Pegasystems Inc (PEGA) 2024 Q1 法說會逐字稿

Thank you for standing by. My name is Jeannie, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Pegasystems 1Q 2024 Earnings Call and Web Conference -- Webcast Conference. (Operator Instructions)

謝謝你的支持。我叫珍妮，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 Pegasystems 2024 年第一季財報電話會議和網路會議－網路廣播會議。 （操作員說明）

I'd now like to turn the conference over to Peter Welburn, Vice President of Corporate Development and Investor Relations. You may begin.

現在我想將會議交給企業發展和投資者關係副總裁彼得·韋爾伯恩 (Peter Welburn)。你可以開始了。

Thanks, Jeannie. Good morning, everyone, and welcome to Pegasystems Q1 2024 Earnings Call. Before we begin, I'd like to read our safe harbor statement.

謝謝，珍妮。大家早安，歡迎參加 Pegasystems 2024 年第一季財報電話會議。在我們開始之前，我想閱讀我們的安全港聲明。

Certain statements contained in this presentation may be construed as forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The words expects, anticipates, intends, plans, believes, will, could, should, estimates, may, forecast and guidance or variations of such words and other similar expressions identify forward-looking statements, which speak only as of the date the statement was made, and are based on current expectations and assumptions.

本簡報中包含的某些陳述可能被解釋為1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。 這些詞語預期、預計、打算、計劃、相信、將、能夠、應該、估計、可能、預測和此類詞語和其他類似表述的指導或變體確定了前瞻性陳述，這些陳述僅代表截至該陳述發表之日的情況，並且基於當前的預期和假設。

Because such statements deal with future events, they're subject to various risks and uncertainties. Actual results for fiscal year 2024 and beyond could differ materially from the company's current expectations.

由於此類聲明涉及未來事件，因此受到各種風險和不確定性的影響。 2024 財年及以後的實際業績可能與公司目前的預期有重大差異。

Factors that could cause the company's results to differ materially from those expressed in forward-looking statements are contained in the company's press release announcing its Q1 2024 results, 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, 2023, and in other recent filings with the Securities and Exchange Commission.

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2024 年第一季業績的新聞稿中，以及公司向美國證券交易委員會提交的文件中，包括其10 號表格年度報告-K 截至 2023 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中。

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 views 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 a result of new information, future events or otherwise.

請投資人不要過度依賴此類前瞻性陳述，並且不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，但適用法律要求的情況除外，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，無論是由於新資訊、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.

接下來，我會將電話轉給 Pegasystems 創辦人兼執行長 Alan Trefler。

Thank you, Peter, and thank you to all who have joined today's call. We're off to a strong start in 2024. Our results reinforce the soundness of our go-to-market strategy and we continue to improve execution, resulting in strong cash flow and significant expansion of Pega Cloud gross margins. This quarter, we continued to grow by deepening and expanding client engagement throughout our target account model and to drive our Gen AI strategy forward with significant new and enhanced technology. The reaction we've seen from clients as they begin to experience and fully understand the potential impact of Pega Gen AI is tremendous. It's opened up 4 new avenues for collaboration between us, our clients and our partners as well as inside our client organizations across their teams and functions. I'm even more excited than when we last talked about the incredible opportunity to leverage Gen AI to drive success in 2024 and beyond, for Pega and for our clients.

謝謝彼得，也感謝所有參加今天電話會議的人。我們在 2024 年迎來了一個良好的開端。本季度，我們透過在整個目標帳戶模型中深化和擴大客戶參與度來持續成長，並透過重要的新技術和增強技術推動我們的 Gen AI 策略向前發展。當客戶開始體驗並充分理解 Pega Gen AI 的潛在影響時，我們看到他們的反應是巨大的。它為我們、客戶和合作夥伴之間以及客戶組織內部跨團隊和職能部門的協作開闢了 4 條新途徑。與我們上次談論利用 Gen AI 推動 Pega 和我們的客戶在 2024 年及以後取得成功的絕佳機會相比，我更加興奮。

Now to talk about the strategy, as a reminder, when we applied Gen AI, we're not using it to generate code. We're using it to optimize the business outcomes and best practices that our customers are able to follow. Our unique technical structure is built around business concepts and enterprises, processes, their rules, data models, UI all organized into layers that can be built on or reused. It's turned out that this is a perfect architecture for Gen AI. And I think it gives Pega a unique advantage because we directly offer enhanced and optimize the business concepts themselves in a way that both business and IT can understand and collaborate on. And it's a patented architecture underneath it all that I don't think can be readily copied or reproduced.

現在談談策略，提醒一下，當我們應用 Gen AI 時，我們並不是用它來產生程式碼。我們使用它來優化客戶能夠遵循的業務成果和最佳實踐。我們獨特的技術結構是圍繞著業務概念和企業、流程、規則、資料模型、UI 建構的，所有這些都組織成可以建構或重複使用的層。事實證明，這是 Gen AI 的完美架構。我認為這為 Pega 帶來了獨特的優勢，因為我們以業務和 IT 都能理解和協作的方式直接提供增強和優化的業務概念本身。它背後是專利架構，我認為不能輕易複製或複製。

Now you may remember on our last call, I talked about the major areas where we believe our unique approach to Gen AI will drive massive impacts for our clients and for us. Delivering solutions that will first double developer productivity and bring Pega skills to the fingertips of our customers that will ignite enterprise innovation through a blend of industry expertise, Pega expertise, Pega technology and client insights that will maximize revenue efficiency with real-time optimization and personalization of customer interactions and we'll streamline work processes and customer experiences by giving the right people, instant access, not just to real-time enterprise knowledge, but to the processes that are necessary to get the results they want. We've continued to deliver on that strategy to help our clients unlock business transforming outcomes.

現在您可能還記得在我們上次通話中，我談到了我們相信我們獨特的 Gen AI 方法將為我們的客戶和我們帶來巨大影響的主要領域。提供的解決方案首先將提高開發人員的生產力，並將Pega 技能帶到我們的客戶手中，透過融合行業專業知識、Pega 專業知識、Pega 技術和客戶洞察來激發企業創新，從而透過即時優化和個人化最大限度地提高收入效率我們將透過為合適的人員提供即時存取權限來簡化工作流程和客戶體驗，不僅可以存取即時企業知識，還可以存取獲得他們想要的結果所需的流程。我們將繼續實施這項策略，幫助我們的客戶實現業務轉型成果。

This amazing technology will be showcased in PegaWorld, in our 10,000 square foot innovation hub, featuring more than 200 interactive demos that will be shown off the latest of the AI advances and how it will drive the future. It's an experience you can only have if you're there in person. Now here are just a few highlights of the newest technology you'll see and hear at PegaWorld. First, we announced Pega GenAI Blueprint in mid-February and began immediately testing it with partners and clients, and we've now made it available to anyone who wants to use it since like March whether you're a Pega client or not. All you have to do with your search on Pega for Pega Blueprint, and you'll find our website that really just has everything you need to get started. You can be up and running in minutes.

這項令人驚嘆的技術將在我們 10,000 平方英尺的創新中心 PegaWorld 上展示，其中包含 200 多個互動式演示，展示人工智慧的最新進展以及它將如何推動未來。這種體驗只有您親自到場才能獲得。以下是您將在 PegaWorld 看到和聽到的最新技術的一些亮點。首先，我們在 2 月中旬發布了 Pega GenAI Blueprint，並立即開始與合作夥伴和客戶進行測試，從 3 月開始，我們已經向任何想要使用它的人提供了它，無論您是否是 Pega 客戶。您只需在 Pega 上搜尋 Pega Blueprint，您就會發現我們的網站確實擁有您入門所需的一切。您可以在幾分鐘內啟動並運行。

I think that no longer a competitor has anything that can do what we do, and we think it's a major competitive advantage. In the last month, hundreds of clients have generated thousands of blueprints. Together, we, our clients and our partners are finding new ways to leverage this technology every day and stretching the boundaries of what's possible. Based on user feedback, we're enhancing it continuously. And because of the SaaS application, we're releasing new versions every 1 to 2 weeks. In just the last few weeks, for example, we added new capabilities that allow you to import blueprints directly into a Pega application to allow you to really do game changing work in seconds that otherwise would have taken weeks.

我認為，不再有競爭對手可以做我們所做的事情，我們認為這是一個主要的競爭優勢。上個月，數百名客戶產生了數千份藍圖。我們、我們的客戶和合作夥伴每天都在尋找新的方法來利用這項技術，並擴大可能的界限。根據用戶回饋，我們不斷對其進行改進。由於 SaaS 應用程式的存在，我們每 1 到 2 週就會發布新版本。例如，在過去幾週，我們添加了新功能，允許您將藍圖直接導入 Pega 應用程序，以便您真正在幾秒鐘內完成改變遊戲規則的工作，否則需要花費數週時間。

And this enables people to iterate on application requirements and we generate blueprints as they've new ideas and experience what's going on in their collaborative efforts. Now more enhancements are planned in the coming weeks and months. And as more clients and partners use it, we're getting an extreme of additional ideas that are both being met with great excitement by the partners, customers and great excitement by us. For example, we think that we're seeing many customers looking to use Blueprint to be able to rethink and to modernize their legacy estate. These are large collections of often engine applications that all customers want to try to drive down in terms of complexity and quantity. And Blueprint makes envisioning and designing for the replacement of legacy apps completely different experience.

這使人們能夠迭代應用程式需求，當他們有新想法並體驗協作工作中發生的事情時，我們會產生藍圖。現在計劃在未來幾週和幾個月內進行更多增強功能。隨著越來越多的客戶和合作夥伴使用它，我們得到了更多的想法，合作夥伴、客戶和我們都對這些想法感到非常興奮。例如，我們認為我們看到許多客戶希望使用 Blueprint 來重新思考和現代化他們的遺留資產。這些是通常引擎應用程式的大量集合，所有客戶都希望嘗試降低複雜性和數量。 Blueprint 為替換遺留應用程式的設想和設計提供了完全不同的體驗。

It incorporates design thinking and best practices from both Pega and Internet, integrates them and uses Gen AI to synthesize the information and make recommendations on how they can improve. This is where our use of Gen AI, I believe, is truly groundbreaking as we allow enterprises to explore entirely new ways in envisioning their business processes, building on what is known on the Internet and what we've done over our decades of experience, making it dramatically easier to align business and IT. We think it's a great opportunity for us, and we'll be talking much more about it at PegaWorld.

它融合了 Pega 和 Internet 的設計思維和最佳實踐，將它們整合並使用 Gen AI 來綜合資訊並就如何改進提出建議。我相信，這就是我們對 Gen AI 的使用真正具有開創性的地方，因為我們允許企業以互聯網上已知的知識和我們數十年的經驗為基礎，探索全新的方式來設想其業務流程，使業務和IT 的協調變得更加容易。我們認為這對我們來說是一個很好的機會，我們將在 PegaWorld 上討論更多它。

Now in addition to Blueprint, we continue to introduce and enhance our Infinity suite of solutions. Last week, we launched Infinity 24.1 with transformative capabilities to help our clients become self-optimizing enterprise, incorporating enterprise-grade AI and automation, this newest release empowers organizations to optimize service, sales, marketing and their business operations with new capabilities, including the Pega GenAI Knowledge Buddy, which helps you to synthesize knowledge scattered across content libraries to quickly answer employee and customer questions. There are hundreds of thousands of chatbots out there these days. Everybody has a couple of chatbots, but they don't include the kind of robust enterprise-based capabilities organizations need to audit what's going on, provide the right security, the right control and be able to have confidence in the answers.

現在，除了 Blueprint 之外，我們還繼續推出和增強我們的 Infinity 解決方案套件。上週，我們推出了具有變革性功能的Infinity 24.1，旨在幫助我們的客戶成為自我優化的企業，融入企業級人工智慧和自動化，這個最新版本使組織能夠透過新功能優化服務、銷售、行銷及其業務運營，包括Pega GenAI Knowledge Buddy，可協助您綜合分散在內容庫中的知識，以快速回答員工和客戶的問題。如今，有數十萬個聊天機器人。每個人都有幾個聊天機器人，但它們不包含組織所需的強大的基於企業的功能，以審核正在發生的事情、提供正確的安全性、正確的控制並能夠對答案充滿信心。

That's what we focused our Knowledge Buddy on. We're also introducing the Pega GenAI Coach, which serves as a real-time mentor, analyzing employee workflows and providing actionable insights to optimize productivity. And we've new accelerated bundles what we call Pega GenAI Automate and Pega GenAI Analyze, which surface and summarize insights about cases, data, meetings, conversations to make it easier and faster for salespeople and service agents to follow up and engage with prospects and customers as well as many, many other answers. We see a terrific long-term growth opportunity as these capabilities are the ones that are coming, help clients adopt our software more quickly and find new use cases for Pega.

這就是我們的知識夥伴所關注的重點。我們還推出了 Pega GenAI Coach，它充當即時導師，分析員工工作流程並提供可操作的見解以優化生產力。我們還推出了新的加速捆綁包，即Pega GenAI Automate 和Pega GenAI Analysis，它們可以呈現和總結有關案例、數據、會議、對話的見解，使銷售人員和服務代理能夠更輕鬆、更快速地跟進並與潛在客戶和客戶互動。我們看到了一個絕佳的長期成長機會，因為這些功能即將推出，可以幫助客戶更快地採用我們的軟體並為 Pega 找到新的用例。

Now I've talked about PegaWorld a bit, and I want you to really consider strongly coming to Las Vegas and joining us because it is going to be terrific. As exciting as the new product announcements we'll be showing are what really separates PegaWorld from many other tech conferences are the incredible real-world very, very deep examples of how our clients are using the software that they themselves bring to the PegaWorld and talk about them in ways that well, candidly, we couldn't talk about them because we've to maintain our clients' confidentiality. But when they get up and speak about it, we think it's wonderful. And we're honored that they're willing to discuss some of the amazing things that they're doing.

現在我已經談了一些 PegaWorld，我希望您認真考慮來拉斯維加斯並加入我們，因為那會很棒。與我們將展示的新產品公告一樣令人興奮的是，PegaWorld 與許多其他技術會議的真正區別在於令人難以置信的現實世界非常非常深入的示例，說明我們的客戶如何使用他們自己帶到PegaWorld 的軟體並進行討論坦率地說，我們不能談論他們，因為我們必須保守客戶的機密。但當他們站起來談論這件事時，我們認為這很棒。我們很榮幸他們願意討論他們正在做的一些令人驚奇的事情。

Some of the customers who are coming will be, for example, T-Mobile who will talk about their focus on customer centricity, the customer service overhaul that not just led to improve efficiency, but massively improve customer satisfaction and how AI-driven insights are empowering their frontline staff to build stronger relationships. We'll also talk about the key success metrics that they've achieved and provide insights into their ambitious AI plans. Booking.com will describe how they're leveraging Pega capabilities to meet evolving traveler needs, while also maintaining their super high customer satisfaction levels. Pega supports their customer-centric approach, ensuring that thousands of agents around the globe can deliver unparalleled experiences to travelers worldwide.

例如，一些即將到來的客戶將是T-Mobile，他們將談論他們對以客戶為中心的關注、客戶服務改革不僅提高了效率，而且大幅提高了客戶滿意度，以及人工智慧驅動的見解如何發揮作用。我們還將討論他們所取得的關鍵成功指標，並深入了解他們雄心勃勃的人工智慧計畫。 Booking.com 將介紹他們如何利用 Pega 功能來滿足不斷變化的旅客需求，同時保持超高的客戶滿意度。 Pega 支持其以客戶為中心的方法，確保全球數以千計的代理商能夠為世界各地的旅客提供無與倫比的體驗。

National Australia Bank will explain how they're bringing together the left brain of analytics and the right brain of creative thinking to build real relationship-led personal experiences, relevant in the moment in any channel. They've a fascinating story about how the blend of data, creative experimentation and Pega technology are disrupting conventional approaches of communications, and how they use us to deliver 91 million customer engagements and a 40% increase in customer successful engagements in just over a year.

澳洲國民銀行將解釋他們如何將分析的左腦和創造性思維的右腦結合起來，以建立真正的、以關係為主導的個人體驗，並在任何管道中與當下相關。他們講述了一個引人入勝的故事，講述了數據、創意實驗和Pega 技術的融合如何顛覆傳統的通信方式，以及他們如何利用我們在短短一年多的時間裡實現了9100 萬次客戶互動，並將客戶成功互動量提高了40% 。

And finally, just to pick another one, the Department of Veterans Affairs. We'll discuss how they're modernizing their benefits programs for veterans' spouses, children and caregivers to improve responsiveness in the essential program.

最後，選​​擇另一個部門，即退伍軍人事務部。我們將討論他們如何對退伍軍人配偶、子女和護理人員的福利計劃進行現代化改造，以提高基本計劃的回應能力。

As a reminder, we've scheduled our investor session for Monday, June 10. Local time is noon, and we're hoping to see you there. You should have received a invite by now, if you haven't, let us know, and be sure to register. It's going to be a fabulous event.

謹此提醒，我們已將投資者會議安排在 6 月 10 日星期一。您現在應該已經收到邀請了，如果還沒有，請告訴我們，並確保註冊。這將會是一次精彩的活動。

So in summary, our go-to-market strategy, our focused model, our deepening relationships driving good results, including a healthy balance of growth and profitability. We continue to focus on leveraging the latest Gen AI capabilities to deliver advantages to our clients. Pega has been through massive technology transitions through our 40-year history. We've done 5 completely architectures of what we've done, and I believe we're perfectly positioned to incorporate Gen AI into the architecture we've and the way that we're going to deliver for our clients. This experience of being able to manage through and well in extreme change in the technical environment is, I think one of the reasons that Gen AI is going to be especially advantageous to us. Our newest offerings are truly enhancing the relationships with our customers and our clients' relationships with their customers. I think we have a huge opportunity to drive success in 2024 and beyond, and it's going to be very transformative.

總而言之，我們的市場策略、專注的模式、深化的關係推動了良好的業績，包括成長和獲利能力的健康平衡。我們繼續專注於利用最新的 Gen AI 功能為我們的客戶帶來優勢。 Pega 在 40 年的歷史中經歷了大規模的技術轉型。我們已經完成了 5 個完整的架構，我相信我們完全有能力將 Gen AI 融入到我們已經建立的架構以及我們將要為客戶提供服務的方式中。我認為，這種能夠在技術環境的極端變化中進行良好管理的經驗是 Gen AI 對我們特別有利的原因之一。我們的最新產品真正增強了我們與客戶的關係以及我們的客戶與其客戶的關係。我認為我們有巨大的機會在 2024 年及以後取得成功，這將是非常具有變革性的。

Now to provide color on our financial results, let me turn it over to our COO and CFO, Ken Stilo. Ken?

現在，讓我向我們的營運長兼財務長 Ken Stilo 介紹一下我們的財務表現。肯？

Thanks, Alan. I'm very excited about our start to 2024. Annual contract value, or ACV, increased 9% year-over-year, which is where we thought it would be in Q1. As I explained on our last earnings call, ACV growth faced a tough year-over-year compare in the first quarter of 2024 because the net ACV add in Q1 of 2023 was unusually strong. And as a result, we knew the ACV growth rate would be at the lowest point as the year began. Pega Cloud drove the majority of net new ACV add in the first quarter. And Pega Cloud ACV, which is approaching $600 million continues to be the largest and fastest-growing portion of ACV.

謝謝，艾倫。我對 2024 年的開始感到非常興奮。正如我在上次財報電話會議上所解釋的那樣，ACV 在 2024 年第一季的同比增長面臨嚴峻的挑戰，因為 2023 年第一季的 ACV 淨增量異常強勁。因此，我們知道 ACV 成長率將處於年初的最低點。 Pega Cloud 推動了第一季新增 ACV 淨成長的大部分。 Pega Cloud ACV 的價值接近 6 億美元，仍然是 ACV 中規模最大且成長最快的部分。

Moving to free cash flow. When we started our subscription transition in late 2017, we knew the transition would, over time, result in more predictable subscription billings and free cash flow. Now that the transition is complete. It's great to see that vision become reality. We generated $180 million of free cash flow in the first quarter, a record by far for any quarter in the history of the company. Our strong free cash flow performance was driven primarily by 3 factors: First, ACV grew by about $100 million year-over-year. ACV has a strong proxy for subscription billings. So an increase in ACV will naturally drive a material increase in subscription billings.

轉向自由現金流。當我們在 2017 年底開始訂閱過渡時，我們知道隨著時間的推移，過渡將帶來更可預測的訂閱帳單和自由現金流。現在過渡已經完成。很高興看到這個願景成為現實。第一季我們創造了 1.8 億美元的自由現金流，創下了公司歷史上迄今為止任何季度的記錄。我們強勁的自由現金流表現主要由三個因素推動：首先，ACV 年比成長約 1 億美元。 ACV 具有強大的訂閱帳單代理能力。因此，ACV 的增加自然會帶動訂閱費用的大幅增加。

Second, we're doing really well in our cost management initiatives, which improved operating leverage again in the quarter. For example, sales and marketing expenses decreased by about 15% year-over-year in the first quarter of 2024 versus the same period 1 year ago. Third, many of our deals closed and renew in the last quarter of the year, which means collections often occur through the first quarter of the year. Our fast start on free cash flow generation may be a little surprising to many of you. And it's, quite frankly, a little better than we had even expected. But naturally, starting off strong gives us that much more confidence in our progress to improve margins and our cash flow momentum.

其次，我們在成本管理措施方面做得非常好，這在本季再次提高了營運槓桿。例如，2024 年第一季的銷售和行銷費用與一年前同期相比下降了約 15%。第三，我們的許多交易在今年最後一個季度完成並續簽，這意味著收款通常發生在今年第一季。我們在自由現金流生成方面的快速啟動可能會讓你們中的許多人感到有點驚訝。坦白說，這比我們的預期要好一些。但自然地，強勁的起步讓我們對提高利潤率和現金流動力的進展更有信心。

Moving on to margins. Pega Cloud gross margin increased to 77%, a 500 basis point increase from a year ago, and that's just awesome to see the continued improvement. The improvement was driven by 3 factors: First, the increasing scale of Pega Cloud, which grew 21% year-over-year to $131 million in revenue in Q1; second, more active planning and management of our global cloud capacity to optimize performance and to reduce cost; third, an increasing use of Kubernetes for cloud scalability and efficiency.

轉向邊緣。 Pega Cloud 毛利率增加至 77%，比一年前增加了 500 個基點，看到這種持續改善真是太棒了。這項改善由三個因素推動：首先，Pega Cloud 規模不斷擴大，第一季營收年增 21%，達到 1.31 億美元；其次，更積極地規劃和管理我們的全球雲端容量，以優化效能並降低成本；第三，越來越多地使用 Kubernetes 來提高雲端的可擴展性和效率。

Now that we've released Pega GenAI Blueprint in Q1, I'd like to share some thoughts on the timing of Gen AI monetization. In 2024, we expect Pega GenAI Blueprint will both change the way we engage with our clients and also decrease the time it takes for clients to envision and build new applications on the Pega platform, and we're already seeing evidence of that. Though we're still in the early days of Gen AI, we can see that this innovation is going to be central to our clients buy decisions. And it beautifully complements the statistical AI that we've delivered for decades. We expected Gen AI would be central to our products as we put our 2024 plan together, and that's what we're seeing. Thus, monetization will be as a result of improvements in the selling cycle, which we believe will be fully realized in 2025.

既然我們已經在第一季發布了 Pega GenAI Blueprint，我想分享一些關於 Gen AI 貨幣化時機的想法。到 2024 年，我們預計 Pega GenAI Blueprint 將改變我們與客戶互動的方式，並減少客戶在 Pega 平台上設想和建立新應用程式所需的時間，我們已經看到了這方面的證據。儘管我們仍處於 Gen AI 的早期階段，但我們可以看到，這項創新將成為我們客戶購買決策的核心。它完美地補充了我們幾十年來提供的統計人工智慧。當我們制定 2024 年計畫時，我們預計 Gen AI 將成為我們產品的核心，而這就是我們所看到的。因此，貨幣化將是銷售週期改善的結果，我們相信這將在 2025 年完全實現。

I've received feedback that it's helpful when I provide thoughts on modeling our business. So today, I'll continue to share some insights. First, we expect our ACV bookings will be more back-end loaded this year. And the majority of our subscription billings will occur in Q1 and Q4. So for the full year, we expect our cash flow to be strongest in the first and the last quarters of the year. Second, our sales and marketing expenses are slightly higher in the second quarter as a result of PegaWorld cost, our annual client conference, which occurs in June. Third, we expect term license revenue will decline year-over-year in 2024 as Pega Cloud continues to become an increasingly larger portion of our overall business and this is certainly connected to Gen AI momentum.

我收到的回饋表明，當我提供有關業務建模的想法時，這很有幫助。那麼今天，我將繼續分享一些見解。首先，我們預計今年的 ACV 預訂量將在後端增加。我們的大部分訂閱帳單將發生在第一季和第四季。因此，就全年而言，我們預計今年第一季和最後一個季度的現金流最為強勁。其次，由於 PegaWorld 成本（我們於 6 月舉行的年度客戶會議），我們第二季的銷售和行銷費用略有增加。第三，我們預計，隨著 Pega Cloud 在我們整體業務中所佔的比例越來越大，到 2024 年，定期授權收入將同比下降，這肯定與 Gen AI 的勢頭有關。

As cloud accelerates, an increasingly smaller part of our growth is coming from subscription revenue -- subscription license revenue, excuse me, which is term and maintenance revenue. Both of those are expected to continue to decline as a percentage of our revenue and also subscription license, i.e., term revenue is going to decline year-over-year. In fact, term license revenue will likely be less than 25% of our full year revenue, and it will be back-end loaded. But that's okay because it doesn't impact cash flow timing, and we'll gladly trade term license revenue variability and decline for having a business accelerate faster to the cloud.

隨著雲端運算的加速，我們的成長中越來越小的一部分來自訂閱收入——訂閱授權收入，對不起，這是期限和維護收入。預計這兩者占我們收入和訂閱許可的百分比將繼續下降，即定期收入將同比下降。事實上，定期授權收入可能低於我們全年收入的 25%，並且將由後端加載。但這沒關係，因為它不會影響現金流時間，而且我們很樂意用術語許可收入的可變性和下降來換取業務更快地加速到雲端的速度。

Turning to our capital structure. As many of you're aware, we've about $500 million of remaining outstanding convertible debt at 0.75% interest rate that matures in March of 2025. We continue to evaluate alternatives. But at the end of Q1, our total cash and investment balance was about $619 million. So we're now in a net cash positive position when factoring in payoff of the convert. We're still waiting for the opinion from the Virginia Appeals Court. We don't know when that court will issue opinion, but of the cases our panel of judges has heard, the majority of those cases have been decided. I also would like to provide you with a brief update on the shareholder class action suit that was filed in 2022. We reached an agreement to resolve that shareholder suit for $35 million. We look forward to putting that distraction and the associated legal fees behind us.

轉向我們的資本結構。正如你們許多人所知，我們還有約 5 億美元的未償可轉換債務，利率為 0.75%，將於 2025 年 3 月到期。但截至第一季末，我們的現金和投資餘額總額約為 6.19 億美元。因此，當考慮到轉換者的回報時，我們現在處於淨現金正值狀態。我們仍在等待維吉尼亞上訴法院的意見。我們不知道法院什麼時候會發表意見，但在我們的法官小組審理的案件中，大多數案件已經判決。我還想向您提供 2022 年提起的股東集體訴訟的簡要最新情況。我們期待將這種幹擾和相關的法律費用拋在腦後。

I'm looking forward to seeing all of you at PegaWorld, which is being held at the MGM Grand in Las Vegas again and starts on Sunday, June 9. We'll hold our investor session, as Alan mentioned, on Monday, June 10 at lunchtime. To register for the investor session, please e-mail pegainvestorrelations@pega.com or reach out to Peter Welburn. Featured speakers during our investor session will include our Founder and CEO, Alan Trefler, as well as other members of our senior leadership team. We'll provide updates on our long-term strategy, our latest product innovation and our go-to-market approach.

我期待在PegaWorld 上見到大家，該會議將再次在拉斯維加斯米高梅大酒店舉行，並於6 月9 日星期日開始。星期一舉行投資者會議在午餐時間。如需註冊參加投資者會議，請發送電子郵件至 pegainvestorrelations@pega.com 或聯絡 Peter Welburn。我們的投資者會議期間的特色演講者將包括我們的創始人兼首席執行官 Alan Trefler 以及我們高級領導團隊的其他成員。我們將提供有關我們的長期策略、最新產品創新和進入市場方法的最新資訊。

In conclusion, I feel really, really great about running a sound business. Our strong cash generation in Q1 demonstrates the power of a SaaS business. And we're in a great position to accelerate our profitable growth from here.

總之，我對經營一家健全的企業感到非常非常高興。我們第一季強勁的現金產生能力證明了 SaaS 業務的力量。我們處於有利位置，可以從這裡加速我們的獲利成長。

Operator, please open the line for questions.

接線員，請開通提問線。

(Operator Instructions). Your first question comes from the line of Raimo Lenschow with Barclays.

（操作員說明）。你的第一個問題來自巴克萊銀行的 Raimo Lenschow。

Congrats from me. I've 2 quick questions. One, Alan, for you, or maybe it's actually for both of you. If you think about the monetization, if I understand you correctly, it's going to accelerate client adoption of Pega quite nicely. Is that kind of the main things we had to -- we should think about monetization? Or is -- are there also kind of SKUs that have more AI versus, let's say, either old kind of product monetization there? So that's question one.

來自我的祝賀。我有兩個簡單的問題。一，艾倫，給你，或實際上是給你們兩個的。如果你考慮貨幣化，如果我理解正確的話，它將很好地加速客戶對 Pega 的採用。這是我們必須考慮的主要事情嗎？或者說，是否還有某種 SKU 擁有更多人工智慧，而不是舊類型的產品貨幣化？這是問題一。

Question two would be for Ken. On the cash flow, you obviously gave us last quarter like an annual cash flow idea with a very strong Q1. Was there like some timings that helped you? Or how do you feel about the full year number?

第二個問題是問肯的。關於現金流，您顯然在上個季度向我們提供了年度現金流的想法，第一季非常強勁。有沒有一些時間安排對你有幫助？或者你對全年數字有何看法？

So we're permeating our products with Gen AI. So that -- this is really becoming something that I think is going to be a reason that people say, Boy, we can get this to work faster, better, cheaper and more broadly in the organizations. And that's the way we monetize things. And if you want to get a feel for that, just try Blueprint, it will make perfect sense to you in 2 minutes. Ken?

因此，我們正在將 Gen AI 滲透到我們的產品中。因此，我認為這確實成為人們說的一個原因，我們可以讓它在組織中更快、更好、更便宜、更廣泛地發揮作用。這就是我們貨幣化的方式。如果您想感受一下，只需嘗試 Blueprint，您將在 2 分鐘內完全理解它。肯？

Yes. On the question about annual cash flow, I think that's probably a very common question on the minds of lots of people listening to this call when it's our results. So that's a great question. I'm generalizing a bit. But if you think about Q1 and Q4 being big cash collection quarters and Q2 and Q3 being more subdued and, quite frankly, not significant cash generation. To get more than half of your full year target in the first quarter is certainly a great start. I wouldn't go as far as to say that changes our view for the year. I'd say what that does is really reinforce the momentum that we're on and the confidence that we've for the full year. But it's great. Naturally, you always want cash flow as soon as you can get it in the year. But it was expected that Q1 and Q4 would be bigger collection quarters.

是的。關於年度現金流的問題，我認為這可能是許多人在聽到我們的業績電話會議時想到的一個非常常見的問題。這是一個很好的問題。我稍微概括一下。但如果你認為第一季和第四季是現金回收的大季度，而第二季和第三季則更加疲軟，坦白說，現金產生量並不大。在第一季實現全年目標的一半以上無疑是一個好的開始。我不會說這會改變我們對今年的看法。我想說，這確實增強了我們全年的勢頭和信心。但這很棒。當然，你總是希望在一年內能盡快獲得現金流。但預計第一季和第四季將是更大的收集季度。

Your next question comes from the line of Kevin Kumar with Goldman Sachs.

你的下一個問題來自高盛的凱文·庫馬爾（Kevin Kumar）。

I wanted to touch on Blueprint. It appears that interest is pretty strong there, and I've gone on and demoed it as well, and it looks great. Alan, just curious about, I guess, the second order impacts of just being able to speed up the design process with Blueprint. Are you seeing any early indications that this could drive more applications being developed on the platform?

我想談談藍圖。看起來人們的興趣相當濃厚，我也繼續示範了它，看起來很棒。艾倫，我想，只是好奇能夠使用藍圖加速設計過程的二階影響。您是否看到任何早期跡象表明這可能會推動在該平台上開發更多應用程式？

Yes, we're. I mean we're seeing an enormous interest from clients and from partners and we see Blueprints being included now in RFP responses and in bids that are going to customers. So it's -- I think it's a big step forward. And it's candidly a step that's only going to get bigger as we continue to add in some of the features that are planned for even now to PegaWorld. So we're really, really seeing concrete uses with clients.

是的，我們是。我的意思是，我們看到了客戶和合作夥伴的巨大興趣，我們看到藍圖現在已包含在 RFP 回應和向客戶提供的投標中。所以我認為這是向前邁出的一大步。坦白說，隨著我們繼續為 PegaWorld 添加一些計劃中的功能，這一步驟只會變得更大。所以我們真的非常非常地看到客戶的具體用途。

I also think this opens the door to Pega being seen as an engine for legacy transformation. We talked to people in the tech world who have literally thousands of applications and being able to use a technology like this that help take them out faster and better, get rid of some of that technical debt, put them all together in what we called a Process Fabric, which is a technology we've talked about in the past that lets you've multiple Pega apps that act as one. It's -- I think it's a very appealing message even in its early days. So we're pretty jazzed about this.

我還認為這為 Pega 被視為遺留轉型引擎打開了大門。我們與科技界的人們進行了​​交談，他們實際上擁有數千個應用程序，並且能夠使用這樣的技術來幫助他們更快更好地擺脫這些應用程序，擺脫一些技術債務，將它們全部放在一起，我們稱之為Process Fabric，這是我們過去討論過的技術，它可以讓多個 Pega 應用程式作為一個應用程式運作。我認為即使在早期，這也是一個非常有吸引力的訊息。所以我們對此非常感興趣。

That's great. And then, Ken, one for you. You called out sales and marketing and seeing some year-over-year decreases in expenses there. And just curious kind of where you're seeing opportunities to kind of reduce expenses within that organ, should we expect that to kind of continue throughout the year?

那太棒了。然後，肯，給你一份。您對銷售和行銷進行了調查，發現那裡的費用比去年同期有所下降。令人好奇的是，您在該機構中看到了減少開支的機會，我們是否應該期望這種情況會持續一整年？

Yes. So we're kind of at a -- we're at a little bit of a stabilization point in terms of the run rate of expenses right now, because we've essentially normalized some of the restructuring that we did last year. Gross margin definitely will continue to improve in Pega Cloud because there's a lot of things that we're implementing that are not actually not -- have not been impacting margin to the positive yet and will continue to. I think about our go-to-market cost, it's less around where we can take cost out and more about leveraging that resource pool to accelerate growth, Kevin. We're really -- we've a great growth opportunity, acceleration through the rest of the year. We feel very confident that we'll accelerate growth.

是的。因此，就費用運行率而言，我們現在正處於一個穩定點，因為我們基本上已經使去年進行的一些重組正常化了。 Pega Cloud 的毛利率肯定會繼續提高，因為我們正在實施的許多措施實際上並沒有對利潤率產生積極影響，而且這種影響將會繼續下去。我考慮的是我們的上市成本，它不是我們可以削減成本的地方，而是更多地利用資源池來加速成長，凱文。我們確實擁有巨大的成長機會，在今年剩餘時間內將加速成長。我們對加速成長充滿信心。

And Gen AI is really just a massive catalyst for pushing productivity in our go-to-market teams because of that speed to ideation, the speed to getting clients see the vision, the speed to getting them to realize their architecture designs and their workflows. And actually now with the latest changes to Blueprint, the improvements to Blueprint to actually get the Pega application started. So we feel like that is just such a tailwind, so to speak, to sales productivity. We're focused on really putting those resources in the right place to accelerate scale and become more productive as opposed to a cost-cutting exercise.

Gen AI 實際上是提高我們上市團隊生產力的巨大催化劑，因為它可以加快構思速度、讓客戶看到願景的速度、讓他們實現架構設計和工作流程的速度。實際上，現在隨著 Blueprint 的最新更改、Blueprint 的改進，可以真正啟動 Pega 應用程式。所以我們覺得這對銷售生產力來說是一種順風順水。我們專注於真正將這些資源放在正確的地方，以加速規模擴大並提高生產力，而不是削減成本。

Your next question comes from the line of Pinjalim Bora with JPMorgan.

您的下一個問題來自 Pinjalim Bora 與摩根大通的聯繫。

Great. Just 2 parts. One question for me. Are you starting to see some of the Gen AI capabilities that you're introducing in cloud drive customer conversations around cloud migrations from the self-managed product that you've? And then I guess, cloud ACV growth seems like has kind of reached a low point. Wondering if it is kind of at the trough level at this point as Blueprint and other Gen AI capabilities drive consumption going forward?

偉大的。只有 2 部分。問我一個問題。您是否開始看到您在雲端驅動客戶圍繞您擁有的自我管理產品進行雲端遷移的對話中引入的一些 Gen AI 功能？然後我猜想，雲端 ACV 的成長似乎已經達到了低點。想知道隨著 Blueprint 和其他 Gen AI 功能推動消費的發展，目前是否處於低潮？

Let me take the second part of that. We do think Q1 was a trough for ACV growth. We had thought that, that was the case when we guided, we had said that really in Q1. I think most of you know that because we saw the models that all of you have built. And so I think you definitely heard us on that. In terms of the ability for cloud migrations and Gen AI and the connection, Alan, thoughts on that.

讓我來談談第二部分。我們確實認為第一季是 ACV 成長的低谷。我們曾認為，我們指導時就是這種情況，我們在第一季確實說過。我想你們大多數人都知道這一點，因為我們看到了你們所有人建立的模型。所以我想你肯定聽到我們的意見了。在雲端遷移、Gen AI 和連接的能力方面，艾倫對此有一些想法。

Yes. So we've hooked our Gen AI capabilities, which are unfolding so quickly to Pega Cloud, which only makes sense because we're able to roll out so much more efficiently and effectively. And we definitely see customers being interested in moving to Pega Cloud. They've been historically because I think it's such a both cost effective, but also offers some scalability and other features that they may have difficult emulating in other environments. So we've historically seen their strong interest. We're definitely seeing that the Gen AI makes that interest even more critical for customers who weren't already heading in that direction.

是的。因此，我們將 Gen AI 功能與 Pega Cloud 快速展開相結合，這才有意義，因為我們能夠更有效率、更有效地推出。我們確實看到客戶有興趣遷移到 Pega Cloud。它們歷史悠久，因為我認為它既具有成本效益，又提供了一些可擴展性和其他功能，這些功能在其他環境中可能難以模仿。所以我們從歷史上就看到了他們的強烈興趣。我們確實看到，對於尚未朝這個方向發展的客戶來說，Gen AI 讓這種興趣變得更加重要。

One last point on that. The -- about 2/3 to 75% of our clients have seen Pega Cloud now, meaning that they've at least 1 application or 1 environment for Pega Cloud. As that -- there's a natural momentum that as clients have 1 application on Pega Cloud, they look at moving all or other applications to Pega Cloud. So you do have a little bit of the flywheel on people buying more Pega Cloud, more clients getting exposed to Pega Cloud, which then will lead to the migration discussion that you mentioned. So I do think it's really a good time for that to happen now.

最後一點。我們大約 2/3 到 75% 的客戶現在已經看到了 Pega Cloud，這意味著他們至少有 1 個應用程式或 1 個 Pega Cloud 環境。因此，當客戶在 Pega Cloud 上擁有 1 個應用程式時，他們會考慮將所有或其他應用程式遷移到 Pega Cloud，這是一種自然的動力。因此，您確實對人們購買更多 Pega Cloud、更多客戶接觸 Pega Cloud 產生了一點影響，這將導致您提到的遷移討論。所以我確實認為現在確實是實現這一目標的好時機。

Your next question comes from the line of Rishi Jaluria with RBC Capital Markets.

您的下一個問題來自 RBC Capital Markets 的 Rishi Jaluria。

This is Rich Poland on for Rishi. So I guess first one, Ken, just to clarify. I believe you said AI contribution embedded in the full year guide when it was provided was 0. So if we take a step back, can we just think about what needs to happen to achieve the guidance? And what kind of early adoption of Blueprint or Blueprint accelerating the adoption curve, the upside to those numbers?

這是 Rishi 的富裕波蘭。所以我想第一個，肯，只是為了澄清一下。我相信你說全年指南中嵌入的人工智慧貢獻在提供時是0。什麼樣的藍圖早期採用或藍圖加速採用曲線，這些數字的好處是什麼？

Yes. So yes, your question is you guided at the beginning of the year 11% ACV growth. And we did say that we did not believe that factored in a noticeable impact to ACV from Gen AI. Your question is if there was a noticeable impact, would that provide upside to the growth number. And if that's the sense of the question, which is what I read. I'd say, yes, significantly faster adoption of Gen AI and influence into the pipe and the conversion of pipe is certainly an upside opportunity.

是的。所以，是的，你的問題是你在年初指導 ACV 成長 11%。我們確實說過，我們不認為這會導致 Gen AI 對 ACV 產生顯著影響。你的問題是，如果有明顯的影響，是否會為成長數字帶來上升空間。如果這就是問題的意義，那就是我讀到的。我想說，是的，人工智慧的採用速度顯著加快，並對管道和管道的轉換產生影響，這無疑是一個上行機會。

Okay. Great. That's helpful. And then one for Alan. You mentioned the industry expertise as kind of a differentiator around AI. Can you just kind of expand on that a bit and just what you're seeing right now in terms of use cases in specific industries or just maybe any domain expertise that you're infusing into some of the solutions there?

好的。偉大的。這很有幫助。然後是艾倫的一張。您提到行業專業知識是人工智慧的差異化因素。您能否稍微擴展一下您現在在特定行業的用例方面所看到的內容，或者您​​正在向其中的一些解決方案注入的任何領域專業知識？

Sure. We took our industry experts, and we've them pulled together the templates that made most sense for common industry problems in the areas, where we've a lot of experience. And we've a lot of experience, as you know, in banking, insurance and health care and government. And you can see that if you use Blueprint, we've -- before we go out and begin infusing the Gen AI content into the analysis, you can see our standard template actually visible in the Blueprint sources you make. So if you say, hey, in banking or financial services and credit card, I want to take a look at collections as a function, you'll see a whole collection of our best practices of product.

當然。我們召集了行業專家，讓他們匯總了對我們擁有豐富經驗的領域中常見行業問題最有意義的模板。如您所知，我們在銀行、保險、醫療保健和政府領域擁有豐富的經驗。您可以看到，如果您使用藍圖，在我們開始將 Gen AI 內容注入分析之前，您可以看到我們的標準範本在您製作的藍圖來源中實際可見。因此，如果您說，嘿，在銀行或金融服務和信用卡領域，我想將集合視為一種功能，您將看到我們產品最佳實踐的完整集合。

And so I think we've been able to use the things that we've learned about the industry. The things we've learned about technology, which is how we've been able to pull this in. And I think the team has done a great implementation to be able to bring this together in a way that's very tangible and will be the basis for a lot more coming.

因此，我認為我們已經能夠利用我們在該行業學到的知識。我們學到的有關技術的知識，這就是我們能夠將其融入其中的方式。更多即將到來。

Your next question comes from the line of Jake Roberge with William Blair.

你的下一個問題來自傑克·羅伯格和威廉·布萊爾的對話。

And great to hear about the hundreds of customers that are already using Blueprint. Just curious, what type of use cases are you seeing customers target with that solution? And then I know you've 20 or so other Gen AI accelerators. Are there any other solutions that you're starting to see customer interest pick up for?

很高興聽到數百名客戶已經在使用 Blueprint。只是好奇，您看到客戶使用該解決方案的目標是什麼類型的用例？然後我知道你們還有 20 個左右的其他 Gen AI 加速器。您是否開始看到客戶對任何其他解決方案感興趣？

Sure. I -- we're finding that the customers are creating blueprints all over the map, there's a lot that are tied to particular service flows, so things that you want to do in customer service. The onboarding and life cycle management of clients is another place, where I'm seeing a lot of blueprints being done and being created. Being able to think about how you can modernize the front ends to your SAP and other back-end systems is an area that central. So it's really the multitude of processes that historically, people have to go and sit down in front of a whiteboard and brainstorm, you can now ask our history and the Internet to come together and have to do in 2 minutes, what used to take 2 weeks. And I think that's going to be pretty game changing, particularly as it continues to evolve.

當然。我——我們發現客戶正在整個地圖上創建藍圖，有很多與特定服務流程相關的內容，所以你想在客戶服務中做的事情。客戶的入職和生命週期管理是另一個地方，我看到很多藍圖正在完成和創建。能夠思考如何實現 SAP 前端和其他後端系統的現代化是一個核心領域。所以，從歷史上看，這確實是眾多流程，人們必須坐在白板前進行頭腦風暴，現在你可以要求我們的歷史和互聯網結合在一起，必須在 2 分鐘內完成，而以前需要 2 分鐘幾週。我認為這將徹底改變遊戲規則，尤其是隨著它的不斷發展。

Now other accelerators that we've. The ones that I think -- one of the ones that is I think most interesting is we're going to be showing off at PegaWorld. We've a client actually talking about the ability to do what's called voice AI, which is to have the AI listen to the stream of literal conversation that's going on and use that to both make sure the person is saying the right things. So if you're in a regulatory business, you've to save certain disclaimers to make sure those things are actually set, but also to have default fields on the screens and really very, very substantially improved productivity, both through that and also through things like being able to summarize the call. So I'd say there are lots of features out there in AI.

現在我們還有其他加速器。我認為最有趣的之一是我們將在 PegaWorld 上展示。我們有一個客戶實際上正在談論所謂的語音人工智慧的能力，即讓人工智慧聆聽正在進行的文字對話流，並利用它來確保人們說的是正確的話。因此，如果您從事監管業務，您必須保存某些免責聲明，以確保這些內容確實已設置，而且還要在屏幕上顯示默認字段，並且通過此和通過，確實非常非常顯著地提高了生產力諸如能夠總結通話之類的事情。所以我想說人工智慧有很多功能。

You've seen lots of vendors talking about feature A, feature B and feature C. What I'm most excited about -- it's not just we won't have a great set of features, we absolutely do have and will have terrific features. But the ability to use the Gen AI to fundamentally optimize the way the business runs, to be able to use it to build processes, I think it's something I'm not seeing anyone else doing. And that makes me excited.

您已經看到很多供應商在談論功能 A、功能 B 和功能 C。但使用 Gen AI 從根本上優化業務運作方式的能力，能夠使用它來建立流程，我認為這是我沒有看到其他人在做的事情。這讓我很興奮。

Yes, that's very helpful. And then, Ken, great to see the improvement in Pega Cloud gross margins. Where do you think those ultimately trend over time? And are there any cost to consider in that metric as it relates to Gen AI?

是的，這非常有幫助。然後，Ken，很高興看到 Pega Cloud 毛利率的提高。您認為隨著時間的推移，這些最終趨勢會是如何？該指標與 Gen AI 相關時是否需要考慮任何成本？

Yes. That's actually an insightful question. The second one. So in the margins -- we see the margins getting above 80%. And I don't -- when I say above 80%, I'm not talking about 5 years out, right? I'm talking about in the relative near term. So we think we'll get above 80%. The question of once we get above 80%, Jacob, the question is how far can you really push that? I mean if you look at like other companies in our space and that's a class for a multi-tenant SaaS solution is probably like low to mid-80s. I mean, that's about as good as you -- as I've seen companies get. For us to get above 80% at less than $1 billion of revenue, I think it's actually quite good. But I think there is still room to optimize there. So we're not in any way taking our foot off the pedal on that.

是的。這實際上是一個有洞察力的問題。第二個。因此，在利潤率方面，我們看到利潤率超過 80%。當我說超過 80% 時，我並不是談論 5 年後，對吧？我說的是相對近期的情況。所以我們認為我們會達到 80% 以上。問題是一旦我們達到 80% 以上，雅各布，問題是你能真正推動到什麼程度？我的意思是，如果您像我們這個領域的其他公司一樣，那麼多租戶 SaaS 解決方案的類別可能類似於 80 年代中期。我的意思是，這和你一樣好——就像我見過的公司一樣。對我們來說，以不到10億美元的收入，取得80%以上的成績，我覺得其實已經很不錯了。但我認為這方面還有優化的空間。因此，我們不會以任何方式將腳從踏板上鬆開。

The second point that you made about Gen AI and Gen AI utilization in the cloud. As of right now, the costs are relatively modest. I think as they scale, naturally, as the Gen AI costs scale our infrastructure cost to run it, there will be indirect correlation from that to actually ACV and cloud revenue that we're getting from our clients. So we do not believe that will be a headwind to margin expansion by any stretch. We think it will be just a cost of doing business like our AWS and GCP costs are.

您提出的第二點是關於 Gen AI 和 Gen AI 在雲端的利用。截至目前，成本相對較低。我認為，隨著它們的擴展，自然，隨著 Gen AI 成本擴展我們運行它的基礎設施成本，這與我們從客戶那裡獲得的實際 ACV 和雲端收入之間將會存在間接關聯。因此，我們認為這無論如何都不會成為利潤率擴張的阻力。我們認為這只是開展業務的成本，就像我們的 AWS 和 GCP 成本一樣。

Yes. And we've been, I think, very aggressive and thoughtful in working through how at this point we want to apply Gen AI. And so the way that we've done it and we've got information about this on our website. Our CTO has a nice little 7-minute video about how Pega applies this technology is through the use of Vector Databases and what we called RAG techniques, Retrieval-Augmented Generation that allow us to use a conventional model, say, ChatGPT. I think Gemini from Google, I think Bedrock from Amazon and being able to pick the right model to use to be able to assemble the analyses from the work that we're doing. In a way that I think is very cost-effective. So we, I think, have a way of doing this. It's going to scale up nicely as the business grows.

是的。我認為，我們在研究如何應用 Gen AI 方面一直非常積極和深思熟慮。我們的做法是這樣的，我們的網站上也有相關資訊。我們的 CTO 有一個精彩的 7 分鐘小視頻，介紹了 Pega 如何透過使用向量資料庫和我們所謂的 RAG 技術（檢索增強生成）來應用這項技術，該技術使我們能夠使用傳統模型（例如 ChatGPT）。我認為來自Google的 Gemini，我認為來自亞馬遜的 Bedrock，並且能夠選擇正確的模型來使用，以便能夠從我們正在做的工作中匯總分析。從某種程度上來說，我認為這是非常划算的。所以我認為我們有辦法做到這一點。隨著業務的成長，它會很好地擴大規模。

Your next question comes from the line of Dan Ives with Wedbush.

你的下一個問題來自丹艾夫斯和韋德布希的對話。

So on the go-to-market strategy, looking at AI. Can you just talk about what we could expect next 3, 6, 9 months? Like is it more partnerships even ramping up internally in terms of the types of individual? Can you just talk about from a go-to-market in terms of like the next steps there?

因此，在進入市場策略方面，我們著眼於人工智慧。您能談談我們對未來 3、6、9 個月的預期嗎？就個人類型而言，是否有更多的合作關係甚至在內部加強？您能從進入市場的角度談談接下來的步驟嗎？

Yes. So we definitely are working with some key partners and looking to broaden the partner relationships, and there's a lot of enthusiasm from partners to be able to apply some of this new technology here as well. What I'm excited about is I've never seen such a quick uptake, never seen such a quick uptake of a capability like what we've put out there with Blueprint. I mean by like a factor of 10 in terms of the number of customers, the number of things they're actually doing with it. And it really gives them a taste of Gen AI. By the way, not just in English. What I love is I was over in Europe 2 weeks ago, and what we had -- I couldn't read any of them with people generating blueprints in Dutch and Italian. And it was really quite remarkable to gauge their reaction to the stuff I couldn't understand. So the uptake on this, I think our go-to-market is going to end up being a lot more viral than it has been historically, and we're looking to ramp up to support that.

是的。因此，我們肯定正在與一些關鍵合作夥伴合作，並尋求擴大合作夥伴關係，並且合作夥伴也非常熱衷於能夠在這裡應用一些新技術。讓我興奮的是，我從未見過如此快速的採用，從未見過像我們透過 Blueprint 推出的功能如此快速地採用。我的意思是，就客戶數量而言，他們實際上用它做的事情的數量是 10 倍。這確實讓他們嚐到了 Gen AI 的滋味。順便說一句，不僅僅是英語。我喜歡的是兩週前我去了歐洲，我們所看到的——我無法閱讀人們用荷蘭語和義大利語生成藍圖的任何內容。衡量他們對我無法理解的東西的反應真的非常了不起。因此，我認為我們的市場推廣最終將比歷史上更加病毒式傳播，我們正在尋求加強支持這一點。

Your next question comes from the line of Steve Enders with Citi.

您的下一個問題來自花旗銀行的史蒂夫恩德斯 (Steve Enders)。

Okay. Great. I guess we'd just to start, like I know ACV kind of came in, in line with the growth expectations for the quarter. But I guess how would you kind of like frame where the macro environment is today and how people are viewing opportunities in budgets and maybe the impact that AI is having on that so far?

好的。偉大的。我想我們才剛開始，就像我知道 ACV 的出現一樣，符合本季的成長預期。但我想你會如何看待當今的宏觀環境以及人們如何看待預算中的機會以及人工智慧迄今為止對此產生的影響？

So I'll take -- I'll add some comments. I'll take it first, and Alan can add some comments. So Steve, I'd say that the economy continues certainly in the organizations that we're engaging with, continues to be pretty resilient in terms of clients wanting to invest in digital transformation. And I think that Gen AI is just an accelerant to that momentum because the clients are looking at Gen AI and digital transformation, not as 2 different things. They're looking at them as being very related. How do I manage this legacy application situation that I'm in. And when I think about developing new capabilities, how do I want to insert Gen AI, we're actually taking even a different angle to that, which is how we leverage Gen AI to help you accelerate your digital transformation, to get you faster to the place that you want to get to.

所以我會添加一些評論。我先接受，艾倫可以添加一些評論。因此，史蒂夫，我想說，在我們參與的組織中，經濟肯定會繼續發展，對於想要投資數位轉型的客戶來說，經濟仍然具有相當的彈性。我認為 Gen AI 只是這種勢頭的促進劑，因為客戶將 Gen AI 和數位轉型視為兩個不同的事物。他們認為它們非常相關。我如何管理我所處的遺留應用程式情況。數位轉型，讓您更快到達目的地。

So I think that there's still a tremendous amount of resiliency in the market. And quite frankly, I think clients are thinking at the same or in an increasing pace around digital transformation than they were over the last 12 to 24 months. So I think we're feeling very good about clients' interest in Pega solutions and how we can help them with digital transformation. Naturally, we've an election coming in the fall. Interest rates are still high. Inflation is kind of coming back a little or not. I mean there's a lot of macro distractions there, but we see our clients really investing heavily in their digital transformation journeys.

所以我認為市場仍然存在著巨大的彈性。坦白說，我認為客戶對數位轉型的思考速度與過去 12 到 24 個月相同或更快。因此，我認為我們對客戶對 Pega 解決方案的興趣以及我們如何幫助他們進行數位轉型感到非常滿意。當然，我們在秋季將舉行選舉。利率仍然很高。通貨膨脹可能會回升，也可能不會回升。我的意思是，那裡存在著許多宏觀幹擾，但我們看到我們的客戶確實在數位轉型之旅上投入了大量資金。

Okay. Great. That's helpful. And then I guess just on the -- now the Blueprints are out there, like are you seeing -- have you seen like customers actually convert that into production apps yet done at that capability is out there? How should we kind of think about maybe the impact of having on like top of funnel or that kind of conversations that you're having today with that?

好的。偉大的。這很有幫助。然後我想，現在藍圖就在那裡，就像您所看到的那樣，您是否看到客戶實際上將其轉換為生產應用程序，但已經以該功能完成了？我們應該如何考慮漏斗頂部或您今天與之進行的此類對話的影響？

Well, we're talking about something that's really been out there for a grand total of 2 weeks. So it's a little premature. But we see that happening imminently, I think, by PegaWorld. We'll have a number of success stories background.

好吧，我們正在談論一些已經存在了總共兩週的東西。所以現在有點太早。但我認為，我們認為 PegaWorld 即將發生這種情況。我們會有很多成功案例的背景。

Your next question comes from the line of Austin Cole with Citizens JMP.

您的下一個問題來自 Austin Cole 與 Citizens JMP 的對話。

I've got yet another Blueprint question. I think the excitement around that is tangible. I was wondering if you can share any detail. As you mentioned in your prepared remarks, partners coming with new ideas, maybe you can't go into detail on that just yet. But then also -- anything you can share on maybe the breakdown between Pega clients using Blueprint and non-Pega clients that are coming to Blueprint and those 2 buckets and where you're seeing that distribution? Any detail there would be helpful.

我還有另一個藍圖問題。我認為圍繞這一點的興奮是顯而易見的。我想知道你是否可以分享任何細節。正如您在準備好的演講中所提到的，合作夥伴提出了新的想法，也許您現在還不能詳細介紹這一點。但是，您也可以分享一下使用 Blueprint 的 Pega 用戶端與使用 Blueprint 的非 Pega 用戶端之間的細分以及這 2 個儲存桶的情況，以及您在哪裡看到該分佈？任何細節都會有幫助。

Sure. So we made a decision to preview Blueprint with our partners a couple of weeks before we made it publicly available to clients and prospects on our website to make sure the partners felt respected and that they were part of the communities, we're moving forward. And they were enthused, one of the things they asked for, which we're in the process of implementing, is the ability for our partners to themselves create blueprints that they could use to capture their intellectual property and the structure of a Pegasystem in the way we talk about cases and stages and steps and interfaces. And given the ability to create their blueprints, which would then be proprietary to them to make us so that when a customer blueprint was created, that customer blueprint, which today is an amalgam of Pega best practice and best practice from the Internet would now be able to be an amalgam of Pega best practice, the best practice from whatever partner was there particular plus the Internet, putting those all together, I think that's going to be hugely, hugely powerful.

當然。因此，我們決定在幾週前與我們的合作夥伴一起預覽藍圖，然後在我們的網站上向客戶和潛在客戶公開提供藍圖，以確保合作夥伴感到受到尊重，並且他們是社區的一部分，我們正在前進。他們很興奮，他們要求的事情之一，我們正在實施的過程中，就是我們的合作夥伴能夠自己創建藍圖，他們可以用這些藍圖來獲取他們的知識產權和 Pegasystem 的結構。步驟和介面的方式。考慮到創建他們的藍圖的能力，這些藍圖將成為他們專有的，以便在創建客戶藍圖時，該客戶藍圖（今天是 Pega 最佳實踐和來自互聯網的最佳實踐的混合體）現在將是能夠成為Pega 最佳實踐的混合體，來自任何合作夥伴的最佳實踐加上互聯網，將所有這些結合在一起，我認為這將非常非常強大。

So that's our agenda for the next 60 days is to get that working. And that was directly based on what we heard from partners as to how they want to leverage this to be able to help their go-to-market, which obviously helps our go-to-market. So we're seeing a lot of enthusiasm there. We're getting customers in very significant quantity. I mean, like very significant quantity, doing literally thousands of these blueprints in just a couple of weeks. And we're seeing prospects coming in. I think we'll see more of that as this begins to take hold and as there gets to be more buzz about that. It's still, once again, very young. But as you can experience it yourself, it's very real.

因此，我們未來 60 天的議程就是讓它發揮作用。這直接基於我們從合作夥伴那裡聽到的關於他們希望如何利用這一點來幫助他們進入市場的信息，這顯然有助於我們進入市場。所以我們看到那裡有很大的熱情。我們的客戶數量非常可觀。我的意思是，就像數量非常大一樣，在短短幾週內就製作了數千張這樣的藍圖。我們看到了潛在客戶的加入。它仍然非常年輕。但當你親自體驗時，它是非常真實的。

Your next question comes from the line of Mark Schappel with Loop Capital Markets.

您的下一個問題來自 Loop Capital Markets 的 Mark Schappel。

Alan, with respect to Blueprint, I realize it's still early, but I was wondering if you could just talk about some of the consumption trends or patterns that you've seen on the Pega platform with respect to the early Blueprint adopters?

Alan，關於 Blueprint，我意識到現在還為時過早，但我想知道您是否可以談談您在 Pega 平台上看到的有關早期 Blueprint 採用者的一些消費趨勢或模式？

I never would have expected that we get thousands. There have been 20,000 blueprints created. Some by Pega staff, those being counted as well. But many, many thousands by customers and partners. And I'd say that actually would have exceeded my expectation a month ago when we were beginning to talk about how we're going to roll this out and make this happen. So it's garnering quite a bit of excitement. If you come to PegaWorld, and I hope once you'll be there, then you'll have a chance to talk to clients themselves. I think you're going to hear great things.

我從來沒想到我們會得到數千人。已經創建了 20,000 個藍圖。有些是 Pega 工作人員製作的，這些也被計算在內。但有成千上萬的客戶和合作夥伴。我想說，這實際上超出了我一個月前的預期，當時我們開始討論如何推出並實現這一目標。所以它引起了相當大的興奮。如果您來到 PegaWorld，我希望一旦您到了那裡，您就有機會親自與客戶交談。我想你會聽到很棒的事。

Mark, I think just to add one thing on that. The thing that new feature that we just rolled out recently, where you can actually implement a blueprint in a Pegasystem. Originally, you could turn it into a PDF, right? You can look at it as a PDF. And recently, you've -- we've the ability to actually convert that into a Pegasystem. That, to me, is possibly the glue that connects what you're doing in a blueprint to the realization of how fast an app can actually be rebuilt. And it is really -- I mean, I know we're talking about it, you could probably envision it, but to think about sitting down, spending 30 seconds to 2 minutes, getting a framework of a workflow going in and making it your own through the course of what could be 20 minutes, could be an hour and then clicking a button that's said implement it, and you're looking at an application that actually...

馬克，我想在此基礎上補充一件事。我們最近剛推出的新功能，您可以在 Pegasystem 中實際實現藍圖。本來，你可以把它變成PDF，對嗎？您可以以 PDF 形式查看它。最近，我們有能力將其實際轉換為 Pegasystem。對我來說，這可能是將您在藍圖中所做的事情與實現應用程式實際重建速度的實現聯繫起來的黏合劑。這確實是——我的意思是，我知道我們正在談論它，你可能可以想像到它，但是想想坐下來，花30 秒到2 分鐘，建立一個工作流程框架，並使其成為你的工作流程。

So what's interesting. So we've now -- and once again, it's all very new, but very real. We've, for a lot of years -- for the last 2 years, had a program we call Catalyst, where we'd go in with a real design to get sort of approach to help customers envision how they wanted to rebuild an app or rebuild a part of their business function. And we've a very talented team that's able to do this sort of work at a high level. I just saw the video of the first Catalyst that we're doing with Blueprint instead of the traditional way, where people would candidly end up with a whiteboard, with stickies, posted notes on the whiteboard using neural technology to kind of imagine a year, what they wanted. What they were able to do in 2 days was of enormously high quantity -- quality. Those were 2 half days.

那麼有什麼有趣的呢。所以我們現在——再一次，這一切都是非常新的，但非常真實。在過去的兩年裡，我們有一個名為 Catalyst 的計劃，我們會進行真正的設計，以找到某種方法來幫助客戶設想他們想要如何重建應用程式或重建其部分業務功能。我們擁有一支非常有才華的團隊，能夠高水準地完成此類工作。我剛剛看到了我們用藍圖而不是傳統方式製作的第一個Catalyst 的視頻，在傳統方式中，人們會坦率地得到一個白板，上面有便利貼，使用神經技術在白板上張貼筆記來想像一年，他們想要什麼。他們在兩天內完成的工作數量和品質都非常高。那是2個半天。

It blew the customers away and it was really, really able to do what we always wanted to do with Catalyst, which is to catalyze new thinking and leverage what they were able to do. So this was a major European bank that we did it with. And in 2 half-day sessions, they do what they did what I'd have actually candidly would have expected to take 3 weeks or a month. And the customer was thrilled. So it's not just a little tech thing. It actually organizes the way people think about how they want to automate their processes in a way that makes sense with Pega architecture, which I think we've refined over all these years of doing it to be just a very effective way to thinking about process automation and being able to get rid of some of the historical barriers about why Pegasystems are hard to use, you need a lot of experience. I think give us another couple of weeks, that's just not going to be true. So really exciting.

它讓客戶大吃一驚，它真的非常能夠實現我們一直想用 Catalyst 做的事情，即催化新思維並利用他們能夠做的事情。這是我們合作的大型歐洲銀行。在兩個半天的課程中，他們做了我坦率地預計需要三週或一個月的事情。客戶很興奮。所以這不僅僅是一個小技術問題。它實際上組織了人們思考如何以一種對 Pega 架構有意義的方式自動化流程的方式，我認為我們多年來一直在改進它，使其成為一種非常有效的流程思考方式自動化並能夠擺脫Pegasystems 難以使用的一些歷史障礙，您需要大量的經驗。我想再給我們幾週時間，這不會是真的。真的很令人興奮。

Great. And then Ken, real quick, given the strong free cash flow generation this quarter, is there any update to achieving your Rule of 40 targets this year?

偉大的。然後 Ken，很快，考慮到本季度自由現金流的強勁生成，今年實現 40 條規則目標方面有什麼更新嗎？

Well, I mean, certainly, we're dependent on hitting both our growth and our cash flow for the year, which is obvious us having a start with the cash flow in Q1. It is moving the ball, so to speak, down the field quite a bit. So that side of the equation and our previous comments about the fact that we knew Q1 was going to be a difficult compare. So we knew that we were going to start with ACV growth decelerating in Q1, and we'll work our way back to that 11%. That was exactly how we modeled, so I'm feeling just as confident as I was last quarter in our achievement of Rule of 40. And it's right there in front of us, which is great. And I think everybody could see in the numbers how we get there. But we've got 3 more quarters to execute, Mark. So we're going to keep focused on that.

嗯，我的意思是，我們當然依賴於實現今年的成長和現金流，很明顯我們從第一季的現金流開始。可以說，它正在將球移動到球場的另一端。因此，等式的這一面和我們之前關於我們知道第一季這一事實的評論將是一個困難的比較。所以我們知道，我們將從第一季 ACV 成長減速開始，然後我們將努力回到 11%。這正是我們建模的方式，所以我對實現 40 規則充滿信心，就像上個季度一樣。我認為每個人都可以從數字中看到我們是如何實現這一目標的。但馬克，我們還有 3 個季度要執行。所以我們將繼續關注這一點。

Your next question comes from the line of Blair Abernethy with Rosenblatt Securities.

您的下一個問題來自羅森布拉特證券公司的布萊爾‧阿伯內西 (Blair Abernethy)。

Just, Ken, following on the last question. What are your -- what's your renewal book look like this year, the back half of this year versus last year? And I guess I'm just -- I'm looking for some of the key incremental drivers that gives you that confidence that off this 9% growth number that you're going to average it out to 11%. It's a pretty -- back half is going to have to be a fair bit stronger.

肯，接著回答最後一個問題。今年下半年與去年相比，您的續訂書是什麼樣子？我想我只是——我正在尋找一些關鍵的增量驅動因素，讓你有信心在 9% 的成長數字基礎上平均成長到 11%。這是一個漂亮的——後半部必須更強一些。

Sure, Blair. So Q4 -- we mentioned last quarter that our renewal book is skewed towards the back end of the year. This year in 2024, no less and a little bit more than a typical year. What hurt us in this year in Q1 is the strong Q1 of last year. Certainly, what helps us through the middle part of the year is that the compares in the middle part of the year, it's not as difficult as the beginning of the year. So some of this is just the timing of when ACV growth happens in the prior year. And as you know, how that fits into the trailing 12-month calculation that we've. So renewals, there's still always -- we always have a lot of renewals in Q4. That's no different for this year. So we've got -- we certainly have expansion opportunities. But also the activity through the middle part of last year was much more subdued that we expect this year.

當然，布萊爾。第四季－我們上個季度提到，我們的續約書偏向今年底。今年是 2024 年，與往年相比，這一年並不少，也多了一點點。今年第一季對我們造成傷害的是去年第一季的強勁表現。當然，幫助我們度過年中的是，與年中相比，沒有年初那麼困難。因此，其中一些只是上一年 ACV 成長發生的時間。如您所知，這如何符合我們過去 12 個月的計算。因此，續約仍然存在——我們在第四季總是有很多續約。今年也不例外。因此，我們當然有擴張機會。但去年中期的經濟活動也比我們今年預期的低迷得多。

Okay. Great. And then just shifting on to the product side. Any update at all on the Launchpad initiatives you launched last summer?

好的。偉大的。然後轉向產品方面。您去年夏天推出的 Launchpad 計畫有什麼更新嗎？

Yes. It's -- I think it's going very, very well. We ended the quarter with 11 partners who are building apps on Launchpad. And that's been -- we've been doing this on a very sort of bootstrap basis. And we've seen our first partners bring their first customers into production. So we're really quite pleased with how it's going. So it's not going to be the driver of growth this year. The Gen AI and the core business is going to be what gets us to the growth objectives that we've for this year. I think Launchpad is hopefully going to continue to develop in a way that it is, and it's going to be a nice driver for next year and into the future.

是的。我認為進展非常非常順利。本季結束時，我們有 11 個合作夥伴在 Launchpad 上建立應用程式。我們一直在以一種引導的方式做這件事。我們已經看到我們的第一批合作夥伴將他們的第一批客戶投入生產。所以我們對事情的進展非常滿意。因此，它不會成為今年的成長動力。 Gen AI 和核心業務將幫助我們實現今年的成長目標。我認為 Launchpad 希望能夠繼續以現在的方式發展，並且它將成為明年和未來的一個很好的驅動力。

Your next question comes from the line of Tom Blakey with KeyBanc Capital Markets.

您的下一個問題來自 KeyBanc Capital Markets 的 Tom Blakey。

Alan, maybe for you, just on the success of Blueprint, sorry, a little bit of redundancy in terms of topics here. Can we talk about maybe the roadmap. I know it's early, but I'm sure you've a roadmap here in terms of using -- utilizing some of your other technologies in terms of process automation -- process mining rather, in terms of automating some of the further automations of ideation here, just creating some of very other end-to-end solution here.

艾倫，也許對你來說，只是關於藍圖的成功，抱歉，這裡的主題有點冗餘。我們可以談談路線圖嗎？我知道現在還為時過早，但我確信您在這裡有一個路線圖，涉及使用流程自動化方面的其他一些技術，而不是流程挖掘，而是自動化一些構思的進一步自動化在這裡，只是創建一些非常其他的端到端解決方案。

On the free cash flow, Ken, can you just maybe to remind also first question on the call here, maybe this is the last one, remind us of some of these metrics. I think it was a $350 million free cash flow estimate for the year. You started off so strong here and 4Q is usually better than 1Q. I think we might all be looking for Qs here, a little bit more guidance here in terms of how to manage and model free cash flow here for the rest of the year. Any visibility there would be great.

關於自由現金流，肯，您能否提醒一下電話中的第一個問題，也許這是最後一個問題，提醒我們其中一些指標。我認為今年的自由現金流估計為 3.5 億美元。你一開始就很強勢，第四季通常比第一季好。我想我們可能都在這裡尋找問題，在這裡尋找更多有關如何在今年剩餘時間內管理和建模自由現金流的指導。那裡的任何能見度都會很棒。

Yes. So this is more of a general comment, Tom. But I think to your point, Q1 and Q4 is where we get the majority of our cash generation in 2024, even more skewed in that direction than what you saw last year. Q1 started off strong. I think our billing and collection process is good. Our days sales outstanding is very strong. But the reality is you've more bookings in Q4, which do help the Q4 and Q1 billing and collection cycle. And Q2 and Q3 is as in most enterprise software is a little bit more subdued than that kind of hockey stick towards the end of the year in bookings. And so that's just kind of -- and by the way, a lot of our renewals, we build typically annually in advance. So you've a lot of those annual billings that happen in that same time frame. So just picture Q2 and Q3 being much more subdued. In some cases, we may not even generate cash flow in a quarter in the middle part of the year with our cash flow really focused on Q1 and Q4 in terms of the timing. So hopefully, that's kind of helpful.

是的。所以這更多的是一般性評論，湯姆。但我認為就你的觀點而言，第一季和第四季是我們在 2024 年獲得大部分現金產生的地方，甚至比你去年看到的更偏向這個方向。第一季開局強勁。我認為我們的計費和收款流程很好。我們的銷售業績非常強勁。但實際情況是，第四季的預訂量有所增加，這確實有助於第四季和第一季的計費和收款週期。與大多數企業軟體一樣，第二季和第三季的預訂量比年底的那種曲棍球棒要低一些。所以這就是——順便說一句，我們的許多續訂，我們通常每年提前進行。因此，在同一時間範圍內會發生許多年度帳單。因此，想像 Q2 和 Q3 會更加柔和。在某些情況下，我們甚至可能在年中的一個季度內都不會產生現金流，因為我們的現金流在時間上實際上主要集中在第一季和第四季。希望這會有所幫助。

And relative to the roadmap, we've a very robust roadmap. The things we recently implemented around being able to pull the Blueprint into a Pegasystem and actually turn it into a running app was very recent edition that obviously contemplated, but makes a big difference. I think some of our next big steps are going to have to do with how we actually incorporate our customers' data structures and their existing data repositories into the Blueprint to be able to benefit. So this thing really can plug into the real life that our clients have. And also I see Blueprint being able to be fed by process mining and other sorts of analytical things we do that will also help supercharging. So lots more to come.

相對於路線圖，我們有一個非常穩健的路線圖。我們最近實現的圍繞能夠將藍圖拉入 Pegasystem 並實際將其轉變為正在運行的應用程式的事情是最近的版本，顯然已經考慮到了，但產生了很大的不同。我認為我們接下來的一些重大步驟將與我們如何將客戶的資料結構及其現有資料儲存庫實際合併到藍圖中以便能夠受益有關。所以這個東西確實可以融入我們客戶的現實生活中。我還認為藍圖能夠透過流程挖掘和我們所做的其他類型的分析工作來提供支持，這也將有助於增壓。未來還會有更多。

And with that, I know we're at the top of the hour. Let me say thank you to all of you, letting you know, we're working hard, and we look forward to seeing you in PegaWorld.

至此，我知道我們正處於最高峰。讓我向大家表示感謝，讓你們知道，我們正在努力工作，期待在 PegaWorld 見到你們。

Thank you. This concludes today's call. You may now disconnect.

謝謝。今天的電話會議到此結束。您現在可以斷開連線。