Open Text Corporation (OTEX) 2026 Q4 法說會逐字稿

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

感謝您稍候。我是會議接線員。歡迎參加 Open Text Corporation 2026 會計年度第四季財務業績電話會議。(接線員指示) 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 morning, everyone. Welcome to Open Tech's fourth quarter fiscal 2026 earnings call. With me on the call today are Open Text's Chief Executive Officer, Ayman Antoun; and Steve Rai, Executive Vice President and Chief Financial Officer. Today's call is being webcast and recorded with replay available shortly thereafter on the Open Text Investor Relations website that's investors.opentext.com.

謝謝你，接線員，各位早安。歡迎參加 Open Tech 2026 會計年度第四季財報電話會議。今天與我一同出席的有 Open Text 執行長 Ayman Antoun，以及執行副總裁兼財務長 Steve Rai。今天的電話會議將以網路直播並錄音，稍後可於 Open Text 投資人關係網站 investors.opentext.com 收聽重播。

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

今天稍早，我們已將新聞稿與投資人簡報上傳至線上。這些資料將補充我們事先準備的發言，並可於 Open Text 投資人關係網站取得。關於依產品類別區分之核心（Core）與非核心（non-Core）營收的更多細節，請參閱我們的投資人簡報。

Now turning to upcoming investor events. Open Text will be participating in the Oppenheimer Technology Conference on August 12, the Deutsche Bank Technology Conference in Los Angeles on August 26, Citibank Global TMT Conference in New York on September 10, and the Bank of Montreal TMT Conference in Toronto on September 15. We look forward to meeting with you there.

接著談談即將到來的投資人活動。Open Text 將參加 8 月 12 日的 Oppenheimer 科技大會、8 月 26 日於洛杉磯舉行的德意志銀行科技大會、9 月 10 日於紐約舉行的花旗全球 TMT 大會，以及 9 月 15 日於多倫多舉行的蒙特婁銀行 TMT 大會。期待在上述活動與各位會面。

And now on to the reading of our safe harbor statement. During this call, we will be making forward-looking statements related to the future performance of Open Text. These statements are based on current expectations, assumptions, and other material factors that are subject to risks and uncertainties, and actual results could differ materially from the forward-looking statements made today.

現在宣讀我們的安全港聲明。在本次電話會議中，我們將就 Open Text 未來表現發表前瞻性陳述。這些陳述係基於目前的預期、假設及其他重大因素，並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。

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 Open Text are contained in Open Text recent forms 10-K and 10-Q, as well as in our press release that was distributed earlier today, all of which may be found on our website. We undertake no obligation to update these forward-looking statements unless required to do so by law.

關於可能導致實際結果與此類前瞻性陳述出現重大差異之重大因素的更多資訊，以及可能影響 Open Text 未來業績表現之風險因素，均載於 Open Text 近期提交的 10-K 與 10-Q 表格，以及我們今天稍早發布的新聞稿中；上述資料皆可於我們的網站查閱。除非法律要求，否則我們不承擔更新這些前瞻性陳述之義務。

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，我們的電話會議可能包含對某些非 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可在網站取得的資料中查閱。

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

接下來，我把電話交給 Ayman。

Good morning, everyone, and thank you for being here today. For Q4 fiscal year 2026, we delivered balanced year-over-year growth in constant currency. Our top-line revenue grew 1%, our Core portfolio grew 3%, Cloud revenue in our Core portfolio grew 9%, and our adjusted EBITDA margin was 37.1%. Our CFO, Steve Rai, will take you through our Q4 and full year 2026 results and our fiscal 2027 outlook shortly.

各位早安，感謝今天蒞臨。在 2026 會計年度第四季，我們以固定匯率（constant currency）口徑實現了均衡的年對年成長。我們的總營收成長 1%，核心（Core）產品組合成長 3%，核心產品組合中的雲端營收成長 9%，調整後 EBITDA 利潤率為 37.1%。我們的財務長 Steve Rai 將在稍後帶各位回顧第四季與 2026 全年業績，以及 2027 會計年度展望。

Fiscal 2027 is a foundation year for us, centered on ruthless prioritization and focus, disciplined execution, Core growth in constant currency, and putting in place the foundation for enhanced performance for years to come. When I joined you last quarter, I was just days into my role as CEO of this iconic Canadian technology company.

2027 會計年度對我們而言是奠基之年，重點在於果斷的優先順序與聚焦、紀律化執行、以固定匯率口徑推動核心成長，並為未來多年更強勁的表現打下基礎。上季與各位見面時，我就任這家具代表性的加拿大科技公司執行長才短短幾天。

On day one, I set out clear priorities around listen, learn, assess, and act. Today, I have three updates I'd like to share with you. First, the feedback I heard from our stakeholders. Second, the enterprise assessment work we launched as a result of stakeholder feedback. And third, the early actions and disciplined capital allocation we're executing to drive consistent sustained performance now and for the future.

在第一天，我就明確訂下「傾聽、學習、評估、行動」的優先事項。今天我想與各位分享三項更新。第一，我從利害關係人那裡聽到的回饋。第二，我們因應利害關係人回饋而啟動的企業評估工作。第三，我們正在採取的早期行動與紀律化資本配置，以推動當下及未來的穩定、可持續表現。

Finally, before I close, I will highlight examples of the value we are delivering with AI for our clients. Before I cover these updates, I want to pause on an important theme that stands out. Every client, partner, and shareholder meeting I had over the last few weeks came back to AI and the promise AI holds for every enterprise in every industry.

最後，在我結束之前，我將舉例說明我們如何透過 AI 為客戶創造價值。在談這些更新之前，我想先停下來強調一個特別突出的重要主題。過去幾週我與每一位客戶、合作夥伴與股東的會面，最終都回到 AI，以及 AI 對各行各業每一家企業所帶來的承諾。

What clients told me was clear. Governed, secured, and integrated data is fundamental to their AI ambitions because there is no large language model, no AI agent, no application, functions without data. And that data needs to be trusted and in context to produce AI outcomes that bring value to an organization.

客戶告訴我的訊息很清楚。受治理、具安全性且整合的資料，是他們 AI 企圖心的根本，因為沒有任何大型語言模型、沒有任何 AI 代理、沒有任何應用程式能在沒有資料的情況下運作。而且這些資料必須可信且具情境脈絡，才能產生為組織帶來價值的 AI 成果。

Canadian in our roots, global in our reach, Open Text is a secure data foundation in the AI stack. Simply put, our portfolio of data management solutions is the difference between AI that is trusted and AI that is not. Enterprise-grade data is our differentiator. We're built for this moment in AI and for the future.

我們根植加拿大、觸及全球，Open Text 是 AI 技術堆疊中的安全資料基礎。簡而言之，我們的資料管理解決方案組合，正是「可信任的 AI」與「不可信任的 AI」之間的差異所在。企業級資料是我們的差異化優勢。我們為 AI 的此刻以及未來而生。

And now let me start with feedback from our stakeholders. I will start with our North Star, our clients. They value our team, our solutions, and our partnership with them. In many cases, these partnerships span 15, 20, 25 years. They want a more integrated Open Text, one that moves with speed and brings them innovation with purpose.

現在讓我先從利害關係人的回饋談起。我將從我們的北極星——客戶——開始。他們重視我們的團隊、我們的解決方案，以及我們與他們的合作夥伴關係。在許多情況下，這些合作關係已延續 15 年、20 年、25 年。他們希望看到一個更整合的 Open Text——能以更快速度行動，並以有目的的創新為他們帶來價值。

Our ecosystem partners, they want more joint engagements. They see our differentiated value and want to scale with us. They want to pair our trusted data foundation for AI with their technology and services to capture more of the estimated $300 billion addressable market opportunity.

我們的生態系合作夥伴希望有更多共同的客戶拓展與合作。他們看見我們的差異化價值，並希望與我們一起擴大規模。他們希望把我們為 AI 提供的可信資料基礎，與他們的技術與服務結合，以掌握估計達 3,000 億美元的可服務市場機會。

Our Open Text colleagues, they want what I want, more speed and simplicity, so we get more done and show up better for our clients. And our investors, they want us to be more focused, play to our strengths and deliver consistent revenue growth with a consistent set of KPIs to measure our progress. This invaluable feedback is already shaping how we operate.

我們的 Open Text 同仁，他們想要的與我一樣：更快的速度與更高的簡化程度，讓我們能完成更多工作，並以更好的方式服務客戶。而我們的投資人希望我們更聚焦、發揮強項，並以一套一致的 KPI 來衡量進展，交付一致的營收成長。這些寶貴的回饋已經在塑造我們的營運方式。

Now let me show you how. With the direct feedback from our clients, investors, partners, and colleagues, we launched an end-to-end enterprise assessment that assesses the end-to-end part of everything that we do, in particular, that enterprise assessment is to focus on two things. Identify early actions to drive growth now and to lay the foundation for enhanced and consistent growth for years to come.

現在讓我向各位展示我們如何落實。基於客戶、投資人、合作夥伴與同仁的直接回饋，我們啟動了一項端到端的企業評估，檢視我們所做的一切之端到端流程；特別是，這項企業評估聚焦於兩件事。找出可立即推動成長的早期行動，並為未來多年更強勁且一致的成長奠定基礎。

The assessment work is focused on the following areas: go-to-market, how we show up in front of our clients, and I will share with you more on this shortly. It covers our portfolio composition, differentiation, and our development process, marketing and demand generation engine. It's looking at our execution model, and decision rights to ensure that we are operating with discipline, accountability, simplicity and speed. And it also covers our talent and culture, which brings all of this to life.

這項評估工作聚焦於以下領域：市場進入策略（go-to-market）、我們如何在客戶面前展現自己，我稍後會分享更多。它涵蓋我們的產品組合構成、差異化，以及我們的開發流程、行銷與需求生成引擎。它也在檢視我們的執行模式與決策權責，以確保我們以紀律、問責、簡化與速度來運作。此外也涵蓋我們的人才與文化，讓上述一切得以落地實現。

This work is being led as we speak by our senior leadership team. Its output will define our multi-year growth plan and the financial model that creates and sustains shareholder value. As the assessment continues, we are not waiting to make changes that drive growth now.

這項工作此刻正由我們的資深領導團隊主導。其成果將界定我們的多年成長計畫，以及用以創造並維持股東價值的財務模型。在評估持續進行之際，我們不會等待才做出能立即推動成長的改變。

Next, I will walk you through the actions we are taking. First, we're investing in sales capacity. We are adding more than 300 new quota carrying sales colleagues worldwide with clients backed by one dedicated client executive who owns the relationship and makes it easier to do business across our portfolio.

接下來，我將帶您了解我們正在採取的行動。第一，我們正在投資銷售產能。我們將在全球新增超過300位具配額責任的新銷售同仁；每位客戶皆由一位專責的客戶主管支援，該主管負責關係經營，並讓客戶能更容易在我們的產品組合中進行業務往來。

Second, we're investing in our ecosystem partners to expand our market reach. We're privileged to partner with the world's leading global and regional system integrators, hyperscalers, and vertical ISVs like SAP. Together, we're now focused on effective co-selling and enablement to bring clients enhanced offerings. We are injecting our winning partner ecosystem directly into our go-to-market model this year, partner-led market segments.

第二，我們正在投資我們的生態系夥伴，以擴大市場觸及。我們很榮幸能與全球領先的全球與區域系統整合商、超大規模雲端服務商（hyperscalers），以及像SAP這樣的垂直領域ISV合作。我們目前共同聚焦於有效的共同銷售與賦能，為客戶帶來更強化的產品方案。今年我們正把我們致勝的夥伴生態系直接注入我們的市場進入（go-to-market）模式中，推動由夥伴主導的市場區隔。

Third, we are empowering the team closest to the clients with clear decision rights so they can move with speed and simplicity to cross-sell our portfolio. Next, to continue the momentum of growth, we will be shifting more of our R&D investment into our Core portfolio, cloud capabilities, and AI offerings. And finally, as I said on our first call together, capital discipline is a commitment we hold ourselves to.

第三，我們正賦能最貼近客戶的團隊，給予清晰的決策權限，使其能以更快速度與更簡化的方式進行交叉銷售我們的產品組合。接著，為了延續成長動能，我們將把更多研發投資轉向我們的核心（Core）產品組合、雲端能力與AI產品。最後，正如我在我們第一次通話時所說，資本紀律是我們對自己所做的承諾。

In Q4, we made an additional debt payment of $300 million from our net cash for a total of $649 million total debt paid in fiscal 2026. These early actions with more to come this year will make fiscal 2027 a foundation year for us to deliver growth in constant currency. The enterprise assessment concludes in a few months. And I look forward to sharing its outcome with you, our multi-year strategic plan in early calendar year 2027.

在第四季，我們以淨現金額外償還3億美元債務，使2026會計年度累計償還債務總額達6.49億美元。這些早期行動，以及今年還將推出的更多措施，將使2027會計年度成為我們在固定匯率（constant currency）下實現成長的奠基之年。企業評估將在數個月後完成。我也期待在2027年曆年年初與各位分享其結果，也就是我們的多年期策略計畫。

This brings me to my final update, how we empower our clients with enterprise-grade data for AI. In the end, this is all about our clients' success. They're moving from experimenting with AI to implementing AI at scale. Aviator is our Open Text AI platform. Available across our portfolio, Aviator agents turn secure trusted data into AI outcomes you can trust. Since Aviator agents were introduced only eight quarters ago, the number of deals where Aviator agents are integrated have more than doubled annually. And when Aviator agents are included in our clients' deals, our deal size is four times larger.

接下來是我最後一項更新：我們如何以企業級資料賦能客戶的AI。歸根究柢，這一切都關乎客戶的成功。他們正從AI試驗階段，邁向大規模導入AI。Aviator是我們的OpenText AI平台。Aviator代理可在我們的產品組合中使用，將安全且可信的資料轉化為您可以信賴的AI成果。自Aviator代理僅在八個季度前推出以來，整合Aviator代理的交易數量每年已增加逾一倍。而當客戶的交易包含Aviator代理時，我們的交易規模會大四倍。

The proof is in our client success stories. Let me share a few. Let's start with Content cloud, the system where a company's knowledge lives and gets put to work. At one of the world's largest technology firms, Aviator agents turn millions of HR records into instant, conversational, self-service while keeping every record governed, compliant, and trusted.

證明就在我們的客戶成功案例中。我分享幾個例子。先從內容雲（Content cloud）談起，這是企業知識所在並被投入運用的系統。在全球最大的科技公司之一，Aviator代理將數百萬筆人資紀錄轉化為即時、對話式的自助服務，同時確保每筆紀錄都受到治理、符合法規並值得信賴。

Next, Cybersecurity, the system that protects a company's data and keeps it running. At one of the world's leading telecom companies where connectivity and security are the lifeblood of the business, Aviator agents work inside network and data operations, helping teams find and fix vulnerabilities, cutting meantime to repair during an outage from one day to one hour.

接著是資安（Cybersecurity），這是保護企業資料並維持其運作的系統。在全球領先的電信公司之一，連線與安全是其業務命脈；Aviator代理在網路與資料營運中運作，協助團隊找出並修補弱點，將故障期間的平均修復時間從一天縮短至一小時。

Next, Business Network, which moves transactions and data between companies. A third of Fortune 500 banks globally use Open Text Business Network. Overall, we process over $11 trillion in network commerce each year. When our corporate clients need to pay vendors and run payroll, our Business Network trading grid sits in the middle and makes it work, so payments flow reliably whatever the source. And Aviator is built into trading grid, surfacing the right answers on demand, flagging risks before they become failures and resolving issues in real time.

接著是商務網路（Business Network），它在企業之間傳遞交易與資料。全球《財富》500大銀行中有三分之一使用OpenText Business Network。整體而言，我們每年處理超過11兆美元的網路商務交易額。當企業客戶需要支付供應商款項並執行薪資發放時，我們的Business Network交易網格（trading grid）位於其中並使其順利運作，讓款項不論來源為何都能可靠流動。而Aviator已內建於交易網格中，可按需提供正確答案，在風險演變成故障前即加以標示，並即時解決問題。

And finally, Application Delivery Management, what we call ADM, the system that helps teams build, test, and deliver quality software faster. At a major healthcare provider, Aviator agents are, in their words, an easy button. ADM, automated testing, cutting mobile test effort by 35% with faster releases and more efficient product development cycles. And we see growing demand across retail, banking, healthcare, oil and gas and logistics, where clients are coming to us to embed Aviator agents into the workflows.

最後是應用程式交付管理（Application Delivery Management），我們稱之為ADM，這是一套協助團隊更快建置、測試並交付高品質軟體的系統。在一家大型醫療服務提供者那裡，Aviator代理用他們的話說，就是「一鍵搞定」。在ADM與自動化測試方面，行動測試工作量降低35%，發版更快，產品開發週期也更有效率。我們也看到零售、銀行、醫療、油氣與物流等產業需求持續成長，客戶正找我們將Aviator代理嵌入其工作流程中。

I have never been more confident in where we are headed. I will now hand it over to our CFO, Steve Rai, who will take you through our Q4 and full year 2026 results and our fiscal year 2027 outlook. Thank you.

我從未對我們前進的方向如此有信心。接下來我將交給我們的財務長Steve Rai，他將帶各位回顧我們2026會計年度第四季與全年業績，以及我們對2027會計年度的展望。謝謝。

Thank you, Ayman. Good morning, everyone, and thank you for joining us today. We are pleased to have delivered a solid finish to fiscal '26. The performance of our Core business reflects the critical role that we play helping organizations unlock the value of their data as they advance AI initiatives.

謝謝你，Ayman。各位早安，感謝今天加入我們。我們很高興在2026會計年度交出穩健的收官表現。我們核心業務的表現反映出我們在協助組織於推進AI計畫時釋放其資料價值方面所扮演的關鍵角色。

Our results underscore the strength of our operating model, which continues to perform consistently across market environments. Supported by a large, diversified, and highly recurring enterprise client base, we benefit from a foundation that provides both stability and visibility. This strength translates into healthy profit and strong cash flow generation, giving us flexibility to invest in innovation and growth opportunities while maintaining a robust balance sheet. Our balanced approach to capital allocation continues to support sustainable value creation while returning capital to shareholders and positions us well for the future.

我們的業績凸顯了我們營運模式的強韌性，該模式在各種市場環境下持續穩定表現。在龐大、多元且高度經常性的企業客戶基礎支持下，我們受益於同時提供穩定性與可見度的根基。這項優勢轉化為健康的獲利能力與強勁的現金流創造，使我們在維持穩健資產負債表的同時，仍具備投資創新與成長機會的彈性。我們在資本配置上的均衡作法，持續支持可持續的價值創造，同時回饋股東資本，並使我們為未來做好準備。

Now to Q4 and full year fiscal '26 results. Starting with revenues, in Q4, we had a strong performance in the Cloud driven by contribution from AI. Total revenues of $1.35 billion were up 2.9% year-over-year or up 0.9% in constant currency terms. Total revenue for our Core portfolio was $1.05 billion, up 5.3% year-over-year or up 3.1% in constant currency.

接著說明2026會計年度第四季與全年業績。先從營收開始，第四季雲端業務表現強勁，主要受AI貢獻帶動。總營收為13.5億美元，年增2.9%，以固定匯率計算年增0.9%。我們核心產品組合的總營收為10.5億美元，年增5.3%，以固定匯率計算年增3.1%。

Total Cloud revenue was $503 million, up 6.0% or up 4.3% in constant currency. Cloud revenue for our Core portfolio was $341 million, up 10.7% or 8.9% in constant currency. Just a reminder that our Core business includes Content, Business Network or BN, IT Operations Management or ITOM, and Cybersecurity enterprise product categories.

雲端總營收為5.03億美元，年增6.0%，以固定匯率計算年增4.3%。我們核心產品組合的雲端營收為3.41億美元，年增10.7%，以固定匯率計算年增8.9%。提醒一下，我們的核心業務包含內容（Content）、商務網路（Business Network，或BN）、IT營運管理（IT Operations Management，或ITOM）以及資安（Cybersecurity）等企業產品類別。

Q4 represents our 22nd consecutive quarter of organic cloud growth. We closed 64 cloud deals greater than $1 million in the quarter, an increase of 49% year-over-year. The growth was driven by our Core, Content and BN categories and many of these cloud deals included Aviator. For additional detail on product category performance, including Core and non-Core breakdowns, please see our Investor Relations material.

第四季是我們連續第22個季度的有機雲端成長。本季度我們完成了64筆超過100萬美元的雲端交易，年增49%。成長主要由我們的核心、內容與BN類別帶動，且其中許多雲端交易包含Aviator。如需更多產品類別表現的細節（包含核心與非核心的拆分），請參閱我們的投資人關係資料。

Customer Support revenue in the quarter was $554 million, down 4.6% year-over-year. As a reminder, this includes the impact from our divested eDOCS and Vertica businesses. Annual Recurring Revenue or ARR was $1.06 billion, up 0.2% and representing 78.3% of our total revenue.

本季客戶支援營收為5.54億美元，年減4.6%。提醒一下，這包含我們已剝離的eDOCS與Vertica業務所帶來的影響。年度經常性收入（ARR）為10.6億美元，年增0.2%，占我們總營收的78.3%。

Turning to bookings, Enterprise Cloud bookings were $295 million in Q4, up 24.1% year-over-year and above our fiscal '26 target range of 16% to 20%. Q4 total RPO is up 7% year-over-year. Total cRPO is up 1% year-over-year, of which Cloud cRPO is up 10%, partially offset by Customer Support and other cRPO by 6% year-over-year.

接著看訂單（bookings），第四季企業雲端訂單為2.95億美元，年增24.1%，且高於我們2026財年的目標區間16%至20%。第四季總剩餘履約義務（RPO）年增7%。總當前剩餘履約義務（cRPO）年增1%，其中雲端cRPO年增10%，部分被客戶支援及其他cRPO年減6%所抵銷。

The year-over-year increase in Cloud cRPO was mainly due to strong bookings in Content and BN, partially offset by Cyber SMB and C. The decline in Customer Support and other cRPO would include the impact from our divested eDOCS and Vertica businesses.

雲端cRPO的年增主要來自Content與BN的強勁訂單，部分被Cyber SMB與C所抵銷。客戶支援及其他cRPO的下滑則包含我們已剝離的eDOCS與Vertica業務所帶來的影響。

As we look ahead, we are streamlining our bookings-related disclosures. Given our reporting of Cloud cRPO and total RPO, both widely recognized indicators of future revenue and demand, we will no longer report Enterprise Cloud bookings as a standalone metric, starting in Q1 of fiscal 2027. This change reflects our commitment to providing investors with the most relevant information while simplifying our disclosure framework and improving consistency with broader industry practice.

展望未來，我們將精簡與訂單相關的揭露。鑑於我們已揭露雲端cRPO與總RPO（兩者皆為廣泛認可的未來營收與需求指標），自2027財年第一季起，我們將不再單獨揭露企業雲端訂單作為獨立指標。此變更反映我們致力於在簡化揭露架構的同時，向投資人提供最相關資訊，並提升與更廣泛產業慣例的一致性。

On profitability, GAAP gross margin was 75.0%, up 270 basis points year-over-year and non-GAAP gross margin was 78.3%, up 220 basis points. The increase year-over-year reflects the continued improvement of Cloud gross margin mainly related to lower hyperscaler costs and infrastructure performance improvements.

在獲利能力方面，GAAP毛利率為75.0%，年增270個基點；非GAAP毛利率為78.3%，年增220個基點。年增主要反映雲端毛利率持續改善，主要與較低的超大規模雲端供應商（hyperscaler）成本及基礎設施效能改善有關。

GAAP net income was $156 million, up 439.9% year-over-year. Non-GAAP net income was $299 million, up 19.7% year-over-year. GAAP diluted EPS was $0.64, up 481.8% year-over-year. Non-GAAP diluted EPS was $1.23, up 26.8%. The increase in GAAP net income and diluted EPS was primarily due to higher profit, unrealized derivative gains, FX, and gain on sale from divestitures.

GAAP淨利為1.56億美元，年增439.9%。非GAAP淨利為2.99億美元，年增19.7%。GAAP稀釋每股盈餘（EPS）為0.64美元，年增481.8%。非GAAP稀釋每股盈餘為1.23美元，成長26.8%。GAAP淨利與稀釋每股盈餘的增加，主要來自較高獲利、衍生性金融工具未實現收益、外匯（FX），以及剝離資產的出售收益。

Operating cash flow for the quarter was $186 million, up 17.5% year-over-year, helped by the strong quarterly performance and ongoing streamlining of the business. Free cash flow was $122 million, down 1.6% and relatively consistent year-over-year. For the full fiscal year '26, total revenues were $5.2 billion, up 1.5% year-over-year or down 1.1% in constant currency terms. Total revenue for our Core portfolio was $4.0 billion, up 2.9% year-over-year and consistent in constant currency terms.

本季營運現金流為1.86億美元，年增17.5%，受惠於強勁的季度表現與持續精簡業務。自由現金流為1.22億美元，年減1.6%，與去年同期大致一致。2026財年全年總營收為52億美元，年增1.5%；以固定匯率計則年減1.1%。我們核心（Core）產品組合的總營收為40億美元，年增2.9%；以固定匯率計則持平。

Cloud revenue growth continues to drive the business with total Cloud revenue of $2.0 billion, up 5.5% or up 3.4% in constant currency. Cloud revenue for our Core portfolio was $1.3 billion, up 10.3% year-over-year or 7.8% year-over-year in constant currency. On a reported basis, Customer Support revenue was down 2.0%. License revenue was up 8.4% and Professional Services and Other Revenue was down 8.6%. As a reminder, the year-over-year compare for our on-prem business reflects the impact from our divested eDOCS and Vertica businesses.

雲端營收成長持續帶動業務發展，雲端總營收為20億美元，年增5.5%；以固定匯率計年增3.4%。核心產品組合的雲端營收為13億美元，年增10.3%；以固定匯率計年增7.8%。以報告基礎計，客戶支援營收年減2.0%。授權（License）營收年增8.4%，專業服務及其他營收年減8.6%。提醒一下，我們地端（on-prem）業務的年對年比較反映了已剝離的eDOCS與Vertica業務所帶來的影響。

On net renewal rates, our Cloud net renewal rate was 94%, down 180 basis points year-over-year and in line with historical levels. Our Customer Support net renewal rate was 93%, up from 91% year-over-year and also consistent with historical levels. On profitability and cash flow, GAAP operating margin was 20.6%, up 340 basis points.

在淨續約率方面，我們的雲端淨續約率為94%，年減180個基點，符合歷史水準。我們的客戶支援淨續約率為93%，較去年同期的91%上升，也符合歷史水準。在獲利能力與現金流方面，GAAP營業利益率為20.6%，上升340個基點。

Adjusted EBITDA margin was 36.3%, up 170 basis points. The increase was mainly due to continued streamlining of operations, including the business optimization plan and FX. GAAP diluted EPS was $2.58, up 56.4% and non-GAAP diluted EPS was $4.42, up 15.7%. Operating cash flow was $1.0 billion, up 21.2% and free cash flow was $808 million, up 17.5% year-over-year.

調整後EBITDA利潤率為36.3%，上升170個基點。增加主要來自持續精簡營運，包括業務優化計畫以及外匯（FX）。GAAP稀釋每股盈餘為2.58美元，年增56.4%；非GAAP稀釋每股盈餘為4.42美元，年增15.7%。營運現金流為10億美元，年增21.2%；自由現金流為8.08億美元，年增17.5%。

Fiscal '26 free cash flow while strong, came in approximately $31 million below our fiscal '26 outlook, mainly due to collections timing near the year-end cutoff. As we enter fiscal '27, which is an important foundation year for our next phase of growth as Ayman laid out, we provide the following outlook ranges.

2026財年自由現金流雖然強勁，但較我們對2026財年的展望低約3,100萬美元，主要因年末截止點附近的收款時點所致。進入2027財年（如Ayman所述，這是我們下一階段成長的重要奠基年）之際，我們提供以下展望區間。

On a reported basis, we expect total revenues to be $5.135 billion to $5.185 billion or negative 2% to negative 1% inclusive of an approximate $30 million foreign currency headwind at current rates. Total revenue growth is expected to be 0% to 1% in constant currency terms, excluding divestitures. Total Core revenue growth is expected to be positive 2% to 3% in constant currency terms. We expect each of our four Core businesses to grow in fiscal '27 in constant currency. Again, at current rates, approximately $25 of the $30 million FX headwind relates to Core revenue.

以報告基礎計，我們預期總營收為51.35億至51.85億美元，約為-2%至-1%，其中包含按目前匯率估計約3,000萬美元的外匯不利影響。在排除剝離影響後，以固定匯率計的總營收成長預期為0%至1%。核心（Core）總營收成長以固定匯率計預期為正2%至3%。我們預期四個核心業務在2027財年以固定匯率計皆將成長。同樣地，在目前匯率下，3,000萬美元外匯不利影響中約有2,500萬美元與核心營收相關。

Core Cloud revenue growth is expected to continue its momentum at 8% to 10% in constant currency terms. We expect an approximate $5 million FX headwind on Core Cloud revenue. Adjusted EBITDA margin is expected to be in the range of 32% to 33%.

核心雲端營收成長預期將延續動能，以固定匯率計為8%至10%。我們預期核心雲端營收將承受約500萬美元的外匯不利影響。調整後EBITDA利潤率預期區間為32%至33%。

As Ayman mentioned earlier, we are taking early actions to drive growth and this includes increasing sales capacity, investing in our partner ecosystem to expand market reach, and shifting more R&D investment into our Core portfolio, Cloud capabilities and AI offerings. These investments are estimated in the $100 million to $200 million range and are weighted toward our go-to-market initiatives and moderate our adjusted EBITDA margin range for the fiscal year '27.

如Ayman先前提到，我們正採取早期行動以推動成長，包括提升銷售產能、投資合作夥伴生態系以擴大市場觸及，以及將更多研發投資轉向我們的核心產品組合、雲端能力與AI產品。這些投資估計約在1億至2億美元區間，且將較偏重於我們的市場推進（go-to-market）計畫，並使我們2027財年的調整後EBITDA利潤率區間有所收斂。

Free cash flow is expected to be in the range of $625 million to $725 million. These factors in our growth investment plan, expectations around CapEx, and working capital items, including tax payments. And of course, the natural impact of the divestiture of our profitable eDOCS and Vertica businesses in fiscal '26.

自由現金流預期區間為6.25億至7.25億美元。此已納入我們的成長投資計畫、資本支出（CapEx）預期，以及營運資金項目（包括稅款支付）。當然，也包含我們在2026財年剝離高獲利的eDOCS與Vertica業務所帶來的自然影響。

Turning to our outlook for Q1 fiscal '27, we expect total revenue to be in the range of $1.22 billion to $1.25 billion and an adjusted EBITDA margin range of 32% to 33%. The targets I have outlined do not reflect the impact of any potential future divestitures and therefore may be revised accordingly. We continue to see growing Cloud adoption as clients prepare their data environments for AI. We view this as a long-term tailwind for Cloud growth, supporting expansion in both RPO and adjusted EBITDA over time.

至於2027財年第一季展望，我們預期總營收介於12.2億至12.5億美元，調整後EBITDA利潤率區間為32%至33%。我所概述的目標未反映任何未來可能的剝離影響，因此可能會相應修訂。我們持續看到雲端採用率提升，因客戶正為AI準備其資料環境。我們認為這將成為雲端成長的長期順風，並隨時間推進支持RPO與調整後EBITDA的擴張。

Turning to our capital allocation strategy, we prioritize across four key areas: debt reduction, organic growth investments, dividend payout, and share repurchase. This balanced approach reflects our commitment to strengthening the balance sheet while continuing to innovate for sustainable long-term growth and returning capital to shareholders. We are confident in our ability to meet upcoming debt maturities supported by the strength of our cash flow generation previously discussed.

談到我們的資本配置策略，我們在四個關鍵領域之間進行優先排序：降低負債、有機成長投資、股利發放，以及股份回購。這種均衡的方法反映了我們在持續創新以實現可持續的長期成長、回饋股東資本的同時，也致力於強化資產負債表。憑藉前述強勁的現金流創造能力，我們有信心能夠應對即將到期的債務。

We have used net proceeds from our recent divestitures to pay down our debt. In Q4, we reduced debt by $459 million, including a $300 million discretionary debt repayment from available liquidity and $150 million net proceeds from divestitures and delivered total debt reduction of $649 million in fiscal '26.

我們已將近期資產處分所得的淨收益用於償還債務。在第四季，我們將債務減少了4.59億美元，其中包括以可用流動性進行的3.00億美元自主性償債，以及來自資產處分的1.50億美元淨收益，並在2026財年實現合計6.49億美元的總債務削減。

Our net leverage ratio has reduced from 3.02 times to 2.75 times, now in line with our historical target range of 2.5 times to 3 times. We expect to access our debt markets over the coming quarters to refinance upcoming maturities and optimize our capital structure.

我們的淨槓桿比率已由3.02倍降至2.75倍，現已符合我們歷史目標區間2.5倍至3倍。我們預期在未來幾個季度進入債務市場，為即將到期的債務進行再融資並優化資本結構。

In fiscal '26, we returned $268.4 million via dividends and the Board declared a quarterly dividend of $0.28 per share payable on September 18, 2026, to shareholders of record on September 4, 2026. We also repurchased and canceled approximately 14.8 million shares in fiscal '26 or 6% of our common shares outstanding. We have renewed our NCIB for fiscal '27 to repurchase up to 10% of the company's public float as of July 31, 2026.

在2026財年，我們透過股利回饋了2.684億美元，董事會亦宣告每股0.28美元的季度股利，將於2026年9月18日支付給截至2026年9月4日登記在冊的股東。我們亦在2026財年回購並註銷約1,480萬股股份，約占已發行普通股的6%。我們已續期2027財年的NCIB，得以回購截至2026年7月31日公司公開流通股數（public float）的最多10%。

Our divestiture strategy remains active and disciplined. We are not inclined to divest non-Core assets at any cost. These businesses continue to generate positive margins and cash flow. And we will remain opportunistic in pursuing transactions with shareholder value in mind.

我們的資產處分策略仍然積極且嚴謹。我們不傾向於不計代價處分非核心資產。這些業務仍持續產生正向利潤率與現金流。我們也將在以股東價值為依歸的前提下，把握機會推進交易。

Overall, we are pleased with our fourth quarter and full year performance. As mentioned, looking ahead to fiscal '27, we expect revenue for our Core business to grow 2% to 3% on a constant currency basis. We remain confident in our strategic direction and believe we have built a solid foundation to execute on our growth strategies.

整體而言，我們對第四季及全年表現感到滿意。如前所述，展望2027財年，我們預期核心業務營收在固定匯率基礎上成長2%至3%。我們對策略方向仍具信心，並相信我們已建立穩固基礎以執行成長策略。

With that, we conclude our prepared remarks. Operator, please open the line for questions.

以上為我們事先準備的發言。接線員，請開放提問。

(Operator Instructions)

(接線員指示)

Kevin Krishnaratne, Scotiabank.

Kevin Krishnaratne，豐業銀行（Scotiabank）。

Hey, there. Good morning. I wanted to talk about the Core growth expectations for '27. You laid out 2% to 3%. Wondering if you're going to unpack thoughts across the various segments. In particular, your Content was up 1% last year. Does that continue to move higher? And then in particular, the strategies that you have in place for the ITOM and the Cyber businesses, which were down 3% last year. Just would love your thoughts?

嗨，你好。早安。我想談談你們對2027財年核心成長的預期。你們提出2%到3%。想請問你們是否會進一步拆解各個不同業務分部的看法。特別是你們的內容（Content）去年成長1%。這是否會持續走高？另外，特別是你們針對ITOM與資安（Cyber）業務的策略，這兩項去年下滑3%。很想聽聽你們的想法？

Hey, Kevin, good morning and thank you for the question. Let me just start and Steve can join. It's very important for us that each category of Core grow and that's the commitment that we have and the outlook that we have as well. We today feel that Content as a subset of Core will be in a faster growth trajectory than the total of Core, and we expect Cyber and ITOM to also grow in FY27.

嗨，Kevin，早安，謝謝你的提問。我先回答，Steve也可以補充。對我們而言，核心（Core）的每一個類別都要成長非常重要，這也是我們的承諾與目前的展望。我們目前認為，作為核心子集合的內容（Content）將呈現比整體核心更快的成長軌跡，而我們也預期資安（Cyber）與ITOM在2027財年同樣會成長。

And part of it is the way that you've heard Steve say it, we're redirecting more of our R&D dollars toward the category of Core, it's not going to be a peanut-butter approach across all four categories but Cyber will be one of the components of Core that will get an injection of some of the reallocation. In addition to the way we're going to reallocate is being very precise around infusing more AI capabilities in each of the Core categories and accelerating the Cloud versions of each one of those categories as well.

其中一部分原因如同你聽到Steve所說，我們正把更多研發（R&D）資金重新導向核心（Core）類別；這不會是把資源平均塗抹在四個類別上的「花生醬式」做法，但資安（Cyber）將是核心中會獲得部分重新配置資源挹注的組成之一。此外，我們重新配置的方式也會非常精準：在核心各類別中導入更多AI能力，並加速各類別的雲端（Cloud）版本。

Thanks for that. Maybe related to that on the growth initiatives, I think, Steve, you talked about the investments and skewing more towards go-to-market. Maybe to make it easier, just in the model, last year, your R&D percentage of revenue was around 12%, sales and marketing 21%. Can you maybe help us for modeling purposes understand where those should land for '27?

謝謝。也許延伸到成長計畫，我記得Steve你提到投資會更偏向go-to-market。為了讓模型更容易，去年你們研發占營收比約12%，銷售與行銷約21%。能否為了建模目的，協助我們理解2027財年這些比率大概會落在哪裡？

Yeah, good question. I think the as Ayman said and as I said in our prepared remarks, I mean obviously the focus is on the go-to-market side, which is adding sales capacity. So coming down to the percentages there, obviously, there's some puts and takes with R&D. I mean, there is going to be some reallocation between the categories that we've got. But overall, I'd model that consistently with fiscal '26 and sales marketing, I'd probably take up a point or two.

好的，這是個好問題。我想如Ayman所說、也如我在事先準備的發言中提到，重點顯然是在go-to-market端，也就是增加銷售產能。至於比率方面，研發（R&D）當然會有一些此消彼長。我們確實會在既有的各個類別之間做一些重新配置。但整體而言，我會以與2026財年大致一致來建模；而銷售與行銷方面，我可能會上調1到2個百分點。

Thanks so much, guys. I'll pass the line.

非常感謝各位。我把時間交回。

Doug Taylor, National Bank.

Doug Taylor，加拿大國家銀行（National Bank）。

Thank you. Good morning. A couple more questions on your guidance here, the reinvestments you're making into your go-to-market motions, both direct and indirect. You talked to 300 new reps. Can you talk about the time horizon you expected to complete that investment? And then moving on from that, how much you expect these to mature within this fiscal year and how much of the benefit from that is factored into your growth guidance?

謝謝。早安。我還有幾個關於你們指引的問題，關於你們在go-to-market動作上的再投資，包括直接與間接通路。你們提到新增300位業務代表。能否談談你們預期完成這項投資的時間範圍？接著，這些投資在本財年內你們預期成熟到什麼程度？以及其中多少效益已納入你們的成長指引？

Hi, Doug. Another very important question. So our expectation in the hiring engine started earlier than the beginning of this quarter is by the end of fiscal quarter FY27, I expect our sales capacity to be at the level that we want it to be for the full year. And of course, that will ramp up and we have very precise programs around sales enablement to accelerate the sellers' ability.

嗨，Doug。這也是非常重要的問題。我們的招募引擎在本季開始之前就已啟動；我預期到2027財年年底（fiscal year-end），我們的銷售產能將達到我們希望的全年目標水準。當然，這會逐步爬坡，我們也有非常精準的銷售賦能（sales enablement）計畫，以加速業務人員的上手能力。

We know exactly which clients we would assign them to. So a lot of the groundwork is done so that as soon as everybody is in the seat, they can hit the ground running. We have factored that timeline and their capacity into the guidance that we give for Core. And of course, part of that is they become part of the baseline as we get into beyond FY27.

我們也清楚知道要把他們分配給哪些客戶。因此許多前置作業都已完成，讓每位人員一到位就能立即展開工作。我們已將該時程與其產能納入我們對核心（Core）所提供的指引之中。當然，其中一部分也會在進入2027財年之後，成為基準的一部分。

Next question for me. You've got some materials in your slide deck about the migration from legacy to Cloud. To what degree is your growth guidance here predicated on migration of some of your existing business to Cloud versus net new business, perhaps you can wrap some numbers or thoughts around that qualitatively or quantitatively. Thank you.

我下一個問題。你們在簡報資料中有一些關於從傳統（legacy）遷移到雲端（Cloud）的內容。你們這裡的成長指引，在多大程度上是以將既有業務遷移到雲端為前提，而非來自淨新增業務？也許你們可以用定性或定量的方式提供一些數字或看法。謝謝。

Maybe I'll start there. So we're in early stages of that. Now obviously, there's some very positive signs and markers that we indicated. Obviously, you start to see this in our build in the Content cloud cRPO numbers, I mean up 10% current, 15% long-term in terms of the Cloud piece of it. And the traction in the deals greater than $1 million and all that.

也許我先從那裡開始。所以我們目前還在早期階段。現在很明顯地，我們已指出一些非常正面的訊號與指標。顯然，你開始在我們內容雲（Content Cloud）的 cRPO 數字建置中看到這點，也就是雲端部分目前成長 10%，長期成長 15%。以及在超過 100 萬美元的交易等方面的動能。

So we've got -- we'll try to get more specific on that, but it's a little early in terms of the modeling, but probably look forward to some more specificity early next year with respect to kind of the broader topic of Cloud migration and how that's tracking in the longer-term modeling around it.

所以我們已經有——我們會嘗試在這方面提供更具體的說明，但就建模而言現在還稍早；不過，關於雲端遷移這個更廣泛的主題，以及它在較長期模型中的追蹤情況，可能要等到明年初才會有更明確的細節可供期待。

Is it fair to say that your growth for cloud is a balance of that migration and net customer growth? I mean, I'm just trying to unpack that a bit more.

可以說你們雲端的成長是在遷移與淨新增客戶成長之間取得平衡嗎？我的意思是，我只是想把這點再拆解得更清楚一些。

Yes, Doug, it's Ayman. I think what is encouraging for us -- first of all, if you just let me back up for second, one of the continuous feedback I get from clients, and I had the privilege of meeting with 63 individual clients since I got in the seat, is they like the fact that we allow them choice. Choice of acquiring on-prem or cloud and choice of what cloud, whether it's public or private.

是的，Doug，我是 Ayman。我認為讓我們感到鼓舞的是——首先，如果你允許我先退一步說明，我從客戶那裡持續收到的回饋之一，而且自從我上任以來有幸與 63 位個別客戶會面，就是他們喜歡我們提供選擇。包括選擇採購地端（on-prem）或雲端，以及選擇哪一種雲，不論是公有雲或私有雲。

But to give you just statistics of what we have seen happen in FY26, which I believe will continue in FY27, is 92% of our cloud bookings were new clients going to the cloud as opposed to base converting to the cloud. That's not to say the existing base doesn't have a desire, but we kind of like the mix that 92% of our cloud bookings are coming from new engagements, if you will.

但就 FY26 我們所看到的統計數據（我相信 FY27 也會延續）而言，我們 92% 的雲端訂單（cloud bookings）來自新客戶上雲，而不是既有客戶基礎轉換到雲端。這並不是說既有客戶沒有這樣的意願，但我們確實喜歡這樣的組合：也就是我們 92% 的雲端訂單來自新的合作案（engagement），如果你願意這麼說的話。

Sagar Karri, BMO Capital Markets.

Sagar Karri，BMO Capital Markets。

Hi there. Good morning. This is Sagar on behalf of Thanos. So I just had a question on divestitures. So with respect to divestitures, something that you continue to actively explore with interested parties, has that discussion continued or have those discussions been paused for the time being given current market conditions?

你好。早安。我是 Sagar，代表 Thanos。我有一個關於資產剝離（divestitures）方面的問題。就資產剝離而言，你們仍在與有興趣的各方積極探索；在目前市場狀況下，相關討論是持續進行，還是暫時先按下暫停？

Thanks for the question. That absolutely continues. We've got an active process and engagements related to that. Obviously, given market dynamics, as we've said before, we're not going to fire sale anything. We want to get a fair and reasonable price as the right thing to do as custodians of these assets and for shareholder returns.

謝謝你的提問。那絕對仍在持續。我們有一個正在進行中的流程，以及與此相關的接洽。當然，考量市場動態，如同我們先前所說，我們不會以賤賣（fire sale）的方式處理任何資產。作為這些資產的管理者（custodians），以及為了股東報酬，我們希望取得公平且合理的價格，這才是正確的做法。

But in the meantime, just a reminder, I mean, these are good businesses. They're profitable businesses and generating profit and good cash along the way. So we're being methodical about it.

但同時也提醒一下，這些都是好業務。它們是獲利的業務，並且一路上持續產生利潤與良好的現金。所以我們會有條不紊、按部就班地推進。

Stephanie Price, CIBC.

Stephanie Price，CIBC。

Wondering if we could circle back on kind of the investment. So $100 million to $200 million is a pretty large investment for Open Text. Just curious if you can give any further details about how to think about it between R&D and sales capacity and partner. In answering one of the prior questions, it sounds like R&D is still expected to be at 12% of revenue. So just any additional breakdown, if you can kind give there any color?

想請問我們是否可以回到投資這一塊。對 Open Text 來說，1 億到 2 億美元是一筆相當大的投資。想了解你是否能提供更多細節，讓我們理解在研發（R&D）、銷售產能（sales capacity）以及合作夥伴之間該如何看待這筆投資的分配。在回答先前其中一個問題時，聽起來研發仍預期維持在營收的 12%。所以如果可以的話，能否再多給一些拆解或補充說明？

Stephanie, good morning and thank you for the question. The investment in capacity, I would put it in two categories, which is a significant part, at least in the FY27 modeling, a significant part of the overall investment. It's adding face-to-face sales capacity in front of the clients, over 300 more sellers that carry a quota.

Stephanie，早安，謝謝你的提問。我會把產能方面的投資分成兩大類；至少在 FY27 的建模中，這會是整體投資中相當重要的一部分。第一是增加面對面、直接在客戶前線的銷售產能，新增超過 300 位帶有配額（quota）的業務人員。

In addition to that, reactivating our ecosystem partner channel, which is a significantly important route to market for us to reach segments that we have not reached on our own. And part of that reactivating is investing in enabling those partners, supporting them with sales plays, and having a financial model that's attractive for them to be our partners.

除此之外，還包括重新啟動我們的生態系合作夥伴通路；這對我們而言是非常重要的市場進入路徑（route to market），能協助我們觸及那些我們靠自己尚未觸及的細分市場。而重新啟動的一部分，就是投資於合作夥伴賦能（enabling），以銷售打法（sales plays）支援他們，並建立對他們而言具有吸引力、願意成為我們夥伴的財務模型。

And when I say partners, I think of the four categories, the hyperscalers, the global and regional system integrators as the second category, the vertical ISVs like the SAP, and sorry, the regional system integrators, not just the global ones. So everyone has a different requirement, bring us different value, and reactivating that is an important part of our growth strategy going forward and we felt it's prudent to spend that investment in FY27 so that we can ramp it up and reap the benefits down the road as well.

當我說合作夥伴時，我想到四種類別：超大規模雲服務商（hyperscalers）；第二類是全球與區域系統整合商；第三類是垂直領域的 ISV，例如 SAP；以及——抱歉——也包括區域系統整合商，而不只是全球的。每一類夥伴的需求不同、帶給我們的價值也不同；重新啟動這個生態系是我們未來成長策略的重要一環。我們也認為在 FY27 投入這筆投資是審慎之舉，讓我們能夠加速拉升（ramp it up），並在未來收穫其效益。

That's a great color. And then maybe on the free cash flow guidance for '27 and the free cash flow conversion that it kind of implies. How should we think about the puts and takes here? I think there was a comment about divestitures kind of impacting free cash flow in the year. How do you kind of think about free cash flow here?

這些補充很有幫助。另外想問一下關於 27 年的自由現金流（free cash flow）指引，以及它所隱含的自由現金流轉換率（free cash flow conversion）。我們應該如何看待其中的利多與利空因素？我記得有提到資產剝離可能會影響當年的自由現金流。你們是如何看待這裡的自由現金流？

Yeah, obviously, the growth investments are factored into the range that we've provided. I mean, it's fairly significant, as you noted. Now, obviously, the timing of it in terms of exactly when that lands, there could be a little bit of variability there. So that's why we've got that range, but it's largely that.

是的，很明顯地，成長投資已經納入我們所提供的區間之中。如你所指出，這筆投資相當可觀。當然，就它確切落地的時間點而言，可能會有一些變動。因此我們才提供一個區間，但主要就是這些因素。

The divestitures that I was referring to was the ones that we completed last year. So obviously, they'll have a full year effect in terms of the cash flow. They were profitable businesses and so if they're no longer in the mix, but that's also a part of it.

我先前提到的資產剝離，是指我們去年已完成的那些。所以很明顯地，它們在現金流方面會有一整年的影響。那些是獲利的業務，因此如果它們不再納入組合之中，這也會是其中一部分的影響。

Paul Treiber, RBC Capital Markets.

Paul Treiber，RBC Capital Markets。

Thanks for taking the question. Good morning. You've run very large sales organizations in the past. Open Text has gone through sales capacity investments in prior years. From your point of view, why perhaps did those investments did not have as much of a payoff as perhaps they should have, and how are you taking a different approach this time?

謝謝讓我提問。早安。你過去曾管理非常大型的銷售組織。Open Text 在過去幾年也做過銷售產能投資。從你的角度來看，為什麼那些投資可能沒有帶來應有的回報？以及這一次你們採取了哪些不同的做法？

Hi, Paul. Thank you for the question. It's a really important one because sales capacity not spread properly and surgically doesn't give you the same returns. So if I were to mention three things that we're working to do materially differently than we have done in the past is one where we are allocating that capacity.

你好，Paul。謝謝你的提問。這題非常重要，因為如果銷售產能沒有被適當且精準地配置，就不會帶來同樣的回報。如果要我提三件我們正在做、且相較過去有實質不同的事情，第一件就是我們如何配置這些產能。

So we have segmented our market, the client segments that we are focused on into three segments. We used to have a lot more than that, so we are more focused on which clients we want to target and those are the clients we're putting that investment in terms of sales capacity because they're the ones that have given us the feedback that if you are spending time with me, more time with me, and bringing me an integrated Open Text, not the brand by brand version, but the integrated Open Text where you're stitching all the products that I acquire from you into a holistic story, you will reap the benefits. So surgically putting the coverage, not a peanut-butter approach, but in certain places.

我們已將市場、也就是我們聚焦的客戶區隔，分成三個區段。過去我們的區隔更多，因此現在我們更聚焦於要鎖定哪些客戶；而我們把銷售產能的投資放在這些客戶上，因為他們回饋我們：如果你願意花時間與我互動、花更多時間，並帶給我一個整合式的 Open Text——不是一個個品牌各自為政的版本，而是整合式的 Open Text，把我向你採購的所有產品串接成一個完整的故事——你就會收穫效益。因此我們是以外科手術式地配置覆蓋，而不是「花生醬式」平均塗抹，而是放在特定的地方。

Second, we have picked the markets where we believe not only there's an opportunity that we have the right win, a value proposition that resonates. So we've configured ourselves globally across 16 markets with a market leader for each one of those 16 markets, he or she is accountable for the resource model, for the performance of the unit, and have all the decision rights in the market, that's another key change. The decision rights to speed what we do for our clients is in the hands of the market leaders, you don't need to phone home, you don't come to headquarters, so to speak.

第二，我們選擇了我們相信不僅存在機會、而且我們有正確勝出條件的市場，也就是能引起共鳴的價值主張。因此，我們在全球16個市場完成配置，每個市場都有一位市場負責人；他或她對資源配置模型、該單位的績效負責，並且在該市場擁有所有決策權，這是另一項關鍵變革。為了加速我們為客戶所做的事情，決策權掌握在市場負責人手中；你不需要打電話回總部，也不需要所謂地回到總部。

And then the final one I would say that is different than in the past, it's part of the investment that's going into the ecosystem. That is a place that I have really good experience with. When you do it right, it is a significant force multiplier. It takes time and the investment eventually pays off, but I did not feel we had enough investment there. The partners told me that in the last three months where I've spoken to our top 22 partners. So we have listened and acted in terms of investments and resources to support them, sales enablement, and financial incentives as well.

最後一點我會說，與過去不同的是，這是投入到生態系統的投資的一部分。這是我非常有經驗的領域。做對了，它會成為非常顯著的槓桿放大器。這需要時間，而投資最終會得到回報，但我覺得我們在那方面的投資不夠。在過去三個月裡，我與我們前22大合作夥伴交流時，他們也這麼告訴我。因此，我們已在投資與資源方面傾聽並採取行動，以支援他們，包括銷售賦能以及財務激勵。

Second question, just on renewal rates, specifically in a cloud net renewal rate. It was down on a year-over-year basis, but you mentioned that it was in line with historical trends. Can you just sort of elaborate a bit more on that dynamic? And ideally, where would you prefer net renewal rates to trend to over time?

第二個問題，關於續約率，特別是雲端淨續約率。它在年對年基礎上有所下降，但你提到它符合歷史趨勢。你能否再多闡述一下這個變化的動態？理想情況下，隨著時間推移，你希望淨續約率走向哪個趨勢？

Yes, I'll start there, maybe Ayman can add on. Obviously, the historical rates are they are, but being in the low to mid-90s there is pretty good. I think maybe we'll -- with what's happening, we likely, given the trends that we're seeing, that should, I think, improve to some degree over time because the stickiness and the level of investments that companies are making and the AI deployments really ticking up, deals getting larger, and longer quite significantly, I think, should positively impact that over time.

是的，我先回答，Ayman 也許可以補充。顯然，歷史水準就是那樣，但落在低到中90%區間其實相當不錯。我想也許我們會——就目前正在發生的事情而言，依我們看到的趨勢，這應該會隨時間在某種程度上改善，因為黏著度、企業正在進行的投資水準，以及AI部署確實在上升，交易規模變大、期限也顯著拉長，我認為這些都應該會隨時間對其產生正面影響。

Thanks for taking the questions.

謝謝讓我提問。

David Kwan, TD Cowen.

David Kwan，TD Cowen。

Thanks and good morning. Want to get back to the question on the asset divestitures. So can you comment on, I guess, what the environment is looking like right now, particularly as it relates to deal financing, because I know I think it was on the last call you talked about just challenges in terms of potential buyers, particularly financial ones struggling to access credit. I'm wondering to what extent that might have changed since last call.

謝謝，早安。我想回到資產剝離的問題。所以你能否評論一下，我想，目前的環境看起來如何，特別是與交易融資相關的部分？因為我記得上次電話會議你提到，在潛在買家方面存在挑戰，尤其是金融買家在取得信貸方面遇到困難。我想知道，自上次電話會議以來，這種情況在多大程度上有所改變。

My take on it is that while things are starting to potentially loosen up a little bit, it's by and large similar, right? You're absolutely right, the debt markets remain pretty tight in the space. But on the other hand, there is a lot of capital on the sidelines waiting to be deployed. So it's that kind of dynamic and there's obviously a lot of market participants out there looking for to take advantage of current valuations and market. So I think it's kind of more of the same, but it should improve given a bit more time.

我的看法是，雖然情況可能開始稍微鬆動一些，但整體而言仍然差不多，對吧？你說得完全正確，這個領域的債務市場仍然相當緊。但另一方面，有大量資金在場邊等待部署。所以就是這樣的動態，而且顯然有很多市場參與者在尋找機會，利用目前的估值與市場狀況。因此我認為大致還是類似的情況，但再給一點時間應該會改善。

I appreciate the color. And then on the capital allocation strategy, it sounds like really more focused on investing for stronger organic growth and debt reduction. Is that right? And on a related note, despite kind of where the shares are trading right now, should we expect a slower pace of buybacks this year versus last year given maybe a change in priorities?

感謝補充說明。然後關於資本配置策略，聽起來你們更聚焦於投資以帶動更強的內生成長以及降低負債。是這樣嗎？另外，儘管目前股價的交易水準如此，今年相較去年，我們是否應預期回購步伐會放慢，因為優先順序可能有所改變？

Hi, David. It's Ayman. You called it right. On our page 21, the capital allocation categories were listed. You should read that as listed based on priorities for us, debt reduction and organic growth investments. But as you heard from Steve in his remarks, we did renew the NCIB process and it is part of our capital allocation, but we're prioritizing the first two.

嗨，David。我是Ayman。你說得沒錯。在我們第21頁，列出了資本配置的類別。你應該把它理解為依我們的優先順序排列：先是降低負債，其次是內生成長投資。但正如你在Steve的談話中聽到的，我們確實更新了NCIB流程，它也是我們資本配置的一部分，但我們會優先前兩項。

Appreciate it. Last question for me, and I apologize if this maybe was discussed on the call as I was late jumping on, but I'm curious to get your commentary on token consumption and how that's impacting your business from a cost perspective. Is it having a material impact and is that I assume that's reflected in the market?

感謝。我最後一個問題，如果這在電話會議中已討論過我先道歉，因為我比較晚才加入。我想聽聽你們對代幣（token）消耗的看法，以及它從成本角度如何影響你們的業務。它是否造成重大影響？以及我想，這是否已反映在市場上？

When we started to make that available to our development team, at the beginning, we started to see a ramp up that was going to get dangerous if we don't put the right governance around it. So very quickly, the team did a really nice job monitoring the early stage of token consumption and who's using it and for what reasons and are we getting the ROI.

當我們開始讓開發團隊使用這項功能時，一開始我們看到使用量快速上升，如果不建立適當的治理機制，可能會變得危險。因此很快地，團隊在監控代幣消耗的早期階段方面做得非常好：誰在使用、用於什麼原因，以及我們是否獲得投資報酬率（ROI）。

And very quickly our Chief Development Officer and our Chief Information Officer partnered together and put a very tight but with speed and simplicity governance model around it. And we feel pretty good about how we're managing that going forward.

而且很快地，我們的首席開發長與首席資訊長攜手合作，建立了一套非常嚴謹、但同時兼具速度與簡潔性的治理模型。我們對於未來如何管理這件事感到相當有信心。

(Operator Instructions)

（接線員指示）

Steve Enders, Citi.

Steve Enders，Citi。

Hi. Thanks for taking the questions. This is George on for Steve. I wanted to ask about this ongoing enterprise assessment. Sounds like pretty sweeping. Clearly, there were some signals that were loud enough to enable you to take some fairly decisive actions before completing that. But just when you think about the range of outcomes, what are some of the areas where you feel like there's the most sort of uncertainty in where you could go strategically following that assessment?

嗨。謝謝讓我提問。我是George，代Steve提問。我想問關於這項正在進行的企業評估。聽起來範圍相當廣。顯然，在完成評估之前，就已經有一些訊號強烈到足以讓你們採取相當果斷的行動。但當你思考可能的結果範圍時，在評估之後你們在策略上可能前往的方向中，哪些領域是你覺得不確定性最大的？

Good morning, George, and thank you for the question. So first of all, just to your earlier comment, the way you opened the question, absolutely, the reason that we launched it and the components we included in the assessment was 100% informed. By the discussions I had with the 63 plus clients, over 28 of our investors, over 2,500 of my colleagues and close to 22 of our top partners and these were all one-on-one discussions, not one-on-many, so there was no group thinking in the feedback I received.

早安，George，謝謝你的問題。首先回應你前面的評論、你提問的開場：完全正確，我們之所以啟動這項評估，以及納入評估的各個組成部分，都是100%基於充分資訊。這些資訊來自我與63位以上客戶、28位以上投資人、2,500位以上同事，以及接近22位頂尖合作夥伴的討論；而且這些都是一對一的交流，不是一對多，所以我收到的回饋不存在群體思維。

And we felt based on when we internalized the feedback, we felt that we have a really good opportunity, not just increasing the capacity from a sales point of view, but to do what the clients asked for, company in a more coordinated fashion. That's why those client executives are the ones that represent the holistic Open Text in front of the client, not brand by brand.

而且我們在內化這些回饋後覺得，我們有一個非常好的機會，不僅是從銷售角度提升產能，更是以更協調一致的方式去做客戶要求我們做的事。這就是為什麼那些客戶主管是在客戶面前代表整體的OpenText，而不是一個品牌接一個品牌地呈現。

We felt the clients that wanted to see more of us, but we didn't have the capacity to get there would be best served by an ecosystem. That's why we put some of our efforts there. But as we were going through and listening, the clients also told us, be fast and proactive. Give me use cases, give me innovation with purpose, I want to see more AI infused in your portfolio. And our sellers said to us, I'd like to get more sales enablement. The ability to not just understand our portfolio, but make it fit in a given client environment through an industry lens.

我們覺得，那些希望看到我們投入更多、但我們過去沒有足夠產能觸及的客戶，最適合透過生態系統來服務。這就是為什麼我們把部分努力放在那裡。但在我們一路聆聽的過程中，客戶也告訴我們：要快、要主動。給我使用案例，給我有目的的創新，我希望在你們的產品組合中看到更多AI注入。而我們的銷售也對我們說：我希望獲得更多銷售賦能。不僅能理解我們的產品組合，還能透過產業視角，讓它適配到特定客戶的環境中。

And then we kind of looked at how we're spending our R&D money and to do that, we felt we needed to understand if we're putting it in the right category and that was part of the work stream that we launched around the portfolio and the development. So all of it informed by the feedback I received and categorized and prioritized in the set of things that the clients, the partners, the investors, and the colleagues said would make the most.

接著我們大致檢視了我們如何花費研發（R&D）資金；為了做到這點，我們覺得需要了解我們是否把它歸在正確的類別中，而這也是我們圍繞產品組合與開發所啟動的工作流之一。因此，這一切都以我收到的回饋為依據，並加以分類與排序，納入客戶、合作夥伴、投資人與同事所說、最能帶來最大效益的一系列事項之中。

And then I wanted to ask on maybe the deal environment, not universally, but some of your software colleagues in the market have seen some level of deal elongation. It seems like a lot of AI products require additional levels of approvals. When I look at your Q4 results, it seems like bookings is fairly strong. Is that a dynamic that you all have been seeing out there and executed through or if not, what do you feel is allowing you to sidestep some of those headwinds?

接著我想就交易環境問一下；不是普遍現象，但市場上一些你們的軟體同業確實看到交易週期有某種程度的拉長。看起來很多 AI 產品需要額外層級的核准。當我看你們第四季的結果時，似乎訂單（bookings）相當強勁。這是你們也在市場上看到並已執行因應的動態嗎？如果不是，你覺得是什麼讓你們得以避開部分逆風？

Yes, that's another really important point that you're raising because as we have seen things happen to the industry segment and players in the segment, that's a topic we pay very close attention to. Throughout the fourth quarter, we have not seen any material slowdown from our clients' engagements or deal delays that caused us not to get to end of job. And candidly, it takes me back to our core value proposition.

是的，你提出的這點也非常重要，因為當我們看到產業區隔以及該區隔的參與者出現一些變化時，這是我們非常密切關注的議題。在整個第四季，我們沒有看到客戶互動有任何實質性的放緩，或出現導致我們無法完成交易的延遲。坦白說，這讓我回到我們的核心價值主張。

There's not a single language model. There's not a single agent. There's not a single application that can function and give the client the output and the outcome they want without data and a data foundation. So because of the space we're in and because of how they're all working hard to translate AI ambitions into reality, it did not cause us in the fourth quarter any visible material delay.

沒有任何單一語言模型。沒有任何單一代理（agent）。也沒有任何單一應用程式，能在沒有資料與資料基礎的情況下運作，並為客戶提供他們想要的輸出與成果。因此，因為我們所處的領域，以及他們都在努力把 AI 的雄心轉化為現實，第四季並未對我們造成任何可見的重大延遲。

Great color. Thanks for taking the questions.

很有幫助的補充說明。謝謝你回答問題。

I will now hand the call back over to Mr. Antoun for closing remarks.

我現在把電話交回給 Antoun 先生做結語。

Thank you very much. I just thought to wrap this up and connect some of the points that you heard from Steve and I and also some of the answers to our questions. We were very pleased with how we closed FY26 with the strong fourth quarter. It gives us the opportunity to start FY27, a year that we're calling a foundation year for us that will position us for strength for years to come. I am very confident of the road that we have ahead of us.

非常感謝。我想做個收尾，並把你從 Steve 和我這裡聽到的一些重點，以及對問題的部分回答串起來。我們對 FY26 在強勁的第四季下收官感到非常滿意。這讓我們有機會展開 FY27——我們稱之為我們的「奠基年」，將使我們在未來多年保持強勁態勢。我對我們前方的道路非常有信心。

As you heard from us, FY27 Core revenue projected to grow between 2% to 3%, but just as importantly, every single one of the four categories in Core, our Cloud revenue will grow between 8% to 10%. We expect our cloud bookings to be significant as well, close to 30%-plus growth. As you heard me say, 92% of our cloud wins are new cloud business as opposed to base conversion.

如同你們聽到我們所說，FY27 核心（Core）營收預計成長 2% 到 3%；但同樣重要的是，在 Core 的四個類別中，每一個類別的雲端營收都將成長 8% 到 10%。我們也預期雲端訂單（cloud bookings）將相當可觀，接近 30% 以上的成長。如同我所說，我們 92% 的雲端勝出案（cloud wins）是新的雲端業務，而不是既有基礎的轉換。

One of the components that I included in my remarks are the examples around how Aviator is being more and more integrated in our capabilities and the business that the clients acquire from us, where when Aviator is included, the deal size is more than four times when it is not.

我在談話中提到的其中一個組成部分，是一些例子，說明 Aviator 如何愈來愈多地整合進我們的能力，以及客戶向我們採購的業務中；當納入 Aviator 時，交易規模是未納入時的四倍以上。

You heard about the sales capacity, not just face-to-face in front of the client, but also the investment in activating our ecosystem, and we're doing this while enabling everyone that is in front of the client to have more decision rights, so they can act with speed.

你們也聽到我們談到銷售產能，不僅是面對面在客戶面前的投入，也包括對啟動我們生態系的投資；同時我們也在賦能所有面向客戶的人擁有更多決策權，讓他們能夠快速行動。

And as we have deployed our capacity, we're very conscious to make sure that it's providing not just additional capability to the client but continuity of relationships so that we do not disrupt those relationships that we value and treasure very much. The activation of the ecosystem will be a force multiplier for us over the next number of years.

而在我們部署產能的同時，我們也非常注意確保它不僅為客戶提供額外能力，也能維持關係的延續性，避免破壞那些我們非常重視且珍惜的關係。在未來幾年，生態系的啟動將成為我們的力量倍增器。

And as you stitch all this together with what we started the call with who Open Text is, the data and context foundational layer in the AI stack for our clients, a secure, trusted, mission-critical layer. That will be our value proposition today and going forward, not only just because of the AI buzz but because, as I said, no language model, no AI agent, and no application would be able to produce the outcomes clients want without trusted, secure, well-governed data.

當你把這一切與我們在電話會議一開始所談的 OpenText 是什麼串在一起——也就是在客戶的 AI 技術堆疊中，提供資料與情境的基礎層，一個安全、可信、關鍵任務（mission-critical）的層——這將是我們當下以及未來的價值主張，不僅僅因為 AI 的熱潮，而是因為如我所說，沒有可信、安全、治理良好的資料，任何語言模型、任何 AI 代理，以及任何應用程式都無法產出客戶想要的成果。

And with that, thank you for everyone for joining us on the call this morning.

最後，感謝各位今天早上加入我們的電話會議。

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

今天的電話會議到此結束。您可以掛斷電話線。感謝您的參與，祝您有美好的一天。