Open Text Corporation (OTEX) 2026 Q3 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Open Text Corporation third quarter fiscal 2026 financial results conference call. As a reminder, all participants are in listen-only mode and the conference is being recorded. (Operator Instructions)

感謝各位稍候。我是會議接線員。歡迎參加 Open Text Corporation 2026 會計年度第三季財務業績電話會議。提醒各位，所有與會者目前為僅收聽模式，且本次會議將被錄音。（接線員指示）

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

現在我想將會議交給投資人關係主管 Greg Secord。請開始。

Thank you, operator, and good afternoon, everyone. Welcome to OpenText's third quarter fiscal 2026 earnings call. With me on the call today are OpenText's Chief Executive Officer, Ayman Antoun; together with James McGourlay, our President and Chief Client Officer;` Steve Rai, our Executive Vice President and Chief Financial Officer; and Tom Jenkins, our Executive Chair. Today's call is being webcast live and recorded with a replay available shortly thereafter on the OpenText Investor Relations website, that's investors.opentext.com.

謝謝接線員，大家午安。歡迎參加 OpenText 2026 會計年度第三季財報電話會議。今天與我一同出席的有 OpenText 執行長 Ayman Antoun；以及我們的總裁兼首席客戶長 James McGourlay；Steve Rai，我們的執行副總裁兼財務長；以及執行董事長 Tom Jenkins。今天的電話會議將進行線上直播並錄音，稍後可於 OpenText 投資人關係網站收聽重播，網址為 investors.opentext.com。

Earlier today, we posted our press release and investor presentation online. These materials will supplement our prepared remarks and can be accessed on OpenText Investor Relations website. Please see our investor presentation for further details of our core and non-core revenues by product categories.

今天稍早，我們已將新聞稿與投資人簡報發布於線上。這些資料將補充我們的事先準備發言，並可於 OpenText 投資人關係網站取得。關於依產品類別區分之核心與非核心營收的更多細節，請參閱我們的投資人簡報。

Now turning to upcoming investor events. OpenText will be participating in the Needham Virtual Technology Teleconference on May 14; the Barclays Leverage Finance Conference in Austin, Texas, on May 19; the CIBC Technology Conference in Toronto on May 21; the TD Cowen TMT Conference in New York on May 27; and the Jefferies Technology Conference in Newport Beach, California, on May 28. We look forward to meeting with you there.

接著說明即將參與的投資人活動。OpenText 將參加 5 月 14 日的 Needham 虛擬科技電話會議；5 月 19 日於德州奧斯汀舉行的 Barclays 槓桿融資研討會；5 月 21 日於多倫多舉行的 CIBC 科技研討會；5 月 27 日於紐約舉行的 TD Cowen TMT 研討會；以及 5 月 28 日於加州紐波特海灘舉行的 Jefferies 科技研討會。我們期待在上述活動與各位會面。

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. 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. This may all be found on our website.

現在宣讀我們的安全港聲明。在本次電話會議中，我們將就 OpenText 未來表現發表前瞻性陳述。這些陳述係基於目前的預期、假設及其他重要因素，而這些因素可能受到風險與不確定性影響，實際結果可能與今日所作之前瞻性陳述存在重大差異。關於可能導致實際結果與此類前瞻性陳述出現重大差異的重大因素之更多資訊，以及可能影響 OpenText 未來表現結果的風險因素，均載於 OpenText 最近提交的 10-K 與 10-Q 表格，以及今日稍早發布的新聞稿中。上述資料皆可於我們的網站查閱。

We undertake no obligation to update these forward-looking statements unless required to do so by law.

除非法律要求，否則我們不承擔更新這些前瞻性陳述的義務。

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

此外，本次電話會議可能包含對若干非 GAAP 財務衡量指標的討論。任何非 GAAP 財務衡量指標與其最直接可比之 GAAP 指標的調節表，可於我們的公開申報文件及其他資料中查閱，相關資料可在我們的網站取得。

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

接下來，我把電話交給 Ayman。

Good afternoon, everyone. Thank you for joining us today. I'm excited to be here as CEO of this iconic Canadian technology company with global reach. To get started, I wanted to begin by sharing why I joined OpenText. We're living in the world of AI. Reliable, quality, curated, governed, integrated, and secure data is critical for credible AI outcomes that are traceable, explainable, and most importantly, deliver value. Simply put, data is not a feature, data is the foundation.

各位午安。感謝今天加入我們。我很高興能以執行長身分來到這家具全球影響力的加拿大指標性科技公司。首先，我想分享我加入 OpenText 的原因。我們正身處 AI 的世界。可靠、高品質、經策展、具治理、可整合且安全的資料，對於產生可信的 AI 成果至關重要；這些成果必須可追溯、可解釋，最重要的是能創造價值。簡而言之，資料不是一項功能，資料是基礎。

Data is foundational across every organization, every industry, and every economy. Nowhere is that more true than in financial services, healthcare, and regulated sectors, where the cost of getting it wrong is simply too great. OpenText is a global leader in data management.

資料是每個組織、每個產業與每個經濟體的基礎。在金融服務、醫療保健與受監管產業更是如此，因為出錯的代價實在太高。OpenText 是資料管理領域的全球領導者。

This company is built for this moment. That's why I'm here. Today marks my 14th working day as CEO. I'd like to share where my focus has been and where it will continue to be in the period ahead.

這家公司正是為此刻而生。這也是我在這裡的原因。今天是我擔任執行長的第 14 個工作日。我想分享我目前的重點，以及在接下來一段期間將持續聚焦的方向。

Four clear priorities are guiding me right now. First, listen. Listening to our clients, partners, colleagues, investors, and shareholders. On the morning of day one as CEO, I reached out to over 100 clients and 20 business partners to arrange one-on-one conversations with each of them. Those meetings are underway. I'm also meeting with colleagues and individually with investors. There's no substitute for first-hand feedback and data to strengthen our go-forward strategy.

目前有四項明確優先事項在引導我。第一，傾聽。傾聽我們的客戶、合作夥伴、同仁、投資人與股東。在我擔任執行長的第一天早上，我就聯繫了超過 100 位客戶與 20 位業務合作夥伴，安排與每一位進行一對一對談。這些會議已在進行中。我也正在與同仁會面，並與投資人逐一交流。要強化我們未來的策略，沒有任何方式能取代第一手的回饋與數據。

My second priority is to learn. I'm spending dedicated time understanding every aspect of our business and the full depth of our portfolio, specifically our core portfolio, where we have a genuinely differentiated value proposition. Our core portfolio is where we will continue to invest, enhance, and build on.

第二個優先事項是學習。我投入專門時間了解我們業務的每個面向，以及我們產品組合的完整深度，特別是我們的核心產品組合；在該領域我們擁有真正差異化的價值主張。我們將持續在核心產品組合上投資、強化並加以建設。

My third priority is to assess. I have started a detailed review of every part of the business, understanding the areas that are working well and need to continue, and the places where we can get better outcomes. In particular, I'm focused on where we can sharpen our go-to-market deployment and execution, deepen our strategic relationships with ecosystem partners, and strengthen our core portfolio value proposition.

第三個優先事項是評估。我已開始對業務的每個部分進行詳細檢視，了解哪些領域運作良好且需要延續，以及哪些地方我們可以取得更好的成果。尤其我聚焦於：我們可以在哪些方面更精準地強化市場進入（go-to-market）的部署與執行、深化與生態系合作夥伴的策略關係，以及強化我們核心產品組合的價值主張。

My fourth priority is to build. Using everything I learned from listening, learning, and assessing, we will build a sustainable organic growth plan with a clear set of KPIs to guide our disciplined execution with milestones so that we can measure our progress, hold ourselves accountable along the way. Our intense focus on our clients is the foundation for these priorities. Our methodical approach to execution, our disciplined focus, our data-driven strategy will be anchored in serving our clients.

第四個優先事項是建構。運用我從傾聽、學習與評估中所獲得的一切，我們將建立一個可持續的有機成長計畫，並設定一套清晰的 KPI，以里程碑引導我們有紀律的執行，讓我們能衡量進展並在過程中自我問責。我們對客戶的高度聚焦是這些優先事項的基礎。我們有條不紊的執行方式、我們的紀律性聚焦、我們以數據驅動的策略，都將以服務客戶為核心。

When we consistently partner with clients to solve their most pressing challenges and realize the full value of their AI investment, they reward us with growth, loyalty, and value creation for our shareholders. As we move through these four priorities, I will share progress with you. You should expect transparency and consistency from me going forward on what is working, where we are making changes, and how we're tracking against the clear plan we set out.

當我們持續與客戶合作，解決他們最迫切的挑戰，並實現其 AI 投資的全部價值時，客戶會以成長、忠誠度，以及為股東創造價值來回饋我們。隨著我們推進這四項優先事項，我會向各位分享進展。未來各位應期待我在：哪些有效、我們在哪裡做出改變，以及我們如何依照所制定的清晰計畫追蹤進度方面，保持透明與一致。

Before I hand it over to James, let me leave you with this. I am deeply excited about the opportunity and equally confident in where we are headed. I look forward to meeting with many of you in the coming weeks. Thank you.

在我把電話交給 James 之前，讓我以這段話作結。我對這個機會感到非常振奮，也同樣對我們前進的方向充滿信心。我期待在接下來幾週與各位中的許多人見面。謝謝。

Thank you, Ayman, and welcome everyone to our Q3 fiscal 2026 earnings call. I want to take the opportunity to welcome Ayman to OpenText, and I'm really looking forward to working together with Ayman in my new role as President and Chief Client Officer.

謝謝你，Ayman，也歡迎各位參加我們 2026 會計年度第三季財報電話會議。我想藉此機會歡迎 Ayman 加入 OpenText，也非常期待在我擔任總裁兼首席客戶長的新職務上，與 Ayman 一起合作。

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. The secure information management capabilities that we have provided to our clients for 30 years delivers and protects the same data that AI requires to gain additional value and insight from their content, and most importantly, the metadata wrapped around that content.

自 8 月以來，我們的目標一直是確保客戶在推進其雲端旅程、並快速提升 AI 就緒度的過程中，能獲得 OpenText 的策略性支援。我們 30 年來為客戶提供的安全資訊管理能力，所交付並保護的正是 AI 需要用來從其內容中取得更多價值與洞察的同一份資料；而最重要的是，包裹在該內容周圍的中繼資料（metadata）。

Turning to Q3, we ended off the quarter with solid performance in total revenues, beating our own expectations for free cash flow and adjusted EPS. Our results for the quarter and year-to-date of fiscal 2026 continue to demonstrate a strengthening business and momentum in the cloud, especially in our flagship business of content management in the cloud.

談到第三季，我們以穩健的總營收表現結束本季，自由現金流與調整後每股盈餘（adjusted EPS）均優於我們自身的預期。我們本季以及 2026 會計年度年初至今的結果，持續展現業務正在走強，以及雲端動能的提升，尤其是在我們旗艦業務——雲端內容管理——方面。

Steve Rai will go through our quarterly results in more detail. However, I would like to highlight that in Q3, we generated total revenues of approximately $1.28 billion, led by overall cloud growth of 6.6% year on year. 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 44% of our total revenues, grew 6% year on year in Q3. If you look specifically at cloud revenue for content, it grew 22% year on year.

Steve Rai 將更詳細說明我們的季度結果。不過，我想強調第三季我們創造約 12.8 億美元的總營收，其中雲端整體年增 6.6% 為主要帶動因素。我們自去年 9 月起開始揭露各產品類別的營收表現；各位可以看到，我們的整體內容業務（占總營收 44%）在第三季年增 6%。若特別看內容的雲端營收，第三季年增 22%。

Content, which is our largest and fastest growing business, continues to demonstrate strength, and it also leads our cloud growth. As I mentioned last quarter, the revenues for our core business continue to grow at approximately twice the pace of total revenues. We see opportunity for our core product groups to continue growing in the cloud as our clients make fundamental decisions on their cloud and AI needs. Some notable Q3 and year-to-date metrics include Q3 cloud revenue of $493 million is the highest in the company history.

內容業務是我們最大且成長最快的業務，持續展現強勁表現，同時也引領我們的雲端成長。如我在上季所提，核心業務營收持續以約為總營收兩倍的速度成長。隨著客戶就其雲端與 AI 需求做出根本性決策，我們看見核心產品群在雲端持續成長的機會。第三季及年初至今的一些重要指標包括：第三季雲端營收達 4.93 億美元，為公司史上最高。

Q3 core cloud business up 12% year on year. Q3 adjusted EPS of $1.01 is the highest in Q3 company history. Year-to-date adjusted EPS of $3.19 is tied with our highest Q3 year-to-date figure ever in Q3 FY 2024. Year-to-date, we have $651 million in enterprise cloud bookings, also the highest in Q3 year-to-date in company history.

第三季核心雲端業務年增 12%。第三季調整後每股盈餘（EPS）為 1.01 美元，為公司歷史上第三季最高。2024 會計年度第三季截至目前（年初至今）調整後 EPS 為 3.19 美元，與公司歷史上第三季截至目前最高數字並列。年初至今，我們的企業雲端訂單金額為 6.51 億美元，同樣是公司歷史上第三季截至目前最高。

We saw 41 cloud deals greater than $1 million in Q3, an increase of 28% year-on-year. Q3 year-to-date cash flow of $686 million is the highest Q3 in company history. Turning to some of our client wins this quarter that highlight the growth trajectory of our core business. Michelin in our business network. Michelin navigated an increase of market consumption for e-invoices that required integration with Microsoft and our business network as part of the company's innovation program.

第三季我們看到 41 筆超過 100 萬美元的雲端交易，年增 28%。第三季截至目前現金流為 6.86 億美元，為公司歷史上第三季最高。接著談談本季一些客戶贏單，凸顯我們核心業務的成長軌跡。首先是我們商務網路（Business Network）業務的米其林（Michelin）。米其林因電子發票市場消費增加，需要與 Microsoft 及我們的商務網路進行整合，作為公司創新計畫的一部分。

Through their expanded relationship with OpenText, Michelin can capitalize on the implementation of our business network for self-service, apply AI to those B2B workflows, and supply chain use cases supporting their business needs. Hargassner in content. Hargassner aimed to establish a single source of truth for enterprise content across all business applications, including their current deployment of SAP public cloud.

透過與 OpenText 擴大合作關係，米其林得以運用我們的商務網路導入自助服務，並將 AI 應用於這些 B2B 工作流程與供應鏈使用情境，以支援其業務需求。其次是我們內容（Content）業務的 Hargassner。Hargassner 旨在為企業內容建立單一真實來源（single source of truth），涵蓋所有業務應用，包括其目前部署的 SAP 公有雲。

By implementing a unified content platform, Hargassner expects to contextualize their content effectively and ensure every stakeholder has access to the right information, enhancing productivity and decision-making. Third, HPE Aruba Networking in our cyber enterprise. HPE Aruba Networking requires best-in-class threat intelligence to enrich their controllers, access points, and switching products with cyber protection. OpenText provides dynamic real-time threat intelligence for URLs, IPs, and cloud services intelligence for cloud applications.

透過導入統一的內容平台，Hargassner 預期能有效地將其內容情境化，並確保每位利害關係人都能取得正確資訊，進而提升生產力與決策品質。第三是我們資安企業（Cyber Enterprise）業務的 HPE Aruba Networking。HPE Aruba Networking 需要同級最佳的威脅情報，以強化其控制器、無線基地台（access points）與交換器產品的網路防護。OpenText 為 URL、IP 提供動態即時威脅情報，並為雲端應用提供雲端服務情報。

Aydem Energy in our ITOM business. Aydem has a strong focus on renewable energy and operates complex multi-regional systems that demand consistent governance and robust processes. Aydem expanded use of our ITOM platform delivers end-to-end test monitoring powered by GenAI, designed to provide a competitive, efficient, and scalable test environment.

接著是我們 ITOM 業務的 Aydem Energy。Aydem 高度聚焦再生能源，並營運跨多區域的複雜系統，這些系統需要一致的治理與健全的流程。Aydem 擴大使用我們的 ITOM 平台，提供由 GenAI 驅動的端到端測試監控，旨在打造具競爭力、高效率且可擴展的測試環境。

Turning to our product news. A few weeks ago, we announced that select enterprise data and AI solutions will be available on the AWS Sovereign Cloud, extending its hybrid cloud deployment options in Europe. The offering is aimed at regulated EU clients requiring strict data residency and sovereignty while leveraging Amazon Web Services infrastructure. Strategically, this extends OpenText's addressable market in Europe and reinforces its positioning in secure content management for AI, though near-term financial impact is likely limited.

接著談產品消息。幾週前，我們宣布部分企業資料與 AI 解決方案將可在 AWS Sovereign Cloud 上提供，擴展其在歐洲的混合雲部署選項。此方案鎖定受監管的歐盟客戶，這些客戶在利用 Amazon Web Services 基礎設施的同時，仍需嚴格的資料駐留與主權要求。從策略面來看，這擴大了 OpenText 在歐洲的可服務市場，並強化其在 AI 安全內容管理方面的定位，但短期財務影響可能有限。

As a reminder, OpenText data AI platform is shipping this 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.

提醒一下，OpenText 資料 AI 平台將於本季出貨，同時也會推出一系列用於資料整合與代理式 AI（agentic AI）編排的新工具。我們的 AI 資料平台可支援任何主要 LLM 模型，並提供超過 1,500 個連接器，連結至各種 ERP、CRM、ITOM 系統，例如 Oracle、Salesforce、SAP 等。

We are seeing our clients accelerate their moves to the cloud, but on their terms, whether that is on-prem, private cloud, public cloud, sovereign cloud, or a hybrid approach. This optionality is a strategic advantage and a differentiator for OpenText. Turning to our outlook, there is no change to our FY 2026 revenue target of 1% to 2% growth year on year once you adjust for $30 million of anticipated revenue that went away with our divestitures. Steve will talk more about this and some of our other metrics in our outlook.

我們看到客戶正加速上雲，但會依照他們的條件進行，無論是地端（on-prem）、私有雲、公有雲、主權雲，或混合式作法。這種可選性是 OpenText 的策略優勢與差異化因素。接著談展望：在將因資產剝離而消失的 3,000 萬美元預期營收調整後，我們對 2026 會計年度營收年增 1% 至 2% 的目標沒有改變。Steve 會在展望中進一步說明這點以及我們其他一些指標。

I took on the role as interim CEO with the objective to maintain a steady ship for OpenText. This is an exciting time at the company, and we've made the right choices to set us up for the AI opportunity in front of us. We have had some great achievements over the last three quarters, especially in our Content Cloud business. In my new role as Chief Client Officer, I'm even closer to our clients, driving a culture at OpenText where client success is at our core.

我接任臨時 CEO 的角色，目標是讓 OpenText 維持穩健航行。現在是公司令人振奮的時刻，我們已做出正確選擇，讓我們能把握眼前的 AI 機會。過去三個季度我們取得了一些重要成就，尤其是在我們的 Content Cloud 業務。在我新的首席客戶長（Chief Client Officer）職務上，我更貼近客戶，推動 OpenText 以客戶成功為核心的文化。

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

接下來，我想把電話會議交給 Steve。

Thanks, James. Good afternoon, everyone, and thank you all for joining the call today. Also, an official warm welcome to Ayman as CEO. We've been working very closely together the past few weeks at the Waterloo headquarters and are very excited to have you on board to help shape the next chapter at OpenText. OpenText had a strong Q3. This momentum positions us well for the final quarter of fiscal 2026. Our Q3 and year-to-date performance demonstrates how our cloud and AI offerings are resonating with our clients as they prepare their data for AI. While James talked about our strong cloud performance, I'd also like to highlight how OpenText continues to build on a solid foundation of margin and cash flow, which affords us the flexibility to allocate capital to investments that generate the highest return and adjust our priorities quickly in a rapidly changing environment.

謝謝你，James。各位下午好，感謝大家今天加入電話會議。同時，也正式熱烈歡迎 Ayman 擔任 CEO。過去幾週我們在滑鐵盧總部密切合作，非常高興你加入，一起協助塑造 OpenText 的下一個篇章。OpenText 第三季表現強勁。這股動能讓我們在 2026 會計年度最後一季具備良好態勢。我們第三季與年初至今的表現顯示，當客戶為 AI 準備資料時，我們的雲端與 AI 產品正引起共鳴。James 已談到我們強勁的雲端表現，我也想強調 OpenText 如何持續建立在穩健的毛利與現金流基礎之上，這讓我們能靈活配置資本至回報最高的投資，並在快速變動的環境中迅速調整優先順序。

Let me get to some key financial highlights for the quarter. We generated total revenues of $1.28 billion. Cloud revenue was $493 million, up 6.6%, mainly driven by Content Cloud. Please see our investor relations presentation for further details of our core and non-core revenues by product category.

我先談本季幾項主要財務亮點。我們創造總營收 12.8 億美元。雲端營收為 4.93 億美元，成長 6.6%，主要由 Content Cloud 帶動。更多依產品類別區分的核心與非核心營收細節，請參閱我們的投資人關係簡報。

Q3 represents our 21st consecutive quarter of organic cloud growth. Our cloud net renewal rate was 95%, down slightly by 1% year over year and consistent with our annual model. Customer support revenue in the quarter was $565 million, down slightly by 0.4%. Our customer support net renewal rate was 93%, up 3% year over year. Annual recurring revenue or ARR was $1.06 billion, up 2.7% year-over-year, and representing 82% of our total revenue and consistent year over year.

第三季是我們連續第 21 個季度的有機雲端成長。我們的雲端淨續約率為 95%，年減 1%，並符合我們的年度模型。本季客戶支援營收為 5.65 億美元，小幅下降 0.4%。我們的客戶支援淨續約率為 93%，年增 3%。年度經常性收入（ARR）為 10.6 億美元，年增 2.7%，占總營收 82%，且與去年同期一致。

Turning to profitability, GAAP gross margin was 73.1%, and non-GAAP gross margin was 76.7%, both up by 150 basis points and 100 basis points respectively year over year. This was mainly driven by the increase in cloud, customer support, and license gross margins, partially offset by the decline in gross margins for professional services. Adjusted EBITDA was $438 million or a 34.1% margin. This was up 10.8% and 260 basis points respectively year over year. The increase was driven primarily by cost management actions and the business optimization plan.

接著看獲利能力。GAAP 毛利率為 73.1%，非 GAAP 毛利率為 76.7%，分別年增 150 個基點與 100 個基點。主要原因是雲端、客戶支援與授權的毛利率提升，部分被專業服務毛利率下滑所抵銷。調整後 EBITDA 為 4.38 億美元，或 34.1% 的利潤率；分別年增 10.8% 與 260 個基點。成長主要由成本管理措施與業務優化計畫所驅動。

The plan itself remains on track. We still expect to realize this year an additional approximately one third of the total estimated savings of between $490 million to $550 million. Please see our investor relations presentation for further details.

該計畫本身仍按進度推進。我們仍預期今年可額外實現約占總估計節省金額三分之一的效益；總估計節省金額介於 4.9 億至 5.5 億美元之間。更多細節請參閱我們的投資人關係簡報。

GAAP net income was $173 million, up 86% year over year. The increase was largely due to the sale of eDOCS and unrealized derivative gains. Non-GAAP net income was $250 million, up 15.9% year over year. Q3 GAAP diluted EPS was $0.70, up 100%. Non-GAAP diluted EPS was $1.01, up 23.2%. Free cash flow was $305 million, down 18.4%. On a year-to-date basis, total revenue was up 1%. Cloud revenue grew 5.3%.

GAAP 淨利為 1.73 億美元，年增 86%。成長主要來自出售 eDOCS 以及未實現的衍生性金融商品收益。非 GAAP 淨利為 2.5 億美元，年增 15.9%。第三季 GAAP 稀釋後 EPS 為 0.70 美元，成長 100%。非 GAAP 稀釋後 EPS 為 1.01 美元，成長 23.2%。自由現金流為 3.05 億美元，下降 18.4%。以年初至今計算，總營收成長 1%。雲端營收成長 5.3%。

License revenue was also up 2.4%, partially offset by a decline of 1.1% in customer support and 9.3% in professional services. Year-to-date adjusted EBITDA margin was 35.8%, up 110 basis points. Non-GAAP diluted EPS of $3.19 was up 11.9%, and our free cash flow was $686 million, up from $563 million for the same period last year.

授權營收也成長 2.4%，部分被客戶支援下滑 1.1% 與專業服務下滑 9.3% 所抵銷。年初至今調整後 EBITDA 利潤率為 35.8%，提升 110 個基點。非 GAAP 稀釋後 EPS 3.19 美元成長 11.9%，自由現金流為 6.86 億美元，高於去年同期的 5.63 億美元。

Turning to our full year fiscal 2026 outlook. Our expectations remain unchanged at 1%-2% for total revenue growth year over year. With the strong cloud performance this year and based on higher conversion rates in enterprise cloud bookings, we are increasing our cloud revenue growth range for fiscal 2026 from 3% to 4% to 4% to 5% year over year.

接著談我們 2026 會計年度全年展望。我們對總營收年增 1% 至 2% 的預期維持不變。鑑於今年強勁的雲端表現，並基於企業雲端訂單較高的轉換率，我們將 2026 會計年度雲端營收成長區間由年增 3% 至 4% 上調至年增 4% 至 5%。

We are also increasing our enterprise cloud bookings growth range, which was 12% to 16%, now moving to 16% to 20% year over year, as we are experiencing greater interest from our clients in deploying our cloud offerings, especially for content. In addition, we are also increasing our outlook range for free cash flow growth from 17% to 20% to 22% to 25% year over year.

我們也正在上調企業雲端預訂成長率區間，原先為 12% 至 16%，現在調升至年增 16% 至 20%，因為我們正看到客戶對部署我們的雲端產品（尤其是內容相關）的興趣提升。此外，我們也將自由現金流成長的展望區間由年增 17% 至 20% 上調至年增 22% 至 25%。

In the longer term, OpenText will benefit from clients migrating to the cloud, and as a result, RPO and adjusted EBITDA dollars will grow over time. We are already seeing the early signs of cloud RPO growth over the past couple of quarters and in fiscal Q3. Cloud current RPO is up 5% year over year, and cloud long-term RPO is up 19% year over year.

從較長期來看，OpenText 將受惠於客戶遷移至雲端，因此 RPO 與調整後 EBITDA 金額將隨時間成長。我們已在過去幾個季度以及會計年度第三季看到雲端 RPO 成長的早期跡象。雲端當期 RPO 年增 5%，雲端長期 RPO 年增 19%。

The strength of our margins, cash flow, and balance sheet gives us a strong platform to run the business. Our Board regularly reviews the company's capital allocation strategy, and we are being disciplined with our approach under the current macro and geopolitical environment.

我們在利潤率、現金流與資產負債表方面的強勁表現，為我們經營業務提供了堅實的平台。董事會會定期檢視公司的資本配置策略，在目前的總體經濟與地緣政治環境下，我們的做法保持紀律。

Earlier this year, we increased our share buyback program from $300 million to $500 million for fiscal 2026. We repurchased and canceled 9.7 million shares in Q3 and reduced our share count by 6.7% year over year to 242.2 million shares outstanding. We are maintaining our dividend policy and are being prudent in our portfolio reshaping activities in the current environment. In Q3, we delivered a strong quarter of cloud growth, margin, earnings, and free cash flow. This momentum sets us up well for the final quarter of fiscal 2026.

今年稍早，我們將 2026 會計年度的股票回購計畫由 3 億美元提高至 5 億美元。我們在第三季回購並註銷 970 萬股，流通股數年減 6.7% 至 2.422 億股。我們維持股利政策，並在目前環境下審慎推動投資組合重塑活動。第三季我們在雲端成長、利潤率、獲利與自由現金流方面交出強勁的一季。這股動能讓我們為 2026 會計年度最後一季做好充分準備。

I look forward to partnering with Ayman and the rest of the ELT to deliver on our strategy for growth and help our clients migrate faster to the cloud and support their AI journeys. With that, I will hand the call over to Tom.

我期待與 Ayman 以及其餘 ELT 團隊合作，落實我們的成長策略，協助客戶更快遷移至雲端並支持其 AI 旅程。接下來我把電話交給 Tom。

Thank you, Steve, and thanks everyone for joining the call. My warmest welcome to Ayman, who officially joined in April. Ayman has been deeply engaged with our board, executive leadership, OpenText colleagues, partners, clients, and he'll be meeting with many of our analysts and investors in the coming months. Now that Ayman officially joined us two weeks ago, I'm stepping away from my role as Chief Strategy Officer and continuing my position as Chair of the Board.

謝謝你，Steve，也感謝各位參加本次電話會議。我最誠摯地歡迎 Ayman，他已於四月正式加入。Ayman 已與我們的董事會、執行領導團隊、OpenText 同仁、合作夥伴與客戶深度互動，並將在未來幾個月與許多分析師與投資人會面。由於 Ayman 於兩週前正式加入，我將卸下首席策略長一職，並繼續擔任董事會主席。

In less than a year, we've already achieved most of the important milestones that we set out last August. Our core businesses of content, business networks, ITOM, and cybersecurity are essentially components to train agentic AI. Well-managed governed data is the foundation of enterprise AI, OpenText is uniquely positioned because we manage and secure those three distinct data types at scale: human-generated, machine-generated, and transactional data.

不到一年，我們已經達成去年八月所設定的大多數重要里程碑。我們的核心業務——內容、商業網路、ITOM 與資安——本質上都是用來訓練代理式 AI（agentic AI）的組成要素。良好管理且受治理的資料是企業 AI 的基礎；OpenText 具備獨特優勢，因為我們能以規模化方式管理並保護三種不同的資料類型：人類生成、機器生成與交易型資料。

From a strategy perspective, we made the right choices for OpenText in both product categorization and leadership, while positioning the company to be at the heart of enterprise AI.

從策略角度來看，我們在產品分類與領導團隊配置上為 OpenText 做出了正確選擇，同時也讓公司站在企業 AI 的核心位置。

Turning to our divestiture strategy, we expect the Vertica divestiture to close shortly, and we remain in the process of continuing to reshape our portfolio. Obviously, there is currently geopolitical and macro uncertainty, and this created a more selective buyer environment. We're disciplined sellers, though, and being disciplined means we do not sell assets at the wrong moment to the wrong buyer.

談到我們的資產剝離策略，我們預期 Vertica 的剝離交易將在近期完成，而我們也仍在持續重塑投資組合的過程中。顯然，目前存在地緣政治與總體經濟不確定性，這使得買方環境更為挑選。我們是有紀律的賣方，而所謂有紀律，意味著我們不會在錯誤的時點把資產賣給錯誤的買家。

There's still plenty of interest in our assets, but we will not be doing any so-called fire sales. As we wait for improved market stability, our non-core businesses continue to contribute to our overall margin and cash flow.

市場對我們的資產仍有相當多的興趣，但我們不會進行任何所謂的賤賣（fire sales）。在等待市場穩定性改善之際，我們的非核心業務仍持續為整體利潤率與現金流做出貢獻。

Before I turn the call to Q&A, I'd like to say that I'm proud of what we've accomplished in less than a year, and all the hard work has resulted in putting OpenText in a solid position for the next phase of growth. I'd like to thank all the OpenText staff and you, our investors, for your patience during this transition. Cloud and AI remain at the forefront of our future and will fuel future years' growth.

在進入問答之前，我想說我為我們在不到一年內所完成的成果感到自豪；所有辛勤努力讓 OpenText 站在穩固的位置，迎接下一階段的成長。我也要感謝所有 OpenText 員工，以及各位投資人在這段轉型期間的耐心。雲端與 AI 仍將是我們未來的核心，並將驅動未來數年的成長。

With that, this concludes our prepared remarks. Operator, would you please open the line for questions?

以上為我們的事先準備發言。接線員，請開放提問。

(Operator Instructions) Richard Tse, National Bank Capital Markets.

（接線員指示）Richard Tse，National Bank Capital Markets。

Yeah, Ayman, I'm not sure this is an entirely fair question. I'll sort of try, and if you can if you could sort of give us a good color, that'd be helpful. You've been there for less than three weeks. What would you say are your initial observations on where you see the most opportunity to drive growth here at OpenText, either strategically or operationally?

是的，Ayman，我不確定這是否完全算是一個公平的問題。我會試著問問看，如果你能提供一些有用的背景說明會很有幫助。你到任還不到三週。你會怎麼說你對於在 OpenText 推動成長、無論是策略面或營運面，最有機會的地方有哪些初步觀察？

Hey, Richard. Good afternoon, and thank you for the question. My experience is nothing is called an unfair question, so I appreciate the question very much. As you heard me say in the opening, even though I'm at the beginning of the journey of listening and learning, to your point, I had a number of client interactions, and they are very direct. That's one of the many things I love about our clients, is they tell you what you do well, and they give you the opportunity to improve.

嗨，Richard。下午好，謝謝你的提問。以我的經驗來說，沒有什麼叫做不公平的問題，所以我非常感謝這個問題。正如你在我開場時聽到的，雖然我仍處於傾聽與學習旅程的起點，但如你所說，我已與多位客戶互動，而他們非常直接。我喜歡我們客戶的眾多原因之一，就是他們會告訴你哪些做得好，也會給你改進的機會。

My early observations, if I were to package them into things that we would build on and continue, and this is informed by what clients and partners and colleagues have said to me so far in the last 14 days, is the culture that is client-focused. You have everybody at OpenText that wakes up in the morning looking for ways to solve client problems and to do them in the most efficient and creative way.

我早期的觀察，如果要把它們整理成我們會持續建立並延伸的重點——這些是根據過去 14 天客戶、合作夥伴與同事對我所說的——就是以客戶為中心的文化。OpenText 的每個人每天早上醒來都在尋找解決客戶問題的方法，並以最有效率且最具創意的方式去完成。

The second observation that clients have been vocal about as well is the strength of our core portfolio. They see where we play. They understand the value proposition we bring them. Areas of opportunities to work on and strengthen, and this is just in complete transparency because that's what you should expect from me every time going forward, is enhancing our engagements with our ecosystem partners. There's some good pockets of success, but we need to scale that and accelerate it. That's one of the reasons why I've reached out to 20 partners on day one.

第二個觀察是，客戶也很明確地提到我們核心產品組合的強度。他們看得到我們的定位，也理解我們帶給他們的價值主張。至於需要努力與強化的機會領域——我完全透明地說，因為你們往後每次都應該期待我如此——就是提升我們與生態系合作夥伴的互動。目前有一些成功的亮點，但我們需要把它規模化並加速。這也是我在第一天就聯繫 20 家合作夥伴的原因之一。

I was incredibly encouraged by the response I got from every single one of them. Looking forward to strengthening that relationship. The other point I would tell you is strengthening the muscle of disciplined execution across the entire operating model. Disciplined execution from a sales point of view, from how we prioritize development efforts, capital allocation. Those would be my as early informed 14-day view, but more to come, Richard, as I continue that journey of interacting with more clients, partners, investors, and colleagues.

我對每一家合作夥伴的回應都感到非常鼓舞，也期待強化這些關係。另一點我想說的是，要在整個營運模式中強化「有紀律的執行」這項能力。從銷售角度、從我們如何排定研發優先順序、到資本配置，都要有紀律地執行。以上是我在 14 天內基於目前資訊形成的初步看法；但隨著我持續與更多客戶、合作夥伴、投資人與同事互動，後續還會有更多分享，Richard。

Okay, thanks. Really appreciate that. I just have one other one, and I'm not sure who this is for, but with respect to AI monetization it's been a, I think a pretty compelling story in terms of what OpenText has to offer. I'm curious as to the bookings, if you can maybe share what component or percentage of the bookings is sort of tied to AI, whether it serves an OpenText product or a use case for that?

好的，謝謝。非常感謝你的分享。我還有一個問題，我不確定該問誰：關於 AI 變現，這一直是個相當有說服力的故事，因為 OpenText 的產品看起來很有吸引力。我想了解在預訂（bookings）方面，你們是否可以分享有多少組成或比例與 AI 相關——不論是作為 OpenText 產品的一部分，或是對應某個使用情境？

Maybe I'll start. It's Steve Rai. Obviously, in terms of that level of granularity, we don't typically provide that. Now, in terms of sort of general demand and approach and kind of attach rates to it, I'll let James comment on that further.

我先回答一下。我是 Steve Rai。顯然，就這種細緻程度而言，我們通常不會提供。至於較一般性的需求、做法以及相關的附加率（attach rates），我讓 James 進一步說明。

Thanks, Steve. I think as Steve points out, we don't comment specifically on the attach rates or numbers, but we are seeing an increase in both the deals and the size of deals that are closing. We're seeing larger deals being closed with our Aviator. The deal size is larger. We're seeing larger deals. We closed a deal this quarter. It was a seven-figure deal with Aviator included. That was a major component there. We are starting to see a continuing build of this.

謝謝，Steve。我想如 Steve 所指出的，我們不會具體評論附加率或數字，但我們確實看到成交案數與成交規模都在增加。我們看到搭配 Aviator 的大型交易正在成交，交易規模更大。我們看到更大的交易。本季我們成交了一筆包含 Aviator 的七位數交易，那是其中的重要組成。我們開始看到這樣的趨勢持續累積。

Looking forward into the pipeline, we can see similar trends in our pipeline and growing deals, larger deals, and a higher number of deals with Aviators included.

展望銷售管線，我們也能看到類似趨勢：管線中的交易在成長、交易規模更大，且包含 Aviator 的交易數量也更高。

Kevin Krishnaratne, Scotiabank.

Kevin Krishnaratne，豐業銀行（Scotiabank）。

Hi, Ayman. Looking forward to working with you. I'd like to ask you a question on your view on OpenText's competitive positioning and specifically from your experience competing with them on FileNet and Sterling. What would you say are maybe some of the underappreciated aspects investors may not know about the OTEX assets that you saw when you were coming up against them on deals on the other side?

嗨，Ayman。期待與你合作。我想就你對 OpenText 競爭定位的看法問一個問題，特別是基於你過去在 FileNet 和 Sterling 上與他們競爭的經驗。當你在另一方與他們在專案競標中交手時，你會說有哪些投資人可能不知道、但其實是 OTEX 資產中一些被低估的面向？

Hey, Kevin, good afternoon, and thank you for the question. Maybe I would point to a couple of things as my early observations, again, based on interaction with clients, because that's one of the questions that I asked. I asked clients, could you tell me when you when we earn your business, could you articulate why you made those decisions? In the cases where we did not earn your business, could you articulate? Again, I just give you that backdrop because I'm a huge fan of just being grounded on client views because they're the ones that pay our paychecks, as you know.

嗨，Kevin，下午好，謝謝你的問題。也許我會指出幾點我初步的觀察，同樣是基於與客戶的互動，因為那是我問的其中一個問題。我問客戶：當我們贏得你們的業務時，你能否清楚說明你們為什麼做出那些決定？在我們沒有贏得你們業務的情況下，你也能否說明原因？我先交代這個背景，是因為我非常相信要以客戶觀點為依歸，因為如你所知，他們才是付我們薪水的人。

Myy early feedback and observation is what would probably be underestimated is the length of time that OpenText had around this notion of data and data management. This is not a competency that they have acquired overnight. This is not something that is in pilot phase. This is tried and true. The diversification of the portfolio of clients across industries, across geographies, and across client size in terms of enterprise size tells you that this is not for the largest or the smallest. It's not for certain industries. It's very pervasive in terms of the strength. I honestly believe, with 14 days under my belt, that that's an area that we probably take for granted, and we have work to do to amplify that brand capability in the marketplace.

我早期收到的回饋與觀察是，可能被低估的一點在於 OpenText 在「資料與資料管理」這個概念上深耕的時間之長。這不是他們一夕之間才獲得的能力；也不是還在試點階段的東西；而是經過驗證、行之有效的。其客戶組合在產業、地理區域以及客戶規模（企業規模）上的多元化，說明這不是只適用於最大或最小的客戶，也不是只適用於特定產業；其強度非常普遍。老實說，在我上任 14 天的感受中，這是我們可能會視為理所當然的一個領域，而我們需要做更多工作，把這項品牌能力在市場上放大。

The second thing I would say is this notion of, and you've heard it in Tom's remarks, and I'm sure you heard from the team before, data is not data is not data. There's the data that you and I generate. We refer to that as the human data. There's the data that systems generate, alerts, cybersecurity incidents, outputs from systems as they communicate with each other.

第二點我想說的是這個概念——你在 Tom 的談話中也聽到了，我相信你之前也從團隊那裡聽過——資料不是資料不是資料。你我所產生的資料，我們稱之為「人類資料」。還有系統所產生的資料，例如警示、資安事件、以及系統彼此溝通時所輸出的結果。

Then there's the data that is produced when organizations interact with each other, be it e-commerce or something else. OpenText broader context of data through those three dimensions is probably another area that we need to amplify and remind ourselves that it's a strategic advantage for us and ensure we continue to monetize it as we interact with the clients.

再來還有當組織彼此互動時所產生的資料，不論是電子商務或其他形式。OpenText 以這三個維度來看待資料的更廣泛脈絡，可能也是我們需要強化的一個面向，並提醒自己這是我們的策略優勢，且在與客戶互動時要確保持續將其變現。

Those would be the two early feedback I would give you, Kevin, with kind of over the last 14 days as I engage with clients.

Kevin，以上就是我在過去 14 天與客戶互動後，能給你的兩點初步回饋。

Maybe second question maybe for Steve. I know that on the revenue guide, I see that you haven't you've maintained the 1%-2% and that you call out that the core is expected to grow. In your previous slide deck, you it had the commentary that the core expected to grow in CC. I just want to confirm if you are seeing any change on core performance when excluding FX.

第二個問題可能是給 Steve 的。我看到你們的營收指引仍維持在 1%–2%，並且提到核心業務預期會成長。在你們先前的簡報中，你們的說法是核心業務在固定匯率（CC）下預期會成長。我想確認一下：若排除匯率影響，你們是否看到核心表現有任何變化？

From a – so that's correct in terms of what you noted. Just given FX on a constant currency basis, it will likely not be growing. However, just a reminder, on the 1% to 2% that we're maintaining, that's after taking into account the divestitures and the revenue associated with that, approximately $30 million. Just to kind of complete the picture, I mean, obviously we've increased our guide on bookings, which is largely on the back of the Content business. Obviously, that continues to go well. Great pipeline and conversion rates that we've got there.

就——你提到的部分是正確的。只是考量匯率，在固定匯率基礎下，它很可能不會成長。不過提醒一下，我們維持的 1% 到 2% 指引，是在納入資產剝離及其相關營收（約 3,000 萬美元）之後的結果。為了把整體圖像補完整，顯然我們上調了訂單（bookings）指引，主要是由內容（Content）業務帶動；那部分持續表現良好，我們也有很好的管線與轉換率。

From the revenue associated with that, we did not update that because obviously there's a few things at play that we've kind of talked about broadly before as clients convert to cloud. There's mix that comes into play. Of course, as you've heard the others talk about just caution with respect to the macroenvironment.

至於與此相關的營收，我們沒有更新，因為顯然有幾個因素在作用，我們之前也大致談過：客戶轉向雲端時，產品組合（mix）會產生影響；當然，正如你也聽到其他人提到的，對宏觀環境仍需保持審慎。

Yeah, that's a good point. The previously had $15 million, I think for eDOCS that was baked in your guidance. The $30 million's got a portion of Vertica, assumed in that, deductions to get to that $30 million. Is that correct?

是的，這點很好。之前我記得你們的指引中已經納入 eDOCS 約 1,500 萬美元。這次的 3,000 萬美元包含了 Vertica 的一部分，並且有一些扣減後才到 3,000 萬美元。這樣理解正確嗎？

That's right.

沒錯。

Stephanie Price, CIBC.

Stephanie Price，加拿大帝國商業銀行（CIBC）。

Hi, good evening. Welcome, Ayman. I was wondering if you could talk a little bit about cloud bookings conversion. I think you mentioned in the commentary that that was stronger at this point. What are you seeing in terms of the timeline for cloud bookings converting into revenue and how should we kind of think about that conversion process?

嗨，晚上好。歡迎你，Ayman。我想請你談談雲端訂單（cloud bookings）的轉換。我想你在評論中提到目前這部分更強勁。你們看到雲端訂單轉為營收的時間軸是怎樣的？我們應該如何理解這個轉換流程？

Yeah. Talking about the -- sorry, clients converting over to cloud we are continuing to see the progress there. As you can see by our cloud bookings growth in the quarter, that we are continuing to progress along there. Regarding the conversion into revenue, I mean, as we deploy with the clients, you'll see that starting to roll in. You can see our CRPO is continuing to expand. We will expect that to continue.

好的。談到——抱歉——客戶轉向雲端，我們持續看到進展。如你從本季雲端訂單成長所見，我們仍在持續推進。至於轉換成營收，隨著我們與客戶一起部署，你會看到營收開始逐步反映出來。你也可以看到我們的 CRPO 持續擴大，我們預期這個趨勢會延續。

I think as we've talked about previously, we expect this to be a multi-year process as we convert our clients into the cloud going along over a number of years. I think we'll be able to provide more details on that as we continue to go along in that process.

我想如同我們先前談過的，隨著我們在未來數年把客戶逐步轉到雲端，這會是一個多年期的流程。我們在推進過程中，應該能提供更多細節。

Okay, that makes sense. Congratulations on free cash flow conversion in the quarter. It seems like it's back kind of more in line with historical this quarter. Can you talk a bit about the measures you put in place that have led to the stronger free cash flow conversion and how to think about this quarter relative to the rest of the year?

好的，這樣就合理了。恭喜你們本季自由現金流轉換率表現不錯；看起來本季又回到較符合歷史水準。你能談談你們採取了哪些措施，促成更強的自由現金流轉換？以及我們應該如何看待本季相對於全年其他季度的表現？

Yeah, I mean, there's a few things at play there. I mean, obviously quarter-to-quarter, there's some difficult changes just from a working capital standpoint. There's a few things throughout the year that can be a little bit lumpy, such as the tax installment payments and those kinds of things. Basically good continued execution. I mean, we've continued to do a lot of work on the cost savings and business optimizations that we've got at play, and we're starting to see the benefits come through from that, both in terms of our OpEx profile, as well as naturally, into cash flow.

好的，我是說，這裡有幾個因素在作用。顯然就季度對季度而言，從營運資金角度會有一些較難比較的變動。全年也有一些項目可能比較不均勻（lumpy），例如稅款分期繳納等。基本上就是持續良好的執行。我們也持續在推動成本節省與業務優化等工作，現在開始看到效益逐步反映出來，無論是在營運費用（OpEx）結構上，或是自然地反映到現金流上。

Thanos Moschopoulos, BMO Capital Markets.

Thanos Moschopoulos，BMO 資本市場（BMO Capital Markets）。

Hi. Good afternoon. Congrats, Ayman, on your new role at OpenText. In terms of the spending environment, I mean, clearly it doesn't seem to have been an issue for the quarter or in the guide, more broadly, what are you seeing? I mean, on the one hand, I would imagine strong interest in AI; on the other hand, all the geopolitical uncertainty. Any change in sales cycles or buyer behavior to call out in that regard?

嗨，下午好。恭喜你，Ayman，在 OpenText 擔任新職務。就支出環境而言，顯然本季或指引看起來都沒有受到影響；更廣泛來看，你們觀察到什麼？一方面我想 AI 的興趣很強；另一方面又有各種地緣政治不確定性。在銷售週期或買方行為上，有沒有任何變化值得特別指出？

Good afternoon. That's an important question because I asked the clients I spoke to about how they're thinking through the period ahead and any changes that they have made. I've asked my team because I walked into this in April, and I wanted to know if they've seen anything throughout the quarter. Based on the feedback I got from clients, and what the team has shared with me, we have not seen any material slowdown in clients making decisions, in particular, as you pointed out, around AI opportunities.

下午好。這是個重要問題，因為我也問了我接觸的客戶，他們如何看待接下來一段時間，以及是否做了任何調整。我也問了我的團隊，因為我是在四月加入的，我想了解他們在本季度是否看到任何變化。根據我從客戶那裡得到的回饋，以及團隊與我分享的內容，我們沒有看到客戶在做決策方面出現任何實質性的放緩，特別是如你所指出的，圍繞 AI 機會的部分。

That brings us to where OpenText lives. It lives in the data management, the input into all those AI engines, all the AI agents. I certainly did not get any feedback. Not that it's it's a month's worth of data, it's just 14 days worth of engagements with clients. So far, I have not heard anything from them that would suggest that. In some cases, they actually talked about accelerating to catch up because they believe that they were just a bit coming a bit from behind regarding deploying their AI models.

這也正好回到 OpenText 所處的位置：資料管理——也就是所有 AI 引擎、所有 AI 代理（agents）的輸入。我確實沒有收到任何回饋——當然這不是一個月的資料，只是 14 天與客戶互動的觀察——到目前為止，我沒有聽到任何跡象顯示會是那樣。某些情況下，他們反而談到要加速追趕，因為他們認為自己在部署 AI 模型方面稍微落後了一點。

Great. In terms of converting existing clients to a cloud model, I presume that there might be more carrots and sticks you could use to move that process along. That's, even, I don't know if you have any real thoughts in terms of whether the current approach that OpenText is introducing is the correct one or whether it might be warranted to make that move kind of more aggressively and foster clients to incentivize them to move to cloud sooner.

很好。就把既有客戶轉換到雲端模式而言，我推測你們可能有更多「胡蘿蔔與棍子」可以用來推動這個流程。我甚至不確定你是否已經有一些具體想法：OpenText 目前採取的做法是否正確？或者是否有必要更積極地推動，並透過激勵機制促使客戶更早轉向雲端。

I'll give you my perspective and Steve and James can comment in addition. First of all the approach we're taking where the client data/AI agents workloads reside and allowing the clients to have that choice, I believe deep in my heart and given my experience, that is a really strategic advantage for OpenText.

我先分享我的觀點，Steve 和 James 也可以再補充。首先，我們採取的做法是讓客戶資料／AI 代理（agents）的工作負載（workloads）可以部署在不同位置，並讓客戶擁有選擇權；以我內心深信以及基於我的經驗來看，這對 OpenText 而言是一項非常具策略性的優勢。

Our view is we're going to meet the clients where they are in that journey. If they're behind in the journey and on-prem or even if they're not behind, there are strategic reasons for their on-prem decisions, we're there. If they decide it is a public cloud, we're there. If it's a private cloud, we're there.

我們的看法是：我們會在客戶旅程所在的位置與他們會合。如果他們在旅程上還比較落後、仍在地端（on-prem），或者即便不是落後、但基於策略原因而選擇在地端，我們都能支援。如果他們決定採用公有雲（public cloud），我們也在；如果是私有雲（private cloud），我們也在。

If it's a sovereign cloud, given a lot of the discussions in the marketplace on that topic, we're there as well. The fact that we offer that choice and stand behind the client versus force their hand is a huge advantage for us. That being said, again, I come in here with 35 years of experience.

如果是主權雲（sovereign cloud），鑑於市場上對這個議題有很多討論，我們同樣也能支援。我們提供這種選擇、並站在客戶這一邊，而不是強迫他們做決定，對我們來說是巨大的優勢。話雖如此，再次強調，我帶著 35 年的經驗來到這裡。

In the last number of years we're on the topic, many of the clients are well down that path, and many of them are accelerating. They don't need any convincing. We have lined up our plans, our product portfolio, our go-to-market coverage, our incentives, our operating model, taking into account the fact that that journey has already begun. It's being accelerated, and I don't think we're going backwards.

在過去幾年談到這個主題時，許多客戶已經走在這條路上很深了，而且很多客戶正在加速。他們不需要被說服。我們已經把計畫、產品組合、上市策略覆蓋（go-to-market coverage）、激勵機制、營運模式都對齊，並把這段旅程已經開始、正在加速的事實納入考量。我不認為我們會走回頭路。

That would be my view. Steve or James, anything you would add?

這是我的看法。Steve 或 James，你們還有什麼要補充的嗎？

I think you've covered it completely, Ayman. The flexibility that we offer our clients, deciding how they're going to run, where they're going to run, really does give them that benefit. I the benefit of choice and think that's the main things to cover.

我覺得你已經講得很完整了，Ayman。我們提供給客戶的彈性——決定他們要怎麼跑、在哪裡跑——確實帶來很大的好處。我認為「選擇的好處」就是主要重點。

Paul Treiber, RBC Capital Markets.

Paul Treiber，RBC Capital Markets。

The question for Ayman. The in your perspective regarding capital allocation, when you look at the history of OpenText where it is right now, where the stock is leveraged et cetera, what would be your top priorities for incremental capital allocation here?

問題給 Ayman。就資本配置（capital allocation）而言，當你回顧 OpenText 的歷史、看它目前的位置、股票槓桿等情況，你對於接下來新增資本配置的首要優先事項會是什麼？

Hey, Paul, good afternoon. Thank you for the question. Let me just zoom out first. Then I'll address your question head-on. When you heard me reference earlier, disciplined execution, I kind of mentioned disciplined execution is about multiple dimensions. It's how you allocate capital and having that discipline is part of that. Capital allocation options and discussions are things that the management team discusses a lot with the board of directors every single board meeting.

嗨，Paul，下午好。謝謝你的問題。我先把視角拉遠一點，再直接回答你的問題。你先前聽到我提到「有紀律的執行」（disciplined execution），我說過它涵蓋多個面向，其中之一就是如何配置資本，而保持這種紀律是其中一部分。資本配置的選項與討論，是管理團隊在每一次董事會會議上都會與董事會深入討論的議題。

Just we concluded one a couple of days ago. That was in the heart of the agenda. It's no magic. There are four or five, depending how you would package them, categories.

我們幾天前才剛開完一場，這就是議程的核心。沒有什麼魔法可言。大概有四到五類，取決於你怎麼歸類。

Debt reduction, considering dividend payout, share repurchase, which you've seen us do, and even increased in the last quarter, organic growth investments. I think of organic growth investments into the portfolio, into the go-to-market, into ecosystems. It's not just about products growth investments, but across the board as well.

包括：降低負債（debt reduction）、考量股利發放（dividend payout）、股票回購（share repurchase）——你們也看到我們在做，而且上一季還加大了——以及有機成長投資（organic growth investments）。我所說的有機成長投資，是投到產品組合、投到 go-to-market、投到生態系（ecosystems）。不只是產品的成長投資，而是全方位的投入。

I started with debt reduction. I'm not necessarily giving you this in any priority order, but you see the numbers, you know where our debt is, and that's one of the things that I'm spending time on to understand so I can help, at least from a recommendation to the board, prioritize how we want to spend our future capital from an allocation point of view.

我先提到降低負債。我不一定是在按優先順序排列，但你們看得到數字，也知道我們的負債水位；這也是我正在花時間深入理解的事情，這樣我才能協助——至少以對董事會提出建議的角度——去排定我們未來資本在配置上的優先順序。

Thanks for that background on the framework. The next question, just on internal productivity and internal product development, can you speak to the benefit that you've seen from AI internally, and then if you're taking that productivity gain and using it either to save costs or to accelerate product innovation?

謝謝你對框架的說明。下一個問題是關於內部生產力與內部產品開發：你能談談你們在內部使用 AI 所看到的效益嗎？以及你們是否把這些生產力提升用來節省成本，或用來加速產品創新？

That's another really important question because one of the things that the team is spending thoughtful time on is to ensure 'cause that's how you get credibility with the client. To ensure OpenText is client zero. When we talk about AI and the value that we can help our clients gain from AI, we're using OpenText as an excellent example where today, we've decided our entire operation is running on OpenText products.

這也是一個非常重要的問題，因為團隊正在花很多心力去確保——因為這就是你在客戶面前建立可信度的方式——確保 OpenText 是「客戶零號」（client zero）。當我們談 AI 以及我們能幫客戶從 AI 中獲得的價值時，我們把 OpenText 當作一個很好的例子：今天，我們已經決定整個營運都跑在 OpenText 的產品之上。

70 of our offerings are actually deployed. The entire enterprise is infused with a large number of AI agents. We've committed to over the next 10 years to save $1 billion as a result of that. We're seeing the benefit also on the way we support our clients.

我們有 70 項產品／服務（offerings）實際部署在內部。整個企業導入了大量的 AI 代理。我們承諾在未來 10 年，因為這些導入而節省 10 億美元。我們也看到在支援客戶的方式上帶來效益。

The first thing I would share with you is we're being fixated on it's not AI for the sake of AI. What I'm guiding the team to think through for us as client zero is the value of AI is to accomplish three things. Number one is to serve our clients better, the way we support them, the way we deal with challenges, outages, incidents, and what have you.

我首先想分享的是：我們非常聚焦在「不是為了 AI 而 AI」。我引導團隊以「客戶零號」的角度去思考：AI 的價值在於完成三件事。第一，是更好地服務客戶——我們如何支援他們、如何處理挑戰、當機（outages）、事件（incidents）等等。

Number two is to make our products and offerings better by infusing them with AI capabilities from the ground up, not as a bolt-on at the end, from the core. The third is to make our colleagues' work experience, easier and more productive. Those are the three lenses that we're fixated on for ourselves so that we can be a credible, client zero.

第二，是從底層開始把 AI 能力注入到我們的產品與服務中，從核心做起，而不是最後才外掛（bolt-on）。第三，是讓同仁的工作體驗更輕鬆、更有效率。這三個視角是我們對自身最執著聚焦的，這樣我們才能成為可信的「客戶零號」。

Early indication as we're deploying that aggressively internally, when we look at time to restore with incidents, it's up 50% on the back of agentic AI capabilities. When we look at the number of incidents that we're dealing with, they're down almost 20% because if you infuse agents to predict before you have an incident, you can save the incident from happening. We're seeing the early fruit of that labor. I would say, Paul, that that is a journey, it's not a destination. Hopefully framing how we're thinking of AI for our use and to help our clients answers your question.

初步跡象顯示，當我們在內部積極部署後，若看事件的修復時間（time to restore），在代理式 AI（agentic AI）能力的帶動下提升了 50%。若看我們正在處理的事件數量，則下降了將近 20%，因為如果你導入代理去在事件發生前做預測，就能避免事件發生。我們正在看到這些努力的早期成果。我會說，Paul，這是一段旅程，而不是一個終點。希望這樣的說明能讓你理解我們如何思考 AI 的自用與如何協助客戶，並回答你的問題。

George Kurosawa, Citi.

George Kurosawa，Citi。

I'm on for Steve Enders. Thanks for taking the questions and welcome, Ayman. I want to echo that as well. I want to touch on the crown jewel here, the Content Cloud business. Further acceleration on the cloud side. Maybe you guys could just double-click on what is working so well in that product portfolio. Then not to get you to commit to segment-level outlooks, but just when you look at your pipeline is there scope for this business to continue acceleration, or does this feel like a maintaining this current growth pace is a success? How are you guys thinking about this business going forward?

我代 Steve Enders 提問。謝謝你們回答問題，也歡迎你加入，Ayman；我也想呼應一下。想談談這裡的「皇冠上的明珠」——Content Cloud 業務。雲端端的加速更進一步。也許你們可以再深入說明一下，這個產品組合到底哪些地方運作得特別好。然後我不想讓你們承諾到分部（segment）層級的展望，但就你們的 pipeline 來看，這個業務是否有空間持續加速？或者維持目前的成長速度就已經算成功？你們未來如何看待這個業務？

Sure. Thanks for the question. It's James. Looking at our content business, we're very excited at the opportunity that's before us. Our customers are continuing to engage actively with us as we go through this process. In many cases, leading the way, as Ayman talked about earlier. They're already down, made the decision that they're moving to the cloud, we're working along with them.

好的，謝謝你的問題。我是 James。就我們的內容（content）業務來看，我們對眼前的機會感到非常興奮。我們的客戶在我們推進這個過程時，持續積極與我們互動。很多情況下，他們甚至走在前面，正如 Ayman 先前提到的。他們已經走在路上、也已經做出要上雲的決定，我們就與他們一起推進。

Content curation is a main focus as people prepare to move towards AI. We're seeing a pickup in that velocity or in the velocity because of that as well. We're also looking at platform upgrades and new functionalities that are coming out in the products that's helping to drive. As we're going along here, I do expect to see us pick up the speed on our content, or our content migration to the cloud. Quite excited about the business.

當人們準備邁向 AI 時，內容策展／內容整理（content curation）是一個主要焦點；因此我們也看到速度（velocity）有所提升。我們也在看平台升級與產品中新推出的功能，這些都在帶動成長。隨著我們持續推進，我確實預期我們的內容業務——或我們把內容遷移到雲端的速度——會再加快。我對這個業務非常興奮。

Okay, great. Maybe just a bigger picture AI strategy question. There's a lot of discussion around capacity constraints of LLM providers in the ecosystem at large. Just given the significant increase in usage, token costs are ballooning. A lot of organizations are bumping up against token budgets within the first quarter of the year. You guys have emphasized your value proposition on the governance and training components of leveraging AI.

好的，很好。再問一個更宏觀的 AI 策略問題：目前生態系裡對 LLM 供應商的容量限制有很多討論。由於使用量大幅增加，token 成本正在膨脹；很多組織在一年第一季就碰到 token 預算上限。你們一直強調在運用 AI 時，你們在治理（governance）與訓練（training）組件上的價值主張。

Is there now or maybe in the future some element of it seems like you guys might have a position to help customers improve the efficiency of their token usage? Maybe you can talk about if that's a component of the strategy.

那麼現在或未來，你們是否可能在某個層面上，協助客戶提升 token 使用效率？也許你可以談談這是否是策略的一部分。

Hi, George, it's Ayman. That's an important question, you're giving me a couple things to think about and take away. First, thank you for that. What I do want to mention, though, I will take that away because I think that's an interesting point to go double-click on for us as a leadership team.

嗨，George，我是 Ayman。這是個重要的問題，你也給了我幾個值得思考並帶回去研究的點；先謝謝你。我想先說的是，我會把這點帶回去，因為我認為這是一個很有意思、值得我們領導團隊再深入拆解（double-click on）的方向。

My experience in this space so far, and my early client conversations, no one is unwilling to spend what they need to spend as long as they believe they will get the ROI investment. Most of them are starting to think about transitioning from use case kind of discussions where here are the use case for back office or front office or somewhere in between, to more of a platform discussion.

就我目前在這個領域的經驗，以及我與早期客戶的對話來看，只要他們相信能獲得投資報酬率（ROI），就沒有人不願意花他們需要花的錢。他們多數也開始思考，從以使用案例為主的討論（例如：後台、前台或介於兩者之間的使用案例）轉向更偏向平台層面的討論。

More of the clients I spoke to also are starting to kind of prioritize by saying as opposed to, be fixated on reporting how many use cases they have in production. There was a phase where they were trying to outpace their competitors in the space by how many use cases they have produced. They're now trying to focus more on the five or six or seven, half a dozen big rocks of areas where they can make pervasive change to their business model, to the output, to their competitiveness in the marketplace.

我交談過的更多客戶也開始以「優先順序」來思考，而不是執著於回報他們在生產環境中部署了多少個使用案例。曾經有一段時間，他們試圖以產出多少使用案例來超越同業競爭者。現在他們更聚焦於五、六、七個，也就是半打左右的「大石頭」領域，在這些領域中，他們可以對其商業模式、產出，以及在市場上的競爭力帶來全面性的改變。

They're making bigger bets, I should say. Those bets are assuming that they're going to have the right data in an organized fashion, in a traceable way with the right lineage, history, because in a regulated environment you have to show that. That's a bit of the transition that I'm picking up from my early client conversations, and I'm just sharing. We'll take that suggestion you gave us away.

我想他們是在下更大的賭注。這些賭注的前提是：他們將擁有以有組織的方式整理好的正確資料，且可追溯、具備正確的資料血緣（lineage）與歷史紀錄，因為在受監管的環境中你必須能夠證明這些。這就是我從早期客戶對話中感受到的一些轉變，我只是分享一下。我們會把你給的建議帶回去。

(Operator Instructions) David Kwan, TD Cowen.

（接線員指示）David Kwan，TD Cowen。

Good afternoon, and welcome, Ayman. I was wondering if you could comment on just some of the regional impacts as it relates to your business. I know last quarter we saw the softness in the Americas, and it was really driven by the US government shutdown. It was just still down again this quarter, but not quite so bad. I was wondering if there was some lingering impact in there from the shutdown.

下午好，歡迎你，Ayman。我想請你評論一下各地區對你們業務的影響。上季我們看到美洲地區走弱，主要是由美國政府停擺所致。本季仍然再度下滑，但沒有那麼嚴重。我想知道是否仍有一些停擺的餘波影響。

By contrast in EMEA, it was also strong again this quarter of double digits. Wondering if there was just a continuation of the strength there. I think the government was one particular vertical that you flagged last quarter.

相較之下，EMEA 本季仍然強勁，維持雙位數成長。我想了解是否只是延續那股強勢。我記得上季你們特別提到政府是其中一個垂直領域。

Yeah. James, I think you hit it off, right? We have seen some lingering impact on the government. There's been a few contracts that are still there. They're just haven't closed yet. We've seen that impact in the US.

是的。James，我想你說得很到位，對吧？我們確實看到政府部門仍有一些延續性的影響。有幾份合約還在那裡，只是尚未完成簽約。我們在美國看到了這個影響。

We've had a great strong quarter in Europe. Some strong deals closed. A lot of activity there. As you know, I talked earlier about some large deals involving Aviator. We saw some of those come through in Europe. That talks a bit to the regionality. Overall we're seeing our balance still. We've got some strong opportunities going up in the current quarter.

我們在歐洲有一個非常強勁的季度，一些大型交易完成簽約，那裡的活動也很熱絡。如你所知，我先前提到過一些涉及 Aviator 的大型交易；我們看到其中一些在歐洲落地。這也反映出一些區域差異。整體而言，我們仍看到業務保持平衡；在本季度，我們也有一些強勁的機會正在推進。

That's great. Thanks. As it relates to the four core businesses and trying to get those back to all the growth, I guess, next quarter, is that still the expectation? Cyber security and ITOM were down a bit this quarter. Do you think that it's something kind of looking out beyond this year that if they're on a kind of path of sustainable growth?

很好，謝謝。關於四大核心業務，並希望讓它們在下季都回到成長軌道，這仍是你們的預期嗎？本季資安與 ITOM 略有下滑。你認為展望今年之後，它們是否正走在可持續成長的路徑上？

Hi, David, it's Ayman. Let me just address that and then Steve and James can jump in. Again, I'm just going to zoom out because I'm a huge fan of context. When you heard me talk about disciplined execution early, let me give you two flavors of that umbrella. I've already mentioned to your colleagues a few, but part of disciplined execution means balanced execution across the geographies.

嗨，David，我是 Ayman。我先回應這個問題，之後 Steve 和 James 也可以補充。再次強調，我會先拉高視角，因為我非常重視脈絡。你先前聽到我談到「有紀律的執行」，我用兩個面向來說明這個概念。我之前也跟你的幾位同事提過一些；其中一部分的有紀律執行，意味著在各個地理區域之間做到均衡的執行。

You heard from James, as you pointed out, Europe was strong. Part of our homework going forward is to make sure we have that balance. That's the first point I would make.

如你所指出、也如 James 所說，歐洲表現強勁。我們接下來要做的功課之一，就是確保這種平衡。這是我想說的第一點。

The second dimension of balance is across the portfolio. When you look at our cyber business, we have a really strong portfolio there. That's a space where clients are spending money, and it is on us to make sure that we are very articulate with our value proposition. We have sharp sales execution motion in place to return the business to growth and keep it growing because the clients are spending money.

第二個平衡面向是在產品組合之間。當你看我們的資安業務時，我們在那裡有非常強的產品組合。那是一個客戶正在投入預算的領域，而我們的責任是要把我們的價值主張講得非常清楚。我們已建立明確的銷售執行機制，讓業務回到成長並持續成長，因為客戶確實在花錢。

You summed it well. That is our job as a management team, and that is a clear example of what I mean by disciplined execution earlier.

你總結得很好。這就是我們管理團隊的工作，而這也是我先前所說「有紀律的執行」的明確例子。

No, that's great. I appreciate that, Ayman. I guess last question, Tom, in your prepared remarks, you talked about, kind of macro headwinds being disciplined sellers, kind of waiting for improved market stability as it relates to the asset sales. Are you still looking or committed to sell or announce the sale of non-core assets one per quarter? Could we see that maybe get stretched out just because the market's not quite there?

不，這很好。我很感謝你的說明，Ayman。我想最後一個問題是，Tom，在你準備好的發言中，你提到在宏觀逆風下，作為有紀律的賣方，會等待市場穩定改善，這與資產出售有關。你們是否仍在尋求或承諾每季出售或宣布出售一項非核心資產？是否可能因為市場尚未到位而拉長時程？

Yeah. The one-per-quarter comment was about our limit to be able to implement them.

是的。「每季一項」的說法，主要是指我們在執行落地上的能力上限。

Because at the time, we had lots of interest across all the different business units, but we just couldn't sell them all at the same time. The comment about the buying market is simply that the SaaSpocalypse thing didn't really affect serious buyers because they were doing this on a discounted cash flow basis. You can't do that when you also have an active war going on. It's that combination of the two that has caused us to pause because quite frankly, buyers are having difficulty getting financing. We just wanted to alert the Street that as soon as the war is over, you'll see us, I think, get right back into a normal market.

因為當時，各個事業單位都有很多買方興趣，但我們不可能同時把它們全部賣掉。至於買方市場的評論，主要是所謂的 SaaSpocalypse 並沒有真正影響到認真的買家，因為他們是用折現現金流（DCF）的方式來評估。但當你同時面臨一場正在進行的戰爭時，就很難這麼做。正是這兩者的組合讓我們暫停了，坦白說，買方在取得融資方面遇到困難。我們只是想提醒市場，一旦戰爭結束，我想你們會看到我們很快回到正常的市場狀態。

At that point, you'll start to see us start again and again, with the proviso that we'll still implement once per quarter, just simply because the logistics of divestiture. Having said all that, we are nine months into this now, and Steve Rai and the team have gotten very good at this. We'll revisit that again. It all depends on how management feels about it. Yeah, it'll be steady as she goes. We've got to have the capital markets return to normal.

到那個時候，你們會看到我們一再重新啟動交易；但前提仍是我們會維持每季執行一次，單純是因為資產剝離在後勤與流程上的複雜度。話雖如此，我們現在已經進行九個月了，Steve Rai 和團隊在這方面已經做得非常熟練。我們會再重新檢視一次；一切取決於管理層的看法。是的，我們會穩健推進。我們需要資本市場回到正常。

Tom summed it up beautifully. The only thing I just want to add, you should expect from us that we will be very responsible with our shareholder money, and we owe it to them that we get the right return for the assets. That's what's behind Tom's comment about market conditions and fire sale. We have an obligation to our shareholders, and that is what's guiding our timing as well.

Tom 總結得非常到位。我唯一想補充的是，你應該期待我們會非常負責任地使用股東的資金，我們也有責任為這些資產取得正確的回報。這就是 Tom 提到市場狀況與避免「賤賣」背後的原因。我們對股東有義務，而這也同樣在引導我們的時點安排。

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

我現在把電話交回給 Antoun 先生，請他做結語。

Thank you, operator. Let me just wrap up on a couple points. First, just a sincere thank you for your kind welcome and warm welcome and for being with us and for all of your thoughtful questions. You've given us a couple of ideas that we're going to go double click on. I'd like to just close the way I started with the opening remarks.

謝謝你，接線員。我用幾點做個總結。首先，非常真誠地感謝大家對我的友善與熱情歡迎，感謝你們與我們同在，也感謝你們提出許多深思熟慮的問題。你們給了我們幾個想法，我們會進一步深入探討。我想用我在開場致詞時的方式來作結。

I am incredibly excited and equally confident about the road that we have ahead of us, and I'm very much looking forward to speaking with each of you one-on-one in the coming weeks. Have a great afternoon.

我對我們前方的道路感到無比興奮，也同樣充滿信心；並且非常期待在接下來幾週與各位一對一交流。祝各位下午愉快。

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。各位可以掛線。感謝參與，祝各位有美好的一天。