Open Text Corp (OTEX) 2026 Q1 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the OpenText Corporation first quarter fiscal 2026 financial results conference call. (Operator Instructions) The conference is being recorded. (Operator Instructions)

感謝您的耐心等待。這是會議接線員。歡迎參加 OpenText 公司 2026 財年第一季財務業績電話會議。（操作員指示）會議正在錄音。（操作說明）

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

現在我將把會議交給投資者關係主管格雷格·塞科德。請繼續。

Thank you, and good morning, everyone. Welcome to OpenText's [first](corrected by company after the call) quarter fiscal 2026 earnings call. With me on the call today are OpenText's Executive Chair and Chief Strategy Officer, Tom Jenkins, together with James McGourlay, Interim Chief Executive Officer; Steve Rai, Executive Vice President and Chief Financial Officer; and Cosmin Balota, our Senior Vice President and Chief Accounting Officer. Today's call is being webcast live and recorded with a replay available shortly thereafter on the OpenText Investor Relations website at investors.opentext.com. Earlier yesterday, we posted our press release and investor presentation online. These materials will supplement our prepared remarks and can also be accessed on the OpenText Investor Relations website.

謝謝大家，大家早安。歡迎參加 OpenText 2026 財政年度第一季（電話會議後公司更正）收益電話會議。今天與我一起參加電話會議的有 OpenText 的執行主席兼首席策略官 Tom Jenkins，以及臨時首席執行官 James McGourlay；執行副總裁兼首席財務官 Steve Rai；還有我們的高級副總裁兼首席會計官 Cosmin Balota。今天的電話會議將進行網路直播並錄製，回放將於會後不久在OpenText投資者關係網站investors.opentext.com上提供。昨天早些時候，我們已將新聞稿和投資者簡報發佈到網路上。這些資料將作為我們準備的發言稿的補充，也可以在 OpenText 投資者關係網站上查閱。

Now turning to the upcoming investor events. I'd like to take the opportunity to invite institutional investors and financial analysts to join us at OpenText World 2025 Investor Track on Tuesday, November 18 in Nashville.

接下來我們來看看即將舉行的投資者活動。我想藉此機會邀請機構投資者和金融分析師參加 11 月 18 日星期二在納許維爾舉行的 OpenText World 2025 投資者論壇。

The OpenText World Conference is a unique opportunity for investors and financial analysts to learn about our latest product innovations and with full conference access, allow open dialogue with our customers and partners on site. The conference keynotes and investor track will also be available by webcast virtually.

OpenText 世界大會為投資者和金融分析師提供了一個獨特的機會，讓他們了解我們最新的產品創新，並透過完整的會議訪問權限，與現場的客戶和合作夥伴進行公開對話。會議主題演講和投資者專場也將透過網路直播進行。

OpenText will also be participating in the following investor conferences. On November 21, we'll attend the Needham Tech Conference virtually. And on November 24, we'll be at the TD Technology, Media & Telecom Conference in Toronto. On December 2, we'll be at the Bank of America Leveraged Finance Credit Conference in Boca Raton and on the same day, we'll also be at the UBS Global Technology and AI Conference in Scottsdale, Arizona. On December 8, we'll be at the Raymond James TMT and Consumer Conference in New York.

OpenText也將參加以下投資者會議。11月21日，我們將以線上形式參加尼德姆科技大會。11月24日，我們將參加在多倫多舉行的TD科技、媒體和電信大會。12月2日，我們將參加在博卡拉頓舉行的美國銀行槓桿融資信貸會議；同一天，我們也將參加在亞利桑那州斯科茨代爾舉行的瑞銀全球科技與人工智慧會議。12月8日，我們將參加在紐約舉行的Raymond James TMT和消費品大會。

And then finally, on December 10, we'll be heading to the Barclays Global Technology Conference in San Francisco. We look forward to meeting with you at one of those events.

最後，12月10日，我們將前往舊金山參加巴克萊全球科技大會。我們期待在這些活動中與您見面。

And now on with 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.

現在繼續宣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，但存在風險和不確定性，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 risk factors that may impact the future performance results of OpenText are contained in OpenText recent Forms 10-K and 10-Q as well as in our press release that was distributed earlier yesterday, which may be found on our website.

有關可能導致實際結果與此類前瞻性聲明存在重大差異的實質性因素以及可能影響 OpenText 未來業績的風險因素的更多信息，請參閱 OpenText 最近的 10-K 表格和 10-Q 表格以及我們昨天早些時候發布的新聞稿，這些內容可在我們的網站上找到。

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. 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 available on our website.

除非法律要求，否則我們不承擔更新這些前瞻性聲明的義務。此外，我們的電話會議也可能會討論某些非GAAP財務指標。任何非公認會計準則財務指標與其最直接可比較的公認會計準則指標的調節表，都可以在我們的公開文件和其他資料中找到，這些資料可以在我們的網站上找到。

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

那麼，我就把電話交給詹姆斯了。

Thanks very much, Greg. I would like to welcome everyone on the call today. Joining us today is Tom Jenkins, Executive Chair and Chief Strategy Officer. I also want to give a warm welcome to Steve Rai, who joined OpenText as Executive VP and CFO in October. Steve brings a wealth of experience from technology and software.

非常感謝，格雷格。我謹代表大家歡迎今天參加電話會議的各位。今天我們邀請到的是執行主席兼首席策略長湯姆詹金斯。我還要熱烈歡迎 Steve Rai 加入 OpenText，擔任執行副總裁兼財務官，時間是 10 月。史蒂夫在科技和軟體領域擁有豐富的經驗。

He is based in our Waterloo, Ontario headquarters. Also joining on the call is Cosmin Balota. I want to thank Cosmin for his leadership as Interim Chief Financial Officer, and Cosmin has now resumed his role as Chief Accounting Officer.

他常駐於我們位於安大略省滑鐵盧市的總部。科斯明·巴洛塔也參與了這通通話。我要感謝 Cosmin 在擔任臨時財務長期間的領導，Cosmin 現在已恢復擔任首席會計官一職。

The entire OpenText team is committed to delivering secure information management products that let our customers curate and enable agentic AI with their content. We have a tremendously strong and deep customer relationships.

OpenText 的整個團隊致力於提供安全的資訊管理產品，讓我們的客戶能夠利用他們的內容來管理和啟用智慧 AI。我們與客戶建立了極為牢固和深厚的關係。

It is because of this that we have such incredible and loyal installed base. Now let's get into our Q1 fiscal '26 results. Q1 total revenues, ARR, adjusted EBITDA margin, adjusted EPS are all above Street expectations. As you saw with the Q1 performance, we are continuing our momentum from last quarter, especially in our core content business. We remain focused on sales execution, having just completed a major product cycle.

正因如此，我們才擁有如此龐大且忠實的使用者群體。現在讓我們來看看2026財年第一季的業績。第一季總營收、年度經常性收入、調整後 EBITDA 利潤率、調整後每股盈餘均超出市場預期。正如您從第一季的業績中看到的那樣，我們延續了上個季度的發展勢頭，尤其是在我們的核心內容業務方面。我們剛完成了一個重要的產品週期，目前仍專注於銷售執行。

We believe we are in the market with the right products at the right time. Turning to our cloud performance this quarter. Q1 cloud revenue was $485 million, up 6% year-over-year, which is well on track towards our FY26 outlook range of 3% to 4% growth. Cloud bookings continue to remain strong as we saw Cloud cRPO up 6% year-over-year. More importantly, our long-term cloud RPO is up 16% year-over-year, and total cloud RPO is up 11% year-on-year.

我們相信，我們正以正確的時間將正確的產品推向市場。接下來談談我們本季的雲端服務表現。第一季雲端業務營收為 4.85 億美元，年增 6%，這與我們 2026 財年 3% 至 4% 的成長預期相符。雲端預訂量持續保持強勁，雲端 cRPO 年增 6%。更重要的是，我們的長期雲端 RPO 年成長 16%，總雲 RPO 年成長 11%。

Our other measure of cloud performance is enterprise cloud bookings, which were up 20% year-on-year in Q1. This puts us in a good position towards achieving our FY26 outlook range of 12% to 16%. We closed 33 deals greater than $1 million in Q1, which is up 43% year-on-year.

我們衡量雲端效能的另一個指標是企業雲端預訂量，第一季年增 20%。這使我們處於實現 2026 財年 12% 至 16% 預期目標的有利位置。第一季我們完成了 33 筆金額超過 100 萬美元的交易，年增 43%。

We had key wins in the quarter with ALTEN, Australia Department of Health, Core42, Optiv Security and mh Services. In September, we provided additional disclosure on our main business -- businesses, which we break into product categories.

本季我們與 ALTEN、澳洲衛生部、Core42、Optiv Security 和 mh Services 等公司取得了重大合作。9 月份，我們對我們的主要業務（我們將其分為產品類別）進行了更多揭露。

This disclosure is in our IR presentation on the website and allows you to better track the performance. Tom will speak more about the tremendous opportunities in our core information management for AI business. For Q1, you can see that Content being our largest business continues to lead our growth in Cloud. Content Cloud grew 21% year-on-year in Q1. This was driven mostly by bookings won in financial services, energy and utilities as well as telecom verticals.

此揭露資訊已發佈在我們的投資者關係簡報中，方便您更好地追蹤業績。Tom 將進一步探討我們在人工智慧業務的核心資訊管理方面所蘊含的巨大機會。從第一季的情況可以看出，內容業務作為我們最大的業務，繼續引領我們在雲端領域的成長。第一季內容雲業務年增 21%。這主要得益於金融服務、能源和公用事業以及電信等垂直行業贏得的訂單。

We saw strength in retail, automotive and manufacturing verticals which also contributed to our business network positive growth in Q1. We are pleased with our Enterprise cybersecurity business growth this quarter and mainly driven by a few sizable wins.

我們看到零售、汽車和製造業垂直領域表現強勁，這也為我們業務網絡在第一季的積極成長做出了貢獻。我們對本季企業網路安全業務的成長感到滿意，這主要得益於幾筆數額可觀的交易。

Our product offerings continue to be recognized by industry experts such as Gartner, and we are establishing key partnerships that are important for content management and agentic AI. We're excited about our upcoming OpenText World event being held in Nashville from November 17 to 20.

我們的產品持續獲得 Gartner 等行業專家的認可，我們正在建立對內容管理和智慧人工智慧至關重要的關鍵合作夥伴關係。我們很高興即將於 11 月 17 日至 20 日在納許維爾舉辦 OpenText World 大會。

Thousands of our customers and partners and other stakeholders will join in person to see our latest product offerings and innovations, especially our Aviator and agentic AI solutions in action.

數千名客戶、合作夥伴和其他利害關係人將親自到現場，觀看我們最新的產品和創新成果，特別是我們的 Aviator 和智慧 AI 解決方案的實際應用。

We will also showcase our sovereign cloud, keeping our customers data local and secure. We are very excited to see how our customers unlock the power of their own data using OpenText products to foster innovation and spur growth.

我們還將展示我們的自主雲，確保客戶資料在本地安全。我們非常高興地看到我們的客戶如何利用 OpenText 產品釋放自身資料的力量，從而促進創新和推動成長。

As we look ahead to the rest of fiscal year, we are not changing our fiscal '26 annual outlook. Please remember that we are an annual business and that results can fluctuate quarter-over-quarter. With that said, we expect Q2 total revenue to be between $1.275 billion and $1.295 billion and the adjusted EBITDA margin to be between 35.5% and 36%.

展望本財年剩餘時間，我們不會改變 2026 財年的年度展望。請記住，我們是一家按年結算的公司，業績可能會出現季度波動。綜上所述，我們預計第二季總營收將在 12.75 億美元至 12.95 億美元之間，調整後的 EBITDA 利潤率將在 35.5% 至 36% 之間。

We continue to see strength in our Content business going forward. For the second half of fiscal '26, we expect revenue to skew higher towards a strong Q4. There is typical seasonality that we see in Q3, but the momentum from our new product cycle is expected to come mostly in the latter part of fiscal '26 and beyond.

我們預計內容業務未來將持續保持強勁勢頭。我們預計 2026 財年下半年的營收將向強勁的第四季傾斜。第三季會出現典型的季節性波動，但我們新產品週期帶來的成長動能預計將主要在 2026 財年下半年及以後到來。

We continue to expect ARR to return to growth in fiscal '26 with Cloud growth outpacing maintenance declines, while customer support revenue is on track to meet our fiscal '26 annual outlook. We are seeing some of our customers making faster decisions to shift their workloads from on-premise into the cloud.

我們繼續預期 2026 財年 ARR 將恢復成長，雲端業務成長速度將超過維護業務的下降速度，而客戶支援收入預計將達到我們 2026 財年的年度預期。我們發現一些客戶正在加快決策，將他們的工作負載從本地遷移到雲端。

We have always given our customers the choice of where they want to deploy and note that the on-premise deployment is still being sought after in heavily regulated industries and governments. To conclude my remarks, I want to take a moment to thank our OpenText team across the company for their professionalism, dedication and hard work during this period of change as well as our partners, customers and shareholders.

我們一直讓客戶自行選擇部署地點，並注意到在監管嚴格的行業和政府機構中，本地部署仍然受到青睞。最後，我要感謝OpenText公司全體員工在這段變革時期所展現的專業精神、敬業精神和辛勤工作，同時也要感謝我們的合作夥伴、客戶和股東。

Finally, I would like to thank Tom Jenkins and all of the members of the OpenText Board of Directors. Their support to both myself and all of our employees has been tremendous. This is an exciting time for OpenText.

最後，我要感謝湯姆詹金斯以及OpenText董事會的所有成員。他們對我以及我們所有員工的支持都非常巨大。對於 OpenText 來說，這是一個令人興奮的時刻。

We're in a great position financially and operationally. We are in the right markets of secure content and data that trains agentic AI. When I stepped in as Interim CEO, my main priority was to take care of our customers and carry forward our initiatives and deliver our fiscal '26 annual outlook. We had a great start to Q1, which sets us up nicely for the rest of the year and beyond.

我們在財務和營運方面都處於非常有利的地位。我們身處安全內容和資料（可用於訓練智慧AI）的正確市場。當我擔任臨時執行長時，我的首要任務是照顧好我們的客戶，推進我們的各項舉措，並實現我們 2026 財年的年度展望。第一季開局良好，這為我們今年餘下的時間以及未來幾年的發展奠定了良好的基礎。

With that, I will hand the call over to Steve Rai, our EVP and CFO.

接下來，我將把電話交給我們的執行副總裁兼財務長史蒂夫·雷。

Thank you for the kind introduction, James. It's great to be here. Good morning, everyone, and thanks for joining the call. I'm one month in at OpenText and very excited to contribute to the tremendous opportunity ahead. Over the past few weeks, I've spent a lot of time with James and Tom and the extended team, and I'm in full support of the company's vision and direction.

謝謝你的熱情介紹，詹姆斯。很高興來到這裡。各位早安，感謝各位參加電話會議。我加入 OpenText 已經一個月了，非常興奮能為即將到來的巨大機會貢獻力量。在過去的幾周里，我花了很多時間和 James、Tom 以及其他團隊成員在一起，我完全支持公司的願景和方向。

I look forward to working together with them to deliver on this. Cosmin Balota, our Chief Accounting Officer, who was the Interim CFO before I joined, is on the call today, and he will discuss the highlights of our Q1 financial results.

我期待與他們合作，共同實現這一目標。我們的首席會計官 Cosmin Balota（在我加入之前曾擔任臨時首席財務官）今天參加了電話會議，他將討論我們第一季度財務業績的亮點。

I would like to thank Cosmin personally for his unwavering support, insights and maintaining a steady ship through the transition. For those of you who may not know me, my last role was as CFO at BlackBerry, where I was deeply involved in the company's corporate technology and organizational changes. I'm truly energized to join Open Text at this stage in its journey and will be based in our global headquarters in Waterloo, Canada.

我謹代表公司感謝 Cosmin 先生在過渡時期給予的堅定支持、獨到見解以及維持公司穩定發展。或許有些人不認識我，我之前的職位是黑莓公司的財務官，我深度參與了公司的企業技術和組織變革。我很高興能在 Open Text 發展到這個階段加入公司，我的工作地點將設在位於加拿大滑鐵盧的全球總部。

Since joining, I've been very impressed with the professionalism and passion from everyone that have met across the organization. I see a company with solid financial fundamentals with expanding margin and free cash flow and excellent foundational technology.

自從加入公司以來，我深深被公司裡每個人的專業和熱情所打動。我看到的是一家財務基本面穩健、利潤率和自由現金流不斷增長、且擁有卓越基礎技術的公司。

OpenText supports an impressive global enterprise customer base and is poised to capture a broad-based step change in the market for training and adoption of agentic AI. I look forward to putting my deep experience in technology and transformation to work with such a dedicated team.

OpenText 擁有龐大的全球企業客戶群，並已做好準備，在智能體人工智慧的訓練和應用市場中實現廣泛的變革。我期待著將我在技術和轉型方面的豐富經驗運用到這樣一支敬業的團隊中。

With that, I'll hand the call to Cosmin to discuss our Q1 highlights.

接下來，我將把電話交給科斯明，讓他來談談我們第一季的亮點。

Thank you, Steve, and good morning, everyone. Let me start by saying that in Q1, we continued our momentum from last quarter, particularly from growth in cloud revenues, led by our Content product category and through overall margin expansion. Total revenues for the quarter were $1.3 billion, which was an increase of 1.5% year-over-year. This growth exceeded our expectations for Q1 and was mainly driven by Cloud and License revenues. In the quarter, our Cloud revenues of $485 million were up 6% year-over-year.

謝謝你，史蒂夫，大家早安。首先我想說的是，在第一季度，我們延續了上一季的成長勢頭，特別是雲端收入的成長，這主要得益於我們的內容產品類別以及整體利潤率的提升。本季總營收為 13 億美元，年增 1.5%。這一增長超出了我們對第一季的預期，主要得益於雲端服務和授權收入的推動。本季度，我們的雲端業務營收為 4.85 億美元，年增 6%。

This growth was mainly attributed to strong demand in our Content product category, which makes up approximately 40% of our overall business and grew 21% year-over-year in Cloud and 3% in total revenues, as outlined on slide 6 of our investor presentation. Customer support revenues of $587 million were down 1.5% year-over-year, while our ARR or annual recurring revenue was $1.1 billion, which was an increase -- sorry, an increase of 1.8% year-over-year.

這一成長主要歸功於我們內容產品類別的強勁需求，該類別約占我們整體業務的 40%，雲端業務年增 21%，總營收年增 3%，正如我們在投資者簡報第 6 頁中概述的那樣。客戶支援收入為 5.87 億美元，年減 1.5%；而我們的 ARR（年度經常性收入）為 11 億美元，年增 1.8%。

ARR was 83.2% of total revenues, which was a slight increase compared to the 82.9% in the same quarter last year. Moving to profitability. Q1 GAAP-based gross margins was 72.8% or 76.5% on a non-GAAP basis, which were up 100 basis points and 60 basis points year-over-year, respectively.

年度經常性收入佔總收入的 83.2%，比去年同期的 82.9% 略有成長。邁向盈利。第一季以美國通用會計準則計算的毛利率為 72.8%，以非美國通用會計準則計算的毛利率為 76.5%，分別比去年同期增加 100 個基點和 60 個基點。

These increases were mainly due to Cloud gross margins growing 280 basis points year-over-year and 270 basis points on a non-GAAP basis. Adjusted EBITDA for the quarter was $467 million, which is a 36.3% margin and was up 130 basis points year-over-year.

這些成長主要歸功於雲端業務毛利率年增 280 個基點，以非 GAAP 準則計算成長 270 個基點。本季調整後 EBITDA 為 4.67 億美元，利潤率為 36.3%，較去年同期成長 130 個基點。

This improvement was mainly driven by higher revenues, which, as I mentioned, was primarily from continued growth in Cloud and our Content category with additional benefits realized from the expanded business optimization plan and improved gross margins.

這項改善主要得益於更高的收入，正如我所提到的，這主要來自雲端業務和內容業務的持續成長，以及擴大業務優化計畫和提高毛利率帶來的額外收益。

The costs and benefits associated with the business optimization plans and other savings initiatives, as outlined on slide 19 of our investor presentation, and they have not changed since the prior quarter. The strong margin performance in Q1 resulted in an adjusted EPS of $1.05, which was up 12.9% year-over-year.

業務優化計劃和其他節約措施相關的成本和收益，如我們在投資者簡報第 19 頁中所述，與上一季相比沒有變化。第一季強勁的利潤率表現使得調整後的每股盈餘達到 1.05 美元，較去年同期成長 12.9%。

Q1 free cash flows was $101 million, which was a significant increase of $218 million year-over-year. As you may recall, in Q1 of last year, we made a onetime tax payment, driven by the gain on sale from the AMC divestiture. This concludes my summary of the Q1 fiscal '26 financial highlights.

第一季自由現金流為 1.01 億美元，比上年同期大幅增加 2.18 億美元。您可能還記得，去年第一季度，我們進行了一次性稅款支付，因為出售 AMC 資產獲得了收益。以上就是我對2026財年第一季財務亮點的總結。

And with that, I'd like to hand the call back to Steve.

那麼，接下來我將把電話交還給史蒂夫。

Thank you, Cosmin. The results in Q1 demonstrate the resilience of OpenText's business supported by the strong financial position of the company. Along with our portfolio-shaping initiatives and announcing the recent sale of our eDOCS business. This solid foundation supports our capital allocation strategy of consistently paying a growing dividend, buying back shares, reducing debt and reinvesting in growth.

謝謝你，科斯明。第一季的業績表明，在公司強勁的財務狀況支撐下，OpenText 的業務展現出了強大的韌性。以及我們調整投資組合的舉措，並宣布最近出售了我們的 eDOCS 業務。這一堅實的基礎支撐著我們的資本配置策略，即持續支付不斷增長的股息、回購股票、減少債務並再投資於成長。

I'm a month in and looking forward to continuing my engagement with the OpenText team and meeting our investors and analysts.

我加入 OpenText 已經一個月了，期待繼續與團隊合作，並與我們的投資者和分析師見面。

I'm excited to work with James and Tom and the rest of the executive team and Board to carry out our strategic objectives.

我很高興能與 James、Tom 以及其他執行團隊和董事會成員一起合作，實現我們的策略目標。

With that, I'll hand it over to Tom.

這樣，我就把它交給湯姆了。

Thanks, Steve. Good morning, everyone. Before I get started, I'd like to thank Mark Barrenechea for his 13 years of dedicated service to our company. His leadership scaled and developed our company as a leader in enterprise information management. And Steve, a very warm welcome to you, and welcome to OpenText.

謝謝你，史蒂夫。各位早安。在開始之前，我要感謝馬克·巴雷內切亞先生13年來對我們公司的盡心服務。在他的領導下，公司規模不斷擴大，發展成為企業資訊管理領域的領導者。史蒂夫，熱烈歡迎你，歡迎加入 OpenText。

You've only been here for a month, but I appreciate having you here on the call today. Since we made our announcement on August 11, we've met with hundreds of shareholders and analysts and investors. And it's been great for me to renew all the acquaintances. And I thank all of you who said that I haven't aged a day since the last time you saw me, I wish that was true. This has allowed us an opportunity to communicate to you a simpler strategy for the company to unlock the value that Open Text has.

你才來一個月，但我很感謝你今天能來參加電話會議。自 8 月 11 日發佈公告以來，我們已經與數百名股東、分析師和投資者進行了會面。對我來說，能夠重新認識所有老朋友真是太好了。感謝各位說我容顏不老，和上次見面時一樣，我希望這是真的。這讓我們有機會向您傳達更簡單的公司策略，以釋放 Open Text 的價值。

We're going to concentrate on our core business units and enterprise information management and specifically those that provide the training for the new area around enterprise artificial intelligence. You'll hear us use the term at agentic AI as well and more on that in a minute.

我們將專注於核心業務部門和企業資訊管理，特別是那些為企業人工智慧這一新領域提供培訓的部門。你也會聽到我們在智慧人工智慧中使用這個術語，稍後我們會詳細介紹。

After all, it makes sense for us because OpenText is one of the biggest -- we think it's the biggest, but it's certainly one of the biggest corporate data and metadata vendors in the world with hundreds of connectors to legacy and current data sets. That's a powerful asset inside OpenText for AI, and we plan to unlock it. We'll do this first, though, by selling off all our non-core business units and using those proceeds to further create shareholder value.

畢竟，這對我們來說是有意義的，因為 OpenText 是最大的公司之一——我們認為它是最大的，但它無疑是世界上最大的企業數據和元數據供應商之一，擁有數百個連接器，可連接到傳統和當前的數據集。這是 OpenText 在人工智慧領域的強大優勢，我們計劃充分發揮它的作用。不過，我們首先會出售所有非核心業務部門，並將所得款項用於進一步創造股東價值。

And that's really our end goal. And so in a way, what is old is new again, we're going back to our historical roots of being a content management company, except this time, we have additional products in business networks and machine management, wrapped in an enterprise-class security layer. That will be our core business.

而這才是我們的最終目標。因此，從某種意義上說，舊事物又煥發了新生，我們回歸了內容管理公司的歷史根源，只不過這一次，我們在商業網路和機器管理方面增加了產品，並包裹在企業級安全層中。那將是我們的核心業務。

We already have the global scale, the go-to-market sales force, the product line in these businesses and the core of our core, which is the Content Management business, is also our largest business unit at about 40% of our total revenue. And it also happens to be the fastest growing with, on average, more than 20%Cloud growth over the past few years. So it was a pretty obvious strategic decision by the Board to take these actions. We now have the entire company from the Board, the exec management team to our 20,000-plus strong global workforce aligned and locked into achieving our FY26 objectives and beyond. We're going to stick to our plan. There are early signs that we may be even going faster towards the cloud as the year goes on.

我們已經擁有全球規模、市場銷售團隊、這些業務的產品線，而我們的核心業務——內容管理業務，也是我們最大的業務部門，約占我們總收入的 40%。而且，過去幾年雲端業務的平均成長率超過 20%，也是成長最快的領域。因此，董事會採取這些行動顯然是一個策略決策。現在，從董事會、執行管理團隊到我們遍布全球的 20,000 多名員工，整個公司上下齊心協力，致力於實現我們 2026 財年及以後的目標。我們將堅持原先計畫。有跡象表明，隨著時間的推移，我們向雲端邁進的速度可能會更快。

And as we shed the non-core units, our Cloud Content business will be soon the dominant share of all of our revenue sources. That's our goal. We'll keep reporting our business unit breakout as we go through this journey so that you can track right along with us our progress towards that goal.

隨著我們剝離非核心業務部門，我們的雲端內容業務很快就會成為我們所有收入來源的主導部分。這就是我們的目標。我們會在過程中持續報告各業務部門的進展情況，以便您能與我們一起追蹤我們朝著目標取得的進展。

So speaking of progress, if you take our August 11 release and some of the short-term priorities that we said we would address. I'm pleased to report we've addressed almost all of them.

說到進展，如果你看看我們 8 月 11 日發布的版本以及我們所說的要解決的一些短期優先事項。我很高興地報告，我們已經解決了幾乎所有這些問題。

We've had a very busy 90 days and the next 90 days will be just as busy. As I mentioned, we started by providing additional transparency with all of the revenue breakout performance for our business units. We did this in early September so that you could track along with us on our progress. That's where you saw the strength of the Cloud growth. In fact, last year, Content Cloud grew 17%.

過去的90天我們非常忙碌，接下來的90天也會同樣忙碌。正如我之前提到的，我們首先提高了各業務部門收入明細的透明度。我們在九月初就做了這件事，這樣你們就可以和我們一起追蹤我們的進展。這就是雲端運算成長強勁之處。事實上，去年內容雲成長了 17%。

And this quarter, it grew 21% year-over-year, and that's the acceleration I was referring to. So clearly, our Content Management customers are moving even faster to the cloud, and this will start to change our revenue mix slightly in our plan, but it's an indication that we're moving faster to becoming a fully cloud-centric company.

本季年增 21%，這就是我所說的加速成長。顯然，我們的內容管理客戶正在更快地向雲端遷移，這將開始稍微改變我們計劃中的收入結構，但這表明我們正在更快地成為一家完全以雲端為中心的公司。

Now of course, we appointed Steve Rai as our permanent CFO. And he, of course, has a solid background in financial and operational reporting. And even more so, with his background at BlackBerry, he has a lot of experience in portfolio shaping.

當然，現在我們已經任命史蒂夫雷為我們的正式財務長。當然，他在財務和營運報告方面也擁有紮實的背景。而且，憑藉他在黑莓公司的工作背景，他在投資組合建構方面擁有豐富的經驗。

So we welcome that wisdom to the management team. This was followed by our first announcement of a non-core business unit sale within the analytics business, as has already been mentioned. It's an on-premise piece of software. So that will help the pivot towards cloud even further as we shed the non-core units. We also talked about the refreshment of the Board.

因此，我們非常歡迎管理團隊擁有這樣的智慧。隨後，我們宣布了分析業務中首個非核心業務部門的出售計劃，正如之前提到的那樣。它是一款本地部署的軟體。這樣一來，隨著我們剝離非核心部門，就能進一步推動雲端轉型。我們也討論了董事會改組的問題。

And recently, we appointed a new Board member, George Schindler. He's the former CEO of global IT consulting giant, CGI. He's a fantastic addition to the Board, brings valuable perspective and now includes other members that we've announced in the past year, such as the senior partner in technology and telecom from Accenture, the Chief Human Resources Officer of Hewlett Packard, the CIO of Cisco, among just the new members that we've announced in the past year.

最近，我們任命了一位新的董事會成員，喬治·辛德勒。他是全球IT諮詢巨頭CGI的前任執行長。他的加入對董事會來說意義非凡，帶來了寶貴的視角，現在董事會還包括了我們在過去一年中宣布的其他成員，例如埃森哲的技術和電信高級合夥人、惠普的首席人力資源官、思科的首席資訊長等等，這些只是我們在過去一年中宣布的新成員。

So we're quickly retooling everything at OpenText. Yesterday, we published our Q1 fiscal '26 results that demonstrates the resilience of the business and the continued demand for Content Cloud and AI.

因此，我們正在迅速對 OpenText 的所有設備進行改造。昨天，我們發布了 2026 財年第一季業績，這顯示了業務的韌性以及對內容雲和人工智慧的持續需求。

We're focused on the right market at the right time. It leaves us with one major priority remaining, which is to find a permanent CEO. Their search is ongoing, both internal and external candidates, and I'm pleased to note that we have had many world-class candidates step up and put the hat in the ring for consideration by our search committee.

我們專注於在正確的時間進入正確的市場。這樣一來，我們現在只剩下一個主要任務，那就是找到一位正式的執行長。他們仍在進行內部和外部的候選人遴選工作，我很高興地註意到，已經有許多世界級的候選人站出來，表示願意接受我們遴選委員會的考慮。

Our goal is to find a leader whose solutions focused and to help us elevate to the next phase of OpenText's journey. In the meantime, I'd like to thank James for stepping in as Interim CEO.

我們的目標是找到一位能夠提供解決方案的領導者，幫助我們提升到 OpenText 發展歷程的下一個階段。同時，我要感謝 James 擔任臨時執行長。

He's been a steady hand leading the operations of the company and to Cosmin for leading the financial group. As you can see from the results, they've both done a great job stepping up on short notice. OpenText is on a solid financial and operational foundation of growing long-term margin and free cash flow.

他一直穩健地領導著公司的運營，而 Cosmin 則領導著財務團隊。從結果可以看出，他們在短時間內都出色地完成了任務。OpenText 擁有穩固的財務和營運基礎，長期利潤率和自由現金流都在不斷增長。

And we're committed to unlocking shareholder value through our capital allocation strategy, which will include reducing debt, paying a dividend, share buybacks and tuck-in M&A. And with all of this, we're committed to providing investors with clear, simple, transparent metrics so you can better understand our business and performance and follow along with us on this journey.

我們致力於透過資本配置策略釋放股東價值，該策略包括減少債務、支付股利、股票回購和補充併購。同時，我們致力於為投資者提供清晰、簡單、透明的指標，讓您更了解我們的業務和業績，並與我們一同踏上這段旅程。

Let's turn to our strategy now and how OpenText plays an important role for our customers in agentic AI. We provided some slides. And obviously, we're also going to speak at our user conference and Analyst Day next week, as James had mentioned.

現在讓我們來看看我們的策略，以及 OpenText 如何在智慧 AI 領域為我們的客戶發揮重要作用。我們提供了一些幻燈片。顯然，正如 James 所提到的，我們下週還將在用戶大會和分析師日上發表講話。

So a lot more detail to come, but we thought we'd give you an overview of what you'll be seeing next week. And it really falls around a recent MIT study on agentic AI, which indicated that the importance to productivity that AI must be trained by specific content that can only be found inside the firewall of organizations.

後續還會公佈更多細節，但我們想先跟大家概述一下下週將要發布的內容。這實際上與麻省理工學院最近一項關於智慧人工智慧的研究相吻合，該研究表明，人工智慧必須透過只能在組織防火牆內找到的特定內容進行訓練，這對生產力至關重要。

Keep in mind that many of the world's first most amazing GenAI products like ChatGPT and Perplexity and Claude were all primarily trained on public information. Now public information only represents about 10% of the world's information. About 90% of that information is behind the firewall.

請記住，世界上許多最早、最令人驚嘆的 GenAI 產品，如 ChatGPT、Perplexity 和 Claude，主要都是基於公開資訊進行訓練的。目前，公共資訊僅佔世界資訊總量的約10%。大約90%的資訊都位於防火牆之後。

In fact, many years ago, OpenText wrote a book called Behind the Firewall that described where all this information is and how you find it and how you use it. Now of course, most of that was built as records management and archive for regulated industries, and OpenText was the leader in all of that.

事實上，很多年前，OpenText 出版了一本名為《防火牆之後》的書，書中描述了所有這些資訊在哪裡，以及如何找到和使用這些資訊。當然，其中大部分都是為受監管行業構建的記錄管理和存檔系統，而 OpenText 是所有這些領域的領導者。

So that positions us with an enormous access to all the data. And so as you know, we have hundreds of thousands of organizations all throughout the world that we've built these systems for over the past 35 years. That's really the gold mine for customers that are seeking to build productivity-related agentic AI. So we'll provide a lot more information on that. But where does that apply to OpenText?

因此，這使我們能夠獲取所有數據的大量資訊。如您所知，在過去的 35 年裡，我們為世界各地成千上萬個組織建立了這些系統。對於那些尋求建構與生產力相關的智慧AI的客戶來說，這真是一座金礦。所以我們會提供更多相關資訊。但這與 OpenText 有什麼關係呢？

Well, OpenText in enterprise information management, it's got data stored in three major business units that we've broken out for you today in Content, our ITOM and our business networks. These products, our users are able to use their own data to train agentic AI that's way more powerful for anything that's available in the public domain.

OpenText 在企業資訊管理方面，資料儲存在三個主要業務部門中，我們今天將為您詳細介紹：內容、ITOM 和業務網路。借助這些產品，我們的用戶能夠使用自己的資料來訓練智慧AI，其功能遠比公共領域中的任何資料都強大得多。

So that's why we call this enterprise artificial intelligence in the same way that we used to call it enterprise information management and before that, enterprise content management. So what is old is new again, and we're returning to our roots. And we think that there's an enormous demand for this as we go forward.

所以，這就是為什麼我們稱它為企業人工智慧，就像我們以前稱之為企業資訊管理，再之前稱之為企業內容管理一樣。所以，舊事物又煥發了新的活力，我們正在回歸本源。我們認為，隨著業務的發展，這方面的需求將會非常巨大。

Now we're also seeing an interesting change around proprietary clouds. And in the case of governments, they call it a sovereign cloud. Users don't want to lose the keys to their castle. AI is very different than just storing data. And our users are starting to find that they want to be very careful how they construct clouds that use AI.

現在，我們也看到專有雲領域出現了一些有趣的變化。而對政府而言，他們稱之為主權雲。用戶不想遺失城堡的鑰匙。人工智慧與單純儲存資料截然不同。我們的用戶開始發現，他們在建立使用人工智慧的雲端平台時，需要非常謹慎。

They want to make sure that they're inside the firewall. So we're noticing that the domestic telecoms throughout the world are starting to take a more substantial role in the supply chain for these proprietary clouds. And I think you'll see in the future, OpenText get more involved with those telecoms throughout the world as those channel opportunities present themselves.

他們想確保自己位於防火牆內。因此，我們注意到世界各地的國內電信業者開始在這些專有雲端的供應鏈中扮演更重要的角色。我認為未來你會看到，隨著通路機會的出現，OpenText 將會更參與世界各地的電信產業。

It's interesting because we're finding that major corporations that went to the cloud actually don't have an IT capacity internal to their companies anymore. And that's why they're seeking alternatives where they can maintain a proprietary AI, but do it on a managed service basis through ourselves, other vendors and the telecoms, as I have mentioned.

有趣的是，我們發現那些已經遷移到雲端的大型企業其實已經不再擁有公司內部的 IT 能力了。因此，他們正在尋求替代方案，以便能夠維護專有的 AI，但透過我們、其他供應商和電信公司以託管服務的方式進行，正如我之前提到的那樣。

Now these trends, they're going to be a major topic of our upcoming user conference. James has mentioned that we'll be having later this month in Nashville as well as the Analyst Day. Now we're also going to have a new book called enterprise artificial intelligence available that explains all these concepts in much more detail, both to yourselves as well as our users.

這些趨勢將成為我們即將舉行的用戶大會的主要議題。James提到，本月稍後我們將在納許維爾舉辦分析師日活動。現在，我們還將推出一本名為《企業人工智慧》的新書，它將更詳細地解釋所有這些概念，既適合你們自己閱讀，也適合我們的用戶閱讀。

So in closing, what lies ahead for OpenText is perhaps the greatest opportunity in the history of the company. We hope that you'll follow us on that journey as we take our core businesses and focus on them.

最後總結起來，OpenText 即將面臨的或許是公司史上最大的機會。我們希望您能專注於我們的這段旅程，我們將專注於核心業務。

We're going to train agentic AI with all that content. Our Board committee continues to make the divestitures of the noncore business, and our Board identifies and on boards our new CEO.

我們將利用所有這些內容來訓練智能體人工智慧。我們的董事會委員會繼續剝離非核心業務，我們的董事會也確定並任命了新的執行長。

So with that, could the operator please open the line to have questions.

那麼，請接線員開通電話，以便我們提問。

We will now begin the analysts question-and-answer session. (Operator Instructions)

現在開始分析師問答環節。（操作說明）

Richard Tse, National Bank Financial.

Richard Tse，國家銀行金融公司。

Yes, thank you, so Tom, you're embarking on a pretty ambitious strategy here. I just kind of want to get your thoughts in terms of what you think OpenText's competitive edge is and content as you make this pivot to leveraging your data for AI because there are a number of companies in the marketplace.

是的，謝謝。湯姆，你正在著手實施一項相當雄心勃勃的策略。我只是想了解您認為 OpenText 的競爭優勢和內容是什麼，因為市場上有許多公司正在利用資料進行人工智慧開發。

Yeah, the competitive edge, you don't create competitive edges overnight, as you know. That competitive edge was built over 35 years. We're the only company that has the hundreds and hundreds of data connectors. You had to be around back in 1995 to be able to have a connector into Word Perfect and into the Lotus Notes and then the Lotus 1-2-3 and all that stuff. And the reality is that legacy data is critical to training agentic AI.

是的，競爭優勢不是一朝一夕就能建立起來的，你也知道。這種競爭優勢是經過35年的時間累積起來的。我們是唯一一家擁有數百上千種數據連接器的公司。你必須在 1995 年就接觸到這些軟體，才能擁有連接到 Word Perfect、Lotus Notes、Lotus 1-2-3 以及所有那些軟體的連接器。事實上，歷史資料對於訓練智能體人工智慧至關重要。

And we have all of those connectors, whether it's in business networks, whether it's in IT operations management or in human content. And that stuff gets built up over decades. You had to have been there at the time.

我們擁有所有這些連接器，無論是在業務網路中，還是在 IT 營運管理中，亦或是人力資源領域。而這些東西是幾十年來累積起來的。你當時肯定在場。

And so all that source code, all of that plumbing is buried inside our products, whether it's SAP archives that are written directly in ABAP, that kind of stuff, you just can't make up later. You had to have been there at the time.

因此，所有這些原始程式碼、所有這些底層邏輯都隱藏在我們的產品內部，無論是直接用 ABAP 編寫的 SAP 歸檔文件，還是其他類似的東西，你以後都無法彌補。你當時肯定在場。

So that's the part that really gives us a huge competitive advantage. I think the other part that we're going to find play out in the market is that we offer a hybrid mix. We offer on-prem through license as well as in the cloud and managed services.

所以，正是這一點真正賦予了我們巨大的競爭優勢。我認為我們將在市場上看到的另一部分是，我們提供的是一種混合組合。我們提供本機部署授權、雲端部署和託管服務。

So there's a mix that users can pick because as you go to build these AI systems, that information is located throughout corporations in many, many different attics, so to speak, throughout. And we're equipped to be able to do that.

因此，用戶可以選擇不同的組合，因為在建造這些人工智慧系統時，這些資訊分散在公司的各個角落，可以說是分散在各個「閣樓」裡。我們有能力做到這一點。

Okay, great, and my second question has to do with the Content business. Thank you for that segmented disclosure. It obviously is growing at a pretty rapid rate, certainly on the cloud side. Can you maybe give us a bit of color in terms of the mix of where that growth is coming from? Is it sort of AI readiness?

好的，太好了，我的第二個問題與內容業務有關。感謝您提供的分段資訊揭露。顯然，雲端運算領域的成長速度相當快。您能否詳細介紹一下這種成長的來源構成？這算是人工智慧準備嗎？

Or is it something else because for mature markets, granted its sort of off a small base on the cloud piece, but still curious to see how that's playing out.

或者有其他原因，因為對於成熟市場而言，雖然雲端運算的基礎比較薄弱，但仍然很好奇它的發展。

Yeah. I'll defer this to James. But I will say one thing when a CIO approaches this problem, the first thing that they have to do is they have to curate their content in general. That's why I think you're seeing a lag in some of the adoption of AI because even though we had COVID and even though we created a lot of digital pieces inside our organization, the reality is we were doing that in a hurry during COVID. Getting this in an organized fashion, that takes a lot of content management.

是的。這件事我交給詹姆斯處理。但我要說的是，當資訊長著手解決這個問題時，他們首先要做的是對他們的內容進行整體管理。這就是為什麼我認為你會看到人工智慧的採用出現滯後，因為儘管我們經歷了新冠疫情，儘管我們在組織內部創建了很多數位化產品，但現實情況是，我們在新冠疫情期間做這些事情太倉促了。要以有條理的方式呈現這些內容，需要大量的內容管理工作。

It takes a lot of archival, a lot of records management. So a lot of organizations were simply getting digitally ready. They had never been asked to do this before. They were keeping all that data for regulatory reasons. Now they're starting to present that data in real time and ready so that they can do training.

這需要大量的檔案整理工作和記錄管理。所以很多組織都在進行數位轉型。他們以前從未被要求這樣做過。他們出於監管方面的原因保留了所有這些數據。現在他們開始即時呈現這些數據，以便進行培訓。

So I'll leave it to James to talk about the very specific parts.

所以，具體細節就交給詹姆斯來講解吧。

I think you covered it pretty well, Tom. We're seeing our customers looking at moving into the cloud for a number of reasons, including the managed capability that we offer, curating their data for AI readiness and just overall simplification of the management of the system for them.

湯姆，我覺得你已經解釋得很清楚了。我們看到客戶出於多種原因考慮遷移到雲端，包括我們提供的託管功能、為人工智慧做好準備而整理數據，以及簡化系統管理等。

So customers are moving quickly. We're seeing new customers coming in, coming on board, jumping directly into our cloud offering, as you would expect in this day and age. But it's across the board, we're seeing a shift to cloud in the customer base.

所以顧客的行動速度很快。正如當今時代所預期的那樣，我們看到新客戶不斷湧入，加入我們，直接使用我們的雲端服務。但總的來說，我們看到客戶群正在向雲端遷移。

Kevin Krishnaratne, Scotiabank.

凱文‧克里希納拉特納 (Kevin Krishnaratne)，豐業銀行。

Hey there, good morning. Maybe, Tom, just on that last point on the data readiness and can appreciate the sort of decades worth of content that you're managing for your customers. Is that -- like can you just talk about maybe -- is there a sweet spot in terms of how far back customers need to go?

你好，早安。或許，湯姆，就數據準備的最後一點而言，我能體會你為客戶管理的數十年內容有多麼重要。也就是說——您能談談——客戶需要追溯到多遠之前的信息，是否存在一個最佳範圍？

You talked about all the data that you've got to train agentic. But I'm wondering like how relevant is data from 30 years ago versus, say, 5 years ago? Is there -- again, just sort of a sweet spot that you're seeing in terms of how far back -- how much data customers are bringing in to think about their agentic AI training purposes? Thanks.

你談到了你擁有的所有用於訓練智能體的資料。但我很好奇，30 年前的數據與 5 年前的數據相比，相關性究竟有多大？再次強調，您是否看到客戶在考慮其智能體 AI 訓練目的時，會引入多少歷史數據，從而達到某種最佳平衡點？謝謝。

Yeah, that's a great question. And even to go further, we could say that there were early attempts to create synthetic data where you would take five years of data and just simply replicate it to try and fake out some form of agentic AI training.

是的，這是一個很好的問題。甚至可以說，早期就有人嘗試創建合成數據，他們會收集五年的數據，然後簡單地複製這些數據，試圖偽造某種形式的智慧人工智慧訓練。

The reality is, I think the person who did this analysis the best was Larry Summers, who is, of course, now on the Board at OpenAI and former Harvard President when he was doing the analysis of how the Fed had made such an error during COVID. And when he went to look at the Fed models, he discovered that they had gone back 20 years. And you can go on YouTube and watch this.

事實上，我認為對這項分析做得最好的人是拉里·薩默斯，他現在是 OpenAI 的董事會成員，也是哈佛大學的前校長，當時他分析了聯準會在新冠疫情期間犯下的錯誤。當他查看聯準會的模型時，他發現這些模型已經回溯了 20 年。你可以在YouTube上觀看這段影片。

It's a fascinating presentation and analysis by Larry Summers. And basically, he looked at them and he said, you didn't go far enough back. You had to go to where the black swan was, which was in the '70s. And that's why you missed it. And it's an interesting point because what you're doing when you're training GenAI, you're going back looking for patterns.

拉里·薩默斯的演講和分析非常精彩。基本上，他看了看他們，然後說，你們追溯得還不夠遠。你必須去黑天鵝所在的地方，那是在 70 年代。這就是你錯過它的原因。這是一個很有趣的觀點，因為在訓練 GenAI 時，你其實是在回溯尋找模式。

And so if you have the data, you go back as far as you can because you're looking to get the pattern of the black swan. That's what a corporation wants to be able to see. Where are those anomalies. And so quite frankly, you can't go far enough back. If you've got the ability to go back 35, 40 years, you're absolutely going to do that because your AI will be more accurate and quite frankly, wise.

因此，如果你有數據，就要盡可能追溯到很久以前，因為你想找到黑天鵝事件的模式。這正是企業希望看到的。這些異常情況在哪裡？所以坦白說，你再怎麼追溯歷史都不為過。如果你有能力回溯到 35、40 年前，你肯定會這麼做，因為你的 AI 會更準確，坦白說，也會更明智。

And that's the race. There is no such thing as data that is not useful. The more you have, the better off you are.

這就是比賽的全部內容。沒有無用的數據。你擁有的越多，你的境況就越好。

That's super fascinating, thanks for that. Maybe switching over to Steve, welcome to the team. If you think about the Q2 guide on revenue, it's a range. It does imply a scenario that could see quarter-over-quarter decline. So I'm just wondering if you can maybe talk about the drivers that would get you on the one hand down to the bottom of the range and on the other hand, the top end of the range.

太有趣了，謝謝。或許應該改成史蒂夫，歡迎加入團隊。如果你看看第二季的營收預期，你會發現它是一個區間。這確實暗示了一種可能出現季度環比下滑的情況。所以我想知道，您能否談談哪些驅動程式既能讓您體驗到低階產品，又能讓您體驗高端產品。

Can you just talk about expectations for the coming quarter?

您能談談對下一季的預期嗎？

Well, I think it's the most critical item for the quarter and the rest of the year and beyond is this theme that we -- that Tom has been talking about and James commented on. I mean, focus -- I'm new on the scene, right? But what's so compelling to me as -- from what I look at is you look at content and those -- and the core pieces that kind of feed into that and -- and that -- and then take a look at the cRPO, right? That current remaining performance obligation, that is just really kind of going to -- that's what's carrying everything here. That is the biggest component of the business.

我認為，對於本季、今年剩餘時間甚至更遠的未來而言，最關鍵的一點就是我們——湯姆一直在談論、詹姆斯也評論過的這個主題。我的意思是，集中註意力——我是個新手，對吧？但對我來說，最吸引人的是——從我的角度來看——你看看內容，以及那些——那些構成內容的核心部分，以及——以及那些——然後看看cRPO，對吧？目前剩餘的履約義務，其實就是──這就是一切的根基。這是公司最大的組成部分。

And from a -- what -- where Q2 is versus the second half, we haven't changed our annual outlook. So there is going to be some degree of shift from the other elements of the business, but that trajectory is the key trend to watch.

至於第二季與下半年相比的情況，我們並沒有改變年度展望。因此，業務的其他方面將會發生一定程度的轉變，但這一發展軌跡才是需要關注的關鍵趨勢。

Yeah. And don't forget that the thing that we don't know is what's the mix of revenue caused by how fast people are going to the cloud. As you know, the revenue reporting for cloud gets distributed when we make a contract three, four, even five years as opposed to license, which gets recognized right away in that quarter.

是的。別忘了，我們目前還不知道的是，人們快速遷移到雲端會帶來哪些類型的收入。如您所知，雲端業務的收入報告是在簽訂三年、四年甚至五年的合約後才公佈的，而許可收入則會在該季度立即確認。

So that's part of the issue that we don't know what the mix of that revenue will be. We sure do have the customers, though, it's just that what buckets of revenue will that go into quarter-by-quarter.

所以問題的一部分在於，我們不知道這些收入的組成會是什麼樣的。我們當然有客戶，只是每季這些客戶會貢獻多少收入還不得而知。

That's the thing that we think we're seeing an even faster move to the cloud.

我們認為，遷移到雲端的速度正在加快。

Stephanie Price, CIBC.

Stephanie Price，加拿大帝國商業銀行。

Hi, good morning. Thank you. Maybe just a follow up on Kevin's question around the Q2 guide, and I appreciate the color on the go-forward strategy. In terms of EBITDA growth in the second half, the reiterated guide implies a pretty significant step-up in H2. Just curious about what's driving that growth? Is it primarily transformation initiatives? Or any color on that, Steve, and welcome, would be great.

您好，早安。謝謝。或許可以作為對 Kevin 關於第二季度指南問題的後續跟進，我很欣賞您對未來策略的闡述。就下半年的 EBITDA 成長而言，重申的預期意味著下半年將出現相當大的成長。我很好奇是什麼因素推動了這種成長？主要都是轉型措施嗎？或者任何顏色都可以，史蒂夫，歡迎加入，那就太好了。

Yeah. I'll let the others jump in. But certainly, there's a lot of the portfolio reshaping, the very significant business optimization initiatives that have been underway for some time and continue to be -- I mean, that's a half a billion run rate improvement since the program was what was announced that we're working on.

是的。我讓其他人也加入進來。但可以肯定的是，我們進行了大量投資組合重組，開展了非常重要的業務優化計劃，這些計劃已經進行了一段時間，並且仍在繼續——我的意思是，自該計劃宣布以來，我們正在努力實現 5 億美元的運行率提升。

So a significant portion of that, call it, one-third, I understand was realized last fiscal year. There's another one-third approximately that's built into the plan for the current year, and then we continue to work beyond that.

據我了解，其中很大一部分，大概三分之一，是在上個財政年度實現的。今年的計劃中還預留了大約三分之一的資金，之後我們將繼續努力。

So all of those things really drive that improvement.

所以所有這些因素都切實推動了這種進步。

Great thank you. And then, Tom, maybe just an update on the divestitures initiatives. Congratulations on eDOCS. How should we kind of think about the cadence of divestitures over the next several quarters here as you look to divest 15% to 20% of the overall revenue?

非常感謝。然後，湯姆，或許可以報告資產剝離計畫的最新進展。恭喜您獲得 eDOCS 認證。在接下來的幾個季度裡，當你們計劃剝離 15% 到 20% 的總收入時，我們應該如何考慮剝離的節奏？

Yeah, that's a great question. We've been grappling with that and talking to Steve about the right way to do it. Clearly, there are multiple business units here that are non-core. And I think what you'll see is we'll establish a pace of doing one per quarter because it does take a lot of effort.

是的，這是一個很好的問題。我們一直在努力解決這個問題，並和史蒂夫討論正確的做法。顯然，這裡有多個非核心業務部門。我認為你會看到，我們會保持每季完成一個的速度，因為這確實需要付出很多努力。

If you think about what Steve just said, as we divest a unit, there's parts that do not go with the unit sale that we then have to restructure.

如果你仔細想想史蒂夫剛才說的話，當我們剝離一個部門時，有些部分並不包含在部門出售範圍內，我們就必須對這些部分進行重組。

So it's a nontrivial exercise. We're going to do it methodically. And I think you'll see us generally be done within the next year. That's sort of what our overall goal is. But yeah, you'll see a drumbeat of this.

所以這是一項不小的挑戰。我們將有條不紊地進行。我認為我們基本上會在未來一年內完成這項工作。這大致就是我們的整體目標。沒錯，你會看到這種現象反覆出現。

It will not be all at once. that would be irresponsible. We want to stay very disciplined on our EBITDA and keep -- as you know, the company is very disciplined when it comes to EBITDA. We'll make sure that we do this in a methodical fashion so that we don't get big changes in EBITDA. So that will guide us.

不會一下子全部完成，那樣做是不負責任的。我們希望在 EBITDA 方面保持高度自律，並且——正如您所知，公司在 EBITDA 方面一直非常自律。我們會確保按部就班地進行，以免 EBITDA 大幅波動。這將指導我們前進。

We'll have to ask everyone's patience while we do it, but we don't want drama. We just want to have it in a real constant drumbeat as we go through the year.

在這段期間，我們需要大家的耐心等待，但我們不想出現任何不愉快的事。我們只是想讓它在一年中保持持續的節奏。

Steve Enders, Citi.

史蒂夫恩德斯，花旗集團。

This is George Kurosawa on for Steve, thanks for taking the questions here. Maybe one follow-up on the divestiture point. Steve, I think one of the things that jumped out to us on your resume, your time at BlackBerry was your involvement in divestitures with that organization. Maybe any thoughts on your approach or playbook? What do you feel like is similar or different coming into the situation?

這裡是喬治·黑澤，替史蒂夫回答問題，感謝您在這裡接受提問。或許可以就資產剝離這一點做個後續說明。史蒂夫，我認為你履歷上最讓我們印象深刻的一點，就是你在黑莓公司任職期間參與了該公司的業務剝離。您對你們的方法或策略有什麼想法嗎？你覺得進入這種情況後，有哪些相似之處和不同之處？

Well, the primary difference that we've got here is the core represents the largest and fastest-growing piece of the business. So that is a great position to be in. And then beyond that, just given the kind of the landscape that Tom painted, everybody realizes we're on the cusp of a major step change in terms of AI and agentic AI, in particular, developing. And we've got -- this company has got AI of its own. But in addition to that, that access to all the information to training it.

嗯，我們這裡的主要區別在於，核心業務代表了公司規模最大、成長最快的部分。所以，這確實是一個非常有利的位置。除此之外，鑑於湯姆描繪的景象，每個人都意識到，我們正處於人工智慧和智慧人工智慧發展方面重大變革的邊緣。而且我們公司擁有自己的人工智慧。但除此之外，還需要取得所有資訊來進行培訓。

I mean that training ground and providing that access to it is, I mean, what a phenomenal time to kind of -- again, this is 35 years in the making, a great position to be in to kind of capitalize on that market picture.

我的意思是，這個訓練場以及提供進入該訓練場的機會，我的意思是，這是一個多麼絕佳的時機——再說一遍，這是經過 35 年的醞釀，這是一個利用當前市場形勢的絕佳位置。

Got it. Okay. Great. I appreciate that color. And then I also appreciate the additional disclosure on the business unit side.

知道了。好的。偉大的。我喜歡這個顏色。此外，我也欣賞業務部門方面提供的額外資訊揭露。

I think the Content Cloud side really jumps off the page, it's been well discussed. I think the other thing that caught our attention maybe on the flip side was the cybersecurity enterprise piece, particularly that cloud component declining. I know it's small, but I think we were kind of interested in the cross-sell opportunity there.

我認為內容雲方面的內容非常吸引人，這一點已經得到了充分的討論。我認為，從另一個角度來看，引起我們注意的另一件事是網路安全企業，特別是雲端組件的衰落。我知道這只是一個小機會，但我認為我們對其中的交叉銷售機會很感興趣。

So surprised to see that moving in the wrong direction. Just any color or commentary on what's happening in that business and your outlook there going forward.

真沒想到會朝著錯誤的方向發展。就該行業現狀以及您未來的展望，發表一些看法或評論。

Look, I think it's fair to -- it's James speaking. I think it's fair to say that we're working extensively on that business. And we've made several investments in the product development since we acquired the product lines. We are seeing great success as we're moving forward. And we will start to see those cloud numbers coming up with investments in specific regions.

我覺得這樣說很公平——這是詹姆斯說的。我認為可以公平地說，我們正在大力推進這項業務。自從收購這些產品線以來，我們已經在產品開發方面進行了多項投資。我們正朝著正確的方向前進，並取得了巨大的成功。我們將開始看到雲端運算相關數據出現在特定地區，並帶來相應的投資。

But I can look at various deals that we've done with large strategic banks where we've sold content and cloud and security together. So we are seeing success in our cross-selling efforts. We're expanding those efforts, and you'll see us continue to expand those efforts as we go through this year and beyond.

但我可以看看我們與大型策略銀行達成的各種交易，在這些交易中，我們將內容、雲端和安全服務一起出售。因此，我們的交叉銷售工作取得了成功。我們正在擴大這些努力，而且在今年及以後，你會看到我們繼續擴大這些努力。

Samad Samana, Jefferies.

薩馬德·薩馬納，傑富瑞集團。

Hey guys, this is actually Billy Fitzsimmons on for Samad. I want to double-click on Content Cloud because it's important. And when we think about the 21% Content Cloud growth in the quarter, how would you break down that growth between, call it, net new customer wins, seat expansions, ARPU expansion for selling additional modules in the base? And then cloud conversions in your existing base.

大家好，我是比利·菲茨西蒙斯，今天替薩馬德為您報道。我想雙擊“內容雲”，因為它很重要。當我們考慮本季內容雲 21% 的成長時，您會如何分解這一成長，將其歸因於淨新增客戶、席位擴展以及透過銷售基礎模組而實現的 ARPU 成長？然後是現有資料庫的雲端轉換。

And what I'm kind of getting at here is when we think about cloud versus non-cloud, Open Text has always made a point to support customers where they are.

我在這裡想表達的是，當我們考慮雲端與非雲端時，Open Text 一直致力於在客戶所在的地方為他們提供支援。

And so just so we're all clear, were there any, call it, shorter-term tailwinds to the Content Cloud growth rate from you guys using either carrot or sticks to incentivize your existing on-prem customers to move to the cloud? Or would you more categorize this as customer-driven and that they're choosing to transition because of their AI readiness?

為了確保我們都清楚，你們是否採取了胡蘿蔔加大棒的措施來激勵現有本地部署客戶遷移到雲端，從而為內容雲的成長率帶來了任何短期利好因素？或者您更傾向於將其歸類為客戶驅動型行為，他們選擇轉型是因為他們已經做好了人工智慧方面的準備？

So first of all, I would character this as -- characterize this as a joint effort between OpenText and customers. As you said, we're selling to our customers where they want to be. We allow our customers to make that choice, and that's where we go. We don't have a program in place that incentivizes customers to move into the cloud. We're not pushing people to the cloud.

首先，我會將此描述為 OpenText 和客戶之間的共同努力。正如你所說，我們正在客戶希望購買產品的地方銷售產品。我們允許客戶做出選擇，而我們也朝著這個方向發展。我們目前還沒有激勵客戶遷移到雲端的計畫。我們並沒有強迫使用者使用雲端。

This is really a joint effort and a joint decision as we go forward. There's nothing exceptional that I can -- that comes to mind in the quarter that would drive that growth other than the concerted effort of our sales team selling.

這確實是我們共同努力和共同決策的過程。在本季度，除了銷售團隊的共同努力之外，我想不出有什麼特別的因素可以推動成長。

I think there's also a really big point buried inside that question. We, as a company, are focused on shareholder value. How do we make the most profit and the installed base has a tremendous amount of ARR, what we would classically call maintenance. It's very lucrative for the company. We're not in a hurry to see that leave.

我認為這個問題中還蘊含著一個非常重要的觀點。我們公司始終以股東價值為中心。我們如何獲得最大利潤？現有客戶群擁有龐大的 ARR（年度經常性收入），也就是我們通常所說的維護費用。這對公司來說非常有利可圖。我們並不急於讓他離開。

And quite frankly, neither are our customers. Our customers are very -- if they didn't broke, don't fix it. And so we're not in a hurry. I know other vendors because they want to categorize everything into the cloud or converting, we don't see the wisdom of that, not for our customers and not for ourselves. They're happy to actually pay us more under the old way, and we're happy to take it.

坦白說，我們的客戶也不是。我們的客戶非常注重實用性──如果東西沒壞，就別修。所以，我們並不著急。我知道其他供應商想把所有東西歸類為雲端或轉換，我們不明白這樣做的明智之處，無論對我們的客戶還是對我們自己都沒有好處。他們很樂意以舊方式支付我們更高的工資，我們也樂意接受。

So I think you'll see that this, as James says, is a partnership ongoing between our users and ourselves. But we're not dogmatic on this. We're just driven by how do we make the most amount of money and the most amount of money is by doing what customers want.

所以我想你會看到，正如 James 所說，這是我們用戶與我們之間持續的合作關係。但我們在這個問題上並不固執己見。我們只考慮如何賺最多的錢，而賺最多的錢就是滿足客戶的需求。

Makes perfect sense and crystal clear on that. And maybe if I can ask one to you, Steve. I'll leave this pretty open ended, but it's only been a month or so since you joined, and this is your first earnings call. Can you just talk through kind of what are your initial priorities as CFO?

這一點完全合情合理，解釋得也很清楚。或許我可以問你一個問題，史蒂夫。我就不多說了，不過你加入公司才一個月左右，這是你的第一次財報電話會議。您能否簡要介紹一下您作為財務長的首要任務是什麼？

Well, obviously, understanding the priorities on the part of our customers, understanding the products. Obviously, there's been some very significant strategic initiatives recently announced, and the Board obviously has been very involved in that. But the big things are the primary trend that we've been talking about with content leading the growth and wrapped with all the business optimization initiatives, and that's really the top line, but bottom line, I mean, those are the most significant and most impactful items. So that's where I'm focusing and just obviously getting to know the team and how we do things.

很顯然，了解客戶的優先事項，了解產品。顯然，最近宣布了一些非常重要的策略舉措，董事會也積極參與其中。但真正重要的還是我們一直在談論的主​​要趨勢，即內容引領成長，以及所有業務優化舉措，這才是重點，但歸根結底，我的意思是，這些是最重要、最有影響力的事項。所以這就是我目前關注的重點，顯然我只是想了解團隊以及我們的工作方式。

Steve is certainly not bored. There's a lot of balls in the air, and he's just in a perfect position. We had a meeting early in and I said, Steve, what do you think? He said, go faster. And I think that characterizes Steve for us.

史蒂夫肯定不會感到無聊。現在有很多事情需要處理，而他正處於一個完美的位置。我們早期開過一次會，我說：“史蒂夫，你覺得怎麼樣？”他說，開快一點。我認為這就是我們眼中的史蒂夫。

He's a veteran, been around, he sees what we're doing, just go faster.

他是個老手，見多識廣，他明白我們在做什麼，只要加快速度就行了。

Stephen Machielsen, BMO Capital Markets.

Stephen Machielsen，BMO資本市場。

Hi, good morning. So with respect to the ITOM business, you clearly had some strong cloud growth, albeit off of a small base. What would your expectations be for stabilizing total ITOM revenue? Like is this something you hope to accomplish as you exit this year? Or is it still TBD?

您好，早安。因此，就 ITOM 業務而言，儘管基數較小，但你們的雲端業務顯然取得了強勁成長。您對ITOM總收入穩定有何預期？這是你希望在今年結束之際實現的目標之一嗎？或目前仍待定？

I think we're -- I think we'll say at this point, it's still TBD. I mean we are working on stabilizing as we go along. And obviously, you can see the growth coming in on the cloud. There's some great product features, benefits that are coming out in our upcoming releases. We're seeing stronger demand from our customers.

我認為我們——我認為我們現在只能說，這仍然待定。我的意思是，我們正在努力逐步穩定局面。很明顯，雲端運算正在蓬勃發展。我們即將發布的版本將包含一些非常棒的產品特性和優勢。我們看到客戶的需求越來越強勁。

So yeah, we're working towards stabilizing. I'm not willing to put a date on it at this point in time, but we are progressing well towards that end. And we're winning some great deals against some strong competition. So we've got really positive plans for ITOM and a key part of the portfolio.

是的，我們正在努力實現穩定。目前我還不打算給出具體日期，但我們正朝著這個目標穩步前進。我們克服了一些強大的競爭對手，贏得了不少好訂單。因此，我們對 ITOM 和其作為產品組合關鍵組成部分有著非常積極的計劃。

I think what you'll see at Analyst Day and also at the user conference, although we break out these units as ITOM and enterprise security and content, you're quickly seeing us evolve into a go-to-market strategy where we're training all content for agentic AI.

我認為在分析師日和用戶大會上，您將會看到，儘管我們將這些部門細分為 ITOM、企業安全和內容，但您很快就會看到我們正在發展成為一種市場推廣策略，即訓練所有內容以用於智慧 AI。

You'll see us go to market where the ITOM, which is really machine-generated content for agentic AI, you'll see business networks, which is really transactional content for agentic AI and then the original content server business, which is human-generated content, all of those components are going to come together in an offering from us because our users, when they go to train agentic AI, they don't think of it as ITOM or the way we as vendors would break it up in the historical way of creating content. They just think of it as content, a big data pool.

你會看到我們進入市場，ITOM（實際上是為智能體人工智慧生成的機器內容）、商業網路（實際上是為智能體人工智慧生成的交易內容）以及原始內容伺服器業務（即人工生成的內容）都將整合到我們的產品中，因為我們的用戶在訓練智能體人工智慧時，不會將其視為 ITOM，也不會像我們這些供應商過去創建內容的方式那樣將其拆分。他們只是把它看作內容，一個大數據池。

And so you'll see us go to market where we would in the past call that cross-selling. We're coming to the market now to give our users what they need, which is really all of the data, not select data that previous vendors had but rather all of the data.

因此，你會看到我們進入市場，而過去我們會把這種銷售方式稱為交叉銷售。我們現在進入市場，是為了給用戶提供他們真正需要的所有數據，而不是像以前的供應商那樣只提供部分數據，而是提供所有數據。

I think this is a very important thing you'll see us go-to-market with starting with next week with Analyst Day.

我認為這是我們從下週分析師日開始向市場推廣的非常重要的一點。

All right. We'll look forward to it. My second question is the Q2 revenue guide seems to imply a double-digit decline in license. Can you provide some color on that dynamic? Is it reflective of clients transitioning from license to cloud?

好的。我們很期待。我的第二個問題是，第二季營收預期似乎暗示授權收入將出現兩位數的下降。您能詳細解釋一下這種動態嗎？這是否反映了客戶從授權許可向雲端服務的過渡？

Or is there some other dynamic or factor to point to?

或者有其他因素或動態因素需要指出嗎？

So this is what I was referencing before. We're really driven by the selection that our customers are making. As James has said, we don't have a definitive target. We simply show up and say, here's the menu. Would you like this on-prem?

這就是我之前提到的內容。我們真正受顧客選擇的影響。正如詹姆斯所說，我們還沒有明確的目標。我們只需到場，然後說，這是菜單。您希望本地部署嗎？

Would you like this as a managed service. So in many ways, that mix is really a reflection of how quickly customers are going to the cloud. And quite frankly, last quarter, they chose cloud more than they did license. That could change next quarter because there is that other dynamic going on where the need for a proprietary cloud or a sovereign cloud that will have an element of on-prem, and it will have an element of wanting license revenue. So it's not something that we can predict with absolute precision.

您是否希望採用託管服務？因此，從很多方面來看，這種組合實際上反映了客戶向雲端遷移的速度有多快。坦白說，上個季度，他們選擇雲端服務的比例高於授權許可。下個季度情況可能會發生變化，因為有另一種動態，即需要專有雲或主權雲，其中將包含一些本地部署的元素，並且需要獲得授權收入。所以這不是我們可以絕對精確預測的事情。

We think overall, though, that the trend line will continue just like what you saw this quarter into the following quarters. But that variability quarter-to-quarter is really hard to really nail down. James, what's your--

不過，我們認為總體而言，這條趨勢線將像本季一樣延續到接下來的幾季。但季度間的這種波動很難真正確定。詹姆斯，你的——

I think you covered it great, Tom.

湯姆，我覺得你講得很好。

What we're seeing --

我們看到的--

That's what we're seeing. We're seeing our customers move to cloud. There's some large deals out there, some variability in when those deals will happen on the license side. But the main driver is that customers are moving to the cloud. Those are bigger deals, but they're spread over time, and that's the impact on the quarter.

這就是我們所看到的。我們看到客戶正在向雲端遷移。有一些大宗交易正在進行，但這些交易何時達成​​，尤其是在授權方面，存在一些不確定性。但主要驅動因素是客戶正在向雲端遷移。這些都是更大的事件，但它們的影響會持續很長時間，這就是對季度業績的影響。

Seth Gilbert, UBS.

瑞銀集團的賽斯吉伯特。

Hey, thanks for taking the questions. Maybe another one on the 2Q revenue guidance that you outlined. 2Q usually seasonally stronger than 1Q with the December year-end -- calendar year-end. Maybe can you help us out a little bit, is cloud services, is that line going to be less than the 6% because there's a fine mix if you kind of play with license in the previous question and if you play with cloud.

嘿，謝謝你回答這些問題。或許還可以就您概述的第二季營收預期再做一次說明。第二季通常比第一季更有季節性優勢，因為第二季是12月財年結束日－日曆年結束日。或許您能幫我們解答一下，雲端服務，這條線會低於 6% 嗎？因為如果您在上一個問題中考慮許可證，然後再考慮雲端服務，就會出現一個微妙的組合。

And maybe trying to help us understand for modeling purposes where those two will kind of be in 2Q, I think, could help squash a lot of investor fears. Thank you.

或許，為了建模的目的，幫助我們了解這兩家公司在第二季的大致位置，我認為這可以幫助消除投資者的許多擔憂。謝謝。

I would kind of start with -- we haven't revised the outlook for the full year. So there is some element of larger deal timing, particularly on the license front because the rev rec is more upfront on that. But this is why at the outset, and I think we've covered in some of our IR presentation as well, that if that's a trade-off and the customer chooses to go to the cloud rather than signing up for a license deal with more upfront rev rec, keep an eye on the RPO because that's where that trade-off and that customer choice ends up and particularly the current RPO, which is the next 12 months. So it's that -- it is a positive shift for the long term to see it. But obviously, there's that near-term accounting rev rec impact.

我想先說明一點——我們還沒有修改全年的業績預期。因此，這其中存在一些大型交易時機的因素，尤其是在許可方面，因為收入確認會更直接。但正因如此，一開始（我想我們在一些投資者關係演示中也提到過），如果這是一個權衡取捨，客戶選擇上雲而不是簽訂一份預付收入更高的許可協議，那麼就要密切關注 RPO，因為這就是這種權衡取捨和客戶選擇最終體現的地方，特別是當前的 RPO，也就是未來 12 個月。所以從長遠來看，這是一個正面的轉變。但很顯然，這會對近期的會計收入確認產生影響。

So that's how I guide you to kind of view that.

這就是我引導你理解這個問題的方式。

Got it, thank you. And maybe as a follow-up, recognizing you have not changed your full year guidance, which was good to see. So maybe this is a question about a little bit further out. But can you talk about how you're thinking about the changing revenue mix to impact margins maybe at a high level?

明白了，謝謝。另外，值得一提的是，你們沒有改變全年業績預期，這很好。所以，這或許是一個關於更遠未來的問題。您能否從宏觀層面談談您如何看待收入結構變化對利潤率的影響？

Yeah. No matter what the revenue mix, we are committed to the margin. We've always been a very disciplined operator. So there will be no change to the margin regardless of the revenue mix. We will adjust as we go along.

是的。無論收入結構如何，我們都致力於實現利潤率。我們一直是一家非常自律的營運公司。因此，無論收入結構如何變化，利潤率都不會改變。我們會根據實際情況進行調整。

And it's like Steve said, some of this from a rev rec point of view, all the so-called dump truck still has the same amount. It's just that we're letting some of it out slower in one of the scenarios with cloud. But the dump truck still has the same amount of dirt in it. So it's just -- as we meter it out, we will make sure we maintain our margins. We've got a long history of being a very disciplined operator.

就像史蒂夫說的那樣，從收入和收入的角度來看，所有所謂的傾卸卡車仍然有相同的數量。只是在某種雲場景下，我們放出一些資料的速度會比較慢。但是，翻斗卡車裡的泥土量仍然沒有減少。所以，我們只需按比例分配，確保維持利潤率即可。我們一直以來都是一家非常自律的營運公司。

I will now hand the call back over to management for closing remarks. Please go ahead.

現在我將把電話交還給管理階層，請他們作總結發言。請繼續。

Thanks, everyone, for joining us today. We're excited about our fiscal '26 and all the opportunities in front of us. We hope you'll join us at OpenText World in Nashville on November 18 for our Analyst Day. We'll go into more detail on some of the things that we talked about.

感謝各位今天蒞臨。我們對 2026 財年以及擺在我們面前的所有機會感到興奮。我們希望您能於 11 月 18 日蒞臨納許維爾參加 OpenText World 的分析師日活動。我們將更詳細地探討一下我們剛才談到的一些內容。

As Greg noted, we'll be out in the field quite a bit at many investor conferences through the fall spending time with you and looking forward to you hearing your feedback.

正如格雷格所指出的，整個秋季我們都會參加許多投資人會議，與大家見面交流，期待收到大家的回饋。

Thanks again for joining us today.

再次感謝您今天收看我們的節目。

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。