Open Text Corp (OTEX) 2025 Q4 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the OpenText Corporation fourth quarter fiscal 2025 financial results conference call.

感謝您的支持。我是會議主持人。歡迎參加 OpenText Corporation 2025 財年第四季財務業績電話會議。

(Operator Instructions) The conference is being recorded.

（操作員指示）會議正在錄音。

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

我想將會議交給投資者關係主管 Greg Secord。請繼續。

Thank you, Rocco, and good morning, everyone. Welcome to OpenText fourth quarter and fiscal year 2025 earnings call. And with me on the call today are OpenText's Chief Executive Officer and Chief Technology Officer, Mark J. Barrenechea; together with Chadwick Westlake, our Executive Vice President and Chief Financial Officer; we have Todd Cione, our President of Worldwide Sales; we have Paul Duggan, our President and Chief Customer Officer; and also joining, we have Cosmin Balota, who's our Senior Vice President and Chief Accounting Officer.

謝謝你，羅科，大家早安。歡迎參加 OpenText 第四季和 2025 財年財報電話會議。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 J. Barrenechea；我們的執行副總裁兼財務長 Chadwick Westlake；我們的全球銷售總裁 Todd Cione；我們的總裁兼首席客戶長 Paul Duggan；此外，還有我們的高級副總裁兼首席會計官 Cosmin Balota。

Today's call is being webcast and recorded with a replay available shortly thereafter. All of this information in all of the presentations today are available on the Investor Relations website at OpenText, and that's investors.opentext.com.

今天的電話會議正在進行網路直播和錄音，稍後將提供重播。今天所有簡報中的所有資訊都可以在 OpenText 的投資者關係網站 investors.opentext.com 上找到。

On today's webcast, we'll have our prepared remarks coordinated with slides on the Q4 financial presentation. This presentation is available, of course, on the website. And please note that if you're logged into the live webcast, you're already set up for the slide show.

在今天的網路直播中，我們將把準備好的發言與第四季度財務報告的幻燈片進行協調。當然，您可以在網站上找到此簡報。請注意，如果您已登入現場網路直播，則您已經設定好了投影片放映。

I'll also point out that there are two presentations on our website: the Q4 fiscal '25 IR results and that we'll be using during the call, and the Investor Presentation that we use for our investor meetings.

我還要指出的是，我們的網站上有兩個演示文稿：2025 財年第四季度的 IR 結果和我們將在電話會議中使用的演示文稿，以及我們在投資者會議上使用的投資者演示文稿。

Turning to the Safe Harbor statement. During this call, we'll make forward-looking statements relating to 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 that are made today.

談到安全港聲明。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。

Additional information about the material factors that could cause actual results to differ materially from such forward-looking statements as well as the risk factors that may impact future performance results of OpenText are contained in our recent forms 10-K and 10-Q as well as the press release that was distributed yesterday afternoon, which may be found, of course, on our website. We undertake no obligation to update these forward-looking statements unless required to do so by law.

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，包含在我們最近的 10-K 和 10-Q 表格以及昨天下午發布的新聞稿中，當然，您可以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 in our public filings and other materials, which again are available on the Investors section of our website.

此外，我們的電話會議可能包括討論某些非公認會計準則財務指標。任何非 GAAP 財務指標與其最直接可比較的 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網站的「投資者」部分找到。

With that, I'll turn the call over to Mark.

說完這些，我會把電話轉給馬克。

Thank you, Greg, and welcome, everyone, to the start of our new fiscal '26, and a big welcome from Waterloo. As you know, every fiscal year has its journey. For OpenText in fiscal '25, that included completing a material divestiture of our mainframe business, a large business optimization program, the acceleration of our margin opportunity, significant new AI cloud, and security innovations and our strongest year of capital return.

謝謝你，格雷格，歡迎大家來到我們新的 26 財年，滑鐵盧熱烈歡迎你。眾所周知，每個財政年度都有其自身的歷程。對於 OpenText 25 財年而言，這包括完成大型主機業務的實質剝離、大型業務優化計劃、加速我們的利潤機會、重要的新 AI 雲端和安全創新以及我們資本回報最強勁的一年。

As you'll hear today, fiscal '26 is a completely different year, led by growth in a strong product cycle and a strong financial outlook that includes total revenue growth of 1% to 2%, cloud growth of 3% to 4%, adjusted EBITDA expansion of 50 to 100 bps, free cash flow expansion of 17% to 20%, and continued strong capital allocation with a dividend raise of 5% and a new [$300 million] (corrected by company after the call) share repurchase program, as well as a return to M&A. Let's get into the call.

正如您今天所聽到的，26 財年是完全不同的一年，在強勁產品週期和強勁財務前景的帶動下，總收入增長 1% 至 2%，雲端運算成長 3% 至 4%，調整後的 EBITDA 擴張 50 至 100 個基點，自由現金流出 17% 至 20%，繼續強勁的擴張資本，自由現金流 [35%，新股息的資本配置。億美元]（公司在電話會議後進行了更正）股票回購計劃，以及重返併購。讓我們開始通話吧。

Our priorities for building a stronger and more competitive OpenText remain clear and consistent. To expand our competitive advantage through our business AI, our business cloud and business security, our new My Aviator will bring business AI to every OpenText end user.

我們打造更強大、更具競爭力的 OpenText 的優先事項始終明確且一致。為了透過我們的商業 AI、商業雲端和商業安全擴大我們的競爭優勢，我們全新的 My Aviator 將為每位 OpenText 最終用戶帶來商業 AI。

Deliver total revenue growth through compelling solutions, great distribution and transformative customer success led by our cloud growth and increasing contributions from business AI and security, as well as upper-quartile operating excellence, which means continued margins and free cash flow expansion and value-creating capital allocation.

透過引人注目的解決方案、出色的分銷和變革性客戶成功（由我們的雲端成長和業務 AI 和安全的不斷增加的貢獻引領）以及上四分位卓越營運（這意味著持續的利潤率和自由現金流擴張以及創造價值的資本配置）來實現總收入成長。

Our previously announced business optimization has accelerated our margin opportunity and our medium-term business model is about approaching the Rule of 40.

我們先前宣布的業務優化加速了我們的利潤機會，我們的中期業務模式即將接近 40 法則。

You are seeing the results of these clear and consistent priorities. Q4 was the first full quarter of Titanium X in the market. And we ended fiscal '25 with a strong performance, as you saw in the numbers we published yesterday. Total revenues of $1.31 billion and we grew organically year-over-year, excluding the impact of AMC, IP rights, and DXC.

您正在看到這些明確而一致的優先事項的成果。第四季是 Titanium X 上市的第一個完整季度。正如您在我們昨天發布的數據中看到的那樣，我們以強勁的業績結束了 25 財年。總收入為 13.1 億美元，不包括 AMC、智慧財產權和 DXC 的影響，我們實現了同比有機成長。

Our cloud bookings surged to $238 million or 32% year-over-year growth, all of which flows directly into cloud RPO. Cloud revenue of $475 million or 2% growth, license revenue of $173 million or 7% growth ex AMC, adjusted EBITDA dollars of $444 million or 34%, margin up strongly ex AMC. And we had amazing cloud wins this quarter across banking, automotive, health care, biotechnology and retail, including 43 cloud deals over $1 million. And Todd will speak about these in a little more detail in a moment.

我們的雲端預訂量激增至 2.38 億美元，年增 32%，所有這些都直接流入雲端 RPO。雲端運算收入為 4.75 億美元，成長 2%，授權收入為 1.73 億美元，扣除 AMC 後成長 7%，調整後 EBITDA 為 4.44 億美元，成長 34%，扣除 AMC 後利潤率大幅上漲。本季度，我們在銀行、汽車、醫療保健、生物技術和零售等領域取得了驚人的雲端運算勝利，其中包括 43 筆價值超過 100 萬美元的雲端運算交易。托德稍後會更詳細地談論這些。

For the full fiscal year '25, total revenues of $5.17 billion, less AMC down 3%, and less IP rights in DXC down approximately 1%. You can see in our Investor Presentation, a three-year trended slide on a reported basis help illustrate the magnitude of the total revenues, cloud revenues and cloud growth rates for our business. The new insights are all singularly focused on our cloud business. Cloud revenues were $1.86 billion for the year, up 2%.

25財年全年總營收為51.7億美元，扣除AMC下降3%、DXC智慧財產權下降約1%後為51.7億美元。您可以在我們的投資者介紹中看到，以報告為基礎的三年趨勢投影片有助於說明我們業務的總收入、雲端收入和雲端成長率的規模。所有新見解都集中在我們的雲端業務。全年雲端運算收入為 18.6 億美元，成長 2%。

I would also like to add some further color to our cloud business and revenue performance by business area. On an approximate basis year-over-year, Cybersecurity is 30% of our cloud revenues, BN is 30%, Content 25%, OSM and DevOps 10%, and the others make up the remaining 5%. Content, OSM and DevOps each grew faster than 10% year-over-year. BN remained constant. Cybersecurity was negative 4%, which we expect to return to growth this fiscal year. And please note, we have rebranded our ITOM business to Observability and Service Management, or OSM, and we have renamed Application Automation, which is now DevOps.

我還想進一步介紹一下我們的雲端業務和按業務領域劃分的收入表現。與去年同期相比，網路安全占我們雲端收入的 30%，BN 佔 30%，內容佔 25%，OSM 和 DevOps 佔 10%，其他佔剩餘的 5%。內容、OSM 和 DevOps 的年增長率均超過 10%。BN 保持不變。網路安全支出為負 4%，我們預期本財年將恢復成長。請注意，我們已將 ITOM 業務更名為可觀察性和服務管理 (OSM)，並且已將應用程式自動化更名為 DevOps。

Cloud bookings were $773 million, up 10% and right in our outlook range. Total RPO was up 9%. Total cloud RPO was up 13%. And the total cloud position in the current cloud portion was up 8%, while the long-term portion was up 17%. And our cloud renewal rate was 96% ending Q4. So just an amazing amount of cloud expansion.

雲端預訂量為 7.73 億美元，成長 10%，正好在我們的預期範圍內。總 RPO 上漲了 9%。整體雲端 RPO 成長了 13%。目前雲端部分的總雲端部位上漲了 8%，而長期部分則上漲了 17%。截至第四季度，我們的雲端續訂率為 96%。因此，雲端的擴展量令人驚訝。

Adjusted EBITDA dollars of $1.8 billion or 34.5%, up strongly ex AMC. Adjusted EPS of $3.82, up strongly ex AMC. And free cash flows of $687 million, above the high end of our range. And ending cash of $1.156 billion.

調整後的 EBITDA 為 18 億美元，即 34.5%，不包括 AMC 則大幅上漲。調整後每股收益為 3.82 美元，除 AMC 外大幅上漲。自由現金流為 6.87 億美元，高於我們的預期上限。期末現金為 11.56 億美元。

For the year, we allocated a record amount of our cash, or $683 million, to capital return, where we returned $272 million via dividends and we purchased $411 million of our stock, canceling 14.5 million shares at an average price of $28.29.

今年，我們撥出了創紀錄的 6.83 億美元現金用於資本返還，其中透過股息返還了 2.72 億美元，並回購了價值 4.11 億美元的股票，以平均 28.29 美元的價格註銷了 1,450 萬股。

Let me close our fiscal -- let me close our fiscal '25 with a few final thoughts. In addition to all the strengths and the confidence, and we had many, fiscal '25 was also one of challenges. There was, of course, the unprecedented and unpredictable trade and tariff turmoil in the markets and the geopolitical forces the industry traversed. But it's also an extraordinary year of a large and global mainframe business divestiture for us and transitioning that business to the buyer, which achieved it flawlessly.

讓我以最後幾點想法來結束我們的 2025 年財政年度。除了我們擁有的所有優勢和信心之外，25 財年也是挑戰之一。當然，市場上存在著前所未有且難以預測的貿易和關稅動盪，以及該行業所經歷的地緣政治力量。但對我們來說，這也是不平凡的一年，我們將大規模的全球大型主機業務剝離並轉讓給買家，完美地實現了這一目標。

We built a lot of corporate muscle through that process. We are focused on rebuilding our margin post-divestiture, modernizing the Micro Focus platform, executing a large and strategic business optimization, delivering Titanium X and creating an AI foundation for the future.

我們透過這個過程增強了企業實力。我們專注於重建資產剝離後的利潤率、實現 Micro Focus 平台的現代化、執行大規模策略性業務優化、提供 Titanium X 並為未來打造人工智慧基礎。

But make no mistake, we are disappointed that the full fiscal year had negative growth. As you can see on slide 10, it is a clear exception for a very long track record of growth.

但毫無疑問，我們對整個財政年度的負成長感到失望。正如您在第 10 張投影片上看到的，對於非常長期的成長記錄來說，這是一個明顯的例外。

We thank you for your feedback throughout this past year. We'll continue to be better communicators. And I will continue to increase the business insights we share so investors can see both the challenges and our opportunities equally like we are doing today.

我們感謝您在過去一年中提供的回饋。我們將繼續成為更好的溝通者。我將繼續增加我們分享的商業見解，以便投資者能夠像我們今天一樣平等地看到挑戰和機會。

Time to look forward. So, looking ahead, I am confident in the trajectory of the business. Fiscal 2026 is a different year, a different outlook and an important period of growth that the company is entering into. Our priorities for building a stronger, more competitive OpenText remain clear and as noted earlier. We're excited about the next wave of innovation.

是時候展望未來了。因此，展望未來，我對業務的發展方向充滿信心。2026財年是不同的年份，有不同的前景，也是公司正在進入的重要成長時期。正如之前所述，我們建立更強大、更具競爭力的 OpenText 的優先事項仍然很明確。我們對下一波創新感到興奮。

For business AI with My Aviator and Aviator Studio, an agentic user platform for building digital workers. And with My Aviator, a personal digital worker, for every knowledge worker to be used everywhere for anything.

對於商業 AI，可以使用 My Aviator 和 Aviator Studio，這是一個用於建立數位員工的代理用戶平台。My Aviator 是一款個人數位工作者，可供每位知識工作者隨時隨地使用。

And for our business cloud, with Core Content SaaS, new verticals like insurance, OSM, corporate help desk for employees -- for employee experience. And on the business technology side, our focus on threat detection and response, SaaS Identity, and Access Management and our new go-to-market partnership with Microsoft.

對於我們的商業雲，透過核心內容 SaaS，新的垂直領域包括保險、OSM、員工企業幫助台——為員工提供體驗。在商業技術方面，我們專注於威脅偵測和回應、SaaS 身分和存取管理以及與微軟建立新的市場合作夥伴關係。

We're a portfolio company, and we expect all our businesses to perform, but we can see immediate path for outperformance this year in Content, Security and Observability and Service Management.

我們是一家投資組合公司，我們期望所有業務都能表現出色，但我們可以看到今年內容、安全和可觀察性以及服務管理方面將立即取得優異表現。

Our M&A pipeline across our core BUs is building again. And to reiterate, we'll consider divestitures as and when they make strategic sense to drive overall higher growth rates, optimize our business or to return investor dollars for better returns. The organization has momentum in its focus.

我們核心業務部門的併購管道正在再次建立。再次強調，只要具有策略意義，我們就會考慮資產剝離，以推動整體成長率更高、優化業務或讓投資者獲得更好的回報。該組織在其重點領域具有動力。

So let me discuss the key elements of our fiscal '26 outlook in reported dollars in the year-over-year terms. On the macro, customers -- global customers are investing, and they are taking control of their platforms and capabilities via sovereign clouds. Also, they are derisking their businesses from tariffs and trade volatilities. Customers are investing in AI, cloud and security.

因此，讓我以同比計算的方式來討論我們 26 財年展望的關鍵要素。從宏觀角度來看，客戶—全球客戶正在進行投資，並透過主權雲控制他們的平台和功能。此外，他們也正在降低企業因關稅和貿易波動帶來的風險。客戶正在投資人工智慧、雲端和安全性。

Fiscal '25 taught us to expect the unexpected curve ball on tariffs and trade, so it drives you to focus on managing exceptionally well that what you control, and it's prudent to be conservative given the geopolitical and public sector trends. With that macro backdrop for fiscal -- our fiscal '26 outlook with year-over-year comparison is the following.

25財年讓我們預見關稅和貿易方面的意外變化，因此它促使你專注於管理你所控制的領域，並考慮到地緣政治和公共部門的趨勢，謹慎的做法是保守。在這樣的宏觀財政背景下—我們對 26 財年的展望與去年同期相比如下。

Total revenue growth of 1% to 2% and growth in constant currency. Total cloud revenue growth of 3% to 4%, supported by our strong current RPO backlog. New cloud bookings growth of 12% to 16%. Adjusted EBITDA margin growth of 50 to 100 bps. Free cash flow growth of 17% to 20%. We plan to grow our annual dividend by 5%. And further, we plan to repurchase and – to purchase and retire $300 million of our stock this fiscal year.

總營收成長 1% 至 2%，以固定匯率計算成長。受目前強勁的 RPO 積壓訂單支撐，雲端運算總收入將成長 3% 至 4%。新的雲端預訂量成長 12% 至 16%。調整後的 EBITDA 利潤率成長 50 至 100 個基點。自由現金流成長17%至20%。我們計劃將年度股利增加 5%。此外，我們計劃在本財年回購並註銷價值 3 億美元的股票。

There are a few more comments I'd like to provide on our outlook. First, cloud revenue, ARR and cloud cRPO truly lead the future of our business and our outlook. We expect ARR to return to growth in '26. And within that, cloud growth will outpace the maintenance business.

我也想就我們的展望發表一些評論。首先，雲端收入、ARR 和雲端 cRPO 真正引領著我們業務的未來和前景。我們預計 ARR 將在 26 年恢復成長。其中，雲端運算的成長速度將超過維護業務。

Second, we'll make strong progress on our customer support business and expect to cut the rate of decline in half, from negative 4% ex AMC in fiscal '25 to negative 2% in fiscal '26 and return the business back to growth in fiscal '27. In a moment, Paul will speak to our Support business and the opportunity.

其次，我們將在客戶支援業務上取得長足進步，並有望將下滑率減半，從 25 財年（不包括 AMC）的負 4% 降至 26 財年的負 2%，並在 27 財年恢復業務成長。稍後，保羅將談談我們的支援業務和機會。

Third, AI, SaaS and Security are well positioned to contribute more to our revenues, and we see Security being a positive contributor to our growth rate this year. Todd will speak more about this in a moment.

第三，人工智慧、SaaS 和安全能夠為我們的收入做出更多貢獻，我們認為安全將對我們今年的成長率產生積極貢獻。托德稍後會就此進行更多討論。

And lastly, our outlook positions the company to exceed expectations based on stronger demand, stronger adoption, stronger execution, and less macro unpredictability.

最後，基於更強勁的需求、更強勁的採用、更強勁的執行力以及更少的宏觀不可預測性，我們的展望使公司能夠超越預期。

As for Q1 estimates, please remember, our business is an annual business. We plan, operate, and make key decisions within the context of our annual plan. Our quarterly estimates are meant to provide short-term insights, and our quarterly estimates will vary within our annual plan. For Q1, our estimates include total revenue growth of constant to 1% and adjusted EBITDA of 35% to 35.5%.

至於第一季的估計，請記住，我們的業務是年度業務。我們在年度計畫的框架內進行規劃、營運和做出關鍵決策。我們的季度估計旨在提供短期見解，並且我們的季度估計將在我們的年度計劃內有所不同。對於第一季度，我們的預測包括總收入成長保持不變至 1% 以及調整後的 EBITDA 成長 35% 至 35.5%。

I'd also like to introduce today our thoughts on where we are driving our business model over the next three years, which we call our medium-term business model. Our medium-term business model looks like this. Rule of 40 growth, delivering the combination of total revenue growth plus adjusted EBITDA margin percentage to approach 40%. Efficiency. Continuous year-over-year improvements on margin while landing adjusted EBITDA in the mid to high 30s and balancing margin expansion with the growth investment opportunities that we see.

今天我還想介紹一下我們對未來三年推動我們的商業模式的想法，我們稱之為中期商業模式。我們的中期商業模式是這樣的。40 成長規則，使總收入成長加上調整後的 EBITDA 利潤率百分比接近 40%。效率。利潤率逐年持續改善，同時調整後的 EBITDA 達到 35% 左右，並平衡利潤率擴張與我們看到的成長投資機會。

Free cash flow. For every dollar of free cash flow, we look at two key metrics. Grow free cash flow over revenue into the high teens and continue to grow free cash flow over our outstanding shares.

自由現金流。對於每一美元的自由現金流，我們都會關注兩個關鍵指標。將自由現金流與收入之比提高到百分之十幾，並繼續將自由現金流與流通股之比提高到百分之十幾。

Capital allocation. Continuing to strategically and flexibly deploy our capital across M&A, dividends, buybacks and divestitures, with one lens, creating long-term shareholder value. We'll keep you updated on our progress along the way.

資本配置。繼續透過併購、股利、回購和資產剝離等方式策略性地靈活部署我們的資本，以創造長期股東價值。我們將隨時向您通報我們的進度。

Let me wrap up my prepared comments today. F'26 is an important period of growth for the company. And that confidence starts with our cloud business. We're in a strong product cycle with Titanium X, business AI and business Security. Content OSM and DevOps each grew faster than 10% last year. We have new accelerators for growth with AI, Security, and Business Network.

讓我總結一下今天準備好的評論。F'26年是公司成長的重要時期。這種信心始於我們的雲端業務。我們正處於強大的產品週期，擁有 Titanium X、商業 AI 和商業安全。去年，內容 OSM 和 DevOps 的成長率均超過 10%。我們擁有人工智慧、安全和商業網路等新的成長加速器。

Our RPO was up to -- our cloud RPO was up 13%, current portion of 8%, long-term portion up 17%. Our cloud renewal rates are strong at 96% and getting stronger. Our outlook is 3% to 4% of organic cloud revenue growth, new bookings growth of 12% to 16%. And we expect continued cloud RPO expansion with strong renewal rates and continued new bookings growth.

我們的 RPO 達到 - 我們的雲端 RPO 上升了 13%，目前部分上升了 8%，長期部分上升了 17%。我們的雲端更新率高達 96%，而且還在持續提高中。我們預計有機雲收入將成長 3% 至 4%，新訂單將成長 12% 至 16%。我們預計雲端 RPO 將持續擴張，續訂率將保持強勁，新預訂量將持續成長。

I want to thank all OpenTexters for their strong performance in Q4 for the momentum heading into fiscal '26 as well as to thank our customers for their continued trust.

我要感謝所有 OpenTexters 在第四季度的出色表現，為 26 財年的發展奠定了良好的基礎，同時也感謝客戶對我們持續的信任。

We have an amazingly strong finance organization, and we welcome Cosmin Balota, who is currently -- who is on the call with us today, who will serve as Interim CFO starting August 15. Our CFO search is in full motion, and we're excited about what an open market search will bring to the business. I'd like to thank Chadwick for his service to OpenText and wish him well and all the best on his continued journey. He's going to make a great CEO.

我們擁有非常強大的財務組織，我們歡迎 Cosmin Balota，他目前——今天與我們一起通話，將從 8 月 15 日起擔任臨時財務長。我們正在全力搜尋財務官，我們對公開市場搜尋將為公司帶來的影響感到興奮。我要感謝 Chadwick 為 OpenText 做出的貢獻，並祝福他在未來的旅程中一切順利、一切順利。他會成為一名出色的執行長。

Let me turn the call over to Todd and Paul and then Chadwick. So, Todd, over to you.

讓我把電話轉給托德 (Todd) 和保羅 (Paul)，然後是查德威克 (Chadwick)。那麼，托德，交給你了。

Thank you, Mark. It is clear that we have momentum coming out of Q4 and entering F '26. We're experiencing market demand. Our worldwide commercial team is executing. Our partner ecosystem is more impactful than ever. And our pipeline is strong and growing.

謝謝你，馬克。顯然，我們從第四季度開始就保持著良好的勢頭，並即將進入 2026 年。我們正在經歷市場需求。我們的全球商業團隊正在執行。我們的合作夥伴生態系統比以往更具影響力。我們的管道非常強大並且還在不斷增長。

Mark referenced the very dynamic global economic environment. This environment is driving enterprises to double down on clear and measurable business justification before proceeding with technology investments. And this environment aligns well with the specialized capabilities of our worldwide commercial team, to guide our customers effectively.

馬克提到了非常活躍的全球經濟環境。這種環境促使企業在進行技術投資之前加倍重視清晰、可衡量的商業理由。這種環境與我們全球商業團隊的專業能力一致，可以有效地指導我們的客戶。

We're successfully translating OpenText's Titanium X platform in a quantifiable business case value for existing and new customers. And customers are increasingly depending on us. In Q4, we had some great customer wins, including BMO, Groupe Clarins, HARGASSNER, Rightmove. And I'd like to walk you through several strategic wins in our business cloud to give you a sense of how we're winning against the competition.

我們正在成功地將 OpenText 的 Titanium X 平台轉換為對現有客戶和新客戶具有可量化的商業案例價值。客戶也越來越依賴我們。在第四季度，我們贏得了一些重要的客戶，包括 BMO、Groupe Clarins、HARGASSNER 和 Rightmove。我想向您介紹我們業務雲中的幾項策略勝利，讓您了解我們如何在競爭中取勝。

First, the OpenText Content Management Cloud. One of Europe's largest health care and life sciences companies chose OpenText as a key part of their SAP cloud migration project, benefiting clearly from our SAP Cloud First partnership. And a large Canadian financial services firm utilized OpenText Content Management Cloud to power its unstructured data vault in support of mission-critical business systems.

首先是OpenText內容管理雲。歐洲最大的醫療保健和生命科學公司之一選擇 OpenText 作為其 SAP 雲端遷移專案的關鍵部分，並從我們與 SAP Cloud First 的合作中受益匪淺。一家大型加拿大金融服務公司利用 OpenText 內容管理雲端為其非結構化資料庫提供支持，以支援關鍵任務業務系統。

One of the largest and nationally ranked US hospital networks chose OpenText's Observability and Service Management Cloud in direct competition with ServiceNow. This is a really tremendous new logo win for us.

美國規模最大、在全國排名靠前的醫院網路之一選擇了 OpenText 的可觀察性和服務管理雲，與 ServiceNow 直接競爭。對我們來說，這是一個真正巨大的新標誌勝利。

A Fortune 100 pharmaceutical and biotechnical company chose OpenText DevOps Cloud, and e-Signature solution over the competition, to reduce regulatory and compliance risk, while also supporting their move to cloud and AI initiatives. This win continues our momentum, helping large, highly regulated enterprises, build, deploy, and manage compliant applications.

一家財富 100 強制藥和生物技術公司選擇了 OpenText DevOps Cloud 和電子簽名解決方案，以降低監管和合規風險，同時支援他們向雲端和 AI 計劃的轉變。這次勝利延續了我們的發展勢頭，幫助大型、嚴格監管的企業建置、部署和管理合規應用程式。

One of Europe's leading forensic research institutions selected OpenText Fortify Application Security Platform to strengthen the security of its business-critical software. This very highly competitive new logo win, it underscores our growing leadership in enabling secure development within high-trust, high-compliance public sector environments.

歐洲領先的法醫研究機構之一選擇了 OpenText Fortify 應用安全平台來加強其關鍵業務軟體的安全性。這次新標誌的競爭非常激烈，它凸顯了我們在高信任度、高合規性公共部門環境中實現安全開發日益增強的領導地位。

And then lastly, a top global -- top 5 global automotive manufacturer further scaled their dependence on OpenText Business Network Cloud to manage their treasury management and global supply chain.

最後，全球排名前五的汽車製造商進一步擴大了對 OpenText 商業網路雲端的依賴，以管理其財務管理和全球供應鏈。

Now many of these customer wins relied heavily on OpenText partnerships. Our existing and new partnerships are playing an increasingly major role in our growing commercial momentum. The SAP partnership, as an example, remains strategic and continues to accelerate across co-selling, reselling, and joint engineering. The impact is contributing meaningfully to our content management cloud growth. And we're excited in Q1, we've expanded this partnership to our Experience cloud to also be resold by SAP.

現在，許多客戶的勝利很大程度上依賴與 OpenText 的合作關係。我們現有的和新的合作夥伴關係在我們不斷增長的商業勢頭中發揮著越來越重要的作用。以 SAP 合作夥伴關係為例，它仍然具有戰略意義，並在聯合銷售、轉售和聯合工程方面繼續加速發展。這種影響對我們的內容管理雲端成長做出了有意義的貢獻。我們對第一季感到非常興奮，我們將這種合作關係擴展到我們的體驗雲，也可以由 SAP 轉售。

Our Microsoft partnership is growing, and we're now live with the launched Cybersecurity Threat Detection and Response offering. We refer to it as TDR. It's being actively sold now with and through Microsoft's ecosystem. And it integrates seamlessly with Microsoft Defender, Microsoft Entra ID, and it's part of the Microsoft Security Copilot ecosystem.

我們與微軟的合作關係正在不斷發展，現在我們已推出網路安全威脅偵測和回應產品。我們將其稱為 TDR。目前，它正在透過微軟的生態系統積極銷售。它與 Microsoft Defender、Microsoft Entra ID 無縫集成，並且是 Microsoft Security Copilot 生態系統的一部分。

Our GSI partnerships are contributing to growth with larger and more strategic deals. For example, with Capgemini, we've just launched a digital government solution to serve government agencies across our OpenText Content, Experience, and Security clouds. We're also collaborating with HPE to deploy database management and information governance solutions on HPE GreenLake.

我們的 GSI 合作夥伴關係正在透過更大、更具策略性的交易促進成長。例如，我們剛剛與凱捷合作推出了數位政府解決方案，透過我們的 OpenText 內容、體驗和安全雲端為政府機構提供服務。我們也與 HPE 合作在 HPE GreenLake 上部署資料庫管理和資訊治理解決方案。

For our technology and ISV partnerships, they're enabling us to bring differentiated vertical industry solutions to the market. And as an example, with Guidewire, we've introduced a joint solution actively targeting the worldwide insurance marketplace. We're going to continue to invest to scale further into the financial services sector with ISV ecosystem partnerships.

對於我們的技術和 ISV 合作夥伴關係，它們使我們能夠將差異化的垂直行業解決方案推向市場。舉例來說，我們與 Guidewire 合作推出了一項聯合解決方案，積極瞄準全球保險市場。我們將繼續投資，透過 ISV 生態系統合作夥伴關係進一步擴大金融服務領域的規模。

And as you've heard Mark mention, we're doubling down on sovereign cloud and sovereign AI. We're super excited to have announced our partnership recently with TELUS, offering the Canadian market a secure private cloud for information management with a trusted Canadian infrastructure provider.

正如馬克所提到的，我們正在加倍投入自主雲端和自主人工智慧。我們非常高興最近宣布與 TELUS 建立合作夥伴關係，透過值得信賴的加拿大基礎設施供應商為加拿大市場提供安全的資訊管理私有雲。

And we continue to see growing demand and execution through our overall channel partner ecosystem. It's helping us scale OpenText distribution into the SMB segment in the public sector and into emerging markets globally.

我們透過整體通路合作夥伴生態系統持續看到不斷增長的需求和執行力。它幫助我們將 OpenText 分發擴展到公共部門的 SMB 領域和全球新興市場。

Now lastly, our sales, marketing and partner execution, it has created a solid and growing full year pipeline. In fact, our pipeline for license is up over 10% over prior year, and our pipeline for cloud is up nearly 30% year-over-year. We're seeing pipeline conversion rates improve. And in Q4, we delivered the highest account executive productivity we've seen in the last eight quarters. And we're adding even more sales capacity now to convert our growing pipeline.

最後，我們的銷售、行銷和合作夥伴執行已經創造了穩固且不斷成長的全年管道。事實上，我們的授權管道比前一年增長了 10% 以上，我們的雲端通路年增了近 30%。我們看到管道轉換率正在提高。在第四季度，我們的客戶經理生產力達到了過去八個季度以來的最高水準。我們現在正在增加更多的銷售能力來轉換我們不斷成長的管道。

Now to summarize, I'm really, really proud and thankful for our worldwide commercial team's Q4 performance. In early July, we launched the New Year with a fast start at our worldwide company and sales kick-off here in Waterloo, and our team has a ton of energy fueling F '26 execution ongoing right now.

現在總結一下，我真的非常自豪並感謝我們全球商業團隊在第四季度的表現。7 月初，我們在滑鐵盧的全球公司和銷售中心快速啟動，迎接新年的到來，我們的團隊目前正以充沛的精力為 F'26 的執行提供動力。

Our partnerships are contributing substantially with growing impact, and we built a strong pipeline with a growing conversion rate. And we're adding sales capacity to start fast in F '26.

我們的合作關係正在產生巨大影響，影響力也不斷增強，我們也建立了強大的管道，轉換率也不斷提高。我們正在增加銷售能力，以便在 F '26 中快速起步。

Paul, over to you.

保羅，交給你了。

All right. Thank you, Todd. It's great to be here with you and Mark and the rest of the team here in Waterloo. Today I'll speak briefly about three areas. The highlights of the prior quarter as we closed out F '25, where our team is focused to bring a stronger outcome to F '26, and what to expect for our Maintenance business in the year ahead. So, let's jump right in.

好的。謝謝你，托德。很高興能和您、馬克以及滑鐵盧團隊的其他成員在一起。今天我簡單講三個方面。我們在 F '25 結束時回顧了上一季的亮點，我們的團隊致力於為 F '26 帶來更強勁的成果，並展望了未來一年維護業務的前景。那麼，讓我們開始吧。

First, Q4 was a solid quarter for the business. The OpenText renewals flywheel continues to be stable and predictable with a net renewal rate of 96% for cloud and 91% for off-cloud, improving 100 bps quarter-over-quarter. Our core operating metrics across our recurring revenue business are positive. Past due is down. On-time renewals is up. And APA or annual price adjustment is up.

首先，第四季對於公司業務而言是一個穩健的季度。OpenText 續訂飛輪持續保持穩定且可預測，雲端淨續訂率為 96%，非雲端淨續訂率為 91%，比上一季提高 100 個基點。我們的經常性收入業務的核心營運指標是正面的。逾期已減少。按時續約已增加。APA 或年度價格調整已上調。

In fact, we set all-time records in several of these areas and finished ahead -- the year well ahead of our plan on bookings, including some very large early renewals on the cloud side as customers work to lock in pricing over the next several years. So that all adds energy to the flywheel and creates momentum into F '26.

事實上，我們在其中幾個領域創下了歷史新高，並且取得了領先——今年的預訂量遠遠超出了我們的計劃，其中包括一些非常大的雲端早期續訂，因為客戶正在努力鎖定未來幾年的價格。這樣，一切都為飛輪增加了能量，並為 F'26 創造了動力。

Growth remains job number one for the team, and that drives a single overriding mission for the business: customer centricity. Now at its core, customer centricity is a business mindset and an operating model where every decision starts from a deep understanding of what creates value for the customer. It's not just about good service; it's about anticipating customer needs. It's not solving problems. It's doing this proactively and shaping our offerings to deliver outcomes.

成長仍然是團隊的首要任務，也推動企業的首要使命：以客戶為中心。現在，以客戶為中心本質上是一種商業思維和營運模式，其中每個決策都始於對什麼能為客戶創造價值的深刻理解。這不僅關乎良好的服務；還關乎預測客戶的需求。這並不能解決問題。它正在積極地進行這項工作並塑造我們的產品以產生成果。

We're focused on three areas in F '26: number one, the performance of our Maintenance business through lifetime value; number two, expanding post-sales offerings; and number three, customer success through our L.O.V.E model, land, operate, value, expand.

在 F '26 中，我們專注於三個領域：第一，透過終身價值提高維護業務的績效；第二，擴大售後服務；第三，透過我們的 L.O.V.E 模型（登陸、營運、價值、擴展）實現客戶成功。

So just a few examples. For lifetime value, we reorganized our PS sales team by practice area and now focused on Titanium X upgrades, targeting off-cloud customers several releases back to bring them current to the latest version of the products. For our L.O.V.E model or land, operate, value, expand, we are in year two of our new cloud customer success offering rollout which added incremental bookings to F '25 and contributes to cloud ARR.

僅舉幾個例子。為了實現終身價值，我們根據實踐領域重組了 PS 銷售團隊，現在專注於 Titanium X 升級，針對幾個版本之前的離雲客戶，讓他們了解產品的最新版本。對於我們的 L.O.V.E 模型或土地、營運、價值、擴展，我們正處於推出新雲端客戶成功產品的第二年，這為 F '25 增加了增量預訂量並為雲端 ARR 做出了貢獻。

And for post-sale, this quarter we launched Advanced Customer Support, or ACS, which expands our portfolio of support subscription offerings and puts a new and dedicated sales team behind it to build new inflows to Maintenance revenues. So, these are just a few of the new programs that will contribute to growth in fiscal '26. The customer is at the center of all this, and growth is the result for doing that consistently and doing that well.

對於售後，本季度我們推出了高級客戶支援（ACS），它擴展了我們的支援訂閱產品組合，並配備了一支新的專業銷售團隊，為維護收入創造新的收入。因此，這些只是有助於26財年成長的一些新計畫。客戶是所有這一切的中心，而成長則是堅持不懈並出色完成這項任務的結果。

That brings me to my last point, which is what to expect for Maintenance in F '26. Let me just start by reaffirming our messages from last year. We see strength and stability in the core operating metrics of our Maintenance business. Excluding AMC, we ended F '25 at a decline rate of 4%. Our Q4 decline rate was 3% and a large improvement from Q3. And our outlook for F '26 is a decline of 2%, cutting that decline by half year-on-year. And further, and this is a key point, we expect ARR to return to growth in F '26. And within that, cloud growth will outpace the Maintenance business.

這讓我想到了最後一點，那就是對 F '26 的維護有何期待。首先，請容許我重申我們去年所傳達的訊息。我們看到維護業務的核心營運指標強勁且穩定。不包括 AMC，F'25 的下降率為 4%。我們的第四季下降率為 3%，與第三季相比有很大改善。我們預計 F'26 的銷售量將下降 2%，年減幅度將減少一半。此外，這是一個關鍵點，我們預計 ARR 將在 F'26 恢復成長。其中，雲端運算的成長速度將超過維護業務。

So we can see clearly the momentum we have in returning the Maintenance business back to growth, which we expect by F '27. Our operational metrics are bright-green. We have growth programs adding new revenue channels to maintenance. And as we sell new licenses, that will also add incremental Maintenance revenues.

因此，我們可以清楚地看到維護業務恢復成長的勢頭，我們預計到 2027 年將實現這一目標。我們的營運指標是亮綠色的。我們有成長計劃，為維護增加了新的收入管道。隨著我們銷售新許可證，這也將增加維護收入。

Looking out further and as cloud continues to grow, it will be an opportunity to expand this business discussion to focus more on ARR, RPO, and cRPO inclusive of Maintenance.

放眼未來，隨著雲端運算的不斷發展，這將是一個擴大業務討論的機會，更專注於 ARR、RPO 和包括維護在內的 cRPO。

So in summary, our confidence grows stronger with our Q4 results. I see momentum in the business. And there is a lot to be excited about in the year ahead.

總而言之，隨著第四季業績的公佈，我們的信心也越來越強。我看到了業務的發展動能。未來的一年還有很多值得興奮的事。

So with that, I'll hand the call over to Chadwick.

因此，我將把電話交給查德威克。

Thank you, Paul, and good morning. I will briefly touch on more context for Q4 results and OpenText's growth momentum into fiscal 2026.

謝謝你，保羅，早安。我將簡要介紹第四季度業績的更多背景資訊以及 OpenText 在 2026 財年的成長動能。

It was a great outcome at $238 million of enterprise cloud bookings in Q4, up 32.3% year-over-year, closing out fiscal 2025 within our annual target range at 10.1% total growth. Our results include full year RPO and cRPO with year-over-year comparisons. This captures the strength of our cloud backlog.

這是一個非常好的結果，第四季企業雲端訂單金額達到 2.38 億美元，年增 32.3%，2025 財年的總成長率達到 10.1%，符合我們的年度目標範圍。我們的結果包括全年 RPO 和 cRPO 以及同比比較。這體現了我們的雲積壓實力。

When looking at our cloud business, we think about four core metrics: cloud revenue growth, enterprise cloud bookings expansion, cloud renewal rates as well as new cloud bookings. Cloud cRPO is a subcomponent of RPO, and it provides a visibility into the current portion of cloud RPO that is committed over the next 12 months. This includes all our cloud product groups: enterprise and SMBC, new and renew, and provides greater visibility into our cloud business.

在審視我們的雲端業務時，我們會考慮四個核心指標：雲端收入成長、企業雲端預訂擴展、雲端續訂率以及新的雲端預訂。雲端 cRPO 是 RPO 的子元件，它提供了對未來 12 個月內承諾的雲端 RPO 的當前部分的可見性。這包括我們所有的雲端產品組：企業和 SMBC、新的和續訂的，並為我們的雲端業務提供了更高的可見性。

With the bookings progress for Q4 and F '26 expectations, OpenText is positioned for growth. We reported solid annual recurring revenue of approximately 81% in Q4, up approximately 20 basis points year-over-year.

隨著第四季的預訂進度和 2026 財年的預期，OpenText 已準備好成長。我們報告第四季度的年度經常性收入約為 81%，較去年同期成長約 20 個基點。

As you see in the table on slide 22 for Q4, cloud revenues were $475 million, up 2.1% year-over-year, representing about 36.2% of total revenue. Q4 marks 18 quarters of cloud organic growth, driven by AI readiness and strong demand for our Content and cloud. Non-GAAP cloud gross margin increased approximately 40 basis points to 63.2% year-over-year.

正如您在第四季第 22 張投影片的表格中所看到的，雲端收入為 4.75 億美元，年成長 2.1%，約佔總收入的 36.2%。第四季標誌著雲端運算有機成長已持續 18 個季度，這得益於人工智慧的準備以及對我們的內容和雲端運算的強勁需求。非公認會計準則雲毛利率年增約 40 個基點至 63.2%。

Customer Support or Maintenance revenue was $581 million, and the full year closed at $2.34 billion, coming in slightly above our expectations. We are making progress here. In Q4, non-GAAP Maintenance gross margin remained strong at 89.2%, up 20 basis points year-over-year. Overall, non-GAAP gross margin for Q4 was 76.2%.

客戶支援或維護收入為 5.81 億美元，全年收入達到 23.4 億美元，略高於我們的預期。我們正在取得進展。第四季度，非公認會計準則維護毛利率保持強勁，達到 89.2%，較去年同期成長 20 個基點。整體而言，第四季非公認會計準則毛利率為 76.2%。

We added some additional disclosures to offer deeper context to where our cloud revenue growth outperformed in F '25, particularly in Content, DevOps and Observability and Service Management.

我們增加了一些額外的披露，以提供更深入的背景信息，說明我們的雲端收入成長在 F '25 中表現優異的領域，特別是在內容、DevOps 和可觀察性和服務管理方面。

Moving towards the bottom line. We achieved a strong quarter in an overall F '25 adjusted EBITDA margin of 34.5%, 50 basis points above the top end of our target range of 33% to 34%. This was achieved with the benefit of business optimization progress, as well as higher revenue in the quarter.

朝著底線前進。我們本季業績表現強勁，2025 年整體調整後 EBITDA 利潤率達到 34.5%，比我們 33% 至 34% 的目標區間上限高出 50 個基點。這是得益於業務優化進展以及本季收入增加而實現的。

Last quarter, we expanded our business optimization plan. When fully implemented, we expect to generate total annualized savings of approximately $490 million to $550 million. We successfully realized approximately 35% of these savings during fiscal 2025.

上個季度，我們擴大了業務優化計畫。全面實施後，我們預計每年可節省約 4.9 億至 5.5 億美元。我們在 2025 財年成功實現了其中約 35% 的節省。

Our F '26 outlook captures an additional 35% of these benefits. And after reinvestment, we expect continued adjusted EBITDA margin expansion. We've spent approximately $128 million to date, and the plan is expected to be substantially completed by the second quarter of F '27, up to a total spend of approximately $260 million.

我們對 F'26 的展望也將獲得其中 35% 的額外好處。再投資後，我們預計調整後的 EBITDA 利潤率將持續擴大。到目前為止，我們已經花費了大約 1.28 億美元，預計該計劃將在 F '27 第二季度基本完成，總支出將達到約 2.6 億美元。

In Q4, we generated $687 million of free cash flow, $37 million above our target range. In the quarter, our expense -- interest expense declined year-over-year. And again, you see the benefit of the business optimization savings here. The resilience of the OpenText operating model, revenue growth, ARR durability, expanding margin and free cash flow provide us the flexibility to strategically deploy our capital across M&A, dividends and share buybacks.

第四季度，我們產生了 6.87 億美元的自由現金流，比我們的目標範圍高出 3,700 萬美元。本季度，我們的支出－利息支出較去年同期下降。再次，您可以看到業務優化節省帶來的好處。OpenText 營運模式的彈性、營收成長、ARR 持久性、擴大的利潤率和自由現金流使我們能夠靈活地在併購、股息和股票回購方面策略性地部署資本。

The Board of Directors has approved a cash dividend of $0.275 per share for the first quarter of fiscal 2026, with a record date of September 5, 2025, payable on September 19, 2025. We will remain strategic and flexible in our capital allocation.

董事會已批准 2026 財年第一季每股 0.275 美元的現金股息，記錄日期為 2025 年 9 月 5 日，支付日期為 2025 年 9 月 19 日。我們將在資本配置方面保持策略性和靈活性。

Adjusted EPS was strong again in Q4 at $0.97 diluted. Reported, that is down 1% year-over-year, but adjusted EPS increased year-over-year after normalizing for the impact of the AMC divestiture. Contributing to this outcome was the benefit of repurchasing and canceling 14.5 million shares in fiscal 2025. This momentum will continue with our announcement of a new $300 million share buyback program in fiscal 2026.

第四季調整後每股盈餘再次強勁，達到 0.97 美元。據報導，該利潤同比下降 1%，但在考慮 AMC 資產剝離的影響後，調整後的每股收益同比增長。促成這項結果的因素是 2025 財年回購並註銷 1,450 萬股股票的收益。隨著我們在 2026 財年宣布一項新的 3 億美元股票回購計劃，這一勢頭將繼續下去。

In closing, I'll echo my sentiment from last quarter. As an investor, this is a good time to hold and buy OpenText stock. We are leaders in information management with a large installed base, loyal customers, strong core businesses and earnings profile, plus a clear return of capital strategy. I am confident in OpenText's ability to reinvest strategically in outperforming products while generating meaningful returns for investors.

最後，我想重申我上個季度的觀點。作為投資者，現在是持有和購買 OpenText 股票的好時機。我們是資訊管理領域的領導者，擁有龐大的安裝基礎、忠實的客戶、強大的核心業務和獲利狀況，以及明確的資本回報策略。我相信 OpenText 有能力對錶現優異的產品進行策略性再投資，同時為投資人帶來可觀的回報。

I'd like to thank Mark and all my OpenText colleagues for the opportunity to work with such an extraordinary group. This is an iconic Canadian company and it's been a privilege to serve our stakeholders.

我要感謝馬克和所有 OpenText 同事給我這個機會與如此傑出的團隊合作。這是一家標誌性的加拿大公司，我們很榮幸能夠為我們的利害關係人提供服務。

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

羅科，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 with Barclays.

巴克萊銀行的 Raimo Lenschow。

Thanks for all the clarity in the presentation. Mark and team, obviously, there's the stuff that you can do, but then there's the stuff that is given to you in terms of the economy. You talked a lot about what you're doing at the moment. What are you seeing though from end demand, customer behavior, et cetera, at the moment given all the uncertainties? And maybe just kind of break it down by region. And then I had one quick follow-up.

感謝您在演講中清晰地闡述了這一點。馬克和他的團隊，顯然，有些事情你們可以做，但有些事情從經濟角度來說會給你們。您談了很多關於您目前正在做的事情。但是，考慮到目前所有的不確定性，您從最終需求、客戶行為等方面看到了什麼？或許可以依照地區進行細分。然後我進行了一次快速的跟進。

Sure. Raimo, thanks for the question. I'll start with we are seeing a strong and positive trend towards sovereign cloud. And we're in a unique position as a global company, a company that's invested strategically in its operations, in cloud infrastructure and with our cloud partners to be able to provide local control.

當然。Raimo，謝謝你的提問。首先，我們看到主權雲呈現強勁而積極的趨勢。作為一家全球性公司，我們處於獨特的地位，我們在營運、雲端基礎設施以及與雲端合作夥伴的合作方面進行了策略性投資，以便能夠提供本地控制。

So we are engaged in France to deploy Sovereign France. We're engaged from Germany to deploy Sovereign Germany. We're engaged in the UK to deploy Sovereign UK, and keep going around the globe, Canada, Japan, Singapore, Australia. So, we see sovereign cloud as an opportunity in our business and have factored that into looking at strong bookings growth in the -- here in fiscal '26 of 12% to 16%.

因此，我們致力於在法國部署主權法國。我們受德國委託部署德國主權國家。我們致力於在英國部署 Sovereign UK，並繼續在全球推廣，包括加拿大、日本、新加坡、澳洲。因此，我們將主權雲視為我們業務中的一個機遇，並將其納入到 26 財年強勁的預訂量增長中——增長幅度為 12% 至 16%。

We also see customers looking to take more control to deploy on-premise. And we've been in a position always to provide that customer choice. So, we actually see that the volatility creating a demand driver, that can be a bit of a tailwind for us heading into F’26.

我們也看到客戶希望對內部部署進行更多的控制。我們始終致力於為客戶提供這種選擇。因此，我們實際上看到波動性創造了需求驅動力，這對我們進入 F'26 來說可能是一個順風。

Balancing that a bit is some customers on the supply chain side, as you saw in our cloud revenues, [our BN was constant] that are just taking a little longer to make some decisions. But it's actually a net positive for us, Raimo. And we're helping customers take the control back and continue with their strategic projects.

稍微平衡一下的是供應鏈方面的一些客戶，正如您在我們的雲端收入中看到的那樣，[我們的 BN 是恆定的]他們只是需要更長的時間來做出一些決定。但這對我們來說其實是一件好事，雷莫。我們正在幫助客戶重新掌控並繼續他們的策略專案。

Okay. Perfect. And then the -- I like the additions to talk about Maintenance a little bit. Bringing that to that 2% decline line, is that -- how much of that is operations? And then is there also an element that you can do to think about pricing?

好的。完美的。然後——我喜歡補充一些關於維護的內容。將其降至 2% 的下降線，其中有多少是營運成本？那麼，您還可以考慮定價嗎？

Raimo, Paul Duggan. Thanks for the great question. There's a short answer and a long answer. This is the short answer, is the rate of decline on Maintenance is improving really due to the focus of the performance and growth progress we've had over the past year or two.

雷莫，保羅‧杜根。謝謝你提出這個好問題。有一個簡短的答案和一個詳細的答案。簡短的回答是，維護費用的下降率確實在改善，這是因為我們在過去一兩年裡專注於了業績和成長進程。

The longer answer really centers on three core areas that I see. It will always come down -- any maintenance business will always come down to the core operating metrics. And that's going to be the single most important indicator of motion and strength of the installed base. And you can see parts of it, right? Q4 NNR is up 100 bps quarter-on-quarter. Our cancels are down. Past due and on-time are improving dramatically. We're setting records and it's common to set records each quarter at this point.

我認為更長的答案實際上集中在三個核心領域。它總是會下降——任何維護業務總是會歸結為核心營運指標。這將成為安裝基礎的運動和強度最重要的指標。你可以看到它的一部分，對嗎？Q4 NNR 環比上漲 100 個基點。我們的取消量減少了。逾期和準時情況正在顯著改善。我們正在創造記錄，目前每季創造記錄是很常見的。

APA, our annual price adjustment, is -- was up in Q4. It's been up multiple quarters in a row now. And one way to think about that is it's a proxy for value that customers see in our road map. And to add to that value, we've launched new advanced customer services, or ACS, this quarter, which will create some new upselling focus areas for us in the premium services that attach on top of the maintenance space.

我們的年度價格調整 APA 在第四季度有所上漲。目前已連續多個季度上漲。一種思考方式是，它是客戶在我們的路線圖中看到的價值的代理。為了增加這一價值，我們在本季度推出了新的高級客戶服務（ACS），這將為我們在維護領域之上的優質服務中創造一些新的追加銷售重點領域。

And finally, I'd say, we talked a little bit about the last couple of quarters last year, is look, we had some challenges in license, in OSM and a few other areas, as well as a couple of onetime setbacks, DXC is one we've talked about. The fact of the matter is the core business here has improved. And as we look to track on some key items and we see the positive impact of things like ACS, I believe pretty strongly that you're going to see a continued impact positively on the Maintenance business.

最後，我想說，我們談論了去年最後幾季的情況，我們在許可證、OSM 和其他一些領域遇到了一些挑戰，以及一些一次性挫折，DXC 就是我們談論過的一個。事實上，這裡的核心業務已經改善。當我們追蹤一些關鍵項目並看到 ACS 等事物的正面影響時，我堅信您將會看到其對維護業務的持續正面影響。

Samad Samana, Jefferies.

薩瑪德·薩馬納（Samad Samana），傑富瑞集團。

This is actually Billy Fitzsimmons on for Samad. The new disclosures on cloud growth and cloud as a percentage of revenue are very helpful for us. But can we dig into those numbers a little more, what cloud or business units are seeing outsized growth simply because of accelerated on-prem to cloud migrations in the base? What is seeing growth from sell end customer and product demand? And at this point, what are some of the businesses where you believe there's kind of extra work to be done to get growth higher?

這其實是 Billy Fitzsimmons 代替 Samad 演的。關於雲端成長和雲端佔收入百分比的新揭露對我們非常有幫助。但是，我們能否進一步深入研究這些數字，哪些雲端或業務部門僅僅因為基礎內部部署到雲端的遷移加速而實現了超額成長？銷售終端客戶和產品需求的成長如何？目前，您認為哪些業務需要做額外的工作才能實現更高的成長？

Thanks, Billy. Appreciate the question. So, look, all of our disclosure and new disclosure is centered on providing a singular insight into our cloud business and opportunity. And it's about this strategic alignment and insight into that opportunity, right?

謝謝，比利。感謝你的提問。所以，你看，我們所有的揭露和新揭露都集中在提供對我們的雲端業務和機會的獨特見解。這是關於策略協調和對這一機會的洞察，對嗎？

So a year ago, we started with our RPO disclosure. And we decided a year ago to start with RPO even though we didn't have the history to disclose. And we knew we'd loop to track four quarters later, and here we are. And so total cloud RPO was $2.5 billion and grew 13%. Total cloud current RPO was $1.2 billion and grew 8%. And total long-term RPO was $1.1 billion and grew 17%. So that was a new disclosure started a year ago. We looped the track.

因此，一年前，我們開始披露 RPO。儘管我們之前沒有歷史記錄可以披露，但我們一年前就決定開始實施 RPO。我們知道四個季度後我們會回到正軌，現在我們做到了。因此，雲端 RPO 總額為 25 億美元，成長了 13%。雲端運算目前 RPO 總額為 12 億美元，成長了 8%。長期RPO總額為11億美元，成長了17%。這是一年前開始的新披露。我們繞著跑道跑了一圈。

We can now see the power of the backlog of our business. Cloud renewal rate, right, which we're talking about 96% ending Q4 and getting stronger. ARR returning to growth in '26, which means that the cloud -- the additive cloud dollars are more than the maintenance decline dollars. And that is exactly where we want the business to be in '26 and forever more.

我們現在可以看到我們業務積壓的威力。對的，雲端更新率，我們說的是第四季末的 96% 並且還在不斷增強。ARR 在 26 年恢復成長，這意味著雲端運算——附加雲端運算美元超過了維護下降美元。這正是我們希望公司在 2026 年及以後一直維持的現狀。

Bookings, we're going to continue to show you bookings that come in to fill the top of the bucket. So, some companies don't disclose bookings. We disclose bookings. We'll continue to disclose bookings, because it fills the top of the bucket. $773 million in '25 or 10% growth. And our outlook of 12% to 16% growth in '26 on a very large base of $773 million. Obviously, the revenue of 2% in '25, and then our outlook of growing faster in '26 of 3% to 4% cloud growth.

預訂，我們將繼續向您展示填滿桶頂部的預訂。因此，有些公司不會揭露預訂情況。我們公開預訂資訊。我們將繼續揭露預訂量，因為它佔據了最高水準。 25 年為 7.73 億美元，成長 10%。我們預計，在 7.73 億美元的龐大基礎上，26 年的成長率將達到 12% 至 16%。顯然，25 年的營收將成長 2%，而我們預計 26 年雲端運算收入將成長 3% 至 4%。

And then the new cloud disclosures that you touched on, all in the context of the alignment, where Cybersecurity is approximately 30% of our cloud revenues, BN 30% of our cloud revenues, Content 25% of our cloud revenues, OSM and DevOps 10%, and the others all making up the remaining of 5%. Content, OSM and DevOps each grew faster than 10% last year. We are not providing an outlook per business cloud, if you will, in '26, just into the total cloud number.

然後，您提到的新的雲端揭露，都是在協調的背景下，其中網路安全約占我們雲端收入的 30%，BN 占我們雲端收入的 30%，內容占我們雲端收入的 25%，OSM 和 DevOps 佔 10%，其他所有佔剩餘的 5%。去年，內容、OSM 和 DevOps 的成長率均超過 10%。如果您願意的話，我們不會提供每個業務雲的展望，在 26 年，我們只會提供總體雲數量。

BN remained constant, and we feel we're going to be boosting that growth in '26 via AI and our new control tower technologies. Cyber was negative 4% growth. We've talked that -- we're going to talk about our opportunities and our challenges equally and transparently. So, Cybersecurity was negative 4% growth in the cloud last year, mainly driven by the SMBC business.

BN 保持不變，我們認為我們將透過人工智慧和我們的新控制塔技術在 26 年推動這一成長。網路成長為負4%。我們已經討論過了——我們將平等、透明地談論我們面臨的機會和挑戰。因此，去年網路安全在雲端的成長為負 4%，主要受 SMBC 業務的影響。

And to be clear, we expect this business to return to growth. That's why we expect to outperform in security this year and expect this business to return to growth with our Microsoft partnership, both at the enterprise in the mid-market as well as Threat Detection and Response, Identity and Access management in the cloud and in other new tools.

明確地說，我們預計這項業務將恢復成長。這就是為什麼我們預計今年在安全方面會表現出色，並預計這項業務將在與微軟的合作下恢復成長，無論是在中端市場的企業，還是在威脅偵測和回應、雲端身分和存取管理以及其他新工具方面。

And on the other bucket, we have a new HPE partnership that Todd talked about with GreenLake in our new vertical as a service to help that other bucket as well.

另一方面，我們與 HPE 建立了新的合作夥伴關係，Todd 談到了與 GreenLake 合作，在我們的新垂直領域提供一項服務，以幫助其他領域。

So I hope that's helpful. I want to kind of maybe just re-summarize the totality of the disclosure, all with a singular purpose and insight onto the cloud.

我希望這會有所幫助。我想重新總結整個披露的內容，所有這些都是為了一個單一的目的和對雲端的洞察。

Richard Tse, National Bank Financial.

Richard Tse，國家銀行金融。

Yes, thanks for all those disclosures. With respect to the fiscal '26 growth numbers, how much of that is already visible in your RPO?

是的，感謝您揭露這些情況。就 26 財年的成長數字而言，其中有多少已經體現在您的 RPO 中？

Yes, Richard, great to hear your voice, and thanks for the question. So, we have an illustrative slide in Chadwick's portion that shows bookings flowing in a constant level, if you will, for cRPO. So, our cloud current RPO in fiscal '26 is roughly 60% of our revenues. And so, we have -- that's sort of like come right off the balance sheet flowing into the revenue stream.

是的，理查德，很高興聽到你的聲音，謝謝你的提問。因此，我們在 Chadwick 的部分中有一張說明性幻燈片，顯示了 cRPO 的預訂流量保持恆定水平（如果您願意的話）。因此，我們 26 財年的雲端目前 RPO 約占我們營收的 60%。所以，我們有──這有點像是直接從資產負債表流入收入流。

And over time, we hope to raise that 60% guarantee, if you will, higher. But within the year we got, as Todd talked about, our cloud pipeline is up 30%. We will expand the opportunity within the installed base. We will drive expansion capabilities. We'll win new business and deliver new revenues from that. So, we have strong visibility, [cloud pipeline up 30%] (corrected by company after the call), current CRPO guaranteed, which gives us very strong confidence of the 3% to 4% organic cloud revenue growth, Richard.

隨著時間的推移，我們希望將 60% 的保證金提高到更高的水平。但正如 Todd 所說，在這一年中，我們的雲端管道成長了 30%。我們將擴大已安裝基礎內的機會。我們將推動擴展能力。我們將贏得新業務並從中獲得新的收入。因此，我們具有很強的可見性，[雲端管道成長 30%]（電話會議後公司進行了修正），目前 CRPO 得到保證，這讓我們對 3% 至 4% 的有機雲端收入成長充滿信心，理查德。

Okay. And then a second question here. It was sort of interesting to hear your comments on restarting M&A. So, what conditions would sort of have you doing that? Would it be deleveraging the balance sheet more? You noted sort of divestitures. And then subsequent to those conditions, what type of assets would you be sort of looking to focus on? Like you're obviously doing content management, so would you sort of lean into that market more? Or are you kind of looking at sort of new potential sort of opportunities outside of that?

好的。這裡還有第二個問題。聽到您對重啟併購的評論很有趣。那麼，什麼條件會讓你這麼做呢？這是否會進一步降低資產負債表的槓桿率？您注意到了某種資產剝離。那麼，在這些條件之後，您會專注於哪種類型的資產？就像您顯然在做內容管理一樣，那麼您會更傾向於那個市場嗎？或者您正在尋找除此之外的其他新的潛在機會？

Yes. Thanks for the question. Well, we think our balance sheet is ready for a -- for the right acquisition. And look, we're mainly interested in cloud, and continuing to support the areas of our business that are outperforming. And so, the team is ramping up, the pipeline is getting stronger. It's got to be both a strategic fit and the right financial platform -- the right financial and strategic platform for us. And we're going to continue to consider divestitures as and when they make sense to drive a higher growth rate.

是的。謝謝你的提問。嗯，我們認為我們的資產負債表已經為正確的收購做好了準備。而且，我們主要對雲端感興趣，並將繼續支援表現優異的業務領域。因此，團隊正在不斷壯大，頻道也越來越強大。它必須既具有策略契合性，又具有正確的財務平台—對我們來說是正確的財務和策略平台。我們將繼續考慮資產剝離，只要這對推動更高的成長率是合理的。

But you can clearly see from the strength of the balance sheet, our free cash flow, our approach to capital return in '26, that we have the ability to do small to medium-sized acquisition if it's the right company at the right price and right strategic sense.

但你可以從資產負債表的實力、我們的自由現金流、以及我們在 26 年的資本回報方式中清楚地看到，如果以合適的價格和正確的戰略意識找到合適的公司，我們就有能力進行中小型收購。

Stephanie Price, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Stephanie Price。

Thanks as well for the additional disclosures this morning. Just curious, as you think about the different business segments, where are you investing the most at this point and where you see the most opportunity going forward?

也感謝您今天上午的補充披露。只是好奇，當您考慮不同的業務領域時，目前在哪些方面投資最多，以及您認為未來哪些方面機會最多？

Steph, thanks for the question, and thanks for being on the call today. We want all our businesses to perform. But -- and when you manage a portfolio like any large company, you come into a year and see opportunities to outperform in certain categories. So, we're going to look to outperform in Content, Security and OSM coming into the year.

史蒂芬，謝謝你的提問，也謝謝你今天接受我們的訪問。我們希望我們所有的業務都能順利進行。但是——當你像任何一家大公司一樣管理投資組合時，你會進入一個新的年度，並看到在某些類別中表現優異的機會。因此，我們希望在今年的內容、安全和 OSM 方面取得優異表現。

We also see opportunities to bring Business Network from constant back to growth, as we talked about, and just an outsized contribution to Cybersecurity over the long term. So those are the areas we're most focused on here, Steph, coming into '26.

正如我們所討論的，我們也看到了讓商業網路持續恢復成長的機會，並且從長遠來看，這將對網路安全做出巨大貢獻。所以，史蒂芬，進入 26 年，這些就是我們最關注的領域。

Thanks for the color. And then maybe switching over just to the expanded restructuring initiatives. It looks like the timelines changed a bit. It looks like you've had some earlier wins than maybe you were expecting. If you could talk a little bit about what you've accomplished so far with the restructuring and what remains to be done.

謝謝你的顏色。然後也許會轉向擴大重組措施。看起來時間軸有所改變。看起來您已經取得了一些比您預期更早的勝利。您能否稍微談談重組迄今所取得的成果以及尚待完成的工作？

Yes, Steph. I mean we remain on plan and on time. No timelines have changed. We have accelerated some opportunities and we're off to a fast start where we sort of achieved 35% in '25. We expect to have another 35% here in '26, and the balance to complete in the first half of fiscal '27.

是的，史蒂芬。我的意思是我們會按照計劃按時進行。時間表沒有改變。我們加速了一些機會，我們起步很快，在 25 年實現了 35% 的目標。我們預計 26 年將再完成 35%，剩餘部分將在 27 財年上半年完成。

So we moved very quickly on the people rebalancing. It freed up our ability to reinvest in the business. You've heard Todd speak about the sales force expansion, product expansion as well as AI and security. So, we moved promptly on the people side. And we're also making strong internal progress on using our own AI tools and other partner AI tools, that's just going to continue to fuel that productivity boost for the company to help us deliver that 35% here in '26.

因此，我們在人員重新平衡方面採取了非常迅速的行動。它使我們有能力對業務進行再投資。您已經聽過 Todd 談論銷售隊伍擴張、產品擴張以及人工智慧和安全。因此，我們在人員方面迅速採取了行動。我們在使用我們自己的 AI 工具和其他合作夥伴的 AI 工具方面也取得了長足的內部進展，這將繼續推動公司的生產力提升，幫助我們在 26 年實現 35% 的生產力提升。

Paul Treiber, RBC Capital Markets.

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

Just the comments on the pipeline growth both for cloud and license are quite encouraging. Obviously, you've seen the trend for a while in terms of pipeline. What's changed now that that's fundamentally driving the improvement? And then could you comment on like the sustainability or durability of that uplift in pipeline?

光是關於雲端和許可證管道成長的評論就相當令人鼓舞。顯然，您已經看到了管道方面的趨勢。現在發生了哪些變化，從根本上推動了這種改善？那麼您能否評論一下管道提升的可持續性或持久性？

Yes, Paul, thanks for being in the call, and great to hear your voice. I'll start and then hand it over to Todd. Titanium X had its first full quarter in the market. And we've talked -- we've been -- Titanium X was the largest engineering project in the history of the company, over a two-year runway of building out security, AI, trusted cloud, sovereignty.

是的，保羅，感謝您接聽電話，很高興聽到您的聲音。我先開始，然後把它交給托德。Titanium X 在市場上度過了第一個完整季度。我們已經討論過——我們已經討論過——Titanium X 是該公司歷史上最大的工程項目，為期兩年，旨在建立安全、人工智慧、可信賴雲端和主權。

And Q4 was the first full quarter of having Titanium X in the market, really our first full quarter of being live, being able to demonstrate our robust AI platform. And that drove the surge in bookings as well as the pipeline expansion.

第四季是 Titanium X 上市的第一個完整季度，實際上也是我們上線的第一個完整季度，能夠展示我們強大的 AI 平台。這推動了預訂量的激增以及管道的擴張。

Let me hand it over to Todd.

讓我把它交給托德。

Yes. Thanks, Paul. The pipeline comes from only a few places: marketing demand, sales force demand, partner demand. And across those functions, we're executing very well. Then you have to convert that pipeline. Our sales force, our partners are very adept, as I referenced in my prepared comments, at converting Titanium X into value and quantifying that value through business cases in this macroeconomic climate that we are participating in right now.

是的。謝謝，保羅。通路僅來自幾個地方：行銷需求、銷售人員需求、合作夥伴需求。在這些功能方面，我們的執行情況非常好。然後你必須轉換該管道。正如我在準備好的評論中提到的那樣，我們的銷售人員、我們的合作夥伴非常擅長將鈦 X 轉化為價值，並透過我們目前參與的宏觀經濟環境下的商業案例來量化該價值。

So we're excited about the trends that we're seeing both top of the funnel and then converting it into value.

因此，我們對看到的趨勢感到非常興奮，既看到了漏斗的頂部，又看到了將其轉化為價值的趨勢。

Just a second question --

第二個問題--

Maybe, Paul, before you get to your second question, we'll make sure you do, I also want to thank Paul and Todd. They've been incredible business partners. We put in place a two-president structure. And I couldn't be more pleased with their leadership, their direction, their execution, both on the new business side and the post-sale side, which is also giving me the opportunity to work more strategically and on our product. So, I'd be remiss to highlight this incredible trifecta of an execution team that we put in place last year as well.

也許，保羅，在你提出第二個問題之前，我們會確保你這樣做，我也要感謝保羅和陶德。他們是非常出色的商業夥伴。我們實行雙總統體制。我對他們的領導力、方向和執行力感到非常滿意，無論是在新業務方面還是在售後方面，這也讓我有機會更有策略地開展工作並改進我們的產品。因此，如果我沒有特別強調我們去年組建的這個令人難以置信的三重執行團隊，那就太失禮了。

That's great to hear about the team. Just on my second question, just on free cash flow, the 17% to 20% growth for '26 is great to see. Are there any headwinds per se or onetime items that we should take into account when we think about free cash flow conversion in '26?

很高興聽到有關這個團隊的消息。關於我的第二個問題，僅就自由現金流而言，26 年 17% 至 20% 的成長率令人欣喜。當我們考慮 26 年的自由現金流轉換時，是否存在任何我們應該考慮的不利因素或一次性項目？

Yes, Paul, thanks for it. Maybe I'll start, and Chadwick, if there's anything you want to add. Look, I can only say this directly that 17% was an outlook of 17% to 20% free cash flow growth. I don't know where I come from, that sounds pretty healthy, if you will, year-over-year.

是的，保羅，謝謝你。也許我應該開始，還有查德威克，如果你想補充什麼的話。聽著，我只能直接說，17% 是 17% 到 20% 的自由現金流成長前景。我不知道我來自哪裡，如果你願意的話，這聽起來相當健康，逐年增長。

And look, we had a big onetime item last fiscal year, which was a $250 million tax on the gain of the divestiture. And I think on some analyst models, that may not have been perfectly modeled coming into '26, or maybe we haven't perfectly communicated all the elements around that. Or maybe a combination of both.

你看，上個財政年度我們有一筆一次性的大額款項，那就是對資產剝離收益徵收 2.5 億美元的稅。我認為，在某些分析師模型中，這可能還沒有完美地模擬出 26 年的情況，或者也許我們還沒有完美地傳達與此相關的所有要素。或兩者兼而有之。

So I'm really pleased with our outlook coming into '26. And I'm going to sound like I'm from the Midwest here, but where I come from, 17% to 20% of free cash flow growth year-over-year sounds pretty good. Chadwick?

所以我對我們26年的前景感到非常滿意。我聽起來像是來自中西部，但在我的家鄉，自由現金流年增 17% 到 20% 聽起來相當不錯。查德威克？

No, no. I echo that. I think, Paul, the only other sentiment we've had is any other things to think about on the tax side and any changes in the US tax side. But we've assumed constant for now in terms of the tax levels coming out of Q4, whether there's any headwinds and tailwinds. But we're pretty comfortable with the assumptions we made. Otherwise, it's a good core model.

不，不。我同意這一點。保羅，我認為我們唯一的其他想法是考慮稅收方面的其他事情以及美國稅收方面的任何變化。但我們目前假設第四季度的稅收水準保持不變，無論存在任何不利因素和有利因素。但我們對自己所做的假設非常滿意。否則，這是一個很好的核心模型。

Yes, you look at the adjusted rate in the K, we believe we can maintain that. And look, we don't see any extraordinary items, right, here in '26. It's a really clean execution running room for us. So, our outlook is 17% to 20% expansion year-over-year.

是的，你看看 K 中的調整利率，我們相信我們可以維持這個水準。瞧，在 26 年我們沒有看到任何特別的東西。對我們來說，這是一個非常乾淨的執行運行室。因此，我們預計將年增 17% 至 20%。

Kevin Krishnaratne, Scotiabank.

凱文‧克里希納拉特納 (Kevin Krishnaratne)，豐業銀行。

I joined a bit late. Apologies if some of these have been asked. But thanks also for the disclosure on the cloud breakdown. I just want to clarify, are you saying that you will grow Cybersecurity this year? Or do you hope to grow that in time? Is it a goal for this year that will be positive? And then also related on the slide, can you remind us on the Business Network, 30%, how much of that is transactional based?

我加入得有點晚。如果有人問到這些問題，請見諒。但也感謝您對雲端故障的揭露。我只是想澄清一下，您是說今年將擴大網路安全業務嗎？或者您希望隨著時間的推移而發展？這是今年的一個正面目標嗎？然後與投影片相關的是，您能否提醒我們，在商業網路上，30% 中有多少是基於交易的？

Thanks for the question. So, it's our -- we're looking to take the negative 4% growth and turn that into positive growth here in '26. Real simple. On the Business Network side, I don't know how to answer the question, what's transactional. Maybe we can take that off the call and to better understand the question.

謝謝你的提問。所以，我們希望在 26 年將負 4% 的成長轉變為正成長。真的很簡單。在商業網絡方面，我不知道如何回答這個問題，什麼是交易。也許我們可以在通話中取消這個功能，以便更好地理解這個問題。

Okay. No worries. And the second question is on your capital allocation. You provided the midterm sort of guide. Can you talk about the divestitures element, sort of what you're thinking about there? I know on your last call; you broke down the business perform and outperform. Just wondering if you can talk us through the thought process there, timing and valuations and things of that nature?

好的。不用擔心。第二個問題是關於您的資本配置。您提供了期中考指南。能談談資產剝離因素嗎？您對此有何看法？我知道，在您上次通話中，您詳細說明了業務表現和超越情況。只是想知道您是否可以向我們介紹那裡的思考過程、時間表、估值以及諸如此類的事情？

Yes. Sure thing. Thanks for the question. We're going to continue to consider divestitures if and when they make strategic sense for us. And look, the rationale is very simple: accelerate our growth rate. And so, there are elements inside the portfolio that we want everything to perform. We think everything should be performing.

是的。當然可以。謝謝你的提問。如果資產剝離對我們具有戰略意義，我們將繼續考慮剝離。看看吧，理由很簡單：加快我們的成長率。因此，我們希望投資組合中的各項要素都能發揮作用。我們認為一切都應該發揮作用。

And then there are categories, market conditions, timing, product cycles where categories can outperform. When you manage a portfolio business, that's the way to think of it. You want everything to perform; you want certain categories to outperform.

然後還有類別、市場條件、時機、產品週期等，其中類別可以表現出色。當你管理投資組合業務時，就可以這樣思考。您希望一切都表現良好；您希望某些類別表現出色。

But we'll have opportunities like we did in the mainframe business. The mainframe was EBITDA-rich for sure, but not strategically important going forward for us and growing our cloud. So, everything is singularly focused on accelerating cloud. We had 2% revenue growth in '25, outlook 3% to 4%. How do we keep accelerating our cloud growth rate? So, Kevin, that's how I'd look at the lens of M&A, divestiture, our strategy is to keep accelerating our organic cloud growth rate.

但我們會擁有像在大型主機業務中那樣的機會。大型主機的 EBITDA 確實很高，但對於我們未來發展和雲端運算的發展而言，並不具有戰略重要性。因此，一切都專注於加速雲端運算。25 年我們的營收成長了 2%，預計將成長 3% 至 4%。我們如何繼續加快雲端的成長率？所以，凱文，這就是我看待併購、資產剝離的角度，我們的策略是繼續加快我們的有機雲端成長率。

Seth Gilbert, UBS.

瑞銀的賽斯吉伯特。

Maybe to start, free cash flow in 4Q was a bit stronger than we modeled. And I was wondering if you could talk about some of the drivers here and if there's anything onetime in 4Q, knowing that there's nothing onetime in FY26, but maybe there is early renewal pull forward or something else.

首先，第四季的自由現金流比我們預測的要強勁一些。我想知道您是否可以談談這裡的一些驅動因素，以及第四季度是否有任何一次性事件，因為我知道 26 財年沒有任何一次性事件，但也許有提前續約或其他事件。

I think it was pretty aligned to expectations, a little bit better, really driven by, to be honest, the core revenue coming in even stronger and progress on the business optimization. No real one times. This is core operating progress, Seth. So, I think it's a great catch, but a great outcome that we're really proud of.

我認為這與預期非常一致，甚至更好一些，說實話，這確實是由核心收入的強勁成長和業務優化的進展所推動的。沒有真正的一次。這是核心營運進展，塞思。所以，我認為這是一個偉大的發現，也是一個令我們感到自豪的偉大結果。

Got it. And then maybe as a follow-up, I'll echo the positive sentiment around the additional cloud growth disclosures. With those in mind, I was wondering if you could talk through the drivers of what's leading to the cloud acceleration. Is it the 35% of the business which is the Content, OSM and DevOps kind of like continuing to accelerate? Or the Business Network, Cyber and others turning around, which, of course, represents a larger piece of the pie?

知道了。然後，也許作為後續行動，我會回應有關額外雲端成長揭露的正面情緒。考慮到這些，我想知道您是否可以談談導致雲端加速發展的驅動因素。內容、OSM 和 DevOps 的 35% 業務是否會繼續加速？或者商業網路、網路和其他網路正在扭轉局面，當然，它們代表著更大的份額？

Yes. I mean thanks for the question. So, if we look at Content, DevOps and OSM, it is kind of maintaining that greater than 10% rate, that's a very -- double-digit growth rate is very healthy. Getting Business Network back from in the black into green, if you will. We have a great new AI translation tool. And we're stepping up with some bigger wins. You heard me and Todd talk about very -- many large wins, over $1 million. So, AI and control tower driving BN growth.

是的。感謝您的提問。因此，如果我們看一下內容、DevOps 和 OSM，就會發現它保持了超過 10% 的成長率，這是一個非常健康的兩位數成長率。如果你願意的話，可以讓商業網絡從獲利轉為獲利。我們有一個很棒的新 AI 翻譯工具。我們正在取得更大的勝利。您聽到我和托德談論了很多大額獎金，超過 100 萬美元。因此，人工智慧和控制塔推動了 BN 的成長。

And then Cybersecurity going from minus four to green. And that's the run of play here for '26.

然後網路安全從-4變為綠色。這就是 26 年比賽的進程。

Thank you. This concludes our question-and-answer session. I'd like to turn the conference back over to Mr. Barrenechea for closing remarks.

謝謝。我們的問答環節到此結束。我想將會議交還給巴雷內切亞先生，請他致閉幕詞。

Thank you, Rocco. And as you can see, fiscal '26 is a year of expansion and growth, and I look forward to spending more time to discuss the year ahead, listening and driving stronger performance.

謝謝你，羅科。如您所見，26 財年是擴張和成長的一年，我期待花更多時間討論未來一年，傾聽並推動更強勁的業績。

I will be personally attending the following conferences and events and look forward to spending time together at Oppenheimer Virtual Technology Conference, August 11; the National Bank National Bank Financial Montreal Roadshow and Group Lunch, August 14.

我將親自參加以下會議和活動，並期待在 8 月 11 日的 Oppenheimer 虛擬技術會議、8 月 14 日的國家銀行金融蒙特利爾路演和團體午餐會上共度時光。

Look forward to being in Montreal. Citibank's Global Tech Conference in New York City, September 4; and BMO's Tech Conference in Toronto on September 9. And I look forward just to a great quarter of listening and engagement.

期待前往蒙特婁。9 月 4 日，花旗銀行在紐約舉行全球科技大會；9 月 9 日，蒙特婁銀行在多倫多舉行科技大會。我期待本季的聆聽和參與度將非常高。

And thanks for your time today. That ends today's call.

感謝您今天抽出時間。今天的通話到此結束。

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

謝謝。今天的電話會議到此結束。現在您可以斷開線路了。感謝您的參與並祝您有個愉快的一天。