Intapp, Inc. (INTA) 2026 Q4 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Intapp fiscal fourth-quarter 2026 webcast. (Operator Instructions)

各位好。感謝各位加入，歡迎收看 Intapp 2026 會計年度第四季網路直播。（接線員指示）

I will now hand the conference over to David Trone, Senior Vice President, Investor Relations. Please go ahead.

現在我將把會議交給投資人關係資深副總裁 David Trone。請開始。

Thank you. Welcome to Intapp's fiscal fourth-quarter and year-end 2026 financial results. On the call with me today are John Hall, Chairman and CEO of Intapp; and David Morton, Chief Financial Officer.

謝謝。歡迎參加 Intapp 2026 會計年度第四季及全年財務業績說明。今天與我一同出席的有 Intapp 董事長兼執行長 John Hall，以及財務長 David Morton。

During the course of this conference call, we may make forward-looking statements regarding trends, strategies, and the anticipated performance of our business, including guidance provided for our fiscal first quarter and full year 2027.

在本次電話會議過程中，我們可能會就趨勢、策略以及本公司業務的預期表現發表前瞻性陳述，包括我們對 2027 會計年度第一季及全年所提供的指引。

These forward-looking statements are based on management's current views and expectations, entail certain assumptions made as of today's date, and are subject to various risks and uncertainties, including those described in our SEC filings and other publicly available documents that are difficult to predict and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Intapp disclaims any obligation to update or revise any forward-looking statements, except as required by law.

這些前瞻性陳述係基於管理層目前的觀點與預期，包含截至今日所作的若干假設，並受多項風險與不確定性影響（包括我們向 SEC 提交之文件及其他公開文件中所述者）。這些因素難以預測，且可能導致實際結果與該等前瞻性陳述所明示或暗示者出現重大差異。除法律要求外，Intapp 不承擔更新或修訂任何前瞻性陳述之義務。

Further, on today's call, we will also discuss non-GAAP metrics that we believe aid in the understanding of our financial results, including non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP diluted net income per share, free cash flow, and free cash flow margin. Our GAAP financial results, along with reconciliations of GAAP to non-GAAP financial measures, can be found in today's earnings release and supplemental financial tables, which is available on our website and as an exhibit to the Form 8-K furnished with the SEC prior to this call or a supplemental financial presentation, which is available on our website.

此外，在今天的電話會議中，我們也將討論我們認為有助於理解財務結果的非 GAAP 指標，包括非 GAAP 毛利率、非 GAAP 營業費用、非 GAAP 營業利益、非 GAAP 稀釋後每股淨利、自由現金流，以及自由現金流利潤率。我們的 GAAP 財務結果，以及 GAAP 與非 GAAP 財務衡量指標之調節表，可見於今日的財報新聞稿與補充財務表格；該等資料可於我們網站取得，並已在本次電話會議前作為 Form 8-K 的附件提交予 SEC，或可參閱我們網站上的補充財務簡報。

With that, I'll hand the conversation over to John.

接下來，我把時間交給 John。

Thanks, David. Good afternoon, everyone. Thank you for joining us. Q4 was another strong quarter, closing out a defining year for Intapp. This was the year that we took Firm AI from thesis to category. We launched Celeste, and we saw real proof that firms are ready to transform their business on it.

謝謝，David。各位下午好。感謝各位加入我們。第四季再度繳出強勁表現，為 Intapp 具有指標意義的一年畫下句點。這一年，我們將 Firm AI 從一個論點推進為一個類別。我們推出了 Celeste，也看到明確證據顯示，各家事務所已準備好以它來推動其業務轉型。

Today, I'll share our fourth-quarter and full-year results, walk through what's happened with Firm AI and Celeste since Amplify, talk about our growing ecosystem, and close with the wins that show our strategy working in the market.

今天，我將分享我們第四季與全年業績，說明自 Amplify 以來 Firm AI 與 Celeste 的進展，談談我們持續成長的生態系，最後以幾項勝利案例收尾，展現我們的策略如何在市場上奏效。

Heading into fiscal 2027, our position is strong and getting stronger. Celeste is now generally available across the highly regulated industries we serve, and I'll touch on specific wins in legal, accounting, private capital, and investment banking later in the call.

邁入 2027 會計年度，我們的態勢強勁且持續增強。Celeste 現已在我們所服務的高度監管產業全面正式推出（一般可用），我也會在稍後通話中提到在法律、會計、私募資本與投資銀行等領域的具體勝案。

Our advantage is 25 years of firm-specific data, workflows, and compliance infrastructure that a new entrant can't shortcut their way into. And our lead compounds every quarter as more firms move onto the Intapp platform. That's the foundation for the $50 billion market ahead.

我們的優勢在於 25 年累積的事務所專屬資料、工作流程與合規基礎設施，新進者無法靠走捷徑取得。而且隨著更多事務所遷移至 Intapp 平台，我們的領先優勢每一季都在加乘擴大。這就是面向未來 500 億美元市場的基礎。

Before we get to the numbers, let me start with the strategic focus that's driving it: Firm AI and Celeste. This past February at Amplify, we announced Firm AI, a category distinct from desk-level AI tools, built for the business of the firm itself.

在進入數字之前，我先從推動這些成果的策略重點談起：Firm AI 與 Celeste。今年 2 月在 Amplify 大會上，我們宣布了 Firm AI——一個不同於桌面層級 AI 工具、為「事務所本身的經營」所打造的類別。

Generic AI makes individuals faster. Firm AI makes the firm bigger. A generic assistant can help someone draft an email or summarize a document. It can't screen an inbound deal against a firm's actual investment mandate, and it can't clear a conflict because both depend on the firm's own history and methods, not something available on the open Internet.

通用 AI 讓個人更快。Firm AI 讓事務所更大。通用助理可以協助某人撰寫電子郵件或摘要文件。但它無法依據某家事務所實際的投資授權來篩選進件交易，也無法完成利益衝突審查，因為兩者都依賴事務所自身的歷史與方法，而非公開網際網路上可取得的資訊。

Take conflicts clearance. Doing it properly means checking a new matter against every related entity, every past client, every wall already in place. But a generic assistant cannot be given that access due to compliance restrictions. That's exactly where Firm AI is built to work.

以利益衝突審查為例。要做得正確，意味著必須將新案件與所有相關實體、所有過往客戶、以及所有既有的資訊隔離牆逐一比對。但由於合規限制，通用助理無法被授予那樣的存取權限。這正是 Firm AI 被設計用來發揮作用的地方。

We've spent this past year watching firms put that distinction to the test. They've run pilots with the same generic tools everyone has access to. And what they're telling us is consistent: speed at the desk doesn't show up in the firm's numbers. Follow the economics, and you can see why. Practice AI commoditizes the work. Lower delivery costs let a firm offer a lower price, and it competes for market share on that price. But everyone can do the same thing. So prices come down, and gross margins come down with them.

過去一年，我們觀察各家事務所把這項差異拿來實測。他們用每個人都能取得的同樣通用工具進行試點。而他們回饋給我們的結論一致：桌面端的速度提升，並不會反映在事務所的財務數字上。沿著經濟邏輯看，就能理解原因。執業層級的 AI 會使工作商品化。交付成本降低，讓事務所可以提供更低價格，並以價格競爭市占。但每家都能做到同樣的事。因此價格下滑，毛利率也隨之下滑。

In a highly competitive industry like the ones we serve, what actually drives any firm's growth, market share, and operating margin is everything that happens after gross margin in the firm's go-to-market and in its OpEx efficiency, the business of the firm, not the practice of it.

在我們所服務的這些高度競爭產業中，真正驅動任何一家事務所成長、市占與營業利益率的，是毛利之後所發生的一切——事務所的市場進入策略（go-to-market）與營業費用（OpEx）效率，也就是事務所的經營，而不是執業本身。

That's the gap Firm AI closes, and it's why we spent this year turning this thesis into a product.

這正是 Firm AI 所補上的缺口，也是我們今年投入把這個論點轉化為產品的原因。

Delivering Firm AI takes four layers working as one system. Coworker agents run on firm playbooks. So an agent already knows how the firm screens the deal, clears the conflict, or decides to walk away. Those agents reason from the firm's own data and institutional judgment, the real history behind every client and every engagement.

要交付 Firm AI，需要四個層次作為一個系統協同運作。同事型代理（coworker agents）依據事務所作業手冊（playbooks）運行。因此，代理已經知道事務所如何篩選交易、如何完成利益衝突審查，或如何決定放棄。這些代理會基於事務所自身資料與制度化判斷進行推理——也就是每位客戶與每次委任背後的真實歷史。

Walls for AI enforces compliance automatically, the same way every time. And it all compounds. Every decision the firm's people make trains Firm AI to get sharper the next time.

AI 的資訊隔離牆（Walls for AI）會以相同方式、每一次都自動強制執行合規。而且一切都會加乘。事務所人員所做的每一個決策，都會訓練 Firm AI 在下一次變得更精準。

A competitor might try to build any one of these layers, but they are not in a position to make all four work together as a single Firm AI system. That's the moat.

競爭對手或許能嘗試打造其中任一層，但他們無法讓四個層次作為單一的 Firm AI 系統整體協同運作。這就是護城河。

Firm AI runs on Intapp's integrated products and the data and semantic layer underneath them. All of it is now powered by Celeste. We help the firm, through its own knowledge, relationships, and methods, strengthen its own competitive advantage and compliance.

Firm AI 運行於 Intapp 的整合式產品之上，以及其下方的資料與語意層。而這一切現在都由 Celeste 驅動。我們協助事務所透過自身的知識、人脈關係與方法，強化其競爭優勢與合規能力。

You don't have to take our word for it. Shirin Veeran from Hg put it this way: The intelligence is ours, not something generic applied to Hg.

你不必只聽我們說。Hg 的 Shirin Veeran 這樣表達：智慧是我們自己的，而不是把某種通用的東西套用在 Hg 上。

Celeste screens against our actual mandate, drawing on knowledge that we've built across the firm over two decades.

Celeste 會依據我們實際的投資授權進行篩選，並運用我們在過去二十年於整個機構內建立的知識。

At Pemberton Asset Management, Vas Filippidis describes the same effect in business terms: Every minute that Celeste is saving us is being returned into value to our LPs and our clients.

在 Pemberton Asset Management，Vas Filippidis 以商業角度描述同樣的效果：Celeste 為我們節省的每一分鐘，都會回饋成為我們 LP 與客戶的價值。

Two different firms saying the same thing in their own way. Celeste reinforces what the firm already knows at the scale the firm actually needs.

兩家不同的機構，用各自的方式說著同一件事。Celeste 以事務所真正需要的規模，強化事務所既有的知識。

Celeste was in limited availability throughout Q4, and we reached general availability on July 15 after the quarter closed. Even in limited availability, it was winning competitive evaluations, and firms were already choosing it and finding value fast.

Celeste 在第四季期間處於有限可用（limited availability）狀態，並在季度結束後的 7 月 15 日達到一般可用（general availability）。即使在有限可用期間，它也在競爭性評估中勝出，各家事務所已經選擇它並迅速看到價值。

Celeste is already integrated with your firm's Intapp data, available 24/7, more efficient, lets you accomplish more than people can in less time, and enforces your compliance requirements.

Celeste 已與貴事務所的 Intapp 資料整合，全年無休 24/7 可用、更有效率，讓你在更短時間內完成超過人力所能完成的工作，並強制執行你的合規要求。

Let me highlight a few examples. BakerHostetler, an Am Law 100 firm, is adopting Celeste to streamline intake and lateral integration. In their CIO's words, there is really no true beginning or end to a workday in a law firm. Knowing that Celeste is there all the time is key.

我來強調幾個例子。BakerHostetler（Am Law 100 事務所）正在採用 Celeste，以簡化案件受理（intake）與橫向人才整合（lateral integration）。用他們 CIO 的話說，在律師事務所裡，工作日其實沒有真正的開始或結束。知道 Celeste 隨時都在，是關鍵。

A leading international law firm chose Celeste to modernize the technology and processes behind its compliance work and keep pace with new EU anti-money laundering regulations.

一家領先的國際律師事務所選擇 Celeste，以現代化其合規工作背後的技術與流程，並跟上歐盟最新的反洗錢法規。

World-leading M&A business, Alvarez & Marsal, is moving to DealCloud with Celeste through a multiphase rollout, leveraging Firm AI for competitive advantage in data capture and transaction group collaboration.

世界領先的併購（M&A）業務機構 Alvarez & Marsal，正透過多階段的導入計畫，在 Celeste 的協助下遷移至 DealCloud，並運用 Firm AI 在資料擷取與交易團隊協作上取得競爭優勢。

The pipeline is strong, the use cases are expanding, and the best is still ahead.

商機管線強勁、使用情境持續擴大，而最精彩的仍在前方。

I'll turn now to our Q4 numbers. I'm pleased to say it was another strong quarter and that now we've had 20 consecutive quarters of cloud ARR growth above 25% year over year since our 2021 IPO.

接下來我將說明我們第四季（Q4）的數據。我很高興地表示，這又是一個強勁的季度；自 2021 年 IPO 以來，我們已連續 20 個季度雲端 ARR 年增率超過 25%。

Q4 cloud ARR grew 29% year over year and now represents 84% of total ARR. We ended the quarter with more than 1,400 clients above $50,000 in ARR. Cloud net revenue retention held steady at approximately 123%. I'm proud of the Intapp team for delivering for our clients and partners and applying the expertise we've built since 2000 to serve highly regulated firms.

第四季雲端 ARR 年增 29%，目前占總 ARR 的 84%。本季末，我們的 ARR 超過 50,000 美元的客戶數超過 1,400 家。雲端淨營收留存率（net revenue retention）維持在約 123%。我為 Intapp 團隊感到自豪，他們為客戶與合作夥伴交付成果，並運用自 2000 年以來累積的專業能力，服務高度受監管的企業。

I'll turn now to our partner ecosystem, which just keeps growing stronger and is often a decisive factor in how we win. Our co-sell partners influenced roughly a third of our new logo wins for the year, contributing to approximately 35% year-over-year growth in co-sell bookings.

接下來談談我們的合作夥伴生態系，它持續變得更強大，且往往是我們贏得交易的決定性因素。本年度，我們的共同銷售（co-sell）夥伴影響了約三分之一的新客戶（new logo）成交，並帶動共同銷售訂單金額（co-sell bookings）約 35% 的年增長。

Microsoft is the clearest example. They were a co-sell partner on 8 of our top 10 deals in the fiscal year. Buyers increasingly want to transact through the Azure Marketplace because it counts toward their MAC and simplifies procurement, and that commercial alignment is accelerating deal cycles.

Microsoft 是最明顯的例子。在本財年我們前 10 大交易中，有 8 筆是由他們共同銷售。買方愈來愈希望透過 Azure Marketplace 進行交易，因為這可計入其 MAC 並簡化採購流程；這種商務上的一致性正在加速成交週期。

On the delivery side, partner-led projects nearly doubled year over year. Partner certifications grew 29% over the same period, a sign that services partners see Intapp as a platform worth investing in.

在交付端，由合作夥伴主導的專案年增近一倍。同期間，合作夥伴認證數成長 29%，顯示服務型合作夥伴將 Intapp 視為值得投資的平台。

Just after quarter end, we expanded our partnership with Moody's, bringing its credit risk, entity screening, and ownership data directly into Celeste.

在季度結束後不久，我們擴大了與穆迪（Moody's）的合作，將其信用風險、實體篩查與所有權資料直接整合至 Celeste。

For deal and risk teams across legal, private capital, and accounting, this means counterparty intelligence surfaces in the flow of their work, not outside it as a separate research step. It's a good example of how the right data partnerships extend what Celeste can do for a firm without requiring the firm to do anything differently.

對於法律、私募資本與會計領域的交易與風險團隊而言，這代表交易對手情報會在其工作流程中直接浮現，而不是作為獨立的研究步驟在流程之外進行。這很好地說明了：正確的資料合作夥伴關係，能在不要求企業改變既有作業方式的前提下，擴展 Celeste 能為企業做到的事。

Now, let's take a closer look at the industries we serve. First, legal had a strong quarter and fiscal year. At the end of the fiscal year, we served 97 of the Am Law 100. The consolidation trend continues to drive growth with our legal clients. Top firms are capturing further market share via mergers and partner laterals, and the largest firms are increasingly turning to Intapp for compliance as scaling and AML pressure push them to modernize intake and conflicts.

現在，讓我們更深入看看我們服務的產業。首先，法律產業在本季與本財年表現強勁。在財年末，我們服務了 Am Law 100 中的 97 家。整併趨勢持續推動我們法律客戶的成長。頂尖律所透過併購與合夥人橫向流動（partner laterals）進一步擴大市占；在規模擴張與反洗錢（AML）壓力推動下，最大型的律所也愈來愈轉向 Intapp 的合規解決方案，以現代化其案件受理（intake）與利益衝突（conflicts）流程。

I'll share a few legal highlights from the quarter. A global law firm chose Intake and Conflicts to establish a more integrated, scalable approach to conflicts clearance as its conflicts team grows.

我分享幾個本季法律領域的亮點。一家全球律師事務所選擇 Intake and Conflicts，以在其利益衝突團隊擴編之際，建立更整合、可擴展的利益衝突審查（conflicts clearance）方法。

Eversheds Sutherland, another global law firm, deepened its investment in time by adding Celeste functionality to accelerate its daily billable time capture and enhance time reporting firm-wide.

另一家全球律師事務所 Eversheds Sutherland，透過新增 Celeste 功能，加深其在工時（time）方面的投資，以加速每日可計費工時的擷取，並提升全所的工時報表能力。

Two Am Law 100 firms moved from on-prem to cloud in Q4. They're part of a broader wave of more than 30 cloud migrations we signed in Q4, our highest quarterly migration number ever. It's clear that firms want to run on Celeste and need the foundation to support it, and that's driving urgency.

第四季有兩家 Am Law 100 律所從地端（on-prem）遷移至雲端。它們是我們在第四季簽下的 30 多個雲端遷移案浪潮的一部分，這也是我們史上單季最高的遷移數量。很明顯，企業希望在 Celeste 上運行，並需要相應的基礎來支撐，而這正在推動更高的導入急迫性。

Next, let's turn to accounting and consulting. As private equity and consolidation reshape the accounting landscape, firms across the industry are feeling the pressure to transform, regardless of their investment status. Compliance is their starting point, but their ambitions run further to how they collaborate, win business, and compete.

接下來談會計與顧問服務。隨著私募股權與整併重塑會計產業版圖，無論是否有外部投資，整個產業的事務所都感受到轉型壓力。合規是他們的起點，但他們的企圖更進一步，延伸到如何協作、贏得業務並參與競爭。

Here are a few of the firms who turned to us this quarter for modernization.

以下是本季幾家選擇我們來推動現代化的事務所。

Whitley, an IPA Top 25 accounting firm, chose employee compliance to modernize its independence processes and establish a scalable foundation as it experiences rapid growth and an expanding attest practice.

Whitley（IPA Top 25 會計師事務所）選擇員工合規（employee compliance），以現代化其獨立性（independence）流程，並在快速成長與鑑證（attest）業務擴張之際，建立可擴展的基礎。

One of the world's largest professional services firms chose DealCloud to modernize its corporate development and M&A processes from target tracking through post-merger integration.

全球最大的專業服務公司之一選擇 DealCloud，以現代化其企業發展與併購流程，涵蓋從標的追蹤到併後整合的全流程。

Rimkus, a forensic engineering and technical consulting firm, selected Conflicts, Intake, and Time to automate and accelerate their conflicts clearance process and consolidate time capture across their global team.

法務鑑識工程與技術顧問公司 Rimkus 選擇 Conflicts、Intake 與 Time，以自動化並加速其利益衝突審查流程，並在其全球團隊間整合工時擷取。

A global accounting and advisory firm chose DealCloud with Celeste to create a central repository for their corporate finance deal data and drive efficiency and pipeline generation.

一家全球會計與諮詢公司選擇搭配 Celeste 的 DealCloud，以建立其企業財務交易資料的中央儲存庫，並提升效率與商機管線生成。

All told, for fiscal 2026, we added 20 new accounting and consulting logos. Now, 17 of the top 20 accounting firms run on Intapp.

總體而言，在 2026 財年，我們新增了 20 個會計與顧問領域的新客戶（logo）。目前，前 20 大會計師事務所中有 17 家使用 Intapp。

I'll turn now to financial services. Financial services firms have spent years accumulating proprietary intelligence, deal history, relationship networks, and investment mandates built over decades. The problem is that most of it lives in fragmented systems or in people's heads. And generic AI has no compliant way to reach it.

接下來談金融服務。金融服務機構多年來累積了專有情報、交易歷史、關係網絡，以及數十年建立的投資授權（investment mandates）。問題在於，其中大多數資訊分散在零碎的系統中，或存在人們的腦海裡。而通用型 AI 並沒有合規的方式可以觸及這些資料。

What we're seeing this quarter is firms moving decisively to change that, putting their own data to work in the front office with governed AI that knows the firm.

我們本季看到的是，企業正果斷採取行動改變這一點，透過具治理（governed）的、了解企業本身的 AI，讓自有資料在前台（front office）發揮作用。

I'll share a few highlights from the quarter. Hg, a leading software-focused PE firm, chose Celeste for their front office. Celeste screens new opportunities against Hg's actual investment mandate, drawing on comparable deals and bid-or-pass rationales built up across the firm over two decades. And it gives deal teams an always-current view of pipeline speed and deal progress without the usual reporting burden. The result is a coworker grounded in how Hg actually invests.

我分享幾個本季亮點。專注軟體領域的領先私募股權（PE）公司 Hg，為其前台選擇了 Celeste。Celeste 會依據 Hg 實際的投資授權來篩選新機會，並調用公司在過去二十年累積的可比交易與「投或不投」（bid-or-pass）決策理由。它也讓交易團隊能隨時掌握商機管線速度與交易進度，而不必承擔傳統報表的負擔。其結果是一位建立在 Hg 實際投資方式之上的「同事」。

MP Corporate Finance, an investment banking firm, chose DealCloud with Celeste to gain a fully integrated investment banking configured platform built with agentic capabilities from day 1.

投資銀行公司 MP Corporate Finance 選擇搭配 Celeste 的 DealCloud，以取得一個完全整合、為投資銀行情境配置的平台，並從第一天起就具備代理式（agentic）能力。

A private capital firm specializing in primary and secondary investments chose DealCloud to manage its full deal flow in one place.

一家專注於初級與次級投資的私募資本公司選擇 DealCloud，以在同一處管理其完整的交易流程（deal flow）。

And real assets is another area of continued momentum. Real estate and alternative investment firms are consolidating fragmented systems onto DealCloud, replacing point solutions with a single platform that connects pipelines, CRM, fundraising, and investor relations.

而實體資產（real assets）也是另一個持續動能的領域。不動產與另類投資公司正將分散的系統整併到 DealCloud 上，以單一平台取代點狀解決方案，串聯商機管線、CRM、募資與投資人關係。

I'll share some examples. [Matiska Reed], an EMEA-based real estate investment management group, is moving from a lightweight deal management tool onto DealCloud, gaining full pipeline tracking, CRM, contact management, and fundraising in one system.

我分享幾個例子。[Matiska Reed]（位於 EMEA 的不動產投資管理集團）正從輕量型交易管理工具遷移至 DealCloud，在同一套系統中獲得完整的管線追蹤、CRM、聯絡人管理與募資功能。

Domain Capital, a multi-strategy alternative investment firm, chose us to build a comprehensive investor relations solution to support its fundraising team.

多策略另類投資公司 Domain Capital 選擇我們來建置一套完整的投資人關係解決方案，以支援其募資團隊。

In prepping for this call, the team asked me if there were any anecdotes I could share with you.

在準備這通電話會議時，團隊問我是否有任何軼事可以與各位分享。

One conversation came to mind immediately. I was on the phone with the chairman of one of the law firms I mentioned earlier. He told me, I could not agree with this Firm AI strategy more. We've put so much experimentation into the practice side. You all are the first people who are really speaking to us as a business. He described Celeste as a concierge his partners can lean on, delivering all of their business services through AI.

我立刻想到一段對話。我當時正在和我先前提到的其中一家律所的董事長通電話。他告訴我：我完全同意這個 Firm AI 策略。我們在執業端投入了大量的實驗。你們是第一批真正以「企業經營」的角度和我們對話的人。他形容 Celeste 就像一位禮賓（concierge），他的合夥人可以倚賴它，透過 AI 交付所有商務服務。

That's exactly what we're building. And it's exactly what this market has been waiting for.

這正是我們正在打造的。而這也正是這個市場一直在等待的。

To our clients, partners, investors, Board, and the global Intapp team, thank you. This past quarter and year reflect your trust, hard work, and dedication.

致我們的客戶、合作夥伴、投資人、董事會以及全球 Intapp 團隊，謝謝你們。過去一季與過去一年反映了你們的信任、辛勤付出與投入。

David, over to you.

David，交給你了。

Thank you, John. Thanks to everyone for joining us today. We delivered a strong fourth quarter that closed out fiscal 2026, showcasing both steady progression during the year and significant end-of-year financial milestones.

謝謝你，John。感謝各位今天加入我們。我們交出強勁的第四季成績，為 2026 會計年度畫下句點，展現了全年穩健推進，以及年末顯著的財務里程碑。

AI bookings stepped up sequentially through the year, anchored by a record quarter, with Celeste Firm AI early adopter additions accelerating and AI now representing over 20% of net new bookings in FQ4. Cloud migrations stepped up sequentially through the year, anchored by a record quarter. 95% of our clients now have Intapp in the cloud.

AI 訂單（bookings）在全年逐季提升，並以創紀錄的一季作為支撐；Celeste Firm AI 的早期採用者新增加速，且 AI 目前在第四季淨新增訂單中占比已超過 20%。雲端遷移在全年逐季提升，同樣以創紀錄的一季作為支撐。我們目前有 95% 的客戶已在雲端使用 Intapp。

Cloud net revenue retention sustained above 120% for all four quarters of FY26, with FQ4 at 123%. Total net new ARR grew to surpass $100 million for the year, notably eclipsing the on-prem ARR base, which is now sub-$100 million as of FQ4. And free cash flow expansion translated to a new high watermark of 25% full year margin, entering the fiscal 2029 targeted range we outlined in February.

雲端淨營收留存率（NRR）在 FY26 四個季度皆維持在 120% 以上，第四季為 123%。全年淨新增 ARR 總額成長並突破 1 億美元，且明顯超越內部部署（on-prem）ARR 基礎；截至第四季，內部部署 ARR 已降至 1 億美元以下。自由現金流擴張使全年利潤率達到 25% 的新高水位，並已進入我們在 2 月所提出的 2029 會計年度目標區間。

These results reflect a business that is executing well and increasingly aligned to the AI opportunity ahead. Our thesis, AI for the business of the firm, is resonating with the market, and the market opportunity it addresses remains as large as any in enterprise software.

這些成果反映出我們的業務執行良好，並且日益與前方的 AI 機會對齊。我們的核心論點——「為事務所業務打造的 AI」——正在引起市場共鳴，而其所對應的市場機會規模，與企業軟體領域任何一個機會同樣龐大。

Just two quarters into the Celeste limited commercial availability, AI bookings doubled sequentially this quarter to over 20% of net new. Celeste Firm AI pilot monetization is building, and alongside compounding migration activity, both are reinforcing the durability of the future demand trajectory. The Celeste general availability launch just a few weeks ago kicked off fiscal 2027 with an even wider opportunity for client adoption and bookings contribution to build over the coming quarters and years.

在 Celeste 限量商業供應（limited commercial availability）推出僅兩個季度後，本季 AI 訂單（bookings）較前季翻倍，淨新增占比提升至 20% 以上。Celeste Firm AI 試點（pilot）變現正在成形，並與持續累積的遷移活動相互加乘，兩者共同強化未來需求走勢的韌性。幾週前 Celeste 正式全面上市（GA）啟動了 2027 會計年度，為客戶採用與訂單貢獻帶來更廣泛的機會，並將在未來數季與數年持續累積。

And we are executing on our profitability and capital allocation objectives. Margins are building toward our FY29 targets. We repurchased another 1 million-plus shares this quarter, and we expect to remain active, with approximately $75 million remaining under our current authorization as we enter FY27.

同時，我們也在落實獲利能力與資本配置目標。利潤率正朝 FY29 目標推進。本季我們再回購超過 100 萬股，且預期將持續積極回購；在進入 FY27 之際，依現行授權尚餘約 7,500 萬美元可用。

Shares outstanding are down meaningfully year over year, and we replaced and upsized our revolving credit facility in July, all of which underscore continued optionality as we invest into the massive agentic TAM opportunity to serve and grow with our professional firms.

流通在外股數較去年同期顯著下降；我們也在 7 月更換並擴大了循環信用額度（revolving credit facility）。這些都凸顯我們在持續投資於龐大的代理式（agentic）TAM 機會、以服務並與專業事務所客戶共同成長的同時，仍保有充足的策略彈性。

On to the FQ4 results. As we narrated at our Investor Day in February, we are broadening our SaaS taxonomy to subscription, reflecting our intent to include revenues associated with both cloud and AI as these models scale within our portfolio.

接著說明第四季（FQ4）業績。如同我們在 2 月投資人日所述，我們正在擴充 SaaS 的分類口徑，改以「訂閱（subscription）」呈現，反映我們的意圖：隨著雲端與 AI 模式在產品組合中擴大，將兩者相關收入一併納入。

Subscription revenue was $115 million, up 27% year over year, and surpassed three quarters of total revenue. Strong enterprise-driven cloud NRR cadence, AI incrementality, new 50,000-plus client wins, and cloud conversions continue to drive subscription growth and mix shift.

訂閱收入為 1.15 億美元，年增 27%，並已超過總收入的四分之三。由企業客戶帶動的雲端 NRR 強勁節奏、AI 增量貢獻、新增 50,000 美元以上客戶贏單，以及雲端轉換，持續推動訂閱成長與組合占比提升。

License revenue was $23.9 million, down 25% year to year, indicative of the ramping imperative with which clients are executing the consolidation of their Intapp footprint in the cloud. Migration decision timelines are shifting from intermediate deferral in a cloud-preferred world to near-term action for an agentic-first future. As clients prepare for that transition, many are shortening on-prem contract durations to one year or less ahead of their cloud move.

授權收入為 2,390 萬美元，年減 25%，顯示客戶正以更強的推進力加速在雲端整合其 Intapp 使用版圖。在偏好雲端的世界中，遷移決策時程正從中期延後轉向近期行動，以迎接「代理式優先（agentic-first）」的未來。在為該轉型做準備時，許多客戶在移轉至雲端前，將內部部署合約期限縮短至一年或更短。

Together, these dynamics compress near-term license revenue while reinforcing the migration pipeline that underpins our subscription growth outlook.

綜合而言，這些動態在短期內壓縮授權收入，但同時強化支撐我們訂閱成長展望的遷移管線。

Professional services revenue totaled $13.6 million, up 5% year over year as we continue to leverage the scale of our services partner ecosystem for implementation support.

專業服務收入合計 1,360 萬美元，年增 5%；我們持續運用服務合作夥伴生態系的規模，提供導入支援。

Total revenue was $152.5 million, up 13% year to year. Our partner co-sell momentum continued this quarter with joint engagement on half of the 10 largest deals. Microsoft co-sell in particular strengthened as the year progressed, streamlining marquee deals across verticals via greater Azure Marketplace and MAC alignment.

總收入為 1.525 億美元，年增 13%。本季我們的合作夥伴共同銷售（co-sell）動能持續，前 10 大交易中有一半為共同參與。尤其是與 Microsoft 的共同銷售在年度進程中持續增強，透過更高程度的 Azure Marketplace 與 MAC 對齊，促成跨垂直領域的指標性交易更為順暢。

On the product side, we made progress delivering on our road map to extend the Celeste platform via partner integration with new data provider MCPs. We are excited to have announced Moody's as the latest. And during our Celeste GA launch event, we signaled additional connector partnerships coming in the quarters ahead.

在產品方面，我們在推進路線圖上取得進展，透過與新的資料供應商 MCP 進行合作夥伴整合，延伸 Celeste 平台。我們很高興宣布 Moody's 成為最新合作夥伴。並且在 Celeste GA 上市活動中，我們也預告未來幾個季度將有更多連接器（connector）合作夥伴加入。

Non-GAAP gross margin was 79.4%, up from 78% a year ago, driven by scaling cloud mix as well as improvement into positive professional services gross profit. This trajectory keeps us on track toward our FY29 margin targets.

非 GAAP 毛利率為 79.4%，高於去年同期的 78%，主要受惠於雲端占比擴大，以及專業服務毛利改善轉為正值。此一走勢使我們持續朝 FY29 毛利率目標邁進。

Non-GAAP operating expenses were $86.8 million compared to $84 million in the prior-year period, driven by continued investment in go-to-market capacity and pipeline generation in support of the Firm AI long-term opportunity.

非 GAAP 營業費用為 8,680 萬美元，去年同期為 8,400 萬美元，主要因持續投資於市場拓展（go-to-market）產能與管線生成，以支持 Firm AI 的長期機會。

Non-GAAP operating income was $34.3 million, up from $21.3 million last year, reflecting leverage across cost of revenue and all of operating expense lines.

非 GAAP 營業利益為 3,430 萬美元，高於去年的 2,130 萬美元，反映我們在營收成本以及各項營業費用線上皆實現規模效益。

Non-GAAP diluted EPS was $0.41 compared to $0.27 a year ago. Free cash flow was $45.9 million, up over 20% year over year, and we ended FQ4 with $162.8 million in cash and cash equivalents.

非 GAAP 稀釋後每股盈餘（EPS）為 0.41 美元，去年同期為 0.27 美元。自由現金流為 4,590 萬美元，年增超過 20%；第四季末我們持有現金及約當現金 1.628 億美元。

Cloud ARR grew 29% year over year to $495.7 million, and total ARR increased 22% to $590.5 million. Cloud ARR growth reflects continued strong expansion dynamics within a larger and more mature install base, with NRR sustained at 123% and migration activity at a record pace.

雲端 ARR 年增 29% 至 4.957 億美元，總 ARR 年增 22% 至 5.905 億美元。雲端 ARR 成長反映在更大且更成熟的安裝基礎（install base）中，持續強勁的擴張動能；NRR 維持在 123%，遷移活動亦以創紀錄的速度推進。

Total remaining performance obligations were $833 million, up 16% year over year, with on-premise RPO presenting a headwind to the overall growth rate reflecting cloud migrations and implied EOL dynamics as described in the license revenue line.

剩餘履約義務（RPO）總額為 8.33 億美元，年增 16%；其中內部部署（on-premise）RPO 對整體成長率形成逆風，反映雲端遷移以及如授權收入項下所述的隱含 EOL 動態。

We grew our $1 million-plus ARR client base to 142 from 109 in the prior year, 30% year-over-year growth, with corresponding ARR in that cohort growing 40% year over year. This is an increasingly important indicator of the depth of our enterprise penetration.

我們的 100 萬美元以上 ARR 客戶數由去年同期的 109 家成長至 142 家，年增 30%；該客群對應的 ARR 亦年增 40%。這是衡量我們企業客戶滲透深度日益重要的指標。

Clients generating at least $100,000 in ARR reached 897, the fourth-consecutive quarter of more than 100 net adds year over year. We exited the quarter with over 1,400 clients at $50,000-plus ARR.

ARR 至少 10 萬美元的客戶數達到 897 家，連續第四個季度年增淨新增超過 100 家。本季結束時，ARR 5 萬美元以上的客戶超過 1,400 家。

For the full fiscal year results, subscription revenue was $422.8 million, up 27% year over year, driven by our cloud land, expand, and migration motions. License revenue was $103.4 million, down 14% year over year, substantially in line with our expectations communicated a year ago. This reflects deepening institutionalization of our cloud migration motion, with limited multiyear on-prem renewals, particularly in the second half of the year.

就全年業績而言，訂閱收入為 4.228 億美元，年增 27%，主要由我們在雲端的落地（land）、擴張（expand）與遷移（migration）動作所帶動。授權收入為 1.034 億美元，年減 14%，與我們一年前所溝通的預期大致一致。這反映我們的雲端遷移動作日益制度化，多年期內部部署續約有限，尤其在下半年更為明顯。

Professional services revenue was $51.6 million, approximately flat year over year, and representing 9% of total revenue. The build-out of our Intapp-certified services partner organization to over 1,000 strong is allowing greater opportunity for efficient co-delivery. Partner-led implementations were up nearly 2x year over year.

專業服務收入為 5,160 萬美元，年比約持平，占總收入 9%。我們將 Intapp 認證的服務合作夥伴組織擴展至超過 1,000 人，使共同交付（co-delivery）更有效率、機會更大。由合作夥伴主導的導入案年增接近 2 倍。

Total revenue was $577.8 million, up 15% year over year. Non-GAAP gross margin was 78.5% compared to 77.3% in the prior year. Non-GAAP operating income was $108.6 million, up from $75.6 million in the prior year, representing approximately 4 points of margin expansion.

總營收為5.778億美元，年增15%。非GAAP毛利率為78.5%，相較於前一年的77.3%。非GAAP營業利益為1.086億美元，高於前一年的7,560萬美元，約代表毛利率擴張4個百分點。

Non-GAAP EPS was $1.27, up from $0.94 in the prior year. Free cash flow was $144.7 million, or 25% of total revenue, marking our entry into the FY29 targeted range we outlined in February and reflecting the operating leverage embedded in our model.

非GAAP每股盈餘（EPS）為1.27美元，高於前一年的0.94美元。自由現金流為1.447億美元，約占總營收的25%，標誌著我們進入2月所概述的FY29目標區間，並反映出我們模型中內嵌的營運槓桿。

Share repurchases for the year totaled 8.4 million shares, and diluted share count declined 8% year over year to 78 million shares. At the end of FQ4, approximately $75 million remained under our current repurchase authorization.

本年度股票回購合計840萬股，稀釋後股數年減8%至7,800萬股。在FQ4期末，我們目前的回購授權額度下仍剩約7,500萬美元。

Turning to our guidance, our FY27 outlook is grounded in three compounding drivers: the continued velocity of cloud subscription growth, the step-up in Celeste monetization and general availability as it expands our addressable base well beyond the early adopter cohort, and the ongoing operating leverage in our model.

接著談我們的財測，我們對FY27的展望建立在三個相互疊加的驅動因素之上：雲端訂閱成長動能的持續加速、Celeste變現能力的提升與在擴大可服務市場（遠超早期採用者族群）過程中的全面上市（GA），以及我們模型中持續釋放的營運槓桿。

Firm AI adoption is still early, but the demand signal from firm leaders, the GA launch momentum, and the pipeline we are entering the year with gives us confidence in both the near-term guide and longer-term trajectory toward the $1 billion in ARR.

企業對AI的採用仍處於早期，但來自企業領導者的需求訊號、GA上市的動能，以及我們在年初所掌握的銷售管線，使我們對短期指引與邁向年經常性收入（ARR）10億美元的長期軌跡都充滿信心。

For the first quarter of fiscal 2027, we expect subscription revenue between $123.7 million and $124.7 million; total revenue between $159.3 million and $160.3 million; non-GAAP operating income between $33.4 million and $34.4 million; and non-GAAP EPS between $0.39 and $0.41 based on approximately 79 million diluted shares.

對於2027會計年度第一季，我們預期訂閱營收介於1.237億至1.247億美元；總營收介於1.593億至1.603億美元；非GAAP營業利益介於3,340萬至3,440萬美元；非GAAP每股盈餘介於0.39至0.41美元，係以約7,900萬股稀釋後股數為基礎。

For the full fiscal year of 2027, we expect subscription revenue between $528.7 million and $532.7 million; total revenue between $656.5 million and $660.5 million; non-GAAP operating income between $134.7 million and $138.7 million; and non-GAAP EPS between $1.58 and $1.62 based on approximately 81 million diluted shares.

對於2027會計年度全年，我們預期訂閱營收介於5.287億至5.327億美元；總營收介於6.565億至6.605億美元；非GAAP營業利益介於1.347億至1.387億美元；非GAAP每股盈餘介於1.58至1.62美元，係以約8,100萬股稀釋後股數為基礎。

Thank you. And I'll now turn the call back to the operator.

謝謝。接下來我把電話交回給接線員。

(Operator Instructions) Kevin McVeigh, UBS.

(接線員指示) UBS 的 Kevin McVeigh。

Great. Thanks so much, and congratulations really on just terrific results and outlook for next year.

很好。非常感謝，也恭喜你們取得非常出色的業績，以及對明年的展望。

I guess you had a couple of interesting comments on the AI bookings doubling sequentially, and then ultimately, some of the license and sales slowing, and as expected, as people shift more to kind of cloud and things. But you're seeing a ton of leverage in the model, too. Maybe also help us understand where some of that leverage is coming from to offset the lost license revenue. And that AI bookings, is that a result on the Firm initiative as opposed to anything else? Just maybe help us understand that a little bit because it's obviously really nice to see.

我想你們提到幾個很有意思的點：AI訂單（bookings）季比翻倍，然後最終看到部分授權與銷售放緩，這也符合預期，因為大家更多轉向雲端等。但你們也在模型中看到很大的槓桿效應。也許請幫我們理解，這些槓桿主要來自哪裡，以抵消流失的授權營收。另外，AI訂單的成長，是來自於Firm計畫（initiative），而不是其他因素嗎？請再幫我們多解釋一下，因為看到這樣的表現確實很不錯。

Thanks, Kevin. I'll get on some of the --

謝謝你，Kevin。我先回應其中一些--

Go ahead. Sorry, John.

你先請。抱歉，John。

First of all, we had Celeste, our agentic offering, in limited availability for all oFQ4. So we had some very good uptake, even in limited availability. And we released it based on that experience into general availability July 15. So that will start our new fiscal year 2027 with that broadly available.

首先，Celeste，也就是我們的代理式（agentic）產品，在整個FQ4都處於有限可用（limited availability）。因此即使在有限可用的情況下，我們也看到非常好的採用情況。基於那段經驗，我們在7月15日將其發布為全面上市（general availability）。因此在新的2027會計年度開始時，它將可被廣泛使用。

Within that, there was tremendous response, particularly from senior people at the firms who really responded to the Firm AI strategy. So we had a lot of positive feedback from our clients and our prospects on what we're doing with Celeste and how we're positioning that. That's sort of the big message for Q4.

在這之中，反應非常熱烈，特別是來自企業內部的資深人士，他們對Firm AI策略的回應非常正面。因此，我們從客戶與潛在客戶那裡，對於我們在Celeste上的作為以及我們如何定位它，收到了大量正向回饋。這大概就是Q4的核心訊息。

And then, Dave, do you want to talk about some of the numbers?

接著，Dave，你要不要談談一些數字？

Yeah, sure thing. And thanks, Kevin. I mean, we've worked really hard through the year driving operational leverage facilitated vis-à-vis our successes on the top line.

好，當然。也謝謝你，Kevin。我的意思是，我們整年都非常努力推動營運槓桿，而這也得益於我們在營收端（top line）的成功。

Clearly, our SaaS attribution continues to be first and foremost. We finally punched through three quarters of revenue being SaaS, and so that's quite a success factor. And what you're also seeing is the whole on-prem finally taking a foothold to cloud. So you're seeing a little uptick there.

很明顯地，我們的SaaS占比仍然是最重要的。我們終於突破SaaS營收占比達到四分之三，因此這是一個相當關鍵的成功因素。另外你也看到，整體本地部署（on-prem）最終開始向雲端轉移並站穩腳步。因此你會看到那裡有一些小幅上升。

Obviously, our services, we got some margin accretion from what they provided in the past that offered some leverage. And then just our continued performance below the line.

當然，我們的服務業務，相較於過去所提供的內容，我們獲得了一些毛利提升（margin accretion），也帶來了一些槓桿。此外就是我們在營業利益以下項目（below the line）的持續表現。

G&A continues to be a great contributor of efficiency, and there's still more to be had. Our sales and marketing, we're driving our cost of acquisition down all through the rate of pace of our product innovation, and all that being said contributed to our end-of-year results. So we're quite excited about how this leads into our FY27 guide.

一般與行政費用（G&A）持續是效率提升的重要貢獻者，而且仍有進一步改善空間。在銷售與行銷方面，我們透過產品創新加速的節奏，持續降低獲客成本；綜合以上，促成了我們年末的成果。因此，我們對這如何帶動FY27指引感到非常振奮。

That's super helpful. Then, John, I think in times past you've talked about, as you close out the year, some of the bigger accomplishments. Any thoughts just over the course of, obviously, there's been a lot, but anything you want to call out to investors here?

這非常有幫助。接著，John，我記得過去你在年度結束時，常會談到一些較大的里程碑。有沒有什麼想法——顯然今年發生很多事——但有沒有特別想對投資人點出的重點？

Yes, fiscal 2026 was a big year for the company. The first is obviously the launch of Celeste and the establishment of the Firm AI strategy broadly.

是的，2026會計年度對公司而言是重要的一年。第一個當然是Celeste的推出，以及Firm AI策略在更廣泛層面的建立。

We have multiple offerings that feature our Celeste agentic technology now. So Celeste for the firm that we've been emphasizing, but also Celeste within our existing offerings. So DealCloud with Celeste, compliance with Celeste, time with Celeste. It's an opportunity to bring the agentic experience across the entire firm's platform. So a huge achievement for the team to bring together years of AI work into this level of comprehensive value proposition for client firms.

我們現在已有多項產品提供以Celeste代理式技術為特色的功能。因此除了我們一直強調的「Celeste for the firm」，也把Celeste整合到既有產品中。例如：搭載Celeste的DealCloud、搭載Celeste的合規（compliance）、搭載Celeste的工時（time）。這讓我們有機會把代理式體驗帶到整個企業平台的各個面向。因此，團隊能把多年AI投入整合成如此全面、能為客戶企業帶來價值的主張，是一項巨大的成就。

We've had some very significant client wins. We've emphasized that 70% of our TAM, this $50 billion agentic TAM, is in the top 2,000 accounts. And each quarter of this year, we were able to make some meaningful new wins in the very largest of enterprise accounts.

我們也拿下了一些非常重要的客戶勝利。我們強調過，我們TAM的70%——也就是這個500億美元的代理式TAM——集中在前2,000大客戶。而在今年的每一季，我們都能在最大型的企業客戶中取得一些具意義的新勝利。

And then Dave shared with you the progress we made in the $1 million accounts, in addition to the $100,000 accounts, which was a very significant acceleration. We're excited about what's happening there, plus what they're buying once they land, how they're growing as accounts.

此外，Dave也和你分享了我們在100萬美元級客戶上的進展，並且還包括10萬美元級客戶，這是一個非常顯著的加速。我們對那裡正在發生的事情感到興奮，也包括他們在導入後會購買什麼、以及他們作為客戶帳戶如何成長。

And then we made some very important talent moves. As the company grows and is able to serve these larger firms with this agentic value proposition, it's important that we continue to build out the team and the skills, both on the product side and the go-to-market side, to support the growing engagement.

另外，我們也做出了一些非常重要的人才布局。隨著公司成長，並能以這個代理式價值主張服務更大型的企業，持續擴充團隊與技能（無論在產品端或市場推進端）以支援不斷增加的互動與投入，變得非常重要。

I've been thrilled with the talent that has come into the company over the past year and is setting us up for this commitment we have to $1 billion or more.

我對過去一年加入公司的優秀人才感到非常振奮，他們正讓我們為達成對10億美元或以上的承諾做好準備。

Very clear. Thank you.

非常清楚。謝謝。

Alexei Gogolev, JPMorgan.

JPMorgan 的 Alexei Gogolev。

Hi, this is Bella Camaj on for Alexei Gogolev. Thanks for taking our questions. So on the 30-plus migrations that you signed in Q4, can you comment on the mix by vertical or product?

嗨，我是 Bella Camaj，代替 Alexei Gogolev。感謝讓我們提問。關於你們在第四季簽下的 30 多個遷移案，能否談談按產業別或產品別的組合情況？

And as you think about the portion of the remaining on-prem base, could you quantify what's remaining and what the main gating factors currently are?

另外，談到剩餘的本地部署（on-prem）客戶基礎，你能否量化目前還剩多少，以及目前主要的卡關因素是什麼？

Thanks, Bella. We haven't given specific splits of that historically, but we have said that the company began serving the legal industry. So in the time that we were doing an on-prem business, it was mostly in legal. So that's pretty clear. So most of what we're talking about when we talk about these cloud migrations are some of our earliest clients who have been with us for a long time and have grown with us.

謝謝你，Bella。我們過去並沒有對外提供那方面的具體拆分，但我們確實提過，公司最早是服務法律產業起家。因此在我們經營本地部署業務的那段時間，主要都在法律領域。這點相當明確。所以當我們談到這些雲端遷移時，多數指的是一些最早期、與我們合作很久、並且一路跟著我們成長的客戶。

Now, almost all of them have cloud also from us. So it's really a question of migrating their remaining on-prem applications into our cloud environment so that they can get access to Celeste and AI. And that's the core driver that is enabling a lot of them to make the project plan internally this year to move and to move quickly so they can get access to Firm AI. So it's a really great value proposition for them.

現在，他們幾乎也都已經採用我們的雲端服務。所以真正的問題是，把他們剩餘的本地部署應用遷移到我們的雲端環境，讓他們能使用 Celeste 和 AI。而這正是核心驅動力，促使很多客戶今年在內部制定專案計畫來遷移，而且要快速遷移，因為他們想要使用 Firm AI。所以對他們而言，這是一個非常好的價值主張。

Got it. That makes sense. Another quick follow-up. As you continue to scale agentic workflows, especially with Celeste being generally available to customers now, what did you see in 4Q around token usage and costs, and what controls are in place as you think about measurable cost containment and protecting margins?

了解。這很合理。再追問一個很快的問題。隨著你們持續擴大 agentic 工作流程的規模，尤其是 Celeste 現在已對客戶全面可用（generally available），你們在第四季看到的 token 使用量與成本表現如何？以及在可衡量的成本控管與保護毛利方面，有哪些控制機制？

Yes, this is obviously a topic that the whole industry is talking about. We have a lot built into Celeste that should help to manage this question. We're doing, with our limited availability clients, a lot of study. Where is the usage? What is the cost structure? How is that going from a token consumption standpoint? On the one hand, we want a lot of adoption, and we're excited to see it.

是的，這顯然是整個產業都在討論的議題。我們在 Celeste 裡建了很多機制，應該能協助管理這個問題。我們也正在與有限可用（limited availability）的客戶做大量研究。使用量集中在哪裡？成本結構是什麼？從 token 消耗的角度來看，趨勢如何？一方面，我們希望有大量採用，也很高興看到這點。

On the other hand, we've done a lot in Celeste to actually manage tokenomics of the workflow solutions in a way that I think the CIOs of the firms and the COOs of the firms are showing a lot of positive feedback about because we've incorporated all the firm's existing data in a way that we don't have to run every single query through every single external call to really drive token burn as if that's the end goal. The end goal is to create the business outcome for the clients in a modern, agentic way and in a compliant way. And there's a lot in the architecture that has helped to address this.

另一方面，我們在 Celeste 上也做了很多工作，實際上是以一種我認為律所的 CIO 與 COO 都給予很多正面回饋的方式，來管理工作流程解決方案的 token 經濟（tokenomics）。因為我們把律所既有的所有資料以一種方式整合進來，使我們不必把每一個查詢都透過每一次外部呼叫來處理，彷彿目標就是盡可能燃燒 token。目標是以現代化、agentic 且合規的方式，為客戶創造業務成果。而在架構上有很多設計，已經有助於解決這個問題。

Celeste is also model-agnostic. So as the world evolves and the folks who are delivering some of the foundational AI technology evolve and the competition evolves in that part of the industry, we're able to roll out agentic workflows in Celeste that allow people to choose the model or the provider that fits them, including from a cost perspective.

Celeste 也是模型不可知（model-agnostic）的。因此，隨著世界演進、提供基礎 AI 技術的業者持續進化、以及該產業環節的競爭加劇，我們能在 Celeste 中推出 agentic 工作流程，讓使用者選擇最適合他們的模型或供應商，也包含從成本角度的考量。

So I think I'm very excited and impressed with the architecture that was put underneath Celeste with a lot of client input, by the way. A lot of what we did in building out Celeste was based directly on feedback from the CIOs in our marketplace who've worked with us for years and who had enough trial experience with some of the systems that this started to become an issue and a question. And the way that Celeste has been designed is just brilliant. So I'm very excited about how this is going to go.

所以我對 Celeste 底層所打造的架構感到非常興奮，也非常印象深刻，而且順帶一提，這裡面有大量客戶的意見。我們在建置 Celeste 時做的很多事情，都是直接基於我們市場中那些與我們合作多年的 CIO 的回饋；他們對一些系統已有足夠的試用經驗，因此這開始成為一個議題與問題。而 Celeste 的設計方式真的非常出色。所以我對接下來的發展非常期待。

That's very helpful. Thank you, and congrats on the quarter.

這非常有幫助。謝謝，也恭喜你們這一季的表現。

Parker Lane, Stifel.

Parker Lane，Stifel。

Hey, guys. Good afternoon. Thanks for taking the question. John, clearly a lot of adoption here in the early days of Celeste. I'm curious, in the conversations that you're having with customers and you're talking about the ROI calculation of AI from both you and other providers out there, where are they seeing the budget coming from? Are they primarily looking at this as an unlock of the existing headcount they have today, as an opportunity to drive revenue? Just curious what feedback you're getting from those early adopters.

嗨，各位。下午好。謝謝讓我提問。John，很明顯 Celeste 在早期就有很多採用。我好奇的是，在你們與客戶的對話中，當你們談到來自你們以及其他供應商的 AI 投資報酬（ROI）計算時，他們認為預算主要會從哪裡來？他們主要把這視為釋放現有的人力編制、或是推動營收成長的機會嗎？想了解你們從這些早期採用者那裡得到的回饋。

Thanks, Parker. There's a couple sources. So at one level, there is an IT budget that we've always called on that has shifted a lot of its priority towards AI spend. So that's available to us as it always has been.

謝謝你，Parker。來源大概有幾個。第一個層面是 IT 預算；我們一直以來都會接觸這塊預算，而它的優先順序已經有很大一部分轉向 AI 支出。所以這對我們而言一如既往是可用的。

The second piece is a new AI budget that many of the firms are creating to make sure that they stay competitive and don't get left behind in this AI moment. So that can be anywhere from 1% to 2% of revenue that firms are putting in new just to make sure that they keep up with AI.

第二個部分是許多事務所正在建立新的 AI 預算，以確保他們保持競爭力，不會在這波 AI 浪潮中落後。這可能約占營收的 1% 到 2%，是事務所新增投入、用來確保能跟上 AI 的預算。

And then the big third one is what you're pointing out here. For the first time with the agentic value proposition, the firms can move out of a pure technology budget and look at the traditional labor budgets.

第三個、也是最大的來源，就是你剛剛指出的這點。隨著 agentic 的價值主張首次出現，事務所可以不再只從純科技預算出發，而是把目光投向傳統的人力成本預算。

And one of the things that we've emphasized in the Firm AI story is how much of the firm's operating expenses spend has traditionally gone to business services functions or to time that the market-facing professionals are spending doing business services-related activities to manage their funds or their deals or their matters or their engagements.

而我們在 Firm AI 故事中強調的一點是：事務所的營運費用中，過去有很大一部分花在商務服務（business services）職能上，或是面向市場的專業人士花時間做與商務服務相關的工作，以管理他們的資金、交易、案件（matters）或委任（engagements）。

And just the hard spend on business services people can be 15%, 20%, 25% of the firm spend. And then if you add the percentage of time, particularly that the senior people, the most expensive people, have to bear working to manage their relationships with the clients, pursuit of new clients, their business development activities, the compliance oversight responsibilities that they have for the business management, it's a very significant percentage of the firm's revenue overall.

而僅就商務服務人員的硬性支出而言，就可能占事務所支出的 15%、20%、25%。再加上時間成本，特別是資深人士、也就是最昂貴的人，必須投入時間來維繫與客戶的關係、開發新客戶、進行業務拓展活動，以及他們在業務管理上所承擔的合規監督責任，這在整體上占事務所營收的比例非常可觀。

And that entire space is not what the practice AI tools historically had been rolled out over the past few years to address. This is a wide-open space that has some very unique characteristics, not the least of which is the compliance requirements to work with all the information and the people there.

而這整個領域，並不是過去幾年那些實務（practice）AI 工具在推出時所要解決的範圍。這是一個非常開放的空間，具有一些非常獨特的特性，其中最重要的之一就是：要處理那裡的所有資訊與人員，必須符合合規要求。

And so the Firm AI strategy is about unlocking the efficiency potential and the increased growth potential of the firm that comes if you're able to leverage their history in a compliant way to help them pursue new business with the most efficient, agentic platform underneath them. It really resonates with the managing partners, the managing directors, the heads of strategy, or heads of operations of these firms. And so it's a really winning value proposition that people are responding to with Celeste.

因此，Firm AI 策略的核心，是在合規的前提下運用他們的歷史資料，藉由底層最有效率的 agentic 平台，釋放事務所的效率潛力與成長潛力，協助他們追求新業務。這點非常能引起管理合夥人、執行董事、策略主管或營運主管的共鳴。所以這是一個非常成功的價值主張，大家對 Celeste 的反應也很正面。

Thanks for the feedback there, John. And maybe given how wide the opportunity is here, how is that changing the competitive set that you're facing today versus maybe two, three years ago before agentic AI was a big topic? Are you seeing a lot more of these AI-native players trying to get a piece of this pie? Is it a relatively similar set of incumbents that are bringing their own functionality? Just curious, when you do those evaluations around Celeste, who's coming to the show there?

謝謝你分享這些回饋，John。另外，考量到這裡的機會如此廣泛，這是否正在改變你們目前面對的競爭組合，相較於兩三年前、在 agentic AI 還不是熱門話題之前？你們是否看到更多 AI 原生（AI-native）的玩家想分一杯羹？還是競爭者仍大致是相同的一批既有業者，只是帶著他們自己的功能進來？我想了解的是，當你們針對 Celeste 進行這些評估時，究竟有哪些對手會出現在競爭場上？

So there are three categories that are selling into these firms now. One is the horizontal AI group. One are the practice AI tools. So those two are both desk-oriented tools for the individual. And there's a lot of opportunity and a lot of value in them to help the individuals at the desk become more productive.

所以目前有三大類別正在向這些事務所銷售。第一類是橫向（horizontal）AI 團隊。第二類是實務（practice）AI 工具。因此這兩類都是面向個人、以桌面工作為導向的工具。它們有很大的機會與價值，能幫助桌前的個人提升生產力。

The third category is this Firm AI category that we've defined that addresses the business side of the firm distinctly. And there is some opportunity for us to have competition in that space from the horizontal players or the practice players or the traditional enterprise software players, of course.

第三類是我們所定義的「事務所 AI（Firm AI）」類別，明確地針對事務所的業務面向。當然，在這個領域我們也可能面臨來自橫向玩家、實務玩家或傳統企業軟體玩家的競爭。

But if you actually talk to the senior people, as I mentioned in the quote from one of the chairmen of the firm that we mentioned in the script, they really see us as the people who understand the business side of the firm because we have provided all of the infrastructure and systems and data that they've used to build the firm over these past 20 years. And we have a right to win there.

但如果你真的去和資深人士交流，正如我提到的、我們在講稿中引用的某位事務所董事長的話，他們確實把我們視為最了解事務所業務面向的人，因為在過去 20 年裡，我們提供了他們用來打造事務所的所有基礎架構、系統與資料。而我們有權利在那裡勝出。

So we're always paying attention to competition, but I think this Firm AI strategy is unique, and we have an ability to go win a significant portion of the firm spend and upgrade the firm to a much better-run firm using agentic technology with a Firm AI strategy.

所以我們一直關注競爭，但我認為這個 Firm AI 策略是獨特的；我們有能力在事務所支出中贏得相當可觀的一部分，並透過採用代理式（agentic）技術、以 Firm AI 策略把事務所升級為營運更佳的組織。

Got it. Thanks.

了解。謝謝。

Saket Kalia, Barclays.

Saket Kalia，巴克萊。

Okay, great. Hey, guys. Thanks for taking my questions here. John, I'd love to dig into Celeste a little bit more. And maybe just on that, picking up on that great anecdote that you have in the script, which kind of speaks to the value that Celeste is providing. I guess maybe the question is, first of all, understanding that the tool just became generally available, so it's early. But what have you seen in terms of monetization?

好的，很棒。嗨，各位。謝謝讓我在這裡提問。John，我想再深入聊一下 Celeste。也許就從你在講稿裡那個很棒的案例談起，它某種程度上說明了 Celeste 正在提供的價值。我想問題是，首先，理解這個工具才剛全面上市，所以還很早期。但你們在變現（monetization）方面看到了什麼？

And whether that's added run rates to existing run rates, however you think about monetization, again, understanding that it's early, I'm curious what your early observations are.

以及不論是對既有 run rate 的增量、或你們如何看待變現——同樣理解還在早期——我很好奇你們的初步觀察是什麼。

Thanks, Saket. Yes, during the limited availability period, we had a chance to work with quite a few firms across the industries that we target: legal, accounting, consulting, investment banking, private capital. And one of the things that we saw was that the Celeste and Firm AI value proposition speaks to a more senior buyer.

謝謝你，Saket。是的，在有限可用期間，我們有機會與我們鎖定的多個產業中的不少事務所合作：法律、會計、顧問、投資銀行、私募資本。我們看到的一點是，Celeste 與 Firm AI 的價值主張更能打動較資深的採購決策者。

We put out a white paper that talks about this, but the leadership of the firms has not really been addressed by the more practice-oriented, desk-oriented tools that they've all felt compelled to roll out.

我們發布了一份白皮書談到這點，但事務所的領導層其實一直沒有被那些更偏實務、偏桌面導向的工具所真正觸及——然而他們又都覺得不得不推行那些工具。

And the Firm AI story does speak to them about how do we help your firm grow? How do we help you use agents to leverage your history of knowledge and experience and methods as a firm rather than as individuals? And this really resonates with them.

而 Firm AI 的故事確實能和他們對話：我們如何幫助你的事務所成長？我們如何幫助你使用代理（agents），把事務所累積的知識、經驗與方法論的歷史加以放大運用——以事務所為單位，而不是以個人為單位？這點確實很能引起他們共鳴。

Of all the product launches that we've done over the years, we've done some of the largest-value lands with this product just in the limited availability period that we've ever seen. So I think we've really hit something here with something that the senior people in the firms are looking for and have the ability to allocate budget to bring in if they think it's going to help their firm to grow more successfully.

在我們多年來做過的所有產品發表中，即使只是在有限可用期間，這個產品就帶來了我們所見過的一些最高價值的落地（lands）。所以我認為我們確實抓到了事務所資深人士正在尋找的東西，而且他們也有能力配置預算把它導入——只要他們相信這能幫助事務所更成功地成長。

So there's a lot of emphasis on efficiency in all the AI stories out there, and the AI technologies certainly do a lot to help individuals become more efficient or even to help the organization be more efficient.

所以在所有 AI 故事裡，大家都很強調效率，而 AI 技術確實能大幅幫助個人更有效率，甚至也能幫助組織更有效率。

But if you actually talk to the managing partners of these firms, their primary objective is to grow their business. And a lot of what we're doing with the Firm AI strategy is focused on that. How do you leverage this new AI generation and the agentic technology opportunity to support your firm's ability to leverage its own knowledge to grow more successfully, whether that's through competing for market share or bringing in laterals or M&A successfully to scale the business and integrate it successfully?

但如果你真的去和這些事務所的管理合夥人交流，他們的首要目標是成長業務。而我們在 Firm AI 策略上做的很多事情，正是聚焦在這一點。你要如何運用這一代新的 AI 與代理式（agentic）技術的機會，去支援事務所運用自身知識來更成功地成長——不論是透過爭取市占、引進側向人才（laterals），或透過成功的併購（M&A）來擴大規模並順利整合業務？

And so the monetization for that is a platform fee plus a usage fee. And we're watching the uptake move pretty quickly here. And so we're excited about what this represents for the next year or years.

因此在變現上，是平台費加上使用費。我們也看到採用速度正在相當快地提升。所以我們對這在明年或未來幾年所代表的意義感到很興奮。

That's great. That's great. Very helpful. Dave, maybe for my follow-up for you, it's great to see the on-prem migrations accelerate this quarter. Maybe the question is, what type of multiplier are you seeing when those customers convert to SaaS, just as we kind of think about how cloud ARR is growing, maybe excluding those migrations?

很棒。很棒。非常有幫助。Dave，我的追問想請教你：很高興看到本季 on-prem 遷移加速。問題是，當這些客戶轉為 SaaS 時，你們看到的乘數（multiplier）大概是多少？我們在思考雲端 ARR 成長時，或許可以先排除這些遷移的影響。

Yeah, it's consistent with what we've narrated in the past. It's been about 20% to 30%.

是的，這和我們過去的說法一致。大約是 20% 到 30%。

With that said, what then quickly becomes available and where we're seeing even a precursor of is their whole dynamic in and around then entering into a selling cycle for Celeste, which then would be even above and beyond. And so we're really excited about the dynamics being presented. And that's where there's a rate of pace here that you're going to start seeing a little bit more acceleration over our previous durations that we've guided to in the past.

不過，接著很快就會出現、而且我們已經看到一些前兆的是：他們接下來會進入 Celeste 的銷售週期，這會帶來更高、甚至超出上述幅度的增量。所以我們對目前呈現出的動態非常興奮。而這也會讓你開始看到，相較於我們過去指引的期間，節奏會有更明顯的加速。

And sorry, just to clarify that. When you say an acceleration, is that an acceleration in the rate of conversions that you're referring to?

抱歉，我想再釐清一下。你說的加速，是指轉換（conversions）速度的加速嗎？

Yes. Yes.

是的。是的。

Got it, got it. Very helpful. Thanks, guys.

了解，了解。非常有幫助。謝謝各位。

Terry Tillman, Truist.

Terry Tillman，Truist。

Great. Good evening, team. This is Connor Passarella on for Terry. Appreciate you taking my questions. Just to go a little bit further on the Firm AI and Celeste opportunity, I think it's great to hear that you're appealing to senior leaders at these firms. I'm just curious on how you've evolved the go-to-market organization. Just -- has there been maybe a fundamental change on how the teams engage with these customers, or has it really reinforced the enterprise sales motion you've built over the last several years?

很好。各位晚安，團隊。我是代 Terry 提問的 Connor Passarella。感謝你們回答我的問題。我想就 Firm AI 與 Celeste 的機會再往前追問一點：很高興聽到你們正在吸引這些事務所的資深領導層。我好奇你們如何演進你們的 go-to-market 組織。也就是——團隊與這些客戶互動的方式是否有根本性的改變？還是說其實是強化了你們過去幾年建立的企業銷售模式（enterprise sales motion）？

Thanks, Connor. We've done a couple of things.

謝謝你，Connor。我們做了幾件事。

As we discussed on prior calls, we had been evolving the go-to-market team with a greater emphasis on the enterprise firms. So the top 2,000 firms, where 70% of our total opportunity is, we want to increase and densify the coverage of those firms. And you're seeing some of the outcomes of that in the growth in our $1 million cohort, for example, and in the NRR because not only are those firms the largest opportunities to land new accounts, but they are very significant opportunities to expand for a long time once we land them. So that's sort of the cornerstone of our go-to-market story.

如同我們在先前的電話會議中討論過的，我們一直在演進 go-to-market 團隊，更加著重於企業級事務所。也就是前 2,000 家事務所——那裡占我們總機會的 70%——我們希望提高並加密對這些事務所的覆蓋。你也在一些結果上看到了這點，例如我們 100 萬美元客群（$1 million cohort）的成長，以及 NRR 的表現；因為這些事務所不僅是落地新客戶的最大機會，一旦落地之後，長期擴張也有非常顯著的機會。所以這就是我們 go-to-market 故事的基石。

Obviously, the introduction of Firm AI and Celeste gives us an incredible value proposition to those enterprise firms. A lot of what we were doing in the limited availability period was working with some of those organizations at a business process and value proposition for senior management and business departmental leaders, but also the technical teams and the compliance and security teams. Because a lot of the Firm AI story is about leveraging the information that the firms already have so they can differentiate themselves with this Firm AI capability in their own competitive market, much more effectively using agentic technology. And to do that, they must continue to comply with the requirements that are essential to this highly regulated set of industries.

顯然，推出 Firm AI 與 Celeste，為這些企業級公司帶來了極具吸引力的價值主張。在有限可用期間，我們做了很多工作，是與其中一些組織一起，針對高階管理層與業務部門主管，也包括技術團隊以及法遵與資安團隊，梳理業務流程與價值主張。因為 Firm AI 故事的很大一部分，在於善用公司既有的資訊，讓他們能在自身競爭市場中，透過這項 Firm AI 能力更有效地運用代理式技術來形成差異化。而要做到這一點，他們必須持續符合這些高度受監管產業所必需的各項要求。

So a lot of emphasis on multiple buyers in those enterprise firms with multiple constituencies, including compliance. And then yes, we've, in addition, made some incredible moves in the talent area. As I was mentioning earlier, we brought in some excellent go-to-market expertise that has a lot of history having much larger sales motions with some of these enterprise-class accounts. And you see that in our team and in a lot of the deals that we're bringing in now and will continue to bring in. So development in several areas to emphasize that motion.

因此，我們非常強調在這些企業級公司中，面向多位買方與多個利害關係群體（包括法遵）的需求。另外，是的，我們也在人才方面做出了一些非常重大的布局。如我先前提到的，我們引進了一些優秀的 go-to-market 專才，他們在面向這些企業級客戶時，具備推動更大型銷售動能的豐富經驗。你可以在我們的團隊中，以及我們現在正在帶進來、並將持續帶進來的許多交易中看到這一點。因此，我們在多個面向都有所發展，以強化這樣的推進動能。

That's really helpful, John. Thank you for that. Maybe just a follow-up, wanted to double-click on the momentum with Microsoft and the co-sell motion there. Just as that partnership continues to mature, is Microsoft primarily helping you accelerate deals that are already in the pipe, or are they actually increasing incremental demand by bringing Intapp into some of the enterprise AI conversations that they may be having a little bit earlier in that sales cycle?

這真的很有幫助，John。謝謝你的說明。也許再追問一下，我想更深入了解你們與 Microsoft 的動能，以及那邊的共同銷售（co-sell）推進方式。隨著這項合作關係持續成熟，Microsoft 主要是在協助你們加速已經在管線中的案子，還是他們其實也在銷售週期更早的階段，把 Intapp 帶進他們正在進行的一些企業 AI 對話中，從而帶來額外的增量需求？

It's certainly both. So our teams are doing very well working together and co-selling together. We have a very close relationship with this set of industries. That's one of the cornerstones of our strategy. Obviously, we've been working with these firms for a long time. So it's very common for us to be the first people who uncover opportunities for AI or Firm AI at the firms. And we have a great relationship with the Microsoft sales team. We can bring them in at various stages in the process to help us.

確實兩者都有。我們的團隊合作得非常好，也一起進行共同銷售。我們與這一組產業有非常緊密的關係。這是我們策略的基石之一。顯然，我們與這些公司合作已久。因此，通常都是我們最先在這些公司內部發掘 AI 或 Firm AI 的機會。而我們也與 Microsoft 的銷售團隊維持很好的關係。我們可以在流程的不同階段把他們帶進來協助我們。

The MAC agreements that the firms have signed with Microsoft have been a huge help for us. And we really appreciate the relationship that we have with Microsoft in that regard because we can get bigger deals faster through that relationship.

這些公司與 Microsoft 簽署的 MAC 協議對我們幫助非常大。我們也非常感謝與 Microsoft 在這方面的合作關係，因為透過這樣的關係，我們能更快拿下更大的交易。

It is also the case that as we've won larger and larger deals, the Microsoft team is becoming more conscious of what we can do to help them deepen their Azure footprint and their AI footprint with these firms and help them leverage more of their Microsoft estate. And so we are getting inbounds from the Microsoft team that helps us grow our pipeline. So it goes both directions.

同時，隨著我們贏得的交易規模越來越大，Microsoft 團隊也更清楚意識到，我們能如何協助他們在這些公司中加深 Azure 版圖與 AI 版圖，並幫助客戶更充分運用其 Microsoft 資產組合。因此，我們也會收到來自 Microsoft 團隊的主動引介（inbound），協助我們擴大銷售管線。所以是雙向的。

Thank you.

謝謝。

Jonathan McCary, Raymond James.

Jonathan McCary，Raymond James。

Hi. Thank you. This is Jonathan on for Alex. So John, I wanted to ask you on organizations investing in AI now. One of the things we hear regularly throughout software is the technology is really ahead of where the customer base is in a lot of cases, and Intapp seems to be leading the way as it relates to the Firm AI approach. So I'm curious, what would you call out as the commonality behind the clients that you see that are really leaning in already?

嗨。謝謝。我是 Jonathan，代 Alex 發問。所以 John，我想請教你關於目前正在投資 AI 的組織。我們在軟體產業常常聽到的一點是：很多時候技術發展其實領先客戶基礎，而 Intapp 在 Firm AI 的方法上似乎走在前面。因此我很好奇，你會指出那些已經積極投入的客戶，背後有哪些共同特徵？

And has that changed how you think about the relative growth contribution from the different end markets?

另外，這是否改變了你對不同終端市場相對成長貢獻的看法？

Thanks, Jonathan. I think there are two buckets currently. There's a segment of the market that got out very early and experimented with every AI tool that came out. You'll go into some of these firms, and they'll have 6 or 12 different pilots that they've run or are in the middle of.

謝謝你，Jonathan。我認為目前大致有兩個類別。市場上有一群很早就開始行動、並且對每一個推出的 AI 工具都做過實驗的客群。你走進其中一些公司，他們可能已經做過或正在進行 6 個或 12 個不同的試點（pilot）。

And those very sophisticated early adopter-style organizations, often led by IT, have developed a real feel for what the practical realities of deploying this AI generation of the technologies is going to be and what some of the challenges are getting it to work in a business context and a technical context inside the organization.

而這些非常成熟、屬於早期採用者型態的組織，往往由 IT 主導，已經對部署這一代 AI 技術的實務現實有很深的體感，也更了解要在組織內的業務情境與技術情境中讓它運作起來，會面臨哪些挑戰。

So one of the things that the Celeste team has done an incredible job of is to show a true enterprise-class, compliance-aware architecture that helps these enterprise-class firms who have experimented with all the startup tools and all the horizontal AI tools see what the correct design for Firm AI is going to need to be.

因此，Celeste 團隊做得非常出色的一點，是展示了一個真正企業級、具法遵意識的架構，幫助這些已經試過各種新創工具與各種水平型 AI 工具的企業級公司，看見 Firm AI 正確的設計應該是什麼樣子。

And we've won a lot of exciting competitive deals in a limited availability period that really prove the technical chops of the team and of the Celeste architecture. So that's really exciting because that gives us a lot of opportunity and confidence in our enterprise strategy because that's what we're going to encounter. That's what all the companies are going to encounter when they try to get their systems into the guts of the way that these enterprise-class IT organizations work. So that's the technical crowd.

而在有限可用期間，我們贏得了許多令人振奮的競爭性交易，充分證明了團隊的技術實力以及 Celeste 架構的能力。這非常令人興奮，因為它為我們的企業策略帶來了大量機會與信心，因為這正是我們將會遇到的情況。當所有公司嘗試把他們的系統深入整合到這些企業級 IT 組織的核心運作方式時，這也是所有公司都會遇到的情況。所以這是技術端的族群。

And then the second group are the business leaders because many of these firms have created a head of AI or head of innovation role that didn't exist three years ago. Often, that person has the new AI budget at their command, and they're chartered with making sure that the firm at a business level is leveraging AI to create improved outcomes across the organization.

第二群則是業務領導者，因為許多公司都設立了 AI 負責人或創新負責人的職位，而這在三年前並不存在。通常這個人掌握新的 AI 預算，並被賦予任務，確保公司在業務層面善用 AI，在整個組織中創造更好的成果。

And for that person, who's really been focused because the offerings have been either the horizontal AI tools or the startups who have practice-specific tools, for that person to hear the Firm AI strategy and to say, Oh, there's this other half or more of my organization spend that I haven't even considered what the best opportunity is to deploy AI to accelerate.

而對這個人而言，由於過去的選項不是水平型 AI 工具，就是提供特定實務領域工具的新創公司；當他聽到 Firm AI 策略時，會意識到：喔，原來我在組織支出中，還有另一半甚至更多的部分，我從未真正思考過在那裡部署 AI 以加速的最佳機會是什麼。

And there's so much cost and so much growth opportunity for the firm. If we can leverage that, this really speaks to me. So that's much more of a business story where Celeste is coming in with specific agents for specific workflows that address the business management and the growth opportunity for the firm. And we're running both of those sales motions in parallel. And obviously, they are two sides of the same coin.

而這對公司而言有龐大的成本空間與成長機會。如果我們能善用這一點，這真的很打動我。因此，這更偏向一個業務故事：Celeste 以針對特定工作流程的特定代理（agents）切入，解決公司的業務管理與成長機會。而我們同時並行推進這兩種銷售動能。顯然，它們是一體兩面。

To sell in the enterprise, you have to be able to speak to both of those audiences. But that's been one of the most exciting things that's come out of the limited availability period, watching the team develop those repetitions to really introduce themselves, understand who the buyer is on the other side, and then compete and win with the right positioning of this Firm AI story. And it gave us a lot of confidence as we were bringing out the general availability launch there in July.

要在企業市場成交，你必須能同時對這兩類受眾溝通。但有限可用期間最令人振奮的事情之一，就是看著團隊建立這些反覆演練的經驗：真正把自己介紹出去、理解對方的買方是誰，然後用正確的 Firm AI 故事定位去競爭並贏得交易。這也讓我們在 7 月推出正式全面可用（general availability）時充滿信心。

That's very helpful. Then just one quick follow-up is I want --

非常有幫助。那再一個很快的追問是我想--

I will now turn the call back to John Hall, Chairman and CEO, for closing remarks.

我現在把電話交回給董事長兼執行長 John Hall，請他做結語。

Okay. Thank you all very much for spending time with us today. We have an incredible Q4 and fiscal 2026 behind us.

好的。非常感謝各位今天撥冗與我們交流。我們剛結束了一個非常出色的第四季與 2026 會計年度。

We appreciate very much your attention and your questions. We're excited about our continued momentum for fiscal year 2027.

我們非常感謝各位的關注與提問。我們也對 2027 會計年度持續的動能感到振奮。

Thanks again for your time today, and we'll look forward to talking with you again next quarter.

再次感謝各位今天的時間，我們期待在下個季度再與各位交流。