Open Text Corp (OTEX) 2025 Q3 法說會逐字稿

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

感謝您的支持。我是會議主持人。歡迎參加 OpenText Corporation 2025 財政年度財務業績電話會議。（操作員指示）

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, Gaylene, and good morning, everyone. Welcome to OpenText's third-quarter fiscal 2025 earnings call. With me on the call today are OpenText's Chief Executive Officer and Chief Technology Officer, Mark Barrenechea and OpenText's Executive Vice President and Chief Financial Officer, Chadwick Westlake. Today's call is being webcast live and recorded with a replay available shortly thereafter. All of this is available on OpenText's Investor Relations website, which, as a reminder, is investors.opentext.com.

謝謝你，蓋琳，大家早安。歡迎參加 OpenText 2025 財年第三季財報電話會議。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 和 OpenText 的執行副總裁兼財務長 Chadwick Westlake。今天的電話會議將進行網路直播和錄音，之後不久將提供重播。所有這些都可以在 OpenText 的投資者關係網站上找到，提醒一下，網站的網址是 investors.opentext.com。

On today's webcast, we're trying something new and we'll have our prepared remarks coordinated with the slides from our Q3 financial results presentation. This presentation is available on the IR website to download. And please note that if you're logged in for the live webcast, you're already set up for the slide show.

在今天的網路廣播中，我們嘗試了一些新的東西，我們將把準備好的發言與第三季財務業績簡報的幻燈片進行協調。該簡報可在 IR 網站上下載。請注意，如果您已登入觀看網路直播，則您已設定好投影片放映。

I'll also point out that there are two presentations posted on our IR website, the Q3 fiscal '25 IR financial results sideshow, that will be used during the call and our broader Q3 fiscal '25 investor presentation, which is posted for reference throughout the quarter and used during our investor meetings. Now turning to upcoming investor events.

我還要指出的是，我們的 IR 網站上發布了兩個演示文稿，即 2025 財年第三季度 IR 財務業績演示，將在電話會議期間使用，以及我們更廣泛的 2025 財年第三季度投資者演示文稿，該演示文稿將在整個季度發布以供參考，並在我們的投資者會議期間使用。現在轉向即將舉行的投資者活動。

OpenText will be participating in the following investor conferences: on May 8, the Needham Technology Media and Consumer Virtual Conference. On May 20, the Barclays Leveraged Finance Conference in Austin, Texas, and May 22, the CIBC Technology Conference in Toronto. May 29, Jefferies Public Technology Conference in Newport Coast, California, and the BMO, Bank of Montreal Virtual Software Conference on June 9. Finally, back in Toronto on June 12 for the RBC Technology, Internet, Media and Telecommunications symposium. It will be a busy quarter, and we look forward to meeting with you.

OpenText 將參加以下投資者會議：5 月 8 日，Needham 科技媒體和消費者虛擬會議。5月20日，在德州奧斯汀舉行的巴克萊槓桿融資會議，5月22日，在多倫多舉行的加拿大帝國商業銀行技術會議。5 月 29 日，傑富瑞公共技術會議在加州紐波特海岸舉行，6 月 9 日，蒙特婁銀行虛擬軟體會議在蒙特婁銀行舉行。最後，6 月 12 日回到多倫多參加 RBC 技術、互聯網、媒體和電信研討會。這將是一個繁忙的季度，我們期待與您會面。

And now for the reading of our Safe Harbor statement. During this call, we'll be making forward-looking statements relating to the future performance of OpenText. These statements are based on 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 release that was distributed last night. Each of these can be found on our IR website.

現在來閱讀我們的安全港聲明。在本次電話會議中，我們將對 OpenText 的未來表現做出前瞻性陳述。這些聲明是基於目前的預期、假設和其他重要因素，這些因素受風險和不確定性的影響，實際結果可能與今天所做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要因素以及可能影響 OpenText 未來業績結果的風險因素的更多信息，包含在 OpenText 最近的 10-K 和 10-Q 表格以及我們昨晚發布的新聞稿中。所有這些資訊都可以在我們的 IR 網站上找到。

We undertake no obligation to update these forward-looking statements unless required to do so by law. In addition, our conference call may include discussions of certain non-GAAP financial measures, and 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 are also available on our website.

除非法律要求，我們不承擔更新這些前瞻性聲明的義務。此外，我們的電話會議可能包括對某些非公認會計準則 (non-GAAP) 財務指標的討論，任何非公認會計準則 (non-GAAP) 財務指標與其最直接可比較的公認會計準則 (GAAP) 指標的對帳可在我們的公開文件和其他資料中找到，這些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，我就把電話交給馬克。

Thank you, Greg, and good morning, and welcome, everyone, to our Q3 earnings call. There are three key areas I plan to cover this morning. First, I want to refresh our listeners on why OpenText is so distinct, designed to perform across business cycles and is critically significant to organizations across industries and geographies. There may be external factors we cannot control that makes revenue harder to forecast, but we intend to perform in the areas we do control, like EBITDA, earnings, free cash flow and capital return.

謝謝你，格雷格，早安，歡迎大家參加我們的第三季財報電話會議。今天上午我計劃討論三個關鍵領域。首先，我想讓聽眾重新認識為什麼 OpenText 如此獨特，旨在跨業務週期運行，並且對跨行業和跨地區的組織至關重要。可能存在一些我們無法控制的外部因素，導致收入更難預測，但我們打算在我們能夠控制的領域表現出色，例如 EBITDA、收益、自由現金流和資本回報。

Secondly, I'll take you through some important product customer financial updates for the quarter as well as my perspective on market volatility and how OpenText is positioned to help our customers create value through this deep uncertainty. This includes discussing the transformative expansion of our business optimization plan which is led by AI first.

其次，我將向您介紹本季一些重要的產品客戶財務更新，以及我對市場波動的看法，以及 OpenText 如何幫助我們的客戶在這種深度不確定性中創造價值。這包括討論以AI為主導的業務優化計劃的變革性擴展。

Third, I'll confirm progress on our three strategic priorities, including competitive advantage, total revenue growth and operational excellence. Our differentiation is getting stronger through AI first, and this will help lead us to upper quartile returns.

第三，我將確認我們三個策略重點的進展情況，包括競爭優勢、總收入成長和卓越營運。我們的差異化首先透過人工智慧變得越來越強，這將有助於我們獲得上四分位數的回報。

Before I start, I'd like to thank Madhu for the seven years of service to OpenText and for the transition over the last few months, all the best in her continued journey. Let me formally welcome our new CFO and business partner, Chadwick Westlake. Chadwick joined us from publicly traded EQ Bank in Canada. And as you know, he is an outstanding executive and was just recognized as one of this year's best executives in Canada by the Globe and Mail. The leadership team and I look forward to working with him as we bring OpenText to its next level of performance and value potential.

在開始之前，我想感謝 Madhu 為 OpenText 做出的七年貢獻以及過去幾個月的過渡，並祝福她在未來的道路上一切順利。讓我正式歡迎我們的新任財務長兼業務夥伴 Chadwick Westlake。在查德威克 (Chadwick) 在加入我們之前，曾在加拿大上市的 EQ Bank 工作。正如你們所知，他是一位傑出的高管，剛剛被《環球郵報》評為今年加拿大最佳高管之一。我和領導團隊期待與他合作，將 OpenText 的效能和價值潛力提升到一個新的水平。

Chad will speak to the highlights of the quarter here shortly. Let me jump right in.

查德很快就會在這裡講述本季的亮點。讓我直接進入正題。

OpenText will celebrate its 35th anniversary this summer, and our potential remains limitless. By choice and origin, we are proudly Canadian helping the world's largest organizations to deliver products and services that benefit the lives of hundreds of millions of people every day across the world from Canada.

OpenText 今年夏天將迎來 35 週年，我們的潛力依然無限。出於選擇和出身，我們自豪地成為加拿大人，幫助世界上最大的組織從加拿大提供產品和服務，使每天世界各地數億人的生活受益。

At our core, OpenText is an information management company. We've empowered the knowledge worker over the last three decades. And now we are creating the digital knowledge worker of the future. We operate a portfolio of cloud products centered on enterprise content and process automation, securing and integrating that content across business applications and business networks, delivering exceptional services to the users of that content and doing this at scale.

從本質上講，OpenText 是一家資訊管理公司。在過去的三十年裡，我們增強了知識工作者的能力。現在我們正在創造未來的數位知識工作者。我們經營一系列以企業內容和流程自動化為中心的雲端產品，在業務應用程式和業務網路中保護和整合這些內容，為這些內容的使用者提供卓越的服務，並大規模地實現這些目標。

We are now redefining the value of that information through our new AI platform, Aviator. Our ability is unmatched to solve global and strategic problems for our customers by universally linking information, agnostic to platform or infrastructure or language model or information format. We have always centered on building lifetime value for our customers through a raison d’être of we always deliver. No one else can do what we do. This is the key to our resilience.

我們現在正在透過我們的新 AI 平台 Aviator 重新定義這些資訊的價值。我們擁有無與倫比的能力，能夠透過普遍連結資訊為客戶解決全球性和策略性問題，不受平台、基礎設施、語言模型或資訊格式的限制。我們始終致力於透過我們始終如一的服務為客戶創造終身價值。沒有人能夠做到我們所做的事情。這是我們堅韌不拔的關鍵。

Our capabilities are far reaching. OpenText is likely part of your daily life, and you may not even realize it. For example, where did you get your milk or breakfast? Where did you get your milk this morning to put in your coffee or your breakfast?

我們的能力影響深遠。OpenText 很可能已經成為您日常生活的一部分，但您甚至可能沒有意識到它。例如，你在哪裡買的牛奶或早餐？您今天早上從哪裡弄來的牛奶可以加到咖啡或早餐裡？

Did you read the morning newspaper using cellular data? How did you process family payments? Did you stop for gas? Did you see a doctor or take medicine? Or as simple as turning on your lights, turning on your TV, or watching a streaming movie or the National Hockey league.

您是否使用蜂窩數據閱讀早報？您如何處理家庭付款？你停下來加油了嗎？你看過醫生或吃過藥嗎？或者像打開燈、打開電視或觀看串流電影或國家冰球聯盟一樣簡單。

OpenText is the platform behind the scenes for the brands that you trust every day, making all of this work. It is important for our investors to understand that we allocate capital to deliver the best value. We are both an offensive and defensive investment opportunity in Canadian technology with significant reasons to hold, buy and buy more of our stock. The team is excited about winning in F '26, with a new product cycle relevant to strategic needs of cloud security and AI.

OpenText 是您每天信賴的品牌的幕後平台，讓這一切得以實現。我們的投資者必須明白，我們分配資本是為了實現最佳價值。我們是加拿大科技領域的進攻性和防禦性投資機會，具有持有、購買和購買更多我們股票的重要理由。該團隊對於在 F '26 中獲勝感到非常興奮，並推出了與雲端安全和人工智慧戰略需求相關的新產品週期。

We are an AI-led organization with a transformative business optimization plan. The external distractions of xAMC, xDXC, xRoyalty are now behind us this quarter and a clear return to capital flexibility, as you can see from our cash flow engine and our cash flow results in Q3. You can expect us to resume our traditional programmatic approach to growth through tuck-in acquisitions when they align with our strategic priorities.

我們是一家以人工智慧為主導的組織，擁有變革性業務優化計劃。本季度，xAMC、xDXC、xRoyalty 等外部幹擾已經過去，資本靈活性明顯恢復，這一點您可以從我們的現金流引擎和第三季度的現金流結果中看到。當這些收購與我們的策略重點一致時，您可以期待我們透過補充收購恢復傳統的程序化成長方式。

We'll also carry out programmatic divestitures, when that is the best opportunity to monetize long-term returns for mature products. Our primary use of capital is approximately 50% of free cash flow to dividends and buybacks. And as free cash flow grows, so should our capital return. But also, please recall, when we introduced this, we also said we will remain flexible and allocate our capital to the highest return scenario that is in front of us. Expect us to continue to allocate capital in a flexible manner, but always to the highest return.

當這是將成熟產品的長期回報貨幣化的最佳機會時，我們也將進行程序性資產剝離。我們的主要資本用途是將約 50% 的自由現金流用於股利和回購。隨著自由現金流的成長，我們的資本回報也應該會成長。但請記住，當我們推出這項措施時，我們也說過，我們將保持靈活性，並將我們的資本分配到我們面臨的最高回報情境中。期望我們繼續以靈活的方式分配資本，但始終追求最高的回報。

Bottom line, our total shareholder return proposition keeps getting stronger. Before I get into the quarter highlights, I want to speak about the market volatility. You may have heard other companies talk about two demand scenarios and thus two outlooks, and some companies are even pulling guidance. You're all very aware of what is happening, and let me add our color to recent events.

總而言之，我們的股東總回報主張不斷增強。在介紹本季的亮點之前，我想先談談市場波動。您可能已經聽到其他公司談論兩種需求情景，從而兩種前景，有些公司甚至正在撤回指導。大家都非常清楚正在發生的事情，讓我為最近發生的事件增添一些色彩。

There was clearly a demand shock in the second half of fiscal Q3, driven by the sudden announcements of tariffs, which then became rolling tariffs. There was so much tariff information for our customers to understand. And some of that information quite candidly was reliable and some of it was not. We are seeing our customers move beyond these disappointments in disbelief to now take in control. They are continuing with their strategic priorities, even if in some cases, reduced near-term -- even in some cases, reducing near-term spend. I'd like to highlight an important positive trend that we are seeing where customers are looking to deploy in local clouds while reducing the dependencies on US technology.

財政第三季下半段明顯出現了需求衝擊，這是由於突然宣布徵收關稅，隨後又改為滾動徵收關稅。我們的客戶需要了解大量的關稅資訊。坦白說，其中一些資訊是可靠的，但有些則不可靠。我們看到我們的客戶已經克服了這些難以置信的失望情緒，並開始掌控局面。他們將繼續執行他們的策略重點，即使在某些情況下，也會減少短期支出。我想強調我們看到的一個重要的積極趨勢，即客戶希望在本地雲端中部署，同時減少對美國技術的依賴。

This introduces new opportunities for OpenText, given our Canadian roots and local presence in key regions around the world. Further, customers are continuing the consolidation to the cloud, creating programs to gain more efficiency and doing this through information management AI and new digital workers. Our digital worker approach is, let AI and machines do the work.

鑑於我們的根基是加拿大，並且在世界主要地區都有本地影響力，這為 OpenText 帶來了新的機會。此外，客戶正在繼續向雲端整合，創建程式以提高效率，並透過資訊管理人工智慧和新的數位員工來實現這一目標。我們的數位化員工方法是讓人工智慧和機器完成工作。

This is a low-cost and limited workforce that will benefit all organizations in all industries. As we demonstrated at OpenText Summits in Europe a few weeks ago with our new cloud additions, AI Aviators and My Aviator, we can take human tasks that require dozens of screens and work and days of work and reduce that down to a dialogue box in minutes.

這是一支低成本、有限的勞動力隊伍，所有產業的所有組織都將從中受益。正如我們幾週前在歐洲的 OpenText 高峰會上展示的，我們的新雲端功能 AI Aviators 和 My Aviator，我們可以將需要數十個螢幕和數天工作的人工任務簡化為幾分鐘內的對話框。

In summary, no one can predict how long the volatility will last, but we are well positioned to help organizations reposition globally, deploy locally in our private and sovereign clouds, and gain extreme efficiency through deploying a new digital workforce using our AI.

總而言之，沒有人能夠預測波動將持續多久，但我們完全有能力幫助企業在全球範圍內重新定位，在我們的私有雲和主權雲中進行本地部署，並透過使用我們的人工智慧部署新的數位化勞動力來獲得極高的效率。

Shifting to our Q3. In a normal world, we are fully expecting to deliver to our business plan and revenue range of $1.26 billion to $1.3 billion. But given the large volatility, we did not meet our expectations on revenue and new bookings, we ended up 50 basis points below our target range. Once tariffs were announced, including 25% auto tariffs as well as US government spending cutbacks, customers pause to assess the impact on their businesses. Our book of business was disrupted in the range of $40 million to $50 million. During COVID, we saw impact on travel, transportation, retail, and it all came back. And this disruption, we are seeing impact in auto, materials, energy, government and some retail, and it too will come back.

轉向我們的第三季。在正常情況下，我們完全有望實現我們的業務計劃，收入範圍達到 12.6 億美元至 13 億美元。但鑑於波動性較大，我們的收入和新訂單未能達到預期，最終比目標範圍低了 50 個基點。一旦宣布關稅，包括 25% 的汽車關稅以及美國政府削減開支，客戶就會停下來評估對其業務的影響。我們的業務受到了 4,000 萬至 5,000 萬美元的干擾。在新冠疫情期間，我們看到了旅行、交通、零售業受到的影響，但一切都回來了。我們看到這種中斷對汽車、材料、能源、政府和一些零售業產生了影響，而這種影響還會再次發生。

With this said, we executed extremely well in our operations across adjusted EBITDA, adjusted EPS, free cash flow and our share repurchase program. In Q3, ex AMC and in constant currency, we delivered $1.27 billion of total revenues, down 2.9%, down 1% when factoring in IP rights in DXC. New cloud bookings were $151 million, down 8% due to the demand disruption. We expect to show Q4 growth in enterprise cloud bookings and for the fiscal year.

話雖如此，我們在調整後的 EBITDA、調整後的 EPS、自由現金流和股票回購計劃方面的營運表現非常出色。第三季度，不包括 AMC 且以固定匯率計算，我們的總收入為 12.7 億美元，下降 2.9%，如果計入 DXC 的智慧財產權則下降 1%。新的雲端訂單為 1.51 億美元，由於需求中斷而下降了 8%。我們預計第四季和整個財年企業雲端預訂量都將成長。

Bookings growth in Q4 is unlikely to be enough to get us to our 20% to 25% annual target. Rather, we expect the fiscal year to be in the mid-teens for growth. I will continue to encourage investors to focus on RPO and cRPO as the most effective go-forward metrics as these will have more clear benefit with year-over-year metrics as of Q4. As I noted upfront, while we may not be able to predict the headlines in the coming weeks and months, we will control well, that which we can control, including EBITDA, earnings, free cash flow and capital return.

第四季的預訂量成長可能不足以讓我們達到 20% 至 25% 的年度目標。相反，我們預期本財年的成長率將達到十五六個百分點。我將繼續鼓勵投資者關注 RPO 和 cRPO，將其作為最有效的未來指標，因為從第四季度開始，這些指標將與去年同期指標產生更明顯的好處。正如我之前提到的，雖然我們可能無法預測未來幾週和幾個月的頭條新聞，但我們將很好地控制我們能夠控制的事情，包括 EBITDA、收益、自由現金流和資本回報。

Looking at Q3 positively within the quarter, Cloud revenues grew 3% year-over-year in constant currency, our 17th consecutive quarter of organic growth. Adjusted EBITDA was strong at $395 million or 31.5% margin, up year-over-year, excluding AMC, adjusted EPS was $0.83 in constant currency, up year-over-year, excluding AMC. We had record free cash flow of $374 million, up 7% year-over-year. We scaled our repurchase program by 50% in the quarter. We repurchased and retired 4.4 million shares for $115 million for total outstanding shares of approximately $260 million, the lowest since September of 2016, and cash ended up at nearly $1.3 billion.

從第三季來看，雲端收入以固定匯率計算年增 3%，這是我們連續第 17 季實現有機成長。調整後的 EBITDA 表現強勁，達到 3.95 億美元或 31.5% 的利潤率，同比增長（不包括 AMC），調整後的 EPS 以固定匯率計算為 0.83 美元，同比增長（不包括 AMC）。我們的自由現金流創紀錄地達到 3.74 億美元，年增 7%。本季度，我們將回購計畫規模擴大了 50%。我們以 1.15 億美元回購並註銷了 440 萬股股票，總流通股數約為 2.6 億美元，為 2016 年 9 月以來的最低水平，現金最終接近 13 億美元。

Q3 was a strong product and customer quarter. Customer wins included ABN AMRO for application security, Froneri International for digital commerce, Japan Tobacco for application automation, the US Air Force for secure identity and Pacific Life for digital information management. These wins were led by our next-generation cloud platform Titanium X where we are winning with AI first, our business cloud suites, our new security technology for identity protection and threat detection and response. Titanium X with AI is now delivered launched last month from our European Customer Summit, and this is a game changer for us.

第三季是產品和客戶表現強勁的季度。贏得的客戶包括應用程式安全領域的荷蘭銀行、數位商務領域的 Froneri International、應用程式自動化領域的日本菸草、安全身分領域的美國空軍以及數位資訊管理領域的太平洋人壽。這些勝利得益於我們的下一代雲端平台 Titanium X，我們首先在該平台中憑藉人工智慧、我們的業務雲端套件、我們用於身分保護和威脅檢測與回應的新安全技術取得了勝利。帶有人工智慧的 Titanium X 現已在上個月在我們的歐洲客戶高峰會上推出，這對我們來說是一個改變遊戲規則的產品。

Combined with our business cloud suites, we can help customers make faster and more accurate decisions, deliver a step change in productivity and simplify multi-cloud complexity. We have a very ambitious multi-quarter roadmap leading with AI first, and every customer is an opportunity to upgrade and expand with Titanium X.

結合我們的商業雲端套件，我們可以幫助客戶做出更快、更準確的決策，提高生產力並簡化多雲複雜性。我們有一個非常雄心勃勃的多季度路線圖，以人工智慧為先導，每個客戶都是使用 Titanium X 進行升級和擴展的機會。

Let me turn to our expanded Business Optimization plan, which we announced today as outlined on Slide 13, where AI first is now the central part of our corporate DNA and culture. New hires must have AI skills. AI will be part of our performance and talent reviews. AI has now turned on in various forms for all our employees to use, and we will only hire new talent where the work cannot be done by AI. We are using AI and engineering, support, professional services, and sales, and for the general knowledge worker.

讓我來談談我們今天宣布的擴展業務優化計劃，如幻燈片 13 中所述，其中 AI first 現在是我們的企業 DNA 和文化的核心部分。新員工必須具備人工智慧技能。人工智慧將成為我們績效和人才評估的一部分。人工智慧現在已經以各種形式供我們所有員工使用，我們只會在人工智慧無法完成的工作上聘用新的人才。我們正在使用人工智慧和工程、支援、專業服務和銷售，以及針對一般知識工作者。

We have progressed so rapidly with AI we can now see the path to a significant reset in our cost structure through our expanded plans and other related initiatives. We expect the new annualized savings to be up to $400 million, including an incremental net reduction of 1,600 employees. And when combined with what we have previously announced in action, this is a total annualized savings of $490 million to $550 million and a net reduction of 2,000 employees when fully implemented. Approximately 50% of the new savings are to be realized in fiscal '26 with the remaining benefit to be realized in fiscal '27.

我們在人工智慧方面取得瞭如此迅速的進步，現在我們可以透過擴展計劃和其他相關舉措看到成本結構重大重置的道路。我們預計新的年度節省將高達 4 億美元，其中包括逐步淨裁減 1,600 名員工。與我們先前宣布的行動相結合，全面實施後，每年可節省 4.9 億至 5.5 億美元，並淨減少 2,000 名員工。約 50% 的新節省將在 26 財年實現，剩餘的收益將在 27 財年實現。

This is transformative and strategically aligned to our AI-first culture and initiatives. We'll provide more clarity on this in Q4, conjunctive with our F '26 targets, including what to expect in margin improvement, reflective of the initiatives and our scaling investments in innovation and growth. Let me turn to outlook.

這是變革性的，並且在策略上與我們的 AI 優先文化和舉措保持一致。我們將在第四季度對此做出更清晰的說明，結合我們的 F '26 目標，包括利潤率改善的預期，反映我們的舉措以及我們在創新和成長方面的擴大投資。讓我來談談展望。

Let me speak to our F '25 targets. Look, the easiest thing we could do is say there is so much volatility we are pulling our guidance. But we have a job to do, and our job is to respond to whatever is thrown at us. We are not changing our adjusted EBITDA, free cash flow and capital return targets. In fact, we're going to work harder to get to the high end of our free cash flow ranges.

讓我來談談我們的 F'25 目標。瞧，我們能做的最簡單的事情就是說波動性太大，所以我們要撤回指導。但我們有工作要做，我們的工作就是應對我們遇到的任何問題。我們不會改變調整後的 EBITDA、自由現金流和資本回報目標。事實上，我們將更加努力地達到自由現金流範圍的高端。

In a normal world, we would be holding to our previous revenue targets. However, with the volatility, it is not possible to fully predict total revenue, and we could be below the current low end of our range. So we think it's prudent to communicate an F '25 revenue target of $5.1 billion to $5.17 billion versus the previous range of $5.17 billion to $5.27 billion. If we do better, that is upside to the range. This approach reflects our ability to manage earnings across business cycles like we did in COVID.

在正常情況下，我們會堅持先前的收入目標。然而，由於波動性，我們無法完全預測總收入，而且我們的收入可能低於目前範圍的低端。因此，我們認為，將 F'25 的收入目標定為 51 億美元至 51.7 億美元是明智之舉，而先前的預期是 51.7 億美元至 52.7 億美元。如果我們做得更好，那麼這個範圍就會上升。這種方法反映了我們在整個商業週期中管理收益的能力，就像我們在 COVID 期間所做的那樣。

Let me wrap up my prepared remarks by going a little deeper in our three strategic priorities and why these remain as constant priorities. First, increasing our competitive advantage through our new product cycle and leading with AI first, Business Cloud suites and new security. We can see the momentum from industry analysts, customer engagement, pipeline expansion, customer and partner wins, coupled with the market timing for consolidation, efficiency gains, local deployments, enabling a new digital workforce. This is how organizations win.

最後，讓我更深入地談談我們的三大策略重點以及為什麼它們始終是我們的重點，以結束我準備好的演講。首先，透過我們的新產品週期提高我們的競爭優勢，並以人工智慧、商業雲端套件和新安全性為主導。我們可以從產業分析師、客戶參與、通路擴展、客戶和合作夥伴的勝利中看到這種勢頭，再加上整合、效率提升、本地部署的市場時機，從而實現新的數位勞動力。這就是組織獲勝的方式。

Second, our property on total revenue growth. Our narrative is AI first, no longer ex AMC. We are entering an exciting new product cycle as noted, entering new market areas such as Security, and we have completed seller excellence training across our sales force. And for the first time, and with Titanium X, partners are now allowed and enabled to sell our cloud offerings. And we have new clear capital flexibility. Our strategic partners across SAP and hyperscales keep getting stronger. Customers are gaining control in the time of disruption. We are seeing high renewal rates in our cloud and off cloud, and cloud rates were up 100 bps quarter-over-quarter.

第二，我們的房地產總收入實現了成長。我們的敘述首先是人工智慧，不再是前 AMC。正如所提到的，我們正在進入一個令人興奮的新產品週期，進入安全等新的市場領域，並且我們已經完成了整個銷售團隊的銷售人員卓越培訓。透過 Titanium X，合作夥伴首次可以銷售我們的雲端產品。我們擁有新的明確的資本彈性。我們在 SAP 和超大規模領域的策略夥伴不斷壯大。在發生中斷時，客戶正在獲得控制權。我們看到雲端和非雲端的續訂率都很高，雲端費率比上一季上漲了 100 個基點。

The third on our strategic focus is operational excellence, which remains -- which means upper quartile margins, free cash flow, earnings, and capital return. With the transformative expansion of our business optimization, we're confident that we can generate more profits from higher revenues by lowering our cost curve and setting a new milestone level of free cash flow generation over the next couple of years.

我們的策略重點的第三點是卓越運營，這意味著上四分位利潤率、自由現金流、收益和資本回報。隨著業務優化的變革性擴展，我們有信心透過降低成本曲線並在未來幾年內設定新的里程碑自由現金流產生水平，從更高的收入中獲得更多利潤。

With that, let me turn the call over to Chadwick.

說完這些，讓我把電話轉給查德威克。

Thanks, Mark, and good morning. As a very proud Canadian, I'm pleased to now be serving this proud Canadian company. Since joining the team in March, listening has been job one. I spent my first couple of weeks meeting with our shareholders, capital markets analyst and partners. I understand the opportunities, and I'm enthusiastic about the growth journey ahead.

謝謝，馬克，早安。作為一個非常自豪的加拿大人，我很高興能夠為這家自豪的加拿大公司服務。自從三月加入團隊以來，傾聽一直是我的首要任務。我花了前幾週的時間與我們的股東、資本市場分析師和合作夥伴會面。我了解這些機遇，並且對未來的成長之旅充滿熱情。

As Mark referenced, in Q4, we will introduce fiscal 2026 targets and reframed medium-term aspirations. There should be no surprises. You will continue to see targets on what you know what's best for, including adjusted EBITDA margin, free cash flow and adjusted EPS growth, capital returns and our expectations for annual total revenue growth. We will simplify more performance metrics and look to add increasing transparency.

正如馬克所提到的，我們將在第四季推出 2026 財年目標並重新制定中期目標。應該不會有什麼意外。您將繼續看到您所了解的最佳目標，包括調整後的 EBITDA 利潤率、自由現金流和調整後的 EPS 成長、資本回報以及我們對年度總收入成長的預期。我們將簡化更多績效指標並尋求提高透明度。

This includes for how more of our businesses are performing, particularly ones that are outperforming and revenue growth. For today, I'll focus on Q3 results with brief added context on enterprise cloud bookings, revenue, adjusted EBITDA margin, free cash flow and, overall earnings. As you reviewed in our material, total enterprise bookings were $151 million, down 8.4% year-over-year. While below expectations, I would contextualize the outcome in a few ways.

這包括我們更多業務的表現，特別是那些表現優異且收入成長的業務。今天，我將重點放在第三季的業績，並簡要介紹企業雲端預訂、收入、調整後的 EBITDA 利潤率、自由現金流和整體收益。正如您在我們的資料中看到的，企業預訂總額為 1.51 億美元，年減 8.4%。雖然低於預期，但我會從幾個方面來解釋結果。

We had good results in a few key segments. Importantly, in content management bookings from the financial services and technology sectors, we won more competitive business and tangible pipeline momentum. As Mark indicated, our bookings difference to target was primarily attributed to the macro disruption in the quarter, which resulted in some positives to later quarters.

我們在幾個關鍵領域取得了良好的成績。重要的是，在金融服務和科技領域的內容管理預訂中，我們贏得了更具競爭力的業務和實際的通路發展動能。正如馬克所指出的，我們的預訂量與目標的差異主要歸因於本季的宏觀動盪，這給後續幾季帶來了一些正面影響。

And on the cloud net renewal rate, a metric we introduced in Q1. We expanded again 100 bps sequentially to 96%. You may recall, we introduced total RPO and cRPO last quarter. Once we have that year-over-year comparable in Q4, you'll have a trend, and we'll add more context.

關於雲端淨續訂率，這是我們在第一季推出的指標。我們又連續擴大了 100 個基點，達到 96%。您可能還記得，我們​​在上個季度推出了總 RPO 和 cRPO。一旦我們在第四季度獲得了同比數據，您就會了解趨勢，並且我們會添加更多背景資訊。

Shifting to revenue for the quarter, where we had solid annual recurring revenue of 82%, higher year-over-year, excluding AMC. Cloud revenues were $463 million, up nearly 2% year-over-year and represented about 37% of total Q3 revenue. That marks 17 quarters of cloud organic growth driven by AI readiness and strong demand for our Content cloud.

轉向本季的收入，我們的年度經常性收入穩定達到 82%，較去年同期成長（不包括 AMC）。雲端運算營收為 4.63 億美元，年增近 2%，約佔第三季總營收的 37%。這標誌著雲端運算已連續 17 個季度實現有機成長，這主要得益於人工智慧的準備度和對內容雲的強勁需求。

Non-GAAP cloud margin increased approximately 300 basis points to 62.7% year-over-year. Customer Support or Maintenance revenue was $567 million, coming in slightly below our expectation. We are making progress here, and non-GAAP gross margin remained strong at 89.3%.

非公認會計準則雲端利潤率年增約 300 個基點，達到 62.7%。客戶支援或維護收入為 5.67 億美元，略低於我們的預期。我們正在取得進展，非公認會計準則毛利率仍保持強勁，達到 89.3%。

Overall, non-GAAP gross margin for Q3 was 75.7%, which excluding AMC, remained consistent year-over-year. As you see on Slide 19, important to note, we are working to expand our revenue disclosures. This is intended to add more clarity and context for our businesses where revenue is outperforming such as Content, as you see on the left. That is compared to our businesses where we expect to perform and continuously improve on the right side. We look forward to publishing this data for you in Q4 and regularly.

整體而言，第三季非 GAAP 毛利率為 75.7%，不含 AMC，與去年同期持平。正如您在幻燈片 19 上看到的，值得注意的是，我們正在努力擴大我們的收入揭露。這是為了為我們的收入表現優異的業務（例如內容）增加更多的清晰度和背景，如您在左側所見。與我們期望在正確方面表現並不斷改進的業務相比。我們期待在第四季及定期為您發布這些數據。

Now to adjusted EBITDA margin, which was ahead of our target range at 31.5%. While revenue was lower, expense actions and improving our operations translated well. This was a good outcome for Q3 and it takes our year-to-date adjusted EBITDA margin to 34.7% compared to our annual target of 33% to 34%. As a reminder, our fiscal Q3 is a calendar Q1 and our adjusted EBITDA margin would always be lower sequentially. So the difference you see to Q2 is entirely seasonal, both in revenue bookings and expense increases, including annual reset categories such as annual merit increases, vacation and benefits that take effect January 1.

現在調整後的 EBITDA 利潤率高於我們的目標範圍 31.5%。雖然收入較低，但費用行動和改善我們的營運效果良好。這對於第三季來說是一個良好的結果，使我們年初至今的調整後 EBITDA 利潤率達到 34.7%，而我們的年度目標為 33% 至 34%。提醒一下，我們的財政第三季度是日曆第一季度，我們的調整後 EBITDA 利潤率總是會連續下降。因此，您在第二季度看到的差異完全是季節性的，包括收入預訂和費用增加，包括年度重置類別，例如 1 月 1 日生效的年度績效加薪、假期和福利。

Total head count declined slightly from Q2 but you will see that come down further in Q4 as part of the announcement today. Expenses for Q3 were down year-over-year, importantly attributed to the completion of the first phase of the Business Optimization plan announced last summer. OpenText is exceptional at consistently generating strong and recurring free cash flows. As mentioned earlier, our free cash flows increased 7% year-over-year to $374 million on a reported basis a new high-water mark in a quarter with a 30% free cash flow margin.

總員工人數較第二季略有下降，但正如今天發布的公告所示，您將看到第四季度的總員工人數將進一步下降。第三季的支出較去年同期下降，主要原因是去年夏天宣布的業務優化計畫第一階段的完成。OpenText 在持續產生強勁且經常性的自由現金流方面表現出色。如前所述，我們的自由現金流年增 7%，達到 3.74 億美元，創下本季新高，自由現金流利潤率為 30%。

Q3 each year is typically the highest due to the timing of Maintenance annual renewals, but two items of note. In Q3 last year, we had the benefit of free cash flows from AMC, which is now gone. And in Q3 this year, we had a total one-time benefit of $48 million as disclosed in our 10-Q related to the collection of a UK state aid receivable.

由於維護年度更新的時間安排，每年第三季通常是最高的，但有兩點值得注意。去年第三季度，我們獲得了 AMC 的自由現金流，但現在已經消失了。今年第三季度，我們在 10-Q 報表中揭露了與收取英國國家援助應收款相關的總計 4,800 萬美元的一次性收益。

Mark touched on our capital allocation strategy, and I will reinforce and expand on this a little more. We expect our businesses will continue to generate strong and growing free cash flows. And in turn, we allocate that to the highest capital return scenarios, thus, reserving flexibility in our strategy.

馬克談到了我們的資本配置策略，我將對此進行進一步的強調和擴展。我們預計我們的業務將繼續產生強勁且不斷成長的自由現金流。反過來，我們將其分配給最高資本回報情景，從而保留我們策略的靈活性。

On a primary basis, we look to deploy it by investing back into our businesses and customer innovation as well as always rewarding our investors with a steady dividend. Secondary to that, flexible to the environment and opportunity, we will deploy it to acquire tuck-in companies that align to our current strategy, and we will repurchase shares, particularly at these valuation levels. For example, based on that opportunity, we -- you saw us increase our current repurchase program by 50% up to $450 million in March this year. It is very important we will remain strategic and flexible in this capital allocation sequence.

首先，我們希望透過投資我們的業務和客戶創新以及始終以穩定的股息回報我們的投資者來部署它。其次，我們將靈活地適應環境和機遇，利用它來收購符合我們當前策略的小型公司，並且我們將回購股票，特別是在這些估值水平上。例如，基於這個機會，您看到我們在今年 3 月將目前的回購計畫增加了 50%，達到 4.5 億美元。在這一資本配置序列中，我們保持策略性和靈活性非常重要。

Moving to adjusted EPS, which was strong again in Q3 at $0.82 diluted. Reported that is down 13% year-over-year. But excluding the AMC divestiture, it was up year-over-year. Contributing to this outcome was the benefit of repurchasing and canceling 14.3 million shares over the trailing 12 months. With purchases completed at the end of March, we had approximately $184 million capacity remaining in our $450 million program. We intend to continue our program.

調整後的每股盈餘在第三季再次表現強勁，攤薄後為 0.82 美元。據報道，年減了 13%。但若不計 AMC 資產剝離，其營收年增。促成這一結果的原因是過去 12 個月內回購並註銷了 1,430 萬股股票。隨著 3 月底採購工作的完成，我們的 4.5 億美元計畫中還剩餘約 1.84 億美元的產能。我們打算繼續我們的計劃。

In closing, we are focused on executing in Q4, building long-term value for our customers and shareholders. As an investor, you might want to hold OTEX stock as the best defensive name in Canadian technology with our world-class installed base, loyal customers, moats around our key businesses, and a strong earnings profile and return of capital strategy.

最後，我們專注於第四季的執行，為我們的客戶和股東創造長期價值。作為投資者，您可能希望持有 OTEX 股票，因為它是加拿大科技領域最好的防禦性股票，擁有世界一流的安裝基礎、忠實的客戶、圍繞我們關鍵業務的護城河以及強勁的盈利狀況和資本回報策略。

You should want to buy OTEX stock because of the opportunity to participate in our growth in this more than $200 billion of total addressable market. We are a significant cash generator with scale and efficiency to reinvest in our growth products across business cycles, and you should want to buy more of the stock because of the significant discount in our valuation to key metrics as compared to our history and comparable firms. It's an exceptionable time to participate in the earnings growth engine we're building.

您應該想要購買 OTEX 股票，因為有機會參與我們在這個總價值超過 2000 億美元的潛在市場中的成長。我們是一家重要的現金產生器，具有規模和效率，可以在整個商業週期內對我們的成長產品進行再投資，而且您應該希望購買更多股票，因為與我們的歷史和可比公司相比，我們對關鍵指標的估值有大幅折扣。現在是參與我們正在建立的獲利成長引擎的絕佳時機。

With that, Gaylene, can you please open the line to our equity analysts for Q&A.

蓋琳​​，您能否與我們的股票分析師接通電話進行問答？

(Operator Instructions)

（操作員指示）

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Mark, I have two questions, one for Mark, one for Chadwick. Mark, first one, if you look at the performance this quarter, obviously, you pointed out some of the uncertainty, but we also have seen other guys in the space report numbers and kind of -- it kind of, in relative terms, slightly better than you guys. Can you talk a little bit about -- maybe there were some geographic or vertical split that is different for you than for other guys to try to understand that a little bit better. Thank you on that one.

馬克，我有兩個問題，一個問馬克，一個問查德威克。馬克，首先，如果你看一下本季的表現，顯然你指出了一些不確定性，但我們也看到了該領域其他人的報告數字，而且相對而言，比你們稍微好一點。您能否稍微談談——也許您與其他人在地理或垂直方面的分歧有所不同，以便更好地理解這一點。對此我表示感謝。

And then Chadwick, now with you having joined, can you talk a little bit about your priorities now that you're in the seat and thinking about capital structure, portfolio, or the different products, et cetera?

然後查德威克，現在你已經加入了，你能否談談你現在的優先事項以及對資本結構、投資組合或不同產品等的思考？

Yes. Thanks, Raimo. Appreciate the question. Well, as we know, we ended up 50 bps below our range and actually in the low end of the range in constant currency. But for us, demand was disrupted.

是的。謝謝，雷莫。感謝你的提問。嗯，正如我們所知，我們最終的利率比預期範圍低了 50 個基點，實際上以固定匯率計算，處於預期範圍的低端。但對我們來說，需求被打亂了。

And I think the tipping point for us was the auto tariffs and the rumor of them and the actualization of them around March 12. And so we have exposure in auto, materials, US government, and energy. And that Q4 impact, as I said in the call, was $40 million to $50 million, roughly, I'd say two-thirds of that was bookings, one-third was revenue. And in a normal world, we were on target to be right within that range.

我認為我們的轉捩點是汽車關稅以及有關汽車關稅的傳言和 3 月 12 日左右的實施。因此，我們在汽車、材料、美國政府和能源領域都有涉足。正如我在電話中所說，第四季的影響約為 4,000 萬至 5,000 萬美元，其中三分之二是預訂量，三分之一是收入。在正常情況下，我們的目標是正好在這個範圍內。

But we acquired Covisint. We've always had a very important business in auto, auto parts, auto ecosystem, materials, US government and energy. On the government side, you just read the headlines, Nations to Health, US AID, Department of Education, and we have some business in there.

但我們收購了 Covisint。汽車、汽車零件、汽車生態系統、材料、美國政府和能源一直是我們的非常重要的業務。在政府方面，你只需閱讀標題，國家衛生部、美國國際開發署、教育部，我們在這些方面都有一些業務。

So as we've said, on the $40 million to $50 million, roughly two-thirds bookings to one-third revenue. With some of the relief in auto tariffs announced this week are rumored still data being worked out. Some of our auto customers are reengaging deeply now that they can manage and predict. And if you can't kind of predict your spend, you spend -- you don't know how to invest.

正如我們所說，在 4,000 萬至 5,000 萬美元的預算中，大約三分之二是預訂量，三分之一是收入。據傳本周宣布的汽車關稅減免措施部分仍在製定中。由於我們的一些汽車客戶現在能夠進行管理和預測，因此他們正在重新深入參與。如果你不能預測你的支出，你就不知道如何投資。

So like we said, if we can't control the topline in the volatile times, we will control well that which we can control. And we did an extraordinary job, the company did on its expenses, margin, earnings, record free cash flow with our operations. Yes, we had a onetime item in there, but we still performed extremely well. And the business will come back. I'm confident it will all come back just like it did during COVID.

所以就像我們所說的那樣，如果我們無法在動盪時期控制收入，那麼我們就會很好地控制我們能夠控制的部分。我們做得非常出色，公司透過我們的營運在費用、利潤、收益和自由現金流方面都取得了顯著進步。是的，我們在那裡有一個一次性物品，但我們仍然表現得非常好。生意也會恢復。我相信一切都會恢復，就像在 COVID 期間一樣。

Maybe Chadwick, over to you for the second part.

也許是查德威克，第二部分交給你了。

Yes, sure. Thank you, Mark. Thanks for the question. Three things I would say briefly, and again, I'm not at the two-month mark. But I'd say three things very simply.

是的，當然。謝謝你，馬克。謝謝你的提問。我想簡要地說三件事，再說一次，我還沒有到兩個月的期限。但我只想簡單地說三件事。

Number one, capital allocation. Maximization and working together with Mark and our great leadership team to making sure we're picking the top choices for where our free cash flow and capital is going. And that's why you heard us speak about that even more today and more to the tradition of OpenText where our strengths are. But number one, capital allocation, number two, importantly, on the reframe guidance, and how we're simplifying and providing more clarity and more transparency going forward to help our investors and analysts understand the business, understand where we're outperforming as we said, and understand we're going to continuously improve. And within all that, executing that guidance consistently, period.

第一，資本配置。最大化並與馬克和我們優秀的領導團隊合作，確保我們為自由現金流和資本的流向做出最佳選擇。這就是為什麼今天你們聽到我們更多地談論這一點，並更多地談論我們的優勢所在——OpenText 的傳統。但第一，資本配置；第二，重要的是重新制定指導方針，以及我們如何簡化並提供更清晰、更透明的指導方針，以幫助我們的投資者和分析師了解業務，了解我們在哪些方面表現優異，並了解我們將不斷改進。並且在所有這一切中，始終如一地執行該指導，就是這樣。

And then three, I'd say, listening and simplifying. So I'll continue to listen, continue to work with our businesses, understand the business, but I will be listening and engaging as a top priority with our investor shareholders and teammates. So those three would be top early priorities.

接下來我想說的是第三點，傾聽和簡化。因此，我會繼續傾聽，繼續與我們的企業合作，了解業務，但我會把傾聽和與我們的投資者、股東和隊友的互動作為首要任務。因此，這三項將是早期的首要任務。

Stephanie Price, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Stephanie Price。

Good morning. Maybe start off one with you, Chadwick. Just on the restructuring and the expanded scope. Press release noted annualized savings of about $400 million starting in fiscal '26, just trying to understand if you expect these to be additive to current margins? Or should we think about a portion of the savings being reinvested back into the business?

早安.也許可以從你開始，查德威克。僅涉及重組和擴大範圍。新聞稿指出，從 26 財年開始，每年可節省約 4 億美元，只是想了解您是否預計這些費用會增加當前的利潤率？或者我們應該考慮將一部分儲蓄重新投資到業務中？

And maybe just a little bit more in terms of where the restructuring will be done. It sounds like there's some technology work being done on the AI side.

關於重組將在何處進行，或許還有更多內容。聽起來人工智慧方面正在進行一些技術工作。

Yes. Maybe I'll go first, but then Mark, I think should answer the second part of that question. What I would just say simply, we will provide more clarity in Q4 in terms of how that business optimization benefit will show up. You will see some of the costs that we noted incurred in Q4, all within our existing outlook, and then you'll see more of that clarity come again in Q4.

是的。也許我會先說，但我認為馬克應該回答這個問題的第二部分。我只想簡單地說，我們將在第四季更清楚地說明業務優化效益將如何體現。您將看到我們注意到的第四季度產生的一些成本都在我們現有的展望之內，然後您將在第四季度再次看到更多的清晰度。

But for now, it's still a good compass on the kind of equal split between F '26 and F '27 for that benefit realization right across the board, though, right? This is -- and that headcount is a net number. So there's a gross impact, and there's a net reinvestment aspect, especially in the top products and countries of focus for centers of excellence. But I think Mark should take some of the AI first component, which is huge here.

但就目前而言，它仍然是一個很好的指南針，可以衡量 F '26 和 F '27 之間如何實現全面利益的平等分配，對嗎？這是－而且該員工總數是一個淨數。因此，這會產生整體影響，並且會產生淨再投資方面的影響，特別是在頂級產品和卓越中心重點關注的國家。但我認為馬克應該先考慮一些人工智慧組件，這裡非常重要。

Yes. Stephanie, thanks for the question. Thanks, Chadwick. Yeah. I mean the business optimization and our AI first strategy go hand-in-hand, Stephanie.

是的。史蒂芬妮，謝謝你的提問。謝謝，查德威克。是的。我的意思是業務優化和我們的 AI 優先策略是相輔相成的，史蒂芬妮。

Our business optimization is transformative. And it's reflective of what we're building an AI operating model. So if you'll allow me, just talk a little bit about our AI-first strategy. Look, leadership is a choice, and we've decided to lead in AI.

我們的業務優化具有變革性。它反映了我們正在建構的人工智慧營運模式。因此，如果您允許的話，請稍微談談我們的 AI-first 策略。你看，領導力是一種選擇，而我們決定在人工智慧領域發揮領導作用。

We're building a great AI products in company. We're helping our customers transform and we're going to operate like an AI-centric company. And with -- and centering on this business optimization program.

我們正在公司內打造出色的人工智慧產品。我們正在幫助客戶轉型，我們將像一家以人工智慧為中心的公司一樣運作。並且——圍繞這個業務優化計劃。

So we've been moving very rapidly. We created the knowledge work over the last three decades with Titanium X. We've introduced 100 digital workers. With Aviator Studio coming out in the summer, we'll introduce a tool where customers can now create their own digital workers and thus now have tools built on our platform to create limitless digital workers, not just within our software, but across other software companies.

因此我們的進展非常迅速。過去三十年來，我們利用 Titanium X 創造了知識工作。我們引進了 100 名數位化員工。隨著 Aviator Studio 在夏季的推出，我們將推出一款工具，客戶現在可以創建自己的數位員工，從而可以在我們的平台上建立工具來創建無限的數位員工，不僅在我們的軟體中，而且在其他軟體公司中。

We've begun to partner with Microsoft in CoPilot, and building on their incredible success with our security offering. And we've now created an AI-first corporate operating plan with AI turned on for our employees. And as I said on the call, we're no longer to hire roles that could be done with AI as part of our hiring skills learning and performance. And through that lens, right, we looked at expanding our business optimization plan, which is AI led, taking out up to $400 million of new expense over the next two years.

我們已經開始與微軟在 CoPilot 上展開合作，並利用他們的出色成功經驗提供安全產品。現在，我們已經制定了以人工智慧為先的企業營運計劃，為我們的員工啟用人工智慧。正如我在電話中所說的那樣，我們不再將招募可以透過人工智慧完成的職位作為我們招募技能學習和績效的一部分。透過這個視角，我們考慮擴大我們的業務優化計劃，該計劃由人工智慧主導，在未來兩年內將產生高達 4 億美元的新支出。

We're focused on roles like the general knowledge worker, support, document generation, QA, entry-level program, administrative work, help desks, everything that can be accomplished through AI. And we had many wins in Q3. So the AI-first lens and building an operating model around AI first is really central to us and the expanded view of the business optimization.

我們專注於一般知識工作者、支援、文件產生、品質保證、入門級程序、行政工作、幫助台等角色，所有可以透過人工智慧完成的工作。我們在第三季度取得了許多勝利。因此，AI 優先的視角和圍繞 AI 優先構建的營運模式對於我們和業務優化的擴展視角來說確實至關重要。

Thanks for that. And maybe one more for me, just on the Customer Support side of the business. We calculated, I think, a 6.4% organic decline in that business in the quarter. And I know the DXC contract maybe impacted that a little bit. Could you just dig into what's going on in that Customer Support line? Thanks.

謝謝。對我來說可能還有一個職位，只是在業務的客戶支援方面。我認為，我們計算出該業務本季有機下降了 6.4%。我知道 DXC 合約可能對此有一點影響。您能否深入了解一下客戶支援專線中發生的情況？謝謝。

Absolutely. So let me just start with, it is an amazing business. It remains a pillar of strength, and I'm confident that we're going to return Maintenance to growth in the future. As you were noting a bit, the Maintenance business here is primarily under pressure due to ITOM and ADM license performance, DXC, some FX and some goodness of customers transitioning to the cloud. But without DXC, our renewal rate for off-cloud would actually be moving up quarter-over-quarter, not down, if you take out DXC.

絕對地。首先我要說的是，這是一項了不起的事業。它仍然是我們的力量支柱，我相信我們將來會恢復維護的成長。正如您所注意到的，這裡的維護業務主要面臨壓力，原因是 ITOM 和 ADM 授權效能、DXC、一些 FX 以及一些客戶向雲端過渡的優點。但如果沒有 DXC，我們的非雲端續訂率實際上會逐季上升，而不是下降。

And that's going to be behind us as we enter fiscal '26. The core operating metrics, Stephanie, in the business are very positive. APA up, past due down, cancel rate down and quarter renewal rates up, the year-over-year decline in constant currency is cut in half again without DXC, cut in half in constant currency without DXC. So, in F '26, we're definitely going to improve the business, and the rate of decline is slowing. And when we get to our F '26 outlook in August, we will provide those specifics.

當我們進入 26 財年時，這個問題將會成為過去。史蒂芬妮，該業務的核心營運指標非常積極。APA 上升，逾期率下降，取消率下降，季度續訂率上升，如果不考慮 DXC，按固定匯率計算的同比降幅再次減少了一半，如果不考慮 DXC，按固定匯率計算的同比降幅減少了一半。因此，在 F'26 年，我們的業務肯定會改善，而且下滑的速度也會減緩。當我們在八月發布 F'26 展望時，我們將提供這些具體細節。

Thanos Moschopoulos, BMO Capital Markets.

Thanos Moschopoulos，BMO 資本市場。

Good morning. Mark, could you perhaps expand on what you're doing within ITOM and ADM to work towards further stabilizing those businesses?

早安.馬克，您能否詳細說明您在 ITOM 和 ADM 內部所做的工作，以進一步穩定這些業務？

Yeah, absolutely. So thanks, Thanos. Let me throw Security in there first. We're on an incredible trajectory with Security. And we showed live last month from Europe our new threat detection and response platform, deeply integrated into Microsoft technology, including Copilot and we're going deeper in our integration.

是的，絕對是如此。所以謝謝你，薩諾斯。讓我先把安全性放在第一位。我們在安全領域正走在令人難以置信的軌道上。上個月，我們在歐洲現場展示了我們的新威脅偵測和回應平台，該平台與微軟技術深度集成，包括 Copilot，我們正在進一步深入整合。

So as Microsoft obviously continued to gain success in AI, just as we partner with SAP and their success, we're going to partner Microsoft and their success and bringing threat detection and response into their AI and into their installed base. So we are -- we got Security right on track where we want it to be.

因此，隨著微軟在人工智慧領域繼續取得成功，就像我們與 SAP 合作並取得成功一樣，我們也將與微軟合作並取得成功，將威脅偵測和回應引入他們的人工智慧和安裝基礎中。因此，我們已將安全工作置於我們期望的軌道上。

In relation to ITOM, we're making really good progress. We are -- I always like to think that if you can run the platform at scale yourself, than everyone else should be -- should be able to. And we've just completed going live across discovery, observability, and service management.

在 ITOM 方面，我們取得了非常好的進展。我總是認為，如果你能夠自己大規模地運行這個平台，那麼其他人也應該可以做到。我們剛完成了發現、可觀察性和服務管理的上線。

So I believe we have ITOM on a very good trajectory. The product is there. Sales force expanded and trained. Titanium X in the market. The cloud offerings are there. New wins on SaaS.

所以我相信我們的 ITOM 將會走上非常好的發展軌道。產品就在那裡。銷售團隊不斷擴大和培訓。市場上的鈦X。那裡有雲產品。SaaS 上的新勝利。

We've also studied our biggest competitor extremely well, ServiceNow. And where we feel that we can differentiate and win on the service management side is in regulated industries. And that's, I don't know, $10 billion part of the TAM. And so we're very happy to go after these very regulated industries that need content management, that need security, need process automation, and really go into our core strengths.

我們也對我們最大的競爭對手 ServiceNow 進行了非常深入的研究。我們認為，在服務管理方面，我們可以在受監管的行業中脫穎而出並取得成功。我不知道，這就是 TAM 中的 100 億美元的一部分。因此，我們非常樂意進軍這些需要內容管理、需要安全性、需要流程自動化並真正發揮我們核心優勢的嚴格監管行業。

So I feel we have ITOM on a good trajectory, and it's going to contribute to our improved performance in fiscal '26. And ADM is going to take a couple more quarters. We have focused ADM on the top end of the market to really go after the top 1,000 software companies in the world. So every company is a software company today, but auto, financial services, insurance, biotech, the next generation of software companies as well.

因此，我認為我們的 ITOM 發展勢頭良好，這將有助於我們提高 26 財年的表現。而 ADM 還需要幾個季度的時間。我們讓 ADM 專注於高端市場，真正追逐全球前 1,000 家軟體公司。因此，今天每家公司都是軟體公司，但汽車、金融服務、保險、生物技術以及下一代軟體公司也是如此。

So we've been -- that's going to take us another -- couple of quarters or so to get the ADM engine really performing at its best. But I love where we are in Security. We just -- we're in the right swim lane. Our stores are now in the pool with ITOM, given our deployment in Titanium X and consumers are approaching the pool on ADM to use a swimming lane analogy. So that's a quick insight into ITOM and ADM.

因此，我們還需要大約幾個季度的時間才能讓 ADM 引擎真正發揮最佳性能。但我喜歡我們在安全領域的現狀。我們只是——我們在正確的泳道上。鑑於我們在 Titanium X 的部署，我們的商店現在與 ITOM 一起處於游泳池中，而消費者正在接近 ADM 上的游泳池，以泳道類比。這是對 ITOM 和 ADM 的快速了解。

I appreciate the color. And then just secondly, you have a meaningful government business. I'm just curious whether you're seeing any impact from the DOGE cuts?

我很欣賞這個顏色。其次，你們有一項有意義的政府事務。我只是好奇您是否看到了 DOGE 削減的影響？

Yeah. There's no doubt there's some impact from the US government expense reductions. And -- but it's not as significant as the tariffs, right? So there's in the normal world, we would just be absorbing this, but we are calling out a little bit. But it's really secondary to our message on tariffs.

是的。毫無疑問，美國政府削減開支會產生一些影響。但這並不像關稅那麼重要，對嗎？因此，在正常情況下，我們只會吸收這些，但我們會稍微發出一點聲音。但這與我們關於關稅的資訊相比確實是次要的。

And look, at the end of the day, the US government -- governments are a great partner of ours. We provide critical services and defense, intelligence and running critical citizen applications. But the effects have been de minimis, and we're still very optimistic on that business.

歸根究底，美國政府－各國政府都是我們偉大的合作夥伴。我們提供關鍵服務和國防、情報以及運行關鍵公民應用程式。但影響微乎其微，我們對這項業務仍非常樂觀。

Samad Samana, Jefferies.

薩瑪德·薩馬納（Samad Samana），傑富瑞集團。

Hi, good morning. Thanks for taking my questions. And Chadwick, congrats on the new role. Maybe Mark, I'll kick off with you.

嗨，早安。感謝您回答我的問題。恭喜查德威克獲得新職位。也許馬克，我會和你一起開始。

If we think about last year, we've seen deals getting longer going to maybe two to four years in terms of duration. And now you're calling out some (inaudible) what happened there. I would characterize if there had not been for tariff, would you say that the demand environment was better this year than last?

如果我們回顧去年，我們會發現交易期限越來越長，可能達到兩到四年。現在您正在講述那裡發生的一些事情（聽不清楚）。我想說，如果沒有關稅，今年的需求環境會比去年更好嗎？

And maybe how are customers chatting before then to get a sense of what it could look like if this all goes away or if we had a pause, and then I have one follow-up.

也許客戶在此之前是如何聊天的，以了解如果這一切消失或我們暫停的話會是什麼樣子，然後我會進行一次跟進。

Yeah, sounds great. Thanks, Samad. The -- look, the deal terms and ramping has stabilized.

是的，聽起來很棒。謝謝，薩馬德。看，交易條款和增量已經穩定下來。

So we're not seeing kind of a change of deals getting longer or more effects to ramping, if you will. That was sort of -- kind of a little bit of a -- it's stabilized. So there's no real changes there.

因此，如果你願意的話，我們不會看到交易期限變得更長或對交易產生更大的影響。這有點——有點——它已經穩定了。所以那裡沒有真正的變化。

Well, customers are still spending. Clearly, I mean this is -- it was a shock when you put out 25% auto tariffs. And there were so -- and then it's a list of countries and companies paused. They had to assess the information. Some of the information was accurate. Some of it was marketing. Some of it was wrong, right?

嗯，顧客仍在消費。顯然，我的意思是——當你徵收 25% 的汽車關稅時，這是一個令人震驚的現象。還有那麼多——然後是暫停的國家和公司清單。他們必須評估這些資訊。部分資訊是準確的。其中一些是行銷。有些是錯的，對嗎？

So I know I paused on spending, right, until I could just understand the landscape. I also think there's a dynamic. As I highlighted in the script, we're a Canadian company, and we love all our markets. And in the non-US markets, if you will, customers are over their disappointment, I'm going to speak candidly, they're over their disappointment. They're over their disbelief and they are in full action mode to take control because they got businesses to run.

所以我知道我暫停了消費，直到我能夠了解情況為止。我也認為存在一種動態。正如我在腳本中強調的那樣，我們是一家加拿大公司，我們熱愛我們所有的市場。而在非美國市場，如果你願意的話，客戶已經克服了失望，坦白說，他們已經克服了失望。他們不再懷疑，而是全力以赴地採取行動來掌控局面，因為他們要經營生意。

And I'm personally in dozens and dozens of conversations of how we can support our customers in France. (laughter) And not rely on US technology because they just don't know is coming next, right? And whether rational or irrational, based on prudent economic theory or not, they're going to take control because they got their priorities. So we're going to help our business in France, our customers in France, run and deploy France.

我個人已經參與了數十次關於如何支持我們在法國的客戶。（笑聲）並且不依賴美國技術，因為他們不知道接下來會發生什麼，對嗎？無論理性與否，無論是否基於審慎的經濟理論，他們都會掌控局面，因為他們有自己的優先事項。因此，我們將幫助我們在法國的業務、我們在法國的客戶在法國開展和部署業務。

We're going to help our customers in Germany run and deploy in Germany. Same in the UK. Same in Canada. Same in Japan. Same in Australia. Same in South Korea. Same in Singapore. Same in India. All across the world. Well for US customers, run and deploy in the US as well.

我們將幫助我們在德國的客戶在德國運行和部署。英國也一樣。加拿大也一樣。日本也一樣。澳洲也一樣。韓國也一樣。新加坡也一樣。印度也一樣。遍布世界各地。對於美國客戶來說，也可以在美國運行和部署。

So -- and I also think coupled with we got momentum in AI. So this is a very different scenario, if you want to make comparisons like COVID, right? This is a very different scenario for us. Customers are spending. They're going to spend differently locally.

所以 — — 而且我還認為我們在人工智慧領域也獲得了發展勢頭。因此，如果您想與 COVID 進行比較，這是一個非常不同的情況，對嗎？對我們來說，這是一個非常不同的情況。顧客正在消費。他們在當地的支出會有所不同。

I think this -- I hope that tariff thing rationalizes and normalize if it does, it's gained back on fully. And we're in a nice place being able to help customers deploy locally and create efficiency through the digital worker. So it feels different and positive difference actually for us.

我認為這一點——我希望關稅問題能夠合理化和正常化，如果真是這樣，它就能完全恢復。我們處於一個很好的位置，能夠幫助客戶在本地部署並透過數位化員工提高效率。因此，對我們來說，這實際上是一種不同且積極的感覺。

Great. I appreciate that color. And then Chadwick, maybe just appreciate all (inaudible) days, and you're still early in executing the game plan. But if you think about the different components of capital management, what would you say are the higher RPU, (inaudible) where your folks purchase right? Is it on being more aggressive with the buyback?

偉大的。我很欣賞那個顏色。然後查德威克，也許只是欣賞所有（聽不清楚）的日子，而你仍然處於執行遊戲計劃的早期階段。但是如果您考慮資本管理的不同組成部分，您認為更高的 RPU 是什麼，（聽不清楚）您的員工在哪裡購買？是否要更積極地進行回購？

Is it on some of the divestitures that you mentioned maybe tactically? How are (inaudible) where your early focus will be?

您是否從戰術角度提到某些資產剝離？您的早期重點是什麼？ （聽不清楚）

Thanks, Samad. I think we outlined that our flexibility is number one. And it's going to depend on the environment at the time and the opportunities at the time. So that's why it was so key in the last quarter, you saw some of the greatest opportunity for us was to continue to buy back and buy back a heavily discounted share price.

謝謝，薩馬德。我認為我們已經明確指出我們的靈活性是第一位的。這將取決於當時的環境和機會。所以這就是為什麼上個季度如此關鍵，你會看到我們最大的機會之一就是繼續回購並以大幅折扣的價格回購股價。

So we were doing that as smart aligned opportunities come up on the M&A front. Certainly, we're going to look at those tuck-ins going to come up. And same thing with -- as Mark indicated very clearly, more mature products or portfolios. If there's better opportunities to monetize those we'll take those as they come up.

因此，當併購方面出現智慧匹配機會時，我們就這麼做了。當然，我們會關注即將出現的那些問題。正如馬克明確指出的那樣，同樣如此，產品或產品組合也更加成熟。如果有更好的機會將其貨幣化，我們就會抓住。

But it's going to be that sequence. So we're going to continue to invest in the business as we are. We're going to reinvest in the business. We're going to focus on our innovation. We're going to pay that dividend, but then it's flexibly month by month, quarter-by-quarter as the opportunities are rolling for the other two. I don't know, Mark, if there's anything you want to add?

但這將是那個序列。因此，我們將繼續對現有業務進行投資。我們將對該業務進行再投資。我們將專注於我們的創新。我們將支付該股息，但隨著其他兩個股息機會的不斷增加，支付股息將按月、按季度靈活進行。我不知道，馬克，你還有什麼要補充的嗎？

No, extremely well said. I mean, the -- our execution, our performance, and the addition of our transformative business authorization plan returns us back to capital flexibility. And these are the levers we've traditionally had when we've treated our highest multiples. And so we're excited to bring these levers back as we come into '26.

不，說得非常好。我的意思是，我們的執行力、我們的表現以及我們轉型業務授權計劃的增加使我們恢復了資本靈活性。這些是我們在治療最高倍數病例時傳統上使用的手段。因此，我們很高興在進入 26 年時重新使用這些槓桿。

Richard Tse, Nashville Bank Financials.

納許維爾銀行財務部的 Richard Tse。

Yes, thank you. So obviously, a big push here on AI. Just wondering if you may be able to provide some metrics just really to help us understand how that's being adopted by your base, like I don't know if you sort of have numbers on Aviator that you could share just kind of any growth metrics so we can kind of get a sense of that trajectory.

是的，謝謝。顯然，人工智慧將得到大力推動。只是想知道您是否可以提供一些指標來真正幫助我們了解您的基地是如何採用它的，例如我不知道您是否有關於 Aviator 的數字，您可以分享任何成長指標，以便我們了解這一軌跡。

Yeah, thanks, Richard, and thanks for being with us, and thanks for being on the call. As I noted, leadership is a choice, and we've decided to lead in AI. And it's starting with building our AI products. It's having a 3,000-person professional service organization that everyone is trained on AI and helping transform our customers' AI. It's creating an operating model inside of OpenText that is AI-centric and a new model for us that the business optimization is kicking off.

是的，謝謝你，理查德，謝謝你和我們在一起，謝謝你接聽電話。正如我所說，領導力是一種選擇，而我們決定在人工智慧領域發揮領導作用。這一切都從建立我們的人工智慧產品開始。它擁有一個由 3,000 名員工組成的專業服務組織，每個人都接受過人工智慧的培訓，並幫助改造我們客戶的人工智慧。它正在 OpenText 內部創建一個以人工智慧為中心的營運模式，這對我們來說是一個業務優化正在啟動的新模式。

And so I look at metrics around first adoption. Is adoption on the rise? Adoption is on the rise everywhere across what we're doing. Is our frequency of use up, right? Our frequency of use is skyrocketing internally. We only hire people that have AI skills now as part of our interviewing.

因此，我會查看首次採用的相關指標。採用率有上升嗎？我們所做的事情在各地的採用率都在上升。我們使用頻率提高了吧？我們內部的使用頻率正在激增。作為面試的一部分，我們現在只聘用擁有人工智慧技能的人才。

If you don't know AI skills, if you're not using them, if you don't know how to prompt, if you -- then we just disqualify you. We are training. We've turned tools on for all our employees. So frequency of use is up.

如果您不了解人工智慧技能，如果您不使用它們，如果您不知道如何提示，如果您 - 那麼我們就會取消您的資格。我們正在訓練。我們已經為所有員工啟用了工具。因此使用頻率上升了。

I think another measurement is reduction of expenses. And I think we couldn't be clear with our expanded Business Optimization plan that we're going to lead first, and then we're going to lead our 100,000 customers, that reduction of expense. Win rates are increasing for us of where we engage because of AI. If we look at the wins in the quarter that we have in our deck, Criteo, ABN, JTI were all AI-led in winning those.

我認為另一個衡量標準是減少開支。我認為，我們無法明確我們的擴展業務優化計劃，我們將首先引領，然後我們將引領我們的 100,000 名客戶，減少開支。由於人工智慧的存在，我們所參與的勝率正在提高。如果我們看一下本季的勝利，我們會發現 Criteo、ABN、JTI 都是由人工智慧引領獲勝的。

Our partnerships are up with Microsoft. Just as we've had an amazing partnership with SAP, we have an incredible joint value proposition and product into their installed base, we're about to do the same, layering in on their incredible success in AI with our security. And then hopefully, instead of Gen Z will be Gen revenue as we lead into AI first.

我們與微軟的合作關係已經結束。正如我們與 SAP 建立了令人驚嘆的合作夥伴關係一樣，我們擁有令人難以置信的聯合價值主張和產品，並將其融入到他們的安裝基礎中，我們即將採取同樣的做法，將他們在人工智慧領域取得的巨大成功與我們的安全性結合起來。然後希望，隨著我們首先進入人工智慧領域，收入將由 Gen 而不是 Z 世代來驅動。

So look, adoption, frequency, reduction of expense, win rates, new partnerships, that's how we're measuring right now. And as we get into '26, we can think about -- we'll keep talking about customer wins, booking rates, et cetera, Richard. But I think those are some of the metrics I've been looking at as this race goes on.

所以看，採用率、頻率、減少費用、贏率、新的合作關係，這就是我們現在衡量的方式。當我們進入 26 年時，我們可以考慮 - 我們將繼續談論客戶勝利、預訂率等等，理查德。但我認為這些是我在競選過程中一直關注的一些指標。

Okay. Great. So my second question, I don't know if this is for Chadwick or yourself. But as you make that shift, are you considering shifting the revenue model to more sort of usage or value-based pricing, similar to some of your competitors? And how should we expect if you do that, the relative impact would be to the current model?

好的。偉大的。所以我的第二個問題是，我不知道這是問查德威克還是你自己。但是，當您做出這種轉變時，您是否考慮將收入模式轉變為更多基於使用或價值的定價，類似於您的一些競爭對手？如果您這樣做，我們應該如何預期，其對當前模型的相對影響是什麼？

Yeah. We're not looking at a disruptive pricing model -- excuse me, a disruptive change in how we commercially engage with our customers. We have a couple additional pieces to bring to market. Next quarter, we're bringing my Aviator to market, which is if you think on every screen you use today, you have a search button that our class.

是的。我們並不是考慮一種顛覆性的定價模式——對不起，我們是在考慮一種顛覆性的變化，改變我們與客戶進行商業互動的方式。我們還有一些額外的產品要推向市場。下個季度，我們將把 Aviator 推向市場，如果你想想你今天使用的每個螢幕上，你都會看到我們班級的搜尋按鈕。

You have what I call the hamburger those three lines, the menu called the hamburger. We're going to have a My Aviator button. It's a personal digital assistant that every user of OpenText software regardless of screen, regardless of BU, regardless of product, just like you have the hamburger, the search button -- the search glass, you'll have My Aviator. And we'll bring up a personal digital worker for you to be able to do rack style capabilities across one document across 100 documents. Complex cases, things you're working on, how do you collaborate.

你有我所說的漢堡包那三行，菜單稱為漢堡。我們將有一個“我的飛行員”按鈕。它是 OpenText 軟體的每個用戶的個人數位助理，無論螢幕如何，無論 BU 如何，無論產品如何，就像您有漢堡包、搜尋按鈕 - 搜尋玻璃一樣，您都會擁有 My Aviator。我們將為您提供個人數位工作者，使您能夠對 100 個文件中的一個文件執行機架式功能。複雜的案例，您正在處理的事情，您如何合作。

We also have a very important new capability with Aviator studio where we're going to now allow our customers to create their limited digital workforce. That is a step function for us where they can create their own digital workers. And we're also going to be introducing conjunctive with that, what we call an Always on AI platform. Today, you have to go through some work to turn AI on. We will have it always on inside our SaaS and inside our private cloud.

Aviator Studio 還具有一項非常重要的新功能，現在我們可以讓客戶創造他們有限的數位化勞動力。對我們來說，這是一個步驟功能，他們可以創造自己的數位化員工。同時，我們也將推出所謂的 Always on AI 平台。今天，你必須經過一些工作才能啟動人工智慧。我們將在我們的 SaaS 和私有雲中始終啟用它。

So we're going to think through how to keep monetizing that. But I think it's too early to say, but I don't think we're going to do something radical and a move from you have to commit to just a consumptive model. But more to follow on that. It is going to really follow this very aggressive and impactful roadmap of My Aviator, Aviator Studio and Always on Aviator.

因此，我們將仔細思考如何繼續將其貨幣化。但我認為現在說還為時過早，但我不認為我們會採取激進的舉措，而只需堅持消費模式即可。但接下來還有更多內容。它將真正遵循 My Aviator、Aviator Studio 和 Always on Aviator 這一非常積極且影響深遠的路線圖。

Paul Treiber, RBC Capital Markets.

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

Thanks very much and good morning. Question on AI and then also the magnitude of the reductions that you're doing. So it does sound like you're seeing good usage and traction of AI internally, but how do you arrive at the magnitude of these headcount reductions? And did you contemplate a slower move and sort of dip your toe in the water as you make the transition more towards AI internally?

非常感謝，早安。關於人工智慧的問題以及您正在採取的削減措施的幅度。所以聽起來你確實看到人工智慧在內部的良好使用和發展勢頭，但你是如何得出這些員工人數減少的幅度的呢？當您在內部轉型為 AI 時，您是否考慮過採取更慢的行動，先試水溫一下？

Yes, Paul, thanks for the question. We appreciate it. We've been at this for over a year. So -- and we're moving at just an incredible pace. So when we look across how Aviator has advanced.

是的，保羅，謝謝你的提問。我們對此表示感謝。我們已經這樣做了一年多了。所以——我們正在以令人難以置信的速度前進。因此，當我們回顧 Aviator 是如何進步的時候。

Some of our partners AI tools have advanced like Microsoft, SAP and looking at totality of our usage, we've looked -- we can already see productivity gains in sales, presales, professional services, education, onboarding, general productivity and very specifically, and roles of customer support, documentation, QA, general administrative work and the general knowledge worker.

我們的一些合作夥伴的人工智慧工具已經取得了進步，例如微軟、SAP，從我們的整體使用情況來看，我們已經看到銷售、售前、專業服務、教育、入職、一般生產力以及具體而言的客戶支援、文件、品質保證、一般行政工作和一般知識工作者等方面的生產力提高。

And so we've been doing a very deep analysis of what roles we can -- the work still needs to be done, it's just going to be done with a machine via AI. And this shows the totality, right? Look, I remember when ERP came into the market many years ago. As a leader in Oracle applications, really bringing ERP to market.

因此，我們一直在深入分析我們可以做什麼——仍然需要做的工作，只是透過人工智慧用機器來完成。這顯示了整體情況，對嗎？瞧，我記得 ERP 很多年前就進入了市場。作為 Oracle 應用程式的領導者，真正將 ERP 推向市場。

We took G&A expense in the ERP world from upper teens, right, to low - to mid- to high-single digit. That was a step function. This is a step function. AI is a step function and be able to reduce expense in companies over time.

我們將 ERP 領域的 G&A 費用從十幾% 上調至個位數低點、中位數和高點。這是一個階躍函數。這是一個階躍函數。人工智慧是一種階梯式功能，能夠隨著時間的推移減少公司的開支。

And look, you can count if what percent of OpEx this is going to reduce for OpenText or other companies, but ERP was a step function of high teens to high single digit. AI is a step function of expense efficiency. So we're leading the way in doing it in our business optimization. And look, I think this if you'll allow me, Paul, I think this goes into how we're going to think about F '26 a little bit.

看看吧，你可以計算出這將為 OpenText 或其他公司減少多少百分比的營運支出，但 ERP 是從高個位數到高個位數的階梯函數。人工智慧是費用效率的階躍函數。因此，我們在業務優化方面處於領先地位。瞧，保羅，如果你允許的話，我認為這與我們如何看待 F'26 有關。

We're going to provide F '26 guidance in August. And maybe just a little bit, I won't go -- there's an F '26 question, I'm happy to answer it. Some of this will flow to the bottom line for sure. Some of this will be reinvested in the business. It will be reinvested back into AI, be reinvested in the sales. So let me just pause there, Paul. But I'm going to keep talking about this analogy of ERP as a step function in G&A expense. AI is the same.

我們將在八月提供 F'26 指導。也許只是一點點，我不會去 - 這是一個 F'26 問題，我很樂意回答。其中一部分肯定會流入底線。其中一部分將重新投資於業務。它將被重新投資到人工智慧中，重新投資到銷售中。所以保羅，請容許我在這裡暫停一下。但我將繼續談論 ERP 作為 G&A 費用階躍函數的類比。人工智慧也一樣。

Second question, just for Chadwick, one of the metrics that you're considering giving guidance on is going forward is EPS. The -- which is a metric that the company hasn't guided for in the past. Can you just elaborate on the philosophy around EPS as a metric that you guide for?

第二個問題，僅針對查德威克，您考慮提供指引的指標之一是每股盈餘 (EPS)。這是該公司過去從未提供過的指標。能否詳細說明 EPS 作為指導指標的理念？

Sure. Well, I think we are strong, very strong and distinctly strong and growing profitably. And at the end of the day, how does that translate to your earnings per share, which is very consistent no matter what company no matter what sector. And that shows also the benefits of when we're deploying our capital strategically, and also repurchase shares, right? How are we deploying every dollar capital period, EPS is a bottom-line strength period.

當然。嗯，我認為我們很強大，非常強大，而且非常強大，並且盈利能力不斷增長。最終，這會如何轉化為每股盈餘？無論哪家公司、無論哪個產業，每股盈餘都是非常一致的。這也顯示了我們策略性地部署資本以及回購股票的好處，對嗎？我們如何部署每一美元資本期，每股盈餘是底線實力期。

So I think it is valuable to show that and have some expectations. And frankly, at the level we're growing, I don't think we're getting credit for it compared to many businesses in many sectors. So it's just a good, consistent guidepost from my perspective.

所以我認為展示這一點並抱持某些期望是有價值的。坦白說，就我們的成長水平而言，與許多行業的許多企業相比，我認為我們並沒有獲得應有的讚譽。所以從我的角度來看，這只是一個良好、一致的路標。

Kevin Krishnaratne, Scotiabank.

凱文‧克里希納拉特納 (Kevin Krishnaratne)，豐業銀行。

I do have a question on guidance. I know we're going to get more detail in August. But on one of your slides, and I think you talked about in the script, an expectation of a return to organic growth in '26. Can you just -- what gives you the sort of the confidence there? I know you've got the RPO, maybe some of the drivers to get there?

我確實對指導有疑問。我知道我們將在八月獲得更多細節。但在您的一張幻燈片上，我想您在腳本中談到了對 26 年恢復有機增長的預期。你能不能──是什麼給了你這樣的信心？我知道您有 RPO，也許有一些驅動程式可以到達那裡？

And then the second thing you point out is striving for a milestone of $1 billion in free cash flow. So is the expectation that you'll do the $1 billion plus in '26. I'm just trying to think about some of the puts and takes there with restructurings and just a shift in the business.

您指出的第二件事是努力實現 10 億美元的自由現金流里程碑。因此我們預計你們將在 26 年實現 10 億美元以上的收入。我只是試著思考重組和業務轉變所帶來的一些優點和缺點。

Thanks, Kevin. Thanks for the question. Look, as you started, we will provide our F '26 guidance in August. But with that said, F '26 is a very different year than F '25. I couldn't be happier that the phrase ex AMC is done.

謝謝，凱文。謝謝你的提問。正如您所說，我們將在 8 月提供 F'26 指導。但話雖如此，F'26 與 F'25 還是有很大不同。我非常高興“ex AMC”這個短語已經完成了。

And with F '26, it's about AI first. And we have some very positive levers coming into F '26. Product cycle, transformative business optimization plan, which is going to allow flexibility continued flexibility and strength and our capital model for new AI investments. The business optimization, look, somewhat dropped to the bottom line, some will be reinvested in the business, but it's going to return us to this capital flexibility, but expect some positives, right? When we talk about F '26 in August, we will have improved growth rates year-over-year. We will have improved maintenance year-over-year. We expect to have higher free cash flows. And we'll talk about all the dials that get us there when we get into '26.

對 F'26 來說，它首先關注的是人工智慧。我們在 F'26 方面取得了一些非常積極的進展。產品週期、變革性業務優化計劃，這將允許靈活性、持續的靈活性和實力以及我們用於新人工智慧投資的資本模型。看起來，業務優化在某種程度上下降到了底線，其中一些將重新投資於業務，但它將使我們恢復這種資本靈活性，但期待一些積極因素，對嗎？當我們在八月談論 F'26 時，我們的成長率將會比去年同期增加。我們將逐年改善維護工作。我們預計會有更高的自由現金流。當我們進入 26 年後，我們將討論如何實現這一目標。

As Chadwick mentioned, we'll continue to have strong capital return in our buyback and our dividend program. This flexibility is going to allow us to return to programmatic M&A. And we are, as we've noted, going to consider divestitures of more mature offerings that will create a greater return and/or increase our growth rate or both. And these are the levers we've traditionally had when we traded at our highest multiples, and we expect to have these levers back in 2016. So it's a very different year. AI first. And we want to finish out the year.

正如查德威克所提到的，我們的回購和股息計畫將繼續帶來強勁的資本回報。這種靈活性將使我們能夠重返程式化併購。正如我們所指出的，我們將考慮剝離更成熟的產品，以創造更大的回報和/或提高我們的成長率，或兩者兼而有之。這些是我們在以最高倍數進行交易時傳統上所採用的槓桿，我們預計這些槓桿將在 2016 年重新出現。所以這是非常不同的一年。人工智慧優先。我們希望結束這一年。

And we -- as we traditionally do when we get our August call, we'll outline what F '26 look like, but expect it to be very different.

而且我們 — — 就像我們 8 月接到電話時傳統上所做的那樣，我們會概述 F'26 的外觀，但預計它會非常不同。

Got it. Appreciate that. One final one then. We talked about the enterprise booking softness, but about 10% of revenue basis SMB. So I'm wondering what the trends are looking like there?

知道了。非常感謝。那麼最後一個。我們討論了企業預訂疲軟的情況，但中小企業的收入約為 10%。所以我想知道那裡的趨勢是什麼樣的？

That's a sensitive part of the business when there's uncertainty. So just curious what happened there.

當存在不確定性時，這是業務的敏感部分。所以只是好奇那裡發生了什麼事。

Absolutely. As I said on the call, we had given the sudden shock to the system of tariffs, 25% auto tariffs and then rolling tariffs. We did have a bookings impact in Q3 as we noted. And we're unlikely to get to our aspirations of our targets of 20% plus but we are looking to be in mid-teens growth for the year, which means a strong Q4. So we actually have strong visibility into the bookings, Todd and Paul in the field are executing to the deals in front of us.

絕對地。正如我在電話中所說的那樣，我們對關稅體系進行了突然的衝擊，先是25%的汽車關稅，然後是滾動關稅。正如我們所指出的，我們確實對第三季的預訂量產生了影響。我們不太可能實現 20% 以上的目標，但我們預計今年的成長率將達到十五六個百分點，這意味著第四季將表現強勁。因此，我們實際上對預訂情況有很強的了解，Todd 和 Paul 在現場執行我們面前的交易。

I think the news on the week of maybe lightening some auto tariffs is helpful. But it still remains a little unpredictable. And so we're still at the -- it's still volatile, but we think we're going to execute well in the volatility.

我認為本周有關降低部分汽車關稅的消息是有幫助的。但它仍然有點難以預測。因此，我們仍然處於 - 它仍然不穩定，但我們認為我們將在波動中表現良好。

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

現在我將把發言權交還給巴雷內切亞先生，請他作最後發言。

All right. Well, thank you, everyone. Chadwick, welcome, and thank you, everyone, for joining us today. We have just three things I'd end with. It's a whole new narrative for us with AI first, and everything from product initiatives through building and operating model centered on AI.

好的。好的，謝謝大家。查德威克，歡迎大家的光臨，感謝大家今天的到來。最後我想說三件事。對我們來說，這是一個全新的敘事，首先是人工智慧，從產品計劃到建構和營運模式的一切都以人工智慧為中心。

We're very excited about F '26 and all the positive levers that are in front of us. And we look forward to very strong direct in candidate engagement in the quarter. As Greg noted, we'll -- Chadwick and the team and myself will be out in the field, spending time with you, and we look forward to hearing your voice. Thanks for joining today's call.

我們對 F'26 以及擺在我們面前的所有積極因素感到非常興奮。我們期待本季候選人的直接參與度非常高。正如格雷格所說，查德威克和他的團隊以及我本人將會到現場，與你們共度時光，我們期待聽到你們的聲音。感謝您參加今天的電話會議。

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。您可以斷開線路。感謝您的參與，祝您有個愉快的一天。