Pegasystems Inc (PEGA) 2023 Q1 法說會逐字稿

Greetings, and welcome to the Pegasystems First Quarter 2023 Earnings Results. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ken Stillwell. Please go ahead.

您好，歡迎來到 Pegasystems 2023 年第一季度收益結果。 （操作員說明）提醒一下，正在錄製此會議。現在我很高興向您介紹主持人 Ken Stillwell。請繼續。

Thank you. Good evening, ladies and gentlemen, and welcome to Pegasystems Q1 2023 Earnings Call. Before we begin, I would like to read our safe harbor statement. Certain statements contained in this presentation may be construed as forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.

謝謝。女士們先生們，晚上好，歡迎來到 Pegasystems 2023 年第一季度財報電話會議。在我們開始之前，我想閱讀我們的安全港聲明。本演示文稿中包含的某些陳述可被解釋為 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。

The words expects, anticipates, intends, plans, believes, will, could, should, estimates, may, targets, strategies, projects, forecasts, guidance, likely and usually, or variations of such words or other similar expressions identify forward-looking statements, which speak only as of the date statement was made that are based on current expectations and assumptions.

預期、預計、打算、計劃、相信、將、可能、應該、估計、可能、目標、戰略、項目、預測、指導、可能和通常，或此類詞語或其他類似表達的變體識別前瞻性陳述，僅在發表聲明之日起基於當前的預期和假設。

Because such statements deal with future events, they are subject to various risks and uncertainties. Actual results for fiscal year 2023 and beyond may differ materially from the company's current expectations. Factors that could cause the company's results to differ materially from those expressed in the forward-looking statements are contained in the company's press release announcing its Q1 2023 earnings and in the company's filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2022, and other recent filings with the SEC.

由於此類陳述涉及未來事件，因此受到各種風險和不確定性的影響。 2023 財年及以後的實際結果可能與公司當前的預期存在重大差異。可能導致公司業績與前瞻性陳述中表達的結果存在重大差異的因素包含在公司宣布其 2023 年第一季度收益的新聞稿和公司向美國證券交易委員會提交的文件中，包括其 Form 10 年度報告-K 截至 2022 年 12 月 31 日的年度，以及最近向美國證券交易委員會提交的其他文件。

Investors are cautioned not to place undue reliance on such forward-looking statements, and there are no assurances that the matters contained in such statements will be achieved. Although subsequent events may cause our view to change, except as required by applicable law, we do not undertake and specifically disclaim any obligation to publicly update or revise these forward-looking statements, whether as the result of new information, future events or otherwise.

提醒投資者不要過分依賴此類前瞻性陳述，並且無法保證此類陳述中包含的事項將會實現。儘管後續事件可能導致我們的觀點發生變化，但適用法律要求除外，我們不承擔並明確否認任何公開更新或修改這些前瞻性陳述的義務，無論是由於新信息、未來事件或其他原因。

And with that, I'll turn the call over to Alan Trefler, Founder and CEO of Pegasystems.

有了這個，我將把電話轉給 Pegasystems 的創始人兼首席執行官 Alan Trefler。

Thank you, Ken, and to everyone who is joining today's call. We had a terrific start in 2023. Our team executed our strategy well, leveraging our strengths and remaining resilient in an environment that we expect will remain uncertain for some time.

謝謝 Ken，也感謝所有參加今天電話會議的人。我們在 2023 年有了一個很好的開端。我們的團隊很好地執行了我們的戰略，利用我們的優勢並在我們預計在一段時間內仍將不確定的環境中保持彈性。

In Q1, we achieved ACV growth of 15%, driven primarily by increasing our footprint in our existing clients and through strength in Pega Cloud. This is exactly where we said we had tremendous opportunity and where we would focus our sales and marketing efforts.

在第一季度，我們實現了 15% 的 ACV 增長，這主要是由於我們在現有客戶中的足跡增加以及 Pega Cloud 的實力。這正是我們所說的我們擁有巨大機會的地方，也是我們將重點關註銷售和營銷工作的地方。

We also saw select new logos, though that's not our focus for this year. Clients are responding positively to our architecture, our model, our focus on deep engagement. Pega Cloud is driving growth and cloud margins continue to scale.

我們還看到了精選的新徽標，儘管這不是我們今年的重點。客戶對我們的架構、我們的模型以及我們對深度參與的關注做出了積極回應。 Pega Cloud 正在推動增長，雲利潤率繼續擴大。

It's great to see us continuing to make solid progress towards becoming a Rule of 40 company, balancing growth with fiscal discipline and generating significant cash flow. Overall, our results reinforce the effectiveness of our strategy and we see tremendous opportunity for growth.

很高興看到我們在成為一家 40 人規則公司、平衡增長與財政紀律並產生大量現金流方面繼續取得穩步進展。總的來說，我們的結果加強了我們戰略的有效性，我們看到了巨大的增長機會。

Ken will discuss our financial results in more detail in a moment. Now I'm spending a lot of time with our clients, both at our Cambridge-based Executive Briefing Center which continues to be solidly booked, and on the road, including a trip to Europe I've just returned from.

肯稍後將更詳細地討論我們的財務結果。現在，我花了很多時間與我們的客戶在一起，無論是在我們位於劍橋的行政簡報中心（該中心的預訂量仍然很高），還是在路上，包括我剛從歐洲回來的一次歐洲之行。

I continue to hear the same things. Last week, I was in Germany, Italy and Sweden, visiting clients. And despite the anxieties in Europe, the conversations I had were optimistic and clients continue to be deeply interested in building relationships with Pega.

我繼續聽到同樣的話。上週，我在德國、意大利和瑞典拜訪客戶。儘管歐洲存在焦慮，但我進行的談話是樂觀的，客戶繼續對與 Pega 建立關係非常感興趣。

Digital transformation remains a driving force as organizations are looking for solutions to better deliver personalized engagement and optimize business processes. The City just published a spending survey that noted that digital transformation was one of the top investment priorities for CIOs in 2023.

數字化轉型仍然是推動力，因為組織正在尋找解決方案以更好地提供個性化參與和優化業務流程。該市剛剛發布了一項支出調查，指出數字化轉型是 CIO 在 2023 年的首要投資重點之一。

Pega has a long history of helping clients improve efficiency and effectiveness as well as to improve their customers' experience. Clients are also very interested in and in some ways concerned about the use of AI, especially with the newest generative technologies.

Pega 在幫助客戶提高效率和有效性以及改善客戶體驗方面有著悠久的歷史。客戶也對 AI 的使用非常感興趣，並在某些方面擔心，尤其是最新的生成技術。

They want to know how to leverage AI in responsible ways to drive automation without compromising enterprise governance or lose control of outcomes. Our approach to digital transformation and to AI is perfectly aligned to both address these concerns and meet these needs. Now to talk about our approach, our viewpoint in developing software has always been about building technologies and serve business people.

他們想知道如何以負責任的方式利用 AI 來推動自動化，同時又不影響企業治理或失去對結果的控制。我們的數字化轉型和 AI 方法完全一致，可以解決這些問題並滿足這些需求。現在說說我們的做法，我們開發軟件的觀點一直是做技術，服務業務人。

We provide the most powerful and scalable low-code platform for AI-powered decisioning and workflow automation. We make it simpler for enterprises to work smarter, unify experiences and adapt quickly. And we ensure that organizations can empower their employees without compromising enterprise IT integrity. We're combining AI and automation to enable organizations to become autonomous enterprises, that's self-optimized towards business goals without sacrificing control.

我們為 AI 驅動的決策和工作流自動化提供最強大和可擴展的低代碼平台。我們讓企業更輕鬆地更智能地工作、統一經驗并快速適應。我們確保組織能夠在不損害企業 IT 完整性的情況下為其員工提供支持。我們正在結合人工智能和自動化，使組織成為自治企業，在不犧牲控制的情況下針對業務目標進行自我優化。

Now as you all may have seen, there's an elevated interest in our AI and lots of excitement and hype. And just as a reminder, since our founding 4 decades ago, Pega has helped enterprise clients use our AI-powered solutions to automate complex business processes, improve customer experience and drive operational efficiency.

現在，正如你們所有人可能已經看到的那樣，人們對我們的 AI 越來越感興趣，並且充滿了興奮和炒作。提醒一下，自 4 年前成立以來，Pega 一直在幫助企業客戶使用我們的人工智能解決方案來自動化複雜的業務流程，改善客戶體驗並提高運營效率。

We've been evolving our capabilities as the technology and our clients' needs have evolved. And we're in a unique position to lean on this heritage of harnessing understanding and leveraging AI to be able to provide unique capabilities to our clients. When we announced our generative AI plans last month, we stayed true to our approach with an offering that will allow clients to use the generative iterative AI technology of their choice with enterprise governance to make generative AI truly enterprise-ready.

隨著技術和客戶需求的發展，我們一直在發展我們的能力。我們處於獨特的位置，可以依靠這種利用理解和利用人工智能的傳統，為我們的客戶提供獨特的能力。當我們上個月宣布我們的生成 AI 計劃時，我們堅持我們的方法，提供一種產品，允許客戶使用他們選擇的生成迭代 AI 技術與企業治理，使生成 AI 真正為企業做好準備。

We focus on building out use cases that maximize value and minimize risk. For example, we use generative AI to create better performing marketing copy which would generate prototype applications from just a simple sentence.

我們專注於構建最大化價值和最小化風險的用例。例如，我們使用生成式 AI 來創建效果更好的營銷文案，這將僅從一個簡單的句子生成原型應用程序。

Our approach incorporates auditing and human approval that are the hallmarks of Pega's platform. This managed architectural foundation provides organizations with safety, security and reliability suitable for the enterprise. IT managers will be able to integrate their own specific generative AI APIs into Pega Infinity and centrally manage licenses and controls to give clients flexibility to add existing or emerging generative AI APIs.

我們的方法結合了審計和人工批准，這是 Pega 平台的標誌。這種託管架構基礎為組織提供適合企業的安全、保障和可靠性。 IT 經理將能夠將他們自己的特定生成 AI API 集成到 Pega Infinity 中，並集中管理許可和控制，使客戶能夠靈活地添加現有或新興的生成 AI API。

A great example of our generative AI strategy coming to life is our recent inclusion in Amazon's announcement of Bedrock, a new AWS cloud service that allows developers to build and scale generative AI applications in the cloud.

我們的生成 AI 戰略成為現實的一個很好的例子是我們最近在 Amazon 發布的 Bedrock 公告中，這是一項新的 AWS 雲服務，允許開發人員在雲中構建和擴展生成 AI 應用程序。

Because of our approach, we can easily integrate Bedrock into our platform and have use cases that can make it available to clients. At the same time, we can continue to support other cloud providers and other generative AI solutions based on our clients' preferences. Now we've been at the forefront of providing responsible AI for years and are committed to putting the controls straight into our software to make sure that the fairness, the transparency and robustness all exist.

由於我們的方法，我們可以輕鬆地將 Bedrock 集成到我們的平台中，並擁有可以使其可供客戶使用的用例。同時，我們可以根據客戶的喜好繼續支持其他雲提供商和其他生成式 AI 解決方案。多年來，我們一直站在提供負責任人工智能的前沿，並致力於將控件直接放入我們的軟件中，以確保公平性、透明度和穩健性都存在。

We believe the rapid generative AI developments will make lower-end, low-code providers a commodity. But on the other hand, the higher-end, enterprise-grade solutions like Pega are going to benefit. So we're excited about the opportunity to create additional value by augmenting our solutions for organizations. Now we have also rolled out new Pega Cloud enhancements supported by an enhanced global operation center that improves speed, scalability, agility, reliability and security.

我們相信，快速生成的人工智能發展將使低端、低代碼的供應商成為一種商品。但另一方面，像 Pega 這樣的高端企業級解決方案將會受益。因此，我們很高興有機會通過增強我們為組織提供的解決方案來創造額外價值。現在，我們還推出了新的 Pega Cloud 增強功能，由增強的全球運營中心提供支持，該中心提高了速度、可擴展性、敏捷性、可靠性和安全性。

These improvements help organizations maximize their technology investments, and deliver better experiences for staff and clients. And we continue to make progress with Pega Launchpad, which we announced last year as our new cloud-based, low-code application development platform, that empowers software providers to build and commercialize workplace-centric business-to-business SaaS apps.

這些改進有助於組織最大限度地利用其技術投資，並為員工和客戶提供更好的體驗。我們繼續在 Pega Launchpad 方面取得進展，我們去年宣布將其作為我們新的基於雲的低代碼應用程序開發平台，它使軟件提供商能夠構建以工作場所為中心的企業對企業 SaaS 應用程序並將其商業化。

We're excited to be working with a select group of amazing early adopters whose Pega Launchpad powered apps are being built to address the needs of new markets that they will be pursuing. Now we're coming up on PegaWorld iNspire, our annual trade show, and it's going to be fabulous. We'll be showcasing our new AI capabilities, announcing several new offerings and demonstrating solutions at more than 40 company booths and featuring over 200 demos in 100,000 square feet of pure ingenuity.

我們很高興能與一群優秀的早期採用者合作，他們正在構建由 Pega Launchpad 提供支持的應用程序，以滿足他們將追求的新市場的需求。現在我們即將參加 PegaWorld iNspire，這是我們的年度貿易展，它將會非常精彩。我們將展示我們的新 AI 功能，在 40 多個公司展位上宣布幾項新產品並展示解決方案，並在 100,000 平方英尺的純粹獨創性中展示 200 多個演示。

We'll also be highlighting the success stories for more than 40 clients including outstanding keynote presentations from Aflac, who will talk about how they are using Pega to reduce roadblocks and bottlenecks and manage staffing fluctuations and market pressures to continually deliver transformational outcomes.

我們還將重點介紹 40 多家客戶的成功案例，包括來自 Aflac 的傑出主題演講，他們將談論他們如何使用 Pega 來減少障礙和瓶頸，並管理人員配置波動和市場壓力，以持續交付轉型成果。

Citibank, one of our very first Pega clients, who went live originally, obviously, on very different technology in 1984, is using Pega to deliver on its mission of being a trusted financial services partner, levering decision science to drive omnichannel customer-centric experiences.

花旗銀行是我們最早的 Pega 客戶之一，顯然，他們最初於 1984 年使用非常不同的技術上線，現在正在使用 Pega 來履行其成為值得信賴的金融服務合作夥伴的使命，利用決策科學來推動全渠道以客戶為中心的體驗.

Rabobank from the Netherlands, who will demonstrate how they are revolutionizing customer experiences using our low-code and AI capabilities. And Virgin Media, who will describe their journey to become a fully digital business leveraging Pega's customer service, case management and AI-based decisioning.

來自荷蘭的 Rabobank，他們將展示他們如何使用我們的低代碼和 AI 功能徹底改變客戶體驗。 Virgin Media 將描述他們利用 Pega 的客戶服務、案例管理和基於 AI 的決策成為一家全數字化企業的旅程。

If you haven't yet, please check out the PegaWorld website, register, and then join us to hear and see all of this in person, and especially feel free to join us for the investor session on Monday, June 12. So in summary, I'm pleased with our strong start to 2023 and our ongoing progress to be a Rule of 40 best company.

如果您還沒有，請查看 PegaWorld 網站，註冊，然後加入我們親自聆聽和觀看所有這些內容，特別是歡迎參加我們 6 月 12 日星期一的投資者會議。總結一下，我對我們到 2023 年的強勁開局以及我們成為 40 家最佳公司的持續進展感到滿意。

Our results continue to be driven by ongoing demand from large global enterprises and for digital transformation solutions that drive automation and leverage AI. Our strategy to focus our effort on meaningful clients is proving effective and candidly, is making us feel really good about how we're doing in the market as well as obviously winning business.

我們的業績繼續受到大型全球企業的持續需求以及對推動自動化和利用人工智能的數字化轉型解決方案的推動。我們將精力集中在有意義的客戶身上的策略被證明是有效和坦率的，這讓我們對我們在市場上的表現以及明顯贏得業務的方式感到非常滿意。

We expect to face macroeconomic challenges in 2023, but I think we are well prepared and experienced with executing in challenging times. I feel confident that we are in the right space with the right capabilities and the right team. And our strategy is absolutely the right one to leverage a significant opportunity in front of us. To provide more color on our financial results, let me now turn it over to our COO and CFO, Ken Stillwell.

我們預計將在 2023 年面臨宏觀經濟挑戰，但我認為我們已經做好充分準備，並且在充滿挑戰的時期執行方面經驗豐富。我相信我們在正確的領域擁有正確的能力和正確的團隊。我們的戰略絕對是正確的，可以利用擺在我們面前的重要機會。為了給我們的財務業績提供更多色彩，現在讓我將其轉交給我們的首席運營官兼首席財務官 Ken Stillwell。

Thanks, Alan. Given an uncertain economic environment, it is great to see our team deliver such a strong start to 2023. The 3 most important metrics to measure the success of our business are annual contract value, ACV, cash flow and backlog.

謝謝，艾倫。鑑於不確定的經濟環境，很高興看到我們的團隊在 2023 年取得如此強勁的開端。衡量我們業務成功與否的 3 個最重要指標是年度合同價值、ACV、現金流和積壓訂單。

So I'm going to focus my initial comments today on how we're progressing against these 3 critically important metrics. ACV grew 15% in constant currency year-over-year in Q1. Annual contract value growth has been and continues to be the most important metric for us. This strong result was powered by Pega Cloud ACV growth, which increased 24% in constant currency year-over-year.

因此，我今天的初步評論將集中在我們如何針對這 3 個至關重要的指標取得進展。第一季度 ACV 按固定匯率計算同比增長 15%。年度合同價值增長一直並將繼續是我們最重要的指標。這一強勁的業績得益於 Pega Cloud ACV 的增長，按固定匯率計算同比增長 24%。

Pega Cloud represented approximately 67% of the $45 million of net new ACV added in the quarter in constant currency. Pega Cloud ACV continues to be the largest ACV component and the fastest growing. Our ACV growth was bolstered by our decision to realign our go-to-market strategy and focus our resources on deepening our relationships with our marquee customers.

Pega Cloud 約佔本季度新增 ACV 淨額 4500 萬美元的 67%（以固定匯率計算）。 Pega Cloud ACV 仍然是最大的 ACV 組件，也是增長最快的。我們的 ACV 增長得益於我們決定重新調整我們的上市戰略並將我們的資源集中在深化我們與大客戶的關係上。

Our first quarter results provide clear evidence this strategy is working. Our ACV growth was broad-based. And in addition, we are attracting new logos, although that is not our primary focus for 2023. Moving to cash flow. In Q1, we generated $68 million in operating cash flow and produced $75 million in our free cash flow metric, which is a great start to 2023.

我們第一季度的業績清楚地證明了這一戰略正在奏效。我們的 ACV 增長基礎廣泛。此外，我們正在吸引新標識，儘管這不是我們 2023 年的主要重點。轉向現金流。在第一季度，我們產生了 6800 萬美元的運營現金流和 7500 萬美元的自由現金流指標，這是 2023 年的一個良好開端。

We still have a lot of work to do for the year though. When we started our subscription transition in late 2017, our vision was to transform Pega's economic model and build a successful business for the long term while delivering tremendous value for our clients.

不過，這一年我們還有很多工作要做。當我們在 2017 年底開始訂閱過渡時，我們的願景是轉變 Pega 的經濟模式並建立長期成功的業務，同時為我們的客戶提供巨大的價值。

Our strong ACV growth, coupled with our strong free cash flow generation is the result of many years of hard work by our team to sharpen our growth strategy and efficiency. We're now running the business as a subscription business. We're really happy with the success we've had anchored the concept of efficient growth. And as you can see, some of the results are starting to show as we progress through the first quarter numbers.

我們強勁的 ACV 增長，加上我們強大的自由現金流產生，是我們團隊多年來為提高我們的增長戰略和效率而努力工作的結果。我們現在將業務作為訂閱業務來運營。我們對有效增長概念所取得的成功感到非常高興。正如您所看到的，隨著第一季度數據的進展，一些結果開始顯現。

We expanded Pega Cloud gross margin to 72%, and we're increasing our operating leverage. And we believe there's more upside to our Pega Cloud's gross margin in the future. Moving on to backlog. Total backlog increased by 14% year-over-year in constant currency to $1.34 billion, driven by growth in Pega Cloud backlog.

我們將 Pega Cloud 的毛利率擴大到 72%，並且我們正在提高我們的經營槓桿。我們相信未來 Pega Cloud 的毛利率會有更大的上升空間。繼續積壓。在 Pega Cloud 積壓業務增長的推動下，總積壓業務按固定匯率計算同比增長 14% 至 13.4 億美元。

Revenue had 2/3 of our net new ACV add from Pega Cloud in Q1, and that combined with a lower number of term license renewals, we obviously would recognize less revenue in the quarter than we did last year in the first quarter.

第一季度 Pega Cloud 增加的淨新 ACV 占我們收入的 2/3，再加上期限許可證續訂數量較少，我們顯然會在本季度確認比去年第一季度更少的收入。

That's because the majority of revenue from term license deals is recognized upfront and upon renewal. In contrast, Pega Cloud revenue is recognized ratably over time. Given these dynamics, revenue and non-GAAP EPS in an individual quarter can be highly variable and sometimes it's not representative of the underlying fundamentals of what's happening in the business.

這是因為期限許可交易的大部分收入是預先確認的，並在續訂時確認。相比之下，Pega Cloud 的收入隨著時間的推移逐漸得到認可。鑑於這些動態，單個季度的收入和非 GAAP 每股收益可能變化很大，有時它不能代表業務中正在發生的事情的基本面。

For example, Total revenue in Q1 was down 14% year-over-year, driven by this 39% drop in term license revenue. We discussed this back in February. Our term license backlog was unusually high at $172 million in the fourth quarter of 2021.

例如，受定期許可收入下降 39% 的推動，第一季度總收入同比下降 14%。我們在二月份討論過這個問題。 2021 年第四季度，我們的長期許可積壓異常高，達到 1.72 億美元。

And you saw that backlog significantly impact revenue in the first quarter of 2022. Given that our term license backlog balance at the end of 2022 was significantly less than the prior year, we expected term license revenue in Q1 of '23 to decline significantly year-over-year.

你看到積壓顯著影響了 2022 年第一季度的收入。鑑於我們在 2022 年底的期限許可積壓餘額明顯低於上一年，我們預計 23 年第一季度的期限許可收入將大幅下降 -超過一年。

We also repurchased $33 million of our $600 million convertible notes at approximately a 10% discount. This transaction was not part of a formal repurchase policy, rather, as we generate cash, we will look to opportunistically retire our convertible debt. Similarly to last quarter, given an uncertain economic environment, we thought it would be helpful to provide some thoughts on modeling our business.

我們還以大約 10% 的折扣回購了價值 6 億美元的可轉換票據中的 3300 萬美元。該交易不是正式回購政策的一部分，相反，隨著我們產生現金，我們將尋求機會退出我們的可轉換債券。與上一季度類似，鑑於不確定的經濟環境，我們認為提供一些關於業務建模的想法會有所幫助。

Our practice is to provide annual guidance at the start of the year and not to update guidance unless we've done a material acquisition or something else materially happens in the business like we mentioned last year. We do not provide quarterly guidance. Given our focus on increasing cash flow, we added a new metric this year, free cash flow.

我們的做法是在年初提供年度指南，而不是更新指南，除非我們進行了重大收購或業務中發生了其他重大事件，就像我們去年提到的那樣。我們不提供季度指導。鑑於我們專注於增加現金流，我們今年增加了一個新指標，即自由現金流。

Our commitment to generating free cash flow is strong. As a company, we understand the value, especially in an uncertain growth environment of delivering both consistent free cash flow generation and free cash flow improvement as we scale. That way, when we actually see these periods that are less certain in the growth environment when the economic climate is not as welcoming, we established a solid free cash flow based business.

我們對產生自由現金流的承諾是堅定的。作為一家公司，我們了解價值，尤其是在不確定的增長環境中，隨著我們的擴展，提供一致的自由現金流產生和自由現金流改善。這樣，當我們實際看到這些時期在經濟環境不那麼受歡迎的增長環境中不太確定時，我們就建立了穩固的基於自由現金流的業務。

And as we expect our sales and marketing expenses to be higher in the first half of 2023 compared to second half, that's driven by our PegaWorld Conference being live in 2023, and as we've mentioned, as Alan mentioned earlier, for the first time since 2019.

正如我們預計我們的銷售和營銷費用在 2023 年上半年會比下半年更高，這是由於我們的 PegaWorld 會議將於 2023 年舉行，正如我們提到的，正如艾倫之前提到的，這是第一次自 2019 年以來。

I'm very excited that our investor session will once again be held in person in Las Vegas after a 4-year virtual sessions. Monday, June 12, at PegaWorld, we will host investors to discuss our long-term model and our long-term strategy. If you're interested in registering for the investor session, please e-mail PegaInvestorRelations@pega.com.

我很高興我們的投資者會議將在 4 年的虛擬會議之後再次在拉斯維加斯親自舉行。 6 月 12 日星期一，在 PegaWorld，我們將接待投資者討論我們的長期模型和長期戰略。如果您有興趣註冊投資者會議，請發送電子郵件至 PegaInvestorRelations@pega.com。

The agenda will include updates on our go-to-market strategy, for product innovation and also our financial model. We will also include time on the agenda as usual for questions and discussion. In closing, our team executed very well in the first quarter of 2023.

議程將包括更新我們的上市戰略、產品創新以及我們的財務模型。我們還將像往常一樣在議程上安排時間進行提問和討論。最後，我們的團隊在 2023 年第一季度的表現非常出色。

Of course, we're still facing, with all of our other participants in the software market, an uncertain economic environment. So we're going to continue focusing on those 3 most important metrics as I mentioned, ACV, cash flow and backlog. Operator, please open the line for questions.

當然，我們和軟件市場的所有其他參與者一樣，仍然面臨著不確定的經濟環境。因此，我們將繼續關注我提到的這 3 個最重要的指標，ACV、現金流和積壓。接線員，請打開問題線路。

(Operator Instructions) Your first question comes from Kevin Kumar with Goldman Sachs.

（操作員說明）你的第一個問題來自高盛的凱文庫馬爾。

Ken, the guidance you provided last quarter for 2023, I believe, factored in some softness in the macro environment. Have you seen anything materialize in terms of lengthening of deal sales cycles or changes to close rates? Or have those held up relatively well?

肯，你上個季度為 2023 年提供的指導，我相信，考慮到宏觀環境的一些疲軟。在延長交易銷售週期或改變成交率方面，您是否看到過任何實際情況？還是那些表現相對較好？

Yes. Great question, Kevin. So -- there's a couple of aspects to that. So the first one is in terms of our team executing against our sales campaigns and our pipeline, I think we've -- I wouldn't say there was any deterioration that we saw in Q1.

是的。好問題，凱文。所以 - 這有幾個方面。所以第一個是我們的團隊針對我們的銷售活動和我們的管道執行，我認為我們 - 我不會說我們在第一季度看到的任何惡化。

I think we executed well. I think our clients are still engaging. They're very committed to their digital transformation initiatives. That said, you can definitely sense that there's some level of economic concern out there as there was last year. But I think our execution against our pipeline was solid.

我認為我們執行得很好。我認為我們的客戶仍在參與。他們非常致力於他們的數字化轉型計劃。也就是說，您絕對可以感覺到與去年一樣存在某種程度的經濟擔憂。但我認為我們對管道的執行是可靠的。

So I think there's 2 pieces of that, right? Now execution was good, but you can feel the uncertainty or the kind of the humidity that's out there in the marketplace. But that -- but we haven't seen that translate into an actual like statistical deterioration of our closed metrics.

所以我認為有 2 件，對吧？現在執行情況很好，但你可以感受到市場上存在的不確定性或那種濕度。但那——但我們還沒有看到這轉化為我們封閉指標的實際統計惡化。

Yes. That's helpful. And then curious on the comment on logo adds. I know the focus has been more on expansion within existing customers, and there's been some changes in the sales organization to focus on that.

是的。這很有幫助。然後對徽標添加的評論感到好奇。我知道重點更多地放在現有客戶內部的擴展上，並且銷售組織已經發生了一些變化以專注於此。

So what was that kind of through the natural course of the sales process? I'm just curious if those were meaningful contributors to ACV.

那麼通過銷售過程的自然過程是什麼樣的呢？我只是好奇這些是否對 ACV 做出了有意義的貢獻。

Well -- this is Alan. We do get inbound customers, meaningful organizations that either have somebody who's worked with us somewhere else or see what leading companies are doing in the various industries. And those are the basis of how we are and will in the future be adding new logos because -- well, that's very consistent with our strategy.

嗯——這是艾倫。我們確實有入站客戶，有意義的組織，這些組織要么有在其他地方與我們合作過的人，要么看到領先公司在各個行業所做的事情。這些是我們現在和將來如何添加新徽標的基礎，因為——嗯，這與我們的戰略非常一致。

I will tell you that by giving ourselves the capacity to spend a lot more time with several hundred customers that are critical to us, and we have significant relationships with, we have absolutely uncovered the opportunity types that we had expected working with those companies and see both the upside.

我會告訴你，通過讓我們自己有能力花更多的時間與對我們至關重要的數百個客戶打交道，並且我們與之有著重要的關係，我們絕對發現了我們期望與這些公司合作的機會類型，並看到兩者都有好處。

And candidly, are really, I think, building and continuing to improve great relationships with very important organizations. So the strategy feels really good, particularly in a year that may be a little tougher.

坦率地說，我認為，我們正在與非常重要的組織建立並繼續改善良好的關係。所以這個策略感覺非常好，尤其是在可能有點艱難的一年。

I would also add one other point to that, which is -- the -- I wanted to be very clear because I think that there are some people that heard the message of our strategy that we were not entertaining new logos or that somehow new clients were not important to Pega. That is not true.

我還要補充一點，那就是 - 我想非常清楚，因為我認為有些人聽到了我們戰略的信息，即我們沒有招待新徽標或不知何故新客戶對 Pega 來說並不重要。那不是真的。

It's just not where the majority of our focus is because we think the opportunity is with our existing clients. But as Alan said, there are lots of companies out there that look just like our clients that are not current clients of Pega.

這不是我們主要關注的地方，因為我們認為機會在於我們現有的客戶。但正如 Alan 所說，有很多公司看起來就像我們的客戶，但他們不是 Pega 的當前客戶。

And sometimes, we find them, and sometimes they find us. And I think that, that's -- that will continue to happen. I just wanted to make sure that was --that, that nuance was clear.

有時，我們找到他們，有時他們找到我們。而且我認為，那是 - 這將繼續發生。我只是想確保那是——那個細微差別是清楚的。

Next question, Rishi Jaluria with RBC Capital Markets.

下一個問題，RBC Capital Markets 的 Rishi Jaluria。

This is Richard Poland on for Rishi. So I guess the first one is just a 2-part question around generative AI and kind of what you're doing on that lane.

我是 Richard Poland 的 Rishi。所以我想第一個問題只是一個由兩部分組成的問題，圍繞著生成 AI 以及你在那個車道上所做的事情。

So it sounds like a lot of the value proposition is the security and compliance that you're kind of wrapping around some of the AI technologies. It's a really exciting opportunity. But just kind of if you could just elaborate a little bit on how you're differentiating against the other generative AI-type solutions out there. And then just a follow-up on that is just how you think about the monetization opportunity in long term.

所以聽起來很多價值主張是圍繞一些人工智能技術的安全性和合規性。這是一個非常令人興奮的機會。但是，如果你能詳細說明一下你是如何與其他生成式人工智能類型的解決方案區分開來的。然後只是跟進就是你如何看待長期的貨幣化機會。

Sure. So I think we've got a structural advantage compared to lots of other companies because Pega has always been a model-driven company. What that means is you create a model of how you want your business to run, and from that model, our system actually writes the software.

當然。所以我認為與許多其他公司相比，我們具有結構性優勢，因為 Pega 一直是一家模型驅動的公司。這意味著您創建了一個模型來說明您希望您的業務如何運行，然後根據該模型，我們的系統實際上會編寫軟件。

We're using the generative technology to basically inform the model. So for instance, you can say, "Hey, I want to define a process for a home equity loan." And generative AI will do a terrific job of identifying what are the stages you would go through, what would a schema -- data schema look like that would capture the information that you would need, what would, for example, sample data look like, that you might use to be able to test it.

我們正在使用生成技術來為模型提供基本信息。例如，您可以說，“嘿，我想為房屋淨值貸款定義一個流程。”生成式人工智能將在確定你將經歷的階段、模式——數據模式看起來如何捕捉你需要的信息、樣本數據是什麼樣子方面做得非常出色，您可能會用來測試它。

And all of those are components that go into our model. This gives you such an amazing opportunity to really jump start but also simplify a lot of things about how you apply technology to your business. So those are the types of examples, things that really leverage an architecture that I think is extremely well suited.

所有這些都是進入我們模型的組件。這為您提供了一個真正快速啟動的絕佳機會，同時也簡化了很多關於如何將技術應用於您的業務的事情。所以這些是示例的類型，它們真正利用了我認為非常適合的架構。

And candidly, a lot of the companies that have been talking about low-code I think are in enormous trouble because low-code apps that don't fit a real enterprise standard and don't have the right structures are, I think, in many cases, just going to be replaced by people using generative AI to write the code.

坦率地說，我認為許多一直在談論低代碼的公司都遇到了巨大的麻煩，因為不符合真正的企業標準並且沒有正確結構的低代碼應用程序，我認為，在很多情況下，只會被使用生成式 AI 編寫代碼的人所取代。

But there's a huge market for things that are a little more sophisticated, need to be updated routinely. So you don't just do it once and use it, but you want to be able to update and update again, update it 6 months later.

但是，對於稍微複雜一點、需要定期更新的東西來說，市場是巨大的。所以你不只是做一次並使用它，而是你希望能夠更新和再次更新，6 個月後更新它。

And those are the types of things that I think we have a structural advantage for -- or towards when we do it. Monetizing it, I think this is absolutely going to drive additional demand for Pega in a variety of use cases.

這些是我認為我們有結構優勢的事情類型——或者我們這樣做的時候。將其貨幣化，我認為這絕對會在各種用例中推動對 Pega 的額外需求。

And with our clients, in general, when they use our software more, it gives us a chance to get paid for it. And that's good for them, and it's good for us. So I think that this has candidly a lot of appropriate excitement in addition to the hike we see, which is non-stop. But we're not affected by that. It's a part of, I think, having a pretty mature understanding of what AI is about. And we were on this technology long before it was brought in the mainstream media.

對於我們的客戶，一般來說，當他們更多地使用我們的軟件時，我們就有機會為此獲得報酬。這對他們有好處，對我們也有好處。所以我認為，除了我們看到的不間斷的徒步旅行之外，這坦率地帶來了很多適當的興奮。但我們不受此影響。我認為，這是對 AI 的含義有相當成熟的理解的一部分。早在它被引入主流媒體之前，我們就已經在使用這項技術了。

That's super insightful. And then maybe one for Ken. Just as we think about the pace of Pega Cloud gross margin expansion, and it's been really solid in the past recent years. How should we think about that kind of going forward?

這是超級有見地的。然後也許是給肯的。正如我們考慮 Pega Cloud 毛利率擴張的步伐一樣，它在過去幾年中非常穩定。我們應該如何考慮這種前進？

I know one of the previous targets, I think, was in the mid- to high 70s range by 2025. Is that kind of the track we should still think about Pega Cloud gross margins?

我知道之前的目標之一是到 2025 年達到 70 年代的中高水平。我們是否仍應該考慮 Pega Cloud 毛利率的那種軌道？

Sure. So maybe interesting to paint the picture. When we first started Pega Cloud, the first couple of years, our gross margin was 35%. Then it was 45%. Then it was 50%. And then when it was about 50%, we set a target of 70%.

當然。所以畫這幅畫也許很有趣。當我們剛開始 Pega Cloud 時，前幾年，我們的毛利率是 35%。然後是45%。然後是50%。然後當它大約是 50% 時，我們設定了 70% 的目標。

And now that we've surpassed 70%, we moved the target to 75% a couple of years ago. And then we kind of said, "Well, maybe we can do high 70s." Naturally, that can't go on forever, of course, right, because at some point, you do hit a point where the efficiency has got to stabilize.

現在我們已經超過 70%，幾年前我們將目標提高到了 75%。然後我們有點說，“好吧，也許我們可以做 high 70s。”當然，這不可能永遠持續下去，當然，對，因為在某個時候，你確實達到了效率必須穩定的地步。

But I think like best-in-class SaaS companies would strive to have gross margins that begin with an 8, right? And so we want to be best in class, and we're starting to get some good scale. So I think 75% to high 70s is maybe a mile marker on that journey to being a best-in-class SaaS company from a gross margin standpoint. Maybe that's the way I'll frame it.

但我認為一流的 SaaS 公司會努力獲得以 8 開頭的毛利率，對吧？因此，我們希望成為同類產品中的佼佼者，並且我們開始取得一定的規模。因此，我認為從毛利率的角度來看，75% 到 70 多歲可能是成為一流 SaaS 公司的旅程中的一個里程碑。也許這就是我構建它的方式。

Yes. And I would just throw in that the way this has been achieved has been through excellent collaborative work of the team both in terms of putting extensive automation into our cloud operations that both save money but also make the system more reliable and more effective for our clients.

是的。我只想說，實現這一目標的方式是通過團隊的出色協作，在我們的雲操作中實現廣泛的自動化，既節省了資金，又使系統對我們的客戶更可靠、更有效.

Being able to rework. So you may have heard me talk about Project Fnx, actually about 5 years ago is when we talked about that. We had to rework the system to be a cloud oriented and microservices-oriented architecture. There's a lot of, what I would describe as, non-financially related improvements that go beyond just what we would get from scale.

能夠返工。所以你可能聽過我談論 Project Fnx，實際上大約 5 年前我們就在談論它。我們不得不將系統重新設計為面向雲和麵向微服務的架構。有很多，我會描述為，非財務相關的改進，超出了我們從規模上獲得的。

And that's what makes me excited and think that we can't raise the bar forever, but we do have a little more we can go.

這就是讓我興奮並認為我們不能永遠提高標準的原因，但我們確實可以做得更多。

Next question is Steve Enders with Citi.

下一個問題是花旗的史蒂夫恩德斯。

All right. Great. I guess maybe just following up on the AI discussion. I guess, how do you think about where you have like a right to win and will be kind of focused staying on your AI initiatives and embedding that in the product versus maybe looking at the rest of the technology ecosystem and partnering with other technology vendors or third parties to embed some of that functionality into your product set?

好的。偉大的。我想也許只是跟進人工智能的討論。我想，你如何看待你有權利獲勝的地方，並且會專注於你的人工智能計劃並將其嵌入到產品中，而不是關注技術生態系統的其餘部分並與其他技術供應商合作或第三方將某些功能嵌入到您的產品集中？

Well, we're definitely building our generative capabilities to be able to partner. We talked about the partnership with AWS, the partnership with the other major AI providers also is central to how we're going to go to market.

好吧，我們肯定正在建立我們的生成能力以便能夠合作。我們談到了與 AWS 的合作夥伴關係，與其他主要 AI 供應商的合作夥伴關係也是我們如何進入市場的核心。

So we see being able to use the super rapidly emerging large language model capabilities that are going to continue to evolve as something that needs to be part of our open architecture there. We, of course, also have some of our own AI capabilities when it comes to what we call the Customer Decision Hub, and what we call process AI, which is the ability to use AI in processes to be able to make them learning and self-optimizing, which is not really a generative technology.

因此，我們看到能夠使用超快速出現的大型語言模型功能，這些功能將繼續發展成為我們開放架構的一部分。當然，我們也有一些我們自己的 AI 能力，當涉及到我們所說的客戶決策中心，以及我們所說的流程 AI 時，這是在流程中使用 AI 的能力，使他們能夠學習和自我-優化，這不是真正的生成技術。

But it is also very powerful from both a benefit and a cost savings and a customer service perspective. So I feel really well equipped to be able to be a significant player. Not that we're going to come up with something super general, right, because I think that's going to be an insanely competitive space.

但從收益和成本節約以及客戶服務的角度來看，它也非常強大。所以我覺得自己非常有能力成為一名重要的球員。並不是說我們會想出一些超級通用的東西，對吧，因為我認為這將是一個競爭異常激烈的領域。

But with the types of customers that we know we can serve, that have enterprise needs that actually fit perfectly with the types of things we're considering and doing, we're getting great feedback from the early clients we've shown this to that we're absolutely on the right track and we're going to be delivering things this year that they would be excited to use.

但是對於我們知道我們可以服務的客戶類型，他們的企業需求實際上完全符合我們正在考慮和做的事情的類型，我們從早期客戶那裡得到了很好的反饋，我們已經向他們展示了這一點我們絕對走在正確的軌道上，今年我們將提供他們會很高興使用的東西。

Okay. Understood. And appreciate the thoughts there. I guess maybe for Ken, really good cash flow in the quarter. I mean, I think it kind of accounted for half of the initial guide that you put out for the year there.

好的。明白了。並欣賞那裡的想法。我想也許對肯來說，本季度的現金流非常好。我的意思是，我認為它佔了您當年在那裡發布的初始指南的一半。

Was there anything onetime in nature that maybe pulled into the quarter or anything that we should be thinking about as we think about cash -- the pace of cash flow throughout the rest of the year here going forward?

自然界中是否有任何一次可能會拖入本季度或我們在考慮現金時應該考慮的任何事情 - 未來今年剩餘時間的現金流量速度？

Yes, sure. Steve, just a reminder that, typically, our billings are higher in Q4 and Q1, which would mean that our collections would be typically higher in Q4, in Q1.

是的，當然。史蒂夫，提醒一下，通常情況下，我們在第四季度和第一季度的賬單較高，這意味著我們在第四季度和第一季度的收款通常會更高。

Now that said, we do have a lot of cash outlays in Q1 because, like, for example, we have our annual CICP payment that goes out. We have -- so we have a higher -- it's a higher payment of a commission quarter typically because Q4s are typically higher in bookings.

話雖如此，我們在第一季度確實有很多現金支出，因為例如，我們有年度 CICP 付款。我們有——所以我們有更高的——這是更高的佣金季度支付，通常是因為第四季度的預訂量通常更高。

So there were some offsets to that. But I would say Q4 and Q1 are typically stronger free cash flow quarters and Q2 and Q3 are typically less strong just because of the nature of our bookings and billings. But that said, Q1 was very strong in terms of free cash flow.

所以這有一些抵消。但我會說，第四季度和第一季度通常是自由現金流更強的季度，而第二季度和第三季度通常不那麼強勁，只是因為我們的預訂和賬單的性質。但話雖如此，第一季度的自由現金流非常強勁。

Next question, Jake Roberge with William Blair.

下一個問題，Jake Roberge 和 William Blair。

Alan, just wanted to dig deeper into your comments that generative AI could commoditize lower and low-code use cases. Could you just talk a little bit more about why Pega's history in the AI world and its positioning in more mission-critical workflows help you really take advantage of the opportunities from the AI moving forward?

艾倫，只是想更深入地了解你關於生成式人工智能可以將低代碼用例商品化的評論。您能否多談談為什麼 Pega 在 AI 世界的歷史及其在更多任務關鍵型工作流程中的定位可以幫助您真正利用 AI 向前發展的機會？

Well, sure. And I also can just explain why I think our positioning and our technology provides a moat that is consistent with our enterprise approach.

嗯，當然。我也可以解釋為什麼我認為我們的定位和技術提供了一條與我們的企業方法一致的護城河。

When Pega goes into a customer, the types of things we talk about with a low-code customer, is we talk about building a low-code app factory. What does that mean? Well, that means they're able to build apps quickly, but it also means the apps is a structure that lets them be hooked together that doesn't have them be really isolated things and then also lets them leverage the other enterprise assets like the interfaces, like some of the controls, the other types of things that are going to be either consistent or related across apps.

當 Pega 進入客戶時，我們與低代碼客戶談論的事情類型是我們談論構建低代碼應用程序工廠。這意味著什麼？好吧，這意味著他們能夠快速構建應用程序，但這也意味著應用程序是一種結構，可以讓它們連接在一起，而不是讓它們成為真正孤立的東西，然後還可以讓它們利用其他企業資產，比如界面，比如一些控件，其他類型的東西將在應用程序之間保持一致或相關。

This ability to have what we call a layer cake, where certain things go across the entire customer enterprise and other things might vary with, say, different divisions of a bank or of an insurance company or that might vary with types of work or applications, those don't fit into a cake. They run in a way that really is complementary to each other.

這種擁有我們所說的夾心蛋糕的能力，其中某些事情貫穿整個客戶企業，而其他事情可能會因銀行或保險公司的不同部門而異，或者可能因工作類型或應用程序而異，那些不適合蛋糕。它們以一種真正互補的方式運行。

I think that really lends itself to being super distinguished from companies that have just a bunch of little apps running around. And any company that's been betting their future on generating low-code apps that do kind of simple things or they run on a mobile device.

我認為這真的有助於與那些只有一堆小應用程序的公司區別開來。任何公司都將自己的未來押注在生成低代碼應用程序上，這些應用程序可以做一些簡單的事情，或者它們可以在移動設備上運行。

We've experimented with generating little mobile apps that are actually really quite remarkable in some ways that would be exactly like the demos from some of our competitors. I think that you're going to find the market is really going to -- it's going to end up really shaking out the market because I think the low end is just going to go right.

我們已經嘗試生成小型移動應用程序，這些應用程序實際上在某些方面確實非常出色，就像我們一些競爭對手的演示一樣。我認為你會發現市場真的會 - 它最終會真正撼動市場，因為我認為低端市場將會走向正確。

Very helpful. And then, Ken, how do you feel about the pace of your subscription transition at the start of this year? Have you seen any impact to the migration as a result of macro? And do you feel like Pega is still on track to complete the transition this year and be a Rule of 40 business as you exit 2024?

很有幫助。然後，Ken，您如何看待今年年初訂閱過渡的速度？您是否看到宏觀對遷移有任何影響？您是否認為 Pega 仍有望在今年完成轉型並在 2024 年退出時成為 40 條規則？

So the subscription -- those are good questions. I'm going to tease a couple of them out. First, the subscription transition pace, I think is -- I'm very happy with. And there has been some -- maybe it took a little longer to get through the kind of financial transformation of the subscription probably by 6 months to a year than what I had originally kind of envisioned in my mind.

所以訂閱——這些都是很好的問題。我要挑逗其中的幾個。首先，訂閱過渡的速度，我認為是——我非常滿意。並且有一些 - 可能需要更長的時間才能完成訂閱的那種財務轉型，可能比我最初設想的要長 6 個月到一年。

I thought it would take 4 to 5 years, it took more like 5 to 6 years. But in general, close enough. But it -- so I think that went well. Not every client is going to want Pega Cloud, that's an important one. It really ties to our cloud choice. Now we want every client to have Pega Cloud, but the reality is not everyone has the use case or may choose to want to manage it themselves depending on lots of things that might be decided within their environment.

我原以為需要 4 到 5 年，實際上需要 5 到 6 年。但總的來說，足夠接近。但它 - 所以我認為一切順利。並非每個客戶都想要 Pega Cloud，這一點很重要。它確實與我們的雲選擇有關。現在我們希望每個客戶都擁有 Pega Cloud，但現實並不是每個人都有用例，或者可能會選擇自己管理它，具體取決於他們環境中可能決定的許多事情。

So that's -- but that's okay. But I think such a significant amount of our clients will. In terms of clients who chose to move workloads on to Pega Cloud, I mean we have not pushed clients or, in some cases, forced clients like other companies have done, to say you have no choice, you must move, because we understand that our clients and our relationship is different than a typical software company. And we need to be respectful of how much -- how mission-critical the Pega applications are and how hard it might be to just shift over to another environment.

所以那是 - 但沒關係。但我認為我們的大量客戶會這樣做。對於選擇將工作負載轉移到 Pega Cloud 的客戶而言，我的意思是我們沒有像其他公司那樣強迫客戶，或者在某些情況下強迫客戶說你別無選擇，你必須轉移，因為我們明白我們的客戶和我們的關係與典型的軟件公司不同。我們需要尊重 Pega 應用程序的任務關鍵程度以及轉移到另一個環境的難度。

That said, we do have clients every kind of year, every quarter, having those conversations, and some have begun to move and some have moved new workloads. The most important thing for us, I think, though, is that 2/3 of our clients have seen Pega Cloud, meaning they may not have all of their state on Pega Cloud, but they have something there. And I think that they know the value. And over time, that migration, as you mentioned, will happen to the extent that the clients kind of want to.

也就是說，我們確實每年、每個季度都有客戶進行這些對話，有些已經開始遷移，有些已經遷移了新的工作負載。不過，我認為對我們來說最重要的是我們 2/3 的客戶已經看到 Pega Cloud，這意味著他們可能沒有在 Pega Cloud 上擁有所有狀態，但他們在那裡有一些東西。我認為他們知道其中的價值。隨著時間的推移，正如您提到的那樣，這種遷移將發生在客戶想要的範圍內。

In terms of the economic kind of -- maybe, if you have headwinds in the economy, does that mean people move or not move to Pega Cloud? I think it's kind of like maybe the punchline of your question. And I would say that really depends on whether the client views a movement to a vendor cloud like Pega Cloud is going to solve some other financial inefficiency that they may have or some optimization that they may have inside their organization.

就經濟方面而言——也許，如果你在經濟中遇到逆風，這是否意味著人們轉向或不轉向 Pega Cloud？我認為這有點像你問題的妙語。我要說的是，這實際上取決於客戶是否認為遷移到像 Pega Cloud 這樣的供應商雲將解決他們可能擁有的其他一些財務效率低下問題，或者他們可能在組織內部進行的一些優化。

That is absolutely true for some of our clients. For other clients, they may not be ready to move because they may not have -- they may not want to use some of those resources in the short term to make that move. So I would say that last part, it really depends, I would say, overall, the economic environment probably is a little bit helpful to have clients think about Pega Cloud when it's a tougher environment, but that's not a universal point.

對於我們的一些客戶來說，這是絕對正確的。對於其他客戶，他們可能還沒有準備好搬家，因為他們可能沒有——他們可能不想在短期內使用其中一些資源來搬家。所以我想說最後一部分，這真的取決於，總的來說，經濟環境可能對讓客戶在更艱難的環境中考慮 Pega Cloud 有點幫助，但這不是一個普遍的觀點。

Yes. It's also beneficial. Customers are under pressure in terms of retaining some of the right skilled staff. This can -- once again, obviously, it's super easy when we're operating and running it. But just to make it a little more tangible for folks, we've got some customers, very large customers, who we have systems that literally do tens of millions of cases a month that are so woven into their business that they're actually connected to dozens of their systems with sometimes hundreds of interfaces that are used that really are doing a lot of heavy-duty, a combination of automation and driving decisions.

是的。這也是有益的。客戶在留住一些合適的熟練員工方面面臨著壓力。這可以——再一次，很明顯，當我們操作和運行它時，它非常容易。但只是為了讓人們更切實一點，我們有一些客戶，非常大的客戶，我們的系統每月處理數千萬個案例，這些案例與他們的業務交織在一起，以至於他們實際上是相互聯繫的他們的幾十個系統有時有數百個接口，這些接口確實在做很多繁重的工作，結合了自動化和駕駛決策。

If a customer like that has made the strategic decision that they want to move to an Amazon or a Google Cloud, and they want to basically pick up their data center and move their data center in total, including apps that may not run on the cloud that might be building an accounting systems that would have to run in a non-vendor cloud, we say that's an entirely reasonable thing for them to do. And that it's very empowering to our customers to give them that sort of cloud choice.

如果像這樣的客戶做出了他們想要遷移到亞馬遜或谷歌云的戰略決策，並且他們想要基本上拿起他們的數據中心並整體遷移他們的數據中心，包括可能不在雲上運行的應用程序可能正在構建一個必須在非供應商雲中運行的會計系統，我們說這對他們來說是完全合理的事情。為我們的客戶提供這種雲選擇非常有幫助。

But a lot of times, it has to do with whether their strategy is to cloudify. If they want to, as it were, by sort of doing the best of breed, we're going to go out to the vendors who know how to do it best or whether they want to do it by picking up their data center and/or data centers and moving them en masse. And there's some of each.

但很多時候，這與他們的戰略是否是雲化有關。如果他們想要，可以說，通過做最好的品種，我們將去找那些知道如何做到最好的供應商，或者他們是否想通過選擇他們的數據中心來做到這一點和/或數據中心並將它們一起移動。每個都有一些。

Next question, Pinjalim Bora with JPMorgan.

下一個問題，摩根大通的 Pinjalim Bora。

Ken, I'll try one more time on the FCF performance, seems pretty strong. It seems like the change in working capital was positive after a long time in Q1. And then it seems like the SBC jumped a little bit. But I want to just make sure that it's not a onetime thing that's driving this, just thinking through what should we expect here on free cash flow.

肯，我會再試一次 FCF 性能，看起來很強大。在第一季度很長一段時間後，營運資金的變化似乎是積極的。然後 SBC 似乎跳了一點。但我只想確保這不是一次性的事情推動了這一點，只是想一想我們在這裡對自由現金流的期望是什麼。

Sorry, Pinjalim. I heard the free cash flow point, but did you say SBC for the second point?

對不起，平賈林。聽說自由現金流點，但是第二點你說的是SBC嗎？

The stock-based comp seems jumped a little bit, and it seems like -- go ahead.

基於股票的 comp 似乎跳了一點，而且似乎 - 繼續。

Okay. Yes. Yes, I'll explain. I'll explain. I just -- you were a little bit faint on the volume, that's why I asked. Okay. So yes -- so free cash flow, if you think about -- maybe the way to think about free cash flow is to think about billings and billings connected a little bit to the revenue cycle.

好的。是的。是的，我會解釋。我會解釋。我只是 - 你在音量上有點微弱，這就是我問的原因。好的。所以是的 - 所以自由現金流，如果你考慮的話 - 也許考慮自由現金流的方法是考慮與收入周期有一點聯繫的賬單和賬單。

If you think about the revenue cycle through the year, our largest quarters for revenue are typically Q1 and Q4. Our softest quarters for revenue are Q2 and Q3. Our billings are not materially different than that across the year, which means our billings would be higher in Q1 and Q4 and a little bit lesser in Q2 and Q3.

如果您考慮全年的收入周期，我們最大的收入季度通常是第一季度和第四季度。我們收入最疲軟的季度是第二季度和第三季度。我們的賬單與全年相比沒有實質性差異，這意味著我們的賬單在第一季度和第四季度會更高，而在第二季度和第三季度會略低一些。

But our costs are relatively consistent across the year. And so if you now take billings and cost as you translate that into cash flow, our cash flow would typically be stronger in Q1 and Q4 and less strong in Q2 and Q3.

但我們的成本全年都相對穩定。因此，如果您現在將賬單和成本轉化為現金流量，我們的現金流量通常在第一季度和第四季度會更強，而在第二季度和第三季度則不那麼強勁。

Some of -- so hopefully, that's helpful to give a little bit of color on the cash flow. On stock-based comp, one of the biggest -- there is a adjustment -- I shouldn't say adjustment. There is a higher stock-based comp in the beginning and through 2023 because of 2 factors.

其中一些 - 希望這有助於為現金流提供一點色彩。在基於股票的補償中，最大的補償之一——有調整——我不應該說調整。由於兩個因素，從年初到 2023 年，基於股票的薪酬較高。

Primarily, one, we actually adjusted our vesting period from 5 to 4 years for stock-based compensation, which is -- which we'll play in a little bit into the kind of near-term acceleration, but not -- I would kind of call that a onetime thing.

首先，我們實際上將基於股票的補償的歸屬期從 5 年調整為 4 年，這就是——我們將在短期加速中發揮作用，但不是——我會稱之為一次性的事情。

And then the second one is that we actually did an equity grant that was out of cycle in the second half of 2022. And that is in the calculation for 2023 that certainly would not be something that would repeat.

然後第二個是我們實際上在 2022 年下半年進行了不合週期的股權贈款。這是在 2023 年的計算中，這肯定不會重複。

So there's a little bit -- there is some onetime pressure up on that, but it's not a structural change to our stock-based compensation strategy.

所以有一點 - 有一些一次性壓力，但這不是我們基於股票的薪酬策略的結構性變化。

Yes. Understood. Very clear. One for Alan. Obviously, we have heard a lot of AI in this call, and you're doing a lot of things around AI. I wanted to ask you about -- how do you think about kind of the potential to capture incremental value from the efficiency that customers will gain from using AI capabilities versus kind of the potential pressure on seats that those efficiencies might actually drive?

是的。明白了。非常清楚。一個給艾倫。顯然，我們在這次電話會議中聽到了很多關於 AI 的內容，而且你們圍繞 AI 做了很多事情。我想問你 - 你如何看待從客戶使用人工智能功能獲得的效率中獲取增量價值的潛力，以及這些效率可能實際帶來的潛在座位壓力？

So I think for a lot of folks, the automation that occurs is going to put potential pressure on seats because candidly, if you could do things in automated channels or self-service becomes better or the check box become better.

所以我認為對於很多人來說，發生的自動化會給席位帶來潛在壓力，因為坦率地說，如果你可以在自動化渠道中做事，或者自助服務變得更好，或者復選框變得更好。

That obviously affects, for example, the number of contact centers that you have. However, to the extent that it's being run through us, and we are -- the tooling that I think companies find is best to use to manage those client interactions, including the automated ones.

這顯然會影響，例如，您擁有的聯絡中心的數量。然而，就它在我們身上運行的程度而言，我們是——我認為公司發現最適合用來管理這些客戶交互的工具，包括自動化的。

We've really moved away from user-based pricing to basically work-based pricing. So from our point of view, we don't see a revenue bleed from a customer who's got a couple of seats ending of automating those because, candidly, it's better for the customer and it's fine for us. So I think we're pretty insulated based on the outcome-based pricing that we've really tended to do for the last 5 years.

我們真的已經從基於用戶的定價轉變為基本上基於工作的定價。因此，從我們的角度來看，我們沒有看到有幾個席位結束自動化的客戶的收入流失，因為坦率地說，這對客戶更好，對我們也很好。因此，我認為基於過去 5 年我們真正傾向於做的基於結果的定價，我們是相當絕緣的。

Next question, Steve Koenig with SMBC Nikko.

下一個問題，來自 SMBC Nikko 的 Steve Koenig。

Congratulations on a great start to the year. Just maybe a housekeeping question or 2 for Ken and then a question for Alan. Ken, you mentioned that 67%, I think, it was of net new ACV is cloud.

祝賀今年開局良好。可能只是 Ken 的一個或 2 個內務問題，然後是 Alan 的問題。肯，你提到 67%，我認為，它是淨新 ACV 是雲。

Just so I'm clear, you guide based on an assumption on cloud percentage of new client commitments and that guide, I think, was 60% to 70% for the year, is that the same definition that you're using is this net new ACV being cloud? Or what -- like what was the percent of new client commitments? Was it the same definitionally?

我很清楚，你的指導基於新客戶承諾的雲百分比假設，我認為該指導今年是 60% 到 70%，你使用的定義是這個網絡新的 ACV 是雲？或者什麼——比如新客戶承諾的百分比是多少？它在定義上是否相同？

Yes. Yes, Steve. It's -- we did -- we're trying to be very consistent with that metric to what our reported metric is because it can sometimes get confusing when we use a metric that may be across 1 or 2 quarters versus 1 quarter.

是的。是的，史蒂夫。這是——我們做到了——我們試圖使該指標與我們報告的指標非常一致，因為當我們使用可能跨 1 或 2 個季度與 1 個季度的指標時，它有時會讓人感到困惑。

So that was the reason. But -- yes, it's essentially the same measure. We just felt like it would be much easier to talk about that metric because that will translates into revenue. That will translate into billings and the backlog, et cetera.

這就是原因。但是 - 是的，它本質上是相同的措施。我們只是覺得談論這個指標會容易得多，因為這會轉化為收入。這將轉化為賬單和積壓等。

Got it. that makes sense, we can calculate that from the financials. So that's great. Okay. So you're on track with your guide so far in terms of your cloud assumption, is my takeaway there.

知道了。這是有道理的，我們可以從財務上計算出來。那太好了。好的。因此，到目前為止，就您的雲假設而言，您的指南已經步入正軌，這是我的收穫。

And then I -- we also noticed the cloud ACV and RPO was very good in the quarter, better than we expected, and cloud was especially good. The cloud ACV was a bit higher than we would have predicted based on the revenue results, cloud revenue.

然後我——我們還注意到本季度雲 ACV 和 RPO 非常好，好於我們的預期，雲尤其好。雲 ACV 比我們根據收入結果雲收入預測的要高一些。

And so I'm wondering, were there some back-end loaded cloud deals that should help cloud revenue next quarter. And then on the same lines, you had an outlook that subscription licenses would be relatively level for Q1 through Q3, is that still kind of your thinking here? And then 1 last one for Alan, if you don't mind.

所以我想知道，是否有一些後端加載的雲交易應該有助於下個季度的雲收入。然後在同一條線上，您認為訂閱許可證在第一季度到第三季度將保持相對水平，這仍然是您的想法嗎？如果你不介意的話，最後一張給 Alan。

So revenue lags ACV for sure. So when we book deals, they typically don't have really any revenue impact in the quarter. I'm generalizing. But -- so there's definitely a lagging effect there. And -- yes, we don't -- we think that for our term license revenue for 2023, that would be more back-end loaded because that's when the renewals are happening. That is a correct statement as well. If you want to hit Alan with his question?

所以收入肯定落後於 ACV。因此，當我們預訂交易時，它們通常不會對本季度的收入產生任何影響。我在概括。但是——所以那里肯定有滯後效應。而且——是的，我們沒有——我們認為，對於我們 2023 年的長期許可收入，後端負載會更多，因為那是續約發生的時候。這也是正確的說法。如果你想用他的問題打艾倫？

Got it. Great. Super. So moving -- yet another question on generative AI, but very relevant here, I think. Alan, one of the kind of knocks on Pega, I guess, over the years is that there's not as many Pega developers as there are Java developers, so kind of hard -- that's a hard one to overcome that.

知道了。偉大的。極好的。如此感人——又一個關於生成人工智能的問題，但我認為這裡非常相關。艾倫，我猜，多年來對 Pega 的一種打擊是，Pega 開發人員的數量不如 Java 開發人員的數量，所以有點困難——這是一個很難克服的問題。

But you've got more and more Pega trained developers, a lot of partners, you've grown your ecosystem very well and really focused on that. The generative AI capability to build models even or to help build the model that you talked about earlier, is that -- does that fundamentally make the current Pega-trained developers more productive? Or can that be used to democratize development of the model?

但是你有越來越多的 Pega 訓練有素的開發人員，很多合作夥伴，你已經很好地發展了你的生態系統並且真正專注於此。甚至構建模型或幫助構建您之前談到的模型的生成 AI 能力，是否從根本上提高了當前受過 Pega 培訓的開發人員的工作效率？還是可以用來使模型的開發民主化？

And then along the same lines, like does the model even need to be transparent to users if this AI gets good enough. Like, why not have the AI -- from the language model, build the process model and then have the whole thing turn that -- have Pega turn that into code, soup to nuts? So anyway, just some random questions for you. Hopefully, that's -- I'm coherent.

然後沿著同樣的思路，如果這個 AI 足夠好，模型甚至需要對用戶透明。就像，為什麼不讓人工智能——從語言模型，構建流程模型，然後讓整個事情變成這樣——讓 Pega 把它變成代碼，從頭到尾？所以無論如何，只是給你一些隨機問題。希望那是——我是連貫的。

No, I think they're good questions and they're certainly top of mind. So Pega, historically, in addition to perhaps there being fewer developers in Java, which is candidly a high bar to jump over, we've also, at times, been criticized for being a little hard to use or requiring a learning curve, which we've been working to improve.

不，我認為它們是很好的問題，而且它們肯定是最重要的。所以 Pega，從歷史上看，除了可能有更少的 Java 開發人員，坦率地說，這是一個可以跳過的高門檻，我們有時也因為有點難以使用或需要學習曲線而受到批評，這我們一直在努力改進。

But it's one of the things that takes work. I think that the average of generative AI takes a massive change to both of those. It will make existing developers very much more productive, but it really opens up the use of the technology to a much more to use your word democratize a group of citizen developers, where we can leverage the structure we have because a lot of the citizen developer stuff has the risk of not really providing the right guidance for an enterprise.

但這是需要努力的事情之一。我認為生成人工智能的平均水平對這兩者都產生了巨大的變化。它將使現有開發人員的工作效率大大提高，但它確實打開了技術的使用範圍，用你的話來使一群公民開發人員民主化，我們可以利用我們擁有的結構，因為很多公民開發人員stuff 存在無法真正為企業提供正確指導的風險。

So we can provide that guidance and control with like our layer cake, but still make it so that the instructions don't require any sort of deep Pega knowledge, but can be interpreted from language. Now relative to your question of why going to the model at all, the real challenge when you look at demos and think about this stuff, it's not just how do you create a little app.

所以我們可以像我們的層蛋糕一樣提供指導和控制，但仍然要做到這一點，這樣指令就不需要任何深厚的 Pega 知識，但可以通過語言來解釋。現在，相對於您為什麼要使用模型的問題，當您查看演示並思考這些東西時，真正的挑戰不僅僅是如何創建一個小應用程序。

Certainly, for customers who have more than what I would describe as a single small app need. But if you need to create a system that does a number of things and talks to a number of back ends, you need some structure that captures how that system works because when you want to go make changes to that system, you may be able to go to a structure to make the changes.

當然，對於那些擁有超過我所說的單個小應用程序需求的客戶。但是如果你需要創建一個系統來做很多事情並與許多後端對話，你需要一些結構來捕捉這個系統是如何工作的，因為當你想對該系統進行更改時，你可能能夠轉到結構進行更改。

You don't want to go around regenerating things all the time. That would be super unreliable, really easy to introduce bugs. And because we have this model that's the center of our architecture, I think we're uniquely qualified to not just being able to capture like a little process flow. But to be able to capture the really robust things you need to build an app, of how you edit and validate data, how you actually send it out to different back-end systems, how you decide what the right controls are. If the thing is going to post the transaction, who needs to approve it?

你不想一直到處再生東西。那將是超級不可靠的，真的很容易引入錯誤。因為我們有這個模型，它是我們架構的中心，我認為我們具有獨特的資格，不僅能夠捕獲像一個小的流程流。但是為了能夠捕捉到構建應用程序所需的真正強大的東西，你如何編輯和驗證數據，你如何實際將它發送到不同的後端系統，你如何決定正確的控件是什麼。如果事物要發布交易，需要誰來批准？

All of those types of things are in our model, and they're visible. It actually makes sense to the business people. And now our models will be able to be constructed in this really exciting and staggeringly, I think -- well, staggeringly powerful way. So that's why we're really excited about what this does for us. And it's not just going to be one turn of the crank, this is going to really influence I think the business that we're in quite a bit for years.

所有這些類型的東西都在我們的模型中，而且它們是可見的。這實際上對業務人員有意義。現在我們的模型將能夠以這種非常令人興奮和驚人的方式構建，我認為 - 嗯，非常強大的方式。所以這就是為什麼我們對它為我們所做的事情感到非常興奮。這不僅僅是一轉曲柄，這將真正影響我認為我們多年來從事的業務。

Next question, Joe Meares with Truist Securities.

下一個問題，來自 Truist Securities 的 Joe Meares。

Just had one question. Thinking about the white space within the current customer base, I think in the past, you've spoken to it being quite large. I'm just curious if you could remind us of the size there?

只是有一個問題。考慮到當前客戶群中的空白區域，我認為過去您曾說過它很大。我很好奇你能否提醒我們那裡的尺寸？

And then maybe just qualitatively, how that fits into different buckets, whether it's selling into different geographies or new product cases? And then maybe just how task mining with Everflow might help kind of even broaden that opportunity.

然後也許只是定性的，它如何適應不同的桶，無論是銷售到不同的地區還是新產品案例？然後也許只是如何使用 Everflow 進行任務挖掘可能有助於擴大這種機會。

So I'll take the first part, and then, Alan, you can take maybe the process mining part. So we often think about this, and we -- and actually, Joe, we can never -- you can never get this perfect, right, because you're speculating on how big the market is and what the -- we can use market data from third-party companies that do this for a living.

所以我將參加第一部分，然後，Alan，你可以參加流程挖掘部分。所以我們經常考慮這個問題，我們——實際上，喬，我們永遠不可能——你永遠不可能做到完美，對，因為你在猜測市場有多大，以及——我們可以使用市場來自以此為生的第三方公司的數據。

And we know what our spend is, and we kind of have a directional idea of what we think would be a reasonable target. And when you look across our client base, we are well below 10% penetrated, single digits, kind of mid-single digits penetration. And when you go out and say, well, what would that look like after 3 to 4 years of growth with those clients, we maybe approach 10%.

我們知道我們的支出是多少，並且我們對我們認為合理的目標有一個方向性的想法。當您查看我們的客戶群時，我們的滲透率遠低於 10%，個位數，中等個位數的滲透率。當你出去說，好吧，在這些客戶增長 3 到 4 年後會是什麼樣子，我們可能接近 10%。

So I think even in our largest clients, we talked about maybe we're 25%, 30% penetrated in some of our largest clients in terms of what we might be able to get from them. So I think the number is almost ridiculously high to talk about how much we could tackle that $100 billion market that we have out there.

因此，我認為即使是在我們最大的客戶中，我們也談到我們可能在一些最大的客戶中滲透了 25%、30%，就我們可以從他們那裡得到什麼而言。所以我認為這個數字幾乎高得離譜，無法談論我們可以解決我們現有的 1000 億美元市場的多少。

So I think it's -- we've been in business for a long time with 40-year anniversary actually this month as a company. But I don't think we should mistake that and the relationship we have with our clients to think that we are deeply penetrated in those clients in terms of the opportunity set. Alan, do you want to maybe talk about Everflow?

所以我認為這是 - 我們已經經營了很長時間，實際上本月作為一家公司成立 40 週年。但我認為我們不應該誤解這一點以及我們與客戶的關係，認為我們在機會集方面已經深入了解了這些客戶。艾倫，你想談談 Everflow 嗎？

Yes. So, Ken, that's absolutely correct. And when I did talk to the government of Bavaria this last week when I was in Germany, such a tiny fraction of what we're able to do for those -- the governments and the same for the commercial enterprises as well, where there's really, in all but a few cases, staggering upside.

是的。所以，肯，這是絕對正確的。上週我在德國時確實與巴伐利亞州政府進行了交談，我們能夠為這些政府和商業企業做的事情只是其中的一小部分，那裡真的有，在除少數情況外的所有情況下，都有驚人的上升空間。

And candidly, the customers like the attention and they deserve the attention. So I think this is going to be a win-win for everybody. Everflow is just a wonderful tool to help people just get a better understanding of what's going on with their processes. And I think it's less that Everflow itself generates large amounts of ACV, I think it's more that the use of Everflow as part of the discovery of how you can do better automation and how you can apply the Pega platform technology to be able to handle the things that Pega workflows are good at.

坦率地說，客戶喜歡這種關注，他們值得關注。所以我認為這對每個人來說都是雙贏的。 Everflow 只是一個很棒的工具，可以幫助人們更好地了解他們的流程正在發生什麼。而且我認為 Everflow 本身產生大量 ACV 的原因更少，我認為更多的是使用 Everflow 作為發現如何更好地實現自動化以及如何應用 Pega 平台技術來處理的一部分Pega 工作流擅長的事情。

Next question, Vinod Srinivasaraghavan with Barclays.

下一個問題，來自巴克萊銀行的 Vinod Srinivasaraghavan。

Just one for me. You've talked about usage-based buying before, and you've talked about it a little bit earlier. Can you talk about how did usage patterns with customers purchasing the product in this way trend throughout the quarter?

只給我一個。您之前談到過基於使用情況的購買，而且您之前也談到過它。您能否談談整個季度以這種方式購買產品的客戶的使用模式趨勢如何？

So just to be clear, when we think about the usage-based contracts, what we're really talking about is the ability for our clients to bring on new use cases, new workloads to expand their footprint of Pega in a frictionless way.

所以要明確一點，當我們考慮基於使用的合同時，我們真正談論的是我們的客戶能夠帶來新的用例、新的工作負載，以無摩擦的方式擴展他們的 Pega 足跡。

And as they do that, naturally the volume that they use where they see value from that, we get a small fraction of that value that is created by the client. In terms of usage across the year, some clients have it very consistent because it's a very predictable and repeatable process.

當他們這樣做時，自然而然地，他們從中看到價值的地方使用的數量，我們得到了客戶創造的價值的一小部分。就全年的使用情況而言，一些客戶的使用情況非常一致，因為這是一個非常可預測和可重複的過程。

Some have peaks and troughs through the year because of the nature of the business like loan originations might be bigger in the spring. It might be in other parts of the year, for example. But in terms of the quarter, there weren't I wouldn't say that there's trends that we're tracking on usage.

由於業務的性質，有些業務全年都有高峰和低谷，例如春季的貸款發放可能會更大。例如，它可能在一年中的其他時間。但就本季度而言，我不會說我們正在跟踪使用情況的趨勢。

What I would say is that the majority of our engagement with clients, we're engaging in this way so that we can actually help our clients have a frictionless way to adopt and not have to go back in kind of the traditional perpetual world, if you go back many years, where they had to actually go through a sizing it up and a purchasing process and trying to identify the need and go through a very rigorous and overhead, heavy internal process.

我要說的是，我們與客戶的大部分互動，我們都以這種方式參與，以便我們實際上可以幫助我們的客戶採用一種無摩擦的方式，而不必回到傳統的永恆世界中，如果你回到很多年前，他們實際上必須經歷一個評估和一個採購過程，並試圖確定需求，並經歷一個非常嚴格、開銷大、繁重的內部過程。

We want our clients to be able to get value from Pega in a frictionless way. And that's really a very important part of the usage-based model.

我們希望我們的客戶能夠以順暢的方式從 Pega 獲得價值。這確實是基於使用的模型中非常重要的一部分。

And we'll often calculate the usage based on a trailing 12-month average, so that individual quarters won't bounce up and down and usage won't vary month-to-month. Customers -- and both customers and us, I think, are happier when that's a little smoother. And so that's how we have to do this.

我們通常會根據過去 12 個月的平均值來計算使用量，這樣各個季度就不會上下波動，使用量也不會逐月變化。客戶 - 我認為，客戶和我們都會在更順暢的情況下更快樂。這就是我們必須這樣做的方式。

So with that, let me thank everybody for attending. We're excited about where we are. We're working hard. And I want you guys to know, particularly the ones who want to see brilliant generative AI capabilities, that PegaWorld is going to be, I think, enormously exciting this year through the MGM brand, it's June 11 through 13. Investor Day on the 12th. And look forward to seeing you in Las Vegas. Thank you very much.

因此，讓我感謝大家的出席。我們對我們所處的位置感到興奮。我們正在努力工作。我想讓你們知道，尤其是那些希望看到出色的生成人工智能能力的人，我認為 PegaWorld 今年將通過米高梅品牌非常令人興奮，時間是 6 月 11 日至 13 日。投資者日 12 日.期待在拉斯維加斯見到您。非常感謝。

This concludes today's teleconference. You may disconnect your lines at this time, and thank you for your participation.

今天的電話會議到此結束。您此時可以斷開您的線路，感謝您的參與。