使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主
Operator
Operator
Ladies and gentlemen, thank you for standing by. My name is Krista, and I'll be your conference operator today. At this time, I would like to welcome everyone to Pegasystems Inc. third-quarter 2024 earnings conference call. (Operator Instructions)
女士們先生們,謝謝你們的支持。我叫克里斯塔,今天我將擔任你們的會議接線生。現在,我歡迎大家參加 Pegasystems Inc. 2024 年第三季財報電話會議。 (操作員說明)
Thank you. I would now like to turn the conference over to Peter Wilburn, Vice President of Corporate Development, Investor Relations. You may begin.
謝謝。我現在想將會議交給投資者關係企業發展副總裁 Peter Wilburn。你可以開始了。
Peter Welburn - Vice President, Corporate Development and Investor Relations
Peter Welburn - Vice President, Corporate Development and Investor Relations
Thank you so much, Krista. Good morning, everyone, and welcome to Pegasystems Q3 2024 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. The words expects, anticipates, intends, plans, believes, will, could, should, estimates, may, forecasts 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.
非常感謝你,克里斯塔。大家早安,歡迎參加 Pegasystems 2024 年第三季財報電話會議。在我們開始之前,我想閱讀我們的安全港聲明。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。 這些詞語期望、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 are subject to various risks and uncertainties. Actual results for fiscal year 2024 and beyond could differ materially from the company's current expectations. 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 Q3 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 other recent filings with the Securities and Exchange Commission.
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。 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。可能導致該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該公司宣布2024 年第三季度業績的新聞稿以及該公司向美國證券交易委員會提交的文件中,包括其10-10表格年度報告。
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.
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 turn the call over to Alan Trefler, Founder and CEO of Pegasystems.
接下來,我將電話轉給 Pegasystems 創辦人兼執行長 Alan Trefler。
Alan Trefler - Chairman of the Board, Chief Executive Officer
Alan Trefler - Chairman of the Board, Chief Executive Officer
Thank you, Peter, and thanks to all who are joining today's call. I'm really pleased with our performance for the first nine months of 2024. The team is executing extraordinarily well, and I'm optimistic about the momentum that's evident in our results. The energy is palpable across the company, and our sales teams are fired up. It's great to see that we're driving profitable and balanced growth across industries and geographies while delivering transformational innovation.
謝謝彼得,也感謝所有參加今天電話會議的人。我對我們 2024 年前 9 個月的表現感到非常滿意。整個公司充滿活力,我們的銷售團隊也充滿鬥志。很高興看到我們正在推動跨產業和地區的獲利和平衡成長,同時提供轉型創新。
The enormous excitement we're seeing from our AI offerings, especially Pega GenAI Blueprint, is fundamentally changing the way that we engage with prospects and clients. Our distinctive AI approach is showing clients how they can accelerate their digital transformation and move to become autonomous enterprises.
我們從 AI 產品(尤其是 Pega GenAI Blueprint)中看到的巨大興奮正在從根本上改變我們與潛在客戶和客戶互動的方式。我們獨特的人工智慧方法向客戶展示如何加速數位轉型並成為自主企業。
Blueprint is now part of virtually every client and prospect discussion. It continues with spy of our prospects, our clients, and partners with possibilities, and they're continuing to evolve. It has profoundly changed how we engage, sell, deliver, and is helping us work to get in with clients more deeply and across bigger pieces of their business.
藍圖現在幾乎成為每個客戶和潛在客戶討論的一部分。它繼續監視我們的潛在客戶、我們的客戶和具有可能性的合作夥伴,並且它們正在不斷發展。它深刻地改變了我們參與、銷售、交付的方式,並幫助我們更深入地與客戶接觸並跨越他們更大的業務領域。
The number of new blueprints continues to grow dramatically. It's helping us identify opportunities to accelerate growth and creating additional momentum for Pega Cloud, which is growing at a faster rate than even we predicted, and Ken will discuss in more detail. The tremendous engagement from clients and partners is also accelerating innovation as together we're continuously discover new ways to leverage and to improve Blueprint.
新藍圖的數量持續急劇增長。它幫助我們找到加速成長的機會,並為 Pega Cloud 創造額外的動力,Pega Cloud 的成長速度甚至比我們預期的還要快,Ken 將進行更詳細的討論。客戶和合作夥伴的大量參與也正在加速創新,我們一起不斷發現利用和改進藍圖的新方法。
For example, we've recently added support from many additional languages and added a new collaboration feature that summarizes Blueprint is making changes to the blueprints to help our clients collaborate among themselves. As a reminder, you can experience Blueprint for free by going to pega.com and searching on Blueprint.
例如,我們最近添加了對許多其他語言的支持,並添加了新的協作功能,該功能總結了 Blueprint 正在對藍圖進行更改,以幫助我們的客戶相互協作。提醒一下,您可以透過造訪 pega.com 並蒐索 Blueprint 免費體驗 Blueprint。
But I think perhaps most importantly, this is unique to Pega. And I don't think it can be easily if ever replicated by competitors would have a major rework of what they do. And this is just our opinion. We're getting that feedback from clients, partners and industry experts who are also saying that Blueprint is one of the most compelling examples of actually putting AI to work that they see, something I heard last week when I was in EMEA and met with some of our largest clients.
但我認為也許最重要的是,這是 Pega 獨有的。而且我認為,如果競爭對手複製的話,對他們所做的事情進行重大修改是不容易的。這只是我們的意見。我們從客戶、合作夥伴和行業專家那裡得到了反饋,他們也表示Blueprint 是他們所看到的最引人注目的實際將人工智慧投入使用的示例之一,這是我上週在歐洲、中東和非洲(EMEA) 與一些人會面時聽到的說法。
This changes how we operate, and I think gives us a distinct competitive advantage and an approach to monetization of AI that is not dependent on product SKUs, but rather reflective of building and growing strategic long-term client relationships. For example, recently, oneof our large multinational financial services clients asked us to help improve their team's digital saviness.
這改變了我們的營運方式,我認為這為我們帶來了獨特的競爭優勢和一種不依賴產品 SKU 的人工智慧貨幣化方法,而是反映了建立和發展策略性長期客戶關係。例如,最近,我們的一個大型跨國金融服務客戶要求我們幫助提高他們團隊的數位化能力。
So we have organized more than 40 Blueprint exploration sessions over [4x], giving about 800 employees and it's on experience with Blueprint. The team was so impressed they've asked us to help programmatically put Blueprint and [deflectors] and included citizen developer training to broaden the people who can get access to this AI.
因此,我們組織了超過 [4x] 超過 40 場藍圖探索會議,為大約 800 名員工提供了藍圖體驗。團隊印象深刻,他們要求我們協助以程式方式放置藍圖和 [偏轉器],並包括公民開發人員培訓,以擴大可以存取此 AI 的人員範圍。
Our European client that provides health care services has given Blueprint to nurses, caregivers and others from across 11 hospital networks. So they can directly design and rethink their workloads that they need to do better service for their citizens.
我們提供醫療保健服務的歐洲客戶已向 11 個醫院網路的護理人員、護理人員和其他人員提供了 Blueprint。因此,他們可以直接設計和重新考慮為公民提供更好服務所需的工作量。
To date, they've created more than 150 Blueprint. And recently, our team used Blueprint to identify and accelerate potential pipeline in new areas of business with a long-term insurance client. This level of excitement about Blueprint and the client engagement is driving is candidly unprecedented in Pega's history, and as the entire company and our partners too. I want to talk a few minutes about what we're hearing from clients and how we responded.
迄今為止,他們已經創建了 150 多個藍圖。最近,我們的團隊使用 Blueprint 與長期保險客戶一起識別並加速新業務領域的潛在管道。坦白說,對 Blueprint 和客戶參與所帶來的這種興奮程度在 Pega 歷史上是前所未有的,對於整個公司和我們的合作夥伴也是如此。我想花幾分鐘談談我們從客戶那裡聽到的情況以及我們如何回應。
Our clients are focused more than ever on digital transformation. It's good on its recombinant [curative] that they see as critical to their competitive survival. And in talking with them and thinking about what we're doing now and into the new year, we believe we're uniquely positioned to help our clients with this journey in three ways. First, support through rethinking and replacing legacy applications. It's common for our clients to have lists of the applications they hate, the ones they want to replace.
我們的客戶比以往任何時候都更加關注數位轉型。他們認為重組[治療]對其競爭生存至關重要。在與他們交談並思考我們現在和新的一年所做的事情時,我們相信我們具有獨特的優勢,可以透過三種方式幫助我們的客戶完成這一旅程。首先,透過重新思考和替換遺留應用程式來提供支援。我們的客戶通常會列出他們討厭的應用程式和他們想要替換的應用程式。
And there's an increased urgency to modernize these apps so they can both leverage AI and also move to the cloud, which many of these are not able to do. We see a huge opportunity to help them think and replace this ever-growing technical depth.
對這些應用程式進行現代化改造的緊迫性越來越高,這樣它們既可以利用人工智慧,又可以遷移到雲端,而其中許多應用程式無法做到這一點。我們看到了一個巨大的機會來幫助他們思考和取代這種不斷增長的技術深度。
Blueprint deployed AI to eliminate the drag of legacy applications. And it connects the whole process of rethinking the app with the Internet and with AI in a way that really helps drive both the right way to do things and faster outcomes. Clients can import information about applications and then use Blueprint to update, enhance or completely reimagine their workloads and then execute quickly and effectively. We'll continue to enhance our offerings to support clients in these efforts, and we'll be introducing new capabilities this year and next.
Blueprint 部署人工智慧來消除遺留應用程式的拖累。它將重新思考應用程式的整個過程與互聯網和人工智慧連接起來,真正有助於推動正確的做事方式和更快的結果。客戶可以匯入有關應用程式的信息,然後使用藍圖來更新、增強或完全重新構想其工作負載,然後快速有效地執行。我們將繼續增強我們的產品,以支持客戶的這些努力,並且我們將在今年和明年推出新功能。
I've been speaking with partners and clients about this over the past few weeks, and the response to this legacy transformation vision has been universally positive. The power of this approach is clients aren't just lifting and shifting applications. Blueprint allows them to rethink their workflows while moving them on to a modern cloud platform, which brings me to the second advantage we believe we have.
在過去的幾周里,我一直在與合作夥伴和客戶討論這個問題,對這個遺留轉型願景的反應普遍積極。這種方法的強大之處在於,客戶不僅僅是提升和轉移應用程式。藍圖使他們能夠重新思考自己的工作流程,同時將其轉移到現代雲端平台,這讓我想到了我們認為擁有的第二個優勢。
We believe we are an ideal modern application platform for the types of business that involve workflows and involve getting work done. Recently, Gartner noted that overlapping automation capabilities are driving market consolidation on growth and prompt enterprise application leaders to search for platforms that can cater to the end-to-end needs of a wide range of automation use cases.
我們相信,我們是一個理想的現代應用程式平台,適用於涉及工作流程和完成工作的業務類型。最近,Gartner 指出,重疊的自動化功能正在推動市場整合和成長,並促使企業應用程式領導者尋找能夠滿足各種自動化用例的端到端需求的平台。
We actually introduced a new concept to address this. They call it both, business orchestration and automation technologies. This describes what we also see in the market, and it's really the convergence of robotic process automation or RPA, business process automation, BPA or BPM and low-code application platforms.
我們實際上引入了一個新概念來解決這個問題。他們稱之為業務編排和自動化技術。這描述了我們在市場上看到的情況,它實際上是機器人流程自動化或 RPA、業務流程自動化、BPA 或 BPM 以及低程式碼應用程式平台的整合。
Gartner, as a class of software technologies that allow enterprises to automate and orchestrate end-to-end business processes while connecting multiple enterprise systems of record through any applicable integration records. How Pega for much of its history has been saying almost the exact same thing.
Gartner 是一類軟體技術,可讓企業自動化和編排端到端業務流程,同時透過任何適用的整合記錄連接多個企業記錄系統。 Pega 在其歷史的大部分時間裡一直在說幾乎完全相同的事情。
And this is exactly how we think about our center-out business architecture bringing together the process automation, orchestration, and using AI to have decisioning that helps make the right decisions at every moment and making it work across front-end channels and across data sources. We believe we're perfectly positioned to be the business orchestration and automation technologies platform for our clients.
這正是我們對以中心為中心的業務架構的看法,將流程自動化、編排和使用人工智慧進行決策結合起來,幫助每時每刻做出正確的決策,並使其跨前端管道和跨資料來源工作。我們相信我們完全有能力成為客戶的業務編排和自動化技術平台。
And that platform sets our clients up for the third advantage Pega delivers, a path to what we refer to as the autonomous enterprise. Our mission to change the way the world builds software, that starts with building the software around the outcomes that clients want to deliver, helped organizations maximize the potential for automation and AI.
該平台為我們的客戶提供了 Pega 提供的第三個優勢,即通往我們所說的自主企業的道路。我們的使命是改變世界建構軟體的方式,首先圍繞客戶想要交付的結果建立軟體,幫助組織最大限度地發揮自動化和人工智慧的潛力。
We have spoken before about this [growth] to building outcomes and workflows in a way that is center out. This is radically different from others who still build their software around user screens or around database structures. And we believe that those approaches are fundamentally still suited to a world that expects ubiquitous self-service and a genetic automation.
我們之前已經談過這種以中心向外的方式建構成果和工作流程的[成長]。這與其他仍然圍繞著用戶螢幕或資料庫結構建立軟體的人截然不同。我們相信,這些方法從根本上仍然適合一個期望無處不在的自助服務和基因自動化的世界。
[Cinema] is the ride architecture for AI agents because it's built around outcomes. It's built not around the screens, not around the database tables, but in fact around what the organization is trying to deliver regardless of the screen it is, regardless of the database that has to go to get the information. And it allows us to define things in ways that we can make really good decisions.
[Cinema] 是人工智慧代理的乘坐架構,因為它是圍繞著結果而建構的。它不是圍繞著螢幕構建的,不是圍繞著資料庫表構建的,而是實際上圍繞著組織試圖提供的內容構建的,無論螢幕是什麼,也無論必須透過哪個資料庫來獲取資訊。它使我們能夠以能夠做出真正正確決策的方式來定義事物。
We can drive optimized outcomes and do it across the channels and the back end. And the approach not only allows for automation, it also helps ensure governance with agents following defined best practices in predictable ways and in ways that we'll be able to pull in a human for assistance when appropriate, however, doesn't assume that it's human-driven.
我們可以推動優化結果並跨通路和後端實現。該方法不僅允許自動化,還有助於確保代理以可預測的方式遵循定義的最佳實踐進行治理,並且我們能夠在適當的時候尋求人工幫助,但是,並不假設它是人為驅動。
We've already seen the fruits of this approach in our e-mail and message agents, which have automatically processed hundreds of millions of e-mails and messages for our clients, all while adhering to best practices and regulations and reliable outcomes. And Pega GenAI knowledge body and [agent] that can retrieve and synthesize information from an enterprise knowledge base is delivering answers with attributions that employees can trust, and Pega GenAI approach an agent that delivers the structure and data in a Pega case to provide real-time guidance for users to help ensure that they're working in the most effective way what the system is not able to handle everything completely automatically.
我們已經在我們的電子郵件和訊息代理中看到了這種方法的成果,這些代理商已經為我們的客戶自動處理了數億封電子郵件和訊息,同時遵守最佳實踐和法規以及可靠的結果。 Pega GenAI 知識體和[代理]可以從企業知識庫中檢索和合成信息,並提供具有員工可以信任的屬性的答案,並且Pega GenAI 接近一個代理,該代理可以提供Pega 案例中的結構和數據,以提供真實的資訊。
So our upcoming release Pega Trinity 242 contains enhancements to coach, knowledge body and/or data virtualization architecture and more. You'll see that news next week. Now there's nothing I love better than spending time with clients. While I was in Europe last week, I met with dozens of senior contacts and partners and with some of our most strategic customers.
因此,我們即將發布的 Pega Trinity 242 包含對教練、知識體和/或資料虛擬化架構等的增強。下週你就會看到這個消息。現在我最喜歡的莫過於與客戶共度時光。上週我在歐洲時,我會見了數十位高級聯絡人和合作夥伴以及我們一些最具戰略意義的客戶。
Those meetings were frankly all incredibly positive and in every interaction, we talked about how Blueprint and our approach to AI could accelerate their digital transfer mix-generic initiatives. And I would tell you, I see that our customers and our partners are senior, and it's terrific to hear how we are using our software to make positive tangible impacts on their organizations.
坦白說,這些會議都非常積極,在每次互動中,我們都討論了 Blueprint 和我們的 AI 方法如何加速他們的數位傳輸混合通用計劃。我想告訴你,我看到我們的客戶和合作夥伴都很資深,很高興聽到我們如何使用我們的軟體對他們的組織產生積極的、切實的影響。
So in summary, I'm very pleased with how we performed for the first nine months of the year. And I would tell you that the strong profitable growth has been coupled with the levels of innovation in the way that we bring both intelligent automation and intelligent decisioning to market that I think put us with an innovation agenda that is top shelf.
總而言之,我對我們今年前九個月的表現非常滿意。我想告訴你,強勁的利潤成長與創新水平相結合,我們將智慧自動化和智慧決策推向市場,我認為這使我們制定了頂級的創新議程。
Pega GenAI Blueprint continues to generate excitement and has fundamentally changed how we engage prospects, clients and partners in a very positive way. And I believe our approach to AI really focused on changing the heart of the business of our clients.
Pega GenAI Blueprint 繼續令人興奮,並從根本上改變了我們以非常積極的方式吸引潛在客戶、客戶和合作夥伴的方式。我相信我們的人工智慧方法真正專注於改變客戶業務的核心。
That focusing on business outcomes rather than just coding faster is markedly different from what we see out there in the market and I believe we can help our clients and prospects to understand that. And it's going to provide a competitive advantage and support long-term client relationships. We will continue to deliver tangible, and I believe groundbreaking solutions focus on providing real value in a strategic and architectural manner. And given that our approach and architecture are unique, I think we have a tremendous long-term opportunity and engine for growth.
專注於業務成果而不僅僅是更快地編碼與我們在市場上看到的明顯不同,我相信我們可以幫助我們的客戶和潛在客戶理解這一點。它將提供競爭優勢並支持長期的客戶關係。我們將繼續提供切實的、我相信突破性的解決方案專注於以策略和架構方式提供真正的價值。鑑於我們的方法和架構是獨特的,我認為我們擁有巨大的長期機會和成長引擎。
With that, let me turn this over to Ken.
那麼,讓我把這件事交給肯。
Kenneth Stillwell - Chief Financial Officer, Chief Operating Officer
Kenneth Stillwell - Chief Financial Officer, Chief Operating Officer
Thanks, Alan. It's fantastic to see our team consistently deliver solid quarters of profitable growth for the third time this year. Clearly, we have momentum, and we're executing very well. Annual contract value grew 14% in constant currency and 16% as reported year-over-year. Our ACV growth acceleration was powered by Pega Cloud which grew 26% year-over-year in constant currency.
謝謝,艾倫。很高興看到我們的團隊今年第三次持續實現穩定的季度獲利成長。顯然,我們有動力,而且執行得很好。以固定匯率計算,年度合約價值成長 14%,按報告數據年增 16%。我們的 ACV 成長加速是由 Pega Cloud 推動的,以固定匯率計算,該雲端年增 26%。
Pega Cloud represents the vast majority of our net new ACV in the quarter and for the year. Our team is selling Pega Cloud is our primary offering, which is a pretty significant change from our approach several years ago.
Pega Cloud 佔本季和全年淨新增 ACV 的絕大多數。我們的團隊銷售的 Pega Cloud 是我們的主要產品,這與我們幾年前的方法相比是一個相當重大的變化。
Overall, our ACV growth acceleration in Q3 was powered by the successful execution of our strategy. As you may recall, 2023, we shifted our go-to-market strategy to focus on our target organization model. By minimizing distractions and having our sales team's laser-focused on the right organizations, we have greatly improved sales efficiency and effectiveness.
整體而言,我們第三季 ACV 的成長加速得益於我們策略的成功執行。您可能還記得,2023 年,我們改變了進入市場策略,並專注於我們的目標組織模型。透過最大限度地減少干擾並使我們的銷售團隊專注於正確的組織,我們大大提高了銷售效率和效果。
This change, coupled with our latest Gen AI innovation has enabled us to significantly increase client engagement. Pega GenAI Blueprint is having a profound impact on the way our sellers and partners engage with our clients and prospects around the world. It also enables us to expand our addressable market with existing and new clients by helping them to modernize legacy systems that were not in scope before but are in scope now.
這項變化,加上我們最新的 Gen AI 創新,使我們能夠顯著提高客戶參與度。 Pega GenAI Blueprint 對我們的賣家和合作夥伴與世界各地的客戶和潛在客戶互動的方式產生了深遠的影響。它還使我們能夠透過幫助現有和新客戶對以前不在範圍內但現在在範圍內的遺留系統進行現代化改造來擴大我們的目標市場。
Last week, for example, I attended Pega Seventh Annual Government and [Howard] Conference in Washington, D.C. It was great to see government agencies at the event like -- so Security Administration, the Department of Justice, the IRS and Veterans Affairs, each agency is using Pega to build modern platforms that will allow them to deliver more effectively on their missions. With Pega GenAI Blueprint, and our new FedRAMP high certification Pega has never been in a better position to help government organizations transform employee and constituent experience.
例如,上週,我參加了在華盛頓特區舉行的佩加第七屆年度政府和[霍華德]會議。事務部,每個機構該機構正在使用 Pega 來建立現代化平台,使他們能夠更有效地完成任務。透過 Pega GenAI 藍圖和我們新的 FedRAMP 高認證,Pega 能夠更好地幫助政府組織轉變員工和選民的體驗。
We get asked all the time, what's the significance of AI? I'll tell you that our conversations with clients have massively changed. Now we lead with AI. We talk with potential new logos and clients about our GenAI Blueprint innovation. It's going to help them rethink differently about digital transformation and accelerate that thinking.
我們總是被問到,人工智慧的意義是什麼?我會告訴你,我們與客戶的對話發生了巨大的變化。現在我們以人工智慧為主導。我們與潛在的新商標和客戶討論我們的 GenAI 藍圖創新。它將幫助他們以不同的方式重新思考數位轉型並加速這種思考。
We also talk with them about how we bring our best practices together with the best practices from the Internet in a way that creates productivity. We're starting to see early signs that our unique approach to GenAI is positively impacting deal closure rates, reduced time to value, increased expansion rates and improving our partner relationships. It's clear to me that Blueprint activity is translating into ACV growth acceleration, and it provides us with a fantastic opportunity to accelerate Pega Cloud migrations as well.
我們也與他們討論如何將我們的最佳實踐與網路上的最佳實踐結合起來,以創造生產力。我們開始看到早期跡象,表明我們獨特的 GenAI 方法正在積極影響交易完成率、縮短價值實現時間、提高擴張率並改善我們的合作夥伴關係。我很清楚,Blueprint 活動正在轉化為 ACV 成長加速,它也為我們提供了加速 Pega Cloud 遷移的絕佳機會。
Moving on to cash flow through the first three quarters of 2024, we nearly doubled cash flow from operations and free cash flow. We generated $250 million of cash flow from operations and $246 million of free cash flow, both record amounts for the first nine months of the year. Q3 2024 was our eighth consecutive quarter of positive free cash flow after completing our subscription transition.
接下來是現金流,2024 年前三個季度,我們的營運現金流和自由現金流幾乎翻了一番。我們產生了 2.5 億美元的營運現金流和 2.46 億美元的自由現金流,這兩項金額均創下今年前 9 個月的紀錄。完成認購過渡後,2024 年第三季是我們連續第八個季度實現正自由現金流。
My view is that free cash flow is really the true thing that matters in terms of creating shareholder value, the amount of free cash flow, the consistency of free cash flow and actually more importantly, the growth of free cash flow. So if you start there, do you believe that premise, then you go upstream from that.
我的觀點是,自由現金流對於創造股東價值、自由現金流、自由現金流的一致性以及實際上更重要的是自由現金流的成長確實是最重要的。因此,如果你從那裡開始,你相信這個前提,那麼你就會從那裡逆流而上。
What's the most important metric that is the leading indicator to drive expanded cash flow. It's the amount of billings that you have with your clients and how fast those billings are growing. That is annual contract value.
最重要的指標是什麼,是推動現金流擴大的先行指標。這是您與客戶的帳單金額以及這些帳單成長的速度。那是年度合約價值。
So ACV represents subscription billings with highest cash collections, which ties to free cash flow generation. Now that we've completed our subscription transition, our free cash flow trajectory, as I mentioned, is well anchored. Then we have ample liquidity to pay off our convert that is due in March.
因此,ACV 代表現金收取最高的訂閱帳單,這與自由現金流的產生有關。現在我們已經完成了訂閱過渡,正如我所提到的,我們的自由現金流軌跡已經很好地錨定了。然後我們就有充足的流動性來償還三月到期的轉換。
Also, you'll likely notice that we started buying back shares in Q3 and continue that activity through the end of the quarter, spending about $12 million on share buybacks. The Board also increased an authorized repurchase amount of an additional $250 million. We're evolving our Rule of 40 mindset to deliver profitable growth, increase free cash flow per share, which is the right strategic balance of capital allocation and key to delivering increased shareholder value over time.
此外,您可能會注意到,我們在第三季開始回購股票,並將這項活動持續到本季末,在股票回購上花費了約 1,200 萬美元。董事會也將授權回購金額額外增加了 2.5 億美元。我們正在不斷發展「40 法則」思維模式,以實現獲利成長、增加每股自由現金流,這是資本配置的正確策略平衡,也是隨著時間的推移提供更高股東價值的關鍵。
As I look forward, we are in a fantastic position and have an amazing opportunity to help our clients digitally transform our business and migrate to Pega Cloud. You've heard us recently mention our commitment to dedicated leadership around Pega Cloud adoption, and that's why we named Frank Guerrera as our Chief Cloud Officer in the third quarter.
正如我所期待的,我們處於一個絕佳的位置,並且有一個絕佳的機會來幫助我們的客戶對我們的業務進行數位轉型並遷移到 Pega Cloud。您最近聽到我們提到我們致力於在 Pega Cloud 採用方面發揮專門領導作用,這就是我們在第三季度任命 Frank Guerrera 為首席雲端長的原因。
As I explained during our investor session in June, we aspire to exceed $2 billion in ACV in the next few years. Today, Pega Cloud ACV is less than 50% of our total ACV. That means there's a significant opportunity for us to accelerate Pega Cloud.
正如我在 6 月的投資者會議上所解釋的那樣,我們希望在未來幾年內 ACV 價值超過 20 億美元。如今,Pega Cloud ACV 占我們總 ACV 的比例不到 50%。這意味著我們有一個加速 Pega Cloud 發展的重大機會。
I've received feedback from many of you that it's helpful when I share some thoughts about modeling. So I'm going to continue to do that. First, Q4 2023 with a very strong net new ACV quarter for us. So we do face a tougher compare in the final quarter of the year. That said, we're still confident that we will finish the year strong.
我收到了很多人的回饋,認為我分享一些關於建模的想法很有幫助。所以我會繼續這樣做。首先,2023 年第四季我們的新 ACV 季度淨值非常強勁。因此,我們在今年最後一個季度確實面臨更艱難的比較。儘管如此,我們仍然有信心以強勁的表現結束這一年。
And as targeted in the past, we will be a Rule of 40 company as we complete 2024. As a reminder, we define the Rule of 40 as the combination of our ACV growth and our free cash flow margin adjusted for items such as restructuring charges.
正如過去的目標,到 2024 年完成時,我們將成為 40 法則公司。
Second, we continue to experience success in moving clients to Pega Cloud as that trend gains momentum, we expect term license revenue and maintenance revenue to decline over time as that revenue moves to Pega Cloud. Currently, we anticipate declines in maintenance and subscription revenue for the full year 2024 versus 2023. That said, I want to remind everybody that the accounting for term licenses is not as predictable as the accounting for a SaaS business. So there can be some variability in those numbers.
其次,隨著這種趨勢的發展,我們在將客戶轉移到 Pega Cloud 方面繼續取得成功,我們預計,隨著收入轉移到 Pega Cloud,定期授權收入和維護收入將隨著時間的推移而下降。目前,我們預計 2024 年全年的維護和訂閱收入將比 2023 年有所下降。因此這些數字可能存在一些變化。
Last, as you're modeling Pega Cloud revenue, I want to point out that there is typically a delay of a few quarters in between the time that net new Pega Cloud ACV is added and when it translates into Pega Cloud revenue. In conclusion, we're focused on closing the year strong.
最後,當您對 Pega Cloud 收入進行建模時,我想指出,添加淨新 Pega Cloud ACV 與轉化為 Pega Cloud 收入之間通常會有幾個季度的延遲。總之,我們的重點是強勁地結束這一年。
We've managed the business very well in 2024 with accelerating ACV growth and record free cash flow and cash flow from operations. I'm really happy with our team's performance. I also want to congratulate our sales team for a great first nine months of 2024 and best of luck finishing strong in the fourth quarter.
2024 年,我們的業務管理得非常好,ACV 成長加速,自由現金流和營運現金流創歷史新高。我對我們團隊的表現非常滿意。我還要祝賀我們的銷售團隊在 2024 年前 9 個月取得了出色的成績,並祝他們在第四季度取得強勁表現。
Specifically, our client-facing teams around the world have done an amazing job with our go-to-market transformation. We are clearly executing very well. I'll also add that the energy as we entered Q4 is as high as it's been in Pega for many years.
具體來說,我們在世界各地面向客戶的團隊在我們的市場化轉型方面做得非常出色。我們顯然執行得非常好。我還要補充一點,我們進入第四季時的活力與 Pega 多年來的活力一樣高。
And with that, operator, please open the call for questions.
那麼,接線員,請打開電話提問。
Operator
Operator
(Operator Instructions) Steve Enders, Citi.
(操作員指示)Steve Enders,花旗銀行。
Steve Enders - Analyst
Steve Enders - Analyst
I guess maybe just to start, I want to ask on the momentum that you're seeing with Blueprint and maybe what impact is that beginning to have on either ACV, the acceleration we saw in ACV in the quarter or on the pipeline and what that looks like for Q4 and into '25.
我想也許只是開始,我想問一下您在 Blueprint 中看到的勢頭,也許它開始對 ACV 產生什麼影響,我們在本季度 ACV 或管道中看到的加速以及這是什麼看起來像第四季度和25 年。
Alan Trefler - Chairman of the Board, Chief Executive Officer
Alan Trefler - Chairman of the Board, Chief Executive Officer
Yes. I think Blueprint has lifted all boats is the way I describe it. And I think it's done that because when clients see it and internalize allows them to think differently about their business. Even if we were already talking to them, so they didn't get the advantages of Blueprint early in the sales cycle, I think really helps convince them that Pega is an organization that they should count on and continue to grow with.
是的。我認為,正如我所描述的那樣,Blueprint 已經提升了所有船隻的水平。我認為這樣做是因為當客戶看到它並內化時,他們可以以不同的方式思考他們的業務。即使我們已經與他們交談,因此他們沒有在銷售週期的早期獲得 Blueprint 的優勢,我認為這確實有助於讓他們相信 Pega 是一個值得他們信賴並繼續共同成長的組織。
We've also begun to show off another Blueprint that we are going to be releasing around the end of the year for our decisioning capabilities, which are going to bring a lot of the same AI-powered analytics to helping our customers do next best action, which as you know, is a very, very important part of our business. So I think Blueprint is just changing the overall attitude and that has -- it sounds like I can tease apart the pieces that are related to Blueprint because it is so incredibly pervasive just change the engagement.
我們也開始展示另一個藍圖,我們將在今年年底左右發布我們的決策能力,這將帶來許多相同的人工智慧驅動的分析來幫助我們的客戶採取下一個最佳行動如您所知,這是我們業務中非常非常重要的一部分。所以我認為藍圖只是改變了整體態度,這聽起來我可以梳理出與藍圖相關的部分,因為它是如此普遍,只是改變了參與度。
Steve Enders - Analyst
Steve Enders - Analyst
Okay. Got you. That's helpful. And then I guess maybe just on the ACV acceleration that you are seeing here for three quarters in a row now. But can you just maybe help us think about maybe what is helping to drive that acceleration?
好的。明白你了。這很有幫助。然後我想也許只是你現在連續三個季度看到的 ACV 加速。但你能否幫助我們思考一下是什麼推動了這種加速?
Like are there certain use cases or industries or geographies that are helping to support that? And I guess, secondarily, does this maybe change how you view that, I guess, initial 11% annual guide that you've had for ACV growth for the year?
例如是否有某些用例、產業或地區可以幫助支援這一點?其次,我想,這是否可能會改變您對今年 ACV 成長最初 11% 年度指導的看法?
Kenneth Stillwell - Chief Financial Officer, Chief Operating Officer
Kenneth Stillwell - Chief Financial Officer, Chief Operating Officer
Yes. So Steve, this is Ken. So a couple of things. One, we are seeing accelerated ACV growth in every region, the US, EMEA and APJ. So I'll start there.
是的。史蒂夫,這是肯。有幾件事。第一,我們看到 ACV 在美國、歐洲、中東和非洲和亞太地區及日本等各個地區都在加速成長。所以我將從這裡開始。
Not every vertical is accelerating at the same level so that when you get into verticals and geographies, naturally, you're reducing the sample size. But I would say across the globe, geographies are all growing. They're all accelerating.
並非每個垂直領域都以相同水平加速,因此當您進入垂直領域和地理區域時,自然會減少樣本量。但我想說的是,在全球範圍內,各個地區都在成長。他們都在加速。
The second part of that is, where are we getting it from? We're getting it from new logos? Are we getting it from new workflows? Are we getting it from existing clients, increasing the volume? It's really across the board.
第二部分是,我們從哪裡得到它?我們從新標誌中得到它嗎?我們是否從新的工作流程中獲得它?我們是否從現有客戶那裡獲得了它,從而增加了數量?確實是一刀切。
We've had net new logo growth in Q3. We had expansion of new workloads with existing clients. We've had actually expansion of existing workloads with new clients. We've actually had a little bit of the start of some migration Pega Cloud. I mean we're still very early in the migrations, but we have had some.
第三季我們的新商標淨成長。我們與現有客戶擴大了新的工作負載。實際上,我們已經透過新客戶擴展了現有工作負載。實際上,我們已經開始遷移 Pega Cloud。我的意思是,我們的遷移還處於早期階段,但我們已經進行了一些。
So I think it's just that across the board, new logos, existing logos, migrations and across the world. So I really couldn't point to just one thing and say it's North American health care just making that up. It's not something that is not dynamic, which is incredibly encouraging, which means that Blueprint and the way we're engaged with our clients universally driving acceleration in our business.
所以我認為這只是全面的,新的標誌,現有的標誌,遷移和全世界。所以我真的不能只指出一件事並說這是北美醫療保健的捏造。這並不是沒有活力的東西,這是非常令人鼓舞的,這意味著藍圖以及我們與客戶互動的方式普遍推動了我們業務的加速發展。
When you get to look at the next two to five years, you say what might this do to change the business? This is a transformational opportunity for Pega to reaccelerate our business back up to levels that we haven't seen for probably three to five years, right? So I think -- and there's no reason that even those growth rates something that could be a ceiling. We have to execute, of course.
當您展望未來兩到五年時,您會說這會對業務產生什麼改變?對於 Pega 來說,這是一個轉型機會,可以將我們的業務重新加速到三到五年來我們從未見過的水平,對嗎?所以我認為,即使這些成長率也沒有理由成為上限。當然,我們必須執行。
So we have to -- and we are going to be dependent on not only our existing clients, but actually exploring new logos strategically in our target or model the logos. So great opportunity for us.
所以我們必須——而且我們將不僅依賴我們現有的客戶,而且實際上在我們的目標中策略性地探索新的徽標或對徽標進行建模。對我們來說這是一個很好的機會。
In terms of this year, which is the last part of your question, certainly the energy, as I mentioned, in Q4, is high also the Q4 activity that we have is very high, but also there's always a lot of work to do in the Q4. So I think that we're certainly feeling good about where we are, but we are not in the habit of reguiding. So I think we just -- what we want to do is we want to be our targets. I mean that's a fundamental DNA that we want to have, but we've got to execute, and we've got work to do.
就今年而言,這是你問題的最後一部分,正如我所提到的,第四季的能量當然很高,我們的第四季活動也非常高,但總是有很多工作要做Q4。所以我認為我們確實對自己所處的位置感覺良好,但我們沒有指導的習慣。所以我認為我們只是——我們想做的就是成為我們的目標。我的意思是,這是我們想要擁有的基本 DNA,但我們必須執行,我們還有工作要做。
Alan Trefler - Chairman of the Board, Chief Executive Officer
Alan Trefler - Chairman of the Board, Chief Executive Officer
And Q4 is by far the toughest of the year.
第四季是迄今為止最艱難的一年。
Kenneth Stillwell - Chief Financial Officer, Chief Operating Officer
Kenneth Stillwell - Chief Financial Officer, Chief Operating Officer
Yes, Q4 is always a tough quarter. The last point I would make is any growth -- in any scenario where our growth would exceed our model for 2024. And that is not -- that's not a reguide is making this clarification. It's probably not likely to lead to any change in our cash flow modeling because the billings happen toward the end of the year. It would give us, however, upside for free cash flow next year in 2025. I just want to make that very clear. So for anyone that's thinking about the relationship between the two of others.
是的,第四季始終是一個艱難的季度。我要說的最後一點是任何成長——在任何情況下我們的成長都將超過 2024 年的模型。這可能不會導致我們的現金流模型發生任何變化,因為帳單發生在年底。然而,這會為我們明年 2025 年的自由現金流帶來好處。對於任何正在思考其他兩個人之間關係的人。
Operator
Operator
Jake Roberge, William Blair.
傑克‧羅伯格,威廉‧布萊爾。
Jake Roberge - Analyst
Jake Roberge - Analyst
And great to see ACV growth continue to accelerate. You all made the comment that GenAI Blueprint is expanding your TAM by bringing new applications into the scope of what you can address. Can you provide examples of that? And is there any thought of pouring any gas or putting more go-to-market capacity behind those initiatives?
很高興看到 ACV 成長繼續加速。你們都評論說 GenAI Blueprint 正在透過將新應用程式納入您可以解決的範圍來擴展您的 TAM。您能提供一些例子嗎?是否有考慮在這些舉措背後注入任何天然氣或投入更多的上市能力?
Alan Trefler - Chairman of the Board, Chief Executive Officer
Alan Trefler - Chairman of the Board, Chief Executive Officer
So I think that a big part of the example I would give would be the idea of helping organizations replace some of their legacy systems in a different way. Historically, we used to talk about going into an organization and you're seeing the power Pega workflow or the power Pega decisioning to wrap and renew their existing systems. And that was again built a meaningful business. But what we've now realized with some of these new capabilities and with what AI can do, we can more directly target the systems that our customers just want to kill.
因此,我認為我給出的範例的很大一部分是幫助組織以不同的方式替換一些遺留系統的想法。從歷史上看,我們過去常常談論進入一個組織,您將看到強大的 Pega 工作流程或強大的 Pega 決定包裝和更新其現有系統。這再次成為一項有意義的業務。但我們現在已經意識到,透過其中一些新功能以及人工智慧的功能,我們可以更直接地瞄準客戶只想殺死的系統。
All of these organizations, particularly as they try to move to the cloud and sometimes find that as many as 2/3 of their applications are incapable of being moved to the cloud in their current form. They want to rethink what they've got, but they don't really want to start over. That's daunting.
所有這些組織,特別是當他們嘗試遷移到雲端時,有時會發現多達 2/3 的應用程式無法以其當前形式遷移到雲端。他們想重新思考他們已經擁有的東西,但他們不想重新開始。這太令人畏懼了。
We can use Blueprint, and we can use some of the new capabilities that we continue to add to be able to really target replacement in a way that moves these systems onto a cloud native platform, moves them into a thoroughly modern architecture and lets them both get it to the cloud, but also just run way more effectively and unwalk the data that's buried in some of these applications that they just can't get to. So I think that this legacy transformation approach is one that you're going to see us doubling down on as we enter next year, and it is pretty exciting.
我們可以使用藍圖,我們可以使用我們不斷添加的一些新功能,以便能夠真正以替換為目標,將這些系統移動到雲原生平台上,將它們移動到完全現代化的架構中,並讓它們都將其傳輸到雲端,而且還可以更有效地運行並解開埋藏在某些應用程式中他們無法存取的資料。因此,我認為,進入明年後,您將看到我們在這種傳統轉型方法上加倍努力,這是非常令人興奮的。
Relative to ramping up investment, we've kind of come to enjoy the reality of generating cash and spending our money perhaps more carefully than I might have done earlier in our career. So we're open to do more investments, but I really become a believer that candidly, when we really focused ourselves, we actually increased our growth rate and so we're going to be cautious about opening an aperture too broadly too fast.
相對於增加投資,我們已經開始享受產生現金和花錢的現實,這可能比我在職業生涯早期所做的更加謹慎。因此,我們願意進行更多投資,但坦白說,我真的相信,當我們真正專注於自己時,我們實際上提高了成長率,因此我們將謹慎對待過於廣泛、過快的開放。
Though to be candid, there's big opportunities here. They're not going to go away in a year or three. They're going to be here for quite some time.
坦白說,這裡有很大的機會。他們不會在一三年內消失。他們將在這裡待相當一段時間。
Jake Roberge - Analyst
Jake Roberge - Analyst
Yes, that's great to hear. And then, Alan, it sounds like you've been on the road meeting with a lot of clients recently. Can you maybe just give us a pulse on the market. Is that excitement all around Blueprint? Are you starting to see potentially more budget dollars actually flow into AI and automation as we get into potentially a more normalized budget environment?
是的,很高興聽到這個消息。然後,艾倫,聽起來你最近一直在路上與很多客戶會面。您能為我們提供一下市場脈動嗎?藍圖周圍充滿了興奮嗎?隨著我們進入潛在的更標準化的預算環境,您是否開始看到潛在的更多預算資金實際上流入人工智慧和自動化?
Alan Trefler - Chairman of the Board, Chief Executive Officer
Alan Trefler - Chairman of the Board, Chief Executive Officer
Yes. So customers are really hungry for automation. There's a lot of confusion out there. I mean you only have to read the press releases of the players of these spaces to realize how much noise there continues to be in the markets. And people are trying to figure out.
是的。所以客戶確實渴望自動化。那裡有很多混亂。我的意思是,你只需閱讀這些領域參與者的新聞稿,就能意識到市場上仍有多少噪音。人們正在試圖找出答案。
So step back for a second Pega, if you go back to my PegaWorld keynote, I talked about the three forms of AI that we see as transforming organization. And customers tell me what they were to make sense to them. But the noise of the market doesn't match this. I mean that we talk about statistical AI, how we use numbers and machine learning to figure out next best actions. And someday has been down for 15 years. It's something we've done for 15 years.
因此,退一步來說第二個 Pega,如果你回到我的 PegaWorld 主題演講,我談到了我們視為變革組織的人工智慧的三種形式。客戶告訴我什麼對他們來說有意義。但市場的喧囂與此並不相符。我的意思是,我們談論統計人工智慧,我們如何使用數位和機器學習來找出下一步的最佳行動。有一天已經下降了15年。這是我們已經做了 15 年的事情。
And it's enormously powerful, and it's not obviated by language models. Out of general intelligence, I think, is some cool ideas. But numbers matter and language models don't do so great with numbers. So that's the first form of AI, statistical. The second is what I would describe as AI features.
它非常強大,而且語言模型也無法消除它。我認為,出於一般智慧,有一些很酷的想法。但數字很重要,語言模型對數字的處理卻不太好。這就是人工智慧的第一種形式——統計。第二個是我所謂的人工智慧功能。
And we've got several dozen of them. Customers will buy some from us. They'll buy some from the accelerators and the magic agents that you hear people marketing and putting out there, and that's fine. So our customers are building some themselves. And there is enthusiasm for those, but there's not the belief that those are fundamentally changing an organization's business.
我們有幾十個。客戶會向我們購買一些。他們會從你聽到人們行銷和發布的加速器和神奇劑那裡購買一些,這很好。所以我們的客戶正在自己建造一些。人們對這些充滿熱情,但卻不相信這些會從根本上改變組織的業務。
The thing that we're most excited about is that Blueprint represents, and I think we are uniquely positioned here is this idea of AI transformation. The idea is that you use AI to better understand what your current applications are and then use AI to challenge a lot of the assumptions about how an app should be built and then to actually help execute that.
我們最興奮的是藍圖所代表的,我認為我們在這裡的獨特定位是人工智慧轉型的想法。這個想法是,你使用人工智慧來更好地理解你目前的應用程式是什麼,然後使用人工智慧來挑戰關於如何建立應用程式的許多假設,然後實際幫助執行它。
We're advantaged that becomes a lot about Blueprint. But the reality is that Blueprint itself is not truly at the core. The core is the hang-up architecture, the model-driven architecture that knows how to really automate with AI principles and with high levels of channel independents, that Blueprint just happens to perfectly fit into. So I think that a lot of confusion about AI still, but more when customers see what we're able to do and when they put their hands on, like I talked about how many customers are touching this now, we got a really positive reaction.
我們的優勢在於,藍圖變得很多。但現實是藍圖本身並不是真正的核心。其核心是掛起架構,這是一種模型驅動的架構,它知道如何利用人工智慧原則和高水準的通路獨立性來實現真正的自動化,而藍圖恰好完美地融入其中。所以我認為關於人工智慧仍然存在很多困惑,但更多的是當客戶看到我們能夠做什麼並且當他們動手時,就像我談到現在有多少客戶正在接觸這個,我們得到了非常積極的反應。
Kenneth Stillwell - Chief Financial Officer, Chief Operating Officer
Kenneth Stillwell - Chief Financial Officer, Chief Operating Officer
Jake, one thing I'll add is just to say, as we check for everybody here. We've got a war in Eastern Europe that's been going on for 2.5 years. We have a conflict in the Middle East. It certainly doesn't look like it's going to end anytime in the next few months. We've got an election in 12 days, and we still don't have inflation in check.
傑克,我要補充的一件事是,我們正在檢查這裡的每個人。東歐的戰爭已經持續 2.5 年了。我們在中東有衝突。看起來它肯定不會在接下來的幾個月內結束。 12 天後我們就要舉行選舉,但通貨膨脹仍然沒有控制。
So I do think there is still nervousness in the market. That said, I think clients are committed to digital transformation. But I do think there are a lot of market events that are going to cause clients to still be a little bit timid in some of their bigger decisions. And so just a sanity check on that. There's a lot of stuff going on out there.
所以我確實認為市場仍然存在著緊張情緒。也就是說,我認為客戶致力於數位轉型。但我確實認為,有很多市場事件會導致客戶在做出一些重大決策時仍然有點膽怯。所以只是對此進行健全性檢查。那裡發生了很多事情。
Jake Roberge - Analyst
Jake Roberge - Analyst
Yes. That's helpful. Well, congrats again on the great results.
是的。這很有幫助。好吧,再次恭喜我們取得的優異成績。
Operator
Operator
Rishi Jaluria, RBC.
Rishi Jaluria,加拿大皇家銀行。
Rishi Jaluria - Analyst
Rishi Jaluria - Analyst
And great to see continued momentum in the business. Maybe, Alan, I want to start with you. You talked about what you're doing on the agentic automation [objective] AI side. Can you help us understand maybe what separates Pega and what you're doing that is truly agentic AI, whether that's tech or use cases and maybe have it separated from some other large players that have been messaging around agentic AI themselves, including Salesforce with the recent launch of [Asian force]? Any color to help us really understand the differentiation there would be helpful.
很高興看到業務持續成長。也許,艾倫,我想從你開始。您談到了您在代理自動化[目標]人工智慧方面所做的事情。您能否幫助我們理解Pega 和您正在做的真正代理AI 的區別,無論是技術還是用例,並且可能將其與其他一些一直在圍繞代理AI 本身進行訊息傳遞的大型參與者(包括Salesforce)區分開來。任何可以幫助我們真正理解差異的顏色都會有所幫助。
And then I've got a quick follow-up.
然後我會進行快速跟進。
Alan Trefler - Chairman of the Board, Chief Executive Officer
Alan Trefler - Chairman of the Board, Chief Executive Officer
Sure. Look, Pega and this is something that I think has been visible for a long time because it's part of how we thought about the problem. Believes that you really want to have definitions of how a business works, that it's important to be able to map the processes where the data comes from, where it's going to end up and there are some people in the agentic world who say, just turn it all over to a language model, it's going to be so smart. It's going to figure everything out. It will be a chain of consciousness and come up with a magic answers. We think that may be true in some cases. And certainly, it's good for entertainment.
當然。聽著,Pega,我認為這是長期以來一直可見的事情,因為它是我們思考問題的方式的一部分。相信您確實想要定義業務如何運作,重要的是能夠映射資料來自的流程以及資料最終將到達的地方,並且在代理世界中有些人說,只需轉向一切都轉移到語言模型上,它會變得非常智能。它會解決一切問題的。這將是一個意識鏈並想出一個神奇的答案。我們認為在某些情況下這可能是正確的。當然,這對娛樂很有好處。
But whether our customers' businesses are going to want to run that way, I don't believe regulated businesses are going to be able to run that way. I think a lot of organizations stay comfort in using the AI to define the processes, which, for example, what Blueprint does, as opposed to just saying, hey, I'm going to call the agent, and it's going to figure it out, and I'm not going to be exactly sure how I would explain that, but they're pretty smart.
但無論我們客戶的企業是否願意以這種方式經營,我都不相信受監管的企業能夠以這種方式運作。我認為很多組織都樂於使用人工智慧來定義流程,例如藍圖所做的事情,而不是僅僅說,嘿,我要打電話給代理,它會解決這個問題,我不確定如何解釋,但他們非常聰明。
So we have what I would describe as a managed approach and the great news is this left the organization achieve great reliability. Because if you've got hundreds of thousands of people doing something, you turn that increasingly to automation, I think you want to know what they're doing.
因此,我們擁有我所描述的託管方法,好消息是這使組織獲得了極大的可靠性。因為如果你有數十萬人在做某事,你就會越來越多地將其轉向自動化,我認為你想知道他們在做什麼。
And the workflow type approach that is at the heart of Pega fits that model going forward. Having said that, those workflows are intrinsically agentic they, in effect, make it so you know the steps, know how to do certain things and can apply the AI to fill gaps to figure out what field should go, figure out how to best answer or ask a question. And that's where we've married the agentic world with the workflow world in a way that I think fits perfectly. I believe customers are seeing that.
作為 Pega 核心的工作流程類型方法適合未來的模型。話雖如此,這些工作流程本質上是代理的,實際上,它們讓你知道步驟,知道如何做某些事情,並且可以應用人工智慧來填補空白,找出應該去哪個領域,找出最好的答案或提出問題。這就是我們以一種我認為完美契合的方式將代理世界與工作流程世界結合的地方。我相信客戶已經看到了這一點。
Quite a lot of the agents talk now to some of the early talk in AI in general where it candidly, I think, led to a lot of confusion. Having said that, we're all bought in. We've got agents for years. that are doing things like parsing and responding automatically to e-mails, to stimulate, to working as a chatbot. We just don't want to build the organization around the assumption that there are humans in the loop.
現在,相當多的智能體都在談論人工智慧的一些早期討論,坦白說,我認為這導致了很多混亂。話雖如此,我們都同意了。它們正在做一些事情,例如自動解析和回覆電子郵件、刺激、作為聊天機器人工作。我們只是不想圍繞著循環中有人的假設來建立組織。
We want to build around the work itself. What are the products that a company is offering, what are the services they're offering, how do we capture those in workflows. And then is people who are need it, use the AI where you need it, use the interfaces and that is exactly what the center of architecture is, which I'm sure many have heard me talk about now for three years, four years.
我們希望圍繞著作品本身進行創作。公司提供什麼產品,他們提供什麼服務,我們如何在工作流程中捕捉這些內容。然後是需要它的人,在需要的地方使用人工智慧,使用介面,這正是架構的中心所在,我相信很多人已經聽我談了三、四年了。
Rishi Jaluria - Analyst
Rishi Jaluria - Analyst
Wonderful. That's really helpful. And then maybe for both Alan and Ken. If we think about maybe the Q4 outlook, now that we're a little bit over through recent to the quarter, how should we be thinking about the potential for budget flush? Ken, I know you outlined it as a tough comp from a strong Q4 last year.
精彩的。這真的很有幫助。然後也許對於艾倫和肯來說。如果我們考慮第四季度的前景,既然我們已經過了最近的季度,我們應該如何考慮預算充裕的可能性?肯,我知道你將其描述為去年第四季度強勁的艱難比賽。
I think there are rumblings that Q4 budget could be even stronger, especially as some of those kind of earmarked AI dollars are put to work before the year-end. Can you maybe walk us through how we should be thinking about the patent for Q4 budget flush from here?
我認為有傳言稱第四季度的預算可能會更加強勁,特別是因為其中一些專門用於人工智慧的資金將在年底前投入使用。您能否從這裡向我們介紹一下我們應該如何考慮第四季度預算沖水的專利?
Kenneth Stillwell - Chief Financial Officer, Chief Operating Officer
Kenneth Stillwell - Chief Financial Officer, Chief Operating Officer
Well, so just one clarification there, Rishi. Last year, the reason why was stronger for us is that we actually had a lot of our business activity to just kind of delayed and slipped into the back end of the year, and that didn't happen this year.
好吧,Rishi,我只需要澄清一點。去年,我們之所以表現強勁,是因為我們實際上有很多業務活動被推遲並滑到了年底,而今年並沒有發生這種情況。
So just from the standpoint of Pega, we are difficult to pair -- is really just a timing compare of the way to linearity, the way the shape of our growth linked last year versus the shape of the growth this year. In terms of the specific question you asked, and Alan can chime in, in his opinion, I don't put a lot of business comfort around decisions around whether people try to use up budget from one year or another year.
因此,僅從 Pega 的角度來看,我們很難配對——實際上只是線性方式的時間比較,即我們去年的成長形式與今年的成長形式的連結方式。就你提出的具體問題而言,艾倫可以插話,在他看來,我並沒有在人們是否嘗試用完一年或另一年的預算的決策上給予太多的商業安慰。
It happens I think that there is a potential. I've read some of the same articles that you have as well. But I don't think -- we're not running our business assuming that happens or doesn't happen. We have a very healthy pipeline; we have very strong engagement with our clients. And if clients then choose to use budget in Q4. Naturally, we'll get our fair share of that. But I don't think we have a strong modeling opinion about whether there's a flush or there is not a flush.
碰巧我認為有潛力。我也讀過一些與您相同的文章。但我不認為——我們不會假設這種情況發生或不發生來經營我們的業務。我們有一個非常健康的管道;我們與客戶有很強的互動。如果客戶選擇在第四季使用預算。當然,我們會得到我們應得的份額。但我不認為我們對是否有同花有強烈的建模意見。
Alan Trefler - Chairman of the Board, Chief Executive Officer
Alan Trefler - Chairman of the Board, Chief Executive Officer
Yes. I'm a little skeptical. I think there's a lot of CEOs out there. who have directed their procurement and IT arms to try to save money to be bought. I mean let's face it, that mood is very prevalent if you take a look at what's going on. So I'm certainly not counting on any sort of flushing going on that's going to be meaningful.
是的。我有點懷疑。我認為那裡有很多執行長。他們指示採購和 IT 部門努力節省購買資金。我的意思是,讓我們面對現實吧,如果你看看正在發生的事情,這種情緒非常普遍。所以我當然不指望任何形式的潮紅都會有意義。
Operator
Operator
Pinjalim Bora, JPMorgan.
平賈林·博拉,摩根大通。
Pinjalim Bora - Analyst
Pinjalim Bora - Analyst
Congrats on the quarter. Alan, earlier in the year, I think there was an assumption that we might see a material uptick in the Blueprints created so far in the year kind of going live in Q3. What have you seen in terms of some of the Blueprints going live? And are those go lives starting to impact some of the cloud numbers at this point?
恭喜本季。艾倫,今年早些時候,我認為我們可能會看到今年迄今為止創建的藍圖出現實質成長,並在第三季投入使用。您對一些已上線的藍圖有何看法?此時,這些上線是否開始影響一些雲端資料?
Alan Trefler - Chairman of the Board, Chief Executive Officer
Alan Trefler - Chairman of the Board, Chief Executive Officer
So I think that we've seen a couple go live. We have a bunch more in progress. The Blueprint have candidly influenced every sale that I can see in terms of certainly in the last six to eight weeks. We don't have a single sales guy who can't do a Blueprint with a client. And we've gone from a salesperson would try to have a bunch of meetings and then try to bring a solution consultant in to maybe the third or fourth meeting to do a client-specific demo.
所以我認為我們已經看到一對夫婦上線了。我們還有更多工作正在進行中。藍圖坦率地影響了我在過去六到八週內看到的每一筆銷售。我們沒有一個銷售人員不能與客戶一起制定藍圖。我們已經從銷售人員嘗試召開一系列會議,然後嘗試邀請解決方案顧問參加第三次或第四次會議來進行特定於客戶的演示。
That whole engagement model is already meaningfully changed. And they now do the demo in the first meeting, almost always. And it's client-specific because that's what Blueprint gives you. The effect this has on business is projects that were already underway, some of the Blueprint is coming in a little too light to really be able to help them. So the stuff that was going live in Q3. We'll see some meaningfully, I think, go live in Q4 and the first half of next year.
整個參與模式已經發生了有意義的改變。現在他們幾乎總是在第一次會議上進行演示。它是特定於客戶的,因為這就是 Blueprint 為您提供的。這對業務的影響是已經在進行的項目,一些藍圖有點太簡單了,無法真正幫助他們。所以這些東西將在第三季上線。我認為,我們將看到一些有意義的內容在第四季和明年上半年上線。
Pinjalim Bora - Analyst
Pinjalim Bora - Analyst
Got it. Okay. One for Ken. Maintenance ACV has declined all three quarters this year, which makes sense given the cloud trend. But I'm trying to understand how much of that is just because of mix shift to new bookings being cloud versus kind of on-premise customers making a concerted effort to migrate to cloud. Is that migration piece starting to take hold? Is that going to be even bigger piece in 2025?
知道了。好的。一份給肯。維護 ACV 今年三個季度都在下降,考慮到雲端趨勢,這是有道理的。但我試圖了解其中有多少只是因為新預訂混合轉向雲端,而不是內部客戶齊心協力遷移到雲端。移民的那部分開始佔據主導地位了嗎?到 2025 年,這會變得更大嗎?
Kenneth Stillwell - Chief Financial Officer, Chief Operating Officer
Kenneth Stillwell - Chief Financial Officer, Chief Operating Officer
Yes. So Pinjalim, not much we've had some migrations, but not a material amount of them. They will become bigger in 2025 and '26. So you're absolutely right there. Maintenance will continue to decline and probably at a steeper pace in terms of that maintenance decline.
是的。所以 Pinjalim,我們的遷移並不多,但數量也不是很大。它們將在 2025 年和 26 年變得更大。所以你絕對是對的。維護量將持續下降,而且維護量下降的速度可能會更快。
But the maintenance decline that will happen at Pega can happen in two ways. It could be that someone moves off of a -- historically moved off a perpetual license arrangement into a term license arrangement, which means that the proportion of what they do -- the business that they do with Pega is less maintenance and another one could be a migration to pay, wow.
但 Pega 的維護量下降可能會透過兩種方式發生。有人可能會從歷史上將永久許可安排轉變為定期許可安排,這意味著他們與 Pega 進行的業務的比例是較少的維護,而另一個可能是支付遷移,哇。
So those are just to clarify, those are two ways maintenance could drop. But there have been -- we've got some momentum on migrations. We've had some through the year for sure, but it's not a material component of our incremental ACV growth. But you're going to -- to answer the second part of your question, maintenance is going to decline. No doubt about it and going to decline probably at a steeper pace than previous years.
這些只是為了澄清,這是維護工作可能會下降的兩種方式。但我們在移民方面取得了一些進展。我們今年確實取得了一些進展,但這並不是我們 ACV 增量成長的重要組成部分。但你要回答問題的第二部分,維護將會減少。毫無疑問,下降的速度可能比前幾年更快。
Operator
Operator
Patrick Walravens, Citizens JMP.
Patrick Walravens,公民 JMP。
Austin Cole - Analyst
Austin Cole - Analyst
This is Austin Cole on for Pat Walravens. My question is about the reversal of the $2 billion verdict by the Virginia Corp appeals last July. I just wanted to understand -- like to the extent that you can comment, does that have any effect on unlocking sales cycles that might have been tied up with some of your larger clients? And are you seeing any impact from that?
我是奧斯汀·科爾(Austin Cole),代表帕特·瓦爾拉文斯(Pat Walravens)發言。我的問題是關於維吉尼亞公司去年 7 月上訴的 20 億美元判決的撤銷。我只是想了解 - 就像您可以評論的那樣,這對釋放可能與您的一些大客戶相關的銷售週期有任何影響嗎?您看到這有什麼影響嗎?
Peter Welburn - Vice President, Corporate Development and Investor Relations
Peter Welburn - Vice President, Corporate Development and Investor Relations
So I do think that clients were happy to see that erroneous were got reversed. And so -- but what I'd tell you is I think that people, particularly of light, have been largely expecting that. That's why you can see a $2 billion change in market cap, right? I mean, that tells you that everybody has sort of discounted it. I think, as a drag on and on and went through the appeal process, discounted to a meaningful amount.
所以我確實認為客戶很高興看到錯誤被糾正。所以——但我要告訴你的是,我認為人們,尤其是光,基本上一直在期待這一點。這就是為什麼你會看到市值發生 20 億美元的變化,對嗎?我的意思是,這告訴你每個人都對它打了折扣。我認為,隨著上訴程序的拖延,折扣到了有意義的金額。
Obviously, it had some positive impact. And I'll also tell you that these large buying organizations, all it takes is one group to sort of worry and they can slow things down. So I do think it's not -- it's going to sort of return us to a more traditional cycle, whereas we had, had to go through sort of more sometimes rounds of questions on occasion with this. But yes, we're happy to see that we've gotten through that reversal stage. The got now as we expected it.
顯然,它產生了一些正面的影響。我還要告訴你,這些大型採購組織,只需要一群人擔心,就可以放慢速度。所以我確實認為這不是——它會讓我們回到一個更傳統的周期,而我們有時不得不經歷更多輪的問題。但是,是的,我們很高興看到我們已經度過了這個逆轉階段。現在正如我們所期望的那樣。
Kenneth Stillwell - Chief Financial Officer, Chief Operating Officer
Kenneth Stillwell - Chief Financial Officer, Chief Operating Officer
Yes. I think just to add to that, 2022 was a very distracting year for our teams into '23 where just every -- many, many clients want to know what is this thing, what is happening? What's the next? I think once the actual audio was public on the appeal from the fall of 2023, enough clients heard that that they kind of went, okay, we understand now the significant error as the [appellate] court called it, right, that happened. And then it was a waiting game to figure out where they landed in terms of the actual appeal.
是的。我想補充一點,2022 年對我們進入 23 世紀的團隊來說是非常分散注意力的一年,每個、很多、很多客戶都想知道這是什麼東西,正在發生什麼?接下來是什麼?我認為,一旦 2023 年秋季上訴的實際音頻公開,足夠多的客戶聽說他們會說,好吧,我們現在明白了[上訴]法院所說的重大錯誤,對,確實發生了。然後就是一場等待的遊戲,要弄清楚他們的實際吸引力在哪裡。
So I do think incrementally over the last few years, things have gotten better from what was, quite frankly, a very difficult time in '22 because not only were clients hearing it, there was quite a lot of marketing done around the actual verdict as well against Pega. And so we had to really fight some things on multiple fronts.
所以我確實認為,在過去的幾年裡,坦率地說,事情已經從 22 年非常困難的時期開始變得更好了,因為不僅客戶聽到了它,而且圍繞實際判決進行了很多營銷,很好地對抗佩加。所以我們必須在多個方面真正對抗一些事情。
Now that the appellate court has clearly pointed out what we have said since May 9 of 2022 which was this was really just a series of errors that actually caused this. It certainly made those conversations much better, which made it easier for our sales teams, which make our sales teams to be able to spend more time selling. So there's certainly a win there in our favor.
現在上訴法院已經明確指出我們自 2022 年 5 月 9 日以來所說的話,這實際上只是一系列錯誤,實際上導致了這一點。這無疑使這些對話變得更好,這使我們的銷售團隊更容易,這使我們的銷售團隊能夠花更多的時間進行銷售。因此,我們肯定會取得勝利。
Operator
Operator
Dan Ives, Wedbush Securities.
丹‧艾夫斯,韋德布希證券。
Daniel Ives - Analyst
Daniel Ives - Analyst
So are you seeing now from a partner perspective, just even changes were more coming to you in terms of looking to partner, especially as you kind of go into this next phase of cloud?
那麼,您現在是否從合作夥伴的角度來看,在尋找合作夥伴方面,您是否也看到了更多的變化,尤其是當您進入雲端的下一階段時?
Alan Trefler - Chairman of the Board, Chief Executive Officer
Alan Trefler - Chairman of the Board, Chief Executive Officer
I think there's a lot of enthusiasm from the partners. We just had a couple of partner meetings, and we do have partners very, very interested in figuring out how they can leverage Blueprint. We've actually had partners create.
我認為合作夥伴們充滿了熱情。我們剛剛舉行了幾次合作夥伴會議,我們確實有合作夥伴非常非常有興趣了解如何利用藍圖。我們實際上已經讓合作夥伴創建了。
I think the number is more than 70 now Blueprints that we've loaded in for their use that are private to them that they can use with their customers to try to convince them that they've got some good extra IP to be able to add into it. And so that's actually very encouraging to see more than a dozen partners or more than 70 Blueprints into our system.
我認為現在我們已經加載了超過 70 個供他們使用的藍圖,這些藍圖對他們來說是私有的,他們可以與客戶一起使用,以試圖說服他們,他們有一些很好的額外 IP 可以添加進入其中。因此,看到十多個合作夥伴或 70 多個藍圖進入我們的系統,實際上非常令人鼓舞。
Kenneth Stillwell - Chief Financial Officer, Chief Operating Officer
Kenneth Stillwell - Chief Financial Officer, Chief Operating Officer
I also think, again, just to point out one other thing. Our engagement with AWS and Google Cloud is really accelerating as well. I mean we view them both very, very strong and important partners for us as we continue to move to Pega Cloud, as we continue to accelerate our growth rate with Blueprint in the center of that and us really playing a much bigger role in digital transformation. So they are becoming much bigger kind of market partners for us as opposed to technical partners.
我還想再指出另一件事。我們與 AWS 和 Google Cloud 的合作也在加速。我的意思是,隨著我們繼續轉向Pega Cloud,隨著以Blueprint 為中心的我們繼續加快增長率,我們在數位轉型中真正發揮更大的作用,我們將他們視為我們非常、非常強大和重要的合作夥伴。因此,與技術合作夥伴相比,他們正在成為我們更大的市場合作夥伴。
Daniel Ives - Analyst
Daniel Ives - Analyst
And thanks because that's exactly what I was getting to, like does this feel like with the hyperscalers with Blueprint now? And just with the overall strategy relative to even -- when I think where you guys were a year ago? Is it just so much more strategic discussions now when you think even from a hyperscaler in terms of those discussions?
謝謝,因為這正是我所要做的,就像現在使用藍圖的超大規模器感覺一樣嗎?就整體策略而言,甚至當我想到你們一年前在哪裡?當你甚至從超大規模企業的角度思考這些討論時,現在是否只是更具策略性的討論?
Kenneth Stillwell - Chief Financial Officer, Chief Operating Officer
Kenneth Stillwell - Chief Financial Officer, Chief Operating Officer
Absolutely. I mean, not -- there's two reasons why there is that much more important. One, we've got $0.75 billion of engagement with our clients that are not on Pega Cloud. And naturally the hyperscalers care about that. And those clients that we have, by the way, are their clients as well. That's one, Dan.
絕對地。我的意思是,不是──有兩個原因說明這一點更為重要。第一,我們與不在 Pega Cloud 上的客戶進行了價值 7.5 億美元的互動。超大規模企業自然會關心這一點。順便說一句,我們的客戶也是他們的客戶。就是這樣,丹。
The second one is, as we continue to accelerate our growth, leveraging Blueprint, faster digital transformation, we're going to put those workloads on our partners -- on the hyperscaler partners that we have. So we're just in a whole different world of actually the opportunity for us mutually to target organizations where we have common customers. And so that for us is a very strategic differentiator, and we think has led actually quite frankly, just some of our growth this year and also will lead to growth in the future.
第二個是,隨著我們繼續加速成長,利用藍圖、更快的數位轉型,我們將把這些工作負載交給我們的合作夥伴——我們擁有的超大規模合作夥伴。因此,我們只是處於一個完全不同的世界,實際上我們有機會共同瞄準擁有共同客戶的組織。因此,對我們來說,這是一個非常戰略性的差異化因素,坦白說,我們認為這實際上導致了我們今年的一些成長,也將導致未來的成長。
Alan Trefler - Chairman of the Board, Chief Executive Officer
Alan Trefler - Chairman of the Board, Chief Executive Officer
And the work we've been doing to be able to help clients take out their legacy applications is of great interest to the hyperscalers because they are the customers who have gone buys who have made commitments. But a lot of the apps in those customers aren't able to move because God forbid, they're running on IV mainframe or Lotus Notes. So I was just talking to a customer a little over yesterday about part of their lots, not sustain. And they need to rethink and replace those. But that enables them now to rethink and replace them on the cloud, which is what our whole pitch is here with the legacy transformation that I was talking about.
我們一直在做的幫助客戶淘汰遺留應用程式的工作引起了超大規模企業的極大興趣,因為他們是做出承諾的購買客戶。但這些客戶中的許多應用程式無法移動,因為上帝保佑,它們運行在 IV 大型主機或 Lotus Notes 上。所以我昨天只是和一位客戶談論了他們的部分批次,而不是維持。他們需要重新思考並更換它們。但這使他們現在能夠重新思考並在雲端上替換它們,這就是我們所說的遺留轉型的全部內容。
Operator
Operator
Mark Schappel, Loop Capital Markets.
馬克‧沙佩爾 (Mark Schappel),Loop 資本市場。
Mark Schappel - Analyst
Mark Schappel - Analyst
And nice job on the quarter. Ken, a question for you. In terms of momentum in the business this year, how much of that would you attribute to changes in the overall demand environment versus, say, the go-to-market changes that were made about a year or so ago?
本季的工作做得很好。肯,問你一個問題。就今年業務的發展勢頭而言,您認為其中有多少是由於整體需求環境的變化,而不是大約一年前的上市變化?
Kenneth Stillwell - Chief Financial Officer, Chief Operating Officer
Kenneth Stillwell - Chief Financial Officer, Chief Operating Officer
I would attribute them to two things, honestly. And I don't think either of them are in the demand environment. I would attribute it to our selling transformation that we made. And quite frankly, Alan mentioned something that scarcity is a powerful tool to use for focus, right? And the fact that we actually really focused on driving the right people on the right works and the right level of density has really helped us a lot.
老實說,我將其歸因於兩件事。我認為他們中的任何一個都不處於需求環境中。我將其歸因於我們所做的銷售轉型。坦白說,艾倫提到稀缺性是集中註意力的強大工具,對嗎?事實上,我們真正專注於讓合適的人從事合適的工作和合適的密度水平,這對我們幫助很大。
And the second one is, quite frankly, I think I wouldn't minimize the impact of the appeal and helping us with a much more positive engagement with our clients. I mean I think the reality is that was -- that certainly was not hurtful but right for the appeals actually get reversed. But I think it's largely the target work transformation, Mark. I think the market is pretty much the same as what it was a year ago.
第二個是,坦白說,我認為我不會最小化上訴的影響,並幫助我們與客戶進行更積極的互動。我的意思是,我認為現實是——這當然不會造成傷害,但上訴實際上會被撤銷,這是正確的。但我認為這很大程度上是目標工作轉型,馬克。我認為市場與一年前幾乎相同。
Alan Trefler - Chairman of the Board, Chief Executive Officer
Alan Trefler - Chairman of the Board, Chief Executive Officer
Yes. Honestly, I also think that the product portfolio we have when I think of what we've been able to put together in the last 12 to 18 months, I think it is candidly just more appealing and more effective gaining the interest of our clients. So I would agree, it's not the demand environment, which I think there's still a lot of downward outlook out there.
是的。老實說,我還認為,當我想到我們在過去 12 到 18 個月中所能夠整合的產品組合時,我認為坦白說,它更具吸引力,更有效地贏得了客戶的興趣。所以我同意,這不是需求環境的問題,我認為需求環境仍然有很大的下行前景。
Mark Schappel - Analyst
Mark Schappel - Analyst
Great. And then as a follow-up, the September quarter is typically a strong federal period for the company. I was wondering if you could just talk about how the federal business performed this quarter. And maybe just a little bit on the impact of the new FedRAMP High what the impact that's having on your business?
偉大的。接下來,九月季度通常是該公司的強勁聯邦時期。我想知道您是否可以談談本季度聯邦業務的表現。也許只是介紹一下新的 FedRAMP High 的影響,這對您的業務有何影響?
Kenneth Stillwell - Chief Financial Officer, Chief Operating Officer
Kenneth Stillwell - Chief Financial Officer, Chief Operating Officer
So FedRAMP High wouldn't have impacted our business at all because that requires pipeline time to build. And the US public sector was not an outsized contributor to our growth. I mean it's a healthy business, but we -- our growth was not on the backs of a Q3 public sector in the US deal.
因此,FedRAMP High 根本不會影響我們的業務,因為這需要時間來建立管道。美國公共部門對我們的成長貢獻不大。我的意思是,這是一項健康的業務,但我們的成長並不是依靠美國第三季公共部門的交易。
I've mentioned this before, we don't see that type of a hockey stick in our business around one particular quarter in the public sector. It's active, but it's not something that drives our business in one quarter. you.
我之前已經提到過這一點,在公共部門的某個特定季度,我們的業務中沒有看到這種類型的曲棍球棒。它很活躍,但並不能在一個季度內推動我們的業務。你。
Operator
Operator
Blair Abernethy, Rosenblatt.
布萊爾·阿伯內西,羅森布拉特。
Blair Abernethy - Analyst
Blair Abernethy - Analyst
Just a question on the product side for Blueprint. Alan, I'm just wondering, where do you see some of the features going for this -- for the Blueprint? What's the road map here? And is there a role or your -- the ever flow acquisition you made back in 2022, the process mining side of things? Just kind of wondering where you're going to take the product?
只是關於藍圖產品方面的問題。艾倫,我只是想知道,您在哪裡看到了藍圖的一些功能?這裡的路線圖是什麼?您在 2022 年進行的流量收購中,是否有一個角色或流程挖掘方面的角色?只是想知道您要把產品帶到哪裡?
Alan Trefler - Chairman of the Board, Chief Executive Officer
Alan Trefler - Chairman of the Board, Chief Executive Officer
Yes. So there is -- the imports the blueprint are kind of what customers are already doing. We want to use the AI to figure out the best we can from documentation or other things we get about the customer we've already implemented the ability to import BPMN. Our process mining capability can feed into that because it can actually generate the BPMN that we can then feed into Blueprint. So I do think there's really good alignment between the various piece parts all tied into this legacy transformation element.
是的。所以,導入的藍圖是客戶已經在做的事情。我們希望使用人工智慧從文件或我們獲得的有關客戶的其他資訊中找出最好的信息,我們已經實現了導入 BPMN 的功能。我們的流程挖掘功能可以融入其中,因為它實際上可以產生 BPMN,然後我們可以將其輸入到 Blueprint 中。所以我確實認為所有與這個遺留轉換元素相關的各個部分之間確實有很好的一致性。
What you're going to see us focusing on going forward with both our '24 release and the work that we do early next year is a lot more work to make us beautifully compatible with clients' open architecture databases and what sometimes referred to as cloud native databases environments, which by the way, the hyperscalers love that sort of stuff. And we have things that are -- have been released or being released and are being built that will just continue to push on that between now and PegaWorld, which is a really big moment for us.
您將看到我們專注於推進我們的 24 版本和明年初所做的工作,以便使我們能夠與客戶的開放架構資料庫以及有時稱為雲端的完美兼容原生資料庫環境,順便說一句,超大規模者喜歡這類東西。我們已經發布或正在發布以及正在建立的東西將繼續推動從現在到 PegaWorld 之間的發展,這對我們來說是一個非常重要的時刻。
Blair Abernethy - Analyst
Blair Abernethy - Analyst
Okay. Great. And just, Ken, just following on your question about vertical, a couple of responses about the verticals. Any verticals in the third quarter if you'd call out as saying, hey, these were particularly stronger versus others that might have lagged your expectations?
好的。偉大的。肯,就你關於垂直領域的問題,我做一些關於垂直領域的回答。第三季度的任何垂直行業,如果你會說,嘿,這些垂直行業比其他可能落後於你的預期的行業特別強大?
Kenneth Stillwell - Chief Financial Officer, Chief Operating Officer
Kenneth Stillwell - Chief Financial Officer, Chief Operating Officer
No, nothing noticeable.
不,沒有什麼值得注意的。
Alan Trefler - Chairman of the Board, Chief Executive Officer
Alan Trefler - Chairman of the Board, Chief Executive Officer
Yes, it was a really good balance. It was -- I would say it was an unsexy quarter in terms of where we got our growth from. It was pretty much everywhere.
是的,這是一個非常好的平衡。我想說,就我們的成長來源而言,這是一個乏善可陳的季度。它幾乎無所不在。
Operator
Operator
Patrick Walravens, Citizens JMP.
Patrick Walravens,公民 JMP。
Patrick Walravens - Analyst
Patrick Walravens - Analyst
I was just wondering, Alan, how has the competitive environment shifted for you guys over the last year or two with now that you have Blueprint and with everything that's going on in AI? And maybe in particular, when you compete against Salesforce, when do you win? And when do they win?
我只是想知道,艾倫,在過去一兩年裡,你們有了藍圖以及人工智慧領域正在發生的一切,競爭環境發生了怎樣的變化?也許特別是,當你與 Salesforce 競爭時,你什麼時候會贏?他們什麼時候贏?
Alan Trefler - Chairman of the Board, Chief Executive Officer
Alan Trefler - Chairman of the Board, Chief Executive Officer
So it will be interesting to see what happens with Salesforce given their recent announcements and the changes to their go-to market, I still think we've got a terrific message that says, hey, you might stick Salesforce if your front ended. But unless you want 100% of your business walked into Salesforce, which pretty, I think, risky thing for a lot of businesses to take.
因此,考慮到Salesforce 最近的公告以及其進入市場的變化,看看Salesforce 會發生什麼將會很有趣,我仍然認為我們收到了一條很棒的消息,那就是,嘿,如果您的前端是的話,您可能會堅持使用Salesforce。但除非您希望 100% 的業務進入 Salesforce,我認為這對許多企業來說都是相當冒險的事情。
You really need to be able to go across channels and go across back end. That center out message, which you've heard me talk about for a long time. I think that fits perfectly with our AI strategy, and I think customers are seeing it.
您確實需要能夠跨渠道並跨後端。這個中心訊息,你已經聽我談論很久了。我認為這完全符合我們的人工智慧策略,我認為客戶也看到了這一點。
It's exciting for me to go visit a client and have them talk to me about [Center] and so I think we are quite advantaged in terms of our architecture. And in terms of the things that we've done literally for decades, coming together to be leveraged by AI. And that's why Blueprint is exciting. It's not a SKU. It's really, hey, this takes the entire Pega staff and reposition it in a way that's tremendously more dynamic, tremendously easier to implement.
對我來說,拜訪客戶並讓他們與我談論 [中心] 是一件令人興奮的事情,所以我認為我們在架構方面非常有優勢。就我們幾十年來所做的事情而言,這些事情匯聚在一起,並被人工智慧所利用。這就是 Blueprint 令人興奮的原因。這不是 SKU。確實,嘿,這需要整個 Pega 員工的參與,並以更動態、更容易實施的方式重新定位它。
And I think it's going to open up lots of new opportunities. And that's what we're chasing with all of this. So I think we're really a slight advantage when it comes to an AI and an overall transformation story.
我認為這將帶來很多新的機會。這就是我們所追求的一切。所以我認為在人工智慧和整體轉型故事方面我們確實有一點優勢。
Operator
Operator
Ladies and gentlemen, that does conclude our question-and-answer session. And now I will turn the call back over to Alan Trefler for closing comments.
女士們先生們,我們的問答環節到此結束。現在我將把電話轉回給艾倫·特雷夫勒 (Alan Trefler) 以徵求結束意見。
Alan Trefler - Chairman of the Board, Chief Executive Officer
Alan Trefler - Chairman of the Board, Chief Executive Officer
Well, thank you, everybody, for listening. We're very excited about where we are and what we see going on. I think it's going to be an interesting end of the year, and we're going to work and set ourselves up for a [direction]. Thank you very much, everyone.
好的,謝謝大家的聆聽。我們對我們所處的位置和所看到的正在發生的事情感到非常興奮。我認為這將是一個有趣的年底,我們將努力並為自己設定一個[方向]。非常感謝大家。
Operator
Operator
This concludes today's conference call. Thank you for your participation, and you may now disconnect.
今天的電話會議到此結束。感謝您的參與,您現在可以斷開連接。