Open Text Corp (OTEX) 2026 Q2 法說會逐字稿

This is the conference operator. Welcome to the Open Text Corporation second-quarter fiscal 2026 financial results conference call. (Operator Instructions)

這是會議接線員。歡迎參加 Open Text Corporation 2026 財年第二季財務業績電話會議。（操作說明）

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

會議正在錄影。現在我將把會議交給投資者關係主管格雷格·塞科德先生。請繼續。

Thank you, operator, and good afternoon, everyone. Welcome to OpenText's second-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, our Interim Chief Executive Officer; and Steve Rai, our Executive Vice President and Chief Financial Officer. Today's call is being webcast live and recorded with a replay available shortly thereafter. Just look on the OpenText Investor Relations website at investors.opentext.com.

謝謝接線員，大家下午好。歡迎參加 OpenText 2026 財政年度第二季財報電話會議。今天與我一起參加電話會議的有 OpenText 的執行董事長兼首席策略官 Tom Jenkins；以及我們的臨時執行長 James McGourlay；還有我們的執行副總裁兼財務長 Steve Rai。今天的電話會議將進行網路直播並錄製，稍後將提供回放。請造訪 OpenText 投資者關係網站 investors.opentext.com 查看詳情。

Earlier today, 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.

今天早些時候，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 some upcoming investor events. OpenText will be participating in the Scotiabank Technology Media Telecommunications Conference in Toronto. It's on March 4. We look forward to meeting with you there.

接下來我們來看看即將舉行的一些投資者活動。OpenText 將參加在多倫多舉行的豐業銀行科技媒體電信大會。日期是3月4日。我們期待在那裡與您會面。

And now on to reading our safe harbor statement. During this call, we will be making forward-looking statements relating to the future performance of OpenText. These statements are based on 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.

接下來，請閱讀我們的安全港聲明。在本次電話會議中，我們將對 OpenText 的未來表現做出前瞻性陳述。這些聲明是基於目前的預期、假設和其他重要因素，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 the risk factors that may impact future performance results of OpenText are contained in OpenText's recent Forms 10-K and 10-Q as well as in the press release that was distributed earlier today, all of which can be found 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 表格以及今天早些時候發布的新聞稿，所有這些都可以在我們的網站上找到。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。

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 the other materials that are available on our website.

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中以及我們網站上提供的其他資料中找到。

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

那麼，我就把電話交給詹姆斯了。

Thank you, Greg, and welcome, everyone, to our Q2 fiscal 2026 earnings call. Last week, we announced Ayman Antoun as our new CEO. Tom will talk more about Ayman later in this call, but I wanted to take an opportunity to welcome Ayman to OpenText, and I look forward to working with him when I return to an executive role on the leadership team.

謝謝 Greg，也歡迎各位參加我們 2026 財年第二季財報電話會議。上週，我們宣布艾曼安東擔任公司新任執行長。Tom 稍後會在電話會議中更多地談到 Ayman，但我想藉此機會歡迎 Ayman 加入 OpenText，我期待著當我重返領導團隊擔任高管職務時與他共事。

In this past week, we announced that we had entered into an agreement to divest Vertica to Rocket Software for $150 million. I would like to recognize the dedication of our teams and thank our customers and partners for their continued trust during this process. The transaction places the Vertica solution with a strong, committed steward, and I look forward to working with Rocket to support customers and to ensure a smooth and thoughtful transition.

就在上週，我們宣布已達成協議，將 Vertica 以 1.5 億美元的價格出售給 Rocket Software。我謹此表揚我們團隊的奉獻精神，並感謝我們的客戶和合作夥伴在過程中給予的持續信任。這項交易將 Vertica 解決方案交給了一位強大而盡職的管理者，我期待與 Rocket 合作，為客戶提供支持，並確保平穩周全的過渡。

We ended off the quarter with a solid performance, beating our own expectations on total revenues, adjusted EBITDA margin, and adjusted EPS. Our results for this quarter and the first half of '26 demonstrates our commitment to deliver on our objectives and maintain a steady ship as we continue to implement our strategy of reshaping our business to focus our faster-growing core businesses.

本季業績表現穩健，總營收、調整後 EBITDA 利潤率和調整後每股盈餘均超乎預期。本季和 2026 年上半年的業績表明，我們致力於實現我們的目標，並保持穩健發展，同時我們將繼續實施重塑業務的策略，專注於成長更快的核心業務。

Since August, our goal has been to ensure that our clients receive strategic support from OpenText as they progress through their cloud journey while rapidly advancing their AI readiness. Our clients are using our AI Aviator tools to gain additional value and insights from their content.

自 8 月以來，我們的目標一直是確保我們的客戶在推進雲端轉型之旅的同時，能夠獲得 OpenText 的策略支持，並快速提升其人工智慧準備能力。我們的客戶正在使用我們的 AI Aviator 工具，從他們的內容中獲得更多價值和見解。

The secure information management capabilities that we have provided to our clients for the last 30 years delivers the same data that AI requires. Therefore, we are well positioned whether our customers use AI or applications to meet their business needs.

過去 30 年來，我們為客戶提供的安全資訊管理能力能夠提供人工智慧所需的相同資料。因此，無論我們的客戶使用人工智慧還是應用程式來滿足其業務需求，我們都處於有利地位。

Steve Rai will go through our quarterly results in more detail. However, I would like to highlight that in Q2, we generated total revenues of approximately $1.33 billion, led by overall cloud growth of 3.4% year on year. We continue to see strong enterprise cloud bookings of $295 million or growth of 18% year on year. Total cloud RPO is up 13.7% year on year, and we closed 53 cloud deals larger than $1 million.

史蒂夫雷將更詳細地介紹我們的季度業績。不過，我想強調的是，在第二季度，我們的總收入約為 13.3 億美元，這主要得益於雲端業務年增 3.4%。我們持續看到強勁的企業雲端預訂量達到 2.95 億美元，年增 18%。整體雲端 RPO 年成長 13.7%，我們完成了 53 筆金額超過 100 萬美元的雲端交易。

We introduced disclosure on the revenue performance of our product categories in September of last year. And you can see that our total content business, which consists of 43% of our total revenues, grew 4.5% year on year in Q2. And if you look specifically at cloud revenue for content, it grew 18% year on year. I would like to call out that our revenues for our core business continue to grow at approximately twice the pace of total revenues. Content, which is our largest and fastest-growing business, continues to demonstrate strength, and it also leads to our cloud growth.

去年九月，我們開始揭露產品類別的收入表現。可以看到，我們的內容業務（佔總營收的 43%）在第二季年增了 4.5%。如果具體來看內容雲收入，則年增了 18%。我想指出，我們核心業務的收入繼續以大約兩倍於總收入的速度成長。內容是我們規模最大、成長最快的業務，持續保持強勁勢頭，同時也推動了我們的雲端業務成長。

There is no change to our F26 revenue target of 1% to 2% growth year on year. I would like to turn to some of our customer wins in the quarter that highlight the growth trajectory of our core business. We secured a win from US Bank, where it completed a full migration of its on-premise license to hosted architecture and cybersecurity. Solenis faced complex document management needs across their global operations, and they opted to integrate OpenText's extended ECM with SAP for more streamlined and unified processes.

我們2026財年營收目標不變，仍為年增1%至2%。我想談談本季我們取得的一些客戶成功案例，這些案例突顯了我們核心業務的成長軌跡。我們成功贏得了美國銀行的訂單，該銀行已將其本地部署的許可證全面遷移到託管架構和網路安全。索萊尼斯在全球營運中面臨複雜的文件管理需求，因此他們選擇將 OpenText 的擴展 ECM 與 SAP 集成，以實現更精簡和統一的流程。

We had another cybersecurity win with BNP Paribas. They needed a single integrated application security stack to help avoid production vulnerabilities and reduce remediation costs. They chose OpenText software since it delivered the best results after testing all major vendors. At OpenText World Conference last November, we received very positive feedback from our clients and partners on our new product cycle release. We had customers such as IBM and Honda join us on the main stage to speak about using OpenText AI solutions.

我們與法國巴黎銀行在網路安全領域又取得了一次成功合作。他們需要一個單一的整合應用安全堆疊，以幫助避免生產環境中的漏洞並降低修復成本。他們選擇 OpenText 軟體，因為在測試了所有主要供應商的軟體後，該軟體提供了最佳效果。在去年 11 月的 OpenText 世界大會上，我們收到了客戶和合作夥伴對我們新產品週期發布的非常正面的回饋。IBM 和 Honda 等客戶來到主舞台，與我們一起探討使用 OpenText AI 解決方案的情況。

IBM spoke about using our content management and content Aviator to support their 280,000-plus employees worldwide. United Airlines discussed why they chose our ITOM platform and ITOM Aviator to reduce critical incident resolution time. And Honda chose our business network trading grid and business network Aviator for autonomous supply chain issue resolution.

IBM 談到使用我們的內容管理和內容 Aviator 來支援其全球超過 28 萬名員工。美國聯合航空公司探討了他們為何選擇我們的 ITOM 平台和 ITOM Aviator 來縮短重大事件解決時間。本田選擇我們的商業網路交易網格和商業網路Aviator來實現自主供應鏈問題解決。

At the conference, we also introduced the OpenText AI Data Platform, which we will be shipping next quarter as well as a host of new tools for orchestration of data, integration, and agentic AI. Our AI data platform can facilitate any major LLM model and provide over 1,500 connectors to various ERP, CRM, ITOM systems such as Oracle, Salesforce, SAP, et cetera.

在本次大會上，我們也推出了 OpenText AI 資料平台，我們將在下個季度開始出貨，同時也推出了一系列用於資料編排、整合和智慧 AI 的新工具。我們的 AI 資料平台可以支援任何主要的 LLM 模型，並提供超過 1500 個連接器，可連接到各種 ERP、CRM、ITOM 系統，例如 Oracle、Salesforce、SAP 等。

Turning to our F26 outlook. As I mentioned, we are reaffirming our total revenue growth of 1% to 2% year on year. Our expectation for FY '26 year-on-year customer support and ARR growth as well as enterprise cloud bookings also remain unchanged. As we look forward to the next quarter, we expect Q3 total revenues to be between $1.26 billion and $1.28 billion.

接下來我們展望一下F26的前景。正如我之前提到的，我們重申，我們的總收入年增率為 1% 至 2%。我們對 2026 財年客戶支援和 ARR 年成長以及企業雲端預訂的預期也保持不變。展望下一季度，我們預計第三季總營收將在 12.6 億美元至 12.8 億美元之間。

To summarize, we are really excited about our cloud growth in our core product groups, especially in Content, our largest and fastest-growing business. Overall, we see opportunity for our core products to continue growing in the cloud as our clients make fundamental decisions on their cloud and AI needs.

總而言之，我們對核心產品組的雲端業務成長感到非常興奮，尤其是內容業務，這是我們規模最大、成長最快的業務。總體而言，隨著客戶對其雲端和人工智慧需求做出根本性決策，我們認為我們的核心產品在雲端將繼續成長。

And with that, I would like to hand the call over to Steve.

接下來，我想把電話交給史蒂夫。

Thanks, James. Good afternoon, and thank you all for joining the call today. I will also take this opportunity to congratulate Ayman on his CEO appointment and look forward to working together in a couple of months on this exciting journey.

謝謝你，詹姆斯。下午好，感謝各位今天參加電話會議。我還要藉此機會祝賀艾曼榮任首席執行官，並期待在幾個月後與他一起開啟這段激動人心的旅程。

After my first full quarter with OpenText, I have gained excellent insight into the business. OpenText maintains a strong financial position, and I am very optimistic about the strategy we're executing to pivot the company to higher growth with a solid margin and free cash flow profile. We remain operationally focused and are making good progress on the major strategic initiatives that we've outlined in the last couple of quarters, including on our portfolio reshaping and business optimization plan.

在 OpenText 工作的第一個完整季度後，我對公司的業務有了非常深入的了解。OpenText 保持著強勁的財務狀況，我對我們正在執行的策略非常樂觀，該策略旨在使公司實現更高的成長，並保持穩健的利潤率和自由現金流。我們仍然專注於運營，並在過去幾季中製定的主要策略舉措方面取得了良好進展，包括我們的投資組合重組和業務優化計劃。

In Q2, our Content Cloud business continued to lead our growth, and we also performed well on margins and cash flow. As James mentioned, we generated total revenues of $1.33 billion. Cloud revenue was $478 million, up 3.4%, mainly driven by Content Cloud. As a reminder, please see our Investor Relations presentation for further details of our core and noncore revenues by product category.

第二季度，我們的內容雲業務持續引領公司成長，利潤率和現金流方面也表現良好。正如詹姆斯所提到的，我們創造了13.3億美元的總收入。雲端營收為 4.78 億美元，成長 3.4%，主要得益於內容雲的推動。再次提醒，請參閱我們的投資者關係演示文稿，以了解我們按產品類別劃分的核心和非核心收入的更多詳細資訊。

Q2 represents the 20th consecutive quarter of organic cloud growth, and our Cloud net renewal rate remained consistent at 95%. Customer support revenue in the quarter was $582 million, down 1.5% and on track with our fiscal '26 outlook. Our customer support net renewal rate also remained consistent at 92%. Annual recurring revenue, or ARR, was $1.06 billion, up 0.7% year over year. And ARR as a percentage of total revenues was 80%, which increased by 1 percentage point.

第二季是雲端業務連續第 20 季實現有機成長，我們的雲端業務淨續約率維持在 95%。本季客戶支援營收為 5.82 億美元，下降 1.5%，符合我們 2026 財年的預期。我們的客戶支援淨續約率也維持在 92% 的穩定水準。年度經常性收入（ARR）為 10.6 億美元，年增 0.7%。年度經常性收入佔總收入的百分比為 80%，成長了 1 個百分點。

Regarding profitability, GAAP gross margin was 74.0% and non-GAAP gross margin was 77.6%, both up 70 basis points and 40 basis points, respectively. This was mainly driven by the increase in cloud and customer support gross margins, partially offset by the decline in gross margins for license and professional services.

在獲利能力方面，GAAP毛利率為74.0%，非GAAP毛利率為77.6%，分別上升了70個基點和40個基點。這主要得益於雲端服務和客戶支援業務毛利率的成長，但部分被授權和專業服務業務毛利率的下降所抵銷。

Adjusted EBITDA was $491 million or 37.0% margin. This was down 2.1% and 60 basis points, respectively. The decline was driven primarily by investment in the sales team, including commissions, partially offset by savings from our business optimization plan, which remains on track. Regarding that, we still expect to realize this year approximately one-third of the total estimated savings of between $490 million and $550 million. Please see slide 34 in our Investor Relations presentation for more details.

調整後 EBITDA 為 4.91 億美元，利潤率為 37.0%。分別下降了2.1%和60個基點。下降的主要原因是銷售團隊的投資，包括佣金，部分由我們業務優化計劃節省的資金所抵消，該計劃目前仍在按計劃進行。對此，我們仍然預計今年將實現預計節省總額 4.9 億美元至 5.5 億美元中的約三分之一。更多詳情請參閱我們投資者關係簡報的第34頁。

GAAP net income was $168 million, down 26.9% year over year. The decline was largely due to FX on acquisition-related derivatives. Non-GAAP net income was $286 million, down 2.4%. Q2 GAAP diluted EPS was $0.66, down 24.1%, and non-GAAP diluted EPS was $1.13, up 1.8%. And free cash flows was $279 million, down 8.9%. On a year-to-date basis, total revenue was up 0.4% and cloud revenue grew 4.7%.

GAAP淨利為1.68億美元，較去年同期下降26.9%。下跌的主要原因是與收購相關的衍生性商品外匯交易。非GAAP淨利為2.86億美元，下降2.4%。第二季 GAAP 稀釋後每股收益為 0.66 美元，下降 24.1%；非 GAAP 稀釋後每股收益為 1.13 美元，成長 1.8%。自由現金流為 2.79 億美元，下降 8.9%。今年迄今為止，總收入成長了 0.4%，雲端收入成長了 4.7%。

License was also up 1.3%, partially offset by a decline of 1.5% in customer support and 10.2% in professional services. First half fiscal '26 adjusted EBITDA margin was 36.7%, up 40 basis points. Non-GAAP diluted EPS of $2.18 was up 7.4%, and our free cash flow was $381 million, up from $190 million for the same period last year.

許可證費用也上漲了 1.3%，但部分被客戶支援費用下降 1.5% 和專業服務費用下降 10.2% 所抵銷。2026 財年上半年調整後 EBITDA 利潤率為 36.7%，成長 40 個基點。非GAAP稀釋後每股盈餘為2.18美元，成長7.4%；自由現金流為3.81億美元，高於去年同期的1.9億美元。

We announced the divestiture of Vertica for $150 million in cash before taxes, fees, and other adjustments. Vertica is part of OpenText's on-prem analytics product group, and it contributed approximately $80 million annual revenue in fiscal '25. OpenText intends to use the proceeds from the sale to reduce outstanding debt.

我們宣布以 1.5 億美元現金（稅前、費用及其他調整前）出售 Vertica 公司。Vertica 是 OpenText 本地部署分析產品集團的一部分，在 2025 財政年度貢獻了約 8,000 萬美元的年收入。OpenText計劃將出售所得款項用於償還未償債務。

Under the terms of the agreement, the software, customer contracts, and associated services and employees will be transferred to Rocket Software. The transaction is expected to close during fiscal '26, subject to customary approvals and closing conditions.

根據協議條款，軟體、客戶合約、相關服務和員工將移交給 Rocket Software。該交易預計將於 2026 財年完成，但需獲得慣例批准並滿足成交條件。

Turning to our full-year fiscal '26 outlook that James touched on earlier. Our expectations remain unchanged at 1% to 2% for total revenue growth. While not impactful to the overall percentage range, we are reminding investors and analysts to reduce their revenue models for the remainder of the fiscal year by approximately $15 million to reflect our divestiture of eDOCS, which was completed in January. All other previously announced outlook remains unchanged. We continue to watch global currencies and are being slightly more specific that, in fiscal '26, we expect our core business total revenue to grow in constant currency terms.

接下來談談詹姆斯之前提到的2026財年全年展望。我們對總收入成長的預期仍維持在 1% 至 2% 之間。雖然這對整體百分比範圍沒有影響，但我們提醒投資者和分析師，由於我們在 1 月完成了對 eDOCS 的剝離，因此請將本財年剩餘時間的收入模型下調約 1500 萬美元。其他所有先前公佈的展望均保持不變。我們將繼續專注於全球貨幣，並更具體地表示，我們預計在 2026 財年，我們的核心業務總收入將以固定匯率計算成長。

Turning to Q3. We expect total revenue between $1.26 billion and $1.28 billion. This number reflects a $7 million reduction for the eDOCS divestiture. Q3 adjusted EBITDA margin is expected to be between 33.0% and 33.5%, which, as in prior years, is a seasonally lower margin quarter. We continue to expect total revenue in the second half of fiscal '26 to skew higher from Q3 to Q4.

接下來是第三季。我們預計總收入在 12.6 億美元至 12.8 億美元之間。這一數字反映了因剝離 eDOCS 業務而減少的 700 萬美元。第三季調整後 EBITDA 利潤率預計在 33.0% 至 33.5% 之間，與往年一樣，這是一個季節性利潤率較低的季度。我們仍預期 2026 財年下半年的總營收將比第三季向第四季成長。

Last November, at our OpenText World Investor Briefing, I provided an illustrative example of how we anticipate our total revenue mix could change and grow in the coming years as our customers move faster to the cloud. For reference, we included this on slide 8 in our Investor Relations presentation.

去年 11 月，在我們的 OpenText 世界投資者簡報會上，我舉了一個例子來說明，隨著我們的客戶加速向雲端遷移，我們預計未來幾年我們的總收入結構將如何變化和成長。作為參考，我們在投資者關係簡報的第 8 頁中包含了此內容。

In the longer term, OpenText will benefit as we expect to see cloud revenue, ARR, and RPO increase significantly. This is a classic strategy utilizing the same modeling as for all other software companies experienced -- as they experienced through their cloud transitions. We closed the divestiture of eDOCS in January and used the proceeds to pay down our debt.

從長遠來看，OpenText 將受益，因為我們預計雲端收入、年度經常性收入 (ARR) 和 RPO 將大幅成長。這是一個經典的策略，採用了與其他所有軟體公司在雲端轉型過程中所經歷的相同的建模方法。我們於 1 月完成了 eDOCS 的剝離，並將所得款項用於償還債務。

We continue to execute on our previously announced $300 million share buyback program, and we have repurchased for cancellation half of this on a year-to-date basis so far in fiscal '26. Subject to customary regulatory approvals, we intend to further increase the amount of our existing buyback program, particularly given recent valuation levels. We are also looking to do small tuck-in M&A as opportunities arise. Our robust cash flow engine provides us with the scale and flexibility to continue investing for growth within our core Enterprise Information Management for AI market.

我們繼續執行先前宣布的 3 億美元股票回購計劃，截至 2026 財年，我們已回購並註銷了其中的一半。在獲得慣常的監管批准後，我們打算進一步增加現有股票回購計畫的規模，特別是考慮到最近的估值水準。我們也希望在機會出現時進行一些小規模的併購。我們強大的現金流引擎為我們提供了規模和靈活性，使我們能夠繼續投資於我們核心的面向人工智慧的企業資訊管理市場，以實現成長。

With that, I will hand it over to Tom.

然後，我就把它交給湯姆了。

Thanks, Steve, and good afternoon, everyone. It's been a busy six months, but I'm happy to see solid results for the second quarter and first half of the year, thanks to the leadership of James and Steve and the rest of the executive leadership team. The company has been operating smoothly while we continue to move forward with our strategy to pivot OpenText to higher growth while maintaining a solid margin and free cash flow profile.

謝謝你，史蒂夫，大家下午好。過去的六個月非常忙碌，但我很高興看到第二季和上半年取得了穩健的業績，這要感謝 James 和 Steve 以及其他高階主管領導團隊的領導。公司營運一直很順利，我們將繼續推進策略，使 OpenText 實現更高成長，同時保持穩健的利潤率和自由現金流狀況。

Last August, we made some promises, and I'm happy to say we've met all of them. We've completed our hiring and performance targets. We're moving forward with some solid milestones in our portfolio shaping activities.

去年八月，我們做出了一些承諾，我很高興地說，我們已經全部兌現了。我們已經完成了招募和績效目標。我們在投資組合建構活動方面取得了一些實質的里程碑式進展。

Let's review what we've done so far. As Steve and James have highlighted, we've had strong Q2, had a strong Q1 before. First half of the year is going well. We're on track to meet all of our F26 outlook targets as we promised. We appointed Steve Rai, who's now fully immersed and focused deeply on strategy, operations and financial reporting.

讓我們回顧一下目前為止我們所做的事情。正如史蒂夫和詹姆斯所強調的那樣，我們第二季度業績強勁，之前第一季業績也十分強勁。上半年進展順利。我們正按計畫實現所有2026財年展望目標，正如我們所承諾的。我們任命了史蒂夫·雷，他現在全心投入策略、營運和財務報告工作。

On the portfolio shaping, we've announced the sale of Vertica as well as the closing of the eDOCS divestiture, but we're not done. We've set a cadence of one divestiture per quarter, and we're working towards streamlining our portfolio to get to our core business. We've elected two new Board members at our AGM in December, and that brings to a total of five new Board members in the past year alone. We provided additional transparency with quarterly reporting of our product category revenue so everyone can track our progress every 90 days as we move to our core business.

在投資組合調整方面，我們已經宣佈出售 Vertica 以及完成 eDOCS 的剝離，但我們還沒有完成。我們制定了每季剝離一項資產的節奏，並正在努力精簡我們的投資組合，以專注於我們的核心業務。我們在 12 月的年度股東大會上選舉了兩名新的董事會成員，僅在過去一年中，我們就新增了五名董事會成員。我們透過每季報告產品類別收入的方式提高了透明度，以便每個人都能每 90 天追蹤我們向核心業務轉型過程中的進度。

And lastly, we appointed our new CEO, Ayman Antoun, a software industry veteran. I'd like to echo James and Steve's warmest welcome to Ayman. He won't be on this call since we just announced his appointment last week, but Ayman will be ready to participate in next quarter's earnings call.

最後，我們任命了新任執行長艾曼·安東，他是一位軟體行業資深人士。我謹代表詹姆斯和史蒂夫，對艾曼表示最熱烈的歡迎。由於我們上週才宣布了他的任命，所以他不會參加本次電話會議，但艾曼將準備好參加下個季度的財報電話會議。

The Board is very pleased to welcome Ayman to OpenText. And as we look ahead to the company's future, the Board believes that he's the best leader to drive shareholder value by growing organic revenue in our core enterprise information management business to train agentic AI. Ayman brings more than three decades of global technology, operating discipline, transformation leadership to OpenText.

董事會非常高興地歡迎艾曼加入 OpenText。展望公司未來，董事會認為他是推動股東價值的最佳領導者，他可以透過在我們核心企業資訊管理業務中實現有機收入成長來訓練智慧人工智慧。Ayman 為 OpenText 帶來了超過三十年的全球技術、營運紀律和轉型領導經驗。

Built over a seasoned career in the information technology industry, most recently as President of IBM Americas, he led the company's largest and most complex business unit across US, Canada, and Latin America, about $30 billion in revenues all told. During his tenure at IBM, he drove major advancements in cloud, infrastructure, cybersecurity, cognitive solutions, digital modernization as well as divestitures such as Kyndryl. We're also welcoming Ayman back home as he went to high school and university a few blocks from our headquarters office in Waterloo.

憑藉在資訊科技產業豐富的經驗，他最近擔任 IBM 美洲區總裁，領導該公司在美國、加拿大和拉丁美洲規模最大、最複雜的業務部門，總收入約為 300 億美元。在 IBM 任職期間，他推動了雲端運算、基礎設施、網路安全、認知解決方案、數位現代化等方面的重大進步，以及 Kyndryl 等資產剝離。我們也歡迎艾曼回家，因為他高中和大學都在離我們滑鐵盧總部辦公室幾個街區的地方就讀。

James continues to serve as Interim CEO until Ayman officially joins us in a couple of months. Upon that transition, James will move into a role within the executive leadership team. I'd like to thank James for his steadfast leadership as interim CEO and for the strong results we're realizing by his continued commitment to our clients.

在艾曼於幾個月後正式加入我們之前，詹姆斯將繼續擔任臨時執行長。過渡完成後，詹姆斯將加入執行領導團隊。我要感謝 James 作為臨時執行長所展現出的堅定領導，以及他一直以來對客戶的盡心盡力，使我們取得了顯著的成果。

Part of our portfolio shaping strategy, we recently agreed to divest Vertica to Rocket Software for approximately $150 million, and this comes shortly after we announced the closing of the eDOCS divestiture for $163 million. We're executing to our strategic plan, focusing on our core product offerings, our expertise in secure data for enterprise AI that provides strategic choice where you can choose LLMs and flexibility for our customers.

作為我們投資組合調整策略的一部分，我們最近同意以約 1.5 億美元的價格將 Vertica 出售給 Rocket Software，而就在不久前，我們宣布以 1.63 億美元的價格完成了 eDOCS 的剝離。我們正在執行我們的策略計劃，專注於我們的核心產品，以及我們在企業人工智慧安全資料方面的專業知識，這為客戶提供了策略選擇，您可以選擇LLM，並為我們的客戶提供了靈活性。

We're moving quickly but methodically to ensure that we obtain the best market value for our assets and do it in a way that will not disrupt our sales and operations. By rationalizing these noncore assets, we're strengthening the portfolio, reinforcing our capital allocation framework and positioning OpenText to invest more deeply in our cloud businesses. That will drive sustainable long-term growth and shareholder value. The rise of AI has confirmed our thesis that providing data to train AI is the best choice for our core business.

我們正在快速且有條不紊地推進，以確保我們的資產獲得最佳市場價值，並且不會幹擾我們的銷售和營運。透過合理化這些非核心資產，我們正在加強投資組合，強化我們的資本配置框架，並使 OpenText 能夠更深入地投資於我們的雲端業務。這將推動可持續的長期成長和股東價值。人工智慧的興起證實了我們的論點，即提供資料來訓練人工智慧是我們核心業務的最佳選擇。

I'd like to turn our attention to some changes we made at the Board level. We held our AGM last December, and we welcome two new Board members, John Hastings and Margaret Stuart. And of course, Ayman will be joining the Board as well in April. As I mentioned before, that brings a total of five new members joining the Board just in the past year.

我想把大家的注意力轉移到我們在董事會層級所做的一些改變上。我們在去年 12 月舉行了年度股東大會，並歡迎兩位新董事會成員，約翰·黑斯廷斯和瑪格麗特·斯圖爾特。當然，艾曼也將於四月加入董事會。正如我之前提到的，這意味著僅在過去一年裡，就有五名新成員加入了董事會。

We announced back in August that the company will be focusing on our core markets anchored by our largest and fastest-growing Content Cloud business. This requires us to reshape the current product portfolio. And with the announcements that we've made so far of Vertica and eDOCS, we're pushing forward at a methodical pace to sell one business unit or product category per quarter. This timing is approximate and can vary depending on the size of the transaction that we're working on.

早在八月份，我們就宣佈公司將專注於以我們規模最大、成長最快的內容雲業務為核心的核心市場。這就需要我們重新調整目前的產品組合。隨著我們目前宣布成立 Vertica 和 eDOCS，我們正穩步推進，爭取每季出售一個業務部門或產品類別。這個時間只是大概的，可能會根據我們正在處理的交易規模而有所不同。

As OpenText moves towards a leaner content cloud and AI-focused software company, it's important to be reminded of why we are doing this. OpenText is positioned as a leader in the Information Management space, particularly for training Agentic AI. Our product strategy remains focused on the need of our customers to organize and curate their data to use with Agentic AI. And our core businesses and especially content couldn't be better positioned in this market. We're managing, organizing and securing data are critical steps in training and deploying Agentic AI tools.

隨著 OpenText 向更精簡的內容雲和人工智慧軟體公司轉型，我們更需要記住我們這樣做的原因。OpenText 在資訊管理領域處於領先地位，尤其是在訓練智能體人工智慧方面。我們的產品策略仍然專注於滿足客戶的需求，即組織和管理他們的數據，以便與 Agentic AI 一起使用。我們的核心業務，尤其是內容，在這個市場中佔據了非常有利的地位。管理、組織和保護資料是訓練和部署智慧AI工具的關鍵步驟。

As you all know, OpenText for 30 years have been making this information management for applications that our customer used in regulatory industries because they needed permissions to access sensitive information. And it just so happened that when AI was invented, it needed the same kind of information management to train the enterprise AI, also known as Agentic AI.

眾所周知，OpenText 30 年來一直致力於為監管行業的客戶開發資訊管理應用程序，因為他們需要獲得存取敏感資訊的權限。而人工智慧發明之時，恰好也需要同樣的資訊管理來訓練企業人工智慧（也稱為智能體人工智慧）。

So we're very fortunate that we were ahead of the curve and that all of our technology that we developed over the last 30 years is immediately usable to an AI through our Aviator connector. The focus of our development has been on making Aviator connector to as many popular large language models as possible that are being used to train as agents within organizations using sensitive data.

因此，我們非常幸運地走在了時代前沿，過去 30 年裡我們開發的所有技術都可以透過我們的 Aviator 連接器立即供人工智慧使用。我們的開發重點是使 Aviator 能夠連接到盡可能多的流行大型語言模型，這些模型正在組織內部使用敏感資料進行訓練，作為智慧體。

So we're doing what we said we would do. There are more milestones to come, and we're operationally ready to support further portfolio reshaping, and I'm confident in our leadership team and the existing operating model. The core of OpenText is growing while management remains disciplined on margin and focused on growing adjusted EBITDA dollars. We appreciate the patience given to us by our shareholders while we evolve into a higher-growth content cloud and AI-focused software company, and we're excited by what lies ahead.

所以我們正在履行我們承諾要做的事情。未來還有更多里程碑要實現，我們在營運上已做好準備，支持進一步的投資組合調整，我對我們的領導團隊和現有的營運模式充滿信心。OpenText 的核心業務正在成長，同時管理層在利潤率方面保持嚴格控制，並專注於提高調整後的 EBITDA 金額。我們感謝股東們在我們轉型成為高成長的內容雲和人工智慧軟體公司的過程中給予的耐心，我們對未來充滿期待。

With that, this concludes our prepared remarks. And could the operator please open the line for questions.

至此，我們準備好的發言就結束了。請問接線員能否開通提問線路？

(Operator Instructions) Richard Tse, National Bank.

（操作員指示）Richard Tse，國家銀行。

Tom, you sort of touched on this a little bit, but in light of the events over the past few weeks in software around all of the Anthropic news, given where you sit and your background, can you maybe elaborate a little bit in terms of why AI cannot disrupt OpenText and content management? We're getting sort of a lot of inbound questions from investors to articulate this a bit better from a technical perspective.

湯姆，你剛才稍微提到了這一點，但鑑於過去幾週軟體領域圍繞 Anthropico 的所有新聞，考慮到你的立場和背景，你能否詳細闡述為什麼人工智慧不能顛覆 OpenText 和內容管理？我們收到許多投資者的提問，希望我們能從技術角度更好地闡述這一點。

Yes. Thanks for the question, Richard. Well, the simple answer is OpenText doesn't make applications. We feed content into applications. So we feed content into training agentic AI, which then can go and replace certain application software.

是的。謝謝你的提問，理查德。簡單來說，OpenText 不會開發應用程式。我們將內容導入應用程式。因此，我們將內容輸入到訓練智能體的 AI 中，然後它可以取代某些應用軟體。

But you still need the content, whether you're providing the content to a human being using an application on a console or you're providing the content into a robot that's being trained to do the same thing. It's the same thing. You still need to train it and use the content. So we're in one of those fortunate positions where all the content that we've created and managed and curated over the years is the same thing.

但你仍然需要內容，無論你是將內容提供給使用遊戲機應用程式的人，還是將內容提供給正在接受訓練以執行相同操作的機器人。是一樣的。你仍然需要對它進行訓練並使用相關內容。所以，我們很幸運，多年來我們創作、管理和策劃的所有內容都是同一件事。

Okay, thanks for clarifying that, and my other question has to deal with the divestitures. It looks like you've got some pretty good pricing on the recent announcements. Are you still confident that you could do one per quarter? And are the valuations kind of falling here relative to your initial expectations going into this?

好的，謝謝你的澄清。我的另一個問題與資產剝離有關。看起來你最近拿到的新品價格相當不錯。你仍然有信心每季完成一個嗎？相對於你最初的預期，目前的估值是否有下降？

So the short answer is yes and yes. And why are we saying yes and yes? Well, first of all, we see the pipeline of the various auctions going on, and there's lots of interest. So there's no shortage of people interested. It's because they're very high-quality assets. The only reason we're getting rid of them is because we got something better to do. It's not a problem with any of these product lines.

所以簡而言之，答案是肯定的。我們為什麼一直說「是」？首先，我們看到各種拍賣正在進行中，並引起了廣泛關注。所以有興趣的人很多。因為它們都是非常優質的資產。我們之所以要解僱他們，唯一的原因是我們有更重要的事要做。這些產品線本身就沒有這個問題。

The second reason is that the buyers are generally financial buyers. And so these are really driven valuations by discounted cash flows. And so all of these factors that go into the market really come out as a DCF analysis. And so all of our forecasting is based on the same approach that they would make. So yes, we're pretty confident that the answer is yes and yes.

第二個原因是買家通常是金融買家。因此，這些估值實際上是由折現現金流所驅動的。因此，所有這些影響市場的因素最終都會透過現金流折現分析來體現。因此，我們所有的預測都基於與他們相同的方法。所以，是的，我們非常有信心答案是肯定的。

Raimo Lenschow, Barclays.

雷莫·倫肖，巴克萊銀行。

Congrats from me as well. One for you, like with Ayman joining -- well, first of all, thank you for giving us the extra disclosure on the revenue breakdown for the different divisions. What we can see is that the core business is doing well compared to the other parts of the business. If you think about Ayman starting now, like how broad is this mandate in terms of being able to do more here in terms of divestment, focusing on the core business? Can you speak to that, please? And I have one follow-up.

我也要向你表示祝賀。給你一個醒，就像艾曼加入一樣——首先，感謝你向我們提供了不同部門的收入明細。我們可以看到，與公司其他業務部門相比，核心業務表現良好。如果你考慮艾曼現在上任的情況，例如他的授權範圍有多廣，能夠在資產剝離、專注於核心業務方面做更多的事情？您能談談這個問題嗎？我還有一個後續問題。

Yes. The recruiting of Ayman came with a full discussion about what the strategy was of the company, and we had pretty strong congruence between the Board and Ayman. I think we see the situation the same way. So I don't think you'll see any difference. Now of course, Ayman coming in as CEO, once he gets into the chair, he's going to look at it and work with his ELT and then come back to the Board.

是的。在招募艾曼之前，我們與他充分討論了公司的策略，董事會和艾曼之間有著相當高的共識。我認為我們對情況的看法是一樣的。所以我覺得你不會看出任何差別。當然，艾曼就任執行長後，一旦他坐上這個位置，他就會審視這個問題，與他的執行領導團隊合作，然後再向董事會報告。

So things change all the time in tech, as you know. But no, we've got good congruence. We're blessed with Ayman's wonderful background in all of the product categories. So he's got a very, very good inside view of all of the both core and noncore. So we're blessed with someone that understands all the different pieces. So yes, we're pretty satisfied with the congruence.

如你所知，科技領域瞬息萬變。不，我們吻合得很好。我們很幸運能擁有艾曼在所有產品類別中的出色背景。所以他對核心業務和非核心業務都有非常非常好的內部了解。所以我們很幸運能找到一個了解所有不同環節的人。所以，是的，我們對這個一致性相當滿意。

Okay. Perfect. And then I know revenue is backwards looking for some of that. But like if I look at the quarter, like some of the numbers decelerated a little bit from a growth perspective. But just on a constant currency basis, could you speak a little bit how the quarter played out for you guys more on the bookings side, what you saw in the field?

好的。完美的。然後我知道收入是需要反向計算才能確定的。但如果我看一下這個季度，從成長的角度來看，有些數字成長速度有所放緩。但就固定匯率而言，您能否談談本季貴公司在預訂方面的情況，以及您在實際工作中觀察到的情況？

Yes. So we actually -- we had a good quarter. As we were going through the quarter, the deals shift sometimes from quarter to quarter. But as we're coming through, we saw some strong bookings in our license towards the end of the quarter. We had a number of deals that were in different parts of the year that came into Q2 for us.

是的。所以實際上——我們這個季度過得很好。在本季中，交易情況有時會隨季度而變化。但隨著我們逐步推進，我們在季度末看到了許可證業務的一些強勁預訂量。我們有一些交易，這些交易發生在一年中的不同時期，並在第二季結算。

You got to keep in mind that we run an annual business. And as we run that annual business, deals can move around. So we've got a strong pipeline going forward, and we're very excited about the year coming up.

你要記住，我們是一家按年營運的公司。在我們進行年度業務運營的過程中，交易可能會發生變化。因此，我們未來發展前景良好，對即將到來的一年感到非常興奮。

Kevin Krishnaratne, Scotiabank.

凱文‧克里希納拉特納 (Kevin Krishnaratne)，豐業銀行。

Tom, maybe just to follow up on some of your comments on agentic AI and customers training agents. Is there anything you can share for us in terms of maybe usage or customer penetration or adoption of Aviator across different business units, maybe if not quantitatively, just sort of like what you've been seeing over the past couple of quarters? Just trying to get a sense of where you're at and how rapidly consumers are, in fact, training using the data on the platform?

湯姆，或許我想就你之前關於智能體人工智慧和客戶訓練智能體的一些評論做個後續說明。您能否分享一下 Aviator 在不同業務部門的使用情況、客戶滲透率或採用情況？即使不能提供量化數據，也能否分享一下您在過去幾季觀察到的情況？我只是想了解你們目前所處的位置，以及消費者實際上使用平台上的數據進行培訓的速度有多快？

Yes. Thanks for the question. Again, we are so early. You can't even say we're in early innings. We're really at the first batter. This is so early. Most of our customers are anticipating the need so they -- what they're doing is they're actually getting their content in order. They've run some prototypes, but this is a long way to go. This is the reengineering of decades of industrial software.

是的。謝謝你的提問。現在還為時過早。現在甚至不能說我們還處於比賽初期。我們現在才剛開始。現在還太早了。我們的大多數客戶都預見了這種需求，所以他們——他們正在做的就是整理他們的內容。他們已經製作了一些原型，但這還有很長的路要走。這是對數十年來工業軟體的重新設計。

So I think everyone should realize that if you were a CIO in a large organization, you're running a pilot with an agent. But in background, what you're really doing is getting ready with your content, making sure that you've got it curated and assembled into a way that you can train the agents with permissions because you have to remember that if you're subject to something like GDPR or you're subject to any kind of restriction on your customers' information or the corporation's information, that AI that you create is also restricted.

所以我認為每個人都應該意識到，如果你是一家大型組織的資訊官，你就是在和代理商一起進行試點計畫。但實際上，你真正做的是準備你的內容，確保你已經對其進行了整理和組合，以便你可以訓練具有相應權限的代理，因為你必須記住，如果你受到 GDPR 之類的法規約束，或者你的客戶信息或公司信息受到任何限制，那麼你創建的 AI 也會受到限制。

So it's not like you can train something and then just put it up on the web. You have to be very careful how you do the deployments. So most of the activity because we're training and so the content is being prepared to then train each of the LLMs. So this is a nontrivial exercise. And I think you'll see this unfold over many, many years. But where we see a lot of the activity right now is people getting ready.

所以，你不能像訓練模型一樣，訓練好之後就直接上傳到網路上。部署時務必非常謹慎。所以大部分的活動都是因為我們正在進行培訓，因此需要準備培訓內容，以便培訓每位法學碩士。所以這是一項不小的挑戰。我認為你會看到這件事在未來很多很多年逐漸發展起來。但我們現在看到的活動很多都是人們在做準備。

Got you. Okay. Maybe one for Steve. Just on the bookings and the cloud bookings, so you did -- cRPO grew 6% Q1, 9% Q2, the cloud revenue growth guide, 3% to 4%. I'm wondering if you could just talk about sort of the dynamics there, a little bit of the disconnect.

抓到你了。好的。或許給史蒂夫一個。僅就預訂和雲端預訂而言，你們確實做到了——cRPO 第一季成長了 6%，第二季成長了 9%，雲端收入成長指南為 3% 至 4%。我想請您談談這方面的動態，以及其中存在的一些脫節之處。

I don't know if there are elements of the business network or transactional piece that are offsetting. But maybe just talk about sort of the strong bookings to start the year, but then the revenue guide, maybe what you're seeing from customers.

我不知道是否存在商業網絡或交易環節中的某些因素起到了抵消作用。但或許可以談談年初強勁的預訂情況，以及收入預測，或是談談你從客戶那裡了解到的情況。

Yes. James touched a little bit on the bookings topic. I mean, cloud bookings, which obviously kind of flows into the RPO have been nice double-digit growth there. And there's obviously, that flows into -- the bookings number is going to have both current and longer-term components to it. So from a revenue profile, I mean, obviously, in terms of the overall mix, there's other things at play, right? So when you look at the breakdown of the product categories that we now disclosed, you can kind of see that interplay there.

是的。詹姆斯簡單地談到了預訂的話題。我的意思是，雲端預訂顯然與 RPO 有關，而且已經實現了兩位數的良好成長。顯然，這會影響預訂量——預訂量既包含當前部分，也包含長期部分。所以從收入情況來看，我的意思是，顯然，就整體組成而言，還有其他因素在起作用，對吧？所以，當你查看我們現在公佈的產品類別細分數據時，你就可以看到其中的相互作用。

And from a second half standpoint, I mean, there's a bit of seasonality here that's typically at play. So in terms of the outlook and the 3% to 4% guide, I think that you referenced, we're holding to that. But Q4, as I said, the results and the activity is somewhat skewed to Q4, and it will kind of depend on the mix that comes through there. But it's continuing to track on a healthy trend.

從下半年的角度來看，我的意思是，這裡通常會有一些季節性因素在起作用。所以，就前景和您提到的 3% 到 4% 的指導方針而言，我們堅持這一目標。但正如我所說，第四季度的結果和活動在某種程度上會偏向第四季度，而且這將取決於第四季度出現的各種情況。但它仍然保持著健康的成長趨勢。

Stephanie Price, CIBC.

Stephanie Price，加拿大帝國商業銀行。

Last quarter, you talked about accelerated cloud migrations. Just curious if you can talk a little bit about what you're seeing in terms of the demand environment and client moves to the cloud here.

上個季度，您談到了加速雲端遷移。我很好奇您能否談談您觀察到的需求環境以及客戶遷移到雲端的情況。

Yes. Thanks for the question. I'll turn this over to James, but I have to say, as we started with our user conference, we're getting a lot of positive feedback. We're quite pleased with how customers are reacting. And I think you're going to see that there's two parts to our go to Cloud. One is the installed base and one is first-time sales.

是的。謝謝你的提問。接下來我將把發言權交給詹姆斯，但我必須說，自從我們開始舉辦用戶大會以來，我們收到了很多積極的回饋。我們對客戶的回饋非常滿意。我認為你會發現，我們邁向雲端的路線分成兩個部分。一個是已安裝用戶群，一個是首次銷售。

And I think as we mentioned last time, we're very aware of how other software companies have done this, and we're simply going to follow in their tracks. And that's what we were trying to say last quarter is that you'll see a much more vigorous cloud campaign from us, which started within a few weeks of the call last time.

正如我們上次提到的，我們非常清楚其他軟體公司是如何做到這一點的，我們只是要效法他們的做法。這就是我們上個季度想要表達的意思，你們將會看到我們更積極主動的雲端服務推廣活動，該活動在上一次電話會議後的幾週內就開始了。

James, over to you.

詹姆斯，該你了。

No, I agree with you, Tom. The thing I'll add is about the response from our customers. We are seeing our customers actively engaging with us and building out plans to migrate their installations into the cloud. The deals do take time, as you know, our deals have a longer cycle time. So these deals are forming up, and we do expect to see them really kicking in over the next few quarters. We have had some great success in Q2 with some large cloud deals coming in as we talked about the number of deals that were over $1 million.

不，我同意你的看法，湯姆。我還要補充一點，關於我們客戶的回饋。我們看到客戶正在積極與我們互動，並製定計劃將他們的系統遷移到雲端。交易確實需要時間，您也知道，我們的交易週期較長。所以這些交易正在逐步形成，我們預計在接下來的幾個季度裡，這些交易將真正發揮作用。第二季我們取得了一些巨大的成功，達成了一些大型雲端交易，正如我們之前提到的，超過 100 萬美元的交易數量很多。

I think the other important thing that's part of our modeling going forward, we do not anticipate a dip in revenue. This is a very encouraging development for us. As we've talked about the value that we're bringing in the cloud transition, it turns out that we're able to benefit from the more mature models that other enterprise software companies went through the learning curve. I guess in a simple way, we're not going to follow the pattern that others did about five, six years ago, because we get to benefit from that learning curve that they went through. So we're anticipating just pure growth from it.

我認為我們未來模型中另一個重要的因素是，我們預期收入不會下降。這對我們來說是一個非常令人鼓舞的進展。正如我們之前討論的，我們在雲端轉型中帶來的價值，事實證明，我們能夠從其他企業軟體公司已經經歷過學習曲線的更成熟的模型中受益。簡單來說，我們不會再像五、六年前那樣走老路，因為我們可以從他們走過的學習曲線中受益。所以我們預計它將帶來純粹的成長。

Great. And then maybe a bit on capital allocation, just given what's going on in the market the last few weeks. I think Steve mentioned potential increased buyback program. How do you think about buybacks versus dividends versus M&A here?

偉大的。然後，鑑於過去幾週的市場狀況，或許可以稍微談談資本配置。我認為史蒂夫提到可能會擴大回購計劃。您如何看待股票回購、分紅和併購這三者之間的關係？

The Board always reviews. In fact, just recently, the Board met and reviewed all of that as a basket. And as you say, it's very market specific and also strategy specific. So as Steve mentioned, the company is now seeking approval from the authorities to expand its buyback program. And once we receive that authority, we'll communicate that further to the Street.

董事會總是會進行審查。事實上，就在不久前，董事會開會審查了所有這些事項。正如你所說，這取決於具體的市場和具體的策略。正如史蒂夫所提到的，該公司目前正在尋求當局批准，以擴大其股票回購計畫。一旦我們獲得授權，我們將進一步向華爾街傳達這一訊息。

Clearly, we are quite robust in our dividend program. Steve also mentioned that you should be anticipating that we'll continue to do tuck-under acquisitions. And also as we do the divestitures, we're paying down debt.

顯然，我們的分紅計劃非常穩健。史蒂夫也提到，你們應該預料到我們會繼續進行小規模收購。同時，在進行資產剝離的同時，我們也在償還債務。

So we hope that we're meeting all of our shareholder needs that we are doing a blended approach to capital allocation, very thoughtful. Board meets on it, has fulsome discussions about the right balance. We are blessed with a substantial cash flow. And so we have lots of capital to be able to execute right across all four dimensions. And I think you'll see us continue to do that in a thoughtful manner.

所以我們希望能夠滿足所有股東的需求，我們正在採取混合的資本配置方法，非常周全。董事會就此召開會議，進行了充分討論，以確定合適的平衡點。我們擁有充裕的現金流。因此，我們擁有充足的資金，並且能夠在所有四個維度上都取得良好的成效。我認為你會看到我們繼續以深思熟慮的方式這樣做。

Thanos Moschopoulos, BMO Capital Markets.

Thanos Moschopoulos，BMO 資本市場。

Just to clarify, with respect to the cloud migrations you're seeing from the installed base, are those more weighted towards being hosted on OpenText infrastructure? Or is more of that going towards public cloud infrastructure that you're managing?

為了澄清一下，就您看到的已安裝系統向雲端遷移的情況而言，這些遷移是否更傾向於託管在 OpenText 基礎架構上？或者說，其中更多資金將用於您管理的公有雲基礎設施？

No. We're going to hyperscalers in general.

不。我們整體上會選擇超大規模資料中心。

And that's despite the, I guess, the growing interest in sovereign cloud, which might skew a bit the other way?

儘管人們對主權雲的興趣日益濃厚，但情況可能略有不同？

Sure. Yes. So we're working with the hyperscalers really across the world as the majority of our customers are looking at where they want to go to the cloud. Many of those hyperscalers have installations, all the hyperscalers have installations in geographically distributed areas. At the same time, we are looking at options as we continue to work out our sovereign cloud strategy.

當然。是的。因此，我們正在與世界各地的超大規模雲端服務供應商合作，因為我們的大多數客戶都在考慮他們希望將業務遷移到雲端。許多超大規模資料中心營運商在地理位置分散的區域部署了資料中心，所有超大規模資料中心營運商都在地理位置分散的區域部署了資料中心。同時，我們也不斷探索各種方案，以完善我們的自主雲端策略。

And I think if you recall from the user conference, we published a book on how to deploy enterprise AI. And in chapter seven of that book, we outlined a hybrid strategy because we think clients that are concerned about sovereign data would be best served to do the majority of their workloads that do not require sovereign data on hyperscalers because it's the most efficient, most effective way of deploying what they're trying to do.

我想如果你還記得用戶大會的話，我們當時出版了一本關於如何部署企業人工智慧的書。在書的第七章中，我們概述了一種混合策略，因為我們認為，對於關注主權資料的客戶來說，最好是在超大規模伺服器上執行大部分不需要主權資料的工作負載，因為這是部署他們想要做的事情的最有效、最高效的方式。

And then where they do have to have a sovereign data stack, we can also deliver that and do that in an alternative way, either through our own data network system or a third party as the case may be. It's an evolving area. But I think if you read chapter seven of the book we put out, you'll understand what we're doing. And at the end of the day, like everything we do, we give the customers the choice.

如果他們確實需要擁有自己的資料棧，我們也可以以其他方式提供，例如透過我們自己的資料網路系統或第三方（視情況而定）。這是一個不斷發展的領域。但我認為，如果你讀了我們出版的那本書的第七章，你就會明白我們正在做什麼。歸根究底，就像我們所做的一切一樣，我們最終還是把選擇權交給客戶。

And looking at the product segments, good to see the sustained growth in the Content business. I guess one thing that stuck out as a bit of a delta from last quarter was cybersecurity enterprise being more challenged this quarter. Is it just lumpiness or anything particular to call out there?

從產品細分市場來看，內容業務的持續成長令人欣喜。我認為與上個季度相比，本季網路安全企業面臨的挑戰更大，這是一個比較突出的變化。只是表面有些凹凸不平，還是有特別需要指出的地方？

Yes. I think you got it right on the head. As I mentioned earlier, we run an annual business. When you look at Q2, it looks a little lumpy. But keep in mind, last Q2 '25, we had a strong cyber quarter, which makes it a tough compare.

是的。我覺得你說得完全正確。正如我之前提到的，我們是一家年度企業。你看第二季度，它看起來有點凹凸不平。但請記住，2025 年第二季我們的網路季度表現強勁，這使得今年的業績難以進行比較。

We had a strong quarter in Q1 of this year. So we're kind of just below flat there. But we do expect to improve as we go forward. We've got a strong pipeline incoming deals in the next two quarters with some large deals out there. So we do expect it to continue to progress towards growth.

今年第一季我們取得了強勁的業績。所以我們現在的情況差不多是略低於平穩水準。但我們期望未來能夠不斷進步。未來兩季我們有許多強勁的交易項目即將啟動，其中不乏一些大單。因此，我們預計它將繼續朝著成長的方向發展。

Paul Treiber, RBC.

Paul Treiber，RBC。

Just a follow-up question, Tom. You mentioned earlier that customers are very early in getting their content in order. How is that impacting software budgets? Are you seeing that drive an increase in software budgets at the moment? Because on the other hand, there's a lot of budget going to LLM. So are you competing against the budget going to LLMs? Or are they continuing on an independent path?

湯姆，我還有一個後續問題。您之前提到過，客戶很早就開始整理他們的內容了。這會對軟體預算產生什麼影響？您是否看到這正在推動軟體預算的成長？另一方面，LLM（法學碩士）的預算卻非常多。所以你們是在和法學碩士（LLM）計畫的預算競爭嗎？還是他們會繼續走獨立發展的路？

No, I think what you're going to find it's an evolutionary path. And again, I can't speak to the entire industry, only the things that we're seeing. As you deploy an LLM, you're going to start first with public models. It's the easiest. They're the most mature.

不，我認為你會發現這是一條進化之路。再次聲明，我無法代表整個行業發言，只能談談我們目前看到的情況。在部署 LLM 時，首先要從公共模型開始。這是最簡單的。他們是最成熟的。

You can get your fast bang for the buck, if you will. What we're going to be playing in and are playing in now is where you start to get into that sovereign data, the permissions. Once you train that AI, you have to now start to stay within a regulated environment. That's a whole different kettle of fish. And so that's what I'm referring to.

如果你願意的話，你可以花最少的錢獲得最大的回報。我們現在所處的領域，也就是我們將要涉足的領域，就是開始接觸主權資料和權限的領域。訓練好人工智慧之後，就必須開始在受監管的環境中運作。那完全是另一回事了。這就是我所指的。

The public models, that's a very limited area for OpenText. Think of it as if you had a public search engine versus a search engine, which is scanning private financial information or private health care information. If you recall, OpenText began in both the public and the private markets. But as we matured and enterprise content became a thing, we used to refer to it -- it's a bit of a trite way to refer to it. We refer to it as behind the firewall.

公共模型，那是 OpenText 的一個非常有限的領域。想像一下，這就好比你有一個公共搜尋引擎，而另一個搜尋引擎則是用來掃描私人財務資訊或私人醫療保健資訊的。如果你還記得的話，OpenText 最初是同時涉足公共和私人市場的。但隨著我們日趨成熟，企業內容也逐漸興起，我們過去常常這樣稱呼它──這是一種略顯陳腐的說法。我們稱之為防火牆後方。

So as you start building AI behind the firewall, oh, yes, you've got to have a lot of curation of that content and then you got to control the AI. Because remember, an LLM cannot forget. If you expose an LLM to data that has to be secure, that LLM is now also under the same regulatory restrictions.

所以，當你在防火牆後開始建立人工智慧時，哦，是的，你必須對內容進行大量的篩選，然後你必須控制人工智慧。因為記住，法學碩士是不會忘記的。如果將LLM暴露給必須安全的數據，則該LLM現在也受到同樣的監管限制。

So it's that part of the industry that I think you'll see evolve. The first part is clearly around the publicly available information with publicly trained LLMs. If you're a CIO, that's where you're going to go to first. It's as you get into the more nuanced things, which involve proprietary data, that takes a lot more thought and a lot more time and, quite frankly, a lot of enterprise information management.

所以我認為，你會看到這個行業的這一部分發生變化。第一部分顯然是圍繞著公開可用的資訊以及公開培訓的法學碩士展開的。如果你是首席資訊官，那這就是你首先要去的地方。而當你深入到更細緻入微的事情，例如涉及專有數據的事情時，就需要更多的思考、更多的時間，坦白說，還需要大量的企業資訊管理。

That's helpful to understand. Just a question about -- Steve mentioned potential tuck-in M&A. Are you taking into account AI risk in your M&A strategy? Is that something that you're factoring in at this point?

理解這一點很有幫助。我有個關於——史蒂夫提到了潛在的補充併購的問題。您在併購策略中是否考慮了人工智慧風險？這是你目前考慮的因素嗎？

Well, actually, as we've related in the last couple of quarters, the tuck-ins we're referring to is capacity to deliver training to AI. We're actually not focusing on, let's say, software application products and things like that. We're actually focusing on subject matter experts. That's what we need to be able to deploy faster. And so that's what you'll see. And generally, that's why we refer to them as tuck-under. They're not going to be very big. They might be a couple of hundred experts in automotive or in pharmaceutical, et cetera.

實際上，正如我們在過去幾個季度中所述，我們所說的「補充」是指為人工智慧提供訓練的能力。我們其實並沒有把重點放在軟體應用產品之類的東西。我們實際上更關注的是領域專家。這就是我們加快部署速度所需要的。所以，這就是你將會看到的。因此，我們通常稱它們為內扣式。它們不會很大。他們可能是汽車業或製藥業等方面的數百名專家。

They're really subject matter experts that can help us deal with some of the things we've been talking about on this call, which is as you get closer to the cold face and you're starting to train agentic AI, you need to have people that are subject matter experts in that particular area of industry, that particular application because you really do have to test the AI to make sure that what you've trained is really effective. So you need quite a bit of subject matter expertise to be able to go through that process.

他們是真正的領域專家，可以幫助我們處理我們在這次通話中討論的一些問題，那就是，當你接近冷面並開始訓練智能體人工智能時，你需要有在該行業特定領域、特定應用方面的領域專家，因為你確實需要測試人工智能，以確保你訓練的人工智能是真正有效的。所以你需要相當多的專業知識才能完成這個過程。

Steve Enders, Citi.

史蒂夫恩德斯，花旗集團。

This is George Kurosawa on for Steve. I wanted to touch on the product segmentation side. The license revenue came in nicely ahead of what we had modeled. I think, Steve, you alluded to maybe some deal timing. If you could just double-click on where you saw the strength and with your more aggressive move into the cloud here, how we should think about that line going forward?

這裡是喬治黑澤，為您報道史蒂夫。我想談談產品細分方面的問題。授權收入遠超過我們的預期。史蒂夫，我想你之前暗示過可能有交易時機的問題。如果你可以雙擊你看到強勢區域的位置，並結合你在這裡更積極的向雲端移動，我們該如何看待這條線接下來的發展？

This is James. So as I said, we had some large deals that came in. They came in specifically, call it, government sector, but it was across the board. Really, we had a couple of good ones that had been in the pipeline for a quarter or two, and they came in in this quarter. So I think as we're going forward, we'll continue to see those deals move around in the quarters, but we do expect that we do expect to be in line with what we're forecasting here and along the lines what we have in the last two quarters.

這是詹姆斯。正如我所說，我們達成了一些大額交易。他們主要是從政府部門進入的，但實際上各個領域都受到了影響。實際上，我們有幾個不錯的項目已經籌備了一兩個季度，它們在本季度都實現了。所以我認為，隨著我們繼續推進，這些交易會在各個季度中不斷變化，但我們預計，我們將與我們目前的預測以及過去兩個季度的情況保持一致。

Okay. Great. And then I just wanted to clarify the commentary on guidance as it relates to eDOCS. You maintained the full-year guidance. So is it right to think about this as the headline number is maintained, including eDOCS. So this is sort of an effective raise on an organic basis or more of an organic number maintained, and so therefore the headline number is coming down by the eDOCS number, if that makes sense?

好的。偉大的。然後，我只想澄清一下與 eDOCS 相關的指導意見。您維持了全年業績預期。那麼，將電子文件納入統計範圍，並保持總體數字不變，這種想法是否正確？所以這實際上是在自然增長的基礎上實現了有效增長，或者說維持了自然增長的水平，因此，總體數字會因為 eDOCS 數量的下降而下降，這樣說你能理解嗎？

Yes. From an accounting point of view, we can't declare eDOCS as a discontinued business. So there's not a simple way for us to do it when we're mid-fiscal this way. So it's just a simple recognition that the eDOCS business is no longer in OpenText. So we're maintaining the same fiscal year. And it's not just eDOCS, it will be anything else we divest.

是的。從會計角度來看，我們不能將 eDOCS 宣佈為終止經營業務。所以，在財政年度中期，我們沒有簡單的方法來解決這個問題。所以這只是簡單地承認 eDOCS 業務已不再屬於 OpenText。因此，我們維持相同的財政年度。而且不僅僅是電子文檔，還包括我們剝離的任何其他資產。

In the quarter that we divest, it will no longer be there for the future. We're not guiding down the business, but we are highlighting the logical fact that it's a divested business. We're just not allowed to do it from an accounting point of view. So when you compare year over year, it will look like it's going down, but it's not; the business is not going down. It's just that we divested it. And it will be like that for the next three or four quarters. Steve, is that fair?

在我們剝離資產的季度，它將不復存在，未來也不會再存在。我們並非在貶低這家公司，而是在強調一個合乎邏輯的事實，那就是它是一家已剝離的公司。從會計角度來看，我們是不被允許這樣做的。所以，如果逐年比較，看起來好像在下降，但實際上並非如此；業務並沒有下滑。只是我們已經剝離了這項業務。接下來的三到四個季度情況都會如此。史蒂夫，這樣公平嗎？

Yes, that's exactly it.

沒錯，就是這樣。

David Kwan, TD Cowen.

David Kwan，TD Cowen。

Just looking at the guidance for the year, just obviously implies a pickup in growth, particularly in Q4. So I assume that content is going to be a key driver for that expected strengthening of the growth in the coming quarters here. I was wondering to what extent, though, do you expect Business Network, ITOM, and cybersecurity on the enterprise side to contribute as well? Like do you expect these other core products to get to a sustainable positive year-over-year growth in Q4?

單從全年業績指引來看，顯然意味著成長將會加速，尤其是在第四季。因此，我認為內容將成為未來幾季成長預期增強的關鍵驅動力。不過，我想知道您認為企業方面的業務網路、IT營運管理以及網路安全能在多大程度上做出貢獻？您預計這些其他核心產品在第四季能否實現可持續的年成長？

Yes, we do. We do expect the other product groupings to contribute to positive growth as we go through this year.

是的，我們有。我們預計其他產品類別也將在今年內為積極成長做出貢獻。

That's great. And then just on the enterprise cloud bookings, pretty strong quarter, up 18% year over year. Again, I see most of that is kind of driven by content, but were there any other products in particular that you want to flag is also seeing stronger demand?

那太棒了。此外，企業雲端預訂方面，本季表現強勁，較去年同期成長 18%。我發現大部分需求都是由內容驅動的，但還有哪些產品的需求也比較強勁，您想特別提一下嗎？

No. The content is leading the charge at the moment. And as I said, we're continuing to invest and continue to build pipeline in the other product areas. But at the moment, it is content that is leading the charge. And even though we will see growth in the other products, we do expect that it will continue to be content as we go through the remainder of this year and into next.

不。目前內容才是關鍵。正如我所說，我們將繼續投資，並繼續在其他產品領域建立產品線。但就目前而言，內容才是主導力量。儘管其他產品也會有所成長，但我們預計，在今年剩餘的時間裡以及明年，市場仍將保持穩定。

If you go back and look at the slides from Analyst Day, you'll note that the other product lines that are in core, we believe they will be dragged along with content over time. Because if you go back and look at the slides, you'll see that they represent other kinds of content, machine content, transactional content. As agentic AI matures, it's going to start dragging along a lot of these other content components. That's why we define it as core. It's just that they will drag along later.

如果你回顧分析師日的幻燈片，你會注意到，我們認為核心產品線也會隨著時間的推移而與內容一起發展。因為如果你回頭看看這些投影片，你會發現它們代表了其他類型的內容，機器內容、交易內容。隨著智慧體人工智慧的成熟，它將開始帶動許多其他內容組件的發展。這就是我們將其定義為核心的原因。只是它們之後還會繼續拖延下去。

Think of sovereign data. Sovereign data is based on our content, but as more attention is made to the proprietary nature of that data, more attention will also go to cybersecurity. So there is a logic to it all. It's just got to play out over time. And if you look at the slides from Analyst Day, it will sort of give you a bit of the architecture. And if you read the book that we published at the Analyst Day, it goes through all these component pieces and why they're part of a logical set for training agentic AI.

想想主權數據。主權數據是基於我們的內容，但隨著人們越來越關注這些數據的專有性質，網路安全也將受到更多關注。所以這一切是有其邏輯的。這件事需要時間慢慢解決。如果你看看分析師日的幻燈片，就能大致了解架構。如果你讀過我們在分析師日上發布的那本書，它詳細介紹了所有這些組成部分，以及為什麼它們是訓練智能體人工智慧的邏輯集合的一部分。

Seth Gilbert, UBS.

瑞銀集團的賽斯吉伯特。

Maybe just a follow-up on enterprise cloud bookings. Grew 20% in 1Q, 18% in 2Q against guidance of 12% to 16% for the year. It looks like maybe a tough comp in 4Q, but anything else in the second half that you're anticipating would slow the momentum down here?

或許可以跟進一下企業雲端預訂的相關事宜。第一季成長 20%，第二季成長 18%，而全年預期成長率為 12% 至 16%。看起來第四季可能會遇到比較艱難的競爭，但你預計下半季還有其他因素會減緩目前的勢頭嗎？

No. We continue to have a strong pipeline across the board on content really. So we're looking to continue to see that rate of growth continue. Our customers are continuing to invest in the cloud and ask us for solutions and work with us on building out those solutions as we're going forward. And I'll leave it at that.

不。我們在內容方面一直保持著強勁的儲備。所以我們希望繼續保持這種成長速度。我們的客戶不斷投資於雲端運算，並向我們尋求解決方案，與我們合作，共同建構這些解決方案。我就說到這裡吧。

I think you'll also see the benefits of this company starting to focus on a single theme. Every quarter that goes by, it gets more efficient, more effective, and you'll see the results of that into the next fiscal year.

我認為你也會看到這家公司開始專注於單一主題所帶來的好處。每個季度過去，效率都會更高，效果會更好，你會在下一個財政年度看到這些成果。

Operator, we're coming up on the hour. Perhaps we can take another question, and then we'll close it up.

接線員，我們快到整點了。或許我們可以再回答一個問題，然後就結束今天的討論。

That is the end of the question queue. So I'll hand it back over to Mr. Jenkins for closing remarks.

問題隊列到此結束。那麼，我將把發言權交還給詹金斯先生，請他作總結發言。

Well, thanks, everyone, for joining us. We had the full hour there. So hopefully, it was helpful for everyone. We look forward to reviewing Q4 and our fiscal year and also welcoming Ayman to our next call and look forward to seeing you at the various investor events through the quarter. Thank you.

謝謝大家的參與。我們在那裡待了一整小時。希望這對大家都有幫助。我們期待回顧第四季度和本財年的工作情況，也歡迎艾曼參加我們的下次電話會議，並期待在本季度的各種投資者活動中與您見面。謝謝。

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

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您有個愉快的一天。