COGNYTE SOFTWARE LTD. (CGNT) 2026 Q4 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Cognyte fourth quarter fiscal year 2026 earnings conference call. At this time, all participants are in a listen-only mode. (Operator Instructions.) Please be advised that today's conference may be recorded. I will now hand the conference over to your speaker host, Dean Ridlon, Head of Investor Relations. Please go ahead.

各位女士、先生，大家好。感謝各位稍候等候。歡迎參加 Cognyte 2026 會計年度第四季財報電話會議。此刻，所有與會者將以只聽模式參與。（接線員指示。）請注意，今天的會議可能會被錄音。現在我將把會議交給今天的主持人、投資人關係主管 Dean Ridlon。請開始。

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.

謝謝接線員。各位好。我是 Dean Ridlon，Cognyte 投資人關係主管。感謝各位今天加入我們。我與 Cognyte 執行長 Elad Sharon 以及 Cognyte 財務長 David Abadi 一同出席。在開始之前，我想先提到，今天的電話會議有一份簡報搭配。

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. 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.

若您希望在通話期間即時觀看投影片，請造訪我們網站 cognyte.com 的投資人（Investors）專區，點選「Upcoming Events」，再點選今天電話會議的網路直播連結。我也想提醒各位，本次電話會議中討論的某些事項，可能包含《1995 年私人證券訴訟改革法》及其他聯邦證券法規定所界定的前瞻性陳述。

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.

這些前瞻性陳述係基於管理層目前的預期，並不保證未來表現。實際結果可能與這些前瞻性陳述所明示或暗示者有重大差異。前瞻性陳述係截至本次電話會議日期作出，除法律要求外，Cognyte 不承擔更新或修訂之義務。

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, 2026, being filed today, and other filings we make with the SEC.

提醒投資人勿過度依賴這些前瞻性陳述。如需更詳細了解這些及其他風險與不確定性如何可能導致 Cognyte 的實際結果與前瞻性陳述所示有重大差異，請參閱我們截至 2026 年 1 月 31 日止會計年度的 Form 20‑F 年報（今日提交）以及我們向 SEC 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 Investors section of our website at cognyte.com for a reconciliation of non‑GAAP financial measures to GAAP measures.

今天討論的財務衡量指標包含非 GAAP 指標。我們相信，投資人在比較不同期間以及與同業公司（其亦公布類似非 GAAP 指標）之間的結果時，會關注非 GAAP 財務衡量指標。請參閱今日簡報投影片、我們的財報新聞稿，以及 cognyte.com 網站投資人專區，以取得非 GAAP 財務衡量指標與 GAAP 指標之調節表。

Non‑GAAP financial information should not be considered in isolation from, or 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 財務資訊不應被孤立看待，亦不應作為 GAAP 財務資訊的替代、或優於 GAAP 財務資訊；之所以納入，是因管理層認為其能提供關於本公司業務財務表現的有意義資訊，並對投資人之資訊與比較目的具有實用性。本公司使用的非 GAAP 財務衡量指標具有其限制，且可能與其他公司所使用者不同。

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

現在，我想把電話會議交給 Elad。

Thank you, Dean. Hello, everyone, and thank you for joining us today. Before we begin, I want to acknowledge and thank our employees, customers, partners, and investors for their continued support over the past month. Cognyte's mission is to help make the world a safer place.

謝謝你，Dean。各位好，感謝各位今天加入我們。在開始之前，我想先向我們的員工、客戶、合作夥伴與投資人致意並表達感謝，感謝各位在過去一個月持續的支持。Cognyte 的使命是協助讓世界更安全。

That mission is constant, and our teams continue to execute. We delivered strong results in the fourth quarter and closed fiscal ’26 with another year of consistent execution. Revenue grew by double digits with strong gross margin. Profitability improved significantly, and we continue to generate solid cash flow.

這項使命始終不變，我們的團隊也持續落實執行。我們在第四季交出強勁成果，並以另一個持續穩健執行的一年結束 2026 會計年度。營收以雙位數成長，且毛利率表現強勁。獲利能力顯著改善，我們也持續產生穩健的現金流。

Fiscal ’26 played out largely as we expected, with strong repeat business from our install base, continued new‑customer momentum, and strengthening profitability. We expect this growth to continue into fiscal ’27 and today provided revenue guidance of $448 million at the midpoint of the revenue range, and we are on track to achieving our targets for the fiscal year ending January 2028. We'll share more details later in this call.

2026 會計年度的發展大致符合我們的預期，既有客戶基礎帶來強勁的重複業務、新客戶動能持續，以及獲利能力走強。我們預期此成長將延續至 2027 會計年度，並於今日提供營收指引：營收區間中點為 4.48 億美元；同時，我們正按計畫達成截至 2028 年 1 月止會計年度的目標。我們將在本次電話會議稍後分享更多細節。

We operate in a market environment where the underlying drivers continue to strengthen. Threats are becoming more complex, adversaries more sophisticated, and the volume of data continues to grow exponentially. At the same time, decisions need to be made faster than ever. This is driving sustained demand for mission‑critical intelligence technology exactly where Cognyte is positioned.

我們所處的市場環境中，基本驅動因素持續增強。威脅日益複雜、對手更為精密，而資料量也持續呈指數型成長。同時，決策所需時間比以往任何時候都更短。這正推動對任務關鍵型情報技術的持續需求，而這正是 Cognyte 的定位所在。

Our solutions operate in an extremely demanding environment across national security, military intelligence, and law enforcement. In these environments, performance is not optional. Our customers are not experimenting; they are deploying systems that must work consistently in real operational conditions.

我們的解決方案在國家安全、軍事情報與執法等領域的極度嚴苛環境中運作。在這些環境中，效能不是可選項。我們的客戶不是在做實驗；他們部署的是必須在真實作業條件下持續可靠運作的系統。

Over time, our value becomes deeply embedded in our customers’ workflows and operational systems. This creates durable relationships, high switching costs, and a strong competitive position. Over the past year, we executed against our three primary growth pillars. First, Installed Base Expansion. Customers continue to expand deployments, add functionality, and are also extending into new use cases and operational domains. For example, border intelligence. Repeat business continues to represent a significant portion of our revenue, reflecting the trust our customers place in us and the operational value we consistently deliver.

隨著時間推移，我們的價值會深度嵌入客戶的工作流程與作業系統之中。這建立了持久的關係、高轉換成本，以及強勁的競爭地位。在過去一年，我們圍繞三大主要成長支柱推進執行。第一，既有客戶基礎擴張（Installed Base Expansion）。客戶持續擴大部署、增加功能，並延伸至新的使用情境與作業領域。例如，邊境情報。重複業務仍占我們營收的重要部分，反映客戶對我們的信任，以及我們一貫提供的作業價值。

Second, New Logos. We added 61 new customers this year as our solutions continue to prove themselves globally and deliver real operational value. This important new business is driven by our proven track record and customer references and is aligned with our land‑and‑expand strategy. We increased our footprint within military intelligence agencies, including in NATO countries.

第二，新客戶（New Logos）。今年我們新增 61 家新客戶，顯示我們的解決方案持續在全球證明其價值並帶來真實的作業效益。這項重要的新業務由我們經驗證的實績與客戶推薦所驅動，並與我們的「先落地、再擴張」（land‑and‑expand）策略一致。我們也擴大在軍事情報機構中的布局，包括在北約（NATO）國家。

And third, North America. This is a key market for us. We recently strengthened our North American leadership, bringing in a seasoned sales executive with deep experience and a track record in the federal market. We also added a new channel partner, Carahsoft, who will provide access to federal, state, and local procurement channels and will support broader deployments of our solutions.

第三，北美市場。這對我們而言是關鍵市場。我們近期強化北美領導團隊，延攬一位資深銷售主管，其在聯邦市場具備深厚經驗與實績。我們也新增一位通路合作夥伴 Carahsoft，將提供聯邦、州與地方的採購通路，並支持我們解決方案更廣泛的部署。

Together, these steps reinforce our commitment to scaling our US presence and aligning with long‑term federal modernization programs. Our growth is driven by a balanced approach: install‑base expansion, new‑customer acquisition, and US market scaling.

綜合而言，這些舉措強化了我們擴大美國市場布局的承諾，並與長期的聯邦現代化計畫保持一致。我們的成長來自均衡的策略：既有客戶基礎擴張、新客戶取得，以及美國市場規模化。

In Q4, we secured several significant deals across geographies and customer segments. One example is with a long‑standing national‑security customer in EMEA, where we amended a perpetual agreement into a five‑year subscription at a new annual value of $6 million. This reflects both a significant expansion in scope and a shift in commercial model.

在第四季，我們在不同地理區域與客戶類別中拿下數筆重要交易。其中一個例子是與 EMEA 地區一位長期的國家安全客戶：我們將一項永久授權協議修訂為五年期訂閱制，新的年度合約價值為 600 萬美元。這反映了範疇的顯著擴大，以及商業模式的轉變。

The transition to subscription was driven by the customer's need for continuous access to new capabilities, AI‑driven functionality, and faster upgrade cycles. While most agencies still prefer perpetual deployments, we are seeing a gradual increase in the adoption of subscription models.

轉向訂閱制的原因在於客戶需要持續取得新功能、AI 驅動的功能，以及更快的升級週期。雖然多數機構仍偏好永久部署模式，但我們正看到訂閱模式的採用率逐步提升。

We also signed several multimillion‑dollar deals across multiple regions, including new solution deployments, expansions, and support contracts. In addition, this morning we announced an approximately $5 million deal with one of the largest state law‑enforcement agencies in the United States.

我們也在多個地區簽下數筆數百萬美元等級的交易，包括新的解決方案部署、擴充，以及支援合約。此外，今天早上我們宣布與美國規模最大的州級執法機構之一達成一筆約 500 萬美元的交易。

This is a new‑customer win, replacing an incumbent provider. The deployment will support mission‑critical field operations, including fugitive apprehension, missing‑children cases, criminal investigations, and search and rescue. It represents an important step in expanding our footprint in the US. Security and intelligence agencies globally are accelerating efforts to address increasingly complex threat environments.

這是一項新客戶的勝利，取代了原有供應商。此次部署將支援攸關任務的外勤作業，包括追緝逃犯、失蹤兒童案件、刑事調查，以及搜救行動。這代表我們在擴大美國市場版圖方面邁出重要一步。全球的安全與情報機構正加速努力，以因應日益複雜的威脅環境。

Today's challenges extend beyond traditional crime and national security. Agencies must respond to hybrid threats, cross‑border activity, cyber‑enabled and organized crime, all of which increase the volume and complexity of data they must analyze. This is driving sustained demand for platforms that can fuse, correlate, and analyze data to deliver actionable intelligence for real‑time decision‑making.

當前的挑戰已超越傳統犯罪與國家安全的範疇。各機構必須應對混合式威脅、跨境活動、網路賦能與有組織犯罪，這些都提高了其必須分析的資料量與複雜度。這正推動市場對能夠融合、關聯並分析資料的平台產生持續需求，以提供可採取行動的情報，支援即時決策。

Across regions, we see a consistent shift toward more integrated, proactive intelligence models with greater emphasis on cross‑unit collaboration and faster time‑to‑decision. Our platform is purpose‑built to support exactly this type of complex operational environment. As agencies continue to modernize and scale, our positioning is directly aligned with their immediate and long‑term priorities.

在各地區，我們看到一致的趨勢：轉向更整合、更主動的情報模式，更強調跨單位協作與更快的決策時間。我們的平台是為支援這類複雜作業環境而量身打造。隨著各機構持續現代化並擴大規模，我們的定位與其短期與長期優先事項直接一致。

Today, we are seeing growing adoption and reliance on artificial intelligence. AI is embedded in our platform, shaped by real‑world investigative use cases and years of operational experience. AI also plays a part in our customers' growing challenges it increases the scale and sophistication of the threats our customers address.

目前，我們看到人工智慧的採用與依賴程度日益提高。AI 已嵌入我們的平台，並由真實世界的調查使用情境與多年作業經驗所塑造。AI 也在客戶日益增加的挑戰中扮演角色——它提升了客戶所面對威脅的規模與複雜度。

In our market, access to AI models and GenAI is not the main constraint. Operationalizing them is. Having access to advanced AI is not enough for an analyst to process sensitive communication data, correlate it with financial and behavioral signals, or generate outputs that meet legal and evidence standards.

在我們的市場中，取得 AI 模型與生成式 AI 並非主要限制。將其落地並投入實際運作才是。僅有先進 AI 的存取權仍不足以讓分析師處理敏感通訊資料、將其與財務與行為訊號進行關聯，或產出符合司法與證據標準的結果。

The challenge is everything required to make AI usable in real investigative environments. That includes integrating fragmented and sensitive data, applying domain‑specific intelligence methodologies, operating in strict security and compliance frameworks, and embedding AI into investigative workflows that produce actionable, auditable outcomes.

挑戰在於讓 AI 能在真實調查環境中可用所需的一切。這包括整合零散且敏感的資料、套用特定領域的情報方法論、在嚴格的安全與合規框架下運作，並將 AI 嵌入可產生可採取行動且可稽核成果的調查工作流程。

As AI capabilities continue to advance, this infrastructure becomes more not less critical. Customers are not buying AI features; they are buying operational outcomes powered by AI. This is what makes our advanced AI operationally useful, and it's not easy to replicate. We believe AI is a structural tailwind for our business.

隨著 AI 能力持續進步，這套基礎設施變得更重要，而不是更不重要。客戶購買的不是 AI 功能；他們購買的是由 AI 驅動的作業成果。這正是讓我們的先進 AI 在作業上真正有用之處，而且不容易被複製。我們相信 AI 對我們的業務而言是一股結構性順風。

Earlier this month, we hosted our Intelligence Summit, bringing together senior intelligence and law‑enforcement leaders from across the globe. The level of participation and engagement reinforced Cognyte's strong leadership position within investigation and intelligence communities. The conversations were direct and forward‑looking.

本月稍早，我們舉辦了 Intelligence Summit（情報高峰會），匯聚來自全球的資深情報與執法領導者。參與與互動的程度進一步鞏固了 Cognyte 在調查與情報社群中的強勢領導地位。對話內容直接且具前瞻性。

Leaders are not discussing theory they are executing modernization programs now. They are confronting real operational challenges and sharing practical approaches between them and with us. Across panels and closed‑door discussions, agencies emphasized three priorities: connecting fragmented data into a unified intelligence picture, reducing time from data to decision in live investigations, and enabling collaboration across units, agencies, and even countries.

領導者們討論的不是理論——他們正在執行現代化計畫。他們正面對真實的作業挑戰，並在彼此之間以及與我們之間分享務實作法。在各場座談與閉門討論中，各機構強調三項優先事項：將零散資料連結成統一的情報全貌、在即時調查中縮短從資料到決策的時間，以及促進跨單位、跨機構，甚至跨國的協作。

We were honored to host Jurgen Stock, former Secretary General of Interpol and former Vice President of Germany's Federal Criminal Police Office, as our keynote speaker. He spoke about the importance of sharing fragmented intelligence across domains and the need to partner with the private sector, specifically in technology, to accelerate innovation and operational effectiveness.

我們很榮幸邀請到前國際刑警組織（Interpol）秘書長、以及前德國聯邦刑事警察局副局長 Jurgen Stock 擔任主題演講嘉賓。他談到在不同領域間分享零散情報的重要性，以及需要與私部門——特別是科技領域——合作，以加速創新與提升作業效能。

The summit once again confirmed why customers choose to partner with Cognyte: access to advanced, proven technology and methodologies; solutions that translate directly into real‑time operational outcomes; and the quality, support, and long‑term trust they can rely on.

本次高峰會再次印證客戶選擇與 Cognyte 合作的原因：可取得先進且經驗證的技術與方法論；能直接轉化為即時作業成果的解決方案；以及他們可倚賴的品質、支援與長期信任。

In summary, we delivered strong results. We operate in a growing, high‑barrier, mission‑critical market. We are expanding with both new and existing customers. AI is a structural tailwind. We remain focused on execution and long‑term value creation and are well positioned for continued growth.

總結來說，我們交出強勁的成果。我們所處的是一個成長中、進入門檻高、且攸關任務的市場。我們正同時在新客戶與既有客戶中擴張。AI 是一股結構性順風。我們仍專注於執行與長期價值創造，並已為持續成長做好充分準備。

We operate where the hardest problems live. This is not a coincidence it reflects 30‑plus years of connecting advanced technology to operational realities. Ultimately, we help eliminate the unknown so our customers can act with clarity, speed, and confidence. With that, I'll turn the call over to David for a deeper review of our results. David?

我們在最棘手的問題所在之處運作。這並非巧合——它反映了 30 多年來將先進技術與作業現實連結起來的經驗。最終，我們協助消除未知，讓客戶能以清晰、速度與信心採取行動。接下來，我將把電話會議交給 David，請他更深入檢視我們的業績。David？

Thank you, Elad, and hello, everyone. As Elad outlined, Q4 ends a year of continued strong execution across the business. Our results this quarter and throughout FYE ’26 demonstrate our durable business proposition, the value of our differentiated solutions, and the operational discipline that all drive these strong results.

謝謝你，Elad，大家好。如 Elad 所概述，第四季為公司在整個年度持續強勁執行畫下句點。我們本季以及整個 26 財年（FYE ’26）的成果，展現了我們穩健持久的商業主張、差異化解決方案的價值，以及推動這些強勁成果的營運紀律。

Let me begin with our fourth‑quarter results. Revenue for Q4 FY26 was $106.2 million, up $11.7 million, or 12.4% year‑over‑year, reflecting a healthy demand environment and the value of our solutions. Breaking down the revenue mix: Software revenue was $45.9 million, an increase of $8.5 million, or 22.6% year‑over‑year. Software revenue is comprised of perpetual licenses, appliances, and some term‑based subscription licenses.

我先從第四季業績開始。26 財年第四季營收為 1.062 億美元，年增 1,170 萬美元（或 12.4%），反映健康的需求環境以及我們解決方案的價值。拆解營收組合：軟體營收為 4,590 萬美元，年增 850 萬美元（或 22.6%）。軟體營收包含永久授權、設備（appliances）以及部分定期訂閱授權。

Software services revenue grew by $3.4 million to $49.3 million. Software services revenue comes mainly from support contracts and, to a lesser extent, cloud‑based SaaS subscriptions. Total Software revenue, which includes the combination of Software and Software services revenue, grew by $11.9 million year‑over‑year, or 14.2%.

軟體服務營收增加 340 萬美元至 4,930 萬美元。軟體服務營收主要來自支援合約，並在較小程度上來自雲端式 SaaS 訂閱。軟體總營收（包含軟體與軟體服務營收）年增 1,190 萬美元（或 14.2%）。

Professional services revenue was similar to Q4 of the prior year. Fluctuations in professional services revenue between quarters are expected and are a result of revenue‑recognition timing. Recurring revenue increased by 5.6% to $50 million, representing 47.1% of total revenue. Note that recurring revenue is calculated from GAAP revenue, driven primarily by support contracts and some term‑based and SaaS subscription offerings. That enhances our visibility in both the near and long term.

專業服務營收與去年第四季相近。各季之間專業服務營收的波動屬預期之內，主要源自收入認列時點的差異。經常性營收成長 5.6% 至 5,000 萬美元，占總營收的 47.1%。請注意，經常性營收係以 GAAP 營收計算，主要由支援合約驅動，並包含部分定期與 SaaS 訂閱產品。這提升了我們在短期與長期的可視性。

Looking at gross margin, we continue to make significant improvements. Q4 non‑GAAP gross margin reached a record 74.7%, an expansion of 320 basis points year‑over‑year. Non‑GAAP gross profit grew much faster than revenue and increased by $11.8 million, or 17.4% year‑over‑year, to $79.4 million.

就毛利率而言，我們持續取得顯著改善。第四季非 GAAP 毛利率達到創紀錄的 74.7%，年增 320 個基點。非 GAAP 毛利成長速度遠快於營收，年增 1,180 萬美元（或 17.4%）至 7,940 萬美元。

It is important to mention that all the incremental year‑over‑year increase in revenue flows through to gross profit. This again demonstrates how our differentiation translates into strong gross margins. On profitability, Q4 non‑GAAP operating expenses were $67.3 million. GAAP operating income was $5.2 million, up from $697,000 last year. Non‑GAAP operating income reached $12.1 million, doubling year‑over‑year.

值得一提的是，所有年增的新增營收都流入毛利。這再次證明我們的差異化如何轉化為強勁的毛利率。在獲利方面，第四季非 GAAP 營業費用為 6,730 萬美元。GAAP營業利益為 520 萬美元，高於去年的 69.7 萬美元。非 GAAP 營業利益達到 1,210 萬美元，年增一倍。

Adjusted EBITDA continues to expand significantly faster than revenue. It was $15 million, up 62.5% from the $9.3 million generated in Q4 last year. GAAP net income was $5.1 million, compared to a net loss of $0.2 million in the same period last year. The improvement is largely due to the significant increase in operating income.

調整後 EBITDA 持續以顯著快於營收的速度擴張。其為 1,500 萬美元，較去年第四季的 930 萬美元成長 62.5%。GAAP 淨利為 510 萬美元，相較去年同期為 20 萬美元的淨損。改善主要歸因於營業利益的大幅增加。

Our Q4 performance again highlights the scalability of our model. As Software revenue grows, the leverage in our model generates significantly higher profitability. While most of our government customers buy through perpetual licenses, we offer both models and have seen some recent wins in subscription.

我們第四季的表現再次凸顯我們模式的可擴展性。隨著軟體營收成長，我們模式中的營運槓桿帶來顯著更高的獲利能力。雖然我們的大多數政府客戶透過永久授權購買，但我們同時提供兩種模式，且近期在訂閱方面也取得一些勝利。

Subscription agreements support greater visibility over time and align with broader software‑market trends. RPO, or Remaining Performance Obligations, represents contracted revenue to be recognized in future periods, influenced by factors such as sales cycles, subscription deals, deployment timelines, contract plans, renewal timing, and seasonality.

訂閱協議可在時間推移中提供更高的可視性，並與更廣泛的軟體市場趨勢一致。RPO（Remaining Performance Obligations，剩餘履約義務）代表將於未來期間認列的已簽約收入，並受銷售週期、訂閱交易、部署時程、合約方案、續約時點與季節性等因素影響。

The strength of our RPO remains an important pillar of our near‑ and long‑term visibility. While fluctuations are expected in RPO, current levels support our growth expectations. At the end of Q4, total RPO was $557.2 million. Total RPO is a sum of contract liabilities of $123.7 million and backlog of $433.4 million. Short‑term RPO rose to $369.5 million, providing solid visibility to revenue over the next 12 months.

我們 RPO 的強勁表現仍是我們短期與長期可視性的重要支柱。雖然 RPO 預期會有波動，但目前水準支持我們的成長預期。截至第四季末，RPO 總額為 5.572 億美元。RPO 總額由合約負債 1.237 億美元與訂單積壓（backlog）4.334 億美元加總而成。短期 RPO 上升至 3.695 億美元，為未來 12 個月的營收提供穩健可視性。

It's worth noting that had we included cancelable periods of subscription deals in total RPO, it would have increased by approximately $42 million. Q4 billings grew 15.6% year‑over‑year to $109.9 million.

值得注意的是，若我們將訂閱交易中可取消期間納入 RPO 總額，RPO 將約增加 4,200 萬美元。第四季帳單金額（billings）年增 15.6% 至 1.099 億美元。

Turning to our full‑year FY26 results: revenue for FYE '26 was $400 million, up 14.1% year‑over‑year. Full‑year non‑GAAP gross margin increased to 73%, up 200 basis points year‑over‑year, primarily driven by scale and operational efficiencies. We achieved our FY28 gross‑margin target two years ahead of our plan.

接著看我們 FY26 全年業績：截至 2026 會計年度（FYE '26）的營收為 4 億美元，年增 14.1%。全年非 GAAP 毛利率提升至 73%，年增 200 個基點，主要由規模擴大與營運效率提升所帶動。我們比原計畫提前兩年達成 FY28 的毛利率目標。

Profitability continued to improve significantly, reflecting the leverage we have in our business model. GAAP operating income reached $13.3 million, a significant turnaround from a $5.1 million GAAP operating loss last year. Non‑GAAP operating income was $36.7 million, more than double year‑over‑year.

獲利能力持續顯著改善，反映我們商業模式中的槓桿效應。GAAP 營業利益達 1,330 萬美元，較去年 510 萬美元的 GAAP 營業損失大幅扭轉。非 GAAP 營業利益為 3,670 萬美元，較去年同期增加逾一倍。

Out of the $49.4 million year‑over‑year increase in revenue, $21 million flowed through to non‑GAAP operating income. Adjusted EBITDA was $48.2 million, up from $29.1 million a 65.7% year‑over‑year increase. GAAP net income was $4.6 million, compared to a net loss of $7.2 million last year.

在營收年增 4,940 萬美元之中，有 2,100 萬美元流入非 GAAP 營業利益。調整後 EBITDA 為 4,820 萬美元，高於 2,910 萬美元，年增 65.7%。GAAP 淨利為 460 萬美元，相較去年為 720 萬美元的淨損。

Across the board, FY26 showcases a disciplined operating model that scales effectively with our strategy. Turning to cash performance: in Q4, net cash from operating activities was $20 million, slightly above the same quarter last year, benefiting from both increased profitability and strong collections.

整體而言，FY26 展現了具紀律的營運模式，並能有效隨我們的策略擴張。接著看現金表現：第四季營業活動淨現金流入為 2,000 萬美元，略高於去年同季，受惠於獲利提升與強勁收款。

For the full year, operating cash flow totaled $40.3 million, reflecting consistent execution and disciplined working‑capital management. Cash flow from operations came in below our expectation of $45 million due to delays in collecting certain receivables in the quarter. These receivables were collected early in Q1.

全年營業現金流合計 4,030 萬美元，反映持續一致的執行力與具紀律的營運資金管理。由於本季部分應收款項收款延遲，營業現金流低於我們原先預期的 4,500 萬美元。這些應收款已於第一季初收回。

We ended the year with $116.9 million in cash and no debt, providing significant strategic flexibility. Our capital allocation is consistent and return‑focused. We maintain the liquidity and working capital necessary to run the business. Above this operating baseline, we allocate excess cash to areas that can generate the highest long‑term return, such as acquisitions and share‑repurchase programs.

我們以 1.169 億美元現金與零負債結束本年度，提供顯著的策略彈性。我們的資本配置一貫且以報酬為導向。我們維持經營業務所需的流動性與營運資金。在此營運基準之上，我們將多餘現金配置至可帶來最高長期報酬的領域，例如併購與庫藏股回購計畫。

Earlier this month, the Board of Directors approved an additional $20 million to our existing share‑repurchase program. This increase brings the total authorized for share repurchases to $40 million and reflects the Board’s ongoing commitment to long‑term shareholder‑value creation and confidence in our growth prospects.

本月稍早，董事會核准在既有庫藏股回購計畫上再增加 2,000 萬美元額度。此一增加使可用於股票回購的核准總額達 4,000 萬美元，並反映董事會對創造長期股東價值的持續承諾，以及對我們成長前景的信心。

During Q4, we bought approximately 592,000 ordinary shares for an aggregate purchase price of approximately $5.5 million. For the full year, we repurchased approximately 2.3 million ordinary shares for an aggregate purchase price of approximately $21.4 million. Since the initiation of our first repurchase program in November 2024 until the end of Q4, we have repurchased a total of approximately $26.7 million worth of shares out of total programs authorized for $60 million.

第四季期間，我們以約 550 萬美元的總購買金額回購約 592,000 股普通股。全年我們以約 2,140 萬美元的總購買金額回購約 230 萬股普通股。自 2024 年 11 月啟動第一個回購計畫至第四季末，我們在核准總額 6,000 萬美元的各項回購計畫中，累計已回購約 2,670 萬美元的股票。

Throughout the year, we remained focused on balancing investment in innovation and market expansion while improving operating efficiency. Our financial model is scaling, and we believe there is an opportunity for additional leverage as revenue continues to grow.

全年期間，我們持續專注於在投資創新與市場擴張之間取得平衡，同時提升營運效率。我們的財務模型正在擴張，我們相信隨著營收持續成長，仍有機會取得額外的槓桿效益。

And now, looking ahead. For fiscal ’27, we expect full‑year revenue of about $448 million plus or minus 3%. This represents approximately 12% year‑over‑year growth at the midpoint of the revenue range. We believe the mix between total Software revenue and Professional‑services revenue to remain similar to last year.

接下來展望未來。就 2027 會計年度而言，我們預期全年營收約為 4.48 億美元，上下浮動 3%。以營收區間中點計算，約代表年增 12%。我們認為軟體總營收與專業服務營收之間的組合將與去年大致相同。

We believe that our strong short‑term RPO of $369.5 million and the continuing favorable demand environment support this outlook. We expect Q1 revenue to be slightly below the Q4 levels we are reporting today, with sequential growth each quarter throughout the year, aligned with the seasonality of previous years.

我們相信強勁的短期 RPO（3.695 億美元）以及持續有利的需求環境支持此一展望。我們預期第一季營收將略低於我們今日所報告的第四季水準，並在全年每一季呈現逐季成長，與過往年度的季節性一致。

We expect non‑GAAP gross margin to increase year‑over‑year to approximately 73.5%, above our target for FY28. This reflects an improvement of 50 basis points. Gross margin may fluctuate between quarters based on our revenue mix. This improved gross margin allows us to partially offset the foreign‑exchange‑rate headwinds related to the recent strength of the Israeli shekel versus the US dollar.

我們預期非 GAAP 毛利率將年增至約 73.5%，高於我們 FY28 的目標。這反映提升 50 個基點。毛利率可能會因營收組合而在各季之間波動。此一毛利率改善使我們得以部分抵銷因近期以色列謝克爾兌美元走強所帶來的外匯匯率逆風。

As a result of the improved gross margin, we expect gross profit to increase at a faster rate than revenue growth. For the full year, we expect our non‑GAAP operating expenses to grow slower than revenue, reaching approximately $273 million, an increase of about 7%. A significant portion of the increase is due to strengthening of the Israeli shekel against the US dollar.

由於毛利率改善，我們預期毛利將以快於營收成長的速度增加。就全年而言，我們預期非 GAAP 營業費用的成長將低於營收成長，約達 2.73 億美元，增加約 7%。增幅中的相當一部分來自以色列謝克爾兌美元升值。

Operating‑expense seasonality should be similar to last year, with slight fluctuations throughout the year. We expect non‑GAAP operating income to be about $56 million, more than 50% year‑over‑year growth. We expect adjusted EBITDA to be about $68 million, representing about 40% year‑over‑year growth, all at the midpoint of the revenue range.

營業費用的季節性應與去年相近，全年略有波動。我們預期非 GAAP 營業利益約為 5,600 萬美元，年增超過 50%。我們預期調整後 EBITDA 約為 6,800 萬美元，約代表年增 40%，以上皆以營收區間中點計算。

We expect our non‑GAAP taxes to be about 27% or $15 million, and non‑controlling minority interest of about $5 million. As a result, we expect annual non‑GAAP EPS to come in at $0.47 at the midpoint of the revenue range, based on a weighted average of approximately 75 million fully diluted shares in FY27. And we expect to generate GAAP net income again this year.

我們預期我們的非 GAAP 稅負約為 27% 或 1,500 萬美元，且非控股少數股權約為 500 萬美元。因此，我們預期在營收區間中點下，年度非 GAAP 每股盈餘（EPS）約為 0.47 美元，係以 FY27 約 7,500 萬股完全稀釋後加權平均股數為基礎。此外，我們預期今年將再次實現 GAAP 淨利。

Turning to cash flow, we expect to generate $45 million of cash flow from operations in fiscal ’27. For the full year, we expect total CapEx of approximately $11 million. Regarding our FY28 targets, given the business momentum, expanding profitability, and visibility, we believe we are on track to meet our targets for the fiscal year ending January 31, 2028. Revenue of approximately $500 million and adjusted EBITDA margin of over 20%.

談到現金流，我們預期在 27 會計年度產生 4,500 萬美元的營運活動現金流。就全年而言，我們預期資本支出（CapEx）總額約為 1,100 萬美元。關於我們的 FY28 目標，鑑於業務動能、獲利能力擴張以及能見度提升，我們相信我們正按計畫達成截至 2028 年 1 月 31 日止會計年度的目標。營收約 5 億美元，且調整後 EBITDA 利潤率超過 20%。

To conclude, Q4 capped a year of strong performance. We delivered strong growth, expanding margins, and strong cash generation. Our AI‑driven investigative‑analytics solutions are built on decades of domain expertise and designed for mission‑critical environments.

總結而言，第四季為強勁表現的一年畫下句點。我們實現強勁成長、利潤率擴張，以及強勁的現金創造能力。我們以 AI 驅動的調查分析解決方案，建立在數十年的領域專業之上，並為任務關鍵環境而設計。

Our balance sheet is strong, our backlog provides visibility, and our execution remains focused and consistent. And we are well‑positioned to deliver sustained, profitable growth and long‑term value creation. Thank you again for joining us today and for your continued support of Cognyte.

我們的資產負債表穩健，我們的在手訂單提供能見度，而我們的執行力仍然專注且一致。我們也已做好充分準備，以交付可持續的獲利成長與長期價值創造。再次感謝各位今天與會，並感謝各位持續支持 Cognyte。

Operator, we are ready to take questions.

接線員，我們準備開始回答問題。

(Operator Instructions)

（接線員指示）

Taz Koujalgi, Roth Capital.

Roth Capital 的 Taz Koujalgi。

Thanks for taking my question. A couple of questions from my side. So as I look at -- if I'm doing my math right, very strong bookings growth this year based on RPO, the IP number that you disclosed. Can you just give us some puts and takes on the bookings number being so strong, how is the duration? Were there some large contracts that closed early in this quarter?

謝謝讓我提問。我這邊有幾個問題。所以我看起來——如果我算得沒錯，根據 RPO 以及你們揭露的 IP 數字，今年的訂單成長非常強勁。能否請你們說明一下訂單數字如此強勁的因素與抵銷因素，以及合約期間長短如何？這一季是否有一些大型合約提前結案？

Good morning. If you look at the market, one way to think about this is actually to see firsthand what our customers told us during the Intelligence Summit we had two weeks ago. Actually, we do see that the growth geographies and customer segments, the demand drivers are very consistent. And actually, we give answers to all of those which is increasing sophistication for the bad actors, growing volume in for granted data, AI and also, they need to move much, much faster

早安。如果你看市場，有一種思考方式其實是直接看看我們兩週前舉辦的 Intelligence Summit 上，客戶親口告訴我們的內容。我們確實看到，在成長中的地理區域與客戶區隔中，需求驅動因素非常一致。而且我們其實也回答了所有這些因素：不法行為者的手法日益精密、可取得資料量持續增加、AI 的發展，以及他們需要更快、更快地行動

And given the demand drivers our significant and growing and healthy across domains and across territories, we do see that actually the demand is very healthy. In terms of the large deals that you mentioned, we had a few of them. I gave an example earlier this call, we had a few more multimillion dollar deal.

在這些需求驅動因素顯著、持續成長，且在不同領域與不同地區都維持健康的情況下，我們確實看到需求非常強勁。至於你提到的大型交易，我們確實有幾筆。我在本次電話會議稍早舉過一個例子，我們還有幾筆其他的數百萬美元等級交易。

One example is $10-plus million deal with one of the security customer in EMEA, which is an expansion and upgrade with functionality. We have these customers with us for over a decade. We had another $5 million there from top NATO member military organization -- so you can see that one national security, the other one is military intelligence, and we had another one in APAC or $5-plus million subscription deal another customer that is with us for what to get decades.

其中一個例子是在 EMEA 與某個安全客戶簽下超過 1,000 萬美元的交易，屬於功能擴充與升級。這些客戶與我們合作已超過十年。我們還有另一筆來自北約主要成員國軍事組織的 500 萬美元交易——所以你可以看到，一個是國家安全，另一個是軍事情報；另外我們在 APAC 也有一筆超過 500 萬美元的訂閱交易，該客戶與我們合作也已長達數十年。

So actually, what you see is that the need is there. Customers are going to the same direction globally and across segments, loan forced financial security and national intelligence actually this what drives the demand. And as you mentioned, the RPO is strong. The CRPO is nearly $370 million. The total RPO is $0.5 billion. And this gives us the visibility into fiscal '27.

所以實際上，你看到的是需求確實存在。全球各地、跨不同區隔的客戶都朝同一方向前進，執法、金融安全與國家情報正是驅動需求的因素。而如你所提，RPO 表現強勁。CRPO 接近 3.7 億美元。總 RPO 為 5 億美元。這讓我們對 27 會計年度具備能見度。

Got it. Very helpful. And then you mentioned about the strong -- the addition of new partners in the US market. As you think about your goals going forward for $400 million this year to $448 million and then $500 million in fiscal '28 -- maybe some more color on what is the mix of the US business today, either from a revenue or bookings perspective?

了解。非常有幫助。另外你提到在美國市場新增合作夥伴的強勁進展。當你們思考未來從今年的 4 億美元到 4.48 億美元，然後在 28 會計年度達到 5 億美元——能否再多分享一些目前美國業務的占比，不論是從營收或訂單角度？

And then what are you expecting, I guess, for the next two years for the US mix to be to reach that $500 million target in the next two years? -- what is assumed in the guide of the $500 million? How much would the US be broadly speaking, of that $500 million in the next two years? What is it assumed in the guide for US?

以及你們預期未來兩年美國占比會如何變化，以在兩年內達到 5 億美元目標？——在 5 億美元的指引中假設了什麼？概括而言，兩年後那 5 億美元中，美國大約會占多少？指引中對美國的假設是什麼？

Yes, sure. So US is one of the largest and most advanced intelligence and on folate agency market globally. They face actually similar problems. We had some customers joining us for the Intelligence Summit. So we actually do see that they suffer same problems and they need similar technology.

好的，當然。美國是全球最大且最先進的情報與執法機構市場之一。他們實際上面臨相似的問題。我們有一些客戶也參加了 Intelligence Summit。因此我們確實看到，他們遭遇相同的問題，也需要類似的技術。

And actually, we do believe that we have a very strong fit into their needs. In terms of fiscal '28 between fiscal '26 and '28 we need incremental $100 million -- we do believe that about 50% of it will come from expansions and upgrades of existing customer base, about 25% will come from new customers outside of the US. And we believe about 25%, the rest 25% should come from the US.

而且我們確實相信，我們非常符合他們的需求。就 28 會計年度而言，在 26 到 28 會計年度之間我們需要新增 1 億美元——我們相信其中約 50% 會來自既有客戶基礎的擴充與升級，約 25% 會來自美國以外的新客戶。而我們相信約 25%，也就是剩下的 25%，將來自美國。

And we are taking actions in order to continue and expand presence in the US including partners, including hiring a new General Manager for North America that came from Cellebrite. He was leading the federal cells in Cellebrite including a lot of sales and marketing efforts. So generally speaking, we do believe that we take the right actions and that's the assumption. The 25% incremental out of the 100% will come from the US.

我們正在採取行動，以持續並擴大在美國的布局，包括合作夥伴策略，也包括聘任新的北美總經理，他來自 Cellebrite。他在 Cellebrite 領導聯邦業務，包括大量的銷售與行銷工作。因此整體而言，我們相信我們採取了正確的行動，而這就是我們的假設。在這 1 億美元增量中，有 25% 將來自美國。

Got it. Very helpful. Just one for David. So, David, you've shown strong leverage in the model. Your adjusted EBITDA margin this year was 12%. You outperformed your guidance.

了解。非常有幫助。我再問 David 一題。David，你們的模型展現了很強的營運槓桿。你們今年的調整後 EBITDA 利潤率是 12%。你們也超越了指引。

I think there's a little bit of a -- if I'm looking, if I'm doing the math right, the free cash flow seems a little bit, I guess, lighter than the guide. So maybe just help us understand the gap between the EBITDA and the free cash flow number this year?

我認為有一點——如果我看得沒錯、算得沒錯，自由現金流似乎比指引稍微偏弱一些。所以能否協助我們理解今年 EBITDA 與自由現金流數字之間的落差？

Yes, thank you, Taz. We had a stronger year with the cash collection and the cash from operation and the free cash flow. During this year, we were able to generate $40 million of cash from operation and $30 million of free cash flow. We came short versus our initial expectation of $45 million, mainly because of a certain collection that took place early in this quarter.

好的，謝謝你，Taz。我們今年在現金回收、營運活動現金流以及自由現金流方面表現更強。今年我們產生了 4,000 萬美元的營運活動現金流，以及 3,000 萬美元的自由現金流。相較於我們最初預期的 4,500 萬美元，我們略低一些，主要是因為某筆款項的收款發生在本季較早的時間。

But if you look at the overall picture, we were able to generate $40 million on a $36 million of non‑GAAP operating income. So actually, we were overachieving the operating income. And obviously, you have more things under the line, like taxes and things that you pay. So, in general, we are pleased with where we are from a cash‑from‑operation and free‑cash‑flow. And going forward, we guided for next year for $45 million.

但如果你看整體情況，我們在 3,600 萬美元的非 GAAP 營業利益之上，產生了 4,000 萬美元的現金。所以實際上，我們在營業利益方面是超出預期的。當然，在稅負等項目上，損益表下方還有其他因素與支付項目。因此整體而言，我們對營運活動現金流與自由現金流的表現感到滿意。展望未來，我們對明年給出的指引是 4,500 萬美元。

If I look at the adjusted EBITDA guide for next year, you're guiding to 15%, and I think that jumps to 20% in fiscal ’28. Maybe just remind us what are the sources of leverage. You're guiding from 12% to 15% for next year, but then the guide goes from 15% to 20% in fiscal ’28, so maybe just some reminders on what the sources of leverage are for the next two years.

如果我看明年的調整後 EBITDA 指引，你們指引為 15%，而我認為在 2028 財年會跳到 20%。能否提醒我們槓桿的來源是什麼。你們明年指引從 12% 到 15%，但到了 2028 財年指引又從 15% 到 20%，所以想請你們再提醒一下未來兩年的槓桿來源是什麼。

So actually, we are very pleased with the leverage, as well as with the gross margin. As you saw, we achieved 73% gross margin two years ahead of our initial plan. So this is one of the areas that we believe will continue to create leverage. We guided for FY27 to 73.5%.

其實，我們對槓桿表現以及毛利率都非常滿意。如你所見，我們比原先計畫提前兩年達成了 73% 的毛利率。因此，這是我們認為將持續為我們帶來槓桿的領域之一。我們對 2027 財年指引為 73.5%。

So this is an area, the gross‑margin model itself that we think will continue to create leverage for us. And obviously, we have also some OpEx leverage. We think OpEx will grow this year 7%, while top‑line will grow 12%. So that creates leverage for us, and we believe that it will continue with us into FY28.

所以這一塊，也就是毛利率模型本身，我們認為會持續為我們創造槓桿。而且很明顯地，我們在營運費用（OpEx）方面也有一些槓桿。我們認為今年 OpEx 將成長 7%，而營收（top-line）將成長 12%。因此這會為我們帶來槓桿，我們也相信這種趨勢會延續到 2028 財年。

Very helpful. Thanks, guys.

非常有幫助。謝謝各位。

Matthew Calitri, Needham & Company.

Needham & Company 的 Matthew Calitri。

Hey, guys, how are you? I'm Matt Calitri over at Needham here. Thanks for taking our questions. I'm curious on what the puts and takes are to the initial FY27 guide, particularly as it relates to the ramp in the US, but would also love to hear any color on why you widened that range by a point versus previous guides, and then expectations on new customers versus expansions, group‑sales contribution, AI, anything of that nature?

嗨，各位，最近如何？我是 Needham 這邊的 Matt Calitri。謝謝你們回答我們的問題。我想了解一下 2027 財年初始指引的利多與利空因素，特別是與美國市場的放量（ramp）相關的部分；也希望你們能補充一些顏色，說明為什麼相較於先前的指引，你們把區間擴大了 1 個百分點；以及對新客戶相對於擴張（expansions）、團體銷售（group-sales）貢獻、AI 等等這類議題的預期？

Hi, Matt, good morning. So fiscal ’27 guidance actually presents double‑digit top‑line growth, 12%, with an adjusted EBITDA growth of 40%. So it means that we expect another strong year in terms of leverage and top‑line growth. In terms of the range, we added plus/minus 1% to each side. Given the volatility and uncertainty in the market, it can go in both directions upside and downside, but we feel comfortable with the midpoint. The reason for the plus/minus 3% is related to the market environment.

嗨，Matt，早安。所以 2027 財年指引其實呈現雙位數的營收成長，12%，同時調整後 EBITDA 成長 40%。這表示我們預期在槓桿與營收成長方面，會是另一個強勁的一年。就區間而言，我們在上下兩側各加了正負 1%。考量市場的波動與不確定性，可能往上也可能往下，但我們對中位數感到有信心。正負 3% 的原因與市場環境有關。

In terms of what drives the guidance, the way we look at it is: we look at the CRPO, we look at our performance, we look at the market environment, we also look at the anticipated conversion timing of the CRPO to revenues. Taking all of those together, we have very good visibility into the year.

就指引的驅動因素而言，我們的看法是：我們會看 CRPO、看我們的表現、看市場環境，也會看 CRPO 轉換為營收的預期轉換時點。把這些因素綜合起來，我們對今年有非常好的能見度。

So overall, I think that we should expect another strong year. And we're also on track to meet the targets for fiscal ’28. So we're on track.

所以整體來說，我認為大家應該預期會是另一個強勁的一年。而且我們也正按計畫達成 2028 財年的目標。所以我們進度正常。

Okay, great. Sticking there for a second, how would you categorize the size of the cohort of customers you expect to renew or expand this year compared to prior years? I know there aren't set dates with the perpetual model, but what are your assumptions based on what you're seeing for pipeline or historical customer trends?

好的，很棒。就這點再追問一下：你們預期今年會續約或擴張的客戶群（cohort）規模，和過去幾年相比你會怎麼分類或描述？我知道在永久授權（perpetual）模式下沒有固定日期，但基於你們看到的管線或歷史客戶趨勢，你們的假設是什麼？

Yes, so the history shows that unlike commercial stuff that you buy, and you stick with it, in our domain the challenges are much higher, and the pace is very fast. Just a few examples: customers that have a certain deployment today will have to support data that is growing; they’ll have to support more functionality; they’ll have to catch up with technology, including AI‑powered analytics and GenAI.

是的，歷史顯示，與你買了某些商用產品就一直用下去不同，在我們的領域挑戰更高、節奏也非常快。舉幾個例子：今天有某種部署的客戶，未來必須支援持續成長的資料量；他們必須支援更多功能；他們必須跟上技術，包括 AI 驅動的分析與 GenAI。

They’ll have to address new use cases that are coming, whether it's financial crime or others. We do see that in military intelligence there are new concerns related to border control and others. So generally speaking, this is a very dynamic environment, and customers have to continue to upgrade and expand.

他們也必須因應新的使用情境（use cases），無論是金融犯罪或其他。我們確實看到在軍事情報領域，出現與邊境管制等相關的新關切。因此一般而言，這是一個非常動態的環境，客戶必須持續升級與擴充。

And we expect that the upgrades and expansions what we call repeat business or leverage of our customer base will continue to be strong going forward. So this is something that is a significant baseline for our business. On top of it, we have, of course, the new logos, which is primarily a land‑and‑expand strategy. Usually, they start small and grow over time with us.

我們預期升級與擴張，也就是我們所稱的重複業務（repeat business）或對既有客戶基礎的槓桿運用，未來仍會持續強勁。因此，這是我們業務的一個重要基礎盤。此外，當然還有新客戶（new logos），主要採取「先落地再擴張」（land-and-expand）策略。通常他們一開始規模較小，之後會隨著與我們合作而逐步成長。

And the US business, which I discussed earlier, is a strategic and important market for us and another growth pillar. So overall, I do believe that the repeat business will continue to be very strong, given that the environment is changing and customers have to adapt and run and catch up with this.

而我先前提到的美國業務，對我們而言是策略性且重要的市場，也是另一個成長支柱。所以整體而言，我確實相信重複業務會持續非常強勁，因為環境在變，客戶必須適應、必須加速運作並追趕這些變化。

Awesome. Great to hear. And then, David, on the cash flow from operations, what caused the delay in collections? And how are you thinking about that conversion rate of adjusted EBITDA to cash flow as you scale towards the ’27 and ’28 targets?

太棒了。很高興聽到。接著，David，關於營運現金流，是什麼造成收款延遲？以及當你們朝 2027 與 2028 的目標規模化時，你們如何看待調整後 EBITDA 轉換為現金流的轉換率？

So actually, we had certain delays that took place due to, I would say, customer delays, and we collected everything at the beginning of the quarter. So this is something that may happen, and you are relying on the customer when they pay.

其實，我們確實出現了一些延遲，我會說主要是客戶端的延遲，而我們在本季初已把款項都收到了。所以這種情況可能會發生，因為你是依賴客戶何時付款。

And if you look ahead, you need to take into consideration that on top of the adjusted EBITDA, you need to take other items like tax payments and other expenses below the line that may take place.

如果往前看，你需要考量除了調整後 EBITDA 之外，還有其他項目，例如稅款支付，以及其他損益表線下（below the line）可能發生的費用。

For this year, we guided for $45 million of cash from operations, while the guidance for adjusted EBITDA is $68 million. I think this is something that you can take as a going‑forward view about how it will convert over time.

今年我們指引營運現金流為 4,500 萬美元，而調整後 EBITDA 的指引是 6,800 萬美元。我認為你可以把這視為一個前瞻性的觀點，了解它隨時間如何轉換。

Okay, great. And then it was also cash flows in ’26, the cash flow from operations was very heavily weighted toward the second half. Is that seasonality expected to repeat or any commentary on that?

好的，很棒。另外在 2026 財年，營運現金流也非常明顯集中在下半年。這種季節性預期會重演嗎？或有任何相關評論？

So actually, there is some seasonality in cash flow from operations. Usually, Q2 cash flow from operations is negative due to expenses and less about collection. You may have some seasonality related to the size of the deal, meaning that if there is a large deal taking place in a certain quarter, you will see an impact on that quarter.

其實，營運現金流確實存在一些季節性。通常第二季（Q2）的營運現金流會是負的，原因在於費用支出，以及收款相對較少。你也可能會看到與交易規模相關的季節性，也就是如果某一季有一筆大案子發生，你會看到那一季受到影響。

But it's not a [given partner]; it's not seasonality in the nature of Q1 to Q3. It’s more about the specific deal and the mix of the deals in a given quarter, except for Q2, which usually is impacted by certain expenses that take place in Q2.

但這不是一個[既定夥伴]；它不是那種 Q1 到 Q3 的固定季節性。它更多取決於特定交易，以及某一季的交易組合，除了 Q2 通常會受到在 Q2 發生的某些費用影響。

Okay, that makes sense. Thanks so much, guys.

好的，這就說得通了。非常感謝，各位。

Eric Martinuzzi, Lake Street Capital Markets LLC.

Lake Street Capital Markets LLC 的 Eric Martinuzzi。

Congrats on the good finish to FY26. Your comment about the seasonality of the Q1 revenue would point towards kind of the lower end of the overall full‑year guided growth range. Just curious to know if you expect that to reverse is that more of a second‑half reversal to get to the midpoint, or is it maybe Q2, Q3, Q4 all kind of grow to offset that slightly lower growth rate in Q1?

恭喜 2026 財年收官表現不錯。你提到第一季（Q1）營收的季節性，聽起來會比較偏向全年指引成長區間的低端。我想了解你是否預期之後會反轉：是下半年反轉以回到中位數，還是可能 Q2、Q3、Q4 都會成長來抵消 Q1 略低的成長率？

So usually, from a seasonality perspective, Q1 is slightly below Q4. It really depends on certain things that are taking place certain dynamics that usually come from Q4.

因此通常從季節性角度來看，Q1 會略低於 Q4。這確實取決於一些正在發生的事情，以及通常源自 Q4 的某些動態。

If you look at year‑over‑year, it may create some fluctuation between the quarters from a growth perspective. But when we look at the overall year and the pattern of the year, usually you start in Q1 slightly below Q4 and then, going over the quarters, this is a typical year. It’s not different versus other years.

如果你看年對年（YoY），從成長的角度來看，可能會在各季度之間造成一些波動。但當我們看整體年度以及全年的型態時，通常你會在 Q1 以略低於 Q4 開始，然後隨著季度推進，這就是典型的一年。這與其他年份並沒有不同。

And then you talked about slight preference for subscription versus perpetual. Is that also part of the slightly wider guided range for FY27 just not being able to predict how customers are expecting to buy? Are bids being responded to with both a subscription and a perpetual, and you just don't know which the customer is going to choose?

另外你提到相較於永久授權，對訂閱制有些微偏好。這是否也是 FY27 指引區間稍微拉寬的一部分原因，因為無法預測客戶預期會如何購買？投標回覆是否同時提供訂閱與永久授權，而你們只是不知道客戶會選哪一種？

So obviously, when you convert certain deals into subscription, it does have an impact on revenue over time. But given the fact that we have such a strong CRPO, it gives us more confidence about how the year will look. So you need to remember that we have $370 million of CRPO.

很明顯地，當你把某些交易轉為訂閱制時，確實會對長期營收產生影響。但鑑於我們有非常強勁的 CRPO，這讓我們對今年的樣貌更有信心。所以你需要記得，我們有 3.70 億美元的 CRPO。

So a big portion of our guidance is covered already. Subscription can play a role, but given the plus or minus 3% that we give, it's more about what we see in the market and the upside and downside that can play a role, given the geopolitical situation and what we see in the overall environment. And we saw that this is the right approach for this year.

因此我們的指引有很大一部分已經被涵蓋。訂閱制可能會扮演一定角色，但就我們給出的正負 3% 區間而言，更多是關於我們在市場上看到的情況，以及在地緣政治局勢與整體環境下可能出現的上行與下行因素。而我們也看到，這是今年正確的做法。

And then lastly, more of a macro question, but historically you have talked about pipeline or top‑of‑funnel activity increasing with increased global conflict. Any signs with regard to the Iran war impact on pipeline?

最後一個比較偏宏觀的問題：過去你們曾談到，全球衝突增加時，管線或漏斗頂端活動會增加。就伊朗戰爭對管線的影響而言，有任何跡象嗎？

Yeah, so actually, if you look at the market, generally speaking, when there are security concerns, usually it will translate into demand in certain areas, certain territories, certain use cases. It takes time because it's government agencies it takes them time to respond.

是的，其實如果你看市場，一般來說，當出現安全疑慮時，通常會轉化為在某些領域、某些地區、某些使用情境的需求。這需要時間，因為是政府機構，他們需要時間來回應。

But what I can give you as an anecdote for this question today is, for example, military intelligence. We do see demand growing in military intelligence, including in NATO countries. The reason is that they have to use this technology with their special forces and also have to improve their border security. Usually it’s military intelligence.

但我今天可以就這個問題給你一個例子，例如軍事情報。我們確實看到軍事情報的需求在成長，包括在北約國家。原因是他們必須讓特種部隊使用這項技術，同時也必須提升邊境安全。通常是軍事情報。

So we do see that certain areas with certain use cases have tailwinds related to the geopolitical situation today in the Middle East. So the answer is that usually security concerns create some more demand. Of course it depends on the territory and depends on the use case, but generally speaking, the answer is yes.

所以我們確實看到，某些領域在特定使用情境下，因當前中東的地緣政治局勢而有順風。因此答案是：安全疑慮通常會帶來更多需求。當然這取決於地區，也取決於使用情境，但一般而言，答案是肯定的。

Thank you.

謝謝。

(Operator Instructions)

（接線員指示）

Charlie Zhou, Evercore ISI.

Charlie Zhou，Evercore ISI。

Hi, guys. Thank you very much for taking my question. This is Charlie for Peter. I have two questions for you guys. Firstly, with the incremental buyback authorization now in place, how should we think about the cadence of buybacks in FY27? And maybe just walk through how you are balancing buybacks relative to ongoing investments in growth and expansion?

嗨，各位。非常感謝讓我提問。我是 Charlie，代 Peter 提問。我有兩個問題。第一，現在新增的庫藏股回購授權已到位，我們應該如何看待 FY27 回購的節奏？也請談談你們如何在回購與持續投入成長與擴張之間取得平衡？

Thank you, Charlie. So actually, we are very pleased that early this March, we were able to announce an additional $20 million, which gave us a total plan since November ’24 of $60 million. The remaining capacity under this plan is around $33 million remaining for us to execute.

謝謝你，Charlie。其實我們非常高興在今年 3 月初能夠宣布額外 2,000 萬美元，讓我們自 2024 年 11 月以來的總計畫達到 6,000 萬美元。在此計畫下，我們剩餘可執行的額度約為 3,300 萬美元。

Looking at the overall picture, we ended the year with $117 million of cash, with a very strong balance sheet and continuing to generate cash. What we are trying to do is to take a balanced approach between investing in our value creation for our shareholders and creating a buyback. And this is why we are placing all this. Actually, the Board’s ongoing commitment to long‑term shareholder‑value creation and confidence in our growth prospects allows us to do that.

從整體來看，我們在年底有 1.17 億美元現金，資產負債表非常強健，並持續產生現金。我們想做的是在為股東創造價值的投資與進行回購之間採取平衡的做法。這也是我們如此安排的原因。事實上，董事會對長期股東價值創造的持續承諾，以及對我們成長前景的信心，使我們能夠這麼做。

Going forward, we will continue to assess on a regular basis. Now we have enough capacity for the upcoming quarters, and we’ll continue to execute that. We are executing it technically under two ways: regular purchase in the market when we are not in blackout, and using a 10b5 plan during the blackout period. So by doing this, using these two tools, we’re able to execute.

展望未來，我們會持續定期評估。目前我們有足夠的額度可支應接下來幾個季度，我們也會持續執行。在技術執行上我們採用兩種方式：在非禁售期時於市場進行例行買回，以及在禁售期間使用 10b5 計畫。因此透過這兩種工具，我們能夠執行回購。

Got it. That makes sense. And second one, maybe for you, David: both gross and operating margins came in very nicely this quarter. And as you mentioned on the call, the incremental gross margin this quarter came in at around 100%.

了解。這很合理。第二個問題可能給你，David：本季毛利率與營業利益率表現都非常好。而如你在電話會議中提到的，本季增量毛利率約為 100%。

And based on your gross‑margin guidance, it seems that the incremental gross margin will be around 83% for next year. Maybe can you just help us think about the key drivers of that outperformance first, and then how sustainable are those benefits as we move through FY27?

依照你們的毛利率指引來看，明年的增量毛利率似乎約為 83%。你能否先協助我們理解這次超預期表現的主要驅動因素，接著談談當我們進入 FY27 時，這些效益的可持續性如何？

So we are very pleased with the gross‑margin improvement. If you look at the last few years, we improve on a regular basis our gross margin; it’s a continued improvement. It’s actually another indication and validation for us about the value perceived by our customers. Our customers are buying premium solutions and willing to pay for that, and we invest a lot in R&D.

我們對毛利率的改善非常滿意。如果你看過去幾年，我們的毛利率是持續、規律地改善；這是一個持續改善的過程。這其實也是另一個跡象與驗證，顯示客戶對我們價值的認知。客戶購買高端解決方案並願意為此付費，而我們也在研發上投入很多。

And the way that you get a return on that is by being able to sell our solution to tier‑one customers that appreciate the value we provide them. Looking at the overall trend, you can see that the total Software is crossing the 80% gross‑margin mark, and the professional services continue to increase above 20%. The combination of the two allows us to improve more margin when the scale is coming.

而你取得回報的方式，就是能夠把我們的解決方案賣給重視我們所提供價值的一級客戶。從整體趨勢來看，你可以看到軟體整體毛利率已跨越 80% 的門檻，而專業服務也持續提升至 20% 以上。兩者的組合讓我們在規模擴大時能夠進一步提升利潤率。

So overall, we believe that this trend will continue. We already guided for this year to be at 73.5%, and we believe that in the long run, we leave more room for improvement on gross margin.

因此整體而言，我們相信這個趨勢會持續。我們已對今年給出 73.5% 的指引，而我們相信長期來看，毛利率仍有更多改善空間。

Got it. Thank you so much.

了解。非常感謝。

Thank you, Charlie.

謝謝你，Charlie。

And I'm not showing any further questions at this time. I'd like to turn the call back over to Dean for any further remarks.

目前我這邊沒有顯示其他提問。我想把電話會議交回給 Dean，請他做進一步的結語。

Thank you, Kevin, and thank you all for joining us today. Should you have any questions, please feel free to reach out to me, and we look forward to speaking with you again next quarter.

謝謝你，Kevin，也謝謝各位今天加入我們。若你有任何問題，請隨時與我聯繫，我們期待在下個季度再次與各位交流。

Thank you, ladies and gentlemen. This does conclude today's presentation. We thank you for your participation. You may now disconnect and have a wonderful day.

謝謝各位女士先生。今天的簡報到此結束。感謝各位的參與。你現在可以斷線，祝你有美好的一天。