Open Text Corp (OTEX) 2025 Q2 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the OpenText Corporation second quarter fiscal 2025 financial results conference call. (Operator Instructions)

感謝您的支持。這是會議主持人。歡迎參加 OpenText Corporation 2025 財年第二季財務業績電話會議。（操作員指令）

I would now like to turn the conference over to Greg Secord, Head of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係主管 Greg Secord。請繼續。

Thank you, and good afternoon, everyone. Welcome to OpenText's second quarter fiscal 2025 earnings call.

謝謝大家，下午好。歡迎參加 OpenText 2025 財政年度第二季財報電話會議。

With me on the call today are OpenText's Chief Executive Officer and Chief Technology Officer, Mark Barrenechea; OpenText's President, Chief Financial Officer; and leader of Corporate Development, Madhu Ranganathan. And joining us for today's Q&A session are OpenText's President, Worldwide Sales, Todd Cione; and OpenText's President and Chief Customer Officer, Paul Duggan.

今天與我一起參加電話會議的還有 OpenText 的執行長兼技術長 Mark Brrenechea； OpenText 總裁、財務長；以及企業發展負責人 Madhu Ranganathan。參加今天問答環節的還有 OpenText 全球銷售總裁 Todd Cione；以及 OpenText 總裁兼首席客戶長 Paul Duggan。

Today's call is being webcast live and recorded with a replay available shortly thereafter on the OpenText Investor Relations website, which is investors.opentext.com. Earlier today, we posted a press release on our website, including our investor presentation, a supplemental RPO disclosure, and all of those are available on the OpenText Investor Relations website.

今天的電話會議將進行網路現場直播和錄音，稍後可在 OpenText 投資者關係網站（網址為 investor.opentext.com）上重播。今天早些時候，我們在我們的網站上發布了一份新聞稿，其中包括我們的投資者介紹、補充 RPO 揭露，所有這些都可以在 OpenText 投資者關係網站上找到。

OpenText will be participating in the following upcoming investor conferences; Susquehanna Financial Group on February 28, which is a virtual conference, Morgan Stanley Technology Conference on March 3 in San Francisco where I'll be joined by Madhu, and the Scotiabank Telecom, Media & Technology Conference on Wednesday, March 5, in Toronto, also be joined by Madhu.

OpenText 將參加以下即將舉行的投資者會議；我將參加 2 月 28 日在 Susquehanna Financial Group 舉行的虛擬會議；我將與 Madhu 一起參加 3 月 3 日在舊金山舉行的摩根士丹利技術會議；我將與 Madhu 一起參加 3 月 5 日星期三在多倫多舉行的豐業銀行電信、媒體和技術會議。

And now on to the reading of our Safe Harbor statement. During this call, we will be making forward-looking statements relating to the future performance of OpenText. These statements are based on the current expectations, assumptions, and other material factors that are subject to risks and uncertainties and actual results could differ materially from the forward-looking statements made today. Additional information about the material factors that could cause actual results to differ materially from such forward-looking statements as well as risk factors that may impact future performance results of OpenText are contained in OpenText's recent Forms 10-K and 10-Q as well as in our press releases that -- our press release that was distributed earlier today and may be found on our website. We undertake no obligation to update these forward-looking statements unless required to do so by law.

現在來宣讀我們的安全港聲明。在本次電話會議中，我們將就 OpenText 的未來表現做出前瞻性陳述。這些聲明是基於當前預期、假設和其他重要因素，受風險和不確定性的影響，實際結果可能與今天的前瞻性聲明有重大差異。有關可能導致實際結果與此類前瞻性陳述存在重大差異的重大因素以及可能影響 OpenText 未來業績結果的風險因素的其他資訊包含在 OpenText 最近的 10-K 和 10-Q 表格中以及我們的新聞稿中 - 我們的新聞稿今天早些時候發布，可在我們的網站上找到。除非法律要求，我們不承擔更新這些前瞻性聲明的義務。

In addition, our conference call may include discussions of certain non-GAAP financial measures. Reconciliations of any non-GAAP financial measures to their most directly comparable GAAP measures may be found within our public filings and other materials, which again are available on our website.

此外，我們的電話會議可能包括對某些非公認會計準則財務指標的討論。任何非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳表均可在我們的公開文件和其他資料中找到，這些文件和其他資料也可在我們的網站上找到。

And with that, I'll hand the call over to Mark.

說完這些，我會把電話交給馬克。

Thank you, Greg, and welcome to our Q2 earnings call. Since the Micro Focus acquisition and the AMC divestiture, I've been focused on getting our business model right and building a solid operating foundation to support our full growth potential. Post AMC divestiture, our number one priority was margin. And with our first half performance and strong Q2 operating results, we've delivered. Now we're ready to make growth our new number one priority.

謝謝你，格雷格，歡迎參加我們第二季的財報電話會議。自從收購 Micro Focus 和剝離 AMC 以來，我一直致力於完善我們的商業模式並建立堅實的營運基礎，以支持我們充分發揮成長潛力。在AMC資產剝離之後，我們的首要任務是提高利潤。憑藉著上半年的業績和強勁的第二季營運業績，我們已經實現了目標。現在我們準備將成長作為我們新的首要任務。

Today, I'm going to provide insight into our large growth opportunity, outline some of our challenges that are in focused areas, provide insight into our revised F'25 outlook as well, provide expanded and new insights into RPO and cloud cRPO. And overall, you will notice a new style and approach to communications today. We look forward to your continued feedback as we build the market-leading Information Management company.

今天，我將深入了解我們的巨大成長機會，概述我們在重點領域面臨的一些挑戰，深入了解我們修訂後的 F'25 展望，並對 RPO 和雲端 cRPO 提供擴展和新的見解。總的來說，您會注意到今天的溝通方式和方法有了新變化。在我們打造市場領先的資訊管理公司的過程中，我們期待您的持續回饋。

In Q2, we delivered $501 million of adjusted EBITDA dollars or 37.6% adjusted EBITDA margin, $307 million of free cash flow, $1.11 of adjusted EPS, each of these metrics up significantly excluding AMC. We grew our quarter-over-quarter cash to $1.12 billion. And within the quarter, we purchased and retired 2.2 million shares at an average price of $29.82. And over the last three quarters, we deployed approximately $300 million in cash and purchased and retired 10 million shares at an average price of USD30.30. Expect us to continue to implement our current buyback program and reduce our shares outstanding.

在第二季度，我們實現了 5.01 億美元的調整後 EBITDA 金額或 37.6% 的調整後 EBITDA 利潤率、3.07 億美元的自由現金流和 1.11 美元的調整後 EPS，若不包括 AMC，上述每個指標均大幅上漲。我們的現金季增至 11.2 億美元。在本季度，我們以平均 29.82 美元的價格購買和回購了 220 萬股。在過去三個季度中，我們部署了約 3 億美元現金，以平均 30.30 美元的價格購買和回購了 1,000 萬股。預計我們將繼續實施目前的回購計劃並減少流通股。

On revenue, we delivered $1.33 billion, down 4.9%, excluding AMC. Cloud revenues grew 2.7% and we closed $250 million of new cloud contract value. This is a record quarter of customer demand for cloud and new bookings with 6.1% year-over-year growth. Further, in January, we completed the significant transition services agreement with Rocket Software related to our $2.28 billion acquisition of AMC, which has closed last year in May of 2024.

就收入而言，不包括 AMC，我們的收入為 13.3 億美元，下降 4.9%。雲端收入成長了 2.7%，我們簽訂了價值 2.5 億美元的新雲端合約。本季客戶對雲端運算的需求和新預訂量創下了歷史新高，年增 6.1%。此外，今年 1 月，我們與 Rocket Software 完成了重大過渡服務協議，涉及我們以 22.8 億美元收購 AMC，該交易已於去年 2024 年 5 月完成。

I'm proud of the team for their amazing work over the last eight months as they performed with excellence and professionalism. The divestiture was complex and time consuming. It is now complete, and we have a new corporate muscle.

我為團隊過去八個月的出色工作感到自豪，他們的表現非常出色，並且很專業。此次資產剝離過程十分複雜，耗時較長。現在它已經完成，我們擁有了新的企業實力。

These are all important contributors to our long-term success, but let me be clear, we are steadfastly focused on our growth performance as our new number one priority. Q2 reaffirms that the world's most trusted companies trust OpenText. As demonstrated by new wins at Bosch for Legal Tech, ST Micro for the developer, BASF using our Business Network for global supply chain, Novo Nordisk for Observability and Service Management and GWC Qatar for Content.

這些都是我們長期成功的重要因素，但讓我明確一點，我們堅定不移地將成長表現作為我們的新首要任務。Q2 再次證明，世界上最值得信賴的公司都信任 OpenText。正如博世在法律科技領域取得的新勝利、意法半導體在開發商領域取得的新勝利、巴斯夫利用我們的業務網絡實現全球供應鏈、諾和諾德在可觀察性和服務管理領域取得的新勝利以及 GWC 卡達在內容領域取得的新勝利所證明的那樣。

We win for three core reasons: We are the experts in Information Management, provide exceptional transformative value to our customers. We always deliver and a compelling road map across our market areas, inclusive of Cloud, Security, and AI.

我們成功的三個核心原因：我們是資訊管理領域的專家，為客戶提供卓越的變革價值。我們始終在我們的市場領域提供引人注目的路線圖，包括雲端、安全性和人工智慧。

Let me turn to our growth opportunity. We're surrounded with opportunity, and we're focused on intelligently growing our business and driving higher profits from these higher revenues. Returning to organic growth will happen in three steps: first, total company growth; second, cloud grows faster; and three, maintenance growth.

讓我來談談我們的成長機會。我們周圍充滿機遇，我們專注於明智地發展我們的業務，並從這些更高的收入中獲得更高的利潤。回歸有機成長將分三步驟進行：首先，整個公司的成長；二是雲端成長速度加快；三是維持成長。

Let me walk through our top growth opportunities in key areas we are looking to outperform in. The first is in our installed base. We have a marquee installed base with 120,000 enterprise customers. We will complete next quarter the delivery of Titanium X or Cloud Editions 25.2. We view each customer as an opportunity to upgrade to Titanium X. We expect to upgrade customers in place, upgrade them to the cloud, and expand capabilities wherever they run their workflows. And if they choose not to upgrade, their support fees will gradually rise over time. This is a multiyear opportunity for us in our installed base.

讓我來介紹一下我們希望在關鍵領域取得卓越表現的最大成長機會。第一個是在我們的安裝基礎上。我們擁有由 12 萬家企業客戶組成的龐大安裝基礎。我們將在下個季度完成 Titanium X 或 Cloud Editions 25.2 的交付。我們將每位客戶視為升級到 Titanium X 的機會。如果他們選擇不升級，他們的支援費用將隨著時間的推移逐漸增加。對於我們的安裝基礎而言，這是一個多年的機會。

Next, we have a hot handle of Content in AI that creates intelligent Content Management, secure collaboration, and automated workflows. SaaS and AI, our core drivers to continue our growth in this key category where we look to outperform. We had large SaaS wins last quarter at SAP, BASF, Aldi and Munich Re.

接下來，我們對 AI 中的內容進行了熱門處理，可以創建智慧內容管理、安全協作和自動化工作流程。SaaS 和 AI 是我們在這個關鍵類別中繼續成長的核心驅動力，我們希望在這一關鍵類別中表現出色。上個季度，我們在 SAP、BASF、Aldi 和慕尼黑再保險公司等 SaaS 合作夥伴中取得了巨大成功。

The third is investing in our security business to be a top category for OpenText. Muhi Majzoub has taken on a new role to solely focus on security. Our new security cloud spans identity, applications, networks, forensics, and soon XDR. This is our ability to ingest, detect and respond on a massively scaled Vertica database combined with our new partnership with Microsoft Security Copilot and all hosted on Azure puts us in a key position to win in XDR.

第三是投資我們的安全業務，使之成為 OpenText 的頂級類別。穆希·馬吉祖布 (Muhi Majzoub) 已擔任新職務，專心負責安全事務。我們的新安全雲涵蓋身分、應用程式、網路、取證以及即將推出的 XDR。這是我們在超大規模 Vertica 資料庫上提取、偵測和回應的能力，結合我們與 Microsoft Security Copilot 的新合作夥伴關係以及在 Azure 上託管的全部功能，使我們在 XDR 中處於獲勝的關鍵位置。

We had amazing SaaS wins in the quarter. Nestle and Fortify, code level security, Frost Bank and Voltage transaction encryption and Capgemini for identity management. We have turned around the Micro Focus security business. Our growth strategy also means embedding AI everywhere to empower knowledge workers to significantly raise their productivity. With Titanium X, we have -- we'll have in market 15 aviators and over 100 agents. Beyond Titanium X, we are working on Agentic AI across all our product lines to create a new type of corporate worker called a digital worker. Aviators work with Titanium X. So, the next wave for AI is upgrading customers to Titanium X.

我們在本季度取得了驚人的 SaaS 勝利。Nestle 和 Fortify 用於代碼級安全，Frost Bank 和 Voltage 交易加密以及 Capgemini 用於身分管理。我們已經扭轉了 Micro Focus 安全業務的局面。我們的成長策略也意味著將人工智慧嵌入各個領域，以增強知識工作者的能力，從而大幅提高他們的工作效率。有了 Titanium X，我們將在市場上擁有 15 名飛行員和 100 多名代理商。除了 Titanium X 之外，我們還致力於在所有產品線上應用 Agentic AI，以創造一種稱為「數位化員工」的新型企業員工。飛行員與 Titanium X 合作。

We are also still very much in the license business. This is a meaningful mechanism for customers to own, not subscribe, to our Information Management capabilities. I'll speak in a moment to the grants of certain IP rights from last year. Excluding these grants from last year, our license business will grow this fiscal year. We introduced in January a new mechanism for customers to own our technology via a license. We call it the OpenPass PELA, a perpetual end user license agreement. The OpenText PELA is an uplift on existing license and maintenance, allowing the customer to remove limits on their usage while in active support.

我們仍在大力開展許可證業務。這是一種有意義的機制，讓客戶擁有而不是訂閱我們的資訊管理功能。稍後我將談談去年授予某些智慧財產權的情況。除去去年的這些授權，我們本財年的授權業務將會成長。我們在一月推出了一種新機制，讓客戶可以透過授權擁有我們的技術。我們稱之為 OpenPass PELA，即永久最終用戶許可協議。OpenText PELA 是對現有授權和維護的升級，可讓客戶在積極支援的同時消除其使用限制。

In addition, these customers gain cloud credits for future consumption, thus providing an additional incentive to purchase the OpenPass.

此外，這些客戶還可以獲得未來消費的雲端積分，從而為購買 OpenPass 提供額外的動力。

License and maintenance growth are intrinsically related. It's important to note that while our core maintenance business continues to return impressive results, the ITOM and ADM areas are not growing this year due to the license performance. With this, our total maintenance revenue growth rate will be negative this year.

許可證和維護的成長本質上是相關的。值得注意的是，雖然我們的核心維護業務持續取得令人印象深刻的業績，但由於許可證表現，ITOM 和 ADM 領域今年並沒有成長。因此，今年我們的總維護收入成長率將為負。

Our return to total maintenance growth is centered on three programs: continued execution on APA and premium services; two, sell more licenses including ITOM and ADM and OpenPass; and three, new advanced customer services or ACS. We are focused on growth. We will return to growth and we will update you on our year-end call. Paul Duggan is on the call today to answer any questions you may have about our growth plans and the next steps in the business.

我們恢復整體維護成長的核心是三個計劃：繼續執行 APA 和優質服務；二、出售更多許可證包括ITOM、ADM、OpenPass等；三是新的高級客戶服務或ACS。我們專注於成長。我們將恢復成長，並將在年終電話會議上向您通報最新情況。保羅杜根 (Paul Duggan) 今天將在電話中解答您對我們的成長計劃和業務下一步的任何問題。

Our next top growth opportunity is getting our ADM and ITOM businesses performing better, get them to their best, including their cloud growth. These areas have been holding back our growth and impacting our license and maintenance revenues as noted above. Our new Chief Product Officer, Savinay Berry, who rejoined OpenText from Ericsson and Vonage will be laser-focused here.

我們的下一個最大成長機會是讓我們的 ADM 和 ITOM 業務表現更好，使它們達到最佳狀態，包括它們的雲端成長。如上所述，這些領域一直阻礙我們的成長並影響我們的許可和維護收入。我們的新任首席產品長 Savinay Berry 從愛立信和 Vonage 重新加入 OpenText，他將全心全意地致力於此。

Let me walk you through our actions and confidence in returning these two groups to overall growth. On ITOM with Titanium X, we are differentiated in observability, which includes discovery assets vulnerabilities and IT service management, where we're expanding the corporate service management. We plan to relaunch and reengage our 5,000 customers with our new Observability Cloud and our new Service Management Cloud, conjunctive with ramping sales go-to-market and professional services. The next leg of ITOM growth will be driven by expanding outside of traditional IT workflows into employee workflows, customer and industry workflows and the merging of IT and operational workflows.

讓我向您介紹我們為使這兩個集團恢復全面成長所採取的行動和信心。在 ITOM 與 Titanium X 上，我們在可觀察性方面有所差異，其中包括發現資產漏洞和 IT 服務管理，我們正在擴展企業服務管理。我們計劃利用新的可觀察性雲端和新的服務管理雲端重新啟動並重新吸引我們的 5,000 名客戶，同時加強銷售上市和專業服務的力度。ITOM 下一階段的成長將由傳統 IT 工作流程向員工工作流程、客戶和產業工作流程以及 IT 與營運工作流程的整合擴展來推動。

On the ADM side, we have reoriented our go-to-market strategy as a top of market focus. ADM is differentiated not for a single developer, but for large-scale organizations who are writing software. This is a really good place to be as we are all software companies today.

在 ADM 方面，我們重新調整了我們的市場進入策略，將市場重點放在首位。ADM 的差異化並非針對單一開發人員，而是針對編寫軟體的大型組織。由於我們如今都是軟體公司，所以這確實是一個很好的地方。

Our top industry focus includes software and cloud companies, financial services, auto, telecommunications, biotech and more. With this new strategy and with Titanium X, we have two key SaaS wins already in Q2 at Pfizer and Lilly. I am confident we'll return to growth with Titanium X, SaaS, AI and our top of market focus. We're also live internally across 10,000 engineers for requirements management, productivity insight, lease management and quality. We took all our requirements and put them in the product, and now that's part of Titanium X. I find when you can run the software yourself and gain value, you build strong momentum from there.

我們關注的重點產業包括軟體和雲端運算公司、金融服務、汽車、電信、生物技術等。透過這項新策略和 Titanium X，我們在第二季度已在輝瑞和禮來的兩個關鍵 SaaS 領域獲勝。我相信，憑藉 Titanium X、SaaS、AI 和我們的首要市場重點，我們將恢復成長。我們內部還有 10,000 名工程師負責需求管理、生產力洞察、租賃管理和品質管理。我們將所有要求放入產品中，現在這就是 Titanium X 的一部分。

Next growth opportunity continues to be with our hyperscaler partners who play an expanded role in our cloud growth. Real simple, Microsoft, we've decided to bring our XDR to market on Azure and integrate it with Microsoft Security Copilot. Our new SaaS platform and our new sovereign capabilities run on GCP. Our private cloud runs across all the hyperscalers for customer choice with AWS, GCP, and Azure, our SAP products run in the SAP cloud and across all hyperscalers. And as I said at OpenText World, we make multi-cloud work, and these partnerships will contribute markedly. And finally, in addition to all these organic programs, we will continue to evaluate strategic opportunities to create value and/or increase our growth rate through divestitures or combinations.

下一個成長機會仍然在於我們的超大規模合作夥伴，他們在我們的雲端運算成長中發揮越來越重要的作用。很簡單，微軟，我們決定將我們的 XDR 推向 Azure 市場，並將其與 Microsoft Security Copilot 整合。我們的新 SaaS 平台和新的主權功能在 GCP 上運作。我們的私有雲跨所有超大規模器運行，客戶可以選擇 AWS、GCP 和 Azure，我們的 SAP 產品在 SAP 雲端和所有超大規模器上運行。正如我在 OpenText World 上所說，我們使多雲發揮作用，這些合作夥伴關係將做出顯著貢獻。最後，除了所有這些有機計劃之外，我們還將繼續評估策略機會，透過資產剝離或合併來創造價值和/或提高我們的成長率。

Let me turn to RPO. With growth as our new number one priority, I want to present our new RPO disclosures and new cloud cRPO metric that will provide insight into our cloud growth over time. There are two strategic points I'd like to make, and then Madhu will go into detail. First, we are now providing further insight into RPO, both for cloud and maintenance, both current and noncurrent. As you can see from ending Q2, cloud RPO was $2.3 billion and larger than our maintenance RPO at $1.8 billion. Please note, this is now for the entirety of our cloud business and fully includes enterprise and SMB. There's no more asterisks on our disclosure, including this, not including this. This is our full cloud business.

讓我來談談 RPO。隨著成長成為我們的新首要任務，我想介紹我們新的 RPO 揭露和新的雲端 cRPO 指標，它們將深入了解我們隨著時間的推移的雲端成長。我想提出兩個戰略要點，然後 Madhu 會進行詳細說明。首先，我們現在對 RPO 提供了進一步的見解，包括雲端和維護，包括當前和非當前的。從第二季末可以看出，雲端 RPO 為 23 億美元，高於我們的維護 RPO 18 億美元。請注意，這現在適用於我們的整個雲端業務，並且完全包括企業和 SMB。我們的披露中不再有星號，包括這個，不包括這個。這是我們的完整雲端業務。

Second, we're also introducing a new metric, cloud cRPO and what flows in and what flows out and a common sense formula to calculate the change in cloud cRPO from a beginning period to an ending period. We also included an example contract waterfall, we designed our disclosure after reviewing market-leading cloud companies, including SAP and Salesforce, and of course, we welcome your continued feedback to improve even more.

其次，我們還引入了一個新指標，即雲 cRPO 以及流入和流出的內容，以及一個常識性公式來計算從開始期到結束期的雲 cRPO 變化。我們還提供了一個範例合約瀑布，我們在審查了市場領先的雲端公司（包括 SAP 和 Salesforce）之後設計了我們的揭露，當然，我們歡迎您繼續提供回饋以進一步改進。

Now we're also including periods ending June 30, '24, September 30, '24, December 31, '24, and we'll provide these new disclosures every quarter going forward. And when we complete this fiscal year, you can then begin to gain further insight by tracking year-over-year cloud cRPO comparison and growth. We thought it was a good time to provide a deeper insight into RPO.

現在我們還包括截至 2024 年 6 月 30 日、2024 年 9 月 30 日和 2024 年 12 月 31 日的期間，我們將在今後每個季度提供這些新的揭露。當我們完成這個財政年度時，您可以透過追蹤逐年的雲端 cRPO 比較和成長來開始獲得進一步的洞察。我們認為現在是深入了解 RPO 的好時機。

Let me move on to our financial targets and turn to our updated F'25 targets. We're revising our revenue downward by $130 million to a range of $5.17 billion to $5.27 billion. The $130 million is broken out approximately 25% FX, 25% DXC impacting license and maintenance and 50% from ITOM and ADM performance impacting license and maintenance. And we added a slide 9 to our investor presentation to provide detailed insight into the $130 million.

讓我繼續談談我們的財務目標以及我們更新的 F'25 目標。我們將營收下調 1.3 億美元至 51.7 億美元至 52.7 億美元之間。這 1.3 億美元中約 25% 來自 FX，25% 來自影響許可證和維護的 DXC，50% 來自影響許可證和維護的 ITOM 和 ADM 效能。我們在投資者簡報中新增了第 9 張投影片，以提供有關 1.3 億美元的詳細資訊。

Now conjunctive with this, our cloud revenue range is unchanged. Our adjusted EBITDA percent target is unchanged. Our new cloud bookings growth range is 20% to 25%, representing a very strong second half and momentum into '26. We're raising our free cash flow range to $600 million to $650 million. We're on track to delivering $570 million plus of record capital return to shareholders this year through dividends and buybacks and our F'26 and longer-term aspirations remain unchanged, and our next update on our longer-term view will be on our year-end call. Like all businesses, we are monitoring the impacts of tariffs, currency and the transactional nature of US policy, all of these items are creating some business uncertainty.

現在結合此，我們的雲端收入範圍保持不變。我們的調整後 EBITDA 百分比目標保持不變。我們新的雲端預訂量成長範圍為 20% 至 25%，這表明下半年表現非常強勁，並且勢頭持續至 26 年。我們將自由現金流範圍提高至 6 億至 6.5 億美元。我們預計今年透過股利和回購為股東帶來超過 5.7 億美元的創紀錄資本回報，並且我們的 F'26 和長期目標保持不變，我們對長期觀點的下一次更新將在年終電話會議上進行。與所有企業一樣，我們正在監控關稅、貨幣和美國政策交易性質的影響，所有這些因素都會造成一些商業不確定性。

Let me turn to DXC for a moment. It's well chronicled that HPE, DXC and Micro Focus had a strategic relationship where DXC was a major reseller and consumer of HPE and Micro Focus software. During Q2, the long-life Micro Focus alliance agreement with DXC has now run its course, and that reflects the end of an unlimited deployment model with DXC in Q2, and we did not come to a mutually beneficial new agreement. This ending is the best outcome in the long run for OpenText as we're able to establish now full value for our software, engage customers directly.

讓我暫時談談 DXC。根據記載，HPE、DXC 和 Micro Focus 之間存在戰略合作關係，其中 DXC 是 HPE 和 Micro Focus 軟體的主要經銷商和消費者。在第二季度，Micro Focus 與 DXC 的長期聯盟協議已經到期，這反映了與 DXC 的無限部署模式在第二季度的結束，我們並未達成互惠互利的新協議。從長遠來看，這個結局對 OpenText 來說是最好的結果，因為我們現在能夠為我們的軟體建立全部價值，並直接與客戶互動。

However, in the near term, it creates some headwinds for renewals and maintenance revenue in the second half of the year, second half of fiscal '25. More importantly, it positions us for success in '26, which is growth. DXC remains partner, and we hope to build a forward-looking partnership from here.

然而，短期內，這將為今年下半年，即25財年下半年的續約和維護收入帶來一些阻力。更重要的是，它為我們在26年取得成功，即成長，奠定了基礎。DXC 仍然是合作夥伴，我們希望從此建立前瞻性的合作夥伴關係。

As we discussed during our last earnings call, Q2 and F'25 are difficult year-over-year comparisons. Please recall in fiscal '24, we disclosed license revenue, up primarily from inclusion of Micro Focus and grants of certain IP rights. This was particularly called out within Q2 and Q3 of last year. I want to give a really important perspective here, really important.

正如我們在上次財報電話會議上所討論的那樣，第二季和 2025 財年的同比變化很困難。請回想一下，在 24 財年，我們揭露了授權收入，這主要來自於 Micro Focus 的納入和某些智慧財產權的授予。這在去年第二季和第三季尤其明顯。我想在這裡給出一個非常重要的觀點，非常重要。

When you're looking at the core health of our business and the foundation we are building on for growth as our new number one priority, excluding AMC, excluding license revenue from grants of certain IP rights, excluding the FX impacts, our F'25 year-over-year revenue growth would be constant, not declining. And excluding the second half, DXC impact would be growing. And further and very important, we expect the company to return to bright-line organic growth in Q4. Hope you find this insight helpful.

當你審視我們業務的核心健康狀況以及我們為實現成長而建立的基礎並將其作為我們的新首要任務時，不包括 AMC、不包括授予某些智慧財產權的授權收入、不包括外匯影響，我們的 F'25 同比收入成長將保持不變，而不是下降。除了下半年以外，DXC 的影響還會不斷增加。進一步且非常重要的是，我們預計公司第四季將恢復明顯的有機成長。希望您發現此見解有用。

Let me wrap up with some qualitative comments as we look over the remainder of fiscal '25. Post AMC divestiture, margin was clearly our number one priority. With our first half results, and our Q2 delivery, we have delivered. Now that we've delivered, we're setting a new number one priority, which is growth.

當我們回顧 25 財年剩餘時間時，讓我總結一些定性評論。在AMC資產剝離之後，利潤顯然是我們的首要任務。從我們上半年的業績和第二季的交付情況來看，我們已經實現了目標。現在我們已經實現了目標，我們正在設定一個新的首要任務，那就是成長。

We have our business model right and our operating foundation is strong, and with a Q2 adjusted EBITDA of 37.6%, $307 million of free cash flow and raising our free cash flow outlook for the year. Our growth challenges are in focused areas, and we have a clear plan to resolve them in the short term with a more focused leadership team. We expect Q4 to have bright-line total revenue growth, and this sets us up for a successful F'26.

我們的商業模式正確，營運基礎強勁，第二季調整後 EBITDA 為 37.6%，自由現金流為 3.07 億美元，我們提高了今年的自由現金流預期。我們的成長挑戰集中在重點領域，我們有明確的計劃，透過更有針對性的領導團隊在短期內解決這些挑戰。我們預計第四季度的總收入將大幅成長，這為 F'26 的成功奠定了基礎。

We're excited about the opportunity of growth in Titanium X, Content, Security, AI, SaaS, getting ITOM and ADM to its best, improved sales execution, OpenPass for license, Advanced Customer Services for maintenance, all expanding our competitive advantage.

我們對 Titanium X、內容、安全、AI、SaaS 的成長機會感到興奮，讓 ITOM 和 ADM 發揮到極致，改進銷售執行，使用 OpenPass 進行許可，使用高級客戶服務進行維護，所​​有這些都擴大了我們的競爭優勢。

I'd also like to note that near 60% of our business is in the US and the new administration is focused on pro-growth initiatives and investments like SMB and expanding manufacturing. We're excited about these pro-growth opportunities ahead of us in the United States. Growth, plus competitive advantage, plus margin and free cash flow expansion, plus capital return is the OpenText formula for creating exceptional shareholder value.

我還想指出，我們的業務有近 60% 在美國，新政府專注於促進成長的舉措和投資，例如中小企業和擴大製造業。我們對美國面臨的這些有利於成長的機會感到非常興奮。成長、競爭優勢、利潤率和自由現金流擴張以及資本回報是 OpenText 創造卓越股東價值的公式。

You asked for more transparency into the exceptional items in our cloud, so I hope you find the deeper insights helpful today. You have my full commitment to continue this style of communication.

您要求我們對雲端中的特殊項目更加透明，所以我希望您今天能發現更深入的見解有所幫助。我完全承諾會繼續這種溝通方式。

So let me end with, we're making progress, leadership team is focused, and we will not rest nor will be satisfied until we deliver total growth, cloud growing faster, and back to maintenance growth.

最後，我想說的是，我們正在取得進展，領導團隊正集中精力，我們不會休息，也不會滿足，直到我們實現全面成長，雲端成長更快，並恢復到維持成長。

So with that, let me turn the call over to Madhu.

因此，請允許我將電話轉給 Madhu。

Thank you, Mark, and thank you all for joining us today. Please refer to the IR materials posted on our website.

謝謝你，馬克，也謝謝大家今天的到來。請參閱我們網站上發布的 IR 資料。

In Q2, we demonstrated the strength of our operating model, delivering 37.6% adjusted EBITDA, a significant achievement, and that reflects our operational efficiency as a larger company. Today, I will also present expanded disclosures and new metrics relating to RPO and cRPO. In specific instances, I will provide year-over-year comparisons, excluding the impact of AMC divestiture.

在第二季度，我們展示了我們營運模式的實力，實現了 37.6% 的調整後 EBITDA，這是一項重大成就，反映了我們作為一家大公司的營運效率。今天，我還將介紹與 RPO 和 cRPO 相關的擴展披露和新指標。在具體情況下，我將提供同比比較，不包括 AMC 資產剝離的影響。

And moving to financial metrics. GAAP net income was $229.9 million or $0.87 diluted EPS. Non-GAAP diluted EPS was $1.11, down 10.5% due to the impact of AMC divestiture. GAAP gross margin of 73.3% was down from 73.6% year-over-year. Non-GAAP gross margin of 77.2% compared to 78.6% due to higher margin license revenue in the prior year from AMC and IP rights. Non-GAAP cloud gross margin was strong at 63.3%.

接下來是財務指標。GAAP 淨收入為 2.299 億美元，或稀釋每股收益 0.87 美元。非公認會計準則攤薄每股收益為 1.11 美元，由於 AMC 資產剝離的影響，下降 10.5%。GAAP 毛利率為 73.3%，低於去年同期的 73.6%。非公認會計準則毛利率為 77.2%，去年同期為 78.6%，原因是去年來自 AMC 和智慧財產權的授權收入利潤率較高。非公認會計準則雲毛利率強勁，達 63.3%。

Adjusted EBITDA of $501.5 million or 37.6% and continues to reflect our extreme operational focus to capture our large margin opportunity. Operating cash flows of $348 million and free cash flows of $306.7 million, DSOs at 43 days, one day higher than 42 days from last quarter and down four days from Q2 last year at 47 days and that reflects the strength of our working capital in what is seasonally the highest billing quarter for us.

調整後的 EBITDA 為 5.015 億美元，即 37.6%，繼續反映出我們極度注重營運以抓住巨大利潤機會。營運現金流為 3.48 億美元，自由現金流為 3.067 億美元，DSO 為 43 天，比上一季的 42 天高一天，比去年第二季度的 47 天減少了四天，這反映了我們的營運資本實力，這是我們季節性營業額最高的季度。

Now moving to outlook. First, let me draw your attention to our Q3 quarterly factors included in slide 12 of our investor presentation. We expect $1.26 billion to $1.3 billion of total revenue and ARR of $1.025 billion to $1.045 billion. We're targeting Q3 adjusted EBITDA margin of 29% to 30%. And let me recall that while our fiscal year-end is June 30, January of each year starts the clock for employee salary uplifts, the higher benefits, and vacation accruals. To note, our total spend in Q3 will be approximately 8% higher on a quarter-over-quarter basis due to the factors I just noted, yet 3% lower on a year-over-year as we continue to optimize our expense models.

現在轉向展望。首先，請允許我提請您注意我們投資者簡報第 12 張投影片中包含的第三季季度因素。我們預計總收入為 12.6 億至 13 億美元，ARR 為 10.25 億至 10.45 億美元。我們的目標是第三季調整後的 EBITDA 利潤率達到 29% 至 30%。我記得，雖然我們的財政年度結束於 6 月 30 日，但每年的 1 月是員工加薪、享受更高福利和累積假期的開始時間。值得注意的是，由於我剛才提到的因素，我們第三季的總支出將比上一季成長約 8%，但由於我們繼續優化費用模型，因此與去年同期相比將下降 3%。

Mark has provided you with an insight into our updated fiscal '25 outlook and that there is a clear path ahead to address our near-term challenges. We remain on target for our fiscal 2025 adjusted EBITDA target of 33% to 34% and have increased the free cash flow range to $600 million to $650 million for the year.

馬克向您介紹了我們最新的 25 財年展望，並指出了解決我們近期挑戰的明確途徑。我們仍有望實現 2025 財年調整後 EBITDA 成長 33% 至 34% 的目標，並將全年自由現金流範圍提高至 6 億至 6.5 億美元。

Now let me offer more details on our expanded disclosures relating to RPO. Please refer to supplemental materials on our IR website, which include the expanded disclosures to be read, alongside our Form 10-Q page 13 of the filing today. You will see total RPO of $4.1 billion, including cloud RPO of $2.3 billion and customer support, AKA maintenance and other, RPO of $1.8 billion. For cloud, current cRPO is a new metric. The percentage to be recognized for the next 12 months is approximately 50%. The remainder is the balance beyond 12 months.

現在，讓我提供有關我們與 RPO 相關的擴展披露的更多詳細資訊。請參閱我們 IR 網站上的補充資料，其中包括要閱讀的擴展揭露內容，以及今天提交的 10-Q 表第 13 頁。您將看到總 RPO 為 41 億美元，其中包括 23 億美元的雲端 RPO 和 18 億美元的客戶支援（又稱維護和其他）RPO。對於雲端來說，目前的 cRPO 是一個新的指標。未來12個月內確認的百分比約為50%。剩餘為12個月以上的餘額。

We want to provide additional insights and sharing two numbers relating to cloud revenue in any given 12 months. Approximately 60% of the cloud revenue arises from cRPO, current RPO balance, and remainder of the 40% has contributed in year by revenue from in-year new business, revenue from in-year renewals, and do refer to our strong cloud renewal rates, Revenue from in-year uncommitted business, which include business not on committed contracts and contracts more aligned to consumption models like our Business Network.

我們希望提供額外的見解並分享與任何 12 個月的雲端收入相關的兩個數字。大約 60% 的雲端收入來自 cRPO、當前 RPO 餘額，剩餘 40% 的收入則來自年內新業務的收入、年內續約的收入，以及我們強勁的雲續約率、年內未承諾業務的收入，其中包括未承諾合約的業務和更符合消費模式的合同，例如我們的商業網絡。

Page 4 of our supplemental materials for details on cloud cRPO model and a cloud contract example on pages 5 and 8. Our enterprise cloud bookings, $250 million for Q2, flow completely into the cloud RPO balances and only the current portion of those bookings flow into cRPO.

我們的補充資料第 4 頁了解有關雲 cRPO 模型的詳細信息，第 5 頁和第 8 頁則提供了雲端合約範例。我們的企業雲端預訂量（第二季為 2.5 億美元）完全流入雲端 RPO 餘額，並且只有這些預訂的當前部分流入 cRPO。

For customer support, the percentage to be recognized for the next 12 months is 79%, given the predominantly annual nature of support contracts and ratable revenue recognition. RPO balances can fluctuate from quarter-to-quarter. We are a global company operating in multiple industries and verticals and seasonality is inherent in our business. Calendar year-end and our fiscal fourth quarter, June, will generally see stronger bookings.

對於客戶支援而言，鑑於支援合約主要以年度形式及按比例確認收入，未來 12 個月確認的百分比為 79%。RPO 餘額可能每季都會波動。我們是一家在多個行業和垂直領域開展業務的全球性公司，季節性是我們業務的固有特徵。一般來說，在日曆年末和我們的財政第四季（六月），預訂量會出現成長。

In summary, I would like to close with our previously communicated 4-point strategy to create shareholder value. As we continue to accelerate cloud growth, capturing a large margin opportunity and cash flow expansion remain front and center. Alongside disciplined capital allocation, all enabled by the OpenText Business System.

總而言之，我想以我們先前傳達的創造股東價值的四點策略作為結束。隨著我們繼續加速雲端運算成長，抓住巨大的利潤機會和擴大現金流仍然是重中之重。加上嚴格的資本配置，這一切都由 OpenText 業務系統實現。

Our strong operational improvement during the last two fiscal years are paying off. These efforts continued in Q2, posting 37.6% adjusted EBITDA margin in Q2. Our free cash flow and working capital performance in Q2 was driven by strong cost controls and leveraging timely and advanced billings supported by steadfast collections.

我們過去兩個財年的強勁營運改善正在帶來回報。這些努力在第二季繼續進行，第二季調整後的 EBITDA 利潤率為 37.6%。我們第二季的自由現金流和營運資本表現得益於強有力的成本控制以及及時和提前的帳單以及堅定的收款支持。

Turning to the dividend program, the Board of Directors declared a quarterly cash dividend of $0.2625 per common share. The record date for this dividend is March 7, 2025, and the payment date is March 21, 2025. We continue to be on track to deliver approximately $570 million of capital via our dividend and share buyback programs this fiscal year.

談到股息計劃，董事會宣布每股普通股派發 0.2625 美元的季度現金股息。本次股利的登記日期為2025年3月7日，支付日期為2025年3月21日。我們將繼續按計劃於本財年透過股利和股票回購計畫提供約 5.7 億美元的資本。

I will close with a few areas relating to operational initiatives with a deep lens again into margin and cash flow expansion. Expanding cloud profitability, by addressing our fixed data center space, optimizing cloud infrastructure, our vendor contracts, and customer level cost structures and hyperscaler cost containment, all will continue to benefit our cloud gross margins.

最後，我將深入探討幾個與營運計畫相關的領域，並再次探討利潤和現金流擴張。透過解決我們的固定資料中心空間、優化雲端基礎設施、我們的供應商合約、客戶級成本結構和超大規模成本控制來擴大雲端獲利能力，所有這些都將繼續有利於我們的雲端毛利率。

Our next wave of high-value use of AI internally are in full motion in sales and R&D. Todd Cione, who is with us today and can certainly take your questions. Todd has rolled out programs towards consistency and elevating sales excellence. This will improve sales productivity while giving us operating leverage. We continue to expand our centers of excellence, given the incredible talent and capabilities. Our geographical shift to the centers of excellence has a strategic focus to ensure roles and regions are optimized.

我們內部下一波高價值人工智慧應用正在銷售和研發領域全面展開。托德·西奧內 (Todd Cione) 今天也和我們在一起，他可以回答你們的問題。托德已經推出了旨在保持一致性和提高銷售卓越性的計劃。這將提高銷售效率，同時為我們提供營運槓桿。鑑於令人難以置信的人才和能力，我們將繼續擴大我們的卓越中心。我們向卓越中心的地理轉移具有戰略重點，以確保角色和區域的最佳化。

In terms of investments, our plan includes investments in marketing for demand generation, sales university for enablement and training, new sales leadership in Content, Cyber and Legal Tech, all to drive our go-to-market initiatives. We remain well positioned for return to growth in Q4 fiscal '25, to expand margins and cash flows to deliver a strong fiscal 2025 and setting us up for even greater success in future years.

在投資方面，我們的計劃包括對行銷進行投資以產生需求，對銷售大學進行投資以進行支援和培訓，對內容、網路和法律技術方面的新銷售領導進行投資，所有這些都是為了推動我們的市場進入計劃。我們仍處於有利地位，預計在 2025 財年第四季恢復成長，擴大利潤率和現金流，實現強勁的 2025 財年業績，並為未來幾年取得更大的成功做好準備。

On behalf of OpenText, I would like to thank our shareholders, our loyal customers and partners for your continued support. A big thank you to the fellow team members at OpenText for your unwavering commitment to drive greater results.

我謹代表 OpenText 感謝我們的股東、忠實的客戶和合作夥伴對我們一直以來的支持。非常感謝 OpenText 團隊的其他成員，也感謝你們不懈地致力於更大的成果。

I will now request the operator to open the call for your questions.

我現在請接線生打開電話回答你們的問題。

(Operator Instructions) Raimo Lenschow, Barclays.

(操作員指示) 巴克萊銀行的 Raimo Lenschow。

Perfect, thank you. Congrats on the extra disclosure. I'm really looking forward to kind of digging into that. One area that is obviously like helping you or not helping you is currently economy. Mark, can you kind of talk a little bit about what you saw in the quarter, what you saw in the different regions? That would be a great start for us.

非常好，謝謝。恭喜您獲得額外的披露。我真的很期待深入研究這一點。顯然，一個可能對您有幫助或沒有幫助您的領域是當前的經濟。馬克，您能否談談本季的情況以及不同地區的情況？對我們來說這將是一個很好的開始。

Yes. Thanks, Raimo, and thanks for the comments. We're excited to provide that increased visibility and you have my commitment to continue that style of communication.

是的。謝謝，Raimo，謝謝您的評論。我們很高興能夠提高知名度，我承諾將繼續這種溝通方式。

Look, I think around the globe, the only area I'd shout out is Europe. And growth is hard in Europe right now. But we are in very good industries. We're in strategic manufacturing, we're in communications, we're deep with governments. And that's really the only macro area that I would shut out. We're quite excited about the pro-growth American investment initiatives happening in SMB and US-based manufacturing. And there's no doubt that currency, the new US administration is focused on the US currency, which is creating FX challenges for everyone who's a global business. We are not subject to tariffs as a digital company.

看，我認為在全球範圍內，我唯一要強調的地區是歐洲。目前歐洲的成長十分艱難。但我們的行業非常好。我們從事戰略製造業，我們從事通訊業，我們與政府關係密切。這實際上是我唯一會排除的宏觀領域。我們對美國中小企業和美國製造業的促進成長的投資舉措感到非常興奮。毫無疑問，新美國政府將重點放在美元，這給每個全球企業帶來了外匯挑戰。作為一家數位公司，我們不受關稅約束。

We'll see where that progresses over time, but it's really on physical goods not digital services. And that just creates some uncertainty for others. Actually, we're here to help customers to think about moving manufacturing or supply chains to kind of right balance their portfolios. So, we're not subject to the tariffs. We're helping customers. We're excited about the pro-growth investments in the US. But I'd say growth in Europe is elusive right now, but I like the industries we're in.

我們將看到隨著時間的推移，這一領域將取得怎樣的進展，但這實際上涉及的是實體商品，而不是數位服務。這只會給其他人帶來一些不確定性。實際上，我們在這裡是為了幫助客戶考慮轉移製造或供應鏈，以正確平衡他們的投資組合。所以，我們不受關稅影響。我們正在幫助客戶。我們對美國有利於成長的投資感到非常興奮。但我想說，目前歐洲的成長難以實現，但我喜歡我們所處的產業。

Perfect, thank you. And one follow-up. Can you talk a lot about -- I have one follow-up, like you talked a lot about like ITOM, and you mentioned observability, ITSM, et cetera. The one question I get a lot from US investors is around like how should we think about you and the market? Because obviously, there is like there's ServiceNow on the ITSM, ITOM side. There's like the observability guys out there. Like where do you think you kind of play and where do you win? Thank you and congrats from me.

非常好，謝謝。還有一次後續行動。您能否多談談——我有一個後續問題，就像您談了很多關於 ITOM 的事情，並提到了可觀察性、ITSM 等等。美國投資人常問我的一個問題是：我們該如何看待你和市場？因為很明顯，在 ITSM、ITOM 方面有 ServiceNow。那裡就像是可觀察性的人一樣。例如，您認為您會在哪裡比賽以及您會在哪裡獲勝？我向您表示感謝並祝賀。

Yes. Thank you. Well, I like very much the -- that's why I highlighted, we want to outperform in key categories. And the three key categories are Content, Security and what we call ITOM today. So if you think of our ability to discover a company through observability and monitor it, be able to manage all its unstructured Content, intelligent content collaboration and workflows, but on top of that, have our own packaged staff, not just for IT service management, but for HR help desk, for supply chain help desk and corporate employee experiences, I think we're very well positioned in that core stack to outcompete and outperform. So expect us to focus on observability and service management being real focused in those two areas but combined with Security and combined with our strength in Content.

是的。謝謝。嗯，我非常喜歡——這就是我強調的原因，我們希望在關鍵類別中表現出色。其中三個關鍵類別是內容、安全性和我們今天所說的 ITOM。因此，如果您考慮到我們透過可觀察性發現一家公司並對其進行監控的能力，能夠管理其所有非結構化內容、智慧內容協作和工作流程，但最重要的是，擁有我們自己的打包員工，不僅適用於 IT 服務管理，還適用於人力資源服務台、供應鏈服務台和企業員工體驗，我認為我們在這個核心堆疊中處於非常有利的位置，可以堆疊中非常有利。因此，希望我們真正專注於可觀察性和服務管理，但要結合安全性並結合我們在內容方面的優勢。

Samad Samana, Jefferies.

薩瑪德·薩馬納（Samad Samana），傑富瑞（Jefferies）。

I appreciate the question. This is Bill Fitzsimmons on for Samad from Jefferies. Mark, you highlighted multiple growth opportunities in the prepared remarks. Maybe expanding on the previous answer. One of those growth opportunities you talked about was Security. Maybe to double-click there. Can you talk about where you do particularly well in Security today and additional areas of investment you're making right now to grow in that market?

我很感謝你提出這個問題。這是 Jefferies 的 Bill Fitzsimmons，代替 Samad 發言。馬克，您在準備好的發言中強調了多個成長機會。也許可以擴展之前的答案。您談到的成長機會之一就是安全性。也許雙擊那裡。您能談談您目前在安全領域做得特別好的地方，以及您現在為了在該市場發展而進行的其他投資領域嗎？

Yes, very happily and thank you. Just a little echo on the phone there. So, where we're focusing -- where we are today is core identity applications, network and forensics. That's where we excel today. And I highlighted some of our new SaaS wins in that area. Nestle, for example, code-level security, Frost Bank and Voltage for transaction encryption and Capgemini in identity management.

是的，非常高興，謝謝。電話那邊有點回音。所以，我們目前的重點是核心身分應用程式、網路和取證。這正是我們今天所擅長的。我重點介紹了我們在該領域取得的一些新的 SaaS 勝利。例如，雀巢提供代碼級安全，Frost Bank 和 Voltage 提供交易加密，凱捷提供身分管理。

Our next deliverable or the next market segment for us is XDR, right? The ability to ingest, detect and respond. And we think we're very uniquely positioned with some of the core assets from Micro Focus as well as the vertical database, some of our own technology, and we partnered with Microsoft.

我們的下一個交付物或下一個細分市場是 XDR，對嗎？攝取、偵測和回應的能力。我們認為，我們擁有非常獨特的優勢，擁有 Micro Focus 的一些核心資產以及垂直資料庫、我們自己的一些技術，而且我們也與微軟進行了合作。

We've built this integrated to Azure. We've built this integrated with Security Copilot. We're going to go to market with Microsoft and we believe we're going to be a composable solution. Now we don't think we have to go in and displace anyone actually. We want to be -- we want to incorporate them all into what we do. And we think we can provide value on top of them all to be able to literally ingest billions of events a day and process them down to multiple -- a needle in multiple haystacks.

我們已將其整合到 Azure。我們已經將其與 Security Copilot 整合。我們將與微軟一起進入市場，我們相信我們將成為一個可組合的解決方案。現在我們認為我們實際上沒有必要進入並取代任何人。我們希望——我們希望將它們全部融入我們的工作中。我們認為，我們可以在所有這些基礎上提供價值，以便能夠每天吸收數十億個事件，並將它們處理成多個事件——大海撈針。

The next area is we want to bring all that to our installed base. So, when we launch Titanium X next quarter, the XDR capabilities will be pre-integrated to our Content platform and pre-integrated to our Business Network platform. So we can go into our installed base and not just try to win XDR stand-alone, XDR on top of other vendors, but pre-integrate it into our own software.

下一個領域是我們希望將所有這些帶入我們的安裝基礎。因此，當我們下個季度推出 Titanium X 時，XDR 功能將預先整合到我們的內容平台並預先整合到我們的商業網路平台中。因此，我們可以進入我們的安裝基礎，而不僅僅是嘗試贏得獨立的 XDR、超越其他供應商的 XDR，而是將其預先整合到我們自己的軟體中。

So that's why I highlighted it as my second point of growth, and a category we're going to outcompete in, and we put into lead the engineering side of the business, we repositioned Muhi Majzoub to do nothing but security. So that's why we feel pretty confident here.

所以這就是為什麼我強調它是我的第二個成長點，也是我們要超越的一個類別，並且我們將其投入到業務的工程方面，我們重新定位 Muhi Majzoub，讓他只做安全工作。這就是我們感到十分有信心的原因。

And then if I could sneak in a second one. A big focus during the presentations at OpenText World was on some of the go-to-market changes across the business. Can you just remind us of some of those announcements and obviously, it's only been a few months and things take time, but maybe updates on progress thus far and maybe where there's still more work to be done.

然後如果我可以偷偷地放第二個。OpenText World 演示中的一大焦點是整個業務的一些上市變化。您能否提醒我們一些公告？

Yes, we have Todd Cione with us. So Todd, do you want to jump in?

是的，我們有 Todd Cione 和我們一起。那麼托德，你想加入嗎？

Yeah, absolutely. Thanks for the question. Look, we've been heavily investing in our sales force capability across a comprehensive and global sales excellence program that commenced a couple of quarters ago. And we're beginning to see outcomes from that investment now. In Q2, we actually saw improvement of AE productivity, both tenured and new AE. In the second half, the sales excellence program investments continuing. Myself, Sandy Ono, our marketing leader, who are going to be on the road in Asia, ANZ, Europe and US market driving this with our sales force. So, we're excited about the productivity gains that it's driving. And then in addition, look, we're in the people business. So there's been a lot of improvement in boosting of leadership within our sales organization as well.

是的，絕對是如此。謝謝你的提問。你看，我們一直在透過幾個季度前啟動的全面的全球銷售卓越計劃大力投資我們的銷售團隊能力。現在我們開始看到這項投資的成果。在第二季度，我們確實看到了 AE 生產力的提高，包括資深 AE 和新 AE。下半年，銷售卓越計畫的投入仍在持續。我和我們的行銷主管 Sandy Ono 將前往亞洲、澳新銀行、歐洲和美國市場，與我們的銷售人員一起推動這項進程。因此，我們對它所推動的生產力提升感到非常興奮。此外，你看，我們從事的是人際關係業務。因此，我們的銷售組織在領導力提升方面也取得了巨大的進展。

Thanos Moschopoulos, BMO Capital Markets.

Thanos Moschopoulos，BMO 資本市場。

Mark, can you expand a bit in terms of the challenges in ADM and ITOM, was that more on the go-to-market side, or a bit of both as part of it maybe just those products that having been classified and how you're addressing that with Titanium X? Just any color would be helpful.

馬克，您能否就 ADM 和 ITOM 所面臨的挑戰稍微展開一下，這些挑戰更多的是在市場進入方面，還是兩者兼而有之，可能只是那些已經分類的產品，以及您如何通過 Titanium X 解決這個問題？任何顏色都有用。

Yeah. Very good. Thanks for the question. Yes, we -- as I committed to, we're going to have a new style of communication, and so when we have exceptional items or things to communicate, we're going to provide the detail. And that's what we're doing today, inclusive of materials in our IR deck. So, within the $130 million, 25% is FX, 25% is DXC. That really focuses on -- focus us down to just ADM and ITOM about $65 million to $70 million, where it's the core challenge. And it's related to license and maintenance not the cloud side. So, we got the Security business back on track. So, in ITOM, it's about Titanium X. It's the -- our new Observability Cloud, our Service Management Cloud, we believe we're ready now, including some of the investments Todd was talking about, and we're simply going to relaunch with Titanium X and reengage our 5,000 customers.

是的。非常好。謝謝你的提問。是的，正如我承諾的那樣，我們將採用一種新的溝通方式，因此當我們有特殊事項或事情需要溝通時，我們將提供詳細資訊。這就是我們今天所做的事情，包括我們的 IR 平台中的材料。因此，在 1.3 億美元中，25% 是 FX，25% 是 DXC。這確實集中於——將我們的重點集中在 ADM 和 ITOM 上，約為 6500 萬至 7000 萬美元，這是核心挑戰。這與許可和維護有關，而與雲端無關。因此，我們讓安全業務重回正軌。因此，在 ITOM 中，它是關於 Titanium X 的。

On ADM, we have now refocused the portfolio to be top of market. And this idea of to be everything to all things, which was the previous strategy, just isn't the new strategy going forward. We're not here for a single developer. We're here for a large-scale developer organizations. We're now live on the product. I got 10,000 engineers on the product every single day. We've taken all those advancements, put them back in the product and they release with Titanium X. Thus wins like at Pfizer and Eli Lilly that we talked about. So, we're confident that here in the short term, we're going to return those 2 pieces back to growth. I'd also like to take the opportunity, if I can.

在 ADM 方面，我們現在已重新調整投資組合，以成為市場領導者。這種對所有事物都一視同仁的想法是以前的策略，但並不是未來的新策略。我們並不是為某一個開發者而存在的。我們在這裡為大型開發者組織服務。我們現在已經上線該產品。每天我都會有 10,000 名工程師負責這個產品。我們採用了所有這些進步，將它們重新應用到產品中，並與 Titanium X 一起發布。因此，我們有信心在短期內讓這兩個部分恢復成長。如果可以的話，我也想抓住這個機會。

Again, less the IP licensing, license will grow this year, less the IP and FX, our business is constant this year unless DXC would be growing. So we're very focused on that area of ITOM and ADM, license maintenance, $65 million to $70 million. And I believe we got the right plan here in the short term to return them to growth.

再說一遍，減少 IP 許可，今年的許可將會成長，減少 IP 和 FX，除非 DXC 成長，否則今年我們的業務將保持不變。因此，我們非常關注 ITOM 和 ADM 領域，許可證維護，價值 6500 萬至 7000 萬美元。我相信我們短期內制定了正確的計劃來恢復成長。

Great. And then you touched on the new licensing model in your prepared remarks, which should be a bit of a tailwind. Just any further color on that? And when specifically was that launched?

偉大的。然後您在準備好的演講中談到了新的許可模式，這應該會有點順風。還有更多詳細資訊嗎？具體什麼時候推出的？

Yes, we launched it in January. This is the OpenText PELA. And look, we have a large license installed base, and we're in the license business. And there are a couple of models in the industry that when you get pretty mature in this space, customers want to keep -- for those customers who want to keep running on-premise or off cloud, we want to help support them. And they've grown, they've acquired, they may want to expand to new divisions, add more users.

是的，我們在一月份推出了它。這是 OpenText PELA。你看，我們有一個龐大的許可證安裝基礎，而且我們從事許可證業務。行業中存在一些模型，當你在這個領域變得相當成熟時，客戶希望保留這些模型——對於那些希望繼續在本地或雲端運行的客戶，我們希望為他們提供支援。他們已經成長，已經收購，他們可能想要擴展到新的部門，增加更多的用戶。

So we're going to make it easy for them. We're going to allow them to go enterprise-wide, not have to count anymore. And that will require a license uplift and a maintenance uplift, and we'll give them some cloud credits along the way. So, when they're ready to move to the cloud, they're even more invested in the OpenText solution. So again, less the IP licensing, license is growing this year, and we want to kind of continue that momentum with this new OpenPass mechanism.

所以我們會讓他們輕鬆一點。我們將允許他們進入整個企業，而不必再進行計數。這將需要許可證提升和維護提升，同時我們會給他們一些雲端信用。因此，當他們準備遷移到雲端時，他們會對 OpenText 解決方案投入更多。因此，今年 IP 許可數量有所減少，但許可證數量仍在增長，我們希望透過這種新的 OpenPass 機制繼續保持這種勢頭。

But the premise is that the clients pay more but in exchange, get unlimited licenses. Is that the core of it?

但前提是客戶需要支付更多費用，但作為交換，可以獲得無限許可證。這就是它的核心嗎？

That's correct. They will -- they'll pay more in license. They'll pay a little more in maintenance. But in exchange for that, they'll be able to go unlimited and they'll no longer have to count.

沒錯。他們會——他們會支付更多的許可費。他們需要多付一點維修費。但作為交換，他們將能夠無限制地使用，並且不再需要計算。

Stephanie Price, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Stephanie Price。

Just in light of some of the recent news around large language models such as DeepSeek, just curious how you're thinking about planned investments in AI and whether you think you can benefit from some of the cost reductions in the LLM space?

鑑於最近有關 DeepSeek 等大型語言模型的一些新聞，我很好奇您如何看待對 AI 的計劃投資，以及您是否認為您可以從 LLM 領域的一些成本降低中受益？

Yeah. We're -- I said earlier -- Stephanie welcome on the call. A great question. I said very early on, there'll be 1,000 language models and let 1,000 models bloom, to quote a poem, that was tulips, not language models, let 1,000 tulips bloom. So let 1,000 models bloom. We like the spirit of DeepSeek to lower the cost of language models. And we're already embedding some open source models into parts of our solution to -- for ease of deployment, predictability of expense and lower expense. So, we applaud the spirit behind DeepSeek, and we think this trend will continue.

是的。我之前說過了，我們歡迎史蒂芬妮參加電話會議。很好的問題。我很早就說過，會有1000個語言模型，讓1000個模型開花，引用一句詩，那是鬱金香，不是語言模型，讓1000個鬱金香開花。讓1000個模型綻放光芒。我們喜歡DeepSeek降低語言模型成本的精神。我們已經將一些開源模型嵌入到我們解決方案的某些部分中，以便於部署、預測費用並降低成本。因此，我們讚賞DeepSeek背後的精神，並且我們認為這種趨勢將會持續下去。

Now for technical point, we have DeepSeek in a quarantined area fully installed. We've tried the R1 model, and it doesn't really work. So, it's actually more expensive than running Llama. So, I don't want to get into the technical aspects of the version in China, how it may be running the technical back end. But we've done just a pure test in a quarantine Faraday cage, and it simply doesn't outperform Llama and is not more cost effective. But we applaud this idea of innovation, open source models and lowering the cost, and we will benefit from that.

現在就技術要點而言，我們已經在隔離區完全安裝了 DeepSeek。我們已經嘗試過 R1 模型，但它並沒有真正起作用。因此，它實際上比運行 Llama 更昂貴。所以，我不想深入討論中國版本的技術面，以及技術後端是如何運作的。但我們僅在隔離法拉第籠中進行了純粹的測試，它的性能並不優於 Llama，而且成本效益也不更高。但是我們讚賞這種創新、開源模式和降低成本的想法，我們將從中受益。

And then in your prepared remarks, you mentioned evaluating strategic alternatives to increase value, either through divestitures or combinations. Just hoping you can expand on how you're thinking about capital allocation at this point?

然後在您準備好的演講中，您提到評估增加價值的策略替代方案，無論是透過資產剝離還是合併。只是希望您可以詳細說明您目前對資本配置的想法？

Well, great question. And look, I think it goes like this. With -- margin was our number one priority post AMC divestiture. And I couldn't be more proud of the team and how they delivered in the first half, including Q2, I mean, $0.5 billion of adjusted EBITDA dollars. So, we have a new number one priority. We have multiple priorities, but this is the number one overriding priority at the company, which is now growth, and it's across all BUs and maintenance. We're going to return to bright-line growth in Q4. And yes, we all want more growth, and we expect more growth and will return to growth in Q4. That's our current focus.

嗯，好問題。你看，我認為它是這樣的。在AMC資產剝離之後，保證利潤是我們的首要任務。我為我的團隊感到無比自豪，他們上半年（包括第二季）的業績表現優異，調整後 EBITDA 達到 5 億美元。因此，我們有了一個新的首要任務。我們有多個優先事項，但這是公司最重要的優先事項，即成長，並涉及所有業務部門和維護。我們將在第四季重回強勁成長。是的，我們都希望實現更多的成長，我們預計會實現更多的成長，並將在第四季度恢復成長。這是我們目前的重點。

Now in parallel, we're going to continue to evaluate strategic opportunities. And what does that mean? In some cases, I think it will mean for BU an acquisition. I think in some other cases, it could mean a combination and divestiture. But my macro point is this, and my intention for purposely saying it on the call in my script is I want to deliver more paths and more reasons to buy our stock. And I think those answers are total growth, higher cloud growth, higher margins and higher free cash flows, upper quartile capital return and unlocking the value of each of our business units beyond organic growth through this strategic thinking.

同時，我們將持續評估戰略機會。這是什麼意思？在某些情況下，我認為這對波士頓大學來說意味著一次收購。我認為在其他一些情況下，它可能意味著合併和剝離。但我的宏觀觀點是這樣的，我故意在電話會議中說出這一點的意圖是，我想提供更多途徑和更多理由來購買我們的股票。我認為這些答案是整體成長、更高的雲端成長、更高的利潤率和更高的自由現金流、上四分位資本回報，以及透過這種策略思維釋放我們每個業務部門超越有機成長的價值。

So clearly, we're focused right now on record capital return in '25. Completing the divestiture and getting the margin operation engine, boy, it's just a whole different level of oxygen with the growth as our number one priority. And as we focus on each BU to do that, I wanted to kind of walk through just how I was thinking in parallel to just focusing on organic growth. Hope that's helpful.

因此很明顯，我們現在專注於25年創紀錄的資本回報。完成資產剝離並獲得利潤運營引擎，小伙子，這只是一個完全不同的氧氣水平，增長是我們的首要任務。當我們專注於每個業務部門時，我想大致介紹我的想法，同時專注於有機成長。希望有幫助。

Paul Treiber, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Paul Treiber。

I just wanted to ask a question on bookings and your expectations for bookings going forward. I think the outlook calls for a pickup in growth in the second half of the year. What do you see as the primary driver of that? Do you expect Titanium X to drive a surge? Or do you just see less seasonality than the past and $200 million or so in bookings per quarter as sort of the new normal going forward?

我只是想問一個關於預訂以及您對未來預訂的期望的問題。我認為，下半年經濟成長將會回升。您認為造成這現象的主要因素是什麼？您預期鈦合金 X 會掀起熱潮嗎？或者您認為季節性因素比過去有所減弱，而每季 2 億美元左右的預訂量將成為未來的新常態？

Yeah, Paul, let me just jump in and I'll hand to Todd. Look, on a percent basis, it was a little over 6% in Q2, but it was a record high watermark of $250 million of guaranteed new bookings that flowed right into RPO. So that is a high watermark. And clearly, we're expecting a very strong second half.

是的，保羅，讓我直接說，然後我會把麥克風交給陶德。從百分比來看，第二季這一數字略高於 6%，但保證新訂單 2.5 億美元創下了歷史新高，這些新訂單直接流入了 RPO。所以這是一個高水位。顯然，我們預計下半年將會表現強勁。

And Todd, I'll let you talk to the strong second half.

托德，我讓你談談強勁的下半場。

Yeah. Thanks, Mark, and thanks for the question. So I mean, just as Mark mentioned, we're super proud and excited about that record quarter of customer demand for cloud and new bookings. And we see this continuing into the second half because we've got a solid pipeline in Q3. And in Q4, we have our largest cloud pipeline ever. That means we've got really strong coverage.

是的。謝謝，馬克，謝謝你的提問。所以我的意思是，正如馬克所提到的，我們對本季客戶對雲端運算和新預訂的需求創下紀錄感到非常自豪和興奮。我們認為這種情況將持續到下半年，因為我們在第三季擁有穩健的管道。在第四季度，我們擁有了有史以來最大的雲端管道。這意味著我們的覆蓋範圍非常強大。

In addition to that, we've launched already a focused list of programs and incentives to convert that pipeline. And we also fully expect that Titanium X being completed next quarter it's going to provide a tailwind for that pipeline conversion as well. So we're super bullish.

除此之外，我們已經推出了一系列重點計畫和激勵措施來轉換該管道。我們也完全預計 Titanium X 將於下個季度完工，這也將為管道轉換提供順風。因此我們非常樂觀。

That's great to hear, thanks for the explanation. Shifting gears and speaking on AI, could you walk through -- you touched in the past like there's internal initiatives around AI. Do you have any metrics that you can share in terms of either productivity gains that you've seen or ways that you can be more efficient when you're spending internally, so perhaps you can shift that -- those dollars to focus on growth initiatives?

很高興聽到這個消息，謝謝你的解釋。換個話題，談談人工智慧，能否簡單介紹一下——您過去曾提到過，圍繞著人工智慧的內部舉措。您能否分享一些指標，例如您所看到的生產力提高，或內部支出效率提高的方法，以便您能夠轉移資金，將資金重點投入成長計畫？

Yeah, great question. Thank you, Paul. We're not ready to put a quantum on it. But we have two large initiatives and there'll be a third and a fourth that's right on the event horizon for us. The first is our platform, Athena, where you can imagine the breadth of software we build and development environments, it's -- we're close to 10 billion lines of code across multiple environments and IDEs and all of that.

是的，很好的問題。謝謝你，保羅。我們還沒準備好對此進行量化。但我們有兩個大型計劃，第三個和第四個計劃也即將實施。第一個是我們的平台 Athena，你可以想像我們建構的軟體和開發環境的廣度——我們在多個環境和 IDE 等等中擁有近 100 億行程式碼。

We've built a proprietary AI platform internally for our developers to use Athena, we don't use Copilot, to use Athena for things such as the following: explain a piece of code to me. I'm a new developer, and I got to learn a piece of code, explain it to me. I need to fix a bug. Help me. I need to write an interface to an API, generate the code. I need to localize it in Hiragana or in left to right languages. So, generate the screens and GUIs for me.

我們在內部建立了一個專有的 AI 平台，供我們的開發人員使用 Athena，我們不使用 Copilot，而是使用 Athena 來做以下事情：向我解釋一段程式碼。我是一名新開發人員，我必須學習一段程式碼，請向我解釋一下。我需要修復一個錯誤。幫我。我需要編寫一個 API 介面並產生程式碼。我需要將其本地化為平假名或從左到右的語言。因此，請為我產生螢幕和 GUI。

So that's going to uplift productivity. Is that 5%, 10%? We'll see. It could be mid-single digit, could be low double digit. And if we can do that, I just added 1,000 developers at no extra cost. On the sales side, we are live on a platform we call internally Ollie.AI. Ollie was the original name for our pre-demo environment back in the LiveLink days, and we've advanced it to Ollie.AI, where we're helping -- we demoed it at OpenText World to generate RFPs. Can that uplift sales productivity, 5% to 10%, 15% increase our win rate. Todd, any comments you want to provide on Ollie.AI?

這將提高生產力。那是 5% 還是 10%？我們將會看到。它可能是一個數的中等水平，也可能是兩位數的低水平。如果我們能做到這一點，我將免費增加 1,000 名開發人員。在銷售方面，我們在一個內部稱為 Ollie.AI 的平台上運作。 Ollie 是 LiveLink 時代我們預先示範環境的原始名稱，我們已將其升級為 Ollie.AI，我們在 OpenText World 上對其進行了演示以產生 RFP。這能否提高銷售效率，將我們的成功率提高 5% 到 10%，甚至 15%。托德，你對 Ollie.AI 有什麼評論嗎？

Yes. So, if you're a presales leader at OpenText, that is your first stop when you have an RFP right now. It's live and it's active. And we are at the precipice in Q3 of expanding that into capabilities for the entire sales force, account executives will have new information at their fingertips via mobile as well. So we're really excited about AI boosting our efficiency in worldwide sales.

是的。因此，如果您是 OpenText 的售前負責人，那麼當您現在有 RFP 時，這就是您的第一站。它是活的並且是活躍的。在第三季度，我們即將把這項功能拓展到整個銷售團隊，客戶經理也可透過行動裝置輕鬆取得新資訊。因此，我們對人工智慧提升我們全球銷售效率感到非常興奮。

So the next stop is tech support. And one of the next stops post that is helping increase our win rate and competing in more opportunity. So look, I -- from what we've seen from theory to test beds to version 1, even version 2s internally, I'm absolutely convinced we'll raise productivity and engineering, sales, support and helping us compete more and win more. But not ready to put a hard dollar number on it yet, Paul, but we'll keep you updated.

因此下一站是技術支援。下一站就是幫助我們提高勝率並獲得更多競爭機會。所以看，從我們從理論到測試平台到版本 1，甚至內部版本 2 的情況來看，我絕對相信我們將提高生產力和工程、銷售、支持並幫助我們增強競爭力並贏得更多勝利。但是保羅，我們還沒有準備好給出一個確切的美元數字，但我們會隨時向您更新最新情況。

Seth Gilbert, UBS.

瑞銀的賽斯吉伯特（Seth Gilbert）。

Thanks for the questions. Maybe two, if I may. To start, you made a comment in the beginning of your prepared remarks about the upgrades in Titanium X reengaging the 5,000 customers and upgrade fees kind of rising over time. I was wondering if you could talk about the upgrade journey in Titanium X. How is it going? Is there maybe a plan to migrate a certain percent of customers in FY25?

感謝您的提問。如果可以的話，也許是兩個。首先，您在準備好的演講開頭提到了 Titanium X 的升級將重新吸引 5,000 名客戶，而且升級費用會隨著時間的推移而上漲。我想知道您是否可以談談 Titanium X 的升級歷程。是否有計劃在 25 財政年度遷移一定比例的客戶？

Yes. Fair enough. So, Titanium X is fully delivered next quarter, right? So we're almost there. And we have 5,000 customers who are just on ITOM, not the overall installed base of 120,000. Look, the opportunity is large for us. We want to get the entire install -- I mean I'm just going to start a big general, I want the entire installed base to be engaged and move to Titanium X over time. We got to bring our installed base with us. And it's compelling.

是的。很公平。那麼，Titanium X 會在下個季度全面交付，對嗎？所以我們快到了。我們只有 5,000 名使用 ITOM 的客戶，而不是整體安裝群 12 萬名。瞧，對我們來說，這個機會很大。我們希望獲得整個安裝 - 我的意思是我要開始一個大行動，我希望整個安裝基礎都參與其中並隨著時間的推移轉向 Titanium X。我們必須把我們的安裝基礎帶過來。並且它非常引人注目。

Gen AI and aviators, 15 aviators, 100 agents. SaaS at-scale, I've already started to highlight some of the wins, SAP, BASF, Aldi, Frost, Capgemini. Content plus in the content world, intelligent Content plus AI workflow plus SaaS, ITOM, the one you highlighted, Observability Service Cloud, ADM, the features that run OpenText can now run you BN Control Tower and AI and Security XDR.

人工智慧和飛行員，15 名飛行員，100 名特工。在大規模 SaaS 方面，我已經開始強調一些成功案例，例如 SAP、BASF、Aldi、Frost、Capgemini。內容世界中的內容加，智慧內容加 AI 工作流程加 SaaS、ITOM、您強調的可觀察性服務雲、ADM，運行 OpenText 的功能現在可以運行您的 BN 控制塔和 AI 和安全 XDR。

So Titanium X is compelling. We're going to start with those on older versions. We're going to look at three major buckets. One of those buckets is the customers on 3 releases and back. We have a world-class PS organization, they'll engage, they'll have upgrade programs, and that's the first place that we're going to go to with Titanium X. And we respect customers who don't want to move, and we'll perfectly understand that, but we'll begin to raise your prices, and because our cost will go up of supporting you off cloud. So that's bit of the opportunity. That's a bit of where we're going to start, and we begin next quarter.

因此，Titanium X 是引人注目的。我們將從舊版本開始。我們將討論三個主要方面。其中一個類別是 3 個版本及之後版本的客戶。我們擁有世界一流的 PS 組織，他們會參與其中，他們會有升級計劃，而這正是我們推出 Titanium X 的首要目標。所以這是一個機會。這就是我們要開始的地方，我們將從下個季度開始。

Got it. Very helpful. Maybe just as a follow-up, unless I missed it, I didn't see any of the disclosure around the business unit revenue split. I guess we were hopeful that we would see maybe a little bit of it this quarter. So even if -- and correct me if I maybe missed it in the filings. But even if not quantitative, I was wondering if you could provide maybe some qualitative color on some of the faster-growing BUs, business units, and maybe some that are not growing as quickly?

知道了。非常有幫助。也許只是作為後續，除非我錯過了，否則我沒有看到有關業務部門收入分割的任何披露。我想我們希望本季能看到一點這樣的情況。所以即使——如果我可能在文件中錯過了它，請糾正我。但即使不是定量的，我想知道您是否可以對一些成長較快的業務部門、業務單位以及一些成長較慢的業務部門提供一些定性資訊？

Yeah. No, you didn't miss it. And what we did this quarter is focus on cloud. And so the new RPO disclosure is very important and very strategic and ties to our number one priority. So we put our energy there because this is the long life disclosure for us to give you the insight into the strength of our cloud growth over time. So that's where we put our energy to get RP -- both maintenance and cloud RPO and cloud RPO, cloud cRPO. So that's fully available.

是的。不，你沒有錯過。本季我們的重點是雲端運算。因此，新的 RPO 揭露非常重要且具有策略意義，與我們的首要任務息息相關。因此，我們將精力放在那裡，因為這是我們長期的資訊揭露，讓您深入了解我們的雲端成長實力。因此，我們將精力放在獲得 RP 上——包括維護、雲端 RPO 以及雲端 RPO、雲端 cRPO。因此這是完全可用的。

We also focused our attention in the communication around -- and I just want to say it again, that again, less the IP licensing, license is growing this year, new insight for you. Less IP and FX, the business is constant, new insight for you and less DXC, we would be growing. So we focused on those insights versus breaking down each BU. We will, at the end of the year, provide our usual BU update, if you will. Content, our hot hand with AI. Security, growing. SMB, it was a negative year last year. We're performing constant this year with paths to the second half growth.

我們也將注意力集中在溝通上——我只想再說一遍，今年的智慧財產權許可有所減少，但許可數量卻在增加，這對您來說是一個新的見解。更少的 IP 和 FX，業務就會穩定，您會獲得新的見解；更少的 DXC，我們就會成長。因此，我們專注於這些見解，而不是分解每個業務部門。如果您願意的話，我們將在年底提供我們通常的 BU 更新。內容，我們利用人工智慧的熱手。安全，不斷成長。SMB，去年是負面的一年。我們今年的表現很穩定，下半年將會成長。

For example, we just delivered the new secure cloud secure PC optimizer. We have EDR on Secure Cloud. We have a whole new online presence at cybersecurity@opentext.com. So, SMB went from negative to constant path to growth in the second half should be a positive contributor in the year out.

例如，我們剛推出了新的安全雲端安全PC優化器。我們在安全雲上有 EDR。我們在 cybersecurity@opentext.com 上擁有全新的線上形象。因此，中小企業在下半年由負成長轉為持續成長，應該會為全年帶來正面的貢獻。

We also provided some insight into ADM and ITOM on the call, specifically around maintenance and license. So we thought that was a better usage of our time to give you that insight. And so that's a little bit of the BU insight. But we'll have a full BU update at the end of the year.

我們也在電話中提供了一些有關 ADM 和 ITOM 的見解，特別是有關維護和許可方面。因此我們認為這樣可以更好地利用我們的時間來向您提供這些見解。這就是 BU 的一點見解。但我們將在年底發布完整的 BU 更新。

Kevin Krishnaratne, Scotiabank.

加拿大豐業銀行的 Kevin Krishnaratne。

A question on the cloud business that had a nice uptick in growth this quarter, but you've maintained the guide 2% to 5% for the year, you sound really bullish on that business. You talked about a lot of different initiatives, big SaaS wins. And I'm just curious, what would -- is there anything to think about that would make the revenue growth in the cloud be closer to the 2% range rather than the 5% range? Just wondering about the guidance and your thoughts there.

關於雲端業務的問題，本季雲端業務成長順利，但您仍將全年成長預期維持在 2% 至 5% 之間，聽起來您對該業務非常樂觀。您談到了很多不同的舉措以及 SaaS 的巨大勝利。我只是好奇，有什麼因素可以讓雲端運算的收入成長更接近 2% 的範圍而不是 5% 的範圍？只是想知道那裡的指導和您的想法。

Well, I'll highlight a couple of things and maybe Todd or Madhu jump in. One is record new commitments in Q4, $250 million flows right to the top of the RPO, and you can now see the RPO and you'll see it next quarter.

好吧，我會強調幾件事，也許 Todd 或 Madhu 可以加入。一是第四季度創下了新的承諾，2.5 億美元直接流向 RPO 的頂部，現在您可以看到 RPO，並且下個季度也會看到它。

Second is, I highlighted large strategic SaaS wins before the full delivery of Titanium X. By the way, when we deliver Titanium X, customers don't have to upgrade those pieces. We upgrade them for them. On the Content side, a large win at SAP, BASF, Aldi, Munich Re on the security side, Frost, Capgemini, Nestle, on ADM, Lilly, Pfizer. They're all SaaS wins, faster time to revenue. And then the momentum around the delivery of Titanium X. So yes, we're focused on a $65 million, $70 million in ADM and ITOM. But no, we're not moving our cloud view of fiscal '25.

第二，我在全面交付 Titanium X 之前強調了重大的策略性 SaaS 勝利。我們為他們進行升級。內容方面，SAP、BASF、Aldi 大獲全勝；安全方面，慕尼黑再保險公司、Frost、凱捷、雀巢、ADM、禮來、輝瑞等公司也大獲全勝。它們都是 SaaS 的勝利，能夠更快地實現盈利。然後是圍繞 Titanium X 交付的勢頭。但不，我們不會改變我們對 25 財年的陰雲觀點。

I don't know if there's anything you want to add, Madhu?

我不知道您是否還有什麼要補充，Madhu？

Yeah, I'll take the pass and then Todd, please chime in. So Kevin, your specific question on why we left the ranges unchanged, right? I think the good news is that we did leave the ranges unchanged. Notwithstanding kind of the downward trend in the other buckets license and maintenance, right? Now two things I will remind us, our enterprise cloud bookings, the strong cloud bookings still have a ramp to revenue, right? There's about a six to nine month ramp to the first dollar of revenue. So, think of this as providing us more visibility into beyond '25.

是的，我會接受通行證，然後托德，請加入討論。那麼凱文，你的具體問題是為什麼我們保持範圍不變，對嗎？我認為好消息是我們確實保持範圍不變。儘管其他許可和維護費用呈下降趨勢，對嗎？現在我要提醒我們兩件事，我們的企業雲端預訂，強勁的雲端預訂仍然會帶來收入的成長，對嗎？大約需要六到九個月的時間才能獲得第一美元的收入。因此，可以認為這為我們提供了對25年以後的更多了解。

And then the second part, as Mark outlined, SMB and C are very strong components of cloud revenue for this year for '25, we are planning them at more neutral to constant. So those are the reasons why we've left the range unchanged. And SaaS is picking up, as you heard from Mark, and over time, beyond '25, certainly, we think the SaaS mix in the overall cloud revenue will provide higher velocity from bookings to revenue.

然後是第二部分，正如馬克所概述的，SMB 和 C 是今年 25 年雲端運算收入的非常強大的組成部分，我們計劃將它們保持在更中性到恆定的水平。這些就是我們保持範圍不變的原因。正如您從馬克那裡聽到的，SaaS 正在興起，隨著時間的推移，在 25 年後，我們認為整體雲端收入中的 SaaS 組合將提供從預訂到收入的更高速度。

Yeah. And I would -- adding on to my comment I made about the direct sales force in the pipeline, activation and conversion activity we have underway. Partnerships are playing an increasingly important role in our cloud business, and that's going to only continue. Mark referenced a couple of those just to reinforce our industry-leading SAP partnership is driving accelerated cloud growth, our relationships with the cloud service providers, Microsoft and Google, are contributing. And then in our emerging markets in specific industries, resellers are playing an increasingly important role for us as well, and we're excited about that.

是的。我想補充我對我們正在進行的直銷隊伍、激活和轉換活動的評論。合作夥伴關係在我們的雲端業務中發揮越來越重要的作用，而且這種趨勢只會持續下去。馬克提到了其中的幾個，只是為了加強我們與業界領先的 SAP 的合作夥伴關係，推動雲端運算的加速成長，我們與雲端服務供應商微軟和谷歌的關係也做出了貢獻。在我們特定產業的新興市場中，經銷商也發揮著越來越重要的作用，我們對此感到非常興奮。

I really appreciate that extra color. I just want to slip one last one in here. Can you remind us how big your government opportunity is? How much -- sorry, how much rent exposure do you have in the US? And maybe any thoughts on DOGE potential benefits or things to consider there?

我真的很欣賞那額外的顏色。我只想在這裡再說最後一句話。您能否提醒我們一下您的政府機會有多大？抱歉，您在美國承擔的租金風險有多少？您對於 DOGE 的潛在優勢或需要考慮的事情有什麼看法嗎？

Yes. No, we don't break out just our US government business. But I'd say globally, the public sector is roughly 15% of our revenues on a global basis. Look, we're -- on the business front, we are excited about the opportunities in the US. The mid-market and manufacturing investments, it's 60% of our business in the US. And we're going to be very present to help our customers take advantage of that and do that digitally enabled.

是的。不，我們不會隻公佈美國政府業務。但我想說，從全球來看，公共部門的收入約占我們全球收入的 15%。看，在業務方面，我們對美國的機會感到興奮。中階市場和製造業投資占我們在美國業務的 60%。我們將全力幫助我們的客戶充分利用這一點，並實現數位轉型。

Part of the US government efficiency programs, DOGE, is about becoming more digital. And so we got a great presence in D.C. We're fully represented both on the government intelligence side as well as standard agencies and NGOs as well as the large states in the US. So, I think we're well positioned that as opportunities come along, we'll be right there.

作為美國政府效率計劃的一部分，DOGE 正在變得更加數位化。因此，我們在華盛頓特區有很強的影響力。所以，我認為我們處於有利地位，當機會到來時，我們就會立即抓住機會。

Richard Tse, National Bank Financial.

Richard Tse，國家銀行金融公司。

Just quickly, can you provide some metrics on how Aviator is performing?

簡單說一下，您能否提供一些有關 Aviator 效能的指標？

Look, I think the -- we're not disclosing specific bookings or revenue numbers. There is no doubt that our work fully delivered in Titanium X is helping us win. The SaaS wins all have a part of AI. Again, I can't emphasize the strategic enterprise global nature of the SaaS wins, OpenText -- imagine these two words in the same sentence. OpenText and SaaS and what Titanium X. We set out on Titanium X to have as part of it, a SaaS platform. The wins in Q2, SAP, BASF, Aldi, Munich Re, Frost, Capgemini, Nestle, Lilly, Pfizer. I just couldn't be more proud of those wins.

看，我認為——我們不會透露具體的預訂量或收入數字。毫無疑問，我們在 Titanium X 所做的工作正在幫助我們取得勝利。所有 SaaS 的成功都有 AI 的參與。再次強調，我無法強調 SaaS 勝利的戰略企業全球性，OpenText——想像一下這兩個詞出現在同一句話中。OpenText 和 SaaS 以及 Titanium X。第二季的勝利包括 SAP、巴斯夫、Aldi、慕尼黑再保險、Frost、凱捷、雀巢、禮來、輝瑞。我為這些勝利感到無比自豪。

Most of them have Aviator as part of it. So, we're not here yet to kind of break out this much of revenue or this much of booking, but it's unequivocally a part of our platform, part of our win strategy and part of the actual wins at this point. So stay tuned. There'll be more to follow here as we upgrade the Titanium X, there'll be more to talk about on the AI platform.

其中大部分都包含 Aviator。所以，我們還沒有公佈這麼多的收入或預訂量，但毫無疑問，這是我們平台的一部分，是我們成功策略的一部分，也是目前實際成功的一部分。敬請關注。隨著我們升級 Titanium X，還會有更多內容發布，還會有更多關於 AI 平台的內容可討論。

Okay. And just a last quick one here for me. I appreciate you sharing those RPO metrics. I think in the past, you've talked about sort of expanding your disclosures. And so as you go forward, are you going to be looking at disclosing things like net expansion rate? And I only ask that because a big part of your strategy here is selling into the base. And I think having that metric in terms of understanding how that base is growing would be very helpful. So is that something on the radar here?

好的。這是我最後一個簡短的發言。感謝您分享這些 RPO 指標。我想您過去曾談論過擴大資訊揭露範圍。那麼，在未來的發展中，您是否會考慮揭露諸如淨擴張率之類的資訊？我之所以問這個問題，是因為你們的策略很大一部分是向基層銷售。我認為，透過這個指標來了解該基礎如何成長將會非常有幫助。那麼這是雷達上發現的東西嗎？

Thank you for the feedback. There is -- we're going to assess the feedback. Clearly, it's not about renewal. It's about expansion over time. So thank you for the feedback. We'll take it offline and process all the feedback. It's a big disclosure for us, as you know. It's both cloud and maintenance. It's current and long term with a big emphasis on cloud cRPO and that increased visibility.

感謝您的回饋。是的——我們將評估回饋。顯然，這與更新無關。這是關於隨著時間的推移而進行的擴展。感謝您的回饋。我們將使其下線並處理所有回饋。正如你所知，這對我們來說是一個重大的披露。它既是雲，也是維護。在目前和長期來看，重點關注雲端 cRPO 及其提高的可見性。

And so what are the commitments flowing in, what are the uncommitted portions in there, all the things Madhu talked about, we disclosed a very simple formula. We looked at SAP and Salesforce on how they disclose. We have a net renewal rate as well. So, a good comment on we start to talk expansion. We'll take it as a feedback, and we'll collect all the feedback and then understand what the next set is. So thank you for the question.

那麼，流入的承諾是什麼，其中未承諾的部分是什麼，Madhu 談到的所有內容，我們都披露了一個非常簡單的公式。我們研究了 SAP 和 Salesforce 的揭露方式。我們也有淨續訂率。因此，我們開始談論擴張，這是一個很好的評論。我們會將其視為回饋，並收集所有回饋，然後了解下一組是什麼。感謝您的提問。

I'll now hand the call back over to Mr. Barrenechea for closing remarks.

現在我將電話交還給巴雷內切亞先生，請他作最後發言。

Yes, very good. Thank you for being part of our Q2 call. Margin was our number one priority post AMC divestiture and with our Q2 and first half performance, we delivered, and our new number one priority is growth. Second, we're very excited about the opportunity that Titanium X and upgrades will bring us. And three, we look forward to your continued feedback on our new style of communications and the insights into our business and did you find them helpful and how we can continue to do that.

是的，非常好。感謝您參加我們第二季的電話會議。在 AMC 資產剝離後，利潤率是我們的首要任務，從第二季和上半年的業績來看，我們實現了這一目標，而我們新的首要任務是成長。其次，我們對 Titanium X 及其升級將為我們帶來的機會感到非常興奮。第三，我們期待您繼續就我們新的溝通方式和業務見解提供回饋，您是否認為它們有幫助，以及我們如何繼續這樣做。

Thank you very much, and we look forward to seeing you at Morgan Stanley and elsewhere. Thank you very much.

非常感謝，我們期待在摩根士丹利和其他地方見到您。非常感謝。

This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。您可以斷開您的線路。感謝您的參與，祝您有個愉快的一天。