COGNYTE SOFTWARE LTD. (CGNT) 2027 Q2 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Cognyte second-quarter fiscal-year 2027 earnings conference call. (Operator Instructions) Please note 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。歡迎參加 Cognyte 2027 會計年度第二季財報電話會議。(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講人、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.

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。今天與我一同出席的有 Cognyte 執行長 Elad Sharon，以及 Cognyte 財務長 David Abadi。

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 investor section of our website at cognyte.com. Click on Upcoming Events, then the webcast link for today's conference call. I would also like to draw your attention to the fact that certain matters discussed on this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other provisions of the federal securities laws. These forward-looking statements are based on management's current expectations and are not guarantees of future performance.

在開始之前，我想先提到，今天的電話會議搭配一份簡報。若您希望在會議進行期間即時查看投影片，請造訪我們網站 cognyte.com 的投資人專區。點選「Upcoming Events」，再點選今天財報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，可能構成《1995 年私人證券訴訟改革法》及其他聯邦證券法規定所稱的前瞻性陳述。這些前瞻性陳述係基於管理階層目前的預期，並不保證未來績效。

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. 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, and other filings we make with the SEC. The financial measures discussed today include non-GAAP measures.

實際結果可能與這些前瞻性陳述所明示或暗示者存在重大差異。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。提醒投資人切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存在重大差異，請參閱我們截至 2026 年 1 月 31 日止會計年度的 Form 20-F 年報，以及我們向 SEC 提交的其他文件。今天討論的財務衡量指標包含非 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.

我們相信，投資人在比較各期間表現以及與同業（亦公布類似非 GAAP 指標者）之間的結果時，會關注非 GAAP 財務衡量指標。

Please see today's presentation slides, our earnings release, and the investor section of our website at cognyte.com for a reconciliation of non-GAAP financial measures to GAAP measures. 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. Now, I would like to turn the call over to Elad.

請參閱今天的簡報投影片、我們的財報新聞稿，以及 cognyte.com 投資人專區，以取得非 GAAP 財務衡量指標與 GAAP 指標之間的調節表。非 GAAP 財務資訊不應被孤立看待，也不應作為 GAAP 財務資訊的替代或優於 GAAP 財務資訊；之所以納入，是因管理階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助益。本公司使用的非 GAAP 財務衡量指標具有其限制，且可能與其他公司使用者不同。現在，我想把電話會議交給 Elad。

Thank you, Dean, and hello everyone. Q2 was a strong quarter for Cognyte. We are growing, executing against our operating plan, and strengthening the business as we scale. Total software revenue grew 21% year-over-year, and recurring revenue grew 18%, both meaningfully faster than total revenue. Profitability expanded significantly faster than revenue, reflecting the leverage we have built into the model.

謝謝你，Dean，各位好。第二季對 Cognyte 而言是表現強勁的一季。我們正在成長、依照營運計畫執行，並在擴張規模的同時強化業務。軟體總營收年增 21%，經常性營收年增 18%，兩者皆顯著快於總營收成長。獲利能力的擴張速度明顯快於營收，反映出我們在商業模式中建立的營運槓桿。

Behind the performance is a healthy environment across the markets we serve. Governments in our market are prioritizing national security, military intelligence, border security, and public safety, and they are investing to build the intelligence capabilities these missions now require. Threats are moving faster, data volumes are growing, and agencies need technology they can trust, explain, and control. That is why AI and sovereignty are now the center of customer discussions. First, AI is reshaping how intelligence work is done, transforming both the threat and the opportunity.

支撐這些表現的是我們所服務市場的健康環境。我們市場中的各國政府正將國家安全、軍事情報、邊境安全與公共安全列為優先事項，並投入資金以建置這些任務如今所需的情報能力。威脅演變更快、資料量持續成長，而各機構需要能夠信任、解釋並掌控的技術。因此，AI 與主權（sovereignty）如今成為客戶討論的核心。首先，AI 正在重塑情報工作的執行方式，同時改變威脅與機會。

As investigative environments become more data-intensive and time-sensitive, customers are looking for AI and agentic capabilities embedded directly within their operational workflows. AI helps agencies not only work faster, but differently, uncovering hidden connections, surfacing insight that would otherwise be missed, taking the routine work off analysts so their expertise goes where it counts. A commercial AI engine on its own does not do that. It is only a starting point. What turns it into something an agency can use are two things.

隨著偵查環境變得更資料密集且更講求時效，客戶正在尋求將 AI 與代理式（agentic）能力直接嵌入其作業流程之中。AI 不僅能協助各機構更快工作，也能以不同方式工作：找出隱藏的關聯、呈現原本可能被忽略的洞見，並將例行工作從分析師手中移除，讓他們的專業用在最關鍵之處。單靠一個商用 AI 引擎並無法做到這些。它只是起點。要把它轉化為機構可用的工具，關鍵在於兩件事。

The first is domain expertise, knowing how intelligence work is done, what the data means, and where the answer is likely to be. The second is governance. In mission-critical work, an analyst has to know why the technology reached a conclusion and be able to stand behind it. Agencies do not accept a black box, so they are not buying AI tools.

第一是領域專業：了解情報工作如何進行、資料代表什麼，以及答案可能在哪裡。第二是治理（governance）。在任務關鍵的工作中，分析師必須知道技術為何得出某個結論，並能為該結論背書。各機構不接受黑箱，因此他們不會購買單純的 AI 工具。

They are buying platforms powered by AI, built by domain experts who understand the mission. That is a much harder thing to build, and the reason it is hard is the nature of the work. Intelligence work is not made of common cases. It is the rare, the obscure, and the deliberately hidden. A general-purpose model handles the common well.

他們購買的是由 AI 驅動的平台，且由理解任務的領域專家打造。這要建置起來困難得多，而之所以困難，源於工作的本質。情報工作並不是由常見案例構成。它面對的是罕見的、晦澀的，以及被刻意隱藏的情況。通用模型能很好地處理常見情境。

That is not where our customers' investigations live. Second, sovereignty. Agencies want their intelligence capabilities under their own control, their data, their infrastructure, their operations. Security agencies can't afford to depend on systems they do not own and control. They want the data to stay where they decide, the systems to run where they decide, and the ability to keep operating whatever happens around them.

但那並不是我們客戶調查所處的領域。第二，主權。各機構希望其情報能力能在自身掌控之下：他們的資料、他們的基礎設施、他們的營運。安全機構無法承擔依賴其不擁有且無法控制之系統的風險。他們希望資料留在他們決定的位置、系統在他們決定的地方運行，並且無論周遭發生什麼事，都能持續運作。

Putting AI and sovereignty together with what we shared with you before, the growth in the volume and complexity of data, and how fragmented most agencies' environments have become, you can see why the Cognyte platform is such a strong fit. Agencies need to work with more data than ever, faster than ever, with AI they can trust and explain, and on infrastructure they control. This is the environment our platform is built to serve. We win for a few reasons. Agencies choose us because we cover the whole spectrum, from the field to the decision.

將 AI 與主權，結合我們先前與各位分享的資料量與複雜度成長，以及多數機構環境日益碎片化的情況，您就能理解為何 Cognyte 平台如此契合。各機構需要以前所未有的速度處理比以往更多的資料，使用他們能信任且可解釋的 AI，並在他們可控的基礎設施上運行。這正是我們平台所打造來服務的環境。我們之所以能勝出，有幾個原因。各機構選擇我們，是因為我們涵蓋完整光譜，從前線到決策。

They can run it under their own control in the environment they are actually operating. We bring domain expertise built from working with government customers around the world, which we then keep feeding back into our solutions.

他們可以在實際運作的環境中、於自身掌控之下運行。我們帶來的是透過與全球政府客戶合作所累積的領域專業，並持續將這些經驗回饋到我們的解決方案中。

These advantages are helping us win against competitors, including in-house built systems, and we saw that translate into strong commercial traction across expansions, upgrades, and new logos. New logo activity remains strong across geographies, with 40 new customers in H1 compared to 31 in the same period last year. One of them is a tier 1 national security agency in a NATO member nation who were referred to us by another agency we serve. We extended within our customer base. Among our expansions this quarter, two in Asia-Pacific stand out, one to expand its network intelligence capabilities, another to secure its borders, including mitigating unmanned aerial threats.

這些優勢正協助我們在競爭中勝出，包括對手的自建系統；我們也看到這些優勢轉化為強勁的商業動能，涵蓋擴充、升級以及新增客戶（new logos）。新增客戶動能在各地區仍然強勁，上半年新增40家客戶，去年同期為31家。其中一家是北約成員國的一級國家安全機構，該機構由我們服務的另一家機構轉介而來。我們也在既有客戶群中持續擴展。本季的擴充案中，亞太地區有兩案特別突出：一案用於擴大其網路情報能力，另一案用於強化邊境安全，包括降低無人機威脅。

In the US, we made progress across all priority segments. In federal, several opportunities have moved into procurement following strong proof of concepts and operational demonstration. In state and local, we won with both new and existing customers.

在美國，我們在所有優先細分領域都取得進展。在聯邦市場方面，數個機會在完成強而有力的概念驗證與作業展示後，已進入採購流程。在州與地方政府市場方面，我們同時在新客戶與既有客戶中贏得案子。

We are on target to achieve $20 million of signed deals in the US this year. That momentum across our growth pillars has continued this quarter-end, with several additional significant agreements signed. We will provide more details on these wins in the coming weeks. The takeaway is simple. Our growth strategy is working, and the momentum is broad and global.

我們正按計畫在今年於美國達成2,000萬美元的已簽署交易。這股在成長支柱上的動能在本季季末後仍持續，並已簽署數項額外的重要協議。我們將在未來幾週提供更多關於這些勝利案的細節。重點很簡單。我們的成長策略正在奏效，而且動能廣泛且遍及全球。

We took part in major events across four continents. These events spanned a range of intelligence missions, including law enforcement, military intel, and national security. In the US, at the largest law enforcement event, NATIA, inbound interest was high. In addition, agencies are approaching us directly after reading about Cognyte in the trade and business press, or on referrals from other agencies, or from industry experts. In this market, agencies rely on what their peers have already deployed, and that works in our favor.

我們參與了橫跨四大洲的重大活動。這些活動涵蓋多種情報任務，包括執法、軍事情報與國家安全。在美國、於最大型的執法活動 NATIA 上，主動洽詢的興趣度很高。此外，機構在閱讀產業與商業媒體對 Cognyte 的報導後，或透過其他機構轉介，或由產業專家引薦，直接與我們接洽。在這個市場中，機構往往依賴同儕已部署的方案，而這對我們有利。

Reputation is key.

聲譽是關鍵。

What we hear from prospects and customers in these engagements is the same thing we have been describing to you for several quarters. Agencies are drowning in data they already hold. Their environment is fragmented. They are under pressure to move faster than their systems allow. Now, on top of that, they have to decide how to bring AI into work, where every conclusion has to be defensible on infrastructure they control.

我們在這些互動中從潛在客戶與客戶聽到的內容，與我們過去幾季向各位描述的一致。各機構正被其既有掌握的資料淹沒。他們的環境支離破碎。他們承受著必須比現有系統所允許的速度更快行動的壓力。此外，他們還必須決定如何將 AI 導入工作流程，而每一項結論都必須在其可控的基礎設施上具備可辯護性。

These are the problems we are built to address. Customers are bringing us into strategic conversations early as they shape their future plans and think through what next-generation intelligence solutions should look like. That engagement works both ways. They look to us for perspective and innovative solutions, and we listen closely to their priorities, using that insight to help shape where we invest.

這些正是我們打造來解決的問題。客戶在規劃未來藍圖、思考下一代情報解決方案應該長什麼樣子時，會在早期就把我們納入策略性討論。這種互動是雙向的。他們向我們尋求觀點與創新解決方案，而我們也密切傾聽他們的優先事項，並運用這些洞見來協助塑造我們的投資方向。

Those relationships take years to build, and the trust behind them is what lets us keep growing with customers as their missions evolve. On the organization, Adam Philpott joined us as Chief Revenue Officer early last month to lead our global commercial organization. Adam brings deep experience building and scaling go-to-market teams in the security industry globally, and he joins Cognyte at an important time, with strong customer momentum and a healthy demand environment that presents a significant opportunity. His priorities are the same three growth drivers: expanding with existing customers, winning new agencies, and accelerating our growth in the United States. I am excited to have Adam on the team and look forward to working with him as we build on the momentum across the business.

這些關係需要多年才能建立，而其背後的信任使我們能在客戶任務演進之際，持續與客戶共同成長。在組織方面，Adam Philpott 於上月初加入我們，擔任首席營收長（Chief Revenue Officer），領導我們的全球商務組織。Adam 在全球安全產業中具備深厚經驗，擅長建立並擴展市場進入（go-to-market）團隊；他在一個重要時點加入 Cognyte——客戶動能強勁、需求環境健康，帶來顯著機會。他的優先事項同樣聚焦於三大成長驅動力：擴大既有客戶、贏得新機構，以及加速我們在美國的成長。我很高興 Adam 加入團隊，並期待與他合作，在全公司動能的基礎上再接再厲。

In closing, Cognyte is stronger, more focused, and better positioned than a year ago.

最後總結，Cognyte 比一年前更強大、更聚焦，也具備更佳的市場定位。

The market is moving directly towards what we have built for. Mission-critical intelligence in complex, high-stakes environments powered by trusted AI, sovereign control, and continuous innovation, all grounded in deep domain expertise earned through long-term relationships with customers around the world. Our strategy is working, our momentum is global, and the quality of our business continues to improve. With strong execution and clear visibility ahead, we remain confident in our full-year outlook and fiscal 2028 targets. We have built the platform, the expertise, and the trust this market now demands, and we are moving forward with confidence and ambition.

市場正直接朝向我們所打造的方向前進。在複雜且高風險的環境中，任務關鍵型情報由可信任的 AI、主權控制與持續創新所驅動，並以透過與全球客戶長期關係所累積的深厚領域專業為基礎。我們的策略正在奏效、動能遍及全球，而我們業務的品質也持續提升。在強勁執行力與清晰可見的前景之下，我們對全年展望與 2028 會計年度目標仍充滿信心。我們已建立起這個市場如今所要求的平台、專業能力與信任，並將以信心與企圖心持續向前。

With that, I'll turn the call over to David for a deeper review of our results and outlook.

接下來，我把電話會議交給 David，請他更深入檢視我們的業績與展望。

Thank you, Elad, and hello, everyone. Elad talked about the quality of the business improving. That is exactly what our financial model is designed to deliver. We drive profitable growth by increasing the contribution from software and recurring revenue, expanding gross margins, and maintaining discipline around operating expenses. That model is working.

謝謝你，Elad，各位大家好。Elad 談到業務品質正在改善。這正是我們財務模型所設計要交付的成果。我們透過提高軟體與經常性收入的貢獻、擴大毛利率，並在營運費用上維持紀律，來推動獲利性成長。這個模型正在發揮作用。

Revenue was approximately $109 million, up 12% year-over-year. Total software revenue grew 20.9% to $100.8 million and represented more than 92% of total revenue in Q2. Recurring revenue grew 18.4% year-over-year to $56.2 million and represented 51.4% of total revenue. Professional services represented less than 8% of total revenue, compared with approximately 15% a year ago, reflecting the increasing software content of our business. This ongoing mix shift supports higher quality revenue, stronger margins, and greater scalability.

營收約為1.09億美元，年增12%。軟體總營收成長20.9%至1.008億美元，並在第二季占總營收逾92%。經常性收入年增18.4%至5,620萬美元，占總營收的51.4%。專業服務占總營收不到8%，相較一年前約為15%，反映我們業務中軟體內容占比提高。這種持續的組合轉變支撐更高品質的營收、更強的毛利率，以及更高的可擴展性。

Put simply, software revenue grew at nearly twice the company overall growth rate, but recurring revenue also grew significantly faster.

簡而言之，軟體營收的成長率接近公司整體成長率的兩倍，而經常性收入的成長也明顯更快。

As a result, both are becoming larger contributors to our overall revenue mix. A point to note about recurring revenue is that our model is different from a traditional SaaS model. A portion of our recurring revenue comes from term-based licensing arrangements that are recognized at a point in time rather than ratably over the life of the contract. As a result, recurring revenue is not the same as ARR and can fluctuate between quarters based on the timing of revenue recognition. What matters strategically is that recurring revenue is growing faster than the company overall and becoming a larger part of our business, enhancing revenue visibility and supporting long-term growth.

因此，兩者在我們整體營收組合中的貢獻占比都在提高。關於經常性收入需要注意的一點是：我們的模式不同於傳統的 SaaS 模式。我們的部分經常性收入來自定期授權（term-based licensing）安排，其收入是在某一時點認列，而非在合約期間按比例分攤認列。因此，經常性收入不等同於 ARR，並可能因收入認列時點而在各季之間波動。從策略面來看，重要的是經常性收入成長快於公司整體，且在業務中占比提高，進而提升營收可見度並支撐長期成長。

Now, I'll review the results in more detail. Breaking down the revenue mix, software revenue grew 34.5% year-over-year to $49.2 million. Software revenue is comprised of perpetual licenses, appliances, and term-based subscription licenses.

接下來，我將更詳細地檢視本期結果。拆解營收組合，軟體營收年增34.5%至4,920萬美元。軟體營收包含永久授權、設備（appliances）以及定期訂閱授權（term-based subscription licenses）。

Software services revenue grew by $4.8 million, or 10.3% year-over-year, to $51.6 million, coming mainly from support contracts and, to a lesser extent, cloud-based SaaS subscriptions. Total software revenue was $100.8 million, up 20.9%, growing significantly faster than total revenue and up by $17.5 million year-over-year. Software revenue now represented more than 92% of total revenue versus approximately 86% one year ago. Professional services revenue was $8.4 million in Q2, compared to $14.2 million last year. Recurring revenue increased by 18.4% to $56.2 million, representing 51.4% of total revenue.

軟體服務營收增加480萬美元，年增10.3%至5,160萬美元，主要來自支援合約，另有較小部分來自雲端式 SaaS 訂閱。軟體總營收為1.008億美元，年增20.9%，成長顯著快於總營收，並較去年同期增加1,750萬美元。軟體營收目前占總營收逾92%，相較一年前約為86%。第二季專業服務營收為840萬美元，去年為1,420萬美元。經常性收入年增18.4%至5,620萬美元，占總營收的51.4%。

On gross margin and profit, we continue to improve year-over-year. Q2 non-GAAP gross margin was 73.7%, an expansion of 154 basis points. Non-GAAP gross profit grew 14.4%, or $10.1 million, to a total of $80.5 million. Again, faster than revenue. Our model continues to deliver strong financial leverage, and profitability is expanding significantly faster than revenue.

在毛利率與獲利方面，我們持續較去年同期改善。第二季非 GAAP 毛利率為 73.7%，擴張 154 個基點。非 GAAP 毛利成長 14.4%，或 1,010 萬美元，達到 8,050 萬美元。同樣地，成長速度快於營收。我們的模式持續帶來強勁的財務槓桿效益，且獲利能力擴張的速度顯著快於營收。

The majority of the year-over-year increase in operating expenses reflected foreign exchange movements, primarily the weaker US dollar against the Israeli shekel. We continued to partially hedge future periods. We partially offset that impact through ongoing efficiency initiatives across the organization, including increased use of enterprise AI. Despite the FX headwinds, operating expenses grew more slowly than revenue, allowing profitability to grow significantly faster. Q2 non-GAAP operating expenses were $68.2 million.

營業費用年增的主要原因反映了外匯變動，主要是美元兌以色列謝克爾走弱。我們持續對未來期間進行部分避險。我們也透過全組織持續推動效率提升計畫（包括增加使用企業級 AI）來部分抵銷該影響。儘管面臨外匯逆風，營業費用增速仍低於營收，使獲利增速顯著更快。第二季非 GAAP 營業費用為 6,820 萬美元。

GAAP operating income increased 69.7% year-over-year to $4.7 million against revenue growth of 12%. Non-GAAP operating income increased 52.5% to $12.2 million. Adjusted EBITDA increased 35.7% to $14.9 million. Non-GAAP EPS was $0.15, nearly double the $0.08 we generated last year. GAAP diluted EPS was $0.06, compared with $0.02 a year ago, reflecting the significant improvement in our profitability.

GAAP營業利益年增 69.7% 至 470 萬美元，而營收成長為 12%。非 GAAP 營業利益成長 52.5% 至 1,220 萬美元。調整後 EBITDA 成長 35.7% 至 1,490 萬美元。非 GAAP 每股盈餘（EPS）為 0.15 美元，幾乎是去年 0.08 美元的兩倍。GAAP 稀釋後每股盈餘為 0.06 美元，較一年前的 0.02 美元增加，反映我們獲利能力的顯著改善。

These results demonstrate the operating leverage we have been working to build.

這些結果展現了我們一直致力於建立的營運槓桿。

Revenue grew 12%, while non-GAAP operating income grew more than four times as fast. Looking at the first half, the same trends are evident. H1 revenue was $214.7 million, up 11.2%. Total software revenue was $198.1 million, up 19.8%. Recurring revenue was $108.1 million, up 14.2%.

營收成長 12%，而非 GAAP 營業利益的成長速度超過其四倍。觀察上半年，也可看到相同趨勢。上半年營收為 2.147 億美元，成長 11.2%。軟體總營收為 1.981 億美元，成長 19.8%。經常性營收為 1.081 億美元，成長 14.2%。

GAAP operating income was $9.1 million, up 85.1% year-over-year. Non-GAAP operating income was $22.9 million, up 47.2%. Importantly, we achieved these results despite approximately $7 million of net unfavorable foreign exchange impact on operating profitability in the first half of the year. Across both the quarter and the first half, we are seeing consistent execution against our financial model. Compared with a year ago, Cognyte is generating more revenue with higher quality, more software revenue, higher recurring revenue, higher gross margins, and meaningfully greater profitability.

GAAP 營業利益為 910 萬美元，年增 85.1%。非 GAAP 營業利益為 2,290 萬美元，年增 47.2%。重要的是，儘管上半年外匯對營運獲利造成約 700 萬美元的淨不利影響，我們仍達成這些成果。無論是本季或上半年，我們都看到對財務模型的執行一致且到位。相較一年前，Cognyte 正以更高品質創造更多營收：軟體營收更高、經常性營收更高、毛利率更高，且獲利能力顯著提升。

Turning to RPO. Total RPO at quarter end was $470.2 million, including $313.4 million of short-term RPO.

接著談 RPO。季末總 RPO 為 4.702 億美元，其中短期 RPO 為 3.134 億美元。

As we have discussed previously, RPO remains an indicator of future contracted revenue, but movement in the metric can also reflect contract structure, duration, renewals, and the consumption of large multi-year agreements. Reported RPO excludes the cancelable portion of subscription contracts. At July 31, approximately $42 million of future revenue associated with those arrangements was therefore not included in reported RPO. In addition, approximately $30 million of the change in the RPO reflected the consumption of large multi-year support contracts as we delivered against those agreements and recognized the associated revenue. Short-term RPO is an important component of our revenue visibility, but it does not capture the full picture.

如我們先前所討論，RPO 仍是未來已簽約營收的指標，但該指標的變動也可能反映合約結構、期間、續約，以及大型多年期協議的履約消耗。揭露的 RPO 不包含可取消的訂閱合約部分。因此，截至 7 月 31 日，與這些安排相關的約 4,200 萬美元未來營收未納入揭露的 RPO。此外，RPO 變動中約 3,000 萬美元反映了大型多年期支援合約的消耗，因我們依約交付並認列相關營收。短期 RPO 是我們營收能見度的重要組成，但無法涵蓋全貌。

When we combine short-term RPO with expected renewals of recurring business and contracts signed since quarter end, we have visibility into approximately 85% of the revenue required to support our plan over the next 12 months.

當我們將短期 RPO 與經常性業務的預期續約，以及季末後簽訂的合約合併考量時，我們對未來 12 個月支撐計畫所需營收約有 85% 的能見度。

The remaining approximately 15% is expected to come primarily from normal book-and-ship activity. That level is well within our historical execution range and supports our confidence in our growth objectives. This level of visibility is one of the reasons we believe we remain on track to achieve our FY 2027 outlook and FY 2028 revenue target of $500 million. Q2 billings were $76.3 million. As billing can vary significantly quarter to quarter based on contract terms, we believe the trailing 12 months measure is more informative.

其餘約 15% 預期主要來自正常的 book-and-ship 活動。該水準完全落在我們歷史執行區間內，並支持我們對成長目標的信心。這樣的能見度也是我們相信仍按計畫達成 FY 2027 展望，以及 FY 2028 5 億美元營收目標的原因之一。第二季帳單金額（billings）為 7,630 萬美元。由於帳單金額可能因合約條款而在各季間大幅波動，我們認為以過去 12 個月（TTM）衡量更具參考性。

On that basis, billings were approximately 95% of revenue, which we believe reflects the underlying strength of the business. Turning to cash flow. We generated $1.1 million of positive cash flow from operations in Q2, compared to net cash used in operating activities of $6.3 million in Q2 last year. This improvement reflects stronger collections and profitability, as well as disciplined working capital management.

在此基礎上，帳單金額約為營收的 95%，我們認為這反映了業務的基本面強勁。接著談現金流。第二季我們的營運活動現金流為正 110 萬美元，相較去年第二季營運活動淨現金流出 630 萬美元。此改善反映了收款更強勁與獲利提升，以及嚴謹的營運資金管理。

The second quarter also includes our annual incentive payments and other seasonal working capital uses. Turning to our balance sheet, our financial position remains strong. We ended the quarter with $102.2 million in cash and no debt, providing us with significant flexibility. During the first six months of fiscal 2027, we repurchased approximately 1.5 million ordinary shares for $13.5 million. Since launching our first repurchase program in November 2024, we have repurchased approximately $40.2 million of shares through the end of Q2 FY 2027, out of the $60 million authorized across the company's repurchase programs.

第二季亦包含我們年度獎金發放及其他季節性的營運資金使用。接著看資產負債表，我們的財務狀況仍然穩健。本季末我們持有 1.022 億美元現金且無負債，提供我們相當大的彈性。在 FY 2027 前六個月，我們以 1,350 萬美元回購約 150 萬股普通股。自 2024 年 11 月啟動首個回購計畫以來，截至 FY 2027 第二季末，我們已回購約 4,020 萬美元的股份；公司各項回購計畫合計核准額度為 6,000 萬美元。

Our capital allocation priorities remain unchanged. We will continue investing organically to support growth, evaluate strategic M&A opportunities where we see the potential to create returns significantly in excess of our cost of capital, and use share repurchases opportunistically where we believe they represent a compelling use of capital. Turning to our outlook.

我們的資本配置優先順序維持不變。我們將持續進行有機投資以支持成長，評估策略性併購（M&A）機會——在我們看到其有望創造顯著高於資本成本的報酬之處——並在我們認為具吸引力的情況下，機動性地進行股票回購作為資金運用。接著談我們的展望。

Our first half's performance remains strong and the demand environment is healthy. Based on our execution to date and the visibility we have into the remainder of the year, we are narrowing our full-year revenue range around an unchanged midpoint. We now expect full-year revenue of approximately $448 million ±2%, representing approximately 12% year-over-year growth at the midpoint. We continue to expect recurring revenue to grow faster than total revenue and become a larger contributor to overall business. As we have discussed, the increasing adoption of subscription agreements can shift the timing of reported revenue recognition compared with our historical perpetual model.

我們上半年的表現依然強勁，需求環境也很健康。基於目前的執行成果以及我們對今年剩餘期間的能見度，我們在維持中位數不變的情況下，收斂全年營收區間。我們目前預期全年營收約為 4.48 億美元 ±2%，以中位數計約為年增 12%。我們仍預期經常性營收將快於總營收成長，並成為整體業務更大的貢獻來源。如我們所討論，訂閱協議採用率提高，可能相較於我們過去的永久授權模式，改變已揭露營收認列的時點。

While this can affect reported growth in a particular period, we believe the continued shift towards recurring arrangements strengthens the long-term visibility and durability of our revenue base. Total software represented a particularly high percentage of revenue in Q2.

雖然這可能影響特定期間的已揭露成長，但我們相信持續轉向經常性安排將強化我們營收基礎的長期能見度與持久性。第二季軟體總額占營收的比重特別高。

We expect quarterly mix to continue to fluctuate based on the timing and composition of customer activity, and our full-year outlook does not assume the Q2 mix persists throughout the second half. From a quarterly cadence perspective, we currently expect Q3 revenue to be slightly higher than Q2, followed by sequential growth in Q4, consistent with the seasonality reflected in our full-year outlook. We also remain confident in our profitability outlook. We expect non-GAAP gross margin of approximately 73.5% for the year, an improvement of 50 basis points from last year. We continue to expect non-GAAP operating income to be about [$56 million], growth of more than 50% year-over-year, and adjusted EBITDA of approximately $68 million, growth of about 40%.

我們預期季度組合將持續因客戶活動的時點與構成而波動，而我們的全年展望並未假設第二季的組合會在下半年全程延續。就季度節奏而言，我們目前預期第三季營收將略高於第二季，之後第四季將呈現連續成長，這與我們全年展望所反映的季節性一致。我們也仍對獲利展望充滿信心。我們預期全年非 GAAP 毛利率約為 73.5%，較去年提升 50 個基點。我們仍預期非 GAAP 營業利益約為 [5,600 萬美元]，年增超過 50%，調整後 EBITDA 約為 6,800 萬美元，年增約 40%。

We continue to expect annual non-GAAP EPS of $0.47 at the midpoint of the range.

我們仍預期全年非 GAAP 每股盈餘（EPS）區間中點為 0.47 美元。

On cash flow, we continue to expect significant positive operating cash flow for the full year. Given the customer demand and future growth opportunities, we are making targeted inventory investment to support expected customer deliveries. As a result, the timing and the level of cash generation this year is expected to be affected. It reflects a deliberate working capital investment rather than any change in the underlying performance of the business. To close, the progress we are making reflects the strength of our strategy and the discipline of our execution.

在現金流方面，我們仍預期全年將有顯著的正向營運現金流。鑑於客戶需求與未來成長機會，我們正進行有針對性的存貨投資，以支援預期的客戶交付。因此，今年現金產生的時點與水準預期將受到影響。這反映的是刻意的營運資金投資，而非業務基本表現的任何變化。最後，我們所取得的進展反映了我們策略的強勁以及執行上的紀律。

We are building a higher quality business, one with a greater contribution from software, a growing recurring revenue base, stronger margins, and increasing operating leverage as we scale. This is not only about the first half or even the fiscal year. It is about building a more durable, more predictable, and more profitable Cognyte for the long term.

我們正在打造一個更高品質的企業：軟體貢獻更高、經常性收入基礎持續成長、毛利率更強，並且隨著規模擴大而提升營運槓桿。這不僅僅關乎上半年，甚至也不僅僅關乎本財年。這是關於長期打造一個更具韌性、更可預測、且更高獲利能力的 Cognyte。

With healthy demand, strong customer momentum, and clear visibility into the opportunities ahead, we remain confident in our FY 2027 outlook and on track to achieve our FY 2028 targets. Operator, we are ready to take questions.

在健康的需求、強勁的客戶動能，以及對未來機會清晰可見的情況下，我們仍對 FY 2027 的展望充滿信心，並按計畫達成 FY 2028 的目標。接線員，我們準備開始提問。

(Operator Instructions) Eric Martinuzzi, Lake Street Capital Markets.

(接線員指示) Eric Martinuzzi，Lake Street Capital Markets。

Yeah, a couple of questions. First off, Elad, for the US federal pipeline, you talked about there's good success there. You got some transactions that are in the procurement phase. Just curious to know if these are transactions that you expect to be awarded during the current fiscal year, the government fiscal year ended September 30th, or if that's something that's further out on the horizon.

是的，有幾個問題。首先，Elad，關於美國聯邦的銷售管線，你提到那邊有不錯的進展。你們有一些交易已進入採購階段。我想了解的是，這些交易你們預期會在目前這個財年內獲得授標（政府財年於 9 月 30 日結束），還是會更往後一些？

Eric, good morning. Thanks for the question. Yes, actually, we have closed with federal agencies. We had POCs with a few federal law enforcement agencies, very successful results, very good feedback from customers, and I do expect some deals already in this fiscal year.

Eric，早安。謝謝你的提問。是的，事實上，我們已與聯邦機構完成簽約。我們與幾個聯邦執法機構進行了 POC（概念驗證），結果非常成功，客戶回饋也非常好，我確實預期在本財年內就會有一些交易。

Okay. For David, the RPO number that you gave, that $470 million total RPO number, that was down versus the April quarter, which was down versus the January quarter. Are we expecting that to trough and recover here? Can you give me a little bit more insight on the total RPO number?

好的。給 David 的問題：你提到的 RPO 數字，也就是總 RPO 4.70 億美元，較 4 月季度下降，而 4 月季度又較 1 月季度下降。我們是否預期它會在這裡觸底並回升？你能否就總 RPO 數字提供更多洞見？

Yeah, sure. First of all, it is important to say that demand is very strong, and it aligns our strategy. I think it is reflected in the strong customer expansion we discussed and we shared with you and also with new logos that we have acquired. We also see growing customer preference for subscription-based arrangements. This also improves the quality and visibility of the business, but has some shifts that affect the reported RPO.

好的，當然。首先重要的是要說，需求非常強勁，且與我們的策略一致。我認為這反映在我們所討論並與你分享的強勁客戶擴張，以及我們取得的新客戶（new logos）上。我們也看到客戶對訂閱式安排的偏好正在提升。這也提升了業務的品質與可見度，但同時會帶來一些變化，影響到所報告的 RPO。

RPO is an important indicator for visibility, but given the market, the business dynamics today, it does not tell the full story on its own, and you need to look at it in a wider perspective. This includes RPO that excludes the subscription periods, as David mentioned earlier, that remain subject to cancellation, and it is about $42 million by the end of Q2. You have large multiyear contracts that are recognized and consumed over time.

RPO 是衡量可見度的重要指標，但在目前的市場與業務動態下，它本身並不能完整說明全貌，你需要用更廣的角度來看。這包括排除訂閱期間的 RPO，如 David 先前提到的，這部分仍可能被取消，截至第二季末約為 4,200 萬美元。你也有大型多年期合約，會隨時間被認列並逐步消耗。

We shared a few times before that we have very large renewals for three years. So every year, we consume one third of it. So you see that the consumption takes the RPO down. If you look at it specifically for this quarter, actually this year, it is about $30 million. Other two indicators that are related to RPO are the renewals.

我們之前多次分享過，我們有非常大型的三年期續約。因此每一年我們會消耗其中的三分之一。所以你會看到這種消耗會使 RPO 下降。如果就本季度、其實是就今年來看，約為 3,000 萬美元。另外兩個與 RPO 相關的指標是續約。

Renewals are not included in RPO until they are contractually committed. So it is important to understand that it does not really matter whether the customers are buying perpetual or buying subscription. Still, the solutions that we deliver to them are integrated in their environment, deliver a lot of value, so there will be renewals. But until it is committed by the contract, it is not part of the RPO. Also the timing of large deals impacts the quarter and the balance.

續約在合約正式承諾之前不會納入 RPO。因此需要理解的是，客戶購買永久授權或訂閱，其實並不那麼重要。我們交付給他們的解決方案已整合到其環境中，帶來很高的價值，因此會有續約。但在合約承諾之前，它不會成為 RPO 的一部分。此外，大型交易的時點也會影響季度表現與期末餘額。

If you have to look at the visibility more broadly, you should take the RPO, the expected renewals, the customer activity, the strong start we have seen in Q3 that we will share more color in the next few weeks. We believe we have very strong visibility over the next 12 months. As David mentioned before, it is about 85% coverage for the next 12 months of revenue, and we remain confident in our outlook for this year and also for fiscal 2028 target. So we are seeing a very healthy demand, very strong market, and very strong execution into this market.

如果要更廣泛地看可見度，你應該把 RPO、預期續約、客戶活動，以及我們在第三季看到的強勁開局一起納入考量；我們會在接下來幾週提供更多細節。我們相信未來 12 個月的可見度非常強。如 David 先前提到，未來 12 個月營收約有 85% 的覆蓋率，我們仍對今年的展望以及 FY 2028 的目標充滿信心。因此，我們看到非常健康的需求、非常強勁的市場，以及在這個市場中的強力執行。

Understand. Appreciate the insight from the questions and congrats on the quarter.

了解。感謝你們對問題的深入說明，也恭喜本季表現。

Thank you, Eric.

謝謝你，Eric。

Imtiaz Koujalgi, Roth Capital.

Imtiaz Koujalgi，Roth Capital。

Hey, guys. Thanks for taking my question. A couple of clarifications. So number one for David. If I look at the CRP of bookings now, David, it accelerated.

嗨，各位。謝謝讓我提問。有幾點需要釐清。第一個問題給 David。如果我看現在訂單的 CRP，我覺得它加速了。

It was strong this quarter again, similar to last quarter, I think. If I'm doing my math right, your CRP bookings grew 16%. You're guiding to revenues growth of 12% this year and 12% next year. We know typically that CRP bookings are a good leading indicator of revenue. So given the gap between your revenue guide and CRP bookings that we've seen for the last two quarters, I've just been considering whether there's something else that we should be mindful of, given the CRP bookings are growing at 16%, but you're guiding to revenue growth of only 12% for this year and for next year.

本季再次表現強勁，我想與上季差不多。如果我算得沒錯，你們的 CRP 訂單成長了 16%。你們指引今年營收成長 12%，明年也成長 12%。我們知道通常 CRP 訂單是營收很好的領先指標。因此，鑑於過去兩季我們看到你們的營收指引與 CRP 訂單之間存在落差，我一直在思考是否還有其他我們需要留意的因素：在 CRP 訂單成長 16% 的情況下，你們卻指引今年與明年的營收僅成長 12%。

Thank you, Imtiaz. We are seeing a few things that are happening in the business, and we are actually very pleased with that. We spoke during the call about the quality of the revenue. You see that we have more and more subscription revenue that is coming and much more software. If you look at the overall mix, software is becoming a very significant portion, and we have the growth of 21%, and it is a consistent growth that we see over the last few periods.

謝謝你，Imtiaz。我們看到業務中正在發生幾件事，而我們其實對此非常滿意。我們在電話會議中談到了營收品質。你可以看到我們有越來越多的訂閱營收進來，也有更多的軟體營收。如果你看整體組合，軟體正成為非常重要的一部分，我們有21%的成長，而且這是我們在過去幾個期間看到的持續性成長。

This is something that we see as a trend. As for the demand and what we have in our hands, it gives us lots of confidence through the end of this year and also when we enter into the next year. The visibility is high. You mentioned percentage, 12% and 15%.

這是我們視為一個趨勢的事情。就需求以及我們手上掌握的狀況而言，這讓我們對今年年底以及進入明年都非常有信心。能見度很高。你提到的百分比是12%和15%。

The way that we look at that is that we are working with our customers to see deployment and what can be done, and based on that, putting our guidance. We are feeling comfortable with the guidance, and if we need to update, we will be more than happy to do it.

我們看待這件事的方式是：我們正與客戶合作，了解部署情況以及可以做些什麼，並在此基礎上提出我們的指引。我們對這份指引感到安心；如果需要更新，我們也非常樂意這麼做。

Imtiaz, let me add on this, that actually, while we are growing top line, we are improving the quality of the revenue a lot. As David mentioned, software mix is growing, the recurring revenue is growing, profitability is expanding. Actually, if you would compare the perpetual equivalent versus the subscription that we see today, actually, the growth would be higher if you continue to deliver the same as perpetual license in a few points. Actually, the growth rate is faster than it looks in the numbers.

Imtiaz，讓我補充一下：其實在我們營收（top line）成長的同時，我們也大幅提升了營收品質。如David所提到，軟體占比在提升，經常性收入在成長，獲利能力也在擴張。實際上，如果你把永久授權的等效口徑與我們今天看到的訂閱相比，若仍以永久授權的方式交付，在某些點上成長會更高。其實成長速度比數字表面看起來更快。

No, fair point. David, last quarter, we had a little bit of weakness on the operating cash flow due to, I guess, the shift to subscriptions and also FX. This quarter also, the cash flow looks negative. I know last quarter, you said the full year guide was maintained at $45 million. Any comment on the full year expectations for cash flow for this year?

不，這點很合理。David，上季我們的營運現金流有點疲弱，我想是因為轉向訂閱以及匯率（FX）的影響。這一季現金流看起來也為負。我知道上季你說全年指引仍維持在4,500萬美元。對於今年全年現金流的預期，有什麼評論嗎？

Yeah. Thank you, Imtiaz. Cash actually in Q2 was strong. What we see in Q2 that we were able to generate a positive cash flow from operations, and actually pleased with the quarter. Q2 actually is the Q that we had some specific expenses that related to annual bonus and stuff like that, taking place usually in Q2.

是的。謝謝你，Imtiaz。第二季（Q2）的現金其實很強。我們在Q2看到的是：我們能夠產生正的營運現金流，而且我們對這一季其實很滿意。Q2通常會發生一些特定費用，例如年度獎金之類的支出，通常都在Q2支付。

Despite these seasonal payments, we were able to drive a strong cash flow from operations. Actually, if you look this year, we are generating $1.1 million of cash flow from operations. Last year, Q2 was negative $6.3 million. So actually, if you look at Q2 versus Q2 last year, you are seeing a strong cash flow from operations.

儘管有這些季節性付款，我們仍能推動強勁的營運現金流。實際上，如果你看今年，我們產生了110萬美元的營運現金流。去年Q2是負的630萬美元。所以如果你把今年Q2和去年Q2相比，你會看到營運現金流很強勁。

On the other perspective, given the trends that we see in the business and given what we see actually in hardware and the needs for inventory and supply chains that require a different planning, we are making a deliberate decision to increase the level of inventory. It is mainly to support what we see customer demand and deliveries, and we do not want to have any risk related to execution and deliverables. So we made a decision to increase the levels of the inventory. So that also impacts the way that we are looking into this year cash flow. We think that the right thing that is to make the right decision in the short term of increasing the inventory level to support future growth and the execution and customer delivery.

從另一個角度來看，鑑於我們在業務中看到的趨勢，以及我們在硬體端看到的情況——庫存需求與供應鏈需要不同的規劃——我們做出了一個刻意的決定：提高庫存水位。這主要是為了支援我們看到的客戶需求與交付，我們不希望在執行與交付成果上有任何風險。因此我們決定提高庫存水位。這也會影響我們看待今年現金流的方式。我們認為，短期內提高庫存水位以支援未來成長、執行與客戶交付，是正確的決策。

Just to clarify, we are still expecting cash flow of $45 million for the year?

我想確認一下，我們仍然預期今年的現金流是4,500萬美元嗎？

In this stage, what we are planning is that we would like to increase the inventory level. As you can see, the balance is in the end of Q2, and we continue to do this decision. We believe that this is the right thing to do in this time of the year. It allows us to better plan, better support future demand. We see significant demand in front of us, and we want to be able to deliver to our customer on time, and that is great for us, in our view, the right decision to increase inventory, and we will invest in the right things to make the growth into the future.

在這個階段，我們的規劃是希望提高庫存水位。如你所見，Q2期末的餘額，我們也會持續做這個決策。我們相信在一年中的這個時間點，這是正確的做法。這讓我們能更好地規劃、更好地支援未來需求。我們看到眼前有顯著需求，我們希望能準時交付給客戶；在我們看來，提高庫存是很好的、正確的決策，我們也會投資在正確的事情上，以推動未來的成長。

Okay, guys. Thanks. One last one. I think around last quarter, you had mentioned that you expect about $20 million of bookings from US for fiscal 2027. Are we still on track of that, or we could be slightly better than what you had expected last quarter for the US?

好的，各位。謝謝。最後一個問題。我記得大概在上季，你們提到預期在2027會計年度來自美國的訂單（bookings）約2,000萬美元。我們仍然在軌道上嗎？或者美國的表現可能會比你們上季預期的稍微更好？

Yes, absolutely. We are on track. We are on track to achieve the $20 million signed deals this year. I expect this to come from state local and also some federal contracts should land this fiscal year. We are doing good progress in the US.

是的，絕對是。我們在軌道上。我們今年有望達成2,000萬美元的已簽署交易。我預期這會來自州與地方政府，以及一些聯邦合約也應該會在本會計年度落地。我們在美國的進展良好。

Thanks, guys.

謝謝，各位。

Thanks, Imtiaz.

謝謝你，Imtiaz。

(Operator Instructions) Matthew Calitri, Needham & Company.

(接線員指示) Matthew Calitri，Needham & Company。

Hey, guys. It is Matthew Calitri over at Needham. Thank you for taking our questions. David, I want to stay on the cash flow for a second there. Understood with the inventory purchases, and obviously that is a prudent decision by you guys, so credit there.

嗨，各位。我是Needham的Matthew Calitri。謝謝你們回答我們的問題。David，我想先在現金流這點上再追問一下。理解你們的庫存採購，而且顯然這是你們做出的審慎決策，這點值得肯定。

There was a slight change in language there from significant positive operating cash flow versus the $45 million. How should we think about the impact of that level of inventory purchasing?

你們的措辭有一點變化，從「顯著的正向營運現金流」到「4,500萬美元」。我們應該如何看待這種庫存採購水位所帶來的影響？

Matthew, I will start, and then I will let David continue. I think it is important to understand that we want to be in a position to be able to grow as the demand is growing, and for that reason, we want to be able to invest in inventory for two reasons, actually. The first one is related to demand, and the second one is related to the supply environment. Supply environment today, the delivery times are long, and the prices are going up, and we want to be in a position that we are able to fulfill the growing demand of the customer.

Matthew，我先回答，然後讓David接著補充。我認為重要的是要理解：隨著需求成長，我們希望處於能夠成長的位置，因此基於這個原因，我們希望能在庫存上投資；其實有兩個原因。第一個與需求相關，第二個與供應環境相關。目前的供應環境，交期很長、價格也在上升，我們希望能處於一個可以滿足客戶成長需求的狀態。

That is the rationale behind it, and it is quite difficult to predict how far we will go with inventory increase, but we will do it, of course, in a cautious manner, in a way that balances, of course, the level of inventory we have in stock, but also the ability to fulfill the demand on time and to be able to deliver to customers as contracted. That is the logic and the rationale behind it. Now, I will let David answer specifically to the question.

這就是背後的理由；而且要預測我們會把庫存增加到什麼程度其實相當困難，但我們當然會以謹慎的方式進行，在平衡庫存水位的同時，也確保能準時滿足需求，並依合約交付給客戶。這就是其邏輯與理由。接下來我讓David針對這個問題做更具體的回答。

Given that we cannot quantify at this stage the impact of the incremental inventory and what we see changing in this area and taking into consideration that we are seeing much more subscription, we have not quantified what will be the cash flow from operations. But overall, we think that it will be significantly in the positive and the question like, how much exactly we will invest in the inventory level, it will be based on what we see in the market. Currently what we see in the market, we see strong demand. You can see that we already increased the level of the inventory in the first half of the year significantly. Against this inventory, we have actually a strong demand, and we have a customer planning to be delivered for this inventory.

鑑於我們在此階段無法量化新增庫存的影響，以及我們看到此領域正在發生的變化，並考量到我們看到更多訂閱模式，我們尚未量化營運活動所產生的現金流會是多少。但整體而言，我們認為將會顯著為正；至於我們究竟會在庫存水位上投入多少，將取決於我們在市場上看到的情況。目前我們在市場上看到的是強勁需求。你可以看到我們在上半年已大幅提高庫存水位。針對這些庫存，我們實際上有強勁需求，且已有客戶規劃要交付這批庫存。

Actually, we are in a very good situation that allows us to satisfy our customer to plan ahead and avoid the disruption that is related to the supply chain that it is not in our control.

事實上，我們目前處於非常有利的狀況，讓我們能夠滿足客戶、提前規劃，並避免那些與供應鏈相關、且不在我們控制範圍內的中斷。

Got it. Okay. That makes sense. The other part to that is obviously the impact from the subscription recognition and great to see the continued adoption of subscription. Is there a way to think about what growth might look like had we not had that sort of revenue recognition headwind?

了解。好。這很合理。另外一部分顯然是訂閱收入認列的影響，也很高興看到訂閱持續被採用。有沒有一種方式可以思考：如果沒有那種收入認列的逆風，成長看起來可能會是什麼樣子？

More than anything, I am just trying to square away the strong results and underlying currents here and the visibility with you guys keeping the guide unchanged and some of this RPO and billings dynamics that you spoke about earlier.

我主要是想把強勁的結果、背後的趨勢動能，以及你們在維持指引不變的同時所提供的能見度，和你們先前提到的一些RPO與帳單（billings）動態對照起來。

Yeah. So Matthew, first of all, I will share why some customers move to subscription, and then I will give you our view of how it would be different if it were perpetual. So threats are moving quickly, we said that earlier in the call, agencies need the latest capabilities Governments, when they go to perpetual license and buy a solution, later on to upgrade and expand, it is another new cycle of purchasing, which is a headache for them. So actually, the fact that some of them are moving to subscription gives them the flexibility to get the latest and greatest technology and expand, without being required to go through the entire process. We see it happening gradually, but faster than expected.

是的。所以Matthew，首先我會分享為什麼有些客戶轉向訂閱，接著我會給你我們對於如果是永久授權會有何不同的看法。威脅正在快速演變，我們在電話會議前面也提過；各機構需要最新的能力。政府客戶若採用永久授權購買解決方案，之後要升級與擴充時，就會進入另一個新的採購週期，對他們而言很麻煩。因此，事實上其中一些客戶轉向訂閱，讓他們能更有彈性地取得最新、最好的技術並進行擴充，而不必走完整套流程。我們看到這種情況是逐步發生的，但速度比預期更快。

This is one. Second, we continue to sell both perpetual and subscription. A perpetual is still the dominant portion. Okay?

這是第一點。第二，我們仍然同時銷售永久授權與訂閱。永久授權仍然占主要比重。好嗎？

So we are moving to subscription faster than expected, but we have a significant portion that is still perpetual. It is also important to understand that, regardless of contract structure, whether it is subscription or perpetual, our solutions are deeply integrated and embedded into customer operational environments. If you heard earlier in the call, I mentioned AI and sovereignty. Sovereignty, some of it means that customers want on-prem deployment. So it could be that they will go for a subscription agreement, but still it will be on-prem.

所以我們轉向訂閱的速度比預期更快，但仍有相當大一部分是永久授權。同時也很重要的一點是，無論合約結構是訂閱或永久授權，我們的解決方案都深度整合並嵌入客戶的營運環境中。如果你在電話會議前面有聽到，我提到了AI與主權。主權其中一部分的意思是，客戶希望採用地端（on-prem）部署。因此，他們可能會選擇訂閱協議，但仍然會是地端部署。

That is usually what happens. So subscription is something that gives the customers flexibility while being able to run faster in terms of technology and make sure that they maintain advantages versus the adversary. So that is the rationale of moving to subscription for customers.

通常就是這樣。因此，訂閱能讓客戶在技術上更快推進、並確保他們維持相對於對手的優勢，同時也提供彈性。這就是客戶轉向訂閱的理由。

Our view is that if we were at the same pace as last year, for example, selling perpetual versus subscription, or the mix is not changing, we would see a few percentage points more in growth rate. So I think that it is great news that we maintain the top-line growth outlook, while more of the revenue is coming from recurring. This is, I think, a good indication that the market is growing faster than it looks in the numbers, and the predictability and the visibility are improving over time. It is reflected in the recurring, it is reflected in the software mix, and it is also reflected in the profitability levels. So I think that the business is improving.

我們的看法是，如果我們維持與去年相同的節奏，例如銷售永久授權相對於訂閱的節奏，或產品組合沒有改變，我們的成長率會多出幾個百分點。因此我認為這是個好消息：在更多營收來自經常性收入的同時，我們仍維持營收（top-line）成長展望。我認為這也很好地顯示，市場成長速度其實比數字看起來更快，而可預測性與能見度也會隨時間改善。這反映在經常性收入上、反映在軟體組合上，也反映在獲利水準上。所以我認為這項業務正在改善。

Great. Thank you, guys.

太好了。謝謝各位。

Thanks, Matthew.

謝謝你，Matthew。

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

謝謝。我這邊顯示目前Q&A佇列中沒有其他問題。我現在把電話會議交回給Dean，請他做結語。

Thank you, Livia, and thank you all for participating in today's call. 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，Livia，也謝謝各位參與今天的電話會議。若您有任何問題，歡迎隨時與我聯繫，我們期待在下個季度再次與各位交流。

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

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。