Pegasystems Inc (PEGA) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們、先生們，感謝你們的支持。

My name is Krista, and I will be your conference operator today.

我叫克里斯塔，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to Pegasystems fourth-quarter fiscal year '24 earnings conference call and webcast. (Operator instructions).Thank you.

現在，我歡迎大家參加Pegasystems 24財年第四季財報電話會議和網路廣播。 （操作員指示）謝謝。

And I would now like to turn the conference over to Peter Welburn, Vice President, Corporate Development and Investor relations.

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)。

Peter, you may begin.

彼得，你可以開始啦。

Thank you, Krista.

謝謝你，克里斯塔。

Good morning, everyone, and welcome to PegaSystems Q4 and fiscal year 2024 earnings call.

大家早安，歡迎參加 PegaSystems 第四季和 2024 財年財報電話會議。

Before we begin, I would like to read our Safe Harbor statement.

在我們開始之前，我想先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.

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。

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

預期、預期、打算、計劃、信念、將、可以、應該、估計、可能、預測、指導或此類詞語的變體以及其他類似表達均表明了前瞻性陳述，這些陳述僅代表截至陳述作出之日的觀點，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.

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。

Actual results for fiscal year 2025 and beyond could differ materially from the company's current expectations.

2025 財年及以後的實際結果可能與公司目前預期有重大差異。

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 Q4 2024 and fiscal year 2024 results and in the company's filings with the Securities and Exchange Commission, including its annual report on Form-10K for the year ended December 31, 2024, and 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業績存在重大差異的因素包含在公司宣布其 2024 年第四季度和 2024 財年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，包括截至 2024 年 12 月 31 日的年度 Form-10K 報告，以及最近向美國證券交易委員會提交的其他文件。

Investors are cautioned not to place undue reliance on such forward-looking statements, and there are no assurances that the matters contained in such statements will be achieved.

敬告投資者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一定會實現。

Although subsequent events may cause our view to change except as required by 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.

儘管後續事件可能會導致我們的觀點發生改變（法律另有要求除外），但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。

Our non-GAAP financial measures discussed in this call should only be considered in conjunction with our consolidated financial statements prepared in accordance with GAAP.

本次電話會議中討論的非 GAAP 財務指標應與根據 GAAP 編制的合併財務報表一起考慮。

They are not a substitute for financial measures prepared under US GAAP.

它們不能取代根據美國公認會計準則編製的財務指標。

Constant currency measures are calculated by applying the December 31, 2023 foreign exchange rates to all periods shown.

固定匯率指標是透過將 2023 年 12 月 31 日的外匯匯率應用於所示的所有期間來計算的。

Reconciliations of GAAP and non-GAAP measures can be found in the company's press release announcing its Q4 2024 and fiscal year 2024 results.

在該公司宣布其 2024 年第四季和 2024 財年業績的新聞稿中可以找到 GAAP 和非 GAAP 指標的對帳表。

And with that, I turned the call over to Alan Trefler, Founder and CEO of PegaSystems.

說完，我將電話轉給了 PegaSystems 的創辦人兼執行長 Alan Trefler。

Thank you, Peter, and thank you to everyone on today's call.

謝謝你，彼得，也謝謝今天電話會議的每個人。

In 2024, we demonstrated our commitment to delivering on our plans, and I'm thrilled about the changes we've made to our business and how well the team executed to deliver strong results.

2024 年，我們展示了實現計劃的承諾，我對我們業務所做的改變以及團隊為實現強勁業績所做的出色表現感到非常興奮。

It's great to see that we continue to drive profitable and balanced growth across industries and across geographies while delivering the most innovative products in our history.

我們很高興地看到，我們在提供歷史上最具創新性的產品的同時，繼續推動跨行業、跨地區的盈利和均衡增長。

Ken will walk you through the financial highlights in a few minutes.

肯將在幾分鐘內向您介紹財務亮點。

Our team has never been more energized to drive transformative change for our clients, and we have great momentum coming into 2025.

我們的團隊從未像現在這樣充滿活力，致力於為客戶推動變革，我們在 2025 年擁有強勁發展勢頭。

Pega Gen AI blueprint is changing every client and prospect conversation, driving hands-on experiences and showcasing the power of Pega technology in an easy to understand and practical way.

Pega Gen AI 藍圖正在改變每個客戶和潛在客戶的對話，推動實踐體驗，並以易於理解和實用的方式展示 Pega 技術的強大功能。

And we're thrilled to see new business like the recently announced UK Armed Forces Recruiting Service engagement, include in their press release, their use of blueprint.

我們很高興看到新的業務，例如最近宣布的英國武裝部隊招募服務參與，在其新聞稿中包括了他們對藍圖的使用。

The pace of blueprint innovation is unprecedented and accelerating.

藍圖創新的步伐前所未有，且不斷加快。

With every week, we are adding new capabilities, and if you haven't used blueprint at least twice in the last month, you haven't seen what it can do, and it is worth seeing.

我們每週都會添加新的功能，如果您上個月沒有使用過藍圖至少兩次，那麼您就沒有看到它能做什麼，它值得一看。

There are two sets of capabilities we're particularly excited about.

有兩組功能令我們特別興奮。

First, Blueprint now empowers every workflow to be a

首先，Blueprint 現在使每個工作流程都成為

[gen tech].

[基因技術]。

We'll talk more about that in a few minutes.

幾分鐘後我們將進一步討論這個問題。

And Second, there are capabilities to create, I believe, what will be a massive new market opportunity for Pega and our partners by helping our clients rethink and replace legacy systems.

其次，我相信，透過幫助我們的客戶重新思考和更換遺留系統，我們能夠為 Pega 和我們的合作夥伴創造巨大的新市場機會。

Now, many of our clients have recognized Blueprint's power to accelerate legacy transformation, getting their business logic out of dated applications and onto a modern cloud architecture.

現在，我們的許多客戶已經認識到 Blueprint 加速遺留系統轉型的能力，將他們的業務邏輯從過時的應用程式轉移到現代雲端架構上。

And in the past months we've been adding new legacy transformation capabilities.

在過去的幾個月裡，我們一直在添加新的遺留轉換功能。

For example, Blueprint can now import BPMN, what's called Business Process Modeling Notation, and outdated the common approach to defining business process maps.

例如，Blueprint 現在可以匯入 BPMN（即所謂的業務流程建模符號）並過時定義業務流程圖的常用方法。

Many clients have hundreds or thousands of these documents, which can now be enhanced by Blueprint to create cloud native modern workflows in just minutes.

許多客戶擁有數百或數千份此類文檔，現在可以透過 Blueprint 增強，在短短幾分鐘內創建雲端原生現代工作流程。

We're not just replatforming these processes, we're actually using the AI and Pega's experience and Pega's ability to improve the model to make them superior.

我們不僅僅是重新建構這些流程，我們實際上還在利用 AI 和 Pega 的經驗以及 Pega 改進模型的能力，使其變得更加優秀。

Additionally, Blueprint can now import a client's APIs, the interfaces to their systems and to their database structures to automatically create data models and the way that the interfaces will have to work to connect these workflows up to their existing back end systems, and this provides a terrific foundation for moving on-premises systems of record to the cloud and having it, having them interact with the other key systems that the customer has.

此外，Blueprint 現在可以匯入客戶的 API、系統介面和資料庫結構，以自動建立資料模型，並建立介面的工作方式，以將這些工作流程連接到現有的後端系統，這為將內部記錄系統遷移到雲端並讓它們與客戶的其他關鍵系統進行互動奠定了良好的基礎。

Now we are going to continue to enhance Blueprint with additional capabilities.

現在我們將繼續透過附加功能來增強 Blueprint。

You'll shortly see the ability to upload client documentation, so we can take things such as user manuals and other facts and bring them in and have the AI continue to use them to improve and apply the best of technology to what our customers want to be able to do.

您很快就會看到上傳客戶文件的功能，這樣我們就可以獲得使用者手冊和其他事實等內容，並讓人工智慧繼續使用它們來改進和應用最好的技術來滿足客戶的需求。

This isn't a simple lift and ship.

這不是簡單的升降和運輸。

Blueprint helps our clients rethink and transform for the future.

藍圖幫助我們的客戶重新思考並轉變未來。

Now when we talk to customers, we find that every large client has hundreds if not thousands of applications that are targets for legacy transformation, and we're actively working with our partners and product teams to make Blueprint a center point of a legacy transformation strategy.

現在，當我們與客戶交談時，我們發現每個大客戶都有數百甚至數千個應用程式作為遺留轉型的目標，我們正在積極與我們的合作夥伴和產品團隊合作，使 Blueprint 成為遺留轉型策略的中心點。

I've been sharing this vision with leaders in our cloud and global systems integrated partners, and there's huge interest in integrating Blueprint into their legacy transformation tools and into their legacy transformation practices.

我一直在與我們的雲端和全球系統整合合作夥伴的領導者分享這個願景，並且他們對將 Blueprint 整合到他們的遺留轉型工具和遺留轉型實踐中有著濃厚的興趣。

I said it before that Blueprint is central to every client interaction.

我之前說過，藍圖是每個客戶互動的核心。

It really supports the expansion of our business into exciting new opportunities, and this legacy transformation opportunity, I think is a perfect example.

它確實支持我們的業務擴展到令人興奮的新機遇，而這種傳統的轉型機遇，我認為就是一個很好的例子。

Now, there's still is so much talk about AI and a lot of talk about

現在，人們仍然在談論人工智慧，也談論

[agents].

[代理人]。

We'll get that in a moment, but I just want to remind people about how we look at AI, which I think is standing up well in terms of the marketplace.

我們稍後就會明白這一點，但我只是想提醒人們我們如何看待人工智慧，我認為人工智慧在市場上表現良好。

There are three types of AI as we think about it.

我們認為人工智慧有三種類型。

The first is statistical AI.

第一是統計人工智慧。

This powers Pega's customer decision hub, which we've been shipping now for well over a decade.

這為 Pega 的客戶決策中心提供了動力，我們已經運作十多年了。

The AI drives real-time contextual customer experiences for global grants like you can see on our website, Citibank, Ford, Verizon, and Wells Fargo as they describe what they're doing.

人工智慧為全球捐助者提供即時情境客戶體驗，就像您在我們的網站上看到的花旗銀行、福特、威瑞森和富國銀行描述他們正在做的事情一樣。

It remains a significant part of our business, and we feel we have unmatched capabilities and a high barrier to entry for competitors and that it's key to really supporting what our customers need to do to do a great job with their customers.

它仍然是我們業務的重要組成部分，我們認為我們擁有無與倫比的能力和比競爭對手更高的進入門檻，這是真正支持我們的客戶為他們的客戶服務的關鍵。

Now, a lot of people have forgotten statistical AI, or sometimes I refer to it as mathematical AI because generative AI has been so on.

現在，很多人已經忘記了統計人工智慧，或者有時我稱之為數學人工智慧，因為生成人工智慧已經如此流行。

But in reality, generative AI is a complementary capability really based on very different underlying technology, and they work well together.

但實際上，生成式人工智慧是一種基於非常不同的底層技術的互補能力，而且它們可以很好地協同工作。

Now Generative AI itself should be broken into two categories in our view.

現在，我們認為生成式人工智慧本身應該分為兩類。

The first is what I describe as productivity features.

首先是我所描述的生產力特徵。

This is AI that helps customers and employees save time and effort.

這是幫助客戶和員工節省時間和精力的人工智慧。

It does things like summarizing conversations or providing self-service for customers or for instance, generating correspondence.

它可以完成諸如總結對話或為客戶提供自助服務或生成通訊等任務。

Now, productivity features are great and we have dozens of these offerings built into our platform and we keep creating more.

現在，生產力功能非常棒，我們的平台中內建了數十種這樣的產品，我們仍在不斷創造更多。

But ultimately, we believe that you're going to see lots of them from lots of vendors, and they're not going to be the things that really distinguish the companies that are extremely successful going forward from those that are.

但最終，我們相信您將會看到來自許多供應商的許多此類技術，而這些技術並不會成為真正區分未來極其成功的公司與那些已經非常成功的公司之間的因素。

Now, I think our competitors are so focused on productivity features that most, if not all of them are missing the true transformative power of generative AI.

現在，我認為我們的競爭對手過於專注於生產力功能，以至於大多數（如果不是全部）競爭對手都忽略了產生人工智慧的真正變革力量。

And this is the third type of AI, transformative generative AI, which has the power to profoundly change how organizations engage their customers and run their operations.

這是第三種類型的人工智慧，即變革性生成人工智慧，它能夠深刻改變組織吸引客戶和營運的方式。

And this is exactly what Blueprint was developed to do and is already achieving.

這正是 Blueprint 開發的目的，並且已經實現了這一目標。

It's up leveling our conversations with our clients to focus on their desired business outcomes.

它能提高我們與客戶的對話水平，從而關注他們期望的業務成果。

And Pega is uniquely able to deliver this type of transformation because we've spent decades perfecting the structures needed to automate workflows and make decisions at scale.

Pega 之所以能夠以獨特的方式實現這種轉變，是因為我們花了數十年的時間來完善自動化工作流程和大規模決策所需的結構。

Blueprint is a breakthrough AI model that has learned from that structure, learned from that experience that incorporates things we've learned from industries and best practices, and it's really enabled us to bring the wisdom of the internet in a safe way to all the experience we've worked on for these decades, and that lets our clients experience a modern agentic approach to workflow in

Blueprint 是一個突破性的人工智慧模型，它從該結構中學習，從經驗中學習，融合了我們從行業和最佳實踐中學到的東西，它確實使我們能夠以安全的方式將互聯網智慧帶入我們幾十年來所積累的經驗中，讓我們的客戶體驗到一種現代化的代理工作流程

(inaudible).

（聽不清楚）。

Best of all, it fits perfectly into our existing architecture.

最重要的是，它完美地融入我們現有的架構中。

So Blueprint has allowed us to quickly and effectively integrate all these types of AI into our products, and I think it's having an extraordinary effect on our clients.

因此，Blueprint 使我們能夠快速有效地將所有這些類型的 AI 整合到我們的產品中，我認為它對我們的客戶產生了非凡的影響。

Yet we believe we've just scratched the surface of what we can do.

然而我們相信，我們所能做的只是觸及了表面。

Yesterday, we announced our newest transformative Gen AI offering focused on the world of agents called Pega Agent Experience or Pega Agent X for short.

昨天，我們宣布了專注於代理商世界的最新變革性 Gen AI 產品，稱為 Pega Agent Experience 或簡稱 Pega Agent X。

The Pega agent experience is Pega's approach to a genetic AI.

Pega 代理體驗是 Pega 對遺傳 AI 的方法。

Now you've likely seen the deluge of a new agents announcements, literally, thousands and thousands of agents flooding the market along with new ways to manage them.

現在您可能已經看到了大量關於新代理商的公告，確切地說，成千上萬的代理商湧入市場，同時還有新的代理商管理方法。

And despite all the headlines and the hype or maybe as a result, many organizations I think are a bit confused and some are overwhelmed by this.

儘管有這麼多的頭條新聞和炒作，或者可能因此，我認為許多組織仍然有點困惑，有些甚至對此不知所措。

Now, some of the agents we've seen are pretty underwhelming.

現在，我們看到的一些經紀人表現相當令人失望。

Often little more than the same chatbots that have frustrated customers for years.

通常，這些聊天機器人只不過是多年來讓客戶感到失望的那些聊天機器人。

Our clients want predictable, audible, auditable, governable, repeatable agents that do real work, and we know that deploying agents doesn't have to be chaotic or risky.

我們的客戶需要可預測、可聽見、可審計、可管理、可重複的代理來執行實際工作，並且我們知道部署代理不一定是混亂或有風險的。

We believe that the orchestration of agents is absolutely critical and best done through work flow.

我們相信代理的協調絕對至關重要，並且最好透過工作流程來完成。

And work flow is what we do.

工作流程就是我們所做的。

That's why I believe that Pega is made for this moment.

這就是為什麼我相信 Pega 是為這一刻而生的。

Our new agent experience capabilities makes any workflow agentic.

我們新的代理體驗功能使任何工作流程都具有代理性。

Let me repeat that.

讓我重複一遍。

It makes their existing workflows agenda.

它使他們現有的工作流程成為議程。

So you can chat with it or talk to it, and it still brings the power of the way they want to run their business together with the latest ways to interface and interact.

因此，您可以與它聊天或交談，它仍然可以將他們想要的業務運作方式與最新的介面和互動方式結合在一起。

And with Pega Agent X, any agent that Pega's or somebody else's that the organization chooses to deploy can find the right process of work flow and then follow that work flow to complete the work in a way that is predictable and auditable.

借助 Pega Agent X，組織選擇部署的任何 Pega 代理商或其他人代理商都可以找到正確的工作流程，然後遵循該工作流程以可預測和可審計的方式完成工作。

Pega agent X, instantly turns Pega's proven and trusted work flows into smart supervisors that guide AI agents step by step through their test, just like a manager guides a new employees through their job with established procedures, not throwing them away and asking them to do whatever their experience tells them they should do.

Pega agent X 可以立即將 Pega 經過驗證且值得信賴的工作流程轉變為智慧主管，指導 AI 代理逐步完成測試，就像經理按照既定程序指導新員工完成工作一樣，而不是拋棄他們並要求他們按照經驗去做。

This is very different for competitors, whose agents are black boxes and can't be counted on to follow the processes needed to govern a large or regulated company, and company competitors are proposing that employees, enterprises employ thousands of these ungoverned black boxes.

這對競爭對手來說非常不同，他們的代理商是黑盒子，不能指望他們遵循管理大型或受監管公司所需的流程，而且公司競爭對手建議員工、企業使用數千個這種不受監管的黑盒子。

Now we aren't building agents by pasting textual prompts into a communication channel or a co-pilot.

現在，我們不是透過將文字提示貼到通訊管道或副駕駛中來建立代理。

Remember, prompts may not be interpreted the same way every time, and candidly that is unacceptable for the enterprise.

請記住，提示可能不會每次都以相同的方式解釋，坦白說，這對企業來說是不可接受的。

Instead, we've made workflows the core of our agent architecture, and we can do this because Peet's workflows have always been able to do the most sophisticated and most important work, unlike the simple sort of physio diagrams that our competitors who talk about workflows do.

相反，我們將工作流程作為我們代理架構的核心，我們之所以能做到這一點，是因為 Peet 的工作流程始終能夠完成最複雜、最重要的工作，這與我們的競爭對手在談論工作流程時所做的簡單的生理圖不同。

And since Blueprint allows our clients to design and deploy new workflows rapidly, we've got an approach that is both industrial strength.

由於 Blueprint 允許我們的客戶快速設計和部署新的工作流程，因此我們擁有一種具有工業實力的方法。

And that the Pega Agent Act enables our clients to leverage the power of their workflows to deliver the agents they need to better serve customers and operate efficiently.

Pega 代理法案使我們的客戶能夠利用其工作流程的力量來提供他們所需的代理，以便更好地服務客戶並有效地運作。

And Pega Agent X insures any agent.

Pega Agent X 為任何代理商提供保險。

Whether from Pega or another vendor, follows established rules and security protocols.

無論是來自 Pega 還是其他供應商，都遵循既定的規則和安全協議。

With Pega Agent X, Pega workflows can invoke other agents, such as calling an agent to automatically extract data from a set of documents, and this allows clients to automate more complex tasks, orchestrating multiple agents together seamlessly and making Pega a central part of their center out architecture.

借助 Pega Agent X，Pega 工作流程可以呼叫其他代理，例如呼叫代理自動從一組文件中提取數據，這使得客戶端可以自動執行更複雜的任務，無縫地協調多個代理，並使 Pega 成為其中心架構的核心部分。

We can do this because of the center of architecture, which lets our clients build their systems around outcomes of work flows and the decisions that drive those outcomes, instead of the traditional way that you see everyone else doing it, where they're building their engagement around channels, around the website, around a contact center, around a chatbot or around their back end data sources.

我們之所以能做到這一點，是因為架構的中心是讓我們的客戶圍繞工作流程的結果和推動這些結果的決策來構建他們的系統，而不是像你看到其他人做的那樣，圍繞渠道、圍繞網站、圍繞聯繫中心、圍繞聊天機器人或圍繞他們的後端數據源來建立他們的參與度。

The Center-Out architecture is perfect for orchestrating agents, and with Agent X built right into the heart of our Center-Out architecture.

Center-Out 架構非常適合協調代理，並且 Agent X 內建於我們的 Center-Out 架構的核心中。

It is entirely become agentic.

它已完全成為能動的。

In fact, we've started referring it to it as our center out agent architecture.

事實上，我們已經開始將其稱為我們的中心外代理架構。

Anyone, everyone on this call can experience Pega Agent X by logging into Pega Gen AI Blueprint, designing a new workflow, and then previewing how Agent X delivers agentic conversations across channels by clicking on the conversational agent button in the preview my app experience within Blueprint.

任何人，本次通話中的每個人都可以透過登入 Pega Gen AI Blueprint、設計新的工作流程來體驗 Pega Agent X，然後透過點擊 Blueprint 中預覽我的應用程式體驗中的對話代理按鈕來預覽 Agent X 如何跨頻道傳遞代理對話。

We've showed this capability to several hundred of our partners at a recent sales kickoff and they were blown away.

我們在最近的銷售啟動會上向數百名合作夥伴展示了這項功能，他們對此感到非常震驚。

I think you will be too.

我想你也會這樣。

And you can expect us to announce new agentic power and capabilities in coming homes.

您還可以期待我們在即將推出的房屋中宣布新的代理權力和能力。

This is all a continuation of a vision you've heard me talk about now for handling two years.

這一切都是你們聽到我談論的關於兩年期目標的延續。

I've spoken about the autonomous enterprise, the vision of a self-optimizing enterprise that leverages AI and automation to enhance decision making, make operations more effective, and make customer service great across an organization.

我談到了自主企業，即自我優化企業的願景，利用人工智慧和自動化來增強決策能力，提高營運效率，並在整個組織內提供出色的客戶服務。

To achieve this vision, clients must clear out the technical data of their legacy systems, which is why we're enhancing Blueprint to accelerate legacy transformation, and they must be able to deploy AI agents that are orchestrated by a trusted workflow platform, and that's what we've enabled with Pega Agent X.

為了實現這一願景，客戶必須清除其遺留系統的技術數據，這就是我們增強 Blueprint 以加速遺留轉型的原因，並且他們必須能夠部署由可信任工作流程平台協調的 AI 代理，這就是我們透過 Pega Agent X 實現的。

We're focusing on deploying AI in ways that empower our clients with technology handling routine tasks, while people can focus on innovation, strategy, and care.

我們專注於以某種方式部署人工智慧，使我們的客戶能夠利用技術處理日常任務​​，而人們可以專注於創新、策略和關懷。

With our advanced technology, our engaged partner community, and eager clients, we feel that we couldn't be better positioned than to lead this transformation.

憑藉我們先進的技術、我們積極的合作夥伴社群以及熱切的客戶，我們覺得我們有能力引領這項轉變。

So in summary, we executed well and delivered strong results in 2024, more from Canada in a moment.

總而言之，我們執行得很好，並在 2024 年取得了強勁的業績，稍後還會介紹更多加拿大的資訊。

I think we've entered 2025 with great momentum.

我認為我們已經以強勁的勢頭進入了 2025 年。

We have competitive advantages and an approach to leveraging AI that is unique and I don't believe it can be easily replicated.

我們具有競爭優勢和獨特的利用人工智慧的方法，我相信它不會輕易被複製。

We're in a great position to leverage this Gen AI revolution and it truly embraced it right into the heart of the company, and it's going to help our customers become autonomous enterprises and achieve their visions and I'm incredibly excited about the opportunity ahead of us.

我們處於一個有利的位置來利用這場人工智慧革命，它真正地將其融入了公司的核心，它將幫助我們的客戶成為自主企業並實現他們的願景，我對我們面前的機會感到無比興奮。

To provide more color on financial results, take it away, Ken.

為了提供更多有關財務結果的信息，請把它拿走，肯。

Thanks, Alan.

謝謝，艾倫。

Several years ago, we implemented our new strategy, or new at that time, of becoming a subscription cloud business.

幾年前，我們實施了新策略（或當時很新），也就是成為訂閱式雲端企業。

A critical outcome from the subscription transition was to be a Rule of 40 company, balancing growth and profitability.

訂閱轉型的一個關鍵結果是成為一家「40規則」公司，在成長和獲利之間取得平衡。

We completed the subscription transition in 2023, and I'm excited to share that today, we're a Rule of 40 company when we measure our annual contract value growth and free cash flow margin, including supplemental items.

我們在 2023 年完成了訂閱轉換，我很高興地告訴大家，今天，當我們衡量年度合約價值增長和自由現金流利潤率（包括補充項目）時，我們是一家「40 規則」公司。

Looking back at the client success we've delivered, the challenges we've managed, achieving this milestone is a testament to our team's hard work, resilience determination and most importantly, commitment to our clients.

回顧我們為客戶取得的成功以及我們應對的挑戰，實現這一里程碑證明了我們團隊的辛勤工作、堅韌決心以及最重要的對客戶的承諾。

ACV growth, the most important metric to measure the success of our business, increased 11% year-over-year in constant currency.

ACV 成長是衡量我們業務成功的最重要指標，以固定匯率計算年增了 11%。

That result was driven by growth in Pega Cloud ACV, which increased 21% year-over-year in constant currency.

這一結果得益於 Pega Cloud ACV 的成長，以固定匯率計算，其年增了 21%。

Our ACV growth was also powered by our focused target account sales model.

我們的 ACV 成長也得益於我們專注的目標客戶銷售模式。

We discussed and anticipated that 2024 would be a less back-end loaded here from a booking standpoint, and that's certainly how the year played out.

我們討論並預計，從預訂的角度來看，2024 年的後端負擔會較小，事實也確實如此。

Our clients and prospects are using Pega Gen AI Blueprint, which lets them instantly get acquainted with Pega in an incredibly experiential manner.

我們的客戶和潛在客戶正在使用 Pega Gen AI Blueprint，這讓他們能夠以令人難以置信的體驗式方式立即熟悉 Pega。

Pega Gen AI Blueprint will dramatically speed client's time to value.

Pega Gen AI Blueprint 將大大加快客戶的價值實現時間。

Cash flow from operations grew 59% year-over-year to $346 million, and free cash flow grew 68% year-over-year to $338 million.

經營現金流年增 59% 至 3.46 億美元，自由現金流年增 68% 至 3.38 億美元。

The improvement in our cash flow was driven by three key factors, our double-digit ACV growth, our Pega Cloud gross margin expansion, and our improvements in go-to-market efficiency.

我們的現金流改善是由三個關鍵因素推動的，即我們的兩位數 ACV 成長、我們的 Pega Cloud 毛利率擴大以及我們的市場效率的提高。

If you take into account the unplanned $32 million settlement for our shareholder lawsuit, our free cash flow would have exceeded our guidance by $20 million.

如果考慮到我們股東訴訟的計劃外 3200 萬美元和解金，我們的自由現金流將超過我們的預期 2000 萬美元。

So what looks like a slight shortfall for 2024 is exactly the opposite.

因此，2024 年看似略有短缺的情況其實恰恰相反。

Our strong free cash flow momentum put our balance sheet and strong cash and investment position of $740 million as of December 31, 2024, which gives us the capacity necessary to pay off our convertible debt in March.

我們強勁的自由現金流勢頭使我們的資產負債表和強勁的現金及投資狀況截至 2024 年 12 月 31 日達到 7.4 億美元，這使我們有能力在 3 月份償還可轉換債務。

That free cash flow momentum and the corresponding financial flexibility also enabled us to repurchase 884,000 shares of our stock in 2024 for $73.5 million, offsetting dilution with the majority of those repurchases occurring in Q4.

這種自由現金流勢頭和相應的財務靈活性也使我們能夠在 2024 年以 7,350 萬美元回購 884,000 股股票，抵消了稀釋，其中大部分回購都發生在第四季度。

Pega Cloud non-GAAP gross margins increased by approximately 300 basis points year-over-year, jumping from 75% in 2023 to 78% in 2024.

Pega Cloud 非 GAAP 毛利率年增約 300 個基點，從 2023 年的 75% 躍升至 2024 年的 78%。

You may also have noticed in our disclosure materials that our Board has approved a two for one stock split, subject to shareholder approval of increasing our shares at the next annual shareholder meeting.

您可能也已經在我們的揭露資料中註意到，我們的董事會已批准二拆一的股票分割，但須經股東在下次年度股東大會上批准增加我們的股份。

We believe the stock split could make the confidence we have in our Rule of 40 mindset, our ability to execute on our digital transformation strategy and the strong momentum in our business, and that will provide several benefits, including increased liquidity for our employees and investors, including newly arriving retail investors.

我們相信，股票分割可以增強我們對「40 規則」思維模式的信心、執行數位轉型策略的能力以及業務的強勁勢頭，並將帶來多種好處，包括為我們的員工和投資者（包括新來的散戶投資者）增加流動性。

Moving to guidance.

轉向指導。

We see our ACV growing by 12% year-over-year in 2025.

我們預計 2025 年我們的 ACV 將年增 12%。

Think of this as an as reported and a constant currency guidance.

將其視為一份報告和一份持續的貨幣指導。

We expect Pega Cloud ACV to materially drive this goal.

我們期待 Pega Cloud ACV 能夠實際推動這一目標。

Our 2025 ACV growth guide does not factor in a massive adoption of Pega Cloud Gen AI, Pega GenAI Blueprint, which could be an upside for us.

我們的 2025 ACV 成長指南並未考慮大規模採用 Pega Cloud Gen AI、Pega GenAI Blueprint，這對我們來說可能是個優勢。

Let me be clear, we believe Blueprint is absolutely driving positive benefits for Pega.

讓我明確一點，我們相信 Blueprint 絕對會為 Pega 帶來正面的利益。

It's impactful.

它很有影響力。

We feel the energy as do our clients.

我們和我們的客戶都感受到了這種能量。

But our ACV growth guidance assumes a modest impact from Pega Gen AI Blueprint in 2025.

但我們的 ACV 成長指導假設 2025 年 Pega Gen AI Blueprint 將產生適度影響。

Our strong finish in 2024 against a hard Q4 compare, our go-to-market momentum and our industry-leading technology gives us confidence in our ability to achieve our targets this year.

與艱難的第四季度相比，我們在 2024 年取得了強勁成績，我們的上市勢頭和行業領先的技術使我們對今年實現目標的能力充滿信心。

And our philosophy is that free cash flow per share should grow faster than ACV growth.

我們的理念是每股自由現金流的成長速度應該快於每股自由現金流的成長速度。

Best-in-class software company should be able to accelerate ACV growth, while at the same time increasing operating leverage.

一流的軟體公司應該能夠加速 ACV 成長，同時提高營運槓桿。

We provided all of our guidance metrics in our earnings press release, but two important ones that I want to highlight.

我們在獲利新聞稿中提供了所有指導指標，但我想強調兩個重要的指標。

Our ACV growth of 12% year-over-year, as I mentioned, and our free cash flow guide of $440 million, a 30% increase year-over-year.

正如我所提到的，我們的 ACV 年增 12％，我們的自由現金流預期為 4.4 億美元，年增 30％。

Please note that our 2025 annual EPS guidance has not been adjusted for the proposed two for one stock split.

請注意，我們的 2025 年年度每股收益指引尚未根據擬議的二拆一股票分割進行調整。

You'll you give me feedback that it's helpful when I provide some thoughts on financial modeling, so I'm going to continue to do that.

當我對財務建模提出一些想法時，您會給我回饋說這很有幫助，所以我會繼續這樣做。

First, we expect our business activity will follow our more typical cadence in 2025.

首先，我們預期 2025 年我們的業務活動將遵循更典型的節奏。

That means that we expect net new ACV add to be slightly stronger in the first quarter and the fourth quarter of 2025.

這意味著我們預計 2025 年第一季和第四季的淨新增 ACV 將略微強勁。

We also don't anticipate significant variability in our ACV growth rate throughout the year.

我們也不預期全年 ACV 成長率會發生顯著變化。

Second, a strengthening US dollar will be a headwind to Pega Cloud revenue growth in 2025.

其次，美元走強將對 2025 年 Pega Cloud 的營收成長造成阻力。

For total current backlog alone, the currency headwind on growth from Q3 to Q4 of 2024 was about $25 million.

僅就目前積壓訂單總額而言，2024 年第三季至第四季成長所受的貨幣阻力約為 2,500 萬美元。

The vast majority of that $25 million that impacted Pega Cloud backlog will then impact Pega Cloud revenue in 2025.

影響 Pega Cloud 積壓訂單的 2,500 萬美元中的絕大部分將影響 Pega Cloud 2025 年的營收。

Third, we're going to maintain our commitment to efficiency, but we expect to increase our investment in sales and marketing in 2025 to more aggressively pursue new logos.

第三，我們將繼續致力於提高效率，但我們預計在 2025 年增加對銷售和行銷的投資，以更積極地追求新的標誌。

As a reminder, we went through our sales transformation in 2022 and 2023 in order to improve our go-to-market execution by focusing on cross-selling and upselling into our installed base.

提醒一下，我們在 2022 年和 2023 年經歷了銷售轉型，透過專注於向現有客戶群進行交叉銷售和追加銷售來提高我們的市場執行力。

Given our recent improvements in go-to-market efficiency and the adoption of Blueprint, we believe now is the right time to consider increasing our sales and marketing coverage to selectively pursue more new logos.

鑑於我們最近在市場進入效率方面的改進以及對藍圖的採用，我們認為現在是考慮增加銷售和行銷覆蓋範圍以有選擇地追求更多新標誌的最佳時機。

Finally, given the investments we're making in Pega Cloud to support cloud migrations in 2025, we're forecasting Pega Cloud margins to remain largely flat in 2025.

最後，考慮到我們在 Pega Cloud 上進行的投資以支援 2025 年的雲端遷移，我們預測 Pega Cloud 的利潤率在 2025 年將基本保持穩定。

In conclusion, I'm really pumped where our business is right now.

總而言之，我對我們目前的業務狀況感到非常興奮。

We (technical difficulty) very well in 2024.

我們在 2024 年 (技術難度) 做得很好。

We hit our key financial objectives, and we're doing an outstanding job balancing growth and profitability.

我們實現了關鍵的財務目標，並且在平衡成長和獲利方面做得非常出色。

I look forward to seeing our investors on the road in the next few weeks in San Francisco and in New York.

我期待未來幾週在舊金山和紐約見到我們的投資者。

And I also wanted to let everyone, remind everyone about our annual investor session that will be held Monday, June 2 at PegaWorld at the MGM Grand in Las Vegas.

我也想讓大家提醒大家，我們的年度投資者會議將於 6 月 2 日星期一在拉斯維加斯米高梅大酒店的 PegaWorld 舉行。

We plan to share updates on the business and provide access to several members of our leadership team.

我們計劃分享業務最新動態，並向我們的領導團隊的幾位成員提供存取權限。

With that, operator, please open the line for questions.

接線員，請打開熱線來回答問題。

Thank you.

謝謝。

We will now begin the question and answer session.(Operator instructions)

我們現在開始問答環節。

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

Oh wonderful, thanks so much for taking my questions.

哦，太好了，非常感謝您回答我的問題。

Nice to see continued momentum in the business.

很高興看到業務繼續保持良好的發展勢頭。

I want to maybe drill a little bit into the investments you're making in increasing sales coverage.

我想深入了解您在增加銷售覆蓋率方面所做的投資。

Can you maybe talk about some of the near-term and longer-term priorities?

您能談談一些近期和長期的優先事項嗎？

And maybe related to that, I know in the past, you had a couple of full starts that you really wanted to go down the net new logo acquisition game.

也許與此相關的是，我知道在過去，您有幾次非常想涉足網路新標誌獲取遊戲。

Given the success that you're having with Blueprint and how that can reduce friction to creating workflows, creative cases, how should we be thinking about using Blueprint now as a front door for some of these net new opportunities that you haven't been able to penetrate in the past?

鑑於您在使用 Blueprint 方面取得的成功以及它如何減少創建工作流程和創意案例的阻力，我們現在應該如何考慮使用 Blueprint 作為您過去無法滲透的一些全新機會的大門？

And then I've got a quick follow-up.

然後我會快速跟進。

Great question.

好問題。

And we certainly have been paying close attention to how what we've been doing and how we've been engaging have given us new ways to think about doing this than we might have done in the past.

我們確實一直在密切關注我們所做的事情以及我們的參與方式，這為我們提供了一些比過去更新穎的思考方式。

What's interesting is I would describe the way we traditionally did selling is a sales guy trying to get in with somebody knew would spend, I don't know, three, four, five meetings trying to convince the customer that they should see or really sort of specialized demonstration.

有趣的是，我認為我們傳統的銷售方式是，銷售人員試圖與某個人取得聯繫，這個人會花上三、四、五次會議的時間，試圖說服客戶，讓他們看到或進行某種專業的演示。

And then they would bring in a solution consultant to it, create a customized demo to try to really intrigue the customer.

然後他們會聘請一位解決方案顧問，創建一個客製化的演示，以真正吸引客戶。

And the conversation was often very theoretical in terms of concepts.

而且對話在概念上通常非常理論化。

We talked about a lot of concepts at (inaudible) concepts like center out, which we think is important.

我們討論了很多概念，例如（聽不清楚）中心向外的概念，我們認為這些概念很重要。

But it takes a while for people to internalize this.

但人們需要一段時間才能內化這一點。

Blueprint has entirely changed that.

藍圖徹底改變了這個現狀。

We now do the demo, and we should demo in a way that is specific to the client in the first meeting.

我們現在做演示，我們應該在第一次會議上以針對客戶的方式進行演示。

And we're doing it almost every level of the organization, right up to CEOs.

我們幾乎在組織的每個層面，直到首席執行官，都在這樣做。

And I'll tell you, they really are pretty engaged to (technical difficulty) do.

而且我告訴你，他們確實非常投入（技術難度）的事情。

We no longer need the same risk shares of salespeople to solution consultants to build custom

我們不再需要銷售人員和解決方案顧問分擔相同的風險來建立客製化

(inaudible).

（聽不清楚）。

We have AI doing that for us.

我們有人工智慧來幫我們做這件事。

And it all becomes much more experiential.

這一切都將變得更加體驗化。

The customer can see it, feel it and they can then try and play with it themselves.

顧客可以看到它、感受到它，然後可以自己嘗試玩它。

So we're still calibrating this.

因此我們仍在校準這一點。

But I will tell you, it has completely changed our go-to-market motion already.

但我要告訴你，它已經徹底改變了我們的行銷動向。

And I think that's really exciting.

我認為這真的非常令人興奮。

And it means that we're going to be able to, I believe, be much more effective at our pursuits with both new and existing organizations.

我相信，這意味著我們將能夠更有效地與新組織和現有組織合作。

And it also should change our cost profile in terms of what it takes to get to that point we can show with customers something real.

而且，它還應該改變我們的成本狀況，以便我們可以向客戶展示真正的產品。

Does that make sense?

這樣有道理嗎？

Yes.

是的。

No, that's super helpful.

不，這非常有幫助。

Really appreciate the color,

真的很欣賞顏色，

(multiple speakers).

（多位發言者）。

It's Ken, just let me add a little color.

這是肯，讓我添加一點顏色。

What we did before when we went after new logos is we had more of a territory model, just to follow up on what Alan said, which is we didn't have tight, I would say, connection to the actual works that we cover.

之前我們在追求新標誌時所做的更多的是採用地域模型，只是為了遵循艾倫所說的，也就是說，我想說，我們與我們所涵蓋的實際作品並沒有緊密聯繫。

We more allowed kind of fishing anywhere, so to speak.

可以這麼說，我們允許在任何地方釣魚。

And what Alan is really talking about is very targeted works.

艾倫真正談論的是極具針對性的作品。

We know the customers, we know the verticals.

我們了解客戶，我們了解垂直產業。

We actually work with our partners very closely, our partners understand on those logos as well.

實際上，我們與合作夥伴密切合作，我們的合作夥伴也了解這些標誌。

So we're actually, have a much better curated process around organizational coverage.

因此，我們實際上在組織覆蓋方面有一個更好的策劃流程。

Secondly, we don't need, as Alan insinuated, we don't need as big of a selling team as we actually had to go after these new logos because of Blueprint.

其次，正如艾倫所暗示的，我們不需要那麼龐大的銷售團隊，因為我們實際上因為 Blueprint 而需要這些新標誌。

I just want to highlight those two things because I think they're very different.

我只是想強調這兩件事，因為我認為它們非常不同。

Yes.

是的。

No, got it.

不，明白了。

That's really helpful.

這真的很有幫助。

And then maybe I just want to kind of think about the Rule of 40 mindste that you've had over the past several years.

然後我可能只是想思考你在過去幾年所遵循的 40 法則。

You talked about hitting that now in 2024.

您剛才談到要在 2024 年實現這一目標。

Your guide for 2025 implies you'll be at or around Rule of 40.

2025 年的指南表明您將達到或接近 40 規則。

Just how should we be thinking about, I guess, number one, the durability of kind of maintaining this balance Rule of 40?

我想，首先，我們該如何思考維持這種 40 法則平衡的持久性？

And number two, is that kind of the end state?

第二，這就是最終狀態嗎？

Or is there potential to further optimize the model and maybe even potentially accelerate growth from here and actually exceed that as kind of a North Star?

或者是否有潛力進一步優化模型，甚至可能從現在開始加速成長，並實際上超越北極星？

Thanks.

謝謝。

So we believe, fundamentally, and I think this is, and I think our teams do, that there is no endpoint to how you can improve a business.

因此，我們從根本上相信，我認為我們的團隊也這麼認為，改善業務沒有終點。

And so for us to suggest that when we're at Rule of 40, we're just done and that's it for us, that is absolutely the opposite of how we make at Pega.

因此，我們認為，當我們達到 40 規則時，我們就完成了，對我們來說就是這樣，這與我們在 Pega 的做法完全相反。

So what's next for us, Rule of 45, right?

那我們下一步該怎麼做呢，45 法則，對吧？

We just got to keep trying to improve.

我們只需要繼續努力進步。

Naturally, we would love to do that on the backs of accelerated growth, though.

當然，我們很樂意在加速成長的背景下實現這一目標。

So our real focus is going to be to accelerate growth without losing our margin muscle and to be able to drive to a much higher kind of balance of growth and profitability, but we want to make sure that we're giving ample focus to the growth engine.

因此，我們真正的重點是加速成長而不損失我們的利潤率，並能夠實現更高程度的成長和獲利平衡，但我們希望確保我們充分專注於成長引擎。

Yes, I think that's fair.

是的，我認為這很公平。

Look, Pega needed to go through some internal reeducation to get us to the point where we had the discipline to go from where we were a couple of years ago to hear very solidly in a Rule of 40 camp.

你看，Pega 需要透過一些內在的再教育，讓我們達到有紀律的程度，從幾年前的水平進步到在 40 規則陣營中非常紮實的聽從命令。

Nothing has been done in a way that everything we've done the way that I believe is completely sustainable.

我認為，我們所做的事情都是完全可持續的，而目前我們所做的一切都還沒有達到這個程度。

But our next focus needs to be how do we open the aperture on growth.

但我們下一步需要關注的是如何打開成長之門。

And you've heard me talk about wanting to get back to the high teens or 20% (inaudible) growth that we've had is kind of the direction, how do we open that aperture while maintaining that sort of discipline and sustainability.

你們已經聽我說過，我們希望回到我們已經達到的 10% 或 20%（聽不清楚）的成長率，這是一個方向，我們如何在保持這種紀律和可持續性的同時打開這個大門。

And that's what we're going to be really, I think, focusing on this year.

我認為，這正是我們今年真正要關注的重點。

But we're not ever going to go back to the way we used to run the business.

但我們永遠不會再回到過去的經營方式。

Fantastic.

極好的。

Thank you so much, guys.

非常感謝你們。

Steve Enders, Citi.

花旗銀行的史蒂夫恩德斯 (Steve Enders)。

Okay, great, thanks for taking the the questions this morning.

好的，太好了，感謝您今天早上回答這些問題。

I guess maybe just to start, I do want to ask on just linearity of ACV and what's going on there.

我想也許只是為了開始，我確實想問一下 ACV 的線性以及那裡發生了什麼。

I mean, I just if I'm looking at the 4Q number, I think it's the lightest 4Q since like 2018 or something like that, if I'm adjusting for FX in the right way here.

我的意思是，如果我看一下第四季度的數據，我認為如果我在這裡以正確的方式調整外匯，這將是自 2018 年以來最輕的第四季度數據。

But yes, I guess, can we just give a little bit more, I guess, clarity on kind of what you're seeing in deal environment?

但是的，我想，我們能否更清楚地說明一下您在交易環境中看到的情況？

And maybe like did deals push into Q1?

也許交易會進入第一季嗎？

Or just how we should think about what that looks like or the implications of that?

或者我們應該如何思考它看起來是什麼樣子或它的意思？

Sure.

當然。

So I'll take, I'll touch on linearity.

因此我將討論線性。

You're directionally right on the currency, but I think maybe you might be minimizing a little bit the currency impact.

您對貨幣的方向是正確的，但我認為您可能將貨幣影響降到最低了一點。

Currency impact in Q4 was pretty massive for us.

第四季的貨幣影響對我們來說相當大。

So the optics of the as reported.

因此光學情況正如報導的那樣。

If you look at through the year, Q4 of 2024 was still stronger, right, than the other quarters in the year, but it just doesn't look that way optically because currency was like a $40 million headwind or something like that in Q4.

如果縱觀全年，2024 年第四季仍然比今年其他季度更強勁，但從表面上看並非如此，因為第四季度的貨幣就像是 4000 萬美元的逆風或類似的情況。

So it's a pretty big number.

所以這是一個相當大的數字。

But in terms of the linearity through the year, that's said, take just look at constant currency, we kind of saw the year shaping up to be a little bit more balanced.

但就全年的線性而言，也就是說，只看恆定匯率，我們就看到今年的情況更加平衡。

We knew we had activity in the middle of the year, that some of that stuff is just stuff that you work hard to pull in as fast as you can and otherwise may have hit in Q4 if we weren't successful doing that.

我們知道我們在年中有一些活動，其中一些活動只是你需要盡快努力完成的事情，否則如果我們沒有成功的話，可能會在第四季度受到影響。

So that does happen in enterprise selling, where there aren't, we don't have millions of deals.

這種情況確實發生在企業銷售中，如果沒有，我們就不會擁有數百萬筆交易。

We have hundreds of deals.

我們有數百筆交易。

So they do big deals can skew quarters.

因此，他們進行的大規模交易可能會對季度業績產生影響。

In terms of 2025, 2025, I think, is shaping up to be a very good year.

就 2025 年而言，我認為 2025 年將會是非常好的一年。

And quite frankly, as was this past year, it will be the strongest net ACV adds that we've ever had.

坦白說，就像去年一樣，這將是我們有史以來最強勁的淨 ACV 增幅。

But I think the shape of it will probably look different in that Q1 and Q4 historically.

但我認為，從歷史上看，第一季和第四季的情況可能有所不同。

We've had a little bit more activity in terms of ACV growth.

我們在 ACV 成長方面採取了更多行動。

We think 2025 will look a little more like that.

我們認為 2025 年的情況將會更加類似。

Okay.

好的。

Great.

偉大的。

That's helpful context.

這是很有幫助的背景資訊。

And then I guess I wanted to ask on some of the legacy replacement opportunity.

然後我想問一些遺留替換的機會。

And I think highlighting some of the BPM stuff and I think the past couple of quarters talking about some of the legacy replacement opportunities here with Blueprint.

我認為重點強調了一些 BPM 內容，並且我認為過去幾個季度我們討論了使用 Blueprint 進行一些遺留替換的機會。

Can you just help us think about like what that looks like or the use cases that you can maybe go after that would be different or would be accelerated from this?

您能否幫助我們思考一下它是什麼樣子的，或者您可能追求的用例會有所不同或會因此而加速？

And maybe how you kind of see that playing out here over the next couple of years?

您覺得未來幾年這種情況會如何發展呢？

Yes.

是的。

Historically, Pega was used in legacy transformation settings.

從歷史上看，Pega 被用於傳統的轉換設定中。

But we would actually talk about working with clients to the quote we used to use is wrap and renew legacy systems.

但我們實際上會談論與客戶合作，我們過去使用的報價是包裝和更新遺留系統。

So they have a system, what we would typically do historically is, we would work to improve the processes, maybe tie it together with other systems, but we would keep their back ends here as well.

所以他們有一個系統，我們通常會做的是，我們會努力改進流程，也許將它與其他系統結合在一起，但我們也會將他們的後端保留在這裡。

And what we introduced in the middle of last year and what we've been building into Blueprint here is the ability to now say, hey, we're going to let you rethink and replace your legacy systems.

我們在去年年中推出的以及我們一直在 Blueprint 中構建的功能，現在可以說，嘿，我們將讓您重新思考並替換您的遺留系統。

So you can still wrap them if you want.

因此，如果您願意，仍然可以包裝它們。

But what customers really want to be able to do was to turn off their legacy systems.

但客戶真正想要做的是關閉他們的遺留系統。

So what did we do?

那我們做了什麼？

Well, we've added capability into Blueprint to make it, so that we can generate cloud native database controls so that a customer can say, hey, I want to replace the system.

好吧，我們在 Blueprint 中添加了相關功能，這樣我們就可以生成雲原生資料庫控件，這樣客戶就可以說，嘿，我想更換系統。

I want the processes to end up in Pega.

我希望這些流程最終能夠在 Pega 中結束。

I'm going to have maybe some systems of record like SAP financials that I'm going to have it talk to.

我可能會使用一些記錄系統，例如 SAP 財務系統，讓它與之對話。

We can now immediately import those APIs with staggeringly little effort.

現在，我們可以毫不費力地立即匯入這些 API。

But I also have some data that used to live in that system, and I want to create a cloud native database, maybe a big query database or a data brisk database or a redshift database, something that would run their cloud environment that Pega can now, as part of the workflow, just automatically update.

但是我也有一些曾經存在於該系統中的數據，並且我想創建一個雲端原生資料庫，可能是大查詢資料庫或資料活躍資料庫或紅移資料庫，一些可以運行其雲端環境的東西，Pega 現在可以作為工作流程的一部分自動更新。

And this gives us a tremendous breadth of new opportunity to be able to do this, we think and replace, which has really been [replenish] with clients in our early discussions in the last couple of months.

這給我們提供了廣闊的新機會，讓我們能夠做到這一點，我們思考和替代，這在過去幾個月與客戶的早期討論中確實已經得到補充。

So I'm really excited that we've opened an aperture here around legacy transformation.

因此，我非常高興我們在遺留轉型方面開闢了一條途徑。

And with things like all the big SAP migrations that are going on with SAP putting pressure on their customer base, not everything built in SAP wants to migrate to an SAP environment.

而且，隨著 SAP 進行的所有大規模 SAP 遷移都給其客戶群帶來壓力，並非所有 SAP 中建立的應用程式都願意遷移到 SAP 環境。

The financials do for sure.

財務方面肯定是如此。

But all the stuff around it, we've got customers right now who are putting those into Pega, and we think that represents, from our point of view, a pretty dramatically expanded opportunity.

但圍繞著它的所有東西，我們現在都有客戶將它們放入 Pega，我們認為，從我們的角度來看，這代表著一個相當顯著擴展的機會。

Okay, great.

好的，太好了。

No that's great context.

不，這是非常好的背景。

So I appreciate you taking the questions this morning.

我很感謝您今天上午回答這些問題。

Thank you.

謝謝。

Pinjalim Bora, JPMorgan.

摩根大通的 Pinjalim Bora。

Oh great, thanks for taking the questions guys.

哦，太好了，感謝你們回答問題。

Alan, I want to ask you, what are you hearing from customers in terms of applications created through Blueprint going live?

艾倫，我想問您，對於透過 Blueprint 創建的應用程式上線，您從客戶那裡聽到了什麼消息？

Trying to understand if the pace of application go-lives has picked up and if it's driving up kind of the aggregate consumption of the Pega platform in any material with?

想要了解應用程式上線的速度是否已經加快，以及它是否會以任何形式推高 Pega 平台的整體消耗？

It clearly is.

顯然是的。

I mean, I clearly see, look, people mistake Blueprint for something that's like a new front.

我的意思是，我清楚地看到，人們誤將藍圖當成了新戰線之類的東西。

Blueprint is a, I think Blueprint more as a completely new way to rethink how you get the engine that we used to work pretty well up with customers to be understood and adopted at a completely different pace.

我認為 Blueprint 更像是一種全新的方式來重新思考如何讓我們過去與客戶合作良好的引擎以完全不同的速度被理解和採用。

And we've had, since we really put this out in anger, Pega work last year.

自從我們憤怒地提出這個問題以來，我們去年就已經開始進行 Pega 工作。

We've had over 70,000, 70,000 Blueprint creator.

我們已經擁有超過 70,000 名藍圖創作者。

Now work a bunch of those are just under those are people just getting on a flight, but hundreds and hundreds of those are genuine modified systems, people are interested in either building or understanding.

現在，其中許多都是剛上飛機的人，但其中成百上千的是真正的經過修改的系統，人們對其構建或理解都很感興趣。

And we've started to see these deploy into production.

我們已經開始看到這些部署到生產中。

So the idea that somehow this as a Blueprint business and a non-Blueprint business, I just think that's the wrong way to think about it.

因此，認為這既是藍圖業務又是非藍圖業務的想法，我認為這是錯誤的思考方式。

There's not a single conversation I had in the last three months that hasn't had Blueprint in the center.

在過去三個月裡，我每一次的談話都是以藍圖為中心。

And Pinjalim, I'll add one piece of color.

還有 Pinjalim，我會加上一片顏色。

I realize this is not an empirical thing I'm going to say, but just to give you, there's been hundreds of millions of dollars of our pipeline that are actually being driven with the Blueprint, meaning it is actually getting into our selling process in a big way, right, in the last, in 2025 is kind of the year of Blueprint, right?

我知道這不是我要說的經驗性的東西，但我要告訴你，我們的數億美元管道實際上都是由藍圖推動的，這意味著它實際上正在大規模進入我們的銷售流程，對吧，最後，2025 年是藍圖年，對吧？

If you would have actually been at our kickoff, you would have heard the feedback from our sales teams of like Blueprint is here, Blueprint is the way we go to market with our clients and drive down time to value with our clients.

如果您真的參加了我們的啟動儀式，您會聽到我們的銷售團隊的回饋，例如 Blueprint 就在這裡，Blueprint 是我們與客戶一起進入市場並與客戶一起縮短價值實現時間的方式。

So it's everywhere.

因此它無所不在。

Yes.

是的。

Understood.

明白了。

Definitely, the excitement is probably here.

肯定，興奮點可能就在這裡。

One question for you, Ken, the 12% ACV growth guide.

肯，我想問你一個問題，12% ACV 成長指南。

I think you said something like material contribution from cloud.

我認為您說過類似來自雲端的物質貢獻之類的事情。

I'm trying to think how should we think about maintenance and term in that kind of mix?

我在思考我們應該如何考慮這種組合中的維護和期限？

Like obviously, maintenance seems like the decline has kind of picked up a little bit.

顯然，維護量似乎有所下降。

I think last time you said you might see a steeper decline in 2025 for maintenance.

我記得上次您說過，到 2025 年維修成本可能會出現更大幅度的下降。

And then [Tom], should we expect that to start to decline at some point?

那麼[湯姆]，我們是否應該預期它會在某個時候開始下降？

Yes.

是的。

So maintenance will decline.

因此維護率就會下降。

I mean it's, we would expect it to decline.

我的意思是，我們預計它會下降。

We want it to decline.

我們希望它衰落。

We want it to decline because the decline of maintenance coupled with an increased cloud,(multiple speakers)

我們希望它下降，因為維護的減少加上雲層的增加，（多位發言者）

So we would expect maintenance to decline, and we would expect term to certainly grow at a much more subdued rate and could potentially decline as well year-over-year.

因此，我們預計維護費用將會下降，並且我們預計定期費用肯定會以更低迷的速度成長，並且可能會比去年同期下降。

The trick there is that a lot of these migrations will happen through '25 and '26 and even into '27.

問題在於，許多遷移將在 '25、'26 甚至 '27 年發生。

And so just the timing quarter-to-quarter and through the year of how that will happen is it's hard for us to necessarily pinpoint that.

因此，我們很難準確預測每個季度以及全年的具體發生時間。

But I would say, assume that the majority of our growth is coming from Pega Cloud, like that adapts our growth engine.

但我想說，假設我們大部分的成長來自 Pega Cloud，這樣就適應了我們的成長引擎。

And it might be, we might actually end up with more than 100% of our growth coming from Pega Cloud because it's actually connected to migrations.

而且有可能，我們最終的 100% 以上的成長可能都來自 Pega Cloud，因為它實際上與遷移有關。

Understood, thank you.

明白了，謝謝。

Jake Roberge, William Blair.

傑克羅伯格、威廉布萊爾。

Yeah, thanks for taking the questions.

是的，感謝您回答這些問題。

Really helpful color on the hundreds of millions of pipeline that you have right now for Blueprint, but is there any way to think about the financial impact of Blueprint thus far?

您現在為 Blueprint 提供的數億條管道確實很有幫助，但是有沒有辦法考慮 Blueprint 迄今為止的財務影響？

Like is there a way to quantify the tailwind that's caused for ACV growth or how many Blueprint deals you've closed already?

例如，有沒有辦法量化 ACV 成長帶來的順風，或是您已經完成了多少份 Blueprint 交易？

Just trying to understand how it impacted 2024 thus far.

只是想了解它迄今為止對 2024 年有何影響。

So let's kind of, let's calibrate on what Alan said earlier, and I'll add one other piece of color.

所以讓我們根據艾倫之前所說的內容進行校準，然後我會添加另一種色彩。

There's two really big impacts that Blueprint will drive.

藍圖將會帶來兩大影響。

The first is our ability to get engaged with clients and drive faster engagement, faster sales cycles, faster time to value for clients.

首先是我們與客戶接觸的能力，並推動更快的接觸、更快的銷售週期、更快地為客戶創造價值。

Like that's one theme.

就像那一個主題。

And connected to that will help us drive a more efficient go-to-market model, both with existing and new logos.

與此相關，這將有助於我們推動更有效率的市場進入模式，無論是使用現有標誌還是新標誌。

They are different things, but they are related.

它們是不同的東西，但它們是相關的。

If you look at those two things, what I think you've seen is the first one, which is client seeing value faster, engaging with us.

如果你看這兩件事，我想你看到的是第一件事，那就是客戶更快看到價值，並與我們互動。

You're seeing that in many of our clients already.

您已經在我們的許多客戶身上看到了這一點。

You're starting to see that it, actually, that connects to bookings.

您開始發現它實際上與預訂相關。

There's a little bit of a lag there when it connects to bookings.

當連接到預訂時，會有一點點延遲。

But on the sales efficiency one, I would say not yet because it's still being rolled out.

但就銷售效率而言，我認為還沒有，因為它仍在推出中。

We're still in kind of the implementation phase of that.

我們仍處於實施階段。

But you would see you get, we would get scalability as we grow our sales our addressable market, so to speak, that we're going after, the logos, the orgs that we target, you would actually see efficiency there kind of behind that, Jake, if that makes sense.

但你會看到，隨著我們的銷售額成長，我們會獲得可擴展性，也就是說，我們所追求的目標市場、標誌、我們所針對的組織，你實際上會看到背後的效率，傑克，如果這說得通的話。

Okay.

好的。

Really helpful.

真的很有幫助。

And then as you're starting to see more and more of these customers migrate to Pega Cloud, can you help us understand what type of price uplift you've been able to see over the past year or so?

然後，當您開始看到越來越多的客戶遷移到 Pega Cloud 時，您能否幫助我們了解過去一年左右您能夠看到哪些類型的價格上漲？

It does vary because it really depends on whether they bought perpetual, they bought term, what their pricing was, their contract models.

它確實會有所不同，因為這實際上取決於他們是否購買了永久合同，還是購買了定期合同，他們的定價是多少，他們的合同模式是什麼。

There's a lot of factors in there.

其中有很多因素。

But we have, we typically see anywhere between, on the low end, kind of in the 25% to 35% range.

但我們通常看到的是，低端介於 25% 到 35% 之間。

And on the high end, you can see well above 100% uplift.

在高端，你可以看到遠高於 100% 的提升。

But it's been, it's been kind of, it is very, very customer-specific because every, a lot of times when clients migrate, they're also buying new stuff as well.

但它是非常、非常針對客戶的，因為很多時候當客戶遷移時，他們也會購買新的東西。

So that all kind of gets packaged together in the relationship.

這樣，所有類型的關係就結合在一起了。

So just think about it is there will be uplift with almost all of our clients, but not all of them, because some clients may move without.

所以想想看，幾乎我們所有的客戶都會得到提升，但不是全部，因為有些客戶可能會在沒有的情況下搬走。

It's really, really client-specific.

它確實非常特定於客戶。

So we can't, I don't want us to get like too much of a mass model because it's not that much of a science.

所以我們不能，我不希望我們得到太多的大眾模型，因為它不是那麼科學。

That makes sense.

這很有道理。

Thank you.

謝謝。

Patrick Walravens, Citizens JMP.

Patrick Walravens，公民 JMP。

Great.

偉大的。

This is Austin Cole on for Pat.

這是奧斯汀·科爾 (Austin Cole) 代替帕特 (Pat)。

Wondering about the Pega Agent Experience announcement.

想了解 Pega Agent Experience 公告。

How are you guys thinking about the monetization, any additional monetization component there for front-end versus back-end experiences?

你們是如何看待貨幣化的，對於前端和後端體驗有任何額外的貨幣化組件嗎？

Is this kind of baked into the whole Infinity experience?

這是融入整個 Infinity 體驗的嗎？

Anything there would be?

會有什麼嗎？

It's completely baked into the Infinity spirits.

它完全融入了無限精神。

Look, the way that Pega should monetize its products, I believe, is that our customers should deploy the work.

我認為，Pega 應該將產品貨幣化的方式是，我們的客戶應該部署這項工作。

And as our customers deploy more, as our customers get more benefit from the workflows that are being done, either automated workflows or workflows that involve people.

隨著我們的客戶部署更多，我們的客戶從正在進行的工作流程（無論是自動化工作流程還是涉及人員的工作流程）中獲得更多利益。

We, our contracts typically have increases in pricing that relates to the levels of consumption to the levels of ongoing use.

我們的合約價格通常會隨著消費水準和持續使用水準的提高而上漲。

One of the things I know with some amusement, is all these other companies that didn't do what we did, we, a couple of years ago, went down in the hard path of really moving our agreements from user licenses to work-based licenses.

我感到有些好笑的一件事是，所有其他公司都沒有像我們那樣做，幾年前，我們走上了一條艱難的道路，將我們的協議從用戶許可轉變為基於工作的許可。

Typically counting the amount of work that the customer did and having the price vary with that amount of work.

通常計算客戶所做的工作量，並且價格隨工作量而變化。

I think customers who, or vendors that have software that's being sold by the seat, I have no clue how they navigate the next two, three years.

我認為，對於那些以座位銷售軟體的客戶或供應商來說，我不知道他們如何度過未來兩三年。

And I think it's going to be very difficult for some of them.

我認為對他們中的一些人來說這將非常困難。

Certainly, everybody is thinking seats should go down.

顯然，每個人都認為席位應該減少。

And some of the stuff, I heard another vendor talk about wanting to charge $2 per transaction, that they were going to charge what they do.

對於其中的一些東西，我聽到另一個供應商說他們想對每筆交易收取 2 美元的費用，他們要收取他們應該收取的費用。

We'll see how sustainable that is, and whether that happens.

我們將看看這種現象的可持續性以及是否會發生。

I don't think that's going to be sustainable at all.

我認為這根本就不會持續下去。

Pega has always been in a position certainly with all the new customers we've signed in the last several years, where it's charged based on the quantum of work.

在過去幾年中，Pega 一直對我們簽約的所有新客戶實施按工作量收費的政策。

And I think that's perfect for energetic universe.

我認為這對充滿活力的宇宙來說是完美的。

Great.

偉大的。

And then maybe just as a quick follow-up.

然後可能只是作為一個快速的後續行動。

On the UK Armed Forces deal, can you talk a little bit about how that engagement came about?

關於與英國武裝部隊的協議，您能否談談這項協議是如何達成的？

And what allowed you guys to do in that deal?

那麼在這筆交易中你們能做什麼呢？

Sure.

當然。

It's interesting, like a lot of government areas of the UK Armed Forces had a couple of silos.

有趣的是，英國武裝部隊的許多政府部門都有幾個發射井。

And we had the privilege of being able to successfully do recruitment, which is super important for them, in both the Navy and the Air Force.

我們很榮幸能夠成功地完成海軍和空軍的招募工作，這對他們來說非常重要。

And I think we have a really highly successful environment, success there.

我認為我們擁有一個非常成功的環境，並且取得了成功。

They had both the Army and the strategic commander, who weren't using Pega.

他們有陸軍和戰略指揮官，但他們都沒有使用 Pega。

And they decided to go to market in a highly competitive, very, very formal structured way as they talk to all the usual suspects about how they may go ahead and went through an extremely rigorous process, well over 18 months.

他們決定以一種高度競爭、非常非常正式的結構化方式進入市場，與所有常見的競爭對手討論如何繼續前進，並經歷了超過 18 個月的極其嚴格的流程。

And they decided that they would go with a consortium led by a company called [Circo], that, I think, put together a very, very impressive bid, and we were honored to be a really central part of that in terms of providing the core technology that's going to be used to manage it.

他們決定與一家名為 [Circo] 的公司牽頭的財團合作，我認為，該公司提出的投標非常令人印象深刻，我們很榮幸能夠成為其中的核心部分，提供用於管理它的核心技術。

So I think it's a real example of winning on our merits here in extremely rigorous environment.

所以我認為這是在極其嚴格的環境中憑藉自身實力取得勝利的一個真實例子。

And we're very committed to having this be successful, obviously, everybody is worried about defense these days and recruiting of their teams, and we're thrilled that they're going to be using our technology to do that.

我們非常致力於讓這個項目取得成功，顯然，現在每個人都在擔心防守和招募他們的球隊，我們很高興他們將使用我們的技術來做到這一點。

And I would also add one point on that, which is a broader opportunity in the global public sector as they look at digital transformation, this is a good example of where we are well positioned with our platform to be able to help public entities kind of reimagine what their back ends look like.

我還要補充一點，這是全球公共部門在考慮數位轉型時面臨的更廣闊機遇，這是一個很好的例子，說明我們的平台能夠幫助公共實體重新想像他們的後端是什麼樣子。

And I think there's been a lot of talk about that certainly in the US public sector, but that's an issue globally, right?

我認為美國公共部門已經對此進行了大量討論，但這是一個全球性的問題，對嗎？

Governments have old systems and they need to be refreshed, and we are perfectly positioned to have that to be a big player in that space.

政府的製度陳舊，需要更新，而我們完全有能力成為該領域的重要參與者。

And this is a good example of one that we did.

這是我們所做工作的一個很好的例子。

Great, super helpful.

太棒了，超級有幫助。

Thanks, guys.

謝謝大家。

Marc Schappel, Loop Capital Markets.

Marc Schappel，Loop Capital Markets。

Hi, thank you for taking my question.

你好，謝謝你回答我的問題。

Ken, a question for you.

肯，問你一個問題。

In your prepared remarks, I believe you mentioned that Pega Cloud gross margins are expected to be relatively flat in the coming year.

在您準備好的演講中，我相信您提到 Pega Cloud 的毛利率預計在未來一年將相對持平。

And I was wondering if you could just walk through some of the puts and takes around gross, Pega Cloud gross margins?

我想知道您是否可以簡單介紹 Pega Cloud 毛利率的一些優缺點？

I would have expected maybe some leverage as Pega Cloud scales here.

我原本預計，隨著 Pega Cloud 的擴展，它可能會有一定的影響力。

Yes, Marc, the only reason why we think that they might not scale as you get operating leverage is the pace at which we migrate clients.

是的，馬克，我們認為它們可能無法在獲得營運槓桿時擴大規模的唯一原因是我們遷移客戶的速度。

So if we migrate clients faster, we may make specific investments to help with some of that technical migration that would actually become a cost of goods sold.

因此，如果我們更快地遷移客戶，我們可能會進行特定投資來幫助一些技術遷移，而這些技術遷移實際上會成為銷售成本。

So it would actually be in our cost.

所以這其實是由我們來承擔成本的。

So it's not that, like our timeless models would still improve, but we just may have investments that we would make.

所以，並不是說我們的永恆模式還會改進，而是我們可能會進行一些投資。

So that will be directly related to the pace of migrations.

所以這將與遷移的速度直接相關。

That's helpful.

這很有幫助。

Thanks.

謝謝。

And then as a follow-up, one for you, Alan.

然後作為後續問題，艾倫，還有一個問題給你。

I realize it's still early days for Blueprint here.

我意識到藍圖在這裡還處於早期階段。

But are you seeing any patterns emerge with, say, the types of Blueprints that customers are actually putting into production like in certain industries or use cases?

但是，您是否看到出現了任何模式，比如說，客戶在某些行業或用例中實際投入生產的藍圖類型？

I think the the thing that's starting to emerge is people looking more than they would have historically at this rethink and replace capability, because candidly, we didn't get to sell it that way and with the recent features that have been added in the last couple of months, you've now really got the ability to rethink and replace, and we've been talking to our teams about changing the lexicon from rapid renew to rethink and replace.

我認為開始出現的情況是，人們比過去更加關注這種重新思考和替換的功能，因為坦率地說，我們並沒有以這種方式推銷它，而隨著最近幾個月添加的最新功能，你現在真正擁有了重新思考和替換的能力，而且我們一直在與我們的團隊討論將詞彙表從快速更新改為重新思考和替換。

So I'm starting to see that as an emerging and I think it could be quite significant.

因此我開始將其視為一種新興現象，而且我認為它可能具有相當重要的意義。

There are lots of really, lousy systems out there that are expensive to maintain, possibly have security issues, and some of them can be (inaudible) forbid they're a database and Lous note systems that are still out there and customers, and some of them are more IBM mainframe is an area where we're seeing a lot of interest.

確實存在許多糟糕的系統，維護成本高昂，可能存在安全問題，其中一些可能是（聽不清楚）禁止的，它們是資料庫和 Loud Note 系統，仍然存在於客戶中，其中一些是更多的 IBM 大型主機，這是我們看到很多興趣的領域。

And we have some of that history at (inaudible) so we're very comfortable working with organizations, with some of that heritage.

我們在 (聽不清楚) 也擁有這樣的歷史，因此我們很樂意與擁有這樣的傳統的組織合作。

So yeah, I think the, I think the legacy transformation is the biggest thing I see emerging, that's new and really exciting.

是的，我認為，遺留轉型是我所看到的最大新興事物，它是新的並且非常令人興奮。

Thank you.

謝謝。

Devin Au, KeyBanc Capital Markets.

Devin Au，KeyBanc 資本市場。

Thank you.

謝謝。

Good morning.

早安.

Thanks for squeezing me in here.

謝謝你把我擠在這裡。

I wanted to, first off, just want to get some more color on the fourth quarter performance.

首先，我只是想對第四季的表現有更多的了解。

I know you kind of mentioned that (inaudible) ACV has kind of come in as expected.

我知道您提到（聽不清楚）ACV 的銷售已經達到了預期。

But curious if you've seen any sort of deals closed in the quarter as a result of maybe year-end budget flush or as a result of budget kind of flow through post election in the US here?

但您是否好奇，由於年底預算充裕或美國大選後預算流動，您是否看到本季達成任何交易？

Just any color you can provide?

您可以提供任何顏色嗎？

We, that's a question that we have heard throughout the year, this anticipated year-end budget flush.

這是我們全年都聽到的問題，預計年底預算將會激增。

We did not see any unusual activity, maybe I'll put it that way.

我們沒有看到任何異常活動，也許我會這樣說。

There's always the year-end transaction.

總有年終交易。

Typically, that's why Q4 in enterprise software companies are larger is because you do have, some of it's the way the commission plans are typically structured, other, it's the budgeting cycle.

通常，這就是為什麼企業軟體公司的第四季度規模更大，因為你確實有，其中一些是佣金計劃的典型結構方式，其他是預算週期。

But we didn't see anything unusual.

但我們並未發現任何異常。

So I wouldn't call there was any big budget flush or quite frankly, any pullback of budget spend or opportunities.

因此，我不會說存在任何大規模的預算削減，或者坦率地說，存在任何預算支出或機會的縮減。

It looked like a pretty normal quarter to us.

對我們來說這看起來是一個非常正常的季度。

Got it.

知道了。

No, that's great context.

不，這是非常好的背景。

And then just one more for me.

然後對我來說再來一個。

I know you kind of talked about, you're really well positioned globally and the federal public sector business.

我知道您剛才談到了，您在全球和聯邦公共部門業務中的地位非常有利。

Maybe if you could just kind of like kind of size it and kind of look at just the US federal business, kind of how that has been trending?

也許，如果您能大致了解規模，並只看美國聯邦業務，就會知道其趨勢如何？

And just given some of the headlines that we've seen from the administration looking to drive efficiencies across different multiple agencies.

這只是我們看到的一些政府試圖提高不同機構間效率的報導。

Have you seen any sort of uptick in top of funnel activity or pipeline generation there?

您是否看到漏斗活動或管道生成的頂部有任何上升趨勢？

Any color you can provide would be appreciated.

如果您能提供任何顏色，我們將不勝感激。

Thank you.

謝謝。

Yes, we have a lot of, we have, there's a lot of excitement about how we think we might be able to engage in the federal space.

是的，我們有很多，我們有，我們對如何參與聯邦領域感到非常興奮。

There's, it's frankly pretty confusing as you can tell by looking at the news, but we're feeling good about it.

坦白說，從新聞中你就能發現，這確實很令人困惑，但我們對此感覺很好。

The types of things we do are exactly what the government needs in terms of saving money, improving efficiency and providing service.

我們所做的這些事情正是政府節省金錢、提高效率、提供服務所需要的。

So we're feeling pretty good about what that will mean.

所以我們對這意味著什麼感到非常滿意。

Obviously, there's a lot going on, and that's true, I'm sure for everybody in that space, but we're not concerned about it.

顯然，有很多事情正在發生，這是事實，我相信對於這個領域的每個人都是如此，但我們並不擔心。

We actually think we're in a good place.

我們確實認為我們處於一個很好的境況。

I'm going to make a comment that is not as general as it might sound.

我將發表一些聽起來不那麼籠統的評論。

But if you think about the areas where governments, where governments are most focused on looking at efficiencies.

但如果你思考政府最關注的領域，也就是政府最關注的效率領域。

It typically isn't going to be the interactions that happen with constituents.

這通常不會發生與選民之間的互動。

And if you look at Pega, many of our solutions that we sell help our government actually communicate and manage interactions with constituents, right?

如果你看看 Pega，你會發現我們銷售的許多解決方案都能幫助我們的政府與選民進行實際溝通和管理互動，對嗎？

Or it may, whether that be taxpayers or whether that be other interested parties.

或者可能，無論是納稅人還是其他利害關係人。

And so we feel like the solutions that we have are anchored well in that kind of workflow that happens within the government, where as we think a lot of the targeted areas or at least what you read in the news, it looks like the target area are wasteful spend not related to benefits to constituents.

因此，我們覺得我們所擁有的解決方案很好地植根於政府內部的工作流程，而我們認為很多目標領域或至少您在新聞中看到的，看起來目標領域是浪費性支出，與選民的利益無關。

And now like that, so we feel very good about the solutions that we sell and the agencies that we support.

現在就是這樣，所以我們對我們銷售的解決方案和我們支持的機構感到非常滿意。

But we'll see how that all plays out.

但我們會看到這一切將如何發展。

Thank you, that's very helpful cplor.

謝謝，這對 cplor 非常有幫助。

And that concludes our question and answer session, and I will now turn the conference back over to Alan Trefler for closing comments.

我們的問答環節到此結束，現在我將把會議交還給艾倫·特雷弗勒 (Alan Trefler) 進行結束語。

Thank you very much, everyone.

非常感謝大家。

We're really pleased with how we ended the year.

我們對這一年的結束感到非常滿意。

We're really excited about how we're positioned for 2025, and just know we're working hard on your behalf and look forward to talking to you again soon.

我們對 2025 年的定位感到非常興奮，並且知道我們正在為您而努力工作，並期待很快再次與您交談。

Thanks all.

謝謝大家。

Well, ladies and gentlemen, this does conclude today's conference call.

好了，女士們、先生們，今天的電話會議到此結束。

Thank you for your participation, and you may now disconnect.

感謝您的參與，您現在可以斷開連接。