓我們更快推出——我可以說是核心銷售和追加銷售。因此，整體而言，專業服務季度間的波動主要與收入確認標準有關。

And actually, I'm very pleased with where we are. We are in line with our target to be in 30% of total revenue on professional services. I think that you also asked about software and software services. So you can see that first overall software revenue, which is the combination of total software and software services grew by 18%.

事實上，我對我們目前的狀況非常滿意。我們正朝著專業服務收入佔總收入30%的目標穩步前進。我想你也問到了軟體和軟體服務。因此，你可以看到，軟體總收入（軟體和軟體服務的總和）增加了 18%。

If you look at our -- the way that we acquired customers, most of the customers are once we acquire them, they are staying with us for a long period. Usually, they acquired perpetual licenses with support contract. This is the, I would say, the majority of them. And if you think about it, it's reoccurring in nature behavior, so meaning that the customer continue to buy with you on a regular basis.

如果你看看我們獲取客戶的方式，你會發現，一旦我們獲得了客戶，他們就會長期與我們保持合作關係。通常情況下，他們會獲得永久許可證和支援合約。我想說，這應該是其中的絕大多數。仔細想想，這是一種自然界中反覆出現的行為，這意味著顧客會定期地繼續向你購買商品。

So we do have certain cases that the customer do an upgrade of existing license which was under support and it's moved to be a softer. So from our perspective, the right metrics to look at the business is the total software, which combined the software and the software services. And when you look at that, you can see that it's also growing very good.

因此，我們確實遇到一些客戶升級現有許可證的情況，該許可證原本處於支援狀態，但現在已轉為軟性許可證。因此，從我們的角度來看，衡量業務的正確指標是軟體總量，即軟體和軟體服務的總和。你看，它長得也非常好。

Got it. Very helpful. One last one for me, David. I know you gave us a guide of -- for the full revenue for the year. But if you can give us some more details or some more color on how to think about the mix between software, software services and PS because I know last -- if I look at the -- if I look at Q4 of last year, I think we had a big jump in software revenue.

知道了。很有幫助。大衛，我最後一個問題。我知道您給了我們一份關於全年總收入的指南。但是，如果您能提供更多細節或更詳細的信息，說明如何看待軟體、軟體服務和專業服務之間的組合，那就太好了，因為我知道去年——如果我看一下——如果我看一下去年第四季度，我認為我們的軟體收入大幅增長。

I think Q3 to Q4, there's a big jump seasonally in software revenue. So I just want to make sure that we don't end up mismodeling the different line items for revenue. So maybe if you can, some more color or some more priority on how to think about the mix of the revenue between software services and NPS?

我認為第三季到第四季度，軟體收入會出現季節性的大成長。所以，我只是想確保我們不會錯誤地對不同的收入項目進行建模。所以，如果可以的話，能否再詳細說明一下軟體服務和 NPS 之間的收入構成比例，或者說，能否更明確地說明一下其中的優先順序？

So let me start with the general comment. You can see that the software revenue grew this quarter significantly almost 40% versus the previous period. So we are very pleased with the way that the software revenue grew. As I mentioned, our view is that we need to look at the total software revenue which means a combination of the software and the software services. And to give you some color, I believe that it will be 87% of the total revenues.

那麼，讓我先說一些總體上的看法。可以看出，本季軟體營收顯著成長，比上一季成長了近 40%。因此，我們對軟體收入的成長方式非常滿意。正如我之前提到的，我們的觀點是，我們需要專注於軟體總收入，也就是軟體收入和軟體服務收入的總和。為了讓你們更直觀地了解情況，我認為它將佔總收入的 87%。

So if you look at our guidance, you can say that out of the $400 million, 87% will come from the software and the software services.

因此，如果你看一下我們的指導意見，你會發現，在 4 億美元中，87% 將來自軟體和軟體服務。

Got it, very helpful. Thank you.

明白了，很有幫助。謝謝。

(Operator Instructions) Charlie Zhou, Evercore.

（操作說明）查理·週，Evercore。

This is Charlie for Peter at Evercore. Just a quick one from me. This quarter, we obviously saw a very impressive margin outperformance both on gross margin and operating margin. And I know you guys have provided a gross margin target of 73% by FY28, which you guys have already achieved this quarter. Could you please just help us to maybe just break down the primary drivers of the margin outperformance?

這是查理，他是Evercore公司的彼得的代表。我簡單說幾句。本季度，我們在毛利率和營業利率方面都明顯看到了非常亮眼的業績表現。我知道你們設定了到 2028 財年毛利率達到 73% 的目標，而你們本季已經達成了這個目標。能否請您幫忙分析利潤率超預期表現的主要驅動因素？

And also, how should we think about the gross margin expansion trajectory from here? And also any updated color on the adjusted EBITDA margin as well? Thank you.

此外，我們該如何看待毛利率的未來成長軌跡？另外，調整後的EBITDA利潤率方面是否有更新數據？謝謝。

Thank you. So actually, we are very pleased with our 73% gross margin this quarter. And as you can see, there is different dynamics are taking place over a quarter. So this is a fluctuation between the quarters. But if you look at the overall, you see that the trend is in the right direction, and we are getting to the 73% already in this quarter, and we guided for this year to be at 72.3%, which is almost 130 basis points higher than last year.

謝謝。所以實際上，我們對本季73%的毛利率非常滿意。正如你所看到的，一個季度內會發生不同的變化。所以這是季度間的波動。但從整體來看，趨勢是朝著正確的方向發展，本季我們已經達到了 73% 的目標，我們預計今年的目標將達到 72.3%，比去年高出近 130 個基點。

We do see within our mix, few things that taking place. Overall, when you look at the software, which is the software and software services, we are above 80% of total -- sorry, gross margin. And if you look at the professional services, we're also improving the professional services. Actually, Q3 was above 20%. But again, I don't think that it's stable. I would say that if you think about it on an annual basis, it should be on the high mid-teens.

在我們的組合中，確實看到了一些正在發生的事情。總體而言，從軟體（包括軟體和軟體服務）來看，我們的總毛利率超過 80%——抱歉，是毛利率。如果你看看專業服務，我們也在不斷改進專業服務。實際上，第三季超過了 20%。但是，我仍然認為它不穩定。如果按年計算，我認為應該在十幾個百分點左右。

What's the dynamic behind its first customers are willing to pay premium prices for our solution. We have very strong solution based on our advanced analytics, which customers are willing to pay premium prices. And we talk about it a lot that we are not fighting or competing with pricing.

是什麼因素促使我們的首批客戶願意為我們的解決方案支付高價？我們基於先進的分析技術，擁有非常強大的解決方案，客戶願意為此支付更高的價格。我們經常強調，我們並非在價格上競爭或對抗。

We are investing a lot on R&D because we believe that once you acquire a customer and you provide the customer with premium solution and addressing their evolving needs, they will continue to stay with you and willing to pay the right level of pricing.

我們投入大量資金進行研發，因為我們相信，一旦你獲得客戶，並為客戶提供優質的解決方案，滿足他們不斷變化的需求，他們就會繼續與你保持合作關係，並願意支付合理的價格。

So it's all about the value and that drives incremental gross margin. And also, there is some efficiencies that are taking place with our COGS, mainly related to our capability to improve cost structure if it's the fact that we are applying AI capability within the organization that also drive better profitability. So overall, it's driven by the value we provide to our customers. About adjusted EBITDA, we are guiding for this year for it to be a $47 million. It's almost 60%, six zero percent.

所以一切都與價值有關，而價值正是毛利率成長的驅動力。此外，我們的銷售成本也出現了一些效率提升，這主要與我們改善成本結構的能力有關，因為我們正在組織內部應用人工智慧能力，這也推動了更高的獲利能力。總而言之，這一切都源自於我們為客戶提供的價值。關於調整後的 EBITDA，我們預計今年將達到 4,700 萬美元。接近 60%，百分之六十。

I think let's talk about the leverage. When you think about us as a company, look at our financials over the last few years, we are, on a regular basis, to deliver leverage in our model. We believe in profitable growth. We structured the business in a way that while we are growing, we drive more profitability, and I'm very pleased that we're able to drive it to the bottom line and to create value to shareholders. This is what we are trying to do.

我想我們應該談談槓桿作用。當你思考我們這家公司時，看看我們過去幾年的財務狀況，你會發現我們一直在定期地利用我們的模式來發揮槓桿作用。我們相信獲利成長。我們對業務進行了結構調整，在發展的同時，也提高了獲利能力。我非常高興我們能夠將獲利能力提升到最終利潤，並為股東創造價值。這就是我們正在努力的方向。

This is what we are delivering, and I believe that we'll continue to do so.

這就是我們正在努力的方向，我相信我們會繼續這樣做。

Thank you very much. Maybe just to follow up on the adjusted EBITDA margin. Based on your guidance, you're basically projected to achieve around 12% adjusted EBITDA margin by fiscal '26 and you guys have provided a 20% -- greater than 20% target for fiscal '28. Should we think about the 800 basis points expansion from here is more linear, like 400 basis points in '27 and maybe 400 basis points in '28? Is that the correct way to think about it?

非常感謝。或許只是想跟進一下調整後的 EBITDA 利潤率。根據你們的指導，預計到 2026 財年，你們的調整後 EBITDA 利潤率將達到 12% 左右，而你們為 2028 財年設定的目標為 20%——高於 20%。我們是否應該認為從現在開始的 800 個基點的擴張是更線性的，例如 2027 年擴張 400 個基點，2028 年擴張 400 個基點？這種思考方式正確嗎？

Actually, I think we shared the target for FY28 in April, and we are very pleased with where we are getting. We are progressing towards our targets. Obviously, it will be a gradual improvement over time. We are not in a position now to give the plan for the next year, but it would be over time, a gradual improvement.

實際上，我認為我們在 4 月就公佈了 2028 財年的目標，我們對目前的進展感到非常滿意。我們正朝著目標穩步前進。顯然，隨著時間的推移，情況會逐漸改善。我們現在還無法給出明年的計劃，但隨著時間的推移，情況會逐步改善。

Awesome. Sounds good. Thank you very much.

驚人的。聽起來不錯。非常感謝。

And I'm currently showing no further questions at this time. I'd like to turn the call back over to Dean Ridlon, for closing remarks.

目前我沒有其他問題要問。我謹將電話交還給里德隆院長，請他作總結發言。

Thank you, Shannon, 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. Thank you all.

謝謝香農，也謝謝各位參加今天的電話會議。如有任何疑問，請隨時與我聯繫，我們期待下個季度再次與您交流。謝謝大家。

This concludes today's conference. Thank you for your participation. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線了。